Full text of Survey of Current Business : April 1943
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APRIL 1943
SURVEY OF
CURRENT
USINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
SURVEY OF
CURRENT BUSINESS
APRIL 1943
ECONOMIC HIGHLIGHTS
THE BUSINESS SITUATION
2
3
The Steel Industry
3
The Lumber Industry
5
Consumer Expenditures
7
The Income Tax
8
POST-WAR MANPOWER AND ITS CAPACITY TO PRODUCE...
RELATION OF GOVERNMENT FINANCING TO GROSS INCOME
FLOW
PHYSICAL VOLUME OF FARM MARKETINGS, 1929-42
STATISTICAL DATA:
Department Store Sales—Cleveland Federal Reserve District—Table 4
Monthly Business Statistics
General Index
10
17
23
32
S-l
Inside Back Cover
Published by the Department of Commerce, JESSE H. JONES, Secretaryy and issued through
the Bureau of Foreign and Domestic Commerce, O. P. HOPKINS, Acting Director
Volume 23
Number 4
Subscription price of the monthly and weekly issues of the SURVEY OF CURRENT BUSINESS, $2 a year. Single-copy price: Monthly, 15 cents; weekly, 5 cents,
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Superintendent of Documents, U. S. Government Printing Office, Washington, D. C*
517588—43
1
1
SURVEY OF CURRENT BUSINESS
April 1943
Economic Highlights
Farm Workers Fewer Despite Wage Rise
Stocks of Food Products at Lower Levels
The number of hired (non-family) workers employed on farms
is running nearly 10 percent less than a year ago according
to estimates of the Department of Agriculture. Total agricultural employment, including both hired and family workers, is
close to last year's level although the efficiency of the labor force
may possibly have declined. This decrease in employment of
The recent pressure en food supplies, resulting from expanded
military, export, and consumer demands, is reflected in the large
drain on stocks of certain food products during the past year.
Of the selected list of 5 food products shown, production of 2
(butter and eggs) is running above the levels of a year ago, while
output of the ot^ier 3 (cheese, evaporated milk, and beef) is below
MILLIONS OF WORKERS
4
DOLLARS PER MONTH
70
MILLIONS OF POUNDS
300
£22 FEBRUARY 1942
B J FEBRUARY 1943
*
COLD STORAGE
STOCKS
200
m
40
POULTRY*
1940
CHEESE*
1
EVAPORATED MILK
(UNSWEETENED) +
BUTTER
(CREAMERY)*
Hired Farm Workers and Average Farm Wage Rates.
Stocks of Selected Foodstuffs, End of Month.
hired farm workers has occurred despite a more than 30 percent
wage advance over the same period and is, of course, a result
both of departures into the armed forces and of better employment
opportunities outside of agriculture. Although farm labor is
seen by many as our principal manpower problem during 1943,
the problem may not become too acute unless turnover of farm
workers increases rapidly. Production goals for agriculture this
year are about the same as last year's record output and labor
requirements are also similar. Chief problem during 1943 will
be to meet the seasonal peak demand for more than 3,000,000
hired workers. The farm labor problem will be particularly
acute in the case of fruit and truck crops where large numbers of
hired workers are needed for short periods.
last year's levels. Beef production, however, is scheduled to be
higher in 1943 than last year. Even in cases where production
has increased, demands have multiplied faster and have been
met only by drawing on accumulated stocks. However these
stocks are not large enough to withstand sustained drains over a
long period. According to recent figures, beef stocks were less
than 1 week's consumption, while butter stocks were less than
10 percent of one month's output. Stocks of cheese and evaporated milk were relatively larger but have already been drawn
down sharply. The recently effective rationing program covering
meat, butter, and cheese should serve to reduce current demands for these products and to protect stocks.
Wholesale Prices Up in Belligerent Countries
The present war has brought steadily increasing prices in nearly m a n y where t h e Price Commissioner has been granted^very wide
all countries, although the rate of price advance has varied geo- powers not only over prices b u t over taxes a n d production as
well. This fact, together with t h e
graphically and has depended on
INDEX, AUGUST 1939 100
inclusiveness of German econothe special economic character- 180
mic controls, serves t o explain
istics peculiar to each country as
t h e smallness of t h e a p p a r e n t
well as on the general pressure of
price rise in t h a t COUP t r y . For
wartime demand. Thus, all over 1 6 0
all countries a definite slackening
Europe prices of agricultural prodin t h e r a t e of price advance m a y
ucts have risen relative to prices
be observed t o follow t h e estabof other products, reflecting the
lishment or strengthening of a n t i difficult problem of food supply.
inflation measures. This is espeIn the United Kingdom the price
cially evident in t h e cases of
120
rise has been rapid, largely due to
•
Canada a n d t h e United States.
the higher cost of imports growing
^.....«..«-•
j n ^he c a s e o f J a p a n t h e index is
IM# J
out of shipping difficulties. Any
based largely on nominal price
comparison among price trends in 100
quotations which m a y differ condifferent countries at present must
siderably from prices actually
take account of the variation in
charged. This limitation is also
price control programs now in
1940
1939
present, in some degree, in t h e
effect. For example, price control
Wholesale Prices of All Commodities for Selected Countries.
indexes for all countries.
has been carried farthest in Ger
April 1943
SURVEY OF CURRENT BUSINESS
The Business Situation
ONTINUED gains ir war output during March
C
were accompanied by additional restrictions upon
the civilian economy. Production indexes generally
continued to advance on a seasonally adjusted basis,
with the Federal Eeserve index climbing an apparent 2
points due almost entirely to further advances among
the durable manufacturing industries. Munitions output attained a new peak. Output of ingot steel moved
narrowly higher while electric power production maintained the level of February, in contrast to the usual
seasonal decline in prior years.
Wholesale prices also continued their steady rise,
advancing 1 point during March as prices of farm
products and of foods, the elements in the price structure under less effective control, rose appreciably.
Prices of industrial products, under more effective
control, remained virtually steady.
Retail trade, following the heavy buying wave in
February, returned to more normal levels in March
but remained above the same period in 1942. Led by
near-panic buying of apparel, February retail sales exceeded 4.5 billion dollars, an 18 percent gain over
February 1942 and an all-time peak in terms of the
seasonally adjusted index. The index of apparel sales
jumped more than 60 points, or 30 percent, from January to February. Since supplies of consumer goods
are already dwindling, the effect of such a high level of
sales is, of course, to bring nearer the dates on which
additional action to restrict consumption may have to
be taken.
Extension of the food-rationing program to cover
meats, certain dairy products, fats, and oils high-lighted
this necessary wartime process of restricting consumption which has been under way for some months. The
outlook for food supplies was somewhat brightened,
however, by reports that acreages planted in certain
crops this year were running well ahead of last year.
This is indicative of the serious efforts farmers are
making to meet 1943 farm-output goals.
On the labor front transfers to war industries were
reported to be increasing in response to the 48-hour
week and essential activity orders. The question of
wage rate revision was clarified by the President's
Executive order of April 8, but, despite the veto of the
Bankhead bill, legislation to revise farm parity prices
was still pending.
Passage of the first quarterly tax date in 1943 saw
returns filed by an estimated 38,000,000 individuals of
whom about 19,000,000 were making returns for the
first time. Collections for March, both of personal
and corporate income taxes, were approximately 53
percent greater than the same month last year. This
advance was too small in dollar terms, however, to
contribute substantially to the alleviation of present
inflationary pressure.
War expenditures during March were approximately
7 billion dollars or at an annual rate in excess of 84
billion dollars. This rate of expenditure was almost
one-sixth higher than February or 3 percent higher on
a daily average basis. Since it set a new high for war
spending it indicated that progress toward the peak
of the war production drive was being made. As this
peak draws closer the pressure upon industries vital
to the war effort naturally increases. The following
sections show how two industries, steel and lumber,
both close to the war program, have been affected by
recent developments and how they are likely to fare
during the balance of the present year.
The Steel Industry
Steel is perhaps the most important single material
required for the enormous war-production program
scheduled this year. Our ability to produce steel determines, in large measure, whether or not deliveries
of finished munitions and industrial products can be
increased to rates required to sustain prospective military operations. To date shortages of steel and steel
products have been a major factor restricting the expansion of war output. Allocation of steel among
competing uses has become a steadily more difficult
problem and has largely determined the evolution of
material-control methods.
In 1940 and 1941, as the demand for steel developed
with the growth of the defense program, controversy
arose over the rate at which pig iron and steel capacity
should be expanded to meet essential requirements.
In fact the growth in steel capacity since 1940 has
lagged far behind the increase in needs for steel. The
actual capacity of the steel industry at the close of
recent years, and the projected capacity upon completion of the present expansion program are as follows,
in millions of net tons :
Steel
capacity
December
December
December
December
31,
31,
31,
31,
1940
1941
1942
1943
84. 1
88. 6
90.3
97. 1
Pig iron
capacity
56. 6
57. 9
* 61. 0
i 68. 6
1
1
Corrected for the transfer of certain facilities to ferro-alloy production.
Sources: American Iron and Steel Institute and War Production Board.
Originally the completion of the 97,100,000 net tons
of steel capacity was scheduled for mid-1943. However,
difficulties in obtaining certain components required
for the expansion program have delayed it and com
SURVEY OF CURRENT BUSINESS
pletion of the entire program is not now in prospect
before the end of this year.
Last year, under the pressure of war demands,
86,000,000 net tons of ingot steel Were produced. This
represented a 4 percent gain over 1941. This year an
output between 91,000,000 and 92,000,000 tons appears possible. Production during the first quarter of
1943 totaled 21,900,000 tons, an annual rate of nearly
88,000,000.
Assuming that 92,000,000 tons of ingot steel may
be produced this year; the approximate bill of materials required for this output is as follows:
Millions
of net Ions
Pig iron
Limestone (for blast furnaces only)
Coke
Coal (for coke production)
Iron ore
Home scrap
Purchased scrap
Iron ore (lump)
Limestone
Coal (steel production only)
58
* 23
l
52
l
74
MOO
26
14
8
8
12
1
Only materials required for the production of pig iron to be used in steel making
are included.
Pig iron and scrap need not be combined infixedproportions and the material requirements will therefore
vary somewhat with the relative availability of these
two materials. For example, in 1942 scrap deficiencies
forced greater proportionate use of pig iron; in 1943 the
scrap situation is somewhat improved due to lower
exports of semimanufactured steel products and to the
scrap collection drives. However, difficulties may be
experienced in producing sufficient pig iron.
April 1943
In 1942, 59,300,000 net tons of pig iron were produced,
of which approximately 52,000,000 were used for steel
production. The rest represented chiefly merchant
iron. In 1943 output of pig iron probably will not
exceed 65,000,000 tons yet the bill of materials for
92,000,000 tons of steel production calls for something
in the neighborhood of 58,000,000 tons of pig iron. In
addition, approximately 8,000,000 tons of merchant
iron are regarded as essential. The 1943 pig-iron requirements of the steel industry are, of course, tied to
the problem of scrap supply and are thus subject to
revision should the scrap situation change appreciably.
The principal problem involved in expanding pig-iron
output at present is one of insufficient plant capacity
rather than of acute shortages in the basic materials
such as iron ore, coal and coke, and limestone, which
are employed in pig-iron production.
Patterns of Steel Output and Consumption Changing.
The war program, in addition to increasing the aggregate demand for steel, and expanding particularly the
demand for higher quality steels, has brought about
Chart 2.—Percentage Change in Billings of Steel 1Products by
Consuming Industries, 1942 from 1941
CONSUMING
INDUSTRY
-100
PERCENTAGE CHANGE
+ IOO
+200
+300
SHIPBUILDING
CONSTRUCTION
STEEL CONVERTING
AND PROCESSING
MACHINERY
AND TOOLS
Chart 1.—Percentage Change in Production for Sale of Steel
Products, 1942 from 1941 i
PRODUCT
GROUP
-50
-25
PERCENTAGE CHANGE
0
+25
+50
+75
+100
OIL, NATURAL GAS,
AND MINING
PLATES, SHEARED
AND UNIVERSAL
JNGOTS, BLOOMS, BILLETSj
SLABS, SHEET BARS, ETC.
AGRICULTURAL (INCL
IMPLEMENT AND EQUIP-
RAILS. SPLICE BAR, TIE PLATES,
AND TRACK SPIKES
PRESSING, FORMING,
AND STAMPING
HEAVY STRUCTURAL SHAPES
AND STEEL PILING
NOTE- WIDTH OF BARS
REPRESENTS PERCENT THAT
EACH CONSUMING INDUSTRY
IS OF THE BILLINGS OF
STEEL PRODUCTS FOR ALL
CONSUMING INDUSTRIES
IN 1941.
AUTOMOTIVE AND
AIRCRAFT
PIPE AND TUBE
MISCELLANEOUS
AND EXPORT
WIRE AND WIRE PRODUCTS
(INCLUDING FENCE POSTS)
SHEETS AND STRIP
NOTE - WIDTH OF BARS
REPRESENTS PERCENT
THAT EACH PRODUCT
GROUP IS OF THE TOTAL
PRODUCTION FOR SALE
OF STEEL PRODUCTS
IN 1941.
i Data exclude shipments to members of the industry for conversion into further
finished products.
Source: American Iron and Steel Institute.
1
Data exclude shipments to members of the industry for conversion into further
finished products.
Source: American Iron and Steel Institute.
important changes in the types of steel products produced. For example in 1942 the production of steel
plates, required principally for shipbuilding, virtually
doubled. This is illustrated by chart 1. Conversion
of certain continuous strip mills to plate production
SURVEY OF CURRENT BUSINESS
April 1943
was possible since strip steel was no longer required in
peacetime quantities. In 1943 the expanded shipbuilding program will require much larger quantities of
both steel plates and shapes.
Changes in steel consumption by industries occurred
between 1941 and 1942 as a result of the impact of the
war program and the necessary restriction of civilian
output. This is evident from the data shown in chart 2.
Indirect war industries such as railroads, machinery,
and agriculture received less steel last year, largely as
a result of the very great expansion in steel requirements of the direct war industries, which received the
highest priorities. The construction industry consumed more steel in 1942 than in 1941 but this coincided with a peak volume of construction activity.
With the present program for curtailment of construction, a sharp decline in steel consumption by that
industry can be expected in 1943.
The manpower problem in the steel industry is at
present less serious than in many other war industries.
During the first half of 1942, employment in the industry continued to keep pace with expanding production.
During the second half of the year, however, it was
possible, without materially increasing the length of
the work week, to maintain the rise in output with a
smaller labor force. The types of steel products
produced in large volume in wartime, such as shapes
and plates, require less labor per ton than important
peacetime products, such as sheets and tin plate.
Since the shift from peacetime to wartime products
has now largely been made, however, this factor cannot
be expected to ease the steel industry's manpower
problem in 1943.
The increase in total steel output this year will
require a 5 to 10 percent larger total number of manhours of labor in steel plants than last year. Wage
earners, however, worked an average of only 41.6
hours per week in the steel industry last December.
Thus the industry may be able to meet its manpower
needs with almost no increase in total employment
simply by scheduling a 48-hour workweek. A redistribution of iron and steel workers, however, will be
necessary in order to man the new plants being built.
The Lumber Industry
The year 1943 is likely to be one of continued difficulty fdr the lumber industry. Minimum essential
military and civilian requirements are estimated at
31.5 billion board feet. To meet these requirements
the industry has set for its goal an output of 32 billion
feet in order to have a small margin of safety. This
objective is slightly more than last year's output but
nearly 1.5 billion feet less than the volume of production attained during 1941.
Judged by the trend of lumber production during
recent months, the 1943 goal for lumber output will
probably be difficult to attain. Production has de-
clined each month since July 1942. Furthermore, the
January cut was less than 2 billion board feet for the
first month since February 1940. Output in the first
quarter of 1943 is estimated to be over 10 percent
or about 750,000,000 feet less than in the first 3 months
a year ago.
Chart 3.—Lumber Production and Mill Stocks
BILLIONS OF BOARD FEET
16
£S 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942
Source: National Lumber Manufacturers Association.
Principal factor in the downward trend of lumber
production is the serious labor-supply problem in the
logging camps and sawmills. Although both logging
camps and saw^mills have been placed in the "essential
industry" category by the War Manpower Commission,
a high rate of labor turn-over has persisted for many
months. As a result of this high turn-over and the
difficulty of securing replacements, there has been a net
loss in the number of employees. Employment in sawmills and logging camps decreased 9 percent from
December 1941 to December 1942. In an attempt
partially to offset this loss of manpower, average hours
of work have been increased, rising by 7 percent between
December 1941 and December 1942.
In addition to the manpower problem, logging operations, particularly in the Pacific Coast region, have,
during recent months, been seriously hampered by unfavorable weather. Given the shortage of logs which
has resulted from the manpower and weather problems,
lumber mills have in many cases geared their operations
to the slower pace of activity in the woods. Thus certain mills have actually shut down for several days each
week.
Lumber Requirements Reflect Military Program.
An important shift is occurring in the character of
lumber requirements. Last year, with construction at
a record volume, lumber requirements for this purpose
were high. Out of a total lumber consumption of 38
billion board feet in 1942, it is estimated that approximately 22.5 billions, or nearly 60 percent, were required
for construction, both in this country and offshore in
military bases. Construction this year will, of course,
be sharply below last year's peak, both because of less
building of military facilities and bases, and because of
6
SURVEY OF CURRENT BUSINESS
curtailment in the industrial plant and other construction programs. In consequence lumber requirements
for construction in 1943 have been estimated to be
nearly 10 billion board feet below the level of 1942.
Offsetting this decrease in lumber requirements for
construction is a great increase in lumber requirements
for use as container materials, particularly for shipments abroad on military and Lend-Lease account. It
has been estimated that 11.5 billion board feet will be
required this year for boxing, crating, and shippingalone. In addition, lumber is much in demand for use
as a substitute material to replace metals in all sorts of
manufactured and specialty products.
Table 1.—Lumber Production, Consumption, and Stocks
[Millions of board feet]
Item
TOTAL
Production
Consumption
Stocks, end of year
Change in stocks
1936 I 1937
1938
1939
1940
1941
1942
24,355 25,997 21,646 24, 975 28, 934!33,476 31, 794
23,634 25,106 22, 504126, 438! 30, 547 34,927 37, 869
8,620 9,627 1 9,3101 8,470 7,472 6,976 4,413
+74 +1,007 - 4 9 5 - 8 4 0 - 9 9 8 - 4 9 6 ! - 2 , 563
SOFTWOODS
Production
Consumption
Stocks, end of year
Change in stocks
20, 242 21,589 18,293 21,242 24,903 27,977
19,824 21,062 19,180122,392 i26,169 28,995
6,001 6,742 6,341 5,836 5,133 4,974
+230 +741 - 4 0 1 - 5 0 5 - 7 0 3 - 1 5 9
26,503
31,563
2,981
-1,993
HARDWOODS
Production
Consumption
Stocks, end of year
Change in stocks
were multiplied with the result that the demand las
year was the heaviest in 15 years.
In 1942, however, further gains in lumber production
failed to materialize. Not only did the labor supply
problem become critical but increasing difficulty was
experienced in obtaining replacement of worn-out or
obsolete equipment.
A rapid increase in essential requirements for lumber
coupled with the failure of production to gain during
1942 made necessary the establishment of a number of
restrictions upon the use of lumber. Since the principal
deficiences were in the softwoods, the restrictions were
applied there in greater number. In hardwoods the
only restrictive action was applied to white-oak logs.
This limited the cutting of veneer solely to military
purposes. These measures in the main were designed
to assure the filling of most important requirements
first. The conservation and limitation orders are summarized in table 2.
Table 2.—Principal Conservation and Limitation Orders
Affecting the Lumber Industry
Order
desig- !
nation I
L-41
L-121
4,113
3, 810
2,619
-156
4,408
4, 044
2,885
+266
3, 353
3,324
,
-84
3,733
4,046
2,634
-335
4,031
4,378
2,339
-295
5, 499
5,932
2,0021
-3371
5, 291
6,306
1,432
-570
1
Data, beginning with 1938 year-end figure, include "green" stocks for the Appalachian region. Prior to this date, they include " d r y " stocks only. 1938 year-end
stocks comparable with earlier data are: Total, 9,132 million board feet; hardwoods,
2,801.
Source: National Lumber Manufacturer's Association.
Effective date
April 1942
May 1942__:
M-186
July 1942
M-208
August 1942
M-209
M-234
M-228
M-229
L-218
M-279
The net result of this changing requirements pattern
is that approximately 31 billion board feet will be needed
this year as against the estimated 1942 consumption of
38 billion board feet. Furthermore the 31 billion board
feet must come principally from current production, as
stocks have already been drawn down to meet prior
years' requirements and hence are at record low levels.
In addition, such special strictly war-use material as
pontoon and aircraft lumber, shipdecking and planking,
boat-building stock, and tank material cannot be supplied out of inventories. As of December 31, 1942,
total lumber stocks were less than 4.5 billion board feet,
compared to the figure of 7 billion a year earlier.
April 1943
do
September 1942
October 1942
February 1943.
Principal provisions
Halted all nonessential construction and required a
Government permit to start construction.
Prohibited delivery of softwood construction lumber except to military or Government projects.
Provided for allocation control of Sitka spruce logs
Nos. 1 and 2.
Placed all softwood lumber deliveries on preference
basis.
Prohibited use of white oak logs in manufacture of
veneer except for implements of war.
I Provided for allocations of Douglas fir, Noble fir
and western hemlock logs and authorized W P B
to direct cutting of aircraft lumber from these
logs.
Provided for complete control of Douglas fir lumI ber of No. 2 and higher grade.
I Directed production of aircraft veneers from yellow
{ poplar.
The lumber industry's ability to achieve its output
goal of 32 billion board feet in 1943, will depend primarily upon obtaining adequate manpower for the mills
and logging camps. Since the industry can hardly
expect, in view of the general manpower shortage, to
obtain more workers than last year, the chief solution
seems to be the more efficient use of available manpower through reduction of the high rate of labor
turn-over concurrently with a lengthening of the work
week.
From the production standpoint, the year has not
begun very favorably, since output in the first quarter
Industry Under Increasing Pressure in 1943.
was over 10 percent below the same period of 1942.
The lumber supply has been under pressure since the
If the 1943 production objective is to be met, output
start of the National Defense program in 1940. Under in the last 9 months must be 4 percent above the
the impetus of this program demand advanced rapidly, corresponding 1942 period. In February, the President
and although output also gained, shipments could not strongly endorsed the War Production Board's program
keep pace with orders and unfilled order files rose to to stimulate production of the lumber required for war
record proportions. Inventories were drawn upon both and essential civilian needs. The Government program
in 1940 and 1941 to meet requirements over and above and a concerted effort by the industry may make it
the level of current production. With our entrance into possible for production to be raised to an adequate
the war at the close of 1941, requirements for lumber level.
SURVEY OF CURRENT BUSINESS
April 1943
Consumer Expenditures
Revised estimates of consumer expenditures covering
the period 1939-42 were published in summary form
in the March issue of the Survey. The estimates indicate that consumers last year spent a total of nearly 82
billion dollars for goods and services but received in real
terms an apparently slightly smaller constant dollar
value of products than during 1941 when their current
producing consumer-type products.
Although it is generally recognized that the chief
curtailment in consumer supplies to date has come in the
durable-goods group, the extent to which this curtailment has been attributable to restrictions on the purchase of passenger automobiles and related products
may not be as widely appreciated. In absolute terms
the preponderant part of the entire decrease in current
Table 3.—Consumer Expenditures, Quarterly l
1940
Item
1941
1942
1939,
total
III
IV
III
Total
IV
Total
II
III
IV
Total
Millions of dollars
NOT SEASONALLY ADJUSTED
Total consumer expenditures
Goods
Durable
Furniture, furnishings,
and equipment
Automobiles and parts. _.
Other durable
Nondurable
Food
Clothing and related
products
Tobacco
Gasoline and oil
Other nondurable
Services
Housing, excluding depreciation
Home maintenance
Household utilities
Personal services
Transportation
Medical care
Recreation
Other services (including
gifts)
61, C63
15,327
16,248
16,059
18,023
65, 657
16, 578
18, 581
18,902
20, 522
74,583
18,807
19, 799
20,307
23,067
81,980
38,979
6,384
9,368
1,466
10, 346
1, 954
10,099
1,675
11,979
2,310
41, 792
7,405
10, 345
1,876
12, 304
2,637
12, 552
2,238
13,974
2,341
49,175
9,092
12,088
1,403
12,931
1,522
13,364
1,485
15,976
1,992
54, 359
6,402
2,998
2,259
1,127
32, 595
18,069
634
610
222
7,902
4,435
866
813
275
8,392
4, 775
807
603
265
8,424
4,786
1,030
809
471
9,669
5,110
3,337
2,835
1,233
34,387
19,106
800
813
263
8,469
4,811
1,153
1,132
352
9,667
5,405
1,151
705
382
10, 314
5,829
1,190
614
537
11,633
6,275
4,294
3,264
1,534
40, 083
22, 320
940
154
309
10,685
6,089
1,004
138
380
11,409
6,715
948
125
412
11, 879
7,125
1,193
96
703
13,984
7,718
4,085
513
1,804
47,957
27,647
6,792
1,845
2,062
3, 827
22, 684
1,476
443
444
1,104
5,959
1,700
453
561
903
5,902
1,548
526
580
984
5,960
2,331
533
542
1,153
6,044
7,055
1,955
2,127
4,144
23,865
1,551
494
470
1,143
6,233
2,099
516
636
1,011
6,277
1,999
583
695
1,208
6,350
2, 758
620
643
1,337
6,548
8,407
2,213
2,444
4,699
25, 408
2,267
571
462
1,296
6,719
2,343
567
513
1, 271
6,868
2,331
629
527
1,267
6,943
3,548
718
479
1,521
7,091
10,489
2,485
1,981
5, 355
27,621
7,018
1,397
2,187
1,472
2,394
2,572
1,531
1,780
369
648
355
555
742
427
1,793
386
555
408
588
677
407
1,805
389
519
404
624
660
455
1,808
368
603
392
585
687
484
7,186
1,512
2,324
1, 559
2,352
2,766
1,773
1,817
369
665
388
584
796
467
1, 836
390
580
459
642
736
471
1,857
392
550
470
696
722
480
1,887
397
649
455
667
760
531
7, 398
1,548
2,443
1,772
2,589
3,014
1,948
1,913
411
738
445
652
834
513
1, 939
438
625
521
746
801
577
1,939
458
591
522
787
799
627
1,960
472
685
528
786
844
586
7,750
1,780
2, 639
2,016
2,970
3,278
2, 304
4,113
1,083
1,087
1,103
1,119
4, 393
1,147
1,163
1,184
1,202
4,696
1,213
1,222
1, 220
1,228
4,884
Billions of dollars
SEASONALLY ADJUSTED
(ANNUAL RATES)
Total consumer expenditures
Goods
Durable
Nondurable.
Services
64.6
65.0
65.9
67.2
71.0
73.7
77.3
76.4
80.3
79.5
82.8
85.4
40.9
7.1
33.8
23.7
41.3
7.2
34.1
23.7
42.0
7.4
34.6
23.9
43.1
8.0
35.1
24.2
46.1
9.1
37.0
24.8
48.6
9.7
51.8
9.5
42.3
25.5
50.2
8.1
42.1
26.2
53.6
7.1
46.5
26.7
52.0
54.9
57.1
25.2
5.9
6.3
6.4
46.1
27.5
48.6
27.9
50.7
28.3
1
Differences in the last two quarters of 1942 between these estimates of consumer expenditures and those published in the article "National Income and National Product in 1942" in the March 1943 Survey, are due to revisions on the basis of more complete information. A minor revision in the estimates of total consumer expenditures for
goods, appearing in the statistical section of the Survey, has not been made in this table because the break-down by major groups of goods is not yet available.
Source: U. S. Department of Commerce.
outlay was only 75 billions. The details of these estimates, by major categories of expenditure and by
quarters for the last 3 years, are shown in table 3.
Although the detailed estimates are preliminary and
subject to revision in the light of additional work now
being carried on, it is believed that they give a substantially accurate picture of the composition of consumer outlay.
It is clear from the details of table 3 that the character
of the commodity and service flow to individuals has
already been modified appreciably from its pre-w^ar
pattern. Among the factors responsible for this shift
are, on the demand side, the rising level and changing
distribution of consumer income. On the supply side
the flow of goods to consumers has been affected by the
conversion of industries to war work, the relative
scarcity of certain raw materials, and the previous
undei'iitilization of capacity in many of the industries
dollar expenditures for durable goods from 1941 to 1942
is explained by lower purchases within the automotive
group. Expenditures for other categories of durable
goods such as household equipment also decreased, but
these decreases were offset by advances in expenditure
for other durable goods available in more abundant
supply.
Table 4.—Percentage Changes in Consumers' Expenditures,
1942 from 1941: Selected Items Showing Largest Percentage
Changes
[Based on current dollar estimates]
Item
[terns showing increases:
Clothing and r e l a t e d
products
Food
Recreation __ ___
Percent
change
+25
+24
+18
Item
Items showing decreases:
Automobiles and parts
Gasoline and oil _
Furniture, furnishings
and household equipment
Source: U. S. Department of Commerce.
Percent
change
-84
-19
-5
April 1943
SURVEY OF CURRENT BUSINESS
8
The change in pattern of consumer outlay during
1942 may be conveniently summarized by means of the
preceding table which lists the commodity or service
groups for which the largest relative changes in current dollar outlay may be noted for 1942 as compared
with the previous year. Expenditures for food, apparel,
and recreation showed the largest percentage increases,
while outlays for automotive products and household
products showed the largest percentage declines.
These changes, expressed in current dollars, of course
reflect both the price movements specific to the individual expenditure categories as well as the changes
in real terms. If adjustments are made in an attempt
to remove the price factor, the apparent changes in
constant dollar terms are quite different. For example
consumer expenditures for apparel, which in current
dollars increased 25 percent during 1942 over 1941,
rose only an apparent 6 percent in real terms. Food
purchases, which advanced 24 percent in current dollars likewise were only 6 percent above 1941 when the
effect of the price rise last year is removed.
trends of production and inventories among the consumer goods industries. Already the normal relationship between consumer income and expenditure which
prevailed in the decade since 1929 has been appreciably
altered by wartime developments. This is evident
from the data plotted in chart 4. Largely as a result
of the price control, rationing, and voluntary savings
programs, consumers' dollar expenditures have failed
to rise proportionately to the increase in disposable
income.
Preliminary data indicate that consumer expenditures
during January 1943 were at an annual rate of 88 billion
dollars, an all-time peak for the seasonally adjusted
series in current dollars. Without seasonal adjustment
January expenditures declined 18 percent from the
December peak but this decline was less than the usual
seasonal movement. Data at present available indicate that February consumer expenditures were also
around record levels.
The Income Tax
Concern over the disadvantages which stem from
the practice of collecting income taxes in the year following receipt of the taxed income has become wide spread
during the past year. As long as rates were low and
!
/
exemptions were high, such a collection procedure had
sufficient advantages—mainly simplicity of adminis/
tration—to outweigh the possible disadvantage involved in paying a year's taxes out of the next year's
/
income. In the 22 years, 1921-42, less than 1.3 percent
of total individual income-tax assessments were abated
as uncollectible by the Treasury.
Rates are no longer low, nor are exemptions high.
As table 5 shows, the number of taxable returns has
increased nearly ninefold in the past 3 years, while
individual income-tax liabilities have increased over
j
elevenfold during the same period. An estimated 38,msf'937
000,000 persons are this year in debt to the Treasury
for anywhere from 19 to 90 percent of their last year's
is
net income—a debt totaling 10 billion dollars. While
L,
the general tendency this year is for incomes to increase,
any serious diminution in a person's income would
L
make it impossible, or at least extremely difficult, for
payment to be made. Because a diminution of income
ultimately may confront everyone—when he loses his
job, when business falls off, when he goes into the army,
when he ceases to be paid overtime rates, or when he
becomes incapacitated or dies—the existence of the debt
1
becomes in many instances disturbing if not actually
oppressive.
The obvious solution to this problem is to shift the
Source: U. S. Department of Commerce.
collection of income taxes from a delayed to a current
In constant dollars aggregate consumer expenditures basis, thereby not only removing the debt-burden
during 1943 are virtually certain to be well below the from the individual but at the same time protecting
near peak-level of last year. Further changes in con- the Treasury from the possibility of default. Current
sumption patterns will be forced by the rationing pro- collections, moreover, would make possible the collecgrams either now in force or in prospect, and by the tion of taxes by withholding at the source—a practice
Chart 4.- -Relationship between Consumer Expenditures and
Disposable Income
!00
90
o
CD
/
/
/
->l
1
,9387
1942 A
-*
|
1942 B
,929
>936
/
o
CONSUMER E
0
o
S FOR GOODS AND SERVICES
OF DOLLARS)
%I942
A - i s . Quarter \
flDJUSTE0
Fo R
B-2nd Quarter 1 SEASONAL VA RIATIONS
C - 3 r d Quarter f AND EXPRESSED AT
'"'£" ~ ""
0-41h QuorierJ
J^/932
ANNUAL
RATE
FITTED W DATA FROM 1929
THROUGH 1940.
/>933
40
\
30
60
80
100
DISPOSABLE INCOME OF CONSUMERS
(BILLIONS OF DOLLARS)
120
SURVEY OF CURRENT BUSINESS
April 1943
which makes payment both surer and easier. Also,
current collections could remove, or decrease, the lag
which now exists between the time when new fiscal
policy is adopted and the time when its effect on individual expenditures is felt.
Table 5.—Taxable Individual Income Tax Returns and Taxes,
Income Years, 1939-43
Income year
1939
1940
1941
1942
1943
Number !of
returns
(thousands)
Tax liabilities,
payable in following year
(mil. of dollars)
3,985
7, 577
17, 835
2 35, 000
2
40, 000
891
1,441
3, 808
* 9, 815
* 11,989
3
1 Individual taxpayers exceed returns by an estimated 10 percent.
2 Estimated.
3 Preliminary, based on returns filed during January-June 1942.
* Estimated liabilities under 1942 Revenue Act, excluding Victory Tax.
Source: U. S. Treasury Department.
The first move to shift to a current-collections
procedure occurred a year ago when Secretary Morgenthau asked Congressional authority to collect, at the
source, 10 percent of all dividends and interest and up
to 10 percent of all wages and salaries after allowance
for personal exemption and credit for dependents.
The request was refused, and in its place Congress
voted the Victory tax. Although currently collected
by withholding at the source, the Victory tax is entirely
separate from the regular income tax.
Debate on pay-as-you-go plans has indicated widespread agreement as to the desirability of current
collections, but considerable disparity of opinion on
the three major problems which all proposals raise.
First, there is the problem of the transition from a
delayed to a current collections system. At one
extreme is the proposal that taxes due in the year of
transition be skipped. There would be no appreciable
immediate loss of receipts to the Treasury, and need
to pay 2 years' taxes in 1 year would be neatly sidestepped. Among the objections to canceling a year's
tax liability are: Large windfall gains would come to
those with exceptionally high incomes in the year
to be skipped; not only a year of tax liabilities but a
year of tax payments would be skipped for any people
who would not be put on a current basis; and to the
517588—43
extent that cancelation had the effect of releasing
money saved for taxes it would be inflationary.
At the other extreme is the proposal to double-up
on tax payments in the year of transition. This would
impose a severe hardship on many people, but with
incomes at a record high and the supply of goods and
services extremely limited, it might be argued that
this would be the best way to raise the additional 16
billions of tax receipts which President Roosevelt has
requested. The question, in a final analysis, is whether
record new taxes in 1943 shall be levied solely on the
basis of 1943 income (with 1942 taxes canceled) or
with both 1942 and 1943 incomes as the basis.
Between the two extremes of cancelation and of
doubling-up lie many proposals—each offering some
relief to the harshness of doubling-up of taxes. Probably the most reasonable proposals are those which
limit cancelation to that portion of past tax liabilities
which is replaced with corresponding current collections.
The second difficulty to be overcome in collecting
income taxes currently is that of assessing, and collecting, taxes before the size of the income of the taxpayer
is known. Basing tax assessments on the prior year's income disregards fluctuations in income—the reason why
pay-as-you-go is necessary. Those underassessed are
not current, and those overassessed are no better off
than if they were on a delayed collections basis. Somewhat better is the suggestion that tentative assessments
and payments be made at the end of each quarter, based
on the actual income of the quarter—or in the case of
wage and salary earners, based on the actual income of
the pay period. In either case, exemptions and average
deductions would have to be divided among the various
tax periods in such manner as to avoid overpayment by
those whose income fluctuated during the year.
The third major point of dissension among advocates
of pay-as-you-go is over the question of the desirability
of trying to make all taxpayers 100 percent current
or of being satisfied with placing the bulk of the taxpayers—those falling within the first surtax bracket—
fully current, and leaving the other 10 percent only
partially current. The decision here hinges on the
balance between the administrative complexity of any
plan designed to make pay-as-you-go perfect, and the
disadvantages, if there are any, of leaving a few large
taxpayers partly on a delayed payments basis.
10
SURVEY OF CURRENT BUSINESS
April 1943
Post-War Manpower and Its Capacity
To Produce
By S. Morris Livingston 1
Table 1.—Utilization of Available Manpower, 1929-42
T
HE desired gooi for the domestic economy after
the war might be described in several different
ways. The businessman might well insist, for example,
that it should be an economy of opportunity as well as
of abundance; that it should provide for security, but
in such a way as to strengthen incentives to individual
initiative and expand opportunities for business enterprise. Other desirable characteristics might be included.
It is fundamental, however, that none of these things
is possible unless productive jobs can be provided for
the vast majority of those seeking employment; and,
that in providing these jobs, the volume of production
could go far above any pre-war level.
The Nation turned out more goods and services in
1940 than in any previous year. Yet of the total
available manpower (including only those civilians able
and willing to work) only 46,000,000 were employed
and 8,900,000 were unemployed.2 In addition, millions
of those employed were eking out an existence on submarginal farms and in other equally unproductive
occupations.
The extent of this unused capacity is being demonstrated by the large increase in output since 1940. With
the drop in unemployment from 8,900,000 to about
l,000,000,3 and with longer hours of work and the
greater use of women and other marginal workers just
about offsetting diversion of manpower to the armed
1 The author wishes to acknowledge the able assistance of Paul W. McCracken
and Kenneth D. Roose who made an important contribution to this study.
2
The total labor force in 1940 is estimated to be 55,500,000, of which 600,000 were in
the armed forces. This is an annual average. The Monthly Report on the Labor
Force, now released by the Bureau of the Census, goes back only to April 1940. The
annual average for 1940 was derived by relating the American Federation of Labor
estimate for 1941 to the Census average for that year and assuming the same discrepancy in 1940. This in effect assumes an average of 55,100,000 for the first quarter of
1940, which appears high. However, the error for the year average should not exceed
400,000.
The estimate of civilian employment was derived by averaging two methods.
Applying the 1941 seasonal pattern (the only peacetime year for which data are available) to the April and May data for 1940 in order to get the first quarter of 1940, the
average for the year would be 40,300,000. Adjusting the January to March 1940,
estimates of employment by the National Industrial Conference Board to exclude
armed forces and to allow for the same discrepancy as existed between the two series
for these months in 1941, the 1940 average for the Census data would be 45,900,000.
Included in the average of 8,900,000 who were unemployed at any moment of time
during the year were many who were out of work only temporarily for seasonal
reasons or while shifting from one job to another.
Estimates of the number of unemployed at any given time have differed substantially because of differences of opinion as to how long and under what conditions
people must be out of work to be counted. Also there is no clear line of demarcation
between the unemployed and those who are unable or unwilling to work. Therefore
the important figure is not the absolute amount but the change relative to some
period such as 1929 or the present, when unemployment can be assumed to be close
to a practical minimum. For a further discussion of unemployment statistics see
Russell Nixon and Paul Samuelson, "Estimates of Unemployment in the United
States," Review of Economic Statistics, August 1940.
3 Unemployment in March 1943 was 1,000,000, according to the latest Monthly
Report of the Labor Force released by the Census.
[Millions of persons]
Total
labor
force
Year
Average for year:
1929 „
._.
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939 .
1940
1941
1942
_.
_
_
_
49.6
50.2
50.7
51.2
51.7
52.2
52.7
53.3
53.8
54.4
55.0
55.5
56.1
58.7
Armed
forces
0.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.4
.6
1.7
4.2
Civilian
labor
force
49.3
49.9
50.4
50.9
51.4
51.9
52.4
53.0
53.5
54.1
54.6
54.9
54.4
54.5
Unemployed
Civilian
employed
2.9
5.7
9.4
13.6
13.9
12.0
11.2
9.8
8.6
11.2
10.4
8.9
5.6
2.6
46.4
44.2
41.0
37.3
37.5
39.9
41.2
43.2
44.9
42.9
44.2
46.0
48.8
51.9
Sources: Data on civilian labor force, employment, and unemployment since
April 1940, are from the Monthly Report on the Labor Force now released by the
Bureau of the Census. Earlier years are American Federation of Labor estimates
adjusted to make them more nearly comparable with the Census data. (See text.)
Unofficial estimates of armed forces in 1941 and 1942 are based on data from War
Manpower Commission.
Chart 1.—Growth in Capacity of the Labor Force
BILLIONS OF DOLLARS i /
160
120
1923
1926
1
Actual and potential gross national product in 1940 dollars.
Source: U. S. Department of Commerce. See also text.
forces, the physical volume of production is already
half again as large as in 1940.4
There is room, however, for a more precise statement
of the size of the post-war labor force and the volume
of goods and services which could be turned out if
unemployment were held to a practical minimum. Such
a calculation should prove useful in formulating business
^ The gross national product is estimated to be at an annual rate of about 170 billion
dollars for the first quarter of 1943 as against 97 billion dollars for the year 1940. In
1940 prices the first quarter rate would be 146 billion dollars. This may overstate
the increase in physical volume because of the difficulty of deflating the dollar expenditures for war goods. The Federal Reserve index of industrial production, which
normally is more volatile than the gross national product, increased 65 percent from
the year 1910 to the first quarter of 1943. Cf. footnote 28.
April 1943
SURVEY OF CURRENT BUSINESS
and Government policy aimed at the maintenance of a
high level of productive employment after the war.
Such a projection involves a whole series of assumptions. We propose to make these assumptions as
reasonable as possible, but to state them with sufficient care so that if the reader disagrees, the required
modification of the conclusions will be obvious.
Briefly, these conclusions emphasize the strong
growth trend both in the number of people seeking
employment and their productivity. The expansion
of the labor force has been at the rate of roughly half
a million persons or 1 percent per year. The war is
influencing this trend in a number of ways but the net
permanent effect will be an extension of about the
same rate of growth from the pre-war into the postwar period.
The long-term growth in output per man-hour is due
in part to improvements in efficiency within industries.
To this extent the trend has been remarkably consistent
over a period of decades and can be measured as far
back as there are data on hours of work and physical
volume of production.
It is also due to the shifting from low productivity
industries to high productivity industries. This shift
is partly secular and partly cyclical. In a depression,
people tend to move, from occupations which have a
high output per worker through increased use of laborsaving equipment, back to such occupations as subsis tance farming.
A rough measure of the total increase in productivity
can be obtained by relating the changes in man-hours
of employment to the change in gross national product
at constant prices, choosing for this purpose two widely
separated years at about the same stage of the business
cycle. Such a comparison for the period 1929 to 1941
indicates a growth of 2% percent per year in output per
man-hour.
With a continuation of this growth in the labor force
and its productivity, the capacity of available manpower
by 1946 would be 15 to 20 percent greater than the
capacity in 1940 and 40 to 50 percent greater than the
actual output in 1940. This takes into account the
long-term trend toward shorter hours. It allows for
only a rock-bottom minimum of unemployed. Therefore it is an optimum goal and not a forecast.
The Available Manpower After the War
The Growth in Population.
The continued increase in population is only one of a
number of factors which will determine the number of
persons who will be seeking employment in a post-war
year. From 1910 to 1920, for example, the total population increased 15 percent and the total gainfully em-
11
ployed or seeking employment increased only 9 percent.
From 1920 to 1930 the total population increased 16
percent, but the labor force increased 17 percent.5
As in the past the future increase in the labor force
will depend on at least six factors:
a. The increase in total population;
b. The changing age distribution of the population—
which affects the number of people in the working ages;
c. The change in the number of women of working
age relative to the men in the same age group—this adjustment is necessary because fewer women than men
seek gainful employment;
d. The decrease in the number of children and young
people of school age who seek employment;
e. The tendency toward earlier retirement of older
workers; and,
f. Any change in the proportion of men or women
aged 20 to 64 seeking employment.
The future increases in population by sex and by age
groups have been calculated by Thompson and Whelpton.6 For our purposes these calculations, which
combine the first three factors listed above, do not
offer any great possibility of error. Since we are concerned only with the population of working ages,
assumptions as to the future birth rate have no bearing
on any period of less than 15 years. The civilian death
rate is likely to hold within very narrow limits. War
casualties might conceivably become important. Since
there is no practical means of estimating these in
advance, the Thompson-Whelpton estimate of men
aged 20-64 in 1945 has been arbitrarily reduced by
200,000. This is about twice the magnitude of the
casualties in World War I. No allowance has been
made for the unlikely possibility that immigration
might be resumed on a substantial scale.
According to these calculations, the change in population of working ages between 1940 and 1946 will vary
from a decline of 8.3 percent for the 14-17 age group
to an increase of 10.4 percent for those aged 65 and
over.7 This variation is largely the result of the
declining birth rate in recent years. (See table 2).
8 If allowance is made for the enumeration on January 1,1920, instead of on April 1,
as in 1910 and 1930, and also for what experts have calculated to bo a slight under enumeration in 1920, the percentage increase in the total population given above
would be larger from 1910 to 1920 than in the succeeding decade. Cf., U. S. National
Resources Committee: Population Statistics, National Data, p. 28, U. S. Government Printing Office, 1937.
« Warren S. Thomi)son and P. K. Whelpton have prepared a series of population
estimates based upon different assumptions which can be found in the report of the
National Resources Committee, Population Statistics, 1, National Data, Washington,
Government Printing Office, 1937. We have chosen the estimates, based upon
assumption of medium fertility and mortality and no net immigration, which are
reprinted by the Department of Commerce in the lGth Census Reports, Series P-3,
No. 15.
7 The year 1946 was chosen as not being too far away to be of immediate interest
while offering reasonable hope that it will be after the war and the necessary reconversion period. The Thompson and Whelpton data are for the year 1945. Estimates
for 1946 were obtained by extrapolating the change from 1940 to 1945.
12
SURVEY OF CURRENT BUSINESS
Table 2.—Growth in the Labor Force, 1940-46
Age group
Number in Percent
the labor
the
force 1940 1 in
labor
(thousands
force,
of per1940
sons)
(1)
14-17
18-19
20-64:
Females __
Males
65 and over-..
Total
(2)
1,302
2,654
13.4
52.9
11, 203
35, 594
2,089
29.1
91.7
23.3
52, 842
EstiEstimated
mated
percent percent
change in in the
populalabor
tion,
force,
1940-46
1946
(3)
-8.3
-2.8
+9.6
+7.1
+10.4
* +4.0
(4)
46 2
Estimated
changes in
the labor
force, 194046 3 (thousands of
persons)
(5)
(6)
Estimated
percent
change in
the labor
force, 1940-
10.0
50.0
-31.6
-8.1
-411
-215
31.5
91.7
20.0
+18.6
+7.1
-5.2
+2, 084
+2, 527
-109
+7.5
+3,876
1 This is from the Decennial Census of Population as of March 1940.
2
Computed from data in columns 2, 3, and 4; in equation form the operation is
(100+column
-100=column 5.
3
Column 1 multiplied by column 5.
* Estimated change in total population, including small children.
Within the 20-64 age group there will be an increase
of 7.1 percent in men and 9.6 percent in women.
Since women tend to live longer than men, our aging
population has an increasing proportion of women.
This is also a reaction from the era of large immigration when male immigrants were in the majority.
The assumed war casualties account for only a small
part of the difference.
April 1943
some bearing on the trend in the number of aged workers
in the labor force during this period as against the previous decade when the proportion declined from 34.3
percent to 33.2 percent. We have assumed a further
drop so that by 1946 there would be only 20 percent in
this age group included in the labor force.
The Temporary War Increase in the Labor Force.
The trend toward longer schooling and earlier retirement has, of course, been drastically reversed by the
war. There is no reason to expect, however, that this
interruption will prove anything but temporary.
Chart 2.—Utilization of Available Manpower 1
MILLIONS OF PERSONS
70
60
The Trend Toward Longer Schooling and Earlier Retirement.
Within these age and sex groups there have been
and will be important changes in the number seeking
employment. In 1930, 20.5 percent of those aged
14-17 were gainfully occupied or seeking employment.
By 1940 the proportion was only 13.4 percent. This
decline has been a long-term trend and should continue
over the next decade. This would leave roughly 10
percent of this age group employed or seeking employment in 1946, which seems a rather large proportion.
However, the bulk of these are in agriculture, many of
them unpaid family workers, or in similar occupations
where they are not likely to be eliminated entirely
for a long time.
In 1930, 55.3 percent of those aged 18 and 19 were
part of the labor force ar>d this had been reduced to
52.9 percent by 1940. A slight acceleration of the trend
toward longer schooling would reduce the proportion
to approximately 50 percent by 1946.
Only 23.3 percent of those aged 65 and over wrere
included in the labor force in 1940 as against 33.2 percent 10 years earlier. This acceleration of what had
been a gradual downward trend during earlier decades
seems to have been due in part to a more careful enumeration in 1940.8 The advent of Social Security also had
s It is probable that the 1930 census enumeration over-estimated the number of
persons 65 and over in the labor force since any person reported as having a gainful
occupation, regardless of whether he was working or seeking work at the time, was
included in the labor force. The labor force in the 1940 census was defined, however,
on the basis of activity and therefore includes only persons who were at work, with
a job, or seeking work, in the week of enumeration. Because of this difference in
definition many retired workers may have been included in the 1930 labor force who
were excluded in the 1940 count. Any direct comparison of the two tends, therefore,
to exaggerate the decline in employment of persons 65 and over from 1930-40.
1929
I93O
1931
1932
1933
1934
1935
1936
1937
1938 1939
I94O
1941
1942
D. D. 43 - I6Z
1
Data are monthly averages for the year.
Sources: U. S. Department of Commerce, War Manpower Commission and
American Federation of Labor. See also text footnote 2, page 10.
To the extent that the war has increased the employment of men and women in the age group 20 to 64 the
possibility of a permanent gain in this segment of the
labor force has to be considered more carefully. In
order to reach the current high rate of production, in
spite of diversion of manpower to the armed forces,
about 3,500,000 persons have been employed who would
not have been employed or seeking employment if it
were not for the abnormal demands brought about by
the war.9 By the end of 1943 this abnormal increase
in the labor force may be over 6,000,000.10
Before we can answer the question as to how much
of this abnormal increase may prove to be permanent
we must know from what groups it has been drawn.
While no precise information is available some conclusions can be drawn from Census data on the character• For the period from April 1940, to January 1943, the "normal" increase in the
labor force resulting from the growth in population and a continuation of past trends
toward longer schooling and earlier retirement would have been about 1,000,000 men
and 400,000 women. The actual increase, including an estimated 6,800,000 in the
armed forces (and without adjustment for seasonal variation) was 2,900,000 men and
2,000,000 women.
10
The labor force in December 1943, is estimated at 62,500,000. Cf. The Business
Situation, p. 4, table 2, Survey of Current Business, March 1943. This is an increase
of 6,200,000 over those employed or seeking employment in April 1940. The "normal"
increase would be only 2,000,000.
April 1943
13
SURVEY OF CURRENT BUSINESS
is tics of those of working age who were not in the labor rest of the required 3,000,000 to 4,000,000 will be
obtained (the required 6,000,000 includes 2,000,000
force before the war.
Of those men in March 1940 who were 18 or over and to 3,000,000 men). It is evident, however, that most of
not in institutions or otherwise unable to work there this increase will be women w^ho have family responsiwere only about 2,700,000 who were not then a part of bilities which will tend to keep them at home after the
the labor force. Of this total, 1,100,000 were reported war.15
While certain new occupations are being opened up
as still in school. A large part of the remainder were
to women they do not bulk very large relative to the
in the older age groups and presumably retired.11
Considering the long-term tendency toward longer employment in occupations which were already domischooling and earlier retirement, there is no reason to nated by them. The relative expansion or contraction
expect that the war will have any permanent effect on of employment opportunities in what were already
the proportion of men under 20 or over 64 who are typically feminine occupations may prove more imemployed. Of the men between the ages of 20 to 64, portant than any newly acquired fields.
91.7 percent were employed or seeking employment in
After the war ttiere probably will be fewer social or
1940. The rest includes those in school, in institutions, other barriers to the employment of women in a large
those who had retired before the age of 65, and others variety of occupations than existed even as late as 1940.
who were unable or unwilling to work. Variations in The determining factor, however, will probably be the
this proportion over the past 30 years have been slight, willingness of women to accept gainful employment as
except where they can be explained by changes in the against the unremunerative job of homemaking.
method of census enumeration.12 No change is assumed Judging by the characteristics of those who were not
in the future.13
already employed or seeking employment in 1940 the
According to the 1940 Census there were 28,800,000 possibility of permanent additions from this source
women 18 to 64 years old who were not gainfully seems limited.
employed or seeking employment. Many of these are
Since the above discussion does not provide a basis
not available for gainful employment at the war peak. for an accurate estimate, the reader should feel free to
The total can be divided as follows:14
modify the assumption used here, that the gainful employment of women will be permanently increased by
All Women 18-64 Not in Labor Force, March 1940
1,000,000 as the result of the war.
In millions
This includes and is not in addition to any continuaOn farms (a rough measure, probably an understatement,
tion
of the longer-term tendency toward increased emof those who are not located within reasonable distance
ployment
of women which might have affected the
of employment opportunities)
6. 4
In institutions or otherwise unable to work
2. 6 size of the female labor force regardless of tbe war.
Jn school
. 9 Over the last two decades the proportion of women
Others:
aged 20 to 64, who reported a gainful occupation, inSingle
.7
creased from 23.6 percent in 1920 to 26.2 percent in
Married with no children under 10:
18-44 years old
5. 4 1930, and 29.1 percent in 1940. The latter figure,
45-64 years old
5. 4 however, is influenced to an unknown extent by the
Married with one or more children under 10
7. 4 large volume of unemployment in that year. Some
women were working or seeking work in 1940 who would
Total
28. 8
not have done so if their husbands or other male memOf the single women 18 to 64 years old, able to work bers of the family had had full employment. With a
and not in school, almost 90 percent were already gain- 1,000,000 increase, the 1946 ratio would be 31.5 percent.
fully employed or seeking employment. Since the
The above assumptions are summarized in tables 2
proportion will never reach 100 percent, the possible and 3. The net increase of 3,900,000 would give a
additions to the labor force from this source are limited.
" A sample inquiry by the Bureau of the Census in November 1942, indicated the
We do not know from which of the above groups the following labor reserve among those not then seeking employment:
Men:
Million*
abnormal increase of 1,600,000 in the employment of
Students
_
0. 2
women up to January 1943 was drawn, or where the
Unable or too old to seek work under normal conditions
-. . 2
11
Cf. Labor Reserves in the United States by Age, Marital Status, and Sex, United
States Bureau of the Census, Series P-14, No. 4, October 9, 1942.
12 Cf., footnote 8.
13
There may have been a few men in this age group who were not seeking employment in 1940 who would have done so if the opportunities had been greater. To
this extent the proportion available might be increased by the war. The possibilities
in this direction, however, seem rather slight.
14
Cf., Bureau of the Census, United States Department of Commerce, POPULATION— Labor Reserves in the United States by Age, Marital Status, and Sex, series
P-14, No. 4, October 9, 1942; POPULATION—Labor Reserves in the United States
by Household Relationship and Occupation, Series P-14, No. 5, November 6, 1942;
POPULATION—Family Characteristics of Women in the Labor Reserve in the United
States, Series P-18, No. 13, April 1943.
Others
Women:
Students
Engaged in home housework
Not responsible for care of children
Responsible for care of one or more children
Others
Total
-
.1
.3
4.1
2.5
1.6
.1
5.0
"Full utilization of the available labor reserve is limited by many factors, including age, sex, work experience and geographical location. The estimated 5,000,000
persons who make up this group, therefore, probably cannot all be employed."
Cf., The National Available Labor Reserve, November 1942.
14
SURVEY OF CURRENT BUSINESS
April 1943
labor force of 59,400,000 in 1946, including the armed
forces. Further population growth will add about half
a million per year in each of the years immediately
following 1946.
be worse for the country as a whole than another half
million unemployed.
is The earlier estimates of the labor force compiled by the American Federation of
Labor were adjusted to be comparable with the Monthly Report on the Labor Force
which has been available since April 1940, and which is now released by the Bureau
of the Census. Since the American Federation of Labor data make no allowance
for the seasonal increase in the labor force their yearly average is about 1,500,000 below
the Census report for the same year. This is the amount which was added to the
American Federation of Labor data. The American Federation of Labor estimates
show a greater increase over the 10 years than that accumulated by the Decennial
Census, but this appears to be due in part at least to a change in the method of enumeration. Therefore, no further correction was made. The American Federation of
Labor estimates of employment were also adjusted to the monthly employment of
the labor force. Armed forces (included in the American Federation of Labor employment and labor force data) were deducted, and an allowance was made for a downward bias of the American Federation of Labor data for the decade 1930-40, relative
to the Decennial Census.
Armed forces
Civilian labor force
Unemployed
The Trend Toward Shorter Hours.
The number of hours these people will be willing
to
work is also an important consideration. Over a
Table 3.—Changes in Labor Force, 1940-46, by Age Groups
period
of 4 decades the American people have been
[Thousands of persons]
willing to take about two-thirds of the increase in
65
productivity in the form of more goods and about one20-64, 20-64, and
14-17 18-19 female
Total
Age group
male
over
third in the form of greater leisure, i. e., the increase in
output
per worker has been about two-thirds as great
Resulting from growth in popula-74 +1, 075 +2, 527 +217 +3, 637
tion !
-108
as
the
increase
in output per man-hour.17
Resulting from change in proportion of each age group in labor
The effort to share employment during the depres-303 -141 +1, 009
+239
-326
force
(2)
sion
caused an acceleration of the past trend toward
Total change in labor force. _ _ -411 -215 +2, 084 +2, 527 -109 +3, 876
shorter hours. In manufacturing, where the best
1 The number in the labor force in 1940 multiplied by the percentage change in
data are available, the average hours worked in 1940
the total population in this group.
2 No change.
were 38.1 per week as against something over 40 hours
Some allowance needs to be made for a more or less which would be indicated by past relationships. Since
permanent increase in the armed forces over the pre- then, there have been indications that where there
was the opportunity to work longer hours, and when
war level. The total of 1,900,000 assumed here might
the idea of sharing the work has lost its significance,
conceivably be inadequate to do our share of policing
people have welcomed the opportunity to increase
the world but it is more than five times the man-power their earnings by this means.
devoted to this purpose in 1939.
It is assumed here that people will wTant to work
A Practical Minimum for Unemployment.
about the same hours in 1946 as they worked in 1940.
"Full" employment of the civilian labor force is This may still be less than indicated by a projection of
not a practical possibility. So long as people are the long-term trend discussed above, but the relation
allowed to leave one job in order to seek another there between increased productivity and diminishing hours
will be unemployment. There must be some unem- of work is not subject to so precise a measurement.
ployed to provide sufficient flexibility of the labor force
In 1940 the average work-week was 38.1 hours in
in a dynamic economy. Seasonal fluctuations also are
manufacturing and 40.7 hours in a broad group of nonnot likely to be entirely eliminated.
manufacturing industries.18 In 1941 it had increased
Total unemployment, from those and other causes, to 40.6 hours in manufacturing but there was only a
had been reduced to 1,000,000 by March 1943. This nominal increase in the average for the group of nonwas accomplished only by an extreme demand and at manufacturing industries. If we include agriculture,
the expense of an inflationary trend. In other words, government and the self-employed where hours of work
it is better than we can hope for during a peacetime year. were relatively stable, the average work-week was
An enumeration similar to the monthly report now somewhere between 40 and 45 and the increase from
prepared by the Bureau of the Census is not available 1940 to 1941 was probably less than 1 hour per week.
for 1929. But, by adjusting earlier estimates in an In the calculation below it is assumed that the 1946
attempt to make them as nearly comparable to the average work-week for all gainfully employed will be
present reports as possible, it appears that unemploy- 3 percent below that in 1941.
ment may have been reduced to a little under 2,000,000
Summarizing these assumptions the potential manat the low point in 1929.16
hours of productive employment in 1946 become 20
The practical post-war minimum of 2,000,000 unem- percent greater than the actual employment in 1940 or
ployed assumed here is an optimum figure which will 10 percent greater than in 1941.
be difficult to reach. It may even be an undesirable
Average Average Average
1940
1941 1946
goal if it can only be reached under the stress and
{millions of persons)
strain of boom conditions which in the long run might Total labor force
59.4
55.5
56.1
.6
54. 9
8. 9
1.7
54. 4
5. 6
1. 9
57. 5
2. 0
Civilian employed
46. 0
48. 8
55. 5
Increase 1940-46
20 percent
Increase 1941-46, adjusted for shorter hours in
1946,
10 percent
u This is necessarily a rough approximation since reliable data on hours of work in
many fields are not available. The tendency, however, is clear.
" These data actually cover hours paid for rather than hours worked, i. e., the em
ployee drawing pay while ill or on vacation is counted as at work. It is assumed for
the purposes of this calculation that the data reflect the change in actual hours worked
between 1940 and 1941.
SURVEY OF CURRENT BUSINESS
April 1943
The Productive Capacity of Available Manpower
Equaling in importance the long-term trend in the
labor force is the trend toward increased ouptut per
man-hour. This can be clearly seen and measured in
a number of segments of the economy.
Chart 3.—Output per Employee and per Manhour for
Selected Industries
INDEX, 1899 = 100
INDEX, 1916=100
300
CLASS I RAILROADS
(FREIGHT AND PASSENGER)
200
OUTPUT PER
90
80
70
60
***0"'"*
^OUTPUT
MAN-HOUR^
PER EMPLOYEE
i i i i i i i i i i i i i i i i i i i i i i i i i i r i
1900
1905
1910
1915
1920
1925
1930
1935
1940
0.0. 43-.II6
Source: U. S. Department of Commerce. See also text footnotes 19-27 on this page.
For the Nation as a whole the trend is equally clear,
but it can be measured with only approximate accuracy.
The data on total man-hours of employment are incomplete. Also when direct measures of physical volume are lacking there is the difficulty of eliminating the
effect of price changes on dollar output.
15
per week declined 25 percent from 54.0 20 to 40.5.21
Thus the number of man-hours worked in manufacturing increased only 72 percent. Over the same period
the physical output of manufactures increased 458 percent.22 Over the 42 years the gain in output per manhour averaged 2.9 percent per year compounded.
From 1929 to 1941 the increase was 3.1 percent per
year.23
Similarly the volume of railroad passenger and traffic
per man-hour increased 105 percent or 2.8 percent per
year from 1916 to 1941 and 39 percent or 2.8 percent
per year from 1929 to 1941.24 Electric power output
per employee increased 64 percent or 4.2 percent per
year from 1929 to 1941.25 The output of bituminous
coal in tons per man-hour increased 112 percent or 1.8
percent per year from 1899 to 1941 and 22 percent or
1.7 percent from 1929 to 1941.26 The output per person engaged in agriculture increased 68 percent or 1.7
percent per year from 1910 to 1941 and 26 percent or
1.9 percent per year from 1929 to 1941.27
Any attempt to average these gains in order to arrive
at an over-all measure of the increase in output per
man-hour encounters two grave difficulties. First,
there are broad segments of the economy in which
there is no satisfactory measure of changes in the
physical volume of output per worker or per manhour. For example, it would be difficult to reduce
the output of a physician or an accountant to physical
quantities. It can only be said in a general way that
labor saving devices and techniques have been introduced in many of these industries but that the gains
probably have been less spectacular than in those
industries when some measurement is possible.
The second difficulty lies in the fact that much of the
over-all increase in output per man-hour comes not
from improved efficiency within an industry, but from
shifts in employment from low productivity industries
to high productivity industries. When a man moves
from a marginal farm to an automobile factory, for
example, the dollar value of his output may increase
from a few hundred dollars to several thousand dollars
per year, largely because of his use of more machinery
and other capital goods.
2i Cf., Bureau of Labor Statistics, Hours and Earnings in the United States, 1932-40
with Supplement for 1941.
aa
Op. cit., Fabricant, Solomon, Extrapolation for 1941 by means of the Federal
Reserve Board index of industrial production.
23 Cf., footnotes 19, 20, 21 and 22.
24 Includes only hours actually worked. Data on hours not available prior to 1916.
In combining freight and passenger volume a passenger mile was given twice the
weight of a ton-mile. Cf., Annual Reports, Interstate Commerce Commission,
Statistics of Pail ways in the United States 1916-1940.
The Trend in Productivity by Industries,
25 Since there was also a reduction in hours of work the increase in output per manOver more than four decades from 1899 to 1941 the hour was greater. Edison Electric Institute data on sales to utlimate customers
from Survey of Current Business. Employment, construction employees excluded,
aumber of persons employed in all manufacturing in- from United States Bureau of Labor Statistics 1937-40; prior to 1937 from unpublished
19
creased by 130 percent.
The average hours worked data.
26
Reported production per man-day divided by average nominal hours per day.
is Cf., Fabricant, Solomon, Factory Employment and Output Since 1899, Occasional Cf, annual reports of Bureau of Mines prior to 1936; subsequent years from Bituminous Coal Division, Department of Interior
Paper No. 4, National Bureau of Economic Research, December 1941. This includes
27 Computed by relating the increase in the Department of Agriculture's index of
all workers whereas the data on hours are for wage earners only. This source gives
the physical volume of farm production to the change in the number of farmers and
preliminary data through 194 . Extrapolation for 1941 was by means of the sample
farm laborers as reported in the Decennial Census of Population. Three-year avercollected by the Bureau of Labor Statistics. Cf., footnote No. 21.
age used to allow for variable weather conditions.
20 Ibid. Can be calculated from table 1, page 37.
16
SURVEY OF CURRENT BUSINESS
April 1943
that }Tear was below the long-term trend line.32 This
It is possible to get a rough measure of this over-all arbitrarily assumes that the war and the immediate
increase in output per man-hour over the period from reconversion period will be over by 1946.
1929 to 1941 by comparing the total dollar output of The Potential Output of Available Manpower.
goods and services with the total man-hours of employCombining the potential increase in man-hours of
ment. In constant prices the gross national product in employment and the projected increase in output per
1941 was approximately 31 percent greater than in man-hour, the potential output of available manpower
1929.28 Civilian employment was about 5 percent in 1946 would be 25 percent greater than the actual
greater 29 but there had been a decline of 5-10 percent in output in 1941 and 46 percent above 1940.33
hours of work.30 Thus the output per man-hour was
The dollar volume would depend on prices at that time.
increased by roughly one-third over the 12-year period In 1942 prices the gross national product would be in
or at the rate of about 2.5 percent per year the neighborhood of $165,000,000,000. In 1940 prices
compounded.31
it would be about $142,000,000,000 as against $97,There is general agreement that technological prog- 000,000,000 in 1940.
Since this is a measure of the practical capacity of
ress has been enormously accelerated by the war.
This carries clear implications of increased produc- available manpower it is an optimum goal. The ecotivity. Some of this increase is already evident, but nomic maladjustments left by the war may make it
much of it has been postponed because the w ar has also extremely difficult to hold unemployment to the
introduced factors making for reduced productivity. assumed minimum. This can be true during the first
Thus the full effect of this technological progress will few years after the war even if the aggregate demand for
not be felt until several years after the war. Assuming goods and the accumulated purchasing power to make
only a continuation of the past trend as measured this demand effective, exceed the aggregate capacity of
by the average increase of 2.5 percent per year from aA^ailable manpower.
It snould be remembered, however, that there is a
1929 to 1941, the output per man-hour in 1946 would
be 13.5 percent greater than in 1941. It would be 20 strong growth trend, both in the size of the labor force
percent greater than in 1940 because productivity in and its ability to produce. Because of this growth
trend the Nation's output after the war must substan28
The gross national product was broken down into 12 relatively homogeneous tially exceed the 1940 level if unemployment is to be held
components and each component was deflated by the most relevant price series availwithin reasonable bounds. If the output in 1946
able. This is subject to all the usual doubts and difficulties of price deflation plus a
should be no more than in 1940, and assuming the same
few special ones. Therefore, the result is necessarily only a crude approximation.
The basic concept of an aggregate physical volume of goods and services which
hours of work as in 1940, there would be the 8,900,000
have no satisfactory common denominator is in itself a difficult abstraction. Many
who were unemployed in 1940 plus the 2,600,000
indr idual items have, been changed substantially over a period of years. For
example, a machine tool may weigh twice as much, cost three times as much, do four increase in the civilian labor force between 1940 and
times as much work, and operate to much closer tolerances than the most nearly
1946, plus about 8,000,000 who would be displaced by
equivalent machine produced ten years ago. If the same number of machines are
produced, what is the change in physical output?
improvements in efficiency over the 6-year period.34
Another example is the current wholesale shift to war goods which were produced in
This is a total of over 19,000,000. Even with an aversmall quantities if at all during earlier years. The only common denominator for
haircuts and tanks is the dollar cost. If the cost of a tank in mass production is com- age work-week 5 hours shorter than in 1940 there would
pared with earlier experimental models the cost probably has declined. Does this
be more unemployed than in 1932.
mean that a million dollars worth of tanks in 1943 represents a greater physical output
than a million dollars worth of haircuts in 1938? By jumping from 1940 to a post-war
Beyond 1946 this growth will be adding to capacity at
year this latter problem is largely avoided.
the
rate of about 3 to 4 percent per year (roughly 1
n Cf., footnote No. 16.
30 This is necessarily a rough approximation because data on hours of work in many
percent in available manpower and 2 to 3 percent in
fields are not available.
productivity).
31
If the year 1940 had been used instead of 1941, the increase in output per man-hour
An Over-All Measure of Increasing Efficiency.
since 1929 would have been just under 2 percent, but this would be a less reasonable
measure of the long-term trend. Since manpower is used less efficiently at the bottom of a depression, all of the increase in productivity was concentrated in the last half
of the 12-year period. There was an appreciable decline in output per man-hour from
1929 to 1932 and a correspondingly greater increase in the subsequent years. The
increase from 1940 to 1941 was not much greater than the average for the previous 8
years. Within a particular industry the trend has been much more consistent.
(See chart 3.)
There was a large body of unemployed in 1940 and the depression element was still
present. 1941 appears more comparable with 1929. It was affected to some extent
by war conditions. On the other hand, there was more unemployment than in 1929.
32 Cf. footnote 31.
83
A 20-percent increase in civilian man-hours plus a 20-percent increase in output
per man-hour plus less than $2,000,000,000 to cover the services of the assumed increase
in the armed forces. The latter are included in the gross national product to the
extent of their pay and subsistence.
34
With 2.5 percent per year for 5 years added to the increase In productivity which
occurred between 1940 and 1941, 83 people could turn out as much per hour in 1946 as
100 people did in 1940. If there were no increase in output and no further reduction
in hours the other 17 would be unemployed. Cf., footnote 31. This is a crude oversimplification which serves merely to emphasize the needed increased output to match
the increasing capacity to produce.
April 1943
17
SURVEY OF CURRENT BUSINESS
Relation of Government Financing to Gross
Income Flow
cost of goverment and the amount of taxes
Another important element of difference between
THE
collected for governmental use are frequently com- national income and gross income flow consists of
By Clark Warburton
pared with the estimates of national income which are
published annually. Ratios of government expenditures
and of taxes to the national income are often used to
indicate the proportions spent or taken by government
out of the sum which the people of the Nation have
available for consumption purposes, capital purposes,
and the support of government. These ratios are misleading, for the reason that a large part of taxes are not
paid out of the wages, profits, and other items which
are summed to obtain the figure designated national
income. The amount which the people of the Nation,
as individuals and as owners and managers of business
enterprises, have available for the three purposes of
acquiring consumers' goods, replacing or increasing
business plants and equipment, and support of government, is considerably greater than the national income.
In this article the term gross income flow is used to
designate the sum which the people of the Nation have
available during a given period of time for consumption
purposes, business capital purposes, and the support
of government. Gross income flow is an amount which
arises from current economic processes, including not
only production processes but also income-distribution
devices such as social insurance funds and relief.
However, gross income flow does not include the value
of capital assets previously in existence which may be
purchased or confiscated by government. For this reason
the portion of the gross income flow which is used for
the support of government may be slightly smaller—or
in special circumstances, considerably smaller—than the
total expenditures of government.
Differences BetweeirNational Income and Gross Income Flow.
The largest element of difference between national
income and gross income flow results from the fact that
most or all of the taxes paid by business concerns are
not included in the computation of national income.1
If business concerns did not use this part of their receipts
to pay taxes the money would be available for distribution as income to employees or stockholders, assuming
that market prices and output were unchanged. If this
money was not taken by taxes and market prices were
reduced accordingly, expenditures of individuals for
consumers' goods and of business concerns for capital
goods would be correspondingly reduced. Individuals
would then have available for additional taxes an
amount equal to the taxes previously paid by business
concerns.
517588—43
3
depreciation and other reserves set aside by business
concerns out of the proceeds from the sale of their
products. These reserves are not included in national
income but are available for use in purchasing capital
goods, or pending such purchases, for temporary investment in government securities or in some other way.
The third difference between national income and
gross income flow results from the payment of pensions,
Social Security and retirement benefits, and relief from
trust funds or governmental budgets. Receipts of
individuals from these sources are mixed with any other
income which those individuals may have for use in
the purchase of consumers' goods and services, payment
of taxes, or savings.
Gross Income Flow and Its Use, 1941 and 1942.
Estimates of the amount which the people of the
United States had available, during the last 2 calendar
years, for acquisition of consumers' goods and services,
Table 1.—Estimated Income and Other Funds Available to
the People of the United States for Acquisition of Consumers' Goods, Business Capital Purposes, and Support of
the Government, 1941 and 1942
[Billions cf dollars]
1941
Group
Gross income flow, total
1
1942
Income
Busi-
viduals
funds
95.8
32.8
Income
Busi-
viduals
funds
Total of indi- ness
Total of indi- ness
128.6
159.5
119.4
62.1
12.3
80.9
12.4
80.9
12.4
15. 5
5.9
20.1
6.0
20.1
6.0
62.1
Salaries and wages
Property income of individuals 2
12.3
Personal income from unincorporated
business (entrepreneurial income) 3 15. 5
Other income received by individuals _ 5.9
Undistributed income of corporations,
after allowance for tax liabilities
3 3
Taxes and related4payments by business
15 5
to government
Excess of business tax liabilities over
4.6
payments
Depreciation and other allowances and
9.4
reserves 5
15 5
4.6
*
9.4
40.1
3 6
3.6
21.0
21.0
5.2
5.2
10.3
10.3
1
Including work-relief wages. Excludes subsistence of members of the armed
forces.
2s Interest, dividends, net rents and royalties.
Includes industrial pensions and workmen's compensation, 0.4 billion dollars in
1941 and 0.4 In 1942; pensions, retirement pay, relief, etc., by government and social
insurance funds, 2.5 billion dollars in 1941 and 2.6 in 1942; and net-occupancy value
of 4owner-occupied homes, estimated at 3.0 billion dollars for each year.
Includes taxes, social security contributions and nontax payments for fines, fees,
etc., included in government revenue.
5 Includes depreciation and depletion charges, other business reserves, and capital
outlays charged to current expense.
1
In the United States all taxes paid by business concerns except Social Security contributions are excluded from estimates of national income; in the United Kingdom
taxes levied on the profits of business concerns are included, but sales taxes, property
taxes, and other taxes paid by business concerns are excluded from estimates of national income.
18
SURVEY OF CURRENT BUSINESS
business-capital purposes, and support of the Government are given in table 1. The gross income flow
amounted to 128.6 billion dollars in 1941 and to 159.5
billion in 1942. These amounts are, in both years, 33
percent larger than the national income.
How individuals and business concerns used the
gross income flow is given in table 2. The percentages
of the total spent for consumers7 goods and services,
and in other ways, are as follows:
The total acquisitions of government and bank obligations by individuals and business concerns in 1941
and 1942 are estimated in table 3, together with the
amount obtained by sale of assets or increase in obligations to banks and the Federal Government, or by net
redemption of debt by State and local governments.
Table 3.—Government and Bank Obligations Acquired by
Individuals and Business Enterprises, 1941 and 1942
Percentage distribution
1941
1942
Consumers' goods and services
.._
Business capital goods, including residences
Taxes, including Social Security and retirement
contributions, and fees, fines, and miscellaneous
payments to government
Obligations of banks and government (including
bank deposits, currency and government securities) and reduction of debt owed to banks or
government agencies
Gross income
flow
60
53
! Total
16
18
23
100
100
[Billions of dollars]
1942
By inTotal dividuals
Total 1
115.4
Bv
business
44.0
84 9
1.5
7. 9
(5)
28.9
7.9
3.6
.9
32.3 '
20.0 !
12.3
1 Unadjusted for changes in obligations of individuals to business concerns, and
Dice versa. Difference between total expenditures by individuals and business combined and the gross income flow of individuals and business combined (table 1) is
due
to discrepancies in the statistical materials and errors of estimate.
2
Includes net-occupancy value of owner-occupied homes, estimated at 3.0 billion
dollars each year. Excludes governmental services paid for by fees, etc.. included
in3 government nontax revenue
Includes construction, producers' durable equipment, and business inventories
with inventories taken at business evaluation, that is, prior to inventory valuation
readjustment in the gross national product. Residential construction attributed to
individuals.
4
Travel and gifts abroad, securities purchased from foreigners, and other investments
and banking funds abroad.
6
Less than 50 million dollars.
(i
Tax
and nontax revenue of government (table 6).
7
Estimated net reduction in 1942 in loans, securities other than government obligations (Federal, State, and local), and miscellaneous assets of commercial and mutual savings banks, based on reduction during first half of year, and on reduction
reported by banks members of the Federal Reserve System for second half of year.
Attributed to individuals: Reduction in consumer instalment credits and singlepayment
consumer loans of commercial banks.
?
Increase in indebtedness appears in table 3.
< Table 0.
1941
Item
Table 2.—Use of Gross Income Flow by Individuals and
Business, 1941 and 1942
Consumers' goods and services 2
Business k capital goods, including residences
Assets acquired by international transactions, excluding items entering into
government
and bank obligationsnet 4
Taxes and
related
payments to government 6
Reduction in indebtedness:
To banks"
To government credit agencies &_ _ _
Government and bank obligations
acquired from use of income flow
(table 3)
[Billions of dollars]
17
The obligations of banks and government which
individuals and business concerns obtained by using, or
retaining, part of their income and related funds in this
form do not include all of the obligations of banks and
government which they acquired. Obligations of
banks and government may also be acquired by the
sale or pledge of existing property or by an increase in
obligations to banks or government.
Group
April 1943
Acquisitions, total
Federal Government securities, including guaranteed obligations l._|
Currency 2
j
Bank deposits 3
j
Bank capital 4
I
Acquired through transactions with j
governments and banks
Prepayments received and existing
assets 5 sold to Federal Government
Redemption of debt and purchase of
U. S. Government obligations
by State and local governments M
Increase in indebtedness:
}
To banks 7
J
To government credit corpora- i
tions •
!
Acquired from income and business
allowances—balance -
By
indi- busividuals ness
13.0 j
6.8
2.3
3.7
.2
1942
By
By
business
Total indi-
9.2
3.8
35.6
21.5 I
14.1
3.0
2.3
3.7
.2
3. 8
21.3
4.1
10.0
.2
10.3 !
4.0
7.0 I
11.0
.1
3.0
3.5
3.3
1.5 i
1.8
1.8
1.8
1.5
(8)
C)
(8)
J
32.3
20.0 !
12.3
1
Change in U. S. Government securities, including guaranteed securities, held by
private investors (Treasury Bulletin), plus change in matured debt and debt bearing
no interest, excluding currency items (Treasury Bulletin), minus estimated change in
United States obligations, including guaranteed obligations, held by commercial
and mutual savings banks. Acquired by individuals, estimate by Securities and
Exchange Commission.
2 Change in money in circulation outside of Treasury and Federal Reserve Banks,
adjusted for coin and currency held by insured commercial banks. Entire change
during
1941, and all but 0.1 billion dollars in 1942, attributed to individuals.
3
Total for 1941: Change in deposits of individuals, partnerships, and corporations,
and certified and officers' checks, etc., in insured commercial banks, plus change in
total deposits in noninsured commercial banks and all mutual savings banks, minus
change in cash items in process of collection of insured commercial banks. Total
for 1942: Change in deposits of individuals, partnerships, and corporations in all
commercial and mutual savings banks, as reported in special tabulations for the Treasury, minus estimated change in cash items in process of collections. All of the increase in 1941, and 7.0 billion dollars in 1942, attributed to individuals, on basis of
estimates of cash held by business corporations.
4
Increase in total capital accounts of commercial and mutual savings banks.
Amount contributed by business enterprises assumed to be negligible.
5
Estimated by U. S. Department of Commerce.
6
This is the difference between estimated tax and nontax revenue and estimated
expenditures of State and local government (tables A and B, p. 25 of the March
1943 Survey) minus estimated increase in their cash balances. Since any purchases
of Federal Government obligations by State and local government are attributed
to individuals and business in the first line of this table, they are included here with
repayment of debt by State and local government. Obligations of States and political subdivisions estimated to have been held by banks changed by less than 50 million dollars in each year, so total debt reduction by State and local governments is
included
here.
7
Net increase in loans, securities other than government obligations (Federal,
State and local), and miscellaneous assets of commercial and mutual savings banks.
Attributed to individuals: Increase in consumer instalment credits and singlepayment
consumer loans of commercial banks.
8
Reduction of indebtedness appears in table 2.
» Table 6.
The foregoing analysis of what individuals and
business did with the gross income flow does not show
how much of the gross income flow was actually used
for the support of government. The division of the
gross income flow between the three purposes—acquisition of consumers' goods and services, businesscapital purposes, and support of the government—is
shown in table 4. The percentages of the gross income flow absorbed by these three purposes in the 2
years are as follows:
Percentage distribution
1941
1942
Consumers' goods and services
Capital purposes: i.e., private gross-capital formation
Support of government
Gross income
flow
60
53
17
23
6
41
100
100
Methods of Governmental Absorption of Part of the Gross
Income Flow.
Table 4 also shows the methods by which 41 percent
of the gross income flow in 1942, and 23 percent in the
preceding year, together with the value of existing
assets purchased, was absorbed by government. The
total amount absorbed by Federal, State and local
governments in 1942 was over 66 billion dollars. Of
this amount, 29 billion dollars was taken in the form of
taxes and related payments to government,2 20 billion
dollars through sale of Federal Governnent obligations
to individuals and business enterprises, and 17 billion
through the mechanism of the banking system.
The portion of the gross income flow which is absorbed by the government through the mechanism of
the banking system consists, from the point of view of
economic analysis, of two parts. One part is the absorption of income used for the repayment of debts to
banks, which amounted to about 3.6 billion dollars in
1942. This is the amount by which sale of Federal
Government obligations to banks was offset by reduction in the obligations of other borrowers (individuals,
business, and State and local government) to the banks.
In 1941 no part of Federal Government financing was
of this type, since an increase, rather than a reduction,
occurred in the total outstanding obligations of other
borrowers to the banks. The other portion of the
gross income flow which is absorbed by government
through the mechanism of the banking system was
absorbed through the process of currency and bank
credit expansion, Absorption of income and related
funds for government use by this process amounted to
14 billion dollars in 1942, and to 3 billion dollars in
the preceding year.
The statement that deficit financing of the government through bank credit and currency expansion is
a method of absorption of part of the income of the
population may seem a bit curious to those persons
who have emphasized the "income-generating" or
"income-creating" results of deficit financing. Economists, however, have long known that deficit financing through currency issue or sale of securities to banks
in excess of the reduction of other indebtedness to
banks is a method of forced loans to the government.
Whether the government levies taxes, borrows directly from individuals and business, borrows from
banks with the expectation that banks will expand
their deposits, or issues paper currency to finance its
2
This figure includes Social Security contributions and compulsory retirement-pay
deductions; nontax revenue such as fees and fines; and State and local taxes used for
retirement of debt or purchase of IT. S. Government obligations.
19
SURVEY OF CURRENT BUSINESS
April 1943
Table 4.—Portion of Gross Income Flow Available for Government Use and Absorbed by Government, 1941 and 1942
[Billions of dollars]
Item
1941
Gross income flow available for government use:
Gross income flow (table 1) .
- - .._.._._
Deduct: Expenditures for consumers' goods and services
Expenditures for business capital goods, including residences
Monetary metals and other assets acquired by international transactions l
. . _ _.
Balance: Portion of gross income flow available for government
use.
_- . _ . . --_
Add: Existing property sold and production pledges given to
government
Total available for governmental use
Gross income flow and related funds absorbed by government:
By State and local governments: Taxes, adjusted for debt retirement and purchase of United States Government obligations 3.
By Federal Government, total
Directly:
Taxes and related payments (table 6)
Government obligations sold to individuals and business,
adjusted for redemption of debt and purchase of U. S.
Government obligations b y State and local governments
(table 2)
Reduction in indebtedness to government credit corporations (table 6)
Indirectly:
Via State and local government taxes used for debt retirem e n t and purchase of U. S. Government obligations
(table 3) Via reduction in indebtedness to banks with corresponding
bank purchase of U. S. Government obligations i __ .
Via reduction of indebtedness of banks to Federal Government (table 6)
Via b a n k credit and currency expansion, total.
Expansion in currency included in public debt (table 6} _.
Expansion in currency and deposits accompanying purchase of IT. S. Government obligations b y Federal Reserve banks
Expansion in bank deposits accompanying purchase of U.
S. Government obligations b y commercial and m u t u a l
saving's banks 5 .
M i n u s : Currency and deposits held in Treasury (increase
in balance in general fund)
. . .
_ . ...
Total absorbed b v government.
...
1942
128. 6
77.6
159. 5
84. 9
20. 8
9.4
1.3
28. 9
65.2
8
1 8
29. 7
67.0
8.9
8.2
20.6
58 2
10.8
19.2
6.2
IP 8
.3
.6
1 5
3.6
.1
2.9
L
1
13.7
.2
3 9
4.5
16.6
1.7
7.0
29. 5
66.4
1
Includes 0.8 billion dollars increase in monetary stock of gold and silver, and 0.5
billion dollars of assets acquired by international transactions not entering into
government and bank obligations (table 2).
2
^Less than 50 million dollars.
3
The adjustment for debt retirement and purchase of IT. S. Government obligations by State and local governments is necessary because this represents a part of
State and local tax receipts which was indirectly made available to the Federal
Government.
4
This is the estimated net reduction in loans, securities other than U. S. Government obligations, and miscellaneous assets (table 2). Such reduction, if not offset
by bank purchases of U. S. Government obligations, would have been accompanied
by a reduction in bank deposits.
8
Difference between increase in IJ. S. Government obligations held by banks and
reduction in other loans, securities, and miscellaneous assets.
activities, the government is in fact taking part of the
income created by the people at work. When a government takes income b\ taxation, that is the end of the
process. When a government takes a portion of the
gross income flow by borrowing directly from individuals
and business concerns, those who turn over part of their
income and related funds to the government now are
promised a repayment by the taxpayers of the future
and are paid interest for refraining from use of that part
of their income and related funds for a period of time.
20
SURVEY OF CURRENT BUSINESS
But when a government takes a portion of the gross
income flow by expansion of bank deposits or currency,
it is taken without exacting any promise from the
people that they will refrain from attempting to use the
income which the government is taking. Since income
and related funds of individuals and business cannot
be used both for consumption or business-capital purposes and for support of the government, the attempt
to do so is nullified by the process of inflation of prices.
Deficit financing through expansion of bank deposits
or currenc}^ may, of course, be accompanied by incomegenerating or income-creating activities of the government. Such generation or creation of income by government is the result of the government's production policy,
not of its financing policy. During wartime, the expansion of production is a paramount policy and this expansion generates income and related funds in the hands of
individuals and business, regardless of whether government financing results in an expansion of bank deposits
or currency. Likewise, in a period of business depression, deficit financing is income-generating to the extent
to which it is accompanied by an expansion of the volume
of production, and is inflationary but not income-generating to the extent to which it increases the sum of
government and nongovernment spending without
expanding the volume of production. When deficit
financing is accompanied by a policy of restricting or of
approval of nongovernmental restriction of production —
in contrast to the wartime policy of expanding production to the utmost—it fails to be income-generating.
Federal Government Financing and Monetary Expansion.
The relation of Federal Government financing in 1941
and 1942 to the increase in bank deposits and currency
in the hands of individuals and business is shown in
more detail in table 5. In 1942, approximately threefourths of Federal Government expenditures, including
Social Security and retirement benefits, were financed
by methods—taxation, borrowing from individuals and
Table 5.—Relation of Federal Government Financing to
Change in Bank Deposits and Currency Held by Individuals
and Business Enterprises, 1941 and 1942
[Billions of dollars]
Total Federal Government cash expenditures (table 6).
Financed by methods not resulting in increase in bank deposits
and currency held by individuals and business enterprises,
total
Taxes and nontax revenue (table 6)
Net collection of loans by credit agencies (table 6)
Obligations sold to individuals and business enterprises
(table 3)i
r - ~
Obligations sold to commercial and mutual savings
banks offset by decrease in other bank loans and
investments (table 4)
Financed by methods resulting in increase in bank deposits
and currency held by individuals and business enterprises,
total
Obligations sold to Federal Reserve banks (table 6)._ —
Obligations sold to commercial and mutual savings
not offset by decrease in other bank loans and investments (table 4)
—
Increase in currency included in public debt (table 6). _.
Minus: Receipts not spent (increase in balance in general fund)
i Including obligations purchased by State and local governments.
20.5
58.2
17.6
10.8
44.5
19.2
.4
6.8
21.3
2.9
.1
13.7
3.9
4.5
16.6
.2
1.7
7.0
April 1943
Table 5.—Relation of Federal Government Financing to
Change in Bank Deposits and Currency Held by Individuals
and Business Enterprises, 1941 and 1942—Continued
[Billions of dollars]
Item
1941
Total increase in bank deposits and currency held by individuals
and business enterprises
6.0
Increase resulting from Federal Government financing (see
above)
2.9
Other transactions affecting ( + , increasing; —, decreasing)
bank deposits and currency held by individuals and business enterprises, net total
+3.1
Net increase in loans and investments, other than U. S.
Government obligations, of commercial and mutual
savings banks (table 3)
+2.2
Increase in Federal Reserve credit outstanding, excluding
change in U. S. Government obligations held
Monetary use of gold and sil ver
+.8
Increase in bank capital
-.2
International transactions and other factors
+.3
1942
14.1
13.7
+.4
+.4
-.2
+.2
business, and borrowing from banks to the extent of
reduction of debt to banks by other borrowers—which
did not result in an expansion of currency and bank
deposits in the hands of individuals and business concerns. Nearly one-fourth of the expenditures of the
Federal Government was financed by methods which
resulted in an increase in currency and bank deposits
in the hands of individuals and business. Using the
term "inflationary financing" to designate the latter
type of financing, the amount and relative proportions
of non-inflationary and inflationary financing of the
Federal Government in 1941 and in 1942 are given
below:
Billions of dollars
1941
1942
Total Federal Government cash
expenditures
20.5
Financed by non-inflationary
methods:
Taxation, including nontax
revenue and retirement
and Social Security contributions
10.8
Non-inflationary borrowing6. 8
Financed by inflationary borrowing. _"
I
2.9
Percent of total
1941
1942
58.2
100
100
19.2
25. 3
53
33
33
43
13.7
14
24
Inflationary Financing in t h e United States a n d t h e United
Kingdom.
Comparison of the methods of government financing
in the United States with those in the United Kingdom,
and also of the proportions of the gross income flow
absorbed by government in the two countries, may be
of interest. The proportions of the gross income flow
absorbed by consumption expenditures, business-capital
purposes, and government in the two countries, in 1941
and in 1942, are given below.
Percent of total
United Kingdom
United States
1941
1942
1941 1942
Gross income flow
100
Used for consumers' goods and
services
53
Used for business capital purposes
2
Absorbed by government, including
local
government
and social insurance funds, _ 45
100
100
100
50
60
53
_.
17
6
50
23
41
SURVEY OF CURRENT
April 1943
It should be noted that the portion of the gross income flow absorbed by government in the United Kingdom does not cover all of the expenditures of government in that country. Nearly one-fourth of all government expenditures in the United Kingdom in 1941, and
a somewhat smaller portion in 1942, was met by the
purchase, or compensation for destruction, of existing
property, and thus did not constitute a draft on the
gross income flow. This part of the cost of the war included the sale of overseas investments, borrowing
abroad, contribution from Canada, and destruction of
homes and business property by bombing.
The proportions of the total expenditures of the
central governments in the two countries obtained by
taxation, noninflationary borrowing, and by inflationary borrowing, in the two years, are given below. For
this comparison social-insurance funds are included with
central-government financing. Differences in the scope
of the social-insurance schemes in operation in the two
countries are not sufficient to affect the validity of this
comparison.
Percent of total
United Kingdom
1941
1942
Total expenditures of central
government, including social
insurance benefits
Met by taxation and nontax
revenue
Met by non-inflationary borrowing
Met by inflationary borrow-
100
47
38
ing!
15
United
1941
100
Stated
194s
100
50
100
53
42
33
33
8
43
14
24
Usefulness of Estimates of Gross Income Flow.
Changes in the amount of the gross income flow from
year to year cannot be used to indicate changes in the
volume of production, since changes in prices, changes
in methods of taxation, or changes in the scope of social
insurance systems, may affect the amount of the gross
income flow. However, annual or quarterly estimates
of the gross income flow, and of the portions of the
gross income flow absorbed by consumption expenditures, capital purposes, and government, will be found
useful for many purposes. They should be particularly valuable for analytical studies of business fluctuations and the relation of monetary and bank credit
phenomena to business fluctuations.
Table 6.—Derivation of Items Relating to
Financing, 1941 and 1942
Government
[Billions of dollars]
1941
Item
Taxes and nontax revenue of government:
Total for Federal, State, and local governments
State and local governments, total
From individuals
From business
1942
1
20.3
I
!
28.9
I
9.5
1. 9 j
7.6 !
9.7
2.0
21
BUSINESS
Table 6.—Derivation of Items Relating to Government
Financing, 1941 and 1942—Continued
[Billions of dollars]
Item
1942
Taxes and nontax revenue of government—Continued.
Total for Federal, State, and local governments—Continued.
Federal G qveminent, including social insurance funds, totaL
10.8
From individuals
2.9
Income taxes
1.6
Other taxes and nontax revenue payments, exeluding employment taxes
.4
Employment taxes 2
Interest on social insurance trust fund investments 3 . (
From business
j
7.9
Income and profits taxes on corporations
'
Other taxes and nontax revenue payments, ex- I 2.6
3.6
eluding employment taxes
!
Employment taxes 4
j
1.7
Relation of Federal Government tax and nontax revenue to budget !
receipts:
j
Total budget receipts
;
!
Deduct: Capital transactions in budget receiots
Add:
*
j
Employment taxes not in Federal budget
i
Interest received by social insurance trust funds oni
investments
!
Total tax and nontax revenue, as above
j
Federal Government borrowing from individuals, business, and j
banks:
I
From Federal Reserve banks 5
j
From commercial and mutual savings banksr 6
j
From business enterprises other
than
banks
j
From individuals—securities 8
j
From individuals—currency issue 9
I
Total.
9.6
.4
.2
.1
4.5
3.8
3.0
3.9
20.2
11.0
10.3
.2
(10)
11.3
Total
Total receipts "
Deduct: Increase in balance in general fund of the Treasury-- _
Cash expenditures of Federal Government 1 3
Relation of cash expenditures of Federal Government to budget
expenditures:
Budget expenditures
Deduct:
Transfers to trust accounts
Appropriations to Government corporations 14
Add:
Expenditures from social insurance and other trust funds
Net non-loan transactions
of Government corporations
and credit agencies 17
Net increase in loans by Government credit corporations
and credit agencies
Cash expenditures of Federal Government 19
Relation of cash expenditures of Federal Government to Federal
budget receipts and financing requirements:
Net budget receipts
Net budget deficit
Net expenditures in trust accounts
Net expenditures in checking accounts of Government agencies
other than issuance of obligations, and in miscellaneous
funds and accounts
Cash expenditures of Federal Government .
Footnotes on p. 22.
17.4
.1
19.2
Net loan transactions of Federal Government corporations and j
credit agencies, increase (+) or decrease (—):
|
By Home Owners' Loan Corporation
.
1
To banks, including preferred stock ownership
.
Other loans »
'
.
-f-'s
Summary of Federal Government receipts, including social insurance funds and Government corporations and credit agencies, and
relation to cash expenditures:
Taxes and nontax revenue
Borrowing from individuals, business, and banks
Net loan transactions of Government corporations and credit
agencies
4.3
2.0
10.8
11.4
j
.6
1.0
.2
13.3
7.0
1.7
Relation of Federal Government borrowing from individuals, J
business, and banks to change in public debt:
j
Increase in public debt of the United States
j 12.9
Increase (-{-) or decrease (—) in guaranteed obligations held by 1
private investors
-.- . i +•4
Deduct: Increase in government securities owned by Federal ;
trust funds and government corporations
j
2.0
Borrowing from individuals, business, and banks
19.2
5.9
4.1
45.5
50.2
-2.1
2.6
45.5
-.2
-.1
-.4
10.8
11.4
19.2
45.6
22.2
1.7
65.2
7.0
20.5
58.2
19.1
56.0
.4
.5
.2
.4
(15)
1.0
161.2
18 2.4
.5
20.9
8.8
10.2
(20)
(15)
58.9
16.4
39.6
.1
1.5
2.1
20.5
58.2
22
SURVEY OF CURRENT BUSINESS
F o o t n o t e s for table 6, p . 21
1
From table B, p. 25 of the March 1943 Survey, except for division of total employment taxes between collections from individuals and collections from business and
for2 interest on social insurance trust fund investments.
Portion of total employment taxes collected from individuals: i. e., Social Security
contributions of individuals, plus Federal Government employee contributions to
retirement
funds.
3
Treasury Bulletin and Annual Feport of the Secretary of the Treasury.
* Social Security contributions of employers, from table 15, p. 22, of the March
1943
Survey.
5
Increase in IT. S. Government obligations held by Federal Reserve banks, from
Federal
Reserve Bulletin.
6
Increase in U. S. Government obligations, including guaranteed obligations, held
by commercial and mutual savings banks. Derived from amounts held Dec. 31,1940
and Dec. 31, 1941, as given in the Annual Report of the Federal Deposit Insurance
Corporation, and amount held Dec. 31, 1942, estimated from holdings by banks member s of the Federal Reserve System and by banks included in Treasury sample for
that
date.
7
Change in U. S. Government securities, including guaranteed securities, held by
private investors (Treasury Bulletin), plus change in matured debt and debt bearing
no interest excluding currency items (Treasury Bulletin), minus change in U. S.
Government obligations, including guaranteed obligations, held by commercial and
mutual savings banks, and minus United States securities acquired by individuals
as estimated by Securities and Exchange Commission. Purchases of IT. S. Government securities attributed to business include purchases by State and local governments. Since the amount of such purchases is unknown, they are combined with
the8 estimated reduction in indebtedness by State and local governments (see table 4).
Estimate by Securities and Exchange Commission.
8
Change in currency items in public debt (Treasury Bulletin and Daily Statement).
10
Decrease of less than 50 million dollars.
11
Assumed to be loans to business enterprises. Change in loans to States and
political subdivisions is omitted from this list because the amount was less than 50
million
dollars each year.
12
Net increase in loans appears among expenditures.
13
Receipts of Government corporations and credit agencies from operations other
than loan transactions, and a corresponding amount of expenditures of such corporations
and agencies, are omitted, as in tables A and B, p. 25, of the March 1943 Survey.
14
From "Sources of funds of certain governmental corporations and credit,
agencies,"
Treasury Bulletin.
15
Negative item handled on receipts side of the accounts.
16
Includes
0.1 billion dollars increase in cash balance of trust funds.
17 Table A, p. 25, of the March 1943 Survey.
18
Includes 0.1 billion dollars increase in cash balance of Government corporations
and
credit agencies.
!9
The reason for the discrepancy between the estimate of cash expenditures of the
Federal Government by this method and by the other two methods appears to be
due to incompleteness in the published information regarding the operations of
government
corporations and credit agencies.
20
Less than 50 million dollars.
Sources of Data
The items included in gross income flow (table 1), and expenditures for consumers'
goods and services and for business-capital goods (table 2), except for the net-occupancy value of owner-occupied homes, are from the estimates of national income and
gross national product by the National Income Unit, published in the March 1943
issue of the Survey. Net-occupancy value of owner-occupied homes is estimated as
follows: Estimated total rental value of 3.6 billion dollars, based on number of such
dwellings and average rent or rental value of all occupied dwellings reported by the
1940 Census, minus estimated interest on home-mortgage debt, 0.3 billion dollars, and
minus estimated payments for taxes and repairs, 0.3 billion dollars. Irelusion of
rental value of owner-occupied homes is desirable for two reasons: (1) to include the
incomes and expenditures of home owners and of renters on a comparable basis; and
2) to improve the comparability of the data for the United States with that for other
countries such as the United Kingdom, in which imputed rental of owner-occupied
homes is included in estimates of national income.
Table 7.—Relation of Gross Income Flow to National Income
and to Gross National Product
[Billions of dollars]
Item
Relation of gross income flow to national income:
National income _
_
Deduct: Portion of "other labor income" consisting of pensions and contributions to employee retirement funds by
Government _
_-. . _.
Add:
Transfer payments by Government and social insurance
funds
_- __
__ --Net occupancy value of owner-occupied homes. _ Business tax and nontax liabilities (Social Security contributions excluded)
_. .
_ _ ..
Depreciation and other business allowances and reserves
Rounding difference
Gross income flow
1941
1942
95.6
119.8
.4
. i
2.5
3.0
2.b
3.0
18.3
9.4
.2
24.2
10.3
128.6
159. 5
April 1943
Table 7.—Relation of Gross Income Flow to National Income
and to Gross National Product—Continued
[Billions of dollars]
Item
1941
Relation of gross income flow to gross national product:
Gross national product
Eliminate inventory valuation adjustment and adjustment for
discrepancies
Add:
Net occupancy value of owner-occupied homes
Excess of transfer payments by Government and social insurance funds over Government portion of "other labor
income"
Rounding difference
Gross income
flow
Relation of items of use of gross income flow (tables 2 and 4) with
gross national product:
Gross national product
Differences relating to consumers" goods and services:
Add: Net occupancy value of owner-occupied homes
Differences relating to private gross capital formation:
Add:
Inventory revaluation adjustment
Assets acquired by international transactions, excluding items entering into Government and bank obligations (table 2)
Increase in monetary stock of gold and silver
Deduct:
Net exports of goods and services
Net exports and monetary use of gold and silver
Differences relating to Government expenditures:
Add:
Offshore expenditures, etc.1
Transfer payments by G 0vernment
Refunds of taxes and duties
Deduct: Difference in estimates of expenditures
of Government corporations from Treasury funds 2
Adjustment for discrepancies among tables 2, 3, and 4 s
Rounding difference
Total use of gross income flow (table 2).
1942
119.0
151.6
4.2
2.8
2.1
.3
j 128.0
159. 5
119.0
151. 6
3.0
3.0
3.2
.4
.1
2.5
.1
.4
.4
.4
.1
128.0
1
This is line 13, table A, p. 25, in the March 1943 Survey, excluding prepayments
and
purchase of existing assets.
2
This is the difference referred to in footnote 19, table 6,
s This adjustment is due to differences between the figures from banking and cut rency data in tables 2 and 3, and figures for Government expenditures in tables 4 and
6. The difference may be due to incomplete information on international transactions, or to other errors of estimate.
The figures for tax and nontax revenue of Federal and State and local governments,
except for the item of interest on social insurance trust fund investments, are also
from the figures prepared by the National Income Unit published in the March 1943
issue of the Survey. Net non-loan transactions of government corporations are from
the same source. Other items relating to Federal Government accounts, including
those relating to government corporations, are derived from figures published in the
Treasury Bulletin or Daily Statement.
Data relating to banks and to currency, except for those involving bank deposits
at the end of the year 1942 are from the Ann ual Report of the Federal Deposit Insurance
Corporation, the Federal Reserve Bulletin, or the Treasury Daily Statement. Figures
for bank deposits at the end of 1942, used in deriving estimates of changes during the
year, are based on data for banks members of the Federal Reserve System and advance tabulations of certain items prepared by the banking agencies for the Treasury.
Estimates of bank deposits and currency held by individuals and by business, respectively, are derived in part from estimates by the Securities and Exchange Commission.
Figures for the United Kingdom used in computing the ratios in this article are
from an unpublished analysis of the gross income flow in that country, prepared by
the author of this article, similar to the analysis presented here for the United States.
The data used in the analysis for the United Kingdom are from Cmd. 6347, "An
Analysis of the Sources of War Finance and an Estimate of the National Income and
Expenditure in 1938, 1940, and 1941," The Economist, The Stock Exchange Gazette
British and International Banking Xumber, 191^2, and articles in the Economic Journal
and Economica.
The terms "business" and "business concerns," as used in this article, include
social organizations such as churches, endowed institutions, clubs, and other nonprofit associations. The line of demarcation, in tables 1, 2, and 3, between individuals
and business is not uniformly drawn, because of the inadequacy of data. In general,
taxes collected from, and loans to, farmers and other unincorporated business concerns, except income taxes, are treated as business taxes or loans.
23
SURVEY OF CURRENT BUSINESS
April 1943
Physical Volume of Farm Marketings
1929-42
By Louis J. Paradiso and Morris Kaufman, Department of Commerce, and G. M. Purves, Department of Agriculture
URRENT data on the quantity of farm marketings,
C
both in total and by specific commodity groups,
comprise an essential body of statistics in the analysis
of the agricultural situation. When analyzed in conjunction with similar data on cash farm income received
from marketings, data on quantity of marketings should
give an indication of the effect of changes in farm prices
on purchasing power of farmers and on the national cost
of living.
J
While the Bureau of Agricultural Economics at the |
present time publishes monthly data covering cash farm '
income from marketings as well as prices received by
farmers, it does not have available an index of monthly
physical quantity of marketings. The Bureau estimates, however, annual data on physical volume of
agricultural products for sale and for consumption in
farm homes. In view of the need for current data on
quantity of marketings and of the interest in the
seasonal changes and shifts in these marketings, the
Bureau of Foreign and Domestic Commerce and the
Bureau of Agricultural Economics have cooperated by
pooling their resources and personnel in developing a
monthly index of physical quantity of farm marketings.
For this purpose, the basic monthly quantity data for
marketings of individual commodities were provided by
the Bureau of Agricultural Economics. These quantities are used by the Bureau as a basis for computing
the monthly estimates of cash income from farm marketings. The method of estimation and the sources of
data are described in a Department of Agriculture
publication of December 1942.1 The estimates of
marketings of individual crops, and also those of livestock and their products, include quantities marketed by
farmers through the ordinary marketing channels and
quantities placed under Government loan during the
month. Commodities placed under loan were included
in marketings because part of them are not redeemed by
farmers. Furthermore, quantities delivered to the
Government are disposed of in so many different ways
that it is practically impossible to determine when they
enter regular marketing channels.
The marketings estimates, however, exclude the
quantities of products retained by farmers for home
consumption and include only a small part of the interfarm sales of agricultural commodities. Some duplica* "XT. S. Estimates of Monthly Cash Farm Income and Index Numbers of Income,
January 1935 to September 1942," Bureau of Agricultural Economics, Department of
Agriculture.
tion is involved to the extent that farmers buy agricultural products from central markets or from other
farmers in distant markets. Examples of these transactions are the purchase of feeder livestock from ranches
and central markets for further feeding, and the
purchase of feed grains, hay, and ready-mixed feeds
from central markets or from mixed-feed manufacturers.
Quantity data on marketings were adjusted by the
Bureau of Foreign and Domestic Commerce for seasonal
variations and combined into index numbers representing changes in physical quantity of marketings of
Chart 1.—Physical Volume of Farm Marketings
INDEX, 1935-39 = 100
150
100 -**•
75
1929'JO '31 '32 '33 '34 '35 '36 '37 *•
1939
1940
1941
1942
0.0
43-2
Sources: U. S. Department of Agriculture and U. S. Department of Commerce*
the several groups of farm products. The base period
selected for the indexes was the average marketings in
the years 1935-39, the same as that used for the index
numbers of farm income. The data were summarized
by years from 1929 to 1934 and by months from 1935
to 1942.
The indexes are based on marketings of 43 major
agricultural products. During the base period 1935-39,
marketings of these products accounted for more than
93 percent of the total income from farm marketings.
The separate series were combined into 11 major
groups and the groups were combined into a total crops
24
SURVEY OF CURRENT BUSINESS
April 1943
sharp gains occurring from 1935 to 1936, and 1941 to
1942 (see chart 1).
Since the outbreak of war in 1939, production and
marketings of livestock and their products have increased at a faster rate than marketings of crops.
Total quantity of marketings of livestock and products
increased by 23 percent from 1939 to 1942, whereas
aggregate marketings of crops increased by only 11
percent. The smaller increase in crops is due in part
to the fact that the record output of crops in 1942
was not reflected in the index of marketings until the
latter months of the year, whereas marketings of livestock continued at high levels all through the year.
The relative importance of the crop and livestock
groups is indicated by the fact that, in the base period
Quantity of Farm Marketings at Record Levels in 1935-39, crops constituted 43 percent of total marketings, with this proportion remaining relatively stable
1942 "
since
then. From the point of view of use the greater
Physical quantities of farm marketings were at
part
of
the crops and livestock marketed is destined for
record-breaking levels in 1942. Total quantities marconsumption
as food—over three-quarters of all farm
keted were 28 percent above the 1935-39 annual avermarketings
in
1942 being for this purpose.
age and 11 percent above the marketings of 1941—the
The
true
nature
of the seasonal pattern of physical
largest year-to-year gain on record. Two major
quantities
marketed
is not reflected by changes in cash
factors contributed to the 1942 performance. The
income
from
marketings.
For example, iDcreases or
unusually favorable weather conditions for crop prodecreases
in
marketings
are
often either partially or
duction resulted in record yields per acre for many
totally
offset
by
changes
in
price. The physicalimportant crops and also aided in increasing the provolume
indexes
shown
in
tables
2 and 3 do reveal,
duction of dairy products and meat animals. However,
however,
the
general
seasonal
pattern
for quantities
the most important factor in the sharp increase in
of
marketings.
They
show
that
aggregate
marketings
livestock production was the full cooperation given
change
only
slightly
in
the
second
quarter
of the
by farmers in meeting the high production goals set
year
from
the
first
quarter
and
then
rise
about
20
for the year by the Department of Agriculture.
percent
in
each
of
the
succeeding
quarters.
The high level of marketings in 1942 can be more
The seasonal pattern for total crops marketed is
readily appreciated when it is considered that the index
quite
different from that for livestock and products.
of physical quantity of marketings in 1929 averaged
Crops
marketed decline sharply in the second quarter
only 101, or slightly above the 1935-39 average. The
of
the
year
from the first quarter, after which there is
index then dropped to 88 in 1935—the low point in
a
sharp
rise
in the two succeeding quarters. For these
recent years—largely as a result of the drought in 1934.
commodities
the low point in marketings is reached in
Since then a fairly steady rise has taken place with
the second quarter whereas peak marketings occur
2 These indexes will be published currently in the statistical section of the Survey
during the fourth quarter of the year.
of Current Business, beginning at an early date.
index, a total livestock and products index, and into a
total farm marketings index by weighting the quantities marketed of the various commodities by the corresponding average price received by farmers during
the base period.2
The crop group includes food grains, feed grains,
cotton and cottonseed, oil-bearing crops, fruits and
nuts, vegetables (including truck crops), and tobacco;
the livestock and products group includes meat animals,
poultry and products, dairy products, and miscellaneous livestock products (primarily wool). The monthly
indexes for each commodity were then adjusted to
eliminate seasonal variations and the adjusted indexes
were also combined into groups. The details of the
methods used are described below in the notes.
Table 1.—Annual Indexes of Physical Volume of Farm Marketings, Calendar Years 1929-42
[1935-39 = 100]
Commodity group
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941 1
1942 1
Total farm marketings..
101
98
99
96
96
95
88
96
101
105
109
112
115
128
Total crops 2
Food grains
Feed grains and hay
Cotton and cottonseed
Oil-bearing crops
Fruits and nuts
Vegetables, including truck crops.
106
120
126
117
62
88
88
98
106
112
105
72
78
89
99
109
89
111
68
97
87
94
94
110
103
69
85
84
88
81
116
90
50
83
81
82
68
77
90
59
78
89
84
78
65
81
82
96
94
90
82
94
95
81
88
97
105
102
86
132
85
97
100
108
116
123
100
115
106
106
111
118
132
92
138
114
103
109
109
144
90
147
106
108
111
129
134
77
201
119
112
123
134
147
101
256
122
122
Total livestock and their products 3_
Meat animals
Poultry and products
Dairy products
97
101
99
91
98
98
105
92
99
101
100
94
98
99
98
95
102
106
99
96
105
115
95
96
92
89
91
96
100
103
98
98
98
96
102
99
102
102
100
103
108
110
109
104
114
119
114
107
119
120
124
114
132
138
143
120
8,045
7,814
7,901
7, 654
7,630
7,591
7, 056
7, 670
8,069
8,348
8, 707
8,906
9, 201
10, 246
Total value of4farm marketings in millions of 193539 dollars
1 Data for 1941 and 1942 are preliminary.
23 Includes tobacco in addition to crops shown separately.
Includes miscellaneous livestock products, mostly wool.
* Computed by applying the total quantity index of farm marketings to the average cash income from marketings in the base period 1935-39.
SURVEY OF CURRENT BUSINESS
April 1943
25
Table 2.—Monthly Indexes of Physical Volume of Farm Marketings, 1935-42, Without Adjustment for Seasonal Variation
[1935-39=100]
Year and month
1935—January
February
March..
April
May._
Juno
July
August
September,. ...
October.
November
December...
1936—January._.
February
March
April
May
June
July
August.-September. _--October
_.
November
December
1937—January
February
March
April
May
June . _
July
August .__
September
October
November
December
1938—January
February
March
April
May_. -. June
July
August
September
October
November
December..1939—January
February
March
April
May
June
.
July
August
September
October
...
November
December
1940—January
February
March
April
May—.
June . _ _
July
August
September
October
November
December
1941—January..^
February
March
April
May
June
July
August
September
October
November
December.-..
1942—January
February
March.
April
May
June
July
August
September -.
October
...
November
December
Total
farm
marketings
76
103
116
131
104
89
81
70
76
78
108
104
121
135
118
96
82
69
76
74
80
87
106
110
134
150
134
112
106
82
84
83
90
90
109
115
128
152
118
101
103
81
91
88
93
94
108
122
136
149
131
113
108
90
91
90
91
94
112
118
133
163
130
121
106
89
95
95
100
99
112
125
144
154
136
132
117
95
103
103
106
110
126
138
165
178
157
144
Total
livestock
Total and
their
crops i
products2
65
50
48
49
44
45
78
113
144
170
119
87
59
63
53
52
59
111
101
143
163
122
88
69
56
53
43
44
62
117
123
180
209
175
131
117
80
74
64
62
66
113
124
159
204
131
103
105
73
62
61
71
106
142
173
191
153
117
110
79
71
55
54
62
111
134
161
209
138
121
103
73
73
58
63
64
105
145
181
185
147
137
106
76
74
61
64
64
118
154
211
221
178
153
1
Includes tobacco in addition to crops shown separately.
Crops
Food
grains
85
73
80
93
102
Feed
grains
and hay
43
39
40
42
36
37
95
102
92
91
87
74
86
97
104
108
106
105
105
115
115
104
91
79
94
98
107
106
97
101
100
106
104
98
97
83
92
97
110
108
105
105
105
112
109
100
101
88
101
108
118
111
110
106
1-08
118
115
109
107
98
106
116
120
118
112
10G
112
128
125
121
108
100
111
123
129
125
117
110
116
131
127
128
125
109
124
135
138
145
132
126
130
145
141
138
2
170
230
164
102
153
140
38
25
32
25
21
76
328
150
90
80
57
58
44
37
38
26
28
131
370
202
137
54
57
56
49
54
45
104
328
201
154
150
96
89
56
54
48
47
52
138
318 i
254 j
215
132 |
72
32
26
25
28
30
66
298
291
225
148
79
64
41
35
34
20
33
44
15
352
324
206
133
111
73
48
27
21
27
57
275
290
307
179
208
99
103
84
88
102
112
92
95
117
96
90
94
105
122
76
61
91
85
77
70
69
48
45
46
75
104
76
109
162
153
158
108
111
108
104
102
122
136
115
132
148
131
257
147
163
111
80
81
84
10')
110
118
136
188
322
204
184
101
72
73
101
133
109
129
130
171
175
135
135
100
100
104
144
140
110
113
150
205
198
142
136
104
97
102
138
174
140
150
172
209
Livestock and their products
Vegetables,
incl.
truck
crops
Cotton Oil-bear- Fruits
and cot- ing
crops and nuts
tonseed
40
21
23
16
11
14
11
50
193
296
205
95
42
20
17
12
12
272
331
238
112
31
21
15
10
10
12
12
108
338
434
381
217
106
54
35
16
4
60
220
373
213
98
50
27
16
10
74
268
289
230
124
29
22
9
10
36
185
395
241
142
56
36
21
8
4
1
19
177
247
207
142
63
26
29
14
6
53
237
292 i
272
214
38
32
27
21
20
17
18
58
146
254
210
137
72
58
58
45
53
38
37
54
65
187
172
131
71
56
56
36
40
31
30
67
88
228
208
108
67
61
65
50
67
35
28
88
178
486
177
75
44
40 |
62 I
60 i
73 |
50
50
233
187
507
254
99 (
50 i
45 I
70
72
96
70
81
373
201
355
199
145
132
82
121
114
120
78
308
167
509
446
260
106
84
86
80
116
62
118
338
299
1,087
413
231
Includes miscellaneous livestock products.
i
|
I
i
i
92
91
90
90
82
73
86
78
102
163
103
100
87
90
93
91
80
70
74
62
84
119
103
99
90
78
73
70
76
67
102
168
130
123
108
114
113
10S
99
86
83
80
101
137
114
123
111
108
120
106
98
94
88
82
107 !
167 I
157 |
1.39
122
108
106
102
89
84
82
84
101
143
120
130
123
117
127
117
112
103
104
97
114
171
130
115
125
119
127
119
109
102
97
96
118
181
140
129
3
98
141
124
125
109
73
60
70
74
89
88
106
105
147
121
128
106
72
59
66
70
78
84
97
107
158
131
150
110
79
65
83
84
105
100
114
101
147
142
148
104
78
82
98
96
119
tl3
136
138
140
98
75
65
79
74
90
89
114
134
177
133
135
108
88
69
76
74
95
91
120
128
168
146
161
122
89
74
84
84
101
101
131
124
183
168
185
128
96
76
Poultry
Meat
prod- Dairy
animals anducts
products
102
80
78
83
83
70
72
82
94
115
102
102
102
77
89
86
85
92
93
104
113
136
140
121
107
85
96
88
85
84
72
92
102
118
116
108
117
88
92
83
95
89
86
99
110
130
127
111
117
89
102
98
110
95
95
101
117
140
133
120
131
106
106
109
108
102
102
105
124
154
143
138
124
105
111
115
114
105
101
103
123
152
141
147
147
114
126
126
118
134
119
125
148
172
164
163
111
110
115
107
95
85
89
82
60
64
78
115
117
117
121
110
99
93
103
96
69
71
95
116
123
122
121
114
102
94
103
77
94
118
115
114
116
108
95
90
106
98
82
85
115
123
120
116
123
115
100
118 |
118
78
86
122
134
133
124
115
103
93
108
139
130
92
99
130
142
139
133
126
114
104
120
150
143
115
112
149
167
163
154
144
129
117
142
163
149
Less than one-half of 1 percent.
85
76
90
94
117
120
114
105
96
91
79
83
86
83
93
98
118
122
113
103
94
95
88
87
89
81
96
98
123
122
115
104
94
93
88
89
92
87
98
101
124
128
121
112
102
97
86
88
95
95
100
106
120
126
118
109
99
94
90
92
94
99
105
112
124
133
119
108
104
100
94
96
101
102
110
120
138
142
130
118
110
105
96
97
107
109
117
127
146
151
138
125
114
108
98
101
26
SUEVEY OF CURRENT BUSINESS
April 1943
Table 3.—Monthly Indexes of Physical Volume of Farm Marketings, 1935-42, Adjusted for Seasonal Variation
[1935-39 = 100]
Year and month
1935—January
February
March
April
May
June
July
August
September
October
November
December
1936—January
February
March
April
May
June
July
August
September
October
November
December
1937—-January
February
March.
April
May
June
July
August
September
October
November
December
1938—January
February
March
April
May
June
July
August
September
October
November
December
1939—January
February
March
April
May
June _.
July
August
September
October
November
December
1940—January
February
March-April
May
June
July
August
September
October
November
December.
1941—January
February
March
April
May
June
July
August
September
October
November
December
1942—January
February
March
April
May
June..
July
August
September.
October
November.
December.
1
3
Includes tobacco in addition to crops shown separately.
2 Includes miscellaneous livestock products.
The seasonally adjusted index is based on an insignificant quantity of marketings; the figure shown here represents an apportionment of the annual total to the par-
ticular month. This is necessary for computing the all crop and total marketings index.
April 1943
The quantity of livestock and products marketed, on
the other hand, shows two peaks during the year,
the first occurring in the second quarter when marketings are usually about 15 percent above the first quarter. This is the period in which the movement of livestock products, as distinguished from the animals
themselves, reaches a peak. The second peak occurs
in the fourth quarter when marketings are customarily
15 percent above those of the third quarter. This is
the period when there is the usual heavy movement of
meat animals to market or to feed lots. Furthermore,
the heavy marketings in the fourth quarter are normally
about 3 percent greater than the high marketings of the
second quarter.3
Physical quantities of agricultural products marketed,
when compared with changes in the cash income derived from such marketings, have been relatively
stable since 1929. As chart 2 indicates, year-to-year
percentage changes in quantities marketed from 1929
to 1941 were, in general, relatively small. Excluding
quantity of farm marketings declined only 5 percent;
from 1932 to 1937 prices increased 87 percent, physical
marketings increased only 5 percent; from 1937 to 1939
prices declined 23 percent while marketings were greater
by 8 percent; and finally, from 1939 to 1942 prices
increased 68 percent while marketings rose 18 percent,
with most of this rise taking place from 1941 to 1942.
While the change in general level of farm prices thus
apparently has little bearing on the change in aggregate output, there is nevertheless a tendency for farmers
to shift to the production of those products whose
prices are relatively high, thus causing shifts in marketings of the individual products. Also high prices of
livestock and livestock products relative to crops are
often followed by increased feeding on farms. The
favorable feeding ratios of the past 2 years have been
important in the expansion of livestock production
during that period.
Table 4.—Farm Marketings and Prices Received by Farmers,
1929-42
[1935-39=100]
Chart 2.—Farm Marketings and Prices Received by Farmers
INDEX, 1935-39= 100
250
Year
MONTHLY DATA, EXCEPT PRICES,
ADJUSTED FOR SEASONAL VARIATIONS
200
!
Does not include governmental payments.
Sources: U. S. Department of Agriculture and T\ S. Department of Commerce
the period 1934 to 1936, when wide fluctuations occurred as a result of the drought, year-to-year changes
over the entire 12-year period in physical quantities
marketed did not vary by more than 5 percent. In
contrast to this, cash farm income received from
marketings showed year-to-year changes of more than
30 percent. The differential movement of the two
series was due to the sharp changes in prices over the
period. From 1941 to 1942 both physical quantity of
marketings and cash income increased significantly,
with the former showing a rise of 11 percent and the
latter a gain of 37 percent.
The experience of the past dozen years indicates
that changes in prices received by farmers are associated
more closely with changes in demand for farm products than with changes in quantity of agricultural
products marketed. For example, from 1929 to 1932
prices received by farmers declined 56 percent, while
s Table 5 shows the seasonal characteristics for each of the 35 products and the
truck-crops group used in the index.
27
SURVEY OF CURRENT BUSINESS
1929
1930^
1931.
1932^
1933.
1934
1935
1936
1937
1938
19391940.
1941.
1942
I Total
|
i physical j
I quantity
! of farm
[marketings
99
96
96
95
88
96
101
105
109
112
115
128
138 I
119 |
82;
61
66
85 j
102 I
107 |
114
90 I
88 i
92
115
148
142
113
80
60
67
79
89
105
111
96
99
105
141
193
Sources: For quantity of marketings, Department of Commerce and Agriculture;
other data, Department of Agriculture.
NOTE.—Because of monthly fluctuations in prices and quantities the product of
quantity and price will not exactly result in cash farm income from marketings.
While a general price advance such as that which has
occurred since 1939 does stimulate farmers to operate
to capacity, perhaps the more important determinants
of changes in farm output and marketings are such
factors as weather conditions, labor supply, quantity
and quality of farm buildings and equipment, and, over
the longer period, the general improvement of farm
technology. In 1943, for example, the main problems
will be to get sufficient farm labor and machinery for
maximum possible output.
Marketings of Grains at Record Levels in 1942.
Although the 1942 grain production goals were lower
than those of 1941, record crops were produced. Farmers marketed about 3 percent more food grains and 10
percent more feed grains than in 1941, resulting in the
heaviest grain marketings in the 13 years covered by
this index. The peak marketings of food grains occur
in the third quarter of the year when the bulk of the
wheat crop moves to market. Marketings of feed
grains and hay norm all}7' reach their peak in the winter
SURVEY OF CURRENT BUSINESS
28
months, although these marketings show a less pronounced seasonal pattern than that of food grains. The
unusually high marketings of food grains in November
1942 were due to large quantities of wheat placed under
loan, resulting in a rise in these marketings of 62 percent in the fourth quarter from the third quarter, on a
seasonally adjusted basis. This compares with a rise
of 56 percent in these marketings in the corresponding
period of 1941. In both of these years the late marketings resulted primarily from the large proportion of the
wheat crop which was placed under loan.
Since 1933 marketings of oil-bearing crops which
include peanuts, soybeans, and flaxseed, have made
Chart 3.—Physical Volume of Crop Marketings
INDEX, 1935-39 = 100
300 —
250
200
150
April 1943
of these restrictions the proportion of these crops moving to market during this period would have been much
greater.
Marketings of cotton also made a large gain over
1941—an increase of 30 percent. Most of the rise took
place in the final quarter of the year when the bulk of
marketings normally takes place. After adjustment
for seasonal variations, cotton marketings in the fourth
quarter of 1942 rose 39 percent from the previous
quarter (see chart 3). This rise was in part the result
of large crops in 1942 and of much cotton being placed
under loan in the fourth quarter. Cotton marketings
for the year, however, were still around the 1935-39
average and considerably below the high marketings
of 1929 and 1937. In 1942 yields established new
records but acreage was only two-thirds as high as in
1937.
Marketings of fruits and nuts tend to have a 2-year
cycle. When marketings are high in any year, they
are often followed by low marketings in the next year
and vice versa. However, in 1942 marketings increased still further from the record levels reached in
1941. In recent years marketings of vegetables (including truck crops) have shown a rising trend, with
a 9 percent increase occurring from 1941 to 1942. On
the whole these marketings have tended to be more
stable than marketings of other crops.
Record Shipment of Livestock in 1942.
More meat animals and poultry (including eggs)
were marketed in 1942 than in any other year on record.
The movement of these livestock to market represented
50
200
Chart 4.—Physical Volume of Marketings of Livestock and
Products
150
100
INDEX, 1935-39- 100
175
TABLES, INCLUDING TRUCK CROPS
V-.
150
NUTS
M
;*
111
'30 '31 '32 '33 '34 '35 '36 '37 "38
i939
125
ill
i940
1941
1942
100
0.0.43-152
Sources: U. S. Department of Agriculture and U. S. Department of Commerce-
Steady gains. Output of these crops has been increased
at an accelerated rate since the outbreak of war, largely
to offset the reduced supplies of imported fats and oils.
In 1941 marketings were twice as great as the average
of the 1935-39 period and were 37 percent above the
previous year. In 1942, a further gain of over 25 percent was made. In October, marketings of all oilbearing crops were almost double those of the corresponding month of the previous year, due to the largest
marketings of soybeans on record. Marketings of both
peanuts and soybeans, however, were restricted by lack
of storage and crushing: facilities. But for the absence
1929'30 '31 '32'33 '34*35'36'37'33
1939
1940
1941
1942
0. 0. 43 -30
Sources* U. S. Department of Agriculture and U. S. Department of Commerce.
a record gain of 15 percent from 1941. Marketings of
meat animals were higher in the last half than in the
first half of the year on a seasonally adjusted basis, as
chart 4 indicates. There was apparently some holding
back of hogs to feed to heavier weights, but this was
largely offset by heavy sales of cows and ewes during
the last 4 months of 1942. The record production of
young chicks during 1942 was accompanied by heavy
sales of poultry and a material increase in size of laying
April 1943
SURVEY OF CURRENT BUSINESS
flocks, so that the production of poultry and poultry
products increased sharply in the last quarter of the
year.
Despite the record marketings of meat animals and
poultry during 1942, civilian supplies of meat became
steadily shorter. These shortages were due primarily
to the large proportion of total livestock marketings
absorbed by military and Lend-Lease purchases. In
addition, the level of civilian demand for meat products
was unusually high because of fuller employment and
increased purchasing power.
Marketings of dairy products in 1942 were only 5
percent above the 1941 total. Sales of dairy products
showed a tendency to slacken off in the final quarter of
1942 on a seasonally adjusted basis.
29
These were summarized for the United States. Currently, total estimates of United States marketings are
made by the use of a number of sources.4
(2) In a few cases only annual data were available
and the monthly estimates were derived on the basis of
monthly distribution percentages provided by the
Bureau of Agricultural Economics.
(3) Finally, all monthly marketings estimates were
reviewed and revised when necessary on the basis of
annual data which were deemed more accurate.
In all instances, the data had to be put into summary
form for use in preparing these indexes.
Table 5.-—Series Used in Estimating Farm Marketings
Outlook for Marketings in 1943.
In 1942 the production goals set by the Department
of Agriculture were, in general, either met or exceeded
by farmers. Because of the unusually high production
and the shortages of labor during harvest, some crops
have been moving to market later than usual. Thus
marketings of crops will continue high until the new
crops begin to move to market. The March 1 intentions-to-plant report showed that farmers are planning
to plant a slightly larger acreage in 1943 than was
planted in 1942. The greatest increases are in the
acreage for feed crops, oil-bearing crops, and vegetables.
However, should only average yields be obtained in
1943, marketings of crops in the last half of the year
will be somewhat smaller than in the same period of
1942.
Inventories of livestock and poultry on farms on
January 1, 1943, were at an all-time peak and indications point toward a continued expansion in livestock
production. Marked increases are expected in the production of hogs, chickens and eggs, and moderately
larger sales of cattle and calves are in prospect. Unless
weather conditions for crop production are somewhat
below normal, it now appears probable that declines in
crop marketings will be more than offset by increases
in sales of livestock products in 1943 and marketings
of all products will be somewhat higher than in 1942.
Method Used in Constructing the Indexes
The basic monthly quantity data on agricultural
marketings provided by the Bureau of Agricultural
Economics are estimated from many different sources
of data. Insufficient data are available for estimating
the sales for every farm product but indications are
available on the quantity of marketings of 43 more
important commodities. These were combined into a
total farm marketings index. The work involved in
bringing these data together for use in the index may
be described as follows:
(1) For most of the commodities monthly quantity
aata were available by States after each crop year.
I Weight
Commodity
Total farm marketings...
Total crops
Food grains
Wheat
Rice- Feed grains and hay
Corn
Oats
Barley
Hay
Cotton and cottonseed ._
Cotton lint
Cottonseed
Oil-bearing crops
Soy beans
Peanuts . .
Flaxseed_ . . _ _ . . _ . . _
Fruits and nuts
Apples
_ _
Oranges
Grapefruit
Lemons
Pears
Peaches
Grapes _. ..
._-_..
Strawberries
Vegetables including truck crops.
Vegetables
Dry edible beans
Potatoes
Sweetpotatoes
Truck crops for market
Cabbage
Celery
LettuceOnions
Tomatoes
Truck crops for manufactureSweet corn
Peas
Tomatoes
Tobacco
Total livestock and their products-.
Meat animals
Cattle
Calves _ _ . _ . . .
Hogs
Sheep and lambs
Poultry and products
Eggs
Chickens
_
... . .
Broilers
Turkeys
Dairy products
Wholesale milk
Retail milk
Butterfat
Miscellaneous livestock products.
Wool
Unit
cent)'
Aver
' Average age
1 quantity price
!
market- per
unit,
! ed,
| 1935-39 193539
j (thouj sands) (dollars)
100.00
— _
43 00
7 00
4 82 Bushel
2.18 --. do
5 80
3.42 Bushel
do
. 71
57
do
1.10 Short ton
10.60
9 13 Pound
1.47 Short ton
1 20
47 Bushel
.50 Pound
.23 Bushel
6.50
1. 76 Bushel
1 72 Box
37 . - do
do
.38
.29 Bushel
do
60
... .
.73 Short ton
.65 Crate
8.10
3 13
.58 100-pound bag
2.24 Bushel
.31
do
3.76
51 T o n
.57 Crate
do1.08
62 100-pound sack
.98 Bushel
1.21
.23 Short ton
do
34
64
do
3.80 Pound
574, 437 0.787
45,973 .727
404,014 .594
169,632 .293
84, 306 .470
8, 971 8. 636
6, 649,094
098
4,217 24.845
40,973 .809
1,088,946 .033
10, 301 1.558
127, 775 .764
63, 769 1.508
29, 834 .707
9,337 2.845
23, 962 .672
45, 619 .885
2, 343 17.521
12, 954 2.705
12,387 3.361
248, 965 .646
28,997 .781
960 15.07
10, 228 1.65
20, 621 1.47
15, 428 1.11
22,472 1.23
779 9.89
242 51.22
1,795 12.40
1,440, 539 .190
57.00
27 50
12.95 Hundredweight
do
1.73
do
10.73
2 09
do
10.20
6 18 Dozen
2.72 Pound.-- .
.50
.80
do
do
17.70
9.13 Hundredweight
3 91 Quart
4.66 Pound
1.60
1.60 Pound . .
158, 932
17,965
105,482
21,592
2, 334,792
1,426, 293
207, 861
364, 321
6.51
7.75
8.39
7.01
.208
.149
.189
.175
402, 746 1.81
3,064, 248 .102
1, 292, 532 .288
359, 353
.239
1
Based on the relative importance of commodities in the 1935-39 period as measured by income from farm marketings.
4
Loc. cit.
30
SURVEY OF CURRENT BUSINESS
April 1943
The indexes were developed for the years 1929 to was covered. In combining the available data the
1934, and by months from 1935 to 1942. The 43 weights in the base period were inflated so as to cover
individual commodities were selected on the basis of the total marketings on the basis of the cash income.
the relative importance of each commodity to the group Separate conversion factors were used for each of the
into which it was classified as well as on the basis of 12 months. These were derived by computing the
availability of the monthly data representing market- relation between total cash income received from
ings.
truck crops each month during the base period and
Crop items representing more than 86 percent of the cash income derived from the truck crops covered.
total crops marketed were combined into seven major
Miscellaneous crops.—Tobacco is the principal comcommodity groupings on the basis of the usual agri- modity in this group. The other commodities in the
cultural classifications. These groups are food grains, group were omitted because of the dearth of monthly
feed grains, cotton and cottonseed, oil-bearing crops, data as well as their relative unimportance. The
fruits and nuts, vegetables (including truck crops), and following are the commodities omitted: Sugar beets,
tobacco. The total crop index was adjusted to cover in sugarcane, sorgo sirup, maple sirup, maple sugar,
addition the miscellaneous crops.5 The livestock and cowpeas, and hops. The items in this group were
their products index is based on more than 98 percent of assumed to move as did total crop marketings. This
total marketings of these products. The separate entire group is not shown separately but is covered by
products were distributed into the following com- the total crops index.
modity groups: Meat animals, poultry and products,
Meat animals.—Cattle, calves, hogs, sheep, and
dairy products and miscellaneous livestock products lambs comprise this group. All were used.
(primarily wool).
Poultry and products.—Turkeys, chickens, broilers,
The specific items which were combined for each and eggs representing 98 percent of the group were
group and a description of coverage and other special included. Other poultry and products such as ducks
problems involved are described below.
and geese were omitted.
Dairy products.—All of the products in this group
Major Commodity Groups.6
were covered. These include wholesale milk, retail
Food grains.-—Wheat and rice, which represent almost milk, and butt erf at.
Miscellaneous livestock products.—The most important
97 percent of this group, were used in constructing this
product in this group is wool, which represents 66 perindex. Rye and buckwheat were not used.
Feed grains and hay.—Corn, oats, barley, and hay cent of total marketings. The other commodities are
representing almost 98 percent of this group were represented in the total group by assuming that they
moved as did wool.
included. Grain sorghums were not used.
Cotton.-—Both cotton lint and cottonseed, which make Weighting.
up this group, were, included..
In combining the individual commodities into group
Oil-hearing crops.—All the commodities comprising totals, the quantities were expressed in constant prices
this group were included: Namely, soybeans, peanuts, by multiplying them by their corresponding average
and flaxseed.
price in the base period 1935-39. The group aggreFruits and nuts.—The commodities used in developing gates were then converted into index form.7
this index represented 79 percent of all fruits and nuts.
These indexes were in turn weighted on the basis of
For a number of the fruits and nuts, monthly data were relative importance of each group to total during the
not available or were too rough for inclusion. Some of base period (1935-39) in order to construct indexes
the items excluded were cherries, apricots, cranberries, for total crops, total livestock and products, as well
olives, figs, almonds, pecans, walnuts, plums, and as the grand total. The measure of the relative imprunes.
portance of the commodities in the base period was
Vegetables.—This group is composed of dry edible based on the value of income received from marketings.
beans, sweet potatoes, and potatoes. All were inAdjustment for Seasonal Variations.
cluded in the index.
Monthly marketings of agricultural commodities
Truck crops for market and for
manufacture.—The
primary criterion used here in the selection of com- show striking and pronounced seasonal patterns.
modities included was availability on a monthly These patterns vary from commodity to commodity,
basis. Because of this factor and also because of the both in the amplitude of the movement and in the
inadequacy of the data, only 42 percent of the group timing of the high and low marketing periods. In gens Miscellaneous crops, which comprised about 4 percent of total marketings of all
agricultural commodities, were assumed to move with total crops.
6 See table 5 for detail on commodities, weights, quantities, and price. The definitions of the groups listed are the same as those of the Department of Agriculture in
connection with their farm-income study cited under footnote 1. The coverage in
each case is in terms of the commodities included in each group in the definitions of the
Department of Agriculture.
J The index formula employed involves the use of base period weights, i. e.,
where Qn is the index of quantity in the current period, qn is the current period quantity of the individual commodity, q0 is the base period quantity, and p0 is the base
period average price.
31
SURVEY OF CURRENT BUSINESS
April 1943
era], however, peak marketings occur in the fall of the
year and low levels of marketings in the spring. Because of the marked differences in the seasonal movements, each commodity was adjusted for seasonal variations separately and the adjusted series then combined
into groups. The only exception was in the case of
truck crops where the individual marketings data were
inadequate to adjust separately.
No single method for adjusting the data for seasonal
variations was applicable to the 35 separate commodities and the truck crops group. Some products, such
as turkeys and strawberries, are almost entirely marketed in a period of only a few months, while other
products, such as eggs and milk, are marketed in significant quantities throughout the year. Thus various
methods were used in deriving seasonal adjustment factors. For a particular product, the method used was
based on a study of the characteristics of the movements
during the year.
In most instances the first step in deriving the seasonal factors was to obtain the 12-month moving averages of the monthly unadjusted dollar values (price
times quantity expressed in average 1935-39 prices)
for the period 1935-42. Where necessar}^, the moving
averages were modified by a freehand curve which
would better describe the nonseasonal movements.
From here on, various methods were used for deter-
mining the seasonal factors. These are briefly described as follows:
(1) In most cases where significant marketings occur
during all of the months of the year, the ratio-to-moving
average method was used. However, in some of these
cases, pronounced shifts in the seasonal movement were
evident over the 8-year period and moving seasonal
factors were used.
The shifts in seasonal variation are explained by the
fact that marked expansion in output of certain commodities together with increasing quantities placed
under loan resulted in changes in the seasonal movement
of the crops going to market.
(2) In those cases where marketings during some
months of the year reached very low values, the ratioto-moving average method resulted in unreasonable
values at these low levels. In these cases the difference between actual marketings and the 12-month
moving average values were used to determine the
seasonal factors.
(3) For a few of the commodities the methods
described above would not lend themselves to the basic
data properly. This was due to the fact that for some
commodities, marketings were negligible or entirely
lacking during certain months of the year and the
amplitude of monthly variation about the average for
the year was very wide. For three products, namely,
Table 6.—Seasonal Adjustment Factors for 1942 ]
Commodity
i Type of seasonal factor \ January; February
March | April
;
May
June
i July
August ;
jptom- ;
bcr
] DecemOctober i November
her
Percentages
Apples _
Barley
Broilers
Butterfat.-..
Calves
Cattle
Chickens
Corn
2
Cottonseed
Dry edible beans..
Eggs
Flaxseed 2 -- . - _._
Hay
Hogs.,.
Lemons
Oats
Oranges
Potatoes
Sheep and2 lambs
Soybeans
Sweet potatoes
Truck crops __ ._....
Wheat
Wholesale milk ..
Constant- -~._....do
do
Shifting
Constant . . ...
Shifting
I
do _.
do.
io
Constant.-Shifting
do
Constant
do
...
.....do
do
do
...--do
Shifting
Constant .. Shifting
Constant _ -Shifting
do
83.
69.
108.
84.
84.
92.
52.
203.
62.
107. 5
83.8
60. 0
122.0
134. 0
67.5
60.0
124.
116.
97.
76.
111.
47.
36.
88.
78 2
62.1
139. 7
83.3
74.1
77. 2
48^2
112.1
55. 0
99.0
97.2
56.8
131.4
101. 3
70.0
61.3
117.3
110.0
83.8
71.0
87.6
52.6
34.1
94.6
69. 1
57.1
156. 2
93. 3
90.6
87.4
53. 7
107.0
52.4
83.5
139. 6
58.0
136. 4
101.2
97.5
79.1
132. 2
124.6
80.7
82.5
97.3
71.9
19.5
98.3
44.0 I
54.7 j
161.5 |
101.3 I
98.4 i
97.5 |
63.9 i
79.0 !
50.0 !
75.0 !
154.5 |
59.0 |
94.2
93.7
110.0
68.9
122.2
104. 3
79. 7
1)0.0
82.9
83. 3
26.8
108. 4
2H. 5
49.8
107.7
130. 8
104. 3
89.4
85.2
71.3
50. 0
70.0
146.6
58.5
62.0
93. 6
155.0
61. 3
109.7
92.5
81.8
100.8
61. 0
124. 0
24.3
119.6
21.5
89. 4
123.1
134. 4
95.0
87.4
118.2
71.3
50.0
57. 5
119. 7
78.6
59.5
85. 8
180.0
81.7
92.3
81.6
81. 2
77 5
23! 5
131. 4
12. 2
128. 7
53. 9 !
149.1 |
102.3 i
123.3 I
91.5 !
92.4 |
135. 2 i
61.1 :
50.0 I
55.0 ]
102. 2 I
95.0 i
79.3
76.8 !
157.5 i
183.8 |
74.8 i
64. 3 i
95.9 i
57.9 '
72.0 !
210.3 i
214. 2 !
112.8 I
51.5
248. 4
73. 3
110.3
94. 9
100. 5
135.5
58. 7
112.8
55. 0
88.7
433.5
71.4
74.3
112.5
245. 2
64. 9
74.2
116.5
56. 3
74.9
158. 6
296. 9
99.8
160. 8
160. 0
44.2
94. 3
109. 4
123. 1
139. 6
66. 2
277.1
127.5
75.3
112. 5
79. 3
81.3
67.5
143.0
60. 0
111.7
146.0
57. 9
126. 5
150. 8
272 2
95.2
331. 3
103. 3
66. 1
86.3
145. 3
141.8
144.8
89 2
235. 4
207. 5
66. 3
69 0
91.2
103. 2
60. 0
91.9
69. 9
128.5
158. 4
259.5
154.7
76.9
150. 9
89.6
166. 8
84.5
60. 3
126'. 9
120.6
131.5
112. 1
129.6
155. 0
57.8
59. 6
138.9
121.4
55. 0
63.8
92.3
101.9
97.1
168. 0
156.8
52.1
58.4
82.4
112.7
72.0
57.0
80.2
85.0
90.0
91.8
.168.2
75. 6
107.5
68.3
59.5
126.4
133.6
67.5
60.0
139.7
89.0
81.8
102.4
150.9
139.6
53.4
81.8
Thousands of 1935-39 dollars
Cotton lint33
Grapefruit
.
3
Peanuts
Rice 3 3 .
Tobacco
Wool 3
.
Constant
Shifting
do
Constant.
do.....
Shifting.-.
(-17,317 -31,017 -37,817 -41,817 -42,817 -45,817
+927
+2
-1,273
! +2,227 + 1, 327 + 1 , 427
-1,362
-1,862
-2,112
-2,162
' -1,362 -1,362
-308
-358
-1,358
-1,408 I -1,408
+391
- 3 , 376 - 1 2 , 256 -20,247 -21,388 | —21, 265
+24, 550
-7,438
7,263
- 6 , 7 8 9 + 3 , 591 +7,781 +7,586
-46,817
-1,773
- 2 , 213
-1,708
-19,731
+6,111
1-19,817 + 6 , 183 +130,183 +67,683 +25,187
+127
+327
+1,128
! -1,873 -2,573
+8,137
+4,137
' -2,113 + 1,38"
+887
+4,141 + 2 , 591
-1,108 +1,141
-592
142
+ 14,658 1+20,746 +22, 59
+1,681 - 2 . 8 1 1
+1,286 I +323
058
l+ij;
1
Shifting seasonal factors are also available for 1935-41.
2 Average of m o n t h l y factor a n d 100.0 applied against the average of the m o n t h l y data and the moving average for the m o n t h .
3 Based on difference between actual unadjusted monthly data and moving average.
N O T E . — N o basis for determining seasonal factor for grapes, peaches, pears, strawberries and turkeys; one-twelfth of yearly data used each m o u t h .
data computed on basis of yearly per day marketings; 12-month moving average represents the series adjusted for seasonal fluctuations.
For retail milk, m o n t h l y
32
SURVEY OF CURRENT BUSINESS
April 1943
soybeans, flaxseed, and cottonseed, an adaptation of the indexes derived by the methods described above were
method employed by the Board of Governors of the changed in order that totals for any year would approxiFederal Reserve System in their treatment of iron-ore mate more closely the unadjusted annual totals.
shipments was used. This method consists of adding
Table 7.—Examples of Monthly Variations in Farm
together the actual and the moving average or trend
Marketings
for each month and dividing the result by two. Then
measures of the seasonal fluctuation in the original data
Average
Percent of 1942 average
monthly
are computed by the ratio-to-trend method and adjusted
marketings
in 1942,
to 1200. These measures are then added to 100 for each
Commodity
valued in
1935-39
High
Low
month and divided by 2 to obtain the monthly seasonal
dollars
(millions of
adjustment factor for the average of the trend and
dollars)
actual data. By this method of averaging with the
9.4
Soybeans
700.0
7.3
692.7
trend value the amplitude of the movement is reduced Turkeys
8.2
499.1
499.1
0)
Flaxseed
5.3
8.8
500.9
492.1
for these series with unusually wide fluctuations and in Cottonseed
9.0
445.1
445.1
0)
Apples
8.1
377.3
26.5
350.8
months when there are no marketings the seasonally Cotton lint
2.1
54.4
288.0
285.9
Tomatoes—market.
2.7
307.6
22.1
285.5
adjusted value is equal to the trend.
Tobacco
6.1
21.5
271.2
265.1
6.0
Oats
299.2
50.7
248.5
(4) For the marketing of retail milk, the 12-month Rice
3.6
246.7
17.8
228.9
6.0
Barley
250.4
28.6
221.8
moving average was used as the adjusted series, inas- Wool
7.8
2.7
211.0
208.3
Grapefruit
2.5
5.2
174.3
169.1
much as the monthly data are merely the average Cabbage
1.5
167.4
12.2
155.2
Dry edible beans...
4.9
200.1
46.0
154.1
marketings per day multiplied by the number of days Celery
1.8
171.9
18.2
153.7
Peanuts
3.4
277.9
124.6
153.3
per month.
Sweet potatoes
1.7
155.0
16.3
138.7
3.1
177.0
45.9
131.1
(5) Data for some of the other commodities, such as Lemons
Onions
1.7
174.2
54.7
119.5
and lambs—
24.0
182.5
70.6
111.9
truck crops for manufacture and certain of the fruits Sheep
Corn
30.1
176.7
70.1
106.6
Wheat
50.7
128.3
22.
1
106.2
and nuts, are available only on a crop-year basis. The Broilers
8.7
153.7
48.6
105.1
21.7
149.9
45.6
104.3
monthly data were computed simply by assuming no Chickens
Calves
13.6
163.0
64.2
98.8
Eggs
56.7
149.9
64.1
85.8
seasonality in the marketings and one-twelfth the Lettuce
2.9
142.6
57.4
85.2
115.8
150.7
72.0
78.7
annual figure was used each month. Tins same pro- Hogs
7.7
Hay
137.7
60.7
77.0
Oranges
10.4
140.0
66.4
73.6
cedure was also used for turkeys.
Potatoes
13.5
133.5
65.6
67.9
Cattle
107.8
144.9
78.2
66.7
(6) In two of the groups, food grains and cotton and Butterfat
32.2
136.7
71.4
65.3
Wholesale milk
86.6
129.7
81.0
48.7
cottonseed, where marketings showed extreme fluctua1
tions during the year, some of the seasonally adjusted
Less than one-half of 1 percent.
Table 4.—Department Store Sales—Cleveland Federal Reserve District 1
[1935-39=100]
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942
Month
Without adjustment for seasonal variation
January
-
February
March
April _- ______
May
._
June
July.
August
September. _
October
November
December .
Monthly average
_. __
. __ _
_
.
_ _ ._
_. ,
.._
?m
92
102
126
133
131
205
89
95
101
127
120
106
81
90
109
117
113
174
84
86
98
114
107
97
74
78
91
95
94
144
64
67
71
81
79
68
50
51
69
73
70
105
49
51
47
77
73
69
56
70
79
79
75
124
60
64
82
86
92
81
60
70
84
84
86
141
69
63
78
92
86
87
64
72
91
93
97
153
116
122
110
97
71
71
82
79
80
85
87
87
83
80
84
81
78
82
84
69
07
74
87
84
88
71
76
86
97
112
151
97
87
109
106
119
114
93
94
108
120
131
167
104
94
106
105
108
98
75
71
81
104
102
145
79
76
85
107
102
98
76
78
97
116
119
173
88
90
113
116
119
119
86
94
111
126
127
182
95
100
103
124
114
113
81
87
106
112
130
180
94
99
107
122
118
111
84
89
104
134
125
189
91
98
105
114
123
109
86
93
111
132
133
193
96
98
103
127
120
108
89
98
108
125
128
194
97
97
108
117
117
111
90
91
122
119
127
89
112
100
100
114
112
115
116
116
97
101
119
118
122
68
75
80
104
77
86
106
116
117
181
80
93
108
116
123
111
84
93
123
122
110
171
76
78
86
103
92
87
70
75
102
101
106
171
75
80
94
108
106
97
75
85
113
116
122
195
80
84
100
108
114
114
82
101
126
118
137
206
87
98
113
139
139
129
106
147
155
134
163
232
130
120
147
153
137
128
105
134
161
165
187
252
87
102
111
96
105
113
137
152
91
79
90
85
81
90
87
86
87
87
92
90
90
94
90
98
104
102
104
102
100
109
110
107
107
116
113
117
117
114
114
110
116
115
103
100
102
98
99
95
88
89
95
89
96
95
98
100
101
100
104
104
102
101
102
100
105
110
113
114
109
106
106
109
111
118
111
118
116
112
125
120
119
123
131
131
136
134
145
171
141
128
148
135
177
150
161
151
134
134
143
157
146
158
170
146
no
99
Adjusted for seasonal variation
January
February _
March
April
May
June
July
August
September
October
November
December.
_ .
. .
.
76
80
81
79
79
87
93
97
96
89
99
101
109
104
no
103
112
114
122
119
119
111
116
110
120
112
105
105
103
98
99
90
89
95
90
94
92
90
S3
98
98
98
101
98
104
106
105
110
105
106
113
116
114
120
114
117
118
116
113
115
115
118
114
114
110
113
107
108
112
104
116
113
115
116
116
114
113
111
112
111
109
124
112
117
114
116
108
112
118
110
114
116
115
m
119
119
121
116
115
117
115
110
118
121
111
115
116
119
123
115
115
112
113
11?
120
111
124
110
116
122
124
121
}??,
119
117
124
122
1?5
127
123
121
124
114
115
114
117
114
108
109
109
109
109
105
104
109
105
103
111
101
99
99
94
90
88
88
86
83
83
73
81
74
70
67
62
67
68
67
63
64
63
54
71
68
70
75
85
77
73
71
74
1
Revised series compiled by the Federal Reserve Bank of Cleveland, based on data for a sample group of stores, numbering 96 at present, including branches of national
chain retailers. Monthly sales are reduced to a daily average basis by dividing by the number of business days, with allowance for 6 holidays, and related to the daily
average sales for the 1935-39 period to obtain the unadjusted index. New stores added to the sample are linked into the index and corresponding adjustments made in the
base. The index is adjusted for seasonal variation by the ratio-to-freehand curve method. The months of March and April are for corrected variations caused by changes
in the date of Easter.
S-l
SURVEY OF CURRENT BUSINESS
April 1943
Monthly Business Statistics
The data here are a contiDuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS
That volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as
available; it also provides a description of each series and references to sources of monthly figures prior to 1938. Series added or
revised since publication of the 1042 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying
footnote indicating where historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to
designate index numbers refer to adjustment of monthly figures for seasonal variation.
Data subsequent to February for selected series will be found in the Weekly Supplement to the Survey.
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
February
1942
February
April
May
June
July
1943
SepAugust !! tember
October
Novem- Decem- iMonthly Januber
average
ary
ber
BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted:
Total income payments.....
1935-39—100..
Sataries and wages
.—.„..
do
Total nonagrieuitural income.
do
Total
>
mil, of doL.
Salaries and wages:
Total§
do
Commodity-producing Industrie.1*...do__
"Work-relief wages.
.do
Direct and other relief
-...-__.do._..
Social security benefits and other labor Income
mil, of dol...
Dividends and interest
.,
do
Entrepreneurial income and net rents and
royalties
...
..mil. of doL_
Total aonagrieuitural income......
.do
p 200.8
v 221.8
p 193.4
v 10,428
157.4
167.5
155.1
8,094
163.3
175.6
161.0
8, 913
165.4
179.1
163.3
8,799
169.5
185.2
167.5
9,782
172.6
189.6
170.3
9,685
176.0
193.3
172.6
9,571
177.9
195.3
174.0
10,453
182.8
201.4
178.3
10,782
189.4
208.4
183.6
10,593
193,7
213.1
186.8
11, 524
171.9
186.9
168. 5
9,623
' 196. 2
'217.3
' 190. 0
10,725
v 7,756
v 3,575
v 15
v 81
5,806
2,622
72
95
6,182
2,824
68
92
6, 390
2,976
58
89
6,666
3,112
53
6,723
3, 234
45
86
6,894
3,365
35
86
7,082
3, 413
30
85
7,327
3,459
26
7. 635
3, 514
23
6,657
3,105
84
49
88
' 7,602
' 3,497
19
85
7,463
3,493
24
84
v 185
171
426
169
773
163
475
1,119
169
846
164
437
176
894
175
752
174
522
180
1,419
171
778
'183
'788
87
164
1,969
v 9,422
1, 596
7,394
1,697
8,112
1,682
8,004
1,746
8,906
1,861
8,677
1,990
8r440
2, 216
9,088
2,443
9,198
2,350
9,141
2.206
10, 244
1,929
8,577
' 2,069
' 9, 614
v 170.0
v 240.0
v 245. 5
236. 5
v 183.0
v 262. 0
v 273.0
125.5
179.5
179.5
179. 5
156. 0
194.5
184.0
148. 0
191.0
189.0
192. 0
163. 0
219.0
175.0
149.5
188. 5
193.0
185.0
165,5
203.0
174. 5
161.0
191.5
166.5
208. 0
163.0
251.5
177.0
183.5
192. 5
187. 5
196.0
161.0
226.0
180.5
212.5
204. 5
209.5
201.5
164.0
234.0
187.0
260.0
207.5
222.5
197.5
166.0
227.0
181.0
295.5
211.0
225.0
201.5
167.5
230.0
194.0
265.5
224.0
248.5
208.0
168. 0
239.0
204.0
225. 5
226.5
237. 5
219.0
177.0
249.5
233.5
193.7
' 190.0
' 224.0
237.0
'215.0
'170.0
' 222. 5
286.0
p 198
v 211
v 295
207
v 114
v 144
16?
175
221
194
128
147
118
259
187
132
132
164
47
314
172
181
234
199
132
142
127
273
177
151
161
176
43
350
175
183
240
200
135
143
131
279
180
163
178
190
35
372
177
180
189
251
190
140
137
141
289
188
151
186
151.
32
187
196
260
197
138
136
139
299
190
160
195
167
30
192
202
266
194
199
207
135
13S
134
306
'183
163
200
166
38
135
141
131
316
'192
163
202
167
425
458
478
37
507
105
138
117
161
132
127
121
109
135
153
160
129
162
124
12*
156
174
174
153
121
'124
130
121
Ml
127
'89
104
138
113
108
131
131
123
152
134
161
157
118
162
111
123
157
177
170
153
119
r 126
121
122
150
109
' 155
107
137
120
166
124
123
130
193
140
144
149
117
163
110
115
156
175
169
150
123
131
121
115
147
111
"190
110
139
133
1G7
114
115
156
207
138
122
121
117
1G3
110
96
154
36fi
168
160
131
132
121
122
141
112
' 192
124
129
135
144
140
170
115
117
165
192
132
130
130
121
165
114
103
154
169
169
154
135
150
140
176
112
112
v 182
v 143
147
134
132
122
166
116
109
156
172
170
155
144
137
129
148
123
186
117
115
v 157
»109
146
138
138
123
166
117
120
156
AGRICULTURAL INCOME
Cash income from farm marketings;!
Crops and livestock, combined index:
Unadjusted
.1935-39-100.
Adjusted
„_
.,,__do
Crops
do...
Livestock and products...
.do...
Dairy products
do...
Meat animals...
do...
Poultry and eggs...
do
189. 2
197.0
162. 3
221. 9
195.6
INDUSTRIAL PRODUCTION
(Federal Rtserve)
Unadjusted:
Combined index...
.1935-39-= 100Manufactures
.
..-do.
Durable manufactures-..
do
Iron and steel
.__.do
Lumber and products
do
Furniturt...
do.....
Lumber
_._.
do....
Machinery t...
_
do
Nonjferroas metals
. do___
Stone, clay, and glass products... _do
Cement.
.....do
Glass containers
.do
Polished plate glasi
_.„ _..do__._
Transportation equipment
do
Automobile bodies, parts and assembly.. .__.
1935-39-100..
Nondurable manufactures
do....
Alcoholic beverages
do
Chemicals
..do
Leather and products
.do
Shoes
.
__do__...
Manufactured food products. do—_Dairy products*
do
Meat packing
_.._do
Paper and products
__do
Paper and pulp
do
Petroleum and coal products
do
Coke
.__
.do....
Petroleum refining
do
Printing and publishing.
___do.__.
Textiles and products
_...do..._
Cotton consumption.. „__„
do
Rayon d eli vcries. _
. . . . . . . do
Woo) textile* production....... _do_
Tobacco products
..._...do.
Minerals J
...
...do.
Fuelsi.... _ _ . . „ . . . . . . . .
do....
Anthracite*
.
___do_
Bituminous coalj
.____.do.
Crude petroleum
do.
Metals..
,..do_
v 354
v 198
184
40
v 155
v 143
v
v
v
p
209
124
117
137
14/
167
v 113
v 157
171
180
v
v
p
p
*
122
123
131
129
157
121
185
246
198
138
139
138
287
186
158
183
171
37
396
112
136
116
166
'116
114
139
210
149
133
134
115
164
108
103
152
169
169
151
132
132
121
117
144
113
"•195
136
126
118
140
121
'194
129
150
120
••184
205
275
172
174
156
149
134
127
117
145
121
'176
'195
206
279
203 i
125 I
140
118
327
r 197
157
186
171
39
525
140
147
103
194
115
111
v 150
»91
166
134
137
123
166
117
121
158
171
177
161
141
'132
130
124
154
121
' 143
193
r 207
283
200
116
144
101
338
'202
139
lofi
159
39
181
190
250
199
131
141
126
1291
188
151
171
169
41
548
417
146
120
141
i 119
173
120
119
v 143
v 143
148
U39
142
122
145
94
201
114
110
P 150
?»88
186
129
131
119
166
112
114
156
163
178
163
137
120
126
105
143
121
83
U64
115
115
156
171
173
155
131
129
i 125
l H7
i 145
118
1149
194
'208
'287
203
108
'141
91
347
200
3 38
139
187
38
'564
'150
'143
90
' 206
'119
' 117
v 142
»89
'171
130
132
116
'166
109
' 111
'157
171
180
153
132
117
124
102
145
118
'73
' Revised.
* Preliminary.
i Revised 1941 m o n t h l y averages: M a c h i n e r y , 210; alcoholic beverages, 117; paper a n d products, 142; coke, 152; fuels, 122; anthracite, 110; bituminous coal, 129; m e t a l s ,
149. See note marked "*." regarding revisions in m o n t h l y figures for 1941 a n d earlier d a t a for certain series.
§Thc total includes data lor distributive urni service industries a n d government which have been discontinued as separate series t o avoid disclosure of military p a y rolls.
{S'-atUred revisions in figures beginning January 1940 for dairy products, minerals, a n d fuels, beginning F e b r u a r y 1939 for b i t u m i n o u s coal, a n d in figures for t h e first
half •>[ 194! for machinery nnd anthracite, are available on roqnest
tRevised series. D a t a on income p a y m e n t s revised beginning J a n u a r y 1939, see p . 27, table 1, of t h e M a r c h 1943 Survey. Earlier d a t a for the revised indexes on a 1935-39
base for cash income from farm marketings will be shown in a later issue.
517588—43
5
S-2
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
April 1943
194-2
February
February
April
July
Juno
May
| August
September
Octo-
Novem- I Decem- Monii.ly Ja-uiarv
ber i ber
BUSI.N 1C8S INDEXES—Continued
INDUSTRIAL PRODUCTION—Con.
Adjusted:
I
Combined i n d e x j . . .
1935-39 = 100..!
Manufaetures§
do—I
Durable manufactures^.._
do j
Iron and steel.
do j
Lumber and products!
do._- j
Furniture J
do ! v 1 14
Lumber
do j v 120
Machinery
do _.|
Nonferrous metals
do j
v 198
Stone, clay, and glass products! do j .
Cement§
do !
Glass containers
do i
40
Polished plate g'asst
do j
Transportation equipment
-do j
Automobile bodies, parts and assem- I
bly
1935-39=100..
v 155
Nondurable manufactures§
do j
Alcoholic beverages§
do !..
Chemicals
do ! i> 200
Leather and products!
-do j
" 119
Shoes §
.do I
Manufactured food products! . . . d o j
Dairy products §
do
!_
Meat packing
__..do
j
Paper and products!
--do \ _
Paper and pulp§
-do i_
Petroleum and coal products§ . . . d o
!
Coke „_
,_..do
i
P 107
Petroleum refiningf
do....„;_
Printing and publishing
do j "v 112
Textiles and products
__<io '
Cotton consumption
do j
Rayon deliveries
do i
v ISO
Wool textile production
do |_
Tobacco products!-._
do j
Minerals?
—_.„
Fuelst_—
AntnraciteJ
„
Bituminous coalj
Crude petroleumj
Metals
-
do I
-do |
.___do
j
do |
_do !
do
M A N U F A C T U R E R S ' ORDERS, S H I P M E N T S , AND INVENTORIES
New orders, total
„
Jan. 1939 = 100Durable goods
do
Iron arid steel and their products
do
Electrical machinery
do
Other machinery
do
Other durable goods
do
Nondurable goods.
do
.do.,
.do.,
.do.
.do.
-do.
-do.
-do.
_do.
Nondurable goods
.
do
j
Chemicals and allied products.do
!
Food and kindred products
do._ |
Paper and allied products
do
!
!
Petroleum refining
_
___.do
Rubber products
do
|
Textile-mill products
-do
j
Other nondurable goods
_do._
183
19 i
170 i
I1.')
47
314
105
1G1
125
124
139
I4fi
141
15!
157
129
156
174
174
153
130
131 !
13M ;
127 I
i [?.
102
178
i.v. ,
172
17S
147
171
lf.3
37
107 :
112 |
133 i
130
104
172
121
120
138
138
153
134
.135
115
104
105
104
152
109
109
151
122
111 !
107 I
126 I
124 !
134 !
142 I
j 40 |
143 I
147 j
116 |
103 I
109 I
151
J IS
]« 2
111
117
t\
175 !
log ;
150 i
120 |
170 '-•
153 i
127 I
133
130
121
141
127
'149
125 '
121 •
292
103
292 i
449 I
150 |
109 !
r
120
121
115
147
111
157
'
i
i
|
!
I
' 1S7 '
196 '
101
202 ,
194 i
206 !
113 I
• 159
467 !
677 |
192 I
490 i
107 I
913
166
199
232
133
208
249
200
2oo :
203 !
254' !
129 I
21H I
270 !
297 ;
202
250
101
211
219
306
1,004
194
1.108 I
144
204
172
103. 0
ISO. S
190.0
125.5
250. 3
191.4
709.1
140. G
147. 4
150. 9
158.9
137,8
115.5
149. fi
154. 1
147. 3
131 !
207 :
259 !
279 '
196 ;
1,200 !
200 ;
164 j
173
159
105
132
159
213
172
J 07. 0
ISfi t\
202. 5
127 5
!
154 I
139 |
171
]S9
150
545
1. 271
199
100
108
101
139
130
171
180
147
197
209
2S5
200
127
144
119
135 i
140
140
135
r 113
110
143
143
153
131
132
121
105
114
111
154
109
109
154
130
144
126
182
117
115
146
139
145
135
137
123
166
117
116
156
172
174
156
141
147
122
192
no i
142 I
139 !
174 j
in !
108 I
149 I
115 |
143
143 I
140 !
125 j
ill!|
103
111
ioo
154
106
100 !
126 |
126 ;
121 !
122 I
141 j
112 I
* 155
130
126
118
140
121
<• 152
» 140
159
132
133
122
|
|
|
j
!
166 j
110 I
109
156
172 |
170
155
133
r
131
129
129
150
120
145
<• 1 3 9
129
127
117
145
121
256
399
254
099
411 ,
504
163
233
334
222
491
421
377
107
264
390
250
411
358
636
183
266
387
223
413
387
643
188
207
204 |
172
210 |
212
270
384
215
268
312
224
283
194
216
228
289
207
21°
317
333
in |
1,302 I
203 !
103 !
109 |
171 I
120
142
183
141.5
750. 2
140. G
802. 3
139.0
153.1
1 v.'. 9
If'.*). 0
145.9 !
113.0 :
101.2 :
102.0 ;
157.3 :
155.1
102. 7
100. 3
149.7
111.5
105. 4
165. 1
1C0. 7
152 X
!
!
|
!
ios I
199. 1
!
!
!
!
!
|
I
!
!
i
1. 406
' 197
171
178
131
135
179
191
154
1,579 I
211 J
177
187
187
136
140
205
197
165
!
I
I
116
148
111
200
116
116
* 151
P 136
v 140
147
135
137
123
106
117
118
158
171
177
161
136
158
132
133
119
166
112
114
151
103
178
16?
160
' 117
130 i
130
124 !
154 !
121
133
126
124
102
145
118
'138
255
361
233
35?
418 !
249 |
500 i
381
619
192
361
574
187
S!
232
300
223
214
351
337
240
320
240
239
408
351
211
203
171
213
283
301
1,692
213
179
183
185
143
154
214
202
171
1
I
|
j
j
j
i
I ID
1,32';
202
178
185
184
144
139
222
204
166
170
170
173
207.2
824.8
137.0
852. 8
137. 5
890. 3
135.9
924, 2
134. 0
975.0
1,020. 8
134.2 | 133.1
155 3
103.3
154.8
153.1
164.4 j
159.2 !
154.6 j
111.2 I
174.8 |
159. 5 !
101.3 ;
161. 0
152.4
156.5
161. 2
149.8
109. 3
172.7
155.1
159.1
151. 8
155.1
160.1
146. 5
107. 2
174.4
153. i
161.8
177.9 '
207.7
244.1
137.4
326.1
213.0
177.6
210.1
232. 9
139. 2
324.1
219.6
149. 2
158.7
156.2 |
144.0 I
106.8 i
174.6 !
147.2 j
157.4 i
r
r
r
r
r
5 87
172
226
T
298
'231
205
r
309
'• 322
!
!
I
!
I
I
• 1, 797
' 199
M69
' 193
<• 178
' l.->s
r 1 15
L'il
* V)\
T
140
150
13 s
IT1197
10 i
171. 5
1(U 2
21". 0
l >L'•
304
258
346
••315
178 !
214
204,8
110.3
170. 2
105. 0
im 3
171
I SO
153
140
'123
126
105
143
121
'137
176.5
204.1
243. 3
135. 7
320, 6
210.4
158. 0
154.6
109. 6
173, t
156 2
160'.8
'•113
<• 1 5 7
279
415
264
586
1, 578
213
181
182
190
146
138
207
203
173
149
105
207
r
121
' 120
159
141
145
131
132
117
166
109
5
M5S
175.0
198, 0
229. 9
134.3
299. 9
204.6
it?
175.4
200. 9
241.4
134.1
307.1
I
i
!
* 199
212
291
203
124
141
110
347
200
103
109
208
39
r
504
r 202 :
148 ;
165 !
171 i
39 !
54S !
507 |
1S8 !
122 i
174 !
174. 2
195. 8
2?0. 1
133.9
290. 3
i,')', £
r
129 !
170,4
172.9
100. 2
193. 2
217.9
222. 7
130.1
132.3
27(10
277.8
20V. Q : 203.1
157.7
157. G
Ml. i
111.5
151 o
12'
316
203
128
140
122
327
197
153
180
109
39
124
r
314
El!
!
I
j
;
I
!
!
I
!
i
j
!
I
I
i
!
!
|
i
125
130
136
125
299
1W1
145
177
153
137
130
2s<J
1S8
110
109
115
32
425
|
j
!
;
121 I
117 |
144
270 !
432 !
216 |
648 I
660 I
133
_..
171
144
147
143
259
173
181
171
173
Inventories, t o t a l . . .
.
do
Durable goods
do
Automobiles and equipment
do
Iron and steel and their products
do
Electrical machinery
.do
Other machinery
do
Transportation equipment (except automobiles)
average month 1939 = 100..
Other durable goods
do
173
l.vj
2 7 9 •!
452
648
045
182
Shipments,total
average month 1939 = 100..
Durable goods
do....
Automobiles and equipment
do
Iron and steel and their products
do
Electrical machinery
do
Other machinery
do
Transportation equipment (except
automobiles)
.
.-do
Other durable goods
do
Nondurable goods
Chemicals and allied products.
Food and kindred products
Paper and allied products
Petroleum refining
Rubber products..
Textile-mill products
Other nondurable goods..
171
179
r
177. 8
' 2H.3
r_",,. s
;.•>". 2
203. 2
221. 9
^2 \ 1
137.9 , •• 1 3 3 . 5
151. (>
157 ^
I.V.I 3
1 H {1
111 i
101 7
1. >i. 7
150 7
14\6
r 155 4
r
ML 1
' M7.0
3 72 3
' 1 t7. 0
101. b
' Revised.
* Preliminary.
1
§Revisions have been made in sras< nttl jv7jrsf
s: for total ir ^n^tj-i^i ; to ••ict i < * n, *o\i\ m/mufactur-'S, (^r.rdbk1 murrifaetures, a n d non«
durable manufactures, the resulting chn; ccs ii: the
HI.;. T^omn before W e u . n U - r I'.'J'. Ki'-.i^i'-us aro avs.il il#k> tjn n - i u i ^ t .
^Seasonal adjustment factors hu\e been w \ i
> f(
-iv, F r l . n i a r y v.tA'2- p o l i s h r l plate glass, Dcccihhci J'JH; bitui/.inous coal. M a y 1941;
anthracite, January 1940; crude petroiom, October 1941. See also note iraikcd "J" on p. S-l with regard to additional revisions in the fuel scries.
S-3
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1043
February
1942
February
April
May
June
July
August
1943
September
October Novem- Decem- Monthly January
average
ber
ber
ber
COMMODITY PRICES
COST O F LIVING
National Industrial Conference Board:
Combined index
1923=100.
Clothing.
_
do.__
Food
„ do...
Fuel and light
.
do....
Housing
do.-_
Sundries..,
do...
II. S. Department of Labor:
Combined index
.1935-39=100.
Clothing
do.._
Food
do...
Fuel, electricity, and ice
do.._
Housefurnishings
.
do....
Rent
do___
Miscellaneous
_
__do._.
101. 8
88.6
110. 2
92.2
90. 8
106.7
95.1
84.5
95.7
90.4
90.4
102. 6
97.1
88.4
98,8
90.1
91.0
104.1
97.3
88.6
99.1
90.5
91.1
104.2
97.3
88.1
99.5
90.4
91.0
104.1
97.8
88.0
100.3
90.4
90.8
105.0
98.1
88.2
101.1
90.4
90.8
105.0
98. 6
88.4
102.8
90.5
90. 8
104. 7
99.7
88.5
105.4
90.5
90.8
105.4
100.3
88.6
106.5
90.5
90.8
106.2
101.0
88.6
108.3
90.6
90.8
106.4
97.7
87.3
100. 9
90.4
90.8
104.5
101.4
88.6
109.1
91.7
90.8
106.6
120.9
125. 9
133. 6
107.1
123. 9
115.1
126. 5
119.6
104. 3
121.9
109. 2
110.6
116.0
126.2
121.6
104.9
122.2
109.9
110. 9
116.4
125.3
123. 2
105.0
122.3
108. 5
110.9
117.0
125.3
124. 6
106. 3
122. 8
108.0
111.1
117.5
125.2
126.1
106. 2
123. 0
108.0
111.1
117.8
125. 8
126.6
106. 2
123.6
108. 0
111.4
119. 0
125.9
129.6
106.2
123.6
108.0
111.8
119. 8
125.9
131.1
106. 2
123.7
108.0
112.7
120.4
125.9
132.7
106. 3
123.7
108.0
112.8
116. 5
i 124. 2
123. 9
i 105. 4
i1 122.2
108. 5
110.9
120.6
125.9
133.0
107. 3
123.7
113.5
112.9
119.0
116.8
104.4
119.7
108. 6
109.4
178
170
163
179
156
138
214
301
158
145
135
150
147
98
121
173
161
133
150
131
158
142
118
120
190
158
136
152
134
159
143
131
120
189
152
138
151
137
153
141
148
116
191
169
134
154
145
155
144
131
115
193
200
139
163
156
151
151
126
115
200
256
173
163
166
156
156
129
119
195
191
172
169
173
158
165
134
117
200
226
185
169
178
160
171
127
117
197
238
181
178
183
162
175
151
124
196
293
211
157
151
155
152
125
119
189
199
159
182
185
164
177
139
134
205
277
217
93.5
98.4
88.9
90.7
87.5
95.9
88.9
96.1
88.8
96.6
96.9
88.8
97. 0
88.9
97.0
88.9
97.1
88.9
97.2
88.9
96. 9
'93.4
97.9
113.1
111.9
113.4
113.2
113.1
113.1
113.1
113.1
113.1
113.1
113.1
108.1
105. 3
112.6
115. 5
112.2
106. 7
102.7
111.2
114. 3
110.8
108.0
105.1
112.8
115.6
112.3
108.0
105. 2
112.7
115.5
112.3
108.0
105.2
112.7
115.5
112.2
108.0
105.3
112.6
115.5
112.2
108.0
105.3
112.5
115.5
112.2
108.1
105.3
112.6
115.5
112.2
(a)
(a)
113.1
PRICES RECEIVED BY FARMERS!
CJ. S. Department of Agriculture:
Combined index
...1809-14 = 100.
Chickens and eggs
do...
Cotton and cottonseed
do...
Dairy products...
...
do...
Fruits. ___..
do....
Grains
.._„
do...
Meat animals
_..
...do...
Truck crops
_____do...
M iscellaneous
do.._
RETAIL PRICES
CJ. S. Department of Labor indexes:
Anthracite
1923-25=100.
Bituminous coal
do__
Food (see under cost of living above).
Fairchild's index:
Combined index....
Dec. 31, 1930*= 100Apparel;
Infants'-.-—.
do
Men's .,
do
Women's..
_
_.
do
Home furnishings
...do
Piece goods
..do
108.6
105.6
113.2
115.8
112.6
108.3
105.2
113.0
115.7
112.2
108.0
105.1
112.9
115.6
112. 2
113.1
107.7
104. t
112.5
115. S
111.7
108.1
105. 3
112.6
115. 5
112.2
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889 quotations)... 1926=100.. T- 102. 5 96.7
100.0
98.8
98.7
98.6
98.8 '101.9
101.0
100.3
99.6
99.2
98.7
Economic classes:
99.4
Manufactured products
do
98.6 ' 100.1
99.4
99.2
99.6
99.0
98.6
PIOO.3
97.0
98.7
98.6
103. 0
Raw materials
do
100. 6
108. 2
102.2
101.2
103.9
106.1
100.1
109. 6
97.0
100.0
99.7
99.8
92.7
Semimanufactured articles
do
92.6
92.8
92.7
92.5
92.6
92.9
92.8
92. 9
92.0
92.8
92.9
92.8
109.0
Farm products
.do
105.
9
117.0
106.1
113.8
105. 3
119.0
110. 5
101.3
107.8
104.5
104.4
104.4
91.5
Grains
do
92.9
107.3
89.8
100.7
89. 1
108. 6
92.8
95.3
93.6
91.5
92.2
88.8
123.4
Livestock and poultry
.do
117.8
129.2
123.9
122.6
117.8
132.8
121.3
109.3
122.1
118.3
117.6
116.9
Commodities other than farm products
97.9
P
98. 5
1926=100.. p 98. 7
97.0
98.1
97.7
97.5
97.9
97.0
95.5
97.4
97.2
97.1
103.4
Foods
_
do
105. 2
99.6
104.3
102.4
100.8
103.5
99.2
105.8
94.6
98.9
98.7
99.3
89.3
90.6
89.2
Cereal products
do
89.3
89.5
89.1
87.2
87.8
92.2
91.1
89.0
90.2
87.2
109.2
113.4
Dairy products
do
100.0
111.8
111.2
105. 5
90.0
100.2
113.3
95.0
94.1
93.5
92.0
98.2
102.6
95.
5
104.3
102.0
97.5
Fruits and vegetables
do
98.5
98.0
108. 5
85.2
97.7
96.7
105.4
115.5
115.5
Meats.
...do
113.6
112.0
116.0
113.4
111.8
115.2
115.5
104.0
112.8
114.8
113.9
Commodities other than farm products and
95.5
95.5
v 96. 0
95.6
95.5
95.9
95.8
foods...
.'..1926=100.- v 96.2
95.7
94.9
95.7
95.6
95.6
110.4
110. 2
109. 8
110.4
110.3
110.0
110.1
Building materials
do....
110.2
110.3
110.1
110.2
110.1
110.1
98.7
98.7
98.7
98.7
98.7
98.0
98.0
Brick and tile
_..do
98.6
97.0
98.6
98.0
98.0
98.1
94.2
94.2
94.2
94.2
94.2
94.2
Cement
do
93.4
94.0
94.2
94.2
94.1
94.2
94.2
133.3
133.0
133.2
133.3
132.9
133. 3
132.7
132.8
133.1
Lumber
do
134.6
131.8
131. 5
131.7
101.0
100. 4
100.1
100.3
100.7
100.6
99.9
100. 3
101.2
100.7
Paint and paint materials
do
100. 6
100.6
100. 3
96.2
96.2
96.2
99.5
96.7
97.0
100. 2
99.5
Chemicals and allied products
do
100. 3
97.1
97.1
97.3
97.2
96.3
96.3
96.1
96.2
96.5
96.3
96.9
Chemicals
do
96. 9
96.2
96.2
90.4
96.5
96.5
129.0
128.9
165. 4
128.8
129.1
126.5
165.4
Drills and Pharmaceuticals
do
165. 5
133. 8
165.4
126.7
129.1
129.1
78.2
78.3
79.0
78.5
78.3
79.3
79.0
78.
7
78.6
Fertilizer materials
do
79.0
79.2
79.0
78.4
101.6
101.5
101.5
104.2
108.2
101. 5
105.1
101. 5
101.5
Oils and fats
do
101.5
108.8
108.6
108.5
79.0
79.0
79.2
79.0
78. 0
79.0
78.5
79.3
79.1
Fuel and lighting materials
do
79. 8
77.7
78.0
78.4
(a)
62.2
62.6
(a)
62.7
67.6
61.9
(a)
62.3
Electricity
1
do
64.4
63.8
63.3
(a)
81.1
80.4
76.1
81.4
77.0
78.4
79.2
(a)
78.4
Gas
do
78.1
79.9
81.2
60.7
60.6
60.7
60.6
58. 9
59.8
60.8
60.6
60.7
61. 2
Petroleum products
do
58.4
59.1
59.8
118.1
118.2
117.8
118.2
115.3
117.7
117.8
117.8
117. 8
117.8
Hides and leather products
do
119.2
118.8
118.2
118.8
118. 0
116.0
118.5
115.5
117.6
116.0
116.0
116.0
116.0
Hides and skins...
_.do
123. 5
121.4
118. 5
101.3
101.3
101.3
101.3
101.4
101.3
101.3
101.3
101.3
Leather
do
101.3
101.3
101.3
101.3
126.4
126.4
126.4
126.4
121.8
125.7
126. 4
126.4
126.4
Shoes
.
do
126.4
126. 7
126.6
126. 4
102. 5
102.7
102.5
102.8
102. 5
102.4
102. 5
102.6
102.5
House-furnishing goods
do
102. 5
102.8
102.9
102.9
107.9
107.4
107.3
108.0
107.4
107. 3
107. 3
107. 3
107.3
Furnishings
do
107.3
108. 0
108.1
108.1
97.4
97.4
97.4
97.5
97.4
97.4
97.4
97.4
97. 7
Furniture
.do
97.4
97.5
97.5
97.4
103.8
103.8
103.8
103.8
103.6
103. 8 p 103. 8
103.8
v 103. 8
Metals and metal products
....do
103.8
103.8
103.9
103.9
97.2
97.2
97.2
97.2
97.0
97.2
97.2
97.2
Iron and steel
..do
97. 2
97.2
97.1
97.2
97.2
85.6
86.0
86.0
85.6
85.6
85.7
86.0
86.0
86.0
Metals, n on ferrous
do
86. 0
85.6
85.6
85.6
94.1
94.1
90.4
94.1
97.9
95.4
90.4
93.2
94.1
Plumbing and heating equipment...do
90. 4
98.5
98.5
98.5
97.3
97.1
97.2
97.1
95.2
96.9
97.3
97.1
97.1
Textile products
do
97.3
97.7
98.0
97.6
107.0
107. 2
107.0
107. 2
105.3
107.9
106. 9
107.0
Clothing..
do
107.0
107.0
107.8
109.6
109.1
112.9
112.
7
112.4
112.7
111.4
112.5
112.4
112.4
112.4
Cotton goods
do
112.6
113.8
112.9
112.7
69.7
€9.7
70.5
69.7
69.6
70.5
70.5
70.5
70.5
Hosiery and underwear
do
70. 5
70. 6
71.9
70.0
30.3
30 3
30.3
30.3
30.3
30.3
30.3
30.3
30.3
Rayon
do....
30.3
30.3
30.3
30.3
111.7
111.7
112.1
111.0
104.3
112.4
110.4
111.7
111.7
Woolen and worsted goods
do
112.4
111.0
111.0
111.0
* Preliminary
« Not available.
i Revised 1941 monthly averages: Clothing, 106.3; fuel, electricity, and light, 102.2; house furnishings, 107.3; rent, 100.2.
§ Data for March 15, 1943: Total, 182; chickens and eggs, 171; cotton and cottonseed, 166; dairy products, 180; traits, 172; ;jrains, 143; meat animals, 218; truck crops, 302;
miscellaneous, 163.
S-4
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the February
1942 Supplement to the Survey
April 1943
1942
February
April
May
June
July
August
1943
September
October
Novem- Decem-j Monthly Januber
ber | average
ary
COMMODITY PRICES—Continued
WHOLESALE PRICES-Contimied
U. S. Department of Labor indexes—Con.
Commodities other than farm products and
foods—(." o n t i nued
Miscellaneous
.
_.1926=100...
Automobile tires and tubes __.__-__ do
Paper and pulp
do
Wholesale prices, actual. (See under respective
eoinrnodities.)
90.9
73.0
101.1
89.3
71.0
102.9
90.3
72.5
102.9
90.5
73.0
102.8
90.2
73.0
101.6
89,8
73.0
100.5
88.9
73.0
98.9
88.8
73.0
98.8
88.6
73.0
98. 8
90.1
73.0
98.8
90.5
73.0
99.0
89.7
72.5
100.8
90.7
73.0
100.1
78.5
82.7
74.8
59.1
83.2
88.6
85.5
72.5
81.5
86.9
83.5
70.1
81.4
86.2
82.1
69.1
81.6
85.9
81.1
69.6
81.5
85.5
80.2
68.2
81.1
85.1
79.2
64.4
80.8
84.8
78.9
64.4
80.4
84.0
77.1
62.2
80.2
83.5
76.2
62.2
79.6
83.1
75.3
59.1
84.1
85.8
80.7
67.0
78.9
82.9
75.1
57.7
' 3, 243
*515
»237
i 3,389
' 741
1365
PURCHASING POWER OF THE
DOLLAR
As measured by—
Wholesale prices...
Cost of living
„
Retail food prices
Prices received by farmers
1935-39=100..
do—
do—
do
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
(Quarterly estimates)
New construction, total
mil. of doL.
Private, total
_.do___.
Residential (nonfarm)
-do
Nonresidentia! building, except farm and
public utility, total
mil. of doL.
Industrial
_
_.do
All other
..do
Farm construction, total
do .
Residential
„
do...Nonresidential
do
Public utility
.
GO
Public construction, total
,do
Residential ..._
.
-do__..
Military and naval...do
Nonresidential building, total..
do.-..
Industrial
..do
All other......
do
Highways
„_._—„..
....do....
Sewage disposal and water supply
do
All other Federal.
_»_do
Miscellaneous public-service enterprises
mil. of dol..
3, 459
873
470
285
124
63
61
81
45
36
198
2,586
130
1,222
904
860
44
199
30
85
122
89
33
97
52
45
191
3,604
175
1,909
1,194
1,165
29
212
29
72
16
13
v 19
M0
' 2,728
p 190
> 1. 264
' 1,054
»1,040
p 14
v 143
i 131
179
152
161
133
128
M84
1 2, 649
i 150
1 1, 253
i 959
1924
» 168
127
178
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
Total, unadjusted
.....1923-25=100..
145
192
90
?32
111
194
228
181
174
175
168
139
r 118
Residential, unadjusted
—
do
96
GO
54
75
89
64
83
70
80
77
'66
82
158
Total, adjusted
.
._.__.._do~..
105
206
128
128
182
193
179
185
198
175
* 145
76
Residential adjusted
„
do
61
74
100
82
65
76
70
83
90
91
Contract awards. 37 States (F. W. Dodge
Corporation):
Total projects
.
..number.. 18,503
33,100
40,000
40, 557
33,167
61,863
30,055
30, 558
35,872
35, 934
37,467
25,338
38,797
Total valuation
„_. thous. of dol— 393,517 433,557 498,742 673, 517 1,190,264 943, 796 721,02S 723,216 780. 396 654,184 708,716 687, 922 350 661
363, 852 310, 249 354, 575 568,98S 1,105.414 875. 951 633,183 660, 953 709, 879 591,940 663,817 595, 501 315, 575
Public ownership>.........
_-__do
Private ownership
,.—__
do.
29,665 123,308 144,167 104, 529
67, 845
84,850
87,845
62, 263
70, 517
62, 244
92, 420
44,899
35,086
Nonresidential buildings:
8,332
Projects......
-.-number..
5,090
4,600
10,952
14, 372
11, 093
5,208
10, 405
9,292
12,281
9,945
15,093
6,842
31,576
Floor area—
.__
thous. of so. ft.. 37,810
51, 2S1
67,961 134,085 113,134
90, 774
97. 962
70, 627
77, 245
52,615
67, 327
27, 913
Valuation
thous. of dol._ 187,242 169.606 234,939 297,885 568, 385 489* 066 407,324 466, 860 372, 991 256, 513 278,091 324, 727 154, 064
Residential buildings:
34,492
26, 683
28,024
33,002
18,924
17,110
Projects..
..number. . 12,155
18, 556
22, 218
21,826
25. 809
21, 302
17,428
41,836
38, 341
38,147
50,673
33, 634
26,177
Floor area
...-thous. of sq. ft— 22,188
29, 759
37, 444
37, 707
37, 455
38,112
24, 920
Valuation......
thous. of dol— 93, 294 168,014 162,097 147,964 185,471 127, 382 100,551 126,708 161, 206 156,654 159,652 151,478 110, 813
Public works:
761
681
3,480
2,739
945
1, 960
1,384
1,111
Projects
_.
----- number...
3,035
1,080
1,674
1,386
682
52,856
58, 535
Valuation..—-_..
thous. of dol
58,477 127,107 203, 341 129, 611 111,960
65, 811 154, 795
94,157 142,157 108, 544
38, 254
Utilities:
331
497
721
1,123
227
1,750
609
736
Projects.
..number..
486
685
692
1,016
386
37,402
43,229 100,561 233,067 197. 737 101,193
Valuation
....
thous. of dol.. 60,125
63,837
91, 404 146, 860 128,816 103,173
47, 530
Indexes of building construction (based on
bldg. permits issued, U. S. Dept. of
Labor) :f
Number of new dwelling units provided
214.1
90.3
209.3
164.7
100.4
102.1
1935-39«10088.7
95.5
107.7
Permit valuation;
(a)
183.0
77.5
128.8
116.7
85.3
63.9
Total building construction.....
do.
C)
184.2
131.1
85.3
75.4
175.7
79.4
New residential buildings..........do.
98.5
90. 6
216.0
111.2
81.4
75. 7
93.5
46.4
New qonresidenti&I buildings
do
(a)
()
(°)
(°)
78.3
78.2
79.6
70.3
70.8
100.3
Additions, alterations, and repairs, . d o . . . .
33,2
(a)
50.7
63.5
Estimated number of new dwelling units in
nonfarm areas (U. S. Dept. of Labor):
167, 500
Total nonfarm (quarterly)*.
.number...
87,900
85, 800 119,875
36,292
17, 679
33, 358
26, 856
22,069
17,027
Urban, total..
_
do...17, 048
22,067
21, 772
14,522
13,157
23, 097
24, 692
23,838
13, 582
25, 014
23, 372
13, 961
10, 281
1-family dwellings
_ do._.
12,253
11,694
16,448
10,671
9, 761
16, 491 • 16, 492
2,709
588
2,970
1,183
1,104
1,314
2-family dwellings..
_
do
771
1,150
1,133
926
1, 058
1,514
877
r
10, 745
3,509
5,374
Multifamily dwellings
do
1,801
7,004
5,432
4,024
9,223
4,191
2,925
2, 338
5, 093
7,323
Engineering construction:
Contract awards (E. N. R.) f.-.thous. of dol.. 306, 212 634,823 898,696 1,044,572 968,938 1,201, 562 813, 077 712, 709 691,979 I 607,622 373, 622 775,486 ! 226,826
r Revised.
» Preliminary.
l Quarterly average.
» Data not available.
§Data for April, July, October, and Decembor 1942 are for 5 weeks; other months, 4 weeks.
fData revised beginning January 1940 and further revisions are in progress.
*New series. The new estimates of construction activity are compiled byy the U. S. Department of Commerce with the excention of the series on residential (nonfarm)
construction which is from the U. S. Department of Labor. For a description of the data, see pp. 24-26 of the May 1942 Survev and for 1941 quarterly figures n 8 of the
August 1942 issue; revised quarterly data for 1939 and 1940 will be published later; for 1940-42 annual totals, see p. 11, table 11. of the January 1943 issue
For earlier quarterly estimates of total nonfarm dwelling units, see note marked "*" on p. S-4 of the November 1942 Survey (quarterly averages: 1940, 150,650; 1941 178 800)-"this series includes
data for urban dwelling units shown above by months and data for rural nonfarm dwelling units which are compiled only quarterly.
S-5
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru- February
1942 Supplement to the Survey
ary
1943
April
May
June
July
August
1943
September
October
Novem- Decem- Monthly Jannaverage
ber
ary
ber
CONSTRUCTION AND REAL ESTATE—Continued
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
TotaL
.thous. sq. y d . .
Airports
_
.do
Roads
.
do
Streets and alleys
do
Status of highway and grade crossing projects
administered by Public Roads Admn.:
Highways:
Approved for construction:
Mileage
no. of miles..
Federal funds
.thous. of doL.
t'nder construction:
Mileage
no. of miles..
Federal funds
thous. of dol..
Estimated cost
do
Grade crossings:
Approved for construction:
F'cderal funds
do
Estimated cost
„
do
Under construction:
Federal funds
...
_do
Estimated cost
do
6,872
5,644
649
579
3,464
1,451
1,110
903
8,914
5,416
2,061
1,437
14,462
9,800
3,267
1,394
15, 266
11,038
2,060
2,167
14,947
11, 366
1,927
1,655
13,947
10,091
2,653
1,202
20, 090
16, 935
1,518
1,637
12,453
7,600
2,806
2,047
8,671
5,821
1,406
1,444
7,734
5,074
1,488
1,171
11,158
7,714
1,971
1,472
6,237
5,065
541
631
1,352
1,455
1,796
1,431
1,654
27,808 28,344 24,055 27,968 32,808
2,359
6,672
6,802
6,817
6,071
73, 657 119,233 127,195 127,511 122,402
120,810 225,527 231, 620 228,535 217,290
1,718
36,170
1,606
37,059
1,534
35, 534
1,524
34,968
1,531
33,435
1,404
29,634
1,599
31, 281
1,369
29,042
4,262
3,714
4,954
109, 549 102, 419 98,230
189,077 174,898 165,052
3,329
91,839
153,221
2,955
88,028
143,983
6,821
7,484
22, 242
23,853
6,854
7,516
8,047
8,761
7,806
8,503
8,201
17,905
18,800
34, 754
37,140
34,467
36,814
33,658
35,838
249
253
251
230
242
231
225
241
215
230
238
232
248
221
237
241
233
250
224
204.0
207.3
107.3
140.0
132.3
130.7
101.4
137.0
124.2
123.9
107.0
141.2
135.6
133.5
5,483
114,997
200,868
7,108
7,843
7,358
6,665
7,327
6,797
7,458
5,852
6,512
5,904
6,564
33,413
35,409
31, 299
33, 279
29,412
31,296
26, 417
28, 231
24,608
26,387
23,190
24,835
242
242
250
228
238
244
245
250
229
240
245
248
250
229
241
246
249
251
229
242
246
249
251
229
242
247
250
251
229
242
207.3
207.8
209.9
213.3
213.3
213.5
105.4
137.7
125.7
124.4
105.6
138.2
126.6
124.8
105.6
138.2
126.6
129.6
106.1
138.2
130.0
129.6
106.1
138.2
130.0
129.6
106.1
138.2
130.0
129.6
102.9
138.4
125.3
124.5
105.7
139.0
126.7
124.9
106.0
139.6
127.2
125.3
106.0
139.6
127.2
132.6
106.0
139.6
132.3
132.6
106.0
139.6
132.3
132.6
107.8
138.9
135.7
130.4
102.5
136.2
127.1
124.3
106.4
137.1
128.6
124.8
106.5
137.4
130.4
125.3
106.5
137.4
130.4
129.4
106.5
137.4
133.1
129.4
107.4
142.3
129.6
127.4
99.9
137.9
120.0
122.1
103.7
139.3
122.3
122.8
103.8
139.7
124.8
123.5
103.8
139.7
124.8
126.9
107.7
144.3
125.6
126.5
98.5
139.4
117.7
121.7
103.2
141.1
119.5
122.5
103.3
141.4
120.2
122.9
285.2
269.7
272.3
125.5
121.9
132.5
121.2
119.3
125.0
122.3
120.5
125.9
5, 407
2,807
111,873 85,097
198,770 139, 497
7,161
7,852
30, 330
32, 358
21,201
22, 797
248
250
251
230
242
241
240
248
225
238
249
253
251
230
242
213.5
213.5
209.4
213.7
106.1
138.5
131.3
129.6
107.0
139.8
132.0
130.6
107.2
139.8
132.0
130.6
105.0
138.2
128.2
127.5
107.3
140.0
132.3
130.7
106.0
139.6
132.3
132.6
106.0
140.0
134.6
132.6
106.7
141.0
134.4
133.4
106.9
141.0
134.4
133.4
105.4
139.6
129.9
129.5
107.0
141 2
135.6
133.5
106.5
137.4
133.1
129.4
106.5
137.4
133.1
129.4
106.5
137.5
134.5
129.4
107.2
138.5
135.3
130.2
107.6
138.5
135.3
130.2
105.7
137.3
131.4
127.6
107.8
138.9
135.7
130 4
104.1
139.7
125.8
126.9
104.1
139.7
125.8
126.9
104.1
139.7
125.8
126.9
104.1
139.9
126.8
126.9
105.3
140.9
127.6
126.7
106.7
140.9
127.6
126.7
103.3
139. 5
124.4
125.0
107.4
142.3
129.6
127.4
103.3
141.4
120.2
124.8
103.6
141.4
122.0
124.8
103.6
141.4
122.0
124.8
103.6
141.4
122.0
124.8
103.6
141.5
122.5
124.8
105.0
142.5
123.3
125.6
106.8
142.5
123.3
125.6
102.7
141.1
120.8
123.8
107 7
144.3
125.6
126.5
274.2
277.7
281.6
281.6
282.4
283.6
283.7
283.5
277.6
283.5
122.8
121.0
126.4
123.5
121.3
127.8
123.7
121.2
128.5
124.0
121.2
129.4
124.4
121.5
130.2
124.5
121.6
130.2
124.4
121.5
130.2
124.5
121.4
130.7
123.2
120.8
127.9
124.7
121.5
130.9
6,776
7, 439
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100..
American Appraisal Co.:
Average, 30 cities
.1913=100.
Atlanta.do~.
New York
,
..do
San Francisco
.
do
St. Louis..
do
Associated General Contractors (all types)
1913=100..
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. 8. av., 1926-29=100..
New York
do
San Francisco
do
St. Louis...
do
Commercial and factory buildings:
Brick and concrete:
Atlanta. _
_
do
New York
do
San Francisco
do
St. Louis
do
Brick and steel:
Atlanta..
do
New York
do
San Francisco
do
St. Louis
_
do
Residences:
Brick:
Atlanta..
do
New York
do
San Francisco
do
St. Louis
do
Frame:
Atlanta
do.___
New York.
_
do
San Francisco,.
_
do
St. Louis
do—I
Engineering News Record (all types)
1913=100..
Federal Home Loan Bank Administration:
Standard 6-room frame house:
Combined index
.1935-39=100..
Materials
do
Labor
.
do
223
225
225
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Gross mortgages accepted for insurance
thous. of doL. 53,725 104, 566 69,225 53,488 98,800 109, 350 109,660 100, 456 99,833
73,768 54,086 90,136 45, 562
Premium-paying mortgages (cumulative)
thous. of dol_._ 4,684,367 5,769,496 3,916,421 3,990,152 4,071,838 4,155,187 4,232,030 4,311,126 4,393,862 4,473,021 4,554,952
4,626,857
Estimated total nonfarm mortgages recorded
($20,000 and under)*
thous. of doL. 219,882 296,041 359,968 350,187 342,250 353,511 336,850 345,964 357,083 278,321 265, 406 328, 551 228, 283
Estimated new mortgage loans by all savings
and loan associations, total...thous. of dol._ 63,324
76, 756 99,047 95,009 94,095 95, 797 92, 563 94,055 91,672 73,979
70, 628 87, 542 57,856
Classified according to purpose:
Mortgage loans on homes:
Construction
do__._
4,594
20,799 20,488 17,610 15,930 17,709
12,568 12,449 10,572
9,275
15,870
8,472
7,173
Home purchase
do
39,084 33, 769 52,196 53,095 52,112 52,190 55,301 58,060 56,528 43,984 41,440 47,811 32,820
Refinancing
do
12,510
12,325
14,508 13,607 15,184 16,097 14,019 14, 063 14, 694 12,472 12,768 13,818 11,408
Repairs and reconditioning
do
1,953
3,866
3,566
3,138
4,083
3,671
4,126
3,498
3,007
2,199
3,475
3,804
1,667
Loans for all other purposes
do
5,183
6,831
7,303
6,725
7,772
6,130
6,549
6,380
5,241
5,749
6,568
5,679
4,788
Classified according to type of association:
Federal
thous. of dol
26,566 31,919 38,484 36,966 35,279
37,007 36,620 37,987 35,555
28,163 27,381 34, 402 23,390
State members
_
do
28,175 33,939 43,937 43,005 44,265
43, 665 41, 549 42,249 41,937 35,441 32,751 39,674 26,910
Nonmembers
do
8,583
10,898 16, 626 15,038 14,551
15,125 14,394 13, 819 14,180
10,375 10,496 13,466
7, 556
' Revised
* The new series on nonfarm mortgages recorded, compiled by the Federal Home Loan Bank Administration, represents total mortgage legislations during the month
based on reports covering approximately 600 counties and similar political subdivisions, which contain almost two-thirds of the total nonfarm population. To relate mortgage
recordings as closely as possible to financing of 1- to 4-family homes, only instruments with a face amount of $20,000 or less on properties in nonfarm areas are included For
data for January 1939 to August 1941, see note marked "*" on p. S-5 of the November 1942 Survey. The monthly average for 1941 is 394,330.
S-6
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
April 1943
1942
April
May
June
July
August
1943
•S T
tember
Octo- Novem- Decem- Monthly
ber
ber
ber j average
January
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
Loans outstanding of agencies under the Federal Home Loan Bank Administration:
Federal Savings and Loan Ass'ns, estimated
mortgages outstanding}
thous. of doL. .839,245 1,829,218 1,842,422 11,846,790 1,849,400 1,852,972 1,856,269 11,861,062 1,862,593 ! 1,862,796 3, 853,86b!.
11.843,714
Fed. Home Loan Bks., outstanding advances
to member institutions
thous. of doL. 95, 624 197, 432 185, 298 ! 1*1,165 192,645 173,593 160,201 144,752 131,377 121,8861 129,213
113, %W
Home Owners' Loan Corporation, balance of
1.742,116 1,709,064 11,692,197 ,675,888 1,657,256 11,640,119 l,622,087j 1,603,100 1,586,7091 1,567,367
loans outstanding
thous. of doL__
I,547,y94
Foreclosures, nonfarm:
30.9
18.8
29.3
27.3
28.0
27.9
24.3
25.2
24.4
23. 4J
Index, adjusted t
1935-39=100...
21.9
27.0
21. u
30,819
23, 233
21,000
22,410
19,680
22, 621
20,443
Fire losses
thous. of dol_. 33,175
36, 469 26,237
27, 733
27. 960
24,144
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined index,.1928-32= 100.
Farm papers.
do...
Magazines.
...do...
Newspapers
do._.
Outdoor
do. ...
Tide, combined index*
1935-39=100.
Magazines*
do. _.
Newspapers*
.do...
Radio advertising:
Cost of facilities, total
thous. of dol.
Automobiles and accessories..
do_._
Clothing
do...
Electrical household equipment
do...
Financial—
do...
Foods, food beverages, confections d o . . .
Gasoline and oil
do...
House furnishings, etc
do...
Soap, cleansers, etc
do...
Smoking materials
do...
Toilet goods, medical supplies
do...
All other
do...
Magazine advertising:
Cost, total
do...
Automobiles and accessories
do...
Clothing
do...
Electric household equipment
.do...
Financial
do...
Foods, food beverages, confections
do . .
Gasoline and oil
.do...
House furnishings, etc
do...
Soap, cleansers, etc
do...
Office furnishings and supplies
do...
Smoking materials
do....
Toilet goods, medical supplies.
do...
All other
-do...
Linage, total
thous. of lines.
Newspaper advertising:
Linage, total (52 cities)
do...
Classified
_._
do...
Display, total
...do...
Automotive
do
Financial..
...do...
General
_
do...
Retail.
—.,
do...
88.8
64.9
83. 1
81.9
77.0
120.0
144.9
103. 4
81.0
49.3
72.7
75.3
83.1
112.0
120.1
95.0
79. 1
52.6
67.9
74.7
77.7
109.2
100.9
92.8
78.0
53.8
67.9
72.8
78.0
107.9
98.9
88.2
10, 290
348
00
57
62
2, 763
572
48
801
1, 475
3,080
1. 024
9,382
210
84
45
41
2.845
502
59
998
1,215
2,846
537
9,372
152
115
45
44
2,785
380
52
1,058
1,293
2,843
605
9,199
138
108
56
52
2.543
431
52
1, 005
1,316
2, 856
643
265
62
45
41
2,473
367
42
1,050
1,299
2,792
553
15, 798
720
271
344
569
207
733
2, 940
5. 784
2, 432
13,044
473
650
227
357
2.648
168
417
515
'237
673
2,675
3,992
2,130
14,848
710
905
244
402
2,466
385
815
593
205
736
2,771
4,615
2,168
15,421
772
968
161
403
2,352
542
851
640
257
809
2,883
4,783
2,064
95, 607
22, 235
73. 372
1, 423
1, 2-32
17,886
52. «81
87,944
18,192
69,752
1,560
1,339
14,662
52,191
107,055
21,649
85,406
2,416
1, 704
17, 821
63, 464
107,044
22, 326
84, 718
2,334
1,248
16, 529
64, 608
83.9
85.2
84.5
2,553
2,996
3,156
5,317
59,823
5,673
59, 748
14, 525
138, 264
382
350
80.9
51.7
77.6
74.2
69.2
112.2
104.6
88.2
63.2
84.2
81.3
72.5
122.6
134.9
88.0
61.9
90.3
79.0
75.9
123.4
126. 5
100.5
101. 2
87.6
69.4
81.5
79.4
86.9
122.5
140.0
96.5
84.2
69.8
82.0
77.9
65.6
113.3
127.9
95.8
88.4
73.9
91.7
82.1
55.6
117.1
134.4
100.1
96.8
82.7
101.3
87.6
77.5
118.6
146.1
97.1
84.4
60.6
79.9
77.8
76.4
115.4
123. 3
95. 6
84. 7
64.8
79.8
77. 8
77. 1
123. I
159. n
103. 0
8,500
367
55
45
41
2,162
349
42
1,013
1,329
2, 571
527
8,186
448
45
57
53
2,051
342
51
928
1,252
2,337
8.878
429
70
47
49
2,336
346
43
929
1,347
2,659
622
10,332
339
94
53
49
3,027
480
56
853
1,485
3, 081
815
10,716
362
115
67
57
3, 027
532
54
799
1,497
3,136
1,069
11,284
361
125
54
60
3,180
609
49
904
1, 606
3, 275
1,061
13,932
796
735
213
304
2.043
392
536
477
171
732
2,928
4,604
1,769
11,109
631
250
213
257
1,738
306
208
320
170
609
2, 406
12,415
765
724
126
280
1,785
405
266 i
378
193
671
2,268
4,554
2,072
15, 394
754
1,208
232
425
2,307
422
624
350
275
741
2, 463
5,593
2,344
18,189
1, 143
1, 381
443
441
2,94'
415
882
445
298
831
2, 865
6, 099
2, 528
19,450
979
1,144
522
466
3,377
367
757
479
322
983
3, 075
6,979
2,650
16,940
607
870
401
336
2,608
187
735
270
328
781
2, 682
7,134
2,033
14. 753
724
873
260
365
2, 429
329
601
456
240
757
2. 649
5, 070
% 144
' 12.027
f,48
381
199
84 U
r
2, 088
!4»i
318
97,663
20,608
77,055
2,541
1,370
14,841
58,303
89,411
20,085
69, 326
2,316
1,616
13, 987
51,407
104, 506
22, 658
81,847
2,481
1,099
15. 572
62,695
117,442
24, 071
93, 371
2,404
1,233
19, 781
69, 953
119,063
22, 996
96, 067
2,787
1,470
21, 775
70, 035
120, 332
21, 756
98,575
2,581
1,467
19,147
75, 381
103, 473
21,443
82, 030
2, 235
1, 469
16, 388
01, 938
94, =148
22. 28.5
72, 204
1, 513
1. 887
82.1
82.5
83.6
4,001
1,700
94,963
21,931
73, 032
2,146
1,022
13,195
56, 669
II
9,617
291
87
51
48
2,720
448
53
982
1, 358
2,884
695 !
11. 151
347
646
60
810
1,604
3. 802
r
5. 124
2, 179
14, 674
54.180
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §.
.percent of total
84.1
83.2
81.0
3,130
3, 443
3,661
3,870
5,411
59, 542
6.312
73, 783
5.573
65, 221
5,495
68,098
5,952
78, 701
6,022
78, 748
7,748
75, 475
8,201
90, 554
6, 204
71, 322
7, 632
86.824
17,093
164,302
15, 256
137, 629
16,865
162,616
16, 071
152,047
14,582
142,851
16. 308
174, 772
17, 386
180, 535
15,649
162,162
18,376
196, 067
16,413
163, 053
16, 681
176, % 6
6,622
4, 339
2 282
' (>,607
4,315
2. 291
' 6 573
4,277
' 2, 296
•• 8 . 3 2 5
r
(), 830
4. 528
2. 302
'• 137. 8
143.4
r
128. 3
r
138. 5
143.9
' 129. 4
r
POSTAL BUSINESS
Air mall: Pound-mile performance., millions
Money orders:
Domestic, issued (50 cities):
Number
thousands..
5,983
Value,.
. . . . ..
thous. of dol.. 92, 987
Domestic, paid (50 cities):
Number
_
.thousands.. 15, 209
Value.
_.
thous. of dol_. 171,967
CONSUMER EXPENDITURES
Expenditures for goods and services:*
Total
mil. of dol..
Goods
do....|
Services (including gifts)
Indexes:
Unadjusted, total
1935-39=100..
Goods
do
Services (including gifts)
.. do
Adjusted, total
do
Goods
.-do
Services (including gifts)
do
4.446
158.4
17'
5, 909
3, f>90
r 2,219
r
r 129 8 r 137. 8
143.1
13l! 5
r 126. 9 rM 2 S . 7
138.0
138.3
143.9
146.0
r
128. 0
r 125. 1
130.8
141.2
r 129.4
r
137. 6
142.1
r
129. 9
' 6, 52(>
4,224
r 2, 301
r
I), 753
4, 442
r 2,312
r
r 133. G
136. 4
'' 128.
141.69
148.3
r
130.1
* 7. 028
4, 698
r
2. 330
188. 8 ' 147. 9
144.3
157. 6
r 129.5
131. 3
'• 145. 7
144.2
151 0
151.6
'131.6
'131.6
' 7, 520
5,179
' 2, 340
'7,195
r
4, 820
<• 2, 375
<" 151.7
* 163.8
r
131. 1
' 147. 6
157.4
r
130. 9
*• 154.4
r 166. 5
* 133.9
151.0
160. 8
r
134. 2
r
r
5, 951
2, 374
I
'170.7 i
' 192. 9 I
r
182. 9
r
144. 7
152.0
132.2
142.0
149. 4
129. 4
r
6, SOU
4, 405
2. 395
141.8
145. 0
134. 1
152. 6
164. 4
132. 0
Revised.
X Minor revisions in the data beginning January 1939; revisions not shown in the September 1942 Survey are available on request
§ The number of reporting firms was greatly increased in September and October 1942 and data are now based on reports from over 700 warehousing firms operating nearly
2.000 merchandise warehouse buildings: Comparison of the revised August figure above based on the enlarged sample with the previous figures for August, 83 6 indicates that
the ratios were not materially affected by the change in the coverage of the reports.
"'
* New series. The new indexes of advertising are compiled by J. K. Lasser & Co. for "Tide" magazine; the combined index includes radio (network only prior to July
1941 and network and spot advertising beginning with that month) farm papers, and outdoor advertising, for which separate indexes are computed by the compiling agency,
in addition to magazine and newspaper advertising shown above; data beginning 1935 will be published in a subsequent issue. A detailed description of the series on consumer expenditures, as originally compiled, appears in the October 1942 Survey, pp. 8-14, and a recent change in the concepts is outlined in trie descriptive notes for Table 10
lines 16 to 19, included on p. 24 of the March 1943 issue. Revisions of the data are in progress.
f Revised for 1940 and 1941; revised monthly averages: 1940, 48.4; 1941, 37.6. Revised monthly data are available on request.
S-7
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1 9 4 3
gether with explanatory notes and references
to the sources of the data, may be found in the February
1942 Supplement to the Survey
1942
February
April
May
June
July
August
1943
Sep.
tember
October
N ovem- Decem- Monthly January
ber
ber
average
DOMESTIC TRADE—Continued
RETAIL TRADE
4, 525
All retail stores, total salesf
mil. ofdol..
3,843
4,592
4,615
4,569
4,433
' 5,286
4,503
4,840
664
Durable poods stores
do..__
694
872
860
856
846
813
838
837
3,861
3,149
3,712
Nondurable goods stores!—
do
3,733
3,620
4,003
' 4, 414
3,769
3,666
By kinds of business:
479
290
406
302
Apparel
do
352
528
365
456
208
240
240
269
Automotive.
do
247
260
269
247
238
245
249
373
336
Building materials and hardware
do
370
354
336
342
351
193
152
170
190
Drug
do
182
181
195
194
207
530
381
446
495
473
Eating and drinking!
...do
468
525
529
576
1, 258
1,090
1,220
1,285
1,237
Food stores
do...
1,274
1,248
1,275
1.377
211
240
273
317
Filling stations
_.do._-280
280
'283
674
541
700
583
General merchandise
do
662
765
880
163
171
206
162
Household furnishings
_.do
174
187
193
219
564
558
493
522
Other retail stores!
do
532
558
628
All retail stores, indexes of sales:
151.2
Unadjusted, combined index! .1935-39=100.128.5
142.0
139.4
142.8
134.5
152.5
156.6
HO. 7
90.2
Durable goods stores
do
94.3
108.1
105.4
109.7
108.3
101.2
104.4
104.7
171.0
Nondurable goods stores!
.do
139. 6
153. 0
150.5
153.5
145.3
152. 5
166.9
' 173. 5
170. 9
Adjusted, combined index!..--.-do
144. 3
141.5
140.4
141.9
146.2
149.6
146.1
' 150.2
109. 9
Durable goods stores
do
113.6
107.3
99.5
100.6
103.9
105.1
103.2
100.5
190. 7
Nondurable goods stores!
do
154. 3
152.6
153.7
155. 3
160.0
160.0
164.1
' 166.3
By kinds of business, adjusted:
261.0
Apparel
_
-do
157.9
152.5
142.3
180.7
146.8
163.1
163. 5
166.0
52.4
Automotive!..
do
60.6
56.6
61.2
56.4
61.4
58.3
61.5
54.2
176.8
Building materials and hardware
do
179.8
175. 4
153.4
162.0
157.0
156.9
153.1
147.0
175.5
Drug
....do
138.7
146. 5
155.6
151.7
162.2
168. 7
163.9
174.0
255.6
Eating and drinking!
.do
183.7
179.0
181.0
181.0
188.3
201.0
190.3
220.9
173.5
Food stores
do
150.4
153.1
156.3
155.8
159. 3
166.5
160.4
166.7
135.0
Filling stations
do
152.9
134.3
124.6
129.6
141.4
115. 3
124.8
' 128.9
174. 1
General merchandise...
do
139. 8
136. 2
127.2
130.7
139.0
147.1
142.0
144.3
159. 2
Household furnishings...
do
167.0
149.8
123.4
132.5
136.7
142.3
138.2
145.7
203. 3
173.0
175.8
200.6
Other retail stores!..
do
202. 6
188.8
183.6
189.9
189.3
Chain-store sales, indexes:
Chain-store Age, combined index (20 chains)
194. 0
average same month 1929-31 = 100.
165.0
164. 0
171.0
183.0
177.0
170.0
182.0
181.0
Apparel chains
.do...
295. 0
178.0
174.0
172.0
220.0
181.0
200.0
212.0
218.0
Drug chain-store sales:
Unadjusted
1935-39=100..
129. 5
124.6
110.8
135. 2
129.3
132.7
132.3
M49.3
Adjusted
_..
do
128.9
118. 5
133.4
142. 3
138.2
137.0
' 147.1
138.8
Grocery chain-store sales:
Unadjusted....
1935-39=100.
166. 4
175.2
173.4
168.9
170,0
167. 3
169.0
170.7
170. 9
Adjusted
do...
165. 6
169,1
170.8
172.4
174.3
172.4
170.1
170.0
168.2
Variety-store sales, combined sales, 7 chains:
Unadjusted
1935-39=100. p 124.1
132. 2
108.1
123.1
129.1
130.2
124.8
137.8
140.9
Adjusted
d o . . . v 156. 2
127.1
143.4
136.1
136.2
135.1
143.4
142.3
143.2
Chain-store sales and stores operated:
Variety chains:
8. S. Kresge Co.:
Sales
_
.thous. of dol
13,097
14,781
11, 750 14,437
14, 219 14, 536 13,565
14, 997
17,237
Stores operated.
number.
663
672
672
671
671
671
673
671
674
8. H. Kress & Co.:
Saes
thous. of doL.
8, 750
7,203
8,640
8,573
9,105
8,733
9,599
9, 607
10, 278
Stolres operated
number
244
244
242
244
246
246
246
245
245
McCrory Stores Corp.:
Sales
thous. of dol
4, 671
4,788
3,739
4,749
5, 023
4,833
4,504
5,017
5, 656
Stores operated
..number
202
203
203
203
203
203
203
203
203
G. C. Murphy Co.:
Sales
thous. of dol
5,598
5,934
4,469
6,156
6,094
6,136
5,775
6,205
7, 335
Stores operated. _
number
207
207
206
207
207
207
207
207
207
F. W. Woolworth Co.:
Sales
___thous. of doL
30,965
27,466 33,136
32,660 33, 025 31,705
33,675
33,847
38, 475
Stores operated
.number
2, 012
2,013
2,019
2,011
2,011
2,011
2,012
2,015
2,017
Other chains:
W. T . Grant Co.:
Sales
thous. of dol.
10, 433 - 8, 416 12,363
10, 441 11,442
12,200
12,222
12, 648
15.111
Stores operated.
number.
496
493
494
494
494
494
493
492
494
J. C. Penney Co.:
Sales
thous. of dol.
32, 880 25. 417 36, 531 37,170 38,457
34,683
40,523
47,467
54, 294
Stores operated.
._.number.
1, 611
1,609
1,607
1,609
1,609
1,610
1,611
1,611
1,611
Department stores:
Accounts receivable:
Instalment accounts!
Dec. 31,1930—100.
104
67
71
65
Open accounts!
do...
53
63
69
87
Collections:
Instalment accounts!
19
21
percent of accounts receivable.
22
22
25
24
23
29
45
47
Open accounts!
do
50
56
60
60
59
65
132
99
115
Sales, total U. S., unadjusted... 1923-25 =100
108
100
83
103
133
137
190
127
149
144
.Atlanta!
1935-39=100
124
116
144
171
183
74
93
90
89
Boston..
1923-25-100.
85
75
105
67
117
114
133
124
Chicago
1935-39=100..
121
97
117
155
154
120
153
155
137
128
Cleveland!
_
._ do
134
161
105
165
108
127
205
126
109
Dallas
1923-25 = 100
127
171
100
170
85
111
101
98
Kansas City
1925=100..
88
114
133
146
95
130
132
111
117
94
115
145
Minneapolis
1935-39=100..
156
94
106
112
99
92
81
94
120
New York
_
1923-25=100
130
132
137
128
116
92
' 116
112
143
Philadelphia
1935-39=100.
160
155
162
147
137
120
147
174
211
Richmond
do..
114
120
143
108
87
99
114
131
145
St. LouisJ
1923-25=100..
101
149
142 I
137
158
184
191
San Francisco
1935-39-100.
138
132
'1 Revised.
» Preliminary.
Revised 1941 monthly averages: Drug chain-store sales index 114.8 (1941 monthly revisions not previously published—Oct.,
Department store sales indexes—Atlanta, 145; Minneapolis, 121 (Aug. 1941 revision, unadjusted, 126; adjusted, 1*43).
' 4, 879 ' 5, 962
944
776
4,102 r 5,017
r
4,696
828
3, 868
4, 468
' 654
'3,814
702
215
300
280
569
1,421
'199
1,214
261
801
421
251
324
190
485
1,258
272
733
195
568
405
' 215
235
'203
537
'1,301
'211
'621
157
'• 583
' 158. 5 '181.2
117.7
103. 4
' 176. 4 ' 201. 8
r 153. 5 ' 144. 4
95.4
101. 2
' 3 70.5 T 160. 3
145.4
104.6
158. 7
' 138. 7
'82. 9
' 156. 8
' 158.2
r
103.9
' 175. S
182. 1
50.8
147.5
174.9
221.8
167.8
' 136. 3
155.0
157.6
182.8
166. 3
49.1
149.0
180.5
218. 0
164. 2
r
96. 8
135.6
138.6
179.9
164. 0
58.3
159.9
159.1
193.2
159.0
130.5
139.9
146. 3
181.2
r
187.0
228.0
175. 0
216. 0
174.0
199.6
477
215
289
200
532
1,277
'277
846
201
565
'141.6
'141.0
p
' 210 3
154. 6
r
1
198.0
' 49. 1
163.8
r
176. 5
T
236. 4
' 172.6
' 122.4
' 156. 4
' 161.8
' 190.9
177. 0
243.0
136. 6
169.5
169. 5
167.0
162.1
170. 2
r
161.6
157.0
263.0
' 139.2
138.4
' 100. 1
' 144. 6
16,610
671
28, 667
1 o, 486
12.277
11,046
245
S,397
244
9, 747
244
8, 063
244
5,648
203
IV, -it)4
2()3
5,218
203
4,323
202
6,719
207
12, 269
207
6, 416
207
i, 481
207
36, 376
2,018
64, 240
2,015
35, 268
2, 015
29, 639
2,012
14, 382
493
25,138
493
12,818
494
9, 382
496
49, 426
1,611
63, 320
1,611
40, 853
1, 609
29, 729
1,611
r
r
158.0
162.8
'65
'91
29
63
157
206
116
168
187
191
147
144
144
182
203
158
219
31
65
222
286
181
246
252
280
231
' 219
'215
262
304
212
296
tiS
124
i 161
100
141
152
147
122
i 131
115
141
167
126
169
unadjusted, 115 5; adjusted
28
61
111
' 151
r
89
123
132
155
126
114
97
112
r
134
r
117
150
113 8)
, the index on a 1923-25 base is being continued.
--
<-
— n i—.—~,
— . ~ . »v,w.,»» u««*»/u, ~*.*v» .^~ vfvuju *v« ^^^^^j.able goods storesand all retail stores, have been revised
beginning 1935; revised data beginning August 1941 are shown in the October 1942 Survey (revised 1941 monthly averages: Total sales, 4,514 million dollars; nondurable goods
stores, 3,275; eating and drinking places, 381; other retail stores, 464. Indexes of sales—combined index, 139.8; nondurable goods stores, 134.3); all revisions will be published in
a subsequent issue. For revised data beginning 1935 for the index of department store sales for the Atlanta district see p. 22, table 19. of the December 1942 Survey The index
for the Cleveland district has been completely revised; data beginning 1919 are shown on page 32 of this issue.
JData revised slightly and rounded to nearest percent; revisions prior to November 1941 are available on request.
S-8
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplement to the Survey
ary
April 1943
1942
February
April
May
June
July
August
I 1943
September
October
Novem- Decem- Monthly! Januber I average
ber
ary
DOMESTIC TRADE—Continued
RETAIL TEADB—Continued
Department stores—Continued.
dales, total V. S., adjusted
1923-25=100Atlantat
1935-39=100Chicago.
_
do
Cleveland t
do
Dallas
.—_
. . . 1923-25=100-.
Minneapolis..
._. 1935-39=100..
New York*
.1923-25=100..
Philadelphia
1935-39=100.
Richmond
_
do
Bt. Louis^
...1923-25=100-.
San Francisco
1935-39=100..
Instalment sales. New England dept. stores
percent of total sales..
Stocks, total U. 8., end of month:
Unadjusted. _
1923-25-100..
Adjusted
...do
Other stores, instalment accounts and collections: •
Instalment accounts outstanding, end of mo:
Furniture stores
..Dec. 31, 1939-100..
Household appliance stores
do
Jewelry stores
do—
Ratio of collections to accounts at beginning
of month:
Furniture stores
percent..
Household appliance stores.
..do
Jewelry stores
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol..
Montgomery Ward & Co.
.-do
Sears, Roebuck & Co
do....
Rural sales of general merchandise:
Total U. S.f unadjusted
1929-31-100..
East
do-._.
South
do—.
Middle West
do....
* Far West
do....
Total U. S., adjusted
.do
East
--do
South
_
..do
Middle West
do....
Far West-.
.
do....
167
216
194
241
188
138
185
236
166
126
144
135
150
127
134
116
157
165
117
166
117
153
134
151
131
129
110
147
156
120
157
108
147
123
134
126
112
105
130
147
108
147
104
143
125
134
123
117
97
122
144
108
149
121
162
139
143
143
133
114
139
170
126
166
130
169
148
157
165
131
123
152
194
152
172
123
161
141
146
154
126
112
133
170
122
176
128
173
147
158
150
131
115
139
170
129
182
138
186
i53
170
171
144
121
142
193
135
210
125
166
146
146
162
141
119
140
164
129
173
11.4
8.4
6.9
5.4
6.2
9.1
7.0
7.8
7.8
5.0 !
102
122
118
130
127
129
136
126
140
131
137
129
124
127
114
121
105
102
102
100
102
100
91
80
64
69
76
59
65
11
'12
18
13
19
16
13
25
16
14
26
17
15
31
18
' 15
'44
99, 300
41, 443
57, 857
99,640
37.969
61,671
170.3
164.0
245. 8
151.9
192.3
215.5
200.5
224.1
191.0
259.9
151.1
161.0
199.3
129.6
135.9
186.8
196.9
218.5
163.0
13
13
20
14
13
22
133,905 119,117 117,597
57, 604 50,762 48,476
76, 301 68, 356 69,121
175.6
183.3
202.0
155.9
200.1
191.1
192.4
229.3
167.0
224.0
164.8
171.7
188.0
146.6
188.8
179.5
186.6
221.7
154.8
210.0
160.3
162.9
179.4
144.0
203.6
176.0
177.4
223.1
152.5
213.7
14
13
22
104,118 113,447 142, 022 174,045
42, 521 48, 741 61, 495 76,068
61, 597 64,706 80, 527 97,977
137.3
128.1
158.6
118.9
193.8
188.1
179.9
233.5
161.2
236, 3
160.8
153.3
178.0
135.5
207.8
196.6
192.4
246.9
164.3
225.6
214.2
201.2
262.8
185.7
272.2
202.6
204.6
238.0
181.1
232.6
153,406
68,396
85,010
250.5
245.4
362.2
210.8
276.2
192.8
190.7
244.4
166.0
230.0
253.6
266.2
334.6
216. 5
298.6
194.9
206.5
243.7
165.2
246.2
54.5
52.8
143
'195
155
179
204
143
123
157
197
'146
195
7.8
16
29
193,412 132, 840
86,472
56,351
106, 941 76, 489
96, 682
39,983
56, 699
189.8
192.8
232.3
165.7
221.9
152.2
' 149. 7
' 193.1
' 136. 0
'171.8
200.0
'197.0
' 244.1
' 177. 8
' 233.7
272.7
273.2
325.8
243.0
324.5
170.5
164.1
216.9
155.8
298.8
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force, employment,
and unemployment:
Labor force (Bureau of the Census)' millions..
Employment*.
..__
do
Agricultural*
do
Nonagricultural*
do
Unemployment*
do
Employees in nonagricultural establishments:!
Unadjusted ( U . 8. Department of Labor):
Total
thousands..
Manufacturing___
do....
Mining
do
Construction
do....
Transportation and pub. utilities.do
Trade
do.
Financial, service, and misc
do.
Government
do.
Adjusted (Federal Reserve):
Total
...do.
Manufacturing
do.
Mining
...do.
Construction
do.
Transportation and p u b . utilities_do
Trade
do....
Estimated wage earners in manufacturing industries, total (U. S. Dept. of Labor)*
thousands. .
Durable goods
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
mills
thousands..
Electrical machinery
do
Machinery, except electrical. _
.do
Machinery and machine shop products
thousands. _
Automobiles
do
Transportation equipment, except automobiles
thousands. _
Nonferrous metals and products
do
Lumber a n d timber basic products, . d o
Sawmills
do
42.1
1.4
53.4
49.4
8.4
41.0
4.0
53.7
50.7
9.3
41.4
3.0
54.2
51.6
10.2
41.4
2.6
56.1
53.3
11.5
41.8
2.8
56.8
54.0
11.7
42.3
2.8
56.2
54.0
11.2
42.8
2.2
54.1
52.4
10.2
42.2
1.7
54.0
52.4
10.5
41.9
1.6
43.0
1.7
53.4
51.9
8.9
43.0
1.5
37,995
15,898
871
1,319
3,444
6,338
4,274
5,851
35, 062
13,693
947
1,594
3,270
6,686
4.180
4,692
35, 908
14,019
929
1,771
3,389
6,679
4,265
4,856
36,346
14,133
928
1,909
3,442
6,667
4,309
4,958
36,665
14,302
921
1,991
3,484
6,606
4,324
5,037
37, 234
14, 641
923
2,108
3,519
6,504
4, 355
5,184
37,802
14,980
918
2,181
3,533
6,496
4,371
5,323
38,348
15, 233
910
2,185
3,542
6,561
4,397
5, 520
38, 478
15,313
902
2,028
3,539
6,697
4,327
5,672
38,533
15, 434
894
1,896
3,520
6,771
4,295
5,723
38,942
15,684
885
1,674
3,502
7,107
4,279
5,811
36,967 ' 37, 862
14, 563 f 15, 743
••867
921
1,885 ' 1,470
'
3,463
3,444
6,687 ' 6, 371
4,290 ' 4, 259
5,177 ' 5, 689
38,839
16,024
877
1,663
3,530
6,507
35,953
13, 814
953
1,991
3,351
6,862
36, 063
14,081
938
1,826
3,408
6,690
36, 274 36, 461
14, 220 ' 14,382
933
929
1,791
1,768
3,435
3,446
6,695
6,610
37,051
14, 640
929
1,851
3,471
6,609
37,433
14,819
918
1,916
3,490
6,607
37, 645
15,006
900
1,959
3,482
6,523
37,962
15,162
888
1,902
3,466
6,619
38,325
15, 349
883
1,889
3,508
6,673
38,842
15, 687
884
2,004
3,535
6,635
r 38, 792
13, 648
8,014
1,710
11,654
6,221
1,537
11, 988
6,500
1,569
12,127
6,649
1,579
12, 282
6,823
1,599
12,564
7,003
1,612
12,869
7,192
1,620
13, 079
7,313
1,621
13,166
7,464
1,635
13, 267
'7,597
1,643
13,473
' 7, 780
1,676
v 12,479
v 6,917
v 1, 597
"13,514
' 7,875
' 1,693
543
503
1,005
546
520
1,048
548
523
1,058
549
528
1,078
546
542
1,094
540
564
1,114
532
586
1,126
525
610
1,148
'518
630
1,168
'521
649
1,190
P538
674
1, 220
v 555
v 1,086
521
'661
' 1, 202
383
435
400
429
409
460
418
485
425
513
435
534
440
556
449
572
457
592
'465
'613
v 508
1,060
367
544
305
1,250
370
549
308
1,345
373
551
309
1,443
378
555
312
1,559
381
559
313
1,673
387
561
313
1,752
390
546
303
1,836
392
535
295
398
526
290
' 1, 999
405
515
'283
52.3
50.9
2,155
415
467
54.5
51.9
9.9
42.0
2.7
52.4
51.0
8.7
42.3
1.4
r 15, 933
••870
' 1,843
' 3, 549
' 6, 513
P421
v 1, 494
P381
^544
^303
469
'631
' 2,067
'408
'489
267
v
' Revised.
Preliminary.
^See note marked " V on p . 8-7.
JA few revisions in data for 1938-41, resulting from changes in the seasonal adjustment factors, are shown on p . S-8 of the November 1942 Survey.
{Revised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, table 19. of the December 1942 Survey. Revised data beginning
1919 for the Cleveland district will be published in a later issue. T h e estimates of employees in nonagricultural establishments and in each of t h e component groups, with
the exception of t h e trade group and the financial, service, and miscellaneous group, have been revised beginning 1939 and revisions of the earlier data are in progress; the
revised data will be published when revisions are completed (data beginning August 1941 are in t h e October 1942 Survey).
* New series. Indexes of instalment accounts a n d collection ratios for furniture, jewelry, and household appliance stores beginning January 1940 will be shown in a subsequent issue (a new series on amount of instalment accounts outstanding is included on p . S-15). T h e estimates of civilian labor force, employment, and unemployment
relate to persons 14 years of age and over employed or seeking work, excluding institutional population and the estimated number of persons in the armed forces; persons on
public emergency projects are included with the unemployed; data beginning April 1940 will be shown in a subsequent issue. Data beginning 1939 for t h e new series on wage
earners in manufacturing industries will also be shown in a later issue; the fieures for all manufacturing, durable goods, nondurable goods, and the industry groups are shown
on a revised basis in this and tne March 1943 issue and figures previously published for these series are not comparable with the current data.
S-9
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplement to the Survey
ary
1942
February
April
May
June
July
August
1943
September
Decem
October November
ber
Monthly Januaverage
ary
EMPLOYMENT CONDITIONS AND WAGES—Continued
!
EMPLOYMENT-Continued
Wage earners, manufacturing industries*—Con.
Durable goods—Continued.
Furniture and finished lumber products
thousands..
Furniture
___
.do
Stone, clay, and glass products
do
Nondurable goods
.
do
Textile-mill products and other fiber manufactures
thousands
Cotton manufactures, except small wares
thousands
Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing and finishing)... thousands.
Apparel and other finished textile products
thousands .Men's clothing.,.
do
Women's clothing
do
Leather and leather products
do
Boots and shoes
do
Food and kindred products
do
Baking
do
Canning and preserving
do
Slaughtering and meat packing
do
Tobacco manufactures.
do
Paper and allied products
...do
Paper and pulp _ .
. . .
.do
Printing, publishing, and allied industries
thousands. .
Chemicals and allied products
do . . .
Chemicals...
do
Products of petroleum and coal
do
Petroleum refining
.do
Rubber products.
do
Rubber tires and inner tubes
do
Wage earners, all manufacturing industries, unadjusted (U. S. Dept. of Labor) f-1939=* 100..
Durable goods
.
do
Iron and steel and their products
do .
Blast furnaces, steel works, and rolling
mills
1939—100
Electrical machinery
do . .
Machinery, except electrical
do
Machinery and machine shop products
1939= 100
364
361
5,634
398
189
372
5,433
1,289
1,296
502
102
894
356
936
93
313
1Q9Q 9*4—100
5,488
1,303
507
105
384
177
376
5,478
381
174
376
5,459
374
172
369
5,561
369
170
370
5,677
367
170
369
5,766
368
173
368
5,702
363
168
368
5,670
1,298
1,298
1,293
1,283
1,272
1,275
1,277
508
105
509
106
509
105
507
103
505
98
505
100
506
99
365
' 170
368
P379
P 176
P372
' 5, 693
v 5, 562
1,287
p 1, 290
510
99
p
506
v 102
» 181
180
180
183
183
183
181
180
177
176
177
944
256
275
384
220
909
238
99
164
95
327
165
952
259
272
386
222
893
237
92
160
93
326
165
934
256
263
381
218
906
239
95
165
91
320
163
873
248
229
377
214
947
245
120
174
92
312
160
866
241
231
374
213
1,052
254
191
180
94
302
155
915
247
252
367
209
1,125
258
248
179
97
298
152
907
246
252
357
200
1,210
263
322
178
98
297
151
904
242
253
357
199
1,099
265
'191
174
99
300
151
887
235
248
363
204
1,038
263
'136
176
100
304
150
886
'236
'247
364
'204
'1,018
264
' 114
'187
99
309
151
P373
P212
P
1. 001
J>250
v 150
»313
P158
'362
169
'362
' 5, 639
' 1, 289
518
98
176
'884
236
248
'358
200
965
258
98
185
96
310
151
340
523
107
123
78
146
58
331
576
110
125
79
142
58
328
588
110
126
79
141
59
325
600
112
128
80
146
62
325
613
112
129
80
153
66
325
623
111
129
81
158
68
323
649
111
128
81
164
70
331
673
111
126
79
169
73
338
693
111
125
78
174
77
342
'702
' 112
124
78
180
80
166.6
222.0
172. 5
142.3
172.3
155.0
146.3
180.0
158.3
148.0
184.1
159.3
149.9
188.9
161.3
153.4
193.9
162.5
157.1
199.2
163.4
159.6
202.5
163.5
160.7
206.7
164.9
161.9
210.4
165.7
' 164. 5
215.5
' 169.1
p 152. 3
p 191.5
p 161.1
' 165.0
' 218.1
' 170.7
260.3
231.0
139.8
194.0
190.1
140.6
200.5
198.3
141.0
201.7
200.2
141.3
203.6
204.0
140.4
209.1
207.0
138.9
217.8
210.7
137.0
226.3
213.0
135.5
235.3
217.3
133.4
243.0
221.0
134.0
250.3
225.1
p 138.5
p 214.1
p 205. 5
134.0
' 255.1
' 227. 5
189.1
108.1
197.9
106.5
202.2
114.3
206.6
120.6
209.9
127.4
214.9
132.6
217. 5
138.2
222.0
142.3
226.0
147.1
230.0
' 152. 5
p 207.9
p 126. 3
231.7
' 156. 7
667.8
160.0
129.4
105.9
787.4
161.6
130.6
107.0
847.1
162.9
131.0
107.4
909.1
164.9
132.0
108.2
982.5
166.3
133.0
108.7
1,054.3
169.0
133.5
108.5
1,104.0
170.3
129.9
105.0
1,156.5
171.2
127.2
102.5
121.2
118.4
126.7
118.6
118.1
112.4
128.8
119.8
117.2
111.3
128.2
119.6
116.2
109.6
128.1
119.2
114.0
107.9
125.7
121.4
112.4
107.0
126.1
123. 9
112.0
107.2
125.8
125.9
112.3
108.3
125.2
124.5
113.3
114.0
113.5
113.4
113.0
112.2
111.2
337
722
122
184
Automobiles
do
161.0
Transportation equipment, except automobiles
1939= 100_. 1, 358. 0
180.9
Nonferrous metals and products
do
111.2
Lumber and timber basic products, .do . . .
Sawmills... _ _ _
do
Furniture and finished lumber products
111.0
1939=100..
Furniture
.
_
do
122.9
Stone, clay, and glass products
do
123.0
Nondurable goods
do
Textile-mill products and other fiber
112.7
manufactures
1939=100..
Cotton manufactures, except small wares
1939-100
Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing and finishing)...1939= 100..
Apparel and other finished textile products
113.3
1939=100..
Men's clothing .
_.
do
Women's clothing
do
102.6
Leather and leather products
do
Boots and shoes
.
.
do
109. 5
Food and kindred products
do
Baking
.
do
Canning and preserving
do
Slaughtering and meat packing
do
""166." 6
Tobacco manufactures
do
Paper and allied products
.do
117.8
Paper and pulp
do
Printing, publishing and allied industries
102.7
1939=100..
250.4
Chemicals and allied products
do
Chemicals
__
do
115.3
Products of petroleum and coal.
do
Petroleum refining
do
152.3
Rubber products..
do
Rubber tires and inner tubes
do _
Manufacturing, adjusted (Fed. Res.)J..1939= 100..
p 223. 0
Durable goods§
do
Iron and steel and their products, not including machinery
1923-25=100..
Blast furnaces, steel works, and rolling
mills
1923-25 —100
Structural and ornamental metal work
387
179
378
1,202.8 r 1,259. 2
' 176.7
173.5
122.5
125.1
100.6
98.2
p 607
p 110
P126
P155
'335
'715
114
123
78
183
81
v 941. 3 ' 1,302. 2
166. 4 ' 178.1
129. 4
'116.3
p 105. 3
92.7
P
P
110.5
105.8
125.3
123.8
'111.4
106.7
' 125.4
' 124. 3
p 115. 5
P110.8
p 126. /
p 121.4
'110.2
105.9
' 123. 2
' 123. 1
111.5
111.7
112.5
p 112. 7
'112.7
127.7
83.2
127.7
82.7
128.9
82.7
p 127.8
P85.2
130.8
81.6
128.1
87.2
128.3
87.9
128.5
88.4
128.5
87.8
128.0
86.0
127.7
81.9
120.3
120.9
122.6
122.7
122.5
121.3
120.3
118.7
118.1
118.5
p 120.9
117.9
119.6
116.9
101.4
110.7
100.9
106.4
103.1
73.9
136.4
101.4
123.3
119.9
120.6
118.5
100.0
111.3
101.7
104.5
102.9
68.6
132.6
99.7
122. 7
120.2
118.3
117.2
96.9
109.8
99.9
106.0
103.8
70.6
97! 2
120.5
118. 9
110.6
113.4
84.3
108.6
98.2
110.8
106.0
89.1
144.0
99.0
117.7
116.6
109.7
110.1
85.0
107.7
97.6
123.1
110.0
142.3
149.1
100.2
113. 7
112.5
115.9
113.1
92.9
105.8
95.6
131.7
111.8
184.5
148.6
103. 5
112.3
110.6
115.0
112.5
92.1
102.8
91.7
141.6
113.6
239.7
147.3
105.2
111.9
109.7
114.5
111.0
92.5
103.0
91.3
128.6
114.7
r 142. 4
144.6
106.4
113.1
109.5
112.3
107.6
91.4
104.7
93.4
121.5
114.1
r 101.3
145.8
106.8
114.7
109.3
112.2
107.8
91.1
104.9
93.5
' 119.1
114.4
'84.5
155.0
106.3
116.4
109.6
p 115.2
P113.3
p 93. 6
p 107. 6
P97.2
p 117. 2
P 108.4
Pill. 3
p 142. 9
P 102. 1
p 117. 8
p 114.7
'112.0
107.7
91.2
' 103.1
91.5
' 112.9
111.6
71.2
153.7
' 102.4
' 116. 6
110.0
103.6
181.4
154.2
116.2
106.8
120.6
106.4
143. 7
173.3
100.9
199.7
158.1
118.4
108.4
117.0
106.5
147.1
180.2
100.0
204.1
158.8
118.7
108.7
116.9
10S.9
149.1
184.2
99.0
208.3
160.7
120.7
110.1
120.7
113.8
150.9
188.9
99.3
212.8
160.2
121.5
110.3
126.3
121.2
153.4
193.9
99.1
216.3
158.9
121.6
110.8
130.7
125.5
155.1
198.5
98.5
225.1
159.2
120.8
110.3
135.3
130.5
156.9
201.6
100.9
233.4
158.9
119.3
108.4
139.9
136.7
158.9
205.6
103.1
240.3
' 159. 7
117.8
107. 0
143.8
141.9
160.9
209.6
' 104.3
' 243. 7
' 160.4
117.4
107.1
149.0
' 147. 4
164.4
215.4
p
p
p
p
p
r 102. 2
' 248. 0
163.4
'116.0
106.4
'151.6
150.0
167. 3
219.3
136.5
134.2
134.1
135.5
136.3
135.3
133.7
149
94
149
91
151
90
153
93
153
96
151
99
149
98
112
116
116
117
119
121
122
126.7
85.3
101. 3
210. 7
158.3
118. 8
108.5
P 128. 5
p 121. 3
99
96
115
141
110
101
105
Tin cans and other tinware
do
71.2
69.4
72.7
77.9
73.8
73.2
72.4
Lumber and allied products
.do..-.
91
88
95
104
100
101
[97
Furniture
do
64
63
61
68
63
64
64
Lumber, sawmills
..do..,.
r
Revised.
§Except for all manufacturing, durable goods and nondurable goods, adjusted indexes of manufacturing employment have not as yet been computed on a revised basis
corresponding to the unadjusted indexes on a 1939 base now shown; the adjusted indexes on a 1939 base for all manufacturing and nondurable goods are preliminary.
*New series. Data beginning 1939 for the estimates of wage earners will be published in a subsequent issue; see also last sentence of note marked "*" on p. S-8.
fRevised series. The Department of Labor's indexes of wage-earner employment and weekly wages in manufacturing industries have been completely revised; for 1939-41
data for the individual industries and 1939-40 data for all manufacturing, durable goods, nondurable goods., and the industry groups, see pp. 23-4 of the December 1942 Survey,
http://fraser.stlouisfed.org/
indoxos for the totals and the industry groups have been further revised beginning January 1941; data for 1941 are shown on p. 28, table 3, of the March 1943 issue.
Federal Reserve Bank of St. Louis
S-10
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1842 Supplement to the Survey
1943
February
April 1943
1942
February
April
May
June
July
August
1843
September
October
Novem- Decem- Monthly:
ber
ber
average
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Manufacturing, adjusted (Fed. Res.)5—Con.
Durable goods—Continued.
Machinery, excluding transportation equipment
1923-25=100..
200.4
193.1
206.9
202.7
Agricultural implements (including trac161
157
tors)
1923-25=100.
166
162
155
Foundry and machine-shop prod.__do
160
165
161
235
249
Radios and phonographs
do
195
223
146. 7
145.8
Metals, nonferrous, and products
do
146.5
147.8
100.1
94.7
Stone, clay, and glass products
-do
90.8
90.9
78
71
Brick, tile, and terra cotta
..do
65
67
126
124
119
Glass
do...
122
216.2
230.9
268.4
Transportation equipment
do
246.2
84
79
Automobiles
do..
89
83
120.4
Nondurable goods§
1939=100.. v 124. 9
121.0
121.0
121.4
154.7
Chem. petr., and coal prod- ..1923-25=100.157.4
159.1
161.7
192
194
Chemicals
do
195
197
142
137
Paints and varnishes
do
131
127
131
132
Petroleum refining
do
133
133
308
317
Rayon and allied products
...<io
324
318
147.6
142.3
Food and kindred products
-do.-..
143.7
143.8
152
151
Baking
do
151
153
138
138
Slaughtering and meat packing
do
141
146
98.1
96.3
Leather and its manufactures
do
100.0
100.1
95
92
Boots and shoes
..do
97
98
123.4
121.3
Taper and printing
do
118.5
119.5
130
130
Paper and pulp
do
126
128
93.7
98.3
Rubber products
do
98.1
94.5
73
73
Rubber tires and inner tubes
do
78
75
110.9
110.0
112.2
Textiles and their products
...do
112.3
104.8
102.2
107.2
Fabrics.
do...
105. 5
119.7
122.8
118.5
Wearing apparel
do
122.7
65.8
667
64.1
Tobacco manufactures
.
do
63.6
Manufacturing, unadjusted, by States and cities:
State: •
r
r
182.6
' 142.0 ' 147.7
154. 3
138. 4
Delaware
.1923-25=100..
136.4
148.9
136.0
137.7
Illinois
1935-39=100.
136.3
153.4
158.5
153.3
Towa
...1923-25=100..
156.0
160.7
165.3
Maryland
1929-31 = 100.
164.0
189.7 ' 153.9
102.0
101.5
Massachusetts
1925-27=100..
101.8
100. 5
151.6
153.1
New Jersey
1923-25=100..
153.3
148.3
145.2
139.4
New York.
1935-39=100..
144.0
143.4
158.4
142.8
146.2
Ohio___
..do
143.7
135.4
113.0
113.6
Pennsylvania
1923-25=100
112.2
111.8
129.6
133. 2
Wisconsin
1925-27-100..
131.2
125.7
City or industrial area:
161.2
183.3
Baltimore
.1929-31 = 100..
154.1
165.5
164.2
137.6
152.5
Chicago
1935-39=100..
139.0
136.1
136.6
157.3
Cleveland
do...
152.8
162.7
159.3
115.7
Detroit
1923-25=100..
164.1
104.6
127.1
118.6
141.8
Milwaukee
1925-27=100
135.1
147.8
144.9
131.9
136.7
129.8
116.4
New Yorkf
1935-39=100
128.1
r
123.8
141.1
127.1
Philadelphia
1923-25=100..
125.4
120. 8
119.4
126.1
119.8
Pittsburgh
do
119.3
118.8
128.7
135.4
St. Louis
1937=100..
132.0
124.3
128.1
137.0
Wilmington...
.1923-25 = 100.183.3
130.8
' 127. 7
Nonmanufaeturing, unadjusted (U. S. Department of Labor) :[f
Mining:
94.9
Anthracite
1939=100..
96.9
90. 4
95.7
119.0
Bituminous coal
_
do
120.4
118.0
118.3
125.7
Metalliferous-.
do
125.0
124. 6
125. 7
Crude petroleum producing
do
92.1
89.4
87.4
88.3
105.4
Quarrying and nonmetallic
do
117.2
113.6
116.7
Public utilities:
99. 9
98. 8
Electric light and power
.do
101. 6
98. 5
104. 5
102.4
105. 6
107.2
Street railways and busses....
do
120.4
119. 2
122,1
121. 1
Telephone and telegraph
do
Services:
120.4
126. ti
108.7
129.2
Dyeing and cleaning.
...do.
115.1
112.3
118.7
119.8
Laundries
do
102.3
103. 5
104. 5
103.8
Year-round hotels.
.do
Trade:
Retail, total
_
.do
General merchandising
do
103. 9
105.7
Wholesale.
do
Miscellaneous employment data:
125.1
137. 5
137.7
142.8
Construction, Ohio
1935-39=100_.
Federal and State highways:
183,559 218,037 236,929 236,102
Totalt
number..
72, 420
89,999
44,852
90,103
Construction (Federal and State)..do.._.
101,087 105,441 107,804 112,000
Maintenance (State)..
do
Federal civilian employees:
1,805,186 1,970,969 2,066,873 2,206,970
United States
do....
233,403 248,100 256,457 268, 383
District of Columbia
do
Railway employees (class I steam railways):
1,266
1,193
1,319
1,296
Total
-thousands..
73.5
65.4
69.4
72.4
71.1
Indexes: Unadjusted
1923-25=100..
76.4
68.0
70.0
70.8
70.3
Adjusted
_
do.
212.3
218.6
219.<
169
168
199
150.3
91.0
65
118
295.2
96
121.4
162.4
193
126
133
311
149.2
159
151
95.3
92
117.3
122
103.4
83
114.6
108.1
123.8
64.8
173
172
196
151.3
89.9
63
118
314.4
99
120. 9
163.0
193
128
134
306
150.4
162
152
91.2
88
116.1
120
106.4
86
111.4
106.2
118.2
64.7
171
193
149.0
89.5
62
119
329.1
103
121.6
161.2
190
127
132
308
152.2
163
151
90.5
87
114.4
119
107.4
88
108.2
103.5
114.1
64.9
' 158.0
137.5
159.8
171.6
101.8
153.3
142.3
148.4
114.1
135.5
r 170.6
141.5
162.0
175.9
102.7
158.4
146.4
151. 5
114.7
136.9
r
172.1
141.2
163.6
177.2
103.3
161.7
149.7
155.4
114.7
138.8
122.5
124. 3
121.4
177. 8
142.8
167.0
178.4
106.4
163.2
153.6
159.3
'116.0
143.5
r 180.8
145. 4
173.8
180.3
108.3
r
164. 7
155.8
162. 9
116.8
145.1
157.4
139.3
160. 6
• 167. ti
102.8
155. 5
146.4
148.3
113. 8
134.4
172.3
146.5
174. 5
149.5
163.6
134.2
136.8
122.7
143.1
172.0
174.2
149.0
177.9
150.3
164.3
' 134. 7
r
137. 4
r 124. 0
147.2
r 174.8
166.0
141.0
163. 7
' 128.4
149.6
128.7
128.3
120.4
» 134. 7
144.3
122.0
r
169. 3
142.9
167.2
176.5
105.1
161.9
152.1
157.5
115.5
141.1
r
170.4
138.7
165.0
133.5
152.2
119.0
128.7
119.9
139.0
138.1
174.5
142.3
167.0
137.9
155.4
129.3
131.4
120.4
138.9
150.2
174.8
142.9
168.7
143.1
157.6
132.0
132.5
120.4
138.6
155.0
173.4
145.8
171.6
146.9
160.0
134.1
134.5
122.5
141.4
162.6
93.0
118.4
123.5
86.8
116.5
92.8
117. 5
121.4
86.2
116.3
92.5
116.6
118. 5
85.0
114.5
91.8
115.3
116. 5
84.4
112.9
91.8
113. 7
116.3
83.6
109.5
90.9
112.7
115.8
83.0
105. 9
•P 93. 7
"117.5
v 122. 0
P 87.5
P 111.8
97.0
108. 4
123. 4
96.5
108.7
123.8
94.6
109.7
123.6
92.9
110.0
123.2
91.3
110.0
122. 9
90.4
111.6
122.4
p 97. 2
p 106. 9
v 121.7
125.9
124.3
102.6
122.8
122. 5
101.5
122.1
121.5
102.1
123. 9
121.0
103. 9
118.8
119.2
103. 7
114. 8
118.3
103. 3
v 119. 6
p 118. 2
p 102. 9
100.2
100.9
106.6
132.5
100.1
117.0
1RG.3
99. 6
i- 104. 2
p 115.5
p 102.3
100. 6
124.8
240, 633
94,191
114,361
2,327,932
274,001
122.5
238, 722
90,022
117,972
r
116.5
112.8
108.1
96.6
123.5
219, 047
80, 836
109, 078
211, 751
78,031
1C5, 701
186, 942
58, 947
100, 898
161,010
40, 588
94,108
209, 856
70,173
106. 366
2,450,759 2,549,474 2,687,093 r2,749,815 '2,880,871 2,277,926 J2,862,185
275,362 281,423 283,692
? 283,872 284,068 262. 58'
1,343
73.7
71.8
1,349
74.0
72.2
1,349
74.0
72.5
42.6
42.6
44.8
39.8
43.2
43.0
45.3
40.2
43.4
42.4
44.6
39.7
1,348
74.0
72.0
1,343
73.8
73.3
1, 351
73.9
75.8
1,297
71. 1
43.7
44.0
46.1
41.3
44.2
44.4
^ 46.1
42.1
43.0
42.9
45. 1
40.3
LABOR CONDITIONS
A verage weekly hours per worker in factories:
N a t l . I n d . Con. B d . (25 industries), h o u r s . .
U .S. D e p t . of Labor, allmanufacturingf.do
Durable goods*
do
N o n d u r a b l e goods*
do
1
42.4
42.4
44.5
39.9
42.8
42.7
44.9
40.0
42.7
42.9
45.2
40.1
42.7
42.9
45.2
39.9
43.1
43.1
45. i
40.1
44.3
44.2
45.9
41.8
r
Revised. § See note marked " § " on p. S-9.
I Total includes State engineering, supervisory, and administrative employees not shown separately.
» Revised 1941 monthly averages: Maryland employment, 134.9; Detroit employment, 116.1; St. Louis employment, 114.6.
have been completely revised; earlier data will be published in a subsequent issue.
http://fraser.stlouisfed.org/ * New series. Earlier data will be published in a subsequent issue.
Federal Reserve Bank of St. Louis
niblished later.
iring industries
S-ll
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1943
1943
February
February
April
May
June
Octo- ; Novem- Decem- Monthly Januaverage
ary
ber
ber | ber
July
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Industrial disputes (strikes and lockouts):
Beginning in month
number..
In progress during month
do
Workers involved in strikes:
Beginning in month
thousands..
In progress during month
do
Man-days idle during month
do
Employment security operations (Soc. Sec. Bd.):
Placement activities:
Applications:
Active
file
thousands..
New and renewed—
_
do
Placements, total
do
Unemployment compensation activities:
Continued claims
_
thousands._
Benefit payments:
Individuals receiving payments § ..do
Amount of payments
thous. of dol..
Labor turn-over in manufacturing establishments:
Accession rate._mo. rate per 100 employees..
Separation rate, total
do
Discharges
do
Lay-offs
-do
Quits
..do
M iscellaneous
do
1,315
725
1, 059
209
10, 882
190
275
310
405
275
375
350
440
400
520
350
475
57
80
425
55
85
375
58
72
325
100
117
550
88
100
450
80
100
450
4,888
1,532
427
4,398
1,576
606
4,254
1,565
784
4,280
1,841
925
J 3,254
1,656
1,006
1,403
982
4,103
3,512
2,970
3,159
3,207
2,576
2,026
553
30, 226
575
32,625
543
28, 252
423
22, 395
235
320
165
225
160
200
250
195
69
90
100
450
57
61
200
352
i 1,895
1.139
931
' 1,154
'713
1,489
'854
1,517
1,128
1,130
2.813
310
16, 895
222
11,574
193
11, 558
544
28, 793
6.92
6.37
.46
.70
3.71
1.50
7.64
6.47
.39
1.07
3.76
8.28
7.11
.52
.74
4.45
1.40
287.9
391.6
278.7
242.3
321. 3
244. 3
291.2
399. 9
283. 5
204. 7
415.5
392.9
194.6
336. 1
337.9
209. 3
427. 4
400. 2
335. 6
205. 5
402.1
277.9
, 694.1
259. 1
181.0
148.9
2, 406.0
307. 2
166. 9
131.1
1,267
1,531 I
39,884
36,311
610
31,704
6.02
4.82
.29
1.39
2.41
.73
7.12
6.12
.35
1.31
3.59
.87
7.29
6.54
.38
1.43
3.77
8.25
6.46
.38
1.21
3.85
1.02
8.28
6.73
.43
1.05
4.02
1.23
5.19
1.79
208.2
265.8
219.8
221.4
287.2
230.5
228.7
300.0
236.3
234.5
312.1
241.5
242.7
323.9
245.7
261.8
352.4
255.4
270.9 !
366.2 i
264.1
280.4
382.8
270.1
187.3
288.0
295.9
188.2
303.6
315.4 I
191. 7
310.0
325.8
192.9
317.2
337.9
197.2
325.7
339.1
199.7
368.6
352.3
200.7
382.7
371.5
204. 1
402.8
381.5
289.4
167.1
311.1 !
169.8
321.4
183.2
335.2
193.4
337.1
202.5
352.1
218.0
354.8
225.2
371.5
235.1
381.9
261.4
2,116.3
282.7
198.2
163.0
r
!
1, 678
1,384
727
r
1,228
12, 183
PAY ROLLS
Weekly wages, all manufacturing industries,
unadjusted (U. S. Dept. of Labor)t-1939=100
Durable goods
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
mills
1939=100 .
Electrical machinery
do
Machinery, except electrical
do
Machinery and machine shop products
1939= 100_
Automobiles
do
Transportation equipment, except automobiles
1939=100-.
Nonferrous metals and products
do . .
Lumber and timber basic products.._do . . .
Sawmills
do
Furniture and finished lumber products
1939= 100_
Furniture
do
Stone, clay, and glass products
do
dbl
d
ddo . . . ; .
Nondurable
goods
Textile-mill pproducts and other fiber manu- j
factures
1939=100
Cotton manufactures, except small wares
1939=101)..
Silk and rayon goods
do. . .
Woolen and worsted manufactures (ex- j
cept dyeing and finishing)... 1939= 100 i
Apparel and other finished textile products
1939= 100..
Men's clothing
do
Women's clothing
do
Leather and leather products
do
Boots and shoes
do
Food and kindred products
do
Baking
do
Canning and preserving
do
Slaughtering and meat packing
do
Tobacco manufactures
do
Paper and allied products
do
Paper and pulp
do
Printing, publishing, and allied industries
1939=100.. I
Chemicals and allied products
do
|
Chemicals
do
!.-...
Products of petroleum and coal
do
Petroleum refining
do....
Rubber products
do
Rubber tires and inner tubes
do....
Manufacturing, unadj. by States and cities:
State:
Delaware
1923-25=100.
298.7
Illinois...
1935-39=100..
244.8
Maryland...
1929-31 = 100.. 362. 0
Massachusetts.
1925-27=100.New Jersey
_
1923-25=100
New York
_
1935-39=100
274.6
Ohio
.__
do
Pennsylvania
1923-25=100..
179. S
Wisconsin
1925-27=100..
City or industrial area:
Baltimore
-1929-31=100..
355. 7
Chicago
.1935-39-100
244.7
Cleveland..
do Milwaukee.
.1925-27=100. I - _
New Yorkf
1935-39=100
220.7
Philadelphia
1923-25 = 100.. i 241.6
Pittsburgh
„
d o . , i 195.5
Wilmington
do
! 301.9
<V7A
r
r
1
394.6
' 255. 1 j
2,348.0 i
' 303. 2 I
181.9 |
144.5 I
1,144.6
228.7
163.5
135. 2
1,370.7
240.7
170.6
141.1
1,481.3
245.9
177.8
147.9
1, 585. 5
253.0
190.2
158.9
1,753.2
260. 0
189.4
157.4
1,920.8
268.5
199.1
164.1
2,053.3
273.3
192.2
158.4
159.9
157.8
159.9
151. 9
161.2
153.4
165.3
157.0
162.7
156.6
168.9
159.0
161.3
153.1
167.6
158.7
157.1
149.8
163.2
163.3
159.8
154.3
169.6
169.5
158.1
154.1
168.4
173.3
153.7
157. 8
160.6
161.1
162.0
166.3
166.8
173.0
175.4
180.8
v 163. 7
181.8
185. 6
118.9
190.1
127.2
196.1
127.8
195.9
128.2
193.0
126.2
208.2
126.5
210.6
130.8
212.8
131. 3
217.7
133.7
p 198.4
» 126.0
222 2
134.4
169.1
177.1
184.0
186.9
200.6
196.3
198.2
201.0
207.9
* 189.2
207. 5
155.1
150.1
133.6
151.3
142.5
126.3
118.6
101.0
151.6
122.7
156.0
157.9
156.8
155.9
128.3
154.8
146.1
126.5
119.0
91.8
151.4
124.7
154.3
156.0
150.9
156.6
118.2
151.7
141.2
131.5
123.6
94.7
158.3
124.6
152.7
154.8
132.9
143.6
92.3
148.3
136.8
139.7
129.9
123.5
171.8
132.0
149.4
152.8
135.2
138.6
101.2
148.7
136.9
153.7
135.2
213.7
175.4
133.8
144.1
147.1
157.0
148.4
127.1
149.2
134.5
164.4
143.5
' 225. 9
176.8
153.7
158.9
158. 9
152.7
144.7
123.1
153.4
137.4
160.5
144.0
' 162.8
181.3
157.4
163.5
161.1
154.0
145.7
124.0
159.5
144.5
165. 4
149.3
138. 2
213.6
159. 6
168. 5
p
p
p
p
p
p
p
v
p
p
p
p
149.0
147.4
119.0
150.7
139. 3
146.5
131.6
164. 4
170.5
136.7
154.5
155.5
155. 9
148.9
125.0
156. 1
141.3
155. 6
144. 3
117.2
202.9
147.0
167. 6
162. 3
112.9
245.4
200.3
144.3
131.9
149.8
129.5
111.8
282.1
210.6
144.9
131.8
149.9
135.3
111.0
295.6
217.5
147.1
132.7
157. 6
143.3
110. 2
306.1
221.0
150.0
134.7
164.5
151.1
110.0
317.2
225.0
154. 0
137.6
176.3
166. 8
116.3
351.4
230. 6
160.8
145.7
201.9
190.0
122.4
365.3
' 235. 8
165.4
150.9
213.3
r
205. 3
r
126. 5
r 383. 4
' 240. 8
165.1
151.5
228.6
219.7
p
p
p
p
v
p
p
114.2
308. 9
219. 2
152.7
138.4
176.8
163.3
121.8
391.2
249. 1
163.7
150.4
234.6
226. 6
188.7
192 4
251.8
132.6
210.2
210.1
210.9
144.7
182.2
r 202. 7
195.9
276.7
137.6
224.2
218.0
227.4
148.9
191.3
' 218.9
198.6
279.5
141.4
230.0
219.4
233. 5
151.1
197.8
r 224. 4
200.0
285.3
142.1
230.2
212.0
239.6
154.6
206.4
' 256 9
210.3
310.1
150.5
243.0
229.8
255.3
160.3
216.0
277 8
220!. 4
330.5
160.4
261.5
248.4
275.0
168.2
228.7
' 294. 7
223.7
339.4
162.7
269. 3
252.8
285.1
r
172. 4
236.5
r 288. 2
233. 1
335.0
168. 9
r 276. 3
261.1
294.5
r
175. 0
r 244. 1
237. 2
205.7
294.9
147. 0
238. 2
227.2
* 216. 7
150.6
207. i
256.0
189.1
254.7
187.0
176.6
169. 8
157.5
169.5
281.3
192.5
263.6
204. 4
181.4
179.2
159. 5
178.1
282.2
193. 5
273.6
216.2
175.5
184.6
161.8
190.3
288.1
196.4
286.2
222.7
156.5
190.3
165.4
196.0
310.2
206.7
300.9
244.1
184.3
205.2
168.4
244.6
329.4
218.4
325.8
261.1
198.4
217. 9
177.0
271.3
336.2
223.0
339. 0
271.3
200.7
226.9
181.2
288.9
333.1
231.9
345. 3
>• 277. 2
203.6
r 230. 8
r
186. 3
r 288. 0
296. 1
203. 4
* 290. 9
238. 1
181.2
195. 9
166.9
219.3
198.1
320.6
209.0
306.0
247.0
192.3
212.1
171.5
255.1
168. 2
164.5 !
178.9 i
177.7 j
165.0
158. 2
179. 2
180.3
r
170.6 j P ifii.5
163.9 ! v 151.6
'181.2
v 168.1
186.5 V 100. U
r
r
r
r
165.
159.
178.
J So.
9
8
5
U
r 292. 8
233. G
' 357. 1
281.0
204. 5
'• 175.8
244.6
350. 9
232. 8
~"278.~9
208.0
' 236. 3
r
187. 5
r
295, 7
§ Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month,
.rable with data prior to July 1942, owing to change in active file definition (see note 1 on p. S-ll of the December 1942 Survey). The July 1942 figure is al;
with
figures for later months, as data for July were not completely revised to the new basis.
2
Revised 1941 monthly averages (1935-39=100): Ohio payrolls, 178.9; Cleveland payrolls, 205.0.
t Revised scries. Indexes of weekly wages (formerly designated pay rolls) in manufacturing industries have been completely revised, see note marked " t " o n p S-9;
indexes for February 1943 are not as yet available. February data will be published in an issue of the weekly Supplement to the Survey. Earlier data for the revised pay-roll
index for New York City not shown in the July 1942 Survey and subsequent issues will be published later.
S-12
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
1943
February
April 1943
February
April
May
June
July
August
September
October
Novem- December
ber
1943
Monthly Januaverage ary
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Nonmfg., unadj. (U. S. Dept. of Labor): f
iMining:
Anthracite
...1939=100..
Bituminous coal
...do....
Metalliferous
.do
Crude petroleum producing..
do
Quarrying and nonmetallic
-..do
Public utilities:
Electric light and power
_
do
Street railways and busses
do
|_
Telephone and telegraph
do..
Services:
Dyeing and cleaning
do..
Laundries
_
..do..
Year-round hotels
do.
Trade:
Retail, total
..do.
General merchandising..
..do..
Wholesale
_
...do..
114. 2
169.7
166.3
103.6
151.0
131. 6
175.2
168.8
101.7
163.8
142.9
201.3
170.4
103.2
169.2
117.2
161.6
164.5
102.3
171.3
123.0
170.1
168. 6
102. 3
175.2
128.1
175.3
163.0
106. 4
175.4
123.4
179.0
163.8
105.1
179.1
125.6
177.7
167.5
104.3
172.5
128.4
183.7
166.7
106.8
160.6
124.3
174.9
166.0
104.3
160.1
101. 2
178.6
163.8
104.2
151.0
113.
120.
126.
113.0
121.4
127.8
113.1
124.9
130.7
113.1
128.6
131.0
112.9
130.9
131.8
112.3
134.9
133.2
112.0
134.7
136.5
110.7
137.1
134.3
108.9
140.7
134.9
109.4
145.7
134.1
112.1
129.8
131.2
107.5
147.4
137.0
116.
123.
114.
144.2 j
130.7 |
115.2 i
154. 3
137.0
117.5
160.5 !
138.6 |
119.0
149.0
141.7
118.9
145.1
140.5
119.0
147.1
141. 1
121.3
153.5
143.2
127.1
147.1
142.7
128.0
142.9
144.6
131.8
142.1
136.2
119. 8
142.8
147. 6
129.8
118.9
119.5
119.8
120.6
123.6
121.6
145.6
125.8
131. 5
181.7
124.6
v 116.6
T> 128. 0
p 121. 5
115.3
129.1
122.3
40. 03
p 36. 65
» 42. 73
v 40. 95
43.49
40. 58
46.59
44.91
» 41. 75 I
p 41. 94
P 4 7 . 29
46.85
44.75
50.74
126.
169.
165.
106.
135.
6
122.4
WAGES
Factory average weekly earnings:
Natl. Ind. Con. B d . (25 industries)..dollars..
U. S. Dept. of Labor, all manufacturing!-do
Durable goods
do
Iron and steel and their products-.-do
Blast furnaces, steel works, and rolling
mills
.
dollars..
Electrical machinery
do
Machinery, except electrical
do
Machinery and machine-shop products
dollars. _
Machine tools
do
Automobiles
do
Transportation equipment, except automobiles
dollars..
Aircraft and parts (excluding engines)
dollars. .
Shipbuilding and boat building--do
!
Nonferrous metals and products
do
Lumber and timber basic products-do
t Sawmills
do
Furniture and finished lumber products
dollars. _
Furniture
do
Stone, clay, and glass products
do
Nondurable goods
do
Textile-mill products and other fiber
manufactures
1"
dollars. Cotton manufactures, except small
wares
dollars. Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing and finishing) dollars. _
Apparel and other finished textile products
dollars. _
Men's clothing
do
Women's clothing
do
Leather and leather products
do
i
Boots and shoes do
j
Food and kindred products
do
|
Baking
do ''
Canning and preserving
do
Slaughtering and meat packing..do
Tobacco manufactures
do
Paper and allied products
do
Paper and pulp
do
Printing and publishing and allied industries..-. dollars..
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
do
Rubber tires and inner tubes
do
Factory average hourly earnings:
Natl. Ind. Con. Bd. (25 industries)
do.__.
U. S. Dept. of Labor, all manufacturingf.do
Durable goods
do
Iron and steel and their products-.-do
Blast furnaces, steel works, and rolling
mills
dollars. _
Electrical machinery
-do
Machinery, except electrical
do
Machinery and machine-shop products
dollars-.
Machine tools
do
Automobiles
do
Transportation equipment, except automobiles
dollars. Aircraft and parts (excluding engines)
dollars. _
Shipbuilding and boatbuilding.__do
Nonferrous metals and products
do
i
37.53
34.05
39.69
38.53
38.68 i
35.10
40.95 I
39.44 |
39.00
35.82
41.81
40.15
39.52
36.25
42.26
40.42
39.80
36. 43
42.51
40.16
40.87
37.38
43.84
41.56
41.79
37.80
44.45
42.14
42.10
38.89
45.31
43.45
42.50
39.78
46.27
44.20
r 42. 98
40.27
' 46. 28
r
44. 57
39.69
39.81
44.97
39.71 \
40.58 j
45.90
40.30
41.21
40.34
41.81
47.71
41.67
41.72
47.04
41.99
42.32
48.26
43.21
43.65
47. 71
43.93
43.73
49.34
45.57
44.24
49.64
45.49
44.37
50.25
44.00
50.87
49.74
45.20 |
50.79 |
51.23 i
46.44
52.47
51.55
46.09
51.41
50.98
47.04
52.12
52.72
46.95
50.72
52.26
48.30
52.32
52.97
48.65
53.18
54.65
49.84
53.25
55. 85
49.92 |
50.65 I
45.75 S
52.24
51.52
I
51.02 i
50.80 |
51.86 !
53.17 i
54.22
53.34
55.49
44.99
53.37
37.58
23.88
23. 20
45.90
53.28
38.94
24.78
23.97
46.22
53.27
39.47
25.79
25.05
46.67
52.73
40.32
27.00
26.26
46.01
51.11
40.94
26.98
26.14
46.24
56.82
41.80
28. 30
27.33 j
46.55
58.60
42.16
27.96
27.22
45.75
57.54
43.43
29.52
28.69
46.53
60.67
44.15
28.58
' 27.44
' 47. 08
58.09
' 44. 99
<• 27. 99
26.34
p 46. 21
p 55 99
p 40*. 78
p 26. 47
p 28. 57
46.63
57.40
45.43
27. 05
25. 31
25.73
26.46
30.03
27.49
26.66 I
27.26 j
30.47
28.12
27.06
28.05
30.86
28.55
27.10
27.91
30.96
28.65
26.95 !
27.84 |
30.54 |
28.94 I
27.37 I
28.95 i
31.52 1
29.36
27.68
28.90
31. 40
29.53
29.33
30.50
33. 52
30.66
29.34
30.05
33.53
31.25
i
! '30.11
i
30.:
! <• 33. 86
I
32.08
P27.36
p 28. 27
p 31. 29
P 29.13
29.68
30.31
34. 07
32.10
49.28 i M 6 . 21
53. 73 j v 51. 86
' 54. 51 I P 51. 74
r
54. 25 i P 52. 08 |
53.49
22.90 I
23.26
23.74 I
23.84
24.02 I
24.82 |
24.98
25.84
26.17 s
26.73
v 24. 31
26.80
20.80 I
22.32 |
21.05 I
23.40
21.67 I
23.28 I
21.63 I
23.24 j
21.32
22.98
22.37
23.62
23.12
24.69
23.39
25.31
23.62 I
25.46 i
24.04
25.88
p 22. 03
p 23. 66
24.23
26.30
27.13
28.31
28.97
29.43 i 31.59
31.43
p 29. 81
32.84
23.28
25.04
25.09
26.37
25.21
28.89
29.52
21.52
31.49
21.09
29.98
32.84
22.82
25.31
23.87
26.06
24.84
29.65
30.45
21.56
31.87
21.53
30.24
32.94
21.56
24.06
21.42
25.83
24.48
30.17
31.34
22.19
32.86
22.37
30.13
33.14
21.76
23.92
23.28
25.91
24.71
30.17
31.43
24.13
32.61
22.43
30.19
33.09
22.95
24.70
26.38
26.23
24.89
29.65
31.69
23.14
32.40
23.42
31.19
34.18
31.13 j
I
24.17
25.56
28.17
27.58
26.03
30.97
31.90
25.34
34.02
24.32
33.46
36.59
31.53 \ 32.6
22.96
24.34
25.55
26.05
24.86
28.43
29.41
21.96
30.70
20.35
30.20
33.28
30.40 I
I
22.51
24.18
25.67
25.76
25.93
29.89
31.72
24.88
32.62
23.04
31.29
34.10
23.97
25.66
27.48
27.79
25.97
31.84
32.32
25.57
34.52
24.82
34.01
37.18
24.27
25.70
27.60
28.98
27.52
'33.41
33.46
25.92
38.46
25.26
r 34. 62
37.83
p 22. 92
p 24. 75
p 25. 52
v 26. 49
p 25. 25
v 30. 04
i»31.04
p 23. 62
p 33. 02
p 22. 46
p 31. 29
p 34. 21
24.49
26. 39
27.77
28. 90
27.50
33.13
33.35
26.11
36.62
24.07
34.21
37.19
35.40
33.32
39.02
40.10
42.64
34.96
40.62
36.00
34.98
39.97
39.55
41.97
35.93
42.55
36.04
36.12
41.07
39.92
42.07
37.76
44.05
36.21
36.72
41.21
40.05
42.18
38.22
44.42
36.06
37.32
42.01
40. 73
43.00
39.05
46.08
36.06
37.76
41.73
41.63
43.58
39.47
46.10
36.67
37.62
41.70
42.98
45.19
39.31
45.80
37.51
37.74
43.38
43.80
46.56
40.39
46.55
38.56
38.10
44. J 8
45.61
48.80
41.48
48.45
r
v 36. G7
v 36. 37
v 41. 52
M l . 57
p 43. 99
p 38. 37
p 45. 01
39.04
39.38
45.55
45.88
49.07
43.16
50.53
.880
.803
.892
.896
.822
.912
.915
.906
.835
.925
.923
.917
.845
.935
.927
.940
.870
.969
.951
.957
.892
.997
.980
.893
.990
.979
.966
.805
1.005
.984
.970
.907
1.004
".986
.924
v. 853 i
p. 947 |
p. 939 |
.978
.918
1.015
.998
.995
.873
.914
1.003
.884
.931
1.007
.892
.949
1.008
.901
.960
1.038
.912
.977
1.077
.949
.994
1.073
.936
.997
1.081
.942 I
1.003 I
1.088
.944
1.011
p 1. 029
p. 907
p. 961 I
1.105
.950
1.021
,904
.928
1.154
. 922
'.944
1.146
.934
.965
1.163
.944
.974
1.161
.963
.987
1.169
.979
.990
1.185
.983
.998
1.172
.991
.986 I
1.007 !
1.013
1.202 I ' 1.198
p. 943 |
p. 971 i
p 1.169 I
1. 003
1.014
1.222
1.040
1.053
1.003
1.065
1.094
1.124
1.161
1.132
1.163
1.142
p 1. 094
.951
1.091
.858
.971
1.083
.881
.983
1.091
.993
1.088
.904
.991
1.138
.920
.993
1.183
.933
1.011
1.247
.956
.991
1.208
.956
.997
1.264
.959
'1.002
1.220
.976
p. 987
v 1.165
p. 913
.928 !
.856 !
.949
.934
1.013
.907
.964
.949 1
.975 I
39.40
* 39. 33
44.86
45.75
49.11
' 42. 99
49.93
!
1.138
1.012
1.204
.992
' Revised.
t Revised series. The Department of Labor's series on hourly earnings and hours per week have been revised and differ from those previously published owing to the
inclusion of additional data for industries not heretofore covered and extensive corrections, on the basis of Census and Social Security data, in the employment estimates of
the Bureau which are used for weighting purposes. The series of average weekly earnings has been recomputed; this average is obtained by taking the product of the averages
of hourly earnings and hours worked per wTeek. The industry classifications have been revised for all series to agree with definitions of the 1939 Census of Manufactures and
the standard Industrial Classification Manual. For January-March 1943 data, see March 1943 Survey; comparable earlier data will be published in a subsequent issue.
FRASERIndexes of pay rolls in nonmanufacturing industries have been completely revised; earlier data will be published in a subsequent issue.
Digitized for
S-13
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplement to the Survey
ary
1943
1943
February
April
May
June
July
August
September
October
Novem- Decem- Monthly January
ber
average
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings f—Continued.
U. S. Department of Labor—Continued.
Durable goods—Continued.
Lumber and timber basic products
dollars.
Sawmills
do.. .
Furniture and finished lumber products
dollars-.
Furniture.
_.
do
Stone, clay, and glass products
do
Nondurable goods
do
Textile-mill products and other fiber
manufactures
dollars..
Cotton manufactures, except small
wares
dollars
Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing and finishing) dollars
Apparel and other finished textile products
.
..
dollars
Men's clothing _
do
0.632
.620
0.657
.645
0.658
.647
0.677
.663
0.682
.671
0.694
.684
0.685
.670
' 0.676
.657
p 0. C48
p. 720
0.678
.653
.629
.649
.749
.689
.647
.667
.758
.703
.652
.677
.762
.712
.653
.673
.772
.718
.651
.673
.779
.725
.661
.682
.786
.730
.675
.700
.799
.743
.685
.707
.812
.751
.685
.703
.810
.756
'.689
.706
.810
.762
P. 657
p. 679
p. 777
p. 723
. 695
.709
.817
.768
.571
.580
.589
.593
.602
.616
.634
.639
.642
.644
v. 605
.649
.514
.578
.528
.575
.528
.572
.528
.577
.549
.590
.575
.611
.576
.615
.577
.619
.578
.619
p. 540
p. 586
.582
.639
.697
.710
.715
.729
.769
.774
.779
.783
.789
.789
p. 794
.789
.624
.663
.654
.653
.629
.702
.696
.587
.786
.550
.714
.764
.624
.671
.638
.671
.649
.715
.706
.613
.800
.561
.719
.769
.620
.687
.608
.675
.650
.725
.717
.617
.800
.571
.727
.777
.609
.682
.581
.678
.652
.727
.731
.599
.806
.581
.742
.797
.620
.683
.617
.680
.654
.720
.738
.601
.801
.581
.751
.809
.634
.697
.631
.683
.657
.718
.732
.611
.807
.593
.757
.814
.645
.701
.647
.702
.677
.715
.733
.612
.813
.597
.767
.825
.652
.702
.663
.708
.683
.744
.740
.664
.821
.602
.771
.828
.648
.705
.651
.713
.683
.751
.749
.671
.823
.611
.772
.831
.649
.707
.651
.719
.692
'.761
.758
.673
.839
.613
'.771
.829
630
v. 685
v. 637
p.G82
p. 656
p. 724
P. 726
?. 620
p. 808
p. 580
p. 743
p. 797
. 660
.729
.650
.717
.687
.767
.764
.672
.831
.611
.774
. 828
.922
.799
.950
1.023
1.104
.874
1.074
.940
.823
.974
1.022
1.103
.896
1.084
.946
.846
.990
1.021
1.098
.912
1.096
.953
.858
.990
1.027
1.102
.921
1.103
.949
.872
1.004
1.039
1.114
.932
1.107
.949
.876
1.001
1.054
1.130
.933
1.105
.960
.881
1.014
1.088
1.165
.945
1.114
.973
.866
1.019
1.081
1.160
.947
1.115
.976
.867
1.027
1.093
1.174
.955
1.125
.980
'.878
1.032
1.092
1.176
.966
'1.130
p. 952
p. 848
'.994
p 1. 049
v 1.128
P. 921
p 1.104
.976
.885
1.032
1.103
1.178
.972
1.139
157.8
1935-39=100..
1G8.0
. 1925-27=1001923-25=100.. ________
1935-39=100
1923-25=100..
174.0
1925-27=100...
131.6
140.3
131.9
170.3
146.4
148.9
145.0
137.2
144.0
134.9
177.7
150.1
151.3
147.7
142.0
147.9
138.9
180.5
152.4
153.6
150.8
139. 8
148.9
140.0
180.9
152.1
155.4
154.9
146.3
148.4
144.3
184.0
154.8
155. 4
152.1
145.0
150.9
146.5
184.7
157.0
159.8
157.8
150.9
151.3
150.0
190.1
160.3
161.9
153.1
157.4
156. 7
152.6
194. 5
163.3
166. 9
162.0
159.4
159. 8
152. 9
198.8
1G4. 7
169. 7
164.9
'153.6
163-3
156-0
' 202- 2
167-6
'171.6
r168-2
144.1
149. 2
142.7
184.0
155.0
157.4
153. 7
157.6
163.2
204.2
169.6
172.3
168. 6
.832
1 61
.780
1.64
.788
1.54
.788
1.54
.796
1.55
.803
1.56
.823
1.59
.823
1 59
.826
1.59
.832
1.60
.832
1.60
.804
1.56
.832
1.61
.860
50.54
.834
.835
.826
56.97
.825
.828
839
59.25
.832
.850
.845
3 56. 07
83.8
62 43
85.0
.43
.69
.37
.59
.62
.52
.82
.36
.51
.43
.49
.65
.37
.64
.63
.62
.89
.40
.52
.44
.53
.67
.41
.60
.68
.65
.90
.43
.55
.42
.56
.71
.42
.61
,68
.64
.92
,46
.57
.43
.59
.75
.41
.69
.71
.69
.95
.48
.60
.41
.61
.76
.43
.66
.77
.65
.97
.50
.60
.46
.63
.77
.46
.64
.74
.66
1.08
50
.66
.44
.66
.83
.48
.72
.82
.70
1.04
52
.72
.47
.66
.83
.47
.75
.87
LOG
.54
.77
.46
.67
.88
.46
.82
.88
.80
1.02
.56
.69
.48
.58
. 76
.42
67
.72
.66
9G
47
.61
.44
.63
89
47
84
95
.81
1 03
52
.66
.49
157
150
141
'136
120
110
105
J04
101
101
129
96
64
49
19
64
48
17
64
49
15
'64
49
14
65
50
14
65
50
13
65
50
13
66
51
13
66
52
12
67
52
12
65
50
15
67
52
11
7
7
58
5
7
56
4
6
51
4
6
47
r (a)
42
31
26
1
22
4
42
'420
320
do
do
do
Food and kindred products
do
Baking, . _ _
__
do
Canning and preserving
_ do
Slaughtering and meat packing. .do.. _
Tobacco manufactures
do
Paper and allied products . _
do
Paper and pulp
do
Printing and publishing and allied industries-. _ _ ______ .
dollars
Chemicals and allied products... do _
Chemicals .
do
Products of petroleum and coal
do
Petroleum refining
__ do
Rubber products
do
Rubber tires and inner tubes
do
Factory average weekly earnings, by States:
Delaware..1923-25=100
_
0.618
.606
.510
.556
W o m e n ' s clothing
Leather a n d leather products
Boots a n d shoes ________
Illinois
Massachusetts
New Jersey.-..
New Y o r k . . .
Pennsylvania
Wisconsin.
0.597
.584
Miscellaneous wage data:
Construction wage rates (E. N. R.):^
Common labor
dol. per hour
Skilled labor
do
Farm wages without board (quarterly)
dol, per month
Railwav wages (avg., class I)..dol. per hour
Road-building wages, common labor:
United States, average
.
. do _.
East North Central _
do
East South Central. «
do _
Middle Atlantic
do
Mountain
do __
New England
do
Pacific
do
South Atlantic
do
West North Central
do
West South Central . . . _ . .
do
.61
91
49
79
86
.82
1 03
52
75
.49
1
P.
PUBLIC ASSISTANCE
Total public assistance and earnings of persons
employed under Federal work programs
mil of dol
Assistance to recipients:
Special types of public assistance
do
Old-age assistance
do
General relief
do
Earnings of persons employed under Federal
work programs:
Civilian Conservation Corps mil. of dol
National Youth Administrationc?
do
Work Projects A dministration
do_ _
Earnings on
projects..
regular
Federal
construction
mil. of dol_.
M04
* 356
••422
'419
0)
(•)
(0
25
'434
1
22
'430
0)
(0
17
'435
FINANCE
BANKING
Acceptances and com'l paper outstanding:
120
116
123
119
139
163
156
190
174
127
177
Bankers' acceptances, totalmil. of doL_
us
95
90
108
97
94
122
119
144
133
102
139
Held by accepting banks, total
do..,..,
93
60
71
61
78
64
63
77
62
82
64
86
Own bills.._
do
60
35
37
44
29
33
31
42
53
51
38
53
Bills bought.
__do..__
34
24
31
41
26
38
26
25
46
4.1
25
38
Held by others* .
do
25
297
315
220
305
261
354
282
271
209
373
Commercial paper outstanding.._
do
230
Less tnan
than *&uu,uuu.
$500,000.
•None
<•_. R e v_._.«.
ised.
** Preliminary.
Preliminary.
•None held
neid by
Dy Federal
Federal Reserve
reserve banks.
Danics.
°° Juess
*2 No data available for small amounts expended after June 1942 for the CCC now in process of liquidation as directed by Congress.
33 Quarterly
Quarterly average.
average.
- Average
Avt'iugu of
ui six
oiA months,
niunius, January
j . u u a i y to
LU June.
J UIIC.
o*Beginning with July 1942 only amounts expended for the student work program are included; need is no longer a criterion for enrollment in the out-of-school work
program, which is focused on training inexperienced youths for war industries, and the program is therefore dropped from this series.
f Construction wage rates as of Mar. 1,1943: Common labor, $0,843; skilled labor, $1.61.
t See note marked "f" on p. S-12.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
S-14
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
February
April 1943
1942
February
April
May
June
July
1948
August
September
October
Novem- Decem- Monthly! Januber
ber
average J ary
2,696
2,148
1,625
523
155
2,659
2,115
1,603
512
159
140
13
392
145
13
FINANCE—Continued
BANKING—Continued
I
;
Agricultural loans outstanding of agencies su- !
pervised by the Farm Credit Adm.:
i
Total, excl. joint-stock land bks.. mil. of do! I 2,590
Farm mortgage loans, total
d o . . . 2,057
Federal land banks
do. . I 1,564
Land Bank Commissioner
...do-.- i 494
Loans to cooperatives, total
do
j
135
Banks for cooperatives, including central I
bank
mil.of doL.!
121
Agr. Mktg. Act revolving fund
do
i
12
Short term credit, total
do....!
398
Federal intermediate credit banks, loans \
to and discounts for:
j
Regional agricultural credit corps., j
prod, credit ass'os, and banks for <
cooperativesd*
mil, of dol.J
267
Other financing institutions
do
j
39
Production credit associations
do
|
197
Regional agr. credit corporations...do.._ j
3
Emergency crop loans
do
j
117
Drought relief loans
...do j
43
Joint-stock land banks, m liquidation..do.... i
20
Bank debits, total (141 centers)
d o . . . ! 47,640
New York City
do.... j 19, 635
Outside New York City
do
I 28,005
Federal Reserve banks, condition, end of mo.: I
Assets, total
mil. of dol.J 28,515
Res. bank credit outstanding, total.--.do
\ 6,296
Bills discounted
do
|
16
United States securities
...do ; 5,871
Reserves, total
do
j 20, 859
Gold certificates
do. _.! 20,476
Liabilities, total
. . . . d o . . . . ! 28,515
Deposits, total
d o . . . J 14,308
Member bank reserve balances
do
j 13,067
Excess reserves (estimated)
do
i 1,925
Federal Reserve notes in circulation..do
I 12,627
Reserve ratio
percent..
77. 4
Federal Reserve reporting member banks, condition, Wednesday nearest end of month: |
Deposits:
j
Demand, adjusted
mil. of dol.J 31,305
Demand, except interbank:
i
Individuals, partnerships, and corpora- I
tions
mil. of dol _. | 31,162
States and political subdivisions..-do
j 1,858
United States Government
d o . . . j 2,964
Time, except interbank, total
do
j 5,467
Individuals, partnerships, and corpora- |
tions
mil. of dol..
5,333
States and political subdivisions...do-..
105
Interbank, domestic
do
| 9,509
Investments, total
d o . . . J 31,953
U. S. Govt. direct obligations, total..do.... 26, 738
Bills t
.do....
9,245
Bonds
-do.. 13,394
Notes...
_-.
do.... 1 4,099
Obligations guaranteed by U. S. Govern- I
ment
mil.ofdol.J 1,919
Other securitiesdo....
3,296
Loans, total
do
j 9, 517
Commerc'l, indust'l, and agricult'l._.do
I 5, 736
Open market paper
do
|
227
To brokers and dealers in securitfes-.do
585
Other loans for purchasing or carrying
securities
mil. of dol..
342
Real estate loans.
_
do
1.176
Loans to banks
do
57
Other loans
do..-J 1.394
Money and interest rates:§
j
Bank rates to customers:
j
New York City
percent, j
7 other northern and eastern cities
do
j
11 southern and western cities
do 1 :
Discount rate (N. Y. F. R. Bank)
do.... , 100
Federal land bank loans
do
j 4.00
Federal intermediate credit bank loans.do
!
1. 50
Open market rates, New York City:
!
Prevailing rate:
j
Acceptances, prime, bankers, 90 days
j
percent..; 5 Me
Com'l paper, p r i m e . 4-6 m o n t h s
do
A-%
Time loans, 90 days (N. Y. S. E.)..do._._j
IK
Average rate:
;
Call loans, renewal (N. Y. S. E.) . . d o . . . ; 1.00
U.S. Treasury bills, 3-mo
do ...
.372
Average yield, U. S. Treasury notes, 3-5 yrs.: |
Tax-exempt^ ._
percent..!
Taxable*
do....! 1.24
Savings deposits:
I
Savings banks in New York State:
;
Amount due depositors...
mil. of dol.-j 5,622
U. S. Postal Savings:
I
Balance to credit of depositors..
do
| 1,469
Balance on deposit in banks
.do
I
15
2,878
2,332
2,869
586
129
2,887
2,296
1,721
575
121
2, 288
1,715
572
114
2,864
2,274
1,706
568
115
2,868
2,274
1,706
568
117
2,818
2,232
1,679
553
117
2,776
2,207
1,663
544
126
2,733
2,179
1, 645
534
145
110
17
417
102
16
470
99
13
468
101
13
475
104
12
477
104
12
469
112
12
443
130
13
409
235
41
203
4
122
47
32
37, 785
14, 242
23,543
258
44
245
4
130
47
29
42,474
16,023
26, 451
257
45
241
4
131
47
28
44, 226
16, 985
27, 241
260
47
248
4
129
47
27
45, 686
17, 394
28,292
261
47
249
5
130
46
26
45, 615
17,110
28, 505
255
47
243
5
128
46
26
44,898
17, 051
27,847
249
43
225
5
124
46
2 25
48,123
18, 593
29, 530
246
253
39
38
202 S
190
5
5
118
114
45
45
2 24
23
49, 950
46, 056
18, 323
17,016
31, 627
29,040
273
39
185
4
113
44
21
59, 483
23, 921
35, 562
24,322
2,412
5
2,262
20.846
20,515
24, 322
14, 441
12,619
2,969
8,559
90.6
24,359
2,468
7
24,468
2,634
7
24. 672
2,775
3
25,298
3,565
2,357
20, 824
20,510
24,359
14,204
12, 658
2,791
8,821
90.4
2,489
20, 799
20, 522
24, 468
14,094
12, 405
2,486
9,071
89.8
2,645
20,830
20, 566
24, 672
13, 957
12, 305
2,362
9,376
89.3
25,139
3,245
4
3,153
20,802
20, 546
25,139
14,159
12, 492
2,130
9,721
87.1
3,426
20, 803
20, 575
25,298
13, 952
12,338
2,143
10,157
86.3
25, 754
3,774
8
3,567
20, 808
20, 576
25, 754
13, 660
11,592
1,690
10, 658
85.6
26,953
4,959
11
4,667
20, 813
20,569
26, 953
14,313
12, 735
2,644
11, 220
81.5
5,399
20, 799
20, 573
27, 748
14, 534
13,208
2,909
11,756
79.1
29, 019
6,679
6
6,189
20.908
20, 554
29,019
15,194
13,117
1,988
12,193
76.3
28, 55H
6, 339
14
5,969
20,931
20. 520
28, 55f>
14, 805
13, 030
2,387
12, 265
24, 712
25, 358
25, 483
25, 502
26, 670
27, 217
27, 424
28, 639
28, 852
28, 257
29, 748
24,595
1,804
1,671
5,205
24, 636
2.096
1,506
5,128
24,922
1,971
1, 301
5,109
25,343
1,803
1,442
5,112
26, 236
1,811
1,782
5,115
26,818
1,806
1,511
5,158
27, 344
1,909
2,018
5,285
28, 345
1,947
2,696
5, 215
28, 733
1,867
3,092
5,228
28, 709
1,759
6,757
5,256
29, 434
1,888
5, 24*
5, 408
5,005
180
9,033
19,551
13,132
1,206
9,589
2,337
4,929
189
8,687
20,111
13, 730
1,669
9,705
2,356
4,914
175
9,175
20, 774
14, 559
1,953
10, 309
2,297
4,955
137
9,090
21,642
16,200
2,918
10, 383
2,899
4,975
120
8,444
22,816
17,352
3,376
11,118
2, 858
5,019
115
8,681
24,075
18,493
4,512
11, 228
2,753
5, 038
121
8.527
25, 593
19. 948
5, 366
11, 257
3,325
5,087
102
8,898
27, 229
21,879
5,756
11, 725
4,398
5,102
100
9,454
28,092
22,874
6,999
11,634
4,241
5,130
100
9,141
31,148
25. 898
8,744
12, 985
4,169
5. 2 08
112
9,197
31,918
26, 740
9, 535
13,117
4, 088
2,723
3,696
11,392
6,902
422
471
2,675
3,706
11,094
6,726
2,667
3,548
10,905
6,542
441
382
528
2,032
3,410
10, 740
6,469
341
519
2,035
3,429
10, 696
6,432
336
569
2,095
3,487
10,382
6,282
313
493
2,106
3, 539
10. 361
6,270
282
526
1,907
3,443
10, 320
6,316
265
529
1,934
3,284
10,295
6,192
248
700
1,937
3,313
10, 321
r
6,065
239
850
1,908
3,270
9,790
5.902
229
637
410
1,250
37
1,900
395
1,246
30
1,847
403
1,243
28
1,779
393
1,236
36
1,746
407
1,230
381
1,230
26
1,657
381
1,221
65
1,616
369
1,217
46
1,578
1,207
22
1,537
1.00
4.00
1.50
1.00
4.00
1.50
2.28
2.66
3.25
1.00
4.00
1.50
Me
Me
1,746
409
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
2.07
2.56
3.34
1.00
4.00
1.50
Me
H
Me
H
Me
Me
m
1.00
.250
IH
m
1.00
.299
29
1,693
l.oo
1.00
4.00
1.50
27,748
5,714
7
389
1.00
4.00
1.50
Me
Me
54-94
IK
••i-U
1H
IK
IK
1.00
.370
1.00
.370
1.00
.372
1.00
.364
.363
1.00
.368
1.03
1.15
1.20
1.25
1.27
1.28
2, 608
2. 080
1. 579
501
146
12
3S2
i 46, 116
17, 580
i 28, 536
r
' 358
1, 184
'382
1,199
53
<• 1. 533
2.09
2.63
3.26
1.00
4.00
1.50
Me
-H
265
38
18.'
3
113
44
20
50, 140
19, 877
30. 263
3
2. 07
3 2.58
3 3.26
4.00
1.50
1.00
4.00
1. 50
. 66
m
IK
1.00
.371
1.00
.363
1.00
. 326
1.28
1.34
1.00
. 367
.44
5,401
5,373
5, 374
5,422
5,411
5,427
5,449
5,459
5,492
5, 570
5. 594
1,307
25
1.306
25
1,307
24
1,316
24
1,329
21
1,344
20
1,358
19
1,377
18
'1,396
1,415
17
1, -W."
'17 I
r
Revised.
§For b o n d yields see p . S-19.
5 N o tax-exempt notes o u t s t a n d i n g w i t h i n m a t u r i t y range after M a r . 1", 1942.
1
Revised 1941 m o n t h l y averages; T o t a l , 141 centers, $40,971,000,000; outside N e w Y o r k C i t y , $24,494,000,000. » A m o u n t e s t i m a t e d for one b a n k .
©"To avoid d u p l i c a t i o n these loans are excluded from the totals.
I Bills a n d certificates of i n d e b t e d n e s s b e g i n n i n g April 1942.
• N e w series. Earlier d n t a for the series on t a x a b l e T r e a s u r y notes a p p e a r on p . S-14 of t h e April 1942 S u r v e y .
3 Q u a r t e r l y average.
April 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
S-15
SURVEY OF CURRENT BUSINESS
1943
February
1942
February
April
May
June
1943
SepAugust ! tember
July
Novem- Decem- .Monthly January
ber
ber
I average
October
FINANCE—Continued
CONSUMER SHORT-TERM CREDIT
Total consumer short-term debt, end of month*
mil. of doL.
Instalment debt:
Sale debt, total*
.do....
Automobile dealers*
do_._.
Department stores and mail order
houses*
mil. of doL.
Furniture stores*
do
Household appliance stores*
do
Jewelry stores*
do
All other*
do....
Cash loan debt, total*
do
Commercial banks, debt*
do., _.
Credit unions:
Debt§
do___.
Loans made __.
do
Repayments!
..do
Industrial banking companies:
Debt
do....
Loans made
do
Repayments
do
Personal finance companies:
Debt
..do....
Loans made
do
Repayments
do
Repair and modernization debt* do
Miscellaneous debt*
do
Charge account sale debt*
do
Open credit cash debt*
do—
Service debt*
do
Indexes of total consumer short-term debt,'end
of month:*
Unadjusted
1935-39=100Adjusted
do
8,766
8,334
7,961
7, 547
7,096
6,761
6,559
6, 337
'6,169
'6, 150
:>, 691
3,299
1,668
2,919
1,369
2,706
1,239
2,475
1,120
2,248
1,004
2,032
874
1,862
769
1,704
664
' 1, 571
573
1, 495
482
1.316
404
» 319
416
573
285
100
257
2,036
618
3%
561
258
91
244
1.967
586
367
543
240
85
231
1,908
564
332
512
219
79
213
1,858
546
300
475
202
71
196
1,789
521
277
449
183
67
182
1,716
491
261
428
169
63
172
1.642
460
253
408
154
61
164
1, 551
421
247
392
r 141
61
157
1,483
393
254
391
'131
r
78
160
1,428
370
228
358
116
66
144
1,346
'345
198
19
26
190
19
25
184
18
24
179
20
25
173
v 13
9 19
166
16
23
160
16
22
152
14
22
145
14
21
141
18
22
18
24
132
11
20
285
35
40
277
37
42
268
34
43
261
36
43
253
34
42
246
236
31
41
224
33
40
211
25
36
'202
31
'40
34
42
193
25
34
521
64
70
313
101
1,624
1,193
614
517
71
75
297
100
1,660
1, 171
617
504
58
71
289
99
1, 575
1.151
621
493
68
79
281
98
1, 466
1,125
623
481
63
75
264
466
60
75
252
95
1,285
1,102
626
452
60
74
240
94
1. 336
1,095
628
437
59
428
227
92
1,365
1, 088
629
59
68
215
'91
' 1,386
1,085
' G44
424
82
86
200
91
'1,513
' 1,072
'648
145
147
138
139
132
132
125
125
112
114
109
110
105
105
r 102
' 102
M02
' 98
955
42
63
134
7
5
17
3
4
20
5
20
3
20
5
25
647
804
48
67
698
556
27
54
77
5
4
5
2
2
10
5
11
5
15
0
13
355
43
673
40
61
102
0
585
27
63
98
4
5
10
5
2
506
22
v 185
P26
J>34
P387
18
24
97
1,322
1,112
625
118
119
30
44
74
67
76
403
45
66
184
89
1,320
1,058
651
95
94
INDUSTRIAL AND COMMERCIAL
FAILURES
Grand total
.number.
Commercial service, total
do...
Construction, total
do...
Mannfacturing and mining, totaldo...
Mining (coal, oil, miscellaneous)
do...
Chemicals and allied products
do
Food and kindred products
do...
Iron and steel products
do
Leather and leather products..
do...
Lumber and products
do...
Machinery
do.._
Paper, printing, and publishing
do
Stone, clay, and glass products
do._.
Textile-mill products and apparel d o . . .
Transportation equipment
do...
Miscellaneous
.do...
Retail trade, total
do...
Wholesale trade, total
do...
422
28
38
67
3
2
9
2
3
9
5
9
4
9
2
10
255
34
916
59
57
141
5
8
31
5
5
13
8
15
2
24
2
23
589
70
938
38
65
146
4
Llabilities, grand total...
...thous. of do].
Commercial service, total
do
Construction, total
do.._
Manufacturing and mining, total..
do....
Mining (coal, oil, miscellaneous)
do...
Chemicals and allied products
...do...
Food and kindred products
do...
Iron and steel and products
...do...
Leather and leather products
do...
Lumber and products
do...
Machinery
do...
Paper, printing, and publishing......_do._.
Stone, clay, and glass products
„ do...
Textile-mill products and apparel d o . . .
Transportation equipment
do...
Miscellaneous
do...
Retail trade, total
...do...
Wholesale trade, total
__do._.
4.163
'331
379
1,342
69
44
195
132
97
128
269
107
45
79
54
123
1,782
329
927
920
2,525
182
73
470
118
119
456
66
214
33
319
22
455
4,232
1,027
335
1,033
2,953
48
156
936
64
53
263
58
429
98
316
204
328
3,829
1,132
15
2
18
3
29
3
19
624
65
9,839
471
1,175
2,924
234
49
622
95
69
246
63
562
39
623
48
274
4,392
877
135
1
4
23
5
6
18
11
18
7
23
2
17
486
68
9,906
673
945
3,327
222
118
632
99
63
829
300
403
124
180
78
279
3,752
1,209
764
52
63
120
5
5
19
5
24
47
66
119
5
5
23
5
4
10
8
12
5
20
1
14
465
64
2
20
405
61
8,548
915
584
2,078
85
177
265
161
6,781
538
520
2,249
237
33
421
18
191
50
207
163
341
53
262
22
384
2,475
999
8
3
11
5
20
156
224
129
486
9
177
3,950
1,021
76
5,473
268
646
1,661
519
28
90
17
29
217
131
110
100
280
0
140
2,276
622
7
17
1
3
9
7
13
3
20
4
18
405
65
7,181
525
756
2,374
0
146
352
7
21
81
69
580
125
628
170
195
2,660
866
18
2
16
3
47
86
2
3
11
4
3
11
4
12
4
19
784
42
62
125
4
5
23
5
4
14
6
16
4
24
3
53
79
2
4
14
2
1
11
5
14
1
16
2
16
2
15
352
45
10
18
307
44
491
63
267
31
5,245
267
717
1,823
6,950
526
1,189
1,997
198
64
176
297
12
195
120
49
185
12
132
62
288
8,397
602
853
2,600
185
90
553
116
68
293
129
303
78
402
102
282
3,368
974
5,515
396
698
2,249
206
34
469
105
52
139
333
498
4
252
42
115
1, 800
372
3
7
40
272
77
49
467
17
216
164
2,009
429
196
2,392
846
525
LIFE INSURANCE
Association of Life Insurance Presidents:
28,394
Assets, admitted, totaU
.mil. of doL.
28,083
27,209
26,928
27,725
27,909
28, 236
27, 341
27, 462
28, 572
27, 598
5,224
5,105
5,225
Mortgage loans, total
..do
5,047
5,230
5,134
5,194
5,212
5,220
5,223
5,164
681
672
675
667
Farm
do
684
680
661
685
685
688
687
4,424
4,375
4,555
4, 450
4,525
4,545
4,557
4,562
Other..
do.-..
4,479
4,506
4,535
1,436
1,474
1,423
1,302
1,392
1,370
1,356
1,308
Real-estate holdings
do
1,410
1,400
1.382
2,202
2,228
2,188
2,045
2,144
2,092
2,110
2,068
Policy loans and premium notes
do
2,176
2,158
2,129
Bonds and stocks held (book value), total
17,904
16,706
17,905
17,882
18, 641
16,944
17, 415
17,843
17, 391
17,431
18,672
mil. of doL.
7,816
8,938
8,929
8,014
8,443
8,888
8,453
8,453
8,908
9,756
9,797
Gov't. (domestic and foreign), total-do
5,981
7,204
6,156
6,595
6,592
6,587
7,093
7,132
7,196
8,060
U. S. Government
do
8,089
4,304
4,434
4,432
4,369
4,378
4,396
4,405
4,409
4,444
4,443
Public utility
...do...
4.438
2,680
2,581
2,659
2,650
2,566
2,623
2,616
Railroad
do
2,630
2,597
2,517
2,515
1,906
1,910
1,951
1,902
1,952
1,944
1,930
1,955
Other
do
1,925
1,956
1,922
884
597
921
876
574
868
Cash
do
1,074
537
690
716
712
604
Other admitted assets
...do
555
560
602
601
569
583
616
614
' Revised.
t36 companies having 82 percent of the total assets of all United States legal reserve companies.
§ Revisions in 1941 data for credit unions are shown on p. S-15 of the January 1943 Survey.
*New series. Earlier figures and description of the data appear on pp. 9-25 of the November 1942 Survey; subsequent revisions in 1941 data for total short-term debt (dollar figures and indexes), total cash loan debt, and commercial banks aresbown on p. S-15 of the February Survey. Minor revisions in service debt are available upon request.
S-16
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru- February
ary
1942 Supplement to the Survey
April 1943
1942
April
May
July
June
1943
August
September
October
November
592
42
364
186
529, 525
83, 304
112,240
333, 981
247, 852
18,935
14, 291
58,855
155,771
594
55
356
184
527,168
84, 799
111,795
330, 574
253, 735
20,092
15,382
58,805
159,456
679
46
428
204
582, 688
78,094
135, 727
368,867
262, 368
21, 753
16,073
56,836
167, 706
628
72
358
197
577, 536
114,180
111,801
351, 555
260,427
22,128
16,857
58,539
162, 903
Decem- Monthly January
ber
average
FINANCE—Continued
L I F E INSURANCE—Continued
Association of Life Insurance Presidents—Con.
Insurance written:®
Policies and certificates, total number
thousands..
Group_
„
.do
Industrial
do
Ordinary..—...do,...
Value, t o t a l . . .
thous. of dol..
Group
do
Industrial
_._„
do
Ordinary
._
-do..,.
Premium collections, total®
do
Annuities
____do.
Group...
_
_..__do.
Industrial
_
do.
Ordinary
do
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
thous. of dol._
Death claim payments..
do
Matured endowments
do
Disability payments
do
Annuity payments
.-do
Dividends
do
Surrender values, premium notes, etc.do
Life Insurance Sales Research Bureau:
Insurance written, ordinary, total
do
New England_
_
...do...Middle A t l a n t i c . . .
do—.
East North Central
...do
West North Central
____do
South Atlantic
,
..do
East South Central.
_.
do
West South Central
do
Mountain
.____do
Pacific
do
Lapse rates
.
1925-26—100..
623
42
380
201
593,733
90, 690
117, 563
385,480
279, 445
23, 504
19, 334
59,376
177, 231
508,908
36, 761
136,677
117, 268
49, 563
49, 708
19, 722
37, 235
13, 752
48, 222
677
32
418
227
652,434
50, 231
126,492
475,711
272, 778
25, 378
15, 040
57. 578
174, 782
721
68
454
200
632,347
124,823
139,021
368, 503
276, 007
23.113
14,968
66,272
171,654
705
48
461
196
589,564
87, 773
141, 378
360,413
270, 516
25, 363
14, 496
59,133
171, 524
630
66
366
199
657,597 631,391
161,061 151,343
129,863 112,917
366,673 367,131
277, 578 278,011
25,654 30,999
15, 783 16, 297
64,014 56,368
172,127 174, 347
186, 505
74, 057
21,061
7, 581
12, 664
34, 286
36,856
227, 512
92, 409
23, 404
7,943
13, 694
46, 647
43, 415
188. 894
75, 533
21, 644
7,600
12, 727
31, 187
40, 203
203, 882 204, 396 165, 866 176,104 189,326 176, 247 244,909 200, 210 203, 604
80, 702 89,707 I 71, 785 76, 726 84,114
80,109
97, 826 83, 583 93,442
22,464 22,132 21,802
22, 478 20,444 1 17,449 20,283
21,793
25, 777
7,930
8,053
8,823
7,218
8,360
7,021
7,943 I 8,302
7,414
13, 968 12, 763 13,192
14,173
14, 549 10, 607 12,978
13.453 j 17,015
37, 221 32, 252 24,851
36,226
34,377
27, 510 27, 258 25,880
68,314
40, 485 39, 084 33, 244 31, 586 33,469
28,145
37, 212 I 24,691
36,361
634,£38
51, 310
175, 355
141, 939
60,218
60, 764
24, 742
44, 577
15, 345
60,298
462,761
37,131
118,591
106,487
44,931
45,968
18,650
32,604
11,998
46,101
457, 926
36, 248
114, 230
106, 445
48, 833
44, 679
17, 758
31,825
12,188
45,720
463, 325 459, 499 430, 297 432,679 467,814 447, 749 521, 524 527, 651 485, 782
37,029
33, 590 37,408 34, 767 36,426
41,752 39,396
37, 051 34,983
117,577 115,844 100,695 101,125 118,351 119, 590 143, 961 139. 443 137, 295
106,796 105, 599 97,929
96,148 106,057 100,774 114,554 119,150 108, 316
47,660 46, 746 44, 693 45, 203 47, 518 44,357
52, 563 51, 936 46, 684
44,407 44,696
44, 285 46,426 47, 720 45,188
50,307
51.490 43, 661
19,182
17,515
18, 867 17,410
18,413
20, 220 21,237
18,549
18,131
32, 247 32,199
32, 785 35,445
32,234 30,565 38,142
38,063 34,133
12, 288 13,165
12,123
12, 390 13,059
12,703
16,069
13,963
12,798
46,139 45,650
46,600 42,395 49, 282 50,617 45,368
45, 289 43,939
80
77
79
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
Argentina
dol. per paper peso..
.061
.061
.061
Brazil, official
dol. per milreis..
.301
.301
.301
British India
dol. per rupee..
. 900
.872
.884
Canada, free rate
dol. per Canadian dol...
.572
.570
.670
Colombia..
dol, per peso..
.206
.206
.206
Mexico . . .
do.-._._
4.035
4.035
4.035
United Kingdom, official rateV--dol. per £__
Gold:
22,705
Monetary stock, U. S._
mil. of d o l . . 22,644
Movement, foreign:
Net release from earmark*
thous. of dol.. -63,411 -109,277 - 2 0 , 0 6 8
Production:
r
76,010 r 80, 283
Reported monthly, t o t a l } . .
do
44,462
46,366
Africa.....
do
13,147
14, 728
Canada.
_
....do
United States
do
' 10, 391 '11,415
16,088
11, 485
11,767
Currency in circulation, total
mil. of d o l . .
Silver:
.448
.351
.351
Price at New York
_dol. perfineoz._
Production:
1,478
1,
613
Canada
thous. of fine o z . .
4,470
United States
.
.do
5,606
Stocks, refinery, end of month:
3,224
2,930
United States
_._do
BUSINESS INCORPORATIONS
New incorporations (4 States)
number __
P R O F I T S AND DIVIDENDS
Industrial corporations (Federal Keserve):
Net profits, total (629 cos.)
mil. of dol...
Iron and steel (47 cos.)
.do
Machinery (69 cos.)
do
Automobiles (15 cos.)
do
Other transportation equip. (68 cos.) _ _do
Nonferrous metals and prod. (77 cos.).do
Other durable goods (75 cos.)
do
Foods, beverages, and tobacco (49cos.). do
Oil producing and refining (45 cos.)..do
Industrial chemicals (30 cos.)
do
Other nondurable goods (80 cos.)
do
Miscellaneous services (74 cos.)
do
Profits and dividends (152 cos.):*
Net profits.
do
Dividends:
Preferred
....do
C ommon
do
Electric power companies, net income (28 cos.)
(Federal Reserve)*
mil. of dol._
R ail ways, class I, net income (Interstate Commerce Commission)
mil. of dol-.
Telephones, net operating income (Federal
Communications Commission).„_mil. of dol._
810
1,172
1,194
710
87
425
198
676
64
400
211
650, 392
116, 657
123, 304
410,431
281,139
28,087
16,133
63, 316
173,603
585
54
340
191
576,482
93,872
103,873
378,737
281,077
33,984
19,312
57,639
170,142
l
.061
.301
.886
.570
.206
4.035
.298
.061
.301
.900
.570
.206
4.035
.298
.061
.301
.899
.571
.206
4.035
.298
.061
.301
.895
.572
.206
4.035
.298
.061
.301
.878
.571
.206
4.035
22, 714
22,737
22,744
22,756
22, 754
-38,196 -14,792 -24,383 —21,763 |—27,759
' 80, 960
47, 347
14, 881
" 11,164
125 074
679
165
315
200
811,710
317, 372
97, 863
396,475
387,033
60,577
17, 775
97,855
210, 826
• 78, 810
46,665
14, 852
• 10,504
12, 383
'83,214
47, 460
14,864
' 12, 754
12, 739
I
'77,210 • 76, 500
45,044
46,052
13, 212
14,100
• 10,163 • 11,837
13,
703
13, 200
.298
.061
.301
.876
.570
.206
4.035
298
.061
.301
.881
.570
.206
. 4.035
22, 740
22, 743
.298
.061
.301
.879
.572
.206
4.035
298
061
301
884
571
206
4*.035
22, 726
.061
.301
.896
.572
.206
4.035
22,683
-56,440 | -10,752
30,974 —38, 203 -76,063
'78,131 I D 70, 294
45,459 j p 43, 473
13, 365
12, 693
• 12, 013
'7,828
14, 210
14,805
68, 227 p 78 671 p 65,378
' 42, 945 p 45, 860 v 42,016
12, 597
14,001
11, 708
' 6, 209 s 10,911
5,179
15,410
15, 590
.351
.351
.351
.351
.448
.448
.448
1,624
4,948
1,537
4,528
1,966
5,048
1,505
4,412
1, 758
4,561
1,870 i
3,819 '
1,623
3,292
1,634
3 1,646
3,673 I 4,541
3,542
3,270
2,685
3,744
4,510
2,922
3,505
3,128
3,150 |
2,851
832
818
890
1,094
>53
32
18
32
27
35
27
34
467
51
36
46
2 58
34
22
42
42
41
35
59
174
215
23
136
21
127
25
199.2
.383
1,011
784
546
'70
'51
128
1,032
* s 452
* 56
o 40
» 3 103
' £35
« 23
3 38
« 41
a 3 44
a 221
23
a 22
158 |
«138
35
284.1
I
|
i
|
.448
383.9
* 30
a 241. 0
66.0
66.!
* s 65. 8
66.2
p
a
J
Revised.
Preliminary.
Quarterly averages.
* Discontinued by compiling source.
Partly estimated.
• Or increase in earmarked gold (—).
Revised 1941 averages (units as shown above): Gold production—reported monthly total, 90,740; United States, 17.431 (1942 monthly revisions not shown above: reported
monthly—Jan,,88,955; Mar., 85,388; United States—Jan., 15,339; Mar., 11,316). Silver production, Canada, 1,813. Net profits—total, 542; automobiles, 69; nonferrous metals
and products, 38; foods, beverages, and tobacco, 40; oil producing and refining, 44; miscellaneous services, 40. Telephones, net operating income, 62.8.
® 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.
JMexico not included beginning April 1942 as data are not available. Figures for Mexico for earlier months are shown on p. S-16 of the January 1943 Survey.
^Free rate formerly shown for United Kingdom was discontinued after February 1,1943. Official and free rates (rounded to thousands) have been identical since December
1941.
r
3
cludi:
http://fraser.stlouisfed.org/
152
companies,
Federal Reserve Bank of St.
Louis see p. 21, table 10, of the April 1942 Survey. Earlier data for net income of electric power comDanies will bn nnhlishp.d in
April 1943
S-17
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may he found in the Febru1942 Supplement to the Survey
ary
1942
February
April
May
June
July
SepAugust tember
October
1943
Novem- Decem- Monthly Januber
ber
average ary
FINANCE—Continued
PROFITS AND DIVIDENDS—Con.
Corporate earnings (Standard and Poor's):
Combined index, unadjusted*
1926=100.
0)
0)
Industrials(115cos.)
_.._do.-3 P 83.9
72.6
Railroads (class I)9
do...
v
234.5
3
v
143.4
167.6
115.0
Utilities (13 cos.)----do.._
0)
0)
PUBLIC FINANCE (FEDERAL)
War program in the United States, cumulative
totals from June 1940: *
Program
mil. of doL.»243,093
•242, 539
179,621 224,861 225,496 225, 565 241, 868 241, 678 *>241, 953
Commitments
_
...do
'194,117
138,044 149,364 157,021 164,143 172, 306 181,905 187, 794
Cash expenditures
do
*84,288
P78, 152
59,492 65,660 v 71,843
33, 808 38,135
42, 943 48,192
53,716
23,121
29,864
War savings bonds, sales*
.do
887
2 734
814
1,014
1,240
634
901
634
735
703
531
Debt, gross, end of month®.,....
do
114, 024
81,685
92,904
111,069
72, 495 77,136
68,617
62,434 65,018
96,116 108,170
Public issues:
103, 286
Interest bearing. _ _..
.......do
64,156
100, 852
68,569
72,982
83,680
98, 276
60,637
86,671
54, 759 57,196
77,338
1,173
Nonintcrest bearing..
„
do
454
862
1,045
462
464
442
639
657
637
486
441
Special issues to government agencies and
trust funds.-.
.mil. of dol._ 9,565
9,172
7,518
9,032
7,358
7,885
8,125
8,262
8,585
7,190
8,787
8,509
Obligations fully guaranteed by U. S. Gov't:
Total amount outstanding (unmatured)cf
mil. of dol .. 4,275
5,667
4,283
5,666
4,551
4,243
4, 548
4,567
4,277
5,673
4,552
4,244
By agencies^
780
701
Commodity Credit Corp
do
701
782
701
701
738
754
749
788
749
738
930
Federal Farm Mortgage Corp
do
930
930
930
930
930
937
930
930
930
930
930
Home Owners' Loan Corporation...do__ 1, 533 2,409
2,409
2,409
1,563
1, 533
1,533
1,533
1,533
1,533
1,533
1, 533
896
Reconstruction Finance Corp.
do....
1,492
1,492
896
1,219
1,216
1,216
896
896
1,492
1,216
896
4
6,119
Expenditures, total
do
3,955
3, 755
4, 531
5,162
5,215
5,937
6,501
2, 708
6,372
2,630
6,363
5,931
4
5,770
3,560
3,
238
3,829
5,481
5,825
2,168
4,884
6,042
5,947
War activities t
do
4,498
5,384
92
66
31
48
70
Agricultural adjustment program
do
47
30
66
*66
86
35
4
23
91
72
35
12
Unemployment relief
do
52
99
29
'68
40
31
2
48
1
56
25
Transfers to trust accounts X
do
19
4 32
35
249
5
3
()
35
77
390
12
353
Interest on debt
do
*105
35
7
70
28
224
54
19
4
2
1
1
1
Debt retirements
do. _ .
2
8
(°)
(.)
(•)
(•)
2
4
198
234
206
All other t
do...
210
194
215
263
230
224
222
230
247
242
4
1,190
732
2, 494
Receipts, total
do
937
830
794
2,702 4 1,139
797
824
764
648
2,528
955
695
2,492
Receipts, net
do
758
601
747
2,701
1,067
587
788
563
607
2,527
26
32
28
Customs
do
27
23
24
24
4
32
22
25
30
24
20
4
1,075
684
2,424
Internal revenue, total
„
do
879
784
742
2,649
108
748
724
708
603
2,476
335
380
2,086
Income taxes
do...
283
199
273
1,972
4
663
155
306
216
206
2,126
4
43
343
42
Social security taxes
.do
257
248
53
50
100
232
52
222
48
43
Government corporations and credit agencies:
Assets, except interagency, total..mil. of dol. 23,437 15, 224 16, 656 17,343 17,962 18, 482 19,401 19,974 20, 534 20, 992 21,715
22, 643
Loans and preferred stock, total d o . . .
9,005
9,218
9,026
8,588
8,948
8,779
8,691
8,813
8,781
8,859
8,746
9,059
Loans to financial institutions (incl. preferred stock)
....mil. of dol.
858
1,029
1,020
1,030
1,060
949
957
974
1.002
953
920
474
Loans to railroads
_„_.
do...
502
498
498
497
498
'497
486
496
489
497
Horne and housing mortgage loans _.do.. .
2,219
2,352
2,372
2,357
2,286
2,344
2,380
2,241
2,265
2,237
2,286
2,297
Farm mortgage and other agricultural
2, 871
loans
.mil. of doL
3,272
3,092
3,076
2,994
2,925
3,117
3,038
2,916
2,912
2.949
2,042
All other
do...
2,167
2,004
2,124
2,041
2,067
2,096
2,149
2,151
2,067
2,117
2,168
U. S. obligations, direct and fully guaran1,375
1,088
teed
mil. of dol.
1,097
1,058
1,076
1,219
1,113
1,144
1,222
1,273
1,197
1,284
1,359
Business property
do....
859
833
782
815
976
924
879
1,001
1,020
952
1,041
5.883
3,067
Property held for sale...
...do
2,717
3,512
4,710
2,017
3,808
4,177
5,187
4,287
4,701
5,638
6, 232
3,349
4,848
All other assets,
.do
2,830
3,468
2,308
4,295
5,489
3,735
4,725
5,288
5,989
Liabilities, other than interagency, total
mil. of dol.. 10, 791
9,418
9,776 10,078
9,275
9,863
9,482
9,728
10,161
10, 268 10,345
10, 533
Bonds, notes, and debentures:
5,687
5,688
4,568
Guaranteed by the U. S
do.... 4,332
5,697
4,581
4,592
4.265
4, 574
4,264
4,301
4,291
1,383
1,442
1,440
Other
do
1,396
1,431
1,443
1,445
1,413
1,434
1,404
1,414
1,413
5,076
2,325
3,265
2,950
Other liabilities, including reserves,..do
2,656
3,691
4,185
3,457
4,154
4,601
4,630
4,829
440
438
437
Privately owned interests
do
434
436
439
442
438
439
443
439
439
12, 206
5,372
8,249
6,828
U. S. Government interests
do
6,444
8,562
9,234
10,230
9,373
10,281
10,931
11, 671
Reconstruction Finance Corporation, loans outstanding, end of month: %
Grand total
tbous. of doL- 5,805,976 3,166,909 3,556,094 3,819,280 4,085,264 4,273,373 4,545,609 4,628,502 4,848,279 4,916,226 5,312,352
5,604,641
706, 520 729, 730 738,384 733,596 734,070 733, 316 735, 862 735,093 735, 685 735, 209 723, 554
Section 5, as amended, total
do
723, 906
Banks and trust companies, including
receivers
thous. of dol. 63, 362 69,117 67,514 66,420 65,803 65, 575 67,449 66, 793 66,434 65, 711 65,082
63,876
4,218
5,817
5,630
Building and loan associations..... do
6,434
5,817
4,705
5,037
5,170
4,574
4,671
5,060
4,315
522
752
686
714
702
Insurance companies
do
659
669
597
600
529
529
529
198, 689 190,490 196, 512 197, 401 198,926 199, 280 200,562 199,737 200, 522 202,044 201,689
Mortgage loan companies
do
200, 686
438, 668 462,426 466,182 462, 316 462,088 461,826 461, 563 462, 470 462,050 460,968 450,499
Railroads, including receivers
do
453,432
1,128
939
1,061
1,028
937
924
912
All other under Section 5
do
1,085
920
1,069
Emerg. Rel. and Constr. Act, as amended:
Self-liquidating projects (including financ17, 515 17,415
17, 382 17,310
17,195
17,194
17,133 I 17,056
ing repairs)
thous. of dol..
16,960
17,153
16,954
Financing of agricultural commodities
368
368
352
431
349
349
349
349
339
thous. of doL349
204
Loans to business enterprises (including
117, 536
participations)
thous. of dol. _ 115,250 146, 360 140, 290 139, 465 135,961 134. 278 132, 942 131,349 129,187 126, 516 123,775
National defense§
do.._ 4,094,028 993,473 1,395,212 1,670,157 1,940,499 2,129,933 2,409,243 2,484,112 3,082,347 3,136,522 3,548,003
3,853,321
Total, Bank Conservation Act, as amended
683,069
thous. of doL. 679, 830 715,121 702,408 700. 693 699,708 698, 494 693, 213 690, 851 689, 429 688, 208 687,421
64,444
72,051
71,168
70, 464 70, 359 68, 794 69,357
67,115
69,076
66, 832 66, 665
65, 469
Drainage, levee, irrigation, etc.
do
128, 937 492, 226 490,849 I 487,154 487,004 491, 014 487,450 500,519 127, 034 145, 533 145,635
144,181
Other loans and authorizations
do.
r Revised.
* Preliminary.
« Less than $500,000.
i The index for the utilities and the composite have been discontinued because several of the utility companies included
no longer report their earnings quarterly.
^Revised to include reports received first few days of September on account of August sales. 3 Quarterly average. 4 Average for year ended June 30, 1942.
§ Covers all loans for national defense beginning October 1942; prior to October some defense loans are included in "other loans and authorizations."
•Number of companies varies slightly.
cf The total includes guaranteed debentures of certain agencies not shown separately.
® Figures beginning July 1942 are on the basis of Daily Treasury Statements (unrevised); earlier figures are on the revised basis as shown in the Public Debt Statement
which was discontinued after June 1942.
^Includes repayments unallocated, pending advices, at end of month.
JFor revisions beginning July 1941, see p. S-17 of the November 1942 issue.
*New series. For explanation of the new series on the war program see the footnotes to table 9, p. 21 of the April 1942 Survey. Figures have been revised since publication of data in the April Survey. Revised monthly data for program and commitments prior to June 1942 are not yet available. The series on war savings bonds is from
the Treasury Department and represents funds received during the months from sales of series E, F, and G; for earlier data see p. S-16 of the October 1942 Survey.
WOO
oni
PJOO
PAo
*7O 4
/"XTn
nnn
n-i r*
S-18
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the February
1942 Supplement to the Survey
April 1943
1942
Febru-I
ary
April
May
July
June
1943
SeptemAugust
ber
October
No vein- Decem- Monthly | Januber
ber
average < ary
FINANCE—Continued
SECURITIES ISSUED
j
(Securities and Exchange Commission)f
Estimated gross proceeds, total
mil. of dol..
By types of security:
Bonds, notes, and debentures, total..do
Corporate
do
Preferred stock..
do
Common stock...
.do
By types of issuers:
Corporate, total
-do . . .
Industrial
_.__
do
Public utility
..do....
Rail
_...
-do....
Other
.do....
Non-corporate, total
do
U. 8. Government and agencies... do . . .
State and municipal
do . .
Foreign Government
do
Non-profit agencies
do....
New corporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
do
Plant and equipment.do—
Working capital
do....
Repayment of debt and retirement of
stock, total
...mil. of doL.
Funded debt
do.._.
Other debt..
do....
Preferred stock
do
Other purposes
do
Proposed uses of proceeds by major groups:
Industrial, total net proceeds, mil. of doL.
New money
do
Repayment of debt and retirement of
stock
mil. of doL.
Public utility, total net proceeds---do
New money
do
Repayment of debt and retirement of
stock.__
mil. of dol..
Railroad, total net proceeds
.__do
New money
do
Repayment of debt and retirement of
stock
mil. of doL.
Other corporate, total net proceeds-do
New money
do
Repayment of debt and retirement of
stock..
mil. of dol_.
994
2,335
708
2. 965
994
49
0
2, 315
58
19
0
701
115
4
2
2,952
112
10
3
792
126
9
7
3,099 I
52
0
49
3
39
8
0
945
887
57
0
1
78
39
35
4
0
2,257
2,216
41
0
(°)
121
110
11
0
0
587
531
56
0
0
126
104
21
0
1
2,839
2,809
30
0
142
63
70
9
1
666
634
32
0
0
53
47
3
2
0
3,046
2,998
47
0
1
49
76
118
124
139
12
10
2
40
34
5
70
15
55
59
27
33
37
34
3
0
0
26
12
2
11
11
48
12
36
0
C)
2,068
2,531
4,975
779
6,951
2,439
1, 389
2,066
2,519
50
9
3
4,973
15
3
778
27
0
6,951
26
0
0
9
3
1, 389
9
0
0
62
16
45
1
0
2,469
2,444
24
0
1
18
6
3
9
0
4,958
4.919
38
0
0
52
60
17
72
57
15
14
11
3
23
3
15
64
11
53
0
1
66
55
5
5
2
37
29
46
29
26
1
2
8
15
14
3,099
j
19
68
2
0
1,979
1,932
47
0
0
C)
27
12
15
0
0
752
735
17
0
0
26
3
20
4
0
6, 925
6,906
18
0
(a)
(°)
37 !
22
14
17
13
43 |
29 !
ii !
61
51
16
34
25
48
11
11
53
21
10
8
69
17
1
19
3
11
0
0
51
9
3
17
4
4
6
1
1
0
0
0
(V
o
0
1,380
1,240
49
90
1
2
3
(a)
102
49
0
0
0
9
0
82 |
8
7
1
107
59
4
(a)
26
38
11
10
84
42
37
4
(")
2, 355
2,312
13
0
3
2
41 I
23 i
(a)
(Commercial and Financial Chronicle)
Securities issued, by type of security, total (new
capital and refunding)
thous. of doL. 102,306
57,900
New capital, total
_
do
57, 900
Domestic, total
do
11, 330
Corporate, total
do
0
Federal agencies
do
46, 570
Municipal, State, etc
do
0
Foreign
do
44, 406
Refunding, total
do
44, 406
Domestic, total
do
1, 865
C orpor ato
do
31, 875
Federal agencies
do
10, 666
Municipal, State, etc
do
0
Foreign
do
Domestic issues for productive uses (Moody's):
53
Total
mil. of dol.
10
Corporate
do
43
Municipal, State, etc
do
(Bond Buyers
State and municipal issues:
Permanent (long term)
thous. of doL.
Temporary (short term)
do
COMMODITY MARKETS
Volume of trading in grain futures:
Wheat
--.mil.ofbu..
Corn
.
do....
SECURITY MARKETS
Brokers* Balances (N. Y. S. E. members
carrying margin accounts) 5
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed
Customers' free credit balances
61,131
59,357
180, 282
123, 775
123, 775
56, 709
181,961 201, 422 142, 322 161, 739 100, 977 115, 001
129, 500 96, 516 40, 750 103,133
45,085
28,145
129,500 96, 516 40,750 103,133 45, 085 28,145
103, 842 76, 827 27, 510 58,600 28, 446
2,434
2,515
2,715
0
2,060
0
0
22, 944 17, 628 10, 725 44. 533 16, 639 25, 711
0
0
0
0
0
0
52, 461 104, 906 101, 572 58,606
55, 893 86, 856
52,461 104, 906 101, 572 58,606
55, 393 88, 856
5,807
32, 719
61,686
6,018
30,437
43,846
38, 800 28,455 32, 260 49,925
18, 400 30, 645
7, 855 14. 766 30, 593
2,663
6,556
12,365
0
0
0
0
500
0
30,176
0
56, 508
56,508
18,901
26, 580
11,027
0
265, 603
158, 579
158, 579
97,114
9,720
51, 745
0
107, 025
107,025
18, 527
80, 540
7, 958
0
47
33
14
50
10
40
35
20
If.
46,564 | 61,308
38,277 113,745
28, 759
59, 916
36,723
75,400
48,096
133, 530
28
18
10
26
17
97, 871 144, 808 U75, 799
29, 029 36, 696 i 89.084
29, 029 36, 696 i 89,084
10,621 i 51,566
4,679
16, 720
17,125
8. 982
9, 355 28,537
7,225
0
0
0
68, 842 108,113 i 86, 715
68, 842 108,113 i 86, 673
13, 531 64, 829 i 34,863
45, 520 34, 245 36,705
9,792
9,039
15,105
0
42
0
7
4
3
26
1
25
60,862 r 28,862
53, 872 203, 704
36, 036
79,815
24,188
6,905
34, 486
45,464
190
81
146
94
224
125
543
160
378
270
14
7
7
188
30
140
77
249
148
226
126
267
145
390
104
257
141
261
85
550
515
195
300
247
502
177
300
238
496
180
309
240
491
172
307
238
490
500
510
520
300
240
310
240
310
250
320
250
95.63
95. 64
97.54
97.46
60.29 I 61.16
95. 50
97.28
61.72
95.76
97.49
61.68
96.08
97.75
62.51
96.18
97.83
62.97
96. 48
98. 08
63. 16
96.11
97.59
65.24
mil. of doL
do
do
do
320
310
534
203
307
262
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars.
Domestic
do
Foreign..
do
97.79
99. 03
70.01
95.13
97.18
57.40
96.70
98.04
66.11 •
420
670
670
798
0
872
0
750
750
517
805
428
000
43
24
19
47, 9
92,7
232
116
>• 61, 1 7 3
145, 734
212
103
290
280
95. 87
97. 63
61. 64
97. 47
98. 72
68.88
' Revised.
• Less than $500,000.
' Revised 19-11 monthly averages (thousands cf dollars): Total (n.nv capital and refunding). 402,162. New capital—total, 237,827; domestic, total, 237,702- corporate 88 517
Refunding—total, 224,335; domestic, total, 221,002; corporate. 129,717.
'
t Data have been revised to exclude issues maturing in exactly 1 year from date of issue and to include all issues of governmental agencies in the noncorporate group
(formerly issues not guaranteed by tiie United States were included in "other corporate"; the ono issue involved in 1942 did not affect the figures rounded to millions as shown
here). Additional revisions were made in the 1941 data which have been published only for August-December. Revised 1941 monthly averages for selected items (millions of
dollars): Estimated gross proceeds, total, 1,056 (corporate, 222; noncorporate, 834); estimated net proceeds, total, 219 (new money, 72; repayment of debt and retirement of
stock, 144). All revisions are available on request.
^Complete reports'are now collected semiannually; data shown for August-November 1942 and beginning 1943 are estimated on basis of reports forasmall number of large firms.
S-19
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplement to the Survey
ary
1943
1943
February
April
May
June
July
Sepoeptember
A U a U s ft
A
Octoww
ber
Novem-1 Decem- Monthly Januber
ber
average
FINANCE—Continued
SECURITY MARKETS-Continued
!
Bonds—Continued
j
Prices—Continued.
;
Standard and Poor's Corporation:
j
Industrial, utilities, and rails:
High grade (15 bonds)..doL per $100 bond. 120.0
Medium and lower grade:
Composite (50 bonds)
..do
106.4
Industrials (10 bonds)
dp.... 115.9
Public utilities (20 bonds)
do
111.4
Rails (20 bonds).
-do....
92.0
Defaulted (15 bonds)
do....
33.5
Domestic municipals (15 bonds)f
do
128. 6
U. S. Treasury bonds
do.. . 109.4
Bales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of doL 134,433
Face value
do
j 276,381
On New York Stock Exchange:
I
Market value
do
| 122,202
Face value
_.do_. i 259.290
Exclusive of stopped sales (N. Y. S. E.),
face value, total
thous. of dol. 252, 254
253
U. S. Government
do
Other than U.S. Govt.,total-_-do-._ 252, 001
245, 656
Domestic
do
Foreign
do
6;345
Value, issues listed on N. Y. S. E.:
Face value, all issues
mil. of doL. 72, 962
69, 837
Domestic
do
3,125
Foreign
do
Market value, all issues
do
71,346
69,159
Domestic
do._.
Foreign
do
2,188
Yields:
Bond Buyer:
Domestic municipals (20 cities)
percent2. G8
Moody's: <
Domestic corporate
do
3.23
By ratings:
2.77
Aaa
_._
do
2.89
Aa
do
3.17
A...
— _
do...
Baa
..do
4.08
By groups:
2.88
Industrials
do
Public utilities
do....
3.02
Rails
do—.
3.78
Standard and Poor's Corporation:
2.22
Domestic municipals (15 bonds)
do
IT. S. Treasury bonds:
Partially tax-exempt
do
i 2.06
Taxable*
do
j 2.32
118.0
118.9 I
118.7 !
119.0
119.3
119.5 : 118.9 |
98.1
107.7
103.5
83.0
24.0
125.7
110.7
98.6 |
108.4 !
104.5 |
83.9 I
25.5 i
126.7 !
110.2 I
99.3
108.7
104.1
85.2
27.1
127.6
109.9
100.7
109.8
105.8
86.4
29.4
128.1
109.8
102.1
111.2
107.1
88.0
30.3
128.6
109.5
103.2
113.8
108.3
87.6
29.6
129.0
109.4
117.1
117.8
106.9
104.4
87.7
25.6
122.6
108.9
99.3
107.1
102.3
88.4
26.7
124.5
110.5
89,449
178,409
99,075
202,862
78, 643
165,002
86,629
186,165
158,357
944
157,413
148,551
8,862
174,011
545
173,467
162,311
11,156
91,838 I 81,804! 80, 306
179,690 i 151,865 I155, 111
80,772 ' 72,623 ! 71, 249
165,276 139,586 !142,932
156,658 133,776 I 125,605
953
407 I
299
155,705 133,369 \ 125,306
138, 597 124,676 !119,068
17,109
8,694 | 6,238
60,532
57,411
3,121
57,584
55,793
1,791
60, 572
57,466
3,105
57,924
56,051
1,872
61,956 ! 61,899
63, 992
58,852 j 58,804
60,903
3,105
3,096 I 3,089
59, 258
59,112 ! 61, 278
57,359
57,201 i 59,372
1,899
1,911
1,905
2.51
2.33
2.33
2.21 ,
2.15 I
3.35
3.34 I
3.36
3.37 |
2.85
2.98
3.29
4.29
2.83
2.98
3.30
4.26
2.85 |
3.00 I
3.31
4.27
2.85
3.01
3.31
4.33
3.35 |
i
2.83 I
2.99 I
3.28 I
4.30 |
2.98
3.15
3.94
2.96
3.13
3.95
2.97
3.13
3.97
2.97
3.12
4.03
2.94
3.09 !
4.02
2.55
2.44
2.38
2.32
2.09
2.39
1.98
2.34
1.97
2.33
2.00
2.34
98.9
107.4
102.2
87.1
26.4
124.5
110.7
1.97
2.35
i
!
j
|
j
j
|
83,842 {124,075 134, 771
173,629 I 316,526 ;303,128
75,610 |112,301
162,734 300, 306
118.3 119.5
103.6
115. 3
109.1
86.5
29.9
127.8
108.9
100.1
109.1
104.8
86.6
27.2
126.2
109.9
105.4
115. 7
110.5
89.9
31.7
127.7
109.4
98, 513 111,943
207, 713 233,873
105,114
222,142
144,737
329, 565
122, 448 87, 421 101, 549
285, 683 192, 439 214,320
266, 931 169, 301 207, 079
199
229
248
266, 684 169,072 206,880
258, 361 157, 269 195,834
11, 803 11,046
8,323
93, 491 132, 378
206,493 310.531
192, 623 302,817
545
251
192, 079 302, 566
181, 755 290, 890
10,324
11, 676
159,938
449
159,490
152,418
7,072
276,812
245
276, 567
268, 643
7,924
65,277
62,198
3,079
G2,720
60, 796
1,924
65, 256
62,182
3,074
62,766
60,830
1,936
67,207
64,139
3,068
64, 844
62, 906
1,938
67, .156
64, 083
3,067
64, 544
62, 543
2,001
72, 993
69,934
3,059
70,584
68, 562
2,022
2.15 |
2.16
2.13
2. 16
2.17
3.34
3.33
3.31
3.31
3.32
3.34
3.27
2.81
2.99
3.27
4.28
2.80
2.98
3.26
4.26
2.80
2.95
3.24
4.24
2.79
2.94
3.24
4.25
2.81
2.96
3.23
4.28
2.83
2.98
3.28
4.28
2.79
2.93
3.20
4.16
2.94 |
3.09 j
3.98 |
2.95
3.08
3.95
2. 94
3.07
3.92
2.93
3. 06
3.93
2.94
3.07
3.96
2 96
3.11
3.96
2,90
3.05
.3.86
2.28 |
I
2.02 ;
2.34 j
2.25
2.22
2 20 ! 2. 5
2.36
2.27
2.03
2.34
2.05
2.33
2. on
2.34
2.09
2.36
2.02
2. 35
2.06
2.32
63,875
60, 781
3,094
61, 251
59,345
1.906
72,880
69. 831
3,049
71,039
68, 939
2. 100
2.12
Stocks
Cash dividend payments and rates (Moody's):
Total annual payments at current rates (600
I
!
I
I
•
companies)
...mil. of dol..|l,686.26 1,857.45 1,805.62 I 1,701.40 [1, 675.01 1,675.81 j], 646.14 1,643.75 il, 645 97 1 047.361,677.20 1, 729. 37 1, 682. 83
Number of shares, adjusted
millions.. 942. 70
938. 08 938.08 j 938.08
938.08
938.08
I
938.08
938.08
i 938.08 I 938.08 942.70 938. 47 942. 70
Dividend rate per share (weighted average) |
(600 cos.)_.
dollars I 1.79
1.92
1.98
1.75
1.81
1.79
1.75
1.78
1.7(5
1. 79
1.75 ;
1.79
2.81
Banks (21 cos.)__.
do___J 2.82
2.88
2.81 I 2.81
2. 81
2.81
2.81
2.82
2.81
2.8i ;
2.82
2.82
1.93
Industrials (492 cos.)
do
I 1. 72
1.79 I
1.99
1.71
1.76
1.70
1. 75
1.71
1.69
1.82
1.70 i
1.71
2.69
Insurance (21 cos.)
do
|
2. 64
2.69 I
2.69
2. 69
2.69
2.69
2.69
2.64
2.69
2.69 ''
2.69
2.64
1.75 I
1. 74
Public utilities (30 cos.)..
do . . ; 1.75
1.77
1.81
1.74
1.74
1.73
1.75
1.73 !
1.74
1.76
1.75
Rails (36 cos.) . .
do....
2.16
1.77
1.66 |
1.77
1. 75
1.75
1.66
1.79
2.12
1.96
1.85 ;
1.80
2.12
Dividend payments, by industry groups:*
Total dividend payments
mil. of doL
123.4 ! 404.5
335.8 | 153.0
335.0
313.9
650.0
296.6
295.9 ! 159.0
286. 4
136. 8
148.4
Manufacturing
do... _
139.7
134.4
66.6 | 224.1
199.9
71.8
59 5
360.2
128.2 I 101.3
149.7
89.7
61.7
3.4
Mining
do...
3.1
1.8 j
30.2
7
3.5
25.6
4.6
53.4
3.5
4.9 i
13.3
1.4
14.0
8.7
5 9
Trade
do...
3.8
30.6
31.2
3.9
15.8
43.9
4.4
14.3 •'
17.8
15.3
54.9 i
Finance
do...
29.3
20.0
42.6
45.9
11.9 1 26.3
43.2
11.7
32.9
63.3
30.3
28.1
30.0 I
32.3
10.8
8.9
Railroads
do...
7.7
20.6
66.1
4 7
1.9 !
3.2
19.7
34. 3
17.8 :
39.8 !
30.9
29.9
43.6
Heat, light, and power
do...
42.0
36 0
32.1 j 37.7
31.2
35. 4
33. 2
31.0
35.6 i
47.8 I
15.0
10.9 i
1.4
47.7
12.6
2.1
Communications
do...
1
1.4 |
20.9
46.7
1.4
47.3
6.2 !
8.3
3.3
7.5 '
25.9
3.9
Miscellaneous
do.__
4.6 ;
3.6
1 8
6.8
4.6 :
2.5
P rices:
Average price of all listed shares (N. Y. S. E.)
47.8 ! 42.6
44.6
46.6
45.3
47.2 |
Dec. 31, 1924-=100.
48.2
52.6
51.1
50.6
56.1
i
Dow-Jones & Co., Inc. (65 stocks)
32. 92 I
36.79
33.12
34.20
35.54
35.46 | 36.00
dol. per share..
42.78
38. 81
38.81
38.37
36.04
40.73
97.79
I
107.28
98.42
103. 75 106. 94
106.08 ! 107.41 i 113.51
115.31 117.16
Industrials (30 stocks)
do
i 127.40
107. 20 121. 52
11.06
13.83
11.93
11.75
11.68
11.51 ! 11.76 ! 13.35
14.16
14. 02
Public utilities (15 stocks)
do
j 16.87
12.63
15.57
24.56 I 24:29
23.59
25.63
27.85
28.13
26. S3
26.19 | 26.76 ! 28. 65
Roils (20 stocks)
.do
j 29.80
28.59
26. 38
67. 52
73.26
74. 46
68.30 ! 71.07
80.13
81. 51
73.10 I 74.40 j 79. 06
New York Times (50 stocks)....
do
j 88.18
84.67
74.09
117.45
129.42 I 126.93 ' 128.65 ! 136. 56
128. 67
119.25 | 125.05
139.23 142. 86 128. 96 147. 75
Industrials (25 stocks)
do. ... i 153.76
17.59
18.71 ! 19.26 •! 20.16 I 21.55
20. 26
17.35 | 17.10
21.03
20.18
21. 59
Railroads (25 stocks)
.do
! 22.61
19.36
!
Standard and Poor's Corporation:
i
63.3
69.9
68.2 |
66.1
63.2
69.4
68.3 I
74.2
75.2
75.9
69.4
Combined index (402 stocks) 1935-39=100 . ! 84.8
79.7
64.8
71.0
70.6 I
68.2
64.7
70.5 i
77.2
76.5
71.6 :
78.5
71.3
Industrials (354 stocks).
do
| 87.7
82.3
67.8
74.8
71.5 i
66.3
69.0
71.0 ;
77.3
77.6
71.8 I
Capital goods (116 stocks)
do
i 86.1
77.7
72.9
81.1
66.2
61.8
62.9
69.2 j
67.6
68.9 !
74.1
72.7
69.6 !
Consumer's goods (191 stocks)
do
|
84. 8
75.8
68.5
79.7
64.5
56.5 i
57.2
58.4 i
58 8
Cfi.2
58.8
Public utilities (28 stocks)
.do....! 73.3
63.7
59.5 ]I
61.3
65.2
69. 3
68.4
60.3
61.1 I
73.0
62.9 |
59.0
65.4 !
Rails (20 stocks)..
_..do....| 77.5
72.7
66.7
66.1
69. 3
73.7
Other issues:
i
I
i
62.5
70.9
66.3
67.9 !
Banks, N. Y. C. (19 stocks)
do_.__! 84.7
73.1
75.7
74.2 j 69.3 I 77.9
70. 5
74.1
Fire and marine insurance (18 stocks)
60.4 !
90.6
101.7
97.2
98.5 I
1935-39=100.-! 111.0
98.5 | 100.6
104.7
104.4 ; 104.9 99.5 L 108.4
89.5
•New series. T h e new bond series represents t h e average yield of taxable Treasury bonds (interest subject to both the normal and surtax rates of the Federal income
tax) neither due nor callable for 12 years; this average started Oct. 20, 1941, following the issuance of the second series of such bonds; t h e 2 ^ percent bonds of 1962-67 a n d t h e
2Y2 percent bonds of 1963-68 are excluded because of restrictions on their purchase and negotiability. For available earlier data for the new series on dividend payments and
a description of the data, see pp. 26-28 of the November 1942 issue, except for revisions in 1941 data shown on p . S-19 of the January 1943 Survey.
t Revised series. Price indexes are converted from yields to maturity, assuming a 4 percent coupon with 20 years to maturity instead of 3/4 percent coupon with 22 years
Digitized for
to FRASER
m a t u r i t y as formerly. Earlier data will be shown in a subsequent issue.
S-20
SUEVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the February
1942 Supplement to the Survey
April 1943
1942
February
April
May
June
July
August
1943
October
September
Novem- Decem- Monthly Januber
ber
average
ary
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of doL. 614,765 296,408
Shares sold
_. .thousands.. 38, 457 14,018
On New York Stock Exchange:
Market value
thous. of doL. 527, 643 251,187
Shares sold
...thousands.. 29, 388 10,610
Exclusive of odd lot and stopped sales
(N. Y. Times)
thousands. 24,434
7,926
Shares listed, N. Y. S. E.:
Market value, all listed shares
mil. of doL. 43, 539 35,234
Number of shares listed
millions..
1,470
1,467
Yields:
Common stocks (200), Moody's
.percent..
5.1
7.1
4.4
Banks (15 stocks)
do
5.6
4.7
Industrials (125 stocks)
do....
7.2
4.1
Insurance (10 stocks)
do
4.6
6.3
Public utilities (25 stocks)
do....
7.7
7.3
Rails (25 stocks)..
do...
7.4
Preferred stocks, high-grade (15 stocks),
4.10
4.24
Standard and Poor's Corp
..percent..
Stockholders (Common Stock)
American Tel. & Tel. Co., total
number..
Foreign
.do....
Pennsylvania R. R. Co., total
..do
Foreign
do....
U. S. Steel Corporation, total
do
Foreign
__
.do
Shares held b y brokers
percent of total..
272,889
13,613
265,455 273,279
12, 625 12,838
302,181
14,033
253, 211 284, 995 465,937 411,312
12, 553 15, 381 24, 753 22,053
629,403
33,651
359,067
18,356
226,187
10,079
226,102
7,229
7,466
8,374
7,387
9,450
15,933
13, 437
19,313
31,449
1,469
32,914
1,469
33,419
1,470
34,444
1,471
34,872
1,471
35, 605
1,471
37, 738
1,471
37,374
1,471
38,812
1,471
7.8
6.1
7.7
5.3
8.9
8.3
5.7
6.7
4.9
8.2
7.8
6.6
5.6
6.4
4.8
8.4
7.8
6.4
5.5
6.1
4.7
8.2
7.7
6.3
5.1
6.0
4.7
8.0
7.5
6.1
4.9
5.8
4.5
7.9
7.3
5.8
5.0
5.5
4.4
7.2
7.0
5.9
5.2
5.5
4.5
7.1
8.0
5.7
5.0
5.3
4.2
7.2
4.52
4.48
4.40
4.32
4.27
4.27
232,947 258,535
9,932 10,964
214, 217 241, 517 400, 475 352,283
9,489 11,903 19, 610 17,310
536,509
25,160
307, 890 432,974
14,096
21,682
10, 473
18,032
35, 078
1,470 41, 411
1,470
6.6
5.4
5.4
4.5
6.4
5.0
4.7
4.1
7.9
6.8
7. 7
7.9
4.31
4.17
4.23 I
4.19
4.23
641, 301
5,184
205,405
1,367
163, 754
2,577
24.88
639,152
5,214
205, 259
1,374
164,039
2,580
24.90
507,440
28,067
642,631
5,159
205,965
1,360
163, 296
2,577
25.45
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
Value...
Unit value
Imports for consumption:
Quantity._
Value
_
_
Unit value
VALUE
Exports, total inch reexports
Exports of U. S. merchandise
General imports
Imports for consumption.
1923-25=100.
do~.
...do..
145
128
205
185
90
153
139
91
do..
do..
do..,
107
75
70
95
70
73
78
58
75
478,355
474,720
2C3, 546
239, 529
695,355
687,658
234,085
222,819
525,116
519,168
190,609
186,159
thous. of dol.
do
.do...
„
do—
183
165
89
618,965
613. 572
214,919
205,024
195
168
86
199
185
93
86
78
57
74
628,681
623,801
214,384
210,257
694,466
688,124
184,432
191,759
215
191
718,187
712,135
195,689
199, 221
225
206
92
208
200
96
95
70
74
79
59
74
776, 036
768,912
199, 392
224,012
v 174
i 166
i 127
76
186
77
P74
749, 623 ' 853, 226 652,141
743,806 1844,994 2 646,048
173, 745 356, 280 2 228,557
193, 555 3 405, 345 2 232,164
698, 245
691,975
228,388
245,827
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
'
I
Commodity a n d Passenger*
!
j
Unadjusted indexes:
Combined index, all types*
1935-39 =» 100. _
152
169
176
182
189
196
201
205
'199
193
193
181
Excluding local transit l i n e s t . . . . . . . d o
156
174
183
189
197
205
210
213
207
199
187
197
Commodity*
_
do_.
155
172
179
182
188
194
198
204
195
183
180
183
183
Passenger*
do
143
163
169
181
193
203
208
208
209
224
222
r
236
Excluding local transit lines *
do.._
161
197
210
233
264
284
289
276
284
302
293
By types of transportation:
Air, combined index
do
270
349
326
287
302
326
343
343
321
306
312
309
Commodity
.do
273
303
311
324
349
372
406
412
398
430
344
422
Passenger
do
268
380
337
263
270
296
301
298
270
224
291
233
Intercity motor bus and truck, combined
indext
-.1935-39=100
'173
' 166
169
184
'202
215
'207
215
215 ' 2 2 1
193
223
Commodity, motor truck*
do
178
159
154
166
181
192
197
207
210
213
185
213
Passenger, motor bust
-do
'159
'182
206
'226
'252
273
'233
234
226 '240
215
247
Local transit lines, passenger
do
128
136
135
137
134
136
142
151
147
160
138
163
Oil and gas pipe lines, commodity.,..do
142
126
123
123
122
129
131
135
'141
146
132
145
r
Railroads, combined index
do
164
185
197
202
209
218
224
230
221
212
199
211
Commodity
.......do.
163
185
196
198
203
209
214
221
209
195
194
197
Passenger
do...
173
184
205
234
256
289
304
296
314 ' 3r3 9
244
319
Waterborne (domestic), commodityt-do
53
92
108
113
114
113
110
104
87
52
35
Adjusted indexes:
Combined index, all types*
do
...
158
173
179
180
187
191
193
198
197 '195
198
Excluding local transit lines*
do_
163
180
186
187
193
'196
200
205
206
201
204
Commodity*
do—
160
176
181
182
187
189
190
194
191
187
189
Passenger*.-do
149
165
174
176
186
195
204
211
218
' 217
228
Excluding local transit lines*
do
180
207
222
222
232
249
272
286
308
296
310
By type of transportation:
Air, combined index.
_
do
321
353
316
261
286
296
313
315
339
331
378
Commodity
do
278
298
308
316
363
372
407
403
409
412
457
326
Passenger
do....
350
388
321
225
236
245
251
258
293
277
Intercity motor bus and truck, combined
229
index*
1935-39=100
'178
'179
183
'182
'192
'201
'196
'209
'213 ' 3 1 1
205
Commodity, motor truck*
...do
175
172
167
171
185
194
190
194
200
203
288
Passenger, motor bus*.
do
188
'196
'217
'207
'211
'217
'211
'246
'244 ' 2 3 2
162
Local transit lines, passenger...
do
124
130
134
139
148
151
147
149
144
151
137
Oil and gas pipe lines, commodity....do
133
123
123
128
128
132
135
139
'140
141
'2 Revised, i Figures overstated owing to inclusion of an unusually large volume of shipments actually exported and imported in earlier months, v Preliminary
Revised 1941 monthly averages (thousands of dollars): Exports—total, including reexports, 428,930; United States merchandise, 418,323. Imports—general 278*752- for
consumption, 268,496. Revised monthly data available on request.
'
' '
* New series. For a description of the transportation indexes and earlier data, except as noted, see pp. 20-28 of the September 1942 Survey.
* Revised or added since publication of data in the September Survey; indexes beginning September 1941 are shown in the November 1942 Survey. Earlier data will be
published in a subsequent issue.
S-21
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
1943
February
February
April
May
June
July
August
1943
September
October
Novem- Decem- Monthly Januber
ber
ary
average
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION
Commodity and Passenger*—Con.
Adjusted indexes—Continued.
By type of transportation—Continued.
214
208
216
222
201
202
221
392
214
Railroads
1935-39=100.199
204
205
206
210
199
205
Commodity..
do
167
191
199
264
238
307
294
340
197
216
225
'328
Passenger
...do
182
84
84
84
81
Waterborne (domestic), commodity t-do
84
84
101
'87
86
Express Operations
Operating revenue
thous. of dol..
12, 170 12,106
12, 922
12.312
12,168
11, 582
12,134
18,071
13, 319 14, 773
76
61
72
77
88
153
90
Operating income
_
_
do
79
157
56
Local Transit Lines
7. 8060
Fares, average, cash rate
..
cents..
7. 80G0 7.8060 7. 8060
7.8060
7. 8060
7.8033
7.8060 7.8060
7.8060
7. 8060
Passengers carried t
thousands- 1,147,971 896,012 '1,005,945 '1,031,013 '1,023,544 '1,033,348 1,037,054 '1,059,727 1,152,868 a,100,451 1,254,329
77, 400 78,399 78, 782
65,004
Operating revenues
thous. of dol.85, 257 81, 356
75, 512
76, 494
72, 668
94, 248
Class I S t e a m Railways
Freight carloadings (Federal Reserve indexes):
130
144
142
152
Combined index, unadjusted
1935-39=100. _
139
138
129
150
140
136
126
145
132
Coal
-do
139
135
136
142
132
138
139
132
135
189
177
175
Coke
do
184
184
180
181
179
186
193
176
129
173
Forest products
-do
173
167
153
158
161
165
138
122
159
142
Grains and grain products
-do
138
110
139
99
111
129
139
123
130
100
90
Livestock
_
.do
76
100
76
135
169
89
81
144
113
90
58
57
96
57
57
Merchandise, 1. c. 1
do
62
60
58
59
56
81
48
325
47
308
304
Ore
do
303
260
318
206
59
218
137
148
135
152
162
Miscellaneous
do
163
144
145
150
135
142
141
139
142
143
136
Combined index, adjusted
do
133
143
141
134
134
143
127
116
155
154
135
Coal
do....
121
164
160
125
116
160
154
150
205
Coke
do. . .
208
188
180
176
197
199
177
200
135
159
172
165
154
149
Forest products
do
155
159
140
137
159
170
131
95
106
130
126
Grains and grain products
do
115
113
126
143
117
113
05
90
110
Livestock
do
106
102
114
98
103
117
101
61
100
57
57
55
Merchandise, 1. c. 1
do
62
60
56
58
59
80
193
187
180
176
174
Ore
do.._.
221
221
289
183
210
'289
153
151
149
152
146
Miscellaneous
do
144
144
142
144
146
141
Freight-car loadings (A. A. R.):J
3,056
3,322
4,351
3,123
3,504
4,171
3,386
4,512
Total cars
..thousands
3,236
2,834
3,351
705
605
629
837
Coal
.do.—
825
661
830
661
649
612
645
60
54
57
67
69
5Q
71
Coke__.
-do.__.
70
57
57
56
160
203
199
185
270
Forest products. _
do....
244
245
204
164
148
196
203
194
154
154
228
188
Grains and grain products
.do....
174
247
168
176
141
51
40
42
68
71
Livestock
do
62
45
118
78
63
50
370
346
597
449
347
Merchandise, 1. c. 1
.do.—
460
492
378
356
340
525
55
363
52
440
336
359
373
Ore
-do.
420
230
66
235
1,453
1,517
1,407
2,001
1,647
2,162
Miscellaneous
do....
1,878
1,528
1,534
1,371
1,503
41
67
59
Freight-car surplus, total
do
30
70
82
59
39
53
68
56
19
22
43
40
25
Box cars
do_._.
17
42
65
28
35
28
20
5
5
Coal cars
do.__
5
10
9
14
20
12
Financial operations:
Operating revenues, total
thous. of dol. 663, 534 462,483 572,531 601,002 623,687 665,182 683,807 697, 792 745,584 690,108 702,995
Freight—
d o . . . . 513,191 377,560 468,007 487,982 501,343 533, 086 537,412 546,791 587,612 534, 762 531,918
107,224
91, 939 103,463 104,971 108,322 108,060 119,151
54, 746
Passenger......
do.
74,345
82,268
66,116
Operating expenses
d o . . . . 408,459 327,604 366,756 375,440 378,472 390, 477 399,292 399,706 416,430 406,389 431,873
Taxes, Joint facility and equip, r e n t s . . . d o . . . . 148,942 ' 70,534 103,741 115,933 126,484 141, 703 149,250 143,455 144,439 134,770 100, 271
Net railway operating income
d o . . . . 106,133 '64,345 102,034 109,628 118,731 133,001 135,264 154,632 184, 715 148,949 170,851
89, 632 89,243 105,190 135, 538 111,310 137,101
23, 716
Net Income
do....
63,668
77,691
67,890
Operating results:
44,109
60, 713 62,405
Freight carried 1 mile
.mil. of tons..
53,631
58,517
57,304
61,934
66,019 60,464
58,356
.926
.936
Revenue per ton-mile
cents..
.946
.937
.900
.931
.917
.941
.939
.967
4,765
2,895
Passengers carried 1 mile..
millions5,395
5,508
3,822
3,427
4,238
5,500
5,663
6,314
Financial operations, adjusted:
684.2
518.9
642.8
Operating revenues, total
mil. of dol..
627.4
668.9
617.8
662.6
660.8
722.5
708.4
423.9
474.8
519.4
Freight
.do....
499.4
534.2
517.9
501.9
608.6
553.5
551.0
60.1
71.3
82.0
Passenger
do....
79.4
81.0
92.3
100.4
113.0
120.4
109.2
420.3
471.5
Railway expenses
do....
518.7
539.3
486.5
534.7
533.3
499.5
563.2
553.6
98.6
112.7
Net railway operating income
do....
124.0
131.2
129.5
127.9
127.5
127.9
159.3
154.9
57.7
70.3
Net income
do....
84.6
79.2
80.9
84.2
87.9
81.8
120.3
109.3
Waterway Traffic
201
Canals, New York State.-thous. of short tons..
584
461
401
544
462
436
451
0
Rivers, Mississippi (Gov. barges o n l y ) . . . d o . . . .
257
206
251
247
222
225
196
140
103
Travel
Operations on scheduled air lines:
11,340
Milesflown
thous. of miles
9,979
8,079
8,451
10,847
7,353
8,099
8,408
7,777
7,292
Express carried
..thous. oflb
2,170
2,884
3,076
3,097
3,534
4,341
3,927
4,375
3,974
3,634
Passengers carried....
..number
286,435 428,153 369,776 240,916 262,715 283,145 273, 022 273,162 240,705 202,623
Passenger-miles
flown.
thous. of miles
104,220 158,218 144,947 109,253 116,104 127,393 125,327 128,329 112,488
96,308
Hotels:
3.64
Average sale per occupied room
.dollars..
3. 66
3.39
3.64
3.26
3.43
3.45
3.74
3.26
3.43
3.70
3.73
3.79
3.56
71
72
Rooms occupied
percent of total..
82
70
75
71
80
78
79
74
121
121
Restaurant sales index
1929-100..
136
101
121
121
128
125
128
135
143
134
137
132
Foreign travel:
7,298
7,569
7,031
U. S. citizens, arrivals..
number..
6,969
6,723
7,459
9,263
10, 393
7,902
7,474
8,995
U. S. citizens, departures
do
5,527
5,754
6,807
11,145
5,147
4,935
5,190 r 5,077
5,147
4,400
5,005
5,152
462
389
Emigrants
do
480
448
462
389
585
585
419
463
344
423
563
460
1,699
1,673
1,932
2,593
Immigrants..
do
1,504
1,924
1,699
1,673
2,195
2,336
2,147
1,915
1,837
Passports issuedcF
do....
12,679
6,020
7,923
7,880
16,244
15,042
14,667 11,173
11, 635
19,128
8,247
National parks:
94,192 137,187 221,697 342,043 330,540 210,020
76,659 51,976
Visitors
.do
14,638
59,338
11,865
28,203
(a)
67,454
41,196
94,102
62,910
24,178
Automobiles
do
16,821
98,147
Pullman Co.:
1,380,255 1,445,506
1,496,048 1,471,500 1,843,326 1,925,459 1,961,986 1,906,714 1,869,952
1,445,506 1,496,048
Revenue passenger-miles
thousands
_ . . 1,208,162 1,380,255
7,784
8,092
8,509
9,638
10,169
10,444 10,052
Passenger re venues..
-thous. of dol
6,421
7,784
8,092
8,509
8,903
10,080
r
Revised. ° Discontinued for the duration of the war.
i Revised 1941 month!} averages (units as shown above): Railway operating revenues, total, 445,538 (freight, 370,611); operating expenses, 305,342; taxes
57,009; net railway operating income, 83,188; net income, 41,850; freight carried 1 mile, 42,852. Passengers carried on scheduled airlines, 338,379.
tSee note marked "$" on p. S-20.
250
201
320
87
12,945
89
14,295
67
7.8051
7.8060
1,046,703 '1,239,428
77,193
93,600
138
135
181
155
121
104
69
206
146
124
135
193
117
138
98
55
50
132
135
119
161
130
157
102
57
202
149
3, 568
697
61
204
182
62
465
251
1,646
59
32
12
3,531
790
75
172
237
66
421
71
1,698
67
35
20
622,165
495,380
85,682
1
383,440
1114,924
1123,801
i 80,333
671,334
514,316
111,725
424, 201
141, 829
105,304
62,980
1
1
1
56,831
.932
4,473
58,929
710.4
553.8
107.5
576.6
133.8
1
506
174
0
98
9,175
3,342
294,413
122,899
7,508
3,600
3.53
73
123
3.60
81
131
8,192
6,392
458
1,980
10,832
6,442"
4,879
398
1,782
11,628
138,091
13,211
1,589,299 2,036,175
8,663
11,018
joint facility etc
IData for May, August, October 1942, and January 1943 are for 5 weeks: other months, 4 weeks.
^Beginning February
' " include
' * * passports Issued
"
' •to American
'
uary 19^
1942 data
seamen,
•ftee note marked with an " * " on p. S-20.
t Revised beginning January 1941, 3 companies that have dropped out replaced b y 3 new slightly larger ones: Revisions: 1941—Jan. 841,320: Feb 782 803- Mar 866 140'
836,102; Oct. 904,094; Nov. 864,640; Dec. 951,554; monthly average, 848,266. 1942—Jan'. 957,161; M a r ' l
Apr.
348,958; M a y , 865,511; June, 816,698; July, 800,123; Aug. 801,247; Sept.
1,008,981.
S-22
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplement to the Survey
ary
April 1943
1942
February
April
May
June
July
1943
August Septem-
October
Novem- Decem- Monthly
ber
ber
average
January
TRANSPORTATION AND COMMUNICATIONS—Continued
COMM UNICATlONS
Telephone carriers:X
Operating revenues
thous. of dol..
Station revenues
do
Tolls, message
do
Operating expenses
_
do.._.
Net operating income
do
Phones in service, end of mon th_ thousands..
Telegraph and cable carriers:t
Operating revenues, total
thous. of doL.
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations
thous. of doL.
Cable carriers..
do
Operating expenses
do
Operating income
_
do
Net income
do
Radiotelegraph carriers, operating revenues
thous. of dol_.
123,860
77,771
34,961
79,414
21,307
21,481
131, 727 133,076 134,216
80,264 80,070 80,078
40,207 41,616 42,379
84,372 85,655 85,642
21,596 22, 264 22,167
21,702 21,815 21,888
135.652 135,328 138, 015 142,864
79,415 78,897 80,413 82,507
44, 579 44, 666 45, 680 48,161
89,370
87, 832 89,260
21,339
22,632 22,846 20,337
21,941 22,048 22,146 22,284
140,447 146,483 135,023
81,576
82, 891 80, 296
46,566
50, 766 43,041
87,940 97, 411 86,711
24, 310 21,588 21,933
22, 400 22, 544
11,697
10,724
13,587
12,653
13,877
12,824
14,398
13,151
14,375
13,296
14, 282
13,254
14, 617
13,600
14,956
13,875
14, 250
13,151
15, 970
14, 667
565
972
10,246
465
661
1,035
11,188
1,088
672
658
1,053
11,639
905
380
678
1,248
11,718
1,216
787
709
1,080
11,967
958
454
712
1,023
11,932
1,031
501
755
1,018
11,912
1,384
946
819
1,082
12,179
1,336
812
863
1,099
11,625
1,237
1,104
1,303
13,182
1,927
947
13, 985
12,883
734
1,102
11,628
1,088
544
1,092
1,032
1.108
1,204
1,007
1,184
1,055
0.58
.28
41,477
0.58
.28
30,626
0.58
.28
39,395
961
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Methanol:
Prices, wholesale:
Wood, refined (N. Y.)
dol. per gallon..
Synthetic, pure, f. o. b. works
do—
Explosives, shipments
thous. of lb_.
Sulphur production (quarterly):
Louisiana
long tons..
Texas.
do.-..
Sulfuric acid:
Price, wholesale, 66°, at works
dol. per short ton..
FERTILIZERS
Consumption, Southern States
thous. of short tons..
Price, wholesale, nitrate of soda, crude,
f. o. b. cars, port warehouses*.-dol. per cwt_.
Potash deliveries
short tons..
Superphosphate (bulk):
Production
do....
Shipments to consumers
do
Stocks, end of month
do
0.58
.28
35, 282
O.fi8
.28
37,681
0.68
.28
41,045
0.58
.28
40,545
0.58
.28
42,101
0.58
.28
40,409
0.58
.28
41,709
163,810
774,706
16.50
16.50
16.60
0.58
.28
42, 571
0.58
.28
41,407
148,570
739,665
16.50
16.50
16.50
0.58
.28
33, 392
147,850 3142, 586
645,380 3 721,333
16.50
16.50
16.50
16.50
340
453
1,006
1.650
67,876
1.650
55,015
1.650
61, 647
16.50
16.50
16.50
1,325
1,170
678
287
148
70
66
169
200
221
1.650
51,402
1.650
44,994
1.650
29,714
1.650
62,959
1.650
59,224
1.650
59,371
1.650
56,439
1.650
59,846
1.650
54,855
457,302
146,846
1,017,847
431,634
254,239
730,135
440, 685
147,473
760, 761
453,095 445,603 501,592 1520, 558 504,852 525,960 545,936 482, 867 546, 606
72, 332
78,577
98,287 150, 599 179, 252 160.799 126,632 141, 468
91, 986
915,172 1,067,747 1,070,785 '1,175,835 1,158,092 1,120,646 1,094,877 1,008,855 1,081,061
3.22
19,862
257, 926
2.89
16,353
239.817
2.82
18,449
245.086
2.65
21,686
237,420
3.10
26,872
229,436
2.91
35, 415
245,937
3.30
24, 713
250. 079
3.50
18,922
263,434
3.46
19, 432
267,144
3.43
20,108
277, 546
3.15
21,313
252,786
3.50
7,817
276, 791
'.70
1,127
20, 496
- '.59
4,550
17,010
'. 55
6,554
17,758
'.57
8,021
22,817
'.58
11,466
32,164
'.55
10, 421
39, 821
' 60
9,290
45, 705
'.64
6,474
49,525
'.64
6,047
51,913
'.64
6,806
55, 900
.62
6,491
33,032
.64
2,102
57,627
1,650
56, 586
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah), bulk
3.48
dol. per cwt..
7,728
Receipts, net, 3 ports
bbl. (500 lb.)-_
265,912
Stocks, 3 ports, end of month
do
Turpentine, gum, spirits of:
.63
Price, wholesale (Savannah)| — -dol. per gal..11
1,105
Receipts, net, 3 ports
bbl. (50 gal.)..
55, 071
Stocks, 3 ports, end of month
do...
OILS, FATS, AND BYPRODUCTS
Animal, including fish oils:
Animal fatsrf
1379, 258 104,890 120, 265 137, 997 136,624 108, 682 114,466 3 374,537 114,315
Consumption, factory
thous. of Re1699,673 247, 889 213, 963 220, 217 223, 747 255,989 290,597 732,154 263, 560
production
do
»365,870 393,452 368, 527 311, 526 289, 743 286, 358 306,055 3 357,141 295,350
8tocks, end of month.
do
Greases:f
39,945
42, 549
1135,020
41, 333
51,239
44, 716 3131,524
49,935
46, 245
Consumption, factory
..,do
46, 259
42,086
45,693
1141,187
45,084
50,942 3 138,167
45,599
41,313
Production
do
96,432 104,916 108, 570 3103,743 107,104
1102,044 106,004 107,787 104,028
Stocks, end of month
do
Fish oiis:t
16,067
15, 319
13,164
i 42,798
14,570
14,496
16, 549 3 45, 386
11, 568
Consumption, factory
do
10,342
27, 291
' U,713
20,895
23,845
15, 373 3 36,041
27,575
6,420
Production
do
U60,540 162,869 178, 219 178, 247 207,131 208, 237 215,619 3181,451 204, 804
Stocks, end of month
do
Vegetable oils, total:t
210
3 885
212
266
355
362
332
i 744
342
Consumption, crude, factory
mil. of lb._
214
3 939
212
333
432
419
416
1710
402
Production
do
Stocks, end of month:
3 833
729
726
764
914
834
922
1761
Crude
do
458
312
354
3 438
373
1521
299
407
438
Refined
do
Coconut or copra oil:.
Consumption, factory:!
9,316
7,352
7,442 3 49, 640
10,026
7,639
6,132
i 35,085
8,058
Crude
thous. of l b . .
3,294
2,742
2,151
3,922
2, 259
3,900 3 20,499
5,218
i 12,995
Refined
,
do
Production:
7,472 i 28, 308
8,362
5, 208
i 17, 740
9,111
()
()
C)
Crudet
do.—.
1
1,822
2,684
2,675
3,715
4,293 3 24,439
13, 512
2,370
4,289
Refined
do
Stocks, end of month:t
1
129,703
128,
602
121,
262
138,142
134,971
3129,528
126,
739
136,684
126,087
Crude
do
8,141
9,926
5,109
9,325
6,988
7,243
7,243
6,415
i 10,017
Refined
do
Cottonseed:
'•ill
224
93
529
714
62
397
652
371
528
144
88
738
Consumption (crush)...thous. of short tons..
' 137
22
157
107
27
1,085
833
380
21
178
27
1,635
340
Receipts at mills
do
301
145
759
••762
81
701
1,714
712
177
1,049
116
1,598
1,401
Stocks at mills, end of month
do
0
d
Not available.
Deficit.
' Revised.
uarterly data. Data compiled monthly beginning July 1942. t Slight revisions have been made in the data for 1941. Revisions are available on request,
ata beginning September 1942 include a certain amount of superphosphate formerly reported in dry and mixed base goods not previously included with bulk superphosphate. The stock figure as of August 31, comparable with September data is 1,129,790 tons; no other data are available for comparison. Data are currently reported on
an 18%
A. P. A. basis and are here converted to a 16% basis so that they are 4comparable with prior figures.
3
Quarterly average.
Average of 3 quarters ending Mar., June, and Dec.
•This price has been substituted beginning 1935 for the one shown in the 1942 Supplement. Revisions for January 1935-July 1937 will be shown in a subsequent issue.
Then* has been no change in data beginning with August 1937. Prices are quoted per ton, in 100-lb. bags, and have been converted to price per bag.
fData for 1941 revised. Revisions for fish oils are as follows: Consumption—1st quarter, 45,871; 2d quarter, 54,567; 3d quarter, 49,986; 4th quarter, 54,694; quarterly average, 51,280; production—1st quarter, 15,138; 2d quarter, 11,713; 3d quarter, 99,300; 4th quarter, 94,450; quarterly average, 55,152; stocks—1st quarter, 159,966; 2d quarter,
123,663; 3d quarter, 162,675; 4th quarter, 191,810; quarterly average, 159,536. Small revisions have been made in the data for all'other indicated series on oils. Revisions are
available on request. The turpentine price shown above is the bulk price; data formerly shown in the Survey represented prices for turpentine in barrels and can be converted to a comparable basis with the current data by deducting 6 cents.
Q
S-23
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru- February
1942 Supplement to the Survey
ary
1942
April
May
June
July
1943
SepAugust tember
October
Novem- Decem- Monthly Januber
ber
average ary
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPEODUCTS-Con.
Cottonseed cake and meal:
Production...
short tons..
Stocks at mills, end of month
do
Cottonseed oil, crude:
Production
.._
tbous. of lb_.
Stocks, end of month
do
Cottonseed oil, refined:
Consumption, factoryf
do
In oleomargarine
-do—
Price, wholesale, summer, yellow, prime
(N. Y.)
dol. per lb_.
Production
-thous. of lb..
Stocks, end of month
do
Flaxseed:
Duluth:
Receipts
thous. of bu.Shipments
do
Stocks
do-.Minneapolis:
Receipts--do
Shipments
do....
Stocks
do.—
Oil mills :f
Consumption
..do
Stocks, end of month
do
Price, wholesale, No. 1 (Mpls.)—dol. per bu_.
Production (crop estimate)
thous. of bu_.
Linseed cake and meal:
Shipments from Minneapolis thous. of lb_.
Linseed oil:
Consumption, factoryt
do
Price, wholesale (N. Y.)
dol. per lb..
Production!
thous. of lb_.
Shipments from Minneapolis
do
Stocks at factory, end of monthf
do
Soybeans:
Consumption!
thous. of bu_.
Price, wholesale, No. 2, yellow (Chicago)
dol. perbu..
Production (crop estimate)
thous. of bu_.
Stocks, end of month
do
Soybean oil:
Consumption, refined f
thous. of lb..
Price, wholesale, refined, domestic (N. Y.)
dol. perlb..
Production:
Crudet
thous. of lb.
Refined
do....
Stocks, end of month:
Crude..
do....
Refinedf
do.._.
Oleomargarine:
Consumption (tax-paid withdrawals) t.-do...
Price, wholesale, standard, uncolored (Chicago)
dol. perlb.
Production fthous. of lb .
Shortenings and compounds:
Production
thous. of lb..
Stocks, end of monthf
do—
Vegetable price, wholesale, tierces (Chicago)
dol. perlb.
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines
thous. of dol.
Plastic paints._
do
Cold-water paints:
In dry form
..do
In paste form, for interior use
__.do
Paint, varnish, lacquer, and fillers.*
Total
.do—.
Classified, total
..do....
Industrial
__.do
Trade
_.._
do...
Unclassified
do
176,317 r 176,981
58,800 '370,288
97,180
311,403
62,361
286,844
38,269
250,715
31,384
192,910
123,138
140,655
128,873
170,358
72,671
105,714
47,058
27,534
51,291
20,996
34,167
28, 233 161, 748 232,888 217,103 200, 882 115, 513 165,824
27,907 90, 601 133, 726 157, 849 157, 212 110, 823 153,873
14,738
11,883
10,235
232,482
10,352
90,054
10, 400
99, 522 129,952
11, 312 13,487
.141
.138
71, 502 52,807
394,580 369,745
.140
36,661
310,433
.140
134, 595
318,380
627
165
1,288
2.97
45,180
.143
~28~560'
.139
.140
130,781 100,548
347,444 402,540
135,377
15,612
.137
.139
.136
32,942 80, 512 169,490
230, 569 199, 396 201,427
317, 338 291,922 163,136 234,952
117, 778 92,672 228, 997 75,866
119, 374 137, 469 309, 278 132, 710
19,126 21, 035 13, 870 30,050
.140
.139
.140
181, 960 185, 433 107,448
254, 713 300, 519 310,632
.140
151,406
327,618
4
, 105
925
56
455
527
129
233
423
241
566
517
236
379
2,438
750
2,066
2,646
2,398
2 304
828
1,695
1,437
366
887
916
604
638
1,046
24
0
940
704
141
3,105
490
144
2,120
585
90
1,078
633
130
447
164
468
5,438
483
835
5,678
465
2,734
5,564
554
2,780
1,320
252
2,535
744
110
2,269
1,967
250
2,068
581
186
1.865
112,526
13,965
3,899
5,467
2.40
3,778
10,347
2.43
4,445
11,938
2.46
3,993
11, 254
2.43
34,200
54,640
47, 240
56, 820
46,826 44,407
.137
.136
76, 782
27.900 21,850
211,087 230,252
46,726
.134
72,023
22, 750
2.33
37,640
.119
"22^250"
2.62
2.58
2.54
3,981
4,197
2.46
28,880
25,840
23,440
31,440
.141
23^666"
151,183
.139
.141
1241,015
~3O~666" 22,100
1.95
.135
1.83
.135
.135
31,800
26f 760
23,081
.153
33,015
.150
28,659
.150
27,611
40, 927
60, 660
40,198 40, 879 s 142,055
44,383
.129
.127
.132
.131
84, 785 77, 045 73, 569 240,062
25, 560 27, 780 24, 420
24,850
273,101 291, 212 297, 244 250,409
37, 820
.134
71,780
26, 280
289, 245
8,145
10,058 5 20,747
12, 293
1.72
111,624
1.72
1.71
10, 244
5,931
1.71
1,120
25, 213
35, 356
209,559
34,938 8 16,897
31, 353
1123,400
42, 629
58,478
63,940
60,393
49, 691
53, 608 5142, 606
62, 320
.135
.135
.135
.137
.138
.138
«167,945
1147,269
59,843
48,061
57,413
62,407
55,389
60,879
64,451
55,435
75, 393
58, 061
92, 326 5190,391
65, 414 5162,381
109, 704
73, 875
178,719
176,098
78, 350
73,099
68,896
67, 761
52,456
55,134
51,364
51,234
62, 268
51, 476
83, 416 5 75, 206
57,080 5 61, 238
99,156
63, 545
23,099
22,535
24,379
29,537
35,403
39, 371
42,151
30,305
53,311
.150
27,143
.150
29,383
.150
38,495
.150
39,604
.150
46, 283
.150
47, 635
.150
42,099
.151
35,478
.150
61, 984
246,304
163,208
95,477
56,823
.165
125,918
50,953
6,081
158,107 130,336
43,583 41,142
.138
.136
96, 229 117,915 5 325,038 119, 748
37, 853 42, 648 5 52, 557 43, 230
.165
.165
.165
.165
.166
.165
117
36
147
33
100
45
77
37
33
142
39
114
45
235
406
219
385
196
410
190
481
177
456
42,221
37,987
17,173
20,813
4,234
41,106
36,935
16, 748
20,187
4,170
43,028
37,782
17,243
20,540
5,246
44,122
39.186
17,906
21, 280
4,935
38,122
34, 315
16, 221
.170
.165
161
51
193
49
173
32
103
196
323
261
466
260
594
45,176
39,745
17,619
22,126
5,431
50,530
44,849
19,009
25,840
5,681
49,204
44,141
18,140
26,000
5,064
268
517
43,682
39, 513
17,082
22,430
4,469
172
64, 740
3,713
9,006
2.76
6,218
.170
.165
242,879
3,817 f 12,466
11,682 6 8, 618
2.56
2.47
2 40, 660
6,595
118,497
.165
224,921 330,025
146,533 134,136
3
249
1,067
225,615
.163
40,845
133,495
3,807
153
394
37,141
33, 518
16,905
16, 612
3,623
210
439
44,145
39,385
17, 678
21, 707
4,760
37, 843
33, 677
16, 221
17, 456
4,166
17,651
ELECTRIC POWER AND GAS
ELECTEIC POWEE
Production, total
...mil. of kw.-hr.__ 16,098 14,102
14,588
14,991
15,182
By source:
Fuel...
do_... 10,224
9,664
8,979
9,632
9,831
Water power
do
5,873
4,438
5,609
5,360
5,352
By type of producer:
Privately and municipally owned electric
utilities
_
_._._mil. of kw.-hr_. 13,936
12,612
12,649
13,326
13,394
Other producers
_
do
2,161
1,491
1,639
1,665
1,788
«• Revised.
1 Quarterly data. Data compiled monthly beginning July 1942.
* December 1 estimate.
3
No market quotation; regulated prices paid by crushers under Government program operated
4
Not available.
5
Quarterly average.
t Small revisions have been made in the data for the indicated series on oils and oilseeds for 1941.
16,006
16,262
16,114
16,753
16,459
17,681
15,736
10,877
5,128
10,946
5,315
10,895
5,219
11,244
5.509
10,726
5,733
11,571
6,110
10,405 «• 11,255
5,332 ' 6,396
14,047
1,958
14,047
2,214
13,804
2,310
14,282
2.470
14,086
2,373
15,237
2,444
13,768
1,968
by Commodity Credit Corporation.
Revisions are available on request.
15,170
'2,481
S-24
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the source s of the data, may be found in the Febru1942 Supplement to the Survey
April 1943
1942
February
April
May
June
July
August
1943
September
October
Novem- Beceni- Monthly! Januber
ber
average i ary
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
8ales to ultimate customers, total (Edison
Electric Institute)
mil. of kw.-hr..
Eesidential or domestic
_
do
Rural (distinct rural rates)
do
Commercial and industrial:
Small light and power
do
Large light and power
do—
Street and highway lighting
do
Other public authorities
do
Railways and railroads
do
Interdepartmental
do
Revenue from sales to ultimate customers
(Edison Electric Institute)
thous. of dol__
GAS
Manufactured gas:
Customers, total
thousands.
Domestic.
-do...
House heating.
do...
Industrial and commercial
do
Bales to consumers, total
mil. of cu. ft.
Domestic.
_
do._.
House heating
_
do...
Industrial and commercial
_.do
Revenue from sales to consumers, total
thous. of dol._
Domestic
_
do
House heating
_do
Industrial and commercial
do
Natural gas:
Customers, total
-thousands..
Domestic
_._do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft-.
Domestic
do
Ind'l., com'L, and elec. generation... do
Revenue from gales to consumers, total
thous. of dol..
Domestic
do
Ind'l., com'l., and elec. generation..-do
12,572
2,405
156
12, 536
2,139
206
12,487
2,047
216
12,670
2,025
270
13,166
2,053
335
13, 650
2,104
386
13,712
2,157
355
13,970
2,224
269
14,097
2,343
197
2,303
6,590
187
306
550
74
2,156
158
294
525
2,124
7,074
143
294
520
2,160
7,205
132
302
509
66
2,247
7,482
137
322
522
69
2,328
7,727
151
365
522
66
2,322
7, 735
157
373
523
92
2,272
7,957
185
385
560
118
2,308
7,948
197
391
568
144
237.957
227,610
225,602
227,057
232,460
238, 059 240, 253 243,094
246, 749
10,482
9,651
359
463
42,357
17,672
11,917
12, 425
10,463
9,621
359
470
38,161
16,875
7,722
13, 280
10, 544
9,694
372
466
34,873
16, 534
5,296
12,794
10, 542
9,706
359
466
31,983
17,125
2,604
12,035
10,608
9,785
344
467
30,383
16,475
1,719
11,919
10,656
9,830
348
466
29,608
15,954
1,344
12,105
10, 688
9,850
366
464
31,100
37.759
21,924
7,960
7,684
34,236
21, 574
4,881
7,649
33,143
22,407
3,083
7,506
31,245
22,210
1,918
6,996
30,202
21,740
1,332
7,007
29, 656
21,375
1,119
7,023
8.183
7,572
609
174,389
62,485
108,679
8,272
7,656
613
152,971
46,305
105,232
8,286
7,676
607
133,665
33,400
97,756
8.192
7,615
575
120.783
23,898
94,1M
63.760
38,433
24,816
52,552
30,084
22, 253
43, 738
23,243
20,135
36,893
18,018
18,525
12, 267
10,667
9,819
387
450
34,926
18,152
3, 296
13,195
10, 641
9,793
394
445
38,572
16, 387
8,133
13,725
31,196
22, 574
1,316
7,178
33,978
23, 576
2,571
7,667
35, 888
22, 741
4,767
8,188
17,191
1,418
8,231
8,242
8,268
8,340
8,630
7,667
7,664
7,991
7,702
7,746
562
574
637
564
591
119,940 118,136 123,041 137,071 159, 474
18, 485 19, 558 26,637
20,180
39, 721
97, 251 96, 742 100,828 107, 813 116,754
34,909
15,708
18,760
33, 754
14,683
18, 695
34, 766
14,993
19, 424
40,916
19,122
21, 428
50, 302
26.017
23, 856
6,587
6,208
8,593
5,770
5,626
8,483
4,705
4,717
8,253
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors: t
5,218
Production
thous. of bbl..
4,550
Tax-paid withdrawals
do
8,565
Stocks, end of month
do
Distilled spirits:
Apparent consumption for beverage purposes
thous. of wine gal._
1,179
Production^
thous. of tax gal,.
9,054
Tax-paid w i t h d r a w a l
do....
470. 259
Stocks, end of monthi
do
Whisky:f
0
Production.
do
6,138
Tax-paid withdrawals.
do
453. 387
Stocks, end of month.__
do
Rectified spirits and wines, production, total t
4,836
thous. of proof gal..
4,238
Whisky
_—do___.
Still winestt
Production
thous. of wine gal..
Tax-paid withdrawals
do
Stocks, end of month
do
Sparfeling wines:t
Production
do
Tax-paid withdrawals..
do
Stocks, end of month...
do
4,454
3,776
8,150
5,778
5,077
8,947
6,157
5,990
8,837
6,212
5,860
8,935
6,803
6,814
8,651
6,984
6,864
8,487
4,813
4,699
8,159
5.662
5, 356
8,472
4, 421
4,236
8,121
13,861
12,416
9,423
542,113
12, 762 12,891
15,829
12,984
19,284 i 26, 421 i 13,195 i 15, 480 1 15, 722
16,611
9,104
7,881
7,968
6,526
6,893
7,331
7,528
1,571
8,063
4,071
876
9,626
15,129
9,163
12,801
15,380
16, 596
9,212
10,100
11,383
10,273
543, 525 543,095 538, 910 537, 737 529,089 521,243 507,226 499,350 489,418 527, 791 479,196
11,486
6,412
519,791
8,445
6,631
521,485
6,970
5,848
521,017
6,229
4,865
4,758
4,029
4,700
3,982
1,846
8,985
167,089
1,310
8,131
150,019
91
36
742
157
32
894
7,039
6,536
8,585
6,324
516, 919 515,847
5,744
10,144
507,493
4,945
10,068
500,147
6.199
6,499
7,548
6,652
7,756
6,753
4,478
3,843
1,063
555
7,027
7,538
142, 542 133,195
120
33
978
115
44
1,050
3,542
3,940
7,916
8,416
124, 765 116,168
44
54
1,037
55
69
1,019
1,797
0
11, 439
5,656
487,550 480,325
7,952
6,926
4,982
4,228
0
6,873
471,026
5,399
4,628
2 7, 657
0
7,666
7,114
506, 569 461, 686
6,062
5, 214
5,177
4,619
19,225 85, 753 48,360
12,458
15,195
5, 422
10, 747 11,473
11,498
9,108
9,963
9,009
113,962 142, 851 152, 288 141, 403 143, 229 132, 012
58
93
979
64
121
916
68
119
854
75
159
761
83
69
891
41
65
730
DAIRY PRODUCTS
Butter, creamery:
'.47"
.47
.41
Price, wholesale, 92-score (N. Y.).dol. per lb._
.35
.38
.37
.47
.38
.44
.47
.47
.40
Production (factory) t
thous. of lb-. 121,995 118, 020 149, 585 203, 360 203,860 188,665 169, 620 140,130 126, 265 107, 480 116, 735 148, 289 r122, 880
15,
607'
12,321
152,198
63,
701
37,228
64,720
148,504
117, 111
123,599 86,981
Stocks, cold storage, end of month
do
45, 937 24, 979 82, 759
Cheese:
Price, wholesale, American Cheddars (Wis.233
.202
.202
.222
.202
.210
.217
.271
.205
.233
consin)
dol. per lb-.233
.233
.220
Production, total (factory)t
thous. of lb_. 60, 375 r 76, 555 -105, 880 -•138,620 ••131,630 115,385 104,008 86,100 75,300 57, 660 56, 650 93,134 60,155
46,945
62,505 88,810 117,085 110,430 97,005
87, 225 70, 675 58,800 43,170 42, 040 76, 443 r 46, 545American whole milkf
do
94, 532 160,073 208,171 227, 689 261,935 296, 763 279,905 259, 078 195,378 153,806 131,398 210, 784 113,797
Stocks, cold storage, end of month
do
77, 814 133,140 182, 613 200, 460 228, 478 261,535 243, 596 224,861 169,913 134, 332 112,348 182,855 ' 97,103,
American whole milk
do
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
5.84
5.64
5.65
5.65
5.65
Condensed (sweetened)
dol. per case..
5.65
5.65
5.83
5.83
5.83
5.83
5.71
5.84
4.14
3.64
3.55
3.52
Evaporated (unsweetened)
do
3.49
3.49
3.50
3.66
3.75
3.85
3.73
3.62
4.15.
Production, case goods:t
9,820
5,518
5,051
9,832
4,270
6,782
Condensed (sweetened)
thous. of lb_.
8,970
8,589
7,033
7,268
6,343
5,506
8, 250»
207,192 300,003 358,443 449, 330 402, 584 '317,007 277,969 226. 695 208,445 163, 648 178, 024 294, 599 203, 786,
Evaporated (unsweetened).
do
«• Revised, i Not including data for Georgia for October, November and December. 2 Average for January to Octobei.
^ Not including data for unfinished and high-proof spirits, which are not available for publication. Monthly data for 1941, revised to exclude these items, are shown on
p . S-24 of the February 1943 Survey; revised 1941 monthly averages (thous. of tax gallons): Production, 14,46-3; stocks, 521,481.
t Data for the indicated series on alcoholic beverages revised for July-December 1941 (see note marked " J " regarding other series); revised 1941 monthly averages (units-,
as shown above): Fermented malt liquors—production, 5,053; tax-paid withdrawals, 4,784; stocks, 8,291. Distilled spirits—apparent consumption for beverage purposes,
April 1943
S-25
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the February
1942 Supplement to the Survey
1942
February
April
May
June
July
August
September
1943
October
Novem- Decem- Monthly January
ber
ber
average
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued.
Condensed and evaporated milk—Continued.
Stocks, manufacturers', case goods, end of mo:
5,412
2,445
Condensed (sweetened).
thous. of lb._
6,395
8,292
4,226
6,223
8,178
4,124
2,586
5,928
6,733
5,286
7,445
E vaporated (unsweetened)
do
89,499 218,410 222,485 294,579 330,810 292,911 211,001 136,985
97.706
90,678
94,071
82,672 203,693
Fluid milk:
2.74
2.76
2.85
2.95
Price, dealers', standard grade.dol. per 100 lb_.
2.75
2.93
2.75
2.75
2.82
2.79
3.00
2.75
Production
mil. of lb
8,473
8,299
8,903
9,937
12,124
10,766
10, 305
11, 765
12,555
8,172
9,4S8
' 8,773
Utilization in manufactured dairy products!
mil. of lb..
3,934
3,705
5,036
5,894
5,280
3,933
3,478
4,367
3,240
4,750
3,713
6,694
6,546
Dry skim milk:
Price, wholesale, for human consumption,
.129
.134
.131
.132
.129
U. S. average
dol. perlb..
.137
.127
.127
.133
.126 i
.126
.137
.131
55,140 • 44,025 ' 36, 010 •29,010
32,000
51,044
Production, total f
thous. of lb._ 31, 900 •41,810 • 61,435 •78,230 i ' 79. 745 •61,035
30,800
51,435 ' 40,620 ' 34,010 ' 27,310
For human consumption f
do
37,170 • 55,8C0 •70,615 I ' 74, 330 • 56,330
46,831
29,000
29, 200
30,000
Stocks, manufacturers', end of month, total
thous. of lb._ 26,164
41,160
47,459
19,063
27,060
37,110
27,729
60,595
61,604
48,597
32,017
17,567
For human consumption
.do
24,995
26,102
42,378
42,822
36,331
25, 728
54,305
16,847
16,066
33, 298
26, 673
54,855
28,084
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu_.
127,655
724
4,812
11,034
7,294
4,744
Shipments, carlot.
no. of carloads..
3,951
696
3,946
3,315
5,267
3,840
1,840
783
30,577
Stocks, cold storage, end of mo.-thous. of bu_. 16, 519
14,238
32,706
35, 761
17, 504 ' 23,663
0
3.521
1,259
11,105
0
0
19, 231
Citrus fruits, carlot shipments...no. of carloads. 17,242
18,052
15,629
11,476
12, 227
19,005
19,312
9,701
15,894
8,758
19,592
12,140
Frozen fruits, stocks, cold storage, end of month
thous. of l b . . 145,022 142,192
207,767 225,104 221,727 206,396 188,041 166,072 172,103
106, 538 129,334
101, 810
186,003
Frozen vegetables, stocks, cold storage, end of
73, 245
102,186 117, 796 115,810 115,845 103,333
month
_
thous. of lb_. 75,454
85,767 ' 92,344
65,358
49,548
53,416
88,248
Potatoes, white:
2.275
2.044
2.800
2.150
2.206
2.211
Price, wholesale (N. Y.)
dol. per 100 lb..
2.883
1.950
2.379
2.581
1.615
1.894
2.919
Production (crop estimate) f__ thous. of bu_.
1371,150
11,294
22, 564
15,606
Shipments, carlot
no. of carloads.. 21,351
16, 556
19,827
24, 473
21,048
14, 928
17, 955
21, 016
15, 564
GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis):
.76
.65
.73
.64
.65
No. 3, straight
dol. perbu..
.68
.74
.83
.71
.64
.61
.69
.80
.92
.82
No. 2, malting
do..
.89
.95
.97
.90
.85
.96
.87
.87
Production (crop estimate) f__ thous. of bu..
1426,150
6,064
4,118
Receipts, principal markets
do
7,456
7,220
6,916
18,872
14,963
9,436
9,967
4,813
9,378
7,727
15, 566
4.541
Stocks, commercial, end of month
do
9,656
3,015
12,154
10,743
9,000
6,344
3,600
7,979
9,771
' 5,691 ' 10,551 11,887
Corn:
11, 067
Grindings, wet process
do
2 9, 622
10,752
10,679
10,749
10,642
11,175
11.023
11, 276
10,922 5 10, 861 2 10, 619
Prices, wholesale:
.85
No. 3, yellow (Chicago)..
dol. perbu..
.84
.82
.85
.97
.77
.81
.89
.83
.82
.84
.97
.98
No. 3, white (Chicago)
do
.96
1.00
1.02
1.15
.96
.104
1.07
1.08
1.00
1.06
1.09
.97
.84
Weighted avg., 5 markets, all grades do
.
8
5
.92
.84
.79
.85
.85
.77
.82
.92
.78
.81
Production (crop estimate) t- - - thous of bu.._
'3,175,154
25,755
Receipts, principal markets
do.. 37,303
23,578
20,126
30,357
22,448
27,835
30,999
27,403
35,929
30, 570
22,183
'41,389
Stocks, domestic, end of month:
64, 408
Commercial
_
do.. 48, 769
59,884
57,012 • 49.747
43,697
43,407
51,012
42,829
63,363
38, 641
39, 969 '40, 734
2,277,332 1,188,010
761,363
3423,758
On farms t
do..
Oats:
Price, wholesale, No. 3, white (Chicago)
.55
.56
.48
dol. per bu_
.49
.54
.60
.49
.47
.50
.52
.55
.49
Production (crop estimate) f__.thous. of bu
1,358,730
5,813
Receipts, principal markets...
do
6,642
5,670
~7~894
16,918
6,783
8,469
5,614
3,671
13,125 ~~6,~ 209
6,353
17,414
Stocks, domestic, end of month:
3,776
Commercial
do_.
2,191
7,483
5,132
7,608
2,109
9,534
4,642
12,106
6,839
7,649
10,123
10,451
On farms f
do..
1,132,933
887, 575 661, 232
'192,398
Rice:
Price, wholesale, head, clean (New Orleans)
.073
dol. perlb..
.068
.070
.062
.070
.067
.067
.067
.069
.067
Production (crop estimate)!
thous. of bu..
66,363
California:
Receipts, domestic, rough...bags (1001b.).. 541,602 229,404 499,885 437,981 j r 479, 241 '196,964 40,293
493 394,062 531,917 543,339 341,417 484,751
430 •398,201 167,716
Shipments from mills, milled rice
do
290,039
69,944
97,631 420,205 200,
60,150 111, 630 383,414 187,171 319, 526
36, 666
onn .o«
Stocks, rough and cleaned (in terms of
cleaned rioe). end of mo-bags (100 lb.). 417,732 374,565 242,690 "299, 986 \r 197,938 152,048 107,281
70, 919 247,027 457, 565 428,358 273,848 367,863
Southern States (La., Tex., Ark., and Tenn.):
Receipts, rough, at mills
70 ;
14
2,902
thous. of bbl. (1621b.)965
1,342
2,293
1,295
2,717
1,297
1,094
105
198
Shipments from mills, milled rice
471 i
187
253
2,091
thous. of pockets (100 lb.)
1,009
1,323
1,764
1,947
1,730
781
1,124
253
1,256
Stocks, domestic, rough and cleaned (in
terms of cleaned rice), end of month
439
109
thous. of pockets (100 lb.).
158
1,441
677
2,787
3,100
2,598
844
Rye:
Price, wholesale, No. 2 (Mpls.)--dol. per bu..
.61
.59
.70
.65
.67
.78
.60 I
.72
Production (crop estimate) t - - thous. of bu..
1 57, 341
1,133
1,269
Receipts, principal markets
do
1,061
2,508
1,695
802
1,345
1,577
2,393
I79I3"
861
566
17,240
Stocks, commercial, end of month
do
17, 212
19,295
19,889
19,924
19,645
17,288
19, 761
17,908
18, 477
17,034
17,333
17,029
Wheat:
212,806 205,016
Disappearance, domestic tdo
237,957
178,980
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
1.14
1.19
1.20
1.14
1.13
1.19
dol. per bu__
1.41
1.32
1.39
1.25
1.20
1.21
1.19
1.19
1.21
1.20
1.38
No. 2, Red Winter (St. Louis)
do....
1.22
1.48
1.55
1.31
1.26
1.54
1.32
1.30
1.33
1.15
1.11
1.15
1.21
No. 2, Hard Winter (K. C.).,
do....
1.31
1.23
1.08
1.37
1.19
1.37
1.11
1.20
1.23
1.16
1.11
1.15
Weighted av., 6 markets, all grades..do
1.14
1.21
1.28
1.10
1.17
1.38
1.18
1.36
1.17
1.11
Production (crop est.). total f- -thous. of bu
1981,327
Spring wheat
do
1278,074
Winter wheat
do
1703,253
3
4
* Revised. 1 December 1 estimate. * For domestic consumption only, excluding grindings for export. Includes old crop only. Quarterly average.
5 Revised 1941 monthly averages (units as shown above): Frozen fruit, 154,181 (June 1941 revision 145,718). Corn grindings, wet process, 9,192 (for revisions for OctoberDecember 1941, see p. S-25 of the February 1943 Survey.)
fData for the utilization of fluid milk in manufactured dairy products have been revised beginning 1920 to include the milk equivalent of dry whole milk. Revised 1941
monthly average, 4,720; earlier revisions are negligible. For monthly 1941 revisions for production of dry skim milk, see p. S-25 of the March 1943 Survey (1941 monthly
averages: Total 39,708; for human consumption, 30,538). All crop estimates and corn and oat stocks on farms revised beginning 1929 (revised 1941 crop estimates are on p.
S-25 of the February 1943 Survey; revised 1941 corn stocks, 1,111,157; oats, 599,601); domestic disappearance of wheat revised beginning 1934 (revised 1941 average, 166,512); all
revisions available on request.
S-26
SURVEY OF CUREENT BUSINESS
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the February
1042 Supplement to the Survey
April 1943
1942
February
April
May
June
July
August
1943
September
October
Novem- Decem- Monthly January
ber
ber
average
FOODSTUFFS AND TOBACCO—Continued
GRAINS, ETC.-Continued
Wheat—Continued.
Receipts, principal markets
thous. of bu._ 36,106
Stocks, end of month:
438,615
Canada (Canadian wheat)...
.do
United States, total J f
do
214,954
Commercial
_
___do
Country mills and elevators f
do
Merchant mills
do
On farms t
do
Wheat flour:
Grindings of wheat
do
Prices, wholesale:
6.35
Standard patents (Mpls.)
dol. per bbL.
6.16
Winter, straights (Kansas City)
do.__.
Production (Census):
Flour, actual
thous. of bbl__ j
Operations, percent of capacity
Offal
thous. of lb_.
Stocks held by mills, end of month
thous. of bbl_.
LIVESTOCK
Cattle and calves:
Receipts, principal markets
1,541
thous. of animals. .
Shipments, feeder, to 7 corn belt States
thous. of animals..
Prices, wholesale:
15.14
Beef steers (Chicago)
dol. per 1001b..
13.49
Steers, stocker and feeder (Kan. City), do
14.63
Calves, vealers (Chicago).._
do
Hogs:
Receipts principal markets-thous. of animals. Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 l b . .
Hog-corn ratio t
bu. of corn per cwt. of live hogs..
Sheep and Iambs:
Receipts, principal markets
thous. of animals. .
Shipments, feeder, to 7 corn belt States.do
Prices, wholesale:
Lambs, average (Chicago).-dol. per 100 lb._
Lambs, feeder, good and choice (Omaha)
dol. per 100 l b MEATS
Total meats (including lard):
Consumption, apparent
mil. of lb
Production (inspected slaughter).
do
Stocks, cold storage, end of month
do
Miscellaneous meats
...do
Beef and veal:
Consumption, apparent
thous. of lb._
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per l b . .
Production (inspected slaughter)-thous. of lb_.
Stocks, beef, cold storage, end of mo
do...
Lamb and mutton:
Consumption, apparent.
._
do____
Production (inspected slaughter).
do
Stocks, cold storage, end of month
do
Pork (including lard):
Consumption, apparent
do
Production (inspected slaughter)
do
Pork:
Prices, wholesale (Chicago):
Hams, smoked___
dol. per l b . Fresh loins, 8-10 lb. average
do
Production (inspected slaughter) thous. of lb__
Stocks, cold storage, end of month
do
Lard:
Consumption, apparent...do
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
dol. p e r l b . .
Refined (Chicago)
do
Production (inspected slaughter) thous. of lb__
Stocks, cold storage, end of month
do
POULTRY AND E G G S
Poultry:
Price, wholesale, live fowls (Chicago)
dol. per l b . .
Receipts, 5 m a r k e t s .
thous. of l b . .
Stocks, cold storage, end of month
do
Eggs:
Price, wholesale, fresh firsts (Chicago)
dol. per doz.Production
millions..
Stocks, cold storage, end of month:
Shell..
thoua. of cases..
Frozen
thous. of lb__
17,803
53, 694
31,811
31,012
35, 398
384,746 390, 572 378, 091
631,854
229,407 :22l",804' 224,441 261, 422 266,149
142, 583
96,837
163, 584
419,955
»995,083
249,337
&204,255
6127,653
t-392,884
447,094
1,375,224
269,290
257, 765
151,927
644,146
447,960
1,162,418
245,150
235, 221
139, 385
494,662
230," 639
12,669
458,602 420,880
249,891
17,354
23, 416
61, 645
38,951
398,177
38,621
36,878
36,141
37,842
41,465
40,920
44, 563
46,069
41, 276
49,959
8.33
5.74
5.95
5.40
5.84
6.26
5.51
5.09
5.60
5.01
5.73
5.13
5.95
5.45
6.18
5.60
5.99
5.45
6.33
6.12
8,479
63.8
663,748
8,058
53.6
641,182
7,903
54.6
628,939
8,279
55.0
656,814
8,968
9,793
9,075
59.6
67.9
60.4
718, 093 705, 516 765,128
10,152
67.9
787,629
9,053
61.5
711,817
11,037
76.8
847,171
3,619
3,838
3,925
6 3,846
1,845
2,055
180
171
87
2,60-5
2,995
1,613
1,467
1,815
1,684
1,953
1,831
61
126
91
80
74
173
294
12.39
13.26
10.69 I 11.93
13.50 | 13.13
13.22
12.00
13.50
13.11
11.83
13.00
13.63
11.09
13.13
14.87
12.05
13.70
14.84
11.64
14.00
15.21
11.83
13.50
15.30
12.62
13.50
14.85
12.24
13.50
13.79
11.75
13.53
14.84
12.67
14.25
2,463
2,638
2,630
2,896
2,452
2,187
2,529
2.687
3,310
4,225
2,868
3,431
15. 35
12.58
14.18
14.07
14.19
14.25
14.37 j
14.45
14.01
13.70 i
16.2
'15.5
16.9
16.3
16.3
16.6
16.9 |
16.4
16.5
16. 5
1,670
173
1,535
82
1,866
118
1.855
163
1,832
105
2,138
135
2,351
293
1,939
159
14.64
14.75
14.18
2,814
15.91
12.03
12.78
14.26
10.92
11.24
11.76
1,380
957
1,213
1,271
1,097
116
1,338
1,376
941
108
1,328
1,374
893
110
518,851
598,990
562,214
.220
489,664
101,079
.196
513,157
150,410
.213
.214
.209
.210
566, 213 530, 200 609,840 606. 516
81, 556 82, 647
126,884 99,075
63,412
20,155
61,813
61. 701
8,122
12.52
1,447
1,531
823
112
62,497
61,158
5,711
58, 964
58,899
5,313
826,672
632, 393
696,100 741,802
702,864
782,338
755,213
861,804
.293
.284
638,132
628,450
.240
520,156
616,604
86,333
92, 053 103,281
.139
.121
.146
.136
137, 304 128,465
123, 713 206,565
.245
19,009
101,697
2.349
4,577
970
56,095
18,624
179,083
.126
.126
.144
.143
126,877 135,081
126, 284 117,995
.230
23,123
96, 716
I
.218
29,762
80,242
387
14.60
12.94
1,326
1,329
607
94
3,657
720
3,741
976
2,780
452
2,379
175
14.16
14.30
14.53
15.39
13.81
15.86
12.89
12.20
12.35
13.12
i 12.02
13. 59
1,406
1,449
519
80
1,413
1,532
521
72
1,404
1,553
579
73
1,557
1,887
829
86
1,385
1,485
807
100
1,404
1,632
913
81
675, 290 535, 969 557,014 592,970 546,821
.210
.216
.208
.220
.210
.210
.210
613,620 641, 531 686,028 548, 612 547,100 584, 471 522, 960
95,146 116,892 130, 454 127,034 115, 292 •107,185
72,380 r 76,839 70, 719
58,877
70, 790 83,407 84,004
73, 348 71, 225
72, 821 86,982 90, 733 82, 547 87,881
26,
462 34,819
7,602
12,182 <"24,885
11, 260 17,896
66, 734
66. 916
5,487
729, 544 640,169
773,247 642,827
687, 628 653,932 795,162 923, 282 721,251 j 797,985
720, 437 755, 565 922,019 1,251,573 827,231 (1,037,942
.293
.293
.305 I
.293
.303
.325
.325
.295
.295
.284
.284
.280 |
.284
.311
.298
.310
.294
664, 697 582, 774 496, 360 557,953 590, 541 721, 781 952, 397 630,130 793,048
522,173 433, 547 336,634 270, 287 257,445 291, 841 490,476 462,978 I '588,419
85, 093 86, 356 82,097 87,170 66, 631 108, 432 153, 448 97, 337 | 125,961
.127
(•)
151,017
102,260
139,042
98,349
.206
32,493
79,200
.209
34, 435
79,346
.139
139
.129
.136
.129
.146
146
.142
.139
.139
145,
578 218 107
106. 660 118, 236 119,978
85, 274 62,143
57, 547 57, 434 91 333
128
140
143 705
116, 388
.139
.146
178,549
111,867
.209
234
78, 661 64 495
193, 263 187 943
222
39 357
133 729
.245
28, 484
142, 002
.210
.224
.230
37, 307 46,666 58,910
86,645 115, 505 161,011
.400
.397
.293
.301
.342
.355
.304
.321
' 6,005 ' 5,782 ' 4,745 ' 4,095 ' 3,547 ' 3, 019 r 2,725 r 2,558
1,170
3,117
529 | 4,638
5,421
6,751
6,945
7,935
7,754
73,766 j159,585 223, 831 278,499 290, 529 272,042 234,876 180, 329 126, 321
.286
'3,843
16. 0
632, 756 606, 544 614, 900 634,822
69, 433
68, 331
7,108
.300
.321
.291
.288
567, 754 697,129
572, 799 559,849
1,403
1,447
729
109
2,772
14.78
l
2
'3,006 | 4', 018
273 ' 3,889
82,948 I 175,535
.369
3,769
'214
• 59, 781
' Revised.
<» No quotation.
& Quaterly average.
1 Average for 11 months, January to M a y and July to Deceomber.
2
Price for "current receipts" (ungraded eggs), Chicago; prices average slightly lower than for firsts. 1942 prices for current receipts (dol. per doz.): Jan., 0.324; Feb., 0.276;
Mar., 0.270; Apr., 0.279; May, 0.286; June, 0.292; July, 0.308; Aug., 0.320; Sept., 0.329; Oct., 0.348; Nov. and Dec. not available.
^The total beginning June 1942 includes comparatively small amounts of wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden
bins, not included in the break-down of stocks. June figures include only old wheat; new wheat not reported in stock figures until crop year begins in July.
fData for the indicated series on wheat stocks have been revised beginning 1926 and for the hog-corn ratio beginning 1913; revised 1941 monthly or quarterly averages (units
as shown above): Wheat stocks, United States—total, 773,780; country mills and elevators, 167,165; on farms, 284.340. Hog-corn ratio, 14.2. All revisions are available on
request.
S-27
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1842 Supplement to the Survey
1943
February
1943
February
April
May
June
July
1943
August September
October
Novem- Decem- Monthly January
ber
average
ber
FOODSTUFFS AND TOBACCO—Continued
TEOPICAL PRODUCTS
Cocoa, price, spot, Accra (N. Y.)_dol, per lb
Coffee:
Clearances from Brazil, total.,thous. of bags..
To United States
do
Price, wholesale, Santos, No. 4 (N. Y.)
dol. per l ^ Visible supply, United States,thous. of bags..
Sugar, United States:
Raw sugar:
Price, wholesale, 96° centrifugal (N. Y.)
dol. per lb—
Refined sugar, granulated:
Price, retail (N. Y.).__
_
___.do..._
Price, wholesale (N. Y.)
do
0.0892
0.0890
0.0890
0.0890
0.0890
0.0890
0.0890
0.0890
1, 006
842
773
635
.134
825
453
348
560
418
716
136
519
366
510
384
.134
1,079
.134
973
.134
795
.134
539
.134
381
.134
361
.037
.037
.037
.037
.037
.065
.055
.066
.055
.066
.055
.066
.055
.068
.055
732
682
766
665
.134
554
.134
1,102
.037
.037
.037
.068
.055
.066
.053
.066
.055
.134
852
506
378
.134
703
0. 0895
0. 0890
653
524
414
248
.134
247
.134
.037
.037
.037
.037
.058
.055
.068
.055
.068
.055
.066
.055
.055
MISCELLANEOUS FOOD PRODUCTS
Candy sales by manufacturers
thous. of dol— 29, 676
Fish:
Landings, fresh fish, prin. ports..thous. of l b . .
Stocks, cold storage, 15th of month
do
i 52, 831
Gelatin, edible:
Monthly report for 7 companies:
Production
_
do.
2,078
Shipments
do.
2,147
Stocks.__
_
do.
2,421
Quarterly report for 11 companies:
Production
...
_
do.
Stocks
do.
TOBACCO
Leaf:
Production (crop estimate)
.mil. of lb_
Btocks, dealers and manufacturers, total, end
of quarter
mil. of l b .
Domestic:
Cigar leaf
.._
.do
Fire-cured and dark air-cured
do...
Flue-cured and light air-cured
_do_._
Miscellaneous domestic
do...
Foreign grown:
Cigar leaf
do...
Cigarette tobacco
do...
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
..millions..
Large cigars
.._
thousands.. 410, 599
Mfd. tobacco and snuff
thous. of lb_. 22, 691
Prices, wholesale (list price, composite):
Cigarettes, f.o.b. destination..dol. per 1,0006,006
Cigars, delivered
.do.
(5)
Production, manufactured tobacco: X
Total
-thous. of lb__
Fine-cut chewing
...do.
Plug
do.
Scrap chewing
do.
Smoking
__ d o .
Snuff
do.
Twist
_-L__.do_
27,277
13,478
82,677
2,102
2,126
3,518
19,177
20,136
23,962
29,234
35,665
32,099
32, 741
27,194 r 28, 212
• 42, 366 • 48, 682 49,195
49,079 55,036 63,411
48,887
81,496
49,307
100,088
40,021
109,428
38,659
115,128
28,449
114,198
13, 370
105, 343
35, 631 15, 733
86, 502 2 74,948
1,962
2,292
3,198
1,715
2,130
2,783
1,712
1,907
2,588
2,128
2,050
2,666
2,217
2,339
2,544
2,014
2,054
2,504
27,179
2,164
2,162
3,642
2,116
1,940
3,819
1,860
2,151
3,528
8,035
4,782
2,042
2,116
3,164
1,913
1,927
2,490
3 7, 815
3 4, 407
6,861
3,301
41, 417
3,177
426
280
16,628
441,805
24,426
17,380 18,455
503, 536 457,767
27,825 25,181
20,004
532,390
27,807
3,432
3,345
381
249
2,519
3
336
242
2,752
3
395
268
2,575
4
24
85
22
77
22
;, 260
20, 875 20,941 r 21, 798 23,075
20,447
510, 823 498,872 519,976 633, 350 474,348
27, 013 25,329 27, 329 30, 956 25,882
5.760
46.190
5.760
46.592
0.760
46.592
5.760
46.592
5.760
46. 592
5.760
46.592
5.760
5.760
6.006
25,072
358
3,697
3,411
13,854
3,265
486
27, 745
398
4,347
3,913
14, 782
3,827
478
25,950
420
4,297
3,768
13, 705
3,302
459
28,207
481
4,878
4,047
14,912
3,366
522
29, 443
446
4,933
5, 243
15, 025
3,264
534
26,475
437
4,749
4,724
13,259
2,799
506
27, 535
437
5,128
4,260
14, 035
3,169
507
29,845
426
5,036
4,624
15,980
3,252
526
28, 209
425
4,686
4, 033
15, 247
3,297
522
19, 716 19, 653 20, 370
685, 002 517, 156 436, 744
24, 081 26, 807 25, 297
6.006
5.802
6.006
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (Federally inspected):
Calves..
thous. of animals..
Cattle
.do....
Hogs..
-_.
....do
Sheep and lambs
...do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb..
Calfskins, packers', 8 to 151b
do
331
854
4,335
1,499
392
891
3,892
1,407
502
956
4,196
1, 570
471
885
4,320
1,475
475
1,039
4,554
1,481
461
1,048
3,886
1,705
460
1,103
3,223
1,840
513
1,159
3,843
2,223
r
578
1,280
4,218
2,344
501
1,018
5,023
2,126
476
982
6,778
2,175
480
1, 029
4,491
1,802
5,431
. 1.55
.218
.155
.218
. 155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
. 155
.218
. 155
.218
340
928
1,724
LEATHER
Production:
1,073
1,022
1,053
969
1,029
1,045
Calf and kip
.—thous. of skins..
974
1,031
1,093
989
1,009
1,006
973
2,642
2, 557
2,451
2,601
2,384
' 2, 647
Cattle hides
thous. of hides..
2,534
2,364
2,577
2,443
2,513
2,684
2, 437
r
3,017
2,929
3,421
3,037
2,728
3,169
3,490
2,423
3,631
Goat and kid
thous. of skins..
2, 655
4, 040
4,320
2,976
r
4,844
4,462
4,473
4,147
4,150
4,543
Sneep and lamb
do
4,514
4,287
4,998
4,860
4, 543
4,552
5, 033
Prices, wholesale:
.440
.440
.440
.440
.440
.440
.440
.440
.440
.440
.440
.440
Sole, oak, bends (Boston)t
dol. per lb—
.440
Chrome, calf, B grade, black composite
.529
.529
.529
.529
.529
.529
.529
.529
.629
.531
.529
dol. persq. ft—
.529
Stocks of cattle hides and leather, end of month:
12, 656
11,904
11,861
11, 622
12,139
11,706
11, 809
12,747
12,389
11,910 r r12, 225
Total...
.thous. of equiv. hides.. 11,812 ' 14,905
8,827
8,420
8,811
8, 591
8,762
8,925
8,679
8,691
8,879
8,898
8,904
Leather, in process and finished do
8,148
r 8, 925
r
3, 829
3,544
3,050
3, 634
2,860
3,118
Hides, raw
do
3,868
3,491
3,214
3,027
3,006
3,664
«• 5, 980
* Revised.
0 Discontinued by the reporting source.
1 Revised 1941 monthly average, 44,300,000 pounds.
23 Data are as of the end of the month.
Average for first three quarters.
4 December 1 estimate,
s Not available.
fRevised series; revised data beginning July 1933 will be shown in a subsequent issue; monthly average 1941, 0.414.
JKevised 1941 monthly averages (thousands of pounds): Total, 28,536; fine-cut chewing, 422; plug, 4,186; scrap chewing, 3,684; smoking, 16,474; snuff, 3,301; twist, 468.
The averages are based on annual totals, including revisions not distributed to the monthly data.
S-28
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
SURVEY OF CURRENT BUSINESS
1943
February
April 1943
1943
February
April
May
June
July
SepAugust tember
October
1943
Novem- Decem- Monthly Januber
ber
average ary
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Gloves and mittens:
Production (cut) total
- doz^n nairs
Dross and semidress .
-do .
do
WorkBoots, shoes, and slippers:
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair.,
Men's black calf oxford, corded tip.,.do..
Women's colored, elk blucher
do....
Production, boots, shoes, and slippers:
Total
thous of pairs
do
Athletic
All fabric (satin, canvas, etc.).. ....do...
do
Part fabric and part leather
High and low cut, leather, total . do .
Government shoes
._ ..._do--..
Civilian shoes:
do
Boys' and youths'
doInfants'
do
Misses' and children's
do.
Men's
. . -.
Women's
_.-do.—
Slippers and moccasins for housewear
thous. of pairs..
All other footwear
do
6. 75
0)
0)
253,033
158, 253
94,780
296, 553
183,210
113,343
313,765
198,438
115,327
289.850
178,452
111,398
295,243
177,707
117,536
272, 256
159,056
113,200
268,191
150,656
117,535
295, 715
166,831
128,884
260, 337
146,021
114, 316
274,695
156,680
118,015
275,966
164,956
111,010
6.40
4.60
3.60
6.75
4.65
3.60
6.75
4.61
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.75
4.60
3.60
6.66
4.60
3.60
6.7£
4.6C
3.6C
40,390
454
560
1,363
34,460
2,351
45,816
620
535
1,056
38, 539
3,869
40,982
512
478
892
34,196
3,614
39,694
492
395
555
33,411
3,675
41,800
460
147
671
36,022
3,763
38,812
424
175
613
33, 054
3,879
37,119
460
227
727
31,092
3,333
39,986
475
368
1,007
33,041
3,960
35, 247
415
305
901
28,974
3,424
38,501
453
317
1,003
32,351
3,831
40, 322
483
393
949
34,059
3,406
36,991
411
784
897
31,74€
4,062
1,418
2,030
3,758
9,373
15, 530
1, 536
2,372
3,751
9,698
17,314
1,422
2,187
3,344
8,530
15, 098
1,467
2,124
3,603
8,263
14, 280
1,571
2,161
3,602
8,552
16,374
1,401
2,136
3,224
7,410
15,003
1,379
2,079
3,080
7,561
13,660
1,549
2,048
3,259
8,310
13,916
1,164
2,003
2,743
7,119
12,521
1,323
2,101
3,236
7,814
14,047
1.426
2,138
3,440
8,508
15,140
1, 59£
2,08C
2,85€
7,04£
14,097
2,663
890
3,657
1,410
3,621
1,283
3,823
1,018
3, 850
650
4,083
462
4,219
395
4,447
647
3,989
664
3,682
695
3,611
828
f
? 2,462
69]
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
National Lumber Manufacturers Assn.:f
2,650
Production, total
mil. bd.ft.. 1,976 ' 2, 338 ' 2, 771 r 2, 766 r 2,924 ' 3, 051 ' 2, 939 ' 2,845 r 2, 794 ' 2,398 ' 2,083
465
471
473
431
423
388
450
Hardwoods
do.
451
442
410
381
441
' 2,298
r 2, 586 ' 2.468
f 2, 352
' 1,702
' 2, 335 ' 2, 501
' 2, 394
2,209
'1,988
1,589
' 1,888
Softwoods
do.
' 3,296
' 3,060
'3,035
' 3,108
2,222
' 2, 539 ' 3,188
Shipments, total
do.
'2,975
r 2,936
' 2, 564
' 2,364
2,868
538
510
438
470
496
501
443
Hardwoods
do.
523
541
490
434
488
r 2,452
' 2, 718 ' 2, 539
'2,758
' 2, 550
1,930
1,784
' 2, 096
' 2, 607
' 2,395
' 2,074
2,380
Softwoods
do.
' 5,283
' 5,152
' 5,960
' 5, 720
' 5, 536
3,950
' 6, 600
Stocks, gross, end of month, total
.do.
' 5,048
r 4,899
' 4, 761
' 4,413
5,540
1,773
1,734
1,329
2,004
1,991
1, 925
1,846
1,662
1,563
1,485
1,432
1,783
Hardwoods
do.
r
3, 510
' 2,981
' 3, 969 ' 3, 795
' 3, 418
' 3, 386
' 3, 276
2,621
' 4, 596
' 3, 690
' 3, 336
3,757
Softwoods
_
do.
FLOORIN6
Maple, beech, and birch:
7. 325
7,300
6,600
6,950
7,200
7,875
7,040
7,150
5,900
5,850
Orders, new
M bd. ft.. 5,850
6, GOO
8,650
8,100
10,125
8,750
8,950
6,150
8,270
7,400
9,600
7,200
5,700
5,500
Orders, unfilled, end of month
do
7,500
6,850
4,500
7,550
7,500
7,150
7,625
8,000
5,050
7,035
6,500
6, 250
Production-_
do
7,675
7,500
5,750
7,300
5,050
8,850
7,675
6,950
7,100
7,700
7,500
6,300
Shipments
do
12,000
11,500
9,450
14,250
13.850
12,000
12,100
12, 500
10,650
12,500
11, 500
11,275
Stocks, end of month
do
Oak:
17,616
39,369
32,560
17,911
22,609
17,641
26, 313
27,732
22,720
29,612
23,249
18,626
Orders, new
_
do
24, 057
48,097
42, 673
20,053
32,037
37, 488
30,479
27, 771
22, 631
27,626
19,101
19,476
Orders, unfilled, end of month
do
25, 491
19,288
15, 535
36,719
40,656
36,283
30,562
18,633
20,174
18,007
28, 713
18, 400
Production.
do
21, 071
17,064
37, 788
37,027
24,920
18,906
21,214
27, 506
19,810
32,917
26,779
18, 251
Shipments
do
76,763
76,422
51,153
63,333
66,699
72, 341
73,841
64, 506
66,807
58,601
65, 236
Stocks, end of month
do
63,563
Dou^fir:
SOFTWOODS
Prices, wholesale:
Dimension, No. 1, common, 2 x 4—16.
I
dol. per M bd. ft. J 32.340 32. 340 32. 340 32. 340 32. 340 32. 340 32.340 32. 340 32.340 32.340 32. 340 32. 321
Flooring, B and better, F. G., 1 x 4, R. L.
dol. per M bd. ft.. 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100
Southern pine:
794
796
832
755
615
957
740
653
758
826
600
Orders, newtmil. bd. ft..!
731
858
871
794
818
726
834
887
Orders.unfilled, end of month
do
943
840
793
736
747
Prices, wholesale:
i
Boards, No. 2 common, 1x8
dol. per M bd. ft.. 32.000 30.653 30.000 30.000 30.000 30.000 30.000 30.000 30.000 30.000 30.000 30.160
54. 708
55.000
55.000
55.000
54. 830
55.000
55.000
55.000
55. 000
55.000
55.000
55.000
Flooring, B and better, F. G., 1 x4.__do
705
640
730
706
657
675
Production!
.mil. bd. ft—
702
759
745
753
807
738
677
770
954
814
810
857
739
731
682
625
787
778
Shipmentst—
do
831
732
740
941
1,307
881
758
679
1,007
938
725
791
Stocks, end of month.
do I
Western pine:
439
664
548
352
684
586
397
597
564
640
575
474
Orders, new
do '
542
465
614
635
671
626
578
562
578
539
569
566
Orders, unfilled, end of month
do
Price, wholesale, Ponderosa, boards, No. 3
31.44
31.83
31.51
31.46
31.04
32.01
31.35
31.36
31.53
common, 1 x 8
dol. per M bd. ft_. 31.36
31.38
246
292
484
522
691
695
637
'650
343
504
432
Productionf
mil. bd. ft..
367
628
466
537
407
602
'615
543
553
642
486
'612
Shipmentst
do
941
1,411
1,252
1,221
1,284
1,337
1,426
1,443
1,192
1,349
1,389
1,391
Stocks, end of monthf
do
West coast woods:
1,062
867
820
842
847
711
580
529
680
977
1,075
684
Orders, newf
do
1,053
1,045
1,145
1,095
1,057
897
1,029
1,067
1,171
1,150
1,097
Orders, unfilled, end of month
do
1,106
524
744
506
812
820
757
818
690
819
825
806
669
Production!
do
537
713
939
768
624
795
893
887
858
830
673
945
Shipmentst
do
463
968
875
835
572
578
578
497
733
756
622
596
Stocks, end of month
do
Redwood, California:
38,864
46,368
39,407
58, 278
40,942
39,445
44, 631
44,983
50, 047
58,135
44,868
Orders, new..
_
M bd. ft..
85,128
74,801
88,086
73,137
87,154
90,997
61,104
66,073
64,152
65,359
91,542
Orders, unfilled, end of month
do
33, 571
37,833
38,462
41,163
Production
do
42,008
38,790
35,399
33,128
37,960
37,397
41,666
30,208
46,562
41,205
43,307
46,673
48,647
48,738
51, 567
38,830
42,714
40,979
Shipments
do
249,377 228.068 220,602 213,124 207,588 I 195,721 182,697 170,197 163,457 158,153 206, 542
Stocks, end of month
do
f
Revised.
» No quotation.
t Lumber statistics for 1941 and 1942 have been revised to data from the 1941 Census of Forest Products. Revisions have been made also in earlierfiguresfor total lumber
stocks, hardwood stocks, and softwood stocks, and new orders, production, and shipments of west coast woods, on the basis of additional information now available; see pp.
27 and 28, table 2, of the March 1943 issue.
S-29
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1841, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru«
1942 Supplement to the Survey
ary
1943
1943
February
April
May
June
July
August
September
October
Novem - Decem- Monthly Januaverage
ary
ber
ber
LUMBER AND MANUFACTURES—Continued
FURNITURE
All districts:
Plant operations
percent of normals
Grand Rapids district:
Orders:
Canceled
.percent of new orders__
New...
no. of days' production. _
Unfilled, end of month
do
Plant operations
percent of normal. _
Shipments
no. of days' production-_
Prices, wholesale*
Beds, wooden
- . . 1926= 100..
Dining-room chairs, set of 6
.do
Kitchen cabinets,..
..do
Living-room davenports
do
Steel furniture (see Iron and Steel Section).
67.0
83.0
79.0
78.0
78.0
74.0
72.0
72.0
74.0
73.0
67.0
76.0
6.0
5.0
25
89
7.0
20
58
5.0
29
58
10.0
23
53
8.0
21
50
5.0
23
52
4.0
25
55
5.0
30
63
2.0
26
58
8.0
24
54
7.0
22
46
6.0
24
55
72.0
82.0
79.0
78.0
75.0
21
100.9
118.9
102.6
104.2
22
101.0
118.9
102.6
104.2
21
101.0
118.9
102.6
104.2
22
101.0
118.9
102.6
104.2
73.0
19
60.0
51.0
58.0
69.0
73.0
71.0
20
21
2.0
56
85
71.0
21
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
101.0
118.9
102.6
104.2
100.9
118.9
102.6
104.2
4,955
2,846
2,109
4,993
1,388
3,605
5,342
3,034
2,308
5,530
1,460
4,070
4,930
2,796
2,134
6,078
1,544
4,534
5,037
2,779
2, 258
6,274
1,600
4,674
5,046
2,841
2,205
4,550
1,284
3,266
5,031
2,856
2,175
6,233
1,653
4,580
18
20
26
26
25
METALS AND MANUFACTURES
IRON AND STEEL
Iron and Steel Scrap
Consumption, total*
thous. of short tons.
Home scrap*
_
..do...
Purchased scrap*
do...
Stock, consumers', end of mo., total*—..do
Home scrap*
do.
Purchased scrap*
do.
4,708
2,643
2,065
3,455
1,170
2,285
5,156
2,919
2.237
3,682
1,105
2,577
5,225
2,932
2,293
3,972
1,077
2,895
5,000
2,763
2,237
4,297
1,185
3,112
5,006
2,792
2,214
4,579
1,286
3,293
5,015
2,812
2,203
4,780
1,337
3,443
Iron Ore
Lake Superior district:
Consumption by furnaces
7,185
7,007
7,176
7,456
7,765
thous. of long tons.
7,104
6,403
7,034
7,140
7,599
7,759
7,230
7,155
7,673
7,857
13,405
7,582
0
Shipments from upper lake ports d o . . .
0
12,625
13,236
11,848 11,417
636
0
12,677
36, 717
37, 327
43,236
39, 743
Stocks, end of month, total
d o . . . 32, 743 27,526 20,065
30,931
48,422 52,667 53, 703 47,424
25,199
38,124
32,128
17, 536
33,289
33,815
27,664
42,548 45,883 46, 552
40,604
22,310
At furnaces
do...
27, 642 23,835
5,112
4,590
2,529
4,038
7,151
3,267
5,874
6,784
6,821
2,889
On Lake Erie docks
do...
3,691
5,927
5,101
Pig Iron and Iron Manufactures
Castings, malleable:
63,651
54,219
63,978
87,697
70,907
74,080
93,824
73, 524
Orders, new, net
short tons.. 88,970 66,292 60,398
55,032
71, 592
61.434
60,696
56,304
61,021
68, 251
Production
.do
59,287
66,177
64,041
63, 572
66,401 65,140 71,256
59,990
61,783
59,120
56,651
58,977
65,457
62,167
67, 895 62, 724 68,459
59,144
58,484
63, 703
59, 557
Shipments
-do
Pig iron:
4,959
4,554
4,836
5,145
4,944
4,938
5,030
4,883
5,001
Consumption*.
thous. of short tons..
4,869
4,935
5,057
Prices, wholesale:
23.50
23.50
23.50
23.50
23.50
23.50
23.50
23.50
23.50
23.50
23.50
23.50
Basic (valley furnace)
dol. per long ton.. 23.50
24.20
24.20
24.20
24.20
24.15
24.20
24.20
24.19
24.20
24.20
24.23
Composite.
.do
24.23
24.23
24.00
24.00
24.00
24.00
24.00
24.00
24.00
24.00
24.00
24.00
24.00
Foundry, No. 2, Neville Island*
do
24.00
24.01
5,051
5.237
5,009
5,084
4,999
5,074
4,936
4,937
5,201
Production*
thous. of short tons..
4, 500
4,897
4,766
5,210
Stocks, consumers', end oi montn*
1,284
1,312
1,232
1,296
1,272
1,266
1,334
1,400
1,221
1,425
thous. of short tons..
1,458
1,257
Boilers and radiators, cast-iron:
Boilers, round:
754
690
504
1,071
Production
thous. of lb._
905
976
1,408
938
842
1,479
Shipments
do
539
2,094
9,554
9,493
9,325
8,546
9,673
7,428
Stocks, end of month..
do
Boilers, square:
9,924
10,532
17,773
15,026
11,312
11,494
Production..
do
16.644
12,474
19,081
16, 301
8,546
18, 702
Shipments
do
91,807
85,090
93,525
92,
675
93,749
77,700
Stocks, end of month..
do
Radiators and convectors:
6,199
5,399
4,457
4,333
4,384
4,317
Production.thous. of sq. ft. heating surface..
6,284
6,781
6,384
5,168
6,291
4,131
Shipments
do
14,
322
17,524
17,328
17,062
12,414
16,149
Stocks, end of month..
do
Boilers, range, galvanized:
41,779 43,829 40,130
53,809 38,014
22,955
30,481
31,458
46,025
33,700
40, 581
55,239
Orders, new, net
number of boilers,. 58, 646
35,879 42,597 45, 737
77,190 68, 884 62,709
34,672
52,652
39,324
36, 474
53,770
56, 687
66, 704
Orders, unfilled, end of month
do
43,410
35,681
49,217
39,171
40,181
37,353
42,427
33,627
40,454
42,913
43,
320
47,919
41,
675
Production
do
45,224 37, 111 36,990
40,538
48,985 45, 880
37,633
40,935
41,373
42,963
44, 278
48, 629
40,926
Shipments
do
7,832
6,402
11,015
6,765
12,382
9,646
6,715
11,
850
17,444
10,561
6,549
16,
388
7,668
Stocks, end of month
do
Steel, Crude and Semimanufactured
Castings, steel, commercial:
179,880 191,195 199,619 208,885 202,334 141,239 177,478 r 179, 537 172,862 ••172,263 182, 244 204,152
Orders, new, total, net....
short tons..
13,546
54.409 26,558
3,610 1—13,480
7,708
11,025
11, 218
9,278 ' 15, 446
18, 253
23,008
Railway specialties.
do
133, 726 149, 625 131,492 132,053 135, 700 139,184 139, 774 ' 152, 080 139,213 r 143, 800 139, 833 148,331
Production, total.
.do
16, 251
45,013 45,158
13,979
25,644
21,658
12,988
12,051
10, 744 * 10, 785
Railway specialties
do
11,428
25,747
Steel ingots and steel for castings:
7,122
7,149
7,067
7,022
7, 585
6,521
7,387
7,233
7,185
7,303
7,174
Production
thous. of short tons..
7,409
6,812
98
95
96
97
100
98
96
95
98
97
Percent of capacity §
97
'97
Prices, wholesale:
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
Composite, finished steel
.dol. per lb._ .0265
.0265
.0265
.0265
.0265
. Steel billets, rerolling (Pittsburgh)
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
34.00
dol. per long ton..
34.00
34.00
34.00
34.00
.0210
.0210
.0210
.0210
.0210
.0210
.0210
.0210
Structural steel (Pittsburgh)
dol. perlb..
.0210
.0210
.0210
.0210
.0210
18.75
18.75
18.75
18.75
18.75
18.75
18.75
18.75
18. 75
Steel scrap (Chicago).
dol. per long ton.. 18.75
18.75
18.75
18.75
U. S. Steel Corporation, shipments of fin1,759
1,766
1,834
1,704
ished steel products
thous. of short tons..
1,617
1,774
1,789
1,788
1,666
1,850
• 1, 755
1,686
1,692
' Revised.
i Cancelations exceeded orders booked by 13,480 short tons.
* 1941 monthly average revised to include year-end adjustment, 1,701,000 short tons.
2 Data reported beginning September 1942 are not comparable with earlier data; the series has therefore been temporarily discontinued in the Survey.
§ Beginning January 1943, percent of capacity is calculated on annual capacity as of January 1,1943, of 90,288,860 tons of open-hearth, Bessemer, and electric steel ingots and
steel for castings; earlier data are based on capacity as of January 1 or July 1,1942, see note in October 1942 Survey.
*New series. The data on scrap iron and steel and pig iron consumption and stocks are estimated industry totals compiled by the U. S. Department of Interior, Bureau
of Mines, Data for January-October 1941 are shown on p. S-30 of the April 1942 Survey. For available 1939 and 1940 data, see note marked " • " on p. S-29 of the November
1942 issue. Consumers' stocks of pig iron include suppliers' and producers' stocks. The new series on blast furnace production of pig iron, including blast furnace ferroalloys, is from the American Iron and Steel Institute and is approximately comparable with data from the Iron Age in the 1942 Supplement (data in the Supplement are in
short tons instead of long tons as indicated), but include charcoal furnaces; 1941 monthly average from American Iron and Steel Institute, 4,672,000 short tons; January 1942,
4,983,000; March 1942, 5,056,000. The new pig iron price, f. o. b. Neville Island, replaces the Pittsburgh price, delivered, formerly shown; 1941 average, $24.00; earlier data will
be FRASER
shown later.
Digitized for
S-30
SURVEY OF CUKRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1942
1943
February
April 1943
February
April
May
June
July
August
1943
October
September
Novem- Decem- Monthly Januber
ary
ber
average
METALS AND MANUFACTURES—Continued
IRON AND STEEL-Continued
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month
thousands.
Production
do...
Percent of capacity
_
Shipments
thousandsStocks, end of month.
do...
Boilers, steel, new orders:
Area
thous. of sq. itQuantity
.
.numberFurniture, and shelving, steel:
Office furniture:
Orders, new, net
thous. of dol.
Orders, unfilled, end of month
do-..
Shipments
do...
Shelving:
Orders, new, net
do__.
Orders, unfilled, end of month
do...
Shipments..
do.__
Porcelain enameled products, shipments^
thous. of dol.
Spring washers, shipments
do...
4,139
1,574
81.3
1,595
45
2,230
1,845
101.1
1,848
34
1,797
2,067
113.3
2,046
50
1, 551
1,780
97.6
1,796
34
1,652
1,749
95.9
1,741
42
1,402
1,760
96.5
1,760
42
1,506
1,536
84.2
1,538
40
1,704
1,838
100.7
1,823
56
1,215
1,498
82.1
1,504
49
1,671
1,388
76.0
1,386
49
2,696
1,426
78.2
1,419
56
1,789
1,771
97.1
1,770
43
3,448
1,269
65.6
1,279
48
596
733
2,146
965
3,663
1,558
3,192
1,308
2,130
1,162
2,298
1,076
1,812
888
3,956
2,338
2,772
1,086
1,914
874
2,201
819
« 3, 210
« 1,315
2,464
917
1,587
2,449
392
3,194
6,340
4,188
2, 551
3, 951
4,130
2,817
3,119
4,204
1,203
1,820
2,256
1.707
1,744
1,784
1,278
1,898
1,124
537
1,456
979
379
1,279
554
443
1,223
499
583
1,345
460
1,911
3,087
2,415
42
197
1,094
1,490
994
1,418
2,273
1,015
1,606
2,763
1,115
1,459
2,788
1,434
638
2,385
1,040
» -225
1,565
596
i -512
935
118
i -379
393
158
74
323
144
52
239
135
651
1, 536
743
203
122
2,324
300
5,289
295
5,560
334
4,521
317
4.239
302
4,023
324
3,357
317
3,104
321
3,195
382
2, 652
336
2,489
353
4,118
326
2,460
334
.0813
.1178
.0650
.5200
.0825
.0869
.1178
.0650
.5200
.0825
.0875
.1178
.0650
.5200
.0825
.0875
.1178
.0650
.5200
.0825
.0875
.1178
.0650
.5200
.0825
.0875
.1178
.0650
.5200
.0825
.0875
.1178
.0650
.5200
.0825
.0875
.1178
.0650
.5200
.0825
.0857
.1178
.0650
.5200
.0825
.0813
.1178
.0650
.5200
.0825
.0813
.1178
.0650
.5200
.0825
.0862
.1178
.0648
.5200
.0825
.0813
.1178
.0650
.5200
.0825
3,636
3,745
3,578
3,541
3,163
3,605
2,907
3,296
3,459
3,176
3,605
3, 682
3,453
503
1,972
.195
562
1,885
.195
667
1,484
.195
528
1,711
.195
463
1,646
.195
657
1,826
.195
649
1,310
.195
699
1,453
.195
744
1,760
.195
596
1,623
.195
528
1,970
.195
615
1,805
.195
641
1,526
.195
5,577
21,622
2,197
6,378
32,265
2,561
6,236
34, 471
2,511
2,835
34,190
2,768
4,058
34, 958
2,722
3,355
35,072
2,701
1,160
32,883
3,002
2,170
31,436
3,030
1,228
29,118
2,912
551
26,413
3,112
4,092
29,951
2, 681
1,581
25, 358
2,534
567.9
636.6
361.4
1,033.8
1,233.7
432.1
653.6
730.2
423.3
774.0
884.4
441.5
800.8
909.1
474.0
510.8
536.7
433.0
446.4
452.4
428.4
540.6
552.2
505.5
338.8
286.1
497.7
382.5
319.8
571.3
642.0
705. 4
451.3
429.8
394.9
534.9
16,006
16,428
17,996
28,124
22
10, 883
16, 334
11,600
34,509
61
10,680
17,843
9,171
41, 277
36
9,809
19,176
8,441
40,170
31
8,484
19, 000
8, 660
39,122
37
8,100
19, 066
8,034
39, 323
21
8,589
18,430
9,225
36,858
38
10, 761
20, 799
8,392
37, 416
58
7,945
21,138
7,606
37,149
28
7,910
20,713
8,335
36, 513
27
11,140
18, 700
10,919
35, 667
M2
9,617
• 22,827
7,503
• 36, 661
(2)
7,808
9,573
4,722
11,365
7,040
7,961
8,723
5,548
1,994
1,447
6,959
1,764
316
81,890
415
88,938
331
77, 635
419
98,027
4,507
428
105, 278
389
90, 344
373
81,991
6,094
438
76, 208
453
109, 598
395
76,087
5,282
375
85, 866
3 5,409
'591
'80,071
84, 432 103,364
107,297
5,463
111,090
113, 596
117, 342
5,956
119,883
130, 008
120, 871
5,452
131,960
3
6,074
110,146
117, 432
40, 528
359
24, 437
42,179
219
27,989
33,234
97
24,204
29.958
86
22,662
42, 932
131
22, 459
32,163
126
18, 610
24,148
68
20, 052
26,192
104
19,792
7,041
67
3,393
14,305
188
4,965
31,444
230
19, 923
18,122
163
8,106
5,784
4,334
4,634
5,703
5,797
6,417
5,494
5,243
8,229
9,421
6,155
8,318
r
269
1, 254
361
NONFERROUS METALS
Metals
Prices, wholesale:
Aluminum, scrap, castings (N. Y.)_dol.perlb_
Copper, electrolytic (N. Y.)
do
Lead, refined, pig, desilverized (N. Y.)..do.-_Tin, Straits fN. Y.)
do....
Zinc, prime, western (St. Louis)
do
Miscellaneous Products
Bearing metal (white-base antifriction), consumption and shipments, total (59 manufacturers)!
thous. of l b Consumption and shipments. 37 mfrs.§
Consumed in own plants
do
Shipments
...do
Sheets, brass, wholesale price, milL.dol. per lb__
MACHINERY AND APPARATUS
Blowers and fans, new orders
thous. of dol__
Electric overhead cranes:
Orders, new
do
502
Orders, unfilled, end of month
do
22, 699
Shipments
do
3,131
Foundry equipment:
399.5
New orders, net total
1937-39=100..
348.1
New equipment
_do
Repairs
.do
554.4
Fuel equipment and heating apparatus:
Oil burners:
7,285
Orders, new, net
...number.24,160
Orders, unfilled, end of month
do
5,952
Shipments
do
Stocks, end of month..
..do
36,125
Pulverizers, orders, new
_
do
()
Mechanical stokers, sales: J
Classes 1, 2, a n d 3 . . .
do
2,130
Classes 4 and 5:
Number
Horsepower
116, 428
CJnlt heaters, new orders
thous, of dol._
Warm-air furnaces, winter air-conditioning
systems, and equipment, new orders
thous. of dol._
Machine tools, shipments *
do
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units.. 25,381
159
Power pumps, horizontal type
do
7,311
Water systems, including pumps... - -do....
Pumps, steam, power, centrifugal, and rotary:
7,309
Orders, new
thous. of dol..
22,500
13, 658
10, 685 3 14, 262
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement
only) :
Unadjusted
..1934-36 = 100-.
91
90
180
151
205
221
202
211
65
146
178
66
rwelve-month moving total
do
162
169
142
167
148
144
152
161
145
146
155
Electrical products: t
281.9
Insulating materials, sales billed... 1936=100.
245.9
325.9
285.3
330.6
371.7
312.3
390.0
376.0
388.0 « 320.7
372.0
689.5
Motors and generators, new orders
do
311.7
805.4
696.6
627.0
779.0
322.0
394.0 r 697. 0 •571.1
366.7
641.0
Transmission and distribution equipment,
215.3
223.4
193.5
new orders
1936=100.
213.1
289.4
236.9
212.8
160.0 r 188. 0 » 217. 4
186.0
104. 0
r
2
3
Revised.
i Cancelations exceeded new orders by the amounts shown above as negative items.
Collection of data discontinued.
Quarterly average.
« Revised 1941 monthly averages and. in parentheses, revisions in 1941 monthly data not previously published are as follows (units as shown above): Boilers, steel, new
orders—area, 2,149 (May, 2,531; August, 1,386; September, 1,566; October, 1,279; November, 3,669); number, 1,205 (May, 1,370; August, 1,244; September, 1,106; October, 949;
November, 1,303). Pulverizers, new orders, 51 (May, 82; August, 40; September, 39; October, 59; November, 35).
§ One manufacturer previously reporting went out of business in 1941.
U Of the 101 firms on the reporting list in 1941, 19 have discontinued the manufacture of stokers; some manufacture stokers only occasionally.
* New series. For 1940 and 1941 data for machine tool shipments and a description of the series, see p. S-30 of the November 1942 issue.
t Revised series. A new method has been employed in the construction of the indexes for electrical products to overcome a strong upward bias in the two series on orders
received, and, in addition, the number of products composing the individual indexes has been increased. Revised 1941 monthly averages: Insulating materials, sales billed,
234.4; motors and generators, new orders, 315.5; transmission and distribution equipment, new orders, 254.1. Earlier data will be published in a subsequent issue.
+ Of the 99 manufacturers on the reporting list for Jan. 1, 1942, 23 have discontinued shipments of these products for the duration of the war.
S-31
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplement to the Survey
ary
1942
February
April
May
June
July
August
1943
September
October
Novem- Decem- Monthly Januber
average ary
ber
METALS AND MANUFACTURES—Continued
ELECTRICAL EQUIPMENT—Con.
Furnaces, electric, industrial, sales:
Unit
..kilowatts.
Value
. . . thous. of dol.
Electrical goods, new orders (quarterly)
thous. of dol.
Laminated fiber products, shipments
do...
Motors (1-200 hp.):
Polyphase induction, billings..
.do-._
Polyphase induction, new orders
do...
Direct current, billings
---.do._Direct current, new orders
do.-_
Power cable, paper insulated, shipments:
Unit
-thous. of ft.
Value..
.thous. of dol.
Rigid steel conduit and fittings, shipments
short tons.
Vulcanized fiber:
Consumption of fiber paper
thous. of 1b.
Shipments
...thous. of dol.
17, 201
1,287
23,961
2,491
148, 556
10,367
34, 210
3,177
5,191
3,151
3,699
3,722
6,417
7,409
2,294
3,056
7,604
12,697
4,418
10,196
7,471
11,174
3,395
12, 761
928
1,119
578
934
576
978
1,375
1,716
899
1,123
1,074
1,435
22,838
26,499
22,987
22,656
21,420
3,681
956
3,900
1,145
4,228
1,215
4,303
1,378
4,219
1,351
4,551
1,620
26,528
2,237
1,057,954
4,116
29,879
1,845
40, 880
3,254
10, 541
928
969, 426
4,292
5,015
7, 544
9, 554
3,921
7,891
7,079
6,750
4,336
3, 267
879
928
938
1,256
1,256
1,173
17,452
12,126
20, 228
9,102
4,364
1,581
4,707
1,595
4,171
1,303
5,056
1,650
965,120
5,028
PAPER AND PRINTING
WOOD PULP
Production:!
Total, all grades
short tons. Chemical:
Sulphate, total
do
Unbleached
do
Sulphite, total
do
Bleached
do
Soda
do
Groundwood
do
Stocks, end of month: f
Total, all grades
do
Chemical:
Sulphate, total
do
Unbleached
dor-_Sulphite, total
do
Bleached
do
Soda
do
Groundwood
do
Prices, wholesale:
Sulphate, Kraft No. 1, unbleached
dol. per 1001b__
Sulphite, unbleached
do
j
719,366
857, 204 942,373
934,007
801,066
774,014
819,372
774,144
838,520
763,414
736,670
852, 310
755,069
331,060
271,264
201,685
126, 604
34,000
133,485
383,971
318,730
246, 747
140, 886
40,319
165,718
424,052
357,899
265,126
149, 831
41,978
189,528
440,900
373,608
258, 406
147.165
40,084
175.166
404,112
341,677
251,380
147,051
34,946
155,326
370, 810
309,654
224,179
132,224
31,099
131, 706
398, 460
329,413
239,660
144, 930
33,284
130,761
371,796
299, 910
226,093
132, 724
33, 391
126,037
392, 821
317, 980
241, 946
147, 973
38,898
144,933
348,313
278, 360
216, 902
134,214
35, 533
143, 421
332,679
266, 238
208,883
127, 291
34, 794
141, 909
393,761
326,128
244,213
143,183
37, 788
157,467
349,217
278, 534
208, 302
129,033
36,716
140, 500
111,168
110,724
130,257
160,515
166,318
170,104
185,828
175, 241 159,357
149,299
143,983
149,616
129, 405
31, 589
24,731
30, 336
16, 953
3,098
43,048
14,952
10,597
37, 907
24, 615
3,240
53,439
16,041
11,890
29, 589
16,125
2,765
80,536
22,627
16,868
41, 654
25,631
3,933
90,752
28, 521
22,190
39, 610
23,263
4,064
92, 694
39, 215
35, 258
41,492
26,892
3,619
84,155
61, 576
56.988
47; 838
31,948
4,386
70,174
74, 274
67,118
35,745
21,434
4,392
42,404
65, 248
56,480
36,843
20,136
3,717
40,865
59,205
50,250
38,963
21,382
3,529
39, 624
3. 625
3.713
72,816
66,067
41,345
25, 969
4, 395
54,754
40,884
34, 934
39,479
24,124
3, 668
63,807
46,464
37, 776
35,694
22,089
3,398
40,940
C)
()
PAPEtt
Total paper, incl. newsprint and paperboard:
Production
short tons-1,266,843 •1,319,538 rl,222,421 '1,088,223
Paper, excl. newsprint and paperboard"
• 486, 706 '477,792 434,419 423,978
Orders, new
short tons..
Production
do
• 524, 920'559,411 532, 802 485,029
• 523, 731 '543, 273 514, 568 473,008
Shipments
do
Fine paper:
Orders, new
do
53, 211 46,505 40, 339 35,479
Orders, unfilled, end of month
do
112,775
79, 757 64,360 49,485
52,850
Production
do
55,699
62,167
58,953
Shipments
do
57,926 59,693
56, 505 50,403
Stocks, end of month..
..do
37,024
40, 529 43,205 46,064
Printing paper:
163,604 r 149, 581 130,506 137, 689
Orders, newT
do
87,107
133,654 101,239 85,432
Orders, unfilled end of month
do
182,115 ' 183, 905 165, G40 141, 595
Production
do j
180, 535 '173,237 157,244 139, 881
Shi pments
do.
74,801 ' 91,086 99, 299 100,832
Stocks, end of month
do Wrapping paper:
Orders, new
do_
181,150 199, 272 187,460 167,470
161,842 151,056 131,933 111,161
Orders, unfilled, end of month
do.
187,990 210, 318 207, 863 191, 782
Production
do.
185,348 209,120 204, 402 187,537
Shipments
do.
75, 598 79, 244 ' 80, 963
70,039
Stocks, end of month..
do.
Book paper:
Coated paper:
30.2
57.2
47.9
31.8
60.8
Orders, new
percent of standard capacity
37.0
76.2
55.3
55.3
40.1
Production
do
35.1
77.3
55.1
59.5
Shipments
do
Uncoated paper:
84.1
71.1
92.6
93.5
69.7
Orders, new
do
Price, whole3a!o,"B" grade, English finish,
7.30
7.30
7.30
7.30
7.30
white, f. o. b. mill
dol. per 1001b._
109.3
98.2
89.4
73.9
93.6
Production.-percent of standard capacity. 108.7
96.1
87.0
90.4
74.7
Shipments
do
Newsprint:
Canada:
Production
.short tons.- 221, 807 278,101 277, 741 251,831 242, 762
222, 383 264,621 238, 346 266, 443 253,283
Shlpments from mills
.do
109, 938 156,957 184,021 169,409 158,888
Stocks, at mills, end of month.
__do
•990,386 •1,076,589 1,067,024 1,205,873 1,097,445 '1,107,547 1,185,039 1,124,980
•402,993 -425,825
•452,683 •554,191 •510,260 r 497,048 2 480, 405 509, 930
505,098 478,812
• 434, 626 r463, 337 • 457, 365 •514,231 '467.09U '473,162
•431,207 ' 437, 946 •452,323 •511,460 •471,924 r490,217 2 498,132 489,252
39, 486
40, 782
46, 763
45, 071
47, 002
42, 805
36, 354
45,917
44, 285
48, 775
•134,508
'78,511
•133,798
•141,394
'92,881
160,105
100, 290
175, 557
167, 497
'86,815
32.3
30.7
32.7
55, 949
53,169
50, 067
51,080
42, 201
143. 837
I 80, 572
I 143, 658
••141.885
' 94,650
153,122 !' 192, 283 • 174,633 •174.515 2160,620
' 82,249 ' 99,025 •111,631 121,551 2104,225
148, 520 177,981 •160,457 157,532 2165,917
151, 884 175,194 • 164, 263 ' 167, 963 2164,999
86, 651 75, 524 2 87, 730
91, 502 90,829
163,549
119, 959
162, 943
164, 377
73, 233
158, 618
93, 863
'182,836
164, 092
' 102, 317
165,769
99,334
169,643
161,266
111,204
195, 215
116,100
183,488
180,037
116,007
187, 773
138, 215
163,393
164,521
118, 742
174,198
140,841
166,015
172,137
112, 061
2182,152
131,113
2188,225
2184, 263
91,481
190,145
156, 074
173,517
179,100
107, 581
47.4
45.2
48,8
59.7
51.3
51.8
62.7
50.3
54.0
5Z6
53.0
48.6
51.8
52. 7
53. 7
54.4
55.9
36.4
34.0
35.8
74.9
7.30
72.7
76.7
50, 495
49,892
48, 545
49, 578
45,692
49, 202
65,179
53,462
52, 798
44,404
43,612 64, 588
35,657 44,983
45,360
52, 787
44,448
53,935
49, 553 '48,614
7.30
79.2
79.5
85.3
86.6
' 52,106
' 48,101
' 48,274
' 47,885
' 49, 017
105. 3
97.5
97.5
88.2 ;
7.30
96.3
95.0
7.30
90.7
92.9
7.30 I
86.1
91.4
7.30
91.2 !
91.6 i
1
FCEK
OK1 1/)>7
244,191
241,178 253, 239 257,618
243,620 255, 563 292,405 295,625 I 255,087 243,530
150, 446 154,122 119,335 I 95,265 | 91,325 | 91,986
264, 759
267, 391
138, 821
7.30
'89.6
' 89. 9
233, 544
215, 016
110,514
p
« No comparable data.
Revised.
Quarterly average.
Revised 1941 monthly averages (short tons): Total paper, including newsprint and paperboard, production, 1,247,744. Paper, excluding newsprint and paperboard—
orders, new, 542,606; production, 509,651; shipments, 518,623. Printing paper—orders, new, 193,626; orders, unfilled, 148,862; production, 183,166; shipments, 186,696; stocks
1
2
1ater.
S-32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey
1943
1942
1943
February
April 1943
February
April
May
June
July
August
October
September
November
December
Monthly Januaverage ary
PAPER AND PRINTIN G—Continued
PAPER—Continued
Newsprint—C ontimied.
United States:
Consumption by publishers short tons.
Price, rolls (N. Y.)..
dol. per- short ton.
Production
...short tons.
Shipments from mills
do...
Stocks, end of month:
At mills
do...
At publishers
do...
In transit to publishers.do...
Paperboard:
Orders, new
do...
Orders, unfilled, end of month
do__.
Production
do._.
Percent of capacity
Waste paper, consumption and stocks:
Consumption
short tons.
Stocks at mills, end of month
do.. _
208, 143
' 50.00
64, 358
60,147
216,109
50.00
76,234
75,247
238,493
50. 00
82, 669
81,182
242,372
50.00
80,040
76,612
222,244
50.00
79,386
78,413
210,549
50.00
76,952
76,181
223,189
50.00
79,885
79,556
231,691
50.00
77, 962
83,560
254,349 260, 542 252, 399
50.00
50.00
50.00
84, 217 75,065
74, 655
76, 207 75, 222
85,458
236, 245
50.00
79, 385
79, 217
226, 741
50.00
69, 792
69, 691
13, 913
381, 466
63,166
12,414
370,101
55,336
12, 648 16,076
383,384 384,758
39,025
44,843
17,049
402,401
36,442
17,820
418,985
35,454
18,149
430,409
40,270
12, 551
455,263
52, 538
11,310
10,168
470,852 447, 396
58, 655 60,108
9,601
429, 255
50,094
13, 365
410, 630
47, 209
9,702
391,102
66, 707
616,167 640, 269 611,967 528,026 466,173
454, 308 493, 947 371, 365 288,516 223,809
568, 637 665, 689 677,458 609, 579
101
82
93
464,293
213,443
478,808
523,648
212,953
•529,214
75
555,071
236,208
535,850
76
660,890 613, 746 615,184
272,006 321,885 379, 573
607, 425 555,290 559, 730
81
82
77
591, 665
331, 536
600, 557
84
629,900
413, 084
576, 376
350, 885 390,276
355,044 198,659
411,110
352,972
371,086
296,938
414,775
283,040
428,067
304,215
422,958
312,279
420, 465
343,460
424, 451
316,454
408, 753
331, 895
394, 527
350, 592
351, 278
344, 388
374, 301
782
657
125
818
218
637
537
100
709
537
172
809
642
167
739
582
157
969
821
148
842
693
149
702
594
108
794
649
145
671
602
206,078 169,904
19, 672 18,101
188,437
20,051
150,392
16,450
PRINTING
Book publication, total
no. of editions.
New books
do...
New editions
do...
Continuous form stationery, new orders
thous. of sets>
Sales books, new orders..
thous. of books.
731
528
203
804
674
130
257,791
22,806
227,722 1238,529
17,235 U6,047
283,108 1236,362
21, 602 i 23, 229
1
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Prices, composite, chestnut:
Retail...
_
dol. per short t o n . .
Wholesale
_
_
do
Production
thous. of short t o n s . .
Stocks, end of month:
In producers' storage yards
do
In selected retail dealers' yards
number of days' supply..
Bituminous:
Industrial consumption and retail deliveries,
total
..thous. of short tons.Industrial consumption, total
do
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
_.
do
Coal-gas retorts
do
Electric power utilities
—.do
Railways (class I)—_
do
Steel and rolling mills
do
Other industrial
do
Retail deliveries
..do
Other consumption, coal mine fuel
do
Prices, composite:
Retail (35 cities)
dol. per short ton..
Wholesale:
Mine r u n . .
do
Prepared sizes
do
Production!
thous. of short tons.Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industpial, total
do
Byproduct coke ovens.
do
Cement m i l l s . do
Coal-gas retorts
do
Electric power utilities
_
do
Railways (class I)
do..-.
Steel and rolling mills
_
do
Other industrial..
do
Retail dealers, total
do
10.801
5, 092
12.48
10.288
4,772
12.29
10.124
5,153
12.49
10. 314
4,843
12.48
10.346
5,122
12.48
10. 346
5,341
12.48
10.344
5,180
12.48
10.344
5,426
12.49
10.344
5,101
12.49
10. 344
4,795
12.49
10. 383
4,611
212. 48
10. 312
2 4,997
13.09
10. 661
4,314
379
755
466
292
140
181
289
472
608
792
798
530
542
19
34
27
24
28
35
39
45
60
64
33
40
50,057
39, 047
1,055
6,967
547
137
5, 376
11,404
1,021
12, 540
11,010
237
47,081
35,091
957
6,685
497
142
5,154
8,879
937
11,840
11,990
313
43,306
34,526
1,029
7,173
571
144
4,717
9,189
863
10,840
8,780
260
42, 591
34,501
1,099
7,451
647
144
5,103
9,398
819
9,840
8,090
256
40, 269
33,289
1,059
7,229
640
139
5,175
8,921
766
9,360
6,980
257
39,856
34,306
1,080
7,504
660
125
5,712
9,077
758
9.390
5,550
253
40,296
42,228
34,686
35,038
1,087
1,088
7,294
7,508
663
678
139
137
5,672 • 5,661
9,465
9,368
769
775
9,480
9,940
5,610
7,190
250
258
45, 500
37,800
1,126
7,542
714
149
5,787
10, 279
843
11,360
7,700
247
45, 407
37, 707
1,041
7,334
678
146
5,570
10, 271
867
11,800
7,700
229
52, 272
41,142
1,071
7,583
645
155
6,159
11,155
1,034
13, 340
11,130
234
44, 813
36, 084
1,056
7,340
625
143
5,470
9,618
870
10, 963
8, 729
263
9.51
9.43
9.46
9.49
9.52
4.949
5.208
48, 920
4.736
4.925
44,374
4.774
4.819
48,332
4.773
4.858
47,860
4.775
4.939
48,220
4.782
4.989
47,832
76, 627
69, 367
9,782
818
371
19, 056
11,361
1,069
26, 910
7, 260
56,885
50,635
7,888
652
333
13,455
9,662
995
17,650
6f250
61,836
55, 746
8,409
813
301
14, 767
10,816
1,050
19, 590
6,090
67,418
60,618
9,179
876
331
15,854
11,479
1,099
21,800
6,800
73,271
65,691
9,866
972
369
16,876
12,223
1,145
24,240
7,680
6. 375
6.000
6.000
6.000
672
4,903
632
4,716
121
682
5,055
91
696
5,260
83
1,386
869
••516
259
1,448
963
485
201
1,432
975
457
191
' 53,407
' 41, 437
r
1, 044
r
7, 682
'571
157
r
5, 981
11, 443
1,049
13, 510
11,970
228
9.54
9.54
9.55
9.56
2 9.53
9.63
4.787
5.021
47,851
4.797
5.050
49,843
4.805
5.097
51,791
4.815
5.131
47, 474
4.858
5.177
49, 595
4.782
4.986
48, 333
4.866
5.180
47, 029
77,583
69,003
9,922
1,040
386
17,339
12,898
1,178
26, 240
8,580
82,686
73,186
10,238
1,074
402
18,165
13,462
1,235
28,610
9,500
87,311
77,261
10, 566
1,081
409
19,872
13,542
1,251
30,540
10, 050
89, 937
79, 057
10, 998
1,092
413
20, 452
13,663
1,239
31, 200
10, 880
90,874
79, 244
11,151
1,052
435
20, 607
13, 293
1,206
31, 500
11, 630
85,889
75, 699
10, 721
998
439
19, 982
12, 579
1,140
29, 840
10,190
74,133
65, 738
9,583
920
371
16, 993
11,943
1,126
24, 801
8,395
•79, 379
• 71, 079
9,958
851
414
19, 276
11, 575
1,085
• 27,920
8,300
6.000
6.000
6.000
6.000
6.000
6.000
6.000
6.012
6.000
714
5,100
88
688
5,278
101
692
5,315
111
693
5,163
108
718
5,339
123
663
5,191
122
682
5,368
142
2 685
2 5,186
112
'664
5,395
113
1,405
969
435
182
1,469
999
470
175
1,564
1,026
539
179
1,614
1,021
593
173
1,606
955
651
184
1,646
917
728
198
1,511
882
629
234
1,502
943
559
206
••816
453
273
9.52
COKE
Price, beehive, Connellsville (furnace)
dol. per short ton
Production:
Beehive
thous. of short tons.
Byproduct...
do
Petroleum coke
do
Stocks, end of month:
B y product plants, total
do
At furnace plants
do
At merchant plants
do
Petroleum coke
do
r
757
312
Revised. 1 Data incomplete.
Revised 1941 monthly averages (units as show above): Anthracite—retail price, composite, chestnut, 12.02; production, 4,697. Bituminous coal, retail price, composite,
Coke production—beehive, 559; byproduct, 4,874.
fOata revised beginning June 1939. Revised monthly averages (thousands of short tons): 1939, 32,905; 1940, 38,398; 1941, 42,846. For revised monthly figures for 1939-40,
see note marked "t" on p. S-27 of the September 1942 Survey and for 1941, note marked " t " on p. S-32 of the March 1943 issue.
2
9.15.
S-33
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1 9 4 3
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplementtothe Survey
ary
1942
February
April
May
June
July
August
Sep- | Octotember
ber
1943
Novem- Decem- Monthly Januaverage ary
ber
ber
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS
Crude petroleum:
Consumption (runs to stills)...thous. of bbl_.
Price (Kansas-Okla.) at wells.--dol. per bbl._
Productionf-_
thous. of bbl__
Refinery operations
pet. of capacity..
Stocks, end of month:
Refinable in U. S.f
thous. of bbl__
At refineries
do._.
At tank farms and in pipe lines
do
On leasesf—
do
Heavy in California
do
Wells completed t
number..
Refined petroleum products:
Qas and fuel oils:
Consumption:
Electric power plants
thous. of bbl_.
Railways (class I)..
do
Price, fuel oil (Pennsylvania)..dol. per gal_.
Production:
Gas oil and distillate fuel oil
thous. of bbl_.
Residual fuel oil
do
Stocks, end of month:
Gas oil and distillate fuel oil
_.do
Residual fuel oil
do
Motor fuel:
Prices, gasoline:
Wholesale, refinery (Okla.).do! per gaL.
Wholesale, tank wagon, (N.Y.)
do
Retail, service stations 60 cities
do
Production, totaltf
thous. of bbl__
Benzolt
do
Straight run gasoline
-do
Cracked gasoline
do
Natural gasolineJt
do
Natural gasoline blended...
do
Retail distribution
mil. of gal..
Stocks, gasoline, end of month:
Finished gasoline, total
thous. of bbl..
At refineries
do
Unfinished gasoline
_
do
Natural gasoline
do
Kerosene*
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
.dol. per gal..
Production
thous. of bbl.
Stocks, refinery, end of month.
do
Lubricants:
Price, wholesale, cylinder, refinery (Pennsylvania)—
dol. per gal..
Prodnction
thous. of bbl.
Stocks, refinery, end of month
do
Asphalt:
Production
do
Stocks, refinery, end of month
do
Wax:
Production
_
thous. of lb_.
Stocks, refinery, end of month..
do
Asphalt prepared roofing, shipments:
Total
thous. of squares..
Grit surfaced
...do
Ready roofing
_
do
Shingles, all types
do
111, 147
1.110
115,457
79
111, 606
1.110
117,227
79
234,354 247,915
43, 620 47,367
177,904 187,993
12,830
12, 554
10,865
10,940
804
859
234,423
44, 213
176,956
13, 254
10,804
688
*• 1. 281
8,341
.059
1,275
6,942
.057
1,317
8,145
.059
17, 562
31, 311
18,073
31,890
16,393
29,908
17,306
32,544
49, 701
68,873
50, 709
66,664
44,940
61,783
39,009
68,949
39,014
60,808
.059
.161
.144
50,018
0
24, 433
7,156
4,989
' 2,089
.059
.161
.145
48,800
0
18,891
23, 225
7,516
4,929
1,421
.058
.161
.145
50, 584
5,108
2,038
.059
.161
.144
51, 495
0
19,997
24, 905
7,256
5,455
' 2,056
" 19," 437
24, 733
6,964
4,744
1,974
.059
.161
.145
47, 236
0
17,309
23,391
7,360
4,425
71,403
47,924
8,123
6,405
46,736
8,853
6,056
67, 669
46,158
8,953
5,424
64,224
44,623
8,992
4,996
70,772
49, 054
9,354
4,632
80, 795
56,635
8,150
5,743
78,475
56, 617
10, 202
4,904
.063
5,134
7,480
.063
5,340
8,261
.063
5,421
8,203
.063
5,907
8,599
.063
5,759
8,770
.063
5,351
7,537
.063
5,623
7,207
.063
5,602
5,146
.160
3,231
8,756
.160
3,133
8,945
.160
3,141
9,301
.160
2,951
9,278
.160
3,057
9,421
.160
2,983
9,336
.160
3,049
9,424
.160
3,219
8,905
.160
2,935
9,725
500,500
617,300
617,800
513,800
629,300
436,000
656, 900 549,100 545, 800 524, 708
343,100 340, 200 411.000 528, 775
436, 000
499, 800
52,080
69,720
51,800
69,160
57,960
69,720
50,680
68,040
4,198
1,178
1,509
1,511
4,391
1,227
1,467
1,697
4,397
1,286
1,528
1,582
105,776
1.110
113,961
81
104,882
1.110
105,053
75
106,883
1.110
110,192
74
105,376
1.110
108,595
77
111, 555
1.110
111, 782
78
260,844
51,821
196, 728
12,295
11,229
953
257,761
49, 525
195,937
12,299
11, 434
825
254, 577
48,454
193, 334
12, 789
11,168
847
251,421
47, 551
191, 353
12, 517
10, 892
726
245,026 244,125 240,043
46,919
46,435
44,569
185, 797 184, 757 182,825
12,649
12, 310
12,933
10,950
10, 706 10,167
833
745
1,532
5,949
.052
1,012
6,399
.057
946
6,624
.058
923
6,427
.059
1,211
6,747
.059
1,349
6,985
.059
1,431
7,131
.059
1,331
7,798
.059
1,112
7,808
.059
15,194
27, 254
14,002
29,440
13,436
30,971
15, 210
28,352
16,149
30,096
17,052
30, 446
18,062
30,402
18, 858
31, 239
33, 711
75, 386
28,792
67,658
30,281
68,388
32,501
66,341
37,729
66,935
42,918
67,613
45,817
69,264
.060
.162
.141
51,612
189
19,226
26,006
6,768
4,456
El, 739
.054
.157
.144
47,628
0
18,339
23,504
6,257
4,046
2,015
.055
.161
.144
.056
.166
.154
45,887
0
17,404
22,423
6,558
4,423
2,079
.058
.186
.153
49,302
0
19,088
23,946
6,804
4,577
2,202
.059
.166
.144
51,105
0
19,192
25,387
7,028
4,909
1,998
.059
.161
.144
49,289
0
19,088
23,882
100,186
72,990
8,111
5,209
94,127
67,182
7,695
6,043
87,461
62,597
7,220
80,080
55,213
7,437
6,571
71,657
48, 585
7,789
.063
.063
6,133
6,193
.063
5,529
•5,630
.064
5,302
6,41k
.064
4,929
6,940
.160
.160
3,174
8,429
.160
3,438
8,470
.160
3,439
8,768
382,700
765,400
452,900
719,400
52,920
75,600
3,085
782
1,441
862
1.110
1,110
"."062
.059
.161
.145
0
19,573
23,130
6,718
4,272
2,092
4,908
1.726
1, 751
1,431
114,135
1.110
120,429
80
113,474
1.110
115,801
83
619, 500 631,800
396, 500 366,900
116, 381
1.110
120, 311
82
112,368
1.110
116,101
82
237, 361 234,100
43, 552 42,699
181, 203 178,405
12,606
12,996
10,868
10,724
817
765
19,116
113,342
1.110
120, 519
80
61,040
77,000
57,120
77,840
75, 320
86, 240
59,920
86, 520
64,960
85,400
5,152
1,823
1,918
1,411
5,440
1,802
2,091
1,547
5,774
1,847
2,283
1,644
4,926
1,555
2,060
1,311
5,400
1,547
2,666
1,187
58, 380
76,090
2
2
2
2
57,680
84,000
4, 509
1,368
1, 801
1, 340
3,767
1,269
1,733
765
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth;
Shipments
reams. -
130, 525
105,808
110,645
115,910
121,187
135,030
142,985
120,953
126,874
157,573
124,063
125,258
Production
_
thous. of bbl...
Percent of capacity
Shipments
thous. of bbl...
Stocks, finished, end of month
do
Stocks, clinker, end of month
...do
10,797
57
8,293
25,668
5,840
14,067
69
14,774
25,112
16,119
77
16,349
24, 886
6,241
16,022
79
18,250
22,609
5,809
16,833
80
20,501
18,979
5,528
17, 605
85
21, 282
15, 268
4,493
17,527
87
20,145
12,697
3,595
18, 258
87
20. 345
10, 617
2,723
16,241
80
14,627
12, 234
2,831
14,090
67
8,923
• 17, 428
r
3, 509
15, 221
74
15,431
19, 542
4,901
12. 560
GO
8,641
• 21, 368
' 3, 771
PORTLAND CEMENT
CLAY PRODUCTS
Common brick, price, wholesale, composite
f. o. b. plant
dol. per thous.-.
13.224
13.249
13.216
13.263
13.115
13.265
13. 213
13.255
13. 215
13. 205
13. 243
13.236
Floor and wall tile, shipments:
3,905
2,792
2,589
Quantity
thous. of sq. ft..
3,290
2,558
0)
773
667
939
Value...
thous. of dol..
1,047
1,147
675
(0
Vitrified paving brick:
2,680
Shipments..thous. of brick..
1,983
3,682
3,711
785
3,682
Stocks, end of month.
do
18,823
19, 647
19,461
19, 615
19, 215
18,760
f
* Discontinued by compiling agency.
Revised.
2 Revised 1941 monthly averages: Total, 3,532; grit surfaced, 1,011; ready roofing, 1,248; shingles, all types, 1,272.
{Beginning January 1942figuresfor the production of natural gasoline include total sales of liquefied petroleum gas as follows (thous. of barrels): Jan. 710; Feb., 577; Mar.,
556; Apr. 572; May, 483; June, 498; July, 536; Aug. 502; Sept., 579; Oct., 663; Nov., 687; Dec, 832; Jan., 824; these data have not been included in the total for motor fuel; data
for 1941 available on request. Prior to 1941 an indeterminable amount of liquefied petroleum gas has been included in total motor fuel and natural gasoline production.
t Data revised for 1941. Revised 1941 monthly averages (units as shown above): Crude petroleum—production, 116,852; stocks refinable in U. S., 256,178; stocks on leases,
11,903; wells completed, 1,600. Motor fuel, production—total, 58,441; benzol, 286; natural gasoline, 6,738. For monthly revisions for 1941, see note marked " t " on p S-33 of
he March 1943 Survey.
S-34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941. to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the February
1842 Supplement to the Survey
April 1943
1942
February
April
May
June 1 July
August
1943
September
October
Novem- Decem- Monthly Januber
ber
average
ary
STONE, CLAY, AND GLASS PRODUCTS—Continued
GLASS PRODUCTS
Glass containers:
Production
thous. of gross._
Percent of capacity
Shipments, total
thous. of gross.Narrow neck, food
do
Wide mouth, food
-do
Pressed food ware.
do...
Pressure and con-pressure
_do
Beer bottles
do
Liquor ware
do
Medicine and toilet.
-do
General purpose
do
Milk bottles
do....
Fruit jars and jelly glasses.
do
Stocks, end of month
do
Other glassware, machine-made:
Tumblers:
Production
thous, of doz_.
Shipments
-do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz_.
Plate glass, polished, production
thous. of sq. ft_.
Window glass, production
thous. of boxes..
Percent of capacity
_
-
6,723
99.9
6,356
331
1,405
43
451
1,065
759
1,482
433
272
90
10,008
5,946
88.4
6,333
383
1,577
40
416
837
853
1,379
328
295
195
9,528
6,585
97.9
6,902
546
1,828
33
320
723
1,164
1,253
329
270
401
9,139
6,297
97.3
6,879
815
1,629
31
315
636
1,095
1,286
361
286
395
8,490
6,837
97.9
6,975
505
1,830
49
350
618
1,171
1,662
455
276
29
8,299
6,206
99.9
6,252
449
1,645
39
331
672
816
1,508
520
236
13
8,119
6,268
93.2
6,528
418
1,715
39
362
814
862
1,491
516
272
16
7,774
6,553
98.7
6,596
461
1,558
42
400
771
931
1,582
431
260
133
9,158
7,361
112.8
7,246
491
1,841
41
366
849
796
1,924
551
267
100
7,775
4,134
4,315
8,879
3,779
3,845
9,140
3,915
8,411
4,498
4,532
8,196
3,880
3,829
8,239
4,500
4,888
7,837
3,778
3,535
8,076
3,837
3,746
7,177
4,246
2 4,239
8,551
4,475
3,763
7,877
2,876
2,927
2,494
2,397
3,048
3,606
4,608
3,909
3,744
3,215
3,585
5,570
1,644
101.3
4,310
1,557
95.9
4,726
1,223
75.3
4,194
1,274
78.5
3,863
1,075
66.2
4,741
1,097
67.6
4,924
3 960
59.2
4,612
3 984
60.6
5,001
31, 297
79.9
5,187
6 1,341
81.1
4,910
3 1,166
71.8
6,672
110.7
7,060
471
1,808
18
386
862
731
1,708
609
217
227
7,288
5,965
96.1
6,141
352
1,319
37
408
601
917
1,741
429
224
97
9,050
6,921
102.9
6,830
454
1,554
51
479
868
838
1,757
448
234
125
9,417
7,192
111.2
6,997
419
1,489
49
508
1,158
814
1,733
441
259
104
4,190
4,210
7,803
4,595
3,921
9,376
4,558
4,610
9,156
3,713
3,112
4,775
5,600
1,457
89.7
GYPSUM AND PRODUCTS
G y p s u m , production:
Crude
..^short t o n s . .
Calcined
-_.do
G y p s u m products sold or used:
Uncalcined
do
Calcined:
For building uses:
Base-coat plasters
_do
Keene's cement
do
All other building plasters
do
Lath
. . . t h o u s . of sq. f t . .
Tile
do.._.
Wallboard
do
Industrial plasters,.
...short tons..
1,234,293
829,206
399,192
1,213,817
754,911
384, 730
388,625
252,860
3,781
80,320
254,690
7,523
365,166
35, 736
199,061
2,905
77, 483
197, 845
11, 577
404,896
36, 399
129,468 4 214,319
2, 258
4 3, 712
61,695 4 73,982
159,123 4 239,930
12,328
4 9,360
408,044 4358,715
38,301 4 36,138 I
1,119,863 n,158,584|
658,053
'65,007
658.053 4 765.007
1
364, 576
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do...
Stocks, end of month
do
12,204
12, 759
21,726
12,729
13,533
20,346
11,913
11,500
20,748
12,033
10,990
21,781
12,067
11,251
r 22,585
11,982
12,118
• 22,435
12, 335
12,649
' 22,110
12, 650
13,012
' 21, 736
11,711
12,059
• 21, 369
12,178
12,441
• 21,100
12, 325
12,391
21,616
12,186
12,937
20,350
.178
999,749
.190
957,864
.192
',523
.183
994,552
.186
925,089
.180
966,149
.186
972, 490
.189
913,038
.192
935,511
.196
953, 267
(6)
915,479
.197
.192
.202
.200
.189
.194
.186
.187
.189
.193
49
738
5,009
COTTON
Cotton (exclusive of linters):
Consumption
bales. _ 878,154
Prices received by farmers
dol. per lb_.
.197
Prices, wholesale, middling, 1M«'/, average,
.207
10 markets
dol. per lb__
Production:
Ginnings (running bales)§..thous. of bales.. 1 12,438
Crop estimate, equivalent 500-lb. bales
thous. of bales.. i 12,821
Stocks, domestic cotton in the United States,
end of month:$
Warehouses
thous. of bales. - 12,374
Mills
do—2,529
Cotton linters:
Consumption
do
Production
do
120
Stocks, end of montht-.-do
.193
.197
11, 539
11, 743
.204
12,100
12,212
2,582
10,491
2,631
9,403
2,585
8,457
2,443
7,633
2,252
7,502
1,848
9,676
1.711
12, 674
2,118
13, 637
2,441
13,576
2,567
210,789
2 2,361
13,069
2,507
108
124
886
131
67
806
132
41
732
127
26
653
122
22
577
122
27
490
115
154
505
116
221
588
114
215
108
200
810
120
112
2 705
111
162
20.27
.190
.087
.104
20.28
.196
.089
.107
20.95
.196
.090
.108
21.82
.196
.090
.108
21.27
.196
.090
.108
22.17
.193
.090
.108
22.03
.192
.090
.108
21.85
.192
.090
.108
21.47
.192
.090
.108
21.08
.192
.090
.108
2 21.14
.193
.089
.106
20.32
.192
.090
176,227
126,465
6,553
83,791
194,328
148,023
5,338
75,962
192,142
145,423
5,573
72,813
192,091
147, 654
5,196
61,287
189,214
150,832
5,730
55, 732
178,185
149,159
5,121
60,073
179, 363
157,074
5, 472
65,606
182,176
167, 390
5,503
70, 935
168,349
143,165
5,860
63,144
182,841
145,133
' 5, 295
' 84, 216
184,900
146, 593
5,850
72,042
175,919
140,098
4,608
71,033
COTTON MANUFACTURES
Cotton cloth:
Prices, wholesale:
Mill margins
cents per lb__
Denims, 28-inch
_.dol. per yd_.
P r i n t cloth, 6 4 x 6 0
do
Sheeting, unbleached, 4 x 4
do
Finished cotton cloth, production:
Bleached, plain
thous. of yd_.
D y e d , colors
do
D y e d , black
do
Printed...
do
20.05
.192
.090
' Revised. l Total ginnings of 1942 crop (preliminary figures).
2
Revised 1941 m o n t h l y averages (units as shown above): Tumblers, shipments, 4,373 (revision for July 1941 not previously published, 4,572). Cotton (exclusive of linters)—consumption, 882,190; stocks at warehouses, 12,295; stocks at mills, 1,904. Cotton linters, stocks, 761. Cotton cloth, wholesale price, mill margins, 19.34.
* Partially estimated. 4 Quarterly average.
« N o t available.
6 Revised figure; includes revisions not allocated monthly.
§TotaI ginnings to end of month indicated.
t F o r revised figures for all months of the cotton year 1941-42, see p . S-34 of the November 1942 Survey; T h e total stocks of American cotton in the United States on
July 31, 1942, including stocks on farms and in transit, was 10,455,000 bales.
S-35
SURVEY OF CURRENT BUSINESS
April 1943
Monthly statistics through December 1941, to- 1 9 4 3
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplement to the Survey
ary
1942
February
April
May
June
July
August
September
October
November
Decem- Monthly January
ber
average
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES—Continued
Spindle activity:X
Active spindles
thousands..
Active spindle hours, total
mil. of hrs_.
Average per spindle in place
hours..
Operations
percent of capacity..
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, for knitting (mill)t
dol. perlb..
Southern, 40s, single, carded (mill)
do
RAYON
Consumption:
Yarn
mil. oflb..
Staple
fiber
do....
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per lb_.
Staple fiber, viscose, 1^ denier.
do
Stocks, producers', end of month:
Yarn
...mil. oflb-.
Staple
fiber
do....
22, 859
10, 246
435
135.9
23,088
10,478
436
136.3
23,102
11,459
476
135.2
23,117
11,197
465
138.5
23,095
11, 295
471
133.7
23,110
11, 484
479
130.2
22,974
10,981
458
136.4
22,956
11,191
468
134.9
23, 012
11, 429
478
136.9
22, 948
10, 558
443
133.4
22, 887
10, 734
450
127.9
23, 040
11,129
464
134.6
22, 890
10,820
455
138.8
.414
.515
.408
.504
.420
.516
.421
.615
.421
.515
.421
.515
.421
.515
.420
.515
.414
.515
.414
.515
.414
.515
.417
.512
.414
.515
38.7
12.5
36.0
11.3
37.6
13.0
37.6
12.7
39.0
13.7
39.9
12.6
38.2
12.7
38.4
12.5
41.1
12.6
38.8
12.4
41.0
13.2
39.1
12.7
'37.9
••12.7
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
7.4
2.5
4.4
2.1
5.4
1.7
6.9
2.1
7.0
2,3
6.5
3.1
7.4
3.9
8.0
7.7
4.1
8.1
4.4
8.7
3.3
6.6
3.0
3.0
40, 972
5,784
44,740
2,544
44,320
388
53, 510
4,280
45,896
3, 236
45,372
2,000
52,305
3,045
45,100
3,240
44, 388
3,036
45, 504
3,168
46,706
3,592
55,895
2,665
2,616
86
2,754
86
2,789
81
2,853
70
2,744
70
2,657
65
2,711
68
v 2, 713
78
2,667
63
77
59
80
64
2,703
75
69
44
2,650
71
115
96
2,668
78
76
53
66
42
64
42
117,130
101,015
231
125,659
114,464
241
125,175
116,750
239
119,375
115,368
233
1.161
.515
1.195
.515
1.195
.515
1.195
.503
1.195
.496
.790
WOOL
Consumption (scoured basis):J
Apparel class.
_
_
thous. oflb..
Carpet class
-do
Machinery activity (weekly average) :1
Looms:
Woolen and worsted:
Broad
thous. of active hours..
Narrow
do
Carpet and rug:
Broad
do
Narrow
do....
Spinning spindles:
Woolen
do
Worsted
_.
do
Worsted combs
do
Prices, wholesale:
Raw, territory, fine, scoured
dol. per lb..
Raw, Ohio and Penn.,
fleeces
do
Australian (Sydney), 64-70s, scoured, in bond
(Boston)
dol. perlb..
Suiting, unfinished worsted, 13 oz. (at mill)
dol. per yd..
Women's dress goods, French serge, 54" (at
mill)
dol. per yd.
Worsted yarn, Ha's, crossbred stock (Boston)
dol. perlb..
Stocks, scoured basis, end of quarter:!
Total
thous. oflb..
Wool finer than 40s, total
do....
Domestic
do
Foreign
do
Wool 40s and below and carpet
do
1.205
.535
.765
72
45
127,143 125,473
122, 324 120,250
243
237
71
59
.755
.790
.790
.790
0)
2.320
2.599
0)
0)
1.559
1.411
1.559
1.559
1.556
1.552
1.800
1.800
1.800
1.800
1.800
1.800
1.195
.499
40
63
40
121, 812 128,423 125,194 126, 337 v 122,883
112,150 118, 676 115, 344 114, 958 v 114,025
217
207
217
205
1.199
.527
1.205
.535
1.205
.535
1.205
.535
1.188
.515
.790
781
123,830
112, 578
205
1.205
.535
.790
.790
.790
0)
0)
0)
0)
0)
1.552
1.558
1.559
1.559
1.559
1.535
1.559
1.800
1.800
1.800
1.8G0
1.800
265, 535
194,167
95, 790
98, 377
71, 368
1.800
1.800
2 299,975
2 224,429
" 107,498
2116,931
" 75, 545
.790
335,796
254,817
126, 612
128,205
80.979
351,485
276,295
141,409
134, 886
75,189
.765
0)
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
thous. of doL.
Pyroxylin-coated textiles (cotton fabrics) :
Orders, unfilled, end of mo.. thous. linear yd..
Pyroxylin spread
thous. of lb_.
Shipments, billed...
thous. linear ycL.
10,036
3,217
4,260
6,980
4,980
1,460
1,313
1,518
6,097
5,651
6,496
5,554
6,384
5,798
5,371
5,877
5,563
4,605
5,279
4,937
4,430
4,530
3,197
2,630
2,620
'3,096
4,037
3 3,498
5,120
4,275
4,734
5,752
4,855
4,720
8,913
4,621
4,950
9,959
3,570
4,248
9,658
3,776
4,510
6,757
4,859
5,469
10, 212
3,747
4,283
TRANSPORTATION EQUIPMENT
AUTOMOBILES
Indexes of retail financing:
Passenger car financing, volume :t
Total
Jan. 1942«100_.
New cars
do
Used cars
do
Retail automobile receivables outstanding,
end of month
Dec. 31,1939=100.Automobilerims, production...thous. of rirns-.Accessories and parts, shipments:
Accessories to wholesalers
Jan. 1935=100.Service parts to wholesalers
do
Service equipment to wholesalers.
do
21
13
23
63
22
73
27
527
128
823
139
231
201
56
60
55
58
55
60
57
60
53
54
54
42
45
42
32
26
34
20
11
22
105
665
95
617
86
664
77
573
67
586
59
633
51
547
37
554
130
205
198
128
174
183
126
111
187
118
117
176
110
119
173
112
135
180
97
144
165
17
11
19
674
31
567
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
7,752
Freight cars, total
number
7,957
7,573
5,253
2,860
955
1,575
2,142
2,202
2,244
4,545
3,061
7,652
Domestic.do
7,273
1,370
574
5,700
2,851
1,970
1,408
1,896
1,428
3,845
1,447
24
Passenger cars, total
do
10
41
23
16
10
0
8
0
0
17
0
Domestic.-..
.do
20
10
41
23
16
10
0
1
0
0
0
16
r
3
Revised.
*> Preliminary.
* No quotation.
2 Quarterly average.
Revised 1941 monthly average, $4,268,000.
t Revised 1941 monthly averages (units as shown above). Active spindles, 22,955; active spindle hours, total, 10,164; average per spindle in place, 418; operations, 121.7;
for 1941 monthly revisions see p. S-35 of the November 1942 Survey.
1 Data for June and September 1942 and January 1943 are for 5 weeks; other months, 4 weeks.
t Revised series. The yarn price series for Southern, 22/1 cones, has been substituted beginning 1941 for the Northern, mulespun, series formerly shown; for monthly
1941 data, see p. S-35 of the November 1942 issue (1941 monthly average, $0,355). Wool stocks are compiled on a revised basis beginning 1942 and data are not available comparable with figures shown in the 1942 supplement and In monthly issues through June 1942. 1942 data shown above coyer all known stocks of wool in commercial channels,
including stocks in the hands of country dealers and in country warehouses; stocks in the hands of country dealers and in country warehouses are not included in the earlier
Digitized forbase
FRASER
given in footnote 5 to p. 170 of the 1942 Supplement.
S-36
SURVEY OF CURRENT BUSINESS
Monthly statistics through December 1941, to- 1 9 4 3
gether with explanatory notes and references
to the sources of the data, may be found in the Febru1942 Supplement to the Survey
ary
April 1943
1942
February
April
May
Juno
July
August
1943
September
October
Novem- Decem- Monthly Januber
ber
average
ary
TRANSPORTATION EQUIPMENT-—Continued I
RAILWAY EQUIPMENT-Continued
A ssociation of American Railroads:
Freight cars, end of month:
Number owned
thousands _
Undergoing or awaiting classified repairs
thousands..
Percent of total on line
Orders, unfilled. ._
_.
cars
Equipment manufacturers
do
Railroad shops .
do
Locomotives, steam, end of month:
Undergoing or awaiting classified repairs
number. .
Percent of total on line
Orders, unfilled
numberEquipment manufacturers.
do
Railroad shops— .
do U. 8. Bureau of the Census:
Locomotives, railroad:
Orders, unfilled, end of mo., total
do
Steam
-- do
Other
_>- do
Shipments total
do
Steam
do
Other
do
Locomotives, mining and industrial:
Shipments (quarterly) total
number
Electric, total
do .
For mining use
. do
Other
do
1,741
1,737
1,737
1,739
1,739
1,729
1,740
53
3.1
34,195
24, 626
9,569
46
2.7
35,637
28, 352
7,285
42
24
29, 204
22,419
6,785
45
26
27, 308
22,167
5,141
42
24
27, 061
20,065
6,996
54
31
44, 817
31,886
12, 931
46
2 6
19, 281
15, 069
4,212
2,669
6.8
334
284
50
2,593
6.6
2,381
6.1
1,932
49
2,704
69
1,957
50
256
67
314
369
355
343
238
76
2,143
5.5
289
216
73
2,098
54
323
335
292
51
322
13
1,720
854
866
132
56
76
1,649
783
1,932
1,065
1,839
979
866
1,822
938
1,608
789
2,043
1 249
867
860
884
819
794
1,709
1,726
1,731
1,736
1,737
45
2.6
19, 329
15,417
3,912
61
3.6
69,402
49,939
19, 463
62
3.6
58,129
39,804
18, 325
63
3.7
48,351
31,440
16,911
57
3.3
37,891
25,062
12,829
55
3.2
35,442
24, 974
10,468
1,975
50
3,231
8.2
3,114
7.9
352
300
408
2,930
7.5
395
348
47
2,747
7.0
350
304
46
1,586
716
870
111
50
61
1,554
658
896
142
59
83
270
82
1,973
1 221
752
219
155
64
282
18
357
51
1,273
551
1,425
669
722
756
100
28
132
62
70
72
1,737
147
61
86
205
104
102
101
177
83
94
177
96
81
356
13
124
81
43
266
116
112
150
263
92
1,967
1 139
828
146
63
83
134
60
74
159
104
55
261
136
122
125
i 227
i 110
1
102
i 117
411
381
380
31
364
17
285
280
5
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total
Domestic .
Exports
-
- number .--- ...do
-do
342
309
33
309
303
6
400
383
17
384
373
11
400
391
9
360
343
17
382
344
38
438
415
23
420
418
2
367
352
15
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indexf
1935-39-100..
Industrial production:
Combined indexf
.
do
Construction! .
do
Electric power
- do
Manufacturing^ - do
Forestryt
- do
Miningf
- ._
do
Distribution:
Combined indexf
- -do
Tons carried*
.
do
Agricultural marketings, adjusted:!
Combined index
. ._
do
Grain
. . do . . .
Livestock _ . . _. _.
do
Commodity prices:
116.9
Cost of living
.
._
do
97.5
Wholesale prices
1926=100
Employment (first of month, unadjusted):
Combined index
do
Construction and maintenance
do
Manufacturing
do -Mining
.
do
Service
do
Trade
do
Transportation
- do
Finance:
Bank debits
mil. of dol..
Commercial failures
. . number..
29
Life-insurance sales, new paid for ordinary
thous. of doL. 40,420
Security issues and prices:
New bond issues, total
do — 296, 043
Bond yields
1935-39=100..
98.5
78.7
Common stock prices
_ _. do
Railways:
Carloadings
thous of cars
Financial results:
Operating revenues
thous. of dol..
Operating expenses
do
Operating income.
do
Operating results:
Revenue freight carried 1 mile-mil, of tons..
Passengers carried 1 mile
mil, of pass..
Production:
Electric power, central stations
mil. of kw-hr_.
Pig iron
thous. of long tons
141
219
Steel ingots and castings
do . . .
Wheat
flour
thous. of bbl
192.9
198.1
195.5
200.0
203.7
205.7
206.1
207.2
207.8
221 2
202 2
227 3
216.3
98.3
137.6
226.3
147.6
248.2
220.8
143.0
144.3
231.0
137.8
226.9
217.3
95.8
146.1
232.5
132.7
211.3
222.1
157.1
146.6
235.7
131.2
196.3
229.4
118.7
145.8
246.2
128.5
213.3
232.5
114.3
142.8
248.8
120.7
216.6
23M
127.8
140.0
253.3
116.2
225.8
238.6
97.8
138.5
262.6
126.7
195.7
293 3
106.9
137.3
263.4
116 7
192.0
250 8
101.5
140.1
276 2
124 7
209 6
228 1
118 8
142.0
243 7
130 7
219 0
256 7
129 3
142.5
279 0
105 7
225 3
144.4
169.3
151.3
189.3
150.2
182.3
153.9
188.1
150.5
176.2
150.4
163.0
145.8
127.1
142.1
r 127. 9
142.7
' 142.0
160 6
173 4
148 8
165 4
166 3
155 1
93.9
70.6
100.9
84.8
84.2
87.0
83.7
84.3
80.9
88.6
82.8
113.8
237.7
270.9
93.4
99.6
98.8
102.9
43.6
33.9
85.7
106.6
112.9
78.9
95.4
90 4
117.0
141 7
146 4
121 2
107 8
105 0
100 4
133 5
149 8
62 8
115.7
94.6
115.9
95.0
116.1
95.2
116.7
95.8
117.9
96.0
117.7
95.5
117.4
96.0
117.8
96.8
118.6
96.9
118 8
97.0
117 0
95.7
117 1
'97.1
165.4
118.1
191.2
176.8
167.0
156.8
98.2
165.2
98.0
199.4
175.0
172.8
153.0
99.0
167.4
109.3
202.3
173.5
176.3
153.5
104.1
171.7
123.3
205.9
173.1
180.6
153.7
106.4
175. 7
137.7
209.5
174.1
184.8
152.8
108.1
177.8
146.8
212.4
172.3
189.4
152.5
110.4
179.3
146.5
215.6
166.8
188.2
152.3
110.0
181.3
149.6
218.3
164.3
185.1
153.5
111.7
183 3
154.9
218.6
163 0
182.6
156.5
110.6
186 5
151.3
221.7
162 7
182 0
164 5
109.4
173 7
130.3
206.5
171 3
178 8
156 1
105.5
2,893
64
3,733
46
3,791
53
3,767
46
3,704
47
3,480
42
3,516
39
4,073
47
4,967
56
4,195
36
3,794
51
39, 357
36, 232
40,336
43,898
44, 868
39, 963
55, 798
57, 795
52, 042
45, 576
44, 569
40,420
100,232
99.3
64.7
396, 203
99.6
61.1
92, 341 298,653
99.5
98.8
62.8
62.0
226,529
98.7
62.4
340,755
99.0
61.6
255, 223
99.4
62.6
271,660
99.6
65.0
1,082,187
99.6
67.6
92, 552
99.4
71.3
357, 541
99.3
64.2
227,334
98.8
76.3
273
282
237
3,249
147
241
2,063
3,092
147
232
1,730
3,218
104
1S5
1,963
249
273
283
287
294
282
290
323
291
44,044
35,281
6,046
50,597
36, 526
10,303
53,036
37,606
11,510
55,247
• ,419
xi, 696
57,529
42,004
10,582
58,881
43,371
10, 753
58, 590
42,670
11,803
61, 281
43,742
15, 424
56, 926
41. 885
11, 509
4,031
4,439
4,891
4,807
4,705
4, 593
5,171
361
375
412
4,550
271
511
5,077
532
452
404
385
2,864
129
217
1,585
3,083
143
237
1,961
3,175
153
243
1,481
3,043
150
227
1,335
2,966
154
229
1, 590
2,990
145
222
1,820
2,947
139
219
1,737
3.166
157
242
1,851
3,181
152
242
1,973
3,900
25
i Quarterly average. Revised 1941 quarterly averages: Total shipments, 197; electric, total, 88; electric for mining use, 85.
' Revised.
tRevised series. The revision of the index of physical volume of business is due mainly to a change in the weighting and in the list of components, so as to present a
picture of the expansion in industries engaged on war production. Revised data were first shown on p. S-36 of the December 1942 Survey; there has been a subsequent revision,
however, in the construction index. The index of grain marketings is based on receipts at country elevators instead of receipts at head of Lake and Pacific ports, as formerly.
Revised 1941 monthly averages: Physical volume of business—combined index, 165.0; industrial production, combined index, 177.4; construction, 177.9; manufacturing, 175.2;
forestry, 135.2; mining, 214.7; distribution, combined index, 139.3. Agricultural marketings—combined index, 164.9; grains, 178.4; livestock, 106.1. Revisions for agricultural
marketings beginning 1919 and for other series beginning January 1940 are available on request.
*New series. The index of tons carried has been substituted for the index of carloadings; data beginning 1928 will appear in a subsequent issue; 1941 monthly average,
154.4. Components included in the distribution index other than tons carried are retail sales, wholesale sales, exports, and imports.
U. S, GOVERNMENT PRINTING OFFICE: 1943
INDEX TO MONTHLY BUSINESS STATISTICS, Pages SI-S36
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Page
Business indexes
S-l
S-3
Commodity prices
Construction and real estate
S-4
Domestic trade
S-6
S-8
Employment conditions and wagesFinance
S-13
Foreign trade _ _
S-20
Transportation and communications _
S-20
Statistics on individual industries:
Chemicals and allied products. _ S-22
Electric power and gas
S-23
Foodstuffs and tobacco
S-24
Leather and products
S-27
Lumber and manufactures
S-28
Metals and manufactures:
Iron and steel
S-29
Nonferrous metals and products
S-30
S-30
Machinery and apparatus
Paper and printing
S-31
Petroleum and coal products
S-3 2
Stone, clay, and glass products. _ S-33
Textile products
S-34
Transportation equipment
S-35
Canadian statistics
S-36
CLASSIFICATION. BY INDIVIDUAL
SERIES
Pages marked S
Abrasive paper and cloth (coated)
33
Acceptances, bankers'
13
Advertising
6
Agricultural cash income
1
Agricultural wages, loans...
13,14
Air mail and air-line operations
6,21
Aircraft
„
12,13
Alcohol, methyl
22
Alcoholic beverages
1,2,24
Aluminum
30
Animal fats, greases
22
Anthracite
1,2,3,10,12,32
Apparel, wearing
3,6, 7,9,10,11,12,13,34,35
Asphalt
33
Automobiles
1,2,6, 7,8,9,10,11,12,13,16,35
Automobile accessories and parts
35
Banking..
._
13,14
Barley
_
25
Bearing metal
.
30
Beef and veal
26
Beverages, alcoholic
1,2,24
Bituminous coal.
1,2,3,10,12,32
Boilers
29,30
Bonds, issues, prices, sales, yields
18,19
Book publication
32
Brass, bronate, and copper products
12,13,30
Brick
3,9,10,12,13,33
Brokers' loans
- - - 14,18
Building contracts awarded.™.,
4
Building costs
5
Building expenditures (indexes)
4
Building-material prices, retail trade
3,7
Butter
_
24
Canadian statistics. _ _ _ - .
16,36
Canal traffic._.
_
21
Candy
27
CapitMl
flotations—..
18
For productive uses
18
Carloadings
21
Cattle and calves
_
26
Cement
1,2,3,33
Chain-store sales_»
7
Cheese
_
24
Chemicals
1,2,3,9,10,11,12,13,15,16,22
Cigars and cigarettes
.
27
Civil-service employees
10
Clay products
1,2,9,10,11,12,13,15,33
Clothing (see also hosiery)
3,
6,7,9,10,11,12,13,34,35
Coal.
_
1,2,3,10,12,32
Cocoa..
.—_
27
Coffee
27
Coke....
_
_ 1,2,32
Commercial failures
15
Commercial paper
„
13
Construction:
Construction estimates
„
4
Contracts awarded
4
Costs
5
Highways and grade crossings
5
Wage rates..
__
13
Consumer credit
15
Consumer expenditures
6
Copper.-..
.
30
Copra or coconut oil
22
Corn
_
25
Cost-of-Hving index
3, 4
Cotton, raw, and manufactures. 1,2,3,9,10,11,34
Cottonseed, cake and meal, oil
.
22,23
Crops
. . . . 1,23,25,27,34
Currency in circulation
16
Dairy products.-—
.
. . . 1,2,3,24,25
Debits, bank
14
Debt, United States Government
17
Delaware, employment, pay rolls, wages, 10,11,13
Department stores: Sales, stocks, collections
—«...
»—
7,8
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
Pages marked S
Deposits, bank
.
14
Disputes, industrial,,
11
Dividend payments and rates
1,19
Earnings, factory, weekly and hourly
12,13
Eggs and chickens
1,3,26
Electrical equipment2,6,12,30,31
Electric power production, sales, revenues._ 23,24
Employment, estimated
8
Employment indexes:
Factory, by cities and States
10
Factory, by industries
8,9,10
Nonmanufacturing
10
Employment, security operations
.
11
Emigration and immigration
„_
21
Engineering construction
„
-4
Exchange rates, foreign..
16
Expenditures, United States Government. _
17
Explosives
22
Exports
_
20
Factory employment, pay rolls, hours, wages.
8,
9,10,11,12,13
Fairchild's retail price index
3
Farm wages
13
Farm prices, index
3,4
Fats and oils
3
Federal Government, finance
17
Federal Reserve banks, condition of
14
Federal Reserve reporting member banks.—
14
Fertilizers
3,22
Fire losses.
6
Fish oils and fish
_
___
22,27
Flaxseed
23
Flooring
_
28
Flour, wheat
26
Food products
1,
2, 3,4, 6, 7,9,10,11,12,13,15,16,24,25, 26,27
Footwear
1,2,3,9,10,11,12,13,28
Foreclosures, real estate
6
Foundry equipment
30
Freight cars (equipment)
35,36
Freight carloadings, cars, indexes
21
Freight-car surplus
21
Fruits and vegetables
3,25
Fuel equipment and heating apparatus
30
Fuels.-..
1,2,3,32,33
Furniture
1,2,3,9,11,12,29,30
Gas, customers, sales, revenues
24
Gas and fuel oils
33
Gasoline
33
Gelatin, edible
27
Glass and glassware
1,2,9,10,11,12,13,15,34
Gloves and mittens
28
Gold...
16
Goods in warehouses
6
Grains
3,17,18,25,26
Gypsum
34
Hides and skins..
.
- . _ - 3,27
Highways, and grade crossings, Federal aid..
5
Hogs
__
26
Home-loan banks, loans outstanding
6
Home mortgages
5
Hosiery
3,34
Hotels
_
10,12,21
Housefurnishings
3, 6,7
Housing
3,4
Illinois, employment, pay rolls, wages
10,11,13
Immigration and emigration
21
Imports
20
Income payments
.
1
Income-tax receipts
17
Incorporations, business, new
16
Industrial production, indexes
1,2
Instalment loans
15
Instalment sales, department stores
8
Insurance, life
15,16
Interest and money rates
14
Inventories, manufacturers'
.
2
Iron and steel, crude, manufactures
2,
3,8,9,11,12,15,16,29,30
Kerosene
,
33
Labor, turn-over, disputes
.
_
11
Lamb and mutton
26
Lard
26
Lead
30
Leather
1,2,3,9,10,11,12,13,15,27,28
Linseed oil, cake, and meal
23
Livestock
1,3,26
Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit)
5,6,14,17.18
Locomotives
36
Looms, woolen, activity
35
Lubricants
33
Lumber,
1,2,3,8,9,11,12,15,28
Machine activity, cotton, wool
35
Machine tools
- - 12,13,30
Machinery
1, 2,8 9,10,11,12,13,15,16,30
Magazine advertising.
6
Manufacturers' orders, shipments, inventories.
2
Manufacturing production indexes
„
1,2
Maryland, employment, pay rolls
10,11
Massachusetts, employment, pay rolls,
wages
10,11,13
Meats and meat packing. 1, 2,3, 9,10,11,12,13, 26
Metals,..
1,2,3,8,9,10,11,12,13,16,29
Methanol..
. ——
22
Milk
24,25
Minerals.!..
__
1,2,10,12
Naval stores
22
New Jersey, employment, pay rolls, wages..
10,
Newspaper advertising
Newsprint
...
.
6
-._-„_ 31,32
Pases marked S
New York, employment, pay rolls, wages.. 10,11,13
New York canal traffic
21
New York Stock Exchange
18,19, 20
Oats
—„
25
Ohio, employment, pay rolls
10,11
Oils and fats
_.._
3,22,23
Oleomargarine
23
Orders, new, manufacturers'
2
Paint and paint materials.
3,10,12,13,23
Paper and pulp... 1,2,4,9,10,11,12,13,15,31,32
Passports issued
21
Pay rolls:
Factory, by cities and States
11
Factory, by industries
11
Nonmanufacturing industries
12,13
Pennsylvania, employment, pay rolls, wages.
10,
Petroleum and products
1,
2,3,9,10,11,12,13,16,33
Pig iron
__
29
Porcelain enameled products
30
Pork
26
Postal business
6
Postal savings
14
Poultry and eggs
1,3,26
Prices (see also individual commodities):
Retail indexes
3
Wholesale indexes
3,4
Printing
1,2,9,10,11,12,13,15,32
Profits, corporation
16,1/
Public relief
13
Public utilities
4,10,12,16,18,19,20
21
Pullman Co.
30
Pumps...
4
Purchasing power of the dollar29
Radiators,
6
Radio-advertising
-Railways, operations, equipment, financial
statistics, employment, wages
10,
13,16,17,18,19,20,21,35,36
Railways, street (see Street railways, etc.).
Rayon
1,2,3,9,10.11,12,13,35
Receipts, U. S. Government
17
Reconstruction Finance Corporation, loans.
17
Rents (housing), index
3
Retail trade:
All retail stores, sales
"•
Chain stores
.
'
Department stores
7,8
Mail order
»
Rural, general merchandise
8
Rice
25
River traffic
21
Roofing, asphalt
33
Rubber products...
2,4,9,10.11,12,13
Savings deposits
14
Sheep and lambs
26
Shipbuilding
12,13
Shipments, manufactures
2
Shoes
1,2,3,9,10,11,12,13,28
2 3
Shortenings
Silver
16
Skins
27
Slaughtering and meat packing
lt
2,9,10,11,12,13,26
Soybeans and soybean oil
23
Spindle activity, cotton, wool
34,35
Steel and iron (see Iron and steel).
Steel, scrap29
Stockholders—
—
20
Stocks, department store (see also manufacturers' inventories)
8
Stocks, issues, prices, sales, yields
18,19,20
Stone, clay, and glass products
1»
2,9,10,11,12,13,15,33,34
Street railways and busses
10,12
Sugar
~
27
Sulphur
22
Sulphuric acid
22
Superphosphate
22
r Telephone, telegraph, cable, and radiotelegraph carriers
10,12,16,22
Textiles
1,2,3,9,10,11,12,13,15,34,35
Tile-....
33
Tin
30
Tobacco
1,2,9,10,11,12,13,27
Tools, machine
12. 13. 30
Trade, retail and wholesale
_ 7,8,10,12,15
Transit lines, local
21
Transportation, commodity and passenger— 20,21
Transportation equipment
1*
2,9,10,11,12,13,15.35,36
Travel — —
21
Trucks and tractors, industrial, electric
36
United States Government bonds
19
United States Government,
finance
17,18
United States Steel Corporation
20,29
Utilities
4,10,12,15,16,18,19,20
Variety-store sales index
"
Vegetable oils
23
Vegetables and fruits
3, 25
Wages, factory, and miscellaneous
12,13
War program and expenditures
1"
War Savings bonds
1?
Warehouses, space occupied
...
6
Waterway traffic
.
21
Wheat and wheat
flour
25,26
Wholesale price indexes
3,4
Wisconsin, employment, pay rolls, wages
10,
Wood p u l p . . ,
Wool and wool manufactures.Zinc
4,31
1,2,3,9,10,11,35
30
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