Full text of Survey of Current Business : April 1948
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APRIL 1948
SURVEY OF
CURRENT
BUSINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
Survey of
CURRENT
BUSINESS
VOLUME 28, No. 4
APRIL 1948
rI
Statutory Functions: "The Bureau of Foreign and Domestic Commerce . , •
to foster, promote, and develop the foreign and domestic commerce of
the United States" [Law creating the Bureau Aug. 23,1912 [37 Stat. 408].]
Contents
Page
1
6
8
THE BUSINESS SITUATION
The Revenue Act of 1948
Government-Guaranteed Home Loans to Veterans.
10
Production and Sales of Footwear
CURRENT AND PROSPECTIVE PLANT AND EQUIPMENT
EXPENDITURES
12
BACKLOG DEMAND FOR CONSUMERS' DURABLE
GOODS
15
STATISTICAL DATA:
New or Revised Series
Monthly Business Statistics
Statistical Index
22 to 24
S-l to S-40
Classification of
Statistical Sections
General business indicators
Business population
Commodity prices
Construction and real estate
Domestic trade
Employment conditions and wages
Finance
Foreign trade
Transportation and communications
Commodity sections:
Chemicals and allied products
Electric power and gas
Foodstuffs and tobacco
Leather and products
Lumber and manufactures
Metals and manufactures:
Iron and Steel
Nonferrous metals and products
Machinery and apparatus
Paper and printing
Petroleum and coal products
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
Page
S-l
S-3
S-4
S-5
S-6
S-9
S-15
S-20
S-22
S-23
S-26
S-26
S-30
S-31
S-32
S-33
S-34
S-35
S-36
S-37
S-38
S-38
S-40
Inside Back Cover
Published by the Department of Commerce, W. AVERELL HARRIMAN, Secretary—Office of
Business Economics, M. JOSEPH ME EH AN, Acting Director. Subscription price, including
weekly statistical supplement, $3 a year; Foreign $4. Single copies, 25 cents. Make remittances direct to the Superintendent of Documents, United States Government Printing Office,
Washington 25, D. C.
APRIL 1948
Chart I.- BUSINESS INDICATORS
PERSONAL
INCOME
THE
INDUSTRIAL
PRODUCTION
220
225
SEASONALLY ADJUSTED,
AT A N N U A L RATE
SITUATION
SEASONALLY
ADJUSTED
CO
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180 2
<200
_i
o
UNADJUSTED
Q
UL
O
By the Office of Business Economics
CO
Z
O
140 •
150
111111 It 1111111111111111
100
RETAIL
SALES
PRICES
220
400
UNADJUSTED
WHOLESALE
(ALL COMMODITIES)
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o
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to
10
10
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SEASONALLY
ADJUSTED
/^•CONSUMERS*
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2002
100 I 1 1 i 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 I I
NONAGRICULTURAL
EMPLOYMENT*
111111111111 M 11111111111 1111
(00
U. S. FOREIGN
TRADE
55
1.5
NOT SEASONALLY
ADJUSTED
TOTAL
EXPORTS**
'INCL. REEXPORT!.
CO
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GENERAL IMPORTS
40
I I I I I I I I I I I I I I I I I I I I I 11 I I I I I I
1946
1947
1948
I I I I I I I I I 1 1 I M I I I I I I 1 1 I IT I I I I
1946
1947
1948
* U. S. BUREAU OF THE CENSUS SERIES.
** EXCLUDES CIVILIAN SUPPLIES DISTRIBUTED BY THE ARMED FORCES.
782774°—48
1
0
Dc
"OMINANT among the new developments affecting the
business situation during March was the change in the Government's near-term fiscal position resulting from the request
by the President for additional armed forces appropriations
and from Congressional enactment of a general tax reduction.
Together these would bring about a large net shift in the
Government's budget position. The larger part of this shift
would directly increase disposable personal incomes of individuals—which have recently been running at an annual
rate of about 185 billion dollars—thro ugh the reduction in
tax liability. The remainder would represent the increase
in Government expenditures for additional personnel and
materiel for the military establishment.
Final favorable action on the Foreign Assistance Act
covering related programs, while generally anticipated as a
business factor, nonetheless made concrete the requirement
for a large flow of goods abroad. To the extent possible, the
6 billion dollars authorized for these programs over the next
year will be utilized to procure scarce goods for Europe from
other sources of supply, principally in the Western Hemisphere, but most of the requirements will of necessity come
from the United States. These aid programs mean a dollar
volume of exports over the remainder of 1948 perhaps 10 to
20 percent above the level to which they had declined in the
early part of this year. This decline is shown in the lower
part of the chart on this page.
Against this background, domestic markets in March
generally displayed firming aspects. The weakness in some
of the commodity markets described in last month's review
of the business situation was not extended, and some of the
decline was recovered. On the whole, the general wholesale
price average was not much changed, as also can be seen in
the chart. In the stock market, prices moved ahead after
the rather general weakness which characterized the opening
months of the year. The cautious buying attitude of business purchasers in nondurable goods markets, previously
apparent as prices softened, was modified.
General business indicators give evidence of little change
in the volume of business activity during March. Industrial
production and employment were sustained, though before
the end of the month the tie-up in the coal mines was threatening the maintenance of output and had forced a curtailment of operations in the steel industry where the rate of
production, even with full utilization of facilities, was inadequate to meet all the needs of the durable goods industries. Expansion of output in these durable goods lines made
little progress during the first quarter.
Consumer purchasing has continued relatively strong in
the aggregate, though more selective as to particular lines and
as to quality. Some lines of nondurable goods, while still
SURVEY OF CURRENT BUSINESS
experiencing favorable results, are showing declines in unit
volume from a year ago. Spring buying, relatively slow in
the early part of March, picked up in the later weeks so that
department stores reported a moderately better-than-seasonal performance. The indicated total retail sales for the
first quarter were larger in dollar amounts than in the fourth
of 1947, with due allowance for seasonal movements, and
were about 15 percent larger than in the initial quarter a
year ago.
Personal incomes, though dropping in February by reason
of the decline in farm incomes resulting from the drop in
farm prices, and influenced by some production declines
incident to adverse winter weather, averaged 209 billion
dollars at annual rates in the first two months of 1948.
Disposable personal incomes in the first quarter are estimated to have increased further over the fourth quarter
1947 rate. This figure would be adjusted upward if allowance were made for the retroactive features of the tax reduction law which, insofar as current income taxes are concerned, made the new rates applicable as of January 1.
The lower withholding rates are effective as of May 1, and
the law will reduce the quarterly payments due in June,
though much of the adjustment for the excess withholdings
so far this year will not be made until 1949. The details of
the new tax law are covered in a later section of this review.
securities in order to maintain their reserve position. Treasury deposits with the Federal Reserve and commercial
banks in leading cities increased by about \% billion dollars
from December 31 to the end of March. At the same time,
the confinement of Treasury debt-redemption operations
largely to securities held by Federal Reserve banks served
to maintain the reduced level of private money holdings
resulting from the heavy first-quarter tax payments. Commercial banks were able to offset most of the depletion of
reserve balances involved in the large budget surplus by
selling U. S. bonds to the Federal Reserve banks. The
banking system's ability to lend was buttressed also by the
larger than usual return flow of circulating cash since the
year-end, and by the continued inflow of gold.
Chart 2.—Federal Budget Receipts and Expenditures
BILLIONS OF DOLLARS
-
15 -
y;
The request for additional appropriations for the military
establishment, the passage of the Foreign Assistance Act,
and the tax cut came at a time when the budget surplus was
at its seasonal peak. The March bulge in income tax collections swelled the net surplus for the first quarter of 1948
to an unprecedented 6 billion dollars, about 2% billion dollars
more than in the opening quarter of 1947. Net budget
receipts in the 3-month period rose to 14.9 billion dollars,
about 1 billion dollars higher than a year ago. They were
also slightly in excess of the peak quarter of the war period
when, although tax rates were substantially higher, inflation
was held in check by wartime price controls. Total expenditures of 8,8 billion dollars in the first quarter compare with
10.6 billion dollars in the same period of last year.
The improved Federal revenue receipts this year as compared with last are due primarily to increased individual
income tax collections stemming from the enlarged dollar
flow of personal income. Income tax withholdings in the
first quarter of 1948 amounted to 3.2 billion dollars, as
compared with 2.7 billion dollars a year ago. There was
little change in other categories of Federal budget receipts.
The large budget surplus so far this fiscal year will be
reduced in the remaining months of the fiscal period. As
may be seen from chart 2, revenues typically decline in the
second quarter of the calendar year while expenditures pick
up in part as a result of heavy June interest payments on
the Federal debt. As already noted, the enactment of the
new income tax law will result in a larger first-to-secondquarter decline in revenues than would otherwise have
occurred; at the same time, new spending requirements will
add to budget expenditures. The transfer to the Foreign
Economic Cooperation Trust Fund of 3 billion dollars,
which is provided for in the Foreign Assistance Act, does
not affect the Treasury's cash position.
Private Money Holdings Down
The large excess of Federal receipts in the first quarter
reduced the money holdings of the public and, in conjunction with the debt management program of the Treasury,
caused commercial banks to sell some of their Government
TOTAL
EXPENDITURES
NET
RECEIPTS -i/
73
Six Billion Surplus in First Quarter
April 1948
10
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1948
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i Represents total receipts less net appropriations to Federal old-age and survivors insurance trust fund.
Source of data: U. S. Treasury Department.
The decline in publicly held cash is shown by the 3.4
billion dollar reduction in adjusted demand deposits at
member banks in leading cities from the year-end to the
close of March. In the comparable period of 1947 the
reduction was 2.1 billion dollars. The restrictive effects
of heavy first-quarter tax payments on general business and
consumer spending are always moderated by the widespread
practice of anticipating these payments by accumulating
cash or deposit balances or other liquid assets in advance
of the tax date.
It is uncertain to what extent the leveling off of bank
loans so far in 1948 is attributable to the heavy net flow of
funds to the Federal Government and the resulting effect
on bank reserves, or whether it is due to other factors such
as the generally more conservative lending policies of banks
and, possibly, to lower business borrowing needs as compared
with a year ago. Loans by member banks in leading cities
show almost no net change in the first 3 months of this
year, whereas a year ago there was an expansion of 600
million dollars. The separate data for commercial, industrial, and agricultural loans provide even more of a
contrast; the reduction this year compares with a sizable
expansion a year ago. Some areas of bank lending, however?
appear to have been largely unaffected by the Federal fiscal
position. Keal estate loans and "other" loans—largely to
consumers—at reporting member banks in leading cities
continued upward in the opening months of 1948.
April 1948
SURVEY OF CURRENT BUSINESS
Foreign Assistance Act Passed
The foreign-aid program enacted by Congress and
promptly signed by the President in the opening days of
April provides for the extension of loans and grants totaling
6.1 billion dollars for purchases here and in other countries in
a position to supply needed materials and equipment.
Under the terms of the new law, a sum of 5.3 billion dollars
is authorized for the European Recovery Program, of which
at least one billion is to be in the form of Export-Import
Bank loans. An additional 738 million dollars is provided
for military and economic aid to Greece, Turkey, and China,
and 60 million for the International Children's Emergency
Fund.
Of the ERP funds spent in this country, a large portion
will be for foodstuffs, but the contemplated rate of exports
of foodstuffs will be below the volume in 1947. Moreover,
the contemplated export volume for most other commodities
will not exceed the previous high rates of shipment, although
the trend will be upward during 1948. In general, relieftype products such as foodstuffs, fuels, fertilizer, and textile
materials will decrease in importance as the 4-year program
proceeds, and recovery-type needs, such as steel and industrial and farm equipment, will become increasingly more
important. To minimize the delay in getting the program
into operation, the legislation makes immediately available
1.1 billion dollars from the Reconstruction Finance Corporation to be repaid after the appropriations for the programs
are provided by the Congress.
Net Export Surplus Narrows
As shown in the lower tier of the set of business indicators
illustrated on the opening page of this issue, the value of
exports in the first 2 months of 1948 was lower than in the
same period of last year and the value of imports was substantially higher. As a result, the very large net excess
of exports was reduced by about one-fourth during this
period.
The January-February decline in the value of exports was
less than the decline in the number of working days. The
further rise in imports in the short February month put the
total close to the figure for December 1947, which is the
highest month on record in value terms, though not in terms
of physical volume.
Larger Total for Private Domestic Investment
Although the net foreign investment segment of the gross
national product was lower in the first quarter of 1948 than
in any quarter of 1947, preliminary data place the seasonally
adjusted rate of gross private domestic investment at a higher
figure than in any previous quarter. The latest information
on business plant and equipment expenditures, including
anticipated outlays for the full year 1948, is reviewed in a
special article in this issue. A second article analyzes the
backlog demand for consumers' durable goods, a class of
expenditures
which has many of the characteristics of producers7 durable goods purchases although they are classified
in the consumption segment of the national product.
The book value of business inventories has increased at an
accelerated rate in recent months at both the manufacturing
and distributive levels. Manufacturers added to the value
of their holdings of raw materials, goods in process, and
finished goods at a rate of 300 million dollars a month in
January and February, as compared with a 200-milliondollar monthly rate in the last half of 1947. The additions
to the value of distributors' stocks in January and February
totaled 1.1 billion dollars, or considerably more than the
usual increase following the drawing down of stocks during
the holiday buying season. With sales holding relatively
steady, the large inventory advance for wholesalers and
retailers in February reflects the stepping-up of the rate of
shipments by manufacturers.
Stock-Sales Ratio Rises at Department Stores
The department store segment of retail trade provides
some interesting comparisons with the inventory situation in
the comparable period of last year. At the end of February,
the inventory position of department stores was very similai
to the position a year earlier. The book value of stocks was
somewhat higher this year, but sales volume also was larger.
The ratio of stocks to monthly sales was the same in both
periods and higher than at the end of any of the intervening
months. In February of 1947, however, the stores were
shortening their outstanding commitments and attempting
to unload some of their inventories in anticipation of possible
price declines. The value of inventories declined for several
months in the spring and summer of last year and the value
of outstanding orders was sharply reduced. These trends
were reversed in the fall, so that by February 1948, the
stocks-sales position was back to where it was a year ago.
Detailed information on sales, stocks, and outstanding
orders for the sample of 296 large department stores reporting to the Federal Reserve shows a sizable increase in merchandise receipts and in stocks in February, and a decline in
outstanding orders. These changes are consistent with trade
reports that the easier supply situation and price softening
in a few areas have induced soft-goods manufacturers to
step up the rate of shipments to distributors and retailers.
The heavy volume of consumer buying, however, makes it
unlikely that any substantial amount of "unwanted" inventories is accumulating in the hands of department stores.
Merchandise in inventory this year is of better quality than
last year's goods, and more complete selections are available,
Uptrend in Private Residential and Public Construction
The value of new construction put in place in March is
estimated at 1,090 million dollars. After seasonal adjustment, total construction activity in the first quarter was at
an annual rate of over 15 billion dollars, as compared with
last year's total of 12.8 billion dollars.
The resumption of a rate of more than a billion dollars a
month of total new construction activity in March, after a
drop below that mark in February, can be traced largely to
concurrent upward movements in private residential construction and in public construction. The upswing in
private residential construction activity can be attributed
to the nearly 100,000 dwelling units started in the first two
months of this year as well as to continuing operations on.
many of the 390,000 uncompleted units carried over from
last year. Among the types of public construction which
showed a greater than seasonal advance in March over the
previous month were public educational buildings, hospitals,
highways, and sewer and water projects.
There are indications that the uptrend in new construction will continue. The F. W. Dodge Corp. figures for
January and February on dollar value of construction contracts awarded in 37 Eastern States were about 30 percent
higher than in the same months of last year. Large portions of the work under these contracts will be put in place
in April, May, and June. During the four-month period of
November through February, mortgage insurance applications for 222,000 new dwelling units were received by the
Federal Housing Administration, whereas only 79,000 units
were started under the FHA program during that period.
Since many of these starts resulted from applications filed
prior to November, the cumulation of potential dwelling
SUEVEY OF CUEEENT BUSINESS
unit starts under FHA operations during these four months
alone is apparently between 150,000 and 200,000. A small
portion of this building potential, however, may not be
actually realized because some applications are not approved or are allowed to lapse.
Rent Control Extended
The further extension of rent control through March 31,
1949, protects the occupants of the 13 million controlled
housing units against sharp rent increases such as those
which in the past followed a lapse of rent controls in certain
areas, but it modifies the existing control regulations in
such fashion that some rent advances can be expected. .The
new Act renews the 15-percent voluntary increase provision
which had expired at the end of the 1947 calendar year under
the old law, but prohibits such an increase on top of an old
one. It also decontrols nonhousekeeping rooms in private
homes; provides relief for landlords who can prove operating
losses as a result of controls; and permits evictions on sixty
days' notice for remodeling or for occupancy by the landlord's family.
As passed by the Congress, the law continues the authority
of local rent control boards to make recommendations for
general rent increases or for decontrol in a control area, but
provides that if the Expediter vetoes the board's advice the
board may appeal to the Emergency Court of Appeals
(created in 1942 to review OPA cases) for a reversal of the
decision.
Work Stoppages Cut Off Production Rise
The industrial production index, which is plotted in the
upper right corner of the chart on page 1, held steady in the
first 2 months of 1948 at the high rate attained in the OctoberDecember quarter of last year. Small declines in durable
goods manufacturing in February were counterbalanced by
expanded operations in the nondurable goods sector. An
increase in the total index which was in the offing for March
was checked by work stoppages at the coal mines and in the
meat packing industry. Coal output was reduced from 13
million tons a week in early March to 2 million tons at the
month's end, while operations at Federally inspected meat
plants were cut almost in half.
Steel output was little affected during the first 2 weeks of
the coal tie-up, but by the third week dwindling coal supplies reduced operations below 90 percent of rated capacity
for the first time since last September (excluding the Christmas holiday week). With operations in important heavy
goods industries closely dependent upon the availability of
steel, the effects of a continuation of the coal stoppage will
fan out throughout industry and will be felt long after a
settlement is reached.
Among the more immediate effects of the coal tie-up were
the prohibition of coal exports and the placing of restrictions
on the use of coal in railroad transportation. The Office of
Defense Transportation issued an order, effective March 21,
calling for a reduction of 25 percent in passenger-train mileage
using coal-burning locomotives. A subsequent order by the
Interstate Commerce Commission, effective March 30, required a similar reduction in coal-burning freight locomotive
mileage. It is estimated that coal-burning locomotives account for approximately 45 percent of passenger-train carmiles and almost 70 percent of gross freight ton-miles hauled
by all locomotive-propelled trains. Because of flexibility in
railroad operations, however, the carriers are able to effect
a 25-percent reduction in the use of coal without curtailing
either freight or passenger service by the same margin.
April 1948
Coal Stocks at Seasonal Low Point in February
The impact of work stoppages on coal production is illustrated in chart 3 which shows the daily average rate of production and stocks of coal by months beginning in 1946.
Average production of bituminous coal and lignite generally
held well above 2 million tons per working day during the
period shown, except for the months when there were work
stoppages. For the month of March, which included 2%
weeks of the shutdown over a very large fraction of the
industry, output was at a daily rate of 1.2 million tons, but
at the month's end the daily average was less than 400,000
tons.
Chart 3.—Production and Stocks of Bituminous Coal and
Lignite
MILLIONS OF SHORT TONS
2.5
TOTAL STOCKS
(RIGHT SCALE)
PRODUCTION, DAILY AVERAGE
(LEFT SCALE)
.5 -
- 10
1946
1947
1948
i Data represent stocks held by industrial consumers and retail dealers at end of month,
in terms of the number of days' supply on hand at the rate of consumption in the month
plotted.
Source of data: U. S. Department of the Interior, Bureau of Mines.
The high rate of industrial consumption, which is at its
peak in the winter season, and exceptionally large shipments
for export have held aggregate consumption of coal above
production for several months. Stocks of coal in the hands
of industrial consumers and in retail yards at the end of
February, normally the low point in the year, totaled 48.5
million tons and were equivalent to 28 days' supply at the
daily average rate of consumption in February. This compares with 47.9 million tons and 27 days' supply on the same
date a year ago.
Information available for industries reporting inventories
of coal shows that at the end of February public utilities
(with 55 days' supply), cement mills (45 days'), and miscellaneous manufacturing (39 days') were in the relatively
most favorable supply position. Stocks of coal available to
the important steel industry totaled 28 days' supply, while
railroads reported only 22 days' working supplies on hand.
These supply estimates, of course, are averages for the firms
in each group; there are large differences in the supply position of individual firms within the group.
Rise in Employment in March
With the waning of the severe winter weather the number
of persons at work rose by 1 million from the second week of
February to the corresponding week in March, according to
Bureau of the Census labor force estimates. Total employ-
April 1948
SUKVEY OF CUEEENT BUSINESS
ment, including those with a job but not at work, underwent
little change over the period, the rise of 200,000 being
accounted for in large part by the expected seasonal pick-up
in trade and in outdoor employment. Estimated employment of 50.5 million persons in nonagricultural industries in
March of this year was 1.7 million higher than a year earlier.
Estimated unemployment of 2.4 million in March was
about the same as a year ago and was slightly less than in
February. The postwar low point in unemployment was
reached in the final quarter of last year when the number was
well under 2 million. Much of the rise since then is traceable
to seasonal factors.
Personal Income Higher in First Quarter
The flow of income to individuals was further augmented
in the first quarter of the year, as both the agricultural and
nonagricultural sectors registered increases over the previous
quarter. At a seasonally adjusted annual rate of 211 billion
dollars, personal income in January was well above the fourth
quarter rate of 206 billion.
Primarily as a result of the drop in farm prices, which occurred between January and February, personal income declined to a rate of 207 billion in the latter month. The
reduction in farm proprietors' income accounted for about
two-thirds of the total decline. As a result of reduced employment and shorter hours, manufacturing wages and salaries declined from January to February and construction
pay rolls also fell off.
Consumer Purchasing Levels Off
Preliminary estimates show that consumption expenditures
moved upward with the further rise in consumer incomes
from the closing quarter of 1947 to the first quarter this year.
The increase indicated on the basis of preliminary data was
not so large as the average quarterly rise in 1947, but there
is little indication of any general weakness in this period.
Some individual lines of nondurable goods are experiencing
a fall in volume, but still have a high rate of sales.
On the basis of a year-to-year comparison, the latest
months show an apparent increase in total retail sales of
somewhat under 15 percent. Jewelry stores were the only
major retail group reporting lower dollar sales totals in
February of this year than a year ago. In the following
groups of nondurable goods stores, however, the year-to-year
gains were 5 percent or less (after adjustment for differences
in the number of working days): apparel, drug stores, eating
and drinking places, and general merchandise stores. The
largest increases over sales in February 1947 were made by
filling stations, building materials and hardware stores, and
automotive stores. At food stores, the increase over sales
in February 1947 was 14 percent.
Preliminary data from department stores in March indicate
that, while pre-Easter buying got off to a rather slow start,
there was a marked pick-up in the week immediately preceding the holiday. The preliminary seasonally adjusted index
shows an advance over February.
Commodity Prices Somewhat Firmer
The behavior of commodity prices in March was marked
by partial recovery in most areas where declines had occurred in the previous month and by firming tendencies
elsewhere. By the month's end, however, some of the
recovery had been lost in the farm and food products groups,
although raw cotton prices were continuing to move upward.
In the week ending April 3, the weekly index of farm
prices was 9 percent lower than the January high. Food
prices recovered slightly to 5 percent below their January
peak. Meat prices moved erratically during March, while
meat production was curtailed because of a work stoppage
in the industry.
Prices of other-than-farm-and-food products remained
virtually stable over the past month. Declines in textile
and leather prices have compensated for the increases which
have been fairly general among other major commodity
groups. Prices of hides, leather, and shoes are discussed in
greater detail in another section.
The February decline in food prices at retail stores did
not extend into March. Final estimates for the consumers7
price index placed the drop in food prices between January
and February at less than 2% percent and the drop in the
over-all cost of living at less than 1 percent.
One method used by manufacturers for reducing prices in
the face of declining unit volume and unused productive
capacity has been the introduction of lower-priced, lowerquality goods. This is illustrated by the action of leading
tire manufacturers who announced late in March the resumption of production of tires of "second line" quality
which have not generally been produced since before the
war. This practice, though not apparent to any considerable extent at present, can be expected to spread to other
fields where supplies of high-price lines show signs of backing
up and consumers are in a position to dictate their preference.
State Veterans' Bonuses
State bonuses being paid this calendar year to veterans of
World War II will augment the flow of personal income by
a total of perhaps 750 million dollars. This amount is more
than double last year's payments of 350 million dollars and
about double the total State bonus payments made over a
period of several years to veterans of World War I. As indicated in chart 4, the larger part of the payments in calendar
1947 was in the second half of the year. Thus the increase
in the rate of payments from the first to the second half of
the year was larger than the further increase expected in the
first half of 1948.
Almost all of the 1948 payments will be made by the
States of Illinois and New York whose programs are now in
operation, and by Ohio where disbursements are expected to
begin about mid-year. The earlier programs comprised
those of five New England States and the State of Michigan.
1948 May Be Peak Year
Total bonus payments under the nine State programs enacted to date will be close to 1.5 billion dollars. Of this sum,
about 500 million dollars had been disbursed by the end of
1947 and something like 200 million will probably remain to
be paid in 1949. Additional programs approved by the legislatures of six North Central States, but subject to referenda
next November, would add about 375 million dollars to the
1.5 billion now paid or payable. In view of the time required
to place the State programs in operation, however, it seems
unlikely, even if all proposals are approved by voters, that
much more than half of this money will be paid in 1949.
Thus total payments in 1949 under programs enacted or approved by legislatures to date will probably not exceed 400
million dollars. In some additional States, however, enactment in 1948 and payment in 1949 is still a possibility.
SUEVEY OF CURRENT BUSINESS
6
Chart 4.—State Cash Bonus Payments to Veterans
MILLIONS OF DOLLARS
500
April 1948
individual bonus, such maxima ranging from 100 to 500
dollars. In most cases, next-of-kin of veterans who died
while on active duty or from service-connected causes are
eligible for the set maximum.
Economic Impact
400 -
300 -
200 -
100 -
1st HALF
2d HALF
1946
* Estimated payments, based upon programs enacted to date.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Individual Payments Based on Length of Service
Individual bonuses range from the 20-dollar minimum in
several States to the 900-dollar "next-of-kin" benefit in
Illinois, but the average payment is in the neighborhood of
300 dollars. Except in the case of Rhode Island, which paid
a flat sum of 200 dollars to each veteran and wartime member
of the Merchant Marine, each State program has provided a
sliding scale of individual benefits, based upon length or location of service, or both. Most of the States pay lump sums,
determined at the rate of 10 dollars for each month of service,
or 10 dollars for each month of service in the United States
and 15 dollars for each month of foreign service. Each of the
States, except Illinois, places a definite maximum on the
With the exception of Vermont, all of the bonus-paying
States have resorted to borrowing to meet part or all of the
cash requirements of their programs. In most cases the borrowing has taken the form of bond issues with 10- or 20-year
maturities. Most States have levied additional or increased
taxes, usually in the form of some combination of taxes on
cigarettes, liquor, and corporate and individual income.
Several States, however, have earmarked no specific tax for
servicing and retiring the bond issue.
State bonus payments, like the proceeds from the redemption of armed-forces leave bonds issued by the Federal Government, increase the disposable income of young persons
having a relatively high propensity to spend—largely
individuals with family responsibilities and incompletely
satisfied needs for houses and consumer goods. Since current
financing of these payments is chiefly by borrowing rather
than by additional taxes, there is no substantial offset to the
resulting increase in disposable money income of consumers.
In terms of immediate impact upon the national economy,
however, bonus payments present certain elements of contrast with the redemption of leave bonds. Redemptions of
leave bonds during the closing months of 1947 were at an
annual rate of nearly 4 billion dollars. Since the holders
had the option of leaving their funds invested at 2% percent
interest, it is probable that most of those who redeemed their
bonds intended to use the proceeds in the immediate future.
State bonus payments are running at an annual rate of less
than 1 billion dollars, and, of this, a slightly smaller proportion may be spent.
Although unspectacular in their national impact, State
bonus payments this year will, of course, have a noticeable
effect upon the retail trade of those States wherein the payments are made.
The Revenue Act of 1948
J_ HE Revenue Act of 1948, which became law on April 2,
will reduce individual income tax liabilities by approximately
5 billion dollars under a full year of operation on an assumed
level of personal incomes at about the rate in the first quarter
of 1948. An additional estimated tax reduction of 200 to
250 million dollars a year will
result from changes hi estate
and gift tax law provisions.1
Major Provisions Summarized
The major provisions in the new tax law, which is retroactive to the beginning of 1948, except in the case of estate
and gift taxes, are summarized below:
(1) Personal and dependency exemptions are raised from $500 to
$600 per capita. Thus, a married person with two dependents having
an income after deductions of $2,400 would not be required to pay a
tax under the new law. Under the old law, his tax would have been
$76. With the higher exemptions, more than 7 million persons will be
relieved of any income tax liability in 1948.
(2) Percentage reductions in tax rates, which vary according to
the amount of surtax net income, are provided as follows:
i The report of the Senate Committee on Finance estimates the reduction in individual
income tax liabilities at 4.6 billion dollars, on an assumed level of personal income of 208 billion
dollars a year. The Treasury Department's estimates, which assume a 200-billion-dollar
income level, place the individual income tax reduction at 4.7 billion dollars. An approximate adjustment of the Treasury's estimate to the higher income level used by the Senate
Committee raises the estimate above 5 billion dollars. The range of 200 to 250 million dollars
for the estimated reduction in estate and gift taxes represents the difference between the Senate
Committee and Treasury figures.
Surtax net income (dollars)
Reduction in
tax rates
(percent)
0-2,000
12. 6
2,001-136,719.10
7. 4
Over 136,719.10—•
5. 0
Surtax net income may, generally speaking, be defined as income
after allowable deductions and exemptions.
(3) Married persons are permitted to split their income for tax
purposes. Under the old law, earnings of husbands and wives and
their respective property incomes could not be split for tax purposes,
except in States where the community-property system is in effect.
In the latter States, the community income of one spouse could be
divided equally between the husband and wife regardless of the amounts
of income actually received by each spouse. Where a family's income
when undivided would be subject to higher tax rates, the income
splitting provision makes for considerable tax savings.
(4) The new estate tax provisions incorporate an estate-splitting
feature analogous to the income-splitting feature of the income tax
law. Under these provisions, only one-half of the property transferred
at death to a spouse is taxable. Under the terms of the old law, estate
tax liabilities applied to property economically attributable to the
deceased whether in community-property or other states. The new
provisions reduce tax liabilities under the estate and gift tax laws by
about one-third.
(5) Other provisions serving to reduce taxes follow from increased
exemptions for persons over 65 and for the blind and an increase in the
allowable standard deduction.
Tax Reduction by Income Classes
As may be seen from chart 5, the bulk of the aggregate
amount of the individual income tax cut accrues to incomes
SURVEY OF CUREENT BUSINESS
April 1948
If the estate and gift tax reduction, which accrues almost
entirely to income recipients in the higher ranges, is combined
with the individual income tax reduction, the allocation of
the total tax savings between income groups under and over
$5,000 is about in the proportion of 60 and 40 percent,
respectively.
Chart 5.—Distribution of Aggregate Federal Individual
Income Tax Liability Under Old and New Laws, by
Income Classes
BILLIONS OF DOLLARS
10
Income-Splitting Feature
LAW IN EFFECT
IN 1947
UNDER
2,000
2,000
TO
4,999
—
5,000
TO
9,999
The effect of the " income-splitting" feature of the new law
varies widely among persons with different incomes. The
gains from the introduction of this provision are relatively
greatest for families with incomes of from $5,000 to $500,000,
the extent of the gain depending on the extent of separate
ownership of family income by one spouse.
To illustrate this, reference is made to chart 6, which
applies to a married person with 2 dependents. The upper
line in this chart represents the computed effective tax rates
under the old law at different levels of income, where the
entire income is earned by one spouse. The middle line also
shows the effective tax rates under the old law, but it applies
to a family whose income is equally divided between husband
and wife. These two lines, therefore, represent the two
extremes under the old law. The bottom line represents the
effective tax rates under the new law; because of the incomesplitting provision, the rates are the same regardless of the
division of family income.
It is clear from the chart that the reduction in the effective
tax rate which stems from the income-splitting privilege is
not particularly important at the lower income levels. On
the other hand, in the income ranges up to approximately
$500,000, the effect of income-splitting can be substantial.
The explanation for the relatively small effect in the uppermost range is due to the rate graduation and to the maximum
effective rate limitation.
REVENUE
ACT OF 1948
10,000
TO
24,999
25,000
AND
OVER
INCOME CLASSV (DOLLARS)
i Income shown is after deductions but before exemptions.
Source of data: Report of the Senate Committee on Finance on the Revenue Act of 1948.
under $5,000 (after deductions but before exemptions). The
concentration of the tax cut in the lower income brackets
reflects the higher percent tax rate reductions granted to these
income groups, as well as the heavy concentration of taxpayers in this income range. Of the estimated number of
taxpayers under the old law, 95 percent fall within the income
class under $5,000. About 80 percent of income after deductions but before exemptions is estimated to fall in the
class under $5,000.
Reduction in Effective Rates
Chart 6 also reveals the steady rise in effective tax rates
to a maximum of 85.5 percent under the old law and 77
Chart 6.—Effective Individual Income Tax Rates Under Old and New Laws1
100
60
LAW IN EFFECT IN 1947
'(ENTIRE INCOME EARNED
BY ONE SPOUSE)
60
LAW IN EFFECT IN 1947
(INCOME SPLIT 5O-5O)
40
REVENUE ACT OF 1948
20
10
20
40
60
80
100
INCOMES AFTER DEDUCTIONS, BEFORE EXEMPTIONS
IN THOUSANDS OF DOLLARS
i Incomes are shown on ratio scale.
Source of data: Report of the Senate Committee on Finance on the Revenue Act of 1948.
200
400
600
8001000
8
SURVEY OF CURRENT BUSINESS
percent under the new. Apart from the benefits of incomesplitting, the tax reduction as a percent of income before
tax shows little variation throughout the income scale.
As a percent of income after tax, the tax reductions increase
with income. As already noted, as a percent of tax liability
under the old law, the tax reduction becomes less important
as income rises.
Timing of Tax Reduction
The new tax legislation makes the income-tax reduction
retroactive to the first of the year. The new withholding
rates become effective as of May 1. Any excess of with-
April 1948
holding that has already taken place will not, however, be
refunded until after the end of 1948, although taxpayers
making quarterly payments on their estimated tax liability
for 1948 are permitted to take account of the tax reduction
by filing an amended return in June.
While most of the tax savings will accrue in the form of
small additions to the spendable incomes of the many income
taxpayers in the lower income-tax brackets, the addition to
spendable income will be proportionately larger in the upper
than the lower brackets. Thus, the effect of the tax legislation will be to bolster consumer spending at the same time
that it augments the volume of personal savings available
for investment.
Government-Guaranteed Home Loans to Veterans
OlNCE the spring of 1946 Government housing policies have
been chiefly concerned with providing houses for veterans.
Assistance has taken two broad forms; one concerned with
expediting the production and sale or rent of houses to
veterans, under the authority of the Veterans' Emergency
Housing Act of 1946, and the other designed to assist veterans
in financing home purchases, under the provisions of the
Servicemen's Readjustment Act—the GI bill—of 1944.
With the substantial improvement in the materials supply
situation which has taken place since the spring of 1946, the
only control of importance still remaining over production
and sale is the requirement that sellers and renters of new
houses give veterans a 30-day preference in purchasing or
renting. On the other hand, the loan guarantee activities
of the Veterans' Administration have continued to expand,
although there is some evidence that the importance of
guaranteed home loans to veterans has been diminishing since
mid-1947.
Under the provisions of the GI bill the Veterans' Administration is empowered to guarantee home loans to veterans to
the extent of 50 percent of the amount of the loan but the
guarantee cannot exceed $4,000. To be eligible for the
Government guarantee, no loans may carry an interest rate
in excess of 4 percent nor may any loan exceed the value of
the property as determined by the Veterans' Administration.
The effect of the guarantee is such that in the event of a
foreclosure sale, the Government bears any loss which may
be entailed provided the loss is less than 50 percent of the
loan value or $4,000, whichever is less. The large measure
of protection which is thus afforded has encouraged lending
institutions to extend credit to veterans on generally more
favorable terms than is customary with conventional borrowers.
Through February 1948 approximately 1.2 million applications for home loans had been received by the Veterans' Administration and more than 1 million loans had been granted
by private lenders, involving a principal amount of 6.3
billion dollars. These loans involve the purchase of both
old and new houses as well as alterations and repairs and
refinancing; the last two categories are a fairly small segment
of the total. Veterans' Administration guarantees on all
home loans approximated 3 billion dollars. To date fewer
than 800 claims have been paid by VA to lenders in cases
where the borrower has defaulted on a home loan.
Applications For Loans Slacken
Despite the continuing rise in loans outstanding under the
guarantee program, it appears that the rate of activity has
slowed down from the peak reached about a year ago. This
is illustrated in chart 7 which shows the number of applica
Chart 7.—Applications Received for Government-Guaranteed Home Loans to Veterans 1
THOUSANDS
1 60
THOUSANDS
€0
1947-V
40
"*
/
40
1948
20
20
1
Data refer to loans guranteed by the Veterans' Administration.
Source of data: Veterans' Administration.
tions received for all types of GI home loans monthly starting
in 1946. Although the program was started in 1944, lending
activity was very small prior to widespread demobilization
in 1946.
Applications are submitted by banks, savings and loan
associations, and other types of lenders to the Veterans'
Administration for approval after the lender has agreed to
make the loan. As chart 7 shows there was a very rapid
increase in applications in the middle of 1946 when an average of 50,000 were being received monthly. After a seasonal decline in the latter part of 1946 there was another
pickup in the spring of 1947. Starting in July 1947, the
number of applications received each month was below the
level of the corresponding month in 1946, while in the first
2 months of 1948 applications were well below those received in the like period a year earlier. It is interesting to
note that there was no apparent bulge in applications during
the fall of last year when house completions rose rapidly
and, in addition, when the cashing of terminal leave bonds
was permitted.
VA Loans for New Houses .Show Little Change
More important than total GI loans insofar as the impact
on new construction activity is concerned are loans involving
new houses for owner occupancy. Chart 8 shows the
SURVEY OF CUEEENT BUSINESS
April 1948
Chart 8.—Total Private Nonfarm Dwelling Units Completed and Number of Government-Guaranteed Home
Loans to Veterans for New Structures
THOUSANDS
100
75
1
NONFARM DWELLING
UNITS COMPLETED^
50
GOVERNMENT-GUARANTEED
LOANS FOR NEW STRUCTURES*!
25
^.^ ^^»4.«^
\
\
\
\ \
\
1947
*"»*.^
\ \ \ \
1948
1 Represents permanent-type conventional and prefabricated units.
2 Data refer to loans guaranteed by Veterans' Administration.
Sources of data: Nonfarm dwelling units, U. S. Department of Labor, Bureau of Labor
Statistics; Government-guaranteed loans, U. S. Department of Commerce, based upon
data of Veterans' Administration.
estimated number of new housing units completed monthly
since the beginning of 1947 and the estimated number of
GI home loans made for the purchase or construction of a
new house. Loans for the purchase of existing structures,
for repairs, or for refinancing are excluded. Some lack of
comparability between the two series is still present because
the completions include multifamily units; the latter, howevers, were less than 10 percent of the total in 1947.
Chart 8 indicates that the number of VAJoans made for
new structures was fairly constant throughout 1947 while the
total number of completions rose rapidly after the middle of
last year. New private nonfarm dwelling units completed
during 1947 totaled 835,000 and the ratio of the GI new
home loans to total completions was in the neighborhood of
25 percent. In the first quarter of 1947, however, the ratio
was close to 30 percent and by December of last year it had
fallen to almost 20 percent.
In the absence of more detailed information on the circumstances surrounding home purchases by veterans, it is
difficult to assess the importance of the reasons for the trend
of VA guaranteed home loans in the second half of 1947.
Among the influences that may have played a part in the lack
of expansion are (a) the fact that the most urgent needs
have probably been met; (6) a growing unwillingness or
inability of veterans to pay current housing prices, and (c)
increased hesitancy on the part of lenders to expand their
investments under this program.
9
importance of downpayment loans as against 100 percent
loans is shown.
The average purchase price for all houses was just over
$7,500, new residences averaging $8,500 while existing
structures averaged $7,000. For all transactions down
payments averaged 12 percent of purchase price, but for
those involving a down payment the average down payment
was 16 percent. There was little difference in the ratio of
down payment to purchase price as between existing and new
structures.
Perhaps the most interesting point shown in the table is
that over 30 percent of all the purchases were made without
a down payment. Additional information, not shown in
the table, indicated that most of the 100 percent loans
were for lower priced houses and the ratio of loan to price
varied inversely with price. Data relative to down payments
in earlier periods are not available at the present time,
although there is evidence that average purchase prices on
both old and new houses rose over the year. It is fairly
likely that with the concern over the high level of construction costs together with uncertainty as to the continued
strength of the veterans' housing market, lenders have been
asking for down payments in increasing numbers and for
larger down payments as well.
Tightened Credit Situation
Since the rise in long-term interest rates in the fall of 1947,
the differential between mortgage loans at 4 percent and
yields on other types of investments has been considerably
narrowed. While long-term governments and high-grade
corporate bonds have been yielding from 2.5 to 3.0 percent
in recent months, it should be remembered that the net
yield from a 4 percent mortgage is substantially less than
the 4 percent rate because of the cost of servicing mortgages. Although the net yield on guaranteed mortgages is
still higher than that on governments, lenders may have
been concerned with the loss of liquidity entailed in a shift
to home mortgages.
Table 1.—Average Purchase Price and Loan Amount of FirstMortgage Home Loans Guaranteed by Veterans' Administration,
by Downpayment Status and Type of Structure, October 1947
Number of
loans as
percent of
total
Type of loan
Average
loan
amount
Average
purchase
price
Ratio of
loan to
purchase
price
All loans, total
Existing structures
New structures.
100
$6, 700
6,100
7,600
$7, 600
7,000
8,500
88
87
89
100 percent loans, total
Existing structures
New structures
31
18
13
6,300
5,600
7,200
6,900
6,300
7,800
6,300
5,600
7 200
100
100
100
8,200
7,600
9,100
84
83
86
Downpayment loans, total Existing structures
New structures
58
42
._
69
39
'30
NOTE.—Data are preliminary. Loans for alterations, repairs, and refinancing are excluded.
Source: Veteran's Administration.
No Down payments Made on One-third of House Purchases
Some preliminary data are also available from the Veterans' Administration on downpayments paid by veterans
for houses purchased under the GI bill. Table 1 shows for
the single month of October 1947 the average price paid for
old and new houses, classed according to whether or not the
loan involved a downpayment. In addition, the relative
782774°-
Shift to Second Mortgages
That lenders as a group have found VA guaranteed firstmortgage loans increasingly less attractive relative to
other types of mortgages is seen in the composition of
guaranteed home loans over the past year or so, shown in
table 2. This table shows the ratio of VA guaranteed second
SUKVEY OF CUEKENT BUSINESS
10
Table 2.—Number of Home Loans Guaranteed by Veterans' Administration and Ratio of Second Mortgage Loans to Total
Total first
and second
mortgage
loans
Month
1947
January
February
March
April
May
June
July
August
September
October. _ _
November
December..
.
__
.
__.
__
1948
January
February
Second
mortgage
loans
Ratio of
second mortgage loans to
total
47, 360
44, 066
39, 024
49, 577
41,816
47, 638
45, 254
44, 036
47, 861
45, 604
46, 336
43, 350
1,355
1,705
2,084
3,310
3,138
3,734
3,994
4,477
5,081
5,459
6,431
6,660
2.9
3.9
5.4
6.7
7.5
7.8
8.8
10.2
10.6
12.0
13.9
15.4
42, 484
39, 908
7,068
7,778
16.6
19.5
NOTE.—Loans are for purchase of both old and new structures, alterations, and refinancing.
Data represent loans paid out by the lender and approved by Veterans' Administration.
Source: Veterans' Administration.
April 1948
mortgages to the total number of VA guaranteed first and
second mortgages from January 1947 to date. For February
1948, the proportion was almost 20 percent as compared
with only 4 percent in February 1947. The second mortgages
referred to in this section are part of the so-called "combination loans77—consisting of an FHA insured first mortgage and a VA guaranteed second mortgage—which lenders
have been offering to veterans to an increasing extent.
One reason for this shift lies in the fact that the "combination loans" find ready acceptance in the secondary market.
The Federal National Mortgage Association, a subsidiary
of the Reconstruction Finance Corporation, is empowered to
purchase FHA small home first mortgages at par, but this
support is not available at the present time for VA guaranteed
mortgages. In addition, the "combination loans" are 100
percent insured—the first mortgage being completely insured by FHA while VA second mortgages, unlike VA first
mortgages, carry a 100 percent guarantee.
Production and Sales of Footwear
Y EAR-TO-YEAR comparisons of sales at different types
of retail stores indicate that sales at shoe stores are lagging
behind the general trend. In the 2 opening months of
1948 dollar sales volume at shoe stores was no higher than
in the same period of last year. The seasonally adjusted
sales index for these stores declined from the fourth quarter
rate of 269 (1935-39 = 100) to 240 in January and February.
Total production of nonrubber footwear has declined
from the high volume reached in the second quarter of 1946,
although in the most recent months production has been as
high as a year ago. The decline from the earlier peak has
been entirely accounted for by the falling off in output of
nonleather types. Total production of footwear other than
rubber amounted to about 470 million pairs in 1947, more
than one-tenth below the record output of the preceding
year. Production of ordinary-type leather shoes, on the
other hand, advanced from 1946 to 1947 and slightly exceeded output in 1941, the best previous year.
A second characteristic of footwear production in 1947
Chart 9.—Production of Footwear Other than Rubber
MILLIONS OF PAIRS
€0
MILLIONS OF PAIRS
Table 3.—Production of Civilian Leather Shoes and Slippers
|[Totals in million of pairs; per capita in pairs]
Period
1936 ...
1937
1938 ._
1939
Average, 1936-39
40
1940
1941
1942
1943
1944
1945
1946
1947-..
1
20
20
•
.XX
,! ........... i..
41 42 43 44 45 46
MONTHLY AVERAGE FOR THE YEAR
4-7
1946
1947
1948
MONTHLY TOTAL -
i Annual data for 1947 and monthly data for 1946 and 1947 include small amounts purchased
for Government contract.
Source of data: U. S. Department of Commerce, Bureau of the Census.
_
.
Juveniles' l
Total
Per
capita
Total
Per
capita
Total
Per
capita
Total
Per
capita
130.8
102.9
96.7
103.8
2.1
2.1
1.9
2.6
161.9
149.7
147.8
167.7
3.4
3.1
3.0
3.4
75.0
80.2
78.6
84.9
2.4
2.6
2.5
2.8
340.7
332.7
323.1
356.4
2.7
2.6
2.5
2.7
101.8
2.1
156.8
3.2
79.7
2.6
338.2
2.6
102.4
120.5
102.1
83.9
66.1
65.4
103.1
106.3
2.0
2.4
2.1
1.9
1.6
1.6
2.9
2.0
151.9
184.9
181.7
153.2
117.0
120.1
180.3
191.4
3.0
3.6
3.5
2.9
2.2
2.2
3.3
3.4
77.8
95.2
84.0
77.5
81.0
86.6
106.2
105.3
2.6
3.1
2.7
2.4
2.5
2.6
3.2
3.0
332.1
400.6
367.8
314.6
264.1
272.1
390.5
403.2
2,5
3.0
2.8
2.5
2.1
2.1
2.8
2.8
Includes youths', children's, and infants' shoes.
Sources: Production and basic population estimates, U. S. Department of Commerce,
Bureau of the Census; per capita computations, U. S. Department of Commerce, Office of
Business Economics.
T?/" 1
1939 40
Women's
Men's
60
TOTAL
40
as shown in chart 9, was the reappearance of seasonality
which had been absent during the war and early postwar
period when the combined strength of military and civilian
demand necessitated close to capacity operations the year
round. As noted below, the industry's productive capacity,
which had been expanded during the war, was less than
fully utilized last year because of the decline in the physical
volume of sales. Advancing shoe prices which resulted
from limited supplies of raw materials and generally higher
costs of production made for larger dollar sales in 1947 but
for smaller unit volume. However, a general improvement
in quality was noted from 1946 to 1947.
Lower Output of Nonstaple Types
Postwar production of leather shoes has been spurred by
large backlog demands stemming from war-depleted stocks
of consumers and distributors and from the needs of veterans
returning to civilian life. The sharp decline in requirements
of military-type shoes permitted a rapid rise of production
of leather shoes for civilians from the wartime low of about
260 million pairs in 1944 to just over 400 million pairs in
1947. With more ample supplies of leather shoes, consumers
curtailed their purchases of less serviceable fabric and
SUEVEY OF CURRENT BUSINESS
April 1948
11
Table 4.—Consumption and Imports of Hides and Skins
[Amounts in thousands of pieces]
Calf and kip
Cattle hides
Period
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
_
. _
_
_
Consumption
.
_
_.
_
_
._ _
22, 628
22, 380
19, 047
22, 095
21,070
28, 121
30, 828
25, 656
26, 152
27, 566
27, 032
28, 774
Imports
3,057
2,616
1,300
3,247
4,583
8,733
6,075
4,548
2,967
891
1,304
1,270
Imports as
percent of
consumption
Consumption
14
12
7
15
22
31
20
18
11
3
5
4
13, 127
12, 027
12, 991
14, 027
11, 387
13, 098
12, 264
11,112
10, 930
11, 636
10, 882
12, 471
Imports
Goat and kid
Imports as
percent of
consumption
Consumption
23
22
26
28
20
28
19
22
18
8
4
5
47, 363
46, 554
31, 905
40, 419
37, 697
45, 373
41, 127
37, 351
34, 653
24, 026
24, 137
37, 385
2,964
2,685
3, 357
3,914
2,280
3,606
2, 380
2,425
1,922
938
465
625
Imports
46, 721
51,826
29,938
39, 018
40, 153
49, 470
36, 707
35, 428
29, 175
24, 372
28, 743
37,468
Sheep and lamb
Imports as
percent of
consumption
Consumption
99
111
94
97
107
109
89
95
84
101
119
100
37,326
34, 077
28, 675
38, 914
37, 920
51,915
53, 629
59, 891
55, 296
52, 450
47, 971
36, 214
Imports
20, 780
22, 596
14,564
28, 729
24, 425
42,143
37, 665
34,500
42,032
38, 637
38,465
24,514
Imports as
percent of
consumption
5ft
66
51
74
64
81
70
58
76
74
80
68
Sources: Consumption, Tanners' Council of America; imports, U. S. Department of Commerce, Bureau of the Census.
part-fabric types to which they had turned during the period
of short supplies of leather types and consumer rationing.
Nonleather shoe production declined from 170 million
pairs in 1945 to 135 million in 1946 and 65 million last year.
At the latter figure they accounted for less than 15 percent
of total output, or less than the proportion of the total in
1939 and 1940. At the war peak one-third of total footwear
production was in nonleather types.
Women and Juvenile Shoe Output of Increased Importance
The rise in the birth rate in recent years and the greater
entry of women into the labor force with their resultant
increase in income have considerably affected the composition of leather shoe output and have been important in sustaining the level of output. As shown in table 3, total
production of men's leather shoes in 1946 and 1947 was only
slightly above the prewar average of 1936-39. Women's
shoe output, however, advanced one-fifth during this period,
while production of children's and infants' shoes and of
other types of juvenile shoes rose about 30 percent over the
prewar average.
When show production is reduced to per capita figures,
somewhat similar results are indicated. Per capita leather
shoe production in 1946 and 1947 was significantly higher
than before the war only for juvenile and women's shoes. Per
capita output of men's leather shoes at 2 pairs in 1946
and 1947 was virtually unchanged from the prewar average.
Women's shoe production per capita, on the other hand, rose
from 3.2 in prewar to 3.4 and juvenile production from 2.6
to 3.1.
was about in line with the prewar ratio, but was lower than
during the war.
Since the United States is dependent almost entirely on
imports for the supply of goat and kid skins, the tight domestic supply situation in this area reflected a reduction of imports from an average of 41 million skins in the prewar period
to 37 million in 1947. Women's shoe production and prices
have been particularly affected by this reduction of imports,
Not only- has there been a reduction in the flow of hides
and skins into the United States, but in some types the pull
of foreign demand has resulted in a net outflow of domestically
produced hides and skins which generally are exported only
in small quantities. In 1947, the normally large net import
balance of cattle hides was transformed into a small net
export balance. Similarly, the usually large import balance
of calf and kipskins was nearly eliminated in 1947 because
of the large rise in exports.
High Hide Prices
The strength of both foreign and domestic demand has
resulted in large increases in prices of hides and skins.
Despite the recent declines, heavy native cattle hide prices
were two-thirds higher in Februray 1948 than in December
1945. Calfskin prices have about doubled in the last two
years as have imported goatskin prices. The combined
wholesale price index for hides and skins advanced threefourths from December 1945 to February 1948, as shown
below:
Limitations to Shoe Production
Combined
hides and
skin index
(1926=100)
Date
Heavy
native
cattle
hides
Calfskins
Imported
goatskins
A limiting factor in shoe production has been the heavy
Per pound Per pound Per pound
world-wide demand for hides and skins which has restricted
105.2
December 1939
$0. 222
$0. 144
domestic imports and resulted in higher prices for hides and
.218
i$0. 45
December 1945
...
.155
117.6
1.25
.414
December
1946
216.5
.276
skins. Limits to the importation of hides and skins have
1.083
.745
December 1947 _ _
_ . _.
256.9
.359
1.073
207.2
.415
.257
February 1948
been set by adverse consumer reaction to advancing shoe
prices. As shown below, retail sales of high-priced shoes
Price is for January 1946, when series was begun.
have been lagging since the summer of 1947.
Source: Department of Labor, Bureau of Labor Statistics.
Although the supply of domestic hides and skins increased
in 1947, the increase was partly offset by reduced imports
Since hides and skin prices represent roughly more than
of some types and stepped-up exports. The relationship
half of leather costs, whereas leather represents roughly half
between imports and the domestic consumption of hides and
of shoe costs, it is evident that both leather and shoe prices
skins for the years 1936-47 is shown in table 4 During
1936-40, imports of cattle hides averaged 14 percent of con- would reflect the advances in raw material costs during the
last two years. Leather prices, on the average, have nearly
sumption, compared with 4 percent in 1947. Calf and kip
doubled in the past two years, whereas wholesale shoe prices
imports normally were about one-fourth of domestic conhave
risen more than 50 percent.
sumption, but in 1947 were one-twentieth. The ratio of
(Continued on p. 21)
sheepskin and lambskin imports to consumption in 1947
r
1
Current and Prospective Plant and
Equipment Expenditures
By Malcolm L. Merriam
.T\.MERICAN business, exclusive of agriculture, plans to
spend 18.7 billion dollars on new plant and equipment in
1948, or over 15 percent more than the amount last year
when similar
outlays reached a high of 16.2 billion dollars
(table I).1
The estimate for the full year 1948, obtained as a part of
the regular
quarterly survey of business outlays for new producers7 capital conducted jointly by the Office of Business
Economics and the Securities and Exchange Commission,
represented the state of business programs during the opening weeks of the year. These business plans for the most
part do not reflect the influence of the commodity price decline in February or the more recent international developments. An enlarged defense program may have effects as
yet not clearly predictable, upon the future character, volume
and cost of further expansion of private production facilities. Business plans may also be affected to some extent by
the recent enactment of the tax-reduction bill and European
Recovery Program, though both of these events may have
been anticipated beforehand.
Chart 1.—Expenditures for New Plant and Equipment,
All Private Nonagricultural Businesses
BILLIONS OF DOLLARS
25
• ACTUAL •
PLANNED^/
20
COMMERCIAL AND
MISCELLANEOUS 2/
15
ELECTRIC AND GAS
UTILITIES
10
RAILROADS
Table 1.—Expenditures on New Plant and Equipment by United
States Business, 1939-48 l
MANUFACTURING
AND MINING
[Millions of dollars]
1945
1946
1947
19482
Manufacturing ._
1,920 2,580 3,400 2,760 2,250 2,390 3,210
Mining
380
560
410
360
680
500
440
Railroad
280
440
540
560
460
580
550
Other transportation... 280
390
260
190
280
320
340
Electric and gas utili480
550
680
ties -.
710
540
490
630
Commercial 3 and miscellaneous
_ 1,850 1,980 2,490 1,470
730
970 1,480
5,910
560
570
660
7,460
690
920
800
7,760
690
1,620
780
1,040
1,900
2,300
3,300
4,430
5,550
Industry group
Total
1939
1940
1941
1942
1943
1944
5,200 6,490 8,190 6,110 4,530 5,210 6,630 12,040 16, 200 18, 700
1 Excluding agriculture.
2 Estimates based on anticipated capital expenditures of business.
3 Includes trade, service, finance, and communication.
NOTE.—Figures are rounded and will not necessarily add to totals.
Sources: Board of Governors of the Federal Reserve System through 1944; thereafter, Office
of Business Economics and the Securities and Exchange Commission.
Postwar Trend in Capital Outlays
As shown in the chart, aggregate business expenditures for
new plant and equipment advanced from an annual rate of
8 billion dollars in the second half of 1945, which marked the
termination of major military requirements for basic materials and equipment, to an annual rate of 18.2 billion dollars
in the second half of 1947. Considering the apparent
physical limitations on the production of basic commodities
such as iron and steel and construction materials, the 18.2
billion dollar aggregate rate of outlays for new producers7
capital in the second half of 1947 was probably a nearmaximum rate at the prevailing prices and with the balance
then established between the flows of key materials into
both producers' capital and the direct channels of consumer
use.
i These figures do not include capital outlays charged to current account.
NOTE.—Mr. Merriam is a member of the Business Structure Division, Office of Business
Economics.
12
2d
1945
1st
2d
1946
1st
2d
1947
1st
2d
1948
48-tO/
HALF-YEARLY TOTALS, AT ANNUAL RATE
1 Data are preliminary.
2 Includes trade, service, finance, communication, and transportation other than railroads.
Sources of data: Securities and Exchange Commission and U. S. Department of Commerce,
Office of Business Economics.
The anticipations of business point toward a small increase in total dollar expenditures for new plant and equipment to an annual rate of 18.5 billion dollars in the first half
of 1948 and a further rise to 18.9 billion in the second half of
the year. It seems probable that these advance figures
presented by business for 1948 are predicated generally on
rices in existence at the beginning of the year. Such prices
)r plant and equipment, it is estimated, were approximately
2 percent higher than during the second half of 1947 and 4
percent above the average for the entire year 1947.
If allowance is made for these increases in price, it would
place the anticipated total business outlays for new plant
and equipment in 1948 on approximately a level with the
actual rate in the second half of 1947 in terms of physical
volume. The estimated physical volume of capital outlays
in the second half of 1948 appears to be slightly higher than
in the second half of 1947 but the difference is not significant.
As shown in table 2, the quarterly peak of plant and equipment expenditures was reached in the fourth quarter of 1947.
On the basis of plans by business in the early part of 1948,
it does not appear that the end of 1947 rate will be exceeded
this year. One qualification, however, that should be made
to the figures for the fourth quarter of 1947 is that they may
incorporate to some extent year-end adjustments which may
properly be allocable to earlier quarters.
E
SUKVEY OF CURRENT BUSINESS
April 1948
13
Table 2.—Quarterly Expenditures on New Plant and Equipment by United States Business, 1945-48 1
[Millions of dollars]
1946
1945
Industry group
July- OctoberSeptem- Decem- JanuaryMarch
ber
ber
Manufacturing
Mining
Railroad
Other transportation
Electric and gas utilities-.. _ 3 _ _
Commercial and miscellaneous
Total
.
AprilJune
1948 2
1947
JulyOctoberSeptem- Decem- JanuaryMarch
ber
ber
AprilJune
July- OctoberSeptem- Decem- JanuaryMarch
ber
ber
AprilJune
JulyDecember
800
110
140
80
160
380
1 260
120
160
110
220
480
1,100
110
100
130
180
580
1,400
130
130
170
230
740
1,650
160
160
170
280
900
1,760
160
180
200
360
1,080
1,450
150
160
180
330
900
1,850
160
220
230
450
1,030
1 870
180
230
200
500
1,160
2,290
210
310
190
620
1,340
1,940
200
340
180
510
1,320
2,000
190
390
210
600
1,400
3,820
310
890
390
1200
2, 840
1,680
2,340
2,200
2,790
3,310
3,730
3.160
3,940
4,140
4,960
4,480
4,780
9,450
For footnotes and source of data, see table 1.
Change in Industrial Composition
With planned business outlays for new plant and equipment continuing at a high level through 1948, there are
indications of some interesting changes in the composition
of total outlays as distributed among the major industrial
groups. The combined manufacturing and mining industries plan to spend nearly 8.5 billion dollars on new plant
and equipment in 1948, or 300 million more than actual
outlays last year.
The proportion of these expenditures to total business
outlays anticipated for 1948 reveals a decline to 45 percent
as compared with 50 percent of aggregate business expenditures in 1947. Moreover, while the manufacturing and
mining outlays reached an annual rate somewhat above 9
billion dollars in the second half of 1947, expenditures
planned for new plant and equipment in the second half of
1948 are at the lower annual rate of about 8.2 billion dollars.
It should be pointed out, however, that manufacturing
companies in past surveys have tended to underestimate both
the value and volume of their future capital expenditures and
that such underestimation has been fairly pronounced for
periods considerably removed in time.
A number of individual manufacturing industries, among
which iron and steel and petroleum are outstanding examples,
continue to have very large backlogs of uncompleted capital
expansion projects. However, the postwar conversion and
expansion programs of manufacturing industry as a whole
have progressed much more rapidly than those of other
major sectors of business. As the many industries which
comprise the manufacturing group successively complete
their expansion programs, total manufacturing demands for
new producers7 capital may be expected to decline. The
1948 expenditure anticipations appear to give some evidence
ot this slackening tendency as viewed in manufacturers'
programs for capital outlays when the present survey was
made.
Anticipated capital expenditures in manufacturing for
1948, however, are about as high as the record total last year
even in physical terms, though they are not so high as the end
of 1947 rate. Furthermore, in many individual manufacturing industries the effect of increased defense expenditures,
not foreseen in the early part of 1948, may augment the
outlays previously planned by business for the forthcoming
year.
Thirty percent, or nearly 5.6 billion dollars of the total
business outlays for new plant and equipment in 1948, is
planned by the commercial and miscellaneous group of enterprises, including the communications companies. This is a
higher proportion than in 1947. The increase in expenditures from 1947 to 1948 anticipated by commercial and
miscellaneous business amounts to 26 percent. In the
second half of 1948 this group expects to reach its highest
postwar expenditures amounting to about 5.7 billion dollars
at an annual rate. Actual expenditures in 1947 were more
than 1 billion dollars below this figure and the annual rate
for the second half of 1947 was only 5 billion dollars.
Continuing large expenditures for plant and equipment
planned by the communication industry are an important
contribution to the commercial and miscellaneous total,
amounting to more than one quarter of the 1948 figure.
However, the commercial and miscellaneous group outlays
programmed for 1948 are also sustained by substantial backlogs of projects (such as stores, warehouses, and office structures) which have been deferred with less immediate sacrifice
than would have been possible in the case of the postwar
expansion programs of the manufacturing industries.
Though the sample data from which estimates of expenditures
by this group have been derived are far from satisfactory,
they appear to indicate a sizable increase in capital outlays
planned by trade firms and other companies included in the
commercial and miscellaneous group. The trade firms, it
may be noted, are particularly important in this respect.
The backlog of projects remaining to be effectuated by the
electric and gas utilities remains large and programs for
expansion of production and distribution facilities are of a
nature of require considerable time for completion. The
utilities anticipate a 22 percent increase in their outlays for
new plant and equipment in 1948 over 1947, rising to 2.3
billion dollars this year if plans are fulfilled. Such outlays
would be only slightly above the annual rate reached by the
actual expenditures of the utilities in the second half of 1947
and the anticipated rate for the first half of 1948. An increase in the utilities' planned expenditures to an annual
rate of about 2.4 billion dollars in the second half of 1948 is
probably less an indication of any acceleration in outlays
than the result of normal seasonal factors which tend to slow
progress on outdoor installations in earlier months of the year.
In striking contrast to the trends indicated for other
business groups, the railroads expect their outlays for new
rolling stock and other capital improvements to rise by at
least 75 percent in 1948 from 1947. If these expenditures
eventuate, the 1948 total will be about 1.6 billion dollars
and the annual rate of the railroads' outlays in the second
half of 1948 should approximate 1.8 billion. Last year the
railroads' realized outlays were about half that figure.
The delayed accomplishment of the railroads' plans for
extensive replacement of equipment clearly illustrates a major
problem which has been common in some degree to the capital
replacement and expansion programs of all other businesses
Throughout the postwar industrial expansion, production of
steel and the portion which could be allotted to the various
types of producers' capital goods have been very significant
factors in determining maximum rates of expenditure for new
plant and equipment. The larger capital outlays anticipated
by the railroads in 1948 are predicated mainly upon their
ability to obtain adequate supplies of steel.
SUKVEY OF CURRENT BUSINESS
14
Plant Versus Equipment Outlays
The special reports of capital outlays which businesses
plan to make during the full year 1948 did not provide for a
segregation of the anticipated expenditures according to proportions allocated to plant and equipment. More detailed
quarterly figures on expenditures planned through the first
half of 1948 indicate a small rise in the relative importance
of plant expenditures in the combined total of capital outlays
by business. Most of this rise is attributable to the manufacturing industry.
Although slightly more than two-thirds of manufacturers'
planned expenditures for fixed capital in the first half of 1948
are for machinery and other equipment, the proportion of
expenditures for plant is expected to be higher than during
the same period a year ago, amounting to nearly one-third of
the total. Starting with the fourth quarter of 1947, the ratio
of plant expenditures to total capital outlays in the manufacturing industry rose to a new and somewhat higher level
than had previously characterized the postwar period.
Moreover, it is of interest that the anticipated volume of
new manufacturing plant construction during the first six
months of 1948 is nearly 45 percent above that realized in the
first half of 1947. The significance of these developments is
not entirely clear, but it may reflect the emergence of construction projects which were purposely deferred while more
urgent programs were brought to completion.
In this connection, it may be noted that in the postwar
period, expenditures for machinery and other equipment
constituted a higher proportion of total expenditures for new
producers' capital than in the prewar period. Even in the
prewar years there appears to have been a progressive decline
in the proportion of plant expenditures to total plant and
equipment
outlays. This is shown in the following tabulation2 for the manufacturing and mining industries where these
tendencies were particularly pronounced:
Percent of equipment expenditures tO total new
plant and
equipment
outlays
1919-^1
average
1927-29
average
1937-89
average
1946-47
average
51. 0
59. 6
64. 1
72. 4
The behavior of the above ratio prior to the war was
significantly affected by the construction cycle—the average
duration of which appears to be much longer than the more
familiar business cycle—and probably also by the well-known
long-term tendency toward the increasing mechanization of
industry. During the years since the end of the war, several
special factors have combined to inflate expenditures for
machinery and equipment relative to those for plant, when
compared with prewar years.
The reconversion of industry in many cases required the
replacement of machinery rather than new construction.
The purchase of Government-owned plants has involved the
purchase of new machinery required for peacetime goods
while at the same time reducing the need for new construction.
Wear and tear during the war on machinery and equipment
was, for obvious reasons, greater than on buildings. Advances in labor costs may also have encouraged substitution
of machinery for manpower. Finally, supply difficulties may
have been a more important limiting factor in plant than in
equipment. The moderate rise in the relative importance
of plant expenditures starting in the last quarter of 1947
may represent the disappearance of some of the special
influences which up to recently have served to enhance
expenditures on machinery and equipment relative to those
on plant.
According to revised estimates for the year 1947, which
now include actual expenditures for the fourth quarter,
2 Sources: 1919-39, Federal Reserve Board; 1945-47, Office of Business Economics and the
Securities and Exchange Commission. It is not possible to segregate manufacturing and
mining for the entire period.
April 1948
machinery and equipment expenditures by all United States
business totaled nearly 10.9 billion dollars, of which the
manufacturing industry accounted for 5.3 billion. Though
the proportion of expenditures for plant by all business
increased slightly from 1946 to 1947, rpachinery and equipment still comprised 67 percent of total outlays for new
producers' capital in 1947 and nearly 72 percent in manufacturing.
Anticipated Versus Actual Expenditures
In evaluating the likelihood that expenditures planned for
1948 will eventuate, it is desirable to compare capital outlays
planned in prior periods with the amounts which were
actually expended. During the early months of 1947 an
anticipation of full year business outlays for producers'
durables was obtained in the same manner as in the present
survey which presents the advance estimate for 1948 as
revealed by business programs at the opening of this year.
The first estimate for total new plant and equipment
expenditures in 1947 fell short by nearly 17 percent of the
annual outlays actually made by business. In large measure
this was attributable to price advances for which adequate
allowance had not been made in the calculation of future
costs, although increasing availability of materials and
equipment may also have been a contributing factor.
Adjustments in plans were made as the year 1947 progressed
and the original estimates for each quarter, made about six
months in advance of the close of the quarter, were on the
average only about 8 percent below the actual amounts
expended by business for new plant and equipment.3 Similarly in 1946 the actual outlays for all business were 9 percent
above original estimates for each quarter.
It remains to be determined whether the advance estimates by business of outlays for producers' capital in 1948
will again be subjected to upward revision. However, it
may be noted that the original anticipations of plant and
equipment outlays for the first quarter of 1948 have already
been increased by 10 percent in accordance with information
given in business reports made during the quarter. A like
increase was made in the first revision of the estimate for
the fourth quarter of 1947, with actual outlays for that
quarter finally showing a substantial further gain. In that
instance, however, it is believed that some part of the
increase may have resulted from year-end adjustments
covering earlier quarters.
Sales Expectations and Capital Expenditures
In the appraisal of business plans for fixed capital expenditures in 1948, it would be of considerable interest to relate
the anticipated outlays of individual firms to their expectations of the trend of sales. Such an analysis should indicate
whether there is a direct and measurable degree of dependence of business investment in capital goods on sales expectations.
With this in view, business firms reporting in the present
survey were requested to give their actual sales for 1947 and
their estimated sales for 1948, in addition to their anticipation of plant outlays for this year. An intensive study of
these data is being made and the results will be published
sometime in the future. It may be noted at this point that
for manufacturing as a whole, where the data were reported
most fully, the expected increase in sales corresponds fairly
closely percentagewise to the planned increase in capital
expenditures.
3
In addition to the estimates of capital expenditures made by business for the forthcoming
year at the beginning of the year, three reports are made for each calendar quarter, two of
which are on the basis of planned expenditures and one on actual outlays. The first estimate
of anticipated expenditures is made three months prior to the quarter, and the second and
revised estimate at the beginning of the quarter. Actual outlays are reported after the end of
the quarter.
(Continued on p. 22)
Backlog Demand for Consumers'
Durable Goods
By L. Jay Atkinson
JtvESTRICTED production of civilian durable goods during
the war period resulted in an accumulation of unsatisfied
demand for these products which has been a driving force in
the postwar expansion of economic activity. At the same
time, however, the rate of durable goods output which has
been achieved has been sufficiently high to cut into the
demand backlog.
The present study is concerned with some of the major
consumers' durable goods. Its purpose is to measure the size
of the backlogs for these goods, and the rate at which these
are being reduced by the current volume of production.
Wide swings in the demand for and production of durable
goods have been a major source of instability in the economy
in past periods. Although the present backlog demand for
durable goods is a special aftermath-of-war development,
nevertheless, in previous periods of full employment, rapid
expansion of output of durable goods has regularly appeared.
However, several factors differentiate the present situation
from that prevailing in earlier periods. Most obvious is that
the size of the backlog is far larger than ever before. This is
a consequence of (a) the length of the period when these
goods were out of production; (6) the large wartime savings
accumulation which was possible because consumer incomes
were high while durable goods production for civilians was
low arid the general price level was controlled;1 and (c) the
high level of current income. An additional factor in the
present economic situation is that the domestic backlog
demand has coincided with heavy foreign requirements for
postwar rehabilitation and reconstruction and with a high
rate of construction activity.
Swings in Demand Linked to Durability
Analyses of the causes of the marked fluctuations in the
output of durable goods have emphasized the key place of
durability or length of serviceable life in intensifying the
swings in demand for these goods. This is most clearly
evident where the length of life of the product is very great
as in the case of such capital goods as houses and locomotives.
The range in the number of houses built during the
interwar period varied from 940,000 in 1925 to 93,000 in
1944—a ratio of 10 times as many in the best year as in the
poorest. Locomotives represent an even more extreme case—
the peak installation of 4,360 units in 1923 was 16 times as
great as that in 1933. Similar though smaller swings are
evident in the output of the shorter-lived consumers' durable
goods; autos show a ratio of 4 to 1 in maximum range of
annual sales, and refrigerators a ratio of 3 to 1. During these
same years, the maximum range of consumer purchasing
power was of a considerably lower order.
The greater fluctuation in the demand for durable goods
than in consumer income is linked to the durability of the
product in this way. If the product, say automobiles, has
a 10-year average life, then aside from the growth in total
auto ownership, only about one-tenth of the auto owners will
NOTE.—Mr. Atkinson is a member of the Current Business Analysis Division, Office of
Business Economics.
* This contrasts sharply with the typical post-depression situation. Backlog demands for
durables generally are built up during depression periods, but no savings accumulation is
possible because of the low level of income.
be purchasing cars each year. If in any year the number of
persons who wish to be car owners should rise by 5 percent,
in order to meet this demand, the auto industry would need
to step up production by 50 percent, or by 10 times the rate
of the increase in the number of car owners. Similarly, a
decrease of 5 percent in the number of car owners would
result in a 50 percent decline in sales of new cars.
In actual operation, this multiplicative effect is modified
by flexibility in the life of the product made possible by
changes in repair and maintenance expenditures, on the
one hand, and by changes in income-price expectation, on the
other. Nevertheless, the working of this principle explains
why given changes in the demand for the services obtained
from durable goods are transmitted into accelerated changes
in current production and sales of these goods.
Basic Demand Functions
An approach to understanding the role of backlog demands
for consumers7 durable goods in the present economic situation can be made through an examination of the basic demand functions for these goods as determined by historical
relationships between output, disposable personal income (adjusted for changing prices), and long-term growth trends.
The basic influences at work in the present situation represent in large part the extension of relationships which can be
derived from prewar experience.
An analysis of these relationships makes possible an appraisal of the force of pent-up demand for consumer durable
goods in the postwar economy. This appraisal supplements
the valuable first-hand but imprecise information of the
market place. For example, the fact that the backlog for
passenger cars is large and that it is being reduced slowly is
obvious enough, but an attempt to measure the size of the
backlog and the rate at which it is being exhausted requires a
detailed analysis of the demand for automobile transportation. A similar situation holds with respect to the backlogs
for other consumer durables.
Each of the products presented in the following section
has unique features affecting the demand for it. Models
offered, price policies, and selling efforts have had an important influence on the course of sales of these products
in the past and will continue to do so in the future. The
past influences of these and additional special factors are
observable only to a very limited degree and cannot be
measured on the basis of the available information. Their
future influences can be treated only qualitatively in this
article, but they are nonetheless important, and the lack of
any direct measurement means that the results which appear
below must be regarded as rough approximations based
upon extrapolation of prewar relationships into the postwar
situation. They obviously should be used with these
limitations in mind.
The procedure which is followed for estimating the demand
backlogs is first to calculate the current demand for ownership of each product. For example, the demand for refrigerators in 1948 is the total number of consumers who
want and can afford to own a refrigerator. An alternative
method which is also shown for two of the products is to
15
SURVEY OF CURRENT BUSINESS
16
estimate the demand for new units each year—that is, the
annual retail sales of the product—including both the
replacement demand and the demand of new users.
Backlog Calculations
For all products, except automobiles, practically all of
the demand for these products is for personal rather than
business consumption. For this reason, the principal
variable used to estimate the ownership or stocks of the
product (Y) is disposable personal income, roughly adjusted
for changes in the general price level (Xi). In addition, a
second variable, time (X2), is used in the analysis, in order
to measure the long-term growth which has taken place
m ownership of the various products.
From this analysis a "calculated" ownership demand is
obtained on the basis of a regression equation. The difference between the "calculated" value and the "actual"
ownership or stocks of the product reported is termed the
backlog demand of new users or additional backlog demand.
In a second portion of the analysis the replacement
backlog is obtained by calculating normal scrappage from
wear and obsolescence since 1941
on the basis of scrappage
data from the prewar period 2 using informal statistical
techniques; from this estimated normal scrappage is subtracted apparent scrappage in order to obtain the calculated
replacement backlogs. The information available on scrappage varies from product to product; a large mass of details
from the registration data together with careful analyses
are available for automobiles but the information from trade
sources on the other products is less adequate.
Passenger Automobiles3
Among consumers7 durable goods, the most important in
terms of value of product involved is that for passenger
automobiles. The volume of postwar output so far has
permitted little, if any, working off of the backlog carried
over from the war period. Perhaps the clearest indication
of the pressure of unsatisfied demand for new automobiles
is provided by the large premiums which new cars command
in the used-car market.
Basis of Demand Estimates
The estimates of the existing demand for new automobiles
are based upon two sets of calculations—one for the total
car population and one for replacement requirements. An
approximation of the total demand for automobile transportation in any year can be derived from an estimating
equation based upon past relationships between private
passenger-car registrations, gross national product with
rough adjustment
for changes in the price level, and time
(year 1921 — 1).4
The replacement estimates are based upon an analysis of
automobile registrations, which are available for all cars
by year of registration. Although these data have been
studied intensively by a number of competent investigators
during recent years, current estimates derived from them
inevitably involve an element of judgment because of the
uncertainty over the age at which relatively new cars will
be scrapped.
Studies made over a period of several years of the survival
age of automobiles show a clearly defined trend toward longer
2 See "Monograph 1", Temporary National Economic Committee, Investigation of Concentration of Economic Activity (1940) and "The Dynamics of Automobile Demand,"
General Motors Corp., New York (1939).
3 This section is based in part upon an earlier analysis by S. M. Livingston, Chief of, and
Morris Cohen, a member of, the National Economics Division, Office of Business Economics.
* The regression equation was fitted to the data for the years 1922-41 by the method of least
squares. Analysis of the growth curve for passenger cars suggested that time could be best
expressed in logarithmic form. The influence of automobile prices on these calculations is
considered in a later section.
April 1948
usable life for cars. The average scrappage age for automobiles as of 1938 was estimated
at 10 years, on the basis
of an analysis of registrations.5 Later studies using similar
techniques showed that the average scrappage age had
increased by 1941.
Information now available suggests a continuation of the
prewar trend toward higher scrappage age of cars once they
are again in good supply. Of course, scrappage rates will be
higher than during the past few years, when actual scrappage
has been unusually low. The estimated normal survival
curve which is used in this study reflects an average scrappage
age of 12 years, or 20 percent higher than the 1939 figure.
On the basis of estimates of gasoline consumption, such a
car would have been driven about 100,000 miles before being
scrapped.
Estimates Are Rough Approximations
With respect to both the calculations of the total number
of cars for which there is a market at present and the number
of cars whose owners would buy replacements if they were
available, the figures derived must be regarded as only
approximate estimates based upon extrapolation of relationships fitted to prewar estimates. The current calculated
demand for automobiles is based upon the use of a gross
national product which is well beyond the extreme range of
observations from which the regression equation is derived.
The possibility is real that the prewar time trend may be
altered significantly in the postwar years.
Then too, the method used is only one of several reasonable alternatives, and the choice of the method affects the
answer obtained. Thus, an analysis of the number of cars
demanded at the present time made on the basis of per
capita income and per capita demand but otherwise similar
to the method used results in a demand for automobiles that
is more than 10 percent larger than the calculated value
shown in chart 1.
Replacement Backlog
Production of cars since the end of the war has been about
equal to the estimated current requirements for replacement
and growth in total car population. According to these
calculations, then, the total accumulated demand is little
changed from what it was at the end of the war. Considerable change has taken place, however, in the character of the
pent-up demand.
The gap between the number of cars on the road and the
calculated demand for cars has narrowed substantially as a
result of the rise in total automobile registrations of about 5
million during the past 2 years. During the same period
apparent net scrappage of automobiles has been approximately offset by the registration of cars which had been out
of use during the war. Although the shortage of cars has
been so great that few have actually been scrapped since
the end of the war, the number of cars past the age at which
they would normally be scrapped has continued to mount.
In the past 2 years, this replacement backlog has increased
by nearly 2% million cars.
In 1946, reconversion difficulties, including work stoppages
in the automobile industry and in industries supplying
materials and components, restricted production of automobiles to 2.0 million cars, of which 1.8 million showed up as
new car registrations. Although normal depreciation and
obsolescence would have taken a toll estimated at approximately 2 million cars, actually 600,000 more old cars were
taken out of retirement and put back into service in 1946
than were retired. Thus, while the demand for additional
5 The Dynamics of Automobile Demand, published by the General Motors Corp., New
York (1939).
SUEVEY OF CUEKENT BUSINESS
April 1948
maintained at the present rate during 1948 will practically
wipe out the deficit in total car population, although the replacement backlog will be even larger than at the beginning
of the year.
Chart 1.—Passenger Automobile Registrations
MILLIONS
40
EXTENSION OF 1922-41
RELATIONSHIP
Vacuum Cleaners7
30
ACTUAL
20
ASSUMING
NORMAL
REPLACEMENT
10
t t i t t f ? ?
i i i t f i ? t
17
f t >
1922 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47^/
Vacuum cleaners were widely used in the early 1920's
before the other major household appliances secured general
adoption. In the decade of the 1930's, however, when large
gains were being scored in the sale of most appliances, sales
of vacuum cleaners did not keep pace. Sales reached 1%
million units in 1929 and fell by two-thirds during the
depression; but the recovery in 1937 did not surpass the 1929
figure. Only in 1940 and again in 1941 did unit sales push
ahead of the earlier peak.
Repair and rebuilding possibilities provide a rather large
element of flexibility in the usable life of a vacuum cleaner.
This is reflected in the fact that during the 4 years of suspended production, the number in use is estimated to have
remained substantially unchanged. With the end of the
war, production got off to a good start—topping the prewar
peak in 1946, and more than doubling it in 1947.
48-103
1 Calculated from a linear least squares regression for the years 1922-41; based upon gross
national product adjusted for approximate changes
in the price level and a logarithmic time
relationship.
Coefficient of determination (R2) =0.98.
2
Preliminary estimate.
Sources of data: "Actual," Federal Works Agency, Public Roads Administration; "calculated," U. S. Department of Commerce, Office of Business Economics.
cars required to bridge the gap between actual registration
and calculated registration was reduced by about 2 million
the backlog of demand for replacement of over-age cars rose
by an equal amount.
In 1947, higher production made a small dent in the total
backlog of demand for cars. An increase of 2.5 million in
total registrations narrowed the gap between actual and
calculated registrations to between 3 and 4 million cars at
the year end. Meanwhile, apparent scrappage of 700,000
cars was higher than in 1946 but was still abnormally low.
As a consequence of the continued low scrappage rate, the
number of over-age cars, which it is calculated that owners
would replace if new cars were available, increased to 5 or 6
million at the end of 1947. If cars are scrapped on the
average a year earlier than has been estimated, the effect on
the replacement backlog is to increase it by about 2 million
cars ; similarly if cars are used a year longer than has been
estimated before being scrapped, then the replacement backlog would be lowered by about 2 million cars.
The increase in the number of older cars in use which has
taken place since the beginning of the war is reflected in a
comparison of midyear estimates for 1947 with those for
1941. On each of these dates, the numbers of cars in use
was about 28 million. However, the number of cars 10
years or more old rose from 5 million in 1941 to \\% million
in 1947, and the cars 12 years or more
increased from 2%
to 5% million during the same period.6
Deficit in Cars in Use Rapidly Disappearing
In the first quarter of 1948, production of passenger cars
for the domestic market has been at an annual rate of 3%
million. According to the demand calculations described
above, the extent to which this rate of output is cutting into
the backlog demand may be roughly inferred by comparing
it with estimated current replacement and normal growth
which is placed at about 2% million cars per year.
An important consideration in the car market, however,
especially in the used car market, is the fact that production
6 Estimates of cars in use are those of R. L. Polk & Co.
782774°—48-3
Backlog Results From Replacement Requirements
The calculated demand for vacuum cleaners is derived from
an extension of the prewar relationship between the number
of homes with vacuum cleaners, disposable personal income
roughly adjusted for changes in the general price level, and
a time trend. That this method of estimation provided a
close "fit" for the prewar period is illustrated in the left
panel of chart 2, showing the calculated and actual number
of homes with vacuum cleaners.
As a result of the combination of slow growth in demand
for total vacuum cleaners, flexible life, and large postwar
output, the total number of homes equipped with cleaners
at the end of 1947 was about equal to the number derived
from past relationships. This would indicate, therefore,
that there is no backlog of demand for vacuum cleaners in
the sense that there is any substantial group of families not
already possessing cleaners who are unable to find them on
the market.
As shown in the accompanying chart, however, the vacuum
cleaner market has a backlog demand from another source,
i. e., sizable replacement requirements. Although such demand is apt to be less insistent than if it had its source in
persons who have no cleaner at all, many of those who own
old cleaners are clearly in the market for new ones. After a
certain point is reached, an old machine requires expensive
upkeep and is troublesome and inefficient. One obvious aid
in overcoming sales resistance is to adjust the price either by
lowering it directly or by offering new models at reduced
prices—a point which is discussed in a later section.
A key factor in the size of the replacement demand for
cleaners is the life expectancy, that is, the average length
of usable life. In the prewar period, trade estimates placed
life expectancy at 13 years. The life period has undoubtedly
been increased since then and some of this increase may be
retained in the postwar period.
In the present estimates the assumption is made that the
increase in life expectancy of vacuum cleaners is 10 to 15
percent above the prewar figure, or a rise from about 13
years in the earlier period to 15 years at the present time.
On the basis of such an assumption, the backlog of demand
for vacuum cleaner replacements reached nearly 5 million at
7
In the case of vacuum cleaners and of electric washing machines and refrigerators, acknowledgment is made of the assistance rendered by the staff of Electrical Merchandising, a McGraw-Hill publication, in furnishing data on the number in use, together with material relating to rates of scrappage.
SUKVEY OF CURRENT BUSINESS
18
April 1948
Chart 2.—Electric Vacuum Cleaners, Floor-Type: Number of Homes Equipped With, and Number Sold
MILLIONS
20
MILLIONS
VOLUME OF SALES17
HOMES EQUIPPED
(LEFT SCALE)
(RIGHT SCALE)
EXTENSION OF 1-927-41
RELATIONSHIP*
15
EXTENSION OF 1927-41
RELATIONSHIP *
ACTUAL
10
CALCULATED *
1
I
I
I
I
I
ASSUMING/
NORMAL
REPLACEMENT
1
I
I
192728 89 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
192728 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
48-102
1 Calculated from a linear least squares regression for the years 1927-41; based upon disposable personal income adjusted for approximate changes in the price level and a time relationship.2 Coefficient of determination for homes equipped (R2) =0.97, and for sales (R2) =0.93.
Exports which were negligible in the prewar years are included. They are excluded hi the postwar estimates.
Sources of data: "Actual," McGraw-Hill Publishing Co., Inc., Electrical Merchandising; "calculated," U. S. Department of Commerce, Office of Business Economics.
the end of 1946. During 1947, production of 3.7 million
standard-size vacuum cleaners for the domestic market, or
twice as many as in any previous year, lowered the calculated
replacement backlog to less than 3 million at the beginning
of 1948. This estimate is based upon an assumed increase
of 2 years in the average age at which cleaners are scrapped.
Each change of a year in the average scrappage age will
result in a change in the opposite direction of 1 million in the
replacement backlog estimate for vacuum cleaners.
Sales Relationship.
If sales, rather than the number of homes equipped with
cleaners, are related directly to the two variables—disposable
income and time—the calculated demand is 2.4 million in
1947. The results of this method of estimation are shown
in the right panel of chart 2 for the period through 1947.
This second approach shows that actual sales in 1947 were
considerably above calculated sales—this is more direct
evidence of the working off of the backlog. The sales level
indicated by this method for the post-transition period is
too high, however, although it can be viewed as an upper limit
under continuing full-employment conditions. In brief, the
demand estimate derived directly from sales, although possessing the advantage that the "actual" sales figures are in
general subject to less error than the "actual" homes
equipped figures, provides complementary information on
the strength of demand which is more useful under normal
peacetime conditions than in the special situation which now
prevails.
Electric Refrigerators
The backlog demand for electric refrigerators is considerably greater than that for vacuum cleaners for a double
reason. On the demand side, the rapid growth in the number of homes equipped with refrigerators during the prewar
years was checked during the war period. Refrigerator sales
were negligible during the 1920's but gained rapidly during
the following decade, whereas vacuum cleaners, came into
wide use in the early 1920's and registered only moderate
growth thereafter.
On the supply side, large-scale electric refrigerator pro
duction proved difficult to organize after the war ended.
Output in 1946 was far below the best prewar rate and in
1947 barely surpassed the earlier peak. This is in contrast
with the fast reconversion in the vacuum cleaner industry
which pushed production above the prewar rate as early as
the second quarter of 1946.
Demand Exceeds Supply
At the end of 1947 an estimated 23.5 million homes were
equipped with electric refrigerators, as compared with 19.4
million at the end of 1941 (see left panel of chart 3). This
growth of 4 million during the 6-year period is only onethird as great as that which occurred during the 6 years
preceding 1941, a period in which real income was far lower
than that which has prevailed in recent years.
On the basis of the relationship which prevailed during the
years 1927 through 1941 among the number of homes equipped
with refrigerators, personal disposable income adjusted in
the manner previously described, and time, the demand is
calculated at the end of 1947 for the services of an additional
4 million refrigerators. Further, there was a backlog of
replacement demand estimated at about half this size. The
replacement estimate assumes an operating life for refrigerators of appoximately 16 years in the postwar period, as compared with an estimated 15 years before the war.
Change in Demand Backlog
An active export market during 1947 absorbed about 10
percent of total production. Of the total output estimated
at 3.8 million refrigerators in 1947, 3.5 million were for sale
in the domestic market, and more than half of these were
absorbed by the "normal" replacement and growth demand
as calculated for 1947.
The fact that refrigerator output did not exceed the peak
rate of production established in 1941 until late in 1947 was
a result of supply difficulties rather than any limitation imposed by the market for refrigerators. As these shortages—
chiefly flat-rolled steel products—ease, expanded production
will speed up the rate at which the backlog demand is being
met.
19
SUKVEY OF CURKENT BUSINESS
April 1948
Chart 3.—Electric Refrigerators: Number of Homes Equipped With, and Number Sold
MILLIONS
8
MILLIONS
40
HOMES EQUIPPED
VOLUME OF SALES^
(LEFT SCALE)
(RIGHT SCALE)
EXTENSION OF 1927-4
RELATIONSHIP ^
30
\
EXTENSION OF 1927-41
RELATIONSHIP
20
ACTUAL'
/OVERAGE
I^^
REFRIGERATORS
ASSUMING
NORMAL
REPLACEMENT
|J/
CALCULATED
10
I
I
1
I
1
1
I
1
I
I
I
I
I
I
I
I
I
I
192728 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
CALCULATED y
ACTUAL
J I
1 1 1 1 ) 1
192728 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
48-104
i Calculated from a linear least squares regression for the years 1927-41; based upon disposable
personal income adjusted for approximate changes in the price level and a time relation2
ship. Coefficient of determination for homes equipped (R2) =0.99, and for sales (R2) =0.89.
Sales exclude exports.
Sources of data: "Actual," McGraw-Hill Publishing Co., Inc. Electrical Merchandising; calculated," U. S. Department of Commerce, Office of Business Economics.
The increase of only 4 million in the number of homes
equipped with refrigerators between the end of 1941 and
the end of 1947—as compared with 3 times as large an
increase in the preceding 6 years—appears small in view of
the rapid growth in refrigerator use in the prewar period and
the advance in real income since 1941. The impression of a
considerable unsaturated demand for electric refrigerators
is also strengthened by the estimate that 10 million homes
wired for electricity—30 percent of the total wired homes—
have no electric refrigerator.
A complementary analysis of the demand for refrigerators—the results of which are shown in the right panel of
chart 3—provides a more direct estimate of sales of refrigerators based upon the prewar relationship between annual
sales of refrigerators and adjusted disposable personal income, plus an allowance for a growth trend. Such a calculation makes no allowance for backlog and, therefore, understates the demand in the early postwar period. For example,
the calculated demand for ^%. million refrigerators in 1947
is considerably lower than the estimate of current and backlog requirements derived from the analysis in terms of
homes equipped with refrigerators.
Actual sales last year, however, still were below calculated
sales. The direct method of estimating sales yields estimates
which increase so long as income rises. In the post-transition years this method is likely to overestimate sales for the
reason already described in the discussion of vacuum cleaner
sales estimates.
During 1947 production of 3.7 million electric washers for
the domestic market brought about a reduction of 2 million
in the calculated backlog demand. The replacement estimate is based upon an average scrappage age of 15 years,
which is 2 years higher than prewar trade estimates. Each
change of one year in average scrappage age will alter the
estimated replacement backlog by about 800,000 washers.
Chart 4.—Homes Equipped With Electric Washing
Machines1
MILLIONS
25
EXTENSION OF 1927- 41
RELAT/ONSH/P*^
20
/'
/
15
ASSUMING
NORMAL
REPLACEMENT
CALCULATED
OVERAGE
WASHING
MACHINES
10
ACTUAL
Electric Washing Machines
Substantial progress has been made in meeting the backlog
of demand for electric washing machines which had accumulated at the end of the war. This is largely the result
of the attainment of a production ratf in 1947 nearly twice
as high as in any previous year.
On the basis of demand calculations which follow the same
procedures as were used for the other durable goods, the
backlog demand for electric washers as of the beginning of
1948 is estimated at about 2 million households not now
equipped with a machine and about 3 million households
equipped with over-age machines which would normally be
scrapped and replaced (see chart 4).
I
I
I
I
I
I
I
I
I
I
I
I J
I
1927 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
48-iQS
1 Represents standard-size washing machines only.
Calculated from a linear least squares regression for the years 1927-41; based upon disposable personal income adjusted for approximate
changes in the price level and a time
relationship. Coefficient of determination (R2) =0.99.
Sources of data: "Actual," Mc-Graw-Hill Publishing Co., Inc., Electrical Merchandising:
"calculated," U. S. Department of Commerce, Office of Business Economics.
2
20
SUEVEY OF CURRENT BUSINESS
An important, although as yet largely immeasurable, influence in the demand outlook for washers will be the reaction
of consumers to the introduction of automatic-type washers.
Conceivably, such changes may speed up obsolescence and
thereby step up replacement demand. An opposite effect
upon demand may result from the growth in community
centers with a number of washing machines serving several
hundred families. Such considerations as these represent
limitations upon the post-transition demand calculations
since they may exert an important influence which is not
taken into account in the estimating procedure which has
been used.
April 1948
Role of Prices
In the calculations of the postwar demand for the several
products, retail prices have not been used as an independent
factor determining sales. Obviously, prices do have an important and direct bearing on sales, but the problem of
measuring the effects of changing prices is complicated. In
some circumstances, price shifts among different commodities
reflect changes in consumer preferences; in other cases, price
shifts have their source in supply or cost changes and, therefore, are themselves the determinants of relative shares of the
consumer's dollar going for each product. In general, the
relative change in the prices of most of the consumers'
Radios
durable goods has been less than in the case of nondurable
goods, so that their current position is relatively favorable.
Since prices have not been treated as a separate factor in.
The postwar market for radios is in much more of a state of
the preceding analysis, there is an implicit assumption that
flux than the markets for the other major consumers'
the interprice and price-income relationships which predurable goods. The task of appraising the market is made
vailed in prewar years will not be radically altered in the
difficult because of the variety of models and sizes and the
postwar period. That there has been some shift in the price
lack of evidence of consumer reaction to new types of radios
relationships among the various consumers' durable goods
which are being introduced. But abstracting from these
is shown by the differential rates of price changes since 1939
special problems, an analysis of the backlog demand situation
shown in chart 6.
for the industry as a whole which follows the same procedures
Readers are well aware of the difficulties of securing price
used in the calculations for the other durable goods is of some
indexes over time which are comparable in view of changes
interest.
in the product being priced. In general, these consumers'
durable goods tend to improve in quality terms. Discounts
Large Backlog Worked Off
and trade-in allowances are competitive factors of some importance in normal times, whereas at present extras are added
As shown in chart 5, the calculated backlog demand for
and the product mix in terms of models reflects the condition
radios reached a peak at the end of the war of 20 million sets,
of a sellers' market.
about equally divided between demand for additional sets
Notwithstanding these broad limitations, the relative
and for replacement of existing overage radios. Rapid
position of the indexes in 1947 were probably generally reprereconversion permitted the industry to attain a record output
sentative of the price relationships among the products
in 1946 which reduced the total backlog of demand for shown. This may not be true of the price index for radios,
radios by an estimated 7 million sets during the year. In
however, since the price of table models appears to have
1947 output of 16 million home-type sets, 14.5 million of moved differently from prices of console models; in addition,
which were for the domestic market, brought the industry
new types have recently come onto the market which were
within a few million sets of filling the calculated pent-up
not produced before the war.
demand for radios.
Any marked divergence in the postwar price relationships
among these products from the pattern which prevailed
during the period used in the demand calculations wil"
Technological Advances Broaden Market
In 1947, conventional AM receiving sets of the same general type as the great majority of radios in use accounted for
more than 90 percent of the total number of receiving sets
manufactured. Because of the lower average price of these
sets than of the FM and the television receivers, they represented only about two-thirds of th/e total estimated value of
retail sales of all radio receiving sets.
During 1947, the average retail price of FM sets sold was
about 5 times as high as the average of all AM sets sold,
and the television sets averaged twice as high as the FM.
Although these price relationships will tend to be changed
as volume production is reached for FM and television receivers, the latter types will continue to be sold at substantially higher average prices than the AM sets. This
situation offers the possibility of very large dollar sales for
the radio industry, despite the rapid exhaustion of the backlog for conventional models. At the same time, major uncertainties exist, both as to technological problems of developing these new products and as to the rate of market
acceptance.
Television sets differ so markedly from AM receiving sets
that the introduction of television may have an effect upon
the industry comparable with that brought to the movingpicture industry by the introduction of "talking pictures/'
No valid analytical method is available for appraising the
potential market for a new product which is still in the
developmental stage.
Chart 5.—Home-Type Radios in Use
MILLIONS
80
EXTENSION OF 1927- 41
RELATIONSHIP^
*'
60
CALCULATED
40
ASSUMING
NORMAL
REPLACEMENT
OVERAGE
RADIOS
20
I
I f
I
I
I
I
I I
t
r ? r i i \ \ \
1927 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
48-106
1
Calculated from a linear least squares regression for the years 1927-41; based upon disposable personal income adjusted for approximate
cl
in the price level and a time re"lationship.
" hip. Coefficient
. . of. determination
- - changes
(R2) =0.99.
Source of data: Caldwell-Clements Inc. Tele-Tech.
SURVEY OF CURRENT BUSINESS
April 1948
Production and Sales of Footwear
Chart 6.—Retail Prices of Selected Consumer Durable
Goods
INDEX, 1935-39 = 100
225
INDEX, 1935-39 = 100
225
200 -
WASHING MACHINES
\
AUTOMOBILES
-
100
75
125
100
1939
2d.
3d.
1947
4th.
75
1 Data are for table models.
2 Represents electric washing machines (nonautomatic). Figure for 1942 is an average
for3 first eight months.
Represents Chevrolet, Ford, and Plymouth 4-door sedans; data for 1942 are not available.
4
Represents electric floor-type vacuum cleaners. Prices are based upon upright models,
without
attachments, and tank-type models, with attachments.
6
Represents electric, standard, and semideluxe model refrigerators.
Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
the general conclusions reached above as to the size of the
postwar backlogs, and the rates at which they are being
exhausted.
Summary and Conclusion
The rate at which consumers' durables backlogs are being
worked off and the extent of the subsequent adjustment once
pent-up demands are satisfied are important determinants of
present and future levels of business activity. Barring
unfavorable demand developments originating in other sectors of the economy which would result in a general business
decline, the backlogs calculated for the five selected consumers' durable goods discussed in this article will tend to
be exhausted in a staggered pattern over the next few years
rather than all ending at once or at nearly the same time.
Aside from some types of radios which are already experiencing a decline in demand, vacuum cleaners are expected
to be the first to feel the effects of easing demand, with washing machines, refrigerators, and passenger cars following in
that order. While the backlog for conventional-type radios
is being rapidly exhausted, the introduction of new types is
opening up a new market whose full potentialities are still
to be determined.
At the beginning of 1948, therefore, the backlog of demand
for these products was an element of strength in the general
economic picture. This was particularly true in the important automobile industry where current production,
restricted because of supply difficulties, is only about equal
to the requirements for replacement and normal growth in
the car population. To date no net reduction ha?£ been
made in the accumulated demand built up during the war.
As for the near-term outlook, any serious weakening in
aggregate demand is not likely to originate in the consumers'
durable goods sector.
21
(Continued from p. 11)
Lower per Capita Consumption
Consumer expenditures on footwear in 1947 were up about
one-tenth over 1946, although it is evident that because of
the large retail price advance during the year, the physical
volume of unit sales declined. Per capita physical consumption of all types of footwear is estimated at 2.9 pairs in 1947,
compared with 3.7 in 1946. Thus, the high prices which
contributed to the increase in dollar expenditures also contributed to a reduced physical unit consumption.
As already noted, production of leather shoes increased
from 1946 to 1947 by about the same relative amount as the
change in civilian population. If an allowance is made for
some inventory accumulation last year, the production data
suggest a small decline in per capita consumption of leather
shoes. This decline, however, would account for only a
small part of the decline in total footwear consumption noted
above, which includes the fabric types that have found less
consumer acceptance as leather shoes became more available.
Shift in Retail Shoe Sales
As the more important deficiencies in shoe wardrobes
created by wartime shortages have been met, price advances
have led consumers to exercise greater selectivity in purchases
of footwear. This tendency is illustrated in chart 10, showing
shoe sales trends of independent and chain shoe stores and in
Chart 10.—Percentage Change Over Corresponding Period
of Preceding Year in Retail Sales of Shoes, by Type of
Store
PERCENTAGE CHANGE
60
DEPARTMENT STORES
STORE
40
, 20
0
J/,
60
SHOE STORES
INDEPENDENT
40
20
.
2d
3d
4th
1st
1946
2d
3d
1947
QUARTERLY AVERAGES—
1 Change was —1.8 percent.
2 Change was —2.5 percent.
Sources of basic data: Department-store sales, Board of Governors of the Federal Reserve
System; shoe-store sales, U. S. Department of Commerce, Office of Business Economics and
Bureau of the Census. Computations by Office of Business Economics.
22
SURVEY OF CURRENT BUSINESS
main-floor and basement shoe sections of department stores.
In general, prices of shoes are higher in independent stores
than in chain stores and in main-floor shoe departments in
department stores than in basement stores.
The chart indicates that sales in lower-priced shoes of
chain stores throughout 1947 maintained a steady margin of
gain over sales in the same quarter of 1946. In the final
quarter of 1947, the margin had increased to 11 percent over
the last quarter of 1946. Independent store sales, on the
other hand, have shown a steadily decreasing margin since
the completion of the initial buying wave to restock shoe
wardrobes in the summer of 1946. Similarly, the lowerpriced shoes in basement stores have maintained a greater
margin of increase than has been the case in the higherpriced main-floor shoe departments. In the final quarter
of 1947, sales at basement stores were 18 percent above the
last quarter of 1946, whereas main-floor sales were only 5
percent greater.
April 1948
Current and Prospective Plant and Equipment
Expenditures
(Continued from p. 14)
Summary
The expenditures on capital facilities planned by business
for 1948 are the largest for any year in our history. There
is, however, definite indication of a leveling off in the rate
of such capital outlays, which contrasts with the rapid upward surge of expenditures since the end of the war. In
fact, the volume of capital expansion planned by business for
1948 may in physical terms be somewhat below the rate in
the closing months of last year. On the other hand, it
should be noted that the volume of expenditures on new
producers7 durable goods planned for 1948 is fully as large,
even in physical terms, as in the past year of peak business
activity when our economic resources were with minor
exceptions already being fully utilized.
There are considerable differences among the various
industry groups in their expansionary plans. Manufacturing as a whole anticipates little change in the volume of their
plant and equipment expenditures from the 1947 average,
which implies some drop from the rate at the end of 1947.
Railroads, on the other hand, plan very substantial increases
in their capital outlays. Electric and gas utilities and commercial and miscellaneous firms occupy an intermediate
position between manufacturing and railroads, planning
moderate increases in expenditures over 1947.
Though the volume of capital outlays is an extremely
important factor in determining the level of business activity,
changes in business prospects would in turn have a very
considerable effect on such outlays. It should be pointed
out, therefore, that the plans for expansion of capital facilities
in 1948, referred to above, were generally made in the early
part of the year. Consequently, though they may have
allowed for the recent passage of the tax-reduction bill and
the European Recovery Program, they presumably do not
reflect much of the effect of the commodity price decline in
February or the changed international outlook and related
defense program. The latter will probably be the single
most important factor influencing business in any revision
of their capital programs for the rest of the year.
Postwar Adj ustment Nearing End
The course of developments over the past year suggests
that the major postwar adjustments in the shoe industry are
nearing completion. The wartime distortions in footwear
production and consumption have been largely eliminated
as the less staple of the fabric and part-fabric types have
been unable to maintain their position in the more competitive postwar market. In addition, higher-priced lines which
were popular during the war—although still in demand—
have fared less well than lower-priced ones. Both consumers
and distributors have made considerable progress in rebuilding and rounding out their inventories, so that current
purchases largely reflect replacement and normal growth
requirements, with style changes and some technological
developments reappearing as important market factors.
As consumer expenditures on footwear in 1947 approached
their long-term relationship to income, the future course of
production in the shoe industry was more closely tied to
price trends and to changes in personal income than at any
time since early in the war. The declines in hides and skin
prices since the highs of last November provide a basis for
moderately lower shoe prices which may be realized in
offerings for the fall trade.
Production-Worker Employment and Pay Rolls in the Chemicals Industry: Revised Data for Pages S—10 to S—12 *
Indexes (1939=100)
Estimated number of production workers
(thousands)
Production-worker employment
Month
1939
January
February
March
April
May
June
July
August
September
October
November
December
_
_
_.
--
Montlhy average
1
1940
1941
1942
1943
1944
1945
1946
Production-worker pay rolls
1939
1940
1941* 1942
1943
1944
1945
1946
1939
1940
1941
1942
1943
1944
1945
1946
94.4
94.7
95.5
94.5
94.8
94.9
95.7
98.1
102.3
110.3
113.0
111.8
110.2
110.3
109.9
110.1
111.0
112.9
116.7
119.1
122.2
125.3
129.7
130.8
133.4
136.6
141.0
144.2
149.4
155.3
158.8
163.0
164.9
166.9
169.2
169.7
197.2
198.8
199.3
201.3
202.6
207.3
209.2
210.1
211.9
215.2
215.1
212.5
214.2
219.9
217.9
219.6
218.9
217.7
217.0
217.1
217.2
217.7
218.0
221.5
225.1
229.9
233.5
235.4
236.5
239.5
236.5
230.5
234. 4
229.6
231.1
237.4
242.0
243.9
245.7
251.3
250. 8
254.5
251.8
253.1
255.6
259.7
265.9
272.6
92.1
93.1
94.4
92.5
93.9
94.0
93.9
98.5
101.3
114.2
116.3
115.8
113.8
113.5
113.3
113.9
115.8
118.4
121.9
124.9
127.9
133. 0
139.6
143.8
144.9
149.8
156.6
162.2
174.2
184.0
189.7
196.2
198.9
208.1
212.8
218.1
224.9
227.4
236.3
244.1
255.4
261.7
267.3
263.9
266.7
278.4
287.1
295.0
305.0
308.1
314.8
324.5
329.4
341.7
344.5
348.0
353.0
360.3
360.7
352.6
362.6
373.0
371.3
375.0
376.3
375.6
377.8
376.8
378.2
377.1
380.9
388.3
398.7
409.6
418.2
422.0
425.5
433.6
424.9
412.1
399.5
382.2
379.1
290.7
401. 6
402. 5
409.2
419. ()
415.8
426.2
432.4
432. 5
441.7
449.8
462.3
483.3
66
66
67
66
66
66
67
69
72
77
79
78
77
77
77
77
77
79
82
83
85
88
91
91
93
96
99
101
105
109
111
114
115
117
118
119
121
122
126
128
130
133
133
132
134
134
136
137
138
139
139
141
142
145
146
147
148
151
150
149
150
154
152
154
153
152
152
152
152
152
152
155
157
161
163
165
165
167
165
161
164
161
162
166
169
171
172
176
175
178
176
177
179
182
186
191
70
82
108
131
145
152
163
178 100.0 117.4 154.4 186.8 206.7 218.1 233.3 253.9 100.0 123.3 183.0 259.0 336.9 376.1 408.0 431.4
172.4
175. 1
180.0
183.3
186.4
190.3
190.7
189.2
191.2
191.8
194.5
196.4
Compiled by the U. S. Dpartment of Labor, Bureau of Labor Statistics. The series have been adjusted to levels indicated by data through 1945 from the Bureau of Employment Security
of the Federal Security Agency. This industry includes establishments primarily engaged in the manufacture of coal-tar crudes and intermediates; finished coal-tar; products; plastic materials and synthetic resins such as phenolic plastics, casein, and celluloid; synthetic organic and inorganic chemicals; industrial chemicals by electrochemical and electrometallurgical processes
such as carbide, sodium, ferro-alloys, acids, alkalies and salts; and chemicals not elsewhere classified.
SURVEY OF CURRENT BUSINESS
April 1948
23
Production-Worker Employment and Pay Rolls in the Baking, Canning and Preserving, and Slaughtering and Meat Packing Industries:
Revised Data for Pages S-10 and S-ll 1
Industry and month
1939
January
February
March
April
May
June
July
August
September
October
November
December
Indexes (1939=100)
Estimated number of production workers
(thousands)
BAKING
..
_ __
Monthly average
1940
1941
1942
1944
1943
1945
Production-worker employment
1946
Production-worker pay rolls
1939
1940
1941
1942
1943
1944
1945
1946
1939
1940
1941
1942
1943
1944
1945
1946
97.0
97.8
98.3
98.1
100.5
101.5
101.7
101.1
101.8
101.8
100.8
99.6
97.2
97.9
98.5
98.0
99.6
101.1
101.2
100.9
100.9
100.3
110.1
99.2
96.7
98.3
99.7
100.8
102.5
104.7
103.3
105.1
105.6
106.3
105.7
140.2
102.7
103.2
103.4
102.9
103.7
106.0
110.0
111.9
113.6
114.7
114.0
114.4
111.8
109.6
110.5
107.7
108.0
109.9
110.8
110.3
110.0
112.9
115.4
114.9
112.8
112.4
112.0
110.9
110.1
111.5
111.8
111.6
110.3
113.4
115.1
115.4
112.4
112.9
113.0
112.4
112.8
113.1
111.4
111.3
112.6
113.0
113.7
113.2
113.6
113.2
113.8
110.7
106.9
104.7
104.6
106.0
108.0
107.9
111.3
113.0
96.2
96.6
97.6
95.9
101.4
102.6
103.4
100.5
103.1
101.4
101.7
99.6
97.4
98.4
99.9
99.8
102.4
104.6
105.6
104.1
104.6
103.4
102.7
102.4
99.9
102.3
104.0
104.7
110.2
114.6
113.7
115.4
116.9
117.1
118.6
117.0
117.5
118.6
119.4
119.1
123.6
130.0
135.2
138. 5
140.7
143.5
144. 0
149.3
144.5
141.9
146.4
144.2
149.0
153.0
155.0
154.4
157.4
160.8
165.1
164.6
161.6
162.0
163.1
160.4
163.9
166.7
167.7
166.9
167. 9
171.4
174.9
177.6
169.7
170.8
172.8
173.5
175.1
178.4
179.5
176.3
179.7
182.4
187.1
187.0
185.7
186.9
188.6
185.0
176.3
174.1
184.2
190.0
193.5
196.7
205.3
215. 6
185
186
187
187
191
193
194
193
194
194
192
190
185
186
188
187
190
193
193
192
192
191
191
189
184
187
190
192
195
199
197
200
201
202
201
198
196
196
197
196
198
202
209
213
216
218
217
218
213
209
210
205
206
209
211
210
209
215
220
219
215
214
213
211
210
212
213
213
210
216
219
220
214
215
215
214
215
215
212
212
214
215
216
216
216
216
217
211
203
199
199
202
206
205
212
215
190
190
196
206
211
214
214
208 100.0
90
84
92
108
109
141
196
284
299
180
120
100
92
93
90
106
140
144
183
264
270
204
129
109
100
95
91
109
114
152
228
321
343
237
182
143
133
133
119
126
131
161
245
310
394
249
185
159
139
133
122
134
138
160
226
315
327
234
178
157
141
140
136
147
148
162
245
296
325
247
192
168
161
158
153
163
161
173
255
273
349
258
201
179
161
157
151
161
164
186
284
315
366
270
216
195
150
149
176
195
189
196
207
219 100.0
139
132
128
127
133
135
135
133
134
136
143
147
149
145
143
137
140
141
144
135
135
137
147
158
152
145
145
143
152
155
154
149
149
154
160
172
177
170
165
165
171
179
186
185
184
180
182
190
195
188
179
167
166
172
171
167
162
165
173
182
189
185
178
172
171
174
170
165
156
156
161
171
176
166
157
150
146
150
147
143
142
145
154
174
184
184
180
169
165
154
143
160
104
93
163
180
135
143
152
178
174
171
154
157 100.0 105.6 112.9 131.7 128.9 126.4 114.1 115.9 100.0 104.7 120.0 157.1 188.6 209.2 187.0 194.1
99.6 102.7 108.4 111.0 112.3 112.7 109.5 100.0 102.1 111.2 131.6 153.0 167.0 177. 7 190.2
CANNING AND PRESERVING
January
February
March
April
May
June
July
.
August
September
October
November
December
_ _.
_-
-_-
_
Monthly average
SLAUGHTERING AND MEAT
PACKING
January
February __
March
April
May
June
July
August
September
October
November
December
-
-
Monthly average—
60.0
55.8
61.0
71.9
72.7
94.1
130.5
189.0
199.0
119.9
79.8
66.3
102.7
97.4
95.1
94.0
98.2
99.6
100.0
98.2
99.0
100.8
105.8
109.2
61.0
61.8
60.0
70.6
69.0
95.9
121.6
175.9
179.5
135.5
85.6
72.7
66.3
63.4
60.8
72.8
75.6
100.9
151.5
213.8
228.3
157.7
120.9
95.4
88.3
88.7
79.3
84.1
86.9
107.0
162.9
206.3
262.3
165.4
122.8
105.9
92.2
88.6
81.0
89.1
91.5
106.5
150.4
209.3
217.7
155.7
118.4
104.7
94.0
93.3
90.4
97.9
98.4
107.6
163.1
197.2
216.1
164.5
127.9
112.0
107.0
105.0
101.7
108.1
107.3
115.4
169.8
181.7
232.0
171.4
133.9
119.1
106.8
104.6
100.6
106.8
108. 9
124.0
188.9
209.5
243.8
179.7
143.4
129.6
59.1
59.3
62.8
68.7
73.5
86.9
120.5
194.7
205.0
121.6
78.9
69.1
63.9
62.4
61.4
67.3
73.0
94.6
117.4
196.0
183.1
135.5
82.7
77.1
68.5
67.4
67.7
77.7
81.6
117.3
184.0
270.0
301.3
209.5
151.8
118.2
114.1
121.3
105.4
112.6
116.6
148.3
244.6
297.7
408.8
262.5
197.2
173.7
151.0
149.2
134.6
152.2
157.2
180.1
250.8
379.3
359.9
274.7
209.4
193.1
175.8
177.8
171.4
186.8
189.7
205.3
300.5
369.7
400.0
322.1
241.7
215.7
210.4
208.0
203.7
214. 8
211.1
229.7
343.2
339.6
462.9
345.9
259.3
249.6
223.8
214.5
210.5
232.8
231.8
272.5
450.1
528.6
624.7
452.6
311.5
302.5
99.1 117.3 130.0 125.4 130.2 137.7 145.6 100.0 101.2 142.9 191.9 216.0 246.4 273.2 338.0
110.6
107.3
105.9
101.7
103.7
104.7
106.5
99.9
100.3
101.3
108.7
116.9
112.0
107.2
107.4
106.1
112.4
114.5
114.2
110.4
110.3
113.9
118.7
127.5
131.3
125.8
122.4
122.3
126.3
132.9
137.6
137.1
135.9
133.4
134.6
141.0
144.7
139.4
132.6
123.9
123.2
127.2
126.4
123.5
119.8
122.3
128.4
135.1
140.1
137.1
132.0
127.3
126.3
128.7
126.2
121.9
115.7
115.8
119.3
126.7
130.0
122.8
116.4
110.7
107.8
111.3
108.9
105.7
105.4
107.3
113.7
128.7
136.4
136.1
133.0
124.9
122.2
114.1
106.0
118.8
77.0
68.8
120.9
133.0
103.5
94.5
93.5
92.0
100.3
101.0
102.3
97.8
99.5
99.7
104.2
111.6
110.8
103.2
103.6
101.3
102.1
104.6
106.3
99.0
98.6
100.9
104.9
121.0
108.6
103.7
104.4
104.5
120.8
123.7
121.9
121.5
122.6
128.9
132.4
147.0
156.9
139.9
137.5
139.7
146.0
158.5
161.9
160.0
159.6
163.1
167.3
194.3
191.1
175.8
172.8
162.8
182.9
192.8
192.7
185.4
174.4
186.0
218. 8
227.7
238.2
222.7
209.2
202.6
213.4
213.9
210.4
198.0
185.3
188.9
203. 8
223.5
224.6
192.1
183.4
173.2
169.5
186.8
180.3
162.1
178.3
176.4
191.4
225.6
234.6
216.2
208.4
196.1
196.4
179.3
186.3
209.3
115.6
108.6
226.1
252. 0
i Compiled by the U. S. Department of Labor, Bureau of Labor Statistics. The series have been adjusted to levels indicated by 1945 data from the Bureau of Employment Security of the
Federal Security Agency and are now consistent with the data for the "food and kindred products" group which have previously been adjusted to Federal Security Agency data. Because
of the lapse of several years without any adjustment to levels other than the 1939 Census of Manufactures, some of the changes are rather large. The series for the baking industry has been
adjusted to new levels based on the Federal Security Agency definition; this differs from the former series, based on the Bureau
* * many small
" estabureau of
of the Census defii
definition, in that it excludes
lishments which under the Social Security definition are classified in retail trade.
Department Store Sales—San Francisco Federal Reserve District: Revised Series for Page S-9 l
[1935-1939=100]
WITHOUT ADJUSTMENT FOR SEASONAL VARIATION
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946
Month
January
February _
March
April
May
_ _ _
June
July
August
September
October
November
December
_
_
__
47
48
52
58
60
60
54
59
_ _ _ 69
74
74
116
69
62
68
72
81
76
65
73
79
81
82
121
71
64
67
67
74
68
59
64
72
74
73
111
63
58
62
65
77
68
60
68
72
83
85
129
75
73
81
83
92
85
77
81
88
99
98
151
64 77 72 74 90
Annual index
83
81
83
88
91
85
74
83
89
97
98
152
81
81
88
94
99
89
82
88
96
105
110
164
92 98
87
85
98
97
102
94
83
95
107
108
112
179
90
90
97
104
105
96
86
98
110
111
117
176
93
92
97
108
108
96
92
102
114
119
117
188
104 107 110
93
93
98
106
103
96
83
94
104
105
105
164
84
82
93
97
98
86
78
85
91
89
91
135
58
61
70
68
70
63
58
70
79
79
81
134
64
68
72
84
80
79
72
79
91
96
96
153
67
67
72
68
68
63
54
63
69
72
64
105
50
51
50
65
65
62
59
66
70
68
68
119
112 104 92 69
66
74 86
61
61
56
65
68
69
73
70
68
66
64
70
70
7?,
74
73
7?
71
71
74
76
76
77
78
97
93
104
103
111
100
91
102
114
116
120
192
81
85
102
100
105
100
90
98
111
112
110
176
81
79
87
99
100
94
85
94
99
104
114
171
83
86
95
106
104
100
91
100
115
120
116
197
89
92
108
107
113
108
101
111
127
123
133
213
100
104
115
129
131
127
120
153
156
144
158
236
131
133
148
150
144
140
140
160
187
194
222
301
153
191
174
192
183
188
169
183
201
223
255
330
169
179
199
199
202
196
187
203
227
242
299
379
199
219
236
207
220
218
216
212
245
257
322
413
215
253
260
289
285
291
269
292
327
332
376
506
99 106
101
109
119
139
171
203
223
247
308
103
99
98
100
102
100
100
101
94
99
107
102
106
107
105
109
107
107
107
108
109
114
111
116
113
114
114
115
117
116
119
120
121
118
126
125
122
124
127
132
138
139
142
163
147
141
141
146
159
153
156
159
156
156
169
175
183
186
186
190
187
216
194
194
199
209
203
204
187
212
207
208
207
203
214
211
218
218
223
228
230
233
240
239
244
245
244
225
239
242
254
240
248
249
259
260
266
280
289
292
306
321
316
329
326
322
311
321
71
74
85
93
93
94
87
91
108
107
109
175
ADJUSTED FOR SEASONAL VARIATION
January
February
March
April
May
June
July
August
September
October _.
November
December
_
53
58
60
61
58
64
66
66
70
_ _ __ 69
69
73
76
74
74
79
78
80
79
80
80
76
77
76
77
77
7?,
75
17,
7?,
7?,
70
73
70
69
70
6Q
70
71
7?
76
73
73
74
73
78
80
81
8?
86
87
90
90
89
94
91
91
93
9?
94
93
94
93
90
90
Q?
91
92
91
92
92
9?
93
94
97
98
98
98
100
97
98
99
104
99
100
100
104
104
102
104
102
105
106
103
105
108
104
106
108
107
107
106
105
107
108
105
110
106
109
108
106
113
110
107
113
111
111
113
110
113
112
111
110
111
114
111
11?
109
112
113
112
114
108
110
109
108
106
107
102
101
102
101
100
98
100
98
99
100
100
%
94
91
8Q
86
86
81
81
79
75
73
71
71
67
67
68
70
61
6?
81
83
82
84
83
85
86
86
87
91
90
90
91
92
95
95
96
100
102
99
102
102
103
104
103
106
108
106
108
106
106
105
105
108
104
104
1
Compiled by the Federal fteserm Pank of San Francisco. The index has been revised to include a larger number of reporting stores in the sample upon which it is based and to take
into account changes in seasonal buying habits which have occurred since 1941. A few additional adjustments of a technical nature have also been made.
SURVEY OF CURRENT BUSINESS
24
April 1948
New or Revised Series
Consumer Short-Term Credit: Revised Data for Pages S-15 and S-161
[Millions of dollars]
Type of credit and month
Total consumer credit:
January. _
February
March .
April.
May
June
July
August
September
October
November
December
_
.
Installment credit, total:
January
February
March
April
May
June .
July
August
September
October ._
November
December
Installment sale credit:
January
February
March
April
May
June
July
August
September
October
November. ._
December
Installment cash loans:
January
February
March
April
May
June
July
August
_
September
October
November
December
__ _
Charge account sale credit:
January
February
_
March
April
May
June
July
August
September. . ...
October
November
December
_ _
Single-payment loans:
January _
_
February
March __
April
_
May
June
_
July
August
September
October.
November
December...
Service credits:
January
February __
March
April
May .
June
July
August
September
October
November
December.
_ _
.
.
.
._ _
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
6,650
6,586
6,718
6,899
7,086
7,233
7,271
7,346
7,436
7,514
7,475
7,637
7,320
7,111
7,083
7,098
7,070
7,044
6,923
6,858
6,852
6,829
6,750
6,829
6,522
6,310
6,223
6,180
6,131
6,050
5,887
5,764
5,710
5,638
5,496
5,526
5,212
4,986
4,863
4,748
4,645
4,540
4,354
4,247
4,203
4,147
4,061
4,093
3,890
3,754
3,693
3,666
3,670
3,679
3,633
3,666
3,740
3,798
3,799
3,929
3,791
3,743
3,800
3,885
3,973
4, 038
4,034
4,076
4,147
4,225
4,240
4,396
4,279
4,255
4,373
4,542
4,640
4,769
4,821
4,898
4,998
5,102
5,214
5,439
5,347
5,340
5,487
5,687
5,917
6,048
6,124
6,215
6,355
6,487
6,560
6,796
6,640
6,599
6,756
6,912
7,094
7,238
7,272
7,357
7,444
7,484
7,453
7,491
7,166
6,943
6,889
6,866
6,823
6,799
6,682
6,680
6,731
6,752
6,830
7,064
6,864
6,793
6,873
6,973
7,124
7,236
7,235
7,320
7,488
7,622
7,700
7,994
7,810
7,718
7,820
7,946
8,125
8,284
8,278
8,361
8,489
8,644
8,776
9,146
8,945
8,911
9,014
9,321
9,649
9,888
9,940
10, 092
10, 107
9,995
9,844
9,895
9,533
9,161
8,988
8,741
8,319
7,873
7,359
7,059
6,896
6,744
6,502
6,478
6,018
5,796
5,654
5,545
5,377
5,360
5,123
5,037
5,125
5,224
5,311
5,334
4,985
4,832
5,014
5,003
5,113
5,184
5,115
5,163
5,236
5,384
5,571
5,776
5,480
5,337
5,597
5,477
5,533
5,685
5,627
5,599
5,630
5,914
6,237
6,638
6,429
6,533
6,988
7,373
7,613
7,911
8,039
8,382
8,652
9,022
9,542
10, 166
2,609
2,565
2,621
2,746
2,889
3,016
3.107
3,170
3,173
3,195
3,159
3,167
3,027
2,911
2,872
2,989
2,887
2,900
2,882
2,849
2,805
2,771
2,702
2,696
2,585
2,491
2,436
2,440
2,452
2,451
2,430
2,390
2,344
2,302
2,232
2,212
2,105
2,006
1,930
1,878
1,838
1,802
1,730
1,681
1,636
1,595
1,551
1,526
1,472
1,423
1,384
1,390
1,426
1,469
1,492
1,541
1,570
1,592
1,585
1,605
1,553
1,534
1,557
1,615
1,685
1,741
1,776
1,807
1,812
1,839
1,838
1,867
1,847
1,849
1,915
2,025
2, 130
2,228
2,317
2,395
2,436
2,476
2,527
2,627
2,614
2,613
2,717
2,869
3,028
3,161
3,261
3,326
3,368
3,393
3,408
3,526
3,479
3,450
3,547
3,677
3,818
3,946
4,007
4,055
4,062
4,042
3,986
3,971
3,823
3,692
3,639
3,618
3,599
3,581
3,532
3,525
3,503
3,490
3,508
3,612
3,572
3,548
3,616
3,711
3,849
3,971
4,035
4,104
4,153
4,241
4,305
4,449
4,415
4,405
4,485
4,611
4,774
4,909
4,996
5,067
5,091
5,173
5,250
5,448
5,410
5,444
5,517
5,757
6,008
6,174
6,264
6,366
6,248
6,126
5,988
5,920
5,616
5,352
5, 127
4,898
4,620
4,333
4,047
3,757
3,521
3,281
3,079
2,948
2,689
2,497
2,357
2,262
2,156
2,093
2,008
1,958
1,932
1,909
1,897
1,957
1,854
1,803
1,821
1,804
1,816
1,838
1,844
1,849
1,865
1,889
1,925
2,034
1,967
1,923
1,948
1,945
1,957
1,984
1,991
1,986
2,010
2,086
2,190
2,365
2,364
2,404
2,503
2,649
2,783
2,902
3,022
3,165
3,288
3,458
3,646
3,976
2,087
2,037
2,083
2,197
2,327
2,439
2,519
2,576
2,574
2,583
2,532
2,515
2,375
2,263
2,222
2,242
2,227
2,241
2,217
2,187
2,147
2,112
2,043
2,032
1,926
1,838
,794
,800
,809
,810
,785
,752
1,712
1,669
1,610
1,595
,495
,407
,335
,289
,252
,226
,162
1,122
1,085
1,055
1,015
999
955
916
892
901
941
988
,015
,065
,096
,119
,114
1,122
1,082
1,066
1,086
1,140
1,203
1,252
1,280
1,301
1,298
1,311
1,302
1,317
1,291
1,285
1,337
1,427
1,509
1,579
1,636
1,683
1,697
1,709
1,736
1,805
1,767
1,741
1,808
1,931
2,067
2,194
2,280
2,323
2,344
2,349
2,346
2,436
2,377
2,334
2,406
2,515
2,639
2,753
2,805
2,850
2,854
2,833
2,779
2,752
2,619
2,503
2,444
2,412
2,384
2,349
2,294
2,278
2,243
2,222
2,231
2,313
2,261
2,225
2,268
2,331
2,431
2,509
2,537
2,571
2,585
2,633
2,670
2,792
2, 740
2,711
2,758
2,860
2,978
3,066
3,128
3,164
3,164
3,226
3,285
3,450
3,393
3,410
3,453
3,642
3,844
3,973
4,035
4,116
4,007
3,908
3,796
3,744
3,506
3,295
3,101
2,916
2,702
2,472
2,243
2,029
1,860
1,701
1,569
1,491
1,312
1,188
1,068
1,017
953
895
837
805
784
776
775
814
742
705
695
689
699
706
705
708
719
743
772
835
111
741
731
723
718
719
712
706
717
754
805
903
877
879
905
957
1,004
1,035
1,070
1,124
1,177
1,261
1, 358
1,558
522
528
538
549
562
577
588
594
599
612
627
652
652
648
650
656
660
659
665
662
658
659
659
664
659
653
642
640
643
641
645
638
632
633
622
617
610
599
595
589
586
576
568
559
551
540
536
527
517
507
492
489
485
481
477
476
474
473
471
483
471
468
471
475
482
489
496
506
514
528
536
550
556
564
578
598
621
649
681
712
739
767
791
822
847
872
909
938
961
967
981
1,003
1,024
1,044
1,062
1,090
1,102
1,116
1,141
1,162
1,179
1,193
1,202
1,205
1,208
1,209
1,207
1,219
1,204
1,189
1,195
1,206
1,215
1,232
1,238
1,247
1,260
1,268
1,277
1,299
1,311
1,323
1,348
1,380
1,418
1,462
1,498
1,533
1,568
1,608
1,635
1,657
1,675
1,694
1,727
1,751
1,796
1,843
1,868
1,903
1,927
1,947
1,965
1,998
2,017
2,034
2,064
2,115
2,164
2,201
2,229
2,250
2,241
2,218
2,192
2,176
2,110
2,057
2,026
1,982
1,918
1,861
1,804
1,728
1,661
1,580
1,510
1,457
1,377
1,309
1,289
1,245
1,203
1,198
1,171
1,153
1,148
1,133
1,122
1,143
1,112
1, 098
1,126
1,115
1,117
1,132
1,139
1,141
1,146
1,146
1,153
1,199
1,190
1,182
1,217
1,222
1,239
1,265
1,279
1,280
1,293
1,332
1,385
1,462
1,487
1,525
1,598
1,692
1,779
1,867
1, 9£2
2,041
2,111
2,197
2,288
2,418
,531
,475
,513
,533
,545
1,538
1,461
1,457
1,535
1,589
1,590
1,749
,584
,510
,533
,537
,532
,508
,418
,399
,457
,492
,504
,611
1,446
1,367
,379
,377
,367
,341
,257
,232
,278
,301
,280
,381
1,224
1,136
1,123
1, 100
1,076
1,048
978
961
1,002
1,025
1,019
1,114
1,004
954
967
968
968
956
903
897
942
974
976
1,081
988
953
980
999
1,012
1,014
970
975
1,035
1,078
1,086
1,203
1,092
1,053
1,087
1,131
1,111
1,128
1,075
1,059
1,101
1,145
1,189
1,292
1,187
1,155
,169
,190
,233
,202
,150
,147
,216
,295
,327
,419
1,279
1,238
1,273
1,269
1,284
1,273
1,221
1,239
1,309
1,368
1,399
1,459
1,291
1,218
1,233
1,249
1,240
1,243
1,187
1,195
1,270
1,305
1,362
1,487
1,322
1,273
1,283
1,287
1,300
1,286
1,217
1,229
1,345
1,388
1,399
1,544
1,408
1,336
1,368
1,373
1,384
1,402
1, 305
1,309
1,399
1,455
1,494
1,650
1,486
1,419
1,450
1,495
1,532
1,581
1,540
1,587
1,712
1,702
1,662
1,764
1,721
1,623
1,683
1,682
1,561
1,430
1,225
1,232
1,320
1,419
1, 386
1,513
1,333
1,333
1,343
1,331
1,275
1,338
1,222
1, 198
1,275
1,366
1,466
1,498
1,294
1,218
1,376
1,346
1,390
1,370
1,287
1,330
1,402
1,516
1,664
1,758
1,534
1,438
1,669
1,506
1,488
1,544
1,459
1,441
1,470
1,666
1,835
1,981
1,701
1,692
1,972
2, 1S8
2, 188
2,327
2,281
2,418
2,495
2, 621
2, 859
3, 054
1, 939
1,971
2,005
2,038
2,068
2,092
2,114
2,128
2,137
2,137
2,132
2,125
2,114
2,100
2,086
2,074
2,062
2,048
2,036
2,022
2,008
1,988
1,969
1,949
,920
,885
,843
,801
,753
,701
,647
,595
,545
,497
,450
,402
1,365
1,329
1,289
1,252
1,218
1,181
1,143
1,107
1,071
1,035
1,000
962
926
894
865
838
811
792
887
899
912
926
938
951
965
980
996
1,014
1,030
1,048
1,069
1,092
1,117
1,140
1,164
1,189
1,213
1,238
1,263
1,288
1,310
1,331
1,355
1,378
1,398
1,423
1,444
1,466
1,489
1,506
1,516
1,516
1,510
1,504
1,497
1,484
1,473
1,460
1,450
1,444
1,436
1,436
1,436
1,437
1,439
1,442
1,445
1,448
1,450
1,452
1,452
1,455
1,458
1,462
1,465
1,466
1,468
1,468
1,452
1,440
1,429
1,424
1,426
1,429
1,430
1,437
1,449
1,464
1,477
1,488
1,487
1,483
1,48C
1,499
1,534
1,550
1,547
1,545
1,549
1,566
1,590
1,601
1,581
1,567
1,555
1,536
1,509
1,479
1,453
1,433
1,417
1,403
1,393
1,369
1,344
1,311
1,298
1,294
1,284
1,261
1,219
1,204
1,239
1,269
1,266
1,192
1,145
1,114
1,115
1,148
1,197
1,260
1,262
1,257
1,242
1,251
1,255
1,255
1,245
1,238
1,239
1,284
1,344
1,411
1,426
1,418
1,394
1,404
1,449
1,520
1,582
1, 644
1, 709
1,771
1,820
767
766
767
772
776
783
789
796
803
810
817
825
835
845
855
865
875
571
575
579
582
584
587
589
591
591
593
594
596
595
590
592
589
589
588
587
588
582
578
575
573
571
567
565
562
559
557
553
547
543
538
534
531
518
515
521
518
513
509
503
498
494
492
491
491
488
483
477
470
465
462
461
461
462
465
466
467
467
467
467
468
466
466
463
459
455
453
451
451
453
454
459
460
461
462
464
464
465
467
468
472
477
480
484
488
492
496
500
504
508
511
515
520
527
533
538
543
548
553
555
557
557
558
558
557
555
549
544
539
534
631
527
524
522
520
521
523
525
524
524
523
523
524
525
525
525
527
528
533
535
537
538
538
541
544
547
548
550
552
555
560
£62
565
567
570
575
583
589
594
598
601
604
610
615
619
623
625
629
631
634
637
638
641
644
648
652
655
656
658
662
668
674
677
679
680
682
687
692
697
702
705
710
716
722
727
727
728
727
729
734
738
741
742
744
746
751
754
756
758
763
772
111
1, 8£>2
1, 8&3
1,946
2, 009
2, 0&2
2, 166
2, 26.2
78-2
793
8(14
815
822
830
843
8£'3
860
861
857 L
874
I Compiled by the Board oj Governors of the Federal Reserve System. Estimates through September 1942 were originally prepared by the U. S. Department of Commerce, Bureau of Foreign
and Domestic Commerce; the general method of estimation and the sources of data originally used are explained in the November 1942 Survey, pp. 15 and 23-25. The data represent national
estimates based on sample reports and are adjusted periodically to more comprehensive data which are collected at less frequent intervals. Various components have been revised from time
to time, in part to adjust the estimates to new benchmark data and to incorporate additional and more complete basic data that have become available. The revisions are explained in detail
in the Federal Reserve Bulletin for October 1942, December 1944, January 1945, April 1946, and June 1947. The table above gives data as far back as available for total consumer credit and
the several types of credit. Unpublished revisions in the detail of sales debt by sources and instalment cash loans by lending agencies, as indicated on p. S-16 of the September 1947 Survey,
are available upon request.
BUSINESS STATISTICS
J-HE DATA here are a continuation 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 1942 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.
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT*
Seasonally adjusted quarterly totals at annual rates:
National income.....
_._bil. of dol_.
Compensation of employees
do _
Wages and salaries ....... _ _ do_ _.
Private
do
Military
do .
Government civilian
do
Supplements to wages and salaries
do _
Proprietors' and rental income
do
Business and professional
do
Farm
_ _ _ _ _ _ _ _ _ _ _ do
Rental income of persons
do
Corporate profits and inventory valuation adjustment _ _
bil. of dol
Corporate profits before tax
_
_ do_ _
Corporate profits tax liability
do
Corporate profits after tax
. do _
Inventory valuation adjustment
do
Net interest _ _
.
_
do
194.6
124.7
119.1
101.2
4.6
13.3
5.6
46.2
22.4
16.8
7.0
1?9 8
125.6
120.0
102.7
4.1
13.2
5.6
46.7
22.9
16.6
7.2
203.3
128.7
123.6
106.2
3.9
13.5
5.1
47.0
23.5
16.2
7.3
20.4
28.9
11.5
17.4
—8.6
3.3
23.9
27.8
10.9
16.9
—3.8
3.5
23.9
28.2
11.1
17.1
—4.3
3.7
Gross national product
_ _ _ _ _ _ do. _
Personal consumption expenditures
do
Durable goods _ _
. .
do _
Nondurable goods
do
Services
•
do
Gross private domestic investment
do
New construction.
do
Producers' durable equipment
do
Change in business inventories
_ do
Net foreign investment
do
Government purchases of goods and services
bil of dol
Federal (less Government sales) _ _
do
State and local
do
221.0
156.9
18.2
64.7
44.0
28.2
10.3
16.4
1.6
8.3
226.9
1C2.3
19.3
98. 4
44 6
26.1
9.6
17.9
—1.4
10.4
229.4
165 8
20.2
99.9
45 7
27.0
10.4
18.4
— 1.7
7.8
240.9
172.5
21.3
104 2
47 0
29 9
12.4
18.8
27.6
16.2
11.4
28.2
16.3
11.9
28.7
16.2
12.5
30.3
16.9
13 3
Personal income
. _
do
Less: Personal tax and nontax payments ... do
Equals: Disposable personal income
do
Personal savings§.
.
do
PERSONAL INCOME*
Seasonally adjusted, at annual rates:
Total personal income _
bil. of dol.
"W age and salary receipts, total
_ .do
Total employer disbursements
do
Commodity-producing industries
do
Distributive industries
do
Service industries
do
Government
_
do
Less employee contributions for social insurance
_
... bil. of dol
Other labor income
do
Proprietors' and rental income.
do_ _
Personal interest income and dividends. .do
Total transfer payments
do
189.8
21.0
168.8
11.9
191.4
21.2
170.1
7.8
199.6
21 6
177.9
12.1
205. 8
22 1
183. 7
11.2
212 3
132.9
127.8
110 3
3.8
13.7
5.1
51.5
25.4
18.5
76
38
1 o
8.2
189.5
117.1
119.2
53.0
33.5
14.6
18.1
190.6
117.0
119.1
53.4
33.5
14.6
17.6
189.4
116.0
118.2
52.8
33.1
14.8
17.5
190.5
117.3
119.4
53. 5
33.8
14.9
17.2
194.1
120.1
122.2
54.9
34.9
15.2
17.2
194.9
119.9
122.0
54.4
35.0
15.4
17.2
193.8
121.2
123.3
55.5
35.2
15.2
17.4
209.9
123.2
125.2
56.7
35.8
15.2
17.5
203.2
123.7
125.7
57.2
35.8
15.1
17.6
204.2
126.4
128.4
58.8
36.8
15.2
17.6
210.4
128.1
130.1
60.3
37.1
15.2
17.5
2.1
1.7
45.9
14.1
10.7
2.1
1.7
46.8
14.2
10.9
2.2
1.7
46.5
14.3
10.9
2.1
1.8
46.5
14.4
10.5
2.1
1.8
47.1
14.6
10.5
2.1
1.8
47.4
14.7
11.1
2.1
1.8
45.5
14.9
10.4
2.0
1.8
48.1
15.6
21.2
2.0
1.9
50.4
15.4
11.8
2.0
1.9
49.9
15.5
10.5
2.0
1.9
54.0
15.6
10.8
'211.4
' 128. 2
'
130.3
'60.1
'37.4
' 15.4
17.4
2.1
1.9
' 54.5
' 15. 7
11.1
207.1
126. 7
128.8
58.4
37.5
15.4
17.5
2.1
1.9
51.7
15.8
11.0
183.6
168.8
173.0
168.2
' 184. 8
172.4
168.3
169.7
182.3
184.6
188.7
173.8
180.6
Total nonagricultural income
do. _
NEW PLANT AND EQUIPMENT
EXPENDITURES*
' 4, 960
3,940
3,160
All industries, total
mil of dol
4,140
' 620
450
330
Electric and gas utilities
do
500
* 2, 500
2,010
1,600
Manufacturing and mining
do
2,050
-•310
220
Railroad
do
160
230
' 1, 530
1,260
1,080
Commercial and miscellaneous
do
1,360
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
1,974
2,927
2,581
2,211
2,026
2,076
2,662
1,897
payments*
... _
.mil. of dol.
3,109
3,060
3,773
2,517
2,909
' 2, 555 P 1, 837
1,914
2,185
1,989
1,853
2,010
From marketings and C. C. C. loans*.
do_ _.
3,096
2,505
2,657
3,049
3.759
1,299
594
' 1, 044
743
621
692
P717
Crops*
_
do
1,540
1,205
707
2,122
1,187
1,497
1,610
1,511
1,442
P 1,120
1,452
1,320
1,368
1.146
1,318
Livestock and products*...
...do
1,637
1,556
1,552
1,318
329
303
392
345
345
382
379
292
Dairy products*
_
do
293
353
319
334
*318
1,019
968
782
726
^593
785
705
743
711
Meat animals* _ _ _ . . _ _
. . ..do. _
667
1,039
970
958
279
^201
206
234
224
236
261
181
251
232
Poultry and eggs*
do
280
262
244
' Revised. * Preliminary. § Personal savings is the excess of disposal)le income over persoilal consum ption expe nditures sb own as a component of gross na tional prod uct above
* New series. Quarterly data for 1939-46 and anniml data beg inning 192 3 for nation al income a nd gross ne tional pro( luct and m onthly da a for 1929- 16 for perso nal income are publis hedinthe
"National Income Supplement to Survey of Current E usiness",^yhich is av ailable froriQ the Super intendent of Docume nts, Wash ngton, D . C.,for25c mts; these series are compiled b:y the U.S.
I f M K A/fair
Department of Commerce. For description of the series on plant and equipment expenditures and data for 1929-45, see p. 24 of the March 1948 Survey.
1946 for farm income are available on request; see note in September 1947 Survey regarding earlier data; revisions beginning 1945 were in part to adjust the series to levels indicated by 1945
Census data; 1940-44 data have not been similarly revised.
S-l
782774°—48-
SUEVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
.1947
February
March
April
May
June
July
August
September
October
November
December
January
February
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS—Con.
Indexes of cash income from marketings and
C. C. C. loans, unadjusted:
All commoditiesf
1935-39=400 .
Cropst
-- do
Livestock!
do
Indexes of volume of farm marketings, unadjusted:
All commodities*
1936-39=100
Crops*
do
Livestock*
. _
__
do ..
279
247
302
303
242
348
288
208
349
299
217
361
329
260
381
400
422
383
377
416
348
459
524
410
566
743
432
466
539
411
438
455
425
385
'366
399
P276
P251
P295
120
115
124
122
101
138
116
80
143
126
87
156
138
106
161
167
180
156
152
170
138
172
202
150
199
255
157
160
170
153
151
152
150
'134
' 130
'136
pl09
P102
p 114
INDUSTRIAL PRODUCTION
Federal Reserve Index
185
187
185
185
185
178
185
191
194
193
189
189
P190
do
193
195
193
191
191
184
191
197
200
200
196
'196
P197
Durable manufactures!Iron and steelf
Lumber and products!
Furniture!
Lumber!
Machinerv!
_
Non ferrous metals and products!
Fabricating*
_
Smeltinff and refining*
Stone, clav, and glass products!,
Cement
Clay products*
Glass containers!
Transportation equipment
Automobiles!t
do
do
do _.
do
- do
do
do
do _ _ do
_ _ do _.
do
_ do
_.do. _ _
do
do __
220
224
196
140
166
126
281
202
205
196
209
157
159
269
239
197
222
195
143
161
134
276
197
195
203
208
166
16C
263
237
193
219
197
145
158
138
273
187
183
198
206
148
162
269
225
179
220*
193
149
160
143
275
179
176
187
209
183
163
254
233
191
208
181
141
155
133
266
171
167
180
196
181
160
225
217
185
212
188
151
160
147
267
170
167
180
207
193
166
241
213
180
219
195
150
164
143
276
174
171
182
210
198
166
248
227
197
224
204
150
172
138
280
179
180
176
210
202
169
236
232
198
224
202
148
176
133
'281
185
188
178
206
192
••169
231
234
••200
227
205
140
181
119
288
189
192
183
'200
178
172
203
'243
'206
'227
'203
138
180
117
'288
'194
197
'187
'187
161
'167
'196
'244
'206
p225
p202
P141
p 179
P121
P285
*197
p 201
P189
"191
Nondurable manufactures!
Alcoholic beverages!
_
Chemicals!
Industrial chemicals*
Leather and products!
Leather tanning*
Shoes.
_ __
Manufactured food products!
Dairy products!
_
Meat packing
Processed fruits and vegetables*
Paper and products!
Paper and pulp!
Petroleum and coal products!
Coke
' ,
Petroleum refinlni?!
Printing and publishing!
Rubber products!
Textiles and products! .
Cotton consumption
Ravon deliveries
Wool textile production
Tobacco products
.
__
do
. . do
do
do
__do
do
do
_ do
_.do
do
do
_ do
do
do
do _.
do
- _ do
do
do __
do
do
do
do
178
206
181
252
180
196
252
431
126
126
126
161
P91
189
118
165
160
P205
177
171
146
256
440
113
112
114
154
P88
187
108
157
152
P208
179
'173
142
254
'438
120
116
'123
'146
P87
175
'91
'163
'157
P 214
178
P175
176
P256
p443
P126
Unadjusted, combined index!
Manufactures!
-
1935-39=100..
. --
Minerals!
Fuels! .
Anthracite!
Bituminous coal!
Crude petroleum
Metals.. _
> _
...
>
Adjusted, combined index!
191
135
167
118
277
208
215
190
205
154
156
255
233
190
171
195
171
187
169
182
169
167
168
178
164
182
173
181
254
431
121
121
121
140
253
433
115
118
113
144
J>161
138
139
247
439
106
112
103
154
*229
150
247
438
99
100
97
166
P229
146
245
431
116
114
117
178
»127
252
435
113
119
109
149
*202
151
83
159
88
156
90
161
101
160
173
145
248
425
121
118
123
182
pl62
202
P236
P198
151
154
150
155
155
140
152
*185
*185
*179
»184
*191
P195
*201
172
172
166
168
165
161
171
153
*203
170
251
427
126
123
128
167
Pl2l
144
173
163
157
P204
177
138
246
173
161
262
178
160
145
239
172
160
270
172
149
144
234
166
154
270
159
151
145
220
164
148
271
161
142
146
216
155
133
263
155
165
130
207
142
118
263
130
162
139
210
154
130
267
156
165
145
217
160
130
278
168
172
156
223
164
139
280
167
181
158
225
172
149
290
172
172
150
230
'163
131
287
166
139
'144
'223
'177
153
299
178
153
P156
P215
P177
153
293
-do
do _.
do
. _ _ do
do
do.. _
141
150
107
162
150
84
143
153
113
163
153
83
139
144
102
127
155
112
153
156
104
165
157
140
152
153
110
147
159
148
145
144
93
117
160
151
155
155
114
151
161
151
158
160
122
161
164
145
158
162
126
163
166
132
155
163
119
169
165
106
151
162
111
164
166
'85
'149
'160
112
161
' 165
'82
p 150
P161
p 118
p 155
p 168
P83
..do _.
189
190
187
185
184
176
182
187
190
192
192
'193
P194
197
198
194
191
191
183
188
192
197
199
198
'200
P201
222
147
137
208
190
219
203
164
263
176
223
251
120
118
156
225
147
138
202
195
218
192
165
269
175
208
251
122
122
157
222
144
135
197
203
211
175
164
263
172
189
251
116
119
158
218
142
134
187
198
200
141
162
251
170
162
253
113
119
155
219
142
133
179
188
207
171
164
257
168
159
250
107
114
154
207
133
121
171
181
195
164
160
235
163
164
251
101
106
155
210
142
133
170
180
199
171
162
231
169
176
249
116
115
157
P153
*154
v 152
P155
*157
»147
159
137
157
151
149
151
159
154
150
145
156
150
151
138
161
155
152
132
160
155
156
133
146
140
145
138
158
153
*185
*185
»179
*184
P191
P195
»201
223
143
128
179
176
201
174
161
229
176
229
248
126
121
156
P147
142
134
163
157
»204
224
150
137
185
177
201
178
162
229
179
219
251
124
122
158
J>140
170
129
165
160
v 205
229
153
139
189
183
205
196
166
218
173
167
255
114
113
158
*138
160
138
158
T
153
*208
'229
'156
'143
' 194
'187
'199
199
181
'200
'177
167
255
••120
115
'157
P139
150
'139
163
157
v 214
P227
P 154
P 141
p 197
p 189
p204
t> 149
217
140
128
174
182
202
171
160
243
172
198
248
122
120
158
J>148
146
149
159
153
x-203
140
173
168
142
172
158
141
166
160
142
164
142
146
155
159
139
142
156
145
154
160
144
160
163
152
164
175
152
172
169
146
' 163
149
'148
'177
153
P 157
_
Manufactures
Durable manufactures
Lumber and products
_ _ __
Lumber
Nonferrous motals
Smelting and refining*
_.
Stone, clay, and glass products
Cement _
...
Clay products*
Glass containers. . _ _.
Nondurable manufactures
Alcoholic beverages.
Chemicals
Leather and products
_.
Leather tanning*
Manufactured food products
Dairy products
Meat packing
Processed fruits and vegetables*..
Paper and products
Paper and pulp
.
Petroleum and coal products
Petroleum refiningj
Printing and publishing
Textiles and products
_
Tobacco products
do
do
do. .
do
do
..do _._
do
..do
do
.do _
do
do ..
do
do
do
do
.do
do
_ do _
do
do
do
do
do
do
do. _
252
429
123
127
121
140
J>107
152
86
157
"192
127
263
158
P156
136
290
159
p 127
P143
p99
P 141
p90
163
159
P211
179
147
p 169
208
P180
198
P256
p 122
p 159
p 139
147
P143
163
159
P 211
P 111
155
148
151
143
Minerals ...
do
146
148
150
140
153
155
156
' 154
155
p 155
122
Metals
do
117
124
122
136
117
117
111
107
109
117
'119
P 122
r
Revised. » Preliminary. JIndex is in process of revision.
*New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey. See note in January 1948 Survey for source
of indexes of volume of farm marketings and reference to figures beginning 1929; annual indexes for 1939,1941 and 1944-47 are shown on the back cover of the February 1948 Survey; they include
revisions in marketings data and also, for 1945-46, adjustments to 1945 census data which have not been incorporated in monthly figures; 1940-44 annual indexes and 1940-46 monthly data have
not been adjusted to census data.
!Revised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes for the industrial production series, see pp. 18-20 of December 1943 Survey; seasonal
adjustment factors for a number of industries were fixed at 100 beginning various months during 1929-42; data for these industries are stfown only in the unadjusted series. Revisions for January 1945-May 1946 for the indexes of cash income from farm marketings are available on request; see note in September 1947 Survey, p. S-l, regarding earlier data; revisions beginning January
1945 were in part to adjust the series to levels indicated by 1945 census data; 1940-44 data have not yet been similarly revised.
SURVEY OF CUEEENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-3
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES
New orders, index, totalf
avg. month 1939=100.
Durable goods industries
do
Iron and steel and their products . _ _ do __
Machinery, including electrical
__do
Other durable goods
_ _ do _
Nondurable goods industries
do
Shipments, index, totalf
- - do
Durable goods industries
do
Automobiles and equipment
do _
Iron and steel and their products
do
Machinery, including electrical.
_ do
Nonferrous metals and products
do
Transportation equipment (cxc. autos) . do _
Other durable goods industries
do
Nondurable goods industries
_
. . do. _
Chemicals and allied products. _
do
Food and kindred products
. _ _ do .
Paper and allied products
do
Products of petroleum and coal_
do _
Pubber products
do
Textile-mill products
do
Other nondurable goods industries
do
Inventories:
Index, total
do
Durable goods industries . ..do. _ _
Automobiles and equipment
do
Iron and steel and their products. _ do. _
Machinery, including electrical t
do
Nonferrous metals and products* _ do. _
Transportation equipment (exc. autos) -do
Other durable goods industries!
do
Nondurable goods
- - do
Chemicals and allied products
do
Food and kindred products _
do. __
Paper and allied products.
do
Petroleum refining
do
Pubber products
do
Textile-mill products
do_ __
Other nondurable goods industries!
do
Estimated value of manufacturers' inventories*
mil. of dol .
254
295
327
344
224
229
290
311
267
256
364
366
567
290
275
277
309
273
229
315
228
267
249
288
319
336
217
226
288
312
268
263
364
366
547
290
272
278
301
268
236
322
222
263
241
279
308
316
219
219
288
320
276
268
366
371
597
300
265
278
282
276
244
311
209
265
235
256
273
294
209
222
283
313
258
265
368
365
600
286
262
265
282
273
252
300
199
263
245
271
304
315
202
230
'293
323
280
274
395
347
669
268
271
265
298
277
263
312
216
265
231
260
271
328
194
213
271
287
264
251
340
291
496
259
260
252
292
250
263
289
188
256
231
261
286
307
199
213
282
301
252
271
352
311
497
289
269
258
295
267
266
300
205
271
260
292
312
345
230
240
315
336
298
294
393
340
567
319
300
295
332
279
277
336
234
302
255
291
309
346
230
234
318
339
307
298
394
354
533
320
303
296
335
290
276
338
234
307
267
306
348
351
228
244
329
349
302
305
411
383
586
319
315
300
358
293
311
345
233
310
252
291
322
346
217
228
325
354
328
295
438
348
642
321
304
289
336
280
339
213
232
284
142
306
182
860
159
197
204
203
192
133
250
178
221
217
238
298
143
316
184
897
165
199
211
202
196
136
262
183
222
222
244
300
145
326
184
928
170
203
222
201
201
139
273
188
223
226
251
314
150
334
186
959
172
204
228
199
206
142
282
189
222
228
254
321
153
339
186
966
172
205
228
194
218
145
281
186
228
228
256
320
157
341
191
970
171
204
225
196
229
148
272
186
222
231
259
327
160
343
191
990
171
206
223
210
239
152
262
186
218
232
261
330
163
346
192
998
174
207
218
215
245
154
251
184
219
235
265
327
164
352
190
1,017
177
210
215
218
246
157
251
184
225
237
264
325
166
355
186
990
176
214
221
221
247
158
247
188
230
238
265
316
168
355
186
982
180
216
231
218
254
156
21, 176
21,612
22, 058
22, 424
22, 618
22, 678
22, 936
23 120
23 398
23 577
23 702
336
29
25
313
23
25
98
129
124
115
317
23
26
230
295
193
231
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
Operating businesses, total, end of quarter
thousands, .
Contract construction
do
Manufacturing
do
Eetail trade
do
Wholesale trade
_
_
do. _
Service industries
do
A l l other _ _ _ _ _ _ _
do
New businesses, quarterly
do
Discontinued businesses, quarterly
do
Business transfers, quarterly
do
3,731.4
257.2
312.1
1, 726. 6
173 1
709.6
552.9
128.0
54.4
126.8
3, 768. 0
268. 7
316.4
1, 744. 7
177.5
720.7
557.9
109.5
56.8
102.3
f 3,817.0
v 275 9
*318 1
v 1,754.9
•P ISO 2
j>727 2
v 560 6
i>851
* 54 2
*>984
INDUSTRIAL AND COMMERCIAL
FAILURES
Grand total
Commercial service
_
Construction
_ _ _
Manufacturing and mining
Retail trade
Wholesale trade
_ _ _ _ _
Liabilities, grand total
Commercial service _ _
Construction
_ _ _ _ _ _
Manufacturing and mining.
Retail trade
Wholesale trade
Dumber
_ do
do_ _
..-do
do
_ _
do_
thous. of dol_.
do
_ _
_ do
_
_do
do
do _
_ _
238
22
20
92
70
34
254
21
13
277
23
16
108
88
117
84
24
15,251
37
378
33
20
155
119
51
283
21
23
299
30
17
95
108
107
105
36
40
287
23
19
99
102
44
758
16, 080
1,015
17, 326
739
18, 982
610
37, 137
19, 863
14, 903
655
7,654
1, 3S6
2,509
11, 336
1,169
1,647
11, 822
1,503
1,493
10, 971
3,037
2,258
14, 22C
1,614
1,874
12, 466
2,280
2,144
10, 426
1 668
1,978
3,018
3,299
2,996
2,870
2,893
2,595
2,494
12, 976
651
766
341
247
321
664
384
176
292
28
20
101
103
40
10, 034
829
55
21,322
26
16, 345
505
112
123
33
25, 499
1 232
444
5,964
1 390
1 407
1 074
2 301
13,337
2 289
2 321
12, 574
1 531
1 198
455
20,937
1 908
967
2,612
3,269
2,767
3,160
537
356
29
23
108
153
417
44
22
151
165
6,892
2 837
1 705
820
35
25,619
979
1 987
17, 987
3 410
1 346
3,688
2,479
43
12, 965
711
BUSINESS INCORPORATIONS
New incorporations (4 states)
number..
»• Revised, v Preliminary.
*New series. For estimated value of manufacturers' inventories for 1938-42, see p. 7 of the June 1942 Survey and p. S. 2 of the May 1943 issue. For data through 1944 for the series on operating businesses and business turnover, see pp.
21-23 of the May 1946 Survey and p. 10 of the May 1944 issue.
fRe vised series. See notes marked "t" on PP- 6-2 and S-3 of the September 1947 Survey for reference to revised data for manufacturers' orders, shipments and inventories.
SUEVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMER S
Prices received, all farm productsf— 1909-14= 100. _
Crops
do
Food grain
..do _
Feed grain and hay
do
Tobacco
- do
Cotton
do
Fruit
do
Truck crops
_
_
do
Oil-bearing crops
do
Livestock and products
_ do
Meat animals
do
Dairy products
__ _ do
Poultry and eggs
do
Prices paid:*
All commodities
1910-14=100.
Commodities used in living
_ .-do
Commodities used in production
do
All commodities, interest and taxes
do
Parity ratio*
_.
do
262
245
235
185
390
246
203
275
334
278
319
270
192
280
266
283
212
390
257
215
299
360
292
345
269
199
276
269
277
223
387
260
223
295
358
282
331
257
204
272
268
276
218
390
270
222
286
326
275
327
241
203
271
262
253
240
390
275
228
215
318
278
338
233
205
276
263
251
253
390
289
215
189
314
286
343
244
220
276
255
246
270
383
267
177
211
308
295
349
258
224
286
254
278
297
352
252
181
179
311
315
367
282
246
289
261
302
284
357
247
166
238
344
313
360
283
251
287
268
312
283
354
257
151
272
349
304
338
293
242
301
281
318
305
377
275
149
294
367
320
352
311
262
307
284
322
318
377
267
135
320
377
328
379
313
231
279
257
251
261
374
248
136
320
3?3
300
331
307
218
234
248
215
221
119
240
252
224
226
124
243
255
227
229
121
242
254
226
228
119
244
252
233
230
118
244
252
234
230
120
249
256
239
234
118
253
259
246
238
120
254
261
246
239
121
257
264
248
241
119
262
268
254
245
123
266
272
259
251
122
263
270
255
248
112
172.7
177.2
177.2
177.1
178.7
179.7
181.4
184.9
184.9
185.9
188.4
190.3
188.9
121.6
122.2
121.6
122.3
121.5
122.5
116.8
123.4
116.8
123.6
119.2
129.5
126.5
139.1
128.3
139.4
129.4
140.5
130.4
143.8
130.5
144.3
131.9
145.7
132.1
P146.3
153. 2
181.5
182. 3
144.1
183.2
191.7
196.7
117.5
92.2
142.3
180.8
108.9
137.4
156.3
184.3
189.5
148.1
187.5
199.6
207.6
117.6
92.2
142.5
182.3
109.0
138.2
156.2
184.9
188.0
153.4
178.9
200.4
202.6
118.4
92.5
143.8
182.5
109.0
139.2
156.0
185.0
187.6
154.2
171.5
207.0
203.9
117.7
92.4
142.4
181.9
109.2
139.0
157.1
185.7
190.5
154.6
171.5
205.0
216.9
117.7
91.7
143.0
182.6
109.2
139.1
158.4
184. 7
193.1
155.0
178.8
202.0
220.2
119.5
91.7
146.6
184.3
110.0
139.5
160.3
185.9
196.5
155.7
183.8
199.8
228.4
123.8
92.0
154.8
184.2
111.2
139.8
163.8
187.6
203.5
157.8
195.2
198.2
240.6
124.6
92.1
156.3
187.5
113. 6
140.8
163.8
189.0
201.6
160.3
190.1
196.6
235.5
125.2
92.2
157.4
187.8
114.9
141-. 8
164.9
190.2
202.7
167.9
198.4
199.6
227.0
126.9
92.5
160.5
188.9
115.2
143.0
167.0
191.2
206.9
170.5
204.9
205.3
227.3
127.8
92.6
162.0
191.4
115.4
144.4
168.8
192.1
209.7
172.7
205.7
208 3
237.5
129.5
93.1
165.0
192.3
115.9
146.4
167.5
195.1
204.7
171.8
204.4
213.0
224.8
130. 0
93.2
165.9
193.0
116.0
146.4
RETAIL PRICES
All commodities (U. S. Department of Commerce
index)
-1935-39=100
Coal (U. S. Department of Labor indexes):
Anthracite
1923-25 =100
Bituminous
_ ._
do
Consumers' price index (U. S. Department of
Labor) :§
Combined index
-. 1935-39=100.
Apparel
do
Food
_
do _
Cereals and bakery products*
do_ ..
Dairy products*
do
Fruits and vegetables*
.-do
Meats*
do
Fuel, electricity, and ice _
_do _
Gas and electricity*
do
Other fuels and ice*
_ __ .do _
Housefurnishings
do
Rent
_
do Miscellaneous
do
WHOLESALE PRICES
U. S. Department of Labor indexes:
163.2
160.7
147.1
153.6
147.7
150.6
144.5
149.5
148.0
159.7
157.4
165.6
158.5
Combined index cf.
- _ - 1926=100
Economic classes:
154. 4.
141. 7
141.9
141.7
154.7
147.6
139. 7
143.3
144.0
152. 3
151.6
157.6
151.1
Manufactured products^
do
174. 9
158.6
160. 1
160.2
165. 3
182.' 0
167.0
163.2
154.9
175. 5
175.1
183.9
170.8
Raw materials
., do
145.9
155. 2
144.5
144.9
157.9
149. 5
142. 1
145.9
147.0
156.4
154.1
152.0
157.0
Semimanufactured articles
do
185.3
177.0
196.7
175.7
177.9
181.4
181.7
182.6
170.4
187.9
199.2
186.4
189.7
Farm products
_
_ _.
do
220. 0
202.4
199.8
206.0
202. 3
252.7
208.8
203.3
171.1
241.4
245.5
256. 3
230.3
Grains
do
210. 0
226.3
215.9
199. 2
198.7
200.9
209.9
201.5
216.0
211.0
224.5
232.9
224.8
Livestock and poultry
_.
do
155. 1
140.6
155. 7
147.2
141.0
143.6
142.1
140.7
138.6
153.3
151. 5
150.8
Commodities other than farm products d" - - do
158.0
172. 4
178.4
162.4
159.8
167.1
172.3
161.8
162.0
167.6
179. 3
178.0
177.8
179.9
Foods
._
_
do
160. 2
154. 1
170.6
151.7
149.2
154.7
153.3
150.4
141.3
167.6
172.5
158.7
170.1
Cereal products
do
184.8
148.8
138.8
140.9
183.5
164.3
157.6
152.8
161.8
175.9
Dairy products. _
_ __do
170.6
167.3
183.9
135.4
144. 8
142.2
144.3
145.2
139.7
133.0
134.2
141.5
135.5
141.1
130.1
130.8
Fruits and vegetables
do
206. 2
196.7
217.9
214.8
234.6
207.3
203.0
208.6
199.5
230.0
217.6
244.8
222.3
Meats _
_ _
do
Commodities other than farm products and
147. 4
131.4
136.0
133.4
145. 6
128.5
131.8
131.9
131.1
142.4
148.1
138. 2
140.0
foods cT
1926 = 100
192. 6
174.4
179.7
178.8
177.0
191.0
177.5
174.8
175.7
183. 3
187.5
193. 1
185. 8
Building materials __
do
151. :i
144.3
134.5
134.5
148.8
132.4
134.7
143.3
132.3
145.
4
145.6
147.3
150.9
Brick and tile
- _
do
127.2
116.9
114.0
114.0
114.3
114.9
121.6
112.3
109.9
120.1
120.6
119.0
126.4
Cement
do
269.4
266.1
303.2
263.
6
273.
5
303.8
276.7
269.3
269.0
285.
7
290.0
295.6
307.3
Lumber
._ _ _ do
159.6
154.9
175.5
169.2
159.6
164.0
176.1
156. 1
173.9
157.9
161.4
161.8
163.2
Paint and paint materials _
do
134. 6
133.2
127. 1
120.2
132.2
135.0
117.5
118.8
129.3
135. 8
122.3
128.6
138.8
Chemicals and allied products!
do
119.5
124.1
126. .5
118.7
118.7
119.9
117.5
114.5
113.8
118.2
122.1
124.3
125.8
Chemicals.
do_
173. 6
156.1
154. 3
136.6
181.0
137. 4
154.9
182.5
182.7
136. 6
151.1
137.5
154.4
Drug and pharmaceutical materialsf. -do
114.8
101.2
102.5
101.8
103.5
114.4
105.5
99.2
101.8
109.8
112.0
111.3
Fertilizer materials
do
115.6
139. 2
201. 5
220.1
179.9
231.5
134.8
215.9
133.3
214.3
193.4
226.7
163.3
236.7
Oils and fats
do__
108.9
103. 4
103.3
114.1
124.3
130. 7
112.5
100.7
103.9
97.9
118.1
115.9
Fuel and lighting materials __
do
130.0
64.3
64.1
64.5
64.3
64.4
65.0
66.5
64 9
66 3
65.7
65 2
Electricity
do
86.0
84.9
84.0
85.0
85.5
85.4
84.3
85.8
87.0
83.6
86.8
Gas
_
_
do
84.5
92.2
86.3
86.8
87.5
89.8
121.7
76.6
81.7
112.0
99.9
93.7
96.5
Petroleum products
do
120.7
r
166.4
182.1
174.6
173.2
178.4
170.8
203.1
173.8
202.4
184.8
191.7
192.3
Hides and leather products.
_
do
200. 3
187.1
207.2
215.6
178.1
177.7
203. 5
191.4
192.2
221.1
256.9
263.4
243.7
238.9
Hides and skins
do
190.7
176.3
187.4
181.1
183.7
158. 0
199. 9
178.9
197.4
216.0
216.2
Leather
._ _ _
__
_
do
204.3
209.2
174.9
172. 1
172.2
172.6
173.2
194. 7
171.5
171.5
175.2
187.0
190.7
178.0
194.3
Shoes
do
r
129.2
129.7
125.8
127.4
128.8
142. 0
129.8
139.7
124.6
130.6
137.7
141. 6
132.3
Housefurnishing goodsf
do
136. 9
138.1
137.2
138. 1
144.4
131.4
134.4
138. 5
142.8
129.6
140.0
139.3
Furnishings
. do
143.9
T
129.4
129. 7
129.3
132.1
139.8
128.5
129.7
127.0
129.3
135.6
136.8
135.0
139. 6
Furnituref
do
148.9
140.3
141.4
142.6
143.8
139.9
151.7
152.3
155. 3
137.9
150.7
151.1
154.
4
Metals and metal productsd*
. -- do
139.4 ' 140. 4
128. 6
131.4
127.6
133.3
146. 9
126.9
141.3
142.2
125.0
140.8
145.5
Iron and steel
do
141.8
141.0
143.9
142.9
141.8
142.2
146.8
131. 3
139.0
142.0
143.0
142.0
145.5
Metals, nonferrous
do
128.6
123.4
118.2
120.0
119.1
138.7
117.1
117.9
135.9
136.0
136.1
136.0
Pkimbing and heating equipment _.do
137.9
r
Revised. * Preliminary.
§ In August 1947 the number of foods included in the index was reduced from 61 to 50. Beginning July 1947 a new schedule was adopted for collecting prices of apparel, housefurnishings,
and miscellaneous goods and services; prices for these groups are obtained in 10 key cities each month and in 24 other large cities quarterly; prices are collected for 8 of the 24 quarterly cities
each month; information on rents is obtained at least quarterly in each of the 34 cities; national averages for the indicated groups and for rents are weighted averages of indexes for cities surveyed during the month and estimated changes for other cities in the index. For January-June 1947 rent changes were estimated from a survey of 5 or 6 cities each month.
c? Current prices on motor vehicles were introduced into the calculations beginning October 1946; April 1942 prices were carried forward in earlier computations; see previous issues of the
Survey for explanation and for October 1946-January 1948 indexes using April 1942 prices; February 1948 indexes using April 1942 prices are as follows: All commodities, 158.2; manufactured
products, 150.3, commodities other than farm products, 152.1; commodities other than farm products and foods, 143.4; metals and metal products, 137.4.
* New series. The series on prices paid by fanners and the parity ratio are from the U. S. Department of Agriculture; the latter is the ratio of prices received to prices paid, interest and
taxes; data for 1913-45 will be shown later. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey, and for revised
figures for 1929,1933 and 1935-44, p. 31 of February 1946 Survey. Data for 1923-45 for the indexes of retail prices of the food subgroups are shown on p. 16 of the November 1946 Survey. Data
beginning 1935 for the indexes of retail prices of "gas and electricity" and "other fuels and ice" will be published later*
t Revised series. Indexes of prices received by farmers for 1913-45 are shown on pp. 17-19 of the April 1947 Survey; data for March 15,1948, are as follows: Total 283; crops, 262; food grain,
230; feed grain and hay, 284; tobacco, 372; cotton, 256; fruit, 140; truck crops, 295; oil-be?.ring crops, 339; livestock and products, 302; meat animals, 342; dairy, 298; poultry and eggs, 212. For
revised data for 1941-43 for the indicated series on wholesale prices, except the furniture index, see p. 23 of the November 1945 Survey. The index of wholesale prices of furniture has been revised beginning January 1943; revisions prior to 1947 will be shown later; the revision has been incorporated in the group index and other composite indexes only beginning November 1947.
SURVEY OF CUKRENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-5
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. 8. Department of Labor indexes— Continued
Commodities other than farm, etc— Con.
Textile products _
1926=100..
Clothing
do
Cotton goods
_do
Hosiery and underwear
do
Rayon
_ _ _
do
Silk
do
Woolen and worsted goods
- -do
Miscellaneous
do
Automobile tires and tubesf
-- do
Paper and pulp
_
do
Wholesale prices, actual. (See respective commodities.)
138.0
132.7
193.7
100.0
37.0
80.2
121.9
110.9
66 7
143.4
139.6
133.0
196.6
100.8
37.0
73.2
127.5
115.3
66 7
145.1
139.2
133.0
194.7
100.8
37.0
69.4
129.1
115.7
66 7
152.5
138.9
133.9
193.0
100.8
37.0
67.9
129.2
116.1
66 7
154.3
138.9
133.9
193.8
100.8
37.0
68.4
129.2
1
112. 7
62.5
154.2
139.5
134 3
195.9
100 4
37.0
68 2
130.1
113.0
60 8
157.2
140.8
134 3
199.2
99 9
37.0
68 2
133.3
112.7
60.8
157.6
142 0
134 4
202 3
99 9
37 0
68 3
133 8
115 9
60 8
159 5
143 0
134 7
204 6
100 0
37 0
71 2
134 2
117 1
60 8
159 8
144.7
135.6
209.1
101 4
37 0
73 3
134 9
118 8
61 0
160.7
147.6
136.3
213.5
103 0
40.0
73 3
139.6
121.5
63.4
164.7
147.0
138. 7
214.2
104 4
40.7
46 4
141.6
123.5
63 4
168.1
147.6
139.9
214.6
105 0
40.7
46 4
142.8
119.9
63.4
167.1
55.7
65.3
54.8
40.7
53.8
64.0
52.7
38.0
54.5
64.0
53.1
38.5
54.7
64.1
53.2
39.2
54.4
63.6
52.4
39.3
53.3
63 1
51.7
38.5
52.4
62 4
50.8
38.5
51 1
61 1
49 1
37.2
50 8
61 1
49 6
36.8
50 4
60 6
49 5
37.0
49.3
59 9
48.3
35.3
48.6
59 2
47.7
34.7
50.0
59 7
48.9
38.1
926
754
375
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumers' prices
Retail food prices
Prices received by farmersf
1936-39=100
do
do
do
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction total
mil. of dol
Private, total
_ . -do
Residential (nonfarm)
do
Nonresidential building, except farm and public
utility total
mil. of dol
Industrial
- do
Farm construction
do
Public utility
do
Public construction, total
. _. do. ..
Residential
do
Military and naval
_ _ _ _ _-do
Nonresidential building total
do
Industrial
_
do
Highway
do
All other
- _ ._ do _
795
634
284
826
648
285
876
662
306
955
722
342
1,070
811
387
1 161
876
429
1 242
937
461
1 279
962
490
1 334
990
530
1 272
1,001
565
1 176
962
555
r I 068
260
152
10
80
161
33
12
32
3
34
50
247
146
20
96
178
24
12
36
3
48
58
240
142
30
86
214
16
15
41
4
75
67
245
141
40
95
233
9
15
41
3
95
73
254
140
50
120
259
6
15
42
2
117
79
259
139
60
128
285
9
19
44
2
128
85
266
139
75
135
305
9
22
45
1
139
90
275
138
65
132
317
8
21
49
1
147
92
283
137
50
127
344
10
23
54
1
164
93
290
136
25
121
271
6
19
53
(°)
110
83
285
133
15
107
214
4
17
54
274
130
14
100
24, 321
442, 197
95, 770
346, 427
32, 268
596, 755
143,316
453, 439
29, 957
602, 338
177,272
425, 066
27, 769
674, 657
233, 873
440, 784
24, 044
605, 070
226, 471
378, 599
28, 734
660, 254
202, 571
457, 683
31, 885
823, 216
217,811
605, 405
27, 185
649, 996
192 660
457, 336
36 339
793, 286
208 947
584 339
29 793
715, 108
223 505
491, 603
3, 006
21,488
143, 258
3,670
22, 242
191, 903
3,905
26, 034
184, 317
4,554
30, 238
235, 899
4,355
27, 561
209, 942
4,912
32, 123
253, 512
4,915
41 , 682
290, 807
4,213
24 114
239 915
5,134
33 478
277, 888
20, 440
32, 469
208, 391
27, 414
42, 991
282, 881
24, 284
39, 006
256, 668
21,255
42, 672
254, 085
17,604
29, 213
209, 458
21, 568
36, 774
240, 885
24, 789
47, 805
308, 937
21, 154
30 037
268, 543
665
59, 806
918
77, 926
1,509
123, 249
1,607
119,713
1,744
142, 495
1,910
127, 454
1 761
137, 471
210
30, 742
266
44, 045
259
38, 104
353
64, 960
341
43, 175
344
38, 403
131
135
151
152
133
135
132
129
152
144
133
123
153
130
127
110
158
127
136
116
356, 491
400, 415
454, 471
514,343
1,463
1
1,081
382
2,438
52
1,578
808
5,280
513
3,167
1,600
3,828
35
2,607
1,186
863
475
75
267
124
14
98
172
3
11
52
1
41
65
21 696
625. 363
207 481
417 882
23 125
615, 206
196 530
418 676
20 557
681, 967
248 443
433 524
4 249
28 552
243, 416
3 252
33 088
244 495
3 295
27 719
240 544
3 205
29 097
272 395
29, 473
52 302
349, 490
24 147
42 696
290, 220
17 402
32 192
226, 796
18 899
32 183
238, 098
16, 336
31 474
232, 250
1 522
110, 556
1 425
112 726
1 114
138 606
809
113 289
718
108 891
803
143 033
420
86, 001
296
30, 982
307
53, 182
283
42, 866
233
40, 783
213
213
27, 673
34, 289
170
138
155
136
173
148
166
150
184
168
183
168
175
164
184
170
173
157
193
163
159
137
197
161
T 191
r 152
138
193
156
517, 175
524, 238
413, 494
494,805
575, 089
474, 357
503, 384
441, 955
474, 643
4, 228
212
2,456
1,560
5, Oil
169
2, 452
2,390
3,285
79
1 468
1,737
2,760
163
1 133
1, 464
3,260
203
1 946
1 110
2,349
5
1 592
752
2,863
124
1 776
963
1,723
6
1 040
2, 304
10
1 425
677
869
r
(a)
60
79
205
*• 5
r
14
r
56
r
1
r
55
CONTRACT AWARDS
Contract awards, 37 States (F. W. Dodge Corp.):
Total projects
number
Total valuation
thous. of doL.
Public ownership
do
Private ownership
_ do.-.
Nonresidential buildings:
Projects
- _ number.
Floor area
thous. of SQ. ft
Valuation
_ __ . thous. of do!
Residential buildings:
Projects
.
- number.
Floor area
thous. of sq. ft
Valuation
thous. of doL.
Public works:
Projects
number
Valuation
_ _ _ . . - _ _ thous. o f d o l
Utilities:
Projects
number
Valuation
thous. of dol.~
Value of contracts awarded (F. R. indexes):
Total unadjusted
1923-25=100
Residential unadjusted
do
Total, adjusted
do.-.
Residential, adjusted.
_ _ _
-.do
Engineering construction:
Contract awards (E. N. R.)§
thous. of dol._
Highway concrete pavement contract awards :J
Total
thous. of sq. y d _ _
Airports
_ _ . _ _ _ do
Roads
do
Streets and alleys
do
r
156
r 126
167
PERMIT VALUATIONS AND DWELLING
UNITS PROVIDED
Estimated number of new nonfarm dwelling units
scheduled to be started (U. S. Dept. of Labor):
73, 500
Total nonfarm*
,_ _
number-74, 500
63, 100
45, 500
83, 400 ' 83, 300 90,400
94, 900
98 100
75 800
63 300
37, 649
27, 074
42, 862
41, 138
46, 999
47, 153
52, 179
Urban, total t
--- _ - _ do _
51, 304
56 279
41 949
36 447 r 33 343 v 33 107
42, 534
27, 074
37, 158
41, 138
Privately financed, total
do
45, 994
47,117
51, 112
51, 904
55, 819
41,029
36, 083 r 32, 523 p 31, 982
35, 214
30, 615
1-family dwellings
_
do
33, 670
22, 156
34, 627
36, 943
40 865
42 716
39 226
26 591 r r23 704 P 22 168
30 303
3,085
1,615
2,448
3,142
3,478
2-family dwellings
.-do
3, 053
3,519
2,988
3, 536
3,316
P 1,811
2,443
2, 280
r Q 539
4,095
7,121
3,303
4,178
4,383
7, 889
Multifamily dwellings
_
- do 8,051
z> 8 003
8 367
9 567
7 410
7 049
491
0
328
1,005
0
Publicly financed, total.
do
36
192
275
460
920
364
v 1, 125
'820
r
v
!
a
Revised.
Preliminary. See note marked "t" regarding revision incorporated in the index beginning June 1947. ( ) Less than 500,000.
§ Data for, May, July, and October, 1947, and January 1948 are for 5 weeks; other months, 4 weeks.
t Based on weekly data combined into 4- and 5-week periods except that a week falling in December and January is prorated; see note in February 1947 Survey.
* New series. Estimates of total nonfarm dwelling units for 1910-44 are shown on p. 15 of the November 1946 Survey. Monthly estimates of new construction activity for 1939-45 and
annual estimates for 1915-46 are shown on pp. 23 and 24 of the July 1947 Survey.
t Revised series. The index of purchasing power of the dollar based on prices received by farmers was revised in the April 1944 Survey. Data for 1920-44 for the number of new dwelling
units are shown on p. 15 of the November 1946 Survey (see note in February 1947 Survey with regard to January and February 1945 figures); since early 1945 data for new dwelling units and the
Indexes of building construction on p. S-6 should be considered volume of construction for which permits were issued or contracts awarded rather than volume started (see note in July 1947
Survey). The index of wholesale prices of tires and tubes has been revised beginning 1939; during the war, when production of tires and tubes for civilian use was curtailed and prices were
being controlled by the Government, May 1941 prices were carried forward in the index; when post-war shipments for civilian use approximated prewar shipments the index was revised to
include current prices and also to include off-highway (tractor) as well as highway tires; revised data for January 1939-November 1946 are available upon request. The revision for tire
and tubes has been incorporated into the index for the miscellaneous group and the all-commodities and other composite indexes only beginning June 1947.
SURVEY OF CUREENT BUSINESS
S-6
April 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
February
March
April
May
June
July
August
September
October
November
December
January
February
CONSTRUCTION AND REAL ESTATE—Continued
PERMIT VALUATIONS, ETC.—Continued
Indexes of building construction, based on building
permits (U. S. Dept. of Labor) :J
Number of new dwelling units provided
1935-39= 100. _
Permit valuation:
Total building construction
do
New residential buildings
do
New nonresidential buildings _ _.
do_ .
Additions, alterations, and repairs
do
156.1
217.1
247.2
237.2
271.0
271.9
295.9
300.9
324.5
241.9
210.2
' 192. 3
190.9
' 159. 1
207.6
'112.9
' 169. 9
218.5
308.8
141.8
214.1
251. 6
359.1
159.4
248.7
244.2
338.5
163.5
241.4
278.2
387.7
180.9
284.2
306.1
405.4
217.8
311.5
323.5
447.9
232.4
279.9
319.5
459.1
206.7
298.1
344.7
516.2
216.5
291.9
285.5
399.8
211.9
219.8
274.0
345.8
228.6
230.8
' 243. 7
••309.7
'196.2
' 218. 8
118.1
314.5
174.0
199.1
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. S. average 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:
A tlanta
do
New York
.
_ _do
San Francisco
do
St. Louis
_ do.
Frame:
Atlanta
_ _ do.
New York
_.do___
San Francisco
do
St. Louis
.- _ do.
Engineering News-Eecord:
Building*
1913=100
Construction (all types)
.
do
Federal Home Loan Bank Administration:
Standard 6-room frame house :f
Combined index
1936-39=100
Materials
do
Labor
do
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Premium-paying mortgages (cumulative)
mils, of dol. _
Estimated total nonfarm mortgages recorded
($20,000 and under)* . . _ _ thous. ofdol
Estimated new mortgage loans by all savings and
loan associations total
thous. of dol
Classified according to purpose:
Mortgage loans on homes:
Construction
do
Home purchase
do. .
Refinancing
_
do
Repairs and reconditioning
do
Loans for all other purposes
do. _
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
to member institutions
mils, of dol...
Home Owners' Loan Corporation, balance of
loans outstanding - mils, of dol._.
Foreclosures, nonfarm, index, adjusted!
1935-39= 100
Fire losses
thous. of dol__
300
304
304
307
390
419
4C3
364
383
404
434
420
379
396
414
444
427
390
403
419
448
432
392
405
427
448
438
396
421
437
458
442
409
430
446
470
448
417
441
452
475
452
424
446
456
479
469
427
449
464
494
480
429
456
468
501
488
433
459
472
505
491
435
462
475
508
495
436
469
280
282
286
290
294
295
300
307
312
314
318
320
321
153.4
196.2
174.2
175.8
154.4
204.7
177.8
178.0
155.1
205.6
178.1
178.3
155.4
205.9
178.4
182.8
160.3
211.2
186.6
187.8
162.4
215.5
188.9
189.9
164.1
216.4
192.5
191.2
165. 0
218.5
195.4
192.2
165.5
219.0
196.2
193.6
166.9
219.8
196.8
194.9
168.6
225.1
199.8
198.1
172.1
225.2
201.6
199.4
172.
233.9
201.9
200.2
152.0
194.4
175.7
176.4
153.5
205.9
180.4
179.0
154.1
206.8
180.6
179.2
154.3
207.0
180.8
185.4
159.6
212.5
190.6
187.8
161.2
214.9
192.4
189.4
162.3
216.0
197.4
190.8
163.0
217.4
199.6
191.5
163.4
217.8
200.2
192.5
164.5
218. 4
200.6
193.4
166.7
224.6
206.8
200.9
172.7
224.8
208.9
202.3
172.9
237.0
209.1
202.9
153.1
192.9
178.4
175.3
153.5
202.4
180.7
176.9
154.2
203.4
180.9
177.1
154.4
203.6
181.1
182.1
158.8
206.6
188.0
187.5
161.4
209.4
190.8
190.1
165.0
210.4
195.7
192.3
165.8
213.8
198.9
193.4
166.2
214.2
199.5
194.5
169.4
215.1
200.2
196.3
171.4
220.0
202.9
199.6
173.8
220.1
203.9
200.4
174.0
229.9
204.1
201.3
178.7
211.2
185.6
196.9
179.2
217.6
188.6
199.1
180.2
219.1
188.8
199.3
180.4
219.3
189.0
202.2
184.0
223.4
195.1
205.6
185.4
225.5
196.7
207.0
185.6
225.9
198.4
207.5
186.9
228.7
207.1
210.7
187.3
229.1
207.7
212.1
189.3
231.3
209.7
217.5
191 9
242.7
212.7
220.6
194.4
239.2
213.8
221.4
194.6
244.8
214.0
223.6
182.9
217.2
184.9
198.9
183.3
220.8
187.0
200.3
183.9
221.6
187.2
200.5
184.1
221.8
187.4
202.2
187.9
225.0
194.0
207.2
189.3
227.1
195.6
208.6
189.5
227.5
196.3
209.0
191. 0
231.0
206.2
213.0
191.4
231.4
206.8
214.0
194.0
234.1
209.3
220.9
196 7
238.8
210 5
224.0
198.5
243.2
211.5
224.8
198.7
246.4
211.7
227.5
298.8
392.0
3C0.8
396.1
299.6
396.5
303.1
403.3
304.9
406.5
313.0
415.0
317.1
417.8
320.8
424.4
322.3
429.3
325.3
432.3
326 9
435 0
329.7
436.9
329.0
438.4
173.8
177.6
168.6
179.6
185.6
170.2
182.5
188.8
172.4
183.7
186.1
175.5
184.8
189.0
179.2
185.1
188.5
181.0
7,377
7.473
7,593
7,691
6,995
7,036
7,087
7,147
7,217
7,295
' 7, 816
7,954
8,084
770, 095
858,675
941,020
965, 733
947, 357
994,787
988, 446 1, 022, 648 1, 103, 030
954,569 1, 006, 626
909,447
826,874
241, 263
288,221
333,636
335, 074
323, 368
353, 105
351, 757
356, 871
376, 000
311, 292
310, 201
273,202
254,581
52, 723
133, 399
22, 529
7,091
25, 521
61, 643
161, 694
25, 916
9,665
29, 403
70, 214
176, 395
26, 149
10, 788
30,090
78, 612
186, 148
28,383
11, 658
30, 373
69,700
184, 626
28,948
11,963
28,131
85, 867
194, 057
28, 936
13, 410
30,835
83, 355
200, 183
25,263
13, 018
29,938
86, 097
203, 443
27, 322
12, 297
27, 712
95,364
208,488
28, 523
13, 213
30, 412
76, 718
170,831
24, 747
10, 415
28,581
82, 234
163, 703
2b, 042
9,806
28, 416
70,274
140,122
25,856
8,679
'28,271
66,894
126,462
23,511
8,374
29,340
242
236
245
267
289
292
314
336
360
391
436
392
373
609
596
582
570
557
544
532
520
508
497
486
475
465
8.5
64, 247
9.2
72, 435
7.9
68,029
8.1
66,545
8.7
50,840
8.5
49, 357
8.6
51, 359
8.2
47,990
7.7
54,946
7,0
51, 346
8.0
68, 361
8.2
63,010
71, 521
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:!
233
281
284
262
263
278
281
284
*254
245
277
269
Printers' Ink combined index
1936-39~~100
309
283
314
312
303
320
331
308
281
288
321
P289
Farm papers
do
331
298
333
340
342
323
280
335
330
313
P277
287
^Magazines
do
215
217
205
222
229
214
200
199
210
230
218
193
Newspapers
__
do
303
272
295
289
258
229
287
319
287
290
213
217
Outdoor
do
298
284
309
312
320
303
292
294
289
287
289
291
Radio.. _
do
T Revised.
* Preliminary.
^Revisions for January 1940-December 1945 are available on request; see also latter part of note marked "f on p. S-5.
*New series. For a description of the series of the series on nonfarm mortgages recorded and data for January 1939 to September 1942 see p. S-5 of the November 1942 Survey. See note in
the February 1947 Survey regarding the Engineering News-Record index of building costs; data beginning 1913 will be shown later.
fRevised series. The index of nonfarm foreclosures has been revised beginning 1938 because of changes in the seasonal adjustment factors; revised data for 1938-46 are available upon request.
Indexes of advertising from Printers' Ink have been completely revised and all series are now based on dollar costs; data beginning 1935 and a description of the indexes will be published
later. The indexes of cost of the standard 6-room frame house are shown on a revised basis beginning in the April 1946 Survey; revisions beginning November 1935 will be published later; the
indexes were discontinued after June 1947.
SUEVEY OF CUERENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-7
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
DOMESTIC TRADE—Continued
ADVERTISING—Continued
194.2
197.1
196.2
202.9
218.3
225.9
231.1
221.4
220.8
210.1
16, 728
740
123
249
532
4,344
541
175
1,685
1, 397
5,007
1,934
15, 548
595
98
284
508
4,049
467
155
1,729
1,308
4,714
1,641
16, 009
573
111
301
412
4,120
499
177
1,722
1,433
4,784
1,877
14, 994
505
100
275
400
3,883
499
167
1,606
1, 430
4,516
1,613
14, 227
441
130
314
381
4,106
432
172
1,542
1, 595
3,982
1,132
14, 461
485
187
278
393
4,268
439
172
1,483
1,568
3,868
1,318
15, 252
527
151
345
367
4,402
428
156
1,715
1,580
4,268
1,314
17, 376
597
139
379
471
5,128
420
168
1,704
1,809
4,967
1,594
16, 905
739
195
333
440
4,907
450
172
1,499
1,662
4,688
1,820
17, 730
728
92
511
464
5,203
504
152
1,647
1,848
5,033
1,600
42, 617
2,325
5,277
1,169
666
6,068
536
2,687
916
863
1,069
6,086
14, 956
5,102
40, 816
2,262
4,663
1,288
659
4,926
600
3,292
1, 016
624
887
5,924
14, 677
4,703
42, 801
2,601
4,661
1,541
698
5,246
627
3,530
1,182
995
860
6,120
14, 740
4,332
40,033
2,772
3,125
1,376
654
5,348
683
2,667
1,173
763
1,125
5,926
14, 421
3,413
3,377
4,132
i 199, 308
7, 555
i 10, 191
3,872
1,567
1 13, 543
2,142
6,051
2,558
1,650
1
2, 827
1
12, 771
* 34, 582
4,738
4,763
167, 384
39, 437
127, 948
5, 537
2,157
27, 163
93, 090
168, 445
39, 580
128, 865
6,473
2,008
28, 100
92, 283
172, 376
41,301
131, 075
6,512
1,950
28, 210
94, 403
163, 130
39, 341
123, 789
7,014
1,933
26,011
88, 831
145, 263
37, 778
107, 485
6,214
2,299
22.467
76, 605
157, 980
40, 625
117, 355
6,107
1,769
22, 881
86, 597
173, 871
41, 610
132, 262
5,438
1,809
27, 171
97, 843
198, 478
44, 141
154, 337
6,552
2,194
33,444
112, 148
'88.9
88.9
88.7
89.2
88.7
88.1
88.3
thousands
thous. of dol. _
4,147
90,036
4,863
108, 862
4,579
97, 079
4,280
89, 824
4,177
87, 284
4,334
87, 320
3,822
81, 664
thousands
thous. of dol__
12,691
186, 444
14, 755
210, 579
14, 651
195, 527
13, 771
188, 244
16, 948
178, 353
13, 253
186, 565
12, 587
166, 697
201.0
Tide advertising index, adjusted*
1935-39= 100
Radio advertising:
15, 102
Cost of facilities, total
thous. of dol
629
Automobiles and accessories
do
99
Clothing _
do
224
Electric household equipment
do
458
Financial
_
do
3,924
Foods, food beverages, confections
do
507
Gasoline and oil
do
153
Housefurnishings, etc
do
1,555
Soap, cleansers, etc
do
1,257
Smoking materials
do
4,568
Toilet goods, medical supplies
do
1,726
All other
do
Magazine advertising:
32, 109
Cost, total
do
1,576
Automobiles and accessories
do
3,345
Clothing
do
740
Electric household equipment
do
566
Financial
.
do
5,033
Foods, food beverages, confections
do
250
Gasoline and oil
do
1,641
Housefurnishings, etc _ _
do
760
Soap, cleansers, etc
do
551
Office furnishing and supplies
do
829
Smoking materials
do
5,137
Toilet goods, medical supplies
do
11, 683
All other
do
4,580
Linage, total
thous. of lines..
Newspaper advertising:
139, 993
Linage, total (52 cities) _ _
do
34, 588
Classified
do
105, 405
Display, total
_
do
4,097
Automotive.
do
1,767
Financial
...
do
22,323
General
_ _ _
do
Retail
do. . 77, 218
2 126,
436
2
7, 308
2
13, 191
2
7, 017
21,833
2
17
399
2
1, 331
2
9,
952
2
2, 585
2
2, 532
2
3, 073
2
15,
691
2
44 524
4,474
3,229
3,641
4,175
194, 808
41, 447
153, 361
5,957
2,033
32, 004
113, 367
186, 913
37, 530
149, 383
5,215
1,986
24, 935
117, 247
155, 428
39,600
115 828
5,180
2,896
20,404
87, 348
167, 945
40,048
127, 897
6,181
1,869
25, 477
94, 369
86.8
87.6
88.1
''88.2
88.5
4,041
89, 874
4,401
91, 665
4, 185
85,095
4,710
91, 655
4,586
92, 651
4,339
86, 412
13,334
197, 141
15, 371
223, 262
13, 922
196,844
15, 652
214, 581
14 412
201,299
13 135
186, 247
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total __
87.7
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
_ _
Value
_
Domestic, paid (50 cities):
Number
Value
PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly total at annual rates : *
All goods and services
bil of dol
Durable goods
do
Automobiles and parts
do
Furniture and household equipment do
Other durable goods
do
Clothing and shoes
Food and alcoholic beverages
Gasoline and oil
Semidurable house furnishings
Tobacco
Services
Household operation
do
do
do
do
do
do
do
Personal service
Recreation
do
do
Other services
do
156.9
18.2
5.4
9.1
3.8
94.7
19.1
57.6
3.4
1.9
3.7
9.1
44.0
6.5
13.0
3.2
3.6
4.3
13.5
162.3
19.3
6.1
9.3
3.9
98.4
19.6
59.5
3.8
1.9
3.8
9.6
44.6
6.7
13.2
3.2
3.6
4.4
13.6
165 8
20.2
6.2
10 1
39
99 9
19.8
60.8
3.8
1.9
38
99
45 7
68
13 6
3.2
3.6
44
14.1
172 5
21 3
6 6
10 7
39
104 2
20 2
64 0
4 0
19
39
10 1
47 0
68
14 3
32
37
4 4
14 6
RETAIL TRADE
All retail stores:f
10, 020
9,283
9, 442
7,830
9.489
9,629
9,357
10, 141
10, 910
Estimated sales, total.
_
mil. of dol_.
10, 727
' 9, 695
12, 657
8,917
2,436
2,402
2,122
1,774
2,287
2,396
2,403
2,582
2,831
Durable goods store
...do
2,638
2,958
' 2, 316
2,137
993
940
980
788
987
1,014
994
1,052
1,148
Automotive group
_
_
do
1 070
1 062
994
1 080
847
679
839
811
847
861
839
899
Motor vehicles
do. _
988
910
911
946
886
T 117
147
132
148
130
110
153
155
152
100
Parts and accessories
_
_ do
160
168
108
r
744
741
485
598
693
770
763
941
839
Building materials and hardware
..do. _
796
809
606
680
r 450
461
302
476
369
431
514
509
575
645
528
Building materials
do
495
398
79
66
78
50
77
77
70
71
92
Farm implements ...
_.
_ do. _
71
62
61
71
204
185
163
133
184
187
179
252
193
204
197
Hardware
do
159
146
593
526
425
570
498
536
550
641
594
Homefurnishings group
__
.do
651
791
496
466
342
397
259
368
334
318
347
385
Furniture and housefurnishings
.do
408
425
496
294
310
184
196
20i
166
180
202
203
Household appliance and radios.
do
210
233
225
295
172
186
104
106
85
88
7f
84
89
Jewelry stores
.....do
279
97
121
78
71
101
r
2
Revised.
1 Total for July, August and September.
Total for October, November and December.
§ See note marked "§" on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.
*New series. For a brief description of the Tide, index of advertising see note marked "*" on p. S-6 of the April 1946 Survey, data beginning 1936, are available on request. The estimates
of consumer expenditures have been revised in accordance with revisions in the totals shown as a component of the gross national product on p. S-l and in the "National Income Supplement"
referred to in the note marked with an "*" on that page; this supplement provides detailed annual estimates of consumption expenditures for 1929-46 and quarterly data for 1939-46 for the
grand total and for total durable goods, nondurable goods and service; quarterly data beginning 1939 for all series will be published later.
fRevised series. See note marked "t" on p. S-7 of the September 1947 Survey for reference to tables giving data through June 1944 and 1945 revisions for sales of all retail stores; the seasonally adjusted indexes beginning 1942 shown in those tables and later data published currently on p. S-8 were recently revised because of changes in the seasonal adjustment factors and both
the dollar figures and indexes beginning January 1946 were revised in the January 1948 issue, largely because of adjustment of the series to sales tax data for 1946; all data shown above are on
the revised basis; revised dollar figures for all months of 1946 and revised indexes for 1942-46 are shown on p. 10 of the January 1948 Survey.
SURVEY OF CURRENT BUSINESS
8-8
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1947
February
March
April
May
June
July
1948
August
September
October
November
December
January
February
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail storesf— Continued
Estimated sales— Continued
6,954
7,584
7,155
7,233
7,161
7,087
6,056
8,079
7,559
8,089
' 7, 379
Nondurable goods stores
mil. of dol
9,699
6,780
606
558
766
778
707
543
797
906
627
825
858
5651,202
Apparel group
do
134
192
139
183
189
132
201
190
212
247
'156
136
Men's clothing and furnishings. _ _ d®
350
241
345
345
291
271
371
285
247
387
367
395
262
Women's apparel and accessories
do
495
86
96
77
103
107
100
77
114
120
87
134
79
182
Family and other apparel
do
131
138
106
137
no
130
88
139
131
143
88
'98
174
Shoes
do
304
293
300
290
296
287
264
293
307
296
298
280
401
Drug stores
do
1, 052
1,089
1, 032
1,019
1,078
1,007
1, 131
891
1,008
1.086
1,033
941
1,085
Eating and drinking places . _ _ do _.
2,714
2, 504
2,712
2, 518
2,509
2, bl8
2,873
2,243
2,825
2, 768
2, 592
2,609
2, 995
Food group
do
2,162
1,995
2,083
2,170
1,979
1.996
2,308
1,778
2, 2 43
2,212
2,063
2,060
2,377
Grocery and combination
do
544
535
514
550
523
565
525
582
465
532
5.56
546
618
Other food
. ..
do
472
442
485
479
361
400
440
312
483
435
496
466
496
Filling stations ..
do
1,074
1,254
1,316
1,156
1,242
1,
195
1,081
970
1,032
1,457
1,605
1,345
2,207
General merchandise group
....do
834
743
719
874
788
842
677
639
689
986
1,111
1,478
907
Department, including mail-order
do
General, including general merchandise
136
155
157
165
153
142
151
122
168
194
120
168
160
with food.
mil. of doL
104
130
115
110
120
120
97
93
118
141
149
210
132
Other general mdse. and dry goods. ..do
122
134
133
140
141
149
147
125
117
162
326
177
116
Variety
do _ .
884
'
1,019
954
905
887
936
948
925
833
1,313
1,018
985
930
Other retail stores
do
240
238
272
251
264
249
283
220
223
266
214
245
244
Feed and farm supply
do
309
144
]53
139
189
146
155
191
278
190
181
260
170
Fuel and ice
.
do
'146
134
134
144
151
148
152
129
162
162
135
246
132
Liquors
.
do
325
359
352
349
341
387
368
306
420
562
288
409
384
Other
do
Indexes of sales:
293.0
289.7
302.9
287.1
262.4
301.3
281.5
294.8
386.1
295.0
328.6
342.1
323.6
Unadjusted, combined index
1935-39=100..
' 287. 2
309.4
287.4
298.4
302.2
297.3
285. 7
263.2
348.6
240.6
343. 1
367. 5
332. 6
Durable goods stores
do
294.9
283.4
297.2
287. 2
301.0
287.5
392. 1
269.5
300.8
298.0
323.9
340.0
320.7
Nondurable goods stores .
do
' 324. 5
301.2
301.6
298.0
297.6
322.0
299.7
324. 7
329.9
287.6
291.0
317.6
314.7
Adjusted combined index
do
'
330.
3
289.4
287.4
297.7
296.9
297.
5
326.1
280.7
340.5
274.
3
327.6
331.5
322.5
Durable goods stores
do
r
260. 9
220.4
222.1
233.6
214.1
222.8
261.2
219. 9
265. 0
252. 1
213.6
255.8
243.1
Automotive
do
' 394. 1
343.1
353. 4
359.5
316. 8
332.1
390.3
408.3
313.1
322.7
395. 8
401.2
Building materials and hardware
do ._
388.3
' 441. 1
428.4
444.2
426.7
425.2
390.5
428.1
392.7
464 8
463.8
383.0
439.4
455.6
Homefurnishings .
do
410.1
417.4
416.0
442.6
388.6
432.4
430. 3
426.3
418.2
435. 9
409.1
415.4
438.6
Jewelry
do
' 322. 6
302.9
302.6
298. 1
320.6
300.3
326.5
303. 7
291.9
294.3
322.5
314.3
312.1
Nondurable goods stores
do
'
290.
5
291. 2
292.
ft
300.3
277.
0
2»3.
8
310.
8
288.7
301.9
280.5
321.5
293.8
Apparel
do
313.9
' 254. 8
252. 3
255. 3
249.4
250. 1
246.5
252.6
248.8
251.4
254. 4
246.8
257.1
254. 6
Drug
.
do
'
418.
7
406.0
414.2
416.1
406.5
409.6
423.
1
418.5
407.7
410. 4
408.6
426.7
Eating and drinking places
do
418.3
372.3
324.4
329.0
329.8
363 4
369.0
322.1
332.3
322.0
331. 8
355. 2
357.0
Food
do -.
340. 6
243.3
177.0
201. 9
221.3
230. 2
238.8
200.2
203. 0
221.7
183.9
240.9
219.6
Filling stations
do
218.7
' 248. 8
254. 2
253. 1
251.6
245.2
249.5
272.6
249.0
240.9
266.6
236. 7
248.4
General merchandise
do _ _
258.0
r
351.
0
329
5
313.4
345.4
317.
5
353.
8
314.0
315.8
317.6
318.9
343. 3
335. 1
Other retail stores _
do
329.2
10, 162
9,971
9, 665
9,357
9,153
9,892
9,441
9,954
9,507
10, 626
10, 865
Estimated inventories total*
mil of dol
10, 022
3,926
3, 688
3,566
3,589
3,756
3,774
3.796
3,608
3,416
4,137
3,983
Durable goods stores*
do
3,854
6,236
5,918
5, 977
6, 175
5,749
5,587
6,136
6,025
6,180
6,728
6,643
Nondurable goods stores*
do
6,168
Chain stores and mail-order houses: f
' 2, 014
1,871
2,319
2, 851
1,997
2,036
2, OSS
2. 158
1,938
1,668
2,031
2,348
2,133
Sales estimated total*
do
'173
244
181
187
352
170
253
153
240
229
246
260
246
Apparel group*
- do
32
27
65
30
41
25
47
45
39
27
40
55
44
Men's wear*
_.
do
80
82
162
115
90
113
72
118
111
103
88
116
109
Women's wear*
do
'46
44
69
55
68
68
53
96
71
41
62
67
72
Shoes*
do
28
44
44
45
46
27
41
56
28
35
38
47
42
Automotive parts and accessories*
do
'80
93
68
117
97
99
76
63
74
83
90
88
112
Building materials*
do
'66
66
69
69
68
64
67
65
65
97
70
68
66
Drug*
do
52
' 51
54
51
52
50
52
54
48
47
50
52
Eating and drinking*
do
21
21
25
24
27
24
42
29
22
26
35
27
Furniture and housefumishings*
do
449
509
954
431
552
473
518
645
532
389
508
696
593
General merchandise group*
do
Department, dry goods, and general merchan249
231
304
328
279
366
303
303
528
202
280
399
dise*
mil. of dol__
347
84
82
85
77
88
84
126
77
96
68
130
132
Mail-order (catalog sales)*
do
108
105
121
129
127
116
115
108
122
281
140
101
153
Variety*
do _
126
804
722
725
754
748
661
6S3
786
629
713
689
755
662
Grocery and combination*
do
Indexes of sales:
259.0
295.6
268.8
301.6
257.0
377.2
275. 5
275. 6
277.1
258.3
263.6
240.6
320.0
Unadjusted, combined index*
1935-39=100..
291.0
' 289. 8
292. 0
280.5
280.3
287.7
280.9
301.9
269. 9
275.7
278.6
262.0
297.4
Adjusted, combined index*
__do_ _ _
326.1
'281.1
305. 0
300.8
290.1
306.5
300.6
320.8
308. 0
261.6
287.9
292.0
323.3
Apparel group*
'
do
346.5
292.1
' 278. 0
288.5
304.5
286.3
268.2
294. 4
286.7
305. 7
276.5
260.8
333.7
Men's wear*
do
390.2
365. 9
' 353. 5
382.3
360.3
397.3
365.3
388.1
379.9
394. 2
365.7
319.0
398.0
Women's wear* _.
do
' 211.2
253.7
241.2
240.8
246.6
256.9
217.3
217.1
229. 7
233. 4
217.3
205. 8
244.8
Shoes*
_
_ do .
228.3
' 205. 3
199.5
241.6
232.4
213.3
225. 2
240.0
251.8
219.1
246.0
201.2
250. 4
Automotive parts and accessories*
do
361.5
'
355.
0
346.1
328.6
334.8
334.
4
306.
5
325.
1
333.
7
299.9
326.1
313.3
322.7
Building materials*
do
229.7
' 228. 0
222.9
234.5
227.2
223.9
226.8
229.1
229.0
231.9
230. 2
236.0
226.0
Drug*
. _ do ..
221.3
' 220. 2
226. 5
222.8
220,2
219.1
219.0
223. 5
22C.8
218.7
221.8
220.8
211.9
Eating and drinking*
do
265.1
258.2
249.1
245.9
243.1
256. 9
269.3
224.2
242.0
218.5
234.4
257.4
279.3
Furniture and housefumishings* __ .do
286.3
'
268.
4
272.0
275.2
273.9
272.4
306.0
271.7
275.0
259.2
244.7
267.0
292.6
General merchandise group*
do
Department dry goods, and general merchan347.9
322.4
350.5
' 322. 3
324.6
332.6
329.0
322.4
322. 7
316.6
282.3
307.4
347.9
dise*
1935-39=100
259.0
256.5
270.0
305. 0
256.3
269. 1
265.8
276.3
265. 7
239. 9
244.1
234.4
283.0
Mail-order*
do .
193.4
208.7
205.4
194.2
240.4
192.
9
193.7
192.7
207.4
192.9
197.2
2C4.4
214.7
Variety*
do
326.0
320.5
337.5
316.7
322.4
350.1
353.7
316. 1
311.3
320.1
339.5
306.8
338.1
Grocery and combination*
do
Department stores:
Accounts, collections, and sales by type of payment:
Accounts receivable:
206
165
145
167
'264
167
180
146
204
154
181
160
163
Charge accounts!.
_..1941 average=100._
84
136
'127
82
124
81
83
87
111
95
75
79
73
Instalment accounts §
do
Ratio of collections to accounts receivable:
51
54
53
'54
53
54
53
49
56
55
57
52
56
Charge accounts §
percent..
24
29
28
31
23
28
31
30
30
28
33
30
29
Instalment accounts!
do
Sales by type of payment: *
54
57
54
54
56
55
53
53
53
55
55
56
56
Cash sales
percent of total sales..
38
39
39
37
40
40
40
40
39
39
39
38
38
Charge account sales
- do
7
6
7
6
6
7
7
7
6
6
6
6
6
Instalment sales
do
' Revised. §Minor revisions in thefiguresprior to November 1941 are available on request.
*New series. See note marked "*" on p. S-8 of the September 1947 Survey for reference to tables giving data through 1943 and 1945 revisions for the chain-store series; the adjusted
indexes beginning: 1942 shown in those tables and later data published currently were revised recently because of changes in the seasonal adjustment factors and the dollar figures for the general merchandise group and the total beginning January 1946 were revised in the January 1948 Survey, necessitating further corrections in indexes for 1946 and 1947; revised indexes for!942-46
and dollar figures for 1946 for the two series affected are shown on p. 11 of the January 1948 Survey. See p. S-9 of the August 1944 Survey for data beginning June 1943 for the series on department store sales by type of payment. Data beginning 1939 for retail inventories will be published later.
fRevised series. Data were revised in the January 1948 Survey; see note marked "t" on p. S-7 for explanation and reference to revised data.
1
SURVEY OF CUEEENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-9
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Department stores— Continued
222
Sales, unadjusted, total U. S.f
1935-39=100..
298
Atlanta!-.
do_ __
171
Bos ton f
do
210
Chicago* _ _. _. _
do. _
210
Cleveland!
do
Dallasf .
..
... do _.
306
247
Kansas Cityf
do
'201
Minneapolis!
do _.'
188
New York!
do
'189
Philadelphia!
-- do .
226
Richmond!
do
244
St. Louis!
do .
281
San Francisco!- _
do
r
265
Sales, adjusted, total U. S.!
do
338
Atlanta!_
_ .,
.. do __
219
Boston!
do
262
Chicago!
do
256
Cleveland!
do
••348
Dallas!
do
272
Kansas City!
do
261
Minneapolis!
do
224
New York!
.
_ do __
'231
Philadelphia!
do
'282
Pichmond!
.
do .
290
St. Louis! _ . .
do _ _ .
311
San Francisco!
do
Stocks, total U. S., end of month;!
'251
Unadjusted
1935-39=100..
'274
Adjusted
do
Mail-order and store sales:
Total sales 2 companies
thous. of dol '186,078
' 71, 483
Montgomery Ward & Co
do
114, 595
Sears. Roebuck & Co ._
do
Rural sales of jreneral merchandise:
279.6
Total U S unadjusted
1929-31=100
266.0
East
_
do
430.4
South
do
235.5
Middle West
.-. do
295.0
Far West
•
do
345.6
Total U. S., adjusted
_. do
325.2
East
. . . .
do
471.9
South
.
. d o
296.2
Middle West
do
398.6
Far West
do
266
347
227
250
262
337
. 283
258
229
255
292
288
299
272
347
237
260
257
347
298
279
229
236
307
294
318
'269
350
227
258
266
347
290
264
223
248
290
297
302
277
353
227
261
272
377
296
257
235
258
299
306
320
280
349
241
276
283
356
297
269
237
261
301
315
302
291
367
244
276
298
379
316
270
253
275
303
321
325
'266
307
232
270
267
307
281
264
231
238
278
269
299
290
365
249
278
284
361
305
278
254
264
317
299
330
219
269
164
219
220
288
250
217
171
185
215
249
278
287
336
237
281
281
378
294
268
255
257
301
320
327
236
310
176
224
237
327
277
242
179
193
233
264
308
283
352
234
266
273
376
298
271
246
258
282
307
348
299
368
248
296
293
387
336
311
244
267
322
340
336
292
361
236
290
290
368
346
287
234
267
303
337
336
'298
372
234
284
290
396
336
304
253
280
324
330
'343
'277
348
211
266
271
360
320
276
224
253
297
308
333
374
'460
306
364
371
507
392
335
323
370
394
428
410
301
383
248
298
296
415
327
281
248
278
310
339
339
483
619
419
455
479
633
505
424
408
460
542
516
554
303
394
243
293
309
388
337
277
241
284
322
337
'352
224
284
170
217
216
316
245
••214
192
264
214
239
'275
'284
355
216
271
284
390
306
286
240
268
286
'291
r
340
*236
316
174
225
233
324
J»254
*206
202
*216
245
258
*287
v 283
359
223
281
284
368
»279
»267
241
P264
306
307
»317
264
273
262
264
253
252
236
241
232
230
245
227
255
231
283
251
294
272
241
281
'252
'288
f 278
»303
249, 263
97, 552
151,711
260,325
99, 623
160, 701
275,884
104, 322
171, 562
253, 091
89,635
163, 456
231,957
84, 330
147, 627
254, 738
97, 334
157, 405
306, 643
117,507
189, 136
333, 123
127, 144
205, 979
355, 255
129, 206
226,048
415, 686
148, 113
267, 573
230, 794
74, 116
156, 679
215, 575
75, 631
139, 9*4
331.0
358.2
423.2
289.0
350.5
376.9
398.9
468.6
326.2
425.8
307.6
309.3
409.5
263.5
336.5
334.6
324.6
464.8
282.1
376.8
292.5
296.3
382.9
250.6
328.8
318.6
322.1
451.5
264.7
365.7
287.7
278.0
384.3
251.1
335.3
315.8
302.8
478.0
266.0
351.8
243.1
223.2
332.0
215.1
288.7
333.0
313.5
489.0
291.5
352.1
306.6
297.0
403.9
262.5
372.8
374.8
372.6
560.2
318.2
404.8
375.9
340.6
523.6
320.8
446.9
355.6
346. 5
474.3
313.0
381.9
405.1
398.1
612.6
333.4
446.3
311.8
309.3
413.3
262.5
371.6
484.6
491.4
727.8
405.4
515.3
372. 5
381.2
530.1
309.2
424.8
466.6
448. 6
644.9
389.9
568. 2
291.8
269.4
429.3
249.9
348.1
273.8
262.8
423.8
224.6
301.4
359.7
345.8
535.7
293.6
410.1
299.8
295.7
462.6
250.5
309.4
370.5
361.5
507.3
315.1
418.1
4,996
1,736
3,260
6,729
4,977
1,818
3,159
6,823
4, 952
1,763
3,189
6,734
4,843
1,699
3,144
6,755
4,997
1,636
3, 361
6,660
5,093
1,669
3,424
6,768
5,654
1,819
3,835
6,888
6,392
2,032
4, 360
6,930
5,740
1,853
3,887
7,370
5, 877
1,926
3,951
7,499
5,468
'r 1, 772
3, 696
7,634
5 007
1, 756
3, 251
7,835
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales total
mil of dol
Durable goods establishments. __
do
Nondurable goods establishments
do
All wholesalers estimated inventories* _ do _
4,732
1,599
3,133
6,514
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment status of noninstitutional population:*
Estimated number 14 years of age and over,
107, 504
107, 330
107, 839
107, 590
107, 675
107, 755
107, 407
107, 190
107, 260
107, 979
107, 918
total..
thous._ 107, 060
108, 050
54, 561
54, 612
54, 370
54, 420
54, 460
54, 759
54, 661
54, 710
54, 506
54, 230
54, 805
54, 844
54 889
Female
.
. do
52, 943
52, 820
52, 840
52, 870
52, 978
53, 045
52, 901
52, 830
53,014
53, 080
53, 113
53, 135
Male ._ _ _
do
53, 161
1,294
1,371
1,398
1,570
1,241
1,352
1,326
1,327
1,470
1,530
1,280
1,620
1, 226
Armed forces
do
62, 664
60, 290
62, 609
59, 120
61, 665
60, 892
60, 216
58, 010
58, 390
60, 784
59, 590
59, 214
59, 778
Civilian labor force total
_ _ _ do
17, 803
18, 149
16, 320
17, 068
17,125
17, 449
17, 120
15, 950
15, 910
17,233
16, 698
16 752
Female
_
_
do
16, 368
43, 443
44, 861
44, 540
43, 551
43, 148
44, 460
42,100
42, 440
42,800
43, 170
42, 892
Male
do
42, 846
43 026
60, 079
59, 204
58, 595
58, 330
60, 055
56, 060
56, 700
59, 569
58, 872
55, 520
57, 947
Employed
_ _
do.
57, 149
57, 139
16,
944
16,
623
17,
3G2
16,547
16,
580
17,
008
15,
470
15,
SCO
16, 294
16,
714
15,
430
16, 002
15, 876
Female
do
41, 972
43, 071
42, 260
42, 753
40, 090
40, 590
40, 900
41, 750
41, 653
43, 022
42,158
41 273
Male
do
41 137
10,066
8,622
7,985
8,975
8,727
8,960
10, 377
7, 860
6,920
7, 240
6,962
Agricultural employment
do.
6,771
7, 060
50, 013
50, 583
50,609
49, 678
48, 840
49, 370
50, 594
50, 145
48, 820
48, 600
50, 985
50, 368
N on agricultural employment- . _ do
50, 089
2,121
2,584
1,621
2,555
1,687
2,420
2,490
2,330
1,960
1,643
1,912
Unemployed
do
2 639
2 065
43, 469
44, 203
45, 535
46, 330
43, 399
45, 544
46, 610
45, 570
47, 230
47, 430
47, 047
47, 046
Not in labor force. _ _
_ ._ do
47, 524
Employees in nonagricultural establishments:!
Unadjusted (U. S. Department of Labor):
43,298 '43,450 ' 44, 081 ' 43, 006 v 42, 731
42, 201
41, 919
43, 039
42, 363
42, 624
42, 043
41, 824
41, 849
Total.- _
thous..
15, 831 '15,872 ' 15, 965 ' 15,852 * 15, 741
15, 328
15, 233
15, 237
15, 595
15, 801
15, 429
15, 510
15, 475
Manufacturing
_ _ _ _ do.
895
884
893
866
896
894
879
856
880
897
'899
*>884
Mining
do
'895
1,896
1,768
1,534
1,685
1,904
1,847
1,619
1,502
1,849
1,895
1,788
Construction
. do
' 1, 692
v 1,607
4,092
4,144
4,115
3,970
'4,049
4,140
4,020
3,836
'4,042
4,011
4,110
Transportation and public utilities
do
' 3, 998
p 3, 993
9, 075
8,889
8,582
8, 552
8,545
8,558
8,565
8, 586
8.688
9,455
8,507
' 8, 834
Trade
.
do
*>8 782
1,586
1,590
1,561
1,583
1,588
1,567
1,554
1,555
1,546
1,591
1, 602
' 1, 595 * 1,605
Finance...
do. __
4,662
4,711
4,686
4,565
4,552
4,590
4,670
4,619
4,634
4,561
4,688
' 4, 723 v 4 732
Service
do
, 5,447
5,399
5,281
5,425
5,415
5,426
5,447
5,288
5,367
'5,450
' 5, 653
Government
do. .
' 5, 417
v 5, 387
Adjusted (Federal Reserve):
43, 077 ' 43, 142
42, 340
42, 103
42, 395
42, 065
42, 079
42, 449
42, 849
'43, 352
Total
_.
do. . 42, 354
'43 468 ?43 253
15, 784
' 15, 833 ' 15, 926 '15, 907 v 15 796
15,457
15,715
15, 358
15, 564
15, 513
15, 359
15, 529
15, 180
Manufacturing
_ _
do. __
r
895
879
856
884
897
896
894
866
880
'899
Mining
_
do
895
893
*>884
1,806
1,742
1,632
1,652
1,813
1,668
1,882
1,770
1,796
1,700
1,651
Construction
_ _ do. _
' 1, 859
* 1 766
4,092
4,040
3,855
3,970
4,052
' 4, 062
4,079
4,083
'4,049
4,074
4,110
Transportation and public utilities
do
' 4, 059
P 4, 033
8,761
8,811
8,695
8,631
8,776
8,801
8,669
8,688
8,638
8,637
8,836
Trade
do
' 8, 878
* 8. 916
'Revised. ^Preliminary.
*New series. See note marked "!" on p. S-9 of the September 1947 Survey for reference to data beginning 1939 or 1938 for the series on wholesalers' sales and inventories and recent minor
revisions in the sales figures. Estimates of the labor force for July 1945 to date have been published on a revised basis beginning in the September 1946 Survey; earlier revisions for these
series and 1940-46 data for the series on noninstitutional population will be published later.
!Revised series. For revised data for 1919-45 for the index of department store stocks see p. 24 of August 1946 Survey. See notes marked "f" °n PP* S-8 and S-9 of September 1947 Survey with regard to published and unpublished revisions in the estimates of employees in nonagricultural establishments and in the indexes of department store sales, except the indexes for the
San Francisco and Philadelphia districts; revised data for 1919-46 for the latter district are shown on p. 17 of that issue; the index for the San Francisco district has been revised recently; revisions for 1919-46 for this district will be shown later.
SURVEY OF CURRENT BUSINESS
S-10
April 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
February
March
April
May
June
July
August
September
October
November
December
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMP LO YM ENT—Continu ed
Estimated production workers in manufacturing
industries, total (U. S. Dept. of Labor)*
thousands. _
Durable goods industries .
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills
thousands. _
Flectrical machinery
do
Machinery, except electrical
do
Machinery and machine-shop products, do
Machine toolst
do
Automobiles
do
Transportation equipment, except automobiles
thousands. _
Aircraft and parts (excluding engines) t- do
Aircraft engines^
do
Shipbuilding and boatbuilding^
do
TSTonferrous metals and products
do
Lumber and timber basic products
_ do
Sawmills and logging camps§
do
Furniture and finished lumber products. ..do
Furniture §
do
Stone, clay, and glass products ._ _
do
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
thousands
Cotton manufacturing, 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 __
Newspapers and periodicals§
do
Printing, book and job§
do
Chemicals and allied products
do
Chemicalsf
do
Products of petroleum and coal.
do
Petroleum refining§
do
Rubber products
... _
do
Rubber tires and inner tubes §_
do
Production workers, unadjusted index, all manufacturing (U. S. Dept. of Labor)t-~1939=100__
Durable goods industries _ _ _ _ _
do
Iron and steel and their products
do_
Blast furnaces, steel works, and rolling mills
12, 593
6,502
1,562
12, 614
6,532
1,567
12, 524
6,528
1,567
12,341
6,426
1,555
12,404
6,488
1,562
12,294
6,307
1,547
12,640
6,401
1,572
12, 832
6,473
1,580
12,850
6,518
1,583
483
601
1,181
385
59
791
482
599
1,189
386
58
798
487
567
1,197
386
57
807
491
554
1,194
384
55
751
497
574
1,185
382
53
789
498
557
1,149
373
50
785
503
559
1,175
376
52
772
499
567
1,185
378
52
798
498
577
1,190
378
51
795
498
584
1,194
376
50
797
498
585
1,210
377
51
813
500
'577
' 1, 216
377
49
'811
472
142
29
141
432
598
477
441
235
424
6,091
471
141
28
140
430
611
489
440
234
427
6,082
477
142
28
144
424
627
503
433
229
429
5,996
466
138
27
140
412
651
524
425
226
418
5,915
463
134
27
140
401
665
535
426
227
423
5,916
395
129
27
88
386
658
531
419
224
411
5,987
397
131
27
87
390
679
552
433
230
424
6,239
406
130
27
93
394
678
550
438
233
427
6,359
420
134
26
100
397
681
550
446
239
429
6,332
'443
••133
26
118
'403
680
547
453
244
432
6,304
'454
'133
26
126
'406
678
544
457
247
433
6,320
'462
134
25
133
'402
'665
531
'459
249
'422
'6,229
P423
*6,228
1,247
1,242
1,223
1,197
1,179
1,158
1,172
1,192
1,217
1,238
1,256
1,258
9 1,268
520
107
519
107
517
105
509
103
502
102
493
100
494
102
499
103
508
106
517
107
523
109
524
107
' 12, 882 ' 12, 961
' 6, 578 '6,641
1,592
1,605
' 12, 850 p 12, 740
' 6, 621 v 6, 512
' 1. 607 9 1, 597
P569
p 1,221
p 726
P452
P404
P661
P459
179
175
170
164
163
158
163
169
171
174
177
177
1,119
288
439
364
224
1,059
208
138
178
89
387
193
1,120
288
442
363
224
1,055
210
129
172
86
387
194
1,066
284
408
358
221
1,068
212
135
168
82
385
192
1,037
281
389
345
213
1,077
211
136
173
83
381
193
1,040
285
389
346
214
1,114
213
155
176
84
381
195
1,040
278
400
349
217
1,203
217
246
182
84
373
194
1,122
295
440
360
223
1,344
218
350
183
85
380
197
1,149
299
452
364
225
1,381
220
384
182
86
381
197
1,181
307
462
366
226
1,259
225
240
183
89
385
197
1,171
309
452
369
228
1,197
225
172
192
90
387
198
1,199
311
471
373
231
1,165
221
149
204
88
390
200
'1,203
308
476
'371
232
' 1, 102
215
127
197
'87
387
200
p 1,223
420
137
178
568
193
155
107
240
127
421
139
177
569
194
155
107
238
126
421
140
176
565
196
154
106
234
123
422
141
175
561
196
158
109
223
119
423
142
176
543
199
160
110
219
118
422
142
176
547
198
163
112
212
115
426
143
176
547
196
163
112
215
117
429
144
178
563
195
163
111
215
113
433
145
181
572
195
162
110
220
114
435
145
182
577
196
163
110
223
115
436
146
183
579
198
162
110
225
115
431
144
181
'575
198
'161
110
223
114
*430
153.7
180.1
157.5
154.0
180.9
158.1
152.9
180.8
158.0
150.6
178.0
156.8
151.4
179.7
157.5
150.1
174.7
156.1
154.3
177.3
158.5
156.6
179.3
159.3
156.9
180.5
159.7
' 157. 3
' 182. 2
160.6
158. 2
183.9
161.9
' 156. 9
' 183. 4
' 162. 1
9 155. 5
124.4
232.0
223.5
190.3
161.1
196.6
124.2
231.3
225.1
190.6
158.4
198.2
125.3
218.7
226.6
190.8
156.1
200.5
126.4
213.8
225.9
189.6
150.5
186.5
128.0
221.5
224.2
188.7
145.9
196.2
128.2
215. 0
217.4
184.5
136.8
195.0
129.5
215.6
222.4
185.9
141.6
192.0
128.4
218.9
224.3
187.0
141.2
198.3
128.2
222.7
225.1
186.7
140.4
197.7
128.2
225.4
225.9
' 185. 9
137.4
198.2
128.2
225.8
229.0
'186.3
137.9
'202.1
128.7
'222.7
'230.0
186.5
135.0
'201.6
1
373
f 1, 075
p88
P385
P579
f 161
P218
P180.3
p 161. 1
Electrical machinery
do
v 219. 6
Machinery, except electrical
do
P 231.1
Machinery and machine-shop products do
Machine toolst
_
do
Automobiles
.
do
J>180.5
Transportation equipment, except automobiles
297.6
300.8
293.7
296.7
291.8
248.9
255.6
250.0
264.8
'291.2
••278.9
'285.8
9 284.6
1939= 100..
r
348.4
357.6
357.6
337.4
355.8
326.0
329.3
327.0
337.4
336. 2
' 335. 8
Aircraft and parts (excluding engines) J.do
338.7
303.4
321.8
314.9
315.8
302.5
299.9
301.1
299.2
Aircraft engines t
do
294.8
291.0
291.0
284.0
202.7
203.3
202.8
207.8
202.7
126.7
125. 8
134.3
Shipbuilding and boatbuilding}
do
144.7
169.9
181.5
191.9
188.9
184.8
179.6
175.1
187.5
168.6
170.0
171.7
Nonferrous metals and products
do
173.3
' 175. 7 ' 177. 2 ' 175. 3
P 176. 1
142.3
145.4
149.1
154.8
158.2
156.5
161.5
161,2
162.1
Lumber and timber basic products
do
161.7
161.3
'158.3
P157.3
152,1
160.3
155.7
167.0
170.5
169.4
175.2
175.8
175.4
Sawmills and logging camps§
do."
174.5
169.2
173.6
131.8
134.5
134.2
129.5
129.8
127.8
131.9
136.1
133.5
Furniture and finished lumber products.. do
138. 2
' 139. 8 P 139. 8
139.2
132.1
128.9
127.0
131.3
127.6
125.9
129.4
134.1
Furniture§
_
do
131.0
136.9
139.8
138.7
144.5
146.0
145.3
142.6
144.0
140.2
144.6
146.0
Stone, clay, and glass products...
...do
145.5
147.1
' 143. 7
147.6
144.1
130.9
133.0
129.1
132.8
129.1
130.7
Nondurable goods industries..
do
136.2
138.8
138.2
137.6
' 136. 0
138.0
P 136.0
Textile-mill products and other fiber manu109.1
106.9
104.6
108.6
103.1
101.2
102.5
106.4
factures
1939=100
104.2
108.2
109.8
110.0
v 110. 9
Cotton manufactures, except small wares §
124.1
123.5
124.4
121.7
119.9
117.7
118.1
119.3
121.5
123.6
125.2
125.1
1939=100..
84.4
84.3
83.2
81.5
80.3
Silk and rayon goods§
do
79.0
81.6
80.2
84.4
83.5
84.9
'85.5
Woolen and worsted manufactures (except
111.1
107.8
104.2
113.8
103.3
100.3
dyeing and
finishing)!
1939=100..
103.3
107.0
108.4
110. 5
112.4
112.5
Apparel and other finished textile products
135.0
141.7
141.9
131.4
131.7
131.7
142.2
145.6
148.3
149.6
151. 9
' 152. 4 P 154. 9
1939«100125.3
125.2
123.5
122.2
Men's clothing§
do
123.9
121.1
128.3
130.4
133.6
134.7
135.2
134.2
142.4
153.5
154.5
136.0
135.9
139.8
Women's clothing§.
do
153.9
158.0
161.5
158.0
164.4
166.4
103.0
99.4
104.9
104.7
99.8
100.6
Leather and leather products
do ,
103.8
106.4
105.6
104.8
' 106. 9 P 107. 9
107.4
97.1
97.2
92.1
95.6
92.9
93.9
Boots and shoes§
I.Ido.I..
96.7
97.5
97.8
98.5
100.4
100.2
123.9
125.0
123.5
126.0
130.3
143.1
Food and kindred products
do
157.3
147.3
161.1
140.1
136.4
'129.0
p 125. 8
110.2
111.4
Baking§
do .
109.5
111.0
112.0
113.7
114.5
115.5
117.9
118.1
113.1
116.0
Canning and preserving§
do
91.8
86.1
90.1
90.3
103.3
163.8
255.7
114.4
159.8
232.7
84.2
99.1
Slaughtering and meat packing§
I_.do.I..
131.9
127.7
124.3
128.0
130.6 135.0
135.5
135.5
142.0
134.7
145.7
150.8
r
Revised. * Preliminary.
tSee note marked "§" on p. S-10 of September 1947 Survey for reference to revised data for shipbuilding, aircraft and aircra ft engines, and machi ne tools.
§Data for the indicated industries (with the exception of newspapers and periodicals) have been revised beginniiig 1939 to a djust the s eries to 194 5 data frorn the Federal Securit y Agency,
see note marked "§" on p. S-10 of September 1947 Survey for reference to revised data for furniture and the clothing i ndustries, and p. 24 o f that issu 3 for revised data for 1939-46 for the boots
and shoes industry; revised figures for 1939-46 for sawmills and logging camps and the printing, book and job, industr7 are on p. 23 of the O ctober 1947 Survey; re visions bejWinning 1939 for other
industries will be shown later. Data for newspapers and periodicals were found to need no similar general revision; s ee Novem ber 1943 Su rvey for d ata beginn ng Augusi 1942.
*New series. See note marked "*" on p. S-10 of September 1947 Survey for reference to estimates for 1929-February 1946 of productioii workers f or all man ifacturing, total dura ble goods
and nondurable goods industries and the industry groups and data beginning October 1941 for the individual industiies, except as indicateid in notes marked "{>" and "I" above,
fRevised series. See note marked "t" on p. S-10 of the September 1947 Survey for reference to revised employment and ]pay-roll imlexes for 1939-41 for ttle individu al industries (except
as indicated in notes marked "§" and "t" above) and for 1939-February 1946 for all manufacturing, total durable goods and noiidurable gc>ods indust ries and th e industry groups.
SURVEY OF CUREENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-ll
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
EMPLOYMENT CONDITIONS AND WAGES— Continued
EMPLOYMENT—Continued
Production workers, index, unadjusted!— Con.
Nondurable goods industries— Continued
Tobacco manufactures
1939=100
Paper and allied products
_ do
Paper and pulp§
do
Printing, publishing and allied industries, do
Newspapers and periodicals!
do
Printing book and job§
do
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
Production workers, adjusted index, all manufacturing (Federal Reserve)!
1939=100..
Durable goods industries!
_
.do
Nondurable goods industries!
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Mining:!
Anthracite
1939=^-100
Bituminous coal
_-do_ _.
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas!
do
Public utilities:!
Electric light and power
do
Street railways and busses
do
Telegraph
do
Telephone
do
Services:!
Dyeing and cleaning..
_
_ do
Power laundries
do
Year-round hotels _
do
Trade:
Retail, total!
do
Food*
.
.
do
General merchandising!
do
Wholesale!
do
Miscellaneous employment data:
Federal and State highways totalt
number
Construction (Federal and State)
do
Maintenance (State)
do
Federal civilian employees:^
United States
thousands..
District of Columbia
. . do
Railway employees (class I steam railways) :
Total
____.
thousands
Indexes: Unadjusted!
1935-39=100..
Adjusted! _
_ _ . _ do.
'93.5
P94.3
9 145. 0
' 145. 7
145.0
9 131. 0
*• 131. 3
121.6
141.5
' 199. 6 P200.8
282.8
' 152. 4 9 151. 6
149.9
'184.2
"180.3
209.2
95.4
145.9
140.4
128.1
115.7
139.4
197.1
276.7
146.0
145.4
198.2
233.3
92.2
145.9
140.4
128.2
116.9
138.4
197.5
277.9
145.9
145.7
196.5
231.4
87.5
145.0
139.6
128.5
117.9
138.1
196.2
280.0
145.4
144.3
193.5
227.0
88.4
143.7
140.3
128.6
119.0
137.2
194.8
280.9
149.3
148.6
184.5
220.0
90.2
143.4
141.3
129.1
119.7
137.8
188.5
284.3
150.8
150.1
180.7
217.0
89.8
140.7
140.9
128.8
119.8
138.2
189.8
282.8
153.7
152.6
175.2
212.3
91.6
143.0
142.7
129.8
120.5
137.7
189.7
280.8
154.1
152.8
177.8
214.9
92.3
143.5
142.9
130. 7
121.7
139.1
195.2
279.0
154.0
151.4
178.1
207.5
95.1
145.0
142.9
132.0
121.8
141.6
199.0
278.9
153.3
149.8
182.0
211.0
96.5
145.7
143.4
132.8
122.2
142.6
200.1
280.9
153.5
149.8
1845
212.2
94.4
146.9
144.8
133.0
'123.2
143.2
201.0
283.3
152.9
150.1
186.1
211.7
154.4
180.8
133.6
154.6
181.5
133.4
153.8
181.2
132.2
151.9
178.2
131.1
151.7
179.6
129.8
149.4
174.0
130.0
152.7
176. 2
134.2
155.7
178.8
137.4
156.4
180.4
137.5
156.8
181.9
136.9
157. 9
184.0
137.3
' 157. 5
' 184. 0
'136.7
82.9
90.4
87.6
97.1
91.7
81.8
89.7
88.6
98.7
92.0
80.1
83.0
89.6
103.1
92.6
81.1
88.1
89.4
104.3
93.3
80.3
88.7
90.4
105.7
95.5
78.7
82.1
89.1
106.0
97.2
81.4
88.4
89.5
106.3
97.4
80.7
89.2
88.3
105.4
95.7
80.9
89.9
87.4
104.5
94.5
80.9
90.5
87.8
103.4
'94.1
81.1
91.0
88.3
100.4
'94.0
80.8
'91.4
'88.4
95.6
94.1
103.2
131.1
201.5
186.9
104.0
131.0
100.7
188.4
104.8
130.9
104.5
127.2
105.7
130.7
102.8
159.2
107.5
130.4
102.3
190.4
109.3
130.9
101.6
193.3
110.2
130. 7
100.5
193.8
109.9
129.6
99.8
192.9
109.4
128.8
98.1
191.6
109.7
128.7
97.2
193.3
110.3
128.5
97.6
195.0
' 109. 8
'129.1
97.2
195.0
9 110. 9
"128.3
157.2
124.0
117.7
160.0
123.1
117.3
164.1
123.6
117.5
167.5
124.9
118.4
173.3
127.2
119.4
167.9
127.8
118.3
160.1
125.0
117.6
162. 1
124.3
117.4
164.4
123.1
117.7
' 159. 4
121.3
117.1
' 156. 5
120.9
118.1
' 152. 8
'120.1
' 117. 2
9 149. 3
9 117. 9
9 116. 4
109.6
111.2
119.4
111.9
111.2
112.8
122.5
111.7
111.5
113.7
122.9
110.5
111.3
113.9
121.2
109.7
111.4
113.7
120.6
110.5
110.2
113.0
116.7
111.1
110.0
114.7
115.7
112.2
112.4
112.6
122.8
113.3
115.8
115.0
131.3
115.5
119.8
116.1
143.6
116.5
130.4
117.4
176.1
116.9
' 114. 7
114.4
130.9
' 116. 2
9 113. 2
188, 212
46, 048
105, 699
199,338
52, 330
107, 855
213, 871
69,239
105, 407
240, 838
90, 695
109, 641
266, 966
107, 192
116, 465
285,865
116, 116
123,877
295, 234
125, 999
123,976
282, 762
120,546
117, 605
271,998
115, 565
113,058
246, 777
91,065
112, 332
218, 587
65, 336
110, 544
198, 438
47, 734
108, 224
1,966
219
1,944
218
1,926
215
1,907
" 212
1,850
205
1,817
198
1,784
196
1,767
195
1,774
195
1,773
195
1,766
196
1,769
198
9 1, 781
"200
1,353
129.7
133.0
1,354
129.9
133.2
1,375
131.9
134.0
1,395
133.8
134.3
1,405
134.8
132.0
1,413
135.5
132.7
1,411
135.3
132.5
1,393
133.6
130.4
1,387
132.9
128.6
1,370
131.3
130.2
1,363
' 130. 4
132.5
9 1,348
* 129.1
*> 134. 3
9 1,340
"128.5
9 131. 7
9 156. 2
9 181. 1
9 136. 6
"89.2
"88.4
9 116. 1
PAY ROLLS
Production-workers pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor)!
314.1
312.2
319.6
314.2
310.6
310.7
336.9
341.fi
345.0
1939=100
323.3
'356.7
350.2
349.9
349.9
353.8
365.9
350.1
344.6
372.0
••384.7
379.3
356.9
'399.5
392.6
Durable goods industries
.
do
294.2
306.7
304.4
287.9
297.6
316.1
324.5
' 331. 3
327.6
314.4
341.2
339.7
Iron and steel and their products ... do
Blast furnaces, steel works, and rolling
236.2
247.0
212.9
235.3
250.4
219.8
209.3
248.4
' 251. 2
260.4
'253.5
258.7
mills
1939=100..
407.1
429.6
432.6
442.2
422.9
396.6
422.3
463.1
420.3
466.0
472.1
462.0
Electrical machinery
do
423.0
429.5
434.6
419. 2
416.6
409.6
442.6
450.4
426.1
448.9
470.2
469.6
Machinery, except electrical
do
354.9
362.6
367.9
357.6
356.1
352.0
372.0
373.6
360.2
374.3
388.7
383.6
Machinery and machine-shop products do
275.6
263. 6
262.6
278.9
269.7
239.9
254.2
253.9
249.5
257.9
245.3
250.8
Machine tools§ . . . „ .
do
357.0
347.7
343.4
329.0
348.8
337.3
373.5
378.5
388.1
338.7
Automobiles§
do
419.8
399.0
Transportation equipment, except automo560.3
483.0
558.2
556.9
565.3
561.3
499.9
'544.1
532. 2
482.9
'588.1
596.7
biles
1 939 « 100
662.2
639.2
657.2
621.5
622.4
667.8
623.3
637.6
663.8
«• 653. 8
653.6
'668.7
Aircraft and parts, excluding engines § do
479.9
477.0
481.5
487.6
506.8
486.1
501.3
499.9
479. 2
486.7
503.5
482.9
Aircraft engines!
do
394.3
386.0
399.1
395.6
377.9
243.1
262. 0
289.9
316.6
241.8
378.9
416.7
Shipbuilding and boatbuilding!
do
346.2
359.0
354.0
349.0
360.0
326.6
343.6
353.2
••361.0
329.7
' 371. 2
365.3
Nonferrous metals and their products
do
310.1
323.4
351.4
374.9
310.7
359.8
388.6
387.6
387.3
388.6
390.2
372.7
Lumber and timber basic products . _ do.
333.4
334.5
384. 7
412.2
350.5
397.4
425.2
430.5
425.3
435.3
422.0
399.0
Sawmills and logging camps§
_ _ do
292.0
290.4
286.8
285.1
292.0
281.4
318.5
322.1
305.0
293.3
333.9
330.3
Furniture and finished lumber products.. do
282.2
278.9
289.1
288.8
284.7
274.4
315. 0
297.9
323.2
284.7
333.4
334.3
Furniture!
do
286.9
298.2
285.7
288.8
285.9
278.4
316.3
313.6
306.0
320.4
301.7
305.0
Stone, clay, and glass products
do _
279.2
271.5
274.2
277.4
272.3
279.1
302.5
306.2
304.7
290.4
314.8
Nondurable goods industries . _ _ _
do
308.7
Textile-mill products and other fiber manu248. 3
262.0
265.0
255.4
242.5
256.3
237.5
264.9
280.8
240.1
294.1
295.0
factures
^
1939=100
329.2
317.3
307.5
317.4
322.8
336.6
302.6
362.1
329.1
305.7
376.4
378.7
Cotton manufactures, exc. small wares§. do
221.5
213.3
212. 9
220.2
219.3
206.0
203.0
208.5
227. 6
236.6
' 248. 1
Silk and rayon goods!
_ _
do
252.6
Woolen and worsted manufactures, except
260.6
252.6
252.5
288.1
268.fi
274.7
243.0
270.4
233.6
276.6
294.4
dyeing and
finishing!
1939=100
292.0
Apparel and other finished textile products
272.1
314.1
317.5
279.8
274.9
278.9
318.5
302.3
336.0
319.6
353.4
343.3
1939=100..
267.1
270.5
281.3
280.8
284.9
273.0
260.0
301.5
Men's clothing!
do
264.8
303.5
309.5
313.4
340.0
260.3
264.1
277.7
344.8
283.1
323.1
334.7
349.5
Women's clothing !_._
...do
319.3
355.9
374.8
207.0
222.2
214.6
223.0
211.5
214.2
231.6
220.4
234.9
235.4
Leather and leather products
do
241.8
240.7
213.7
205.3
197.0
198.9
201.7
221.5
223.8
Boots and shoes!
do
204.8
209.9
223.5
231.9
233.8
243.1
239.3
252.8
267.8
242.5
331.6
309.6
295.8
325.6
300.6
Food and kindred products
do.
298.9
273.9
203.4
208.4
200.7
213.1
223.2
Baking!
do
201.7
230.8
218.4
218.0
227.8
229.2
221.5
207.2
197.4
211.7
217.8
249.3
683.8
437.9
Canning and preserving!
do
401.8
653.7
265.7
250.2
213.9
249.4
'227. 2
259.9
254.0
232.6
271.9
Slaughtering and meat packing!
do. _
280.9
271.7
317.4
270.0
338.9
304.2
Revised. * Preliminary. !See note on item on p. S-10 regarding revisions in the data.
JTotal includes State engineering, supervisory and administrative employees not shown separately.
ISee note on item in July 1944 and September 1947 Surveys regarding changes in the data beginning in 1943 or 1945. December figures do not include excess temporary post office substitutes
employed only at Christmas.
*New series. Indexes beginning 1939 for employment in retail food establishments are shown on p. 31 of the June 1943 Survey.
!Revised series. Revisions for 1939 through February 1946 for the adjusted indexes of employment in manufacturing industries will be shown later. See note marked "f'on p. S-ll of Sep.
ember 1947 Survey for reference to 1937-43 data for employment and pay rolls in the telegraph and telephone industries and 1939-41 data for the other Department of Labor series onnonmanufacturing employment and pay rolls, with the exception of the series for dyeing and cleaning and power laundries, and also for reference to earliest data published for the index of railway
employees. Employee definition for dyeing and cleaning and power laundries has been changed from "wage earners" to "production workers" with the resultant exclusion of driver-salesmen,
and the series have been adjusted to 1945 data from the Federal Security Agency. Revised data for 1939-46 will be published later. See note marked "f" on p. S-10 with regard to revised
unadjusted indexes of employment and pay rolls in manufacturing industries.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1947
February
March
April
May
June
July
1948
August
September
October
November
December
January
February
EMPLOYMENT CONDITIONS AND WAGES— Continued
PAY ROLLS— Continued
Production-workers pay rolls, mfg., unadj.t— Con.
Nondurable goods industries— Continued
209.9
181.6
219.8
214.5
182.8
194.8
193.1
201.0
216.3
203.0
205.3
200.0
Tobacco manufactures
1939=100
321. 5
290.9
290.9
327.5
314.4
291.1
319.6
298.7
300.6
309.6
288.1
298.0
Paper and allied products
do
289.4
281.4
284.4
302.1
327.3
279.8
325.0
309.6
312.3
317.3
319.9
317.0
Paper and pulp§
do
Printing, publishing, and allied industries
234.2
227.7
230.7
247.9
235.9
221.8
252.3
250.2
233.6
235.5
258.0
245.0
1939=100..
209.3
197.2
202.1
219.8
221.6
191.2
224.0
r 231. 0
208.9
214. 0
210.0
221.6
Newspapers and periodicals!
do
255.2
283.2
248.4
253. 5
272.8
255. 4
258.1
279.3
- 258. 9
286.7
254.8
266.6
Printing, book and job§
do
378.3
381.5
373.3
377.5
417.3
372.6
378.7
380.4
401.0
407.5
414.9
395.1
Chemicals and allied products. . >
do
511.6
520.9
506.4
527.3
528.2
600.8
561.3
529.8
555.8
533.7
527.0
540.8
Chemicals §
do
265.2
275. 7
286.2
256.8
262.1
308.2
312.8
304.5
295.6
302.7
297.0
297.2
Products of petroleum and coal
do
252.9
254.7
296.8
262.5
273.4
293.4
286.1
245.8
288.9
282.8
287.6
279.7
Petroleum refining!
do
383.9
374.3
376.8
375.6
361.9
385.0
396.5
352. 7
369.0
367.2
383.3
357.4
Rubber products
do
414.2
397.3
388.4
389.5
398.0
412.1
399.3
413.3
407.5
396.1
396.0
397.9
Rubber tires and inner tubes §
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Mining:!
206.2
155.5
227. 1
186.3
194.6
184.7
224.1
212.2
199.1
177.8
216.6
211.1
Anthracite
1939=100
275.2
189.8
252. 3
245.6
294.2
244.6
248.7
275.2
290.2
192.9
264.4
270.2
Bituminous coal
do
164.7
172.1
183.5
181.8
162.0
162.6
180.4
184.3
178.1
171.9
178.3
179.0
Metalliferous
do
233.2
261.2
251.3
213.7
220.9
241.7
205.6
250.2
241.7
251.2
259.6
258.5
Quarrying and nonmetallic
do
r
162.3
154.5
183.4
163.4
175.3
152.9
' 172. 9
173.9
169.9
173.4
179. 6
175.6
Crude petroleum and natural gas!
do
Public utilities :f
166.5
168.2
177.5
163.7
160.8
187.9
182.8
178.4
187.6
185.7
182.9
183.1
Electric light and power
do
223.2
222.1
218.6
218.8
220.0
219.5
230. 3
222.1
226.9
224.1
223.6
225.2
Street railways and busses
_
do _
218.8
239.3
208.1
226.9
185.4
198. 0
209.5
215.2
207.8
213.5
211.8
206.8
Telegraph
do
314.2
267.2
292.5
269.4
136.1
202.9
314.5
315.8
302.2
312.3
321.5
306.2
Telephone
do
Services:!
299.4
275.2
289.3
303. 8
328.4
310.5
313.5
301.7
' 293. 7
-292.8
285.6
285.0
Dye in e and clean in go"
.
do
227.3
222.2
223.2
239.3
232.9
238.5
236.2
232.3
231.0
233.6
226.8
231.3
Power laundriescf
do
230.4
226.9
226.4
216.8
219.4
233.2
222.4
221.1
216.6
228.6
222.0
221.0
Year-round hotels
do
Trade:
190.1
192.9
198. 5
201.6
187.5
216.5
237.1
210.0
207.1
195.3
197.6
202.5
Retail, totalf
. _
do
212.1
199.9
21£.4
213.8
206.0
202.8
209.2
197.1
221.5
213. 8
220.0
212.2
Food*
do
224.5
201.4
205.6
210.4
251.1
212.3
218.9
312.5
236.0
214.1
220.4
212.0
General merchandising!
do
206.9
198.0
190.4
191.6
214.9
191.4
190.8
213.6
213.7
196.5
203.3
198.2
Wholesale!
do
LABOR CONDITIONS
Average weekly hours per worker (U.S. Dept. of
Labor) :
40.4
40.4
40.0
- 40. 5
40.1
40.2
-40.4
40.6
- 41. 3
39.8
40.4
P40.0
39.8
All manufacturing!
-hours..
40.5
40.5
40.7
40.7
40.7
-40.7
41.0
40.9
v 40. a
41.7
40.0
40.0
40.6
Durable goods industries*
do
40.4
40.0
40.4
40.8
40.5
40.3
40.5
41.2
40.5
39.3
40.3
39.6
Iron and steel and their products*
do
Blast furnaces, steel works, and rolling
38.9
39.2
39.0
38.9
38.5
39.5
39.5
40.0
37.4
39.0
39.4
39.2
mills*
hours
40.0
40.5
40.0
40.6
39.8
40.4
40.6
41.1
40.6
39.8
39.8
39.2
Electrical machinery*
do
41.4
41.3
41.5
41.5
41.9
42.3
41.3
-41.2
40.9
41.3
41.1
40.5
Machinery, except electrical*
do
Machinery and machine-shop products*
41.6
41.5
41.6
41.6
42.0
41.5
41 .4
42.7
40.8
41.3
40.9
41.3
hours _.
42.1
42.3
42.0
42.2
42.3
43.1
42.0
42.1
41.6
41.4
Ml. 9
41.8
Machine tools*
_ _ _
do
38.3
38.8
39.7
38.5
-41.5
40.0
39.2
38.7
37.2
39.5
-39.8
37.7
Automobiles*
do
Transportation equipment, except auto40.2
39.8
39.8
39.7
-40.6
40.0
40.4
39.7
40.1
40.1
39.6
mobiles*
hours
'38.6
Aircraft and parts (excluding engines)*
40.1
39.8
39.6
-40.4
39.5
39.2
39.0
39.7
40.2
40.0
39.3
-39.3
hours. .
39.4
40.7
39.7
39.6
41.2
39.2
38.8
40.6
40.5
39.4
39.2
40.0
Aircraft engines*
do
38.4
39.9
40.4
39.9
40.9
40.7
39.9
- 40. 5
39:3
39.8
39. 5
Shipbuilding and boatbuilding*
do
i 36. 1
40.6
40.9
41.0
40.8
41.3
- 41. 8
30.7
39.5
40.2
40.8
40. 5
-41.1
Nonferrous metals and their products*. do
41.4
41.0
42.0
42.1
43.2
42.3
42.2
42.8
43.3
42.8
42.6
42.2
Lumber and timber basic products*.. -do
40.9
41.8
40.6
41.9
41.7
42.1
42.8
42.5
42.2
41.9
42.5
Sawmills and logging camps*
do
43.1
Furniture and finished lumber products*
41.9
41.7
41.5
41.5
41.7
-42.7
42.0
41.1
42.1
41.2
41.5
41.8
hours..
41.2
41.9
41.4
42.0
41.6
42.3
40.9
42.9
41.0
Furniture*-.
do
41.4
42.3
42.3
40.5
40.3
40.5
40.1
39.9
40.8
-41.0
40.6
Stone, clay, and elass products*
do
40.1
40.4
40.5
40.8
40.4
39.6
39.7
40.1
39.7
39.8
-40.0
40.8
40.2
Nondurable goods industries*
do
40.2
39.5
J»39.S
40.1
Textile-mill products and other fiber manu38.9
40.0
40.4
38.4
38.6
40.5
38.2
factures*
hours
41.0
39.5
39.7
40.1
Cotton manufactures, except small wares*
38.8
39.3
40.5
40.1
41.1
38.3
40.7
38.3
38.4
40.4
39.2
39.6
hours..
40.2
41.0
41.5
41.6
41.9
40.3
Silk and rayon goods*
do
-42.3
40.3
40.0
40/9
41.0
41.2
Woolen and worsted manufactures, except
39.2
40.1
41.0
39.1
39.4
39.1
41.2
41.0
36.6
dyeing and
finishing*
hours
40.2
39.7
39.6
Apparel and other finished textile products*
36.7
35.8
35.5
36.7
36.6
36.0
37.2
35.8
35.2
36.4
36.0
3fi.9
hours..
37.2
37.6
36.6
37.8
Men's clothing*
_
do
37.2
36. 5
37.0
35. 1
36.8
37.5
37.7
37.9
34.4
34.6
36.2
36.1
Women's clothing*.
do
36.4
35.0
34.6
36.0
34.8
35.0
35.8
35.3
39.0
38.1
38.3
39.5
38.1
Leather and leather products*.
do
38.2
39.0
-39.1
39.0
38.1
39.1
-38.3
37.8
39.2
38.1
38.0
37.7
Bodts and shoes*
do
37.8
38.6
38.8
37.7
-37.8
38.7
38.8
43.0
42.3
42.1
42.7
43.2
41.9
43.2
Food and kindred products*.
do
43.4
43.4
43.
3
42.8
42.5
2
2
2
43.0
42.5
43.2
242.5
42.6
Baking*. .
do
H2.7
2 42. 3
2 41.9
41.9
-41.6
41.9
241.6
37.7
37.0
38.0
S8.3
37.8
Canning and preserving*
do
39.9
42.6
37.3
42.8
40.9
35.9
37.7
41.9
41.8
42.7
44.0
44.5
44.5
43.2
Slaughtering and meat packing*. . do .
43.0
44.8
47.7
43.4
-46.9
36.3
37.5
36.7
37.8
38.2
Tobacco manufactures*
do
39.6
39.2
39.2
39.4
39.9
38.6
39.7
43.2
43.0
43.1
43.2
42.9
42.9
42.4
Paper and allied products*
. do
43.1
43.0
43.8
43.2
42.9
44.4
44.7
44.3
44.3
Paper and pulp* _
do
44.5
44.5
44.4
44.1
44.4
44.4
-44.9
44.5
Printing, publishing, and allied industries*
40.1
40.3
40. \
40.1
39.9
39.6
40.2
39.4
39.6
hours..
-40.5
40.0
-40.0
38.8
38.9
38.9
38.6
38.4
Newspapers and periodicals*
do
38.2
38.5
37.8
39.0
38.7
-39.1
-38.6
40.6
41.1
40.7
40.8
40.6
Printing, book and job*..
.do
40.5
41.4
40.0
40.7
-40.7
41.0
40.8
41.3
41.1
41.0
41.4
41.1
Chemicals and allied products*
do
40.9
40.9
41.4
41.5
41.0
41.6
41.3
40.9
40.8
41.0
41.0
Chemicals*.
....
do
40.9
41.1
41.4
41.3
40.7
40.5
40.8
40.9
40.2
40.5
40.0
40.1
Products of petroleum and coal* .... do
40.7
40.5
40.6
40.8
41.0
40.5
41.2
40.6
39.5
39.8
40.1
39.8
Petroleum refining*
do
40.6
39.9
40.7
40.3
39.8
40.3
40.7
41.0
39.8
39.5
40.6
Rubber products*
.. do
39.0
39.1
38.6
40.9
40.1
38.7
39.6
39.9
39.9
38.2
38.2
39.3
37.6
Rubber tires and inner tubes*
do
37.7
39.5
38.2
37.9
37.8
38.9
38.7
38.9
r
!
Revised, p Preliminary.
The reduction reflBets incom plete retunn to previous work sc ledule afte r terminat ion of worl: stoppages and obser vance of A rmistice D ay in som(5 yards,
2
Not strictly comparable with data prior to Ma y 1947; coniparable A pril 1947 figure, 41.9. § See not e marked ' '§" on p. 8 -10. cfSee note marlfed "d1" o]a p. S-ll.
*New series. Indexes of pay rolls beginning 193 9 for retail food estat lishments are shown on p. 31 ofthe June It)43 Survey. Databe^ginning 1939 for the printing and publishing^industries
and the aircraft engine industries will be published later. Data beginning 1939 for all series on average hours will also be published later: see note in the September 1947 issue for reference to
earliest data published in the Survey and explanation of a change in January 1945 which affected the comparability of the data for the machine tools, aircraft engines, and shipbuilding industries.
!Revised series. See note marked "!" on p. S-10 with regard to revised indexes of pay rolls in manufacturing industries and note marked "f on p. S-ll with regard to revised data for
pay rolls in nonmanufacturing industries. Data beginning 1942 for average weekly hours in all manufacturing industries are available in the March 1943 and later issues of the Survey;
revised data prior to 1942 have not been published in the Survey and will be shown later.
SURVEY OF CURRENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-13
1948
1947
February
March
April
May
Juno
July
August
September
October
November
December
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Average weekly hours per worker— Continued
Nonmanufacturing industries:
Building construction
hours
Mining:
Anthracite
do
Bituminous coal
_
do __
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas
do
Public utilities:
Electric light and power
do
Street railways and busses
do
Telegraph
do. __
Telephone
do
Services:
Dyeing and cleaning
do
Power laundries
__
do
Year-round hotels
do
Trade:
Retail
do
Wholesale '
do
Industrial disputes (strikes and lock-outs) :
Beginning in month:
Work stoppages
__ .
_ number
Workers involved
thousands
In effect during month: •
Work stoppages
number
Workers involved
. thousands
Man-days idle during month. _._
do
Percent of available working time*
U. S. Employment Service placement activities:
Nonagricultural placements t
thousands
Unemployment compensation (Soc. Sec. Admin.) :
Initial claims*
- - thousands
Continued claims©
do
Benefit payments:
Beneficiaries, weekly average©
do
Amount of payments
_thous. ofdol
Veterans' unemployment allowances:*
Initial claims
- _ _ _ thousands
Continued claims
do_ _
Claims filed during last week of month... do
Amount of payments
thous. of dol 1
Labor turn-over in manufacturing establishments:^
Accession rate
monthly rate per 100 employees
Separation rate, total
do
Discharges « _
do
Layoffs
do
Quits
_
do
Military and miscellaneous
. do
36.9
38.0
37.1
37.7
37.7
37.9
39.7
38.0
38.0
36.6
'37.9
37.3
35.1
43.6
42.0
42.8
40.3
39.8
43.7
41.6
43.5
39.6
32.3
36.4
41.8
44.5
40.8
37.2
44.3
42.2
45.6
40.5
39.2
43.7
42.6
45.6
41.9
37.0
31.8
41.2
45.2
40.6
38.5
39.1
41.4
46.1
40.1
38.2
39.1
41.6
46.1
40.3
40.0
39.9
42.3
46.4
40.0
36.2
'38.5
••41.7
44.6
40.9
38.4
41.2
••42.8
44.4
'39.5
39.0
40.9
42.5
42.7
39.9
41.6
48.0
44.0
38.0
41.0
47.8
43.7
37.9
42.2
47.8
47.3
26.9
41.6
47.6
46.0
31.5
42.2
47.4
44.8
37.5
42.1
46.3
44.8
38.4
42.4
46.6
44.8
38.7
42.0
46.1
44.5
39.1
42.1
45.7
44.8
39.3
42.4
45.4
44.0
39.5
42.1
46.6
43.9
39.0
42.4
46.1
44.4
38.9
41.1
42.5
44.3
42.0
42.4
44.7
41.9
42.8
44.9
42.6
42.7
45.0
42.9
42.8
45.2
42.1
42.6
44.9
40.8
42.2
45.0
41.9
42.4
44.1
41.5
42.3
44.0
'40.9
41.7
44.4
'41.6
42.6
44.1
41.5
42.3
43.7
40.1
40.8
40.0
40.8
40.0
41.2
40.0
41.2
40.8
41.6
41.1
41.1
41.0
41.1
40.0
41.2
40.0
41.3
39.5
41.4
39.7
41.6
39.8
41.1
5300
575
5370
595
5480
5630
J>470
5225
5380
5450
5300
5250
J-335
5110
5200
575
5175
560
5150
545
5120
530
5175
575
5200
570
5500
5155
5 1, 300
5.2
5575
5170
v 1, 200
5.2
5700
5675
58,600
51.2
5775
5690
9 6, 800
51.0
5675
5575
9 4, 000
5.6
5550
5625
54,000
5.5
5550
5250
52,500
5400
5175
5 2, 000
5350
5145
51,900
5275
J>300
5100
51,000
5110
5700
5225
5 50
5500
5250
5100
5.4
5.3
5.2
5.1
5.1
5.1
5.1
348
391
419
442
453
454
484
546
528
451
397
374
344
731
4,487
739
4,684
1,020
4,833
1,166
4, 802
878
4,905
942
5,219
623
4,296
"566
3,742
'618
3,359
'603
2,848
830
3,700
'967
' 4, 041
899
4,242
911
65, 910
975
71, 545
930
71, 569
940
72, 295
' 1,007
73, 559
••954
76, 534
••915
66, 804
779
' 59, 258
656
52, 774
593
41, 677
621
52, 202
'777
' 59, 161
849
60,730
444
4,504
1,149
88, 401
397
4,424
1,012
89, 100
373
3,913
850
78, 868
354
3,173
677
63, 763
493
3,021
722
58, 542
476
3,446
759
66, 239
386
3,023
715
59, 521
283
2,448
528
53, 336
289
1,939
419
38, 153
290
1,609
395
29,554
398
2,241
443
40 209
'437
'2,553
628
48, 933
374
2,637
651
49, 466
5.0
4.5
.4
.8
3.2
.1
5.1
4.9
.4
.9
3.5
.1
5.1
5.2
.4
1.0
3.7
.1
4.8
5.4
.4
1.4
3.5
.1
5.5
4.7
.4
1.1
3.1
.1
4.9
4.6
.4
1.0
3.1
.1
5.3
5.3
.4
.8
4.0
.1
5.9
5.9
.4
.9
4.5
.1
5.5
5.0
.4
.9
3.6
.1
4.8
4.0
.4
.8
2.7
.1
36
3.7
.4
.9
2.3
1
54.6
54.4
5725
5 .4
pl.2
52.7
5.1
WAGES
Average weekly earnings (U. S. Dept. of Labor) •
49.17
51.05
47.29
T 52 73
47.69
47.50
50.43
48.44
f 51. 29
49.33
48.98
' 52. 17
5 51 52
All manufacturing t
dollars
52.46
54. 69
49.74
50.34
51.72
54.06
50.30
52.99
' 54. 86 r 56 51
' 55. 68 5 54. 52
52.19
Durable goods industries t-- —
-- do_
56.61
54.53
50.33
56.21
53.71
51.31
51.78
55.18
56.96
53.67
Iron and steel and their products!.
do_ _
' 58 18 57.78
Blast furnaces, steel works, and rolling
58. 25
58.56
50.67
51.77
52.83
56.26
58.12
58.96
59. 52
55.23
60.46
mills!
dollars
60 01
51.53
54.10
48.13
49.07
48.36
50.24
53. 46
54.32
51.57
52.00
55.00
Electrical machinery! _
do
55 34
r
55.74
57.87
53.22
53.82
54.25
57.36
56.30
57. 92
55.20
56.06
59.33
Machinery, except electrical!
do
' 59 76
Machinery and machine-shop prod55.07
52.61
56.75
54.44
56.41
53.10
53. 31
57. 03
55.53
55.00
58.33
ucts!
dollars
59 22
56.09
57.77
56.46
59. 25
56. 06
57.13
58.69
58.31
56.78
59.53
59.44
Machine tools
_ _ _ do
61 34
54.14
60.30
54.29
55.45
57.48
55.76
T
65
04
55.96
59.35
56.44
Automobilesf
do
' 61. 30
61.90
Transportation equipment, except auto54.34
55.75
54.25
54.29
55.31
55.59
56.02
56.54
58.08
' 56. 42 r 59 53
59.21
mobiles
__ _
dollars
53.41
52.54
56.01
53. 22
52.42
52.58
55.30
54.44
54. 48
* 55. 48
55.17
A ircraf t and parts (excluding engines) do
56 53
54.77
53.02
54.76
53. 69
55.44
56.58
59.19
56.19
58.43
57.52
59.30
Aircraft engines*
...
do
60.39
r
59.31
55.37
56.97
56.59
57.91
56.77
56.93
57.71
57.79
64.05
55. 20
Shipbuilding and boatbuilding _ . do .
61 74
50.12
50.26
51.15
51.07
r 55 42
50.30
51.12
52.62
53.59
52.06
'54.27
55.10
Nonferrous metals and products t
do
41.18
40.31
41.01
45.04
45.32
43. 06
45.41
45.23
43.57
Lumber and timber basic products f._ do. .
45.30
' 45 65 44.42
39.89
39.12
41.95
44.05
39. 81
44.14
44. 58
42.86
42.85
44.09
Sawmills and logging camps. __
do
44.27
44 20
43.45
r 47 72
42.80
43.00
42.87
44.24
43.51
44.09
45. 38
46.53
47.07
" 46. 32
Furniture and finished lumber products f do
45.04
44.20
43. 99
44.21
46.24
44.33
44.12
44.58
47.76
48.62
48 07
Furniture f
do
49 10
47.24
45.49
46.49
48. 54
46.38
49.06
49.57
48.00
50.38
49.90
'r 50. 47 r 51 03
Stone, clay, and glass products f
do
r
r 48 74
44.67
44.40
44.89
44.88
45.61
45.78
46.78
45.31
47.29
47. 56
48. 44 M8 39
Nondurable goods industries t
do
Textile-mill products and other fiber
40.12
40.32
39.89
41.01
39.54
41.39 • 41.94
39.48
39.44
43.73
manufactures!
. _.
dollars
45.16
45 15
Cotton manufactures, except small wares!
37.56
39.22
38.53
37.73
37.10
37.21
38.55
37.50
39.22
43.81
dollars
42.47
43 64
r
41.94
40.89
41.73
41.45
41.65
40.97
41.17
43.23
43.57
44.84
47.55
Silk and rayon goodsf --do
46 48
Woolen and w o r s t e d manufactures
45.26
47.44
46.28
42.28
45.28
45.75
46.99
(except dyeing and finishing) f
dollars.
45.33
46.70
46.95
48.56
49.17
Apparel and other finished textile products!
38.41
35.44
38.74
35.36
36.50
36.57
37.64
35.77
39.94
38.78
37.09
dollars. 39 07
41.99
40.45
41.86
41.49
40.17
43 24
38.66
41.35
41.05
43. 79
42.78
42 24
Men's clothingf
do
42.32
47.75
48.77
41.58
43.81
45.49
Women's clothing§
do .
41.87
45.78
46.91
43.82
48.76
46 84
r
39.44
40.29
40.11
39.45
40.12
40.25
40.30
41.89
42.18
41. 93
Leather and leather products!
do
42.58
42.62
38.%
38.91
37.96
37.78
38.32
38.30
40.12
Boots and shoes
do
38.49
40.41
' 39. 98
41.30
40.98
' Revised.
5 Preliminary.
• See p.. 23 of December 1946 Survey for 1944-45
- data..
© Computed from weeks compensated in weeks ended during month.
0 Small revisions for January 1940 to May 1944 are available on request.
d" Rates refer to all employees and are therefore not strictly comparable with data prior to 1943 published in the Survey.
§ See note in September 1947 Survey regarding a change in January 1945, also in 1942 for women's clothing industry, which affected the comparability of the data.
* New series. See note marked " *" on p. S-12 of the September 1947 Survey for reference to available data for the series on average weekly hours in nonmanufacturing industries with the exception of year-round hotels which has not been included previously. Data are available beginning 1939 for average hours in year-round hotels, average weekly earnings in the aircraft engine
industry, and initial unemployment compensation claims, beginning September 1944 for veterans' unemployment allowances , and beginning 1927 for man-days idle as a percent of available
working time.
t Revised series. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have been shown on a revised basis beginning in the March 1943 Survey; see note
in that issue for an explanation of the revision.
SURVEY OF CUKKENT BUSINESS
S-14
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued
Average weekly earnings— Continued
All manufacturing— Continued
Nondurable goods industries— Continued
49.38
46.05
47.71
46.20
' 50. 92
49.04
49.45
46.40
49.90
49.61
48.27
48.40
Food and kindred products!
dollars. _
1
1
1
i 47. 03
45.26
i 45. 52
i 44. 84
* 47. 43
i 46. 26
46. 85
45.17
45.80
46 14
45. 50 1 45. 81
Baking §
do
41.14
41.18
37.94
36.82
38.50
45.88
37.40
39.39
39.37
39.96
43.69
44.75
Canning and preserving!
do -..
r
54.33
56.82
50.22
53. 37
57. 12
61.57
52.82
54. 98
49.87
54 40
Slaughtering and meat packing
do
61. 31
55 31
37.26
35.44
34.84
37.97
35.21
39.16
37.67
37.74
37.33
36.30
34.46
37.90
Tobacco manufactures!
do -_
53.22
50.72
48.20
' 53. 69
' 52. 80
47.92
47.42
48.79
51.99
52.22
51.06
49. 95
Paper and allied productsf
.-do
57.85
54.83
52.07
'58.21
' 57. 40
57.14
50.98
56.30
51.27
56.36
Paper and pulp
do
52.84
57.10
Printing, publishing, and allied industries!
56.74
62.56
63.57
61.61
' 62. 30
61.62
59.48
58.19
59.76
58.69
59.37
dollars
59.55
69.11
65.29
67.74
' 69. 78 '71. 33
69.40
64.25
63.00
69.18
67.16
67.10
66.53
Newspapers and periodicals*
..do ._
60.32
' 59. 35
56.81
56.41
' 60. 35
58.32
55.95
55.67
56.77
54.07
56.13
58.63
Printing, book and job*
do
54.38
53.15
48.93
' 53. 73
52. 67
48.17
51.81
51.27
48.60
50.59
49.80
51.00
Chemicals and allied products!
do .
57.44
60.97
59.21
55.45
' 60. 07
58.46
55.33
55.10
57.73
56.35
57.98
56 80
Chemicals
do
64. 45
60.62
' 63. 21
62.54
55. 39
61.84
60.94
56.53
57.41
59.64
Products of petroleum and coal!
do
57.92
60.57
67.54
66.32
65. 86
63.12
60.01
63.51
64 75
64.12
57.75
60.24
59.15
Petroleum refining
do
62 17
57.24
55.92
55.23
' 59. 47
57.99
57.76
57.62
55.74
54.06
52.97
55.49
Rubber products!
do
55.30
62.72
65.74
61.64
64.86
61.15
58.05
64 75
62 06
59.90
61.12
63.78
Rubber tires and inner tubes
do
61 35
Average hourly earnings (U. S. Dept. of labor):
1.186
1.236
' 1. 278 '1.287
'1.268
1.249
1.226
1.170
1.207
* 1.287
1.258
1.180
1.230
All manufacturing!
. . dollars.
r
' 1. 357
1.243
1. 346
' 1. 355
1.331
1.229
1.337
1.312
1.303
1.305
v 1. 354
1.236
1.278
Durable goods industries!
do
1.417
' 1. 412
'1.404
1.396
1.397
1.376
1.280
1.269
1.363
1.365
1.258
1.333
Iron and steel and their products!
-do. .
Blast furnaces, steel works, and rolling
1.526
1.347
1.488
1.510
1.519
1.513
1.502
1.333
1 472
1.478
1.317
1.445
mills!
dollars
1.354
1.314
1.210
1.264
1.346
1.331
1.308
1.339
1.325
1.295
1.203
1.212
Electrical machinery!
do
1.416
1.308
' 1. 413
' 1. 404
1.395
1.400
1.377
1.371
1.334
1.298
1.290
1.363
Machinery, except electrical!
do. _Machinery and machine-shop products!
1.389
1.353
1.279
1.381
1.391
1.374
1.349
1.275
1.336
1.307
1.370
1.267
dollars
1.415
1.334
1.424
1.412
1.394
1.405
1.408
1.334
1.381
1.366
1.325
1.357
Machine tools
»
do .
1.545
1.406
1.526
' 1. 540 ' 1.568
1.515
1.500
1 485
1.496
1.399
1.396
1.463
Automobiles!
do
Transportation equipment, except automo1.479
' 1. 466
' 1. 462
1.424
1.406
1.387
1.363
1.437
1.395
1.376
1.362
1.367
biles!
dollars
Aircraft and parts (excluding engines)
1.412
r 1. 413
1.372
1.326
'1.408
.386
1.395
1.341
1.328
1.381
1.338
1.332
dollars
1.461
1.465
1.461
1.443
1.461
1. 353
1.344
1.344
1.383
.460
1 428
1.435
Aircraft engines*!
do
1.567
' 1. 525
1.421
1.426
1.529
1.447
1.421
1.433
.460
1.490
1.418
1.442
Shipbuilding and boatbuilding
do
1.335
' 1. 327
1.234
'1.320
1.294
.309
1.312
1.289
1.260
1.226
1.286
1.222
Nonferrous metals and products!
do .
1.050
1.074
'1.056
.062
1.048
.990
1.025
1.063
.983
1.053
.979
1.033
Lumber and timber basic products! do
1.022
1.032
1.044
1.040
1.018
.972
1.056
1.006
.049
.965
.954
1.046
Sawmills and logging camps
do _
Furniture and finished lumber products!
1.108
1.061
1.032
1.122
1.117
1.046
1.031
1.058
.093
1.105
1.070
1.022
dollars
1.064
1.145
1.151
1. 137
1.085
.117
1.079
1.074
1.J30
1.089
1.059
1.049
Furniture
do
1.149
' 1. 246
1.250
1.190
r 1. 247
1.208
1. 227
1. 234
1.144
1.198
1.133
1.173
Stone clay, and glass products!
do
' 1. 210 P 1. 216
' 1. 195
1.140
1.122
1.185
1.165
1.158
1.139
1.175
1.119
1.150
1.107
Nondurable goods industries!
do
Textile-mill products and other fiber manu1.114
1.100
1.027
1.025
1.090
1.048
1.032
1.055
1.024
1.024
1.028
.997
factures!
dollars
Cotton manufactures, except small wares!
1.051
1.077
1.061
.977
.981
.985
.991
.970
.970
.979
.927
.973
dollars
1.137
1.043
'1.100
1.088
1.016
1.057
1.017
1.023
1.062
1.019
1.012
.996
Silk and rayon goods!
do
Woolen and worsted manufactures (except
1.156
1.191
1.193
1.188
1.159
1.158
1.169
1.160
1. 178
1.155
1.160
1.156
dyeing and
finishing)!
dollars
Apparel and other finished textile products!
.999
1.092
.988
K019
1.051
1.046
1.051
1.038
.994
1.020
1.049
1.045
dollars
1.105
1.172
' 1.136
1.116
1.090
1.094
1.106
1.120
1.104
1.098
1.106
1.097
Men's clothing! _
do
1.326
1.270
1.217
1.285
1.279
1.200
1.182
1.241
1.168
1.279
1.314
1.293
Women's clothing §
do
r
1.093
1.072
1.057
1.029
'
1.
092
1.
095
1.055
1.082
1.035
1.021
1.028
1.053
Leather and leather products!
do
1.057
' 1.057
'1.059
1.035
1.018
1.020
1.018
1.046
.998
1.000
.999
.989
Boots and shoes '
do
1.178
1.173
'
1.
175
1.129
1.097
1.
159
1.140
1.119
1.110
1.088
1.
121
1.088
Food and kindred products!
do
1
1
1
1
1
1. 131
i 1. 119
1. 104
1.115
1.065
U.115
1 1. 091
1.056
1 1. 067
1. 074
1.057
1.060
Baking§
do
1.062
1.025
1.113
1.093
1.034
1.045
1.018
1.100
1.083
.995
1.003
.997
Canning and preserving!
do
1.275
1.122
'1.291
' 1. 305
1.273
1.267
1.214
1.276
1.204
1.191
1.282
1.193
Slaughtering and meat packing
do
.984
.956
.949
983
.952
.954
.951
.950
.948
.939
.953
.937
Tobacco manufactures!
do
' 1.222
1.236
1.121
' 1. 226
1.215
1.210
1.165
1.133
1.196
1.190
1.109
'1.098
Paper and allied products!
do
1.303
' 1. 292 ' 1. 295
1.287
1.173
1.182
1.283
1.231
1.276
1.266
1.149
1.157
Paper and pulp
do
Printing, publishing, and allied industries!
1.579
' 1.556
1.499
'1.568
1.534
1.462
1.540
1.443
1.486
1.508
1.498
1.415
dollars
1.719
1.651
.699
1.789
' 1. 776 ' 1. 787
1.753
1.736
1.758
1.713
1.626
1.607
Newspapers and periodicals*
do
1.497
' 1. 481
1.406
1.406
r 1. 469
1.436
1.451
1.408
1.364
1.386
.397
1.336
Printing, book and job*
do
1.309
'1.291
1.287
1.273
1.252
1.232
1.192
.210
1.263
1.165
1.177
1.247
Chemicals and allied products! .. do ..
1.471
' 1. 453
1.448
1.432
1.390
.375
1.432
1.410
1.351
1.359
1.404
1.342
Chemicals
do
1.585
' 1. 551
1.518
1.494
1.509
1. 505
.448
1. 464
1.418
1.495
1.382
1.408
Products of petroleum and coal!
do
1.607
1.699
1.501
1.647
1.591
1.532
1.520
1.593
1.567
1. 570
1.451
1.488
Petroleum refining
do
r 1. 453
1.454
1.445
1.447
1.419
1.438
1.397
1.416
1.445
1.331
1. 445
1.330
Rubber products!
do
1.661
1.658
1.661
1.615
1.622
1.646
1.647
1.608
1.640
1.640
1.512
1.517
Rubber tires and inner tubes
do
Nonmanufacturing industries:*
' 1. 774
1.765
1.661
1.634
1.656
1.786
1.689
1.718
1.738
1.669
1.598
1.610
Building construction
do
Mining:
1.593
1.754
1.596
1.545
1.764
1.756
1.765
1.784
1.632
1.780
1.575
1.637
Anthracite.
.
do'
T
1.470
1.851
1. 851
1.819
1.489
1.483
1.826
1.491
1.484
1.798
1.787
1.740
Bituminous coal
do .
1.241
1.278
' 1. 365
' 1. 380
1.354
1.374
1.370
1.356
1.237
1.323
1.331
1.238
Metalliferous
do
1.121
1.092
1.178
1.156
1.080
1.175
1.176
1.169
1.146
1.129
1.069
1.062
Quarrying and nonmetallic
do .
' 1. 554 ' 1. 543
1.475
1.444
1.448
1.510
1.494
1.421
1.627
1.486
1.481
1.390
Crude petroleum and natural gas§
do
Public utilities:
1.341
1.343
1.358
1.428
1.378
1.388
1.410
1.426
1.392
1.374
1.352
1.390
Electric light and power
do
1.195
1.276
1.241
1.274
1.265
1.184
1.212
1.190
1.289
1.265
1.174
1.231
Street railways and busses. _
do
1.242
1.253
1.234
1.252
1.257
1.257
1.228
1.236
1.164
1.227
1.226
1.164
Telegraphed
do
'1.254
1.174
'1.229
1.241
1.218
1.189
1.241
1.215
1.124
1.230
1.141
Telephone§_
. . .
do
1.211
Services:
'921
.925
.892
.898
.924
.919
.899
.911
.894
.876
.888
.861
Dyeing and cleaning§
do
.807
.786
.771
.767
.786
.769
.797
.787
.756
.759
.757
.748
Power laundries §
.
do
.672
.650
.652
.687
.684
.693
.660
.642
.643
.696
.642
Year-round hotels.. .
do
.654
Trade:
1.025
1.012
1.013
.996
1.003
.974
.985
1.044
1.003
.957
1.016
.960
Retail
do
'1.314
1.281
1.258
1.262
1.257
1.241
1.303
1.289
1.231
Wholesale
do. .
1.229
1.300
1.230
r
Revised. » Preliminary.
1
Not strictly comparable with data prior to May 1947; comparable April 1947figures—weeklyearnings, $43.62; hourly earnings, $1.039.
§See note in September 1947 Survey regarding a change in 1945, also in 1942 for the women's clothing industry, which affected comparability of the data.
cfSee note in August 1947 Survey for explanation of increase in February 1947.
*New series. See note marked "*" on p. S-14 of the September 1947 Survey for reference to available data for the indicated aeries with the exception of hourly earnings for year-round
hotels which has not been included previously; data beginning 1939 for this item are available on request,
!Revised series. See note marked "!" on p. S-13.
SURVEY OF CURRENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-15
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAG E S—Continued
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr_.
Skilled labor
'
do
Farm wages without board (quarterly)
dol. per month
Railway wa^es (average class I)
dol perhr
Road-building wages, common labor:
United States average O
do
1.123
1.92
' 1. 118
1.92
1.138
1.94
1.146
1.94
1.189
2.01
1.217
2.07
1.221
2.08
1.221
2.10
1.244
2.12
1.260
2.12
1.264
2.12
1.173
1.146
107.00
1.136
1.136
1.140
114.00
1.133
1 137
1.264
112.00
1.250
1.305
1.290
.81
.84
.86
.88
.89
.92
118
121
122
122
122
123
125
126
128
129
132
134
» 137
104
79
14
107
81
14
108
81
14
108
81
14
109
82
13
110
82
13
112
83
13
112
84
13
114
85
14
115
86
14
116
87
15
118
88
16
J>121
»89
v 17
1.272
2.14
1.272
2.15
113.00
1.01
.91
PUBLIC ASSISTANCE
Total public assistance
mil. of dol
Old-age assistance, and aid to dependent children
and the blind, total .
_
mil. ofdoL
Old-age assistance. . ...
__do
General relief
- _ do _
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:!
1,731
1,707
1,713
1,699
1,683
1,654
1,670
1,724
1,739
1,746
1,706
1,671
1,746
Total
mil. of dol
962
982
973
1,028
1,034
1,040
1,048
1,060
1,018
1,033
993
1,007
958
Farm mortage loans, total
do
869
910
862
875
907
910
913
919
928
882
891
900
860
Federal land banks
_
do _121
103
124
129
133
100
107
115
126
111
118
123
98
Land Bank Commissioner
do
182
194
281
180
152
158
278
288
284
159
240
205
270
Loans to cooperatives, total
do
444
445
522
523
444
467
514
473
416
462
500
497
495
Short-term credit, total
_
do
83,502
72, 944
94, 058
78, 359
78, 295
82, 740
106, 520
81,799
75, 048
84, 897
83, 957
93, 966
80, 771
Bank debits total (141 centers) t
do
37, 504
35, 632
34, 779
30, 895
31, 391
33, 547
29,745
37, 615
46, 225
31,837
28, 331
32, 271
31, 738
New York City
do
56, 554
49, 955
60,295
49, 962
49, 267
49, 178
47, 464
46, 904
43, 199
56, 351
51, 002
46, 720
48, 500
Outside New York City
do
Federal5 Reserve banks, condition, end of month:
46, 583
44, 626
44, 882
44, 931
46,153
44, 425
44, 236
46, 547
47, 327
47, 712
45, 615
46, 991
47, 205
Asset ? total
mil. of dol__
22, 738
22, 205
22, 782
22, 906
22, 759
21, 875
23, 431
24, 846
22, 109
23, 181
22, 730
22, 170
22, 975
Reserve bank credit outstanding, total. .. do
327
85
92
137
179
125
538
331
296
185
356
431
70
Bills discounted
do _
21, 925
22, 168
22,329
22, 192
21, 549
22, 088
22, 593
22, 559
21, 872
21, 857
24,117
21,024
22, 209
United States securities
do
21,044
20,296
19, 689
19, 222
21, 701
19, 537
19, 113
21, 776
21, 497
20,723
20, 534
20, 039
21, 363
Gold certificate reserves
do
46, 583
44, 626
44, 882
44, 931
46,153
44, 236
46, 991
47, 327
47, 712
45, 615
44, 425
46, 547
47, 205
Liabilities, total
_
...do
19, 240
18,009
18, 249
19, 489
19, 731
18,718
17, 869
17,470
19, 807
20, 311
18, 695
17, 748
19, 431
Deposits, total
_ do
16, 956
16,007
16, 238
15, 826
15, 264
15, 895
17,062
16, 919
17, 899
16,112
16, 974
16, 784
16.601
Member-bank reserve balances
do
'768
864
399
991
654
344
841
847
J> 591
829
823
738
1,499
Excess reserves (estimated)
_ do
24, 481
24,090
24, 120
24, 022
24, 162
24, 156
24, 482
24, 154
24, 320
24, 045
24, 651
24, 820
24, 345
Federal Reserve notes in circulation
do
48.4
45.3
43.6
48.8
48.1
48.0
47.7
46.7
49.7
48.5
48.3
47.8
47.1
Reserve ratio
_
percent-Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month: t
Deposits:
44, 482
45, 124
47, 771
47, 145
46, 314
46, 150
47, 296
47, 056
46, 954
46, 626
48 833
48, 247
48, 685
Demand adjusted
mil. of dol
Demand, except interbank:
Individuals, partnerships, and corporations
47, 988
46, 816
47, 330
45, 8C7
45, 798
44, 210
45, 199
47, 134
46, 884
46, 443
48, 701
mil. of dol. _
48, 379
49,809
3,109
3,264
3,191
3, 350
3,075
2,937
3,027
3,076
3,124
3,268
3,219
3,146
States and political subdivisions
_.do
3,246
969
1,561
648
1, 1.19
2,135
693
596
1,476
1,817
1,009
741
940
United States Government
do
793
14,584
14,470
14, 411
14, 303
14,561
14, 460
14, 349
14, 226
14, 593
14, 520
14, 801
14, 478
14,609
Time, except interbank, total. _
_____do
Individuals, partnerships, and corporations
14, 175
14,005
14, 055
14, 061
13, 936
14,151
13, 955
13, 887
14,256
14, 127
14, 104
14, 069
14, 192
mil. of dol..
329
324
312
285
254
391
327
328
328
471
States and political subdivisions
do
334
328
338
10,320
10, 636
10, 546
11,178
10, 581
10, 126
10, 351
10,422
11,117
Interbank
_ _
.
do
10, 833
11, 121
11, 643 »• 10, 681
43, 224
43, 574
42, 959
42, 462
42, 740
42, 971
43, 550
41 559
42, 587
43, 094
40, 055
41, 487
Investments, total
do
41, 798
U. S. Government obligations, direct and
38, 192
39, 220
39, 465
38, 850
37,323
38,400
38,990
38,354
39, 619
35,845
38, 739
37,560
37, 227
guaranteed, total
mil. of dol__
424
692
519
769
753
2, 048
2 209
582
827
989
638
948
Bills
do
1,530
5,036
5,402
5,382
4,032
4,025
5,135
4,535
3,410
3,972
3,291
4,138
4,648
Certificates
_.do _
3,338
30, 701
30, 472
28,965
30, 973
30, 935
30, 307
30, 556
30, 354
31,015
31. 224
27, 266
30, 474
29,505
Bonds (inch guaranteed obligations) _ . .do
2,815
2,702
3,459
2,418
2,631
2,838
2,739
2,632
2,652
2,619
2,559
2,854
Notes
_
_
do
2,847
f
4,004
4,232
4,109
4,270
4, 1C9
3, 931
4,233
4,340
4,104
4, 236
4,210
4,238
Otber securities
do
4,260
22, 572
20, 015
19, 864
20,020
23,394
22, 056
20, 508
21, 212
19, 759
23, 439
20, 277
23,229
23, 329
Loans, total
.
_ _ _ _ _ _ _d o
13, 817
11, 792
13,116
11, 967
12, 043
11,820
12, 271
11, 809
12,518
14, 540
14, 727
14, 358
14, 658
Commercial, industrial, and agricultural .do
1,234
1,095
874
1,191
970
674
1. 169
833
1,266
1,166
831
919
784
To brokers and dealers in securities
do
Other loans for purchasing or carrying securities
1,112
976
1,023
975
1,063
1,051
1, 009
764
975
945
986
811
880
mil. of dol_.
2,739
3,316
2,981
3,079
3,244
3,171
2,831
2,897
2,631
3,569
3,516
Real estate loans
_ .
_
do
3,388
3,460
235
179
184
170
187
191
246
215
233
180
158
Loans to banks
do
230
106
3,241
2,894
3,306
3,109
2,922
2,835
3,502
3,167
2,957
Other loans
_, _ do _
3,431
3,486
3,077
3,389
Money and interest rates:!
Bank rates to customers:
1.82
1.77
1.83
1.82
New York City
percent
2.25
2.37
2.44
7 other northern and eastern cities
_ do
2.27
2.80
2.69
2.95
2 61
11 southern and western cities
do
1.25
1.00
1.00
1.00
1.00
1.00
1.00
1.25
1.00
1.00
1.00
Discount rate (N. Y. F R. Bank)
do
1.00
1.00
4.00
4. CO
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Federal land bank loansd"_- _-do_ _
1.54
1.52
1.52
1.52
1.53
1.52
1.52
1.52
1.50
1.63
1.58
1.54
Federal intermediate credit bank loans
do
1.58
Open market rates, New York City:
Acceptances, prime, bankers', 90 days
.81
.81
.81
.81
.81
.94
rl.06
.94
.88
.94
.81
percent..
1.06
1.03
1.00
1.00
1.00
1.00
1.00
1.00
Commercial paper, prime, 4-6 months
do
1.06
1.38
1.31
1.06
1.00
1.06
1.19
1.50
1.50
1.50
1.50
1.50
Time loans, 90 days (N. Y. S. E.)
do
1.50
1.50
1.60
1.50
1.50
1.50
1.50
1.50
1.38
1.38
1.38
1.38
1.38
1.38
1.38
Call loans, renewal (N. Y. S. E.)
do
1.50
1.38
1.50
1.38
1.38
1.38
r
Revised. *» Preliminary. O Reported quarterly after July 1947 for the week nearest the 15th of the month indicated.
f For bond yields see p. S-19. § Rate as of April 1, 1948: Construction—Common labor, $1.283; skilled labor, $2.15.
t The total and total short-term credit have been revised to include emergency crop and drought relief loans which are now supervised by the Farmers Home Administration and publication?
of the detail for short-term credit and loans to cooperatives has been discontinued in the Survey; see September 1947 Survey for loans included in these totals.
cf Rates on all loans; see note on item in April 1946 Survey.
t Revised series. Bank debits were revised in the September 1943 Survey to include additional banks; see p. S-15 of that issue for revised figures for May-December 1942. The series for
weekly reporting banks have been shown on a revised basis beginning in the August 1947 Survey; see note in that issue.
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
May
June
July
August
September
October
November
December
Januber
February
FINANCE—Continued
BANKING— Continued
Money and interest rates— Continued
Open market rates, New York City— Continued
Average yield on U. S. Qovt. securities:
.950
.977
.996
.376
.932
.376
.376
.703
.748
.376
.376
.857
.804
3-month bills
percent. .
1.54
1.63
1.29
1.63
1.24
1.47
1.35
1.27
1.24
1.26
1.33
1.28
1.31
3-5 year taxable issuesj
do
Savings deposits, balance to credit of depositors:
9,802
9,377
9,681
9,855
9,427
9,535
9,340
9,278
9,904
9,655
9,556
9,580
9,630
New York State savings banks
mil. of dol_.
3,382
'3,432
* 3, 443
3,417
3,412
3,379
3,355
3,413
3,398
3,396
3,387
3,393
3,407
U. S. Postal Savings
do
CONSUMER SHORT-TERM CREDIT*
Total consumer short-term debt, end of month
11,302
10, 934
11,230
10,631
10, 379
10, 019
12,636 r 13, 385 v 13, 046 «• 12, 929
12,066
11, 682
11, 433
mil. ofdol-.
r 6, 156
TO 6, 176
4,739
4,919
4,329
4,536
'6,240
5,463
5,045
5,179
4,156
5,290
5,733
Installment debt, total
do
1,922
1,813
* 2, 241
2,092
2,036
2,839
* 2, 818
2,370
2,167
1,695
r 2, 551
2,257
1,608
Sale debt, total* _
do
753
691
1,151
J-1,202
v 1,252
1,047
922
816
880
1,004
631
1,099
966
Automobile dealers*. _
do
Department stores and mail-order bouses*
495
409
423
386
P632
429
358
338
*623
650
462
440
555
mil. of dol__
382
366
354
349
p502
443
396
398
M92
474
528
423
408
Furniture stores*. _ . _
do
32
32
*52
46
37
29
52
39
29
p62
49
43
41
Household appliance stores*. _ _
do
P172
114
109
119
192
*176
131
105
107
120
124
145
128
Jewelry stores*
_.
do
182
208
184
175
167
154
P254
158
266
P250
229
197
189
All other*
do
2,724
2,811
2,634
f 3, 358
3,093
2,953
2,883
2,548
p3,399
3,315
3,012
3,182
3,033
Cash loan debt, total*
. .
do
1,123
1,079
1,167
1, 1£6
1,030
1,281
1,221
1,358
1 1, 385
' 1, 409
1,309
1,256
1,248
Commercial banks*
do
204
213
224
250
197
190
269
P271
*275
245
233
240
257
Credit unions
.
do
143
133
138
128
125
166
157
P165
148
P167
162
154
152
Industrial banks*
do
113
116
127
108
105
134
i21
119
pl37
125
124
130
P140
Industrial loan companies*..
do
633
638
627
647
617
649
611
*721
712
652
*717
643
670
Small loan companies.
do
Insured repair and modernization loans*
412
431
394
514
450
377
467
^562
497
482
-•558
*566
538
mil. of doL.
112
114
113
113
111
110
P121
114
J>121
120
114
116
114
Miscellaneous lenders* _ .
do
2,782
2,887
2,602
2, 786
2,835
2,768
3,029
3,612
v 3, 240
2,864
* 3, 055
2,755
3,309
Charge account sale debt*.
do
2,423
2,646
2,460
2,508
2,403
2,548
2,383
r 2, 707
P 2, 710
2,697
2,607
2,579
2,677
Single payment loans*. .
do
890
918
916
879
923
900
921
"924
*923
878
••920
920
917
Service credit*
do
Consumer installment loans made by principal
lending institutions:
212
213
214
218
211
180
217
254
p235
221
206
204
J>217
Corrmercial banks*
mil. of dol_.
P44
39
45
42
43
38
44
33
p44
41
44
53
42
Credit unions
_
do
24
24
26
24
28
21
29
33
*25
*>27
27
27
25
Industrial banks* _
_ _ _ _
do
24
24
24
23
20
23
23
30
24
*25
*26
22
25
Industrial loan companies*,.
do
116
121
115
117
121
90
123
191
107
P109
142
*110
113
Small loan companies.
.
do
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:!
5,540
3,598
3,914
2,445
3,669
3,851
4,001
3,224
2,402
2,194
2,879
2,932
3,060
Expenditures, total
mil. of dol._
92
141
626
1,396
124
157
245
972
401
142
668
127
103
Interest on public debt
do
1,012
601
566
566
564
561
481
494
568
524
529
526
511
Veterans Administration
. . do
1,327
1,728
1,428
1,151
979
1,493
1,457
996
1,069
1,OC6
908
850
936
National defense and related activities..- do
1,427
872
2,035
1,804
1,080
656
1,881
764
688
1,538
881
885
605
All other expenditures
do
2,625
3,205
6,481
5,726
4,645
2,456
2,470
4,885
4,260
4,310
2,«ee
4,614
3,054
Receipts, tot ale?
_ _ _
do
2,556
5,701
2, 865
5,473
4,378
2,390
2,397
4,246
4.275
4,872
4,336
2,743
2,536
Receipts, net
_
do
41
37
35
39
37
36
42
35
37
34
32
31
34
Customs _
_ _
do
3,270
1,597
4,650
3,222
1,382
1,619
1,345
3,435
2,769
3, 159
3,237
1,668
1,666
Income taxes
do
121
114
364
75
387
70
80
142
51
133
352
423
329
Social security taxes. _ _ _ _ _ _ _
do
602
682
638
595
666
782
663
699
767
656
629
643
695
Miscellaneous internal revenue
do
241
275
334
590
1,453
307
217
585
547
329
172
369
331
All other receipts^
_
do
Debt, gross, end of month:
259,124
258, 286
257, 701
259, 448
258, 343
261, 418
259, 071
256, 574
254, 605
256, 900
260.097 259, 14£
258, 212
Public debt, total
do
254, 975
254, 427
255, 113
258, 113 255, SCO
256, 321
256, 276
254, 205 253, 958
256, 107
252, 100
255, 591
257', 110
Interest-bearing, total
_ do
227,
747
229,
147
230,618
227,
805
228,
789
233,
176
226,
822
226,
587
225,
2fO
224, 810
222, 854
227,890
226, 074
Public issues
_
_ _
_
do
25, 183
26, 186
27, 366
25, 280
24, 938
28,
516
29,
447
29,
520
28,
955
29,
148
29,
220
29, 246
29,
517
Special issues to trust accounts, etc
do
r
r
3,274
3,173
3,324
3,368
3,305
2,
695
2,616
2,801
3,
127
2,505
3,
038
2,621
2,987
Noninterest bearing. _
do
Obligations guaranteed by U. S. Government
175
171
83
171
74
181
72
78
76
70
74
73
83
.
mil. ofdol..
U. S. savings bonds:*
51, 163
51, 282
51, 407
50, 995
50, 772
51, 589
51, 928
52, 174
52, 575
51, 759
52, 875
51, 699
Amount outstanding _
do
52, 039
572
482
617
712
488
559
488
487
770
460
466
607
Sales, series E, F, and G
do.
412
421
433
455
449
398
404
434
454
432
457
404
Redemptions.
_
do
364
357
Government corporations and credit agencies:f
32, 338
29, 666
31,037
30, 966
Assets, except in teragency total
mil ofdol
7,294
7,662
9,714
9,212
Loans receivable total (less reserves)
do
3.C55
2,054
2,299
2,200
To aid agriculture
do
665
660
665
5E6
To aid home owners
do
167
164
162
147
To aid railroads
do
204
224
272
240
To aid other industries
do
17
6
6
5
To aid banks
do
238
293
340
442
To aid other financial institutions
do
2, 855
4,058
5,405
5,673
Foreign loans
do
590
597
591
714
All other
do
1, C03
861
1,093
822
Commodities supplies and materials
do
1,985
1,777
1,725
1,685
U. S. Government securities
do
3,426
3, 565
3, 553
Other securities
do
3, 539
15, 486
12,691
12,600
12,662
Land, structures, and equipment
do
3,143
3,120
2,792
All other assets
do
2,607
4,560
2,634
2,895
Liabilities, except interagency total
do
2, 808
Bonds, notes, and debentures:
169
83
84
Guaranteed by the United States
.do
82
1,250
506
667
Other
do
689
3,142
2,045
2,144
Other liabilities
do
2,037
509
269
138
Privately owned interests
do
143
27, 268
26, 763
28, 005
U.S. Government interests.
do
28.015
* Revised. » Preliminary.
cf Revised slightly to reflect a change in the classification of reimbursements to the general fund for certain administrative expenses in connection with Federal old-age and survivors insurance.
t This series has been substituted beginning December 1945 for the series formerly designated "taxable treasury notes"; see note on item in September 1947 Survey for earlier data.
*New series. See note marked "*" on p. S-16 of the September 1947 Survey with regard to revisions in data for certain consumer credit series as published prior to the July 1947 issue and
note in the April 1946 Survey indicating earlier revisions; all revisions will be published later. See note in the February 1947 Survey for information on the series for U. S. savings bonds
and reference to the earliest data published.
fRevised series. Total Federal expenditures has been revised to include net expenditures (excluding debt retirement) of wholly-owned Government corporations, shown separately prior
to the October 1947 Survey, and several changes have been made in the detail. Data for "national defense and related activities" (formerly designated "war. and defense activities") exclude
beginning July 1947 certain miscellaneous items included in earlier data (see note 5 on p. S-17 of September 1947 Survey). Data for Veterans Administration include veterans' pensions and
benefits and transfers to trust accounts. Data for social security taxes have been revised to exclude railroad unemployment insurance contributions which are not classified as internal revenue.
See notes in May 1946, October 1946 and February 1947 issues of the Survey for explanation of changes in data for assets and liabilities of Government corporations and credit agencies- the
* ~, «.„ TT_,^ o-^..__^T^-_n-_. a ^_ 1
. - T.__.«« ,„_„ _ _ „ .... , _ _ . , _ _ .
,
. ! the series effective June 30, 1947; the exclusion of these
4^_,.«,
, other" bonds, etc., under liabilities, and privately owned
j Corporation.
SUEVEY OF CURRENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-17
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
FINANCE—Continued
FEDERAL GOVT. FINANCE— Continued
Reconstruction Finance Corporation, loans outstanding end of month, total t
mil. of dol
Banks and trust cos., incl. receivers
do
Other financial institutions
do
Railroads, including receivers
_ do
Loans to business enterprises, except to aid in
national defense
mil. of dol _
National defense
do
Other loans and authorizations
do
1,268
186
60
146
1,298
182
68
144
1,290
179
80
144
1,250
177
97
144
1,271
159
40
144
1, 150
157
40
144
1,154
153
40
143
1,151
152
40
142
1,154
151
40
142
1,152
149
40
142
1,165
147
42
142
174
312
390
178
310
415
183
292
412
186
232
413
203
283
441
207
283
318
214
282
320
218
280
318
226
283
312
228
280
312
246
279
309
39, 206
5,542
595
4,947
601
1,469
30, 329
19, 570
18, 198
4,567
2,497
3,694
470
795
383, 857
47, 977
25, 975
68, 491
241, 414
39, 450
5,601
593
5,008
597
1,471
30, 102
19, 274
17, 880
4,568
2,496
3,764
878
801
411, 308
49, 826
24, 554
74, 642
262, 286
39, 606
5,661
605
5,056
605
1,473
30, 431
19, 296
17, 904
4,691
2,489
3,955
649
787
351, 978
41, 184
30, 216
63, 629
216, 949
39, 776
5,760
615
5,135
614
1, 477
30, 579
19. 274
17, 888
4,751
2,491
4,063
568
788
381, 212
39, 255
27, 162
65, 497
249, 298
40, 057
5,837
624
5,213
622
1,481
30, 740
19, 093
17, 704
4,965
2,522
4,160
588
789
400, 697
46, 305
24, 301
74, 416
255, 675
40, 287
5,953
632
5,321
631
1,485
30, 936
18, 986
17, 603
5,111
2,512
4, 327
525
757
385, 075
63, 021
32, 100
65, 185
224, 769
40, 446
6,041
639
5,402
639
1,490
30, 940
18,864
17, 478
5,169
2,500
4,407
546
790
354, 410
41,310
27, 147
62, 122
223, 831
40, 693
6,131
641
5,490
641
1,494
30, 893
18, 640
17, 255
5,303
2,504
4,446
703
831
390, 183
47, 410
27, 720
75, 045
240, 008
40, 903
6,242
645
5,597
658
1,498
31,093
18, 623
17,241
5,446
2,499
4.525
582
830
374, 084
48,640
30, 961
64, 059
230, 424
41,069
6,340
649
5,691
665
1,500
31,209
18, 451
17, 059
5,609
2,499
4,650
543
812
360, 046
45, 838
22, 478
63, 865
227, 865
41, 400
6,483
653
5,830
676
1,504
31, 272
18, Oil
16,636
5,680
2,475
5,106
695
770
550 395
109, 545
35, 849
101,348
303, 653
402, 586
62, 296
33,018
65, 235
242, 037
1,718
182
350
1,187
88
301
264
114
126
44
88
38
125
1,846
181
382
1,283
88
314
280
124
137
50
103
42
146
1,796
167
360
1,269
90
313
275
125
139
48
100
42
138
1,829
227
373
1,230
84
302
267
120
132
48
97
42
139
1,830
291
350
1,189
79
285
259
119
132
47
96
40
132
1,857
328
318
1,211
78
294
267
120
132
46
102
40
132
1,616
186
326
1, 104
73
257
241
110
122
45
93
38
125
1,583
212
324
1,048
68
231
231
107
124
43
93
36
114
1,857
201
366
1,290
90
321
290
127
140
48
95
42
138
1,797
203
336
1,258
85
323
284
124
134
47
93
39
129
2,201
436
287
1,478
91
346
318
153
169
56
115
57
173
1,782
178
272
1,331
90
344
304
126
138
51
100
43
135
1,613
195
303
1,115
72
272
252
108
121
41
88
38
124
238, 744
107, 841
36, 123
7, 393
17,911
41,377
28, 099
266, 482
120, 772
38, 298
7,907
17, 213
51, 324
30,968
250, 576
112,363
38, 468
7,583
18, 482
41, 898
31, 782
245, 999
111,679
34, 595
7,.693
18, 315
41, 269
32, 448
251, 165
108. 444
34, 270
7.753
18, 868
49,237
32, 593
247, 203
115,958
30, 997
8,509
19, 098
40, 119
32, 522
218,389
101,415
28, 367
6,358
17, 574
35, 218
29,457
236, 414
108, 179
30, 167
7,269
17, 795
42,364
30, 640
247, 149
112, 523
36, 261
7,609
18,024
38, 527
34,205
219, 223
101, 334
29,838
6,924
17,975
35, 323
27, 829
283. 410
122, 777
31, 168
8,118
16, 216
69, 114
36, 017
278, 138
121,007
38, 987
8,723
24, 275
52, 452
32, 694
250, 600
113, 860
35, 496
7,111
18, 014
44, 694
31,425
.2977
.0228
.0544
.9422
.5698
.0084
.3015
.2057
.3779
.2782
4. 0273
.2977
.0228
.0544
.9190
.5698
.0084
.3016
.2058
.3776
.2782
4. 0274
.2977
.0228
.0544
.9195
.5698
.0084
.3016
.2058
.3776
.2782
4. 0274
.2977
.0228
.0544
.9159
.5698
.0084
.3016
.2058
.3775
.2783
4. 0272
.2977
.0228
... 0544
.9165
.5698
.0084
.3017
.2058
.3776
.2783
4. 0271
.2977
.0228
.0544
.9200
.5698
.0084
.3017
.2058
.3775
.2783
4.0273
.2977
.0228
.0544
.9036
.5698
.0084
.3017
.2058
.3775
.2782
4.0300
.2977
.0228
.0544
.8999
.5698
.0084
.3017
.2058
.3776
.2782
4.0310
.2977
.0228
.0544
.8959
.5698
.0084
.3018
.2058
.3777
.2783
4. 0305
.2977
.0228
.0544
. 8836
.5698
.0084
.3018
.2058
.3770
.2783
4. 0313
.2977
.0228
.0544
.9046
.5699
i. 0084
.3017
.2058
.3765
.2783
4. 0307
.2977
.0228
. 0544
.8906
.5701
2
. 0047
. 301 7
. 2058
.3771
.2783
4.0311
20, 463
203, 540
17, 691
171, 325
51, 824
32, 094
9, 235
5,500
20, 774
271, 990
17, 458
61, 508
55,412
35, 251
8,921
6,246
20, 933
13, 057
3,028
132, 762
59, 738
38, 736
9,412
7,220
21, 266
118,958
2,685
202, 917
57, 215
37, 162
9,418
6,117
21, 537
26, 745
3,639
222, 839
61,314
38,805
9,149
7,319
21, 766
42, 317
5,118
116, 776
59, 057
38, 271
9,131
7,033
21, 955
153, 112
2,085
111, 685
58, 321
38, 028
8,668
6,979
22,294
-3, 968
5,619
456, 450
58, 681
36, 936
9,057
8,185
22, 614
— 82, 786
1,600
267, 301
22, 754
—44, 592
2,509
180, 674
' 22, 935
-14, 859
6,590
241, 568
P 23. 036
-72, 165
2, 250
161, 948
LIFE INSURANCE
Life Insurance Association of America:
Assets, admitted, 36 companies, totalt-mil. of dol__
Mortgage loans, total
do
Farm
do
Other
do
Real-estate holdings _ _
do
Policy loans and premium notes
do
Bonds and stocks held (book value) , total do
Govt. (domestic and foreign), total
do
U S Government
do
Public utility
do
Railroad
do
Other
do
Cash
do
Other admitted assets _
do
Premium collections total}
thous. of dol
Annuities
do
Group
.
do
Industrial
do
Ordinary
...
do
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance):t
Value total
mil. of dol
Group
do
Industrial
_ _„ . do
Ordinary, total
do
New England
_
do
Middle Atlantic
...do
East North Central
do
West North Central
___
.do
South Atlantic
do
East South Central _
do _
West South Central
do
Mountain
_ _ _ _ _ _ d o __
Pacific
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
MONETARY STATISTICS
Foreign exchange rates:
.2977
Argentina
dol. per paper peso..
.0228
Belgium
dol. per franc
.0544
Brazil, free rate §
dol. per cruzeiro _ _
.9569
Canada, free rate§
dol. per Canadian dol
.5704
Colombia
_
dol. per peso
.0084
France
_
dol. per franc
.3015
India
dol. per rupee
. 2057
Mexico
dol. per peso..3779
Netherlands _
dol. per guilder
.2782
Sweden. ..
dol. per krona.
4. 0274
United Kingdom, free rate
dol. per £
Gold and silver:
Gold:
20, 330
Monetary stock, U S
mil of dol
Net release from earmark*
thous. of dol.. -684, 474
49, 215
Gold exports!
_ . do
69, 577
Gold imports!
do
41,044
36, 626
23, 217
Africa
do
8,826
9,614
7,806
Canada®
do
6,243
6,214
5,483
7,281
United States®
do
Silver:
1,685
1,865
1,387
3,523
1,636
630
1,042
352
374
2, 509
1,636
220
12, 700
Exports!
-_.thous. of dol._
4,488
4,408
7,220
4,659
5, 332
3,410
6,917
7,222
6, 196
4,589
6.087
3,296
4,440
Imports!
do
.668
.757
.725
.636
.657
.773
.746
.716
.746
!746
.746
.723
.706
Price at New York
_ _
dol. per fine oz
Production:
854
1,085
1,062
954
1,094
1,044
929
1,029
924
893
Canada
thous. of fine oz
3,896
3,250
2,746
1,924
2,594
3,243
2,730
3,724
3,589
3,713
2,180
United States
_
do
T
2
Revised.
*> Preliminary.
1 Based on quotations through January 23 when franc was devaluated.
Official rate based on quotations beginning February 10; the free rate for
the period is 0.0033.
jSee note on item in September 1947 Survey for coverage of data and information on a substitution for one company m the assets series in 1944.
§See note on item in September 1947 Survey regarding official rate.
•Or increase in earmarked gold (—).
®See notes in the April 1946 and August 1946 issues regarding revisions in the data for 1941-44 and January-May 1945. The monthly estimates for the United States for 1946 have been
revised by subtracting from each monthly figure $476,000 so that the aggregate for the year is equal to the annual estimate compiled by the United States mint; this amount should therefore
be deducted from the figures for January-October 1946 published in the December 1947 and earlier issues of the Survey; figures for November and December 1946 were revised in the January
1948 issue.
^Publication of data was suspended during the war period; data for November 1941-February 1945 will be published later.
tRevised series. All series for insurance written are estimated industry totals and for group and industrial insurance are not comparable with data published prior to the March 1946 Survey
(see note in that issue); data for 1940-44 for these series will be shown later; data for ordinary insurance continue the data from the Life Insurance Sales Research Bureau published in the 1942.
Supplement and subsequent monthly issues. See note in November 1943 Survey for explanation of revision in classifications for the Reconstruction Finance Corporation.
*New series. See November 1942 Survey, p. S-16, for a brief description of the series on payments to policy holders and beneficiaries and data for September-December 1941 and early 1942.
SUEVEY OF CURRENT BUSINESS
8-18
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
April 1948
1947
February
March
April
May
June
July
1948
August
September
October
November
December
28, 552
28,766
28,868
January
February
FINANCE—Continued
MONETARY STATISTICS— Continued
Money supply:
Currency in circulation
mil. of doi_Deposits adjusted, all banks, and currency outside banks, total*
mil. ofdol—
Deposits, adjusted, total, including U. S. deposits*
..mil. ofdol-Demand deposits, adjusted, excl. U. S.*.do
Time deposits, incl. postal savings*
do
Turnover of demand deposits, except interbank and
U. S. Government, annual rate:*
New York Citv
.-ratio of debits to deposits
Other leading cities
do
28, 304
28,230
28, 114
28, 261
28,297
165, 100
165,000
165, 100
165,000
165, 455
* 166, 400 P 167, 100 p 168, 600
p 169, 700 p 170, 400 P 171, 600 p 170, 300 p 168, 900
138, 900
80, 600
54, 600
138, 900
80,400
54, 800
139,000
81,300
55,000
138,900
81,500
55,200
139, 156
82, 134
55, 655
P 140, 400
P 83, 200
P 55, 800
P 140, 900 p 142, 200
P 83, 400 P 84, 200
P 55, 800 p 56, 100
p 143, 400 p 143, 800 P 145, 100 p 144, 500 p 143, 200
P 85, 400 P 85, 900 p 87, 200 p 86, 600 P 84, 600
P 56, 200 P56,000 P 56, 500 p 56, 500 P 56, 800
24.0
18.1
24.9
18.6
21.5
17.0
22.7
17.3
25.6
17.9
22.9
17.2
28, 149
28, 434
20.6
16.6
28,567
23.1
18.0
23.9
18.2
26.5
19.8
29.9
20.0
' 28, 111 p 28, 018
26.2
18.7
25.6
18.6
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve):
Net profits total (629 cos )cT
mil of dol
TVT
TV
(RQ
\
do
869
126
69
94
149
47
150
98
90
89
96
63
868
99
83
105
i 54
46
57
64
111
87
92
71
906
99
76
103
158
45
59
85
123
81
93
84
1,048
111
99
115
57
53
70
111
155
88
96
93
do
426
432
432
497
20
177
191
23
192
166
22
190
135
23
278
160
do
~ ~
-Automobiles (15 cos)
Other transportation equip (68 cos )
do
do
Other durable goods (75 cos )
rooos, oeverages an _ /'AK
Industrial chemicals (30 cos )
do
r\r\
do
TWT
11
P«S f74 rn<? ^
Profits and dividends (152 cos.):*
Net Drofits
Dividends:
r^reierreu
-
"\
"
Flectric utilities net income (Fed Res )*
do
Railways and Telephone cos. (see pp. S-22 and
S-23).
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
741
813
709
542
856
1,038
491
894
21,044
541
785
1,160
857
capital and refunding) t
mil. of dol.. 713
608
355
351
636
745
312
788
495
2870
621
802
1,029
New capital totalt do
713
608
333
326
615
745
302
495
619
778
621
1,026
'
801
Domestic totalt
do
599
212
132
470
311
519
376
365
483
170
258
926
546
Corporate t
do. _.
15
15
8
12
37
34
0
0
12
16
0
39
85
Federal agencies
_ _ _
do
185
293
114
106
101
212
402
114
124
99
97
217
277
Municipal State, etc
do
25
21
1
22
0
0
0
10
0
10
1
4
0
Foreign
- - - - do
191
134
354
220
101
179
293
175
106
46
130
56
165
Refunding totalt
do
191
191
134
354
101
255
56
46
101
56
130
170
165
Domestic totalt
do
147
84
140
214
76
319
31
3
14
83
118
78
122
Corporate t
do
33
40
48
38
24
50
20
20
42
39
45
40
42
Federal agencies
- do
1
3
2
2
5
2
11
1
3
2
3
2
Municipal, State, etc
do
C)
0
29
0
38
0
0
123
5
5
0
0
0
0
Foreign
do _
Securities and Exchange Commission :f
2,414
2,041
1,225
1,050
1,253
1,686
1,406
1,611
' 1, 376
1,502
1,777
1,357
2,038
Estimated gross proceeds, total
do
By types of security:
1,088
1,026
1,104
2,207
1,454
1,618
1,900
1,289
' 1, 324
1,282
1,859
1,589
1,261
Bonds notes, and debentures, total
do
309
223
414
382
'294
412
596
149
292
343
412
899
346
Corporate
- do
15
31
112
112
75
39
24
57
49
49
70
110
67
Preferred stock
_ do_ _ _
26
10
118
28
150
82
28
30
67
170
79
108
29
Common stock
do
By types of issuers:
446
248
265
450
561
738
449
563
622
'346
1,078
601
441
CorDorate total
- - do
81
94
218
145
334
170
262
122
399
* '98
504
246
73
Industrial
- -do_ _229
141
284
94
336
308
542
68
113
167
498
311
310
Public utility
do
23
12
37
35
29
37
8
35
17
24
28
20
5
Rail
- do_3
9
22
4
10
16
22
17
66
57
14
56
53
Other (real estate and financial) do
1,792
779
802
1,141
1,304
1,236
939
692
1,162
1,030
21,177
915
960
Non-corporate, total®
do. _589
653
614
1,051
1,673
891
718
921
746
913
854
637
790
IT S Government __ _
_ do. __
0
0
0
0
0
0
0
0
0
0
0
0
0
Federal agency not guaranteed
do
344
106
188
103
214
118
400
97
116
220
105
136
278
State and municipal
do_ _.
20
0
0
122
37
0
0
0
0
15
0
0
0
Foreign
_ .-do. _
New corporate security issues:
437
442
547
544
727
'340
612
260
441
245
1,063
588
434
Fstimated net proceeds, total
_ do_Proposed uses of proceeds:
285
'294
425
254
180
498
118
205
501
435
932
510
244
New money total
do
109
153
354
426
105
101
'193
266
388
99
370
800
179
Plant and equipment
-do
71
132
71
235
72
19
153
'101
122
101
132
64
65
Working capital
do
251
121
152
42
222
49
183
'32
103
78
105
129
Retirement of debt and stock
_ do
163
198
164
102
74
110
91
13
15
18
80
6
103
154
Funded debt
do
19
15
31
22
18
45
15
98
16
'26
12
17
9
Other debt
do .
34
11
12
43
16
5
7
18
3
0
2
1
9
Preferred stock
do
1
7
5
6
24
6
5
3
18
14
24
26
26
Other purposes
do
Proposed uses by major groups:
141
165
328
119
90
'95
213
383
239
259
79
496
71
Industrial total net proceeds
do
129
52
204
129
96
94
65
353
175
193
422
'70
45
New money
do
31
41
34
122
22
71
13
'24
56
65
30
67
21
Retirement of debt and stock
.-do. _
225
332
111
93
536
67
164
277
307
303
140
493
306
Public utility total net proceeds
do
31
223
30
98
353
47
245
234
28
149
280
480
157
New money
- - do. _
192
12
181
108
61
20
12
72
6
31
8
107
Retirement of debt and stock
do
136
34
37
12
28
8
17
35
23
23
37
28
20
Railroad total net proceeds _ _ _ _ do. _.
5
15
9
34
7
28
23
17
22
23
37
31
20
4
New money
do
22
2
2
0
4
0
0
0
0
0
2
0
0
Retirement of debt and stock
do. .
Real estate and financial, total net proceeds
9
3
21
14
10
66
57
54
16
16
2
21
mil. ofdoL.
51
1
15
5
3
52
21
2
9
3
15
New money _
do
58
7
38
(a)
1
1
5
1
8
2
6
26
1
Retirement of debt and stock.
do
4
C)
C)
' Revised. P Preliminary. 1 Partly estimated. 2 Includes $250,000,000 bonds of Internatio nal Bank, («) Less than $500, C)00.
cTSee p. 31 of the October 1946 Survey for revised 1941-44 data for 629 companies and the in dustrial gr oups. tSe 3 note in ttie April 19-16 Survey 1 or revision s in the da ta for 1944.
® Includes data for nonprofit agencies not shown separately. The July figure includes also $250,000,000 bonds of Internatio rial Bank.
*New series. For data for 1929-40 for profits and dividends of 152 companies, see p. 21 of ttie April 19 42 Survey; 1941-44 re^visions are available tipon reque st. See nc)te on p. S--17 Of September 1944 Survey for description of series on net income of electric utilities and data beginning2; third qua rter of 1943 . For a brief descri]Dtion of the series on I )ank depo? its and cur rency outside banks and data beginning June 1943, see p. S-16 of the August 1944 Survey; beginning Jamjary 1947 d ata are for the last W ednesday of the mon >h instead of the end of the mon th. Data
beginning 1939 for turn-over rate of bank deposits and a description of the data will be publishe?d later,
tRevised series. There have been unpublished revisions in the 1941-44 data for security is sues compi led by the Securities and Exchimge ComEaission, as indicated i rom time t o time in
notes in the Survey, revisions in the 1945 data as shown in the September 1946 and earlier issues, a nd in the 1(H6 data sh(>wn in the November 1947 and &irlier issues ; all re visic ns will be published
later.
SUEVEY OF CUEEENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-19
1948
1947
February
March
April
May
June
July
August
September
October
November
December
January
February
FINANCE—Continued
SECURITIES ISSUED— Continued
State and municipal issues (Bond Buyer):
Permanent (Ions: term) ... _
thous. of dol __ ' 100, 184
Temporary (short term)
do
81,067
353,502
146, 137
405, 776
71, 803
108, 502
29,927
214, 749
49, 717
144, 801
136, 364
194,220
30,715
275, 006
77, 112
121, 034
85, 242
105, 875
23, 010
101, 195
148, 464
' 125, 763
'77,4J6
217, 037
72, 532
510
360
314
283
328
369
358
531
601
509
503
482
847
393
651
241
373
227
424
282
488
272
483
291
573
576
553
530
550
570
606
593
537
205
665
201
652
251
677
241
656
280
630
257
616
247
617
578
393
240
612
568
217
681
552
395
222
650
564
216
677
217
622
208
596
102.86
103. 27
77.20
102. 95
103. 36
77.00
1C2.63
103.06
76.42
102. 49
1C2. 92
75.32
102. 25
102. 70
74.02
102.33
102. 77
74.16
102.62
103.09
73.28
102. 06
102.54
73.28
i 101. 19
101. 65
71.90
i 100. 46
100. 93
70.51
199.62
100.11
68.96
i 99. 77
100.27
68.77
122.7
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
117.4
117.5
116.8
123.7
112.4
114. 3
69.3
133. 1
104.4
116.6
123.7
112.5
113.6
66.1
132.5
104.6
116. 5
123.5
112.7
113.2
64.0
133.2
104.6
115.0
123.2
112.5
109.2
61.9
133.9
104.5
114.3
122.6
113.0
107.3
63.4
134.4
104.1
115.7
122.8
113.8
110.5
69.6
134.7
103.8
116.1
123.9
113.9
110.4
69.6
134.3
103.9
115.1
121.9
114.1
109.3
68.6
134.4
104.0
114.0
120.8
114.3
106.9
69.4
132.5
103.4
113.3
120.0
114.7
105.1
68.1
129.4
102.1
112.5
119.1
113.9
104.6
(«)
126.2
101.6
112.4
118.9
113.7
104.6
124.5
100.7
112.4
119.3
114.1
103.8
(a)
122.6
100.7
73, 249
100, 247
67, 522
89, 587
68, 974
94, 673
71, 024
98,349
67, 490
88, 531
85, 253
109, 385
64, 886
81,063
60, 326
80, 312
85,862
121, 655
63, 949
87, 497
145, 181
186, 213
98, 892
134, 381
60,126
84,508
68, 979
95, 349
63, 187
81, 491
64, 393
88, 961
63, 880
90, 458
58, 248
78, 115
76, 972
99,723
56, 618
70, 705
51, 284
69, 316
78,192
112, 210
59, 511
81,663
137, 971
178, 255
93. 971
128. 055
56, 161
79, 154
79, 987
98
79, 889
74, 530
5,359
75, 582
35
75, 547
68, 860
6,687
81, 601
828
80, 773
74, 885
5,888
82,526
140
82, 386
75, 863
6,523
70, 077
386
69, 691
63, 590
6,101
96,661
1,152
? 95, 509
76, 937
5,101
60,490
14
60, 476
52, 588
5,216
73, 440
73
2 73, 367
63,949
7,344
105,990
219
2 105, 771
95, 246
9,265
137, 106
134, 956
2,150
141,033
139, 373
1,660
136, 937
134, 806
2,132
140, 978
139, 336
1,641
137, 219
135, 044
2,174
140, 833
139, 172
1,662
137,019
134, 856
2,163
140, 426
138, 797
1,629
137,058
134, 932
2,126
140, 148
138, 574
1,574
COMMODITY MARKETS
Volume of trading in grain futures:!
Wheat
.
Corn
mil. o f b u _ _
do
388
194
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. Members
Carrying Margin Accounts)^
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed..Customers' free credit balances
mil. of dol
do
do
do
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars _.
Domestic
_ do
Foreign
do
Standard and Poor's Corporation:
Industrials, utilities, and railroads:
High grade (15 bonds)
dol. per $100 bond._
Medium and lower grade:
Composite (50 bonds).
do
Industrials (10 bonds)
do
Public utilities (20 bonds)
_._do
Railroads (20 bonds)
do
Defaulted (15 bonds)
do
Domestic municipals (15 bonds) f
do
U. S. Treasury bonds (taxable)f
do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value §
thous. of dol
Face valued
do
On New York Stock Exchange:
Market value §
_ _ do _
Face valued __.
____
do
Exclusive of stopped sales (N. Y. S. E.), face
value total
thous. of dol
TJ. S. Government
do
Other than U. S. Government, total do
Domestic
do
Foreign
_.
.
do
Value, issues listed on N. Y. S. E.:
Fane valnp all ISSIIAS
mil. of dol
Domestic
do
Foreign.
_
do. _
Market value, all issues
do
Domestic
do
Foreign..
_
do _
Yields:
Domestic corporate (Moody's)
percent..
By ratings:
Aaa
Aa
A
Baa
_
do
do
do
do
By groups:
Industrials.
do
Public utilities
do
Railroads
do
Domestic municipals:
Bond Buyer (20 cities). _ _
. . _ do
Standard and Poor's Corp. (15 bonds)
do
U. S. Treasury bonds, taxablef
do
Stocks
Dividends:
Cash dividend payments and rates, 600 cos.,
Moody's:
Total annual payments at current rates
mil. of dol_.
Number of shares, adjusted
millions
Dividend rate per share (weighted" average)
dollars _ _
Banks (21 cos.)
do
Industrials (492 cos.) . .
do
Insurance (21 cos.)
do
Public utilities (3C cos.)
do
Railroads (36 cos.)
do
Cash dividend payments publicly reported:*
Total dividend payments
mil. of dol.
Manufacturing
do
Mining
_ .do
Trade.
do
Finance
do
Railroads
do
Heat, light, and power
do
Communications
do
Miscellaneous
do
2
1
3 137, 563 3 137, 628 3 137, 666
135, 281
135, 175
135, 210
2,135
2,138
2,168
3
140, 763 3141,236 3 140, 499
138, 715
139, 394
138, 923
1,533
1,589
1,585
81, 823
141. 873
39
125
2 81, 784 2 141, 748
73,830
131, 041
6,431
8,581
1
99. 84
100. 35
67.61
(a)
2
111,380
185
111, 195
102, 419
7,013
3
136, 711 3 136, 879 3 136, 727 3 136, 543
134, 346
134, 556
134, 173
134, 347
2,115
2,073
2,120
2,130
3
138, 336 3 137, 509 « 136, 207 3 136, 232
136, 568
135, 804
134, 500
134, 537
1,521
1,462
1,469
1,458
2
69, 745
16
69, 729
63,511
5,846
3
136, 531
134, 170
2,111
3
136, 313
134,645
1,427
2.78
2.79
2.78
2.79
2.81
2.80
2.80
2.85
2.95
3.02
3.12
3.12
3.12
2.55
2.64
2.79
3.12
2.55
2.64
2.80
3.15
2.53
2.63
2.81
3.16
2.53
2.63
2.82
3.17
2.55
2.64
2.83
3.21
2.55
2.64
2.82
3.18
2.56
2.64
2.81
3.17
2.61
2.69
2.86
3.23
2.70
2.79
2.95
3.35
2.77
2.85
3.01
3.44
2.86
2.94
3.16
3.52
2.86
2.94
3.17
3.52
2.85
2.93
3.17
3.53
2.61
2.72
3.00
2.61
2.73
3.02
2.60
2.71
3.03
t.60
2.71
3.05
2.60
2.72
3.10
2.62
2.72
3.06
2.63
2.72
3.03
2.67
2.78
3.09
2.76
2.87
3.22
2.84
2.93
3.30
2.92
3.02
3.42
2.91
3.03
3.44
2.90
3.03
3.43
1.97
1.99
2.21
1.90
2.02
2.19
1.89
1.98
2.19
1.83
1.95
2.19
1.81
1.92
2.22
1.81
1.91
2.25
1.83
1.93
2.24
1.84
1.92
2.24
1.97
2.02
2.27
2.09
2.18
2.36
2.35
2.35
2.39
2.40
2.45
2.45
2.48
2.55
2.45
2, 196
954. 65
2,196
954. 65
2,224
954. 65
2,310
954. 65
2,310
954. 65
2,329
954. 65
2,348
954.65
2,358
954. 65
2,387
954.65
2,463
954.65
2, 473
954. 65
2,482
954. 65
2,482
954.65
2.30
3.21
2.32
2.59
1.95
2.75
2.30
3.21
2.35
2.59
1.95
2.66
2.33
3.21
2.40
2.59
1.96
'2.66
2.42
3.21
2.50
2.59
1.96
2.66
2.42
3.21
2.51
2.59
1.98
2.66
2.44
3.21
2.52
2.59
1.99
2.67
2.46
3.21
2.55
2.59
1.99
2.68
2.47
3.21
2.56
2.59
1.99
2.68
2.50
3.21
2.62
2.59
1.99
2.63
2.58
3.21
2.72
2.59
1.99
2.57
2.59
3.21
2.75
2.59
1.99
2.56
2.60
3.21
2.76
2.59
2.00
2.56
2.60
3.21
2.77
2.59
2.00
2.56
' 507. 2
' 319. 2
'24.7
'44.8
'30.5
'22.4
'35.8
'10.5
'19.3
' 398. 8
' 170. 8
'5.7
'31.2
'57.8
'22.1
'46.5
'52.8
'11.9
' 173. 5
'93.5
'1.4
9.6
'22.4
'5.7
'37.2
.3
'3.4
' 662. 2
' 389. 5
.'65.8
'39.4
'54.3
34.2
'50.0
'10.5
'18.5
••198.3
'451.4
'197.9
'11.9
'29.6
'92.8
'11.1
'43.7
'51.5
'12.9
' 427. 4
' 573. 2
'192.6
' 176. 9 '1,139.6
' 362. 4
' 199. 6
' 100. 2
'101.2
' 726. 9
'55.7
'1.9
'6.9
'99.9
1.3
'40.6
' 36. 7
9.3
'8.5
'67.3
'36.7
'31.7
'60.6
'23.2
'98.7
'13.2
'6.1
'17.0
'4.0
'51.3
'32.9
'35.5
'47.7
'35.9
'46.0
'10.9
.3
'50.7
.3
'13.1
'5.2
' 19. 4
'12.0
'2.5
'36.4
' Revised. JData continue series in the 1942 Supplement. ° Discontinued, i Prices of bonds of the International Bank are included in computing the averages
2 Includes sales of bonds of International Banks as follows: 1947—July, $13,471,000; August $2,672,000; September, $2,074,000; October, $1,260,000, November, $1,523,000; December, $2,126,000:
1938—January, $1,763,000; February, $372,000.
s Includes bonds of International Bank as follows:—Face value—July 1947 to February 1948, $250,000,000; market value—1947; July, $255,000,000; August, $253,000,000; September, $251,000,000:
October, $248,000,000; November, $244,000,000; December, $238,000,000; 1948; January, $237,000,000; February, $241,000,000.
JSince March 18,1944, United States Government bonds have not been included.
^See note in September 1947 Survey for source of data.
*New series. Data for dividend payments for 1941-44 are available on p. 20 of the February 1944 Survey and p. 31 of the February 1947 issue. Revised data for January 1947 will be shown
in a later issue.
{Revised series. For explanation of revision in the series for municipal bonds and data beginning February 1942, see p. S-19 of the April 1943 Survey; earlier data will be published later.
Revised figures through 1943 for prices and yields of U. S. Treasury bonds and a description of the data are on p. 20 of the September 1944 Survey.
'03.8
'1.3
'10.4
'31.2
'8.1
'51.3
'.2
'2.0
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
May
June
August
July
September
October
November
December
January
{February
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Dividends— Continued
Dividend yields:
Common stocks (200), Moody's
pejcent
Banks (15 stocks)
do
Industrials (125 stocks)
do
Insurance (10 stocks) .
do. _
Public utilities (25 stocks)
do
Railroads (25 stocks) .
do_ _
Preferred stocks, high-grade (15 stocks), Standard and Poor's Corporation
percent..
Prices:
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924= 100__
Dow-Jones & Co. (65 stocks)
dol. per shareIndustrials (30 stocks)
do
Public utilities (15 stocks)
_ _ do
Railroads (20 stocks)
.do
Standard and Poor's Corporation:
Industrials, utilities, and railroads:
Combined index (402 stocks) _ . . 1935-39= 100. .
Industrials (354 stocks)
do
Capital goods (116 stocks) . . . . do _
Consumer's goods (191 stocks)
do
Public utilities (28 stocks)
do
Railroads (20 stocks)
.do
Banks, N. Y. C. (19 stocks)
do
Fire and marine insurance (18 stocks)
do
Sales (Securities and Exchange Commission) :
Total on all registered exchanges:
Market value.
mil. of dol_.
Shares sold
thousands
On New York Stock Exchange:
Market value
- -.mil. of dol.
Shares sold
_ _ .
thousands..
Exclusive of odd lot and stopped sales (N. Y.
Times)
.
-thousands. _
Shares listed, N . Y . S . E . :
Market value, all listed shares..
mil. of dol. Number of shares listed
. . . . . millions.
4.7
4 2
4o O6
4 7
6.8
4.8
4.4
4.7
3.4
4.9
6.8
5. 1
4 6
5.0
3.6
4.9
7.3
5.3
4 6
5.3
3.7
5.0
7.5
5.1
4 6
5.0
3.5
5. 1
7.3
4.9
4.4
4.8
3.5
5.1
6.7
5.1
4.4
5.0
3.6
5.0
7.0
5.2
4 5
5.1
3.6
51
7.1
5.1
4 5
5.1
3.5
5.2
7.0
5.4
4.7
5.4
3.5
5.5
7.2
5.4
4.7
5.3
3.4
5.5
6.5
5.5
4 6
5.6
3.4
' 5.4
6.5
5.8
4.8
5.9
3.5
5.5
6.9
3.71
3.72
3.75
3.76
3.76
3.72
3.71
3.72
3.86
4.01
4.07
4.13
4.18
81.1
65.83
181.54
37.17
51.74
79.4
63.64
176. 66
36.02
49.15
75.7
61. C4
171.28
34.52
45.88
74.4
59.49
168.67
33.39
43. CO
77.3
61.26
173. 76
33. £8
44. 8 (
80.3
65.32
183.51
35.61
49.39
78.3
64. 36
180.08
35. 58
48.73
77.5
63.39
176 82
35. 25
48.10
78.7
63.93
181.92
35. 48
49.44
75.8
63.98
181.42
34.10
47.79
76.8
63.66
179. 18
33.04
49.46
73.9
63. 78
176.26
33.06
51.44
70.5
60.91
168. 47
31.95
49.19
128.7
132.6
121.6
139.7
111.4
118.8
103.9
125.8
123.7
127.7
117.1
133.5
107.3
109.9
101.2
122.4
119.3
123.1
113.0
126.7
104.6
102.2
94.7
118.8
115.2
119.0
108.0
121.4
102.0
95.1
95.0
114.0
119.1
124.1
111.9
126.4
ICO. 8
97.6
94.7
117.0
126.0
131.7
118.9
134.6
102.2
108.2
97.3
120.5
124.5
130.2
117.0
132.4
101.4
105. 2
98.0
116.1
123.1
128 4
115.7
130.5
102.0
103.6
97.5
114.0
125.1
131. 1
119.1
132. 8
101.0
104.2
96.7
116.4
123.6
130.3
118.9
131.1
97.2
100.1
94.8
117.3
122.4
129.2
117.5
128.4
94.0
103.9
91.0
, 116. 9
120.1
126.0
115.0
125.1
95.1
106.5
93.9
119.6
114.2
119.2
108.9
117. 8
92.6
101.9
91.2
117.7
1,144
53, 518
928
37, 227
980
45, 116
884
40, 181
804
35, 349
1,051
46, 536
728
29, 662
722
31, 651
1,230
55, 736
812
37, 277
1, 178
53,160
924
40,123
777
34, 336
944
34, 109
770
25, 302
826
32, 338
739
27, 854
668
23, 643
880
32, 951
624
21, 600
611
21, 556
1,043
40,620
'681
26, 226
' 1,003
38, 687
••785
28, 696
659
24, 704
23,758
19, 337
20,620
20, 616
17, 483
25, 473
14,153
16,017
28, 635
16, 371
27, 605
20,218
16, 801
68, 839
1,786
67, 608
1,792
64, 520
1,794
63, 646
1,814
66, 548
1,829
69, 365
1,847
68, 184
1,862
67,522
1,870
68, 884
1,879
67, 026
1,896
68,313
1,907
66,090
1,923
83,158
1,928
FOREIGN TRADE
INDEXES
Exports of IT. S. merchandise:
'262
' 255
'312
'298
'234
'242
'274
'287
'239
210
'263
'261
QuantityJ
1923-25=100
'331
'337
289
'351
'365
'361
'318
'320
290
'315
' 345
'400
••317
ValueJ
_ .
do .
129
132
138
128
123
128
121
126
133
131
137
130
Unit value
do
Imports for consumption:
118
122
124
119
123
140
108
117
118
143
128
136
Quantity
.
. do
139
141
174
143
152
176
147
127
133
136
180
151
158
Value
do
119
118
124
125
118
117
123
118
113
120
119
117
Unit value
do
Agricultural products, quantity :§
Exports, domestic, total:
67
111
89
63
95
93
80
84
109
81
75
Unadjusted
1924-29=100
91
68
121
117
63
128
115
66
64
64
128
Adjusted
do
Total, excluding cotton:
119
132
121
123
150
162
141
142
132
158
128
Unadjusted
do
150
159
119
171
189
168
114
112
190
110
109
Adjusted
do
Imports for consumption:
84
102
94
104
89
114
93
74
101
100
93
Unadjusted
do
93
105
96
102
100
80
8.1
96
118
96
98
Adjusted
do
SHIPPING WEIGHT*
22, 745
26,509
16, 954
19, 628
14, 725
24,938
23,692
14,637
Exports, including reexports
mil. of Ib
' 23, 432
20, 564
27, 418
11, 264
9,199
9,684
10, 103
8,201
10, 317
10, 530
9,258
10, 378
General imports
do
9,799
' 9, 978
VALUES
' 1,265
'1,362
' 1, 503 '1,320
'1,383
' 1, 265 ' 1, 183
' 1, 195
'1,199
'1,091
' 1, 303
1,086
'1,198
Exports, total, including reexportst
mil. of dol..
1,231
1,443
1,296
1,311
1,280
1,232
1,126
1,153
1,138
1,139
1,267
1,004
Commercial*
do .
1,007
135
139
127
127
118
121
146
98
116
104
129
159
Foreign aid and relief*
do
158
By geographic regions:
73, 792
74, 829
65, 751
52, 512
68,709
86, 806
72, 184
70, 434
68, 945
76, 702
Africa
..thous. of dol
65, 763
57, 831
' 208, 559 r 235, 816 ' 213, 208 ' 256, 074 ' 253, 317 ' 240, 882 ' 227, 822 ' 191, 747 ' 217, 647 ' 209, 155 ' 225, 646 187, 768
Asia and Oceania}:
do
' 475, 545 ' 518, 845 ' 525, 586 ' 565, 180 - 481, 143 ' 470, 952 ' 470, 735 448, 436 ' 446, 833 ' 404, 312 ' 403, 345 400, 892
Europe t
.
do
191, 551
185, 116
188, 353
170, 456
210, 276
174, 909
202, 776
150, 313
180, 983
176, 795
151, 105
138, 349
Northern North America
do. _
152, 356
148, 641
126, 988
130, 155
' 140, 661 144, 662
126,057
Southern North America _ _ . . _ . d o
118, 986
126, 648
164, 096 ' 149, 793 161, 485
215, 955
193, 251
174, 836
226, 401
187, 557
197, 148
239,160
South America '
do. .
176, 736
195, 824 ' 179, 001
175, 778
201, 466
Total exports by leading countries:
Europe:
75, 102
76, 432
88,123
73, 081
65, 096
56,841
75, 099
64, 545
France
do
59, 556
70, 859
57, 780
58, 248
' 28, 173 ' 45, 981 ' 37, 478 ' 57, 291 ' 52, 177 ' 71, 841 ' 58, 359 ' 44, 985 ' 44, 858 ' 34, 337 ' 43, 963 62, 062
Germany^
do
' 45, 183 ' 49, 681 ' 55, 355 ' 48, 146 ' 51, 758 ' 27, 203 ' 31, 457 ' 38, 445 ' 36, 812 ' 40, 774 ' 33, 199
Italyt
do
35, 711
Union of Soviet Socialist Republics (Russia)
9,281
7,232
7,140
15, 742
thous. of dol__
15, 780
27, 116
4,051
10, 384
3,032
7,481
15, 423
9,158
United Kingdom
do
99, 804
95, 232
102, 650
116, 748
93, 465
94, 497
62, 704
72, 379
95, 705
94, 513
58,373
89. 789
r
Revised
^Revised to include Army civilian supply expoi ts (see not e marked "§"); revis ed Januar y 1947 figu res: Index(}s— quantit y, 262; val ue, 315; d Dllar figures—exports total, $1,1 $3,000,000;
Asia and Oceania, $186,890,000; Europe, $489,637,000; Germany, $63,515,000 Italy, $42 623,000.
A^A during
,1,,-:^-,^ the war was resumed in May 1946 Survey. Revised 1941 figures for total
§The publication of practically all series on foreign trade included in the 1942 Supplement but suspended
exports of U. S. merchandise and total imports are shown on p. 22 of the June 1944 Survey; revised figures for 1942-43 for the totals and revised figures for 1941 and later data through February
1945 for other series will be shown later. Export statistics cover all merchandise shipped from the U. S. customs area, with the exception of shipments to the Armed Forces for their own use,
including commercial trade, lend-lease exports, shipments to U. S. agencies abroad (since June 1945), and relief shipments. Figures published in the March 1948 Survey and earlier issues exclude all shipments to the U. S. Armed Forces and therefore exclude goods that reached foreign civilians through them; data for such shipments of civilian goods, with the exception of shipments of petroleum and petroleum products other than asphalt for road building, are now available beginning January 1947 and are included in figures shown in this issue.
*New series. See note in March 1948 Survey for explanation of series on shipping weight. Commercial exports represent total exports less lend-lease exports and shipments designated
"foreign aid and relief"; the latter includes shipmens under the U. S. Foreign Aid, Interim Aid, Greek-Turkish Aid, and UNRRA programs and Army civilian supply shipments (see note
marked "§"). Commercial exports therefore include private relief shipments as well as commercial trade and shipments to U. S. Government agencies abroad. January 1947 figures: Commercial, 1,129; foreign aid and relief, 136. Small amounts under the lend-lease program, which was practically completed in 1947, are included in total exports but not shown separately; separate
figures are available, however, in earlier issues.f
SURVEY OF CUKEENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-21
1948
1947
February
March
April
May
June
July
A
<^st j tSfcr
October
November
December
January
February
FOREIGN TRADE—Continued
VALUE§— Continued
Total exports by leading countries— Continued
North and South America:
Canada
. _ _ _ thous. of dol__ 145, 572 181, 351 181,511 203, 624 187, 004 166, 048 170, 520 172, 644 198> 557 176, 158 146, 008
305, 562
302, 961
369, 636
' 287, 249 351, 187
350, 365
309, 065
342, 698
313, 490
345, 225
288, 100
Latin American Republics, total
do
74. 428
57, 778
53, 687
36, 055
66, 464
49, 415
71, 653
64, 990
59, 451
58, 026
59, 433
Argentina
do
45, 294
68, 535
50, 050
50,127
' 56, 273 65, 445
61, 240
52, 822
45, 525
56, 221
40, 258
Brazil
do
11, 322
10, 584
9,126
11,481
12,387
10, 487
9,919
8,519
11, 605
6,818
9, 873
Chile
do
14, 190
' 15, 256 19, 930
17, 133
17, 374
21, 234
23, 467
12, 275
17, 934
18, 297
20, 579
Columbia*
.
do
42, 725
' 36, 484
41,560
32, 740
33, 249
37, 227
47, 577
35, 073
48, 450
51,383
45, 933
Cuba
do
50, 419
62, 515
56, 862
46, 881
51, 399
56, 992
44, 713
42, 702
52, 899
50, 672
60, 267
Mexico _
__
do
35, 861
39, 095
35, 430
31, 364
30, 623
34, 947
46, 138
33, 872
37, 055
34, 515
40, 233
Venezuela*
d*
Other regions:
19, 545
14, 291
26, 364
23, 822
24, 458
20, 668
8,307
21,314
19, 869
19, 752
21, 373
Australia
-do
5,205
5,769
5,619
3,358
4,172
7,145
7,790
5,993
5, 742
5,733
6 925
British Malaya
do
26, 164
41,395
55, 538
19, 678
39, 349
12, 085
15, 694
18, 761
11, 947
China
- do _ _ . ' 39, 723 37, 370
5,284
6,765
6,473
5,383
4,576
3,677
3, 935
5,537
6,397
4,718
3 514
Egypt
do
' 25, 945 43, 448
55, 815
24, 536
41, 160
28. 166
38, 598
26, 076
32, 133
India and dependencies
do
29, 100
31, 732
' 24, 199 ' 30, 804 ' 36, 894 ' 28, 162 ' 45, 080 ' 56, 224 ' 33, 763 ' 32, 755 ' 38, 660 ' 46, 771
'30,411
Japan!
do
16, 814
9,302
6,236
' 5, 423
11,286
8,103
9,779
Netherlands Indies
do
8,728
4,831
5,478
5, 856
52, 996
42, 769
33, 066
29,310
30, 094
32, 689
32, 037
41, 535
40, 142
35, 905
Philippine Islands
do
40 630
27, 719
40, oeo 34, 656 41, 763 36, 438 34, 698 36, 789 29, 911 35, 828 34, 219 32, 754
Union of South Africa
do .
'1,307
' 1, 360
'1,344
'1,490
'1,253
'1,254
'1,172
'1,286
'1,183
'1,191
Exports of U. S. merchandise, total!_-_mil. of dol__ '1,179
By economic classes:
Crude materials!
thous. of dol '141,072 ' 155, 037 '131,225 145,423 '154,067 ' 102, 604 ' 120, 736 ' 128, 471 ' 140, 387 '122,910 ' 127, 812
'101,237 ' 120, 340 '117,913
' 93, 585 '103,935 '138,039 '105,188 '103,710 ' 102, 196 ' 124, 764
121,746
Crude foodstuffs!
_
- - _-do
' 145, 255 ' 141,525 ' 145, 832
175, 282 '169,150 '179,408 ' 139, 553 ' 138, 100 '148,997 '138,019 ' 1 12, 421
Manufactured foodstuffs and beverages!. _do
'116,926 ' 147, 194 ' 148, 436
174,064 '162,282 '156,973 '170,139 ' 149, 950 '156,092 '145,412 ' 137, 718
Semimanufactures!
__4o
Finished manufactures!-..- .. _.
do_ __' 674, 823 ' 796, 174 '800,094 873, 292 ' 727, 752 ' 710, 034 ' 685, 806 ' 649, 879 ' 736, 853 ' 674, 725 ' 687, 928
By principal commodities:
Agricultural products, total!
do_ ._ ' 345, 803 ' 364, 124 ' 334, 062 '361,960 ' 342, 427 ' 320, 381 ' 308, 596 ' 289, 561 ' 308, 969 ' 294, 777 ' 308, 996
60, 972
60, 748
50, 060
41, 134
13. 165
'5,714
45, 588
22, 080 ' 24, 525 37, 467
18, 227
Cotton unmanufactured!
_ _ do
' 35, 5i 7 '33,410
'36,116
' 26, 401 '19,018 ' 25, t>49 '22,006 « 25, 975 ' 29, 233 ' ?7, 074 ' 22, 381
Fruits, vegetables and preparations!. . .do
'146,870 '154,978 ' 155, 926 ' 190, 521 ' 164, 291 ' 174, 264 ' 178, 628 ' 146, 109 ' 144, 433 ' 135, 433 ' 145, 362
Grains and preparations!
do
'21,610
' 21, 583 ' 25, 089 ' 34, 805 ' 24, 285 ' 18, SOI
' 20, 754 ' 25, 459 ' 1 9, 185 ' 20, 598 ' 13, 446
Packing house products!
do
' 833, 509 ' 996, 146 '1,009,437 '1,127,846 ' 964, 409 ' 932, 573 ' 945, 677 ' 882, 027 ' 977, 070 ' 888, 485 '881,648
N onagri cultural products total!
do
' 74, 725 95, 875
90, 132
89, 485
104. 684
114,878
101, 078
90, 859
98, 426
'81,620
88,292
Automobiles, parts and accessories-. _.do
' 55, 844 ' 70, 514 ' 73, 089 ' 84, 191 ' 73, 104 ' 76, 915 ' 76, 604 ' 67, 286 ' 73, 921 ' 69, 481 ' 70, 799
Chemicals and related products!
do
' 5, 005
8,673
7,453
' 6, 635
5,935
10,079
11,210
7,111
11,036
12, 589
11, 487
Copper and manufactures
do
' 52, 127
66, 906
70, 237
71, 877
79. 020 ' 70, 680
67. 311
75, 662 ' 72, 224 ' 75, 473
66. 851
Iron and steel and their products
do
' 163, 104 ' 191, 356 ' 202, 170 ' 246, 160 ' 194, 465 '201,331 ' 182, 820 ' 175, 768 ' 209, 648 ' 204, 882 215, 553
Machinery!
do
' 19, 282 24, 649
27, 615
26, 163
31, 008
28, 474
28, 818
26, 234
29, 358
27, 556
29, 373
Agricultural
- do
'41,040
' 48, 667 ' 47, 456 ' 55, 726 48, 184 ' 49. 489 ' 43, 500
42, 784
51,624
' 49, 123
47, 834
Electrical!
do
15, 365
14, 031
17, 808
17,909
13, 769
18. 457
21, 129
13,333
15,760
15, 678
16, 615
Metal Working
_
do
94, 115
' 80, 153 ' 88, 727 95, 549
98, 055
124, 156
86, 326
100,014
82, 378
99, 539
109 028
Other industrial
do
47, 898
' 50, 383 ' 53, 936 ' 59, 963 ' 59, 234 ' 63, 976 ' 57, 284 ' 53, 232 ' 55, 576 51,324
Petroleum and products!
do
52, 331
'437
463
444
450
512
492
474
481
455
400
General imports, total
_ .mil. of dol
601
By geographic regions:
24, 219
14, 799
19, 159
30. C79
43, 850
24, 242
24, 402
19, 795
26, 179
49, 734
Africa
_ _ thous. of dol.. '21,099
102,165
100, 696
95,751
100, 747
98, 217
120, 830
77, 879
88, 412
92, 762
56, 798
120 017
Asia and Oceania
do
69, 341
' 60, 310
49, 677
71,730
68, 090
76,796
64, 126
58, 407
78, 847
66, 975
78, 771
Europe
_ _
do
' 75, 731 91,641
96, 638
90, 547
90, 932
101, 121
88, 616
87, 817
108,485
94, 319
121 309
Northern North America
do
93, 836
76, 876
112,634
91, 853
93, 454
77, 409
71, 482
86, 026
78, 839
71,417
93, 376
Southern North America _ .
do
' 100, 555
78, 236
84, 927
92, 120
111, 805
103, 370
120, 051
100, 701
103, 247
137 341
87, 538
South America
do
By leading countries:
Europe:
3,411
3,531
3,287
4,502
4,515
5,073
3,408
2,807
3,493
3,856
3 053
France
do
196
70
365
218
484
531
635
688
971
Germany
_
_ do
766
1,078
2,953
2,074
3,276
3,314
3.825
3,040
2,188
2,673
4,958
3,997
6,403
Italy
do
1,047
10, 475
9,956
1,245
6,288
13, 994
2,508
7,835
5,101
5, 027
Union of Soviet Socialist Republics. do..
4,466
TTnitod TTingdoTn
do
19, C20
11, 139
18, 099
16, 824
19, 044
18, 624
17, 128
15,684
18, 426
15, 470
18 563
136, 72H
280, 736
51,065
45, 436
8, 028
19, 099
34 169
44, 017
35 362
14 203
6 733
17 949
2 439
28 267
30 239
6 967
42 632
38 273
1,081
1,076
112 209
98 118
119,182
130 324
620 724
281 759
42 633
20 512
147 400
12 383
*798 796
76 497
63 010
11 166
67 152
201 531
28 606
42 821
13 352
103 666
47 341
' 546
582
9(5 523
124 264
76* 909
105? 83Q
60 236
14Q QA1
4 Qf(O
1 208
6' 036
5 E4.7
•I Q
COO
North and South America:
92, 644
89, 755
86, 762
89, 442
84, 866
85, 072
97, 317
105,305
91, 802
Canada
do __ ' 74, 480
117, 295
101 467
164, 893
' 169, 943
175, 832
215, 236
174, 375
168, 321
165, 653
176, 330
158,670
183,448
Latin American Republics, total
do
220, 085
200
293
9
15,313
16, 900
8,767
13, 294
10, 691
18,839
7,239
5,817
11,453
12, 724
17 212
Argentina
do
1 674
~~
37,504
16,952
29, 367
31,154
42, 549
46, 705
39, 553
26, 763
28 229
46, 718
Bra?il
do
48 628
42 906
4,931
11,160
8,186
11, 805
10, 888
14, 120
9,076
10,483
11,602
11, 243
Chile
do
14 080
12' 675
18, 351
20, 259
12, 785
18, 515
9,917
13,759
14, 477
23 320
Colombia*
do
14 694
17 615
23 761
97 7QA
' 34; 089
42, 801
50, 848
53, 706
Cuba
do
44, 586
32, 449
45, 133
61, 238
37, 626
36, 887
42 708
12 096
21, 299
21, 582
23,395
22, 205
18, 309
Mexico
.
do
17, 466
29, 226
16, 749
19, 292
15, 732
23,832
19 582
12, 764
17,072
13, 711
13, 289
13, 733
13, 134
14, 596
Venezuela*
. __do
15, 657
12, 854
14, 016
18 552
18 8°2
Other regions:
8,466
12,
058
7,079
16,813
15,918
5,341
15, 206
3,674
9,357
Australia
_ __ do _
5,781
11 533
4 836
24, 490
18,211
23, 662
15, 699
23, 951
14, 212
43, 212
16, 407
15, 804
British Malaya
do
15, 789
24 814
32 504
13, 727
7,556
5, 955
8,434
3,033
6, 634
11, 917
5,390
China ..
.
do_._ ' 13, 203 10, 271
14, 166
6 478
i 797
1,354
3,961
610
1,032
936
954
2,637
Egypt
_ do_.
13, 393
1,835
106
195 f
19, 487
22, 059
22, 959
19, 218
29,157
13, 234
24, 811
13, 759
21, 568
18, 784
India and dependencies
.do
21, 270
22 250
3,762
775
1,119
4,739
804
1,444
Japan. . . .
.
do_.__
813
2,524
2,479
4,049
4,442
2 958
5,295
2,519
1,100
5,255
2,584
Netherlands Indies
do
739
2,345
1,365
3,106
3,474
1,572
2 692
14, 178
'9,761
17, 057
8,503
15, 875
17,896
12, 593
Philippine Islands
do
10, 038
15, 130
20 641
9 055
21 883
' 4, 795
5,672
5,145
5,603
5,297
8, 207
7,114
15, 703
12, 739
15, 003
Union of South Africa
do
17, 680
9 608
425
435
455
445
470
484
449
Imports for consumption total
mil of dol
' 473 *
505
561
405
f ^7
574
By economic classes:
Crude materials
thous. of dol ' 128, 698 123, 587 133. 699 160, 066 159, 577 133, 402 112 946 ' 142 935 149 331 134 102 155 732 197 738
86, 039
55, 603
109, 750
55, 129
90,237
61, 185
85, 483
91, 501
83, 337
Crude foodstuffs
do
60, 586
124 765
108 032
44, 986
53,962
60, 257
62, 883
51, 274
67, 691
Manufactured foodstuffs and beverages_.do.-_
55, 678
49, 863
51,820
60,865
58,237
34, 902
112, 063
95, 472
103, 533
91, 154
93, 739
103, 494
Semimanufactures .
do
102, 692
103, 634
110, 476
100,502
131, 576
120 364
77,003
76, 740
81, 839
89, 899
Finished manufactures
do . ' 74, 316 75, 647
95, 212
72 829
91, 088
79, 271
87 735
94 770
By principal commodities:
222, 635
192, 013
' 227, 760 230, 265
268, 602
233, 121
168, 439 ' 201, 071
Agricultural, total
- _. _ do
227, 057
205,183
272 476
270 916
56, 849
25, 064
54,206
66, 599
32, 020
31, 727
34 856
57 172
49 349
69 729
Coffee
do
59 818
68 656
6,934
5,670
' 6, 338
7,261
8,993
Hides and skins
do
5,977
6,152
4,428
4 367
8,696
20 793
12 390
32, 388
19, 992
23, 263
23, 937 ' 47,837
30, 281
Rubber, crude, including guayule
do
14, 924
17,113
16, 190
18,006
25, 739
31, 827
2,884
1,109
6
43
3,267
57
139
SilR, unmanufactured
do_
701
555
276
143
1 098
26, 912
34, 861
50. 780
34, 311
42, 595
42, 811
Sugar
__
do
37, 386 ' 26, 632
29,559
28, 178
6,090
38,368
22, 586
21, 338
17, 762
17, 697
20, 893
15,529
Wool and mohair, unmanufactured
do
12, 317
15, 024
15, 702
39, 173
16,323
11, 107
' Revised.
§See note marked "§" on p. S-20.
*New series. Data beginning March 1945 are in the May 1946 Survey; earlier data will be published later.
!Revised to include Army civilian supply shipments (see note marked "§" on p. S-20); revised figures for January 1947 are as follows (in thousands or millions as above): Japan, 25,401
U. S. merchandise, 1,173; crude materials, 134,272; crude foodstuffs, 100,775; manufactured foodstuffs, 165,156; semimanufactures, 119,690; finished manufactures, 653,400; agricultural products,
total, 361,304; fruits and vegetables, 44,741; grains and preparations, 137,330; packing house products, 31,599; nonagricultural products, total, 811,989; chemicals and related products, 58,194;
machinery, 166,555; electrical, 38,139.
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1947
February
March
April
May
June
July
1948
August
September
October
November
December
January
February
FOREIGN TRADE—Continued
VALUE§— Continued
Imports for consumption — Continued.
By principal commodities:
Ncnagricultural, total
thous. of dol
Furs and manufactures
_ _ _ _ ._ do
Nonferrous ores and metals, total
do
Copper, including ore and manufactures:
thous of dol
Tin, including ore
do _
Paper base stocks
do
Newsprint
do
Petroleum and products
__.
do
' 197, 432
4,434
27, 568
8,625
1,466
' 18, 261
21, 004
18, 429
204, 214
6,648
25, 479
215, 047
7,085
30,049
222, 327
9, 187
35, 789
'246,917
14, 450
44, 312
252, 508
11,647
40, 688
236, 232
6.576
45, 133
272, 680
18, 756
45, 121
277, 735
11,566
42, 116
243,881
9,408
35, 753
289, 756
12,001
51,618
283,331
16, 791
38, 420
9,026
9
8,074
2,410
17, 187
27, 048
20, 309
16, 571
20, 521
28, 667
21, 879
21, 818
1,272
29,958
30, 423
18,543
15,626
7,435
30, 773
30, 988
20,475
17, 369
9,109
36, 657
27, 747
19,284
16, 847
13,913
25,191
32, 601
19, 708
18,229
7, 550
27, 055
31, 933
20, 191
15, 110
5,224
25, 396
28, 267
21,899
21, 091
9,927
27,354
34,721
28,743
12, 425
9,335
25,305
29, 375
29, 398
28, 373
28,414
8,203
1, 195
569, 885
24,280
23,149
6,690
904
427, 686
24,599
28,223
7,993
853
432, 548
23,624
15, 906
25, 987
21, 620
853
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Airlines
Operations on scheduled air lines:!
Milesflown,revenue
thous. of miles. . 22, 512
12,615
Express and freight carried
thous. of Ib
3.827
Express and freight ton-miles flown thousands'742
Passengers carried (revenue) .
. do
368, 017
Passenger-miles flown (revenue)
do
25, 464
17, 449
5,116
••975
488, 019
25, 318
17,235
4,788
' 1, 079
519, 516
26, 994
15, 610
4,415
' 1, 151
556, 589
26, 866
15, 722
4,295
1,065
538, 377
28,572
28,883
' 15, 269 ' 16, 973
4,233
4,749
r
1,253
1, 100
533, 706
600,262
27,516
19, 949
5, 837
1,235
599, 683
r
r
752
393, 637
Express Operations
25, 112
25, 082
24,398
25, 645
24, 429
25, 355
24, 406
32,075
27,790
26,575
26, 668
Operating revenue
_
_
thous. of dol
26, 183
64
50
47
79
61
*68
75
119
17
73
47
63
Operating income._.
do _
Local Transit Line*
8.0414
8. 0275
8.0680
8. 0774
8.0220
8. 1051
8. 1134
8.1854
8. 4043
8. 3406
8. 3073
8. 4652
Fares, average, cash rate
cents
8.2140
1,464
1,479
1,607
1,591
1,606
' 1, 482
1,600
1,495
1,441
1,559
1,481
Passengers carried f
millions
1,450
1 681
120,100
118,200
112, 100
116, 200
108, 700
111, 400
115,600
111,300
127,000
Operating revenuesf
thous. of dol
120,100
121, 200
113, 300
Class I Steam Railways
Freight carloadings (A. A. R.):<8>
3,233
4,170
3,276
4,376
3,543
' 3, 194
3 824
4,424
3, 164
4,660
3,600
3 078
Total cars
thousands
3 808
922
495
547
'723
917
708
714
934
886
713
916
Coal
_
.
d
o
730
768
53
54
49
72
73
58
60
74
64
75
70
60
Coke
do
60
233
178
183
188
250
'197
191
205
168
222
248
Forest products - _ _ _ _ _ _
do
166
191
213
200
275
191
265
177
245
317
210
'205
144
225
Grains and grain products
do
216
54
49
66
67
46
62
••50
60
93
74
Livestock
_ _
_
do
34
55
91
464
505
593
620
429
••466
432
688
467
499
577
434
Merchandise, 1. c. 1
do
491
369
324
69
164
343
49
66
238
299
63
407
56
Ore
_
do
274
1,909
1,555
1,910
1,536
1,461
1,992
1,495
1,592
'1,447
1,454
1,787
2,030
Miscellaneous
do. _
1,728
Freight carloadings (Federal Reserve indexes):
142
134
144
137
140
133
139
153
129
133
150
148
156
Combined index, unadjusted
1935-39= 100. .
115
141
119
155
147
149
155
153
146
160
155
160
156
Coal
do
170
182
165
169
183
182
192
201
195
188
178
177
188
Coke
_
do _
154
159
148
151
153
159
141
136
137
147
161
160
Forest products
do
156
143
133
121
202
146
130
144
132
153
101
142
175
152
Grains and grain products.
do. _
94
87
98
96
92
87
89
133
139
61
81
87
161
Livestock
_
do
73
79
71
80
76
74
65
71
69
77
77
73
78
Merchandise, 1. c. 1 .do
267
286
311
157
50
60
163
43
49
45
272
284
235
Ore
do
146
144
145
145
146
136
139
158
157
147
137
150
Miscellaneous
_ _ do _
163
142
137
149
134
137
146
145
142
142
139
147
143
146
Combined index, adjusted!
..do
141
155
115
119
147
155
153
149
150
155
160
146
156
Coal!
do
185
173
191
173
180
183
195
170
184
171
178
180
192
Cokef
do
145
159
148
158
152
148
153
152
149
166
140
160
147
Forest products _
do
140
159
138
132
138
151
103
145
168
162
137
147
152
Grains and grain products!
do
104
107
121
84
96
107
105
111
105
92
111
76
104
Livestock!
do_ _
74
74
79
76
78
71
73
68
75
76
71
73
75
Merchandise, 1 . c . 1
_ _ _ _ _ _ _ _ do
184
184
192
184
194
172
171
195
180
163
190
181
163
Oref
do
142
152
156
145
151
145
147
151
143
149
145
146
149
Miscellaneous!
do
Freight-car surplus and shortage, daily average:
30,651
11, 333
2,714
5,886
5,243
2,505
2,391
1,322
12, 125
3,300
6, 657
12, 013
942
Car surplusf
_
number
5,904
712
2,029
120
224
50
3,600
75
613
1,817
175
238
132
Box cars
do'
1,390
172
25, 874
27
116
983
9,456
184
0
85
10
127
0
Coal cars
do
14, 969
14, 779
12,146
15, 697
34, 443
20,150
35, 943
8,747
27,865
30, 899
13,030
31,766
40, 103
Car shortage*
_ _ _
do
5,127
4,292
24,178
4, 922
5,643
16,631
9,592
17. 165
15, 165
2,888
20,925
16,336
20, 819
Box cars
_
do
9,357
10, 247
6,072
5,331
4,583
10, 713
15, 165
7,588
5,471
10,277
14,566
9,337
15, 275
Coal cars
. __do
Financial operations (unadjusted) :
705, 361
724,
432
696,
909
689,
456
717,
826
807, 428
715, 891
755, 324
745, 258
726, 550
' 636, 240
750, 735
794, 165
Operating revenues, total
thous. of dol
557, 881
556, 889
593, 089
591, 687
627, 816
625, 241
596, 592
564, 807
589, 894
613, 361
' 518, 687 592, 186
664,648
Freight
___
do
84, 787
93,642
77, 349
89, 461
70, 414
80. 369
' 70, 767 71,411
72,065
80, 897
73,661
94,001
75,009
Passenger
do
555, 362
557, 318
550, 057
631, 150
543, 301
595, 315
665,606
' 509, 532 549, 368
586, 356
615, 856
611, 872
588, 591
Operating expenses
do
Tax accruals, joint facility and equipment rent^
89, 041
86, 651
96,255
94, 432
98,827
89, 979
87, 745
91, 385
93, 582
90,110
105, 860
thous. of doL- ' 82, 887 95, 676
60, 201
75, 729
72, 782
60,958
47, 979
58, 410
80,023
65, 577
80, 825
39, 425
41, 297
76, 433
' 43, 821
Net railway operating income
do
38, 402
37, 025
46, 360
43,358
51, 343
20,147
32, 580
43, 147
18, 707
60, 212
48,904
14, 382
Net incomet.
do
Financial operations, adjusted:!
698.0
731.0
716.3
684.9
723.0
805.7
739.1
786.0
632.7
719.4
696.4
766.6
Operating revenues, total
mil. of dol
593.4
565.3
594.6
643.5
583.4
655.8
636.9
653.4
581.2
624.1
564.8
611.7
Freight
do
85.9
78.2
81.9
72.9
72.2
87.8
77.0
83.8
80.7
78.4
84.7
76.7
Passenger
__ _
_
do
634. 5
633.2
649.2
680.5
641.8
637.4
722.5
696.3
707.6
655.4
630.9
707.0
Railway expenses
do
48.2
64.8
83.2
78.4
47.6
81.8
64.0
65.4
35.8
81.1
59.6
42.8
Net railway operating income. _. _ _ _ _ do
r
32.1
48.9
'46.9
17.6
16.2
31.0
48.1
26.2
9.4
3.6
32.7
49.8
Net income
do
Operating results:
64,664
60,009
56, 646
57, 332
59, 406
53,935
59, 485
53,579
64, 592
61, 650
55, 125
59,666
Freight carried 1 mile
__ _
.mil. of tons- ' 51, 848
1.029
1.115
1.055
1.065
1.094
1.043
1. 070
1.159
1.089
1.114
1.057
1.197
Revenue per ton-mile
cents
3,489
3,729
4,096
3,342
4,413
3,865
3,486
3,529
3.654
3,450
4,481
3,948
Passen gers carried Imile
_m illions. .
' Revised. * Deficit. ® Data for March, May, August, and November 1947 and January 1948 are for 5 weeks; other months, 4 weeks.
§ Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be published later, J Revised data for January 1947, $31,763,000.
* New series. For comparable data beginning 1943 for total car shortage and surplus and an explanation of a change in the latter series, see p. S-21 of December 1944 Survey.
! Revised series. See note in the July 1947 Survey for explanation of revisions in the data for air lines; revised data prior to May 1946 will be published later. Data for local transit lines
revenues beginning in the April 1944 Survey and passengers carried beginning in the May 1945 issue are estimated totals for all transit lines; revised data beginning 1936 will be published later.
See note marked "*" regarding car surpluses. Revisions for 1939-July 1942 for the indicated indexes of car loadings and revisions for January 1937-February 1943 for the adjusted series for
financial operations are available on request.
SUKVEY OF CUKRENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-23
1948
1947
Febru-
ary
March
April
May
June
July
August
September
October
Novem-
Decem-
ber
ber
Janu-
ary
Febru-
ary
TRANSPORTATION AND COMMUNICATIONS—Continued
TRAN SPORTATION—Con tinued
Waterway Traffic
Clearances, vessels in foreign trade:!
Total U S ports
thous. net tons..
Foreign
do
United States
do.. .Travel
Hotels:
Average sale per occupied room
dollars ._
Rooms occupied
-- .percent of total _ _
Restaurant sales index, avg. same mo. 1929=100-.
Foreign travel:
U S citizens arrivals
number
U S citizens departures
- do
Emigrants
- - -- do
Immigrants
do
Passports issued
__ _
do
National parks visitors
thousands
Pullman Co.:
Revenue passenger-miles
millions..
Passenger revenues
.thous. of dol.-
6,296
2,455
3,841
6,870
2,753
4,116
7,615
3,291
4,324
9,646
4,367
5,278
8,725
3,980
4,746
8,953
3,945
5,008
9,901
4,697
5,294
9,196
4,272
4,924
9,153
4,451
4,703
7,905
3,633
4,273
6,535
2,820
3,715
6 400
2,774
3,625
4.37
92
213
4.37
92
214
4.86
92
240
4.46
92
244
4.75
93
248
4.70
87
225
5.16
93
246
5.07
92
238
5.14
93
226
5.28
87
234
4.91
78
202
5.06
86
227
5. 03
88
211
41, 910
47, 394
1,306
11,118
18, 468
122
50, 633
44, 474
1,648
13, 910
20, 294
137
43, 345
41, 647
1,691
13, 391
20, 166
206
35, 873
45, 258
1,833
14, 032
20, 962
442
39, 987
45, 320
1,804
14, 733
21,831
902
19, 611
1,467
15,277
1,502
12, 182
652
13, 402
308
10, 456
131
11, 786
89
14 833
102
17 915
120
1,161
8,677
1,180
8,857
1,064
8,094
1,061
8,018
1,215
9,193
1,139
8,558
1,166
8,712
1,104
8,374
1,028
8,924
1,000
8,737
1,020
9,762
197, 097
109, 982
71,051
149, 048
22, 068
29, 564
207, 168
112, 806
78, 111
157, 198
23, 625
29, 874
153, 955
97, 324
40, 735
132, 475
5,792
30, 359
184, 948
106,818
61, 629
154, 400
11,497
30, 057
205, 193
113, 371
75, 477
165, 551
17, 914
30, 292
209, 134
114,567
77, 993
175, 553
13, 239
30, 553
210, 070
114. 836
78,063
172, 006
16, 305
30, 794
213, 422
118, 134
77, 929
175, 079
16,890
31,058
222, 090
121, 969
82,528
179, 941
19, 202
31, 421
217, 513
121, 596
78, 132
172, 927
20,818
31, 721
230, 620
127, 132
85, 189
184, 807
22, 010
32, 094
16, 233
14,984
17, 530
16, 134
23, 264
21, 892
20, 740
19, 399
18, 981
17, 662
18, 449
17,019
18, 122
16, 786
18, 366
17, 029
18, 725
17, 366
16, 580
15, 266
18, 734
17 190
534
1, 249
13, 503
520
b8
1,642
571
1,396
14, 298
1,093
873
1,775
534
1,372
16, 644
4,399
2,676
1,609
611
1,341
16, 387
2,140
1,062
1,637
574
1,320
15, 347
1,541
1,335
1,617
599
1,430
16, 010
291
41
1,609
639
1,336
15, 366
682
332
1,742
659
1,337
15, 376
928
700
1,759
703
1,359
15, 500
1,117
627
1,889
616
1,315
15 146
<*6S6
*4?4
1,695
762
1, 544
15 585
1,216
90,550
2,433
55 006
COMMUNICATIONS
Telephone carriers: 1
Operating revenues
___thous. of dol__
Station revenues
- do
Tolls, message
do
Operating expenses _
do
Net operating income
..do
Phones in service, end of month.
thousands. _
Telegraph and cable carriers :t
Operating revenues, total
thous. of dol__
Telegraph carriers, total __
do
Western Union Telegraph Co., revenues from
cable operations
thou?. of dol__
Cable carriers
_.
do
Operating expenses
-do
Net operating revenues
do
Net income trans, to earned surplus
do
Radiotelegraph carriers, operating revenues, .do
d
7, 426
2,008
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:*
Ammonia, synthetic anhydrous (commercial) cf
85, 663
short tons_.
1,543
Calcium arsenate (commercial).
thous. of lb__
45, 411
Calcium carbide (100% CaCj)
short tons__
Carbon dioxide, liquid, gas and solid cf
49, 858
thous. of lb_.
101, 717
Chlorine
short tons
33, 966
Hydrochloric acid (100% HC1)
do
3,691
Lead arsenate
thous. of lb__
62, 193
Nitric acid (100% HNOa)cf
short tons
1,010
Oxygen
mil. cu. ft
74, 926
Phosphoric acid (50% HgPO*)
short tons..
Soda ash, ammonia-soda process (98-100% Na2
350, 634
CO?)
short tons
5,954
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
.do ... 156, 786
Sodium silicate, soluble silicate glass (anhydrous) cf
--- short tons. . 35, 884
Sodium sulfate, Glauber's salt and crude salt
63, 208
cake
short tons
Sulphuric acid (100% H2SO4):
Price, wholesale, 66°, tanks, at works§
16.50
dol. per short ton__
835, 163
Production
short tons
Organic chemicals:
Acetic acid (syn. and natural), production*
30, 670
thous. of lb_.
45, 662
Acetic anhydride, production*
do
1,024
Acetyl salicylic acid (aspirin), production*. do
Alcohol, denatured:!
12, 361
Consumption (withdrawals). thous. of wine gal__
11, 573
Production
_
do .
1,423
Stocks
do
Alcohol, ethyl: §
Production
thous. of proof gal
18, 416
30, 676
Stocks, total
-_
do _ _
21, 294
In industrial alcohol bonded warehouses, .do
9,381
In denaturing plants
_ _
_ _ _
do
Withdrawn for denaturing
do
21,409
Withdrawn tax-paid
do
3,260
Creosote oil, production*
thous. of gaL
14, 580
2,142
Cresylic acid, refined, production* _ _ thous. of lb_.
7,084
Ethyl acetate (85%) production*
.do
95, 859
1,221
52, 466
93, 007
2,320
51, 830
97, 107
5,492
56,286
91,681
8,805
48, 136
93,346
10, 458
53,388
88,807
5,064
50, 827
84, 617
3,107
47, 177
91, 144
2, 272
48, 336
87, 615
2,709
48, 462
92,779
2,190
55, 343
95, 405
2,003
58 091
62, 449
117, 039
36, 993
4,481
64, 647
1,218
89, 050
81, 330
109, 050
34, 637
5,470
64, 288
1,146
82, 452
96, 487
118, 284
36, 899
3,717
64, 826
1,188
82, 372
96, 700
117, 486
33, 071
1,289
62, 064
1,089
89, 492
110, 228
114, 676
33, 577
447
60,227
1,066
86, 920
107, 712
118,497
34, 639
(3)
60,394
1,105
88, 083
102, 410
116,451
33,456
79, 782
120 112
36, 355
61, 368
117 191
37 526
57,996
122 682
38 066
59, 900
1,093
87, 249
61,996
1,314
99, 213
67 996
1 212
89, 353
104 096
l'261
90,412
' 57, 125
1 123 319
r 39 089
3 229
103 834
383, 753
7,129
179, 400
367, 847
7,089
166, 946
396, 282
7,474
179, 142
374, 083
7, 426
175, 896
377, 976
7,331
175, 523
363, 890
7,219
177, 310
359, 004
7,350
170, 122
395, 609
8,413
178, 673
379 821
7 527
173, 400
42, 120
50, 267
39,726
32, 814
36, 584
33,963
34, 667
43,642
45,233
39 698
70, 059
69, 947
74, 605
69, 579
64,996
65,942
65, 414
70, 293
71, 245
73 846
16.50
931, 237
16.50
865, 447
16.50
888,304
16.50
850, 934
16.50
846, 366
16.50
859, 262
16.50
851, 733
16.50
893, 171
16.50
880 068
33,620
54,206
832
30, 376
53,086
1,043
33, 876
54,249
1,053
31,729
41, 433
1,155
35,897
53,627
998
35, 365
53, 478
1,126
28,606
50, 308
1,083
29,560
55, 071
1,092
30, 439
55, 347
1,016
31, 163
57, 507
615
34, 189
62 700
979
12, 673
12, 777
1,521
13, 464
13, 667
1,712
14, 095
13, 926
1,531
13, 687
14, 150
1, 981
15, 061
14,605
1,529
16, 426
16, 469
1, 560
18, 718
18, 610
1 447
21, 820
21 744
1 354
19, 026
18 620
943
16, 937
17 710
1 719
12, 436
12 576
1 850
11,250
11 051
1 653
19, 455
28, 214
21, 992
6,222
23, 622
3,175
14, 696
2,234
7,902
23, 556
26, 150
24, 089
2,061
25, 227
2,555
14, 271
2,436
5,984
27, 982
29,258
27, 452
1,807
25, 743
2,170
13, 454
2,196
6,088
23, 793
27, 016
25, 323
1,694
26, 065
2,377
12, 779
1,909
6,826
26, 833
27, 764
25, 699
2, 065
27, 359
2,768
11, 581
2,329
5,822
29,226
28, 637
26, 928
1,709
30, 303
2,696
11, 988
2,357
5,899
29 906
24, 409
22, 894
1,514
34, 101
3,201
13, 407
1,697
6,785
39 012
26 634
25, 938
697
38, 526
4,275
13,909
2,403
7,181
28 472
22 787
22, 170
618
33, 981
4,630
12 573
2,056
7,132
26 621
22 373
21, 783
591
32 839
4,090
14 263
2,094
8,651
17 40^
21 248
20,738
510
23 103
2,580
12 843
1,969
5,261
20 951
23 886
22,654
1 232
21 151
2,678
(3)
(3)
(3)
(3)
59,304
1 1R 1/f?
33 940
3' 697
inn fvifi
r I 271
1 2^8
' 95, 331 91, 070
389 656
383 481
7 983
7 P64
176 268 r 132' 778
360 437
7 106
173 693
37 529
44 090
70 456
64 149
16.13
15. 00
964 761 r 932 933
15.00
893 440
r
'Revised. ^Deficit. ^Data relate to continental United States.
1 Beginning January 1948 data includes 4 plants which began operations in 1947. Revised earlier data will be shown later.
2
3
Beginning January 1948 data includes 1 plant not reporting, previously. However, the comparability of the data is not appreciably affected.
Not available for publication.
^Compiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and reference to revised 1942 data. Total operating revenues of telegraph carriers includes and operating revenue.
of cable carriers excludes cable operations of Western Union; the latter data were revised in May 1947 Survey (see note in that issue).
cf Data for carbon dioxide and souium silicate were revised in the March 1945 and the September Survey, respectively (see notes in those issues). See note in February 1947 Survey with regard to additional plants included in the data for nitric acid and ammonia. Beginning December 1947 data for nitric acid includes production of two plants not previously reporting; revised
earlier data, including these plants, will be shown later.
§The indicated series, except series for alcohol stocks in denaturing plants (available only beginning 1942), continue data in the 1942 Supplement; unpublished data beginning 1941 or 1942
through February 1945 for ethyl alcohol and vessel clearances arid for June 1944-July 1946 for prices of sulfuric acid will be shown later.
*New series. See note marked "*" on p. S-23 of the September 1947 Survey for reference to data prior to 1943 for a number of the chemical series and information regarding revisions that
have not been published.
SUEVEY OF CURRENT BUSINESS
S-24
April 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
February
March
April
June
May
July
August
Sep1
[tember
October
November
December
January
February
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals— Continued.
Glycerin, refined (100% basis):*
High gravity and yellow distilled:
Consumption
thous. of lb_Production
do
Stocks
do
Chemically pure:
Consumption
do
Production
_-do_ __
Stocks
- do
Methanol, production :d"
Crude (80%)
thous. of gal_Synthetic (100%)
do
Phthalic anhydride production*
thous of Ib
6,800
8,234
15,340
7,407
8,746
I/, 544
8,127
7,651
18, 135
7,428
6,606
19, 151
6,617
6,965
19, 843
6,509
5,483
18, 848
6,761
7,250
18, 869
7,032
8,812
19, 146
8,146
8,292
17, 665
7,633
7,560
16, 061
7,468
8,753
17, 335
7,426
8,701
17, 396
7,098
7,947
17, 974
6,138
8,573
18, 106
6,555
8,450
18, 875
. 6,139
8, 531
19, 137
5,957
9,181
20,789
5,871
7,980
20,723
5,650
6,200
20, 171
6,358
7,998
20, 396
6,754
7,957
19, 493
7,770
9,357
18, 289
7,067
8,782
17, 709
7,463
9,202
17, 278
8,049
10, 437
18, 306
7,376
10,294
19, 013
274
248
230
6,681
10, 847
244
284
6,991
11, 690
286
221
249
290
286
6,830
10, 526
6,551
11, 764
220
253
6,206
9,605
6,779
12, 871
6,708
12, 396
6,564
11, 800
7,065
12, 529
6,832
12, 373
7,199
12, 893
7, 138
12, 433
1,090
914
126
788
332
72
260
385
176
209
409
130
278
492
130
362
495
81
415
657
182
476
829
181
648
1,454
321
FERTILIZERS
1,185
Consumption, total*
thous. of short tons.142
Midwest States*
do
1, 042
Southern States0
- do
Exports total §
long tons ' 191, 466
' 38, 737
Nitrogenous!
do
' 141,801
Phosphate materials!
do
2,448
Prepared fertilizers §
do
51, 943
Imports total §
do
40, 851
Nitrogenous total§
- do
9,358
Nitrate of soda§
do
3,759
Phosphates §
do
0
Potash^
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
2.075
port warehouses©
dol. per 100 lb__
77, 839
Potash deliveries
short tons
Superphosphate (bulk):f
824, 578
Prod uction
do
Stocks end of month
_»___do_--_ 750, 550
129
960
r
609
103
505
' 250, 81? '161,901
305, 807
20, 851 ' 55, 772 ' 85, 748
' 212, 461
89, 765 ' 208, 888
1,449
987
636
116, 166
145, 266
138,060
103, 704
117, 102
108, 988
65, 886
71, 738
80, 555
3,579
4,346
4,696
897
13, 301
11,250
r
264, 774 ' 272, 871 ' 284, 741 ' 239, 807 r 204, 081 ' 186, 295 ' 243, 340
' 56, 507 ' 73, 674 r 56, 924 r 65, 241 '.81, 799 ' 86, 578 '54,664
' 87, 772 ' 168, 974
' 191, 539 ' 186, 987 ' 215, 726 r 162, 341 '114,082
1,695
1,659
874
447
617
1,661
2,718
91, 159
92, 214
76, 591
93,649
76,836
82, 474
117, 760
69, 725
67, 166
73,015
85, 337
61, 056
75, 912
107, 484
22, 316
16, 959
30,623
25, 287
41, 737
41, 623
80, 786
4,497
3,777
3,204
12, 617
4,482
4,330
38
8,173
0
6,838
2,232
0
0
0
257
1,196
186, 758
79, 399
91, 288
8.926
102, 966
92, 765
60, 787
1,149
168
981
284
2, 213
2.075
95,229
2.075
84,207
2.075
73, 802
2.075
83, 121
2.075
73, 708
2.195
83, 848
2.275
75,764
2.275
77,680
888, 875
645, 412
863,787
608, 409
892,045
681, 235
802, 128
855, 352
801, 835
903, 380
797, 273
866,919
808,503
847, 495
887, 205
858,655
9.61
9.65
351, 875
222, 701
9.24
7.34
7.58
527 335
243 086
6.83
6.76
7.10
572, 233
284, 840
8.46
8.91
8.87
508, 543
339, 269
8.83
8.55
1.15
1.00
113, 520
98,205
.85
.59
.61
176 089
147 693
.59
.69
.62
189, 689
194, 111
.62
.64
.64
159,665
210, 116
.63
.63
2.275
97, 333
2.306
112, 214
2.400
2.400
i 873, 442 i 965, 195 '^926,323 i 883, 852
1944,052 '11,037,213 '11,105,513 11,079,129
NAVAL STORES
Eosin (gum and wood):
Price, gum, wholesale "H" (Sav.), bulk
dol.perlOOlb..
Production*
drums (520 Ib )
Stocks*
do
Turpentine (gum and wood):
Price, gum, wholesale (Savannah) f~dol. per gal._
Prnrlnntirm*
Stocks*
bhl ( 50 ETal ^
do
MISCELLANEOUS
46,444
59,434
51, 940
46,038
55, 787
52,365
45,017
53,275
49,019
48,848
51,296
51,048
47, 134
Explosives (industrial), shipments
thous. of lb__
Gelatin:§
3,954
4,415
4,290
3,700
3,116
4,017
3,393
4,639
3,793
4,639
4,117
3,159
3,847
Production, total*
do
3,104
2,405
3,424
2,237
2,420
3,077
2,762
3,277
3,222
2,407
3,028
2,901
2,313
Edible§
do
5,431
6,078
6,369
5,961
6,427
5,789
6,042
5,739
6,561
6,374
6,387
6,488
6,338
Stocks total*
--- do_.
2,714
3,300
3,143
2,988
2,922
2,356
2,400
3,034
2,866
3,059
2,787
2,430
2,453
Edible!
do
Sulfur:*
389,014
406, 964
425,612
388, 332
298, 565
350, 307
333, 531
405, 205
391, 214
391, 396
382, 674
359,313
377,218
Production
'
long tons
3, 667, 729 3,636,884 3, 548, 703. 3,495,011 3,456,082 3, 438, 367 3, 444, 607 3,449,732 3,457,899 3, 435, 298 3,371,034 3,373,422 3, 348, 462
Stocks
.
do_
Glue, animal:*
13,185 '14,229
14, 226
14, 666
12, 886
12, 538
13, 131
12,003
11,424
13,636
12, 843
13, 770
12, 158
Production
... thous. of lb_.
9,155
7,882
12, 444 ' 10, 605
9,398
9,059
8,392
9,509
10, 828
7,749
8,643
8,950
8,757
Stocks
do.
Bone black:*
1,069
596
1,102
928
1,085
1,085
848
1,010
1,065
1,033
847
1,040
1,048
Production
short tons
959
1,254
1,456
1,463
1,079
1,375
1,021
1,180
1,474
1,696
979
1,030
1,008
Stocks
do
OIL SEEDS, OILS, FATS AND
BYPRODUCTS
Animal, including fish oil:
Animal fatst
144, 102
119, 584
134, 765
155, 630
134, 391
140, 495
126, 345
105, 542
105, 301
127, 228
135, 260
118, 795
99, 329
Consumption factory
thous of Ib
221, 840
230, 470
262, 265
189, 544
226, 266
255, 713
279, 792
307, 560
262, 265
302, 208
260,613
208, 609
238, 814
Production
- - do _ _
286, 602
339, 877
322,045
258, 425
307, 692
250,588
428, 604
369, 460
389, 074
320, 801
350, 058
444, 602
400, 170
Stocks end of month
do
Greases :t
42, 572
45, 864
50, 604
45, 730
55, 182
54,207
49, 913
43, 658
55, 351
53, 195
43, 939
41, 226
37, 746
Consumption, factory
do
50,586
44, 586
46, 735
50,039
47, 484
40, 154
47, 402
52,331
48, 613
44, 434
48, 260
46, 815
46,611
Production
_
do
64, 305
103, 692
69, 983
98,924
97, 555
119, 272
67, 138
96, 111
106, 382
122, 608
84,829
101, 964
98,827
Stocks, end of month
do
Fish oils:J
20,290
20,365
22,944
18, 772
22,929
25, 287
14, 135
20, 148
16, 478
20,178
11,475
23,980
12,150
Consumption, factory
_ _ do
1,260
6,852
4,356
777
1,577
22, 706
1,024
1,301
19, 889
21, 109
21, 739
10. 927
697
Production
do
79, 211
66,335
102,400
59,041
85, 286 ' 85, 778 77, 996
108, 815
91, 459
57, 728
65, 152
85, 999
86, 445
Stocks, end of month
do
Vegetable oils, total:
412
395
417
294
333
294
437
469
329
432
458
410
297
Consumption, crude, factory t
.mil. of Ib
' 5, 644
7,291 r 13, 654
7,011
25,855
37, 302
' 14, 540 16, 148 r 23, 434
19, 525 ' 27, 885
35, 737
Exports!
thous. of Ib
32, 697
46, 545
36, 677
52, 306
23, 661
54, 057
32, 474
34, 628
26, 669
5,462
10, 744
19, 106
Imports total §
- - do
21, 737
31, 314
2H,343
37,754
2,121
43, 672
17,008
11,651
18, 208
3,921
13, 208
2,801
Paint oils!
do
15, 231
10, 960
8,333
15,465
10, 385
8,461
10,453
14,553
8,623
22, 977
15, 185
2,661
All other vegetable oils!
do
38.2
392
356
••488
313
283
513
442
278
481
248
330
468
Production!
- -.mil. of Ib
Stocks, end of month:!
552
551
547
571
573
566
489
485
'502
539
598
458
471
Crude
do
304
392
311
353
385
359
241
265
292
211
247
243
207
Refined
—
do_...
' Revised. cT See note in the April 1946 Survey with regard to difference between these series and similar data published in the 1942 Supplement to the Survey.
0 Excludes data for Mississippi, which has discontinued monthly reports, beginning in the October 1946 Survey.
§ The indicated series continue data published in the 1942 Supplement; unpublished data beginning 1941 or 1942 through February 1945, and also corrected data for 1937-July 1945 for nitrogenous and total fertilizer imports, will be published later. Fertilizer and vegetable oil exports for 1947 have been revised to include Army civilian supply shipments (see note marked "§"
on p. 8-20); revised figures for January 1947: Total fertilizers, 172,705; nitrogenous, 42,485; phosphate, 116,147.
0 For a brief description of this series see note in April 1946 Survey. J See note marked "J" on p. S-25 regarding unpublished revisions.
* New series. For source and description of data for glycerin see p. S-23 of November 1944 Survey and for turpentine and rosin, p. S-24 of the May 1946 issue. Small revisions in the data
for June 1943-August 1946 for glycerin will be shown later. Data for 1942-February 1945 for the new series on gelatin, and data prior to August 1946 for bone
black and glue will be published
later; data for gelatin, bone black, and glue are compiled by the Bureau of the Census and are complete or practically complete. Data for 1940-43 for sulfui4 are on p. 24 of the May 1946 Survey.
See note marked "*" on p. S-23 of the September 1947 Survey for reference to data for phthalic anhydride. Data for fertilizer consumption by midwestern States and the total (compiled by
the National Fertilizer Association from reports of tax tag sales) have been revised beginning in the March issue to exclude Illinois which has discontinued tag sales. Data beginning 1933
will be shown later.
t Revised series. See note in the November 1943 Survey explaining a change in the superphosphate data and note in September 1947 Survey regarding a company included beginning
January
1946. See note on p. S-23 of the November 1943 Survey regarding change in the turpentine price series.
1
Beginning November 1947 data include 4 plants not previously reporting which began operations in 1947. Revised earlier data will be shown later.
SURVEY OF CUERENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-25
1948
1947
February
March
April
July
June
May
August
September
October
November
December
January
February
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, AND
BYPRODUCTS— Continued
Copra:
61, 352
Consumption, factory!
short tons
61, 285
Imports §
__
do. __
71, 902
Stocks end of month §
do
Coconut or copra oil:
Consumption, factory:!
64, 270
Crude
thous. of Ib
29, 822
Refined
do
1,822
Imports §
do __
Production:!
63,
024
Crude
__
.
do
32, 749
Refined
do
Stocks, end of month:!
97, 177
Crude
do
13, 935
Refined
__
do
Cottonseed:
294
Consumption (crush)...
thous. of short tons..
95
Receipts at mills
_ do
568
Stocks at mills, end of month
do
Cottonseed cake and meal:
129,919
Production
short tons
159, 724
Stocks at mills, end of month. _
__do
Cottonseed oil, crude:
92,140
Production
thous. of Ib
88, 171
Stocks end of month
_ do
Cottonseed oil, refined:
81, 664
Consumption, factory!
do
28, 008
In oleomargarine
do
Price, wholesale, summer, yellow, prime (N. Y.)
.350
dol. per R^106, 518
Production
thous of Ib
185, 390
Stocks, end of month
do
Flaxseed:
14
Imports §
thous. of bu
Duluth:
40
Receipts
_
do .
69
Shipments
do
303
Stocks
do
Minneapolis:
182
Receipts
_
do
146
Shipments
do
2,896
Stocks
do
Oil mills:!
1,545
Consumption
do
1,415
Stocks end of month
do
Price, wholesale, No. 1 (Minneapolis) dol. per bu_.
A
Production (crop estimate)
thous. of bu__
Linseed cake and meal:
24, 420
Shipments from Minneapolis
thous. of lb__
Linseed oil:
41, 575
Consumption, factory! . _ _ _
_ . do
.378
Price, wholesale (N. Y.)
dol. per lb_.
30, 499
Production!
- thous. of Ib
19, 380
Shipments from Minneapolis
do
136, 681
Stocks at factory, end of month!
do
Soybeans:
15, 983
Consumption factory!
thous. of bu
Production (crop estimate)
do
52, 338
Stocks, end of month!
do _.
Soybean oil:
Consumption, factory, refined!
thous. of lb__ 104, 827
.345
Price, wholesale, edible (N. Y.)d"
dol. per lb__
Production:!
141, 115
Crude
- thous. of Ib
120, 867
Refined
do
Stocks, end of month:!
97, 226
Crude
do
76, 995
Refined
__do
Oleomargarine:
66, 470
Consumption (tax-paid withdrawals) !
do
Price, wholesale, standard, uncolored, (Chicago)
.394
dol. per lb._
Production!
thous. of lb_. ' 67, 750
Shortenings and compounds:!
129, 315
Production
do
48, 311
Stocks, end of month
do
59, 163
72, 319
72, 777
59, 214
61, 925
77, 541
53, 347
61, 004
59, 714
52, 368
51, 346
44, 320
45, 330
18, 644
42, 300
40, 731
31, 340
26, 861
41,828
48, 297
23, 871
47, 148
53, 485
22, 984
48, 821
67, 222
25, 945
60, 511
85, 829
41, 611
61, 796
56, 167
37, 259
53, 135
74, 349
31, 217
5, 549
72, 406
31, 057
813
70, 349
29, 103
2,394
61, 636
27, 664
3,225
62, 008
23. 784
1,767
69 608
32, 977
866
72, 257
30, 174
C)
79, 656
29, 828
0
72, 862
26, 618
956
76 857
28, 317
5,080
85 370
29 315
11, 593
68 333
24, 666
73, 902
36, 581
74, 043
35, 720
68, 398
33, 020
66, 074
28, 611
57, 902
30, 466
51, 902
34 228
53, 609
33, 498
61, 103
35, 388
62, 287
35, 088
77, 238
33 225
81, 371
37 233
67, 737
28 361
115, 722
13, 228
130, Oil
14, 267
138, 489
19, 088
134, 949
12,998
127, 927
14,412
105,978
10, 737
89, 363
11, 194
69, 578
10, 998
59, 669
9,213
69, 672
11,834
75 584
12, 616
86 546
10,500
212
43
399
162
19
256
104
11
163
69
14
108
74
65
100
102
167
163
345
776
594
647
1,509
1,458
596
654
1,515
565
476
1,426
522
212
1,116
412
74
778
93, 077
128, 193
69, 749
127, 171
45, 879
117,052
30, 477
87, 958
33, 980
46, 941
47,068
26, 416
156, 076
37, 844
301, 370
62, 121
276, 451
71, 590
261 942
74, 035
241 668
71 207
191 325
85, 139
68, 382
72, 546
52, 743
48, 039
34, 925
33, 979
23, 341
19, 990
24,212
15, 191
31 109
19, 209
104, 348
57, 307
197, 834
95, 356
181, 915
112, 684
174 444
109 368
163 998
121 742
130 270
117 424
73, 351
24, 474
53, 077
14, 485
35, 140
12, 981
44, 687
16, 407
56, 312
19, 906
74, 243
20 115
74, 751
27 891
119, 107
41, 554
129, 166
44, 146
122 265
42 368
126 686
46 718
106 611
.389
80, 781
191, 688
.314
74, 345
211, 855
.256
45, 388
217, 849
.241
35, 517
204, 106
.234
26 410
171, 094
.179
24 913
116 709
.224
56 852
92 081
.237
144, 981
107, 882
.276
157 874
133 196
.289
159 637
152 916
.299
140 848
152 706
.246
124 877
158 523
35, 392
18
19
17
77
106
17
0
0
o
2
5
35
69
270
7
39
238
10
83
145
7
74
78
2
72
8
12
20
o
1,435
436
1,019
2,733
1,053
2,699
911
1,147
2,463
48
1 764
747
165
183
728
311
190
2,280
532
345
1,615
257
87
1,162
128
202
516
99
82
296
2,125
270
453
8,425
1, 142
5,004
4,928
530
6,434
1,904
274
6,305
1 360
168
5 833
5 114
4 263
1,636
1,079
8.51
1,560
980
7.50
1,335
855
6.3C
1,687
1,457
6.12
1,641
1,892
6.02
1,325
2,526
6.00
2,410
5,720
6.39
3,051
6,789
6.78
3,174
6,893
6.84
2 319
6 559
7.01
3
39, 763
2 930
§ 290
7.06
2 595
5 800
6.51
50, 460
49, 740
39 008
.338
57 455
29 940
135, 394
38 987
.306
51 663
28 020
141, 504
28, 740
30, 720
26, 760
26, 160
29, 580
18, 540
45,360
61, 480
49, 500
49,020
45, 174
.395
31, 401
23,460
125, 060
47, 453
.394
28,850
25, 380
131, 769
45, 094
.376
25,064
19, 620
134, 627
38, 716
.325
32, 057
13, 620
144, 544
40, 030
.302
32, 250
14, 880
157, 724
39,834
.291
26, 527
21, 240
132, 682
44, 820
.318
59, 564
33, 840
127,444
36, 508
.324
61 592
29, 580
124, 541
38 532
.346
45 4%
27 900
126, 678
16, 490
15, 914
15, 006
13, 356
13, 613
11 284
40, 865
.303
48 030
27, 240
118, 443
9 733
11 439
14 659
41, 977
41, 680
37, 147
28, C04
19, 124
10, 248
2 775
34 624
48 053
15 219
3 181 352
48 855
113, 782
.401
101, 229
.351
71,687
.268
75, 842
.244
82, 261
.227
98, 077
.209
109,838
.233
141, 963
.264
119, 523
.312
110,066
.326
145, 013
121, 389
141, 456
115, 877
135, 889
92, 605
122, 436
83, 890
125, 706
98, 720
105, 315
91 251
91 358
89 400
107 170
88 413
133 652
97 345
139 551
112 683
94, 053
73, 993
89, 302
91, 327
108, 829
114, 604
122, 760
128, 141
125, 686
141, 671
105 941
140, 430
79 583
124 043
80 496
76 800
84 239
59 667
77 491
64 161
* 66, 667
«• 39, 347
.424
* 70, 012
.420
.354
' 46, 757 '37,809
138, 551
51, 184
99, 867
66, 178
' 36, 565 ' 40, 527
63, 151
49, 995
i 004
257
r
r
r
66
o
794
723
318
r 1ft 4.Q1
14 933
47 g24
43 636
110, 777
.326
94, 610
.262
152 ggg
11 0 Q19
140 024
99 369
og "-QO
r 53' §54
104 614
71 819
r
r
r
47, 448
47, 251
67 771
82, 894
78, 249
72 914
87 252
.330
' 41, 414
.332
48, 897
.330
50, 041
.340
67, 422
.362
87, 005
.385
81, 806
.400
79, Oil
.402
87, 934
.392
78, 853
63 094
79 921
47 086
98 978
45 803
117 858
36 393
159 623
41 887
145 979
45 051
131 819
1«?ft noe
101 120
KO AQQ
CA 1AA
PAINT SALES
Calcimines, plastic-texture and cold-water paints:*
77
102
89
Calcimines
__thous. of dol
90
82
75
82
81
71
83
79
71
040
Plastic-texture paints
do
292
227
227
235
230
198
259
210
218
187
203
Cold-water paints:
439
In dry form
do
352
422
419
407
449
460
385
305
433
282
306
334
312
329
In paste form for interior use
do
348
355
389
315
235
217
303
256
328
92, 111
81, 632
99, 516
99, 586
92, 643
Paint, varnish, lacquer, and fillers, total-. __do_ _
86, 806
84, 991
86 299
71 605
91 564
68 628
88 473
82, 017
88, 755
73, 273
Classified, total
do
89, 296
82, 985
77, 891
76, 944
64 257
76 649
61 928
82 511
78 935
29, 928
Industrial
do_ _
32, 540
34, 338
32, 631
31, 754
30, 035
31 073
34 972
28 630
31 607
29 688
31 974
49, 477
51,232
43, 345
54, 959
56, 125
Trade
do
47, 856
45, 872
35 627
45 042
47 540
32 240
46 961
10, 094
10, 831
9,658
8,358
10, 220
Unclassified
___
.do
8,915
8,047 1
7,348
9! 650
9! 053
6.700
9'. 538
r
3
Revised. 1 Less than 500 pounds. 2 No sales.
December 1 estimate.
§ Data continue series published in the 1942 Supplement; unpublished data through February 1945 for the indicated series will be shown later.
! See note marked "§" on p. S-25 of the September 1947 Survey for reference to July 1941-June 1946 revisions for oleomargarine; revisions for later months' Consumption— 1946 Julv
37,236,000; August, 40,784,000; September, 32,748,000; October, 51,052,000; November, 56,850,000; December, 57,683,000; 1947, January, 66,280,000; production— 1946 July 47 267 000' August
43,390,00; September, 37,431,000; October, 59,906,000; November, 62,962,000; December, 59,766,000; 1947, January, 67,942,000. Small or scattered revisions for 1941-August 1946 'for the other
indicated series will be published later.. Revised data for fish oils are available on a quarterly basis only..
c7"This series, compiled by the U. S. Department of Labor, replaces the series for refined oil shown in the 1942 Supplement; earlier data will be published later..
•Data for some items are not comparable with data prior to 1945; see note for calcimines, plastics, and cold-water paints at bottom of p. S-23 of the December 1945 Survey.
SURVEY OF CURRENT BUSINESS
S-26
April 1948
1948
1947
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
February
March
April
May
June
July
September
August
October
November
December
January
February
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTIC PRODUCTS
Shipments and consumption:
Cellulose acetate and mixed ester plastics: ®
Sheets, rods and tubes
thous. of lb__
Molding and extrusion materials
do
Nitrocellulose, sheets, rods, and tubes.® _..do
Other cellulose plastics*
do
Phenolic and other tar acid resins* _ _ _ _ do
Urea and melamine resins*
do
Polystyrene*
do
Vinyl resins*
do
Miscellaneous resins*
do
1,481
7,081
1, 319
451
23, 416
6, 658
6,664
13, 623 '
7,809
1,610
6,461
1,229
318
26, 797
6,401
6,561
16, 998
8, CCO
1,762
5,357
1,329
33126, 285
6,285
7,086
16,316
8, 275
1,689
4,317
1,052
f1)
27, 410
6,102
1, 682
1,410
1,479
3,735
2,779
3,404
931
(!)
27, 767
892
0)
25, 949
5, £36
5, 0,88
903
0)
26, COO
13, 126
5,645
5,955
11,546
6,435
5, 891
6,854
11,573
5,819
5,462
7,075
12,917
5,567
1,321
3, 733
5,723
8,381
15, 125
8,032
1,343
3,830
842
(i)
27, 662
6,565
11,456
20, 404
7,157
1,285
4,461
28, 129
6,720
10, 931
18, 040
7,388
1,462
4,666
832
(i)
25, 719
5,999
10, 593
16, 837
7,120
«• 28, 749
' 6, 824
10, 226
19, 554
7 677
26, 701
6, 772
8, 382
17, 634
7,648
25, 634
4,153
3, 858
26, 748
4,410
4,063
26, 180
4,333
3, 950
27, 951
4,439
4,085
28, 443
4 485
4,119
26, 465
4 271
3,902
21, 481
15, 875
5,606
22, 338
16, 846
5,492
366
21, 847
15, 763
6,084
23, 512
17, 099
6,413
369
23, 958
17 514
6,444
22, 194
15 8'21
6,373
20,649
3 309
18,996
3 198
1,284
4,153
921
0)
27, 262
1,799
5,105
1,040
(0
865
747
658
652
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total*
mil. of kw.-hr__
Industrial establishments*
do
By fuels*
_ _ _ _ do
By water power*
do
Utilities (for public use), total!
do____
By fuelsf
do
B y water powerf _ _ _ _ _ _
. _ _ _ do
Privately and municipally owned utilities
do
Other producers!
_ _ _ _ d o _
Sales to ultimate customers, total (Edison Electric
Institute)! - - - -- - mil. ofkw.-hr
Residential 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. o f dol
23, 698
4,f83
3,683
399
19,616
13, 261
6,355
25, 544
4,298
3,843
455
21, 246
13, 981
7,265
24, 652
4,148
3,711
437
20, 504
13, 216
7,287
25, CC9
4, 2C3
3,809
24, 469
4,225
3,825
24, 938
4,156
3,772
20, 776
13, 387
7,389
20, 244
13, 451
6,793
20, 782
14, 236
6,546
25,969
4 225
3,892
333
21,744
15, 690
6,053
16, 833
2,783
18, 266
2,980
17, 661
2,843
17, 801
2,975
17,414
2,829
17,847
2,935
18,733
3,011
18, 630
2,851
19, 540
2,798
18, 977
2,870
20,292
3,220
17, 783
3,960
295
17, 772
3,727
320
17, 665
3,572
421
17, 610
3,437
17, 546
3,369
17,308
3,307
606
18, 099
3 332
18, 496
3 512
3,142
8,988
2C4
506
643
46
3,026
9,285
2CO
491
673
50
3,070
9,264
178
494
618
46
2,994
9,375
165
475
604
46
3, ceo
3 123
9,068
3 252
9,601
320, 174
313, 074
310, 762
310, 025
309, 631
424
514
4CO
558
9,356
154
475
531
44
383
383
355
18, 656
3,601
498
18, 726
3,876
19, 617
4,329
3 406
9 724
3 293
9,951
219
499
548
46
3 490
9,934
193
490
518
45
3,346
9,757
234
502
578
51
325, 639
328, 209
335, 687
351, 460
175
483
532
44
315, 590
348
607
681
160
459
538
46
305, 855
295
382
379
251
530
648
56
GASf
Manufactured and mixed gas (quarterly):
Customers, end of quarter, total
thousands_.
Residential (incl. house-heating)
do
Industrial and commercial
_ do _
gales to consumers, total
mil. of cu. f t _ _
Residential
do
Industrial and commercial
do
Revenue from sales to consumers, total
thous. of dol__
Residential (incl. house-heating)
_ do
Industrial and commercial. _
_ _ do_ _
•Natural gas (quarterly):
Customers, end of quarter, total
thousands
Residential (incl. house-heating)
do
Industrial a n d commercial _ _ _ _ _ _ d o _
Sales to consumers, total.
___mil. of cu. ft_.
Residential (incl. house-heating)
do
Industrial and commercial
-.
do
Revenue from sales to consumers, total. _thous.of dol. .
Residential (incl. house-heating)
_.do
Industrial and commercial
_ _ _ _ _ do_ _
11, 224
10, 502
713
198, 580
139, 476
57, 139
713
151,485
11, 258
10, 536
100, 881
49, 273
11,058
10, 350
700
108, 430
66, 906
40, 635
147, 140
97, 271
48, 479
159, 188
119,318
38, 714
135, 259
100, 682
33,719
108, 519
80, 130
27 796
135, 198
99, 715
34 601
9,739
8,999
734
728, 393
297, 553
422, 052
270, 598
171, 935
96, 797
9,772
9,051
715
596, 470
161, 527
428 608
197, 743
104, 348
92, 106
10, 107
9,392
10 688
9,897
10, 852
10, 141
703
708
"
521, 774
76, 503 _ _ _ _ _ _ _ _ _ _ _ _ _
439 602
150, 444
59, 770
89, 584
646,
185
4^2
220,
117
100
784
412
386
909 ~
431
858
887
_
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors :f
Production
thous of bbl
Tax-paid withdrawals
do
Stocks, end of month
_
do
Distilled spirits:
Apparent consumption for beverage purposes!
thous. of wine gal__
Imports.
_
thous. of proof gal_.
Productionf
thous. of tax gal_.
Tax-paid withdrawals!
do _
Stocks, end of month!
do
Whisky:
Imports..
.thous. of proof gal__
Production!
thous. of tax gal_
Tax-paid withdrawals!
do
Stocks end of month!
.do
5 761
5,544
9,067
6 836
6,277
9,326
7 435
7,029
9,399
7 985
7,512
9,531
8 342
7,939
9,565
9 044
8,776
9 453
8 833
8,842
9 050
8 738
8 369
9 021
9 064
8 303
9 414
6 650
6 126
9 647
ft Ofi3
R QQO
a ot:o
6 398
9 023
5 952
9 167
5 475
9 670
13, 455
817
34, 702
10, 073
473, 163
13, 730
791
32, 747
9,806
491, 965
11, 974
751
27, 568
8,647
506, 015
12, 173
1, 125
21, 854
6,130
518, 459
11, 392
1,071
16,429
6,039
525, 828
12, 283
834
13, 726
5,650
529, 523
12, 378
797
14, 187
7 171
533, 051
14, 216
1, 172
22, 218
8 639
537, 471
23, 893
1 414
39, 559
16 497
542,907
18, 047
1 185
7,735
16 030
527,' 337
18, 322
13, 140
1 206
9,489
8 080
513, 896
21, 884
8 9^7
523, 546
r
773
4,193
10 342
516, 406
712
708
713
1,071
1,002
793
757
1,102
1 310
1 108
709
1 059
21,434
19, 272
17, 201
14, 143
9,932
7,197
7 229
9 790
9 732
56
655
4 702
13 768
4,442
4,635
4,559
3,185
3,280
2,975
3,372
4,258
7,770
7,819
5,507
4,050
4, 177
437, 614
449, 335
423, 844
459, 217
464. 825
468. 432
471. 273
474. 956
474. 507 4fi3. 407
45fi 2fifi
455 4f)Q
4fi9 Of>0
r
Revised. 1 Not available for publication. § Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be published later
!For 1943-44 revisions for the indicated series see notes at bottom of pp. S-23 and S-24 of the May 1945 Survey.
®Data for sheets, rods and tubes are comparable with similar data in the 1942 Supplement; see note in September 1946 Survey regarding change in data for molding, etc. materials
*New series. For data for 1939-45 for production of electricity by industrial establishments see p. 32 of the February 1947 Survey; minor revisions for January to October 1946 will be shown
later. The new series for plastic products are from the Bureau of the Census and include all known producers; earlier figures and a description of the data will be published later
TReyised series. Gas statistics are shown on a revised basis beginning in the December 1946 Survey; see note in that issue. For revised figures for the indicated series on electric power
production, except the series for "other producers," see p. 32 of the February 1947 Survey; minor revisions for January to October 1946 will be published later. See note marked "!'* on p. S-26
of the September 1947 Survey for reference to revisions for 1940-45 for consumption of distilled spirits for beverage purposes and for the fiscal years 1941^6 for the other alcoholic beverage
series; the note also explains a change in the series for stocks of distilled spirits; see p. S-23 for tax-paid withdrawals of ethyl alcohol, which are largely for beverage purposes
SURVEY OF CURRENT BUSINESS
April 1948
S-27
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
February
March
April
May
June
July
August
September
October
November
December
17, 593
16, 254
12, 732
11, 656
8, 039
8,217
18
'97
147
1,581
26
101
64
1, 599
January
February
FOODSTUFFS AND TOBACCO—Continued
ALCOHOLIC BEVERAGES— Continued
Rectified distilled spirits, production, total!
thous. of proof gal_Whisky
do
Wines and distilling materials:
Sparkling wines:
Imports^
thous. of wine gal
Production!
do
Tax-paid withdrawals!
do
Stocks, end of monthf
do
Still wines:
Imports §
do
Production O
do
Tax-paid withdrawals!
do
Stocks endofmonthf
do
Distilling materials produced at wineriesQ.do
11, 144
10, 139
10, 648
9,621
9,349
8,673
6,706
6,154
7,021
6,522
7,831
7,012
8,083
7,522
9,689
8,965
16, 480
15, 126
7
152
49
1,522
9
226
75
1,665
9
221
51
1,826
13
130
62
1,882
12
146
44
1,975
9
74
51
1,990
9
48
64
1,964
21
36
84
1,911
28
29
155
1,774
232
862
5,576
190, 143
1,303
265
535
6,629
181, 179
3,279
171
466
5,960
174, 584
1,580
172
390
5,682
168, 710
1,040
129
309
6,249
160, 211
661
99
383
6, 027
152, 534
1,867
117
2,479
6,680
146, 660
7,948
194
31 575
8,180
171 239
49, 423
175
53 331
11,431
215 860
96, 627
138
11 429
11 220
216 517
31, 179
139
2 675
10, 282
205 083
8,596
237
657
9, 471
195, 88R
2, 554
.709
'93, 910
9,988
.696
110, 485
7,818
.631
116, 530
9,194
.613
146, 455
17, 445
.633
157, 120
51, 625
.674
148, 790
83, 286
.745
116, 550
88, 364
.802
101, 310
76, 912
.718
91, 890
72,125
.794
69 220
46, 002
.881
74, 490
23, 672
.851
79, 080
' 13, 399
389
1,519
28
' 57
158
1,656
9, 307
8,655
DAIRY PRODUCTS
Butter, creamery:
Price, wholesale, 92-score (N. Y.) J
dol. per lb_.
Production (factory) f
thous. of Ib
Stocks, cold storage, end of month cf
do
Cheese:
Imports^
_.
__do
Price, wholesale, American Cheddars (Wisconsin)
dol. per lb__
Production, total (factory)f
thous. of lb__
American whole milk f
__
do
Stocks, cold storage, end of month cf
_ do _
American whole milk
_
do
Condensed and evaporated milk:
Exports:§
Condensed
do
Evaporated
do
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
Evaporated (unsweetened) __.
._do
Production:
Condensed (sweetened):
Bulk goods*
thous. of Ib
Case goodsf
_.
do
Evaporated (unsweetened), case goodsf_.do
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb__
Evaporated (unsweetened) _ _ _ _ _ do
Fluid milk:
Price, dealers', standard grade
dol. per 100 lb_.
Productionf
mil. oflb
Utilization in manufactured dairy products!
mil. oflb..
Dried skim milk:
Exports^
thous. of Ib
Price, wholesale, for human consumption, U. S.
average
...dol. per lb_.
Production, total!
thous. of lb__
For human consumption!
_ _ _ _ do
Stocks, manufacturers', end of month, total
thous. oflb_ _
For human consumption
_
do
Apples:
FRUITS AND VEGETABLES
Shipments, carlot
no. of carloads
Stocks, cold storage, end of month.. thous. of bu__
Citrus fruits, carlot shipments
no. of carloads
Frozen fruits, stocks, cold storage, end of month
thous. of Ib..
Prozen vegetables, stocks, cold storage, end of
month
thous. of lb_.
Potatoes, white:
Price, wholesale (N. Y.)
dol. per 100 Ib
Production (crop estimate) !
thous of bu
Shipments, carlotno. of carloads..
487
455
355
401
459
647
615
1,139
1,554
.370
0)
' 76, 687 100, 160
' 58, 547 77, 485
93, 427
98, 053
71, 757
74, 795
.338
115, 540
91, 655
113, 854
88, 737
.298
144, 015
118, 455
133, 495
106, 479
0)
152, 125
125, 815
161, 363
130, 005
.338
136, 425
113, 505
185, 202
151, 661
.345
110, 140
89, 610
202, 597
169, 571
.365
92, 670
74, 480
193, 849
164, 651
.386
82, 720
64, 170
176,626
151, 455
.391
61, 760
44, 480
162, 682
139 355
4,694
25, 355
7,277
' 23, 667
7,549
r 39, 518
8,562
' 42, 869
9,201
42, 071
8,161
41,394
10, 316
55, 278
15, 726
72, 852
14 655
49 110
8.27
5.42
8.26
5.23
8.26
5.18
8.26
5.19
8.26
5.20
8.26
5.24
8.40
5.31
4,273
23, 324
8.25
5.72
8.28'
5.64
0)
60, 025
42, 395
147, 683
128, 188
.836
77, 145
7,586
1,369
r 0)
65, 140
45, 740
r
124, 106
r
107, 236
r
0)
64, 855
47, 005
111,629
95,100
S, 831
25, 679
7,818
19, 601
8 80
5.52
8.80
5.70
8.93
5.83
9.12
5.99
38, 695
7,200
209, 700
56, 340
8,610
269, 000
82, 800
11, 850
320, 500
111, 875
13, 000
416, 200
116, 620
12, 950
410, 000
76, 555
15, 025
347, 600
31, 540
17, 150
257,400
22, 470
21, 100
218, 000
20, 430
19, 500
200,500
12 200
12, 650
152, 500
14, 105
11, 475
156, 400
14, 720
8, 575
176, 000
14, 530
8,800
193, 000
r
4, 346
117, 497
5,450
118, 926
6,279
148, 266
6,387
278, 814
7,3 96
440, 952
9,477
501, 177
10, 561
471, 600
11, 333
379, 712
9,463
285, 450
8,501
223, 940
9,362
158, 551
8,682
95, 433
9,124
73, 267
4.74
8,456
4.68
9,809
4.63
10, 385
4.46
12, 134
4.41
12, 821
4.48
12, 102
4.60
10, 595
4.71
9,259
4.87
8,845
4.97
8 015
5.02
8,056
5.08
' 8, 354
5.10
8,219
2,767
2,769
3,202
3,955
4,358
5,509
5,814
5,344
4,223
3,654
' 11, 266
' 8, 807
' 21, 606
f 19, 648
' 21, 538
' 28, 309
' 29, 803
' 25, 188
.114
52, 280
51, 230
.100
69, 355
67, 200
.100
77, 390
75, 040
.094
91, 665
88, 200
.096
102, 020
96, 730
.095
81, 830
78, 500
.097
51, 925
49, 450
.102
41, 000
39, 740
' 63, 253
62, 514
80, 236
79, 126
78, 047
76, 646
102, 973
100, 888
no; 775
114. 439
94, 980
91, 028
76, 622
74, 030
5,222
12. 944
17, 032
3,625
7,593
11, 391
2,347
3,954
18, 216
1,687
1,544
17, 774
627
329
13, 867
1,428
219
9,429
403, 664
367, 013
319, 718
327, 700
332, 345
296, 588
276, 099
247, 795
230, 827
251, 687
2.638
3.006
3.490
3.812
4.106
(3)
21,830
30, 138
26,782
23, 713
25,272 j
r
3,319
r
43 660
2,478
r
2,568
33 512
' 28, 515
19 710
.111
31, 935
31, 000
.124
22, 850
22,320
.141
31, 545
30, 780
.146
38, 570
37, 700
.149
40, 425
39, 650
50, 487
48, 813
36, 203
35, 359
21, 070
20 450
15,056
14, 685
14, 972
14, 613
18, 559
18, 155
783
264
9,027
6,214
10, 435
7,403
8 624
34, 322
10, 430
5 531
35,790
13, 275
2 112, 503
r
3, 918
29,807
r
16, 499
374, 363
408, 119
402, 821
405, 838
392, 077
369, 470 ' 343, 539 316, 001
307, 574
326, 603
353, 239
347, 466
323, 991
291, 752 ' 254, 853
(3)
(3)
(3)
i
22,313
19,028
25,187
25,504
(3)
' 20, 136
(3)
2 384 407
' 15, 974
r
' 4 516 4,721
22, 772
16,658
16, 695
14, 698
(3)
22,092
227, 892
(3)
21,284
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§
thous. of bu__ ' 55, 559 '61,244 ''59,154 '73,956 ' 62, 698 '67,334 '67,856 '51,830 '47,281 ' 42, 038 '44,816
50,084
Barley:
Exports, including malt§
do „ '2,630
'1,867
' 1, 720
'4,234
' 3, 284
'2,948
' 7, 325
' 2, 713
' 2, 641
'856
465
' 1, 377
Prices, wholesale (Minneapolis) :
1.914
1.764
1.922
No. 2, malting
dol. per bu__
2.136
2.259
2.010
2.299
2.276
2.379
2.675
2.590
2.711
2.359
1.838
1.642
No. 3, straight
._
do
1.806
1.896
2.143
2.032
2.130
2 117
2 218
2 426 2 2 510
2 507
2 142
Production (crop estimate)!
thous. of bu__
279, 182
Eeceipts, principal markets
do
7,242
4,806
9,625
8,252
7,974
8,449
27, 113
25, 093
12, 111
14, 605
8,679
10, 021
5.773
Stocks, domestic, end of month:
14, 108
19,313
27 846
Commercial
_ _
do_ _
8,869
7,753
27,444
10, 816
5,593
14,263
26 581
29 679
24 205
66,818
On farms*
do
30,000
' 160, 403 '
117,300
' Revised. * No quotation. 2 December 1 estimate. 3 No comparable data.
tSee note in June 1945 Survey for explanation of this price series, cf See note marked "cf "on p. S-29.
©Distilling materials produced at wineries, shown separately above, were combined with production of still wines as shown in the Survey through the February 1947 issue.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The 1947 export figures for
dairy products and grains have been revised to include Army civilian supply exports (see note marked "§" on p. S-20); revised January 1947 figures (units as above): Dried skim milk, 11,731;
principal grains, 53,367; barley, 1,350.
• Revised 1943 data are on p. 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data; 1944-46 revisions are on p. 23 of October 1947 Survey.
*New series. Data beginning 1936 will on
be shown later; the June figure includes old crop only.
!Revised series. See note marked "f" P- S-26 of the September 1947 Survey for reference to revised figures for fiscal years 1941-46 for the indicated alcoholic beverage series. Revisions
for all months of the fiscal year 1947 are shown on p. S-27 of the November 1947 Survey. See notes marked " ! " on pp. S-25 and S-26 of the April 1946 Survey for references to 1941-43 revisions
for the indicated series for manufactured dairy products; data for 1944-45 for these series and for utilization of milk in manufactured dairy products are shown on p. 16 of the April 1946 Survey
but there have been further revisions in the 1944 and 1945 figures for total cheese and 1945 figures for dry skim milk; these revisions and preliminary re visions for all months of 1946 are shown
on p. 23 of the October 1947 Survey; revisions for 1920-43 for utilization of milk in manufactured dairy products will also be shown later. January 1940-Deeember 1945 revisions for milk production are on p. 19 of the April 1947 Survey. Revised estimates of potato crop and barley for 1929-44 are available on request.
SUKVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
May
July
June
August
September
October
November
December
January
February
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—Con.
Corn:
Exports including meal §J
thous. ofbu.. r 12, 384
11, 701
Grindings, wet process
do
Prices, wholesale:
1.511
No 3 white (Chicago)
dol. perbu..
1.419
No 3 yellow (Chicago)
do
1.307
Weighted average, 5 markets, all grades.. do
Production (crop estimate) t
mil of bu
43.6
Receipts principal markets
do
Stocks, deomstic, end of month:
34.5
Commercial
do
Oats:
Exports including oatmeal§{
thous. of bu
Price, wholesale, No. 3, white (Chicago)
dol. perbu..
Production (crop estimate) t
mil. ofbu
Receipts priac'pal markets
do
Stocks, domestic, end of month:
Commercial
.
do
r 15, 164
12, 245
r 18, 652
12, 091
1.742
1.731
1.594
1.784
1.782
1.694
1.790
1.779
1.677
2.143
2.097
1.948
48.2
38.8
38.7
37.4
1, 294. 7
29.1
16.3
'750
' 1, 398
'910
' 1, 478
r 2, 767
' 2, 274
'950
'663
.836
.943
.923
.988
1.021
.952
1.014
1.161
1.201
9.4
14.7
12.9
14.2
12.2
16.2
29.2
22.5
16.7
7.4
6.2
6.3
5.4
4.6
5.0
5.6
15.9
26.6
964.3
27.8
22.1
61, 944
r 39, 796
Exports wheat including flour §J
do
W"heat only§
do _ r 18, 870
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
2.314
dol. perbu..
2.395
No 2 Red Winter (St Louis)
do___
2.261
No 2 Hard Winter (Kansas City)
. do
2.279
Weighted av., 6 mkts., all grades
....do
Wheat flour:
Exports§J
thous. of bbl__
Grindings of wheat®
thous. of bu_.
Prices, wholesale:
Standard patents (Minneapolis) __dol. per bbl__
Winter straights (Kansas City)
do
Production (Census):®
Flour
thous. of bbl_
Operations percent of capacity
Offal
-mil. ofjlb.
Stocks held by mills end of month® thous. ofbbl
r 16, 353
11, 635
' 5, 827
11,083
' 1, 951
11, 100
0)
2.169
1.995
2.740
2.346
2.295
40.2
39.1
11.2
687.8
11.8
r 18, 014
11, 794
3 259. 1
536.8
Rice:
170, 845
Exports §t
thous. of Ib
2
Im ports §
do
.090
Price, wholesale, head, clean (N. 6.)_.dol. per lb__
Production (crop estimate)!
thous. of bu__
California:
Receipts, domestic, rough
759
thous. of bags (100 lb.)__
557
Shipments from mills milled rice
do
Stocks, rough and cleaned (in terms of cleaned) ,
284
end of month
thous. of bags (100 lb.)__
Southern States (La., Tex., Ark., Tenn.):
422
Receipts, rough, at mills. _thous. ofbbl. (1621b,)-_
Shipments from mills, milled rice
1,452
thous. of pockets (100 lb.)__
Stocks, domestic, rough and cleaned (in terms
of cleaned) , end of month
2,440
thous. of pockets (100 lb.)_.
Rye:
3.108
Price, wholesale, No. 2 (Minneapolis). dol. per bu..
Production (CTOD estimate) t
thous ofbu
322
Receipts principal markets
do
2,336
Stocks, commercial, domestic, end of month.do
Wheat:
"Winter wheat
do
Receipts principal markets
thous. of bu__
Stocks, end of month:
Canada (Canadian wheat)
do _
United States domestic total^t
°-o
Commercial
do
' 27, 786
12, 385
' 1, 496
10, 831
r 1, 042
603
11,387
9,762
10, 180
2.583
2.513
2.370
2.508
2.403
2.277
2.465
2.423
2.345
2.692
2.711
2.582
22.8
22.6
21.1
22.7
2.572
2.611
2.489
2, 401. 0
20.0
26.9
18. 3
7.7
7.9
7.3
11.6
13.2
1, 517. 9
17.0
21.0
r609
«• 2, 729
«• 1, 741
2,614
1.241
1.273
1, 216. 0
3 254. 2
r
r 1, 425
r
2. 253
2. 152
1.401
1. 273
8.1
12 0
5.8
14.0
743.8
10.0
7.1
90, 675
31 628
.122
79, 345
.127
.134
510
292
582
549
820
796
84, 858
•• 60, 363
r 52, 403
22, 897
21, 592
.089
.090
.090
.126
.125
'.US
118, 889
1,236
.114
140, 214
.090
792
393
594
478
583
496
300
242
207
154
41
152
75
69
1,490
443
877
449
171
169
59
41
536
639
669
527
284
107
99
573
3,306
5,790
2,644
942
621
365
246
477
309
1,784
3,051
2,889
1,625
1,307
890
8
203
163
410
329
233
207
133
83
1,130
681
515
3
V
2
204
424
.121
209
2
267
1,568
1,048
615
476
119
393
2,002
4,863
4,755
4,141
3,562
3,071
3.539
3.108
3.192
3.029
2.541
2.466
2.817
2.853
2.824
2.763
2.410
354
238
138
102
2,139
1,878
177
556
2,634
2,214
2.769
25 977
2,084
3,824
1,366
4,262
512
443
4,427
4,072
437
367
3,636
2,683
r 224, 890
r 326, 391
r 37, 725 r 41, 744 ' 38, 266 r 41, 383 ' 56, 844 r 46, 308
' 15, 812 ' 13, 729 r 10, 354
' 20, 047 ' 38, 605 r 29, 132
r 41, 862
«• 26, 366
36, 510
25, 609
327, 109
«•r 40, 648
28, 266
46, 402
24, 171
»• 333, 741
r 42, 961
«- 20, 587
1,358
1,024
r
r
2.638
2.745
2.676
2.616
2.677
2.705
2.693
2.637
2.719
2.587
2.373
2.563
2.935
2.368
2.288
2.400
2.710
2.384
2.318
2.472
38, 716
35,030
37, 807
26, 345
26, 156
121, 869
91,847
72, 625
68, 872
43, 297
119,006
109, 849
308, 563
32, 838
61,010
71,957
139, 855
93, 964
80, 514
55, 395
58, 655
130, 639
15, 803
114, 913
167, 718
113, 863
1,122,206
175, 069
196, 631
136, 216
610, 300
146, 292
24, 440
70, 405
s 83, 623
3 8, 129
3 9, 976
3 24, 591
s 40, 427
166,359
152, 400
r 4, 662
56, 818
' 5, 961
55, 744
r 5, 939
55, 462
r 4, 540
57, 031
r 3, 881
59, 619
' 3, 655
56, 720
r 4, 452
57, 162
2
0)
58, 220
2.715
2.811
2.694
2.671
44, 745
2
8, 38(3
' 4, 761
63, 301
2.840
2.704
2.646
2.801
3.167
2.952
2.953
3.093
r 3, 297
60, 393
3.231
3.020
2.999
3.154
' 2, 319
54, 188
2
3. 160
3.089
3.011
3.110
2
1,2 364 9
296 9
2
1, 068. 0
40, 028
3.198
3.120
3.032
3.149
2. 765
2. 866
2 508
2.684
36, 469
16, 296
126, 282
795 135
141, 889
110 796
111 730
427, 620
115, 735
102 32S
124, 041
97, 989
••2,635
53, 734
4,730
55, 141
47 974
11.62
11.42
13.66
12.99
13.17
12.97
12.74
12.39
12.60
11.03
13.27
10.77
12.72
10.97
13.57
12.03
14.56
13.13
14.97
13.51
14.23
13.21
14.06
13 20
12.34
11 24
12, 609
93.2
13,991
91.4
1,091
2,842
12, 604
82.3
12, 445
81.1
12, 332
83.9
12, 713
83.2
13, 233
86.4
12, 646
85.8
13, 432
84.3
1,012
12,
080
r
89 0
11, 977
78.0
12, 334
80 0
10, 715
78 1
983
967
930
928
2.237
944
996
948
2,523
900
896
3 016
922
804
LIVESTOCK
Livestock slaughter (Federally inspected) :
627
621
678
644
521
628
656
586
719
762
673
813
Calves
thous. of animals.
511
1,264
1,203
1,228
1,274
1,207
1,143
1,217
1,312
1,407
1,337
1,346
1,497
Cattle
-do
977
3,831
3,616
3,455
3,653
3,406
3,897
2,731
2,948
5,223
5,501
6, 254
3,978
Hogs
_
...do
3, 746
1,355
1,322
1,329
1,237
1,271
1,253
1,280
1,451
1,347
1,458
1,471
1,697
Sheep and lambs
do
1 209
Cattle and calves:
2,154
2,384
2,183
2,435
2,290
2,259
3,199
2,028
2,617
2, 233
3,353
Receipts, principal markets. __ thous. of animals.. «• 1, 959
1, 485
100
131
120
161
198
157
98
395
102
321
145
621
Shipments, feeder, to 8 corn belt Statesf
do
59
Prices, wholesale:
24.06
22.93
27.85
25.87
23.30
21.94
28.84
29.54
29.52
29.16
29.82
29.08
Steers, beef (Chicago)
dol. per 1001b__
26.43
21.33
19.91
21.91
21.11
20.13
18.96
21.22
21.65
21.32
26.31
20.96
23.59
Steers, stocker and feeder (Kansas City). ..do
24. 15
23.63
22.94
20.38
24.00
22.90
22.88
22.63
24.30
25.81
29.06
25.38
Calves, vealers (Chicago).
do
26.75
27.00
r
2
Revised.. 1 No quotation. December 1 estimate.
* Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July.
§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The unit of measurement
for wheat flour exports was erroneously shown as thousands of bushels in the August 1947 Survey and earlier issues; the figures have been shown in thousands of barrels in all issues.
T The total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins iiot included in the break down of stocks.
t Revised series. The indicated grain series have been revised as follows: Crop estimate for oats, 1932-44, and rice, 1937-44; other crop estimates, 1929-44; domestic disappearance of wheat
and stocks of wheat in country mills and elevators, 1934-44; corn, oat and wheat stocks on farms and total United States stocks of domestic wheat, 1926-44; all revisions are available on request.
See p. S-27 of the August 1943 Survey for revised figures for 1941-42 for feeder shipments of cattle and calves.
®Data for June 1947 and previous months were reported by approximately 1,100 mills believed to account for about 98 percent of the industry; later data are estimated from monthly
reports of 425 mills with a daily 24-hour capacity of 401 sacks or more of flour.
t Revised to include Army civilian supply shipments (see note marked "§" on p. S-20). Revised figures for January 1947 (units as indicated): corn, 9,276; oats, 2,550; wheat, including
flour, 40,190; wheat only, 19,508; wheat flour, 20,682.
SUEVEY OF CURRENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-29
1948
1947
February
March
April
May
July
June
August
September
October
November
December
January
February
FOODSTUFF AND TOBACCO—Continued
LIVE STOCK—Continued
Hogs:
Receipts, principal markets. __thous. of animalsPrices:
Wholesale, average, all grades (Chicago)
dol. per 100 Ib.
Hog-corn ratio f
bu. of corn per 100 Ib. of live hogs.
Sheep and lambs:
Receipts, principal markets. __thous. of animalsShipments, feeder, to 8 corn belt Statesf
do...
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 Ib.
Lambs, feeder, good and choice (Omaha) .do
' 2, 314
2,017
2,245
2,270
2,329
2,206
1,774
' 1, 942
2,305
3,771
3,272
2,305
22.25
25.70
27.10
23.49
22.24
22.06
22.11
23.74
26.66
27.81
24.96
26.31
26.71
'19.3
17.6
14.9
14.4
12.6
11.7
11.1
11.3
12.4
11.1
10.5
10.9
11.2
' 1, 408
1,293
133
1,506
136
1,713
128
1,982
134
1,677
166
1,688
283
2,452
556
2,871
677
1,833
393
1,587
131
1,428
81
1,255
64
23.12
20.18
23.12
21.22
21.25
19.56
21.62
0)
24.25
22.75
20.25
0)
0)
21.31
22.50
22.60
22.62
21.05
22. 75
20.98
24.08
20. 53
25.00
21.78
23.00
20.44
1,434
854
'62
1,393
857
'70
1,438
843
67
'91
1,525
797
67
1,490
772
'52
1, 509
743
67
'62
1,289
636
59
'81
1,356
506
56
'62
1,556
480
51
'52
1,740
635
58
'39
1,918
35
1,762
' 1,130
'74
1,323
1,180
73
36
29
27
31
MEATS
Total meats (including lard):
Exports§t
.mil. oflb.
Production (inspected slaughter)
do
Stocks, cold storage, end of month<8>c?
do
Edible offal®
do_._
Miscellaneous meats and meat products®
mil. oflb.
Beef and veal:
Exports§t
thous. of lb_
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per lb.
Production (inspected slaughter)
thous. oflb..
Stocks, cold storage, end of month^d1
do...
Lamb and mutton:
Production (inspected slaughter)
do___.
Stocks, cold storage, end of month<8>cf
do
Pork including lard, production (inspected
slaughter)
thous. of lb_.
Pork, excluding lard:
Exports§:j:
do
Prices, wholesale:
Hams, smoked (Chicago)O
dol. per lb_.
Fresh loins, 8-10 Ib. average (New York)_do
Production (inspected slaughter)...'.thous. oflb..
Stocks, cold storage, end of month ®o"
do
Lard:
Exports§J
do
Price, wholesale, refined (Chicago)...dol. per lb_.
Production (inspected slaughter)
thous. oflb..
Stocks, cold storage, end of monthtf
do....
POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago) _ .dol. per Ib.
Receipts. 5 markets
thous. of lb_
Stocks, cold storage, end of monthd*
do
Eggs:
Dried, production*
do
Price, wholesale, U. S. standards (Chicago)*
dol. per doz.
Productionf
millionsStocks, cold storage, end of months
Shell
thous. of cases..
Frozen
thous. of lb_.
71
57
64
67
1,062
' 5,043
15, 574
r 34, 072
' 28, 532
.362
631,697
195,820
.371
681, 465
201, 209
679,933
.370
.376
705, 739
144, 538
670,038
702,877
114, 568
101, 732
650,486
106,179
749,027
92, 781
.466
792,883
112, 290
57,380
16, 554
57,648
14,110
60, 737
10,808
60,183
9,563
54,823
9,348
53,172
8,085
52,007
7,837
60,043
6,645
69,891
11,893
745,090
653,686
697,129
758,646
756, 848
753,173
547, 045
693, 312
3,316
r
6,856
175, 724
' 7, 318 ' 15, 079
.529
.509
.614
.505
484, 593
397, 794
.546
..508
521, 406
394, 421
38, 760
.298
138, 683
117, 557
r 39, 110
' 31,696
555, 330
399, 317
.266
.338
123, 637
109, 254
.299
50
.300
128, 445
127,680
.554
.531
.408
' 4, 651
561,155
364, 531
.572
.529
556, 305
352, 814
28, 728
.198
144, 207
r 22, 007
.195
146, 690
148,663
.275
175,269
.244
40
18, 423
.434
1,955
.552
550, 620
331, 746
.469
' 4, 651
.641
.593
438, 482
264,124
' 23,041
' 34,804
148,100
108,114
.182
193, 736
42
'50
2,360
1,389
.466
707, 751
151,856
.468
709, 306
196,252
.479
698,314
• 193,316
60, 790
17, 280
61, 943
20,317
' 15, 263 ' 23 898 ' 8, 400 ' 5,983
.176
162, 565
.482
63
.419
541, 914
181,820
55, 858
60,107
' 19, 294 16,823
971,957 1,147,168 1,003,276
724,834
2,412
'3,228
2,400
1, 756
417,926
195,896
.564
539, 982
187, 971
.551
.480
759, 222
304,851
.577
.456
867, b96
527,159
.612
.482
745, 581
659, 309
531,423
700,531
' 43, 420
.232
94, 015
125, 579
.285
111,619
90,437
33,522
.302
154, 639
73,377
' 23, 210 23,143
.292
.290
204,084 188,171
113, 286 133, 513
141,384
144,610
.242
51, 774
205, 653
.236
61, 637
277,870
.216
78, 087
317,112
.240
68, 856
317,463
.265
28,083
293, 640
22,385
262,050
' 2, 905
.664
.622
.538
.471
.239
187, 717
171, 260
.240
40, 474
174, 627
183,024
9,067
14,464
14,610
9,310
1,324
158
226
330
162
552
1,029
.425
.409
6,146
.414
5,202
.434
4,539
.422
3,832
.450
3,383
.464
3,457
.455
3,291
.517
3,746
.441
4,338
4,723
3,452
202,245
4,203
237,303
4,268
241,573
234, 434
2,804
1,818
189, 596
824
164,673
196
138,192
'269
122, 438
120,179
.292
23,641
283,825
27,199
242,485
208, 256
' 13,168
11,031
26,255
.378
' 4, 806
.418
6,171
6,328
221
73, 564
508
98, 718
153,876
1,742
33,063
34,800
.235
37, 316
3,807
216, 762
.260
.434
382
MISCELLANEOUS FOOD PRODUCTS
43,684
52,005
36, 258
58,249
53,439
55,919
63,089
42,059
Candy, sales by manufacturers
thous. of dol._
61,994
65,094
76,085
73, 802
Cocoa or cacao beans:
13,627
18,859
15,382
20,390
20,376
38,078
18, 415
12,645
12,625
19, 598
Imports§
long tons_31,858
17, 513
.282
.301
.327
.280
.266
.404
.345
Price, wholesale, accra (N. Y.)§
dol. per lb_.
.436
.495
.436
.510
.430
Coffee:
1,057
912
1,341
1,109
756
1,184
Clearances from Brazil, total
thous. of bags..
1,570
1,452
1,412
1,433
1,220
1,595
1,550
545
564
225
818
721
677
1,117
1,018
1,173
1,089
903
To United States
do
1,138
760
1,069
973
1,804
776
1,663
2,044
2,055
1,C70
1,153
Imports?
do
1,515
2,157
1,818
Price, wholesale, Santos, No. 4 (New York)
.253
.256
.237
.272
.277
.258
dol. per lb__
.272
.264
.270
.272
.266
.264
1,132
1,222
1,335
1,467
1,000
1,357
1,056
Visible supply, United States
thous. of bags..
1,128
1,288
1,144
1,183
1,110
Fish:
34,868
45, 805
29,103
17,003
30, 725
47, 716
Landings, fresh fish, 4 ports
thous. of lb_.
53, 707 ' 57, 428 31, 361
59, 746
18, 227
28, 519
79, 733
90,158 110,611 132,930 135,870 140, 070 142,102 133, 844 112,046
78, 242
97,939
70, 202
Stocks, cold storage, end of month
do
90, 491
Sugar:
Cuban stocks, raw, end of monthl
2,991
3,642
2,109
3,887
' 1,023
3,292
thous. of Span. tons._
2,238
2,591
1,121
215
455
1,645
813
CTnited States:
Deliveries and supply (raw value):*
740, 720 902, 939 586, 012 378, 341 343, 020
Deliveries, total
short tons._ 330, 451 624, 282 509,612 522, 621 998,180 826, 310 800,184
390, 331
301, 704
598,188 497, 223 484,691 986, 411 778,978
730, 790 887, 347 580,194 366, 575 337, 591 383, 657
792, 920
For domestic consumption
do
'
28,
747
47,
332
11,
769
37,
930
26,094
12,
389
15, 592
' 5, 429
7,264
For export
do
11, 766
5,818
6,674
Production and receipts:
544, 243
719,956 605, 075 465, 489 459,202 443, 968 384, 783
568,794 605,349 655,186
335, 229
Entries from off-shore areas
do
81,968 359, 259
34, 590
38, 992
16,512
22,114
49,365
132,019 534, 233 636,444 485, 709 144,172
14,634
86, 749
Production, cane and beet
do
68, 262
Stocks, raw and refined, end of month
1,316
1,384
1,598
1,426
1,148
1,105
thous. of short tons..
911
1,001
1,407
1,904
1,808
r
Revised. 1 No quotation. ©Prices since November 1946 are not strictly comparable with earlier data; figure for November 1946, comparable with later date is $0.545.
§ Data continue series shown in the 1942 Supplement but suspended during the war period; unpublished data beginning October 1941 will be shown later.
d"Cold storage stocks of dairy products (p. S-27) meats, poultry, and eggs include stocks owned by the U. S. Dept. of Agriculture and other Government agencies, stocks held for Armed
Forces stored in warehouse space not owned or operated by them and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.
®See note in May 1946 regarding changes in the indicated series made in that issue and an earlier change beginning June 1944.
• Data are from the U. S. Department of Labor. Quotations since July 1943 have been for U. S. Standards; they are approximately comparable with earlier data for fresh firsts.
T For data for December 1941-July 1942 see note in November 1943 Survey.
*New series. Data for 1927-43 for dried eggs are on p. 20 of the March 1945 Survey. See note in April 1945 Survey for description of the new sugar series.
tRevised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions for 1913-41 will be shown later. See p. S-27 of the August 1943 Survey
for 1941-42 revisions for feeder shipments of sheep and lambs and p. 24 of June 1947 issue for 1940-45 revisions for egg production.
JRevised to include army civilian supply exports (see note marked "§" on p. S-20). Revised January 1947 figures for total meats, 99; January figures for other items were not affected.
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1947
February
April
March
May
June
July
1948
August
September
October
November
December
January
February
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS— Con.
Sugar— Continued
United States— Continued
* 18, 039
Exports refined sugar §cf
short tons
Imports: §
275, 488
Raw sugar, total
do
275, 487
From Cuba
_
do
19,416
Refined sugar total
do
19, 416
From Cuba
do
Receipts from Hawaii and Puerto Rico:
40, 692
Raw
do
3,802
Refined
do
Price, refined, granulated, New York:
.096
Retail t
dol per Ib
.080
Wholesale
do
4,105
Tea, imports §
_
_
_thous. of lb_.
TOBACCO
Leaf:
Exports incl scrap and stems § c?
thous of Ib
Imports incl scrap and stems §
do
Production (crop estimate)
mil. of Ib
Stocks, dealers and manufacturers, total,
end of quarter
do __
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 (withdrawals):
Cigarettes (small):
Tax-free*
millions. Tax-paid
do
Cigars (large) tax-paid
_ thousands
Manufactured tobacco and snuff, tax-paid
thous. of lb_.
Exports cigarettes §cf
millions
Price, wholesale (list price, composite):
Cigarettes, f.o. b., destination
dol. perthous_Production, manufactured tobacco, total
thous. of Ib
Fine-cut chewing
do
plug
_
do
Scrap, chewing
__do
Smoking
do
Snuff
__.do_ __
Twist
do
55. 552
4,912
r
r
»• 36, 588
f 12, 278
' 32, 146
«• 16, 730
* 29, 602
«• 18, 452
15, 192
' 8, 914
«• 20 151
4,237
313, 067
313, 067
46, 621
46, 618
391, 051
391, 049
52, 956
52, 956
300, 783
300, 782
45, 964
45, 964
360, 344
360, 344
61,226
61, 226
388,185
388, 184
34, 640
34,940
346, 484
346, 484
33, 889
33, 889
257,629
257, 626
13 009
13, 009
275, 544
275, 543
23, 477
23, 477
283, 839
282, 514
7,204
7,204
384 959
341, 283
7 497
7,497
60. 784
33. 910
2 844
2,083
107, 892
25, 761
136, 667
17, 444
182, 956
23, 795
234, 111
3,162
180, 095
16, 655
222, 067
10, 227
214, 590
4 750
169, 957
6 550
77, 752
2 000
33, 106
3 000
27, 308
4,628
.096
.080
11, 498
.096
.081
4,963
.095
.081
2,508
.096
.081
4,826
.095
.081
3,438
.095
.082
1,275
.098
.082
4,597
097
.082
5,487
.098
.082
6, 665
.098
.082
5,429
.098
080
7,863
49, 018
5,632
33, 867
5,192
23, 102
4,848
39, 156
5,624
30, 396
5,592
28, 724
5,258
47 802
5 864
59 406
6,720
r 40 905
5,808
46 014
4 007
2, 168
23 601
7,713
8, 222
2
3,553
3,187
3,334
3,800
372
253
2,774
4
370
243
2,413
3
338
216
2,633
3
318
210
3,114
3
38
113
36
122
34
110
32
123
'2,723
26, 338
446, 042
3,243
26, 336
426, 785
2,805
27, 493
416, 270
2,966
25,068
473, 968
2,269
29, 097
432, 527
2,333
29, 549
439, 108
2,528
29, 060
466, 511
17, 389
2,480
18, 743
2,473
19, 716
1,667
16,111
1,094
18, 792
2,294
21, 008
1,619
22,184
1,685
2,706
29, 204
483, 288
24,706
1, 937
T
3, 527
33, 237
587, 880
2, 536
27, 333
495, 401
25,909
2, 107
18, 144
' 1, 860
r
.093
.077
2,997
24, 799
446, 719
3,213
27, 278
461, 398
3, 578
23, 349
460,141
15,683
2, 140
19, 587
2,000
18,071
6,509
r
6.509
6.509
6.509
6.509
6.509
6. 509
6.509
6.509
6.509
6.509
6.509
6.509
17, 712
272
3,762
3,327
6,961
2,948
442
19, 212
248
3,592
3,429
8,310
3,200
434
19, 885
337
3,762
3,302
8,799
3,246
438
16,473
295
1,979
3,081
7,576
3,198
344
18, 357
326
3,001
3,211
8,500
3,007
312
21, 266
303
4, 756
3,467
9,345
2,968
427
22, 629
306
5, 002
3,661
9,881
3,341
440
24, 233
332
4,892
3,975
10,849
3,719
466
26, 251
366
5, 143
4,426
11,683
4,101
533
18, 816
298
3,868
3,465
7,888
2,883
414
17, 283
330
3,221
3,200
6,998
3,130
404
19, 232
363
3,516
3,383
8,017
3,489
464
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (see p. S-28).
Imports total hides and skins §
thous of Ib
Calf and kip skins
thous of pieces
Cattle hides
do
Goatskins
do
Sheep and lamb skins
_ do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers _. dol. per lb._
Calfskins packers', 8 to 15 Ib ._
__do
LEATHER
Exports :§
Sole leather:
Bends backs and sides
thous. of Ib
Offal including belting offal
do
Upper leather
thous. of sq. ft
Production:
Calf and kip
.
thous. of skins
Cattle hide
thous. of hides
Goat and kid
thous. of skins
Sheep and lamb
_ _ _
_.do _
Prices, wholesale:
Sole, oak, bendsf
dol. perlb__
Chrome, calf, B grade, black, composite
dol. per sq. ft__
13,589
31
122
2,113
1,369
10, 781
41
31
2,715
1,052
10, 830
22
29
3,299
1,318
14,017
35
51
3,039
2,013
11, 991
27
30
4,283
1,386
17, 490
23
38
3,421
5,410
8,523
28
42
3,076
3,806
8,950
94
29
2,686
946
13, 527
79
142
2,933
1,304
18, 561
82
186
3,573
2,872
31,447
102
453
3,649
1,203
58, 027
310
850
3,640
2,709
.231
.475
.228
.625
.220
.514
.223
.534
.231
.638
.262
.660
.295
.619
.301
.625
.343
.669
.375
.756
.359
.745
.308
.650
189
225
4,359
358
95
3,906
471
40
3,907
148
59
3,761
169
73
3,183
29
201
2,722
144
245
2,954
135
129
2,674
244
235
3,285
116
95
2,943
52
53
1,970
43
4 60
2,086
1,088
2,464
2,849
3,341
1,066
2,512
2,954
2,943
1,130
2,559
3,038
2,882
1,011
2,472
3,046
2,641
1,049
2,239
3,283
2,472
887
2,126
3,302
2,426
1,069
2,261
2,995
3,095
1,106
2,302
3,374
3,411
1,125
2,630
3,792
3,563
899
2,369
2.893
3,065
'937
' 2, 714
3,353
r
2, 987
910
2,396
3,386
2,762
.662
.750
.808
.813
.784
.742
1.223
1.239
1.304
1.304
1.282
1. 192
.659
.678
.627
.958
1.017
1.015
.593
1.007
.593
.602
.637
1.069
1.214
1.218
.257
.415
LEATHER MANUFACTURES
Gloves and mittens, production, total*
2,462
2,286
2,089
2,086
2,261
6,392
thous. doz. pairs. _
* 7 344
504
510
588
581
540
p 1, 623
1,557
Dress and semi-dress, total
do
86
89
87
334
89
Leather
do
87
p366
4
3
3
8
P23
8
Leather and fabric combination
_
do
26
412
491
418
445
493
v 1, 235
1, 197
Fabric
_ _ __
_
_do _
1,882
1,585
1,674
1,776
p
5
721
1,546
Work, total
do
4,835
94
^293
103
95
Leather
do
93
95
273
221
206
230
Leather and fabric combination
do
192
205
*> 755
633
Fabric
do _
1,374
1,461
1,276
1,261
1,557
» 4, 673
3,930
* Revised, v Preliminary. ! No quotation. 2 December 1 estimate.
$ See note in March 1947 Survey with regard to a change in the series in January 1946.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
* New series. For source and a description of the series for tax-free withdrawals of cigarettes1 and data beginning July 1943, see p. S-29 of the March 1947 Survey. The series for gloves and
mittens were first included in the May 1946 Survey; see note in that issue; data are collected quarterly only beginning the third quarter of 1947 (figures in the September and December 1947
columns are totals for the quarters).
t 1Revised series. The price for sole oak leather beginning in the October 1947 Survey is for packers', steers bends, union trim tannery run, vegetable tanning; earlier data will be shown later.
d Revised to include Army civilian supply exports (see note marked "§" on p. S-20. Revised January 1947 figures for sugar exports, 22,964; January 1947 figures for other items were not
affected.
SURVEY OF CURRENT BUSINESS
April 1948
S-31
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
February
March
April
May
June
July
August
September
October
November
December
January
February
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES— Continued
Shoes and slippers:
Exports§
thous. of pairs
Prices, wholesale, factory id1
Men's black calf oxford
dol. per pair__
Women's plain black kid blucher
_ _ do _.
Production, total^
thous. of pairs
Shoes, sandals, and play shoes except athletic,
total
_.
thous. of pairs_.
By type of uppers:
All leather
do
Part leather and nonleather
do
By kinds:f
Men's
_. _. . _ _
_ do
Youths' and boys'
do
Women's
do
Masses' and children's
do
Infants' and babies'
do
Slippers for housewear
do
Athletic
do _
Other footwear
_.
_ do _.
••526
6.00
537
631
••645
6.00
4.90
34, 131
6.30
4.90
33, 870
6.50
4.90
38, 982
414
429
'409
430
486
398
6.50
4.90 '
40, 826
6.63
4,90
46, 765
6.75
4.90
37, 982
7.15
4.90
39, 849
7.15
5.70
40, 786
358
505
4.90
38, 255
6.00
4.90
40, 429
6.00
4.90
39, 525
6.00
4,90
36, 404
35, 631
37, 766
36, 627
33, 638
31,343
30, 875
34, 735
36, 035
40, 098
32, 561
' 35. 794
37, 920
33, 295
35, 690
34, 879
1,749
32, 178
1,554
29, 805
1,532
29, 728
1,091
33, 454
1,174
34, 767
1,331
38, 730
1 374
31, 294
1 185
34, 471
1,331
36, 118
1,816
8,591
1,533
17, 838
9,121
1,520
18, 991
5,011
3,123
2,146
9,218
1,449
18, 237
4,819
9,078
8,297
8,053
8,449
8,812
1,587
18, 053
4,511
10, 350
1,815
19, 242
8,192
1,526
15, 328
4,541
2,336
4,706
2,663
2,176
315
133
2,077
357
160
2,904
2,364
380
154
1,373
16, 279
4,389
2,519
2,257
365
144
1,495
15,069
4,041
2,441
2,272
301
215
1,521
14, 768
3,985
2,548
2,512
308
175
1,607
17, 548
4,271
2,860
3,676
363
208
3,072
5,277
3,414
395
210
5,936
492
239
4 186
2,974
4 894
351
176
r
r
r
9, 306
1,556
16,
693
r
5, 004
«•r 3, 235
3, 539
'349
7.15
5.70
9,338
1,397
18, 447
167
5,333
3,405
2,392
295
179
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
76, 335
22, 656
51, 994
111,718
114, 449
27, 255
75, 676
133, 390
88, 345
16, 610
63, 091
93, 070
162, 633
34, 237
101, 014
67, 635
131, 795
21, 339
86, 568
60, 598
131, 226
20, 480
86, 605
73, 073
156, 607
22, 692
97, 447
96, 768
125, 140
16, 854
r 88, 788
118, 356
102, 569
15, 018
71, 930
148,984
109, 799
22, 337
71, 538
128, 161
73, 249
14, 247
51, 329
173, 460
73, 414
15, 432
50, 158
129, 394
2, 751
644
2,107
2,707
605
2, 102
4,914
1,813,
3, 101
2,965
667
2,298
2,804
576
2,228
5,077
1,904
3,173
3,094
681
2,413
2,955
608
2,347
5,217
1,977
3,240
3,333
695
2,638
3,141
691
2,450
5,409
1,981
3,428
3,139
700
2,439
2,803
596
2,207
5, 743
2, 085
3,658
3,284
746
2,538
2,897
660
2,237
5,961
2,171
3,790
3,279
796
2,483
3,269
776
2,493
6,048
2,191
3,857
3,256
767
2,489
3,318
741
2,577
6,078
2,217
3,861
3,325
773
2, 552
3,360
802
2.558
6,040
2,188
3,852
2,917
726
2,191
3,164
779
2,385
5,801
2, 135
3,666
2,763
650
2,113
2,844
641
2,203
5,557
2,018
3,539
2,719
682
2,037
»• 2, 788
672
2,116
5,739
2, 140
3,599
bd. ft
do _.
do
do _do
5,200
7, 450
3,875
3,625
1,850
5,825
8,375
4,050
4,400
1, 625
5,825
9,500
4,675
4,725
1,500
5,375
10, 175
4,850
4,800
1,500
5,900
11, 375
5, 125
4,875
1,775
6,250
12, 225
5,575
5, 275
2,050
6,500
13, 325
5,550
5, 575
1, 950
6,075
13, 875
5,825
5,475
2,425
7,150
14, 475
7,150
6,500
3,000
6,050
14, 650
5,550
5,725
2,675
5,975
14, 775
6,150
5,300
3,450
6,600
7,575
15, 800
16, 575
6, 250
6,300
6,600
5,925
3,250 - 3, 550
do
do _.
do
do
do
34, 981
40, 157
37, 976
37, 733
5,978
43, 443
39, 970
42, 944
42, 260
6,032
43, 179
38, 418
47, 361
46, 140
7,016
47, 708
43, 122
48, 709
47, 839
7,886
48, 444
44, 340
46, 985
45, 435
8,797
59, 663
58, 439
55, 629
53, 579
9,370
57, 678
58, 064
57, 996
58, 126
8,314
53, 535
60, 195
62, 696
60, 800
8,045
61, 549
57, 626
69, 623
66, 697
10, 971
47, 646
52, 751
56, 667
55, 784
10, 704
49,397
51, 135
57, 886
51, 013
16,086
62, 057
54, 45ft
61, 152
61, 894
14, 605
Exports total sawmill products§
M bd ft
Sawed timber §
do
Boards, planks, scantlings, etc.§
do
Imports total sawmill products §
do
National Lumber Manufacturers Association:!
Production, total
_
mil. bd. ft_Hardwoods
._..do
Softwoods
_
„ „ do __
Shipments, total
do
Hardwoods...
do _.
Softwoods.
_ _ _ do_ _Stocks, gross, end of month, total. _ _
do
Hardwoods _
_
_
do __
Softwoods
do
2,479
631
1,848
2, 624
679
1,927
5,601
2,074
3,527
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
M
Orders, unfilled, end of month
_ _ _ _
Production
Shipments
_
_ _ _ _ _ _ _ _
Stocks end of month
Oak:
Orders, new
_
_ _ _
• Orders, unfilled, end of month.
Production
_
_ _ _
Shipments
Stocks, end of month.
56, 814
58, 129
57, 955
57, 078
15, 482
SOFTWOODS
Douglas fir:
82, 594
38, 948
36, 872
65, 073
61, 332
74, 521
67, 128
74, 432
68,225
48, 875
54, 651
45, 946
Exports, total sawmill products§
M bd. ft_9,364
28, 014
12, 695
16, 583
21, 356
17, 190
14,015
14, 578
19, 727
13,398
13, 149
20, 776
Sawed timber§
do
29, 584
54, 580
44, 749
24, 177
43, 717
54, 705
49, 938
59, 943
32, 548
34, 860
41, 502
47, 449
Boards, planks, scantlings etc §
do
Prices, wholesale:
Dimension, No. 1, common, 2" x 4" x 16'
62. 865
62. 865
62. 865
62. 865
64. 845
59. 400
60. 885
67. 815
64. 350
67. 815
67. 815
67. 815
dol. per M bd. ft_.
70. 587
Flooring, B and better, F. G., I" x 4", R.
95. 040
95. 040
95. 040
104. 940
86. 378
92. 665
101. 970
L
dol. perMbd ft
111. 870
111.870 116. 820 110. 880 104. 940
111. 870
Southern pine:
17,511
25, 081
20, 159
19, 041
16, 534
22, 591
21", 883
8,920
Exports, total sawmill products!
M bd ft
12, 753
8,715
7,738
6,527
3,623
8,214
4,441
4,341
2,214
3,444
1, 952
1,472
1,435
Sawed timber§
do
1,402
783
1,656
14, 600
13, 170
21, 458
11, 945
19, 931
14, 320
19, 147
Boards, planks, scantlings, etc.§
do
7,448
6,955
5,125
11, 097
7,280
802
793
832
849
834
962
981
693
690
857
Orders, newf
mil. bd. ft_.
579
860
797
449
544
641
551
494
553
570
Orders, unfilled, end of monthf_
do _
626
545
574
522
501
573
Prices, wholesale, composite:
Boards, No. 2 common, 1" x G" or 8" x 12'f
67. 790
65. 694
72. 530
71. 460
62. 656
63. 462
67.978
71. 127
73. 311
dol. per M b d . f t _ _
74. 521
78. 316
78. 594
77. 728
Flooring, B and better, F. G., I" x 4" x 12-14'f
133.862
124. 441
133. 250
132. 148
130.910 134. 279 138. 150
141. 139
146. 731 149. 273
150. 326
dol. per M bd.ft_. 115. 550
150.326
954
902
911
895
833
878
861
Productionf
mil. bd. ft__
799
876
676
755
708
581
888
816
830
858
789
910
Shipmentsf
do
872
721
886
734
913
724
631
1,464
1,280
1,345
1,398
1,451
1,341
1, 500
1,508
1,378
1,296
1,301
1,251
1,317
Stocks, end of month!
do
Western pine:
543
399
561
573
599
650
Orders, new!
__ _ _ _ _ do
547
441
534
618
594
587
519
273
292
415
544
370
378
490
Orders, unfilled, end of monthf
_
do
568
595
604
561
526
576
Price, wholesale, Ponderosa, boards, No. 3 com54.69
56.23
48.51
50.99
52.71
63.22
54.36
61.68
55.23
59.01
61. 23
63.55
64. 45
mon, 1" x 8"
dol per M bd ft
679
555
671
360
718
437
514
711
676
680
517
384
401
Production!
.
mil. bd. ft_.
585
423
472
557
569
614
645
621
629
561
Shipmentsf__ _
do
567
484
426
933
1,035
839
1,264
1,132
876
841
1,264
1,205
1,311
1,134
1, 094
1,217
Stocks, end of monthfdo
West coast woods:
606
531
815
605
' 579
676
632
694
730
572
708
Orders, newf _ _ _
_ _ _ do
687
622
689
852
805
728
845
804
801
708
863
721
Orders, unfilled, end of month
do
659
695
675
672
622
579
635
676
638
689
709
593
678
Production!
_ _ _ _ _ _ _
do
575
670
630
675
649
599
455
643
765
695
632
Shipments! _ _ _
do. _
571
795
649
626
618
485
534
545
463
492
Stocks, end of month !__ _
do
488
599
583
579
501
442
462
477
r
Revised. §Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1946 will be published later.
^Data include Government shoes not reported separately; the classifications by kinds were revised in the October 1947 Survey to include all types (leather, part leather, and nonleather
uppers); revised data beginning 1944 for these series and additional revisions indicated in note in the September 1947 Survey will be published later. The totals for shoes, sandals, etc., and
the distribution by kinds include, beginning May 1947, small amounts that cannot be distributed to the all leather and part leather and nonleather classifications.
cf Data continue series published in the July 1944 and earlier issues of the Survey; see note in August 1947 Survey for data for June 1944-May 1946.
!Revised series. See note marked "f" above regarding revision of the shoe series and note in February 1946 Survey explaining revision in the Southern pine price series. Data beginning
January 1946 for the other indicated lumber series (with the exception of Southern pine orders and stocks and Western pine stocks), as published prior to the March 1948 Survey, have been
revised to adjust the monthly series to Census annual production figures for 1946, and there have been unpublished revisions in the earlier data for the lumber series as indicated in notes in the
July 1947 and April 1946 issues; all revisions will be shown later.
SURVEY OF CUERENT BUSINESS
S-32
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
July
June
May
August
Sep-
tember
October
Novem-
Decem-
ber
ber
January
February
LUMBER AND MANUFACTURES—Continued
SOFTWOOD PLYWOOD
Production*
thous. of sq. ft., H" equivalent
Shipments*
_
do
Stocks, end of month*
do
129, 622
127, 658
31, 995
139, 779
140, 457
32, 146
148, 027
143, 295
35, 591
142, 070
141, 491
35, 618
139, 623
142, 975
31, 481
107, 574
102, 457
35, 937
139, 369
136,471
37, 600
146, 985
146,701
38, 086
170, 325
161, 648
44, 279
144, 637
148, 494
40, 340
150, 538
158,842
31, 479
156, 567
150, 748
36, 674
557, 417
14, 701
21, 314
5,149
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade :§
Iron and steel products (excl. advanced mfrs.):
Exports (domestic) total
short tons
Scrap
do
Imports total
Scrap
do
do
' 481, 259
4,694
20,305
1,511
637, 754
9,082
17, 439
3,058
641, 931
10, 160
15,090
3,478
657, 924
18, 175
15, 728
2,184
630, 731
29, 579
19, 400
3,410
571, 777
20, 528
21, 733
2,426
567, 395
10, 717
15, 269
3,917
«• 579, 191
15, 053
14,953
1,828
651, 003
27, 094
13, 579
2,025
614, 723
14, 057
18, 408
6,884
«• 635, 570
26, 702
18, 934
3,789
4,503
2,406
2,097
3,032
1,061
1,971
5,136
2,689
2,447
3,366
1,109
2,257
5,142
2, 653
2,489
3,920
1,136
2,784
5,292
2,744
2,548
4,082
1,133
2,949
5,184
2,560
2,624
4,067
1,303
2,764
4,752
2,384
2,368
4,096
1,257
2,839
4,826
2,561
2, 265
4,369
1,295
3,074
4,898
2,460
2,438
4,525
1,436
3,089
5,484
2,865
2,619
4,489
1,475
3,014
5,176
2,643
2,533
4,449
1,442
3,007
5,306
2,722
2,584
4,316
1,416
2,901
2,591
1,322
8,404
2,846
1,425
9,825
6,575
7,216
9,212
10,981
11, 755
8,438
11,643
12, 499
7,582
13,127
14, 069
6,608
12,819
13,533
5,895
11, 336
11, 865
5,367
10, 108
10, 780
4,695
6,043
6,306
4,432
2,972
1,879
5,528
6,264
0
6,579
4,448
13, 555
11, 738
1,816
6,885
10, 373
17, 618
15, 541
2,078
6,500
11,457
21, 746
19, 594
2,152
6,156
12, 614
28, 440
25, 677
2,764
6,638
12, 122
33, 896
30, 397
3,499
6,441
576
597
7,068
5,877
43, 010
38, 195
4,816
7,057
0
479
6,492
10,685
38, 370
34, 065
4,305
580
7,151
9,785
41, 641
36, 852
4,789
36, 095
31, 749
4,346
29, 081
25, 205
3,877
198
6,979
0
17,411
14, 755
2,656
229
6,970
537
24, 317
20, 938
3,379
22, 628
19,412
3,216
45
32
66
46
38
56
48
45
42
44
25
83
1,010
583
2,987
1,090
634
2,979
1,097
637
2,908
1,097
633
2,783
913
519
2,675
952
551
1,025
1,154
654
2,669
1,066
1,064
2,631
591
2,680
1,020
2,711
55, 938
274, 018
74, 683
41, 684
50, 194
280, 724
76, 602
43, 488
41, 994
275, 415
81, 890
47, 303
29,006
262, 117
75, 488
42, 304
31, 972
248, 798
78, 524
45, 291
26, 591
234, 656
64, 162
40, 733
33, 208
229, 708
62, 395
38, 156
28, 706
218, 276
71, 568
40, 138
40, 105
210, 675
83, 976
47, 706
35, 804
206, 510
72,111
39,969
Iron and Steel Scrap
Consumption total*
thous of short tons
Home scrap*
do
Purchased scrap*
do
Stocks consumers' end of month, total*
do
Home scrap*
do
Purchased scrap*
- - do
Ore
Iron ore:
All districts:*
Production
thous. of long tons
Shipments
do
Stocks, end of month
_
do
Lake Superior district:
Consumption by furnaces
do
Shipments from upper lake ports
do
Stocks, end of month, total _ _
do
At furnaces
do
On Lake Erie docks
.
do
Imports§
do
Manganese ore, imports (manganese content)!
thous. of long tons
263
439
573
451
297
2,757
1,496
6,790
337
0
Pig Iron and Iron Manufactures
Castings, gray iron:*
Shipments, total
_ .thous. of s-hort tons .
For sale
do
Unfilled orders for sale
do
Castings, malleable iron:d*
Orders new for sale
short tons
Orders unfilled for sale
do
Shipments, total _
do
For sale
do
Pig iron:
Consumption*
thous of short tons
Prices, wholesale:
Basic (furnace)
dol. per long ton
Composite
_
do
Foundry, No. 2, f. o. b. Neville Island*. _do
Production*
__thous. of short tons
Stocks (consumers and suppliers'), end of month*
thous of short tons
Steel, Crude and Semimanufactures
1,038
597
562
2,687
588
2,782
39, 940
202, 408
77, 757
44, 042
4,467
5,015
4,804
4,982
4,842
4,507
4,850
4,745
5,254
4,912
5,057
30.00
30.86
30.50
4,550
33.00
33.55
33.50
5,123
33.00
33.81
33.50
4,830
33.00
33.81
33.50
5,081
33.00
33.81
33.50
4,810
34.20
35.08
34.70
4,585
36.00
37.2]
36.50
4,917
36.00
37.21
36.50
4,801
36.00
37. ?8
36.50
5,228
36.00
37.32
36.50
5,015
36.20
37.53
36.50
5,177
735
777
741
748
769
887
831
828
769
759
838
584
2,803
1,024
571
2,769
49, 159
205, 759
77, 744
45, 808
46, 270
209, 447
75, 194
42, 582
38.88
40.28
39.50
»• 5, 128
39.00
40.63
39.50
4,780
Steel castings: f
141, 068
116, 956
148, 124
139, 031
137, 457
148, 358
120, 405
130, 125
125, 612
134, 909
144, 175
140, 874
142 434
Shipments total
short tons
85, 014
8S, 719
97, 143
110, 970
102, 913
111, 288
108, 282
92, 822
106, 127
103, 779
103, 888
99, 701
107, 762
For sale, total.
do
34, 919
21, 280
22, 584
25, 835
32, 967
30, 452
35, 129
28, 850
31, 879
28,212
29, 185
27, 125
34, 800
Railway specialties
do
Steel fergings, for sale:*
630, 925
585, 818
593, 660
662, 579
633, 467
626, 227
618, 155
713, 909
698, 615
617, 247
593, 838
717, 428
Orders, unfilled, total
do
630 860
529, 817
526, 392
495, 947
519, 760
492, 808
517, 307
581, 337
570, 130
544,058
518, 261
586, 992
494, 933
Drop and upset
__ do
523, 319
101, 108
Press and open ham mar
rln
113, 707
99, 835
97, 713
132, 572
118, 521
98, 986
98, 905
93, 010
128, 485
130, 436
100, 848
107, 541
92, 352
121, 475
115, 743
98, 009
111, 004
110, 446
115, 456
118, 534
103, 740
116, 798
108, 804
123, 830
Shipments, total
do
116 676
85, 729
70, 316
76, 839
90, 076
80, 761
79,219
91, 228
83, 743
69,639
86, 911
78, 560
89, 677
86, 592
Drop and upset
_.
do
31, 399
29, 685
22, 036
32, 444
30, 014
29, 585
31, 713
26, 901
29, 887
32, 602
28, 370
28, 857
Press and open hammer
do
30, 084
Steel ingots and steel for castings:
7,233
6,422
7,043
7,329
6,969
6,570
6,982
7,366
6,789
7,560
7,307
7,473
Production
_
thous. of short tons. _
6,940
94
95
85
96
92
93
98
94
95
91
90
94
Percent of capacity t
93
Prices, wholesale:
.0329
.0329
.0329
.0329
.0329
.0360
.0329
.0360
.0360
.0360
.0360
Composite, finished steel.
dol. perlb..
.0368
.0373
Steel billets, rerolling (Pittsburgh)
42.00
42.00
42.00
42.00
42.60
42.00
45.00
45.00
45.00
45.00
45.00
dol. per long ton_.
45.00
47.70
.0250
.0250
.0250
.0256
.0280
.0250
.0250
.0280
.0280
.0280
.0280
Structural steel (Pittsburgh)
dol. per lb._
.0280
.0280
33.05
29.25
36.95
31.63
30.88
39.88
38.75
40.50
36.69
39.13
38.90
Steel scrap (Chicago)
_dol. per long ton..
39.56
39.13
f Revised.
cf Since May 1944 the coverage of the malleable iron castings industry has been virtually complete; see note in the February 1947 Survey for further information.
§Data continue series shown in the 1942 Supplement but suspended during the war period (it should be noted that data for iron and steel are shown in long tons in that volume); data for
October 1941-September 1946 for total imports of iron and steel products and for October 1941-February 1945 for other series will be published later. The 1945-46 data for imports of iron and
steel products shown in the November 1947 Survey and earlier issues erroneously include ores and alloying metals other than ferroalloys.
JFor 1948, percent of capacity is calculated on annual capacity as of Jan. 1, 1948, of 94,233,460 tons of steel; 1947 data are based on capacity as of Jan. 1,1947, 91,241,000 tons.
*New series. For data beginning September 1941 for softwood plywood see p. 16 of the September 1944 Survey. For description of the series on scrap iron and steel and 1939-40 data, see
note marked "*" on p. S-29 of the November 1942 Survey. The series for iron ore, all districts, are from the Department of the Interior, Bureau of Mines, and cover the entire industry, monthly
data beginning 1943 and earlier annual totals will be shown later. Data for 1943-45 for gray iron castings are shown on p. 24 of the January 1947 Survey. For pig iron consumption and stocks
for 1939-40 and a description of the series, see note marked "*" on p. S-29 of the November 1942 Survey. The series on pig iron production is approximately comparable with data in the 1942
Supplement (data in that volume are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Survey for further information and data for 1941-42. The pig iron price series
replaces the Pittsburgh price shown in the Survey prior to the April 1943 issue. For 1945 data for steel forgings see note on p. S-32 of the March 1947 Survey; data for total shipments, including
shipments for own use, and steel consumed have been discontinued.
fRevised series. Data for steel castings are estimated industry totals; see note on p. S-32 of the July 1946 Survey for comparable figures beginning January 1945.
SUKVEY OF CURRENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-33
1948
1947
February
March
April
May
June
July
"*** \ temper
October
November
December
January
February
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Steel, Manufactured Products
Barrels and drums, steel, heavy types:®
15, 867
Orders unfilled, end of month
thousands. _
2,064
Production
do
2,066
Shipments
-do
25
Stocks end of month
do
Boilers, steel, new ordersrt
1,343
Area
.
thous. of sq. ft_.
1,265
Quantity
- number..
Cans, metal (in terms of steel consumed):*
Shipments (for sale and own use), total
157, 765
short tons
111, 154
Food
- _.do
46, 611
Nonfood
do
123, 768
Shipments for sale
__do
1,154
Commercial closures production*
millions
Crowns production*
thousand gross. . 24, 136
Steel products, net shipments:©
4,626
Total
thous. of short tons..
474
Merchant bars
do__ _
428
Pipe and tubes
do
445
Plates
do
191
Rails
_
do
1,093
Sheets
_
do
116
Strip — Cold rolled
-- do
136
Hot rolled
do
334
Structural shapes, heavy
do
229
Tin plate and terneplate
do
364
Wire and wire products
do. _
14,976
2,291
2,292
25
14, 542
2,455
2,455
25
14,370
2,303
2,306
21
13,612
2,244
2,242
23
13, 255
2,188
2,185
26
12, 340
2,208
2,212
22
11, 294
2,210
2,201
31
10, 946
2,304
2,305
29
10, 450
2,064
2,075
18
12, 461
2,388
2,385
21
12, 191
2,236
2,239
18
1,421
1,348
1,366
1,335
1,428
1,212
1,904
1,345
• 1, 620
1,563
1,434
1,452
1,245
1,417
1,167
1,331
1,202
1,176
1,388
1,276
1, 106
1,102
179, 924
125, 683
54, 241
142, 661
1,174
26, 265
204,678
139, 536
65, 142
160, 107
1,083
27, 219
207, 208
145,830
61,378
165, 085
984
25, 058
232, 612
168, 249
64, 363
193, 275
845
24, 261
309,659
235, 856
73, 803
275, 571
781
27, 377
387, 817
315, 028
72, 789
344, 269
890
27, 229
354, 726 ' 279, 506
193, 731
278, 488
85, 075
76, 238
240, 728
310, 982
949
1,064
30, 019
32, 869
213, 973
137, 225
76, 748
182, 411
858
30, 872
253, 684
170, 098
83, 586
222, 887
949
28, 430
216, 244
134, 430
81,814
181, 371
5,304
558
502
527
181
1,275
132
144
390
293
396
5,446
549
518
555
206
1,274
141
151
392
318
425
5,442
561
535
579
204
1,274
142
150
382
305
425
5,264
501
527
563
205
1,225
138
141
364
308
407
4,975
493
480
464
199
1,181
116
131
357
324
335
5,278
534
517
540
190
1,199
136
135
371
336
393
5,119
484
497
495
182
1,224
136
]42
360
304
410
5,682
555
550
589
214
1,343
151
157
399
349
454
5,217
494
534
513
209
1,264
126
137
353
328
400
5,613
521
558
591
211
1,352
134
149
380
370
405
5,410
521
541
530
201
1,384
146
146
334
267
429
129, 133
189, 615
173, 706
181, 999
164, 098
163, 480
118, 658
134, 148
133, 995
209 470
.0719
.0667
.0444
.0440
.0600
.0617
.0625
.0625
.0670
.0711
.0725
152.3
41.7
110.7
83.4
.289
144.1
37.4
106.8
81.7
.293
124.8
33.0
91.9
70.5
.300
121.7
30.2
91.4
72.1
.296
132.2
30.4
101.8
82.5
.296
155.1
35.9
119.3
98.1
.296
187.1
40.5
146.9
120.4
.296
167.8
34.7
133.2
108.0
.296
175.6
37.5
138.1
110.3
.296
177.9
38.3
139.6
109.7
.296
135. 9
105.7
.302
11, 721
23, 203
7,989
15,214
9,754
5,460
.2123
r 14,021
40, 138
3,233
36, 905
25, 099
11, 806
.2211
17, 254
52, 527
4,115
48, 412
32, 993
15, 419
.2135
14, 569
37, 524
3,519
34, 005
18,796
15, 209
.2123
21, 606
44, 185
2,492
41, 693
24, 679
17, 014
.2123
18, 337
41, 596
3 338
38, 258
26 620
11, 638
.2123
19, 295
44, 045
5, 286
38, 759
18, 515
20, 244
.2121
22, 497
36, 902
4,864
32, 038
21, 694
10, 344
.2120
19 837
54 513
1 251
53 262
29 612
23 650
.2120
17 819
30, 435
89, 093
104, 596
117,557
86, 496
91, 275
108, 536
118, 120
84, 560
82, 334
103, 474
116,678
82, 542
79, 152
94, 610
109, 822
77, 773
83, 301
88, 122
96, 374
77, 212
83,922
92, 146
95 640
80, 113
76, 815
108, 277
112,310
74, 507
72, 534
97, 525
106, 232
66, 622
80, 954
108, 816
113 446
76, 035
1,532
1,219
NONFERROUS METALS AND PRODUCTS
Aluminum:
166,616 ' 157, 337
Imports bauxite§
long tons.
Price, wholesale, scrap castings (N. Y.)
.0725
.0755
dol. perlb__
Aluminum fabricated products, shipments, total*
158.6
161.7
mil. oflb_.
42.3
37.8
Castings*
do. ._
116.5
124.0
Wrought products, total*
do
96.7
91.1
Plate sheet and strip*
do
.289
.275
Brass sheets, wholesale price, mill
_,dol. per lb_.
Copper:
'
13,
467
11,018
Exports refined and manufactures §U short tons
26, 291
26, 114
Imports, total§
_- do
6,944
8,784
For smelting refining and export §
do
19, 347
17, 330
For domestic consumption, total§
_- do
12, 158
7,805
Unrefined including scrap!
do
7,189
9,525
Refined§
-- do
.2091
.1935
Price, wholesale, electrolytic (N. Y.)-dol. per lb__
Production :cf
Mine or smelter (including custom intake)
84, 445
short tons.. i1 74, 560
95, 964
97, 598
Refinery
.
do.
1 122, 157 123, 382
Deliveries refined domestic c?
do
83,
736
i
88,
368
Stocks, refined, end of montho"
do
Lead:
18,
898
12,
405
Imports, total, except mfrs. (lead content) §.do
Ore (lead content):
32,
134
29,
817
Mine production*
do
36, 328
32, 157
Receipts by smelters, domestic ore:cT _ do_
Refined:
Price, wholesale, pig, desilverized (New York)
.1496
.1318
dol. per lb__
51, 239
44, 053
Production, totaled
.
short tons.
Primaryf
Shipmentsc?
Stocks, end of month^1
-
. _
do
do
do
Tin:
Imports:§
Ore (tin content)
long tons
Bars, blocks, pigs, etc
. _
_ _ do
Price, wholesale, straits (N. Y.)dol. per lb._
Zinc:
Imports, total (zinc content) §
short tons.
For smelting, refining, and export§
do...
For domestic consumption :§
Ore (zinc content)
- - do_
Blocks, pigs, etc
do
Mine production of recoverable zinc*
do
Slab zinc:
Price, wholesale, prime Western (St. Louis)
dol. per lb__
ProductioncT -- short tons
Sbipmentscf 1
do
Domesticcf
do
Stocks, end of monthd"
do
o
30, 435
13, 041
17 394
.2120
>• 82,
102
118
71
427
314
855
533
.2120
83, 052
93 588
106 823
70 146
18, 585
18, 113
23, 058
13, 030
21, 099
14, 261
14, 132
27, 416
23 706
15 784
32, 979
37, 581
82, 772
34, 269
32, 452
33, 688
29, 106
31, 877
30, 597
32, 271
30 647
32 081
32 512
33 780
30, 618
31, 600
30 567
34, 797
32 896
32 019
32 414
41, 210
49, 638
43, 233
46, 699
52, 465
41, 990
.1500
53, 424
48,995
50, 568
44, 834
.1500
53, 822
49, 984
50, 482
47, 233
.1500
45, 235
41, 505
54, 627
37, 836
.1500
46, 012
42, 536
51, 989
31, 290
.1500
46, 409
43, 725
46, 646
31, 048
.1500
46, 827
43 545
43 483
34 385
.1500
50 248
46 919
56 247
28 370
.1500
51, 481
47 903
55 034
24 809
.1500
49 337
45 538
52 354
21 787
.1500
r 50 821
47 421
r 51 958
r 20 645
.1500
43 598
40 400
47 200
17 034
1,774
419
.7000
0
60
.7000
3,937
33
.8000
1,409
54
.8000
694
443
.8000
2,596
3,406
.8000
8 350
2,105
.8000
2 Q89
6 470
.8000
1 745
3 429
.8000
1 439
2 443
.8000
2 566
4 855
.8539
2 201
4 653
.9400
.9400
34, 914
22, 482
19, 911
5,842
33, 853
10, 083
27, 216
6,367
31, 601
11, 534
41, 030
9,025
29, 364
8,430
22, 061
1 510
33 645
562
19 140
5 659
33 415
10' 392
12 661
' 122
6,793
5,639
51, 338
6,981
7,088
55, 295
18, 847
4,923
57, 328
13, 940
6,909
57, 902
15, 228
4,839
60, 879
26, 406
5,599
46,526
17 842
3,092
47,700
14 953
5,598
46, 817
27 295
5,788
50, 296
9 160
4,321
48, 332
12 939
10, 084
47,790
7 958
4,581
48, 183
.1050
65, 198
76, 074
65, 356
162, 461
.1050
75, 376
75, 788
67, 325
162, 049
.1050
73, 891
72, 243
61, 715
163, 697
.1050
73, 970
70, 803
58, 827
166, 864
.1050
70, 990
63, 527
52 390
174, 327
.1050
69, 128
59, 737
44 801
183, 718
. 1050
66 852
89 314
52 122
161.' 256
.1050
67 867
92 549
50 558
136! 574
.1050
71 745
129 046
57 564
79'. 273
.1050
69 682
79 789
59 154
69.' Ififi
.1050
70 996
72 151
61 258
fiS. m 1
. 1108
71 505
84 431
R4. fifi^
-
55 085
«...
......
.1200
^6 784
68 396
62 503
52 472
r
Revised. <8> Beginning 1943, data have covered the entire industry. 1 See note marked "<?". 1 January 1497 revised, 14,971 short tons.
Jit is believed that data beginning 1945 represent substantially the entire industry; in prewar years the coverage was about 90 percent.
©Total shipments less shipments to members of the industry for further conversion; data prior to 1944 were production for sale.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The data shown above for
total imports of zinc and imports of zinc ore, and data beginning March 1945 shown in previous issues, have been revised to correct an error.
account in addition to shipments to domestic consumers and export and drawback shipments.
*New series. See note marked " * " on p. S-33 of the February 1947 Survey for description of the data on aluminum fabricated products and reference to 1945 figures for the total; data prior
to 1946 for the detail will be published later. Data for closures, crowns, and metal cans are compiled by the Bureau of the Census and cover all producers; for data for 1943 to 1945 for metal cans
see p. 24 of the December 1947 Survey; data prior to 1946 for closures and crowns will be shown later. Data for mine production of lead and zinc are from the Department of the Interior, Bureau of Mines, and are practically complete; monthly figures beginning July 1941 and earlier annual totals will be shown later.
fRevised series. Data shown above and data from the beginning of 1946 in earlier issues include production from both domestic and foreign ore; the 1946-47 data are incorrectly shown in
the October 1947 and earlier issues as production from domestic ore which is no longer reported separately. Some secondary material is included insofar as it enters into base bullion and loses
its identity.
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
May
July
June
August
September
October
November
December
January
February
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, EXCEPT ELECTRIC
Boilers, radiators and con vectors, cast iron:§
Boilers (round and square) :
Production
thous. of Ib _ _
Shipments
do
Stocks, end of month
_
. _ _ do
Radiation:
Production
- thous. of sq. ft.
Shipments
do
Stocks
_
. d o
Boilers, range,
shipments*
..number..
Oil burners:0
Orders new net
do
1
Orders unfilled end of month
do
Shipments
_
_ do _
Stocks end of month
do
Stoves and ranges, domestic cooking, exc. electric:*
Production total
number
Coal and wood
do
Gas (incl bungalow and combination) do
Kerosene gasoline and fuel oil
do
Stoves domestic heating production total* do
Coal and wood*
do
Gas*
.
do_ _
Kerosene gasoline and fuel oil*
do
Warm-air furnaces (forced air and gravity air flow"),
shipments total*
number
Gas*
J ... . ."".
.".. . do _
Oil*
do
Solid fuel*
.
...
do
Water heaters nonelectric shipments*
do
26, 003
23,782
38, 082
29, 452
26, 073
41, 461
28, 849
25, 326
44, 984
29, 528
23, 185
51, 327
25, 838
26, 342
50, 824
20, 506
21, 045
50, 285
25, 175
28, 469
46, 991
29, 080
30, 464
45, 607
33, 090
37, 059
41, 638
29,381
31, 372
39, 749
28, 583
28,583
39, 749
29,954
22, 744
46, 959
29,483
18,660
57, 443
4,168
4,862
4,441
2,675
67, 140
4,820
4,597
2,899
66, 597
4,984
4,746
3,137
64, 415
4,472
4,698
2,909
55, 220
4,302
4,032
3,179
48, 454
4,073
4,540
2,712
52, 967
4,749
4,786
2,675
51, 986
5,863
5,980
2,558
56, 372
5,217
5,247
2,528
46, Oil
5,201
5,388
2,341
' 42, 884
5,406
5,168
2,632
51, 722
5,138
5,010
2,664
11, 795 —10,338
, 077, 832 968, 114
99, 380
96, 694
14, 745
13, 337
5,959
874, 902
99, 171
15, 392
34, 963
804, 608
105, 257
18, 924
1, 650
703, 704
102,554
22, 657
85, 573
666 633
122, 644
20, 335
37, 582
576, 254
127, 961
20, 462
4,200
2,254
60, 821
118, 308
045 876
81, 245
11, 903
i
4, 421 i 58, 225
304 238
443 385
80, 922
128, 448
25, 513
20, 493
3,127 1—57, 559
149, 902
249 237
41, 776
58, 128
50,024
«• 36, 418
281, 510
40, 411
188,387
52 712
360 150
89, 049
139, 879
131 222
305, 406
46, 175
203, 631
55, 600
388, 957
97, 264
159, 496
132, 197
313, 694
49, 288
210, 406
54, 000
416, 216
95, 063
175,282
145, 871
288, 178
44, 814
193, 684
49, 680
412, 617
92, 349
157, 716
162, 452
287, 697
39, 373
202, 954
45, 370
446, 533
90,728
175, 940
179, 865
256, 785
36, 126
179,647
41,012
477 651
103, 459
186, 412
187,780
259, 863
36, 945
186, 231
36, 687
559 473
109, 048
216, 767
233 658
290, 760
35, 631
213, 436
41, 693
691, 341
142, 698
254, 517
294, 126
331, 756
34, 603
256, 241
40, 912
785, 087
169, 468
293, 879
321,740
285, 127 ' 283, 682
31, 323
30, 635
215, 849 r 210, 620
37, 955
42 427
619 948 ' 583 737
124, 375
93, 618
264,904 r 274, 762
230 669 r 215 357
66, 308
23, 944
17, 552
24, 812
270, 843
60, 196
14, 562
22, 683
22, 951
282, 408
55, 297
14, 209
22, 050
19, 038
244, 626
54, 864
9,876
24, 631
20, 357
210, 487
54, 985
9,669
25, 128
20, 188
192, 372
56, 498
9,569
21, 757
25, 172
197, 485
80, 891
13, 563
32, 480
34, 848
217, 966
90, 210
15, 214
34, 286
40, 710
210, 350
108, 419
19, 632
36, 739
52, 048
229, 169
72, 629
13, 522
27, 791
31, 316
185 924
r
67, 567
15, 306
28, 324
24, 012
174 704
313, 949
31, 982
227, 609
54, 358
415. 262
57, 118
188, 247
169, 897
46, 643
10, 839
16, 481
19,323
177, 352
MACHINERY AND APPARATUS
Blowers, fans and unit heaters:
Blowers and fans new orders
thous of dol
Unit heater group new orders
do
Foundry equipment:
New orders, net, total
.1937-39=100..
New equipment
do
Repairs
do
IVTachine tools shipments*
thous of dol
Mechanical stokers, sales:*
Classes 1 2 and 3
... . . number
Classes 4 and 5:
Number
_
._ -_
Horsepower
Pumps and water systems, domestic, shipments:*
Domestic hand and windmill pumps. _ .number..
Water systems, including pumps, total
do
Jet* _
do
Nonjet*
do. .
Pumps, steam, power, centrifugal and rotary, new
orders
_ _ thous. of dol
Scales and balances (except laboratory), shipments,
quarterly*
thous of dol
Sewing machines, heads, production:*
Industrial
- - - ..number.
14, 953
7,216
8,452
7,912
10,234
6,059
10 985
9,677
521.9
472.5
682.9
26, 765
573.8
532.3
709.5
29, 012
512.1
445.9
727.9
26, 857
548.6
525.9
623.0
25, 791
649.9
658.9
620.7
24, 383
458.7
426.1
565.3
18, 924
468.9
411.3
656.8
18,520
455.1
393.1
657.7
22, 285
520.0
438.2
786.7
27,545
370.1
286.1
643.1
24, 566
521.1
467.8
694.6
28 873
2,306
3,598
4,061
5,281
5,851
7,092
9,041
9,838
8,194
3,728
2,492
r 2, 685
4,312
177
280
174
170
270
380
398
345
273
208
230
68,150
191
52, 705
56, 661
57, 563
52, 981
63, 168
81, 269
97, 752
80,640
52, 523
51, 603
50, 946
••168
•• 64, 870
28, 310
64, 455
33, 930
30, 525
36, 261
62, 586
32, 773
29, 813
36, 578
70, 792
35, 671
35, 121
38, 745
61, 045
29, 173
31, 872
36, 946
54, 300
21, 564
32, 736
23, 561
56, 183
26,015
30, 168
21, 101
61, 559
28, 150
33, 409
26, 618
63, 181
28, 580
34, 601
36, 213
73, 688
32, 005
41, 683
30,292
56,936
25, 130
31, 806
40,363
60, 737
27, 789
32, 948
rr 43, 490
61, 005
r
27, 326
33, 679
34, 524
58, 192
26, 515
31, 677
3,464
3,638
2,973
2,999
3,148
3,843
3,355
3,475
2,673
3,480
3,819
3,635
3,506
10, 089
11, 368
11, 687
11, 938
14, 002
11, 835
11,638
13 126
11, 575
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
1,868
1,873
1,798
1,433
2,073
1,737
2,854
1,601
2,246
2,415
2,413
number*
_
thousands.
2,683
2,597
Domestic electrical appliances, shipments:
327, 528
341, 360
330, 675
343, 229
293, 465
296, 570
279,« 219
347, 601
Vacuum cleaners, total*
number
318, 094
329, 986
321, 515
330, 426
r 272, 907
279, 237
280, 585
328, 630
304, 273
359, 040
311, 342
350, 341
373, 254
Floor
_
do
12, 581
6,013
10, 934
13, 243
6,292
12,880
17,333
18,971
Hand
...
do. .
320, 669
313, 724
290, 397
314, 705
279, 229
255, 611
354, 094
281, 826
360, 029
397, 113
358, 445
351, 152
Washers*
.
do
365, 579
Electrical products :f
405
405
352
361
373
381
324
320
350
Insulating materials, sales billed _
1936—100
345
353
394
459
308
Motors and generators new orders
do
392
Furnaces, electric, industrial, sales:
6,514
8,854
3,586
5,298
5,060
3,341
4,465
4.464
3,344
4,083
Unit
kilowatts..
6,378
26 435
551
1,079
389
432
476
308
354
565
Value
thous. of dol
677
550
350
1 831
4,859
4,687
4,092
4,002
3,619
4,471
4,162
4,150
4,221
4,150
4,397
3,812
Laminated fiber products, shipments.
do
4,205
Motors (1-200 h. p.) :<?
29, 589
32,668
32 451
Polyphase induction billings
_ do
30, 280
38, 332
31, 849
22, 328
Polyphase induction, new orders.
_.-do
29, 534
—
4,359
4,821
4,935
Direct current, billings
.
do
5 834
5,318
5,155
Direct current new orders
..
do
4,118
5 790
Rigid steel conduit and fittings ,shipmentst
22,141
20,088
21,110
22, 218
19, 745
short tons..
20, 821
18, 757
23,638
23,664
22, 730
25, 319
22, 336
20,882
Vulcanized fiber:
4,824
4,598
5,086
4,582
5,124
4,771
Consumption of fiber paper
.thous. of lb_.
4,488
4, 532
4,820
5,442
5,065
5,107
4,852
1,791
1,758
1,744
1,757
1,425
1,625
1,559
1,599
Shipments
_
...thous. of dol..
1,731
1,486
1,461
1,540
1,457
'1 Revised.
Cancellations exceeded new orders.
§See p. 24 of the January 1947 Survey for available data for 1942-45 for cast-iron boilers and radiation; these series continue data published in the 1942 Supplement.
•See notes on the indicated items on p. S-33 or S-34 of the September 1947 Survey for source and coverage of data for vacuum cleaners and coverage of the data for oil burners, mechanical
stokers, and pumps and water systems. Data for washers are from the American Washer and Ironer Manufacturers' Association and beginning January 1947, are estimated industry totals
based on reports representing around 92 percent'of the total; earlier data cover only companies reporting to the Association; comparison with total industry shipments compiled by the Bureau
of the Census for January-September 1946 indicates that data for this period represented about 97 percent of the industry; information is not available at present on the coverage of data for the
latter part of 1946.
cfBegmning 1947 data for motors are collected quarterly and data shown are quarterly totals; the 1947 data for polyphase induction motors include 6-7 companies and for direct current
motors 2-3 companies which did not report prior to 1947; information regarding the effect of these additions on the comparability of the data is not available at present.
*New series. Data for range boilers, stoves and ranges, warm-air furnaces, water heaters, sewing machines and scales and balances are compiled by the Bureau of the Census and are complete, or practically complete; data for 1943-45 for domestic heating stoves are shown on p. 20 of the April 1947 Survey; data prior to 1946 for the other series will be shown later (data beginning
March 1944 for total shipments of warm-air furnaces are available in the May 1945 Survey). For source of data on machine tool shipments and reference for 1940-42 data, see note on p. S-34 of
February 1947 Survey and for data beginning August 1942 for automotive replacement battery shipments, see p. S-31 of November 1943 Survey.
fRevised series. See note in February 1947 Survey regarding unpublished revisions in the indexes of new orders for motors and generators and sales of insulating materials; the index for
motors and generators is now computed on a quarterly basis and represent quarterly totals. Data on rigid steel conduit and fittings were revised in the July 1946 Survey (see note in that issue).
SURVEY OF CURRENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-35
1947
February
March
April
May
June
July
1948
August
September
October
November
December
January
February
PAPER AND PRINTING
PULP WOOD AND WASTE PAPER
Pulpwood:*
1,714
1,605
1,589
1,634
1,523
1,702
' 1, 734
1,744
1,675
1,647
1,559
Consumption
thous. of cords (128 cu. ft.)._
1,679
1,589
r I, 813
1,679
1,465
1,819
1,430
1,861
1,613
1,826
1,683
1,958
1,480
Receipts
do
1,901
1, 908
r 4, 646
4,035
4,153
4,255
4, 567
4,566
4,730
3,816
3,767
Stocks end of month
do -_
4,795
4,437
4,736
4,161
Waste paper:*
684, 637
625, 971 ' 674, 747 619, 571
668, 727
635, 597
684, 375
607, 061
693, 879
648, 768
650, 690
638, 318
Consumption
short tons__ 620, 667
592, 995
629, 114
711, 509
587, 481
667, 975
638, 505
633, 122 ••614,143
735, 250
656, 684
615, 155
643, 222
697, 152
Receipts
do
426, 122
475, 915
458, 826
521, 019 ' 458, 366
482, 392
462, 248
435, 411
514, 039
512, 880
481,911
473, 917
467, 651
Stocks
do
WOOD PULP
9,534
13, 358
14, 161
7,951
7,244
13, 140
10, 334
16, 090
Exports all grades total §
do
8,278
11, 603
11,928
11, 109
141, 995
275, 187
160, 791
195, 884
225, 807
148,921
175, 067
Imports all grades, total§
do
188, 053
187, 293
210, 216
227, 246
186, 631
14, 132
24, 835
28, 527
13, 402
19, 988
20, 567
20, 898
22, 302
20, 133
Bleached sulphate §
do
23, 009
17, 008
21,301
26, 615
Unbleached sulphate§
do
42, 907
53,044
75, 965
21,673
28, 669
38, 625
17, 872
48, 938
36, 470
46,816
37,060
38, 318
36, 541
48, 678
53,098
43, 417
39, 610
49, 427
53, 458
45, 672
40, 330
Bleached sulphite §
do
40, 544
44, 037
54, 596
Unbleached sulphite§
do
66, 043
75, 229
84, 872
59, 488
48, 190
64, 078
56, 602
89,065
44,022
53, 939
54, 996
1,804
1,699
2,293
1,884
1,621
1,592
1,692
1, 719
1,864
1,597
Soda§
do
2,075
1,929
24, 711
24, 786
20, 594
Ground wood §
. .
- do _ 18, 996
25, 123
27,004
30, 921
25,000
25, 267
26, 993
19,548
27,373
Production :f
975
958
••912
1,013
Total all grades
thous. of short tons__
1,040
1,054
995
935
985
1,080
1,026
1,022
970
91, 569
Bleached sulphate
short tons
95,088
92, 484
' 79, 993
89, 792
102, 531
92, 058
98, 415
87, 175
103, 347
90, 141
92, 335
93, 744
354, 293
321, 089
Unbleached sulphate
do
332, 597 r 373, 387
••321,077
331, 275
366, 873
374, 438
354,853
365, 355
337,047
356, 488
333,030
142, 436
164, 791
146, 907
162, 270
155, 379
157, 233
Bleached sulphite
do
164, 244
172, 429
152,426
160, 223
163, 508
161, 922
154, 960
76,586
74, 131
68, 901
73, 967
Unbleached sulphite
do
78, 176
64, 268
79, 133
77, 186
82, 206
73, 518
76, 291
80, 272
74, 753
41, 668
39, 762
37, 696
42, 092
38, 345
41, 655
43, 324
41,696
43, 933
Soda
do
42, 218
43, 840
40, 881
40, 182
161,047
150,488
179, 324
184, 506
160, 178
180, 184
Groundwood
- - - - - do_173, 802
160, 507
168, 859
161, 067
176, 593
170, 080
161,635
55, 206
69, 718
75,000
62, 000
63, 988
Defibrated, exploded, etc.K_
do
79, 051
64, 664
63, 956
67, 096
75, 041
66, 877
79, 974
69,080
Stocks, end of month :f
74, 465
79, 694
94,543
96, 601
83, 786
95, 771
99, 834
109, 968
98, 928
91, 271
103, 598
Total all grades'
do
93, 244
94,121
4,439
7,079
6,990
7,447
7,558
5,259
6,926
Bleached sulphate
do
7,108
6,316
5,886
7,320
6,089
5,508
7,809
8,331
7,545
7,043
9,815
Unbleached sulphate
do
11, 551
8,067
6,311
11, 786
8,050
10, 032
13, 270
10, 507
21,004
23, 952
17, 747
37, 308
20, 564
26, 295
Bleached sulphite
-do
30, 525
31, 604
42, 846
28, 933
36, 547
27, 475
30, 288
14, 143
9,938
11, 128
18, 452
14, 427
10, 645
13, 527
15, 332
16,982
Unbleached sulphite
do
14, 764
17, 716
16, 103
16, 869
3,454
2, 858
2,709
2,808
2,422
2,895
3,102
3,052
3,073
Soda
do
3,020
3,492
3,033
2,771
38, 725
35, 452
27, 188
28, 630
39, 626
32, 046
Groundwood
_
do
21, 615
22,316
31, 551
21, 702
20, 368
18, 193
23, 660
PAPER AND PAPER PRODUCTS
.All paper and paperboard mills:*
Paper and paperboard production, total
thous. of short tons.
1,625
1,754
1,834
1,626
1,800
1,743
1,728
1,763
r 1, 866
1,699
1,898
1,777
1,720
817
892
819
901
Paper
- - do
885
894
883
930
880
••949
956
873
898
802
751
805
722
Paperboard
do
708
767
777
714
740
742
808
827
767
Building board
do
92
85
101
99
98
109
95
105
105
115
••no
105
111
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association) :f
Orders new«
short tons. - ' 668, 637 «- 733, 372 ••686,012 ' 714, 296 ' 702, 200 ••664,872 ' 687, 500 ••731,808 ' 751, 536 T 697, 825 ' 714, 929 r 798, 734
663, 412
752, 028
732, 863
711, 517
653, 710
719, 979
666, 630
Production
do
714, 440
702, 581
699, 575
732, 765 ' 733, 484 ' 777, 653
776, 549
723, 307 «- 710, 572 ' 745, 783 r 711, 061 ••648,003 ' 727, 183 ' 693, 566 r 778, 752 -•729,868 ' 728, 969 r 772, 448
' 669, 850
Shipments*
do
703, 340
Fine paper:
92,821
98, 528
115,808
102, 765
91, 204
Orders new
do
98,017
90, 189
94, 838
109, 851
82, 720 ' 89, 886 '112,625
88,910
144, 032
Orders, unfilled, end of month
do
156, 504
167,155
143, 020
160,737
149, 790
150, 260
117, 725
136, 927
121, 422 r 112, 523 r 123, 500
138, 850
102, 434
106, 484
Production
_ _ _ _ do
97, 068
103, 610
107, 558
101,311
90, 227
111,114
101, 775
97, 650
101, 954 ' 103, 495 ' 106, 981
105, 441
86, 642
108, 076
Shipments
do
105, 582
101, 268
97, 957
100, 289
111,732
98, 680
101, 168 «• 95, 773 r 108, 640
96,050
48, 191
Stocks end of month
_ _ do
49, 980
49, 737
53, 782
52, 720
50, 448
50, 530
52, 120
51, 770
51,945
53,705 ' 54, 234 r 51, 020
Printing paper:
234, 000
234, 580
237, 015
260, 602
250, 524
242, 080
249, 259
Orders, new
_
do
277, 581
249, 016
252, 829 ' 252, 172 * 279, 984
223,677
294, 419
266, 490
239, 159
282, 003
292, 123
Orders unfilled end of month
do
275, 565
279, 900
269, 004
299, 893
247, 633
267, 430 r 254, 943 r 263, 239
Price, wholesale, book paper, "B" grade, Eng0
« 10. 05
« 10. 05
« 10. 55
« 10. 24
« 10. 05
lish finish, white, f. o. b. mill._dol. per 100 lb_. « 10. 05
« 10. 05
« 10. 80
« 10. 80
« 10. 80
10. 80
« 10. 80
M0.80
230, 039
256, 045
252, 348
264, 444
248, 796
236, 295
250, 563
Production
short tons
245, 916
275, 837
243, 345
257, 210 ' 257, 843 ' 269, 041
252, 969
251, 395
260, 420
249, 975
236, 838
Shipments
do_ __ 228, 449
253, 331
275, 699
243, 496
257, 736 r 261, 724 r 265, 413
245, 985
58, 010
62, 948
62, 070
59, 512
62, 861
63, 157
Stocks, end of month
_ _ - do
63, 163
62, 782
62, 096
' 63, 745 ^ 66, 055
63, 133
66, 036
Wrapping paper:
248, 313
252, 330
249, 396
270, 461
252, 109
263, 424
265, 650
Orders, new
do
290, 537
262, 762
261, 898
269, 897
272, 610
184, 065
168, 706
178, 430
182, 985
Orders, unfilled, end of month
do_ _
162, 095
168, 563
176, 165
175, 780
173, 033
170, 563
170, 662
152,240
249, 479
271, 949
256, 878
268, 179
241, 309
267, 243
276, 919
283, 343
Production
do
256, 362
272, 407
270, 160
269, 335
237, 963
252, 127
269, 497
264, 947
270, 219
256, 026
275, 131
252, 404
Shipments
_
do_ _
285, 857
269, 966
268, 823
266, 340
59, 211
66, 538
59, 788
61, 972
67,455
60, 225
Stocks end of month
do
62,883
66,084
63, 545
65, 882
66, 231
64, 240
Newsprint:
Canada:
369, 490
372, 482
341, 268
379, 731
384, 520
Production
do
355, 606
377, 941
366, 092
396/251
368, 925
364, 483
344, 645
371, 637
319, 831
Shipments from mills _ _
do
379, 065
373, 769
376, 305
400, 763
388, 106
375, 498
379, 460
369, 986
389, 505
393, 169
332, 211
346, 870
134, 668
126, 566
Stocks at mills, end of month _
do
133, 381
110, 323
91,097
80, 932
67, 564
90, 431
74, 310
45, 624
44, 563
81, 764
69, 330
United States:
302, 672
Consumption by publishers _ _ _ _
do
302, 994
258, 424
297, 461
339, 286
292, 664
263, 698
281, 102
299, 807
338, 012
322, 136
292, 534
307, 967
260, 815
315, 932
322, 357
315, 840
355, 605
353, 091
Imports!
do
328, 747
314, 364
349, 134
357, 998
389, 907
320, 564
84.00
84.00
90.00
Price rolls (N. Y.)-— dol. per short ton
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
96.00
96.00
62, 802
Production
•__. .short tons__
67, 916
71, 933
72, 253
67, 656
73, 498
70, 507
66, 475
67, 268
70, 732
65, 880
65, 094
58,016
Shipments from mills
_ do_ _
65, 226
68, 872
73, 545
68, 955
73, 988
69, 326
70, 997
66, 439
66, 743
70, 168
68, 720
65, 037
59,019
Stocks, end of month:
11, 936
At mills
do
10, 980
8,925
10, 652
11, 426
11, 951
11, 105
11, 833
12, 397
11, 141
8,301
8,358
7,355
224, 453
At publishers
do
212, 724
215, 995
206, 064
278, 918
295, 385
308, 033
228, 793
312, 573
279, 631
292, 920
295, 052
267,958
In transit to publishers
do
69, 466
73, 699
68, 773
64, 985
84, 009
68, 401
71, 664
83, 957
77, 150
89, 755
84, 113
89, 132
90, 864
Paperboard (National Paperboard Association) :{
713, 834
Orders new
do
770, 304
760, 236
747, 358
721, 312
736, 454
812, 849
720, 388
788, 601
747, 159
756,818
826, 946
711, 294
Orders unfilled, end of month
do
549, 774
494, 554
582, 603
511, 918
577, 777
461, 226
425, 412
436, 178
437, 550
452, 124
420,456
432, 911
432, 510
718, 072
Production
do
747, 115
805, 744
765, 026
742, 124
768,412
709, 956
750,042
823, 203
752, 036
741, 337
813, 169
713, 394
103
Percent of activity
101
103
100
90
101
99
96
89
101
100
103
100
Waste paper, consumption and stocks :d"
Consumption
short tons__ 416, 935
445, 180
464, 323
456, 127
426, 713
398, 123
429, 973
429, 113
460, 009
422, 748
416,830
450, 176
Stocks at mills, end of month
do
274, 850
266, 879
289, 297
312, 685
293, 347
299, 507
302, 366
302, 668
324, 763
322, 814
318, 617
274, 966
r
Revised.
^Estimated; see note in April 1946 Survey.
in
Septen
iber
1947
S
JSee
note
urvey
for
r
eference
to
revisions.
ISee
no
te
marked "t."
0
_ j T"
Data beginning February are for a slightly different grade; February data comparable with earlier series, 9.68.
• Revised
January 1947: New orders, 809,088; shipments, 726 664
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
*New series. Data for pulpwood, waste paper and paper and paperboard are from the Bureau of the Census and are industry totals; for 1942 monthly averages and data beginning 1943
for total paper and paperboard, see p. S-32 of the August 1944 Survey; data for paperboard and building board were revised in the October 1947 Survey transferring liner for gysum and plaster
board and stock for laminated wallboard and other building board from building board to paperboard; revisions prior to August 1946 for these series and unpublished revisions in data for paper
will be shown later. For data beginning March 1945 for pulpwood and waste paper see p. S-34 of May 1946 Survey; earlier data for these series will be published later.
fRevised series. Revised wood pulp production for 1940-43 and sulphite stocks for 1943 are shown on p. 20 of the December 1944 Survey and revised 1942 stock figures for all series are on
pp. 30 and 31 of the June 1943 issue; revisions in the 1943 data for groundwood and total production shown in the December 1944 Survey and unpublished revisions in the 1944 production data
for these two series (also January-July 1946 revisions for groundwood) will be shown later; beginning in the May 1947 issue, data for total production of wood pulp include defibrated, exploded,
etc., pulp, shown separately above, which was not included previously; data for this item and for groundwood were revised in the October 1947 Survey, transferring some pulp previously classified as defibrated, etc., to groundwood; revisions for January-July 1946 have not been published; stocks of defibrated, etc., pulp are comparatively small and are not included la the stock
figures; all stock data are stocks of own pulp at mills. The series from the American Paper and Pulp Association beginning in the August 1944 Survey are estimated industry totals based on
monthly reports to the association adjusted to production data compiled by the Bureau of the Census; there have been further small revisions in the data through August 1946 which have not
been published; all revisions will be shown later.
SURVEY OF CUEEENT BUSINESS
S-36
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Surrey
April 1948
1948
1947
February
March
April
June
May
July
August
September
October
November
December
February
January
PAPER AND PRINTING—Continued
PAPER AND PAPER PRODUCTS—Con.
Paper products:
Shipping containers, corrugated and solid fiber,
shipments*
mil. sq. ft. surface area..
Folding paper boxes, value:*
New orders
_ 1936 =100. _
Shipments
do
PRINTING
Book publication, total.
no. of editions..
New books
do
New editions
_ do. .
5,080
5,566
5,438
5,245
4,662
4,592
4,818
4,893
5,394
5,086
5,026
' 5, 185
447.2
465.8
431.6
485.7
422.5
488.9
408.7
470.6
341.5
460.9
330.8
396.0
372.6
439.3
393.5
454.3
448.0
500.5
375.5
450.4
400.3
455.6
430.4
454.8
557
436
121
1,027
808
219
852
678
174
811
650
161
531
426
105
592
439
153
678
526
152
647
549
98
772
639
133
1,135
885
250
1,110
835
275
763
612
151
5,000
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Exports §
thous of short tons
Prices, composite, chestnut:
Retail!-—
_
dol. per short ton-Wholesale
do _
Production .
thous. of short tons. .
Bituminous:
Exports §
do
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
Electric power utilities
do
Railways (class I)
do _
Steel and rolling mills
do
Other industrial
do
Retail deliveries
do
Other consumption:
Vessels (bunker) §
- do _
Coal mine fuel
do
Prices, composite:
Retail (34 cities)^ -.dol. per short ton
Wholesale:
Mine run
do
Prepared sizes
do
Production!
thous. of short tons
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons
Industrial, total
_
do. .
Byproduct coke ovens
do
Cement mills ._
do
Electric power utilities
do _.
Railways (class I)
do
Steel and rolling mills.
do
Other industrial
do
Retail dealers, total.
..do
COKE
Exports§
thous of short tons
Price, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehive
. _ _ -thous. of short tonsByproduct
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
do. _
At furnace plants
do
At merchant plants.
do
Petroleum coke
do
396
528
880
831
714
700
844
855
830
765
794
396
16.84
13. 753
4, .240
16.83
13. 767
16.82
13. 650
16.17
13. 455
16.17
13. 520
16.50
13. 713
17.48
14. 615
17.71
14. 700
5,141
17.87
14. 750
5,506
18. 01
14. 796
4, 613
18.02
14. 803
18.21
14. 896
4,921
3,183
4, 164
4,556
7,552
7,560
5,870
8,331
7,148
* 7, 023
' 6, 034
r 4, 246
3,410
49, 758
49, 705
38, 716
907
42, 945
36, 451
671
40, 029
33, 705
711
38, 661
33, 343
662
40, 033
34, 975
897
43, 706
36, 670
916
48, 006
40, 252
965
r 54, 922
r 41, 668
'963
652
640
6,414
627
672
704
8,121
11,104
858
10, 987
8, 385
742
7,466
8,527
662
7,616
9,017
802
648
6,719
8,151
718
45, 863
37, 853
866
8,091
730
49, 161
38, 315
950
6,940
40, 683
34, 838
922
7,861
515
37,214
798
7,245
607
6,594
4,967
8,030
4,279
7,655
9,226
4,549
6,422
9,431
904
11, 635
12, 544
10, 137
945
10, 989
6,494
9,299
5,845
91
214
125
233
150
174
200
240
11.97
11.99
12.00
6.230
6.526
6.252
6.532
6.334
6.569
51, 482
55, 455
41, 225
47, 867
45, 736
49, 033
46, 906
7,517
929
14, 059
42, 419
40, 298
5,417
896
13, 300
1,162
14, 977
2,127
1,046
12, 060
2,121
6,645
881
13,453
7,682
985
16, 090
2,131
8,262
7,579
4,609
7,586
6,366
4,084
7,696
4,994
8,033
736
7,658
8.450
741
10, 627
8,278
9,048
7,737
4,863
8,425
757
8,450
9,652
7,754
9,167
867
10, 395
8,010
966
9,115
10, 846
826
12, 310
18. 24
14. 912
4, 675
49, 920
38, 243
846
7, 700
636
7, 904
9, 091
996
11, 000
11, 677
8,400
709
8,796
9,726
1,104
5,318
8,644
5,058
177
202
149
168
179
216
156
191
161
209
131
191
93
202
12.09
12.10
12.68
14.01
14.04
14. 15
14.48
14.50
14.63
14. 69
6.344
6.368
7.113
7.410
7.441
7.528
7.798
7.549
7.889
7.575
7.922
7. 710
9,288
6,324
8,749
7,036
r 11, 970
13, 254
48
(0
|
0)
6. 573
56, 464
6.581
47, 424
39, 882
50, 879
52, 381
57, 301
52, 689
54, 798
r 7. 695
8. 03;
«• 55, 780
50, 218
47, 312
6, 454
987
15, 190
8,221
1,153
15, 307
49, 778
46, 384
45, 366
42, 176
50, 276
48, 144
7,310
1,049
16, 772
6, 522
1,128
15, 434
1,958
52, 161
50, 124
9,148
1,113
16, 788
r 49, 576
r 48, 185
8,671
1,049
15, 792
48, 472
47, 283
968
15, 292
48, 370
46, 353
6,216
909
16, 154
50, 455
48, 255
1,079
16, 409
8,517
1,226
12, 057
47, 157
45, 199
5, 482
894
1,089
15, 758
2,017
1,076
15, 632
2,132
1,012
'943
14, 824
1,391
976
14, 735
1, 189
2,906
7,096
3,394
7.334
4,804
6,808
1,086
13, 218
3,190
7.634
15,739
7.649
6,227
6,305
8,207
1,087
16, 673
6,156
985
15, 147
2,200
6,749
15,314
2,037
6,906
8.090
48, 390
8,807
991
14, 86S
6,906
38
69
76
66
63
66
77
60
118
76
79
60
8.875
8.875
9.062
9.125
9.562
11. 000
12. 000
12. 000
12. 125
12.250
12.250
12. 500
12. 500
529
5,129
178
595
601
463
429
5,658
438
578
583
616
549
603
••606
5,865
539
5, 513
716
527
189
77
676
504
172
91
912
554
358
67
807
618
190
209
5,383
195
652
460
191
89
5,530
218
671
445
226
84
5,322
5,373
201
224
668
400
268
89
773
458
315
86
5,633
200
982
544
438
110
5,396
192
1,029
509
520
95
5,800
210
1,063
513
550
97
5,650
5,886
175
210
1,151
589
562
83
1,040
535
504
69
204
PETROLEUM AND PRODUCTS
Crude petroleum:
163, 068
161, 844
153, 604
153, 348
159, 771
141, 210
162, 854
165, 858
158, 719
165, 796
Consumption (runs to stills)!.
thous. of bbl_. 134, 953 150, 120
5,184
4,139
4,789
3,758
3,999
4,087
3,257
3,699
2,585
4,039
2,992
3,844
Exportsf
do
7,919
8,033
7,762
7,846
8,361
8,172
8,591
8,91-6
7,908
8,662
7,512
9,339
Imports!
do
1.810
1.810
1.910
1.810
1.810
1.560
1.810
1.710
1.810
2.510
2.410
2.010
2.510
Price (Kansas-Okla.) at wells
.dol. per bbl..
159, 237
156, 024
160, 365
152, 978
149, 228
152, 160
164, 913
134, 693
157, 530
158, 736
165, 443
163, 781
Production!
thous of bbl
98
94
95
99
98
94
97
95
97
96
98
98
Refinery operations
pet. of capacity
Stocks, end of month:
230, 974
235, 710
237, 768
226, 666
228, 523
237, 278
228, 981
225, 258
225, 121
224, 929
225, 462
223, 430
Refinable in IT S !
thous of bbl
59, 013
53, 849
57, 136
56, 656
60, 386
54, 050
59, 160
59,310
57, 106
52, 864
53, 891
53.660
At refineries
do
159, 556
162, 784
163, 740
157, 853
156, 241
160, 484
154, 637
156, 276
153, 160
156, 726
153, 378
156, 224
At tank farms and in pipe lines
do
14, 762
14, 964
15, 146
14, 840
15, 015
14, 932
15,334
15, 034
14, 855
15, 339
16, 161
15, 578
On leases!
do
5,825
5,208
5,194
5,320
5,429
5,953
5,999
5,275
5,790
6,412
5,725
5, 623
Heavy in California
_ - do
1,842
1,626
1,810
1,247
1,522
1,523
1,760
1,358
1,196
1,733
1,416
1,554
Wells completed!
number
Refined petroleum products:
Fuel oils:
Domestic demand :§
21, 321
19, 262
16, 355
19, 414
16, 093
29, 279
23, 116
16, 977
31, 687
42, 056
28, 997
40,426
Distillate fuel oil
thous. of bbl
39, 864
40, 412
42, 140
40, 057
43,995
45, 852
38,237
43,308
52, 015
40,677
48, 853
Residual fuel oil
do_
43, 538
Consumption by type of consumer:
3,264
3,810
3,715
3,462
3,273
3,564
4,039
3,696
4,261
3,927
4,433
3,862
4,002
Electric power plants!
do
6,714
6,941
6,650
6,564
6,675
6,653
7,138
6,537
6,661
7,141
6,506
7,004
Railways (class I)
do
6,132
6,470
6,164
5,901
6, 676
6,371
5,710
5,382
5,948
6,080
4,510
5.419
Vessels Cbunker oil) 5
do
' Revised.
1 Beginning January 1948 included in other "industrial."
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. Bituminous coal exports for
October-December 1947 have been revised to include Army civilian supply shipments (see note marked "§" on p. S-20).
^The comparability of the data is affected in some months by a reduction in the number of cities or by a change in the sample; averages August, September, November, and December
1946 and January 1947 comparable in each case with data shown above for the following months are given in notes in the September 1947 Survey; February-July 1947 data are directly comparable
and cover 16 cities for anthracite and 30 cities for bituminous coal. July 1947 averages comparable with August for anthracite and bituminous are $16.46 and $13.04, respectively.
*New series. For data beginning 1934 for shipping containers, see p. 20 of the September 1944 Survey. For data beginning June 1943 for folding paper boxes, see p. S-32 of the August 1944
Survey. Revisions in the January-September
1946 figures for folding paper boxes and January 1943-May 1944 data for shipping containers are available on request.
fRevised series. See note marked "f" on P- s~36 of the September 1947 Survey for reference to 1941-45 revisions for bituminous coal production and 1941 revisions for the indicated series
on petroleum products; 1942-43 revisions for the latter series are available upon request. Final 1946 revisions for bituminous coal are shown on p. S-36 of the February 1948 issue.
SURVEY OF CURRENT BUSINESS
April 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
February
March
April
May
June
July
August
September
October
November
December
January
February
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Fuel oils— Continued
Exports:§
Distillate fuel oil
thous. of bbl
Residual fuel oil
do
Price, fuel oil (Pennsylvania)
dol. per gal__
Production:
Distillate fuel oil
thous. of bbl
Residual fuel oil
. _
do
Stocks, end of month:
Distillate fuel oil
do
Residual fuel oil
do
Kerosene:
Domestic demand §
do
Exports §
do
Price, wholesale, water white, ~47°, refinery
(Pennsylvania)
dol. per gal_.
Production
thous. of bbl
Stocks, refinery, end of month
do
Lubricants:
Domestic demand §
_ _
_ do
Exports§
do
Price, wholesale, cylinder, refinery (Pennsylvania)
___dol. per gal_.
Production
thous. of bbl
Stocks, refinery, end of month
do
Motor fuel:
All types:
Domestic demand§
do
Exports^
do
Prices, gasoline:
Wholesale, refinery (Okla.)
dol. per gal_.
Wholesale, tank wagon (N. Y.)
do
Retail, service stations, 50 cities
do
Production, total f
thous. of bbl
Gasoline and naphtha from crude oil.do
Natural gasoline and allied products Jf-do...
Sales of 1. p. g. for fuel, etc. and transfer
of cycle products _ _ _ thous. of bbl
Used at refineries f
do
Retail distributionc?
mil. of gal
Stocks, gasoline, end of month:
Finished gasoline total
thous of bbl
At refineries
do
Unfinished gasoline
_ _ _ _ _ do
Natural gasoline
do
Aviation gasoline:*
Production, total
_
_ _ _ _ _ do
100 octane and above
do
Stocks, total
__
do
100 octane and above
do
Asphalt:
Imports §
short tons
Production
do
Stocks, refinery, end of month
_
do
Wax:
Production
thous. of Ib
Stocks, refinery, end of month
do
Asphalt prepared roofing, shipments, totalf
thous. of squares. _
Smooth-surfaced roll roofing and cap sheet-do
Mineral-surfaced roll roofing and cap sheet-do
Shingles, all types
do
Asphalt siding, shipments* _._ _
_ _ _ do
Saturated felt, shipments*
short tons__
1,751
713
.070
2,093
21, 746
34, 390
2,766
635
.073
2,189
593
.075
2,088
25, 577
37, 876
22, 925
34, 438
24, 954
37, 328
36, 901
38, 480
31, 423
37, 403
30, 268
36, 455
10, 532
929
10, 078
1,017
8,082
.076
672
.071
.078
889
.081
600
.079
3,019
781
.085
2,990
3,058
797
.090
1,376
410
.092
842
769
.102
1,585
281
.110
24, 214
36, 977
26, 270
38, 550
26, 946
38, 592
27, 325
37, 098
29, 072
39,066
28, 254
37, 344
30, 759
39, 746
33, 539
39, 606
34, 279
39, 992
39, 676
43, 515
46, 444
47, 600
54, 707
51, 334
59, 764
52, 578
63, 252
52, 502
61, 334
52, 455
51, 081
47, 091
41, 036
44, 636
6,068
5,910
711
5,348
5,447
313
6,580
8,163
578
11, 070
372
12,904
746
66
16, 198
216
.082
8,717
.092
.095
.095
14, 286
14, 908
.108
10, 129
.115
10, 697
13, 161
12, 842
9,940
6,690
3,051
1,105
3,217
896
3,427
3,295
1,090
2,917
961
3,056
1,300
.338
.350
.352
.360
.360
.378
202
.082
679
.075
2,987
6,126
9,476
5,260
8,854
4,870
9,284
7,328
8,956
.088
9,117
10, 867
2,680
2,929
3,066
1. 259
3,104
1,361
2,873
3,003
.310
.310
.330
9,243
1,254
1,273
.300
.308
1,338
3,925
7,753
4,480
8,015
4,267
7,936
4,608
8,070
4,427
50, 551
4,834
59, 947
4,091
63, 406
70, 865
71, 329
.070
.161
.159
60, 485
53, 591
9,944
.076
.167
.171
66, 701
59, 069
11, 033
.080
.172
.171
63, 374
55, 502
10, 803
3,050
4,908
3,401
5,271
3,358
2,173
2,449
2,931
5,618
2,611
94, 985
61, 332
96, 952
63, 089
92, 719
58, 852
8,687
5,010
1,943
713
8,727
5,265
2,221
954
4,168
1,342
9,005
5,604
2,446
8,281
8,970
8,188
4,400
8,420
73, 441
72, 089
4,227
821
.087
476
8,547
8,531
4,566
8,624
i 7, 892
3,224
'3,084
71, 384
73, 295
3,171
64, 158
3,673
67, 285
' 2, 882
61, 308
.080
.172
.171
68, 535
60, 681
10, 392
.080
.172
.171
69, 847
61, 855
10, 505
.080
.174
.172
73, 494
65, 200
.084
.176
.173
11,019
.083
.174
.174
75, 745
67, 404
11, 254
11, 096
.085
.176
.178
75, 656
67, 150
11, 685
.090
.178
.179
72, 061
63, 623
11, 951
.099
.183
.194
75, 140
66, 770
12, 357
.105
.188
.194
73, 812
65. 744
12, 047
2,538
5,300
2,513
2,725
2,913
2,896
3,179
2,901
2,931
3,080
3,021
3,979
6,434
86, 727
54, 752
81, 160
50, 610
8,614
77, 069
47, 929
77, 190
46, 398
8,482
5,566
2,870
5,898
5,452
3,003
6,176
8,934
5,269
3,467
6,477
8,659
5,017
3,664
72,944
- 64,744
6,513
2,892
75, 882
45, 567
8,478
4,456
89, 600
89, 320
78, 120
88, 200
89, 600
93, 520
5,300
5,809
6,097
5,968
5,806
5,600
1,886
1,162
2,252
421
25, 482
1,969
1,273
2,567
461
28, 408
1,997
1,326
2,775
440
30, 277
1,798
1,399
2,771
384
30, 456
1,747
1,368
2,691
334
32, 758
1,630
1,287
2,683
271
33, 234
78, 669
46, 529
83, 111
51, 570
9,192
4,221
3,449
8,882
4,266
93,290
8,877
4,323
4,296
3,443
2,385
6.557
2,338
2, 423
2,712
12, 316
638, 500
731, 100
11,031
540,700
67
726, 900
661, 300
587, 500
i 812, 400
87,920
66, 080
89, 880
96, 320
80,080
91,000
85, 960
96, 880
96, 320
98, 280
98, 000
104, 720
5,672
5,886
1,590
1,332
1,699
1,368
2,819
300
39, 565
6,640
5,549
1,968
2,750
283
35, 456
1,908
1,529
3,203
353
42, 637
2,575
2,186
6,064
5,686
1,649
1,254
1,736
1,285
331
36, 667
356
37, 470
2,647
2,665
.105
.188
.195
61, 134
47, 889
901, 100
26, 191
987, 500
716, 500
80, 080
85, 680
74, 710
45,084
7,874
2,198
24, 591
879, 800
866, 200
93, 520
91, 560
3,987
5,994
2,793
10, 189
931, 800
597, 800
1,671
81, 760
85, 120
3,513
3,379
12, 022
21, 923
22, 762
21, 441
12, 424
602, 700
789, 300
532, 400
606, 700
823, 800
888, 200 1, 001, 800 1, 028, 500 1, 063, 100 1, 000, 500
1,353
6,323
2,592
3,316
2,187
6,106
3,733
2,258
5,803
1,219
4,811
1,543
6,355
2,958
.390
2,075
2,121
5,919
5,480
1,381
4,287
'4,020
2,061
1,374
.390
4,264
8,157
3,937
3,480
.121
1,028
1,160
4,350
1,545
5,144
1,804
566
4,692
9,352
4,047
8,340
4,847
4,293
.095
9,308
.110
r
r
5, 549
1, 743
r 1, 244
' 2,
562
r
.338
' 40, 180
5,129
1,611
1,135
2,384
352
37,400
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
43, 104
42, 529
43, 818
43, 018
40, 389
50, 557
47, 289
57, 286
52, 076
Consumption! _
_ long tons.. 40, 983
56, 284 r 58 174
50 927
65, 724
36, 088
46, Oil
93, 026
57, 626
60, 678
45, 526
46, 285
50, 946
Imports, including latex and Guayule§ _ do
49, 976
71 596
80 852
330, 960
280, 812
292, 970
345, 175 2 131, 624 2 130, 040 2 122, 097 2114 115 2 110, 752 r2 129,038 r2 136 227
283, 479
Stocks, end of month §
do
148 628
Synthetic rubber:*
55, 514
54, 333
48, 692
53, 321
37, 607
42, 580
41, 865
39, 001
45, 668
39 091
Consumption
do
43 230 r 43 003
35 158
2,434
665
710
441
2,290
454
287
221
349
Exports
_
do
202
413
419
39, 069
57, 478
50, 117
35, 681
59, 12d
31, 917 2 32, 901 2 30, 518 2 33 834
37,
825
Production
do
38
134
39
428
39 025
121,322 116, 829 105, 291
97, 612 2 97, 728
119, 912
79, 246
Stocks, end of month.
do
91, 288
67, 379 2 67, 871 2 62, 366 r 2 60, 290
65 932
Reclaimed rubber: §
21, 908
26, 157
25, 066
25, 484
21,283
20, 433
21,093
23, 801
Consumption
_ __do
26, 735
23, 491
25 229 r 25 885
22 017
26, 209
26, 696
24, 144
23, 990
25, 408
21, 252
22, 561
25, 648
21,658
Production
•
do
23,161
25 634
25 123
23 625
33, 527
37, 145
27, 417
31, 940
39, 598 2 39, 704 2 40, 130 2 38, 461 2 36, 643 2 36 425 2 35 943 r 2 36 307
Stocks, end of month
_ do
38 009
TIRES AND TUBES
Pneumatic casings :§
502
362
353
363
419
423
360
Exports
..thousands..
299
324
260
221
268
8,333
8,104
8,577
7,583
7,915
6,790
7,165
7 919
Production
_
do
8 889
7 716
7 851
8 050
7,441
7,273
7,283
7,526
7,360
7,892
7,520
Shipments
do
8,246
8 639
7,915
5 919
6 583
1,894
2,005
2, 457
1,974
2,138
2,130
1,793
Original equipment
do. _.
2,128
2,097
2,178
2 338
2 330
5,608
6,426
6,670
4,516
3,865
5,464
Stocks, end of month
do
5,838
5,191
5,513
5,277
8,806
6.975
r
Revised. * New basis excluding distributors' stocks in California; comparable figures for December 31, 1947: lubricants, 7,701; asphalt, 685,600.
2
Beginning July 1947 data are reported stocks available to industry, c? See note in the April 1946 Survey. Revisions for January 1945-July 1946 will be shown later.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for 1941-45 for reclaimed and natural rubber and for tires and tubes (p. S-38) are shown on
pp. 22 and 23 of the December 1946 Survey; data for October 1941-February 1945 for other series will be shown later.
{Includes natural gasoline, cycle products, liquefied petroleum gases at natural gasoline plants and benzol; sales of liquefied petroleum gas for fuels and for chemicals and transfers of cycle
products are deducted before combining the data with gasoline and naphtha to obtain total motor fuel production.
*New series. Data beginning 1939 for aviation gasoline, compiled by the Bureau of Mines, and data beginning 1943 for asphalt siding and saturated felts, compiled by the Bureau of the
Census, will be published later. For data for 1941-45 for synthetic rubber, see p. 23 of December 1946 Survey.
fRevised series. For 1941 revisions for the indicated series on petroleum arid products, see notes marked "*" on p. S-33 of the March and Ar^ril 1943 issues; 1942-43 revisions are available on
request. See note in April 1945 Survey for explanation of revision in data for asphalt roofing.
SURVEY OF CUREENT BUSINESS
S-38
Unless otherwise stated, statistics through
.1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
May
July
June
August
September
October
November
December
January
February
RUBBER AND RUBBER PRODUCTS—Continued
TIRES AND TUBES—Continued
Inner tubes :§
Exports
Production
Shipments
Stocks, end of month
thousands
do
_do
do
282
7,841
6,289
6,621
297
7,921
6,466
8,050
337
7,093
5,731
9,480
475
5,752
5,571
9,772
332
5,440
5,779
9,413
282
4,542
6,216
7,909
227
5,179
6,499
6,937
166
6,540
7,233
6,339
191
7,619
7,616
6,424
150
6,457
6,343
6,683
148
6,544
5,324
8,088
112
6,226
5,152
9,116
130,489
146,111
146,754
145, 409
125, 743
111,889
17,480
17, 319
88
19, 840
7,921
90
20, 562
18,300
16, 814
85
16, 267
' 16, 123
79
•• 12, 379
14, 541
71
9,975
3,605
9,205
15,311
4,299
538, 950
451, 497
20. 636
460, 971
453, 100
456, 272
20. 843
' 436, 073
'r 431, 130
452, 138
21. 093
368, 873
337, 118
476, 546
106, 221
100, 579
124, 331
97, 369
95, 319
' 120, 653
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments- reams.. 143,017
PORTLAND CEMENT
12, 618
Production
thous. of bbl_.
68
Percent of capacity
8,434
Shipments
thous. of bbl
20, 112
Stocks finished end of month
do
5,354
Stocks clinker, end of month
do
CLAY PRODUCTS
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
19. 361
dol. per thous. _
Production*
thous. of standard brick. _ 334, 624
268. 460
Shipments*
do
509, 022
Stocks, end of month*
do
Structural tile, unglazed:*
97, 421
Production
_.
short tons.
82, 505
Shipments
do
116, 503
Stocks
do _
Vitrified clay sewer pipe:*
Production
do. __ 104, 504
93, 241
Shipments
do
154, 653
Stocks
- - do_ _
GLASS PRODUCTS
Glass containers :f
9,281
Production
- - . - - thous. of gross.
8,650
Shipments domestic total
do
General use food:
679
Narrow neck food
- - - - - do. __
Wide mouth food (incl. packers tumblers)
thous. of gross.- i 2, A5
569
Beverage
do. _.
804
Beer bottles
_
_ _ d o _ __
1,262
Liquor and wine
do
1,947
]VTedicinal and toilet
do
620
Chemical household and industrial
.-do
286
Dairy products
do
138
Fruit jars and jelly glasses
- _ do. _
4,554
Stocks end of month
do
Other glassware, machine-made:
Tumblers:f
4,835
Production
... thous. of dozens.
Shipments
._
do_ _- 4,736
6,478
Stocks
do
Table, kitchen, and householdware, shiprrentsf
2,668
thous. of dozens.20, 268
Plate glass, polished, production-. -thous. of sq. ft._
GYPSUM AND PRODUCTS
Grade gypsum:
Import^ §
thous of short tons
Production '
do
Calcined production
do
Gypsum'products sold or used:
Uncalcined
short tons
Calcined:
For building uses:
Base-coat planters
do
All other building plasters
Lath
Tile
Wallboardcf
Industrial plasters
do
thous. of sq. ft
do
do
short tons
158, 716
155,873
146, 352
134, 834
14, 205
69
12, 133
22, 178
14, 566
74
13, 389
66
15, 328
19, 388
15,971
5,996
15,414
21,331
6,338
19. 400
339, 963
326, 776
522, 627
19. 412
377, 586
382, 610
515, 806
97, 443
96,050
118,075
107, 543
107, 101
118, 637
105, 681
105, 876
109, 254
107, 758
156,061
101,914
107,851
150,033
117,018
114,588
152, 314
10, 582
10, 358
10, 578
9,645
9,637
6,326
19. 416
411,991
402, 780
525, 885
115,549
9,492
81
18, 179
17, 095
5,736
19. 550
414, 634
406, 918
528,873
101, 742
98, 364
126, 722
16,342
80
20,099
13,337
86
20, 365
10, 452
4,855
455,616
19. 668
438, 591
504, 124
19. 937
466, 592
457, 311
511, 977
20. 374
456, 943
483, 622
483, 156
118,814
114, 163
111,230
110,343
124, 935
124, 794
115, 844
119, 243
119, 289
3,889
109, 686
110, 012
155, 971
111,418
110, 754
156, 544
117, 038
117, 530
155, 976
120, 704
119, 913
156, 607
117, 435
110, 906
159, 360
' 120, 892
' 116, 647
' 166, 450
8,877
8,127
9,476
8,859
9, 384
8,781
9,646
8,767
8,402
7,703
7,988
7,603
156, 358
9,619
8,316
1,050
1,007
928
764
1,285
1,528
2,079
1,650
1,093
1,616
663
1,309
433
305
320
1,754
1,152
1,263
575
1,449
397
308
464
2,322
2,189
1,040
632
778
1,645
452
290
227
6,272
5,975
5,575
6,639
6,262
6,769
6,234
6,672
3,213
22, 605
3,454
21,419
23, 171
6,140
6,085
3,658
r
r
115,717
111,547
2,307
5,475
20. 460
511,366
6,209
2,929
117,080
112,805
918
9b2
1,697
761
1,844
573
341
227
3,114
110, 220
123, 943
2,481
760
1,140
1, 2S3
1,906
668
356
133
5,141
853
1,342
993
1,967
610
354
161
5,668
5,514
6,849
6,210
5,261
7,065
4, 993
7,729
4,346
7,775
3,331
2,302
17,670
21,026
1,212
676
627
1,479
466
307
486
7,300
5,854
4,867
7,478
1
7, 335
6, 834
482
532
551
r 1, 820
1, 7:14
6:!3
7*3
733
1,577
505
244
43
8,511
4, 674
4,961
4,944
• 4,599
7,896
4,688
5,994
7,940
5,833
8,869
8,694
3,645
21,401
20, 648
3,483
4,511
22, 989
4,181
18, 777
5,186
8,057
"•840
' 1,
791
r
479
247
'39
' 8, 380
4,539
8,690
4,416
4, 325
4, 296
8, 7-11
3,793
3,195
21, 958
3, 051
21, 751
13, 405
13, 199
22, 423
13, 365
13, 178
22, 610
20, 089
407,354
445,659
519, 395
386, 830
391, 548
12, 520
101, 567
451,070
10.084
499, 480
10, 909
116, 881
488, 677
104, 505
462, 222
6,791
514, 871
46, 148
M19
'839
8, 924
519, 788
7,281
520, 358
46, 745
' 8, 015
'7,006
1 1, 745
526
1,271
1,167
1,603
419
384
X
7
644
1,667
1,410
517, 458
58, 577
96,680
184, 288
473
8,158
391,142
117, 454
1 1, 846
632
974
1,502
1,529
449
285
U3
8,132
918
1,507
1,279
5,464
84,220
77, 019
127, 204
823
409
1,467
1,166
11,833
21. 194
2, 251
955
744
1,279
1,794
589
315
'17
186
1,557
1,164
109, 089
364, 675
139, 066
7,233
592, 627
54, 962
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs. _ ' 13, 230
' 12, 586
Shipments
_
do
Stocks, end of month
do
18, 686
12, 921
12, 711
18, 980
13, 029
12, 535
19, 480
11, 672
11, 269
19, 910
10, 558
10, 542
20, 795
10, 428
9, 956
21, 267
11,615
11, 769
21, 113
11, 956
12, 681
20, 388
13, 867
14, 474
19, 781
12, 847
13, 222
19, 407
12, 548
12, 411
19, 543
COTTON
Cotton (exclusive of linters):
710,601 727, 448 826,216
Consumption
bales.. 839, 375 875, 306 882, 390
807, 135
729, 412
677, 780
759, 498
753, 406
860, 202
785, 231
382, 909
302, 773
275, 104
248, 549
83, 918 2 r 37, 066
123, 545
Exports §
do
385, 050
164, 665
134, 190
214, 098
229, 553
2 4, 984
9,898
62, 029
8,163
Imports§
_ _
do
12, 083
10, 381
10, 730
95, 526
11, 750
9,454
97, 946
15, 319
.359
.312
.341
.319
.335
.341
.332
.306
.323
.319
Prices received by farmersf
dol. per lb__
.307
.331
.307
Prices, wholesale, middling, 1 M6 // , average, 10
.352
.351
.372
.375
markets
dol. per lb__
.333
.360
.343
.316
.336
.317
.358
.352
.328
p
Revised. 1 Jelly glasses included with wide mouth food containers.
2
Revised to include Army civilian supply exports (see note marked "§" on p. S-20); there were no such shipments in other months of 1947.
d1 Includes laminated board reported as component board. §See note marked "§" on p. S-37.
*New series. See note marked "*" on p. S-37 of September 1947 Survey for reference to tables giving the earliest data available for the clay products series.
fRevised series. See note on p. S-34 of the July 1944 Survey regarding changes in the data for glass containers and comparable figures for 1940-42 and note in May 1946 Survey for changes
in the reporting companies for other machine-made glassware. For revisions for farm price of cotton for August 1937-July 1942, see p. S-35 of June 1944 Survey.
SURVEY OF CUERENT BUSINESS
April 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-39
1947
February
March
April
May
June
1948
July
August
September
October
November
December
January
Februery
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (exclusive of lintcrs)— Continued
Production: 1
O innings C?
thous of running bales
Crop estimate, equivalent 500-lb. bales
thous of bales
Stocks, domestic cotton in the United States, end
of month:
Warehouses.
.
thous. of bales. _
Mills
.
do
Cotton linters:
Consumption
do
Production
do
Stocks, end of month
do
194
i 8, 517
647
3,899
8,362
10, 056
10, 596
11, 373
i 8, 640
2
11 549
2
11 848
4,243
2,163
3,301
2,149
2,463
2,042
1,800
1,856
1,168
1,601
856
1,322
781
1,076
2,528
1,058
5,032
1,375
5,297
1,746
5,418
2,048
5,063
2,121
4,427
2,152
80
96
"•489
87
68
483
85
50
466
80
34
423
73
23
382
82
23
345
81
32
289
91
105
296
103
203
364
99
188
420
102
175
476
102
166
511
98
129
516
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
2,474
Cotton goods' finished, quarterly:*
Pleached
do
Plain dved
do
Printed
do
r 87, 935
Exports 5
thous ofsq yd
1,203
Imports §
do__ _
Prices, wholesale:
52.36
Mill margins
cents per Ib
.338
Denims. 28-inch
dol. per yd..
.248
Print cloth, 64 x 60
do
.232
Sheeting unbleached, 36-inch, 56 x 60 - do
Cotton yarn, Southern, price, wholesale, mill:
.699
22/1, cones, carded, white
dol. per lb__
.819
40/1, twisted, carded®
. . do. _
Spindle activity:
21, 954
Active spindlesj
_
thousands. _
9,590
Active spindle hours total
mil of hr
402
Average per spindle in place .. _ _ _ hours
'130.8
Operations
pet. of capacity __
1,819
926
490
402
' 126, 774 ' 138, 412 ' 147, 437
' 1, 146
888.
907
2,461
2,297
'2,577
1,759
1,535
799
383
353
128, 921
1,624
r 142, 285
1,196
123, 480
718
' 1, 801
'934
'449
418
102, 417
4,161
93, 907
2,308
914
442
403
125, 349
472
' 129, 216 '•140,711
1,076
883
r
53.37
.338
.255
.232
51.25
.338
.227
.232
47.86
46.46
.338
.216
.232
.338
.228
.232
49.49
.338
.242
.232
53.96
.338
.251
.232
57.91
.338
.255
.232
58.60
.338
.268
.232
59.43
.338
.277
.234
60.29
.338
.283
.239
59.63
.338
.261
.240
58.33
.338
.239
.240
.699
.819
.715
.882
.715
.882
.706
.882
.700
.890
.706
.921
.706
.921
.708
.926
.720
.951
.725
.960
.765
1.019
.804
1.098
21, 953
10, 030
421
'131.6
21, 805
10, 243
21, 624
21,324
428
415
21,197
9,034
379
r 119. 4
21, 410
9,427
396
' 121. 0
21, 563
10, 802
452
118. 8
21, 415
8,531
358
' 107, 0
' 127. 0
21, 432
9,530
400
' 134. 8
21, 412
9,544
402
' 121. 3
21, 450
10, 802
454
' 139. 0
21, 489
9,819
440
137.6
9,928
' 128. 3
' 125. 6
9,103
382
r
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament yarn
mil of Ib
Staple fiber
do
Imports^
thous oflb
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament©
dol. per lb__
Staple fiber, viscose, ll/§ denier
_ _ do _
Stocks, producers', end of month:
Filament yarn
mil. of Ib
Staple
fiber
do
Rayon goods, production, quarterly:*
Broad woven goods
thous of linear yards
Finished total
do
White
finished
do
Plain dyed
do
Printed
do
Silk, raw:
Imports^
thous. of Ib
Price, wholesale, Japan (N. Y.)§
dol. per Ib...
56.3
14.9
4,326
4,350
16.2
60.1
18.3
4, 233
59.5
18.6
2,501
54.7
16.5
2,795
62.3
18.4
2,327
62.6
18.6
2,428
61.5
20.3
3,265
65.3
23.1
1,342
62.2
20.3
1,674
62.1
22.2
1,369
67.8
22.4
2,711
60.7
19.9
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.726
.352
.740
.360
.740
.360
7.5
2.3
7.6
3.1
8.3
2.9
9.0
3.8
8.8
6.6
9.2
7.7
8.4
6.4
8.6
6.4
9.5
5.7
9.3
5.3
7.7
4.0
8.6
5.2
8.5
5.2
60.0
467, 277
424, 006
47, 675
289, 638
86, 693
463, 188
465, 693
64, 070
299, 005
102, 618
' 455, 072
' 402, 112
' 45, 650
r 291, 146
' 65, 316
517, 771
465, 644
49, 071
322, 387
94, 186
4.000
3
4.150
479
4.009
193
4.025
175
(3)
294
4.400
124
4.400
379
(3)
52, 970
15, 995
63, 291
38, 412
13, 668
62, 112
37, 864
13, 192
57, 566
38, 840
12, 685
48,942
38, 008
14, 056
35, 974
37,988
13, 708
41, 511
49, 210
17,850
51, 412
' 37, 652
14, 008
48, 388
43, 550
16, 220
36, 234
110, 060
1.195
.555
1.225
.565
1.225
.565
1.225
.565
1.225
.565
1.220
.565
1.220
.565
1.227
.554
1.255
.510
1.255
.510
1.255
.510
1.255
.510
.872
.939
.990
1. 002
1.040
1.040
1.108
1.165
1.254
1.240
1.293
1.370
429
4.682
4.050
48, 368
13, 088
57, 705
45, 724
13, 676
67, 528
1.165
.545
186
(3)
22
41
128
(3)
|
(3)
WOOL
Consumption (scoured basis) :f
Apparel class
thous. of Ib
Carpet class
do
Imports §
. . . do
Prices, wholesale:
Raw, territory, 64s, 70s, 80s, scoured*. dol. per lb._
Raw, bright fleece, 56s, greasy*
do
Australian, 64-70s, good topmaking, scoured, in
bond (Boston)*
dol. per Ib
Stocks, scoured basis, end of month, total f
thous of Ib
Domestict
Foreign t
do
do
.850
505, 562
411, 690
248, 145
163, 545
93, 872
497, 886
408, 485
271, 009
137, 476
89, 401
' 461, 431
384. 070
r
265, 835
r
118, 235
r
77, 361
r
437, 129
361, 512
240, 099
121, 413
75, 617
WOOL MANUFACTURES
Machinery activity (weekly average) :^
Looms:
Woolen and worsted:
91
81
68
78
75
70
72
83
61
Pile and Jacquard* thous of active hours
2,322
2,242
2,171
2,186
'2,324
2,282
2,516
2,245
2,632
2,223
1,864
Broad
do
47
45
43
45
49
44
66
45
39
47
70
Narrow
do
Carpet and rug:
131
130
124
133
134
137
98
142
118
127
124
Broad
do
122
110
129
114
114
117
117
92
112
129
120
Narrow
do
Spinning spindles:
85, 052
91, 891
99, 693
88, 402
82, 113
' 92, 662
93, 585
90, 244
93, 931
108, 936
71, 267
Woolen
- do
109, 789
112, 268
115, 568
122, 115
118, 421
122, 410 ' 121, 971 117, 002
118, 720
123, 186
88, 899
Worsted
do
223
189
230
214
245
236
'222
'218
179
245
198
Worsted combs
do
' Revised.
1 Total ginnings of 1946 crop. 2 Total ginnings of 1947 crop. 3 Not available.
'Included in data for broad and narrow looms prior to April 1947.
® Replaces series for 40/1, single, carded; see note 4 on p. S-39 of November 1947 Survey.
d"Total ginnings to end of month indicated.
JNumber active, on last day of month; data through August 1946 shown in the August 1947 Survey and earlier issues are number active at any time during month.
OPrice of yarn in cones for 1947; earlier data are for yarn in skeins; price quoted for skeins January 1947 was same as for cones; price for February-July 1947 for yarn in skeins, $0.690.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941 to February 1945 (July 1946 for silk) will be published later. Data
for cotton cloth exports have been revised to include army civilian supply exports (see note marked"§" on p. S-20).
IData for April, July, October, and December 1947 are for 5 weeks; other months, 4 weeks. Data for wool consumption were revised beginning September 1946 in the November 1947
Survey to cover consumption only on woolen and worsted goods systems; data through March 1947 published in earlier issues include also consumption on silk, cotton and other systems.
fRevised series. See note marked "t" on p. S-39 of September 1947 Survey for reference to 1941 data for the yarn price series and information regarding revisions in data for wool stocks.
*New series. See notes marked "*" on pp. S-38 and S-39 of the September 1947 Survey for reference to earliest data published for cotton and rayon woven goods production, cotton and
rayon goods finished, and wool price series.
SUKVEY OF CUEEENT BUSINESS
&-40
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April 1948
1948
1947
February
March
April
May
June
July
August
September
November
October
December
January
February
(*)
(°)
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES— Continued
Woolen and worsted woven goods (except woven
felts):*
Production, quarterly, total
tbous. of lin. yd__
Apparel fabrics!
do
Mien's and boys' wear!
do
Women's and children's wear \
do
All other %
do
Blankets
do
Other nonapparel fabrics
do
Wool yarn:
Production total*!
thous. of lb__
Knitting**!
do
Weaving*^
- - do_ _
Carpet and other*!
_ _
do
Price, wholesale, worsted yarn, 2/32s (Boston)
dol. per lb__
144,000
125, 310
60, 256
48, 841
15 893
10, 994
7,696
113, 865
98, 021
50, 161
35, 440
10, 206
7,560
8,284
130, 042
114,610
50 530
46, 977
11 475
6 812
8,620
'r113, 536
99, 133
r 44 908
r
41 054
r 10 049
r
6
r
482
7, 921
68, 768
9,712
46, 624
12, 432
65, 276
8,756
43, 624
12, 896
73, 355
8,845
49, 425
15,085
55, 732
6,328
36, 892
12, 512
56, 704
5,764
37, 824
13, 116
57, 335
5,760
39, 210
12, 365
59, 164
6,316
39, 704
13, 144
61, 796
7,052
41, 244
13,500
76,760
9,235
49,580
17, 945
«• 60, 900
'7 024
' 39, 732
»-14,144
1.950
1.950
1.950
1.950
1.950
1.950
1.950
2.000
2.020
(')
(°)
70, 500
8 765
47, 050
14, 685
MISCELLANEOUS PRODUCTS
Fur sales by dealers
Pyroxylin-coated fabrics:!
Orders, unfilled, end of month
Pyroxylin spread
Shipments, billed
thous. of dol
7,883
7,338
3,314
2,688
3,708
4,000
4,337
3,678
3,804
thous. lin. yd__
thous. of Ib
thous. lin. yd..
12, 152
7,159
8,386
11, 458
6,516
7,897
9,928
6,642
8,419
8,177
5,674
7,121
7,778
4,520
6,034
7,553
4,043
4,661
7,724
4,994
5,409
7,984
4,310
4,975
7,026
4,699
5,565
7,122
4,543
5,138
6,816
" 5, 385
•• 5, 538
6,656
••4,936
'6,186
184
1,351
323
1,028
183
1,041
239
802
218
867
252
615
240
790
288
502
116
607
136
471
5,733
4,958
6,462
TRANSPORTATION EQUIPMENT
AIRCRAFT
Exports, total§
Shipments, total*
For TJ. S. military customers* __
For other customers*
.-
number-do
do
do
276
2,013
99
1,914
338
1,922
137
1,785
294
2,143
105
2,038
321
1,740
94
1,646
268
1,332
139
1,193
222
1,102
104
998
156
1,140
211
929
number-do_ _
do. __
- - do_ _
do
_ _ do
do
_ _ do
do
do
do
do
do
do
do_ _
41,678
19, 321
22, 357
373, 360
1,303
1,090
267, 015
245,081
105,042
83, 276
6,554
6,220
3,258
2,978
334
54, 747
25, 666
29,081
421, 180
1,421
1,272
301, 525
280,018
118, 234
92,082
5,910
5,536
2,662
2,906
374
57,284
26, 711
30, 573
423, 399
1,650
1,465
314, 765
291,953
106, 984
83,515
5,245
4,941
2,106
2,867
304
61, 502
29, 540
31,962
382, 640
1,853
1,599
284, 357
261, 240
96, 430
75, 696
4,580
4,380
1,657
2,723
200
44,461
22, 591
21,870
400, 372
1,628
1,409
307, 124
284, 576
91,620
73, 613
3,544
3,306
1,437
1,869
238
40,652
24, 068
16, 584
379, 192
1,806
1,694
279, 631
257, 881
97, 755
78, 444
2,953
2,779
1,362
1,417
174
50,273
24,317
25,956
349, 409
1,765
1,570
261, 158
240, 358
86, 486
66, 382
3,169
2,953
1,228
1,725
216
47, 599
42, 157
22, 345
21 839
25, 254
20, 318
420, 269 r 436, 001
1,667
1,607
1,527
1,412
315, 969
307, 942
295, 099
285, 590
118, 365
110, 720
94, 307
89, 724
3,962
3,158
3,451
2,944
1,587
1,269
1,864
1,675
511
214
39, 522
20, 480
19, 042
394, 175
1,416
1,141
305, 148
284, 730
87, 611
71,161
3,241
2,988
1,406
1,582
253
39, 007
21, 362
17, 645
469, 957
1,449
1,087
366 939
344, 110
101, 569
85, 971
3,285
3,119
1,530
1,589
166
214, 333
63, 752
264, 714
79,344
290,226
85, 148
286, 719
76,901
269, 863
65,458
263, 167
71, 647
264, 866
75, 912
251 655
69, 899
281, 428
87, 167
258, 934
73, 737
312 263
67,690
8,816
2,439
53
53
8,873
3,489
73
73
6,409
3,131
60
60
6,243
4,230
67
63
5,366
4,846
53
45
4,410
4,346
20
20
5,749
5 668
29
29
6,401
6.242
74
74
6,964
6 889
69
55
7,914
7 661
71
71
6,866
6 561
57
57
6,345
6 306
54
54
1,736
1,736
1,734
1,734
1,732
1,730
1,730
1,725
1,728
1,731
1,735
1,738
69
4.2
78,080
60, 446
17,634
72
4.3
84, 288
63, 935
20,353
77
4.6
89, 554
66, 466
23,088
77
4.7
93, 169
68, 675
24, 484
81
4.9
94, 232
70, 578
23, 654
81
4.9
97, 392
71,826
25, 566
78
4.7
97, 645
73,416
24, 229
72
4.3
103, 086
76, 713
26, 373
73
4.4
104, 788
78, 857
25, 931
724. 3
99, 216
74, 635
24, 581
76
4 5
101 662
74, 008
27 654
79
4 7
103 061
75, 482
27 579
3,045
8.3
3,011
8.3
2,832
7.8
2,735
7.6
2,778
7.8
2,709
7.6
2,706
7.6
2,646
7.5
2,612
7.5
2,483
7. 1
2,581
74
2,702
78
52
51
1
588
588
0
186
73
113
36
36
0
626
626
0
143
71
72
30
30
0
718
717
1
262
133
129
24
24
0
770
770
0
106
19
87
29
29
0
786
785
1
133
57
76
40
40
0
811
810
1
98
9
" 89
46
36
10
795
794
1
62
17
45
45
35
10
922
921
1
78
18
60
33
23
10
1,147
1,146
1
110
'36
74
30
20
10
1,196
1,195
I
87
20
67
96
76
20
1,417
1 416
1
150
67
83
108
89
19
1,488
1 487
1
320
283
37
420
377
43
349
307
42
321
288
33
305
271
34
365
339
26
352
262
90
375
303
72
337
273
64
394
317
77
316
270
46
MOTOR VEHICLES
Exports, assembled, total§
Passenger cars§
Trucks§
_ _ _
Factory sales total §
Coaches, total
Domestic
Passenger cars total
Domestic
Trucks, total
_ _ _
Domestic
Truck trailers, production, total*
Complete trailers
Vans
All other
Chassis shipped as such
Registrations:!
New passenger cars
New commercial cars
_
do
..do
r
32, 536
19, 458
13,
078
r
405,
651
r
1,
370
r
1,068
T
305 081
r
285, 373
r
99, 200
r
83, 893
3,482
3,341
1,570
1,771
141
383,011
1,110
772
274 H47
256, 7,P3
107, 054
88, 889
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
_ _ _ _ _ . .number. . 7,575
1,784
Domestic
do
69
Passenger cars, total
_ _ _
do
69
Domestic
_ do
Association of American Railroads:
Freight cars, end of month:
1,738
Number owned
_ thousandsUndergoing or awaiting classified repairs
68
thousands. _
4.1
Percent of total on line
66, 353
Orders unfilled
_ _ cars
49, 934
Equipment manufacturers
do
16,419
Railroad shops
_ _ _ _ _
do
Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
3,131
number-8.5
Percent of total on line _ - _
_
Orders unfilled:
45
Steam locomotives, total
number-42
Equipment manufacturers
do
3
Railroad shops
_.do_ _
635
Other locomotives, total*..
___do
635
Equipment manufacturers*
__ _ do
0
Railroad shops*
do
180
Exports of locomotives, total f
do
119
Steam§
do
61
Otherf
. . do
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Exports
___number__ . do
do
273
251
22
r
Revised.
° Data not available.
t The total includes fabrics produced for Government orders not included in the detail as follows (thousands of yards): 1st quarter, 320; 2d quarter, 2,214; 3d quarter, 3,122; 4th quarter,
5,268; prior to 1947 Government orders were distributed to the proper classifications. Because of further changes in reporting, data for the individual classifications under apparel fabrics
through the 1st quarter of 1947 are not comparable with later figures; some materials formerly classified as "general use and other fabrics" are distributed to men's and boys' and women's
and children's wear beginning with the 2d quarter of 1947 and some mixtures produced by cotton and rayon weavers formerly distributed are included in the "all other" group.
IData for April, July, October, and December 1947 are for 5 weeks; other months, 4 weeks.
JSee note in April 1946 Survey with regard to changes in these series.
§ Data continue series published in the 1942 Supplement but suspended during the war period. For 1940-45 data for factory sales of motor vehicles see p. 24 of June 1947 Survey. Data
for October 1941-February 1945 for the foreign trade series will be published later. See note on p. S-40 of August 1947 Survey regarding unpublished revisions for registrations.
*New series. For available data for 1937-43 for woolen and worsted goods production, see p. 19 of May 1945 Survey. See note on p. S-39 of July 1947 Survey for source of data on wool
yarn production and explanation of a revision in the data in that issue, and p. S-40 of the April 1947 Survey for source and earliest data published for truck trailers.
Data beginning January
1946 for aircraft shipments are available on request. See May 1946 Survey for description and data beginning March 1945 for unfilled orders of "other locomotives,"
fRevised series. Export series for total and "other" locomotives were revised in the May 1946 Survey (see note in that issue).
U. S. G O V E R N M E N T P R I N T I N G O F F I C E : 1948
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40
Pages marked S
Abrasive paper and cloth (coated)
38
Acids
23
Advertising
6, 7
Agricultural income and marketings
1,2
Agricultural wages, loans
14,15
Air-line operations
22
Aircraft
10,11,12,13,14, 40
Alcohol, denatured, ethyl, and methyl
23
Alcoholic beverages
2, 26
Aluminum
32
Animal fats, greases
24
Anthracite
2,4,11,12,13,14, 36
Apparel, wearing... 4, 6, 7, 8,10,11,12,13,14, 38, 39
Armed forces
9
Asphalt and asphalt products
37
Automobiles
2, 3, 7, 8,10,11,12,13,14,18
Banking
15, 16
Barley
27
Barrels and drums
33
Battery shipments
34
Beef and veal
29
Beverages, alcoholic
2,26
Bituminous coal.
2,4,11,12,13,14,36
Boilers
34
Bonds, issues, prices, sales, yields
19
Bone black
24
Book publication
36
Brass
33
Brick
4,38
Brokers' loans
15,18
Building contracts awarded
5
Building costs
6
Building construction (see Construction.)
Building materials, prices, retail trade
4, 7, 8
Businesses operating and business turn-over..
3
Butter...
27
Candy...
29
Cans, metal
33
Capital
flotations
18
Carloadings
22
Cattle and calves
28
Cellulose and other plastic products
26
Cement
2,4,38
Cereal and bakery products
4
Chain-store sales
8
Cheese
27
Chemicals
2, 3,4,10,11,12,14,18, 23, 24
Cigars and cigarettes
30
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
2, 38
Clothing
5, 7, 8,10,11,12,13,14, 38
Coal
_
2,4,11,12,13,14, 36
Cocoa
29
Coffee
29
Coke
2,36
Commercial and industrial failures_.
3
Construction:
New construction, dollar value
5
Contracts awarded
5
Costs
5,6
Dwelling units scheduled to be started
5
Highway
5,11
Employment, wage rates, earnings, hours— 9, 10
11,12,13,14
Consumer credit
16
Consumer expenditures..
1, 7
Consumers' price index
4
Copper
33
Copra and coconut oil
25
Corn
19, 28
Cost-of-living index (see Consumers' price
index)
4
Cotton, raw, and manufactures
2,
4,5,10,11,12,13,14,38,39
Cottonseed, cake and meal, oil
25
Crops
1, 2, 4, 24, 26, 27
Currency in circulation
18
Dairy products
1, 2, 4, 27
Debits, bank
_
15
Debt, short-term, consumer
16
Debt, United States Government
16
Department stores, sales, stocks, collections. _ 8, 9
Deposits, bank
_
15,18
Disputes, industrial
13
Distilled spirits
26, 27
Dividend payments and rates
1,19
Drug store sales
8
Dwelling units scheduled to be started
5
Earnings, weekly and hourly
13,14,15
Eggs and poultry
_
__
1,4,29
Electrical equipment
2,7,34
Electric power production, sales, revenues
26
Employment estimates
9,10,11
Employment indexes:
Factory, by industries
10,11
Nonmanufacturing industries
11
Employment security operations
13
Emigration and immigration
23
Engineering construction
5
Exchange rates, foreign
17
Expenditures, United States Government
16
Explosives
24
Exports (see also individual commodities)
20, 21
Factory, employment, pay rolls, hours, wages.
9,
10,11,12,13,14
Failures, industrial and commercial
Farm marketings and income
Farm wages
Farm products, farm, and wholesale prices
Fats and oils
Federal Government,
finance
Federal Reserve banks, condition of
Federal Reserve reporting member banks
Fertilizers
Digitized for Fire
FRASER
losses
3
1,2
14
2,4
4,24,25
16,17
15
15
4, 24
6
Pages marked S
Fish oils and
fish..
24, 29
Flaxseed
25
Flooring
31
Flour, wheat
28
Food products
2,
3, 4, 5, 7, 8,10,11,12,13,14, 17, 26, 27, 28, 29
Footwear
2,4,8,10,12,13,14,30,31
Foreclosures, real estate
6
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes and
commodity groups
20, 21, 22
Foundry equipment
34
Freight cars (equipment)
40
Freight carloadings, cars, indexes
22
Freight-car surplus and shortage
22
Fruits and vegetables
2,4,27
Fuel equipment and heating apparatus
33
Fuel oils
37
Fuels
_
2,4,35,36,37
Furnaces
33,34
Furniture
2, 4,10,11,12,13,14,15
Gas, customers, sales, revenues
26
Gasoline
37
Glass and glassware (see also Stone, clay, etc.)38
Gelatin
23
Gloves and mittens
31
Glue
_
24
Glycerin
24
Gold
17
Goods in warehouses
7
Grains
4,19, 27, 28
Gross national product
1
Gypsum
38
Heating and ventilating equipment
34
Hides and skins
._4,30
Highways
'.
5,11
Hogs
28, 29
Home-loan banks, loans outstanding
6
Home mortgages
6
Hosiery
5,38
Hotels
11,12, 23
Hours of work per week
12,13
Housefurnishings
4, 7, 8
Housing
4,5
Immigration and emigration
23
Imports
20, 21, 22
Income, personal
1
Income-tax receipts
16
Incorporations, business, new
3
Industrial production indexes
2
Instalment loans.16
Instalment sales, department stores
8
Insurance, life
17
Interest and money rates
15
Inventories, manufacturers' and trade
3,9
Iron and steel, crude and manufactures
2,
3, 4,10,11,12,13,14,18,31, 32
Kerosene
37
Labor force
9
Labor disputes, turn-over
13
Lamb and mutton
29
Lard
29
Lead
33
Leather and products
2, 4,10,11,12,13,14, 30
Linseed oil, cake, and meal
25
Livestock
1,2,4,28
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
6,15,19
Locomotives
40
Looms, woolen, activity
39
Lubricants. _ _
37
Lumber
2, 4,10,11,12,13,14, 31
Machine activity, cotton, wool
39
Machine tools
10,11, 12,14,34
Machinery
2, 10, 11,12, 13,14,18, 34
Magazine advertising
6, 7
Mail-order houses, sales
8, 9
Manufacturers' orders, shipments, inventories.
3
Manufacturing production indexes
2
Meats and meat packing
2, 4,10,12,13,14, 29
Metals
2,4,10,11,12,13,14,18, 33
Methanol
24
Milk
27
Minerals..
2,10,11,12,13,14
Money supply
18
Mortgage loans
6,15
37
Motor fuel.
7,40
Motor vehicles
34
Motors, electrical.
National product and income
1
Newspaper advertising
6, 7
Newsprint
35
New York Stock Exchange
19, 20
Oats
__
28
Oil burners
34
Oils and fats..
4,24,25
Oleomargarine
25
Operating businesses and business turn-over __
3
Orders, new, manufacturers'
3
Paint and paint materials
4, 25
Paper and pulp..
2,3, 5,10,11,14,35
Paper products.
35
Passports issued
23
Pay rolls, manufacturing and nonmanufacturing industries
11,12
Personal income
1
Personal savings and disposable income
1
Petroleum and products
2,
2,3,4,10,11,12,14,18,36,37
Pig iron.
32
Plant and equipment expenditures
1
Plastic products
26
Plywood
31
Pages marked S
Pork
29
Postal business
7
Postal savings
16
Poultry and eggs
1,4, 29
Prices (see also individual commodities):
Consumers' price index
4
Received and paid by farmers
4
Retail price indexes
4
Wholesale price indexes
4, 5
Printing
.
2,10,11,14,36
Profits, corporation
18
Public assistance
15
Public utilities
1, 4, 5,11,12,13,14, 16,18,19, 20
Pullman Company
23
Pulpwood
35
Pumps
34
Purchasing power of the dollar
5
Pyroxylin coated fabrics
40
Radio advertising
6, 7
Railways, operations, equipment, financial statistics, employment, wages
1,
11,12,13,14,15,17,18,19, 20, 22, 40
Railways, street. (See Street railways, etc.)
Rayon, and rayon manufactures
2.
5,10,11,12,13,14,39
Receipts, United States Government
16
Reconstruction Finance Corporation, loans
17
Rents (housing), index
.
4
Retail trade, all retail stores, chain stores,
department stores, mail order, rural sales,
general merchandise
7, 8, 9
Rice
28
Roofing and siding, asphalt
37
Rosin and turpentine
24
Rubber, natural, synthetic and reclaimed,
tires, and tubes
37,38
Rubber industry, production index, shipments,
inventories, employment, pay rolls, hours,
earnings
2.3.10,12,14
Savings deposits
-_._
16
Savings, personal
1
Securities issued
18,19
Service industries employment
9
Sewer pipe, clay
38
Sewing machines
34
Sheep and lambs
28,29
Shipbuilding
10,11,12,13,14
Shipments, manufacturers'
3
Shoes
2,4,8,10,11,12,13,14,31
Shortenings
25
Silver
17
Skins
30
Slaughtering and meat packing. 2,10,11,12,14, 27, 28
Soybeans, and soybean oil
25
Spindle activity, cotton, wool
39
Steel ingots and steel manufactures (see also
Iron and steel)
32, 33
Steel, scrap
31,32
Stocks, department stores (see also Manufacturers' inventories)
9
Stocks, dividends, issues, prices, sales, yields.. 19, 20
Stokers, mechanical
34
Stone, clay, and glass products
2,
10,11,12,13,14,38
Stoves
34
Street railways and busses
11,12,13,14
Sugar
_
29
Sulphur
24
Sulfuric acid
_
23
Superphosphate
24
Tea
30
Telephone, telegraph, cable, and radio-telegraph carriers
11,12,13,14, 23
Textiles
2,3,5, 10, 11, 12, 13, 14,38,39,40
Tile
_
_.
38
Tin..
33
Tires and inner tubes
__
_ 37,38
Tobacco
2,4,10,11,13,14,30
Tools, machine
10,11,12,13,14,34
Trade, retail and wholesale
7, 8, 9,11, 12,13, 14
Transit lines, local
22
Transportation, commodity and passenger
22,23
Transportation equipment
2,
3,10,11,12,13,14,18,40
Travel
_
22, 23
Truck trailers
40
Trucks—.
40
Turpentine and rosin
. 24
Unemployment and unemployment compensasation
_ 9,13
United States Government bonds
16,18,19
United States Government,
finance
16,17
Utilities
4, 5, 9,11,12,13,14,18,19, 20
Vacuum cleaners
-_
34
Variety stores
8
Vegetable oils
24, 25
Vegetables and fruits
2,4, 27
Vessels cleared in foreign trade
23
Veterans' unemployment allowances
13
Wages, factory and miscellaneous
13,14
War expenditures
16,17
War Savings Bonds
6
Warehouses, space occupied
7
Washers—
34
Water heaters
34
Wheat and wheat
flour
19,28
Wholesale price indexes
4, 5
Wholesale trade
9
Wood pulp
2,5,35
Wool and wool manufactures
2,
5,10,11,12,13,14,40
Zinc
33
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