Full text of Survey of Current Business : December 1954
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DECEMBER
U. S. DEPARTMENT OF COMMERCE
OFFICE OF BUSINESS ECONOMICS
1954
SURVEY
OF
CURRENT
BUSINESS
No. 12
DECEMBER 1954
D E P A R T M E N T OF COMMERCE
FIELD SERVICE
Albuquerque, N. M ex,
208 U. S, Courthouse
Los Angeles 15, Calif,
1031 S. Broadway
Atlanta 5, Ga.
50 Seventh St. NE-
Memphis 3, Tenn,
229 Federal Bldg.
Boston 9, Mass.
U.S. Post Office and
Courthouse Bldg.
Miami32, Fla.
36 NE. First St.
Buffalo 3, N. Y.
11? Ellicott St.
PAGE
THE BUSINESS S I T U A T I O N . . . . . . . . . . . . . . . . . . . .
1
Capital Outlays in the First Quarter of 1955 . . .
4
Recent Trends in C o n s u m p t i o n . . . . . . . . . . . . . .
United States Foreign Business Dips
During Third Quarter
*
*
,
6
9
Cincinnati 2, Ohio
422 U. S. Post Office
and Courthouse
Dallas 2, Tex.
1114 Commerce St.
13
Business Equipment, 1929-53—Measures of
Purchases, Depreciation, Retirements, and
Stocks
18
*
*
MONTHLY BUSINESS STATISTICS... .S-l to S-40
New or Revised Statistical Series. *
27
„ . Inside back cover
Published by the U. S. Department of Commerce, SINCLAIR WEEKS,
Secretary. Office of Business Economics, M. JOSEPH MEEHAN, Director.
Subscription price, including weekly statistical supplement, is $3.25 a
year; Foreign, $4.25. Single copy, 30 cents. Send remittances to any
Department of Commerce Field Office or to the Superintendent of Documents, United States Government Printing Office, Washington 25, D. C.
Special subscription arrangements, including changes of address, should be
made directly with the Superintendent of Documents. Make checks payable
to Treasurer of the United States.
Chicago 6, III.
226 W. Jackson Bird.
Cleveland 14, Ohio
1100 Chester Ave.
Financial Experience of Manufacturing
Corporations
...,,...
Statistical Index
Cheyenne, Wyo.
307 Federal Office Bldg.
if
SPECIAL ARTICLES
*
Charleston 4, S. C,
Area 2,
Sergeant Jasper Bldg.
Denver 2, Colo.
142 New Customhouse
Detroit 26, Mich.
230 W. Fort St.
Minneapolis 2, Minn.
607 Marquette Ave,
New Orleans 12, La.
333 St. Charles Ave.
New York 17, N. Y.
HOE! 45th St.
Philadelphia 7, Pa.
1015 Chestnut St,
Phoenix, Ariz.
137 N. Second Ave.
Pittsburgh 22, Pa.
107 Sixth St.
Portland 4, Oreg.
520 SW. Morrison St.
Reno, Nev.
1479 Wells Ave.
Richmond 20, Va.
900 N. Lombardy St.
St. Louis 1, Mo.
1114 Market St.
El Paso, Tex.
Chamber of Commerce
Bldg.
Salt Lake City 1, Utah
222 SW. Temple St,
Houston 2, Tex.
430 Lamar Ave,
San Francisco 11, Calif,
555 Battery St.
Jacksonville 1, Fla.
311 W, Monroe St.
Savannah, Ga.
125-29 Bull St.
Kansas City 6, Mo.
911 Walnut St.
Seattle 4, Wash.
909 First Ave.
For local telephone listing, consult section
devoted to U* S. Government
DECEMBER 1954
By the Office of Business Economics
_L HE sharp pickup in automobile production during
November and early December has provided a stimulus to
activity in a number of basic industries. As a result, total
industrial production and nonagricultural employment have,
on a seasonally adjusted basis, advanced. To meet the
sharply rising production schedules the automobile industry,
in addition to recalling employees, increased average working
hours in November. In consequence there was some rise
in total private payrolls. In industries not affected by
automobile production, the trend of business activity has
shown little change from that established earlier in the year.
Final demand continues fairly stable in the aggregate,
with trends in each of the major components substantially
unchanged. The strength in consumer buying arid the rise
in residential construction which were features of the third
quarter have continued, after allowance for seasonal influences. There has been some further decline from the third
quarter rate in Federal Government spending.
Business
PERSONAL INCOME'
325
*»
Business plans for fixed capital investment remain high,
but a further moderate decline in the fourth quarter of
1954—as well as in the opening months of 1955—is anticipated on the basis of the most recent QBE-SEC survey
(summarized in a following section of this issue. Foreign
purchases of United States goods have also moved lower in
recent months.
New construction activity has continued to run well
ahead of last year. On an adjusted basis, new private
construction put in place in October and November was also
above the average rate for the third quarter, with residential
construction, stimulated by more liberal credit terms under
the Federal Housing Act of 1954, again accounting for the
increase. The number of housing starts has held at a high
rate, while the value of nonfarm mortgage recordings
($20,000 and under) has risen to a new peak.
Changes in emplo37ment in October and November were
largely associated with developments in the automobile and
Indicators
INDUSTRIAL STOCK PRICES
WHOLESALE PRICES
300
[40
ANNUAL RATE
PRODUCTS OTHER THAN
* FARM AND FOOD
120
300
§
(420)
STAND.-POOR
250
"o
Q
«;
o
<£
275
200
250
80
uu
225
ill
100
....I..M.L...I..M.I.....I..M.
NONAGRICULTURAL EMPLOYMENT'
NEW CONSTRUCTION ACTIVITY '
1 800
A. I.SS.I. and A.M. A.
150
60
STEEL AND AUTOMOBILE OUTPUT
16 | .
FARM PRODUCTS
35
3.L.S. S B.D.S.A.
PASSENGER
CARS
(RIGHT SCALE) .
12
600
?>
400
200
30
3
I
PRIVATE RESIDENTIAL
(NONFARM)
NONMANUFACTURING
20
\
15
MANUFACTURING
10
1952
1953
1954
* SEASONALLY ADJUSTED
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
2M-")82°- -r>4
1
1952
1953
1954
1952
1953
1954
SURVEY OF CURRENT BUSINESS
related industries. On a seasonally adjusted basis, employment in nonagricultural establishments increased 200,000 in
the 2 months' period ending in November, with the transportation equipment (including automobiles) manufacturing
industry accounting for three-fourths of the advance.
Employment changes in other manufacturing and nonmanufacturing industries were small and nearly offsetting.
Production higher
Industrial production moved up in November and early
December to a rate about as high as at the same time a year
ago, though about 6 percent below the peak months of 1953.
The bulk of the advance occurred in durable manufactures.
However, small gains were also experienced in some of the
soft-goods lines.
The pickup in car output coincident with the introduction
of the new 1955 passenger-car models has been rapid. Assemblies of over 500,000 passenger cars in November were
more than double the relatively low October volume. Another increase in output has been scheduled for December.
Steel ingot production is currently above 80 percent of
rated capacity in place on January 1, 1954, advancing from
75 percent at the end of October. During November, output
totaled over 8 million tons of steel ingots and steel for castings, the highest volume in a year. On the basis of the
scheduled operating rate for the first 2 weeks of December,
it appears that output will be up again this month.
Production of major household appliances has also been
moving upward, with the number of television sets produced
in November at a new high on a daily average basis. In the
September-November period, the industry turned out over
2.7 million units, or more than two-fifths of the year's production to date.
Personal income steady
Personal income in October was at about the same seasonally adjusted rate as the average for the third quarter. A
slight decline from September to October reflected a lessthan-seasonal advance in farm income, which has been tending irregularly downward since the beginning of the year.
Nonagricultural income was up in October as automotive
payrolls increased and more liberal benefit schedules under
the old-age and survivors' insurance and railroad retirement
programs became effective.
With continued strength in income, retail sales have shown
the usual strong seasonal advance this fall; as the end of the
year approached, sales were showing a favorable comparison
with late 1953. Seasonally adjusted, sales in October and
November remained within the narrow range in which they
had fluctuated since early 1954, with November above
October.
Further contraction of inventories
Inventory liquidation held aggregate production in the
economy below the level of final sales from the closing months
of 1953 through the third quarter of 1954. In October inven-
December 1054
tories declined again but with a change in the composition of
the inventories liquidated.
During the first half of this year inventory reduction was
confined almost entirely to the durable-goods sectors, particularly durable-goods manufacturing. In the third quarter, as
reported in last month's SURVEY, the rate of liquidation of
durable-goods stocks was cut substantially outside the automotive field, but reductions appeared in nondurable-goods
stocks and these accounted for over two-fifths of the
total inventory liquidation during the quarter. In October,
there was actually a small increase in the combined value of
the stocks held by durable-goods manufacturers and dealers
but inventories of nondurable-goods industries, seasonally
adjusted, were cut by $350 million, with manufacturers,
wholesalers, and retailers all reporting some reduction. Over
the past few months manufacturing and trade firms in most
nondurable product lines have been cutting stocks.
Preparation for the introduction of new passenger-car
models lead to rather sharp but largely offsetting changes in
the value of stocks held by manufacturers and by retailers of
durable goods in October. Manufacturers were building up
inventories of raw materials and components in preparation
for heavy production of 1955 models while motor-vehicle
dealers were bringing their inventory of new cars to the lowest
point since the steel-strike period of 1952. During November
in contrast, dealer inventories of 1955 models were rapidly
being built up.
The steady curtailment of business inventories during the
past year has reduced total stocks by about 5 percent from
the high point reached at the end of the third quarter of
1953. Until the spring of this year inventory liquidation
was concentrated in purchased materials and goods-in-process
stocks of durable-goods producers, the types of holding subject to relatively prompt control. These had been curtailed
about as much as output by that time, and the subsequent
reduction has been small. Liquidation has been gradually
extended in the past several months, however, to other types
of holdings. Following the usual lags in adjustment, finishedgoods stocks in the hands of durable-goods manufacturers
have been brought down and in addition, some inventory
reduction has developed in the nondurable-goods sectors.
Stock-sales ratios little changed
The ratio of total inventories in manufacturing and trade
to total business sales was about the same at the end of October as a year earlier, and slightly above the first half of 1953
and the average for 1948-49.
The stock-sales ratio for retail trade is about the same as a
year ago, since neither sales nor inventories have changed
much over this period. Analysis of the separate retail lines
shows a mixed picture of changes in stock-sales ratios. In
wholesale trade, too, changes in sales and stocks and hence
in the stock-sales ratio have been moderate during 1953 and
1954. Despite the recent liquidation by nondurable-good?
wholesalers, the dollar value of their current holdings remains
somewhat above a year ago while that of wholesalers of durable goods is moderately lower as a result of earlier liquidation.
The absolute levels of both stocks and sales of manufacturers in October were lower than a year earlier, with about
the same relative declines occurring in each. For nondurable goods, the ratio has been quite stable for the past 2
December 19.">4
SURVEY OF CURRENT BUSINESS
years with only small changes in sales or stocks. For durables, the stock-sales ratio, although it had declined from the
first quarter of this year, was moderately above a year ago
and the average for 1948-49. This reflects the fact thatfinished goods inventories have only recently returned to
their year-ago value, while sales have been substantially
lower.
Composition of durable stocks
The pattern of adjustment in durable-goods manufactuing industries began with a small bulge in purchased materials which appears to have been corrected by the first quarter
of 1954. A concomitant rise in goods in process was reversed
more slowly. Such stocks dipped below a year earlier in the
third quarter of 1954 but the stock-sales ratio remained
higher. Finished-goods stocks rose in the latter half of 1953
and the opening months of 1954, and thereafter turned downward. An appreciable drop in the third quarter returned
them to about the level of a year earlier, but they remained
somewhat higher than at the end of the second quarter of
1953, just prior to the sales downturn. Since sales by durable-goods manufacturers are substantially below mid-1953,
the ratio of finished-goods stocks to sales is now higher than
at that time—as well as above the average ratio in the 194849 period.
Adjustment in heavy industries
The reduction since last summer in munitions buying and
business purchases of producers' durable goods had its major
impact upon the steel-consuming industries—metal fabri-
cating, machinery, and transportation equipment—and accordingly it is in this area that the readjustment in inventories has centered. During the first half of 1953 the book value
of stocks in these industries rose by $1.2 billion or 7 percent
on a seasonally adjusted basis, which about matched the
relative rise in shipments during the same period. As new
orders dropped and sales eased off in the third quarter and
continued downward, stocks advanced further for a few
months before leveling off in the final quarter at a point
about $2 billion above the end of 1952.
Meanwhile, after the sales reduction of about 10 percent
in these industries in the latter part of 1953, further contraction during 1954 was small. Near-term prospects for
changes in sales and inventories are much influenced by the
high automobile schedules. A steady but diminishing reduction of stocks in the metal-using industries occurred
during the first three quarters of 1954. At the end of October
they were 10 percent below a year earlier and about equal to
the end of 1952.
Adjustment in household durables
In the major household appliance and radio-TV market,
inventories were built up during 1953, while retail sales of
these durables, which had been rising, leveled off late in the
year.
Production of major household durables, especially appliances and radio-TV, was cut back promptly and sharply
in late 1953. While output remained at the reduced rate
through the first quarter of 1954, sales were well maintained,
and inventories of manufacturers and distributors were curtailed sharply by the end of the first quarter of 1954. Since
that time output has advanced.
Table 1.—Inventory—Sales Ratios—Average Inventories for the Period Shown Divided by Average Monthly Sales
19 53
19 54
I
II
III
IV
I
II
III
October
Retail
Durables
Nondurable?
1.40
1. 80
1 22
1.43
1. 87
1. 21
1.40
1. 61
1. 27
1.63
2. 09
1. 39
1.53
2. 04
1. 27
1.51
1. 94
1. 26
1.55
2. 05
1. 28
1.60
2. 15
1. 31
1.61
2. 19
1. 31
1.63
2. 27
1. 30
1.59
2. 14
1. 31
1.58
2. 13
1. 30
1.58
2. 15
1. 29
Wholesale
Durables
Nondurable?
.99
1. 51
. 77
1.08
1. 80
. 80
1.03
1. 46
. 82
1.20
1. 81
. 90
1. 18
1. 89
. 85
1.22
1. 88
. 89
1.22
1. 89
. 88
1.28
2. 00
. 92
1.30
2. 06
. 93
1.30
2. 04
. 96
1.31
2. 02
. 98
1.29
1. 99
. 96
1.30
2. 06
. 95
Manufacturing
Durables
Metal using industries
Nondurables
1. 72
1 96
2. 15
1. 54
1.86
2 15
2. 30
1. 64
1.57
1 68
1. 80
1. 48
1.78
1 91
2. 12
1. 66
1.89
2 09
2. 29
1. 69
1.78
1. 93
2. 11
1. 62
1.75
1. 93
2. 10
1. 56
1.82
2. 05
2. 24
1. 59
1.92
2. 26
2. 45
1. 60
1.94
2 31
2. 43
1. 60
1.86
2. 21
2. 32
1. 55
1.86
2. 20
2. 34
1. 56
1. 87
2. 25
2. 50
1. 55
57
Manufacturing— by stages of fabrication:
Durables:
Purchased materials
Goods in process
Finished goods
Nondurables:
Purchased materials
Goods in process
Finished goods
. 68
. 56
. 72
. 69
. 58
. 52
*. 69
. 56
. 83
. 62
. 80
. 56
. 56
. 81
. 58
. 61
. 83
. 61
. 66
. 88
. 68
. 92
. 74
. 90
. 75
. 87
. 72
. 90
. 71
. 73
. 71
. 65
. 79
. 75
. 72
. 67
. 66
. 68
. 69
. 64
. 64
. 64
23
23
22
22
23
23
23
23
. 59
. 71
. 69
21
. 61
. 65
22
21
. 64
23
. 70
. 68
22
. 70
. 70
. 68
. 69
. 68
71
74
57
66
65
NOTE.—All sales estimates and all stocks except stage-of-fabrication estimates adjusted for seasonal variation.
Source: I", s. Department of Commerce, Office of Business Economics.
64
59
61
61
SURVEY OF CURRENT BUSINESS
1'erember 1054
Capital Outlays in the First Quarter of 1955
BUSINESS has scheduled capital outlays at a seasonally adjusted annual rate of $26 billion in the first 3 months of next
year. This compares with rates of $27.0 billion and $26.6
billion in the third and fourth quarters of this year.
These programs reported by business concerns in November indicate that fixed investment will start off the new year
at a high rate, but with no change in the downward drift
that characterized the current year. The decline from the
final quarter of 1954 to the initial quarter of 1955 centers in
manufacturing, mining, and public utilities. Commercial
firms show a continuation of the strong trend which has been
evident over the entire period since the lifting of the restrictions of the Korean period.
According to the regular Securities and Exchange Commission-Office of Business Economics survey, the full year
1954 will approximate $27 billion—quite close to the projection made by business in the initial annual survey for the
year reported in March. The reductions in fixed investment
from 1953 to 1954 have been moderate—a reflection in part
of the stability in overall business activity in recent quarters.
The $26 billion rate for the first quarter of 1955 is 4 percent
less than the figure for the full year 1954, and 10 percent
below the peak quarter of 1953.
The sharpest drop from the 1954 average rate of capital
outlays is indicated for railroads, although the roads expect
their investment early next year to be up from the reduced
rate of the current quarter. Mining companies and public
utilities anticipate that first-quarter spending will be about
10 percent below the average for this year, while durablegoods and nondurable-goods manufacturing programs are
each about 6 percent lower. Expected to run contrary to
the overall trend, as they have for some time, are the programs of commercial companies, with an anticipated increase of about 3 percent. The transportation industry,
other than the railroads, expects little change in the investment rate.
Manufacturing industry trends
The further declines in manufacturing investment projected for this quarter and the next are of the same moderate
size reported since this spring. In the 6 months from the
fourth quarter of 1953 to the second quarter of 1954, manufacturers' expenditures fell 7 percent, in comparison with a
projected 5-percent drop over the following three quarters.
In this survey most industries made an upward revision of
their initial projection of fourth-quarter expenditures.
A dampening of the rate of decline in capital investment
in the durable-goods industries has appeared in recent
quarters. Investment in this sector was at a peak earty in
1953 and will have declined more than one-fifth by the first
quarter of 1955. From the second quarter of this year,
however, the rate of decline has slowed to about 2 percent
per quarter.
Changing durable-goods trends
The results of the present survey point to some change in
trends in a number of durable lines late this year and in
early 1955. For example, an examination of year-to-year
changes in outlays by steel and nonferrous metals industries
reveals a marked slackening in the rate of decline in the most
recent quarters. However, current outlaj^s are about 50
percent below their early 1952 peak. The transportation
equipment industry, other than motor vehicles-—another
area of substantial decline from early-Korean expenditure
rates-—now shows a substantial first quarter increase over
year-ago rates, centering in the aircraft manufacturing
industry.
In contrast, the first-quarter schedules of automobile
companies are lower than they were in the first 3 months of
this year. This industry is spending a record $!?•£ billion in
1954 and was a major force in cushioning the drop in manufacturing outlays in the first half of 1954. Expenditures by
the stone, clay and glass, and machinery industries in the
first quarter of 1955 are as high as they were in the same
period of 1954.
Nondurable-goods investment eases
Plant and equipment outlays by producers of nondurable
goods have been comparatively steady and the current
volume is off relatively less than that of the durables from
the 1953 peak. However, most of the industries in this
group are planning to lower their outlays over the next few
months as compared with the first quarter of 1954. The
reduction is appreciable in the textile and food and beverage
groups; the decline in the paper and rubber industries is less
pronounced. The petroleum industry, which accounts for a
high percentage of the total of this group, is the major exception to the declining trend here, with a good-sized increase
over year-ago rates.
Nonmanufacturing little changed
Investment in nonmanufacturing industries as a whole has
held up well this year. According to the current survey, the
close of the year should bring the total in these groups to
more than $15% billion, only one-half billion less than they
spent in 1953. Seasonally adjusted first-quarter programs
are within 2 percent of the expenditure rate in the second
half of 1954.
Investment programs of the public utilities show a 7percent drop between the current quarter and the first
quarter of next year, after seasonal adjustment. Expenditures by electric utilities, which have been on a high plateau
throughout 1954, are expected to decline moderately in the
first 3 months of 1955. Gas companies' outlays fell off considerably after the early part of this year, and projected
first-quarter expenditures are substantially below the 1954
average.
Rails halt doivnward movement
Fourth-quarter spending of the railroads after adjustment
shows another sizable drop from the third quarter, but firstquarter anticipations show some increase. Most of the rise
appears to center in equipment rather than construction, and
it should be noted that scheduled equipment outlays in the
first quarter are only two-thirds of what they were in the
first quarter of 1954. Outlays on roads are expected to be
within 10 percent of the year-ago rate.
SURVEY OF CURRENT BUSINESS
December 1954
Of the remaining nonmanufacturing groups, commercial
and nonrail transportation companies indicate a continuing
high investment in the fourth and first quarters, while some
decline in early 1955 investment is indicated by mining firms.
The commercial group had a record volume of investment in
1954, and the projected first-quarter rate is above this year's
average. Programs of food and general merchandise chains
are quite strong. In the nonrail transportation group,
trucking, bus, and pipeline firms are planning first-quarter
outlays close to 1954 rates while the airlines are projecting a
sizable increase.
Table 2.—Expenditures on New Plant and Equipment by U. S. Business, 1 1952-55
[Millions of dollars]
ii 53
1952
1953
1954^
11, 632
12, 276
5,614
1955
19 54
Jan.Mar.
Apr.June
JulySept.
Oct.Dec.
Jan.Mar.
Apr.June
JulySept.
Oct.Dec.2
11,240
2,747
3,192
2,945
3,392
2,641
2,932
2,706
2,962
2,501
5,821
5, 156
1,331
1,486
1,376
1,628
1,224
1,336
1,230
1,366
1, 149
1, 511
512
1 340
456
840
286
326
112
369
120
322
109
323
115
210
77
221
77
188
60
220
72
182
58
386
701
855
481
803
453
686
88
183
119
215
116
191
158
214
94
162
112
173
105
167
142
184
97
168
211 J 1, 168
330
339
1, 107
1,233
1, 501
318
1,071
230
75
317
252
88
322
275
84
278
411
92
316
322
75
283
402
86
264
383
77
251
393
80
274
328
79
236
6,018
6,455
6,085
1,416
1,707
1,569
1,764
1,417
1,597
1,475
1,596
1,352
Food and beverages
Textile mill products
Paper and allied products
Chemicals and allied products..
769
434
364
1,386
818
351
431
1,559
774
294
466
1,235
196
96
86
353
237
96
103
417
189
77
117
376
196
82
125
414
205
75
110
337
207
81
125
320
186
69
118
273
175
69
112
306
158
54
99
263
Petroleum and coal products- _ _
Rubber products
Other nondurable goods 4 _
2,535
154
377
2, 762
158
376
2,790
126
401
540
34
111
709
43
101
695
37
79
818
44
85
549
32
109
720
34
109
707
28
94
814
31
89
664
27
88
985
1,011
1,021
225
234
265
288
223
266
256
276
236
Railroad
1,396
1,312
848
313
359
300
341
248
245
182
174
185
Transportation, other than rail
1, 500
1,464
1,408
337
366
386
376
360
355
353
340
346
Public utilities
3,887
4,548
4,209
925
1,219
1,246
910
1,108
1,058
1,134
858
7,094
7,778
7,955
1,792
1,' 158
1,979
1,984
2,023
1,859
2,013
2,075
2,009
1,971
26, 493
28, 391
26, 682
6,339
7,289
7,098
7,666
6,240
6,918
6,629
6,894
6,096
11. 87
5. 50
6. 37
. 95
11.
5.
6.
1.
11.
5.
6.
1.
30
15
15
02
11. 11
5.01
6. 10
1. 10
10. 79
4. 96
5. 83
. 93
Manufacturing
_
_ _
Durable-goods industries
Primary iron and steel
Primary nonferrous_
Electrical
machinery
and
equipment
Machinery except electrical
Motor vehicles and equipment.
Transportation equipment excluding motor vehicles
Stone, clay, and glass3 products.
Other durable goods
Non-d arable-goods industries
Mining
_
Commercial and other
TotaL
_
5
__ _
Jan.Mar.3
Seasonally Adjusted At Annual Rates
[Billions of dollars]
Manufacturing
Durable _
Nondurable
Mining
.,
Railroad
Transportation, other than rail
Public utilities
Commercial and other 5
__
Total
1. Data exclude expenditures of agricultural business and outlays charged to current
account.
2. Estimates for the fourth quarter of 1954 and the first quarter of 1955 are based on anticipated expenditures reported by business in November 1954. The year 1954 includes the
anticipated expenditures for the fourth quarter. The seasonally adjusted data include in
addition to a seasonal correction an adjustment when necessary, for systematic tendencies in
anticipatory data.
12.
5.
6.
.
35
98
36
96
1.
1.
4.
7.
34
38
40
42
27.84
12. 26
5. 88
6. 38
. 93
1.
1.
4.
7.
34
38
64
92
28.48
12.
5.
6.
1.
30
76
54
06
12.
5.
6.
1.
22
69
53
10
1.
1.
4.
7.
30
59
72
94
1.
1.
4.
8.
26
52
46
00
28.92
28.56
37
29
08
06
06
47
29
84
. 92
1. 36
4. 43
8. 05
. 79
1. 40
4. 12
8. 37
. 62
1. 39
4. 07
8. 30
. 74
1. 40
3. 78
8. 40
27.48
27. 19
27.00
26.59
26.03
1.
1.
4.
7.
3. Includes fabricated metal products, lumber products, furniture and fixtures, instruments,
ordnance, and miscellaneous manufactures.
4. Includes apparel and related products, tobacco, leather and leather products, and printing and publishing.
5. Includes trade, service, finance, communication, and construction.
Source: U. S. Department of Commerce, Office of Business Economics, and Securities
and Exchange Commission.
6
SURVEY OF CURRENT BUSINESS
Dec
Recent Trends in Consumption
CONSUMPTION has been a stabilizing influence on the level
of business activity in the curent year, and 1954 will set a
record both in the dollar value and in the real volume of
consumer purchases. Thus, despite lower output and
employment this year, total consumer buying has been
higher, and individuals have purchased as much per capita
as they did in 1953, the peak year in general business activity.
In 1953, real consumption per capita was $1,232 (in terms
of 1947 prices) compared with $1,205 in 1952.
The factors which have contributed to this development
have been analyzed in earlier issues of the SURVEY and it
suffices here simply to mention them briefly as a preliminary
to a discussion of shifts in the pattern of consumption and of
variations within the aggregate of demand. These have
meant differential results in various lines of business—
results which have been mirrored in profit trends as well
as sales movements. The volume of goods sold to consumers
has in part been achieved by more sales drive and more
active competition both pricewise and prod net wise than
had been the rule in the immediately preceding 3 years.
Aside from the shifts among types of goods there is the
major fact that the rise in consumption, as compared with
the high 1953 third quarter, has been mostly in the service
categories. Aggregate consumer buying of goods and
services for the most recent quarterly period amounted to
$235 billion at seasonally adjusted annual rates, compared
with the $231 billion total for the third, or top quarter, of
1953. Goods contributed but $1 billion to the rise with an
advance of $2% billion in nondurable goods purchases being
offset by a decline of $1K billion in durables. Services
accounted for $3 billion of the increase.
The rise in the service category is not entirely a matter
of consumer choice, though where this was the case the
individual had the alternative, if he chose, to adjust his
other expenditures in total to offset the rise in services.
What is referred to here is primarily the advance in rents as
a result of the elimination of rent controls—a deferred price
rise to bring rental payments more closely in line with the
market situation. The rise in public service charges to
permit a more adequate rate of return upon investment
would also fall into this category. As will be pointed out
later in the analysis of the consumers' expenditure dollar,
service expenditures have lagged considerably in the postwar
period, in part associated with the relative shortage of
housing accommodations and the concomitant rent controls
now eliminated insofar as Federal controls are concerned.
The factors contributing to the strength of total consumer
buying over the past year may be summarized as: (1) the
maintenance of personal income at a high rate; (2) the
reduction in Federal taxes which more than matched the
small decline which occurred in personal income so that
disposable personal income has advanced and is currently
above that in 1953; (3) the record volume of new housing
has both added to housing services and sustained sales of
furnishings and other related goods; and (4) the large liquid
assets held by consumers, coupled with the fact that the
general business and employment decline flattened out after
a relatively brief and not large decline, motivated consumers
to maintain their consumption standards.
In the following sections of this review, attention is
centered on the varying trends of buying within the relatively
stable but modestly rising total over the past year or so and
on the distribution of consumer buying of various categories
of goods and services over a more extended period. In
the latter case, a comparison is made of the postwar period
with 1929, and with the war year 1944 when total consumer
buying and consumer choice were restricted.
Recent Pattern of Buying
It is well known to readers of the SURVEY that among
the outstanding features of consumer buying in the recent
period of fluctuation have been: (1) the drop in the purchasing of durable goods, importantly automobiles: (2) the
stability at low volume in relation to income of some of the
nondurable goods, notably apparel; (3) the steady rise in
in food buying; and (4) the advance in services earlier
mentioned. This review brings the picture up to date.
Purchases of durable goods, though firming, have continued
below the figure reached in 1953. This lower position has
resulted largely from reduced spending for automotive
products. Expenditures in the automotive group—which
accounts for nearly 45 percent of all durables—in the third
quarter this year were about 8 percent below the same period
in 1953. Most other major durable goods were experiencing
little change from last year's rates of buying.
Automobile sales
Automobiles and parts expenditures, while below a year
ago, have shown definite gains over the first quarter of this
year. After seasonal adjustment, buying was up 7 percent
in the third quarter.
Sales of new automobiles, after reaching a high point at
midyear, declined in the July-October period primarily in
response to the imminent model changeovers. With the
timing of model changes moved up this year, and with a somewhat longer shutdown period for this purpose, the new-car
picture changed substantially with sales declining much more
rapidly than a year ago. In this respect, the monthly
movement of automobile sales in 1954 was closer to the seasonal pattern in the prewar years than at any time in the war
and postwar period.
Most model changes were completed early in Xovember
compared to mid-December a year ago, and production of new
automobiles is now moving up sharply with broad effects
upon the economy as a whole. The increase in production
will probably also be reflected in the volume of cars sold at
retail—and fourth-quarter sales are quite likely to be higher
than in that quarter of 1953. Both higher prices and a probable continuation toward "uptrading" in models and
accessories will affect the dollar totals in the initial flush of
1955 model marketings. The period of testing the actual
size of the market for the 1955 cars will come later.
Because of the sharp decline in production of new cars
SURVEY OF CURRENT BUSINESS
December 1954
prior to November, dealer inventories of 1954 models were
steadily drawn off. New cars at the end of October had
fallen close to the abnormally low point following the steel
stoppage in the summer of 1952. This will permit a more
concerted effort on the part of retailers in merchandising the
new models than was the case last year, when a large carryover of 1953 cars remained to be marketed.
Household durables steady
The continued boom in residential construction has been
an important factor in maintaining the demand for items in
the home requiring large unit outlays. Purchases of furniture
and furnishings in the third quarter of this year were up
slightly from the second quarter, on a seasonally adjusted
basis, though about 2 percent below a year ago. Prices for
homefurnishings were also about 2 percent below the third
quarter of 1953, after drifting slowly downward through the
vear.
Personal Consumption Expenditures
Billions of D o l l a r s
260
ALL GOODS
a SERVICES
240 -
220 -^/^
200 -
|ftn
vi
i i 1 \ | |
1952
1953
Bill ons of Dollars
20
FURNITURE a
HOUSEHOLD
EQUIPMENT
15
Bill ons of Dollars
25
CLOTHING a SHOES
80
15
35
FOOD a BEVERAGES
75
65
HOUSING
s~
-^"
ytl
1
1
1952
I
30
25
I
I
!
1953
1
1
1
1
1954
20 ^ 1 1 1
1952
i i i 1 i i t
1953
1954
QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS
54-46-2
In the most recent months some strengthening of sales has
been noted at household appliance stores and in the appliance
and radio and television departments of department stores.
Retail sales of television sets in the third quarter were about
Food buying higher
Buying of nondurable goods has been inching upward
after a very slight dip a year ago. In the third quarter,
expenditures for food and alcoholic beverages were 3 percent
higher than a year ago. This represents an expended
volume of food consumption. The volume of alcoholic
beverages consumed was a little below a year ago.
Outlays for tobacco, after a long and steady uptrend, fell
off about 8 percent in the second half of 1953. Expenditures
in the third quarter, seasonally adjusted, were about equal
to year-ago figures and about 5 percent below the high in
the second quarter of 1953.
Consumption of gasoline and oil has continued on the
rising plane characteristic of this industry, reflecting, in
large part, the increasing number of automobiles on the
road. Third-quarter expenditures in this segment exceeded
year-ago figures by 5 percent.
Demand for clothing and shoes has shown relatively little
variation in the past 4 years, and has risen considerably less
relatively than have most other commodities in that period.
After a small decline in mid-1953, expenditures on a seasonally adjusted basis have been fairly stable. The estimated
value for the third quarter of this year of $19 billion at
annual rates was down slightly from the second quarter but
equal to that attained in the third quarter of last year. In
the most recent months, sales at apparel and shoe stores
have moved in a narrow range.
Services continue to rise
20
10 ^ » . 1 , . , 1 , , i
70
i i i
1954
one-fifth higher in number than in the third quarter of
1953; the number of radios sold was also above last year's
third quarter, according to trade sources. Sales of both
television and radio sets this October were also substantially
higher than in October 1953.
In other durable-goods groups, expenditures have also
risen somewhat since the first quarter of the year on a seasonally adjusted basis, with the total for the third quarter
about equal to the year-ago figure. This has been due
primarily to the strengthening of expenditures for jewelry
and watches after the first quarter of 1954.
The rise in expenditures for services reflects in part
increasing average costs which have continued into 1954;
average prices for goods, on the other hand, declined slightly
since last year. Total expenditures for services were nearly
$85 billion at seasonally adjusted annual rates in the third
quarter, 3 percent over the year-ago figure.
The principal single item of expenditure in the service
categories is rent. Housing outlays have been moving
steadily upward over a long period, reflecting both, the
steady increase in the number of dwelling units, and the
advance in rents which had been a lagging item in part
because of controls. Housing in the third quarter, at a
seasonally adjusted annual rate of $29% billion, was more
than 5 percent larger than in the third quarter of 1953.
Household operation and recreation outlays after a decline
that began in the latter part of 1953 are currently close to a
year ago. Expenditures for transportation services this year
have continued the upward trend which started in early
1950, while personal services have been fairly stable in the
last two years. The remaining groups of services have
maintained a slow upward growth in the current year.
SURVEY OF CURRENT BUSINESS
Changes in Pattern
The manner in which the consumer spends his dollar is
affected by a great many basic factors which are subject to
considerable variation over long intervals of time. In addition to the effect of changes in disposable income which is the
primary determinant of demand, other factors such as
shifts in the distribution of income, changes in supply and
price conditions, consumer attitudes, and a variety of other
considerations may cause substantial changes in the spending
patterns. Short-run changes are, of course, more limited
but have considerable significance.
The accompanying table is of interest in this connection.
It compares the current distribution of expenditures for
certain broad groups of goods and services with that of recent
years, and 2 earlier years of high income and employment.
It should be kept in mind that even small variations in these
percentages are frequently important. For example, the
1.2 percentage point rise in the automobile figure between
1948 and 1954 represents a large change for this industry.
Table 3.—Distribution of Personal Consumption Expenditures 1
Total
Durable goods
Automobiles and parts
Furniture and household
equipment
Other durable goods
Nondurable goods
Clothing and shoes ._
Food and alcoholic beverages
Gasoline and oil
Semidurable housefurnishings
Tobacco
Other nondurable goods
Services
Household operation
Housing
Personal services
Recreation
Transportation
Other services
1944
1948
1949
1950
1951
1952
1953
1954*
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
100.0
11.7
6.2
4. 1
12.5
13.1
14.7
13.0
12.3
12.9
4.1
5.2
6.4
5.2
4.8
5.7
5.3
12.3
6.0
1.5
3.5
2.0
6.5
1.9
6.0
1.8
6.7
1.7
6.1
1.7
5.7
1.7
5.6
1.7
5.4
1.6
47.7
59.5
55.6
53.6
51.7
53.3
53.1
51.7
51.5
11.9
13.3
11.1
10.3
9.5
9.5
9.2
8.6
8.4
24.7
2.3
34.1
1.3
32.3
2.4
31.3
2.6
30.3
2.6
31.9
2.7
32.0
2.7
31.2
2.9
31.3
3.0
2!l
5.8
1.3
2.5
7.0
1.3
2.3
6.3
1.2
2.4
5.9
1.2
2.3
5.8
1.2
2.3
5.8
1.1
2.3
5.7
1.1
2.3
5.6
1.1
2.2
5.6
40.6
34.3
31.9
33.3
33.5
33.7
34.6
35.4
36.2
5.1
14.5
2.3
2.1
3.2
13.3
5.3
10.8
2.4
2.4
3.4
10.0
4.5
9.9
2.2
2.2
3.3
9.9
4.7
10.8
2.1
2.1
3.2
10.4
4.8
11.0
2.0
2.0
3.0
10.6
5.0
11.2
2.0
2.0
3.1
10.5
5.1
11.7
1.9
1.9
3.1
10.8
5.2
12.0
1.9
1.9
3.1
11.2
5.2
12.6
1.9
1.9
3.1
11.5
1. Personal consumption expenditures at seasonally adjusted annual rates are shown for
recent quarters on p. S-9 of this SURVEY.
* Preliminary.
Source: U. S. Department of Commerce, Office of Business Economics.
The increased proportion of nondurable-goods expenditures
stands out in the long-term comparisons. In 1929, nondurables accounted for close to 48 cents of every dollar spent by
consumers, but currently nearly 52 cents is so used. The
durable-goods share at the present time is up only slightly
from 1929 while that of services is lower. In the war year
1944, the nondurable share rose to about 60 cents reflecting
the spillover from durables and services as supplies of hard
goods were severely restricted and Government rent controls
were in general use.
The food-and-beverage group continues to take a larger
proportion of consumption expenditures than any of the other
categories. In 1954 over 31 cents of each dollar spent went
for commodities in this group, accounting for about threefifths of the expenditures for all nondurables. In recent years
this proportion has remained about unchanged. The highest
ratio for this group, about 34 percent, was reached during
the war years 1943-45. The higher proportion of today's
consumer dollar going for food and beverages reflects in part
the purchasing of alcoholic beverages, which were under
prohibition in 1929.
The clothing and shoes and the gasoline and oil groups
have shifted significantly in relative importance and, over the
long term, a decline in the proportion has occurred for the
apparel group. This is one of the few major sectors in which
the proportionate expenditures have shown a continuing
decline over the years. From a little over 12 percent in 1929
apparel dropped to 10 percent hi 1949 and 1950 and to
8% percent at present. During and immediately after the
war, when many other commodities were difficult to obtain
and when demand for apparel rose with the return of servicemen to civilian life, the ratio rose to slightly over 13 percent.
The decline thereafter has been steady.
The share of the dollar spent on gasoline and oil purchases
has increased slowly. Most other nondurables have not
exhibited any substantial long-term changes in their share
of expenditures. The tobacco share is currently slightly
above 1929, but sales have shown a lagging tendency in the
past year or so as earlier mentioned.
Automobile share increases
[Percent]
1929
December 1954
Among the durables, automobiles and parts show a gain
from 4 percent in the year 1929 to a little over 5 percent in
1954. In 2 of the last 6 years the ratio rose to 6 percent.
These were, 1950 when the Korean situation brought automobile demand to an all-time high, and, 1953 when there was
a spill-over in demand from the previous year as a result of
the 1952 steel stoppage, which had reduced automobile
output. In 1949, 1951, and 1952, the proportion was in the
neighborhood of 5 percent.
The share of the dollar going for furniture and household
equipment declined slightly from 1929 to 1954. The 1954
proportion for this group was a little less than 5% percent,
compared with a 6-percent figure in 1929. The ratio reached
a high of nearly 7 percent in 1950 but has slowly drifted
downward since that year.
Postwar gains for services
The share of total service expenditures in the consumption
dollar at 36 cents in 1954 compares with 41 cents in 1929.
It reached a low of 31 cents in 1947 and has risen steadily
since. More than one-half of this recent increase has been
in housing costs; here, the share grew from a little over 9
cents in 1946—far behw the 14% cents of 1929—to over 12%
cents in 1954.
Expenditures for household operation have also increased
relative to all expenditures since 1948 with the current ratio
about the same as in 1929. The shares of the consumer
dollar spent for recreation, transportation, and personal
services have in the aggregate been relatively stable in
prosperous peacetime years; all three groups are currently
below 1929.
The major reason for the relative decline from 1929 in
"other services" shown in the table is the considerably
smaller payment currently for brokerage services. Expenditures for medical care and private education, also in this
group, are now a little higher as a proportion of all spending
than they were in 1929. In the last few years, increased
outlays for the latter two categories as well as for personal
business, have resulted in an increased share for this major
group.
SURVEY OF CURRENT BUSINESS
December
United States Foreign Business Dips
During Third Quarter
THE major development in our foreign business during the
third quarter was the decline in exports and to a lesser extent in imports of goods and services. About half of the
nearly $700 million decline in the trade surplus was matched
by a decline in Government grants and by the outflow of
United States capital. The remaining decline resulted in an
increase in the accumulation of gold and dollar assets by
foreign countries.
To a large extent these developments were seasonal.
However, there was at least a temporary interruption of the
expansion in international trade which had been in progress
during the first half of 1954.
Of the $600 million decline from the second to the third
quarter in the export of merchandise, omitting supplies
transferred under military aid programs, about $150 million
may be due to inclusion in the second-quarter figures of
exports delayed by the waterfront strike in New York last
March, and between $300 and $350 million to usual seasonal
changes. The remainder, however, has to be attributed to at
least temporary reductions in foreign buying.
During the first half of 1954, merchandise exports, other
than supplies transferred under military-aid programs, were
slightly higher than a year earlier. During the third
quarter, exports approximately equaled those of last year.
Adjustments in Latin America
Exports to the Latin American Republics during the first
half of 1954 were about $120 million higher than a year
earlier. Brazil accounted for nearly $70 million of this rise,
and Colombia for $20 million. During the third quarter,
exports to these countries remained high, but to meet foreign
obligations, Brazil had to borrow during the third quarter
$80 million from the Federal Reserve Bank of New York in
addition to an increase in other short-term liabilities to
private United States creditors of about $40 million. During
October Brazil borrowed another $80 million from the Federal
Reserve Bank and during November $40 million from private
banks. Colombia, which had gained about $70 million in
short-term dollar assets during the second quarter, had
used up nearly all of this gain during the third quarter.
Both countries have tightened import restrictions during
recent weeks.
Exports to Mexico which had also risen during the first
half of the year had already been curtailed during the third
quarter as a result of the devaluation of the Mexican peso
and of import restrictions adopted during the second quarter.
Thus, most of the export rise to Latin America during the
first half of the year appears to have been temporary, and
some of the decline during the third quarter should be considered the first step in a downward adjustment, which is
likely to continue unless new means of financing exports
become available.
Export rise to Europe continued
The rise in foreign purchases during the first half of the
year originated in part in countries which had expanded
their reserves, and consequently were able to relax their restrictions against purchases in the United States. This
applies particularly to continental Western Europe. Exports
to that area during the first half of the year were about 12
percent higher than during the corresponding period of 1953,
and remained—although by a smaller percentage—higher
than last year during the third quarter. Apparently the
sustained effect of the relaxation of foreign import controls
was less than the first impact. However, the larger relative
rise during the first half of the year was also in part due to a
stimulation of agricultural exports by acceptance of foreign
currencies in payment.
The improved financial position of the sterling area, on
the other hand, had not resulted in increased United States
exports over those of a year earlier during the first half of
1954. Higher shipments to some sterling-area countries
like Australia and the Union of Sotith Africa were offset by
smaller shipments elsewhere including the United Kingdom.
But third-quarter exports to the United Kingdom were also
higher than a year ago.
Trade with Japan and Canada
Another major factor in the rise in exports from the first
half of 1953 to the first half of 1954 was the $140 million
increase in shipments to Japan. About $60 million of this
amount represented cotton shipments financed by an ExportImport Bank-guaranteed loan and $25 million exports of
wheat to be paid in Japanese yen. These special means of
financing offset the decline in United States military expenditures in that country.
Japan's deficit with the United States as well as with other
countries led to a reduction in Japanese dollar assets during
the first half of the year by about $200 million, which made
it necessary for that country to adopt measures to bring its
external transactions into better balance. As a result, exports from the United States declined from $197 million in
the second quarter to $108 million in the third, substantially
more than the usual seasonal decline. These measures, together with a stabilization of United States military expenditures, stopped the loss of dollar reserves and, in fact,
facilitated a recovery of about $50 million.
Exports to Canada during the third quarter apparently
remained unchanged from the preceding quarter after allowance for seasonal variations but were below the same period
of 1953. This development reflects a stabilization in Canadian business activity during the early part of 1954 after a
decline which set in around the middle of last year.
Import decline temporary
In the following paragraphs United States expenditures
abroad will be analyzed in order to evaluate the major factors which affect foreign purchasing power for American
goods and services.
Merchandise imports (before balance of payments adjustments) in the third quarter were about $300 million
below the second quarter. In comparison with the third
quarter of 1953, imports values were about $250 million,
or 9.3 percent, smaller; prices approximately 4 percent
higher; and the import volume off by about 13 percent.
For the first half of 1954, the decline from the same period
of 1953 was 7 percent in value and 9 percent in volume.
SUEVEY OF CURRENT BUSINESS
10
December 1954
coffee prices. A sharp drop in prices started in August,
canceling out a portion of the earlier rapid advance.
The lower imports resulted in a reduction of inventories,
some of which had been accumulated during the winter
months of 1953-54. During the 12 months ending September 1954, imports were about 2,450 million pounds as
compared with average annual imports during the last 3
years of about 2,700 million pounds.
Quotations of forward prices indicate that further price
declines may have to be expected, and these do not suggest
that inventories will be rebuilt in the near future. However, to meet current consumption, the import volume would
The average decline in import values from the second to
the third quarter during the last 3 years was about $150
million. About $50 million of the decline from the second
to the third quarter of the current year may be attributed to
the inclusion in second-quarter data of imports which had
been delayed by the New York waterfront strike in March.
The remaining $100 million of the decline can be more than
accounted for by reduced imports of coffee and sugar.
Coffee imports fell from $409 million in the second quarter
to $256 million in the third, although in most years from
1949 to 1953 imports increased in that period. The decline
was apparently associated with unusual movements in
Table 4.—Balance of Payments of the United States, by Area—
[Millions of dollars]
1
Exports of goods and services, total
2
3
4
Military transfers under aid programs, net, total 2 -_
Supplies
Services including freight
5
6
7
8
Other goods and services, total
Merchandise, adjusted
Transportation
Travel ._
Miscellaneous services:
Private.
Government
Income on investments:
Private
Government
13
14
15
16
17
18
19
20
21
._
Imports of goods and services, total. .
. .
Merchandise, adjusted (excluding military expenditures) .
Transportation
Travel
Miscellaneous services:
Private
Government (excluding military expenditures) .
Military expenditures
Income on investments:
Private
Government
1953
1954
1953
11
12
III
II'
III
II'
III
4,916
5,691
4,807
1,666
1, 946
1,605
815
780
35
996
940
56
700
650
50
669
642
27
681
637
44
514
475
39
4,101
2,948
318
167
4,695
3, 516
310
148
4,107
2,933
295
171
997
666
130
12
1,265
913
134
17
1,091
743
128
17
159
117
9
3
198
147
12
3
166
114
12
3
174
44
204
38
198
37
68
20
95
17
90
19
4
4
4
382
68
442
37
403
70
49
52
67
22
46
48
26
4, 239
2,679
4,198
2,752
4,004
2,455
1,276
573
1,320
520
1,274
484
290
362
274
261
250
393
152
122
149
117
130
144
74
81
84
57
83
81
53
21
61
25
61
26
653
662
647
292
375
361
77
23
94
14
81
14
53
10
65
8
60
8
1
677
1,493
803
390
626
331
-98
-95
-74
1
-9
-963
-56
-954
-56
-823
-59
-5
-5
-5
-5
-5
-8
-5
-669
-232
-6
-681
-210
-7
-514
-242
-8
J>
159
III v
198
166
II'
2
911
9%
777
25
103
1,033
819
22
81
911
684
22
103
23
3
26
3
26
1
65
82
(*)
75
(*)
8t>9
604
757
586
866
602
25
156
22
60
23
166 i
(•)
5
8
1
54
52
49
20
4
26
2
16
3
1
126
276
45
-5
-5
-4
-3
-1
-2
(«)
-1
1
-1
(•)
-1
(•)
-3
2
-81
(•)
1
(•)
(*)
32
(")
33
(')
4
257
200
293
241
240
181
9
8
7
13
6
15
6
15
(•)
(•)
35
2
(*)
2
1
10
5
2
28
35
1
1
(*)
11
10
12
11
(•)
1
1
0)
1
(")
w
()
-12
9
40
-24
-5
-3
-24
-25
1
-2
-1
-4
1
2
2
29
30
31
32
Private, net total
Direct investments
Portfolio
Short-term
-31
-201
111
59
-390
-276
24
-138
-301
-125
28
-204
36
-8
63
-19
1
-10
45
-34
-10
1
32
-43
33
34
35
36
Government, net, total
Long-term capital outflow
Repayments
Short term (net)
-179
286
103
4
-18
-61
110
-67
14
-64
123
-45
-48
-113
70
-5
8
-18
65
-39
50
-7
70
13
37
448
239
439
377
387
196
82
69
85
41
61
66
56
63
-37
24
7
449
145
244
393
304
104
-22
-20
-21
8
41
42
Foreign capital, net [outflow of funds ( — )], total
Long-term investments:
Direct and portfolio (excluding U. S. Government securities) .
Transactions in U. S. Government securities.
Short-term liabilities to foreign banks and official institutions.
Other short-term liabilities
Gold sales [purchases ( — )]
35
302
-31
8
47
164
-20
297
-2
72
19
171
4
1
-2
(•)
-1
-1
43
Foreign capital and gold, total
750
247
603
674
459
367
-17
-21
-21
7
1
44
Transfer of funds between foreign areas [receipts by
foreign areas (— )] and errors and omissions.
135
147
95
-89
85
144
126
103
-2
14
995
9
(*)
(•)
-3
(*)
-287
p Preliminary,
nss. Not shown separately.
* Less than $500,000.
'Revised.
,. ^ , A
. , ^
,
1. Exports of goods and services to the sterling area have been adjusted to exclude transfers
of military end-use items and services financed under military-aid programs, and to include
in merchandise for the total sterling area, but not for the United Kingdom and the other com-
1
(•)
(-)
(•)
x
-18
13
3
(•)
(•)
-408
-140
13
1
United States capital, net [outflow of funds
total.
40
III P
II'
-1
-1
-210
-118
III
1,033
10
28
39
1954
1953
IIlP
III
Balance on goods and services
38
Canada
1954
III v
Unilateral transfers, net [outflow of funds ( — )1,
-1,352 -1,479 -1,214
total
-111
-110
-120
Private remittances
Government:
-996
-815
-700
Military supplier and services 2
-374
-341
-384
Other grants
—30
—31
Pensions and other transfers
—33
(-)],
1953
19 54
II'
23
25
26
27
1953
1954
III
22
24
Eastern Europe
Item
Line
9
10
j
Western European
dependencies
Western Europe
All areas
1
-3
(•)
(•)
(«)
1
2
-2
-131
-37
-79
-127
34
14
-129
-145
25
-9
-34
-85
53
2
-2
-3
3
-3
2
(«)
-2
-4
2
(*)
2
(•)
2
2
<")
(*)
2
1
-2
-3
1
-21
-21
7
j
48
-58
1
1
33
-11
6
-56
-27
-4
0
(*)
1
(")
1
(•)
-1
a
50
50
-5
26
21
-2
-15
-3
22
-4
1
46
-61
46
3
-88
-82
-53
(•)
ponent areas "special category" exports sold, or transferred under other aid programs. (For
"special category" goods, see Foreign Trade Statistics Notes for February 1953 publishihed bv
Bureau of the Census )
tne
SURVEY OF CURRENT BUSINESS
December 1954
have to be higher than during the September quarter.
Sugar accounted for $34 million of the import decline,
which was more than seasonal, but reflected merely a forward shift in imports to the second quarter and not a change
in demand.
After allowing for the distortions of the data resulting
from the dockworker strike in March, it appears that the
decline from the second to the third quarter in imports other
than coffee and sugar was less than the average decline
during the same season in the last 3 years.
The principal increase in imports from the second to the
third quarter was in lumber, a reflection of the rising con-
11
struction activity in the United States and of shortages
created by a strike in the lumber industry. Metal imports
showed mixed trends. Iron ore imports expanded more than
seasonally as new mining facilities in Canada and Venezuela
were brought into operation. Most other metal imports
declined slightly, particularly ferro-alloys. Copper and tin
imports appear to have nearly stabilized after the sharp drop
from the second to the third quarter last year. Because of
stringencies in the supply of copper resulting from strikes
affecting domestic production, imports are likely to improve.
Foreign purchases of semimanufactured steel products,
which lost a large part of their market during the second half
Third Quarter 1953 and Second and Third Quarters 1954
[Millions of dollars]
Sterling area *
Latin American
Republics
International
institutions
All other countries
United Kingdom
Total
Dependencies
Other Europe
Other countries
Line
1954
1953
1954
1953
II '
III P
1,076
1,219
1,147
9
9
II'
III*
990
1,273
944
302
291
11
177
166
11
III
III
II'
III
II'
III P
III
II '
IIlp
289
17
11
10
79
95
88
224
267
220
1
nss
nss
nss
nss
nss
nss
nss
nss
nss
nss
2
3
4
21
4
592
389
58
11
694
437
60
12
637
421
60
12
242
128
34
5
287
140
37
6
289
167
37
6
17
16
1
11
8
1
(«)
79
46
4
2
95
56
5
2
88
47
5
2
224
169
19
4
267
199
17
4
220
168
17
4
5
6
7
8
11
55
7
77
6
70
6
43
4
61
2
56
2
(*)
(•)
71
1
93
9
66
2
28
37
4
21
(•)
666
403
735
427
666
367
353
146
385
134
362
122
13
3
12
3
63
44
63
36
54
47
53
26
55
18
46
26
1
4
1
2
45
7
48
6
49
6
44
2
48
2
49
2
1
198
68
113
104
47
87
79
4
1
40
2
37
2
32
3
39
2
36
2
20
4
20
7
41
6
38
7
38
6
26
15
29
11
28
11
11
11
152
5
144
10
156
6
85
7
115
5
87
5
1,050
880
1,099
940
932
775
747
414
716
455
655
402
66
65
61
60
58
61
40
6
36
9
33
7
12
17
13
17
13
17
4
13
2
11
2
12
267
202
557
IIlp
287
767
562
63
9
243
II '
nss
971
736
66
9
215
III
242
858
645
71
9
120.
III*
nss
(')
26
II r
1954
637
1,138
823
70
39
1
III
1953
nss
1,206
893
76
38
3
1
Hip
1954
1953
694
1,061
734
83
40
3
2
II -
1954
1953
nss
132
125
7
1
2
III
1954
1953
592
20
13
12
1
2
1
III"
1954
nss
20
15
14
1
5
1953
O OS i-l
III
1954
1953
2
2
31
27
21
6
25
23
(*)
3
(•)
<•)
9
3.
13
4
11
4
9
10
24
29
(«)
31
(«)
19
1
27
3
14
2
11
12
14
4
152
123
166
138
131
101
148
131
172
152
159
140
13
14
1
4
4
12
3
13
3
14
5
2
4
3
4
3
15
16
1
1
3
17
18
12
10
3
2
<•>
(•)
5
6
3
1
3
(•)
11
1
(•)
5
3
(*)
9
10
19
4
2
2
32
4
289
-11
18
-4
-74
-41
-29
-111
-98
-73
4
-1
-4
-73
-71
-43
76
95
61
22
-4
-4
-52
-5
-16
-3
-19
-4
23
24
nss
nss
-47
nss
-J3
(*)
nss
-15
(*)
25
26
27
(*)
(•)
<*)
1
1
(*)
<•)
20
21
(•)
(•)
-36
-16
-40
-14
-31
-11
-335
-37
-465
-31
-324
-32
-2
-7
-25
-155
-23
-60
-22
-71
-21
-94
-10
-35
-11
-44
-10
-5
-4
-5
-4
-4
-3
-4
-4
-4
-4
-15
-4
-13
-10
-9
-10
-1
-132
-143
-23
-302
-113
-19
-177
-96
-19
-25
nss
-36
-2
nss
-48
-2
nss
-84
nss
-23
—1
nss
-33
-1
nss
(*)
-1
nss
(*)
-1
nss
-7
ns<5
-131
-1
nss
-2
nss
(*)
(*)
-58
-21
-51
-40
-14
-34
-22
(*)
(*)
-27
-1
-4
20
-16
-14
28
-13
-25
21
-9
-48
-6
-2
-40
-34
-9
18
-43
-14
-2
-38
3
-9
-32
-30
7
7
-44
(*)
(*)
-27
-27
1
-1
1
1
1
-1
-3
1
1
28
4
20
4
11
-10
6
-7
-3
-13
10
(•)
29
30
31
32
-8
-11
o
—6
-16
3
7
4
-7
8
(*)
(*)
-2
-2
-8
-11
"(*)
(*)
-3
-4
1
(*)
3
-5
-7
1
1
-11
-12
1
(•)
33
34
35
36
1
-9
-3
-30
37
1
1
38
0
-53
-174
-146
-43
-102
-85
1
53
-23
7
69
-177
-85
—5
-87
-140
-6
14
-148
-16
-18
8
-6
-78
-36
-37
-5
-57
-31
-13
-13
-1
-5
-59
-2
]
-5
(«)
-59
-106
-120
14
3
-20
22
1
-6
-26
19
1
-27
-50
14
9
-24
-18
22
-28
-28
-24
29
-33
2
1
2
1
3
-16
1
12
29
117
-31
50
-148
46
-45
-39
200
11
203
-145
16
206
-116
11
2
3
2
3
1
16
37
41
16
35
38
4
-12
11
-1
1
7
40
27
1
-1
-1
-20
20
34
11
-11
-6
11
-11
-5
3
57
-70
44
-130
43
-27
-62
163
-17
195
-193
-11
195
-163
28
8
8
-54
1
-1
3
2
-20
(«)
4
2
-4
IT
2
-4
1
121
-18
50
13
(•)
120
-13
50
14
(«)
37
63
-32
52
-148
48
-40
-46
196
132
253
-145
136
256
-116
2
26
31
—6
83
158
72
61
40
-109
118
-101
285
83
-89
255
-1
2
1
-6
2. Includes loans and returns of military equipment.
NOTE.—Net foreign investment equals the balance on goods, services, and unilateral transfers for ''all areas": 1953 III, -675; 1954 II, +14; 1954 III, -411.
ff
2
(*)
2
(*)
2
2
1
(')
-1
39
(')
(«)
-8
(*)
-30
40
-i
(*/
-1
(')
-1
-4
(*)
(*)
(*)
41
42
1
-9
-3
-30
43
76
50
-35
-60
2
44
3
6
8
101
Source: U. S. Department of Commerce, Office of Business Economics.
12
SURVEY OF CURRENT BUSINESS
of last year, also appear to have stabilized. Wool imports
declined substantially less than from the second to the third
quarter than last year, and during the third quarter were about
as high as a year ago. However, consumption of imported
wool during the third quarter of this year was apparently less
than imports resulting in an increase in inventories, while
during the same period last year inventories were drawn
down. Consumption of foreign wool apparently has dropped
more since the third quarter of last year than consumption
of the domestic product.
Service expenditures stable
Payments to foreign countries for services during the
third quarter were about the same as last year. Transportation expenditures were smaller, mainly as a result of the
decline in tanker freight rates which reached the lowest
point since the start of hostilities in Korea. Tourist business
continued to be very good, with a gain of about 8.5 percent
over the same quarter of last year. This continued the
upward trend in foreign travel which has prevailed during
the postwar period.
Military expenditures remained unchanged from the preceding quarter. The area distribution of these expenditures
which had shifted during the preceding year from Asia to
Europe also remain unchanged.
To summarize the effects of these trends upon different
areas, it would appear that Latin America would derive the
main benefit from the expected eventual recovery w purchases
of coffee and higher imports of copper. However, some adjustments in United States exports to that area would still be
required.
Imports of goods and services from Western Europe during
the third quarter were unchanged from last year. The rise in
military and travel expenditures compensated for the decline
in United States merchandise imports. Most of this decline
was due to reduced purchases of semimanufactured steel
products and other raw materials which reflects both the
better supply situation in the United States and the rising
demand within Europe itself.
The decline over the same period in purchases from the
nonsterling "all other countries'7 group was due mainly to
smaller military expenditures, which apparently had stabilized
since the first quarter of this year.
Special assistance to France
Government grants to foreign countries other than transfers of military end items increased by about $30 million,
mostly to Europe. The principal factor in this increase was
$136 million paid to France in compensation for expenditures
incurred in the war in Southeast Asia. Previous payments
for this purpose were $65 million in the second quarter and
$31 million in the first.
The third-quarter grants include also the first disbursement of $5 million to the United Kingdom under an $85 million appropriation to finance the production of military
aircraft. Omitting these special grants, and the grants in
the form of foreign currencies obtained through the sale of
agricultural surplus products, other grants declined by $48
million to $228 million, of which Europe received about $95
million.
These other types of grants to Western Europe were at the
lowest rate since the end of the war and consisted mainly of
deliveries or payments from a backlog of allocations made
in previous periods. Transfers to countries outside Western
Europe remained unchanged. The rise in grants to international institutions during the third quarter represented our
contribution to the United Nations Korean Belief Administration.
December 1954
Capital outflow
The outflow of private long-term capital dropped by about
$150 million from the preceding quarter. All of this drop
was in direct investments, although the outflow of capital
through Canadian investment funds increased from $30
million in the second quarter to about $60 million in the
third. The decline in the net capital outflow was in part due
to the shift from the periodic payments during the second
quarter of foreign taxes accrued by the oil companies operating in Latin America to a temporary accumulation of funds in
the third. Similar seasonal changes in the movement of
direct investment capital to Latin America have occured
each year since 1951. The completion of several large
investment projects in Canada and Latin America has also
temporarily reduced the flow of long-term capital.
The movement in portfolio investments reflects mainly the
issue in the United States of $50 million of new bonds by
the International Bank, all of which were sold to other
countries. In addition, Canada repurchased some of its
outstanding securities. American purchases of European
and Canadian stocks continued to offset in part the sales of
foreign bonds.
Most of the large outflow of short-term private capital
went to Latin America, with claims on Brazil alone increasing
by $120 million. There was also a $40 million rise in shortterm assets in the United Kingdom. The decline from the
second to the third quarter in the outflow of Government
short-term capital largely reflect a smaller rise in foreign
currency holdings, and claims for such currencies derived
through the export of agricultural products. This decline
came about mainly through a temporary drop in export
billings as the utilization of the funds remained unchanged.
Dollars retained abroad still large
Foreign gold and dollar assets rose by about $600 million
during the third quarter through transactions with the
United States, bringing the 9-month total gain to about
$1,350 million. This was in part offset, however, by a rise in
foreign short-term liabilities to United States private
creditors by about $300 million. During the corresponding
period of 1953, foreign gold and dollar assets increased by
over $1.9 billion.
Western Europe accounts for most of the gain as well as
most of the difference between 1953 and 1954. The thirdquarter accumulation of gold and dollar assets by Western
Europe was about $370 million compared with $670 million
a year ago. For the first three quarters of this year the gold
and dollar gains amounted to about $1.2 billion, compared
with more than $1.7 billion last year in the like period. The
drop from last year in the amount of gold and dollars added
to reserves and other dollar holdings, it is clear, does not
reflect a deterioration of Europe's financial position. Rather
it is an indication that in many countries in that area reserves had become sufficiently large, so that a greater part of
the current dollar receipts can, and are being used for the
reduction of debts or increased purchases of goods and
services.
During the third quarter the United Kingdom repurchased
$112 million of sterling from the International Monetary
Fund, France made similar repurchases of its currency for
$20 million, and the Netherlands repaid $56 million of a
loan by the International Bank. (These transactions appear
in the balance of payments of the United States as an interarea transfer from Western Europe to the international
institutions.) Without these special transactions the excess
of Western European dollar receipts over expenditures in
(Continued on page 26)
by Loughlin F. McHugh
Financial Experience
of Manufacturing Corporations
JL HE readjustment in economic activity during the 1953-54
period centered in manufacturing, which experienced a reduction in orders for durable goods for final use and likewise
was the segment in which production and income were most
affected by the reduction in business inventories. From
early 1953 to mid-1954, manufacturers' production and sales
Manufacturing Corporations
Uses and Sources of Funds
USES
SOURCES
BILLIONS OF DOLLARS
15 ~
PLANT AND EQUIPMENT
EQUITY FUNDS
10 -
m
i
15
I
'
'
1
p
CHANGE IN
CURRENT
ASSETS
CHANGE IN DEBT
1
194849 50
51
52 53
in
54*
1948 49
50
51
52
53
54*
* First half, seasonally adjusted, at annual rotes.
U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS
were reduced about one-tenth and before-tax profits about
one-fifth. After-tax profits were sustained by the Federal
tax reductions effective in 1954.
It is timely to review the recent financial experience of
manufacturing concerns against the background of the
postwar period as a whole. Table 1 presents annual estimates of uses and sources of capital funds for manufacturing
corporations from 1946 through 1953, and first half-year
data for 1953 and 1954. The estimates for periods subsequent to 1951 are based on less complete data than for
earlier years, but for the period as a whole, table 1 presents
an adequate and fairly clear picture of overall trends.
Manufacturers have been in the forefront of the extensive
capital expansion programs of business firms in the postwar
period. In the 8% years from the end of 1945 through mid1954, manufacturing corporations used $115 billion of capital
funds in expanding, modernizing, and replacing production
facilities, and in adding to their inventories and other working
capital to meet the needs of growing markets for products
and for competitive efficiency. This expenditure, far in
excess of any previous experience, comprised roughly half
of the uses of new capital funds by all nonfinancial corporations.
Two-thirds of the manufacturing total was spent for plant
arid equipment. Nearly one-fourth represented new inventory requirements, while extension of customer credit
lines accounted for one-tenth of the total.
The change in net cash position was relatively modest in
the postwar period, amounting to an increase of $2 billion
or less than 2 percent of the total postwar disposition of
funds. This relatively small increase in "cash" assets (cash
on hand, bank deposits and U. S. Government securities)
was in the main a reflection of the unusually liquid status
of manufacturers attained during the war period.
In meeting this postwar demand for capital, manufacturers
relied principally on internally generated funds—retained
earnings and depreciation allowances. As may be seen from
the first chart, these sources alone were equivalent to total
plant and equipment outlays of these companies. Of the
$78 billion of internal funds raised, profits retained in business accounted for the major share, approximately $48
billion. Depreciation charges were likewise a large source
and have increased steadily over the years.
Manufacturers traditionally have not been heavy users of
long-term debt. Such indebtedness was increased by about
$15 billion, or one-eighth of total requirements for funds, in
the 8%-year period. While this postwar debt increase was
somewhat more rapid than in former periods of expansion,
the relative share of long-term debt in the over-all capital
structure of manufacturing corporations is not high at the
present time, while interest charges currently are a much
smaller relative share of funds available for servicing the
debt than in the prewar period.
Only a minor portion of postwar capital requirements w^as
covered by sale of new stock. Less than $4 billion, or about
54-46-4
NOTE.—MR. McHUGH IS ACTING CHIEF OF THE NATIONAL ECONOMICS
DIVISION. MR. GARDNER F. DERRICKSON OF THE BUSINESS STRUCTURE DIVISION ASSISTED IN PREPARING THE STATISTICAL MATERIAL.
13
SURVEY OF CURRENT BUSINESS
14
5 percent of total funds utilized by manufacturing corporations came from stock issues.
Short-term financing through increases in current liabilities accounted for the remaining $16 billion of capital needs
in the postwar period. Of this total, about $5 billion took
Table 1.—Sources and Uses of Funds of Manufacturing
Corporations, 1946-54
[Billions of dollars]
J »eceml»er 1954
times the amount shown for the book value of gross fixed
assets at the start of the period. The rise in the value of
inventories was likewise quite striking in the perspective of
1945 book values. At the other extreme was the relatively
small need to add to cash items, which, as indicated earlier,
were exceptionally high at the end of the war.
The rise in long-term debt of manufacturers is apparent
from columns 2 and 4, where it is indicated that manufacturers accounted for roughly one-third of the postwar
increase while starting the period with one-sixth of such
debt then outstanding.
First half
1940
Total uses
Plant and equipment _ _ _
1947
1948
1949
1950
1951
1952 i 1 953 i
9.1
16.0
13.0
6.1
21.6
22.2
14.5
14.0
7.0
8.6
9.0
6.9
7.2
10.5
11.5
12.0
Increase in other assets—
2. 1
total
Inventories
... . 6.2
.i
Receivables
Cash, deposits, and
U. S. Government
securities 2
— 4. 2
7.4
4.3
2. 5
14.4
5.2
5.6
9.0 -.8
2.7 -2.6
1.0 — 1.0
11.7
7.8
2.2
2.0
3.0
2.0
1.5
2.0 -1.0
!
1953 i 1954 i
7.0
0.0
5.5
o.O
j
1.5
1.0
— 5.0
-2. 0
.5
[
.6
.3
2.8
3.6
1.7
— .5
8.9
15.7
13.1
5.7
21.2
22.2
14.0
Retained profits 3
3.8
6.7
7.3
4.5
7.6
5.7
4. 5
5.0
!i
Depreciation
2.0
2.4
2.8
3.2
3.5
4.0
4.5
5.5
)
Stock issues
1.0
.8
.3
.1
.1
.7
.5
(4)
(4)
1.8
.4
(4)
3.2
3.5
2.0
1. 5
.5
10.0
8.6
1.0
.5
— 1.0
— 6.0
(4)
.5
•5
Total sources
Increase5 in
debt
long-term
1.5
1.9
Increase6 in short-term
debt
.6
39
Discrepancy
.2
.3
.9 — *> 5
— .1
.4
.4
1.0
— 1.0
— 3. 5
6.5
.0
6.0
5. 5
13.0 |
.5
(4)
Generally speaking, manufacturing is more sensitive than
other business to changes in overall demand. This was
typically true in prewar cyclical developments, and with
modifications, the tendency reappeared in the later postwar
years. This reflects two primary factors. Manufacturing
has an important fraction of its total capacity engaged in
the turning out of capital equipment, the demand for which is
sensitive to changes in general business activity. Changes
in inventory demand have also been especially significant in
the moderate cycles in manufacturing activity which occurred
in the postwar period, namely those of 1948-50 and 1952-54.
The cyclical variability of demand for capital funds in
manufacturing is clearly outlined in the annual data of
sources and uses shown in table 1 and the chart on page 13.
Plant and equipment expenditures rose steadily during the
1946-48 period, but in the downturn of 1949 manufacturers
.0
1. Preliminary and rounded to nearest $0.5 billion.
2. Includes small amount of miscellaneous current assets.
3. Including depletion.
4. Less than $50 million, or in the case of 1952-54 data, less than $250 million.
5. Includes bonded debt, long-term bank loans, mortgages and other long-term debt.
6. Includes bank loans, trade payables, Federal tax liabilities and miscellaneous current
liabilities.
Source: U. S. Department of Commerce, Office of Business Economics, based upon Internal
Revenue Service, Securities and Exchange Commission, Federal Trade Commission, and
other financial data.
the form of bank loans, while borrowing from suppliers accounted for most of the remainder.
Table 2 gives rough perspective to various aspects of the
postwar expansion programs of manufacturing corporations.
The first column presents book values of selected balance
sheet items as of the end of 1945. The second column
presents the proportions that these book values were of the
comparable values for all nonfinancial corporations. Thus,
gross fixed assets of manufacturing corporations at the end
of 1945 amounted to $53 billion, or just under two-fifths of
the book value of gross fixed assets of all nonfinancial corporations. As may be seen, the majority of the items range
around the 50 percent ratio, the major exceptions being in
the case of inventories, where manufacturers accounted for
two-thirds of the total, and at the other extreme, long-term
debt which was one-sixth of the total.
The relatively high inventory proportion for manufacturing corporations reflects in part the low volume of inventories
normally held in important nonmanufacturing industries
such as railroads and public utilities, and in part the fact
that in distributive channels, where inventories are important,
a relatively large share of holdings are in noncorporate
concerns.
The third and fourth columns of the table present the
cumulative amounts of manufacturers' postwar uses and
sources of funds through 1953 and the proportions that these
are of total uses and sources for all nonfinancial corporations.
Some rough notion of the relative expansion areas may be
gained from a comparison of columns 1 and 3. Thus,
manufacturers spent on plant and equipment roughly 1%
Sensitivity of manufacturing
Industrials
Common Stock and Bond Yields
PERCENT
20
15
10
1939 40
41
42 43 44 45 46 47 48 49
MONTHLY AVERAGES
50 51
52 53 54
B A S I C DATA; MOODY'S I N V E S T O R S SERVICE
U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS
54-46-6
reduced their fixed capital outlays from the 1948 volume.
Nonmanufacturers' fixed investment rates were little7 changed
in 1949. The 1949 reduction in manufacturers current
assets was sharper, with the shift in inventory trends particularly striking. Manufacturers had added steadily to
the value of their stocks through 1948, though the rate of
increase moderated over the period. In 1949, the book
December 1954
SURVEY OF CURRENT BUSINESS
value of inventories was reduced to the extent of $2% billion,
roughly equivalent to the increase which had occurred the
preceding year.
As is clear from the chart, the reduced financing resulting
from these 1949 developments was associated with a reduction of retained earnings and a liquidation of short-term
indebtedness in that period.
With the outbreak of Korean hostilities, demand for capital
funds quickly expanded, primarily due to a rapid increase in
inventories and customer receivables. Combined, these rose
by $11 billion in 1950, and the expansion was almost matched
in 1951. The military programs required substantial plant
and equipment investment, and the general rise in business
activity was accompanied by widespread capacity expansion.
By 1951 manufacturing plant and equipment outlays had
risen to $10% billion, almost 50 percent higher than the low
reached in 1949.
These new and enlarged demands for funds were filled in
part from higher retained earnings, but in even greater
degree from expanded short-term indebtedness.
It was in this 1951-52 period that manufacturers made
their most extensive use of external sources of long-term
financing (table 1). Such financing in this 2-year period of
rapid capital expansion involved the raising of $8 billion, or
almost one-half of the total amount in the whole postwar
period. Additions to long-term debt totaled $7 billion in
this period.
It is of interest to note that manufacturers' recourse to
external long-term markets for funds has tended to fall off
sharply once capital expansion programs were fairly well
under way. For example, the early postwar peak was
reached in 1947 when $2.7 billion was raised, but by 1950,
the manufacturing group as a whole issued a negligible
volume of debt and equity securities. The same tendency
is being repeated in the current period in somewhat modified
degree.
Recent trends
Fixed capital programs of manufacturers stabilized in
1953, with a minor peak in expenditures reached in the
first quarter of the year. A slight downward drift then set
in and this has been extended through the current period.
Thus, the 1953-54 downturn in general business activity
was accompanied by only a moderate reduction in manufacturers' outlays on plant and equipment.
As indicated in a review of overall plant and equipment
trends presented earlier in this issue, manufacturers estimate
their fixed outlays in the current quarter at a seasonally
adjusted rate of about $11 billion, 10 percent below the high
reached last year. In the 1948-49 period, these expenditures
dropped from an early 1948 high of $9% billion to a low of
$6K billion reached in the first quarter of 1950.
The major change in capital demand by manufacturers
in the most recent period involved a reversal of inventory
trends. The Korean-period buildup of inventories tapered
sharply after 1951, and in the following 2 years, net annual
expansions were in the $1 to $2 billion range. Liquidation
of manufacturers' inventories began in late 1953 and continued through the first three quarters of this year. For
the first 10 months of 1954, the reduction in inventories
held by manufacturing corporations amounted to $3 billion
on a seasonally adjusted basis.
Other current assets of manufacturers were also greatly
reduced from 1953 to 1954. This was mainly a reflection of
the rather sharp reduction in cash resources which occurred
in early 1954. In good part this decline in liquid assets in
the first half of 1954 was related to the combination of a
drop in corporate profits before taxes and the heavy seasonal
impact of Federal tax payments.
15
In the first half of 1953 profits were still rising, and with
tax rates relatively unchanged, the excess of tax payments
over accruals amounted to $1.3 billion, a sum not particularly
large when related to the legal requirement that corporations
move towards a pay-as-you-earn tax schedule.
Table 2.—Corporate Manufacturing Investment and Its Financing
:
:
Book value outstanding
(end of 1945.)
!
Uses and sources of
funds, 1946-53
Percent of
Percent of
total for al
Billions of total for all Billions of
corporadollars
corporadollars 1
tions !
Tions
1
ASSETS
Gross fixed assets 2
53
38 ,
72
48
Selected current assets-
54
57
43
47
Inventories
Receivables 3
Liquid assets
17
14
23
65 |j
54
53 I
27
12
5
63
28
56
42
91
49
65
29
7 .
46
53 ;
17 |
49
28
14
60
45
33
17
49
19
43
LIABILITIES
Long-term
capital
liabilities
and
Capital stock and capital
reserves
Depreciation reserves
Long-term debt
Selected4
ities
short-term
liabil-
100
1. Excluding banks and insurance companies.
2. Exclusive of land and before depreciation.
3. Cash, deposits, and U. S. Government securities.
4 . Trade payables, bank loans, and Federal tax liabilities.
Source: V. S. Department of Commerce, Office of Business Economics, and Securities and
Exchange Commission.
In the comparable period in 1954, taxable earnings were
lower, tax rates had been reduced by elimination of the excess
profits tax, and a further acceleration of tax payments was
required by law. The simultaneous impact of these forces
resulted in a large excess—$4% billion for manufacturing
corporations—of Federal tax payments over accruals. This
excess, although in considerable degree already taken into
account in corporation fiscal planning, nevertheless resulted
in a substantial drain on cash resources. It is expected that
in the latter part of the year, corporations will again add to
their liquid assets. It appears, however, that the improvement in liquidity in 1954 will not parallel that of 1949, when
the decreased capital demands were accompanied by a
marked improvement in overall liquidity.
Current financial condition
It may be noted that the total volume of long-term capital
funds available to manufacturing corporations in the first
half of 1954 was larger by about one billion dollars than
expenditures on fixed capital. The availability of these
funds, supplemented the reduction of current assets to make
possible a liquidation of $6 billion of short-term debt,
principally Federal tax liabilities and bank loans. Thus as
in all earlier postwar years, the net working capital position
of manufacturers was further improved in 1954, and the
excess of current assets over liabilities at mid-1954 was at the
highest point for the postwar period.
Other indexes of liquidity and of general financial condition, while not so high as in some earlier postwar years, also
point up the relatively favorable financial condition of
manufacturing corporations.
SURVEY OF CURRENT BUSINESS
16
Despite the tax drain on liquid resources in early 1954, the
ratio of cash and U. S. Government securities to total current
liabilities was slightly higher at mid-1954 than a year earlier,
and about equal to the ratio in mid-1952.
Table 3 presents several other indexes of financial condition
of manufacturing corporations over an extended time period.
The first column, which relates liquid assets to sales, is
commonly used as a measure of the adequacy of liquid
resources in the light of the going volume of business. As
Table 3.—Selected Financial Katios for Manufacturing
Corporal ions
[Percent]
Proportion of sales repre -sented by —
Year
Liquid
assets
Profits
before
taxes
Profits
after
taxes
Profits
after taxes
to net
worth
Interest
payments
Lone-term on
debt to
debt to
funds availinvested
able for
capital '
interest
payments 2
December 1954
The fifth column of table 3 presents a summary view of
trends in the capital structure of manufacturing concerns.
The more permanent forms of invested capital include capital
stock, surplus and undistributed profits together with longterm indebtedness. From the late twenties through 1945
there was a little net change in the composition of this
invested capital. During the depression years, both debt
and equity capital were reduced, the latter more sharply,
while in the subsequent period, each type of capital expanded
but debt did not keep pace with the rise in equities.
Since the end of the war, as pointed out above, long-term
debt expansion has been more pronounced than the equity
increase although this debt at present continues to occupy
a lesser role in the capital structure of manufacturing than in
industry generally.
Manufacturing Corporations
Profit Rates and Liquidity
INDEX, 1947-49 ' IOO
1 929
940
_ _
945
948
949
951 .
953..- _ _
954 —2nd
quarter-, _
8.4
10. 5
16. 2
9 9
12. 1
11. 0
10. 3
6. 9
8.4
7.2
9.2
7.7
9. 8
8. 0
6. 0
5. 7
2. 9
5. 6
4. 6
4. 1
3. 5
7. 9
8. 5
6.2
13. 0
9. 4
9. 7
8. 3
9. 3
11.2
9. 1
12. 6
13. 8
13. 1
15. 7
9. 5
7. 7
3. 9
8. 2
,5.7
12.
6.
4.
3.
4.
3.
4.
9
1
3
1
3
1
3
5. 1
1. Long-term debt plus capital stock and capital reserves.
2, Profits before taxes plus interest paid.
Source: U. S. Department of Commerce, Office of Business Economics.
may be seen, 1954 "cash" holdings are at a low point relative
to sales for the postwar period. The volume of liquid
resources currently held represents, however, a somewhat
larger proportion of sales than in the late twenties.
150
RATIO OF PROFITS AFTER TAXES
TO NET WORTH
125
FIRMS WITH ASSETS OF
$100 MILLION AND OVER
100
75
FIRMS WITH ASSETS
UNDER $100 MILLION
50
25
RATIO
Profits rate off in 1954
In view of the relatively high dependence of manufacturers
on internal financing, the trend of their profits is of special
importance in analysis of capital financing. Profits before
taxes were off from 1953 to 1954 both absolutely and relative
to sales, with the decline in the dollar total approximating
one-fifth and the ratio to sales falling from 9 percent in the
first half of 1953 to 7% percent in the first half of this year.
The before-tax profits-sales ratio is currently at a low for the
postwar period, but somewhat larger than the rate prevailing
in 1929.
Because of the sizable cut in Federal taxes, stemming
largely from the elimination of the excess profits tax, after-taxprofits of manufacturers in the early part of 1954 were at an
annual rate slightly higher than in the full year 1953. The
volume of equity funds used in manufacturing was also higher
in 1954 so that the rate of earnings to stockholders' equity
was not much changed from a year ago.
The use in this measure of book value net worth derived
from asset totals which value fixed assets at historical costs,
tends to overstate current profitability relative to that of
more distant periods in the past because of the substantial
increase in the general price level which has taken place and
which is not fully reflected in the net worth. If profits
after taxes are i elated, for example, to manufacturers' sales,
the ratio, while up from 1953 to 1954, is below that of the late
twenties (table 3). As is clear from a comparison of the
second and third columns of this table the major factor in
this lower relationship is the much higher relative level of
taxes currently.
1.50
RATIO OF LIQUID ASSETS
TO CURRENT LIABILITIES
1.25
FIRMS WITH ASSETS OF
$100 MILLION AND OVER
1.00
.75
.50
FIRMS WITH ASSETS
UNDER $100 MILLION
.25
O BASED ON DATA FOR
FIRST HALF YEAR
1947
48
49
50
51
52
53
54
55
DATA: S.E.C. 8 F.T.C.
U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS
54-46-5
A measure of the debt burden on manufacturers is indicated
by the final column of table 3. While interest payments by
manufacturers rose steadily throughout the postwar period,
practically all of the prewar debt outstanding has by now been
retired or refunded into issues bearing the lower coupon rates
which have prevailed for debt financing in recent decades.
Thus, the effective interest rate being paid at the present
S U R V K V OF C U R R K N T BUSINESS
Oecernber 1954
time is substantially below that of earlier prosperous periods
and this factor has in large degree offset the expansion in
the volume of indebtedness. Moreover, the amount of
funds available for payment of interest is currently far above
that of earlier times, so that the relative share of these funds
presently claimed by interest charges is low in historical
perspective.
Financing costs down in
1954
The most recent period has seen a continuation of the relatively low cost of debt financing which has prevailed in the
postwar period. At the same time there has been a striking
improvement in terms of equity financing. As may be seen
from the chart current earnings-price and dividend-price
ratios for industrial concerns are at the low point for the
postwar period. This reflects primarily the recent sharp
advance of stock prices while after-tax earnings and dividends
have improved slightly. It is clear from the chart that for
most of the postwar period the terms of financing have
strongly favored the issuance of debt rather than equity
securities.
Differential
industry experience
It is not possible at the present time to present detailed
estimates of sources and uses of funds for manufacturing
groups. However', some partial data covering principal
items of capital programs and their financing help to shed
light on major differences among manufacturing industries.
Table 4 indicates the amount of internal funds available
by industry for the period 1946 through 1953, and the ratio
of these funds to new investment in physical assets.
'Fable 4.-—Relation of Internal Sources of Funds, New Investment
in Physical Assets by Manufacturing Industry, 1946—53
Internal funds
Ratio to plant
and equipment
I Billions of
and in' dollars
equipment 1 outlays
in value
outlays ! crease
of inventories
Ratio to
Ail manufacturing corporations.
Food
Textiles
.. Paper
Chemicals . _
Petroleum
Hub her
Other nondurables
._
72.6
!
!
.. . .
_ !
j
Stone, clay, glass. _ _
__•
Basic and fabricated metals
_1
Machinery, excluding electrical _ _ _ j
Electrical machinery _
Transportation equipment
- i
Other durables
i
6. 7
4.3
3. 4
7. 2
10. 0
1. 4
4. 4
i
!
i
!
2. 4
12. 5
6.3
3. 2
6. 5
4. 3
j
!
i
i
1
i
1.02
.73
1. 07
1. 17
1. 17
. 87
. 64
1. 37
1. 57
. 76
. 88
. 97
. 71
. 58
. 91
. 84
1. 10
1.05
1. 43
1. 24
1. 07
1. 26
.
.
.
.
.
,
90
80
78
63
63
70
Source: U, S Department of Commerce, Office of Business Economies.
While the plant and equipment outlays of all but two
groups chemicals and petroleum—were covered by internal
funds, practically all groups required additional financing to
take care of fixed capital and inventory requirements combined, and for all manufacturing corporations, the gap
amounted to about one-fourth. This gap was filled for the
most part by increasing both long- and short-term debt.
The chemicals and petroleum groups were large postwar
users of long-term debt, accounting for one-fourth of the
total expansion in manufacturing. The petroleum industry
323582*—54- ---3
17
normally makes rather heavy use of debt in long-term
financing, but it may be noted its postwar debt increase was
somewhat less than the prewar experience.
Industry profit ratios
Virtually all major manufacturing industries experienced
declines in profit volume and profit-sales ratios from 1953
to 1954 on a before-tax basis. The sharpest reductions in
before-tax profit-sales ratios in this period occurred in the
textile and furniture groups. These latter industries together with lumber and apparel manufacturers are currently
at or near the postwar lows in terms of profits before taxes.
Earnings after taxes in 1954 were well maintained for most
of the major manufacturing groups, with the transportation
equipment, food, and tobacco groups showing some improvement in profits between the second quarter of 1953 and the
comparable period of 1954. The decline in after-tax profits
was sharpest in the textile group, which in mid-1954 was
experiencing its lowest return on capital of the postwar
period. The apparel and furniture industries were likewise
close to postwar lows in the second quarter of this year.
The recent profit experience of manufacturing and all
corporations is placed in long-term perspective 1 in table 5
which relates profits and taxes to total national income
arising in these sectors of the economy.
Table 5.—Profits Share of Income Originating in Corporate
Business, Selected Years, 1929-54
____.
AH corporate business:
19299
,
19400
19411
19511
2
1952
.
19533^J
..
19544
Profits ! Imeutory
after j valuation
taxes j adjustment
8
9
3
6
5
i
6
20. 8
21. 4
29.
« i. . 7i
26. 4
22. 8
22. 7
20. 6
3. 0
6. 7
13. 5
14. 8
12. 7
12. 5
10. 5
17. 7
14. 7
16. 2
11. 5
10. 2
10. 2
10. 1
1. 0
—. 5
4. 4
25. 7
26. 2
30. 7
29. 3
25. 3
23. 4
22. 4
24. 2
26. 8
35. 7
30. 1
24. 5
24. 1
22. 4
3, 1
8.4
17. 3
17. 5
13. 8
13. 5
11. 1
21. 1
18. 4
18. 4
12. 6
10. 7
10. 6
11. 3
1. 5
--. 6
5. 0
-. 8
.8
.7
.0
' 21.
20.
i 25.
25.
1 23.
, 22.
' 20.
Manufacturing corporate business :
1929,
- . .
1940.
1941
.„ _.._
1951...
1952. _.. - - - 1953..
1954 *
_
Profits j
before ; Taxes
taxes \
.6
.6
.0
1. First half, seasonally adjusted, at annual rates.
Source: U. S. Department of Commerce, Office of Business Economics.
The relative volatility of profits before taxes as well as
the cushioning effect of tax reductions in the 1953-54 period
are readily apparent. While profits before taxes for all corporations are currently about as high a proportion of the
total income flow from corporations as in 1929 and 1940, the
share that manufacturers * profits is of total corporate income originating in manufacturing is down somewhat over
these periods. On an after-tax basis the reductions from
prewar in the income shares represented by profits are much
more pronounced both in the manufacturing component and
in the corporate sector as a whole.
Industrial liquidity
Virtually all manufacturing groups started their postwar
capital expansions with an excess of liquid resources and the
drawing down of these assets served temporarily as an irn(Continued on page 28)
by Raymond Nassimbene and Donald G. Wooden
Growth of Business Capital Equipment
1929-53
Measures of Purchases, Depreciation, Retirements, and Stocks
JL HIS article presents a review of the growth of the stock of
privately owned producers' durable equipment for the period
1929-1953. and is based upon an analysis of purchases, retirements, and depreciation of equipment. The study is an
extension of the work earlier reported in a more limited
statement covering a shorter period, 1941-52, which appeared in the SURVEY OF CURRENT BUSINESS for June 1953.
Private Purchases of Producers'
Durable Equipment
BILLIONS OF DOLLARS—Ratio Scale
30
20
CONSTANT (1947) DOLLARS
2. Because of the substantial expansion in purchases of new
equipment, the existing stock of equipment is in peak condition.
3. In line with the trend towards increased mechanization
characteristic of our economy, the amount of equipment per
person engaged in production in 1953 was about 1% times
that of the late twenties.
4. Output per unit of equipment has fluctuated widely
over this period, but without apparent long-term trend.
5. Output per person engaged in production in 1953 was
about 1/2 times that of the late twenties, as a result of
increased use of capital, and of improvements in technology,
management and organization, and in labor skills.
These conclusions as well as other findings relating to
stocks, purchases, and consumption of privately owned producers' durable equipment are discussed in the article.
The results presented are tentative, in part because of the
exploratory nature of the work and in part because of data
deficiencies and conceptual difficulties that handicap statistical measurement in this field.
Purchases and Consumption
Attention is first focused on private purchases of equipment
and on consumption of equipment as measured by retirements and depreciation. This is followed by a discussion of
stocks of privately owned equipment.
10
9
8
7
6
5
\
Private purchase of equipment
CURRENT DOLLARS
1
1929 31
33
35
37
39
41
43
45
47
49
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
5!
53
55
54~46~7
A summary of some of the more important findings of the
present report follows:
1. The physical stock of privately owned business equipment at the end of 1953 was about twice that of the late
twenties. This change has come about as a result of the
marked expansion in equipment purchases mainly since 1946.
The size of the physical stock of equipment at the end of 1941
was not very different from that at the end of 1928. These
figures do not take full account of the improvement in the
quality of equipment which has been very pronounced over
this period, so that in terms of productive performance the
present position is relatively higher.
NOTE.—MR. NASSIMBENE AND MR. WOODEN ARE MEMBERS OF THE
NATIONAL INCOME DIVISION, OFFICE OF BUSINESS ECONOMICS.
18
Much of the period 1929-53 has been one of sharp fluctuations in private equipment purchases, as can be seen from
chart 1. Purchases fell markedly between 1929 and 1932,
and rose thereafter to a peak in 1937, at almost the same current dollar level as 1929. Then followed the brief recession
of 1938 after which purchases continued to rise, surpassing
the 1929 peak for the first time in 1941.
For most of the war period 1942-45, private purchases of
equipment were below the 1941 peak largely as a consequence
of the shift to Federal Government purchases under the war
program. Aside from equipment primarily for the Armed
Forces, such as motor vehicles, construction machinery, and
communication equipment, Federal purchases included substantial amounts for use in private and publicly owned
plants.
The period following 1945 witnessed a marked upsurge in
private equipment purchases, which in terms of current
dollars rose to successively higher points in the postwar
period, interrupted only by the minor dip in 1949.
In the 1929-41 period the course of private equipment
purchases in current dollar values was similar to that in
physical volume (constant 1947 dollars). Current dollar
values fluctuated somewhat more sharply than physical
SURVEY OF CURRENT BUSINESS
December 1954
volumes, but the differences were relatively moderate. Following 1941, however, and particularly during the years
1946-51, equipment purchases reflected not only substantial
volume increases but also sharp increases in the price of new
equipment.
For example, private purchases of equipment in 1941 were
about one and one-sixth times those of 1929 in current dollar
values and also in physical volume. By contrast, the current
dollar value of private equipment purchases in 1953 was
about 3% times that of 1941, whereas the physical volume
was only about twice as high.
In brief, the period 1929-41 was characterized by relatively
constant prices in the cost of equipment and little or no discernible trend in the sharply fluctuating volume of private
equipment purchases. In contrast, the 1941-53 period was
one of rising prices in the cost of equipment and a large
expansion in the volume of private equipment purchases.
Much of the analysis will be in terms of these two diverse
periods.
Measures of capital consumption
There follows a discussion of capital consumption measurement and an analysis of the estimates. An attempt is made
to measure the portion of private purchases of new equipment
that has been for replacement and the portion that has
represented additions to the stock of capital equipment.
CHART 2
Private Producers' Durable Equipment
Ratio of Current Cost* to Original Cost
for Depreciation and for Retirements
19
Retirements provide an alternative measure. In this
approach, a piece of equipment is held at its initial cost until
it is retired at which time its cost is completely written off.
The stock concept that corresponds to the retirement approach is simply one of gross stocks.
Each of these two approaches has different implications
and serves different purposes. Depreciation charges measure
capital consumption by providing a rough estimate of the
cost of the services rendered by the equipment during the
period, and they are relevant for determining current income.
The associated net stocks provide a rough measure of the
unused store of future services incorporated in existingequipment.
The retirements approach provides a useful basis for
making estimates of replacement requirements. Gross
stocks of equipment provide a measure that is more closely
related than net stocks to productive capacity.
To illustrate this latter point, suppose that a manufacturer
has purchased 10 new machines of a given type, each having
a useful life of 5 years. These machines will be depreciated
every year but retired only at the end of 5 years. At the
end of, say, 4 years, the 10 machines would have a depreciated asset value of only one-fifth of their original cost. The
capital stock would be measured as the equivalent of 2 new
machines by the depreciation approach as contrasted with 10
new machines by the retirements approach. Thus, while in
this example the retirements approach somewhat overstates
the effective capacity of stocks in the second period as compared with the first, to the extent that the machines are not
as good as new, the error would seem to be considerably less
than the relative understatement of effective capacity
suggested by a measurement based upon the depreciation
approach.
Estimating stocks and consumption of producers' durable
equipment is difficult. Only scattered data are available
relating directly to equipment stocks, equipment retirements,
or equipment depreciation. In the absence of adequate
direct data, it was necessary in this report to estimate stocks,
retirements, and depreciation for the bulk of producers'
durable equipment by applying estimates of average useful
life to data on purchases of equipment. In calculating depreciation, the straight-line method was used. Retirements
and depreciation were calculated in terms of original cost
dollars, 1947 dollars, and
current dollars. Stocks were calculated in 1947 dollars.1
The calculations of capital consumption and stocks are
necessarily in the nature of rough approximations. Some of
the more important limitations will be touched on briefly at
this point since they have an important bearing on the interpretation of the data.
Conversion of price bases
1929 31
*
33
35
37
39
41
43
45
47
49
51
53
55
COST PREVAILING IN EACH YEAR.
U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS
54-46-8
The expiration of capital equipment may be measured by
two different but related approaches; i. e., by depreciation or
by retirements. The usual business practice is to allocate
the original cost of depreciable equipment over its useful
life. This allocation takes the form of a depreciation charge
to expense and is reflected in the net income of the accounting
period. The measure of the stock of fixed assets that corresponds to the depreciation approach is a net stock measure,
i. e., gross stocks less accumulated depreciation.
The usually accepted base for measuring depreciation in
accounting practice is original cost. However, other valuation bases are also useful in economic analysis. For example,
in measuring the portion of new equipment purchases that
is for replacement over a period of years, it is necessary to
cost new purchases and retirements on the same valuation
base; in this study 1947 dollars are used. Another example
relates to the cost of using equipment expressed in current
dollars, i. e., at cost prevailing in the specified year. For
this purpose it is necessary to convert depreciation in
original cost dollars to depreciation in current cost dollars.
Adjustment of original cost depreciation to alternative bases
of valuation requires the use of price indexes. Of the many
1. An explanation of the procedures used is given at the end of this article. Estimates on
retirements were developed'in connection with exploratory work undertaken by the Office of
Business Economics as part of a study by the Department of Defense. They are an extension
of earlier work on this project by Robert N. Grosse, then of the U. S. Bureau of the Budget.
S T K Y K Y OF r C K R K N T HVSlXKSS
20
problems that arise in connection with price deflation, one
i s p ar ticularly rele va n t.
Over the long run, price indexes tend to overstate effective
price increases and understate price decreases because they
do not take full account of improvements in the quality of
products. In the instance of producers' durables, quality
improvements are, generally speaking, taken into account to
the extent that they are reflected in increased costs of
producing the equipment; generally speaking, no account is
taken of quality improvements which are not reflected in
increased costs.
Quality improvements are of particular importance in the
case of producers' durables, where technological progress is
prominent. Depreciation charges and retirements converted
to a current dollar basis would be lower if full allowance
could be made for quality changes; and consequently the
amounts representing net capital formation in current dollars
would be higher, whether measured on the basis of service
use or retirements. A similar situation applies with respect
to the constant dollar measures. In constant dollars, depreciation and retirements would be lower in relation to total
equipment purchases if full allowance could be made for
quality improvement, and capital formation net of depreciation or retirements would be higher.
equipment. The only comprehensive information relating
to this subject is the average useful lives suggested by the
Internal He venue Service as a guide for calculating depreciation for tax purposes; the present estimates for equipment
other than transportation equipment rely largely on this
source.
It is difficult to appraise the extent to which actual useful
life spans depart from the IRS averages and the direction of
the departures; such departures might be either of a constant
nature or vary in size with time. A study of several components of the transportation equipment group indicated
that the actual life span exceeded the life suggested by IRS.
It is felt, however, that because of special factors present
in these instances, this bias is not indicative of a similar
situation for other types of producers' durables.
For transportation equipment, the IRS average lives were
not used. Instead, average lives were used which provided
estimates that were generally consistent with available data
on stocks and retirements. For railroad equipment, aceountinir data were used.
Private Producers' Durable Equipment
Calculated Depreciation and Retirements
at Current and at Original Cost
Straight-line depreciation
Depreciation may be allocated by any of several methods.
In this study, the straight-line method was used. Equipment, for example, with a useful life of 5 years was depreciated at the rate of 20 percent a year on its cost for 5 years.
The straight-line method has been the one most frequently
used in industry. Other methods are used to some extent.
The service-output method employs a depreciation charge
which varies with output. The declining-balance method
usually employs a fixed rate of depreciation on the net asset
value of equipment (i. e., original cost less accumulated
depreciation) but other variants are also used.
The declining-balance method may become increasingly
important in the future as a result of changes in the Internal
Revenue Code of 1954. The earlier code permitted a declining-balance rate of one and one-half times the straight-line
rate. The new code permits the use of a declining-balance
rate twice as great as the straight-line rate on new property
purchased after December 31, 1953, having a useful life of 3
years or more, with the privilege of changing over to the
straight-line method at any time. (The changeover provision
makes it possible to depreciate the asset during its expected4
life. Without this provision, assets with little or no salvage
value could not be fully depreciated during their expected
lives.)
The straight-line method tends to underestimate the use
derived from equipment in its early years and overestimate
the use obtained in later years, basically because obsolescence
and physical deterioration make old equipment less serviceable than new equipment. In addition, as a consequence of
this—and also because heavy purchases of machinery tend to
occur during periods of high activity—equipment is used
more regularly during its early years of life. In a stationary
economy these biases would not occur' or would be offsetting.
But in an expanding economy, the straight-line method
understates the rate at which productive services in the
stock of capital equipment are being used up.
Average useful
life
Among the most serious limitations of the present estimates is the assumption that had to be made regarding the
average useful life of the various types of producers' durable
BILLIONS OF DOLLARS
150
AT CURRENT COST
AT ORIGINAL
COST
100
~
50
DEPRECIATION
RETIREMENTS
1929 THROUGH 1941
DEPRECIATION
RETIREMENTS
1942 THROUGH 1953
* Cost prevailing in each year of period
U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS
54~46~9
The limitations imposed by the restricted scope of information on average lives applies with greater force to the estimates of retirements than those for depreciation. Actual
retirements for a given year may differ widely from calculated
retirements even though the average life expectancies used
may be approximately correct. For instance, an important
limitation of the estimates of retirements for nontransportation equipment stems from the fact that the estimating procedure could not make allowances for the fact that retirements
were postponed during the war period, when it was difficult
replace equipment, into the postwar period when new equipment became available.
While calculations based on average useful lives may not
reflect year-to-year changes, the resulting estimates are more
reliable statistically if grouped into periods of years. In
this study, the data were grouped into two periods thought
SURVEY OF C U R R E N T BUSINESS
December 1054
to overcome most of the limitations of the use of average life
estimates, and which were also most relevant for analysis.
The first period, 1929-41, was a more or less static one in
net capital formation when considered as a whole, while the
second, 1942-53, was a period of marked expansion.
Consumption- current and original cost
In periods of price advance, depreciation charges based on
original cost will not he sufficient to maintain the real value
of equipment. In other words, reinvestment of an amount
equal to the depreciation charge would not maintain the
existing stock of future services. Subject to the previously
mentioned limitations, it is possible to estimate roughly the
deficiency in any particular year by calculating depreciation
in both current year dollars and original cost for the same
stock of equipment and then to derive a ratio of current
dollar depreciation to original cost depreciation for the year
in question.
Following 1947 the ratio drifted lower, reaching 1.23 in 1953. 11
may be of interest to note that in the period 1929-41, ratios
above 1.00 were roughly offset by other ratios below 1.00.
However, in the period 1942-53, the depreciation ratio was
consistently above 1.00 by substantial mounts.
At first glance, the postwar depreciation ratios may appear
low in view of the sharp increase in prices during the post-war
period. In this connection, two points should be mentioned.
First is the fact that the postwar base on which depreciation
is computed contains substantial and increasing amounts of
equipment purchased at the higher postwar prices. Secondly
the ratio also depends upon the lifespan of equipment. The
ratio used here is an average which covers all types of equipment. For equipment having shorter than average life,
the ratio would be smaller than the average; for longer lived
equipment, t h e ratio would be larger.
Private Producers' Durable Equipment
Table 1.—Private Producers' Durable Equipment: Ratio of Current
Cost to Original Cost for Depreciation and Retirements, 1929-53
I Depreciation j Retirements
1929
1930
1931
1932
1933
J934
1935
1936
1937
1938
1939
1940
1941
1. 05
1. 02
.
.
.
.
97
92
90
96
. 96
. 96
1. 02
1.03
I. 02
1. 04
3. 11
Depreciation Retnements
1942
1943
1944
1945
1946
1947
1. 18
1. 16
. 18
. 15
.22
. 34
25
20
22
21
38
57
. 02 1948
. 01 ', 1 949
1 950
. 06 1951
. 04 1 952
. 05 1 953
. 11
. 35
.32
.27
. 30
. 26
.23
68
75
74
81
76
72
. 08 .
. 03 !;
. 02 ,
.. 03 '«
.01 l . 05
. 06 ;,
21
Purchases, Depreciation, and Retirements
in Constant (1947) Dollars
BILLIONS OF 1947 DOLLARS
200
TOTAL PURCHASES
150
CALCULATED
DEPRECIATION
ON STOCKS
CALCULATED _
RETIREMENTS
FROM STOCKS
100
Source: {'. $. Department of Commerce. Office of Business Economics.
The ratio thus derived provides a rough approximation of
t h e depreciation valuation adjustment which would he
required in order to place original cost depreciation on a
current replacement cost basis. For example, a ratio of 1.1
means that original cost depreciation would need to be
increased by 10 percent to place it on a current replacementcost basis which would maintain future service use. Conversely, a ratio of 0.9 would require a downward adjustment
of 10 percent in order that depreciation cover only the cost
of maintaining future service use.
In the instance of retirements, the ratio of current cost
to original cost provides a rough comparison between the
cost of new equipment and the cost of retired equipment.
For example, a ratio of 1.2 means that the new machine
costs 20 percent more than the original cost of the retired
machine; conversely, a ratio of 0.8 would mean t h a t the new
machine costs 20 percent less. Thus, the value of retirements at original cost would need to be modified by these
percentages in order to provide for replacement- of capacity.
In chart 2, annual ratios of current cost to original cost are
shown for depreciation and retirements for the years 1929
53. In interpreting the results the limitations should be
kept in mind which stem from the fact that price indexes
vlo not fully reflect quality improvements.
The depreciation ratio of current to original cost fell from
about 1.05 in 1929 to 0.90 in 1933, but rose generally there-2
after reaching a peak of 1.35 in 1947 as shown in table I .
2, Tho depreciation ratios are somewhat, higher than, would have been obtained by iisin^
average lives of Bulletin F of the Intern:)! Revenue Serviee for transportation equipment.
50
1929 THROUGH 1941
$942 THROUGH 1953
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
54"4/&-/O
Tho ratio of current replacement cost to original cost for
retirements is generally above that for depreciation, and in
recent years by substantial amounts. This relationship
necessarily holds in periods of rising prices since the original
cost of retirements relate to the time of purchase of retired
equipment, whereas the corresponding depreciation ratios
relate to the time of purchase of existing equipment. To
illustrate: If a given type of machine lasts 15 years, then
t h e retirements for a given year consist only of machines
purchased 15 years earlier. But depreciation on the same
type of machine is based on existing machines and thus includes all purchases made this year, last year, the year before, and so on for 15 consecutive years. Thus, the average
time span between original cost and current cost is much
greater for retirements than for depreciation. Consequently,
in a period of rising prices, the price differential between
original cost and current cost is also much greater.
SURVEY OF CURRENT BUSINESS
22
The ratio of current to orginal cost for retirements fell
from about 1.08 in 1929 to 1.01 in 1933, and then fluctuated
between 1.01 and 1.06 until 1941. At the end of the war
(1945) the ratio was 1.21. Thereafter a sharp rise got underway and lasted until about 1949. Since then the ratio has
been in the neighborhood of 1.75.
It is of interest to compare estimates of current cost and
original cost depreciation and retirements over a period of
years. Such a comparison shows the extent to which consumption of capital equipment expressed in original cost
dollars falls short of (or exceeds) current-year cost. Chart 3
contains such a comparison for the two periods 1929-41
and 1942-53.
Private Producers' Durable Equipment
Gross Stocks, End of Year,
in Constant (1947) Dollars
BILLIONS OF 1947 DOLLARS
December 1054
reflected in retirements until several years later. Consequently in a period of expansion in the stock of capital,
annual depreciation charges will exceed annual retirements.
In the 1942-53 period the expansion was sufficiently pronounced for depreciation at original cost to exceed retirements at current cost even though there was a sharp rise in
the price of new equipment.
The period 1942-53 thus presents an interesting concrete
example wherein (1) depreciation at original cost did not
cover the current cost of service used up during the period
and thus would not, if reinvested, maintain the store of real
capital, and yet, (2) the same depreciation at original cost
was more than sufficient to cover the current replacement
cost of equipment retired during the period. Each of these
comparisons has its own significance. The comparison of
original-cost and current-cost depreciation focuses on the
current cost of using equipment and is therefore particularly
relevant to cost, income, arid real wealth problems. The
comparison of original-cost depreciation and current-cost
retirements is particularly relevant to problems of capacity
replacement and its financing.
200
Purchases., depreciation, and retirements
OTHER EQUIPMENT
A comparison of equipment purchases with depreciation
and retirements when measured in constant dollars provides
a rough indication of the extent to which purchases of capital
equipment have been for replacement. Chart 4, plotted in
constant 1947 dollars, provides such a comparison for the
two periods 1929-41 and 1942-53 which are in sharp contrast.
In the 1929-41 period, private purchases of equipment
exceeded depreciation by only a moderate amount and retirements by a somewhat larger amount. The depreciation
comparisons suggest that the services used up during the
period as measured by depreciation were almost as large as
the total volume of equipment purchases during the same
period. Consequently, the addition to the store of unused
TRANSPORTATION
EQUIPMENT
150
100
Table 2.—Private Producers' Durable Equipment: Purchases and
Calculated Depreciation and Retirements, 1929—41 and 1942-53
50
[Billions of dollars!
1929-41
1928
1941
1953
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
54-46~ll
For the period 1929-41, total depreciation calculated at
current year cost was the same amount as depreciation at
original cost for the same stock of equipment. Total retirements at current- and original-year cost were also about the
same. Furthermore, depreciation and retirements were of
nearly equal magnitude. In explanation it should be noted
that in the absence of price trends, original cost and currentcost measures tend to be equal. If, in addition, there is no
marked trend in equipment purchases, depreciation and
retirements tend to be equal.
The period 1942-53 is in marked contrast with the 1929-41
period. During 1942-53, total depreciation and total retirements at current cost substantially exceeded corresponding
estimates at original cost. The divergence is much larger
for retirements than for depreciation, for the reasons
explained earlier.
Depreciation exceeded retirements during the 1942-53
period by substantial amounts, because of the marked
expansion occurring in equipment purchases. In an expanding economy, there is an immediate annual depreciation
charge for the increase in the stock of equipment which is not
1942-53
Purchases:
Current cost
Cost in 1947 dollars.
51
80
179
166
Depreciation:
Current cost
Original cost
Cost in 1947 dollars _
48
48
76
118
94
110
Retirements:
Current cost
Original cost
Cost in 1947 dollars
46
44
73
81
51
Source: V. S. Department cf Commerce, Office of Business Economics.
services as measured by net stocks (i. e., gross stocks less
accumulated depreciation) was relatively small. Similarly,
the retirements comparison suggests that capacity losses
from retirements were almost as large as capacity additions
from new equipment purchases. Thus, as measured by
changes in gross stocks of equipment, it appears that equipment capacity changed but little during the period, apart
from the following qualification relating to the influence of
technical progress.
The physical volume of gross national product, other
than gross product originating in Government, increased
SURVEY OF CURRENT BUSINESS
December 1954
about 28 percent between 1929 and 1941. However, estimated physical gross stocks of equipment increased only 3
percent and total man-hours remained unchanged between
1929 and 1941. While some of the increase in output may
have been due to increased labor skills and better organization and management, it is probable that part of it reflected
improvements in the quality of equipment of which the
measures presented in this report cannot take adequate
account.
The period 1942-58 was one of marked expansion, with the
volume of private equipment purchases about twice that of
the earlier period. Furthermore, substantial portions of
equipment purchases were for expansion. In a service-use
sense (i. e., depreciation), about one-third of equipment
purchases were for expansion and two-thirds were for replacement of used-up services. In a capacity sense (i. e., retirements), more than one-half of equipment purchases were for
expansion while the remainder were for the replacement of
retired equipment. Thus, whether measured in a service-use
sense or in a capacity sense, gross formation of equipment
capital exceeded consumption by substantial amounts during
the period 1942-53.
Private Producers' Durable Equipment
Percent of Original Service Use Remaining
in Gross Stocks, End of Year
45
1928 30
32
34
36
38
40
42
44
46
48
50
52
23
ments from cumulative purchases, it was possible to calculate
year-end figures of gross stocks of equipment.
Gross stocks
Gross stocks of equipment at the end of 1928 are estimated
in 1947 dollars at approximately $94 billions. During the
next 13 years, comparatively little change took place. It is
not likely that stocks of equipment varied from the 1928 level
by more than 5 percent until 1941. During the depression
following 1929, equipment stocks fell until 1934 or 1935 and
increased thereafter, but as can be seen from chart 5, stocks
at the end of 1941 were only slightly above those at the end
of 1928. Since then, stocks have risen continuously with the
greatest expansion taking place after 1945. Equipment
stocks at the end of 1953 were almost twice those at the end
of 1941.
Machinery and transportation equipment account for the
great bulk of equipment stocks. During the thirties, these
two broad groups were of about equal importance. In recent
years, the share of machinery has increased. More detail on
the nature of the changes is shown in table 3.
Relative increases in equipment stocks between 1928 and
1941 were primarily in agricultural machinery and motor
vehicles. Nonagricultural machinery stocks rose only
slightly, while those of other transportation equipment
(consisting primarily of railroad equipment and ships) declined. In the 1941-53 period, all types of equipment stocks
increased substantially. Equipment stocks of nonagricultural machinery, agricultural machinery arid tractors,
and motor vehicles each increased more than 100 percent,
while other transportation equipment increased by about
a fourth. For the entire span 1928-53, equipment levels of
nonagricultural machinery, agricultural machinery and tractors, and motor vehicles each increased by more than 125
percent, while other transportation equipment showed little
change.
Transportation equipment other than motor vehicles consists mostly of railroad equipment and ships. Substantial
amounts of new railroad equipment were purchased in recent
years as a part of the industry's modernization program.
This was accompanied by heavy scrapping of old equipment.
Productive capacity has undoubtedly expanded more than
the statistical measures indicate. As noted earlier, the
comparisons cannot take full account of quality improvements. Nor can they take into account the more effective
use of rolling stock in the industry.
54
Condition of stocks
Another feature of the chart is of some interest. In spite
of a much larger volume of equipment purchases in the period
1942-53 than in the period 1929-41, the volume of retirements
was approximately the same. This result is due to the
circumstance, noted earlier, that an increase in purchases
will result in an increase in retirements only after several
years.
A summary of equipment purchases, depreciation, and
retirements for the two periods 1929-41 and 1942-53 is
shown in table 2.
Attention is now turned to the impact of equipment
purchases and consumption on the stocks of equipment in
use.
Stocks of Equipment
By first expressing purchases and calculated retirements in
terms of 1947 dollars and then deducting cumulative retire
Gross stocks of equipment were depreciated by using the
straight-line method to derive net stocks. (Except for the
fact that values are in constant dollars, the resulting net
stocks correspond to net asset value in the ordinary sense—
i. e., net stocks represent gross asset value less accumulated
depreciation.) A measure of the percent of original service
use remaining was then obtained by computing the ratio of
net stocks of privately owned producers' durable equipment
to gross stocks of the same equipment.
In a stationary economy, the ratio of net stocks to gross
stocks will be around 50 percent, assuming straight-line depreciation. The ratio, however, is subject not only to
cyclical fluctuations but is also influenced by long-term
trends. In periods of cyclical decline, it will fall because
of a corresponding decline in new equipment purchases. It
will also fall during emergency periods if limitations are
placed on new equipment purchases. Conversely, it will
rise during periods of cyclical advance. In a growing economy, the ratio will tend to keep above 50 percent because
stocks of equipment are less than half depreciated.
SURVEY OF ( T R K K N T
24
As can be seen from chart 6, the ratio of net stocks to gross
stocks declined from about 54 percent at the end of 1928 to a
low of about 47 percent in the midthirties. Thereafter, it
rose until the end of 1941 reaching 53 percent at that time.
But with the onset of the war and the decline in private purchases of equipment because of wartime restrictions, the
ratio again declined to about 50 percent. After 1945 it recovered quickly and by the end of 1948 had reached about
56 percent, from which point there has been little change (as
of the end of 1953). From the foregoing comparisons it is
apparent that the percent of original service use remaining
in the existing stock of business equipment has been of record
size in recent years.3 These percentages also suggest an
improvement in the general physical condition of existing
equipment.
In summary, gross stocks of equipment at the end of 1953
were almost twice as high as a dozen years earlier, even without taking full account of improved quality due to technological advance. Unused future services stored in existing
equipment have increased even more. Finally, the physical
condition of equipment stocks may be presumed to be
extraordinarily good.
Equipment Stocks, Labor, and Output
Stocks of producers' durable equipment (as measured in
constant 1947 dollars) per person engaged in production,
excluding general Government employees but including the
self-employed,
are shown in chart 7 for the years 1929 to
1953.4 As can be seen from this chart, equipment per person
in 1953 was about 50 percent higher than in 1929. This
Private Producers' Durable Equipment
Gross Stocks per Worker*
in Constant (1947) Dollars
1947 DOLLARS - Ratio Scale
4,000
3,500
3,000
2,500
2,000
1,500 I i i I < i I i
1929
* Persons
31
33
35
i i I I i i t
37
39
41
i i I i
43
45
I i i t
47
49
i i i I
51
53
55
engaged in product/on exclusive of general Government
U. S. DEPARTMENT OF COMMERCE. OFFICE OF BUSINESS ECONOMICS
54-46-13
striking increase was not a unique feature of the 25 years
here under review but represented the continuation of tendencies that have characterized also earlier phases of our
economic development. Technological trends were undoubtedly the major factors at work, although others, such
3. The absolute percentages would he lower if a declining-balance method of depreciation
of the type permitted by the Internal Revenue Code of 19.14 were used instead of the straightline method. The trend of the percentages over time using such a declining-balance method,
however, would show a pattern broadly similar to that shown here.
-1. The values shown here cover only equipment rmd are in 1917 dollars. Total real capital
investment per person engaged in production is of course much higher since it includes not
only equipment but also land, plant, and inventories.
December !!>.">4
as shifts in demand, and changes in the relative costs of
equipment, plant, and labor, may have contributed to the
result.
Table 3.—Private Producers' Durable Equipment: Percent Change
in Gross Stocks for Selected Periods
Percent change ;-!, ye1 i r on d-
1928 to
1941
1941 to
1953
7
89
103
Machinery _
_
Xonagricultural machinery
A g r i c u l t u r a l machinery and tractors
11
8
28
120
118
135
144
136
201
Transportation equipment
Motor vehicles
_...._
_
Other transportation equipment...
7
38
- 14
65
103
25
76
181
8
-1
66
64
Total
Other equipment
._
1928 to
1953
Source: U. S. Department of Commerce, Office of Business Economics.
As the result of this increased use of equipment per worker,
and also other changes, such as industry shifts, quality improvements, increased labor skills, and better organization
and management, output per worker has increased substantially over the period, in spite of the reduction in average
working hours that has taken place. As shown in chart 8,
output per worker in 1953 was more than 50 percent higher
than in 1929. Reflecting, in addition, the reduction in
average hours worked, output per man-hours increased by
more than two-thirds, or at an annual rate somewhat in
excess of 2 percent.
In striking contrast, output per dollar of equipment stock,
although it has fluctuated widely, has shown no apparent,
trend during the period. It ranged from $1 during the
severe depression of the thirties to $2 during World Wai- I I ,
but the 1958 figure of $1.50 was approximately the same as
the figure for 1929 and was approximated also in other
prosperous peacetime years. Moreover, information available for the twenties indicates similar figures for prosperous
years of that period also.
There is evidence that the ratio of output to plant followed
a movement parallel to the ratio of output to equipment
from the early twenties to 1945. Since then, however, the
output-plant ratio has risen relatively. In other words,
for more than two decades prior to 1945, machinery and
plant were used in approximately constant proportions,
but since 1945 there has been an increasing use of machinery
relative to plant. The causes of this shift are not fully
understood, but the fact that construction costs have
increased more rapidly than prices of new machinery in
the past decade has probably been an important factor.
Technological change, industry shifts, and time lags in
adjustment may also be involved.
No explanation has as yet been found for the apparent
constancy in the output-equipment ratio over long periods.
It should be regarded as a tentative finding calling for
further empirical verification and economic analysis rather
than as a norm that can be projected into the future.
Note on Methods
Depreciation and retirements were calculated for the years
1929 through 1953, and gross and net stocks for the end of
the year from 1928 through 1953 for each of approximately 50
product groups covering the field of producers' durable
equipment. Retirements and depreciation were calculated
S U R V E Y OF CURRENT BUSINESS
in terms of original cost dollars, 1947 dollars, and current
dollars. Stocks were calculated in 1947 dollars. The
estimates for all groups except railroad equipment were
based on an actuarial-type method, in which estimates of
useful life were applied to data on purchases to derive
depreciation, retirements, and stocks of equipment. The
estimates for railroad equipment were based upon accounting
Groups other than transportation
equipment
Estimated useful lives for several thousand pieces of
equipment have been published by the Internal Revenue
Service in Bulletin "F". The useful lives as reported in the
bulletin were matched with detailed production statistics
of the value of producers' durable equipment published in
the Census of Manufactures. Maximum use was made of the
detail afforded by both the value data and the useful life
data in assigning useful lives to the individual types of
equipment. Where Bulletin "F" did not furnish suitable
detail, experts of the then National Production Authority
and other Government agencies and private experts were
consulted, but Bulletin "F'J furnished by far the largest
amount of the useful life information utilized.
CHART 8
Output per Worker and per Dollar of
Equipment Stock, in Constant (1947) Dollars*
1947 DOLLARS- Ratio Scale
6.0
5,0
OUTPUT PER WORKER
(!N THOUSANDS OF DOLLARS)
4.0
3.0
2.0
1,5
OUTPUT PER DOLLAR
OF STOCK
(IN DOLLARS)
I
1.0
1929
31
ft
33
8
35
I
I
1
37
39
1 I
41
I I
43
I I
45
I I
47
1 1 I I
49
51
J I
53
55
*" Gross national product exclusive of general Government per person
engaged in production and per dollar of private producers' durable
equipment stock.
U. S. DEPARTMENT
OF COMMERCE. OFFICE OF BUSINESS ECONOMICS
54-46-14
When the individual items of equipment had been assigned
useful lives, the items were classified into groups. Generally
speaking, the product grouping was in accordance with the
three-digit Standard Industrial Classification. The number
of items in each group varied considerably, ranging from
1 or 2 to more than 100. For each group, a percentage
distribution was prepared reflecting the total value of production classified by length of useful life.
The useful life assigned to each item of equipment was
usually not changed from one year to another, but because
of the changing importance of individual types of equipment
within the groups in different years, the percentage distribution of useful lives for any group could change over time.
For this reason, a useful-life distribution was prepared for
;i23582°—544
25
each of 5 or more selected years between 1929 and 1953 for
each group to test the stability of the distributions over
time, and to permit the use of "more than one distribution
if it appeared that the distribution of any group changed
significantly during the period.
The basic purchase data used were the estimates of business
purchases of producers' durable equipment from 1929 to
1953 (including capital outlays charged to current expense)
prepared in this Office as part of the national income and1
product accounts. These estimates were modified to include
purchases by business from the Government of war-surplus
ships, which had been counted as Government purchases
when produced. Equipment purchases in the years before
1929 were estimated by extrapolating the OBE series by
means of estimates published in Simon S. Kuznets:
Commodity Flow and Capital Formation, National Bureau of
Economic Research, New York, 1938; and in William H.
Shaw: Value of Commodity Output Since 1869, National
Bureau of Economic Research, New York, 1947.
The following procedure was used to obtain depreciation
and retirements at original cost. For each group annual
purchase values were divided into portions having different
useful-life expectancies by the application of the appropriate
percentage distribution of useful lives, and each portion was
depreciated on the straight-line basis. Thus, depreciation
on equipment with a useful life of 5 years was obtained by
allocating one-fifth of its purchase cost to each of 5 consecutive years. The estimates of retirements were calculated
by counting the entire purchase cost of a given portion as
a retirement at the end of its estimated useful life. Thus,
the retirements on equipment with an estimated useful life,
of 5 years were obtained by counting the entire purchase
cost as a retirement 5 years after date of purchase. Equipment subject to emergency amortization during the 1941-45
and 1950-53 periods was* treated the same as other equipment, the normal useful-life distributions being applied to it.
The estimates of retirements and depreciation were
deflated to constant (1947) dollars by first applying price
indexes to the original purchase cost of equipment and then
repeating the procedure described for the original cost
computations. The price indexes used were those that have
been constructed for deflating the producers' durable equipment component of gross national product. Constant cost
estimates were con veiled to current costs for a specific
year by multiplying the constant dollar cost by the price
index for that year.
Gross stocks of equipment in constant dollars as ot the
end of 1928 were calculated by totaling all equipment
purchases made prior to 1929, but not retired as of the
beginning of that year. Stocks for successive years were
derived by using the 1928 estimate and adding thereto
annual purchases and subtracting annual retirements. A
similar computation using the purchase estimates and the
calculated depreciation was used to estimate net stocks of
equipment (gross stocks less accumulated depreciation) for
the same period for each group.
The transportation equipment groups
For railroad equipment, a complete set of estimates of
depreciation, retirements, and gross and net stocks was
made largely from the accounts of railroads reporting to the
Interstate Commerce Commission. The Interstate Commerce Commission data, covering "steam" railroads, private
freight-car owners, the Pullman Co., the Railway Express
Agency, and interstate electric railroads, were supplemented
by data of the American Transit Association on the local
transit rail and trolley bus systems. These data yielded
estimates at original cost which were converted to other price
bases by TCC cost indexes, ICC quantity data on stocks of
26
SURVEY OF CURRENT BUSINESS
locomotives by year of construction available since 1932,
and quantity data on stocks of cars by age available for
selected years since 1933 from the American Railway Car
Institute.
For other types of transportation equipment partial data
were available pertaining to some of the required components,
such as gross stocks and retirements, but failing to cover
others, such as net stocks and depreciation. For these
groups, the general method was to make initial estimates of
the components for which data were available, and then to
devise actuarial-type estimates which would approximate as
closely as possible the initial estimates, by experimenting
with various useful-life distributions until the desired result
was obtained. The complete sets of actuarial-type estimates were used in this report. In this way, the logical
interrelation among purchases, retirements, depreciation,
and gross and net stocks was ensured; at the same time, the
information provided by the actual data was utilized. Confonuance between the actuarial-type estimates and the initial
estimates based on independent data was high, the general
level and the pattern of movement being preserved. In
addition, the useful-life distributions used in the actuarialtype estimates were reasonable.
This w^as the general method of estimation for the transportation equipment groups other than railroad equipment;
the specific sources used in making the initial estimates for
each such group are described below.
1. Trucks, buses, and trailers: Initial estimates of gross
stocks and retirements were prepared from data on total
registrations of trucks and buses, on the number of motortrucks in use by age for selected years beginning in 1941, and
on the number of trucks and buses scrapped annually.
These data are published by the Automobile Manufacturers
Association.
2. Passenger cars: The estimates of business purchases of
passenger cars consist of two components: new car purchases
and used car dealers' margins. Initial estimates of gross
stocks and retirements of the "new car" value portion were
made by the same procedure used for trucks, buses, and
trailers (see above). In this case the AM A data on the
number of passenger cars in use by age were available for
selected years beginning in 1935. Actuarial-type estimates
were made for used car dealers' margins.
December 1J).">4
3. Aircraft: An initial estimate of gross stocks at the end
of 1951 was made from data of the Civil Aeronautics Administration on the number of civil aircraft registered at that
time by year of manufacture.
4. Ships and boats: Initial estimates of gross stocks were
constructed. They were based on the OBE producers'
durable equipment series on ships. Customs Bureau data on
gross tonnage registered annually since 1937 by year of
construction, and Maritime Administration data on tonnage
and value of Government surplus ships sold to private
owners.
It should not be concluded that the estimates for transportation equipment, being based at least in part on independent data on gross stocks and retirements, are more
reliable than those for other groups which are based on the
more theoretical actuarial-type method which does not have
the benefit of these empirical checks. Transportation
equipment moves back and forth readily from domestic
business use to other uses—by persons, by government,
and by foreign nations. This movement presents large
problems of estimation; consequently, with the exception of
railroad equipment, which should be one of the better estimates, the transportation equipment estimates are believed
to be less reliable than the others. (If the actuarial-type
method had been used exclusively, without recourse to
independent data, these estimates would have been even
less satisfactoiy.)
The present study differs somewhat in methodology from
the earlier one appearing in the June 1953 SURVP:Y.
1. For transportation equipment other than railroads, the
present study employs average lives which result in estimates
that are consistent with available data on stocks and retirements. The earlier study employed average lives from
Bulletin "F" of the Internal Revenue Service.
2. The present study includes capital outlays charged to
current expense in capital equipment and depreciates and
retires them according to the methods applied to all other
equipment. The former study excluded them.
3. For purposes of estimating depreciation and retirements, the present study makes no distinction between
equipment subject to emergency amortization and other
equipment. The average life expectancy used was the
normal useful life. In the earlier study, equipment subject
to emergency amortization was depreciated over a period
not exceeding 5 vears.
United States Foreign Business Dips During Third Quarter
(Continued from page 12}
the third quarter (as carried in the United States balance of
payments) would have been about $555 million, or about
$120 million less than during the third quarter of 1953.
Third-quarter accumulations by Europe were increased
by the seasonal high of United States tourist expenditures
and the seasonal low of the European import surplus from
the United States, which together account for about $150
to $200 million. After rough adjustment for these seasonal
factors in transactions with the United States, gold and
dollar accumulations were larger than grants to the area at
the third-quarter rate, but did not exceed the total of grants
plus United States expenditures abroad for offshore purchases
under the military-aid program.
Transactions with the sterling area during the third quar-
ter (including the short-term capital outflow of about $40
million) resulted in net payments by the United States of
$140 million, all of which was derived from United States
transactions with the United Kingdom. The remainder of
the sterling area did not have an excess of dollar receipts
over payments. During the third quarter of 1953, in comparison, the net receipts by the United Kingdom from transactions with the United States amounted to about $220
million, and of the rest of the sterling area to about $60
million. It appears, therefore, that a large part of the excess
of sterling area receipts from the United States over expenditures here which existed a year ago, has been erased,
partly by a reduction in United States grants, and partly
by an expansion of sterling area purchases here.
/ f ew or
STATISTICAL SERIES
Profits and Dividends (Quarterly): New Series for Page S-18 *
[Millions of dollars]
1952
1951
Item
Manufacturing corporations (Fed. Trade and SEC):
Net profit after taxes, all industries
Food and kindred products
Textile-mill products
Lumber and wood products (except furniture)
Paper and allied products _ _ _
.
Chemicals and allied products
Petroleum refining, _
..
Stone, clay, and glass products
Primary nonferrous metal
Primary iron and steel __ __ _ _ _ _ _ _
Fabricated metal products (except ordnance, machinery,
and transportation equipment) _ _ - ._ - . _ . . Machinery (except electrical)
Electrical machinery
_ _ _ _ _
_. - ._ _
Transportation equipment (except motor vehicles, etc.) _ _
Motor vehicles and parts . .
, __All other manufacturing industries
Dividends paid (cash) all industries
I
II
III
IV
Average
2 967
215
124
2 562
2 597
2 590
2 965
2 679
160
62
207
51
255
73
195
78
204
66
50
93
75
134
51
115
57
99
63
107
47
116
209
512
104
103
176
246
589
78
135
235
270
526
108
131
240
255
497
66
129
193
249
485
102
112
110
246
465
113
93
127
126
227
97
120
245
175
151
276
152
117
272
152
128
290
131
I
II
III
IV
3 406
3, 247
2 477
2 739
234
202
220
158
220
54
185
82
94
165
90
159
65
119
346
486
119
144
268
279
518
129
140
281
193
313
190
165
319
146
Aver-
1953
age
Average
II
III
IV
2,847
3, 031
2 871
2 591
2, 835
186
93
219
83
275
77
190
33
218
72
55
109
46
116
61
113
47
116
24
105
45
113
268
562
98
127
257
255
502
95
115
172
279
488
77
127
228
284
520
127
124
243
252
545
121
104
236
238
624
80
109
205
263
544
101
116
228
129
239
140
119
243
212
123
261
159
118
262
194
140
278
165
142
210
159
103
184
163
126
234
170
76
253
T
42
270
55
281
39
177
53
211
47
235
55
215
63
262
61
198
76
278
64
238
69
269
85
272
68
236
80
233
347
310
247
241
286
223
251
280
290
261
298
316
282
218
279
1 190
1 264
1 238
1 848
1 385
1 259
1 267
1 231
1 730
1 372
1 267
1 287
1 244
1 796
1 399
1
Compiled jointly by the Federal Trade and Securities Exchange Commissions. Data are estimated totals based on reports from all manufacturing corporations registered with SEC, all
nonregistered manufacturing corporations with total assets of $5,000,000 and over at the end of 1949, arid a sample of nonregistered manufacturing corporations with total assets of less than
$5,000,000 at the end of 1949.
FOREIGN
COMMERCE
WEEKLY
. . Around the World . . .
Reports developments . . .
World Trade Leads
Economic Conditions Abroad
Doing Business Abroad
Controls on International
Trade
Transport and Communications
U. S. Government Actions
Timely Business
News for Worlrf
Traders
from the Bureau of
Foreign Commerce
News by
Commodities
Also . . . feature articles on timely topics . . .
world trade statistics . . . announcements of new
world trade publications . . . schedules of fairs
and exhibitions . . . exchange rates.
Annual subscriptions to FOREIGN COMMERCE WEEKLY, $3.50 domestic ($4.50 foreign), may be
placed with your nearest U. S. Department of Commerce Field Office or with the Superintendent
of Documents, U. S. Government Printing Office, Washington 25, D. C.
27
SURVEY OF CURRENT BUSINESS
28
Financial Experience of Manufacturing Corporations
(Con tin u ed from page 17)
portant source of funds. An activity and prices continued
to mount, manufacturers shifted from liquidation to accumulation of cash assets. From 1947 through 1953, all. industries
with the exception of textiles had increased holdings of cash
and U. 3. Governments,
These additions were, however, less than proportional to
the increases in current liabilities in all industries except
printing and publishing, where cash coverage of current
liabilities was unchanged, and petroleum refining, where the
ratio rose significantly.
In the past year, changes in liquidity were mixed, butmoderate increases were more prevalent than decreases.
The leather arid tobacco industries, with cash coverage of
current liabilities somewhat below the overall average in
1953, experienced further substantial reductions in 1954.
In the former case, cash and U. S. Government securities
holdings were off sharply while current liabilities underwent
a much smaller reduction. In the case of tobacco manufacturers, cash assets were off moderately while current liabilities
actually increased.
The opposite tendency—--toward substantial improvement
in the cash-current liability ratio-—occurred in the motor
vehicle and steel groups. In each of these industries there
was a moderate fall-oil' in liquid assets while current liabilities
w^re cut back sharply. Needless to say, these aggregate
industry ratios do not reveal the considerable variability of
experiences realized among firms even in the same industry
groupings.
Size differences
The accompanying chart presents postwar trends in profit
and liquidity ratios for the two broad size groups of manufacturing corporations. Profitwise, the smaller firms were in a
somewhat more favorable position than the larger firms at
the start of the period shown in the chart. This might be
expected in that the former encountered less reconversion
problems or were able more readily to make required peacetime adjustments.
Profits of the larger firms were relatively better maintained
in the 1949 recession, and after a substantial recovery in
1950, the profit rates of both groups declined through 1952
when taxes were raised and price controls were in effect.
Since that time the profit ratio for the larger concerns was
well maintained while a further reduction took place among
the firms with less than $100 million of assets. To a large
extent, the better current showing of the larger firms reflects
the greater impact on this group of the elimination of excess
profits taxes, although for the period as a whole it would
appear that on a relative basis, the profitability of the larger
concerns was more stable than that of the smaller sized group.
To some extent the more recent 1953-54 divergence in
profit rate trends of the two size groups may be affected by
the different industrial composition of the firms in the group.
For example, those industries in which small firms are
relatively more important (e. g., apparel and furniture)
suffered somewhat greater than average profits declines from
1953 to 1954.
Data from the Internal Revenue Service for the earlier
postwar period show profitability by size and industry. For
the period from 1947 through 1951, the IRS information on
overall profit trends in manufacturing follow the pattern
shown in the upper panel of the chart which is based on
SEC-FTC material. Both sources show that the ratio of
profits to net worth declined with the fall-off largely concentrated among the firms with assets of less than $100 million.
An industry-by-industry breakdown by size categories
clearly suggests that this overall pattern was generally repeated within major industry groups, with profits relatively
more stable among the larger size firms.
The lower panel of the chart shows the trend of liquid
assets as a percent of current liabilities. As is generally
recognized, the liquid asset-current liability ratio was consistently higher for the larger concerns throughout the postwar period. However, the liquidity ratios of the group were
much closer together in 1954 than in 1947. This result was
largely achieved in the period from 1951 onward when the
liquid asset percentage for the firms with less than $100
million of assets stabilized while that for the larger firms
continued downward through 1953. The smaller firms also
o'ained somewhat more than the larger firms from 1953 to
1954.
Note on methodology for estimates in table 1
The sources and uses data presented in table 1 are estimates derived from a variety of sources. Plant and equipment figures are derived from the regular surveys prepared
by the Office of Business Economics and the Securities and
Exchange Commission. Working capital items are based
upon Internal Revenue Service statistics for the years 1940
through 1951; these are extrapolated to the current period
with the aid of estimates made by OBE (inventories, Federal
tax liabilities) and by the SEC and the FTC (other working
capital items). Retained earnings, depreciation, and longterm debt are OBE estimates derived from basic source data
of the IRS, SEC, and FTC. Net new stock issues are estimated bv Securities and Exchange Commission.
BUSINESS STATISTICS
rp
JL HE STATISTICS here are a continuation of the data published in BUSINESS STATISTICS, the 1953 Statistical Supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $1.50) contains monthly data for the years 1949 to 1952, and monthly averages for earlier years
back to 1935 insofar as available; it also provides a description of each series and references to sources of monthly figures prior to 1949. Series
added or revised since publication of the 1953 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 and dollar values refer to adjustment of monthly figures for seasonal variation.
Data from private sources are pro-
Statistics originating in Government agencies are not copyrighted and may be reprinted freely,
vided through the courtesy of the compilers, and are subject to their copyrights.
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
1954
January
February
March
April
May
July
June
August
Septem- October November
ber
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT
Seasonally adjusted quarterly totals at annual rates:!
National income, total
bil. of dol
299.9
298.9
299.6
208.8
197 6
164. 1
9 9
23.5
11 2
206.4
194 6
161.2
9 7
23.7
11 8
206.6
194 9
161.5
9 5
23.8
11 7
207.2
195 6
161.6
9 6
24.4
11 6
49.1
25.9
12.3
10.8
49.4
25.6
13.0
10.8
49 0
25.9
12 2
10.9
48.5
25.9
11.6
10.9
33 1
32.5
17.4
15. 1
6
8.9
34 1
34.5
17 0
17.5
— 4
9.0
34.9
34.5
17 0
17.5
4
9.1
— 3
9.2
do
360.5
355.8
356.0
355.5
do
do
do
do
229 7
28.0
118 7
83.0
230 5
28.0
118 8
83.6
233
28
120
84
1
8
0
3
234 8
28 9
121 1
84 8
Gross private domestic investment, total __do
New construction
. do
Producers' durable equipment
do _
Change in business inventories
do
45.5
25.7
24.0
—4.2
44.5
26.0
22.7
—4.2
45.6
27 0
22.4
—3 8
45.3
28 3
21.8
—4 8
Net foreign investment
do
Government purchases of goods and services, total
bil. of dol
Federal (less Government sales)
do
National security 9
do
State and local
do
— .6
— 1.1
— 1.0
—.2
86.0
59.8
50.6
26 2
81.9
55.0
46.9
26 9
78 3
51.3
44 7
27 0
75.6
47.9
42.1
27 7
287.3
36.1
251 2
21.5
285.1
32.8
252 3
21.8
285.7
32 9
252 9
19.7
286.2
32.9
253 2
18.4
Compensation of employees, total
Wages and salaries, total
Private
__
Military
Government civilian
Supplements to wages and salaries
do
do
do
do
do
do
Proprietors' and rental income, total cf
do
Business and professional cf - do
Farm
do
Rental income of persons
do_ _ _
Corporate profits and inventory valuation adjustment total
bil of dol
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
do
Inventory valuation adjustment
do
Net interest
do
Gross national product, total
Personal consumption expenditures, total
Durable goods
Nondurable goods
Services
_
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Personal saving §
.
do
do
do
do
PERSONAL INCOME, BY SOURCE
Beasonally adjusted, at annual rates :f
Total personal income
Wage and salary disbursements, total
Commodity-producing industries
Distributive industries
Service industries
Government
bil. of dol
287.8
287.2
287.0
284.9
285.0
285.0
284.4
286.2
286.5
285 7
285 4
^286 6
285. 9
do _
do
do
do
199.1
87.9
52.5
25 0
33.7
197.9
87.0
52.4
25.0
33.5
196.0
85.5
52.1
25 0
33.4
194.7
84.5
51.9
24 8
33.5
194.7
84.6
51.8
24.9
33.4
194.5
84.2
52.0
25 0
33.3
194.3
83.7
52.0
25 2
33.4
195.0
84.2
52.3
25 2
33.3
195.5
84 0
62.5
25 5
33.5
195.7
83 4
53.1
25 4
33.8
195. 5
82 7
52.8
25 8
34 2
' 195. 4
T
82 4
52.9
r
25 9
34.2
195.8
82.7
52.7
26 1
34.3
6.6
48.0
23.5
14 6
6.6
49.1
23.7
13 9
6.7
50.2
23.8
14 4
6.6
49.6
23.9
14 8
6.6
49.6
23.9
15.0
6.6
48.9
23.9
15 8
6.6
48.2
24.0
15 9
6.6
49.4
24.0
15 8
6.6
49.2
24.1
15 8
6.6
47.9
24.2
15 8
6.6
48.2
24.3
15 5
6.6
48.8
24.4
r
!6 0
6.6
47.2
24.5
16 4
do
Other labor income ._
_ do _
Proprietors' and rental income
__do
Personal interest income and dividends
do
Transfer payments
do
Less personal contributions for social insurance
bil. of dol..
Total nonagricultural income
_
do
4.0
4.0
4.1
4.7
4.8
4.7
4.6
4.6
4,7
4.5
4.7
272.7
271.3
269.6
267.9
268.2
268.8
269.1
269.7
270.3
270.6
270.2
r
r
'4.6
4.6
271. 1
271.8
r
Revised.
fRevised series. Quarterly estimates of national income and product have been revised back to 1939 (annual data, to 1929); quarterly and monthly estimates of personal income, back to
1929 (monthly revisions prior to May 1953 appear in the 1954 issue of the National Income Supplement). For quarterly data prior to 2d quarter 1953, see pp. 8 and 9 of the July 1954 SURVEY.
^Includes inventory valuation adjustment.
9 Government sales are not deducted.
§Personal saving is excess of disposable income over personal consumption expenditures shown
as a component of gross national product above.
S-l
SURVEY OF CURRENT BUSINESS
S-2
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemSupplement to the Survey
October
ber
ber
December J954
1954
January
February
March
April
May
July
June
August
Septem- October November
ber
GENERAL BUSINESS INDICATORS—Continued
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly totals it
All industries
mil. of doL-
Manufacturing
_
_ _ __.
Durable-goods industries
Nondurable-goods industries.
do
do
do
Mining
do
Railroads
do
Transportation, other than raiL
.do
Public utilities
do
Commercial and other. -_
__ ._
- _do
Seasonally adjusted quarterly totals at annual rates:
All industries
bil of dol
Manufacturing
_
Mining
Railroads
Transportation, other than rail
Public utilities
_
Commercial and other
__ - _do_ ._
_ _
_do__ _
do
do
do
do _ _
1
7,666
6,240
6,918
3,392
1,628
1,764
2,641
1,224
1,417
2 932
1,336
1 597
' 2, 706
'
1, 230
r
1, 475
288
341
376
223
248
360
910
266
245
355
'256
T
182
'353
r
1, 058
' 2, 075
1,246
2,023
1,859
1,108
2 013
28 56
27 48
27 19
12.22
1.10
1 26
1.52
4.46
8.00
11.87
.95
11.37
1 06
1 06
1.47
4.29
7 84
1 36
4.43
8 05
r 6, 629
1r
r
27 00
11. 30
'1.02
r
79
r
1.40
'4.12
r
8. 37
92
FARM INCOME AND MARKETINGS?
Cash receipts from farming, including Government
payments, total
mil. of dol
Farm marketings and CCC loans, total
do
Crops
do
Livestock and products, total
_ do
Dairy products
do
Meat animals
_
do
Poultry and eggs
_
do _
Indexes of cash receipts from marketings and CCC
loans, unadjusted:
All commodities
1935-39 =100 ._
Crops
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted:
All commodities
_ - 1935-39 =100. .
Crops
do
Livestock and products
- - do _
349
842
364
3,374
3,370
1,811
1.559
338
836
371
2,939
2,927
1 466
1,461
348
763
334
2 629
2,611
1 195
1,416
585
816
414
508
640
410
442
518
385
394
422
373
294
227
343
300
190
382
229
286
186
195
211
183
173
183
166
160
167
155
123
96
143
127
78
164
136
130
124
124
126
138
154
129
136
147
167
137
161
138
205
132
146
122
129
146
158
130
154
135
191
125
140
110
114
145
155
126
149
137
172
126
140
113
115
145
155
124
146
132
172
128
141
113
114
147
155
123
147
134
172
189
151
106
481
156
116
123
139
128
148
173
107
95
463
156
114
114
134
122
145
174
107
98
483
155
112
99
128
116
138
183
135
103
483
148
106
104
122
115
128
183
138
103
489
147
107
116
126
120
133
182
142
101
485
145
106
117
do
do
do
do
do ___
do
do
do
_ _ _ do _
do
122
120
121
123
101
116
118
116
100
101
118
111
114
135
99
99
100
111
96
102
110
99
102
125
97
84
80
92
87
90
111
97
101
126
95
82
78
98
91
97
do
do
do ___
do
do._.
do
do _ _ _
do
do
do
107
97
140
138
126
151
151
131
135
127
100
89
135
133
126
150
149
131
137
120
98
87
119
117
122
146
147
128
137
111
107
94
126
128
116
146
145
125
134
114
3,888
3,881
2 309
1,572
329
790
276
1 251
2,581
2,569
1,219
1,350
359
624
246
348
727
259
317
281
354
336
345
329
388
431
355
475
620
367
532
731
384
133
78
174
147
116
171
151
139
159
168
168
167
201
233
177
222
265
189
124
124
124
116
123
126
129
125
137
107
105
147
150
120
141
128
166
125
136
108
108
147
148
121
138
126
162
125
135
109
109
149
147
122
137
125
162
116
125
94
96
142
138
116
128
119
145
125
132
100
97
131
140
112
139
144
124
138
118
176
127
135
105
102
137
145
123
145
121
190
180
146
101
472
138
98
122
130
117
124
175
143
96
472
135
100
115
131
115
127
165
125
78
469
132
99
121
131
181
151
101
475
140
101
119
128
117
125
165
123
79
465
132
107
102
134
155
81
74
470
136
111
124
135
r
140
135
139
115
96
98
112
97
89
86
96
95
100
115
98
98
115
96
98
98
101
94
100
114
98
97
106
96
103
100
99
93
99
114
103
100
105
96
115
108
108
94
99
115
110
106
108
98
126
114
113
92
96
r 108
109
107
102
99
118
103
92
'82
85
117
115
116
108
98
110
96
111
97
101
119
120
123
120
98
106
98
122
115
102
133
132
118
150
150
126
136
114
116
100
135
133
121
150
150
121
129
118
108
94
136
131
122
147
150
120
128
116
103
89
134
132
121
145
150
123
130
118
99
94
136
136
119
144
152
124
131
121
91
87
120
116
113
138
146
122
130
85
110
101
137
135
116
144
151
124
131
92
101
95
137
132
122
149
153
126
133
117
1 960
1,946
643
1,303
313
703
267
2 014
1,990
538
1,452
1 914
1 881
494
2 062
2 033
589
2 176
2 137
793
1 444
1 344
284
175
365
307
208
380
120
67
161
126
128
140
108
106
147
153
121
145
132
172
342
813
279
1 387
345
758
258
389
757
258
380
684
241
2 246
2 228
977
3,158
3, 146
1,753
1,393
326
791
260
3 535
3 525
2 068
1 457
v 3,200
f 1,700
•p 1,500
335
829
276
INDUSTRIAL PRODUCTION
Federal Reserve Index of Physical Volume t
Unadjusted combined indexf
1947-49=100
Manufactures
Durable manufactures
Primary metals
Steel
Primary nonferrous metals
Metal fabricating (incl ordnance)
Fabricated metal products
Machinery
Nonelectrical machinery _ _ _ _ _ _
Electrical machinery
do
do
do
do
do
do
do
do
. _do
do
Transportation equipment
do
Autos
do
Trucks
do
Aircraft and parts
__
do ...
Instruments and related products
. do
Furniture and
fixtures
do
Lumber and products
do
Stone, clay, and glass products . ,_ do __.
Glass and pottery products
do
Miscellaneous manufactures
do
Nondurable manufactures
Food and beverage manufactures _ _
Food manufactures
Meat products
Bakery products
._
Beverages
Alcoholic beverages
Tobacco manufactures
Textile-mill products
._ ___ _
Cotton and synthetic fabrics
Apparel and allied products
Leather and products
Paper and allied products _ _
Pulp and paper
Printing and publishing.
Chemicals and allied products
Industrial chemicals
Petroleum and coal products..
Petroleum refining
Rubber products
113
76
131
95
126
_ ....
!
p Preliminary.
Estimates for the 4th quarter of 1954 and
Minerals
Coal
__ __
Crude oil and natural gas
Metal mining.
_
Stone and earth products
do
_ do__do
do
do ...
118
84
131
122
132
,128
r
''91
128
107
121
r
r
111
111
109
109
110
112
11C
115
74
71
61
62
58
68
63
57
r
133
134
134
135
137
136
!37
133
74
74
79
73
76
119
108
108
122
119
113
108
125
114
127
130
the 1st quarter of 1955, based on anticipated capital expenditures of business,
116
130
l!8
149
123
151
121
207
158
138
113
95
96
125
111
110
113
68
70
77
129
130
130
99
94
130
128
appear on p. 5 of this issue of the
T
Revised.
SURVEY.
^Revisions for 1952 for new plant and equipment appear on p. 10 of the March 1954 SURVEY. Data for farm income and marketings have been revised beginning January 1952; revisions
prior to August 1953 will be shown later (those for 1951 are on p. 24 of the April 1954 SURVEY).
t Revised series. For a detailed description of the revision and monthly and annual data beginning 1947, see the December 1953 issue of the FEDERAL RESERVE BULLETIN.
SURVEY OF CURRENT BUSINESS
December 1954
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
S-3
1953
1954
DecemOctober November
ber
January
February
March
April
May
June
July
August
Septem- October*-™ber
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION— Continued
Federal Reserve Index of Physical Volume 9 —Con.
Adjusted, combined index
132
129
126
125
125
123
123
125
124
123
123
124
125
do
do
do
do
do
do
do
do
134
151
128
166
134
159
141
193
131
146
122
159
130
152
136
184
127
142
113
156
126
146
133
172
127
141
111
155
126
143
130
169
126
139
109
151
123
141
130
163
125
135
103
147
120
138
125
163
125
134
103
147
119
138
125
163
126
136
106
148
121
138
124
163
125
135
108
147
122
139
124
170
124
134
103
147
122
141
125
173
125
135
105
148
124
144
125
181
126
136
107
148
121
147
125
190
127
138
111
148
120
148
124
195
do
do
do
do
do
do
189
154
113
117
133
140
180
155
109
115
132
138
182
154
106
110
129
136
185
148
105
115
125
130
179
147
103
120
130
132
173
144
104
116
130
130
174
139
103
114
128
127
178
138
102
120
130
128
170
135
104
108
129
131
170
136
106
96
131
130
166
135
109
97
132
133
162
136
110
117
133
131
162
137
110
116
1947-49=100
Manufactures
Durable manufactures
Primary metals
Metal fabricating (incl ordnance)
Fabricated metal products
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment
Instruments and related products
Furniture and
fixtures
Lumber and products
Stone, clay, and glass products
Miscellaneous manufactures
133
131
116
108
107
r
93
106
95
l!4
105
101
95
'102
100
114
105
99
94
103
96
115
105
109
94
117
110
108
95
' 107
94
133
120
146
124
113
137
120
148
125
119
136
121
148
124
120
133
121
148
122
'97
135
121
149
121
95
137
121
151
124
116
109
58
137
78
120
111
65
134
91
121
114
69
136
99
122
112
70
133
91
125
109
68
130
'83
M21
108
67
129
79
121
109
70
130
119
129
142
120
102
117
182
94
119
131
151
116
97
116
172
92
116
126
146
110
92
112
155
92
116
125
143
112
93
112
165
94
102
107
125
92
89
88
116
90
113
121
123
121
102
101
234
94
108
110
81
138
109
121
279
' 101
109
112
70
151
113
121
134
110
99
111
142
96
112
119
133
109
99
105
151
94
116
126
139
116
97
114
178
93
119
130
145
120
96
117
198
93
119
128
136
124
96
110
246
96
117
127
127
128
102
115
245
93
115
r
125
121
131
T
106
109
270
r
91
107
111
87
134
108
111
278
98
104
106
78
133
46, 450
46, 714
47, 094
47, 636
46, 914
47, 779
47, 417
46, 717
23, 902
11,580
12, 322
23, 620
11,278
12, 342
24, 064
11 385
12, 679
24, 418
11 502
12, 916
23 978
11 344
12 634
24 260
11 395
12 865
24, 055
11 287
12 768
23, 482
10 952
12, 530
8,926
2,859
6,067
9,122
2,894
6,228
9,130
2,870
6,260
8,976
2,822
6,154
8 892
2 836
6,056
9 080
2 930
6, 150
9 090
2 951
6,139
9 085
2 942
6,143
13, 932
4 626
9,306
13, 622
4,436
9,186
13, 972
4 745
9,228
13 900
4 858
9,042
14, 242
4 882
9,360
14 044
4 730
9 313
14 439
5 024
9' 415
14 272
4 911
9 361
14 150
4 770
9 380
81, 072
80, 688
80, 390
80, 093
79,516
79, 372
79 000
78 349
78 163
r
77, 790
77 475
44 194
24 383
19 811
43 929
24 232
19 697
r
r
r
43 668
24 120
19 518
43 773
24' 372
19 401
11 752
5,763
5 989
11 783
5,841
5 942
r 11 617
r
5, 816
11 706
5^868
5 838
Nondurable manufactures
Food and beverage manufactures
Tobacco manufactures
Textile-mill products
Apparel and allied products
Leather and products
do
do
do
do
do
do
117
108
106
98
107
93
115
108
108
95
101
91
112
103
112
90
101
93
113
105
100
'91
104
94
114
106
98
r
91
106
94
114
106
103
91
108
93
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber products. ._
do
do
do
do
do
132
123
146
129
120
132
121
145
129
118
125
120
145
128
116
126
120
143
124
112
129
119
146
126
110
131
119
146
122
113
do
do
do
do
_ do
114
76
131
108
124
111
70
131
103
125
113
69
133
101
127
113
70
134
103
119
113
68
135
101
124
112
62
137
96
124
Unadjusted, total output*
li'47-49=100
Major consumer durables
_ _ _ _ do _
Autos. _ ._
do
Major household goods __
do
Furniture and floor coverings
do
Appliance" a n d heaters. _ _ _ _ _ _
do
Radio and television sets
do
Other consumer durables
_ _ do _
131
142
151
137
112
114
276
106
110
113
107
120
106
96
230
103
103
106
107
106
104
92
156
96
112
121
135
109
99
98
173
92
117
127
138
119
103
117
170
95
Adjusted, total output* _
Major consumer durables
Autos__ Major household goods
Furniture andfloorcoverings ..
Appliances and heaters
Radio and television sets
Other consumer durables
118
126
132
121
107
101
221
101
112
117
127
110
102
93
185
101
109
114
127
104
99
95
145
97
112
119
133
108
98
104
148
95
mil. of dol__
48, 284
47, 518
47, 209
_do
do
do
25, 010
12, 376
12, 634
24, 256
11,867
12, 389
24, 126
11,576
12, 550
do
_ _. -do
do
9,234
2,982
6,252
9,158
2,994
6,164
9,151
3,011
6,140
do
do
do
14, 040
5,029
9,011
14, 104
5,005
9,099
81, 805
81, 276
Minerals
Coal
Crude oil and natural °"as
Metal mining
Stone and earth minerals
r
115
107
103
»"94
r
93
101
92
122
CONSUMER DURABLES OUTPUT
do
do
do
do
do
do
do
__do
103
98
BUSINESS SALES AND INVENTORIES§
Manufacturing and trade sales (adj.), total t
Manufacturing, totalf
_
Durable-goods industries
Nondurable-goods industries.-
_
-
Wholesale trade, total tDurable-goods establishments. - Nondurable-goods establishments
Retail trade , total
Durable-goods stores
Nondurable-goods stores
-
Manufacturing and trade inventories, book value, end
of month (adjusted), totalf
mil. of del
Manufacturing, total f
Durable-goods industries
Nondurable-goods industries
Wholesale trade, total f_
.
Durable-goods establishments
Nondurable-goods establishments
_ _
_
- do
do
- -.do
47, 044
26, 987
20, 057
46, 909
26, 975
19, 934
46, 722
26, 752
19, 970
46, 382
26, 526
19, 856
46, 115
26 168
19, 947
45, 774
25 900
19, 874
45,183
25 345
19, 838
44 798
24 926
19 872
44 535
24 689
19 846
do
do
do
12,041
6,278
5,763
11,930
6,127
5,803
11,689
5,900
5,789
11, 785
5,866
5,919
11,854
5,841
6,013
11,756
5,799
5,957
11,643
5,728
5,915
11 770
5,800
5 970
11 865
5,768
6 097
r
46, 999
46, 480
23, 626
* 10, 947
* 12, 679
23 377
10 789
12 588
r
r
9, 159
2,865
6, 294
9 032
2 841
6,191
14 214
4 798
9 417
14 071
4 689
9 382
r
r
5 881
91 99^
22, 437
22, 720
22, 521
22 421
22, 661
Retail trade, total f
do
22 563
22 690
22 804
22 600
22 451 r 22 425
22 403
Durable-goods stores
_do
10, 688
10,574
10, 668
10, 727
10, 584
10, 486
10 412
1C 502
10' 286 i T 10 ' 234
10 383
9 974
10' 190
Nondurable-goods stores ___do _
11,863
11, 993
11, 993
11,833
11,837
12,077
12, 278
12,302
12, 191
12! 217
12] 213
12! 022
12! 165'
r
Revised.
v Preliminary.
9 See note marked "t" on p. S-2.
*New series. Compiled by the Board of Governors of the Federal Reserve System. For description of the index and back figures, see the May 1954 FEDERAL RESERVE BULLETIN" and subse
quent issues.
§The term "business" here includes only manufacturing and trade. Business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted
data for manufacturing are shown on p. S-4; those for retail and wholesale trade, on pp. S-9 and S-10.
fRevised series. Data have been adjusted to more recent benchmarks; all revisions prior co 1953 are available upon request (most of the data published in the 1953 issue of BUSINESS
STATISTICS are now obsolete).
SURVEY OF CURRENT BUSINESS
S-4
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
December 11>54
1954
Janu-
ary
Febru-
ary
March
April
May
June
July
October November
August
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Sales: t
Value (unadjusted), total
mil. of dol
Durable-goods industries
do
Nondurable-goods industries
do
26, 845
13, 223
13 622
23, 792
11,499
12 293
23, 929
11,615
12 314
23, 062
10, 870
12 192
22, 970
10. 968
12 002
25, 300
12, 208
13 092
24, 490
11,814
12 676
23,263
11,165
12 098
24, 384
11,804
12 580
22, 266
10, 252
12 014
23, 943
10, 855
13 088
' 24, 406
r
13 297
24,588
11, 224
13 364
do
25, 010
24, 256
24, 126
23, 902
23, 620
24,064
24, 418
23, 978
24 260
24, 055
23, 482
r
23, 626
23, 377
Durable-goods industries, total
Primary metal
Fabricated metal products
Electrical machinery and equipment
Machinery except electrical
Motor vehicles and equipment
do
do
do
do
do
-- do. .-
12.376
1,985
1, 139
1,391
2 039
2,095
11,867
1,874
1,150
1.324
2 068
1,918
11, 576
1, 645
1 076
1.349
1 902
2,046
11, 580
1,609
1 176
1,328
1 959
2,101
11,278
1, 580
1 132
1,269
1 9P8
1,962
11,385
1,528
1 173
1,355
1 941
1,981
11, 502
1 575
1 223
1,305
1 939
2,052
11,344
1 505
1 156
1,291
1 862
2,083
11,395
1 567
1 180
1.316
1 901
1,974
11,287
1,528
1 184
1,318
1 920
1,800
10, 952 r 10, 947
1 468
1,525
1 144
1 120
1,276
1,333
1 838
1 880
1,774
1,523
Transportation equipment n e s
Furniture and
fixtures
do
do
1,140
Stone clay and glass products
Professional and scientific instruments
Other industries including ordnance
do
do
do
364
715
575
353
580
925
334
723
583
402
566
947
345
731
540
423
572
1 005
325
659
517
364
537
942
309
659
573
348
536
931
317
688
569
353
549
971
300
693
547
356
541
940
317
680
601
354
555
914
334
678
599
364
568
1,061
300
684
608
354
530
949
311
688
597
331
576
••948
'318
'740
'625
••363
'572
1,028
322
775
643
366
559
do
12, 634
12 389
12, 550
12 322
12 342
12 679
12 916
12 634
12 865
12,768
12,530
' 12, 679
12, 588
3 890
3 771
'635
3 863
572
304
1,040
873
3 802
'626
292
992
857
3 681
648
291
1,035
825
3 802
628
309
1,060
806
3 977
'677
305
1,073
866
3 827
'672
304
1,115
826
3 844
'649
299
1,064
818
3 748
682
301
1,040
938
3 785
582
306
1,023
909
'3 779
'609
'311
-1,054
'903
3,716
623
294
1,043
932
349
742
751
1,686
2 060
337
'331
i-742
'801
'1,735
'2,080
334
322
731
797
1,717
2,079
Value (adjusted), total
Nondurable-goods industries total
Beverages
..
Tobacco manufactures
Textile-mill products
Apparel and related products
- - do
do
do
do
Paper and allied products
Printing and publishing
Chemicals and allied products
do
do
do
Rubber products
Inventories, end of month :f
Book value (unadjusted) total
Durable-goods industries
Nondurable-goods industries
By staees of fabrication :J
Purchased materials
Goods in process
Finished goods
Book value (adjusted) total
Durable-goods industries total
Primarv m^tal
Fabricated metal products
Electrical machinery and equipment
Machinery except electrical
M^otor vehicles and equipment
Transportation equipment n e s
Furniture and
fixtures
Lumber products except furniture
Stone clay and glass products
Professional and scientific instruments
Other industries including ordnance
..
_
666
304
339
' 11, 109
10, 789
1,536
1 076
1,245
1 820
1,419
1,038
910
1,006
835
243
738
745
1,643
2 062
do
395
251
709
778
1,606
2 113
346
267
701
774
1, 601
2 186
369
259
680
748
1,569
2 149
348
274
676
832
1,590
2 139
351
290
730
776
1,692
2 1Q8
388
278
733
750
1,720
2 162
375
297
714
769
1,664
2 089
357
355
766
767
1,724
2 202
377
377
753
746
1,675
2,134
374
do
do
do
46, 529
26, 598
19, 931
46, 532
26,549
19, 983
46, 947
26, 697
20, 250
46. 772
26, 598
20, 174
46, 355
26, 235
20, 120
45, 959
26, 042
19,917
45, 351
25, 629
19, 722
44, 974
25, 336
19, 638
44, 684
24, 977
19, 707
44, 157
24, 460
19, 697
43, 548 ' 43, 236
24,038 ' 23, 786
19, 510 ' 19, 450
43,345
24,044
19, 301
do
do do
16, 402
13,351
16, 776
16, 377
13, 149
17, 006
16,419
13, 304
17, 224
16,023
13,512
17, 237
15,783
13,285
17,287
15, 371
13,311
17, 277
14, 930
13,212
17, 209
14. 826
12,889
17, 259
14. 782
12, 672
17, 230
14, 922
12, 407
16, 828
14, 779
12, 214
16, 555
' 14, 684
' 12, 263
' 16, 289
14, 672
12,384
16,289
do
47, 044
46, 909
46, 722
46, 382
46,115
45, 774
45, 183
44, 798
44, 535
44, 194
43, 929
'43,668
43,773
do
do
do
do
do
do
26, 987
3,507
3,038
3,484
5,665
3,445
26, 975
3,488
3,145
3 489
5,735
3,377
26, 752
3,425
3,131
3,440
5,647
3,396
26, 526
3,388
3,012
3,342
5,551
3 482
26, 168
3,344
2,948
3 326
5,512
3 380
25, 900
3,354
2,917
3 248
5,416
3 296
25, 345
3.226
2,837
3 167
5,297
3 189
24, 926
3,153
2,768
3 103
5,222
3 098
24, 689
3.071
2,831
3 062
5,148
3 021
24,"383
3,107
2,773
3,049
5, 097
2,899
24, 232 ' 24, 120
3,082 ' 3, 053
2,759 ' 2, 769
3 041 ' 2, 983
5. 101 '5,038
2 790 '2,802
24,372
3,081
2,805
2,989
5,009
3,003
do
do
do
do
do
do
2,702
2,700
1,121
1,090
1,564
1,521
2,769
642
1,033
890
882
1,497
2,784
661
1,022
907
895
1,482
2,732
666
1,015
917
883
1,445
2,753
665
1,025
906
874
1,446
2 690
665
1,010
916
883
1 465
2 652
661
1,003
919
888
1 459
2,691
650
981
895
874
1,465
2,622
664
958
883
862
1,469
2,695
656
944
866
850
1,448
' 2, 736
'661
'952
'872
'850
r
1,404
2,761
678
975
876
828
1,367
679
901
881
670
878
882
r
do
20, 057
19, 934
19, 970
19, 856
19, 947
19, 874
19, 838
19, 872
19, 846
19, 811
19, 697
19, 548
19,401
Food and kindred products
Beverages
Tobacco manufactures
Textile-mill products
do
do
do
do
3,468
1,142
1,811
2,614
1 862
3,511
1,129
1,789
2,543
1 845
3,525
1, 155
1,812
2,513
1,901
3, 524
1,162
1,842
2,464
1 872
3,589
1,161
1,840
2,455
1,863
3,598
1,196
1,833
2,442
1,791
3,596
1,188
1,865
2,412
1 762
3,544
1,195
1,877
2,412
1 792
3,492
1,209
1,887
2,422
1,762
3, 468
1,222
1,930
2,376
1,760
3, 437
1,198
1,912
2,383
1 766
' 3, 416
' 1, 167
' 1, 872
' 2, 361
T i 741
3,410
1,143
1,855
2,331
1 694
Leather and leather products
Paper and allied products
.
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber products
do
do
do
do
do
do
570
581
1,034
769
3,067
2,697
844
573
1,048
762
3,080
2,719
857
573
1,050
767
3,072
2,703
849
580
1,047
3,061
2,738
812
581
1, 061
756
3,053
2,791
810
595
1,046
748
3,085
2,771
829
580
1,021
734
3,146
2,790
784
567
1,007
735
3,147
2,784
761
' 572
' 1, 026
' 737
r 3 092
r 2 760
804
570
1,047
706
3,075
2 766
Nondurable-goods indu^-trie^ total
577
1,044
1,050
3,140
2,750
3,107
2,747
867
582
1,044
752
3,093
2, 725
868
do
do
do
23, 282
9,830
13, 452
20, 955
8,930
12, 025
21,448
9,347
12, 101
20, 882
8,687
12,195
21, 526
9,495
12, 031
23, 857
10, 779
13, 078
22, 944
10, 290
12, 654
21, 708
9,472
12, 236
23, 099
10,297
12, 802
21, 725
9,712
12,013
22, 904
9,918
12, 986
' 25, 132
' 11, 696
' 13, 436
24, 785
11,513
13,272
do
22, 163
21, 594
22, 026
20, 749
22, 016
22, 859
23, 017
22, 819
22, 886
22, 551
22, 560
' 24, 463
23, 974
9,677
1,500
843
1,039
1,798
9,631
1,666
1,089
886
1,800
9,567
1,450
1,045
949
1,613
8,475
1, 205
746
987
1,378
9, 629
1,278
932
1,264
1,599
10, 206
1,269
956
948
1,677
10, 021
1, 353
954
1,049
1,705
10, 050
1,273
918
1,000
1,657
9,985
1,450
1,153
905
1,793
9,700
1,212
959
1,002
1,612
9,978
1,417
1,079
1,009
1,655
2,127
2,370
2,084
2,106
2,289
2,221
2,198
1,961
2,255
2,301
2,922
2,434
2,683
2,277
2,820
2,382
2,242
2,442
2,467
2,448
2,272
2,546
12 486
11.963
12, 459
12, 274
12, 387
12, 653
12, 996
12, 769
12, 901
12,851
12 582
2,862
2,830
2,925
2,631
2,691
3,030
2,988
2,617
2,318
Industries with unfilled orders 9
do
9. 913
9. 525
9.823
10. 071
9.643
9.739
9.768
9.645
9.869
Industries without unfilled ordersf _ do
r
Revised.
t Revised series. See corresponding note on p. S-3.
JRevised data beginning December 1949 appear on p. 22 of the June 1954 SURVEY.
9 Includes textiles, leather, paper, and printing and publishing industries; unfilled orders for other nondurable-goods industries are zero.
IFor these industries (food, beverages, tobacco, apparel, petroleum, chemicals, and rubber), sales are considered equal to new orders.
2,999
9,852
2,917
9. 665
N«w orders, net:f
Unadjusted, total
Durable-goods industries
Nondurable-°"oods industries
Adjusted total
Durable-goods industries total
do
Primary metal
do
Fabricated metal products
do
Electrical machinery and equipment
do
Machinery, except electrical
do
Transportation equipment, including motor
vehicles and parts
mil of dol
Other industries, including ordnance
do
Nondurable-goods industries total
do
768
881
776
111
'11,699
11,506
' 1, 529 1,575
1,147
'970
1,137
'1,400
1,694
*• 1, 758
'T 3, 143
2, 899
3,278
2,675
' 12, 764 12, 468
'3,013
' 9. 751
2,773
9.695
SURVEY OF CURRENT BUSINESS
December 1954
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
DecemSupplement to the Survey
October November
ber
S-5
1954
January
February
March
April
June
May
August
July
Septem- October N ovember
ber
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
63, 626
60, 796
5, 640
5 052
11, 279
8 785
60, 789
58 227
5, 355
4 798
10, 687
8 545
58, 308
55 959
5, 108
4 643
10, 317
8 156
56, 128
53 776
4 729
4 435
10 059
7 770
54 684
52 303
4 448
4 201
9* 962
7 435
53
50
4
3
9
7
241
874
202
994
489
083
51 695
49 350
3' 964
3 823
9? 261
6 898
50 140
47 657
3' 667
3' 629
8 952
Q 523
48 855
46 150
3' 422
3 637
8 627
6 301
48 314
45 610
3* 298
3 530
8 516
6 186
47 275 T 48 001
44 673 T 45 260
3' 296 r 3 296
3 374 r 3 256
8? 236 r 8 275
6 119 r 5 928
48, 198
45 549
3 321
3 188
8 105
5 708
24, 338
5,702
23,726
5,116
23 044
4,691
22 322
4, 461
21 740
4,517
21 658
4 448
21 188
4' 286
20 789
4 097
20 184
3' 979
19 906
4 174
19 406
4' 242
295
21 029
4 198
2,830
2,562
2, 349
2,352
2,381
2,367
2 345
2 483
2, 705
2 704
2 602
2, 741
2,649
8,267
7,269
8,915
9,543
8, 533
10, 514
10 272
9 280
9 748
9 409
9,041
9 256
9,852
number
do
._ do_ _
do
_ do __
do
840
75
89
188
404
84
815
66
97
175
389
88
813
64
89
193
382
85
867
60
86
192
450
79
926
74
109
207
449
87
1 1C2
87
143
198
551
123
975
66
92
200
535
82
943
81
111
200
460
91
965
81
132
208
455
89
856
80
95
165
417
99
912
80
100
187
451
94
819
59
88
153
406
113
871
68
109
189
414
91
Liabilities, total
thous of dol
Commercial service
do
Construction _ _ _
__ _ _ _ _ _ _ _ _ _ _
do
Manufacturing and mining
_
do
Retail trade _
do .__
Wholesale trade
_
do
37 076
3,848
4, 366
14, 956
9,671
4,235
36 795
2, 687
4,621
13, 568
11, 083
4,836
43 754
1,871
4,154
23,731
9,757
4,241
29 592
3, 134
3, 166
11,431
8, 623
3,238
47 774
4. 341
4,082
23, 043
11,770
4, 538
57 280
3 506
7, 255
15 359
26, 043
5 117
42 512
1 648
3, 692
20 568
12, 030
4 574
38? 494
2 961
3,674
15 621
11, 739
4 499
41 613
2 045
4, 514
18 454
11,722
4 878
32 230
2 524
4, 958
9 986
9.622
5 140
32 582
2 381
2, 386
12, 388
11,225
4 202
36 381
2 290
5, 584
11 262
11,879
5 366
29 000
1, 952
4, 733
7, 547
11, 845
2,923
Unfilled orders, end of month (unadj.), total t mil. of dol
Durable-goods industries, total
do
Primary metal
_
do
Fabricated metal products
do
Electrical machinery and equipment do
Machinery except electrical
do
Transportation equipment, including motor
vehicles and parts
mil. of dol
Other industries, including ordnance
do
Nondurable-goods industries, total 9
. __ do
r 2() 210
>• 4
r
BUSINESS INCORPORATIONS^
New incorporations (48 States)
number
INDUSTRIAL AND COMMERCIAL FAILURES^
Failures, total
Commercial service
Construction _ _ ___
Manufacturing and mining
Retail trade
__ _ _ _
Wholesale trade
_
__
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products§
Crops
Food grains
Feed grains and hay
Tobacco
___
__1910-14=100 _
249
249
254
259
258
256
257
258
248
247
251
246
242
244
_ _ _ __ do _ _
do
_ _ __ do _ _
do
229
223
194
439
234
229
195
433
238
230
205
427
240
233
207
420
237
236
208
443
239
238
208
443
240
234
208
443
249
227
207
446
244
216
205
445
248
225
202
446
250
228
207
430
247
233
210
444
243
235
204
441
244
239
199
438
do
do
do
do
275
189
198
255
269
205
218
263
260
237
224
269
254
222
271
268
258
210
233
269
263
212
243
275
267
217
225
283
272
215
279
286
274
240
200
283
272
228
243
286
288
235
223
294
292
248
170
276
293
218
191
275
281
206
237
277
do
d o _.
do
do .-
268
273
282
234
263
267
288
224
269
285
282
218
277
309
274
213
277
315
267
208
271
316
257
188
271
333
237
178
267
331
230
168
251
299
229
168
247
286
237
171
251
287
245
178
245
277
253
162
242
267
2P3
153
243
266
266
159
259
270
247
260
270
250
263
271
254
264
271
255
264
272
255
265
273
256
267
276
256
265
276
252
263
247
264
277
250
263
273
251
262
273
250
262
272
251
276
277
278
282
282
283
283
284
282
280
2S'>
280
279
279
90
90
91
92
91
90
91
91
88
88
89
88
87
87
210.0
208.9
209.1
209. 5
208.9
208.3
208.1
208.7
209.0
209. 7
209 0
208.2
207.6
Cotton
_
Fruit
Commercial vegetables, fresh market- _ _
Oil-bearinsi crops
Livestock and products
Meat animals
__
Dairy products
Poultry and eggs _ _
_ _ _ _ _ _
Prices paid :
All commodities and services
do
Family living items
do
Production items
do
All commodities and services, interest, taxes, and
wage ratcsj
1910-14 — 100
Parity ratio® J
_
do
258
270
245
r
RETAIL PRICES
All commodities (U. S. Department of Commerce
index)
1935-39—100
Consumer price index (U. S. Department of Labor):
All items
1947-49—100
Apparel
Food
Dairy products
Fruits and vegetables
Meats, poultry, and
do
do
- do __
do
do
fish
Housing
__
._
Gas and electricity
Housefurnishings
Rent
__ _._
_
._ .do
do
do
_ _ _ .do
115.4
115.0
114.9
115.2
115.0
114.8
114.6
115. 0
115.1
1 15. 2
115.0
114.7
i 114 5
105.5
113.6
110.1
107.7
111.1
105.5
112.0
110.5
107.4
107.0
105. 3
112.3
110.3
109.2
107.8
104.9
113.1
109.7
110.8
110.2
104.7
112.6
109.0
108.0
109.7
104.3
112.1
108. 0
107.8
109.5
104.1
112.4
104.6
110.0
110.5
104.2
113.3
103.5
114. 6
111.0
104.2
113.8
102.9
117.1
111.1
104.0
114.6
104.3
120. 1
109.7
103. 7
113.9
105.1
114. 7
107. 6
104. 3
112.4
105.8
110. 5
106.7
104.6
111.8
106. 7
111. 1
103 9
118.7
107.0
108.1
126.8
118.9
107.3
108.3
127.3
118.9
107.2
108.1
127.6
118.8
107.1
107.2
127.8
118.9
107.5
107. 2
127.9
119. 0
107.6
107.2
128.0
118.5
107.6
106. 1
128.2
118.9
107.7
105. 9
128.3
118.9
107.6
105.8
128.3
119.0
107.8
105. 7
128. 5
119.2
107.8
105.4
128. 6
119.5
107.9
106.0
128.8
119.5
108.5
105. 6
129.0
125. 1
113.0
106.4
129.1
120.1
125.1
112.7
106.4
128.9
120.1
125. 2
113.3
107.0
126. 7
120.3
125.5
113 4
106. 6
126. 6
120. 2
125.7
113 5
106.5
126.4
120.1
125.9
112 4
106. 9
125.0
120. 1
124.1
124.4
124.9
123.3
123.7
123.6
122.8
Medical care
do
114.1
113.9
112.9
113.4
113.7
113 6
113 2
Personal care
do
108.2
106.5
108.9
108.7
108.0
108.9
108.6
Reading and recreation
do
129.4
129. 1
129.0
130. 5
128.9
130.7
130.1
Transportation
do
120. 3
120.2
120.2
120. 2
120.1
120.3
119.7
Other goods and services
do
r
Revised.
1 Index on base previously used (1935-39=100) is 191.4.
t See corresponding note on p. S-3.
9 See corresponding note on p. S-4.
d" Data are from Dun and Bradstreet, Inc.
§ Revised beginning 1910 to incorporate revisions in the component price series and to reflect changes in the basic weights;
p .23 of the April 1954 SURVEY.
J Revisions for 1937-53 for prices paid and 1910-53 for parity ratio appear on p. 24 of the April 1954 SURVEY.
© Ratio of prices received to prices paid (including interest, taxes, and wage rates).
revised annual data for 1910-53 for prices received appear on
SURVEY OF CURRENT BUSINESS
S-6
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
December 1954
1954
Febru-
January
ary
March
April
May
June
July
August
Septem- October November
ber
COMMODITY PRICES—Continued
WHOLESALE PRICES^
U.S. Department of Labor indexes:
All commodities
1947-49 = 100
Farm products
Fruits and vegetables, fresh and dried
Grains. _ _
.
__. .
Livestock and live- poultry
do
do
do
do
Foods, processed
do
Cereal and bakery products _ _
do
Dairy products and ice cream
do
Fruits and vegetables, canned and frozen
1947-49 = 100.Meats poultry and
fish
do
Commodities other than farm products and
foods
1947-49 = 100
110.2
109. 8
110. 1
110.9;
110.5!
lll.Oj
110.4
110.0
93. 7
94.2
89.3
78 4
94.4
89.8
90.6
83.9
97.8;
91.2
91.3'.
91.8
97.71
89. 71
91.6!
91.3j
98.4 !
89.6!
93.0|
92.4!
99. 41
97.4!
92.9!
94. 91
I
97. 9 j
104.4 !
91. 2
93.0
110.5
95.3
94.2
87.9
82 0
94.8!
96. 6 i
96.2
110. 9
88.11
83.2
95.
108.3
91.2
83.4
93.6
99.8
93.3
80.
104.7
112.0
112.7
103.8
112.6
113.9
104. 3
112.2
111.3
106.2
112.4;
109. 4 \
104. 8J
112.7)
107.4!
105.9!
113.21
103.0 j
106.8
113.3
101.7
105.0:
113.5!
102.4!
106. 51
114.0J
105.1!
106.4
113.2
105. 9
105. 5
113.8!
106. 6|
103.
IK. 5
108.7
103.8
116. 5
108.8
104.9
88 9
104. 7
86 2
103. 9
89 7
103. 8 !
96.4:
103.0
92.9
105.3!
112.6!
106.11
|
103.0
92.8
103. 31
94.3
104.5
98.3
104.8
92.0
105. o|
92.0!
' 105. 5
85.8
105. 6
86.3
107.2:
107. 5
118.4
93.9
107.4
117. 9j
93.9
107.2!
117.4!
94.0,
107.1
117.3
94.0
106. 8
117.0
94.0
106. 7!
117.1!
94.0 1
106.8
117.4
94.0
106.3
117.4!
94. OJ
106.9!
117. 6j
••97.2
107.0
117.6
96.6
63. 5
114.0
112.8
60.5
114.0!
112.8
59.8
114.1
112.8
112. J
55.7
111.6;
112.8
53. 5
112. 1
112.8
54.o!
112.3!
112.8!
r 56. 5
112.1
112.8
57.8
112.2
112.8
110.5
110.9
101.3
113.5
113.5
109.2
107.9
102.9
111.51
111.5;
108.2
104.6
101.8
109.0
111.7
107.8
104.7J
101.8
107.8!
110.9
106.9
105.2
102.4
105. 4
109.3
106. 9
105.5J
101.2
103.0
109. 41
'106.9J
' 105. 8
109. 3
107.0
105.1
101.8
105.8
109.5
115.1
109.7
113.9
96.1
73.8
115.0!
109.5!
113.7!
95.7!
73. 8|
108.6
104.1
101.8
112.3
112.1|
I
115.61
109.9
113. S
95.7
73. 8|
52. 0 1
112.l!
112.8J
I
106. 2;
104. 91
101.8
105. 4!
108. 2i
115.5
109.9
113.5!
95.7!
73. 8 i
115.4
109.8
113.ij
95.3
70.6
109. 7!
112.8)
95.6!
70. 3 j
115.3
109.7
112.9
95.4
68.5
115.6
109.5
112.8
95.4
68. 7
115.7
109.3
112.9
95.4
69.2
94.7J
111.9
56.0
86.3
94. 6!
111.91
56. 5 i
86.0i
96. '
111.9
62.5
87.6
95. 61
111.9!
60.6!
87. 41
94.9
111.81
58.2
86. 5|
94.0
111. 8
55.8
84.4
'92.4
111.8
' 49. o
82.1
92.9
111.7
52.7
82.1
124.3!
152.01
131.61
110.9
109.'
109. 8
93.1
103.2
93.5
76.4
114.3
114.6
114.5
114.6
do do
do
106. 7
119. 5
93.5
107.2
119.2
93.5
107. 1
118.6
93.8
do
_ do __
do _ -
53. 3
112.9
112.1
58.0
112.9
112.7
58. 6
113.9
112.7
do
do
do
--do
do __
111.2
112 5
98.5
106. 6
116.6
111.2
112 5
99.6
106. 3
116.3
111.1
112.5
100. 7
109. 6
114.9
110.8J
111.9!
100.7!
Furniture, other household durables
Appliances, household. _ _ _ - . __
Furniture, household
Radios
__ _ _
Television sets
do
do _
do
do
do
114.8
109.0
114. 2
94.8
74 2
114.9
109.0
114.1
94.3
74 2
115.0
109.1
114.1
94.3
74 0
115. 2 :
Hides, skins, and leather products ..
Footwear ___
Hides and skins
Leather _
_
_ _
do
do
do
-do
97.1
111.7
64 4
90.4
97.1
111.8
64 3
90.4
95 6
111.8
57 7
88.7
95.3!
111.91
56.8j
94.9
111.9
55.4
87.4
Lumber and wood products
Lumber
do
do
118.1
117.2
117.3
116.3
117.4
116.4
117.0|
115.9
116.8
115.5
.
115. 6j
116.2!
115.3|
116.1
115.0
116.3!
115.5!
119.1
118. 6 1
119.1
118.7
93.01
111.8
51.5
82.9
I
119.3
119.01
Machinery and motive products
_ _ _ do
Agricultural machinery and equip
do
Construction machinery and equip __ - do Electrical machinery and equipment
do
Motor vehicles
do
124. 1
122.4
131.0
126.5
118.5
124.2
122.5
131. 1
126. 6
118.5
124.3
122.5
131. 1
126. 8
118.5
131.2!
124.4
122. 7|
124.5
123.0
131.5
126. 8|
118.9
126. 8
118.9
124. 5'
122.31
131.126.
118.9
124. 41
122. 3!
131. 6
126.5
118.9
124.4
122. 6 i
131. 5|
126.0
118.9
124. 3j
122.3!
131.5J
125.9
118.9
124. 3 1
122. 3 i
131.5
125.8
118.9
124. 3
122.1
131.5
125.7
118.9
124. 4J
121. 9
131. 6
125.6
118.9
'118.61
124.5
122.0
131. 8
126.3
118.6
Metals and metal products
Heating equipment
_
Iron and steel
Nonferrous metals
do
_ do
do
_ do _
127. 9
115.8
133.4
122.1
127.9
115.8
133.6
122.3
127.5
115.5
132.8
122. 1
127.2
115.3
132.01
121. 5|
126. 2
114.
131.0
119.8
126. 3
114.4
130.6
121.2
126.8
114.5
131.1
123.4
127.1
113.9
131.8
123.6
127.1
113.8
131.8
123.7
128.0
114.0
133.6
124.2
128. 6
114.1
133.8
125.1
129.1
114.1
134.1
126.2
129.7
114.?
135.0
127.4
129.9
114.3
135.5
127.2
Nonmetallic minerals, structural
Clay products
Concrete products
Gypsum products
do
do
_ do
do
120.7
132.0
117.4
122. 1
120.8
132. 1
117.4
122. 1
120.8
132. 1
117.2
122. 1
120.
131.9
117.2
122. 1
121. o|
117. 6
122.1
121.0
132.0
117.3
122.1
120.8
132.0
117.3
122.1
119.3
132.0
117.3
122.1
119.1
132.0
117.5
122.1
120.4]
132.0 1
117. 71
122. 1 j
120.
132.3
117.9
122.1
121.7
135.4
117.8
122.1
121. &
135. 4
117.8
122.1
121.8
135. 4
117.4
122.1
Pulp, paper, and allied products
Paper
___ do _
do
117.5
126.6
117.3
126.8
117. 1
126.8
117.1
126.8
116.6
126.8
116.3
126.8
115.8
126.5
115.8!
126. 5|
116. 2J
126. 5 1
116.3
126.5
116.31
126. 5j
116. 3
123.5
116.0
126.5
124.2
130.1
124.3
130.1
124.8
130.1
124.8!
130. 3|
124.6
130.3
124.9
130.3
125.0
129.3
125.1
129.3
126. l!
129. 31
126.8!
129.31
126.4
129.
126.9
129. 6
128.5
129. 61
131.4
134.9
96.5
98.7
92.4
96.2
98.7
91.6
95.8
97.9
90.9
96. l!
99.1
90.4!
95.3
98.8
95.0
98.6
88.5
94.7
98.2
88.5
94.8
98.2
88.3
94.9
98.1
88.4
95.1
98.4
88.9
95.3
98 6
89.'1
95.3)
98.6|
89.2!
do do
do
135.8
85.9
111.6
136.5
85.2
111.5
139.3
85.5
112. 1
142.1
85.4
111.0
135.8
85.4!
109.0
135. 1
84.9
109.3
132.3
84.3
109. 2|
131.6
85.2
109.5
123.9
85.6
110.1
124.2
85.
109.
126.3
85.7
110.3
128.4]
85. 8
109. 61
r!08.4j
Tobacco mfrs. and bottled beverages
do
Beverages, alcoholic
do
Cigarettes _
- --do -
118.1
114.9
124.0
118.1
114.9
124.0
118.1
114.9
124.0
118.2]
115.01
124.0
118.0
124'. Oj
117.9
114.6
124. Oj
121.51
114.61
124.0
121.4
114.3
124.0
121.4
114.2
124.0
121.41
114.2!
124.0!
121.5
114.3
124.0
121.5
114.3
124.0
114.3
124.0
Miscellaneous _ ._
___ - _ _
Toys, sporting goods
94.4
114.1
93.2
114.0
100.1
113.2
101.1
113. 1
102.8
113.0
104.91
113.0!
110.3
113.6
109.2
113.6
105.1
113.6
103.9!
102.3
113.4
99.1
90.7
86.7
88.0
91.1
87.0
89.3
90.8
87.0
89.0
90. 2|
86. 8i
88. 4 l
93.5
87.0
88.
90.5
87.1
89.2
90.1
87.3
89.0
90.2
87.0
88.31
s;
90.9
86.9
90.6
86.8,
87. 3
90.5
87.0
87.8
90.9
87.2!
89. 0 !
Chemicals and allied products
Chemicals, industrial
Drugs pharmaceuticals cosmetics
Fats and oils, inedible
Fertilizer materials
Prepared paint
___
-
_ -
Fuel power, and lighting materials
Coal
Flectricity
Gas
_
Petroleum and products,- _ _ ._ _
-
Rubber and products
Tires and tubes. __ _
do
do -..
Textile products and apparel
__ _ _ .
do
Apparel
do
Cotton products
- - do
Silk products
_____
Synthetic textiles
Wool products
___ _ _
_
___
_
--do
do
114. 5|
118.4
1
93.9:
61. 2:'
114.0!
112.8:
111.8
114.2
109.6!
114. 2
96 1
73.5!
88.1 i
t
j
r 105.:
' 101.8
119.8!
119.5
' 125. 2!
95.2
98.4
89.9
127.0
86.1
121.0!
127.4
86.9
106.6
121.5
114.4
124.0
97.0
112.7
PURCHASING POWER OF THE DOLLAR
As measured by—
Wholesale prices
Consumer prices
Retail food prices
r
_ _
-
1947-49=100
do
_ _ _ . _ do
Revised.
i Indexes on base formerly used (1935-39= 100) are as follows: Measured by—wholesale prices, 47.7 (November); consumer prices, 52.2 (October); retail food, 44.3 (October).
(."For actual wholesale prices of individual commodities, see respective commodities.
SURVEY OF CURRENT BUSINESS
December 1954
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
DecemOctober NovemSupplement to the Survey
ber
ber
S-7
1954
January
February
March
April
May
June
October November
July
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY
mil. of doL_
3,236
3,024
2,712
2,439
2,345
2,559
2,798
3,102
3, 361
3,512
3,604
3, 603
' 3, 477
3,263
Private, total
do___
Residential (nonfann)
do
New dwelling units
do.
Additions and alterations
do
Nonresidential building, except farm and public
utility, total
mil. of dol..
Industrial
do
Commercial
do
Farm construction
-. __do
Public utility
do
Public, total
__ __ do. _
Nonresidential building
do
Military facilities
_ _ _ _ - _ _ do_ _.
Highway
do
Other types
_ _ _ _ _ _ _ do _ _
New construction (seasonally adjusted), total?
mil. of doL_
Private total
do
Residential (nonfarm)
_ _ _ _ _ _ do Nonresidential building, except farm and public
utility
.
_mil. of doL
Farm construction
do
Public utility
do___
Public total
do
Nonresidential building
do_ _ _
Highway
do
2, 154
1,076
950
101
2,077
1,710
816
730
63
1,637
758
675
61
1,779
863
770
71
1,927
980
860
96
2,122
1,107
970
111
2,278
2,387
2,434
2,437
1,034
915
94
1,917
951
850
78
1,262
1,120
113
1,288
1,150
110
1,306
1,175
106
' 2, 395
1, 3C6
1,180
132
2, 322
1,267
1,150
95
511
177
179
140
417
1,082
374
101
379
228
523
177
192
118
393
947
353
96
286
212
507
177
182
103
347
795
350
78
174
193
486
179
164
102
299
729
354
68
130
177
474
176
157
106
292
708
347
64
125
172
469
173
154
114
326
780
367
64
160
189
464
169
151
127
348
871
375
69
230
197
490
165
167
145
980
387
66
320
207
528
164
189
157
389
1,083
395
87
385
216
549
161
203
164
400
1,125
407
84
415
219
552
160
207
167
415
1,170
423
85
440
222
551
160
207
153
415
1.172
424
91
445
212
2,880
2,936
2,002
2, 955
1, 992
981
2,958
3,047
2,000
2,995
3, 013
3,076
3,076
3,086
2,168
1,145
3,114
2,196
1,169
3,153
2,216
1,196
'3,1 Ofi
' 2, 207
1,196
3,177
976
480
140
373
898
348
267
502
139
375
934
370
277
498
137
366
963
392
289
'506
126
367
' 899
' 365
'277
526
125
368
939
379
291
50, 049
1,892
689
1,203
41, 379
1,394
483
911
5,316
52, 435
758, 130
611,857
42, 610
65, 908
634, 582
New construction (unadjusted), totalj
••371
1,193
1,050
114
' 541
'163
197
126
410
'1,082
'391
'95
' 390
206
551
169
200
106
386
£41
360
90
300
191
2,238
2, 010
2,059
976
••988
1,040
2,130
1,104
507
136
365
966
401
270
516
135
365
1,047
412
327
514
134
366
985
389
300
512
133
366
954
374
293
518
132
367
946
375
297
513
131
367
954
375
292
517
129
367
918
362
292
521
128
367
918
373
288
515
127
367
937
384
299
35, 777
1,300
479
821
38, 361
1, 152
363
789
40, 787
1,221
436
785
55, 659
1, 528
484
1,043
65, 521
1,692
477
1, 215
65, 641
1,925
669
1,256
59, 741
1,733
625
1,108
60, 996
1,837
681
1,156
61, 612
1,573
509
1,064
65, 832
1,816
589
1,227
67, 701
1,965
633
1,332
3,804
36. 450
540, 338
3,661
33, 937
473, 077
3,871
32, 259
468, 712
41, 561
532, 060
4,936
5, 406
45, 971
605, 427
5,367
5, 744
48, 877
641, 513
5, 251
42, 549
550, 550
5,090
672, 288
45, 303
646, 825
5 321
50 258
670, 934
35, 668
50, 247
484, 168
30, 492
46, 614
433, 500
33, 442
48, 156
462, 482
35, 621
52, 706
508, 773
48, 718
69, 631
667, 737
57, 531
80, 422
796, 133
84, 946
825, 300
73, 138
720, 266
51,414
51, 988
74, 756
745, 440
53, 403
70, 591
692, 736
57, 928
78, 995
777, 332
85.814
851,824
1,693
270, 064
1,177
239, 827
1, 153
226, 634
951
134, 304
1,007
191, 855
1, 623
209, 986
2, 040
219, 400
324, 032
287, 104
2,458
2, 693
351, 895
262, 682
293, 285
2,357
1,988
342, 592
430
229, 612
335
58, 198
328
99, 292
307
82, 124
288
51, 920
382
117, 734
544
70, 908
548
103, 633
502
69, 449
571
98, 087
516
66, 897
98,790
457
492
59, 989
220
178
230
183
201
170
224
176
168
151
208
177
161
154
195
185
171
180
196
201
194
216
191
205
225
251
196
213
234
257
193
216
240
251
207
227
225
236
206
233
229
243
218
244
234
254
231
253
231
256
241
263
1,469
794
1,511
766
767
934
1,439
1,437
1,161
1,575
1,271
1,479
996
6, 094
822
3,691
1,582
3,258
i 6, 605
148
i 4, 336
i 2, 121
4, 036
1,299
1,007
1, 729
6,075
7,791
1,211
4, 005
6,255
10, 342
2,141
7,624
100
1,774
1, 384
4, 726
1,748
1,852
1,125
8,391
1,711
7,821
1,206
4,301
2,314
8,376
90.1
90.1
63.8
(2)
81.5
79.9
58.2
1.6
65.8
64.5
48.8
1.3
66.4
65.1
48.4
1.3
75.2
73.9
52.2
1.3
95.2
93.2
69.2
2.0
107.7
106.5
78.4
1.2
'113.0
'81.4
'1.3
114.0
111.9
80.9
2.1
106.0
105.8
80.4
.2
103.0
102.7
77.2
.3
1, 050. 0
1, 077. 0
1, 060. 0
1,056.0
1, 152. 0
1, 130. 0
1,211.0
1,232.0
1, 233. 0
1, 385. 0
56.5
54.7
43.7
2.1
8.9
1.8
66.1
64.9
55.2
2.5
7.2
1.2
95.0
93.0
79.0
3.4
10.6
2.0
1,982
979
1, 992
975
2,122
1,102
1,207
CONTRACT AWARDS
Construction contracts awarded in 37 States (F. W.
Dodge Corp.):
Total projects
number
Total valuation
mil. of dol
Public ownership
do
Private ownership
do
Nonresidential buildings:
Projects
number
Floor area
thous of sq ft
Valuation
thous. of dol
Residential buildings:
Projects
number
Floor area
thous. of sq. ft-_
Valuation
thous of dol
Public works:
Projects
number
Valuation
thous. of dol
Utilities:
Projects
number
Valuation
thous. of dol
Value of contract awards (F. R. indexes):
Total unadjusted
1947-49=100
Residential unadiusted
do
Total adjusted
do
Residential adjusted
do
Engineering construction:
Contract awards (ENR)§
mil. of dol..
Highway concrete pavement contract awards:©
Total
thous. of sq. yd
Airports
do
Roads
do
Streets and alleys
do
NEW DWELLING UNITS
(U. S. Department of Labor)
New permanent nonfarm dwelling units started:
Unadjusted:
Total, privately and publicly owned. ..thousands..
Privately owned, total
__ _
do
In metropolitan areas
do
Publicly owned
.
_ . _ . _ do _ Seasonally adjusted at annual rate:?
Privately owned, total
do
Residential construction authorized (nonfarm) , all permit-issuing places :f
New dwelling units, total
thousands.Privately financed, total
do
Units in 1-f am ily structures
- _ ___ do. _
Units in 2-family structures
.
- _ __do .
Units in multifamily structures
do
Publicly financed, total
_ _ _ do _
4,199
40, 368
1,078
2,347
2,649
5, 647
51,913
57,019
2,427
1,480
1,820
49, 014
656, 445
2,442
1,379
4,375
3, 826
3,437
2,808
3,408
3,272
108.5
107.4
76.1
1.1
116. 5
112.6
83.9
3.9
116.0
112.9
84.6
3.1
' 114. 3
1, 102. 0
1, 083. 0
1,175.0
1, 188. 0
100.2
99.1
88.2
3.2
7.7
1.1
92.2
91.2
81.5
2.9
6.8
1.0
108.1
104.2
93.0
3.0
8.2
3.9
98.0
96.2
85.1
3.0
8.1
1.8
2,575
2,954
r
59, 900
1,215
582
5,485
2,30£
98.6
96.9
87.4
2.8
6.7
1.7
CONSTRUCTION COST INDEXES
122. 3
Department of Commerce composite} 1947-49=100__
121.2
122.5
122.5
121.9
121.0
121.3
121.0
123.1
'121.7 ' 122. 7 ' 122. 6 '122.7
392
Aberthaw (industrial building)
1914 = 100. .
393
393
395
American Appraisal Co., The:
584
585
Aver ace 30 cities
1913=100
585
584
594
591
585
585
598
595
589
586
586
597
641
641
640
641
641
Atlanta
- - do
639
639
641
649
640
642
649
639
649
604
New York_
___
__ _ _ _ do _
624
609
609
623
624
629
623
623
624
629
625
624
629
525
524
522
525
San. Francisco
do
522
539
530
530
539
530
530
529
545
545
572
St. Louis
- __.-do --_
576
576
594
595
579
596
577
577
576
599
696
598
418
Associated General Contractors (all types)
do
418
418
422
422
420
432
429
424
422
420
430
431
432
' Revised.
1 Data includes some contracts awarded in prior months but not reported.
Less than 50.
{Revisions for new construction (unadjusted) for 1950-1953 appear on p. 24 of the September 1954 SURVEY. Minor revisions back to 1915 for the Department of Commerce construction
cost index are shown in the May 1953 and May 1954 issues of the Construction and Building Materials Statistical Supplement.
9 Adjusted data not shown in SURVEY prior to the October 1954 issue.
§Data for October and December 1953 and April, July, and September 1954 are for 5 weeks; other months, 4 weeks
©Data for March, June, and August 1954 are for 5 weeks; other months, 4 weeks.
fRevised series. These data cover nonfarm residential construction authorized in all places (both urban and rural) that require building permits; they replace the former urban-building
series which covered new dwelling units authorized in all places defined as urban in the 1940 Census.
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
December 10.14
1953
1954
DecemOctober November
ber
January
February
March
April
May
June
July
October NovemAugust September
ber
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Continued
E. H. Boeckh and Associates:§
Average, 20 cities:
Apartments, hotels, and office buildings:
Brick and concrete
U. S. avg. 1926-29 = 100_Brick and steel
do
Brick and wood
do
Commercial and factory buildings:
Brick and concrete
do
Brick and steel
do
Brick and wood
do
Frame
__ _
_ . . do
Steel
do
Residences:
Frame
do
Engineering News-Record :cf
Building 9
1947-49 — 100
Construction 9
do Bu. of Public Roads — Highway construction:
Composite standard mile
1946—100
CONSTRUCTION MATERIALS
Production of selected construction materials, index:
Unadjusted
1939—100
Adjusted
do
REAL ESTATE
Home mortgages insured or guaranteed by —
Fed. Hous. Adm.: Face amount
thous. of doL_
Vet Adm • Face amount
do
Federal Home Loan Banks, outstanding advances to
member institutions
mil of dol
New mortgage loans of all savings and loan associations, estimated total
thous. of dol
By purpose of loan:
Home construction
_
do_
Home purchase
do
All other purposes
do
New n on farm mortgages recorded ($20,000 and under),
estimated total
_ _
mil. of dol ._
Nonfarm foreclosures*
number
Fire losses
.
thous. of dol
255. 6
253 2
257.3
256.0
253. 7
257.4
256. 3
253. 8
257. 1
254. 9
251.9
255. 2;
254. 3
250.9
253. 7
254.0
250.7
253. 7
254.2
250.2
252.8
255.7
251.3
253.9
256.1
251.5
254.7
257.3
252.8
256. 2 j
257.9
253 3
256.3
258.3
253 7
256.5
258.5
253 9
256.8
261. 9
258 6
255.2
257. 6
242.5
262.2
258 9
255. 3
257.8
242.8
262. 5
259. 1
255. 1
257.2
243.0
261.4
257.9
253. 51
254.7!
241.9
260.4
257.3
252. 5
252.5
241.3
260. 2
257. 2
252.5
252.7
241.2
261.0
257. 4
251.9
251.5
241.2
262.9
258. 8
253.1
252.6
242.2
263.4
259.3
253.6
253.9
242.4
265. 0
261.0
254.9
255.4
244.7
265.8
261.7
255.3
255.5
245. 5
266.1
262.1
255.4
255.7
245.9
266.3;
262.2!
255 6|
256. l i
245.9
257 8
252.9
257.9
253.0
257. 7
252. 6
255. 7!
250. 5)
254. 2
248. 3
254.2
248.9
253.4
247.4
254.5
248.3
255.3
249.3
256.8
250. 8
257. 0
250. 8
257.2
251.1
257 5 !
251.4
128.9
135. 1
128.8
134.9
129.1
135. 5
129.3
135. 7
129.2
135. 5
129.4
135. 8
129.6
136. 5
130.0
137.2
131.3
138.6
134.7
141.7
134.4
141.4
134.7
141.7
135.0:
141.9
131.8
127 7
127 0
135.1
142.0
125 4
185.7
167. 6
160.1
161. 6
147.1
166.4
138.7
162.4
143.8
174. 3
167. 0
176.7
172.6
173.6
174.3
164.7
177.2
165. 6
161.1
151.4
193, 538
291, 656
172, 353
284, 905
173, 057
252, 433
183, 443
247, 561
154, 255
268, 144
161,872
225, 681
152, 886
249, 213
146, 580
269, 616
164,217
308, 931
154, 598
293, 652
' 177. 0
156. 4
*> 188. 0
p 174.9
150, 706
418, 182
135, 743
409, 864
153, 592
517, 807
819
865
952
751
677
630
613
608
675
630
659
689
708
688,142
585, 915
583, 538
494, 859
539, 359
710, 130
731,533
728, 369
809, 937
802, 356
840, 693
828, 170
824, 223
218, 785
318,359
150, 998
190, 304
265, 424
130, 187
187, 422
258, 641
137, 475
151,935
217, 119
125, 805
176, 074
219, 846
143, 439
245, 604
288, 212
176,314
256, 844
297, 895
176,794
254, 361
301, 497
172, 511
283, 088
341, 421
185, 428
280, 756
348, 998
172, 602
288. 985
371, 951
179, 757
282, 060
368, 912
177, 198
283, 385
364, 267
176, 571
1, 746
1,823
68, 551
1,549
1,779
68, 064
1,622
1,971
83, 440
1,372
1,830
86. 493
1, 425
1,921
78, 928
1,784
2, 326
84, 821
1,793
2, 225
77, 933
1,804
2,147
62, 282
1,990
2,326
65, 533
2,027
2, 18X
69, 532
2,086
2, 049
78, 163
2,122
2. 304
64, 087
57. 60S
2,156
DOMESTIC TRADE
ADVERTISING
Printers' Ink advertising index, adjusted:!
164
162
166
167
161
135
Combined index
1947-49 = 100
165
167
167
173
169
168
170
162
165
183
168
166
166
Business papers
do
163
m
173
173
171
160
167
135
138
140
136
137
133
134
133
133
144
Magazines
do
132
128
126
162
164
162
152
160
159
Newspapers
do _ _
155
164
159
160
157
156
161
144
145
153
140
130
Outdoor
do
140
143
146
138
147
152
156
133
64
69
66
64
67
66
Radio (network)
do
50
59
60
64
56
60
60
211
216
224
225
206
234
Television (network)
1950-52 = 100
264
240
275
250
263
298
280
130.3
146.4
188.8
183.3
146.7
172.8
Tide advertising index, unadjusted
1947-49 = 100-188.9
180.9
168.4
180.0
159.6
131.1
130.3
Radio advertising:
14, 185
13, 829
12, 205
13, 895
13, 286
13, 667
Cost of facilities, total
thous. of dol
12,112
12, 267
9, 556
10, 764
10, 474
9, 583
774
1,034
979
781
1,063
896
669
785
Automotive, incl. accessories
do
957
713
748
720
3, 935
3,658
3,901
3, 393
3, 710
3, 713
Drugs and toiletries _ _ _
__
_ _ _ _
do
3,182
3,315
3,413
2 548
2 222
2,130
3,012
2,988
3, 256
3,101
2,798
3, 136
Foods, soft drinks, confectionery
do
2, 476
2,648
2,361
2,608
2,311
2.' 453
1,399
1,482
1,429
1, 263
1, 253
1,428
Soaps, cleansers, etc
do
1, 358
1,287
1,200
1,205
1,117
1.135
1,183
1,331
1,353
1,271
1,068
1,161
812
Smoking materials
do
709
867
771
575
613
2,911
3,343
3,257
3, 264
3,149
3. 395
All other
do
3,251
3,210
2,644
2,469
2.629
2,647
Television advertising:*
24, 682
22, 944
23, 409
23, 573
25, 056
26, 208
25, 347
Cost of facilities, total
do
25, 922
24, 536
26, 045
22, 945
23, 669
2,685
2,052
2,342
2,623
2,147
2,243
Automotive, including accessories
do _
2, 331
2,476
2,268
1,934
1, 887
1,969
4,068
4,838
4,559
4,717
4,330
4,525
Drugs and toiletries
do
4,397
4,630
5,073
5, 182
5,504
6 052
5, 314
4,724
4,811
5, 486
6, 010
5,087
5,554
5,702
Foods, soft drinks, confectionery
do
5,436
5,791
5,447
5,377
2,079
2,115
2,306
2,413
2, 496
3,037
2,952
Soaps, cleansers, etc
do
2,882
3,054 !
2,996
2,484
2,798
3,274
3,342
3, 426
3, 546
3,175
3,465
3,556
3,619
Smoking materials
do
3,442
3,423 I
3, 559
3,585
6,614
6, 651
6, 829
6,810
5,930
5,805
6,409
All other
do
5,434
6,648
4,348
4,426
5 838
Magazine advertising:^
33, 288
46, 191
65, 401
62, 108
44, 167
57, 613
62, 984
60, 328
Cost total
do
50, 324
51, 78"
36, 548
33, 576
1,813
3, 039
4,700
3,578
4, 657
5,547
5,514
5,609
Apparel and accessories
_ _
_
do_
6,399
3,238
4,202
814
4,889
4,264
5, 755
5,419
2,491
4,393
6,329
4,972
5,416
Automotive incl accessories
do
3,714
3,162
3,787
1,659
2,182
1,062
3,427
2,327
3,560
4,157
3,641
Building materials
do
4,670
3,198
1,741
1, 554
3,218
6,034
5,048
5, 513
3,961
4,713
5,334
5, 215
5,210
Drugs and toiletries
- do
3,798
3,499
4,460
8,164
8,234
7,881
4, 931
6, 040
7,437
6,672
6,953
Foods soft drinks, confectionery
do
6,695
5 999
5, 357
5,457
2,014
3,842
4, 116
3 099
2,694
2,431
1,270
2,616
Beer wine liquors
do
2, 005
1,521
2,380
1,967
3,928
3, 592
738
2,248
4,241
2,778
4,760
4,862
Household equipment and supplies
do
3,259
3, 005
1,733
1,348
1,099
1, 526
3, 661
1,881
4,161
3,358
2,533
Household furnishings
do
3,426
1,762
681
2, 510 1
1,001
4,932
4,044
3,179
3,788
4, 611
3, 243
2, 637
4,020
Industrial materials
do
2,719
3, 755
4,303
2,793
444
921
583
715
976
953
1, 087
1,273
781
Soaps cleansers, etc
do
729
515
456
1,411
1,329
1,471
1,026
1,293
1,453
1,350
1,662
1,691
Smoking materials
do
1, 285
1, 138
1,087
15,491
18,672
9,922
17, 478
16, 196
13, 400
13, 120
16, 727
12, 938
All other _
_
_ _.
_ __
do
9,297
9,943
14, 73?
3, 655
4, 131
4,754
4,406
3, 161
4,551
4,284
3,214
Linage, total
thous. of lines
5,230
3, 104
4, 999
3,864
4,656
4,306
Newspaper advertising:
244, 370 241, 346 224, 299 182, 932 180, 732 216, 155 233, 264 234, 644 216, 570 185, 771 199, 363 218, 909 244, 880
Linage total (52 cities)
do
46, 054
44, 499
50, 024
51, 778
55, 689
Classified
do
55, 833
50, 718
43, 297
52, 030
51,050
54, 501
50, 193
53, 001
Display, total
__ _
do . _ 188, 537 190, 629 181,001 136, 878 136, 233 166, 131 181, 486 178, 955 164, 540 135, 579 146, 362 167, 858 190. 379
12, 579
14. 312
14, 147
9,240
11,336
10, 048
10, 192
14, 647
12, 572
15, 129
Automotive
do
11,520
9,760
10, 781
3,065
3,099
2, 776
2,789
2,897
4,071
2,905
2,921
2.457
3,227
Financial
do
3,179
2,673
2,278
34, 084
39, 186
27, 608
22, 626
34, 896
31,312
26, 573
33, 979
37, 773
23, 952
General
do
37, 559
23, 526
28, 981
99, 989
132, 263 137, 488 140, 449
97, 963 117,611 130, 295 126, 506 115,179
Retail
do
96. 880 109, 777 126, 444 137, 069
' Revised.
* Preliminary.
§ Copyrighted data; see last paragraph of headnote, p. S-l.
cfData reported at the beginning of each month are shown here for the previous month.
9 Revisions for building cost indexes for August-November 1950 and July 1951 and for construction cost indexes for August 1950-November 1952 and May 1953 will be shown later.
*New series. Mortgage foreclosures, compiled by the Housing and Home Finance Agency, Home Loan Bank Board, represent estimates of the total number of mortgage foreclosures in all
nonfarm areas of the U. S. Television advertising cost, compiled by the Publishers' Information Bureau, Inc., covers gross time charges for network advertising on major television networks
(ABC, NBC, Columbia, and Du Mont).
f Revised series. Data reflect the adoption of a more recent comparison base (except for television) and adjustments of the radio and television
components to cover only the network portion of these media. Revisions prior to January 1953 will be shown later.
{Revised to exclude magazine sections of newspapers. Comparable
data prior to August 1953 will be shown later.
SURVEY OF CURRENT BUSINESS
December
-
•
~~
'- T
~
"
1953
1
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Decern- JanuOctober NovemSupplement to the Survey
ber
ber
I
ary
~
- ~ ' -
™;™-
March
S-9
1954
April
May
June
August
July
Septem- October November
ber
DOMESTIC TRADE— Continued
PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly totals at annual rates: t
(roods and services, total
nil of dol
|
229 7
'230 F,
233 1
234. 8
Durable goods, total
\utomobiles and parts
Furniture and household equipment
Other durable goods
do
do
do
do
28
11
12
3
0
7
6
7
28.0
11 6
12 8
3 6
28 8
12.6
12.4
3.9
28.9
12.4
12 6
3 9
Nondurable goods, total
Clothing and shoes
Food and alcoholic beverages
Gasoline arid oil
Semidurable housefurnishings
Tobacco
- Other nondurable goods
do
do
do
do
do
do
do
118 7
19.5
71 9
6.9
2 4
5. 1
12.9
118.8
19 5
72 0
6 9
2.4
5.2
12.8
120.0
19 7
72 5
70
2.4
5.3
13.1
121.1
19.4
73 7
7.0
2.5
5.3
13.1
Cervices total
Household operation
Housing
Personal services
Recreation
Transportation
Other services
do
do
do
do
do
do
do
83 0
12.1
28 6
4 4
4 3
7 2
26. 4
RETAIL TRADE
All retail stores:
Estimated sales (unadjusted), total..- . mil. of dol
•"
i
1
84 3 _ _
12.1
29.3
4.5
4 6
7.2
26.7
83 6
12.0
29 0
4.4
4 5
7 2
26 5
"1
_
84.8
12.2
29. 5
4.4
4.5
7.3 ..........
26.9
' 14, 665 i 14,551
14, 951
13, 955
16, 444
12,339
12,065
13, 540
14,324
14, 246
14, 658
14, 390
13, 896
14, 139
Durable-goods stores
Automotive group
_
Motor- vehicle, other auto dealers _.
Tire, battery, accessory dealers
Furniture and appliance group_ _
Furniture, homefurnishings stores
Household-appliance, radio stores
Lumber, building, hardware group .
Lumber, building-materials dealers
Hardware stores...--. ..
do
do
do
do
do do
do
do
do
do _
5, 319
4,742
4.944
4.963
5, 020
4, 916
4,842
2,644
2.699
2,832
2,695
5,458
3,095
5, 022
2,388
4, 070
2. 254
2,142
112
652
362
290
654
482
172
4,768
2, 770
156
830
475
355
968
711
256
3. 861
2,124
2, 014
110
670
364
307
627
462
165
2, 936 !
159
758 :
438
319
918
686
232
2, 588
159
733
422
310
919
687
233
2, 526
146
730
434
296
923
707
216
2, 536
2, 399
136
740
433
307
936
706
230
Nondurable-goods stores
Apparel group
IVlen's and boys' wear stores
\V7omen's apparel accessory stores
Family and other apparel stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
Food group. __
._
Grocery stores
Gasoline service stations ._
do
do
do
do
do
do
do
do
do
do
do
9. 632
902
9. 213
866
196
340
194
137
384
1,051
3,291
2, 740
898
11,500
8 478
'678
160
271
132
115
407
988
3, 357
2, 837
855
9, 200
852
204
326
163
159 i
406
1,134
3, 385
9, 368
722
154
283
147
138
407
1,221
3, 689 I
3, 121 |
1,052 !
8, 980
681
133
266
154
128
396
1,207
3, 374
2, 828
1,026
9, 296
847
164
323
188
172
392
1, 156
-1,139
2, 920
975
' 3, 661
»• 3. 100
r
1,017
i 396
1,081
i 3, 444
' 2, 905
1985
1 753
963
140
257
394
294
14, 104
5, 005
2 748
1,477
181
52(
564
462
13, 932
1. 167
624
75
176
292
269
13, 622
4, 436
2. 285
2, 148
137
784
443
341
827
599
228
1,334
697
77
228
332
280
14, 272
4,911
2, 640
1, 424
761
95
231
337
264
1, 54b
852
103
235
35.'
276
-1,686
•'923
' 1,820
* 1,025
14,150 1
14,214
2,926
361
205
158
394
1, 134
3, 567
2,997
914
General-merchandise group
do
Department stores, excl. mail-order
do-...
M ail -order (catalog sales)
do
Variety stores
do
Other general-merchandise stores
do
Liquor stores
do
Estimated sales (adjusted), total ._
do
Durable-goods stores
do
Automotive group
_ _ _ _ do
Motor- vehicle, other auto dealers
do
Tire, battery, accessory dealers-- „ .do
Furniture and appliance group
_do.--»
Furniture, homefurnishings stores
do
Household-appliance, radio stores
do
Lumber, building, hardware group..do
Lumber, building-materials dealers----_.do
Hardware stores -.
...
do
N endurable-goods stores . . .
\pparel group
Men's and boys' wear stores
._
Women's apparel, accessory stores
Family and other apparel stores.Shoe stores
_ ._
, .. . .
Drug and proprietary stores. _ _ .
.
Eating and drinking places
Food group
_ ._,.
. ..
Grocery stores
Gasoline service stations
1 714
934
112
264
403
298
14,040
5, 029
2, 859
2,718
141
746
429
317
856
618
238
do
do
do
do..-.
.do..-do
do
do
do
do
do
2,531
143
813
465
348
862
623
239
2,776
2, 630
147
754
432
322 |
893
657
236
2, 279
2. 099
180
1.000
535
465
861
564
297
1,364
352
524
291
196
516
l,09f
3,618
3, 018
914
4,626
2, 509
2, 365
144
738
418
32(
820
59"
223
9,306
1,629
87(
118
26f
38
308
1,505 !
823 |
96
236
349
316
2, 89(
93;
143
695
407
288
808
587
221
7, 996
604
134
250
116
103
394
962
3, 112
2, 607
800
8,772
9, 361
949
198
379
188
185
398
1,035
9, 227
821
184
337
149
152
406
1,100
2, 866
903
955
1 142
599
82
188
273 i
256
1 33(
724
94 i
198
314
266 i
13, 900 !
4, 858
2, 73?
2. 595
143
758 i
433
32n
784
57(
214
1, 567
863
94
249
361
266
14, 242
4, 882
2, 582
146
777
440 I
337
781
566
2,449
2, 682
144
74C i
42? !
317 :
818 i
598 1
22(
2.490
9. 042 1
807
19f
308 1
\M i
J4f i
41C
9, 36(
876
200
340
182
153 i
41 r I
1, 105
3, 36f
2, 835
93S
9, 313
822
194 !
330
160
138
410
1, 102
3, 434
9, 361 !
855 1
184 1
348
178
145 i
103
1, 141
954
9, 4 If
88f
207
354 i
17f '
14f >
41i
1. 128
3, 434
2. Sol
95f-
l,60f
857 !
104
250 |
394
292
1,539
840
lOf
234
365
270 i
1. 581 ,
85-1
103
2tt.
374 '
28! :•
23, 321 1
10, 913
23.351
11,080
12,271 j
23,016 ;
10,898
12,118
22, 131
10, 489
21, 843
10, 239 1!
22, 143
10, 164
22, 563 !
10, 48f i
3, 807 i
2, 013 :
2, 313
22, 69( 1
22, 804
10, 502
3, 821
2,018
2, 322
22, 600 i
10, 383
3,751 !
2,001
2, 302 !
22, 403 !
10, 190 i
3. 671
1,923
2, 294
22, 451 •• 22, 425
10, 234
10, 286
3, 657
3. 743
1,926
1,915
2, 336
2, 318
13,972
4, 745
2, 502
2, 349
153
779
453
326
849
619
23C
1,528
822
100
250
357 !
297
1,57
857
106
252
356
27h 1
3,432
127
690
398
292
738
542
196
2, 857
93(5
897
2,842
868
18S
354
16"
158
408
1,064
3,378 !
General-merchandise group .
Department stores, excl. mail-order
Mail-ordor (catalog sales)
do - - . do..-.
do
O ther general-merchaiid ise stores
Liquor stores
do
do
1, 528
840
96
249
343
274 i
do
do
do
23, 584
10, 589
12, 995 !
23, 628 i
10, 459
13, 169 !
21, 208
9, 87t
21,309 I
10, 233 I
11, 136 1
22, 046
22, 721
10, 727
3, 875
2, 028 i
22, 437
10, 574 !
3, 768 1
1, 994
2, 419
22, 66
10, 668
3, 748
2, 039
2, 49.
22,521 i
22, 421 i
10, 584 i
3, 868 i
1,994
2,351
Estimated in ventories : t
Unadjusted total
Durable-goods stores
Nondurable-goods stores
\djusted, total
_
__
Durable-goods stores
Automotive group
Furniture and appliance group
Lumber, building, hardware group-
do
do
do
..do
do
|
2,424
11,332
10, 688 i
3, 89f
1,984
2, 437
2,672
2,841
9, 228
878
199
341
177
162 \
416 |
1,099
3, 39C
2,831 :
916
9, 186
845
187
339
163
156
430
1,066
9, 099
787
167
314
163
143
394
1, 054
3, 375
2, 838
910
9,011
768
155
299
169
14b
383
1,070 |
3, 400 1
2,747
2,771
10,476
11,570
715
152 |
297 !
143 1
124
401
1,004
3, 340
2,799 j
870
l,04<r
3, 36$
2,831 !
91,1
1,49(
SOt
9^
i
361
281
3,422
2,728 !
21 r
137
739
444
296
849
620
229
3,447
2,886
1,478
819
86
222
350
262
14, 044
4,730
2, 581
132
769
436 1
333
800
582 !
217 !
2,872
2,833
989
1,514 1
830
96 !
231
35S
250
14, 43f
5, 024
2,826
150 1
77f
447
328
846 i
614
231
3,443
2, S87
955
i, -W
S62 |
104
2">(
353
277 1
4, 770
2, 571
2, 430
141
724 I
415 i
310
864
644
219
3,475
4, 798
2,564
2,434
131
728
426
302
867
645
222
9. 380
'823
178
315
190
140
404
1 , 107
3, 497
2, 927 !
969 |
9, 417
820
177
311
183
149
410
1,106
3, 570
2, 992
950
1.576
854i
101 !
256 i
364
291
1,566
849
100
257
359
283
4, 853
' 2, 491 "T 27 558
2,344
147
i 842
'812
488
325
947
704
243 .......
9,812
i 911
r911
192
350
204
165
'406
1
107
255
401
283
14, 071
4,689
2,485
2,348
137
752
444
308
875
648
227
i".:. ...:.:
9,382
812
173
309
175
155
407
1,085
3,522
2, 966
982
1 , 565
867
98
247
353
266
;
12,40?
10,412
3, 773 ;
1, 992 j
2,315 1
11,642 |
11,604
' 22, 498 22, 633
9, 887
9,570
13, 063
11,979 ' 12,611
21,996
9,974
3,361
1,930
2, 337
— ..
12, 022
12,302
12, 165 f 12, 191
12,077 i 12,278
11,833
11.837
1 1. 99,'
12,217 i 12,213
11,863
11,993
Nondurable-goods stores
do
2,686
2,736
2,667
2, 700
2,612 i
2, 713
2, 72( i
2,594
2, 811
2'. 52
2,685 !
2,527 !
2,573
Apparel group
, do- -2, 365
2,290
2,488
2, 533 1
2, 394
2, 416 I
2, 566 i
2,586
2. 578
2, 437 i
2, 344
2,289 i
2,314
Food group
..
do-.-3,772
3,
742
'
3,
816
i
3,
730
3,721
3,
668
i
3,
665
3,
732
3,673
>
•
3,
858
3, 738
3, 823
3, 857
General-merchandise group
do
r
l
Revised.
Advance estimate.
JRevised series. (,.uarterly estimates have bet 11 revised back to 1939; arm ual data, to 1929. Re visions> prior to 2d quarte r 1953 for tho grand
total, total durable and nondurable goods, and service s are shown as coniponents c>f gross na .ioiial pro luct in ta ble 5 on pi>. 8 and 9 3f the Jul y 1954 SUE VEY; those for the s ibgroups appear in
Revised >eries. Se e correspo nding no e on p. S- 3.
tbe 1954 issue of the National Income Supplement.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through 1.952 and
descriptive notes are shown in the 1953 Statistical
DecemOctober NovemSupplement to the Survey
ber
ber
January
February
March
April
December l!)r>4
May
June
July
August
Octob,r
ber
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores— Continued
Firms with 11 or more stores:
Estimated sales (unadjusted), total
mil. ofdoL\pparel group
do Men's and boys' wear stores
do
Women's apparel, accessory stores
do
Shoe stores
.. _ _ _ . _ . . .
do ....
Drug and proprietary stores
do
Eating and drinking places
do
Furniture, homefurnishings stores
- do
2,760
188
18
73
57
64
59
30
2,587
176
20
69
48
60
53
32
3, 457
287
35
113
81
88
57
33
2,240
120
12
45
37
60
50
22
2, 150
113
10
45
36
57
49
25
2 429
155
14
58
48
59
54
31
i 2, 687
212
18
81
73
62
54
27
i 2, 603
165
14
66
57
61
55
32
i 2, 605
171
16
65
61
61
57
28
i 2, 643
139
11
58
52
63
58
28
i 2, 470
131
10
55
47
60
58
29
1
2, 598
170
13
62
63
60
57
28
1
2, 802
183
17
68
61
64
57
33
General-merchandise group
do
Department stores
do
Dry -goods, other general-merchandise stores
mil. of dol _ _
Variety stores
- -do . _
Grocerv stores
do _
Lumber, building-materials dealers ._. -do _
Tire battery, accessory stores
do
798
372
801
352
1,282
509
501
223
510
220
604
278
737
346
697
347
729
354
655
314
692
321
732
355
797
380
121
202
1,132
70
53
121
199
1,001
58
49
194
410
1, 129
50
72
76
133
1, 097
41
37
71
144
1,000
47
39
84
155
1, 086
54
43
108
198
1, 128
60
50
96
174
1,114
64
49
104
182
1.069
70
59
94
175
1,206
70
58
104
178
1,029
98
184
1,077
75
49
120
199
1, 183
71
51
Estimated sales (adjusted), total
do ...
Apparel group
do
Men's and boys' wear stores
do
Women's apparel, accessory stores
do _
Shoe stores
do
Drug and proprietary stores .. . _ _ _ do._
Eating and drinking places
_ do _
Furniture, homefurnishings stores do _ _
2,532
168
15
65
54
63
57
27
2,569
173
17
68
51
63
55
30
2, 620
188
20
75
56
63
54
23
2, 543
164
14
64
54
62
54
29
2, 585
167
14
67
54
62
56
30
2,584
167
15
62
56
61
55
30
'2,613
175
16
69
56
64
55
29
i 2, 595
160
14
63
53
63
54
28
i 2,619
167
16
66
54
63
55
28
i 2, 652
164
15
67
54
64
55
32
2, 654
168
16
63
64
55
29
i 2, 607
168
15
64
59
63
54
30
698
317
723
321
760
318
693
312
715
324
718
330
736
344
702
322
740
338
730
336
748
345
745
351
334
103
190
1, 059
53
51
109
196
1, 060
57
52
130
203
1, 064
59
50
103
186
1, 082
56
51
104
195
1.087
61
52
105
191
1,090
61
49
105
192
1.088
60
51
99
187
1,120
62
48
106
199
1,098
62
52
107
190
1,128
63
54
109
200
1,119
63
49
102
199
1,120
64
51
105
193
1,108
61
52
132
229
146
238
194
259
159
252
138
243
127
236
131
236
130
233
130
232
117
226
117
228
127
231
135
238
48
14
47
14
46
14
45
13
43
14
48
15
S
46
14
47
14
45
14
45
13
46
13
47
14
46
43
11
46
44
10
48
43
g
47
42
11
46
43
11
46
43
11
46
44
10
47
43
10
46
44
10
47
42
11
46
43
11
45
44
11
44
44
12
Sales, unadjusted, total U. S.J ..
1947-49=100
Atlanta
- - - do_- .
Boston
_
do
Chicago
do
Cleveland
- . _ . _ - do I") alias
do
Kansas City
do
Minneapolis
- do
NTew York
do
Philadelphia
.
do
Richmond
do
St Louis
do
San Francisco
do
115
130
107
112
115
128
114
118
- Ill
'115
192
219
194
188
187
209
189
171
178
188
211
185
195
83
94
83
82
80
94
83
75
81
80
80
83
85
86
101
81
83
80
98
86
83
83
84
89
88
86
89
110
86
86
82
102
90
79
85
91
97
92
88
110
129
108
109
105
119
110
101
101
109
124
112
107
106
120
102
108
98
119
109
104
98
104
114
106
107
106
114
106
108
100
112
108
96
99
104
113
110
105
88
106
'118
v 141
p 110
Mil
P 111
P 135
v 121
P121
P 110
P 113
M30
P123
P 116
v 138
93
89
100
97
115
83
' 98
94
115
104
99
RO
85
102
100
111
r 112
119
111
136
146
129
137
142
144
129
121
129
142
144
136
131
Sales, adjusted, total U. S.J
- --do
Atlanta
do
Boston
do
Chicago
- .-- - - - - - - - - - - - - - d o
Cleveland
_
do
Dallas
do
Kansas City
- ... _.do - _
Minneapolis
do .
New York
do
Philadelphia
do
Richmond
. . _
do
St Louis
do
San Francisco
do
- Ill
' 127
107
109
110
122
108
103
r
106
' 107
' 119
' 109
111
113
128
107
113
115
127
112
105
102
108
118
114
112
112
127
108
115
112
125
114
107
101
108
121
113
109
107
122
105
106
104
119
110
104
101
106
109
108
108
109
123
109
107
104
121
109
108
102
111
117
112
107
105
117
102
101
92
115
103
95
99
106
119
108
111
111
127
105
111
104
120
113
100
102
109
122
114
111
108
122
102
108
98
123
109
104
100
105
115
106
114
112
129
106
110
107
127
115
103
102
109
120
122
114
111
132
107
106
105
132
118
105
101
109
117
112
115
112
131
104
'108
108
127
112
105
105
107
120
110
115
' 113
P 138
pllO
P 111
P 106
P129
p 116
P 106
p 105
P 105
P 124
P 112
p 116
P114
Stocks, total U. S., end of month:!
Unadjusted
Adjusted
-
' 142
128
142
127
109
123
108
120
114
119
126
121
127
120
126
121
116
122
115
124
120
124
r
129
'125
p 138
p 124
377, 007
99, 860
277, 147
373, 870
98, 349
275, 521
511, 657
138, 930
372, 727
231, 649
52, 587
179,062
228, 687
53. 131
175, 556
278, 044
67, 406
210,638
333, 209
83, 562
249, 647
335, 726
78, 109;
257,617'
352, 655
81.318
271, 337
313, 704
69, 881
243, 822
327, 837
77, 591
250, 247
345, 570
81, 298
264, 272
370, 634
88, 435
282, 199
9,907
3, 344
6, 563
9,231
2,973
6, 258
9,152
2, 959
6, 193
8,014
2, 425
5, 589
8, 103
2,628
5,475
9, 135
2, 928
6, 207
8,751
2,902
5, 849
8, 526
2, 781
5, 745
9, 465
3. 060
6. 405
9, 515
2,872
6, 643
9,461
2,984
6,477
12,214
6,044
6,170
12, 153
5,902
6,251
11,697
5, 678
6, 019
11,937
5, 863
6, 074
11,914
5,947
5, 967
11,843
6. 053
5, 790
11,601
6, 022
5, 579
11,553
6, 040
5, 513
11,488
5.881
5,607
11,503
5,720
5,783
11,627
5,712
5, 915
General-merchandise group
do
Department stores
__
do _
Dry-goods, other general-merchandise stores
mil. of doL.
Variety stores
do
Crrocerv stores
_
_
. do _
Lumber building-materials dealers
do
Tire, batterv, accessory stores
,._
do - - Department stores:
Accounts receivable, end of month:
Charge accounts
1947-49— 100
Installment accounts
do
Ratio of collections to accounts receivable:
Charge accounts
percent ._
Instalment accounts 9 . _ .
- --do
Sales by type of payment:
Cash sales
_
percent of total sales ~
Charge account sales
__do _
Installment sales
do
do
do _ .
Mail-order and store sales:
Total sales, 2 companies
thous. of doL.
Montgomery Ward & Co _.
--do ...
Soars, Roebuck & Co
do
WHOLESALE TRADE
Sales, estimated (imadj.), totalf
mil. of dol-. Durable-eoods establishments
do
Nond urablc-goods establishments
do
Inventories, estimated (unadj .) , totalt
Durable-goods establishments
Nondurable-goods establishments
do
do
do
r
195
86
82
111
97
84
%
52
1
2, 655
166
16
65
55
63
55
29
1
123
115
113
105
121
114
111
106
111
122
111
112
'107
' 120
109
' 106
101
114
107
101
102
107
115
104
110
' 9, 632
3, 089
' 6, 543
' 11,752
r
5, 642
'6, 110
9. 498
3, 112
6, 380
11, 937
5,651
6. 283
l
••• jtveviseu.
P Preliminary.
Excludes comparatively small sales amounts for certain lines of trade also excluded from this series priorr to April 1954.
Re ed.
9 Revised beginning 1953; not strictly comparable with earlier data.
JData for 1946-53 have been revised to reflect changes in seasonalil factors and other
o
minor changes. Unpublished
i\'visions (prior to July 1952) will be shown later.
t Re vised series. See corresponding note on p. S-3.
SURVEY OF CURRENT BUSINESS
December 1954
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
S-ll
1953
1954
DecemOctober November
ber
January
February
March
April
May
June
July
August
SeptemOctober |N°bVeermber
EMPLOYMENT AND POPULATION
POPULATION
Population, continental United States:
Total, incl. Armed Forces overseas©
thousands..
160, 408
160, 654
160, 873
161, 100
161, 331
161, 542
161, 763
161, 969
162, 187
162, 414
162, 670
162, 947
163, 211
163, 465
115,449
115 544
115 634
115 738
115 819
115 914
115 987
116 083
116 153
116 219
116 329
116 432
116 547
116 644
67, 426 ' i 67, 425p r 66, 569
66, 292
67, 139
67, 218
67, 438
67, 786
68, 788
68, 824
68, 856
68, 565
68, 190
67, 909
EMPLOYMENT
Noninstitutional population,1 estimated number 14
years old and over, total cf
thousands
Total labor force, including Armed Forces§
Civilian labor force, total §
Employed
Agricultural employment
Nonagricultural employment
Unemployed
Not in labor force §_ . _
_ _
Emplovees in nonagricultural establishments: 9
Total, unadjusted (U. S. Dept. of Labor)
Manufacturing
Durable-goods industries
Nondurable-goods industries
_
do
1
do
do
do
do
do
1
1
63 077
60, 764
5 438
55, 326
2 313
62 840
59, 753
5 284
54, 469
3 087
63 725
60, 055
5 704
54, 351
3 671
63 825
60, 100
5 875
54, 225
3 725
64 063
60, 598
6 076
54, 522
3 465
64 425
61,119
6 822
54, 297
3 305
65 445
62, 098
7 628
54, 470
3 347
65 494
62, 148
7 486
54, 661
3 346
65 522
62, 276
6 928
55, 349
3 245
65 243
62, 144
7 527
54,617
3 099
64 882
62, 141
7 239
54, 902
2 741
64 624
61, 731
6 1 54
55, 577
2 893
do
1
48, 023 ' 148 119p ' 49, 065
49 447
48 679
48 696
48 549
48 297
47 365
47 395
47 473
47 866
48 357
18 735
50, 180
17 301
10,072
7,229
48
16
9
6
47
16
9
6
47
16
9
6
48
16
9
6
47
15
9
6
935
836
152
684
48 137
15 888
9 123
6,765
47
15
8
6
do
do
do
do
Mining, total
do
Metal .
.
do
Anthracite
do
Bituminous coal
__ _ _ _ _
do
Crude-petroleum and natural-gas production
thousands ..
Nonmetallic mining and quarrying
do
Contract construction . _
...
_ do
Transportation and public utilities
do
Interstate railroads- _ _. ..
. do
Local railways and buslines
do
Telephone
_ . _ _ ... __
___ do .
Telegraph
_.
_
do
Gas and electric utilities
do
Wholesale and retail trade _ . _ _
Wholesale trade.
___ _. _
Retail trade _ _ _ _ _ _
_ _
General-merchandise stores. __ _ _
Food and liquor stores . . ._
Automotive and accessories dealers.
Finance, insurance, and real estate
Service and miscellaneous _.
Hotels and lodging places
Laundries
Cleaning and dyeing plants _ . . . ...
Government _ _ _ _ _ _ _ _ _
Total, adjusted (Federal Reserve) 9. .
Manufacturing
._
Durable-goods industries
Nondurable-goods industries . „
Mining
Contract construction
. .
Transportation and public utilities
Wholesale and retail trade _
Finance, insurance, and real estate
Service and miscellaneous- . _
Government
__
63 876 ' i 63 905
p'
62, 575 ' i 62, 206
1
7 109 ' i 6 636
i 55, 466 ' i 55, 570
1 301
1 609
49
16
9
7
851
988
897
091
50 197
16 765
9 773
6,992
147
434
591
843
826
105
49
269
829
105
49
271
822
106
49
266
805
104
46
261
790
103
45
252
772
102
42
237
749
98
39
220
737
99
29
213
744
100
27
214
100
25
202
295
108
2,889
4 257
1,383
128
706
44
556
297
106
298
104
295
99
291
101
300
104
303
105
2 789
4 216
1 354
2 349
4 069
1 266
292
99
292
103
2,632
4 187
1,329
291
98
128
705
43
556
127
704
43
556
127
701
42
555
2 535
4 008
1*206
2 634
4 008
1 216
2 729
4 032
1 229
2 795
4 043
1 232
898
831
997
581
415
11 361
2, 830
8 531
1, 960
1 429
830
839
10 421
2 ? 794
7 627
1 369
1 401
2,034
5 467
2,040
5 435
2, 033
5 377
880
392
480
842
2 356
4 039
l' 244
848
234
389
845
2 415
3 992
1 215
126
701
41
554
126
700
41
555
10 310
2 792
1 518
1 305
1*406
'818
2,044
5 380
'474
10 305
2 780
7 525
1 319
1 399
068
000
260
740
125
700
42
556
124
699
41
557
123
699
41
563
808
627
863
764
' 737
122
705
41
569
do
do
do
... do
do
_ do _
do
do
do
do
_ do
do
10, 669
2,808
7 861
.. do
do
do
do
49, 711
17, 125
10 044
do
do
do
do
do
do
do
826
2 725
4, 245
10 563
2, 050
5 506
6 671
825
818
805
772
744
740
2 686
4 176
10 579
2, 050
5 490
6 606
2 581
4 118
10 577
2,054
5 487
6 693
2 gig
4 087
10 543
2,065
5 490
6 661
753
2 708
4 205
10 577
2, 044
5 494
6 668
2 ? 6549
4 01
10 552
2,067
5 488
6 634
2 641
4 015
10 524
2,075
5 506
6 632
2 634
4*011
10 494
2,081
5 508
6 667
2 624
4 016
10 480
2, 083
5 518
6 647
2 637
4 014
1 0 507
2, 095
5 555
6 657
13, 852
8 088
193
13, 534
7 910
' 187
13, 319
7 791
13, 002
7 616
12, 906
7 520
12,818
7 430
12, 590
7 309
12, 437
7 208
150
125
12, 212
6 917
165
137
12,480
7 177
627
343
649
351
701
372
604
324
283
428
679
361
_
.
Production workers in manufacturing industries: 9
Total (U. S. Dept. of Labor)
thousands. _
Durable-goods industries
do
Ordnance and accessories. . . _
do
Lumber and wood products (except furniture)
thousands..
Sawmills and planing mills
do
Furniture and fixtures
...
do
Stone, clay, and glass products
do
Glass and glassware, pressed or blown. _ . do ...
Primary metal industries
do
Blast furnaces, steel works, and rolling mills
thousands _ Primary smelting and refining of nonferrous
metals
thousands. _
Fabricated metal prod, (except ordnance, machinery, transportation equipment)
thousands-.
Heating apparatus (except electrical) and
plumbers' supplies
thousands. .
Machinery (except electrical).
do
Electrical machinery
do
Transportation equipment
do
Automobiles
. do
Aircraft and parts
do
Ship and boat building and repairs
do
Railroad equipment..
do
Instruments and related products
do
Miscellaneous m f p . industries.
do
1,476
1 , 405
827
2,040
5, 506
490
33S
170
6, 692
7,081
10
2
7
1
1
825
477
337
170
475
335
167
6 700
6 955
6 659
49, 109
16 704
9 733
6 971
48, 812
16 49.7
9 599
6 898
49
16
9
7
422
901
857
044
184
467
333
165
177
474
329
164
6 639
6 667
6 699
6 701
6 625
48 177
16 038
9 171
6* 867
48 102
15 994
9 126
6* 868
607
349
467
889
794
48
16
9
6
441
262
364
898
8'<
1 088
1 074
1 049
1 027
643
347
290
499
78
1 010
555
542
534
522
511
502
50
49
48
48
49
924
902
875
874
107
1 254
933
1, 507
715
592
128
62
242
434
102
1 240
913
1,449
68 >
97
1 238
883
1,487
707
92
1 230
855
1,470
677
567
128
5Q
243
48
16
9
6
268
122
945
877
502
334
171
527
337
172
120
584
338
167
5
' 207
' 719
'89
95
' 205
'713
P 719
'203
v °02
'88
295
301
105
104
105
p 103
2, 764
' 2. 817
T 2 851
p 2 692
' 4 030 ' 4 032 ' 4 014 p 3 993
1 215
1 224
119
121
703
41
569
897
41
565
' 10 350 ' 10 480 r 10 565 •D 1 fl 797
' 2, 781 r 2 786
' 2 813 p 2 897
r 7 752
' 7 569 r 7 694
i> 7' onn
' 1 290 r 1 360
' 1 405 P 1 503
' 1 405 r 1 41*3
' 1 4?8 v 1 ' All
' 810
•p 809
' 801
804
' 2, 126 '2,115
' 2, 108 P 2, 105
r 5 54Q
r 5 634
5 606
' 583
514
332
162
329
164
r 6 865
982
775
962
813
' 47 945 ' 48 05^
' 15 733'15 78^
' 8 910 r S Q4.1
' 6 823 r Q QA Q
r 48 167
'15 878
742
r 71 q
r 71 f\
' 730
2 608
' 9 640 r 9 ft33
' 4 001 ' 4 016 ' 4 004
r 10 504
r 1fl' 480 ' 10 460
' 2, 095 '2,115
'2,119
p 2 , 116
r 5 54(5
c roq
r 5 551
700
« 839
6 691
6
117
6 454
r 12, 449 ' 12,611
' 6 933 r 7 015
r H4
113
'613
'331
OCT
Q 035
' 6 843
r
12, 655 p 12, 679
r 7 139
P 7 232
' 113
P 1 12
'710
p 700
p 297
v 140
r Qfi^
' 972
09]
272
424
74
969
491
483
488
485
'484
484
48
47
47
48
48
48
46
864
852
840
833
831
809
819
'820
91
1 920
839
1,435
655
91
I 909
827
1,409
637
599
120
53
229
89
1 187
811
1,380
625
90
1 165
791
1,342
601
92
1 151
776
1,324
594
90
1 108
765
1, 277
561
' 968
(3
r 299
' 438
275
427
78
983
288
434
'76
r
"
'697
381
' 296
437
76
277
427
78
07Q
292
427
78
673
071
1 58
913
6 738
6 467
47
15
8
6
'93
9
' 48, 620 p 48
' 16, 045 v 16
' 9, 062 p 9
' 6, 983 p 6
''827
p 833
'95
98
' 1 093 P 1 094
' 1 093 ' 1 095
' 81S.
' 802
'782
P 833
' 1, 184 ' 1,257
1, 237
P 1,337
466
' 534
r 556
559
101
102
37
91 '?
r 213
214
r 210
r 309
i) '}O">
T
300
r 078
602
596
585
565
570
575
125
111
122
115
109
116
59
42
60
48
44
55
34
241
°37
215
224
220
233
210
375
374
3R3
303
3SQ
38.0
425
407
386
r
Revised. p Preliminary. l Revised for comp r bility with October 1954 and November 1954; not cornjrrible with December 1953. Monthly revisions for 1953 will be shown Ut<T
©Minor changes have been made for May 1950-October 1951. Revisions for November 1951-December 1952 appear at bottom of p. S-10 of the March 1954 SURVEY.
cfSee notes marked "c?" and "§" on p. S-10 of the September 1954 SURVEY regarding changes (expanded sample and revised basis of estimates) beginning January 1953, September 1953,
ami January 1954; see also note "cf" on p. S-10 of the February 1954 SURVEY for adjustment factors for comparing pre-1953 with later figures. § Estimates of tic labor force and persons
not in. tiie hbor force lor December 1953 have been adjusted tentatively in accord nice with the preliminary adjustments in unemployment estimates during the same period to obtiin comparability with dati beginning J^mr-ry 1954 b'sed on the new simple.
9 Data for employment and hours and earnings have been revised effective with the June 1954 SURVEY to adjust to the first quarter 1953 benchmark. Revisions beginning 1951 are available
upon request to the Division of Manpower and Employment Statistics, Bureau of Labor Statistics, U. S. Department of Labor, except for the estimates of employment adjusted for seasonal variation
which are available from the Board of Governors, Federal Eeserve System.
586
812
2, 126
5 638
330
163
293
428
77
44 s
812
2,104
5 601
809
48
16
9
6
377
780
597
290
414
10 414
2 757
7 657
1 325
1 422
2,081
5 563
488
331
171
10
2
7
1
1
375
746
629
339
416
808
301
617
344
10
2
7
1
1
2,075
5 506
812
308
459
86
654
359
496
762
734
409
420
2,057
5 406
713
388
313
465
86
1 II 9
695
377
10
2
7
1
1
' 48 045 ' 48, 526
16 019
r 15 863
' 8, 950
r 8 875
' 6 988 ' 7, 069
SURVEY OF CURRENT BUSINESS
December
1954
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
DecemNovemOctober
Supplement to the Survey
ber
ber
January
February
March
April
May
June
July
August
Septem- October November
ber
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT— Continued
Production workers in mfg. industries 9 — Continued
Total (U. S. Dept. of Labor)— Continued
Nondurable-goods industries
.thousands. Food and kindred products
__do
Meat products
do
Dairy products
.. -do
Canning and preserving
do
Bakery products
.do.
Beverages
do
Tobacco m anufactures
do
Textile-mill products
-do
Broad -woven fabric mills
do.-_
Knittiner mills
-_ do. .Apparel and other finished textile products
thousands
Men's and bovs' suits and coats
-do _
Men's and boys' furnishings and work clothing
thousands^ Women's outwear
_
_ do
Paper and allied products
do
Pulp, paper, and paperboard mills
-do. _
Printing, publishing, and allied industries
thousands..
Newspapers
do
Commercial printing. _ _ _ do
Chemicals and allied products
do
Industrial organic chemicals
do
Products of petroleum and coal
_ _ do Petroleum refining
do
Rubber products
.
do ..
Tires and inner tubes
do _
Leather and leather products
do. ._
Footwear (except rubber)
do
Production workers in manufacturing industries, adjusted (Federal Reserve) 9
Total
- _ - thousands . Durable-goods industries
do
Nondurable-goods industries . . .
- . -do ...
5, 764
1,224
263
79
253
182
130
109
1,067
493
211
5, 624
1,149
273
76
184
180
125
101
1,046
485
204
5. 528
1.083
267
74
149
177
120
104
1 , 028
477
199
5. 386
1,024
256
73
132
173
115
97
997
466
190
5, 386
1,009
250
74
125
175
112
80
995
463
194
5,388
1,009
246
77
126
174
115
84
989
460
193
5, 281
1,011
241
80
135
174
117
82
979
455
192
5, 229
1,031
239
84
144
172
122
82
969
452
192
5, 303
1,079
247
88
165
174
127
82
981
457
197
5, 295
1.142
246
88
225
176
133
S3
953
442
192
1,103
124
1,085
121
1,084
121
1,062
119
1,088
122
1,101
121
1,030
110
985
105
987
108
980
107
290
313
448
221
285
312
446
220
275
331
442
221
268
333
438
219
271
344
437
218
275
349
436
219
268
314
433
217
261
287
433
218
262
284
436
220
248
296
430
217
'269
'317
436
219
273
310
441
220
525
147
170
552
222
185
141
216
90
334
213
522
147
169
548
220
184
141
210
87
334
215
525
148
173
540
217
181
139
209
87
332
219
514
142
171
540
214
178
138
206
86
332
222
514
143
169
536
207
178
138
203
85
339
225
517
146
168
539
204
177
137
199
85
338
226
516
146
168
534
202
176
137
195
83
325
218
515
147
167
525
201
179
138
197
84
315
211
519
148
168
517
201
181
140
198
85
324
217
513
145
167
513
201
181
141
173
67
327
218
'514
145
' 167
'516
201
M79
' 139
' 177
68
'337
r 224
••523
146
171
'524
202
177
137
'199
87
330
217
13,680
8, 062
5,618
13, 447
7,868
5, 579
13,251
7,748
5, 503
13, 063
7,621
5, 442
12,935
7,509
5, 426
12, 840
7,405
5, 435
12, 705
7, 295
5,410
12,632
7,227
5, 405
12, 589
7,182
5, 407
12,371
7.020
5, 351
12,334
972
5 362
'12,388
r
7 007
5, 381
' 12 489 P 12 593
' 7 111 p 7 194
' 5, 378 r n 399
109.4
108.7
107. 7
107. 1
105.1
105.6
104.3
104.6
103. f
103. 8
101.8
102. 7
100.5
102.1
100. 9
101.8
98.7
100.0 ;
100.6
102.0
100.2
' 102. 3 » 102.3
' 101 0 * 101 8
2, 156.9 ' 2. 148. 0 '2,r 146.4 ' 2, 140.9 r 2, 133. 2
>• 206. 4 ' 205. 9 205. 9 ' 205. 6 ' 204. 5
2,136.8
206. 5
Production workers in manufacturing industries: 9
Indexes of employment:
112.0
Unadjusted (U. S. Dept. of Labor). ..1947-49= 100..
110.6
Adjusted (Federal Reserve)
.
do.- Miscellaneous employment data:
Federal civilian employees (executive branch) :cf
United States, continental
thousands i' 2, 178,4
i r 209. 2
Washington, D. C., metropolitan area
do
Railway employees (class I steam railways):
1,248
Total
thousands
Indexes:
119.0
Unadjusted
1935-39 = 100
1 15. 2
Adjusted
do
r
2, 176.0 2 ' 2. 453. 6
' 208. 3 2 r 21 1 . 7
r
' 5, 516
'1,224
251
'85
306
r
174
127
102
'981
'452
r
202
r
r
' 5, 596 ' 5, 516
' 1, 252 r 1, 165
256
81
327
173
121
110
110
••991
••987
454
204
r> 5 447
P 1 099
' 1,049
* 1.045
'440
r 442
'524
r 524
1.050 r 1, 053
114
' 115
r
6
r
99. 7
2. 134. ( ; 2, 130. 11 2 115 1
205. 2
206. 2 i
203. 6
528
r 529
' 176
T ]7")
r
205
r 90S
'329
r 331
2 120 5
204. 4
1,222
1,190
1, 139
1,114
1,089
1,081
1,091
1,104
1. 107 :
1 . 099
' 1 092
116.4
115.4
113.2
115.C
108. r
106. 2
112.9
ins. 9
103.8
106.5
103. 1
104.8
104.1
104. 5
105.3
103. 9
105 7
103. 5
104 9
102. 8
104 0
101 5
P 103 3
v 100 0
148.0
147.2
140. S
140.5
138. 4
135.0
135. 1
136.6
132. 3
135.1
138.4
'139.6
T
v 102
^992
1 08?
PAYROLLS
Manufacturing production-worker payroll index, unadjusted (U. S. Dept. of Labor) 9
.1947-49=100..
152.6
r> 141.3
LABOR CONDITIONS
I
Average weekly hours per worker (U. S. Dept. of
I
Labor) : 9
40. 2
39.3
39.0
39. r.
39.4
39.7 •
39.6
39. 5
40 0
40 3
39 4
All manufacturing industries
hours
39 7
39 9
40.
2
P 40 g
40.0
40.1
39.9
40.0
40.
6
40.1
41.0
39.
7
40.
8
Durable-goods industries
do
39.7
•
40 1
40 4
40 0
40.1
39. 9
39.7
40.0
40. 1 <
40.0
40.9
40. 9
40. 2
40 1
Ordnance and accessories
do
' 40 1
' 40 5
p 40 7
Lumber and wood products (except furniture)
40. 1
39.4
40.9
40.2
40. 0
39.9
40. 2
40.0
'41.5
40.8
40.8
hours...
'40.1
r 40. 9
'41,3
41.2
40.4
39.2
40.5
40.6
40.6
40. 2
40.1
41.1
' 42. 2
41. 7
•Sawmills and plan in p mills
do
41 3
39.6
40. 1
38.8
39.1
40.7
39.6
41.1
40.1
40.7
39 5
'40.6
Furniture and fixtures
do
' 40 8 ' 41 2 v 40 9
40.4
40.1
40.4
39. 7
-10.7
40. 6
41.2
40.4
40. 4
40.7
40.3
Stone, clay, and glass products
do
'40.7
41.2
Ml.O
r
39.4
38.8
39.0
38.3
39. 6
39. G
39.0
39. 4
38.4
39. 7
39. 1
Glass and glassware, pressed or blown. -do
39.4
38. 6
38.4
39. 3
39. 8
38.8
39.8
38. 0
38. 0
40.3
' 38. 4 ' 38. 5
Primary metal industries....
do
38. 3
"39.2
38.9
Blast furnaces, steel works, and rolling mills
r
37 4
37. 3
37 8
38 9
38 0
37 1
39 2
39 P
40 2
37 5
37 6
36 8
hours
Primary smelting and refining of nonferrous
T
40. 2
39.8
40.3
40. C
39.9
41.7
41.4
40.0
41.9
41.7
metals _
hours
39.4
39.8
Fabricated metal prod, (except ordnance, mar
40.5
40.1
40.7
40.7
40.4
40. C
41.0
40.7
41.5
41. 3
40.6
40.0
chinery, transportation equipment)- .hours..
40. 8
"41.2
Heating apparatus (except electrical) and
' 40. 4
40.1
38.4
39. 3
39.4
39.3
39.8
38.6
39.3
40.3
39,1
'39.8
plumbers' supplies
.. ..hours
40.2
40.5
40. 5
41.2
42.0
41.3
40.6
41.1
41.6
40.2
42.0
' 40.2
Machinery (except electrical)
do_ . .
p 40. 1
40.1
'39.8
39.6
39.2
39.9
40.2
39.5
39.3
39.6
40.3
40.4
39. 3
Electrical machinery
do
40.4
'40.1
f 40. 6
'40.2
39.9
40.2
40.2
40.5
40. 1
40.7
40.4
40.6
40.9
40.3
39.8
Transportation equipment
do
f 41 3
'40 4
39.5
39.3
40.4
40.1
'40.0
40.9
39.5
41.0
40.1
39.2
40.8
Automobiles
._
do
40.3
'40.8
40.8
40.5
41.2
41.8
40.7
40.6
41.6
41.0
41.6
40.9
40.7
Aircraft and part"
do
39.1
38.8
39.4
38.0
39.1
39.0
39.6
'39.0
37.8
38.5
37.9
38.7
Ship and boat building and repairs
. do
38.4
38.6
39.5
38.5
39.2
38.5
39.2
39.6
38.2
39.5
38.7
37.6
Railroad equipment.. .
do
39.8
41. 3
39.9
40.2
40.4
41.3
41.4
'39.5
39.6
39.6
39.5
' 39. 9 ' 40. 0
Instruments and related products
-do....
* 40. 2
40.1
39.6
39.4
40.0
39.2
39.4
40.7
40.7
'39.9
41.0
MO. 3
39.0
Miscellaneous mfg. industries.
...do
'40.1
'40.4
r
!
2
Revised.
» Preliminary.
See note marked "of" below.
Includes temporary Post Office employees hired during Christmas season; there were about 289,000 such employees in
all areas,
9 See corresponding note on p. S-ll.
c^Df.ta beginning January 1953 exclude employees in the General Accounting Office and Government Printing Office who were transferred to the legislative branch; employment in these
agencies at the end of Janu?ry 1953 was as follows: Continental United States—GAO, 6,200; GPO, 7,700; Wash., D. C.—GAO, 4,600; GPO, 7,400. Also, the data beginning Jinuary 1953 exclude
L300 employees of Howard University and Gallaudet College who are not now classified as Federal employees. In addition to the aforementioned exclusions, the January 1953 figure for
Continental U. S. reflects a downward revision of approximately 16,000 employees based on more accurate reports from the Post Office Department. Re visions for January-September 195S
thousands): Continental U. S.—2,339.0; 2,333.3; 2,316.0; 2,298.4; 2,276.6; 2,276.1; 2,254,4; 2,231.3; 2,203.8; Wash., D. C.—231.3; 230.1; 227.9; 224.4; 221.3; 220.7; 217.7; 214.5; 211.9.
SURVEY OF CURRENT BUSINESS
I >ecetnber 10r>4
1 Q
~ JL O
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
October November
1954
er
January
February
May
March | April
June
July
Septem- October | No ™
b
ber
August
EMPLOYMENT AND POPULATION—Continued
LABOR CONDITIONS- Continued
Average weekly hours per worker, etc.— Continued
All manufacturing industries, etc.— Continued
Nondurable-goods industries?
hours __
Food and kindred products
do
IVTeat products
do
Dairv products
do Canning and preserving
do
Bakery products
. ..
do
Beverages
do
Tobacco manufactures
do
Textile-mill products
do
Broad-woven fabric mills
. . do _
Knitting mills
do
Apparel and other finished textile products
hours ._
Men's and boys' suits and coats.
_ do. _.
Men's and boys' furnishings and work clothing
hours ._
Women's outerwear
do
Paper and allied products
„
do .
Pulp paper and paperboard mills
do
Printing, publishing, and allied industries
hours. Newspapers
do
Commercial printing
do
Chemicals and allied products .__
do-.~Industrial organic chemicals
do
Products of petroleum and coal
_do___Petroleum refining
do
Rubber products .. . _.
._, do._Tires and inner tubes
do
Leather and leather products
_
__do._-.
Footwear (except rubber)
.
do
Nonmanufacturing industries: 9
Mining:
Metal..
. ..
___.do
Anthracite
. - _ . _ _ . _
do
Bituminous coal
do
Crude-petroleum and natural-gas production:
Petroleum and natural-gas production h^urs
Nonmetallic mining and quarrying
do Contract construction
do
Non build ing construction
.
,
do
Building construction.. ._ ._.
... .do
Transportation and public utilities:
Local railways and bus linest
do
Telephone
. .
do .
Telegraph
do
Gas and electric utilities
do
Wholesale and retail trade:
Wholesale trade
_ _ . . . . . . ._ - d o ..
Retail trade (except eating and drinking places)
hours
General-merchandise stores
do
Food and liquor stores
do
Automotive and accessories dealers
do
Service and miscellaneous:
Hotels, vear-round
_
do
Laundries
.. . .
.
do _ . _
C 'leaning and dyeing plants
do
39.3
41.5
42 1
43.2
40.1
41.3
40.7
39.4
38 2
38.3
37 6
39. 1
41.4
43 2
43.0
37 0
41.0
39 9
38.3
38 2
38. 5
37 2
39. 3
41.3
41 6
43. 5
37 9
41, 0
40 1
39. 3
38 4
38.6
37 1
38. 5
40.9
41 5
43. 1
37 7
40.8
39 3
36.2
37 4
37. 5
36 1
38.8
40.5
39 7
43. 3
37 5
41.0
40 0
35.9
38 0
37.9
37 0
38.8
40.4
39 7
43^2
36 7
40.8
40 1
36.0
38 0
38.0
36 9
38.1
40.2
39 5
43^3
36 2
40.9
40 5
36.3
37 1
37.2
35 6
38.5
40.8
40 4
43.4
38 0
41.0
40.3
37.3
37 3
37.1
36 1
38.9
41.4
41 0
44.6
38 6
41.4
41 1
38.3
37 8
37 6
36 9
39.0
41.5
41 7
44.6
39 4
41. 1
41 5
37.9
37 8
37.8
36 6
'39.2
41.2
r 40 9
••r 43. 2
40 5
40.8
40 6
'38. 5
38 5
38.4
37 6
'39. 3
Ml. 4
41 9
43.7
39.9
41.0
40 7
r
39. 3
r
38 5
38.6
37 5
p 39. 2
P 10. 9
p 39. 4
p 41 2
v 39. 9
P39 2
p36 7
•o 39 $
36.1
36.2
35.6
35.7
35.9
36.6
34.8
34.9
30.1
36.0
36.2
35.6
34.3
32.9
34.9
32.9
35. 0
34.0
35. 2
35.5
'36.2
'35.0
36. 0
35.4
v 35. 7
P 36. 1
36.7
34.1
43.0
43 8
35.8
34.3
42.9
44 o
35.7
35. 5
42.8
44 0
34. 4
34. 5
41.9
43 4
35.9
35.7
41.9
43 3
36.1
35.9
42.1
43 4
34.6
33.8
41.6
42 8
34.8
34.8
42.1
43 2
35. 4
33.7
42.4
43 6
35.5
34.1
42.4
43 8
' 36. 9
35.2
42. 6
43 6
36.8
34.2
42.5
43 5
p42. 7
p 43 0
39.0
36.3
40.2
41. 1
40.1
40.8
40 3
39.1
37 8
36.0
34.6
38.8
36 3
40.1
41.3
40.4
40.8
40 7
39.4
38 5
36. 1
34. 7
39.3
37 4
40.5
41.5
40.7
40.7
40 7
39. 2
37 3
38.2
35. 6
39.3
41,1
40.4
40.3
40 2
38.9
37 4
38.0
37,9
38.6
35.7
39.8
41.1
40.2
40.2
40 2
38.5
36 6
37.7
37.3
38.1
35 9
39. 3
41.1
40.3
40.3
40 2
38.7
37 9
35.6
34.9
38.2
36 1
39.1
40.9
40.5
41.2
41 0
39. 7
39 4
35.4
34.5
38.3
36 1
39. 0
41.2
41.0
41.4
41 0
40.2
40 2
36.7
35.9
38. 3
35.8
39.5
40.9
40.5
41.1
40 8
39.4
38 5
37.5
37.2
' 38. 5
'r 35 6
39. 4
MO.
9
r
40. 5
Ml.O
r 40 7
'39.1
r 37 4
'37.4
r
36.9
'38.6
36 2
39.4
Ml. 2
40.9
41.2
40 5
' 40. 2
39 g
36. 3
35.2
p 38. 6
p 38. 6
p 41. 1
P 41 1
p 40. 8
p 40 9
37.2
38.4
35 6
39.9
41.1
40.5
40.5
40 5
38.7
37 5
37.6
37.4
43.2
29.6
36.2
43.2
25.6
32 6
44.0
26.2
33 3
43.6
28.6
33 2
41.7
29.7
32.0
40.5
25.6
29.7
39.8
26. 2
28 1
40.0
25.4
30.9
40.7
36.3
33 2
40.4
29 2
30.4
MO. 9
33.0
r
33 1
40.3
23.6
32 2
40 3
45.9
38.6
42.2
37.7
41 4
44. 5
37.2
39.4
36. 7
40 2
44.0
36.8
39. 1
36.3
40 7
41.0
34.3
36.0
33.9
40 3
42.9
36. 7
39.8
36.0
40 2
42.9
37.0
39.7
36.4
40 2
43.4
37.0
39.3
36. 5
41 3
44.5
37.5
40.6
36.7
40 1
44.9
38 1
41.8
37.1
40 6
45. 2
88. 1
42.3
36.9
41 4
45. 1
38 0
T
42. 0
'37.0
40 7
44.5
36 9
40.2
36.0
44.3
38.6
41.6
41 5
44.1
38.8
41.2
41 7
44. 5
38.5
41.1
41 6
44.4
38.2
40.9
41 3
43.4
38.0
41.4
41 1
43.2
38.2
41.2
41.0
43.1
38.2
42. 1
41 0
43,3
38. 5
42. 1
41 0
43.7
38.7
41.7
41 2
42.9
39.2
41.7
41.5
r
43 0
38.9
41 8
41 3
43 1
40. 1
41 9
41 8
r
r
r
40.6
40.5
40.7
40.2
40.2
40.2
40.2
40. 4
40.4
40.4
MO. 4
40.5
38 9
34.6
38 3
44 6
38 8
34.5
38 3
44 5
39 2
36.3
38 6
44 4
39
34
38
44
39
35
38
44
1
0
2
4
39. 1
35.2
38 3
44.4
39
35
38
44
1
5
3
5
38 9
34.7
38 1
44.3
39.3
35.3
38 8
44.4
39.8
36.2
39.6
44.4
r
T
39
36
r 39
r
44
39
35
38
44
42.3
40.1
40. 1
42.2
40.0
39. 3
41.9
40. 6
39.9
41.8
39.7
38 2
42 0
39.8
38 6
41.9
39.6
39.2
41.7
40.4
42.0
41.8
40.3
40.1
41.9
40.5
41 0
41.7
40. 0
38.8
Ml 8
39.4
38 2
0
9
3
2
7
0
3
3
p 40. 3
r -10 8
p 35. 8
p ;;*i i
1
2
6
3
41 9
40 0
39 7
Industrial disputes (strikes and lock-outs):
Beginning in month:
375
300
379
Work stoppages
number
145
225
350
300
350
281
250
200
350
350
Workers involved
_
thousands
230
170
175
100
76
80
100
180
130
180
50
140
130
hi effect during month:
354
575
6*8
502
Work stoppages
__.
.
-number
400
375
500
500
350
550
450
550
550
230
150
280
370
240
175
Workers involved
thousands
173
150
280
200
100
300
280
Man-days idle during month . .
do
3, 750
1,650
1, 300
1,570
1.880
1, 000
2 200
1 200
1, 750
750
I, 800
2 400
3 600
27
Percent of available working time...
, 14
. 17
. 12
.24
.43
. 21
.20
. 21
. 13
. 18
, 09
•'>9
U. S. Employment Service placement activities:
544
433
439
Nonagricultural placements
thousands
378
391
353
487
428
439
333
470
478
520
"Unemployment compensation, State laws (Bureau of
Employment Security) :
1,241
Initial claimst
thousands
918
1, 749
1,392
1,335
1,442
1,616
1 099
1 340
1,227
1 272
1 123
1 157
2,034
1,862
Insured unemployment, weekly average*
do
1, 509
840
1,115
2,170
2,175
2,070
2, 181
1,924
1, 692
1,580
1,466 * 1,452
Benefit payments:
656
809
1, 124
1,592
1,864
1,894
Beneficiaries, weekly average
do
1,953
1,597
1,850
1 818
1 299
1 414
1 523
66, 104
Amount of payments
thous. of dol-~
78, 979 120, 780 158, 418 179,284 215,650 200, 837 185, 601 190, 959 167, 980 162, 653 ' 153. 737 135, 299
Veterans' unemployment allowancesrc?
24
17
39
34
33
38
30
29
Initial claims
... _ _ .
-thousands-35
38
28
28
36
64
Insured unemployment, weeklv average ,
do
31
45
87
82
77
82
23
78
79
75
65
85
32
69
94
25
Beneficiaries, weekly average
do- - _ 89
103
97
47
101
97
92
75
100
9 755
q 444
3 096
2 600
6 599
Amount of payments
thous of dol
5 043
8 085 10 840
9 894
8 975
10 153
7 377
10 238
Labor turnover in manufacturing establishments:
',4
2.7
2.1
3.3
Accession rate
monthly rate per 100 employees- 2.8
2.9
2.8
2.5
2.7
3.5
'3.4
3.3
"3.6
r 3 9
4.2
p31
4.5
4.0
4.3
Separation rate total
do
3.1
35
3.7
38
33
35
31
.2
2
2
.4
.2
.2
.2
.3
.2
Discharge
do
.2
P 2
2
i 7
2.5
1.8
2.3
2.8
2.2
16
2.3
2 4
19
Lay-off
do
17
v15
17
1. 1
2. I
1. I
1. 1
Quit
do. _
1.5
1.0
1.1
1.0
11
18
p12
1.0
1 4
2
.3
,3
.2
.2
.3
.2
.2
Military and miscellaneous
...
do
.2
.3
i.2
i.3
r
Revised.
r Preliminary.
9 See corresponding note on p. S-L1.
JRevised to include only privately operated lines; data shown in the March 1954 SURVEY and earlier issues cover both privately operated and government-operated linos.
t Revised series. Beginning with the February 1954 SURVEY, data have been revised to exclude transitional claims and, therefore, more closely represent instances of new unemployment.
*Now series. Compiled by the U. S. Department of Labor, Bureau of Employment Security. Data for insured unemployment for continental II. S. (excluding Alaska) have been substituted for the series on number of continued claims filed. The insured unemployment series is derived by adjusting the number of weeks of unemployment for the lag between the week of
unemployment and the time the claim is filed, so that the adjusted series refers to the week in which unemployment actually occurred. The monthly figures are averages of weekly data adjusted for split weeks in the month on the basis of a 5-day week. Weekly averages for 1952 appear in the February 1954 SURVEY.
d"Beginning with the February 1954 SURVEY, data for veterans' unemployment allowances cover only unemployment compensation benefits under the Veterans Readjustment Assistance
Act of 1952. The figures for initial claims exclude transitional claims; the insured unemployment figures exclude claims from veterans which were filed to supplement benefits under State or
railroad unemployment-insurance programs to eliminate duplicate counts in the State data shown above; the number of beneficiaries and the amount of payments include all veterans whettv-r
or not the payments supplement benefits under either State or railroad insurance programs.
SURVEY OF CURRENT BUSINESS
S-14
December 1054
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
1954
DecemOctober November
ber
January
February
March
April
May
June
July
August
^ P ber m
October
Novem-
EMPLOYMENT AND POPULATION— Continued
WAGES
Average weekly gross earnings (U. S. Department of
Labor): 9
All manufacturing industries
dollars
Durable goods industries
do
Ordnance and accessories
do
Lumber and wood products (except furniture)
dollars..
Sawmills and planing mills
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Glass and glass ware, pressed o r b l o w n _ _ _ d o
Primary metal industries
do
Blast furnaces, steel works, and rolling mills
dollars ...
Primary smelting and refining of nonferrous
metals
dollars
Fabricated metal prod, (except ordnance, machinery, and trans, equip.)
dollars _ .
Heating apparatus (except electrical) and
plumbers' supplies
dollars
Machinery (excent electrical)
do
Electrical machinery
do
Transportation equipment
do
Automobiles
....
_
_
do
Aircraft and parts
do
ShiD and boat building and repairs
__ do - .
Railroad equipment
do
Instruments and related products
do
Miscellan ecus mfg. industries
do
Nondurable-goods industries
Food and kindred products
Meat products
Dairy products
Canning and preserving
Bakery products
Beverages,- .
___ _
_
do
do
do
do
do
do
do
Tobacco manufactures
do
Textile-mill products
do
Broad-woven fabric mills
do
Knitting mills
.
do
Apparel and other finished textile products
dollars-Men's and boys' suits and coats
do
Men's and boys' furnishings and work clothing
dollars - _
Worn en's outerwear
_
do
Paper and allied products
do
Pulp, paper, and paperboardmills
do
Printing, publishing, and allied industries
dollars -.
Newspapers _ _ _ _ _ _
d o
Commercial printing
do
Chemicals and allied products _
do
Industrial organic chemicals
do_ - Products of petroleum and coal__
do
Petroleum refining _
do
Rubber products
__ _
do
Tires and inner tubes. _
do
Leather and leather products
do
Footwear (except rubber)
do
Nonmanufacturing industries:
Mining:
Metal. -_
- - - - - - do
Anthracite
do
Bituminous coal___ _
do
Crude -petroleum and natural -gas production:
Petroleum
and
natural-gas
production
dollars
Nonmetallic mining and quarrying
do
Contract construction
do
Non building construction _ _
do
Building construction.
do
Transportation and public utilities:
Local railways and bus lines?
do
Telephone
do
Telegraph
do
Gas and electric utilities
do
Wholesale and retail trade:
Wholesale trade
do
Retail trade (except eating and drinking
places)
dollars
General-merchandise stores
do
Food and liquor stores
do
Automotive and accessories dealers
do
Finance, insurance, and real estate:
Banks and trust companies
do .
Service and miscellaneous:
Hotels, year-round
do... !
Laundries
do
Cleaning and dyeing plants
do
1
'Revised.
P Preliminary.
9 See corresponding note on p. S-ll.
tRevised series. See note marked "t" at bottom ol p.
72.14
77.90
78 94
71. 60
76.73
76 21
72. 3<
77. 52
78 94
70.92
76.59
77 60
71.28
76.38
78 40
70. 71
76. 00
79.19
70. 20
75. 43
78.21
71. 13
76.21
78.80
71. 68
76.40
79.40
70. 92
75. 83
79. 80
67. 32
67. 82
64.12
72.10
69.08
83.82
65. 20
65. 76
63.49
71.05
70.13
82.78
64. 32
64.64
63. 90
71.23
69. 34
82.78
62. 65
62. 72
61.78
69. 48
68. 64
81.74
63. 76
63.92
62.16
70. 70
70. 09
79. 52
64. 40
64. 96
62. 56
70.30
70.49
78.28
65. 93
65. 77
61. 00
70.18
68. 94
77.90
67. 03
67. 23
60. 53
71.10
69. 81
79.49
68.71
68. 80
62.17
70.70
69. 45
80.70
63. 24
64. 64
62. 02
71. 33
69. 50
80. 81
r
r
T
88.04
86. 33
85.46
84.80
81.27
79.12
79.39
81.22
83. 22
84. 00
r
82.39
82.98
82. 54
83. 40
79.98
78.20
78.41
78.40
79. 39
79. 60|
r 79 60
77.23
76. 67
78. 02
76.92
76. 33
75. 95
75. 39
77.33
76.92
75. 60
T
74. 56
83. 58
71.91
72.31
82.78
72. 14
73. 63
84.42
72. 36
71.80
82.40
70. 74
73.10
82. 60
72.22
73. 10
82.20
71.28
70. 66
81.00
70. 56
73. 28
81 . 61
71.50
74.59
81.41
72.07
72. 34i
80. 60!
71.53;
71. 06
76. 59
80. 20
r
r
71.86
76. 99
P 72. 22
P 77. 97
'81.00
P81.41
' 66. 97
69 38
65. 57
67. 10
63. 74
72. 04
70. 77
80. 64
' 72. 85
82. 43
84.52
'64.46
r
71.71!
82. 01
P78. 3.
p 79. 52
T
75. 14
'80. 80
'72.04!
74.43
'81.61!
r
72.98 ;
P81.61
P 73. 93
p 81. 40
p 74. 30
r
v 86 S'fi
p 89. 21
!
84.82
85. 72
85. 28
81.12
82. 95
73.12
64. 16
84.21
84. 93
84.46
81.95
81.93
72. 76
64. 00
84.82
87.26
83.43
80. 70
80 08
72. 07
62.72
85. 67
88. 34
83. 84
80.94
80. 85
72.07
63. 43
84.59
85. 28
84. 86
80. 55
81.45
72. 83
63. 36
84.38^
85.06^
84 66
80.11!
80.60
72. 29
62.79!
'85.63;
'88.0fi
85. 27
'81.12
'81.79
r
72. 29
'63.84
63.67
67.23
77.89
68.26
54.54
65.67
77.33
63.73
68. 31
82.51
67.94
49.95
65. 60
75.41
64. 45
68. 15
76. 54
68. 73
53. 44
66. 42
75. 3*.
63. 53
68. 71
76 78
69. 39
55. 04
66. 10
75. 06
64. 02
67. 64
73. 05
69. 71
54. 38
66. 42
76. 80
64. 02
67. 87
73. 05
69. 12
53. 95
66. 50
77.79
62. 87
67. 54
72.68
68. 85
52. 85
67. 08
78.57
63. 91
68. 54
74.74
69.01
54. 72
67. 65
78.18
64. 57
69. 55
75. 85
71 36
53. 27
68. 31
80. 56
64.74'
69. 72i
77.98!;
71 81
54.77;
68.64:
82.17!
'64.68!
'67.57!
'76.07!
r
69 55!
'55.89
'68.14
'78.76
'65.241
^68. 72 j
48.07
52. 33
50. 94
49. 26
47.49
52. 33
51.21
48.73
49. 13
52. 61
51. 34
48.60
45. 97
50. 86
49. 13
47.65
46. 31
52. 06
50. 03
48.84
47. 52
51. 68
50. 16
48. 71
49.01
50. 46
48. 73
46. 99
49.98
51.10
48.97
47. 65
51. 71
51. 41
49.63
48. 34
51. 54
51. 41
49. 521
47. 58|
' 49. 67
52. 36
50. 69
48. 88
' 49. 13
' 52. 36
48.74
58.64
48. 06
57. 48
48.82
58.19
47. 68
55. 84
49. 46
57. 96
49. 59
57. 32
45. 62
52. 64
46. 07
52. 97
46. 55
55. 08
47.17
56.80!
'48.87
'57.05
48. 96]
57. 70|
41.84
51. 83
73.53
79.72
40. 81
50 76
73. 36
80.08
40.70
53.61
73. 62
80.08
39. 56
52.44
72.07
78.55
41.29
54. 62
72.07
78.37
41.15
54. 93
72.83
78.99
39.10
49.01
71. 55
77.47
39. 67
49.76
72.83
78.19
40.00
48. 53
74.20
79.79
39.76
50. 81
74. 62
81.47
'41.70
' 53. 15|
' 74. 98
81.10
41.95
52. 33
' 75. 23
81.78
86.58
92.93
85.63
76.04
80.60
86.14
92. 57
85. 41
76.82
81.20
88.43
96. 87
86. 67
77. 61
81.81
86.02
90.07
85. 79
76. 86
81.41
85. 95
90.42
84. 50
76. 86
81.20
86. 85
90.68
85. 57
76. 86
81.20
86.11
92. 26
84. 50
77.27
82. 62
86. 71
93.86
84. 46
77.71
82.62
86.94
93.50
85. 02
79.10
84. 05
86. 94
92.01
85. 72
79. 35
84. 24
r 87. 40
'91.85
' 85. 10
' 78. 94
' 83. 43
' 88. 39
95 21
85 89
' 79. 93
85. 48
91.80
94.71
75.07
83.16
49.68
45.67
92.21
96.46
75.65
85.09
49.82
45. 80
91.98
96. 05
75. 66
82.43
52.03
49.10
91.53
95. 58
75.08
82.88
51.89
49.37
90. 68
94. 47
75.47
83. 03
52. 44
50. 41
90. 45
94.47
74.31
80. 89
52.40
49.98
91.08
94.87
75.08
84.14
49. 13
46.42
93. 52
97.17
77.81
88. 65
49.21
45. 89
93. 98
97.17
79. 60
92.06
51. 01
47. 75
94.53
97.51!
76.83J
87.01
51.38
48. 73
'93.07
'96.05
'76.25
'85.65
'51.24
r 48. 71
' 95. 58
97 6ll
90.29
73.41
89.78
90.72
63.49
81.17
92. 40
64. 71
82. 25
92. 00
70.93
82.34
85. 49
74.84
79.04
82. 62
63. 74
73. 06
81.19
64. 45
71.67
82.00
62.74
76.32
83. 84
96.20
83.00
83. 63
73. 58
75. 39
T 83. 85
82. 50
' 82. 09
84 23
56 88
90.27
80.33
96.11
97.48
95.76
94.39
76.99
93.00
91.01
93.59
90. 45
76.12
92.37
89. 93
93.29
92.80
70. 93
87.12
83.88
87. 46
91.08
73.79
92. 85
91.14
93.24
90.45
74.22
93.24
90.12
94.28
90.45
75.08
92.87
89.60
94. 17
94.58
77.88
94. 50
93.79
94.69
90.63
78.58
95. 63
96.14
95. 72
92. 57
80. 46
95.63!
97.29!
95. 20
93. 98
79. 83
'95.38
'97.44
r
96. 20;
93.20
79.21;
77.53
66.01
74. 05
82.17
77. 18
67.90
73. 34
82.98
77.43
65.84
73.16
82. 37
78. 59
65. 70
72. 80
81.77
77. 25
65. 74
73, 69
80. 97
77.33
65. 70
73. 75
80.77
77. 58
66. 09
75.78
80.77
77.94
67.38
75.78
81. 59
79.10
67.34
77.15
82.40
78. 51 i
68.60!
77.15
83.83;
78. 26
67.69!
77.33
r
83.43
85.69!
72.67
72 50
73. 26
72. 76
72. 36
72. 76
73. 16
73.93
73. 93
74.34
'74.34!
74 93 i
55. 24
38. 75
59.37
74.48
55. 10
38.64
59. 75
74. 32
54. 49
39. 93
59. 83
72. 37
55. 77
40. 14
59. 75
71.60
55.91;
39. 90
59. 59
72. 82j
55. 91
40. 13
59. 75
73. 26
55. 91
39.76
59. 75
74. 76
56.41
39. 91
59. 82
75. 75.
57. 38
41.30
60.92
76. 37
58.5l'l
42.35|
62. 57
76. 37
'58.36
'41.76
r
62. 091
r
75. 75
40.83;
61.37;
74.87
55. 61*
56. 51
56. 79|
56. 47
56. 76
57. 19
57. 09!
39. 81
40. 60
46. 68
39.71
39. 70
45. 08
39. 90 i
39. 80 i
45.55!
39. 81
39. 60
46. 26!
39. &2>
40. 80!
50.40
40. 13
40. 30
47. 32'
39.81
40. 50
49. 20!
r
57. 66 ' 57. 75 !
40.031
40.00!
'45.78'
p 83. 10
'77.14!
85. 86
89.79
83. 23
78. 66
82. 32
72.22
63. 43
55.33
P 82. 47
79.59
-
85. 88
87.42
85.27
82.37
82. 76
75. 17
65. 53
39.67
40. 00
45. 98!
p 64. 62
P 73. 34 p 72. 98
76. 95
84.84
87.02
84.03
78. 62
80.11
74.75
65. 12
55. 36
P 6P. 38 r> 67. 49
P65. 10
85. 89
88.13
84.03
79.70
81.77
74.93
65.19
39. 76
39.70
46.92
p 72. 98
p 78. 36
P81.40
'40.13
39.40
45.46!
86. 65
90 27
85. 89
78.83.
79.711
'73.82!
' 64. 56i
P74.00
p 74. 37
v 65. 04 p 65. 29
P65.07
r68.30
p 65. 80
p 70. 86
P 49. 88
P 53. 31
p 47. 34
p 54. 53
P 47. 84
p 48. 01
P 75. 58
!
P 76. 54
P 88. 39
" 88. 39
79.19
71.23
55. 46 :
68.88:
79.37!
50.95
49. 13J
79.60
89 95i
' 50. 09 i
46 89!
79.86
94. 10
93. 67!
94.32i
78.87'
71.78
77 93
57 09
57.57!
40 64 i
40 40
47.24 ,
P 78. 50 r- 79. 32
P 93. 02 v 93. 66
P81.41
p 82. 82
P 49. 76
P 49. 82
SURVEY OF CURKEXT BUSINESS
I >eeeinl>er 1054
J933
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
S-15
1954
January
February
March
1
April 1
!
May
June
July
August
Se
£*®m~ October
EMPLOYMENT AND POPULATION— Continued
WAGES— Continued
Average hourly gross earnings (U. S. Department of
of Labor) : 9
All manufacturing industries
dollars
Durable-goods industries
do
Ordnance and accessories
do
Lumber and wood products (except furniture) - _ .
dollars __
Sawmills and planing mills.. - _ _ . - _ - _ d o .
Furniture and fixtures
_
do
Stone, clay, and glass products.. . .
-do
Glass and glassware, pressed or blown
do
Primarv metal industries
do
Blast furnaces, steel works, and rolling mills
dollars
Primary smelting and refining of nonferrous
metals
dollars
Fabricated metal prod, (except ordnance, machinery, transportation equipment). .dollars _ _
Heating apparatus (except electrical) and
plumbers' supplies-dollars
Machinery (except electrical)
do- .. .
Electrical machinery
_
do __
Transportation equipment
_-do_
Automobiles
do
Aircraft and parts
__
_
. -do ..
Ship and boat building and repairs
do
Railroad equipment.- _
- .
--do
Instruments and related products
do
Miscellaneous mfg. industries
._. do~- Nondurable-goods industries
do
Food and kindred products
. -do- Meat products
do
Dairy products... ___ __ - _-do
Canning and preserving
do
Bakery products
.. _ _ . ... do_
Beverages
do
Tobacco manufactures
_ __. _do
Textile-mill products
do
Broad-woven fabric mills. _.
do. _ _
Knitting mills
do
Apparel and other finished textile products
dollars-.
Men's and boys' suits and coats
do
Men's and boys' furnishings and work
clothing
dollars
Women's outerwear _ _ .
do _
Paper and allied products
do
Pulp, paper, and paperboard mills
do
Printing, publishing, and allied industries-do
Newspapers
do
Commercial printing- _ _ _
do
Chemicals and allied products
do
Industrial organic chemicals
. _do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
do
Tires and inner tubes
_
do
Leather and leather products
do
Footwear (except rubber)
do
Nonmanufacturing industries:
Mining:
Metal
do
\nthracite
do
Bituminous coal
do
Crude-petroleum and natural-gas production:
Petroleum and natural-gas prod _ _ dollars
Nonmetallic mining and quarrying
do
Contract construction. _ _ _ _ _
_ _ _ _ _ _ .do
Nonbuilding construction
do
Building construction
do
Transportation and public utilities:
Local railways and bus lines t
-do
Telephone
_.
do .
Telegraph
do
Gas and electric utilities..
do_ .
Wholesale and retail trade:
Wholesale trade
do
Retail trade (except eating and drinking places)
dollars, _
General-merchandise stores . _ _ .
do ...
Food and liquor stores
do
Automotive and accessories dealers
do
Service and miscellaneous:
Hotels, year-round
do
Laundries
do
Cleaning and dyeing plants - _ _. . .. do . .
Miscellaneous wage data:
Construction wage rates (ENR):§
Common labor
dol per Sir
Skilled labor
do.___
Farm wage rates, without board or room (quarterly)
dol per hr
Rtiilwtiy wages (average class I)
do
Road-building wages common labor
do
' Revised. p Preliminary,
skilled labor, $3.186.
1.79
1 90
1.93
1.79
1 89
1.91
1 80
1 90
1 93
1.80
1.91
1.94
1.80
1.90
1.96
1.79
1.90
1.97
1.80
1.90
1.97
1.81
1.91
1.97
1.81
1.91
1.98
1.80
1.91
1.99
1.79
1.91
2.00
1.81
1.92
'2.02
M.81
P 1. 93
p 2. 01
1.65
1.65
1.56
1.75
1.74
2 08
1.63
1.64
1.56
1.75
1.78
2 08
1.60
1.60
1.57
1.75
1.76
2 08
1.59
1 60
1.56
1.75
1 76
2.08
1.59
1 59
1.55
1.75
1 77
2.06
1.61
1 60
1. 56
1.74
1 78
2. 06
1.64
1 62
1. 56
1.75
1 80
2.05
1.68
1 66
1.56
1.76
1 79
2.07
1.68
1 67
1.57
1.75
1 79
2.08
1.55
1 55
1.57
1. 77
1 81
2.11
1.58
1 59
1.57
1.77
1 81
2.10
'1.67
1.68
' 1. 58
1.79
1.82
'2.13
pl.58
v 1. 78
Pl.58
v 1. 78
p2. 12
* 2. 12
2.19
2.18
2.18
2 18
2 15
2 15
2 14
2 16
2 19
2 24
2.21
2.26
* 1. 68
v I. 65
1.99
1.99
1.97
2. 00
1.97
1.96
1.97
1.96
1. 97
2.00
- 1.98
2.02
1.87
1.87
1.88
1.89
1.88
1.88
1.88
1.90
1.89
1.89
' 1 . 90
1.90
P 1.92!
P 1.9:5
1.85
1.99
1.78
1.84
1.99
1.79
1.85
2.01
1.80
1 86
2.00
1.80
1 86
2.00
1.81
1 86
2.00
1.80
1 84
2.00
1. 80
1 86
2.01
1.81
1 86
2.01
1.82
1 85
2.01
1.82
1 86
' 2.01
1.87
r
2. 03
' 1.82
P2.031
v 1.83i
"2.03
» 1.83
2.10
2.16
2.02
2.07
2.07
1.81
1.59
2.10
2.17
2.02
2.08
2.07
1.81
1.60
2.11
2.18
2.04
2.08
2.09
.82
.61
2.12
2 19
2 05
2 07
2.10
1.81
1.61
2.11
2 17
2 07
2 08
2.10
1.81
1. 60
2.10
2 15
2 06
2 08
2. 09
1.81
1.60
2.11
2 16
2 06
2 08
2.08
1.82
1.60
2.11
2 16
2 06
2 07
2.10
1.82
1.61
2.12
2 17
2 08
2 06
2.11
1.83
1.60
2. 12
2.17
2 08
2 07
2.11
1.83
1.61
'• 2. ir P2. 15 ; P 2. 10
2.13
2. 24
' 2. 20
2. 10
2.09
2 OS
2 08
2.12
'2.13
1.83
'1.85 ~~~p~1.85 " M.85
"1.62
' 1.61 Pl.61
1.60
.62
.62
.85
.58
.36
.59
.90
1.63
1.65
1.91
1.58
1.35
1.60
1.89
.64
.65
.84
.58
.41
.62
.88
1. 65
1.68
1 85
1 61
1 46
1 62
1 91
1.65
1.67
1 84
1 61
1 45
1 62
1 92
1.65
1.68
1 84
1 60
1 47
1 63
1 94
1.65
1 . 68
1 84
1 59
1 46
1 64
1 94
1.66
1.68
1 85
1 59
1 44
1 65
1 94
1.66
1.68
1 85
1 60
1 38
1 65
1 96
1.66
1.68
1 87
1 61
1 39
1 67
1 98
' 1.65
' 1.94
.22
.37
.33
.31
1.24
1 37
1.33
1 31
.25
37
.33
31
1.27
1.36
1.31
1.32
1.29
1.37
1.32
1.32
1.32
1.36
1.32
1.32
1 . 35
1.36
1.31
1.32
1.34
1.37
1.32
1.32
1. 35
1.36
1.32
1.31
1. 36
1.36
1.31
1.30
1.29
1.36
1.32
1.30
.35
.62
.35
.61
.36
.59
1.37
1 60
1.37
1 61
1.37
1 61
1.33
1 60
1.32
1 61
1.33
1 62
1.34
1 60
.14
.52
.71
1.82
2.22
2.56
2.13
1.85
2.01
14
1.48
1 71
1.82
2.22
2.55
2.13
1.86
2.01
.14
.51
.72
.82
2.25
2.59
2.14
1.87
2.01
1 15
1.52
1.72
1 81
2.24
2 53
2 15
1.87
2 01
1 15
1.53
1.72
1 81
2.25
2 54
2 15
1.87
2 01
1 14
1.53
1 73
1 8?
2.25
2 54
2 15
1.87
2 02
1 13
1.45
1.72
1 81
2. 26
2 57
2 15
1.88
2 05
1 14
1.43
1.73
1 81
2.27
2 60
2 16
1.90
2 04
1 13
1.44
1.75
1 83
2.27
2 59
2.25
2.35
1.92
2.20
1.38
1 32
2.26
2.37
1 92
2.21
1.38
1 32
2.26
2.36
1.93
2.21
1.38
1.32
2.26
2.36
1.94
2 21
1.38
1 32
2.25
2.35
1.94
2 22
1.38
1 33
2.25
2. 35
1.93
2 21
1.39
1 34
2.26
2. 36
1.94
2 22
1.38
1 33
2.09
2 48
2.48
2 10
2 48
2 49
2.10
2 47
2.47
2 11
2.48
2.48
2 05
2 52
2.47
2 04
2 49
2.46
2.24
1.75
2.49
2 31
2.54
2.28
1.73
2.50
2 31
2.55
2.25
1.73
2.51
2 30
2.57
2.28
1.73
2.54
2. 33
2.58
2 26
1 72
2. 53
2.29
2 59
1.75
1.71
1 78
1.98
1.75
1.75
1.78
1.99
1.74
1.71
1.78
1.98
1 77
1.72
1.78
1 98
P 1. 66
p 1. 67
* l. 67
» 1. 72
'1.25
'1.36
1.32
1.31
P 1. 25]
P 1.36
" 1. 29
v 1.37
-1.35
' 1.63
1.36
1.63
P 1.34!
P 1.33
' 1.13
1.14
1.53
' 1.77
1.88
'2.29
2. 63
P 1. 77
2 18
1.92
2 05
1 12
1.49
1.76
1 86
2.27
2 57
2 17
1.94
2 08
2.27
2. 37
1 . 96
2 25
1.39
1 33
2.27
2.37
1.98
2 29
1.39
1 33
2.30
2.39
1.95
2 26
1.37
1 31
'2.32
"2. 28; 32.29
2.27
2.41
2.36
1.98 ~~~*2.02J~ ""p"2."o3
• 1.95
2 26
' 2 29
'1.38
pi.sy; pi.38
1.37
1 33
1 32
!
2 04
2 46
2.48
2 05
2.47
2.47
2 06
2 65
2.50
2 07
2 52
2 48
r
2 25
1 73
2.52
2.27
2 59
2 25
1 73
2.51
2 28
2 58
2.29
1 75
2. 52
2.31
2 58
2 26
1 75
2.51
2 30
2 58
2 28
1 78
2.51
2 30
2 58
1 78
1.73
1 78
1 97
1 79
1.72
1 79
1 97
1
1
1
1
80
73
80
97
1 80
1.75
1 80
1 99
1
1
1
2
1
1
1
2
81
74
85
00
83
75
859
O
1 79
1 79
1 80
1.81
1.80
1.81
1.82
1.83
1. 83
1.84
1.42
1.12
1.56
1.67
1.39
1.10
1.55
1.63
1.43
1.15
1.56
1.62
1.43
1.14
1.56
1.64
1.43
1.14
1 . 56
1 . 65
1.43
1.12
1.56
1.68
1.45
1.15
1.57
1.71
1.46
1 17
1.57
1 72
1.47
1. 17
1.58
1 72
94
.99
1. 17
.94
1.00
1.17
.95
1.00
1.17
95
1.00
1.18
.95
.1.00
1.18
.95
1.00
1.18
.95
1.01
1 . 20
.96
1.00
1.18
.95
1.00
1.20
1 927
3. 085
1 933
3.086
1 933
3.086
1.944
3. 095
1.944
3. 095
1.944
3. 100
1.947
3.100
1 . 964
3. 112
77
1 895
1 57
1 928
1 908
.90
1.943
1.61
1. 961
1.902
.84
1.913
1 46
1.939
t Revised series.
1.81
1.66
1.66
1.89
1.63
1.39
1.68
1.95
1.42
1.12
1.55
1.67
9 See corresponding note on p. S-ll.
r
M.82
v 1. 93
» 2. 00
See note marked "J" at bottom of p. S-13.
r 1.64
' 1.86
1 61
' 1.38
' 1 67
' 1. 51
1.76
1 86
2.27
r
2 58
2 16
' 1.93
2 06
2 05
2.50
'2.48
2 18
' 1.94
2 09
P2.29
P 1. 91
v 1. 93
2 09
2.41
2.48
2 27
2.29
1.78
rr 2. 51
2. 32
r
2 60
2. 55
2.33
2.62
1 82
1.74
1 85
2 02
1 83
1.79
1 86
2 05
r
Vl. 7S
P2. 29 :
1
1
j
1.84
1.8*)
1.47
1.16
1.58
1 71
1.46
1.16
1.59
1.69
.96
1.00
1. 18
.96
1.00
1.19
.97
1.01 — "---_-: — — —
:...
1.19
" ...
1.979
3. 133
1.997
3. 147
2. 009
3.148
2.016
3.169
1.916
87
1.932
1.919
1.937
1 51
r
2.019'
3. 180!
2.002
3. 184
75
1 58
§ Rates as of Dec 1, 1954: Common labor, $2.022
SURVEY OF CURRENT BUSINESS
3-16
December
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
1954
DecemOctober 1 November
ber
January
F
arv U ~ 1
March
April
May
June
July
A«P,St |^r
October
N
°™ m -
FINANCE
BANKING
Acceptances and commercial paper outstanding:
Bankers' acceptances
mil. of dol
Commercial paper 0
do
Agricultural loans and discounts outstanding ot agencies supervised by the Farm Credit Adm.:
Total
mil of dol
Farm mortgaere loans total
do
Federal land banks
do
Land Bank Commissioner
do
1
Loans to cooperatives
do
|
Other loans and discounts
do
Bank debits, total (345 centers)!-New York City
6 other centerscf .._,_
. .
do
do
do.. _ .
I
Federal Reserve banks, condition, end of month:
Assets, total
mil. of dol .
:
Reserve bank credit outstanding, total
do
1
Discounts and advances
do
!
United States Government securities.
do
Gold certificate reserves _ _ _
. d o
Liabilities, total
do
i
Deposits, total
_- .
..
do
i
Member-bank reserve balances
do
Excess reserves (estimated).. . .
. do
!
Federal Reserve notes in circulation
do
Reserve ratio. . .
. . - percent
Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month :t
Deposits:
Demand, adjusted
.
mil. of dol „ - |
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol__
States and political subdivisions
do
i
United States Government
do
\
Time, except interbank, total
do
Individuals, partnerships, and corporations
1
mil. of doL.
States and political subdivisions
do
Interbank (demand and time) . .
do
Inv3stments, total
do
U . S . Government obligations, direct and guaranteed, total
mil. of dol
i
Bills ...
do
i
Certificates
do
!
Bonds and guaranteed obligations
do.
!
Notes
_
do
i
Other securities
do
•
Loans (net), total
do
Commercial, industrial, and agricultural
do
To brokers and dealers in securities
do
Other loans for purchasing or carrying securities
mil. of dol..
Real-estate loans..
.
do
Loans of banks
_.
do
Other loans
do
Money and interest rates: §
Bank rates on business loans:
In 19 Cities
percent
New York City
do
7 other northern and eastern cities
do
11 southern and western cities
do
Discount rate (N. Y. F. R. Bank)
do
Federal intermediate credit bank loans
do
Federal land bank loans
do
Open market rates, New York City:
Acceptances, prime, bankers' 90 days
do
Commercial paper, prime, 4-6 months
. .do
Call loans, renewal (N. Y. S. E.) ...
do..
Time loans, 90 days (N. Y. S. E.)
do
Yield on U. S. Govt. securities:
3-month bills _
.__.._..
.do..
3-5 year taxable issues
. . .do
Savings deposits, balance to credit of depositors:
New York State savings banks
mil. of dol. _
517!
' 548!
534
574
' 595
372
714
378 i
651 i
149,606
54,152
31, 778
1 40, 992
50, 470
30. 477
2 181
1,19"
1 180
1"
373
620
r
58f \
635 j
360!
619:
545
' 716
580
2 271
1 228
1 212
16
350
693
356
647
623
' 6941
335
734
616
' fHl
589
'• 679
312
772
2, 368
1 , 257
1 . 242
15
304
808
589
'• 747
319
822
563
794
609
80.3
325
814
2,381
1, 275
1 261
14
339
767
168,596 ' 154,286! r U1.928 ' 171,356 ' 154,760 ' 149,813 ' 163,509 ' 154,849 ' 151, 503 r 149 899
58,316
65, 36"
59, 535
60. 479
62,306
56,115
56, 744
61, 155
64, 965
67,913
31,526
33.152
30, 806
29, 341
35, 55"
33, 785
31,159
30, 922
31,556
36, 666
50, 90S
26, 55(
413
25, 348
20, 897 1
50, 96S
2l.03f
19. 46(
634
26, 134 i
44.3 !
51,150
26, 133
369
25, 095
21,348
51 , 1 50
20, 66S
19, 434
347
26, 455 1
45. 3 ;
52,3k
26, 880
28
25. 9 If
21.354
52. 31 ,
21,422
20, 16(
763
26. 558
44.,
50, 509!
50. 692
20,6881
19,384;
20,934
19.412
368!
25, 885:
45.7;
591
25, 757
45.6
54, 692
54, 376 !
56, 21 "
55,588
55, 96£ i
3.612 !
2 346 1
18. 42(
55, 727
3, 685 I
3,410
18. 383
57, 81"
3, 96;
2, 594
18,718
17,374
865
12,773
39, 244
17,311 1
882 !
13,061
40. 254 >
31,795 !
2, 388 1
5, 502
17,251
6, 654
7, 449
40, 294 1
23, 301
1,663
724
6, 438
806 i
7,983 j
50, 494
25, 781
245
24,812
21,293
50, 494
21,143 !
19, f63
672
25, 544 1
45.6
50, 759
25, 642
37
25, 037
21.239
50, 759
20, 808
19,011
599
25, 588
45.8
49, 746
25, 183
184
24, 325
21.220
49, 746
20, 454
1 8, 702
939
25, 567
46.1
49, 174
24. 696
200
24, 023
21. 117
49, 174
505
25, 487
46.0
50, 08! !
25. 382 I
172
24, 632
21,283
50, 081
20, 898
19,528
684
25, 472
45.9 ;
744
25. 566
46.5
53,913
51,812
54, 108 !
53, 930
53. 319
54, 949
55. 83'i
54. 79!
4,093!
2,275
18,779'
3,908
2,424
18,917
52, 824
4, 232
3, 838
54, 488 !
4.308
2.673 1
19. 124 i
54, 597
4,418
2, 982
19,359
54.715
4,329
4, 085
19,637
17, 51>f
932
13,860
40, 282
17,619
17,734
970
994
12,948:
40,697'
12,983
40,133
1 7, 854 !
1 , 078I
1 2, 794 1
40, 177
18,041
1,129
13,040
41,300
32. 791 !
2, 394 !
5, 399 ;
18, 541 1!
6. 458
7, 462 !
40, 268 i
23, 134
1 877\
32, 800
2, 569
5, 303
18,517
6,411
7. 482
41,020
23. 38(
2, 248
32, 989 ;
2.517!
4,764;
18.952
32.292
2.084
4.097
21,313
748
6, 449 :
703 !
7, 1)78 I
868
6, 481
64f
S, 019
2.00
2. 97
4.17
2.00
2.97
4.17
3. 7(
3.51
3. 71
4.10
2. Of
2.97
4. 17
1.88
2. 55
3. 25
3.13
1.88
' 2.31
3. 25
3.13
1.402
2.36
14,056
2 388
50, 509!
50, 692
50, 704
25,437!1
25,688
25,316
156
24, 639!
350
24. 509 :
147
24, 632
21,274!
21,270
21,278
50,704
20, 773
:
19.
194
19,050
1 7, 771
] , 087
13,017
38. 738
6, 756
7, 708
4, 798
7, 841
21, 388
4, 649
7, 888
39,963:
39,401
39,317
22, 638
2,180
22, 407
1,907
22, 763
1,758
32, 1 60 !
2, 987 i
3, 045
21,598
4, 530
8,017
38.941 1
22,183 !
1 , 744
826 !
6, 486
541
811
6, 478
679
7.924:
7,754
847
6 522
241
7, 825
849
6. 553
500
7, 753
2. 00
2. 97
4.17
1.75
2. 56
4.17
3.72
3. 50
3. 74
4. 03
1.75
2.50
4.17
1.88
2. 25
3" 25
3. 13
1.88
'2. 11
3.25
3.13
' 1.68
2.00
3. 25
3. 13
1.427
2.3f
1 . 630
2.22
1.214
2.04
. 984
1.84
14,141
2, 374
14, 341
2, 360
14, 442
2, 343
14, 500
2, 326
30. 850
2, 076
2,737
19,805
18,316
49, 778
25, 183
132
24, 271
687
762
.
. ..
7(m^/_^
"
152,321!.- ... .
58, 792i.
__
30.706J
50. 065 !
25,401
50.803
25,944
297
398
21,129
24. 381
21,079
24,888
21,030
49. 778
20 264
50. 035
20. 373
50. 80x!
20. 457
18.676
952
25, 601
' 46. 4
18,722
18,985
' 471
25. 706
45. 7
P 578
26, 081
45. 2
54. 066
55, 043
55,459;- . -
55, 360
4, 033
2, 091
19,808
54, 746
3, 939
3, 247
55, 884
3, 756
2, 605
57,256
3,852:'.-. ..
3,806
19,887
' 10,915
20, 122|
18,304
1,146
13,870
41,945
18,337
1,285
13,406
42, 492
18,433
18,520
1, 257
13, 772
44, 237
' 1, 195
13, 791
44, 194
18,609!
1,220'
14,301'
46.088!
33,196
2, 428
2, 684
21,502
6, 582
8, 104
39, 21 9
21, 599
2, 141
33, 724
2, 619
34, 221
3, 045
2, 754
21,742
6. 680
8.271
38. 953
21, 524
2. 005
35, 862
3, 135
2, 559
23', 515
6, 653
8, 375
35, 696
2, 868
2, 504
23, 654
6. 670
8, 498
39, 028
20, 798
2, 228
21,015
915
6, 592
895
7, 721
899
6,671
186
875
6, 718
699
7,787
904
6, 831
574
6,902
7,866
7,893
2.00 ; ._
4.17^.
2l! 654
6. 674
8. 221
39,136
21,884
2, 379
38,541
2, 403
941
533
.
.
. .
37, 358 ' ....
2.500'.
2, 369i
23,801
8,688
8,730
i 38,844!.-..
21.104!.
2.466'...
991'...
.
^
. ...
6, 997
789
7,94£»|. . ... .
1.50
2. 50
4.17
1.50
2.08
4.17
3. 60
3.34
3.61
3. 98
1 . 50
2.08
4.17
1.48
2. 00
3. 13
' 3. 01
1.25
'1.76
3. 00
2.88
1 25
'1.58
3.00
2.88
1.25
1.56
3.00
2.88
1.25
' 1.45
3.00
2.88
1.25
1.33
3.00
2.88
1.25
1.31
3.00
2.88
3.00!.-...
2.88-'.- ... ...
1 . 053
1.80
1.01 1
1.71
.782
1.78
. 650
1.79
.710
1.69
.892
1.74
1.007
1.80
.987!..
1.85!.. . . ...
14,651
14, 694
2, 291
14, 768
2,272
14, 943
» 2, 230
14, 993
v 2, 209
15,112
15, 150 i
v 2. 189
» 2 , 171:.
2, 310
14, 914
2, 251
1.50
2.04
4.17
1.50
2.00
4.17
3 56
3 29
3 57
3 95
1.50
2.00
4.17
1.50 s
1.2oL
1.31
....
.,
._
15,252
CONSUMER CREDIT (Short- and Intermediateterm)
Total outstanding, end of month 9
mil. of dol. . ' 28, 600 ' 28, 760 ' 29, 537 ' 28, 724 * 28, 140 ' 27, 833 ' 28, 095 ' 28, 372 ' 28, 666 ' 28, 725 ' 28, 736 ' 28, 856 28. 975!
'21,766 ' 21, 907 ' 22, 187 ' 21, 836 ' 21, 582 ' 21, 381 ' 21, 426 ' 21, 487 '21,717 ' 21, 849 ' 21, 901 '21,935
21,952:
Installment credit, total 9
do
' 10, 373 ' 10, 404 ' 10, 341 ' 10. 158 ' 10,010 ' 9, 919 ' 9, 942 ' 10, 002 ' 10, 168 ' 10, 298 ' 10, 349 '10,365
Automobile paper
do
10,340i
' 5, 529 ' 5, 587 ' 5, 831 ' 5, 697 ' 5, 588 ' 5, 443 ' 5, 413 ' 5, 370 ' 5, 367 ' 5, 328 ' 5, 294 ' 5, 287 5.324 ; ...
Other consumer-goods paper
...do..
' 1,619 ' 1, 645 ' 1, 649 ' 1, 635 ' 1, 623 ' 1, 614 ' 1,617 ' 1, 634 ' 1, 635 ' 1, 637 ' 1. 642 ' 1, 642 1,637!
Repair and modernization loans
do
' 4. 245 ' 4, 271 ' 4, 366 ' 4, 346 ' 4, 361 ' 4, 405J ' 4, 454 ' 4, 481 ' 4, 547 ' 4, 586 ' 4, 616 '4,641
4,661-..
Personal loans.
. do
By type of holder:
!
' 18. 610 ' 18, 697 ' 18, 758 ' IS. 545 ' 18, 300! ' 18, 192 ' 18. 245 ' 18, 325 r 18, 538 ' 18, 671 ' 18, 731 ' 18, 753 18,726
..
Financial institutions, total
do..
' 9, 009 ' 9, 006 ' 8, 998 ' 8, 914 ' 8, 755 '8,714| ' 8, 722 ' 8, 729 ' 8, 783 ' 8, 763 ' 8, 731 '8,688
8,637:
.....
Commercial banks
do
'5.9741
6,062
6, 060
5,901
5,944
5, 892|
6,147
6, 093
6,256
6, 294
6,189
6, 147
6,315!....
Sales-finance companies , _.
.
do
r
' 1, 124 ' 1, 103 ' 1, 115 ' 1, 136
1, 207
' 1,175
' 1, 157
' 1, 093 ' 1, 107
' 1.228 ' 1, 250 ' 1, 267 1,270
Credit unions
do
2,504:
_
'2,415 ' 2, 437 ' 2, 489 ' 2, 466 ' 2, 456 ' 2, 450 ' 2, 465 ' 2, 477 ' 2, 488 r 2. 491
' 2, 494 ' 2, 504
Other
do
' 3, 162
' 3, 179 ' 3, 178 ' 3, 170
' 3, 182
' 3, 156 ' 3, 210 ' 3, 429 ' 3, 291 ' 3, 282! ' 3, 1891 ' 3, 181
3,226!....,
Retail outlets, total
do . . _
'995
' 1, 037 ' 1, 032 '1,032
'960
'937
1,063!.
' 1, 040
' 1, 041
' 1,065) '1,031! ' 1, 032 '1,027
Department stores
do
'823
'872!
'820
'849:
'903
'842
' 822
'821
'829j
'858
' 821
8301
'818
Furniture stores
do
' 375!
'379
'368
'370J
'380
'383
'371
'383
'389
'390
'386
390!
Automobile dealers
do
' 958
' 1,049'
'994
'943
'963
' 1, 009 ' 1, 106
'929
'942
'943
' 998 <
943 ....
' 928
Other
do
i
l
' Revised.
f Preliminary.
Exclusive of loans to banks.
©Revised to cover 11 dealers. Comparable data for January-September 1953 (mil. dol.): 504; 511; 507; 464; 441; 408; 429; 451; and 475.
tRevised series. Bank debits have been revised to include additional centers and to represent debits to demand deposits; data for 1943-53 appear on p. 23 of the September 1954 S U R V K Y .
cf Includes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
I Revised beginning 1952 to expand coverage of the series by making a net addition of 8 banks. Revisions for January-May 1952 will be shown later.
§ For bond yields see p. S-20.
9 Revisions for 1952 appear on p. 24 of the June 1954 SURVEY. Data beginning 1953 have recently been revised to incorporate more comprehensive information; unpublished revisions (for January-September 1953) will be shown later.
'366;
SURVEY OF CURRENT BUSINESS
Dei-e'inber 1954
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
1954
October IN-}"""- Ueeember
Jan u- j February
| ary
March
April
| May
July
June
August
Septem- October November
ber
FINANCE—Continued
CONSUMER CREDIT (Short- and fntermediateterm)—Continued
Total outstanding, end of month—Continued
N on installment credit, total 9
mil. of dol.,
Single-payment loans
do
Charge accounts
do
Service credit
,
do
By type of holder:
.Financial institutions
-do
Retail outlets
-do
(
Service credit
do
j
Installment credit extended and repaid: t
j
Unadjusted:
|
Extended, total..
-do
j
Automobile paper
do
j
Other consumer-goods paper _ .
.. .do
j
All other
.do
j
Repaid, total.
do
j
Automobile paper
do
I
Other consumer-goods paper .
do.
I
A11 o the r ....
.... ..do... J
A d justed:
I
Extended, total
do
j
Automobile paper
-do
|
Other consumer-goods paper
„.
do
;
All other
.
<lo___.|
Repaid, total
_
.
...
do
]
Automobile paper
_ _ _. do
j
Other consumer-goods paper
do
j
All other
do
I
FEDERAL GOVERNMENT FINANCE
*
'
'
'
.
.
Govt rninent coi positions and credit agencies
Assets, eveepl interagoncy, total
. mil. ol dol
Loans receivable, total (le«s resenc^O
do
To 'lid agriculture. . .
do
To aid homeowners .
do
Foreign loans,. .
.
.
do
All other.
.
do
Commodities, supplies, and materials
do
r. S. Government security do
Other securities and investments
do.
Land, structures, and equipment
do
Ml other assets
do
Liabilities, except interageney, t o t a l .
Bonds, notes, and debentures
Other liabilities
.__ . .
Privately owned interest _ . r S Government interest
2,183
' 2,931
r
1,739
' 2, 540 r 2, 355
' 1, 132
'987
T
693
* 667
f
715
'701
' 2, 355 '2,2141
' \,019
••956
* 656
* 609
T
' 680
649
f
2, 444
* 1,128
'611
r
7051
< 2, 257!
' 965i
* 6351
r
r
' 6,949 ' 6, 876 r 6.835
' 2, 313 '2,334; ' 2, 303 -2,3121
' 2, 723! ' 2, 786 '2,8191 '2,773! '2,73(1
r
1, 765J ' 1, 786 ' 1, 796 r 1,8001 ' 1,789!
7.350
' 6, 669 ' 6,885
'2,181!
2. 219
'•3,411
r
1, 720
r
2, 21f
'3.411
' 1,720
' 2, 696
'964
••883
r
849
2, 416
' 1,027
'631
' 750
r
*r 2,133 ""2.150
'2, 1811
2, 682 ' 2, 564 i r 2, 723!
' I, 743 '1,738
'1.765|
'2,334
'2,819
' 1, 796
r
- I, 956
2, 380 ' 2, 400 ' 2, 397
' 809 ' 1. 020 ' 1,038 '1,047
' 510 '574
'615
' 607
' 63: '786
'743
'747
r
2,210 r 2,581 * 2,355 ' 2,336
'987
' 1,015
'957 '1.111
'619
'719
'645
'650
'695
'634'
'699
'751
' 2, 703 ' 2, 549 r 2, 477
' 1, 244 ' 1,163 ' 1,114
' 659 '622
'607
'800
'764
'756
' 2,473 ' 2,417 ' 2, 425
'1,078 ' 1, 033' 1, 063
'641
' 662 '661
'733
'721
'723
r
' 2, 502
r
1, 095
' 1, 053
' 653
'637
'754
'724
' 2, 312 r 2, 323
T
1,008
' 1, 026
'623
••620
r
r
681
677
2, 356
' 2, 293 ' 2, 357 j
'958
' 956 '963|
'601
'644J
••636
-762
'736
' 750!
2,456
' 2, 377 '
'
2,358
r
1,053 ' 1,025
'1,041
'644
'688
'629
' 704
'715
'692
J
do.
do
do
do. ,
do.
Public debt and guaranteed obligations.
Gross debt (direct), end of month, total
do.
Interest bearing, total .
. _do_.
Public issues
.
.do _
Special issues._. _ _ _
do \oninterest bearing
.
do__
obligations guaranteed by U. S. Goveinment, end
of month
. ... .. .. .
mil. of dol
I S. Savings bonds:
\mount outstanding, end ol month
do
Sales, s<>iies E through K.
_ .
do
Redemptions .
_
do
r
'r 2,199
2, 886
'1,749
Budget receipts and expenditures: §
j
Receipts, total
.mil. of dol..
Receipts, net
,.„._.
- -do
Customs
.
.. .do
Income and employment taxes
- _ -do
Miscellaneous internal revenue
do
All other receipts
do
Expenditures, total
.
Interest on public debt
Veterans' services and benefits
National security
All other expenditures
0,834 ' 6.8531
2, 199 ' 2,183]
2,886 ••2,931!
I, 749 r 1, 739
2,894
2, 645!
511
1,6981
1.019!
2
r
!
|
j
i
!
i
!
968
182
5, 462J
5,333
354
340
164
349
- 3, 540J
1,280
3,956
» 4, 707
372
345
3. 568
422
5, 555
588
340
3,830
797
5, 296
350
383
3.691
872
5, 203
249
352
3,374
1.228
274,8491 274, 782 270,235
272. 632J 272, 536 267,823
231,623! 231, 4661 226,821
41.009) 41,0701 41,002
2,412
2.2161
2, 246;
271,047
268,855
227,806
41,049
2,192
273, 475
271, 280
229,913
41,367
2,195
6,336
2
1,294
376
3,465
1,201
273,386i 275, 209 275,168
271.291 273,128J 272,881
230,403 232,1151 231, 684
40,888j 41.01341,197
2.095i
2,081'
2, 287
i
2,865
860
179
5,037 ' 11,347
3,592 ' 10,644
49
44
3,946 ' 10,123
'834
877
'340
170
74|
57. S60
384
4S9
57, 889'
368'
438
7, 934
423
514
561
704
'515
560!
'
!_
i
j
i
4,801
' 7, 308 4,827
r 1, 763
213
376
336
P 4, 650
3,061
P519
1, 218
270, £
226, 528
42, 152
2. 303
81
58,159'
464
510
3,:
2,892
1,754
2, 3771
2, 892
1,754
2, 454
1.031
687
736
2,437
1,056
650
731
2, 459
1,067
632
760
2, 425
1,039
653
733
5,280
2,8871.
4,951
48
2, 639;
47|
4,277
1,8501
839
117
850)
140|_
6. 731
332
334
3,370
2,695
5,019
'541
321
3,261
4,857134f>!
274. 955
272,693
230,214
42, 479
2,262
274,810
272,440
230,033
42, 407
2,370
349
P 3,300
P 1, 558
27
58,129!
508693
58,200
546
562
58, 207
464
544
278, 752
276,400
234,161
42, 238
2,352
278, 853
276, 511
234,160
42, 351
2,342
34
34
58, 242
458
50'
58, 299
466
510
39,602,
18,489
19,877
6, 389'
7, 370
2, 858!
2,922'
7.987'.
1.842!
7, 965
l,57fii
3,369'
2, 696 .
2, 909!
.1 425
X. 035
2. 312i
2, M i l ! .
3.439,
8, 077
3.317
5.914
1.025
K 920
470
1 , 25
3,818
134
M 129
d<
d(
'602
5981
58, J 061
511'
538(
39 H I 3
3S, 937
19,883
6.S10
2, 930
8. 043
2, 303
2. 514
2. 602
3, 425
8. 062
J. 451
,
80
77J
3,148
2,827
45
2,059
790
254
271, 260
268, 910
226, 681
42, 229
2,350
I
66 j
'2.441
' 1,062
' 629
'"750
* 2, 40:
' 1,046
'636
'725
!
13,013
11,434
44
11,865
954
149
2,751
52
'2,312 ' 2, 335
' 2, 734 r 2,807
' 1, 789r 1, 779
' 2, 319 ' 2,492 ' 2. 452 ' 2, 407 r 2, 472
'983 ' 1,113 ' 1,059! ' 1, 034' 1, 076
'603
'648
'612
'608
' 6651
'733
'731
'761
'7281
'788
' 2,392 r 2,413 '
2, 363 r 2, 479
' 2, 401
'1,010 ' 1,056 r 1, 006 ' 1, 067 '1,014
'658
'658
'635
' 667 ' 678J
r
r 734
'724
' 755
690
i
i 6,425
5, 444
41
5,366
860
159
5,132
48
4,133
919
304
3,947
125J
3,647
1.121!
5,403
5.144
4, 605
47;
' 6,921
'2,335.
' 2,807J
• 1, 779J
5, 085
1 0521
4, 033
4St>L
.-54.030'
LIFE INSURANCE
Assets, admitted;
All companies (Institute of Life Insurance), estimated
total.,,...__,_.
_ _ . _ - _ - _ _ . m i l . of dol,..
Securities and m o r t g a g e s . . _ _ _ . _ - _ _ _ _ _ _ _
do
49 companies (Life Insurance Association of America) , total
.
...
mil. of doL.
Bonds and stocks, book value, total...
..do
Govt. (domestic and foreign), total.
, do
U. S. G overnment....
...
do... _
Public utility...
...
.
-...do._._
Railroad..
,_.,
... .. _ d o _ _ _ _
Other
- . ..
.. do Cash
____
.
...
._do..._|
Mortgage loans, total...
..._......do....j
Farm
_...,_
_.....do....l
Other
..do....
Policy loans and premium notes...,
___do._._:
Real-estate holdings
.
...
do
!
Other admitted assets.
_.___do._..j
. 121'
, 124]
6851
976J
517!
566!
132J
45 ll
8751
776
18,950
1,648
17,302
2,413
1,745
1,824s
78, 201
69, 992
78, 866J
70, 544!
79, 251
70.884|
79, 6491
71, 2381
MO. 114J
80,547!
71,997!
80,981
72,361
81,510
72, 737
81,965
73,086
82,362
73, 455
82,850
7J,645|
68, 989?
42, 6071
10, 509j
8,407|
12,325
3, 505
16,267
69,337
42, 801
10,541
8,4141
12,447
3,507
16, 307
69,652
70,024
70.364
71, 160i
71, 529 i
43. 087
10, 464
3, 499
16. 433'
16,482
43, 233
10. 475
8,194
12, 655
3. 525
16', 578
71,930
43, 713
10,088
7,7571
12,953
3, 542
17,129j
72,341
42, 942
70,7161
43,362
10,316!
15,971
68,587
42,317
10,435
8, 427
12.295
3, 484
16,102
777
19,098
1,654
17,444
2.425
1,752
1,875
911
889J
19,321
19,410!
1,666
1,6741
17,655
17.7361
2,436
2,447J
1,740
1,769!
1,862 1,8681
793
19,525
1,685
17,840
2,460
1,778
1,980
790J
19,689!
1,697!
17,992
2,480
1,792
1,959
19,885|
3,714!
18,171j
2,494
77, 5521
69.478|
68,046j
42,120!
1C, 476|
8.480J
12,213;
3, 461
10,461
8, 306i
12,548
8,287
32,62]
3. 520
799!
8, Oil I
43, 509J
10, 230!
7,861
12,766
3,574
16,705
12,820
3,573
16,886
807
3, 587
17, 287
815
823
20,961
1,786
18, 785!
2, 549!
18,988
2,560
19,175
3.879
1,914
2.161
842
20, 366
1,744
1.759!
20, 555j
1,770!
2, 507 j
2, 523
18, 6071
2, 536 i
18,453
9,993
7,692
13,002
1,779
20,197
8181
43, 870
20,767
20,0281
1,7281
18. 300S
1.812J
1, 854|
1,838!
1,989|
1,9661
2. 0531
2 For national defense and related activities; not strictly comparable with data beginning February 1954.
1,801
1, 9591
43,598
10,197
7,839!
12,8571
3,552
16,992
73, 852
8261
2. 122!
2, 569 j .
1, 942
2, 175
J
' Revised.
See note marked "§".
9 See note " 9 " on page S-16.
i For a description of these new data and for figures prior to January 1953, see the January and March 1954 issues of the FEDERAL RESERVE BULLETIN.
§ Effective with February 1954, data are reported on a budgetary basis: they are not entirely comparable with earlier data which are as originally shown in the dally Treasury Statement,
SURVEY OF CURRENT BUSINESS
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
December 1054
1954
January
February
March
April
May
June
July
August
Septem- October November
ber
FINANCE—Continued
LIFE INSURANCE— Continued
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance) :
Value estimated totalf
mil. of dol
Group and wholesale J
do
Industrial?
_.
-do _ _
Ordinary, totalcf
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 .
...
___
_ .do. ._
Pacific
do
Institute of Life Insurance:
Payments to nolicyholders and beneficiaries, estimated total
thous. of dol_.
T)eath benefits
do
Matured endowments
do
Disability payments
do
Annuity payments
__ _
. do_ Surrender values
do
Policy dividends
do
Life Insurance Association of America: }
Premium income (39 cos ) total
do
Accident and health
do
Annuities
_ _ . . _ . . . . _ do
Group
do
Industrial
do
Ordinary
do
i
I
|
2,870
387
572
1,911
128
431
424
160
237
85
170
72
234
3, 038
523
559
1,956
128
450
426
156
233
83
177
67
222
3, 735
1,050
485
2, 200
144
490
467
189
263
88
197
86
260
2, 584
428
444
1,712
122
418
375
143
180
359, 570
155, 700
40, 792
8, 678
33, 732
60,153
60, 515
352, 150
152, 387
39, 862
8,717
35, 971
58, 376
56, 837
481 , 224
437, 531
191,711
172,796
49, 345
37, 426
64, 579
128, 668
50, 744
10, 242
49, 115
65, 474
89, 160
602, 574
942, 298
96, 825
6C9, 865
88, 698
' 83, 590
52, 442
69, OC1
318, 226
627, 683
84, 481
80, 719
56, 284
77, 031
329, 168
204,911
71,221
118,852
101,219
22, 077
-72.5
22, 028
-35.1
3,752
4,306
64,9(C
2,668
'79,315
9,495
153
59
191
77, 237
90 155
450, 489
312,556
21, 956
-43.3
2, 779
418
551
1.81C
124
439
402
151
195
75
]68
60
197
3,424
374, 90S
163, 906
40, 856
8, 573
35, 062
62, 825
63, 686
3,183
467
572
2.144
137
515
452
177
250
90
201
75
247
3, 286
602
607
461, 416
196, 916
49, 479
10. 241
38, 682
79, 293
86, 805
408, 692
377, 515
639, 410
82, 273
86, 309
57, 444
70, 623
342, 761
722 082
87, 704
89, 843
66, 055
85, 132
393. 348
619,537
21,958
21,965
-9.9
303
1. 930
21 , 969
37. 5
1,088
3,517
492
602
2,330
155
538
505
201
261
96
216
84
274
171,065
45, 376
9, 573
36, 458
72.312
73, 908
90, 562
80, 333
56, 866
67, 571
324, 205
3, 154
641
520
1,993
123
440
424
177
239
84
184
76
247
2,944
2,958
391
547
487 i
535 1
427,419 386,791
183.689 158,681
45,644; 40,535
8,86!!
9,041
37,859
39,763
71,445, 66 530
380, 859
3, 138
431
555 |
2,152
137
495
452 t
184
258
87|
200;
75
264
2.077
141
480
440
173
252
"84
184
72
25]
158,955
41,416
8.804
34. 379
67, 400
66, 561
627, 606
86, 381
79, 300
79, 921 j
72, 241
697,825
649,190
88, 1 65
82, 751
63, 721
83, 043
90 063
98, 097
64, 886
64, 772
380,145
331,372
21,927
21,908
-16.9
541
-72 7
852
3,831
2,400
49,621
74. 642
337. 662
3.072
400
598
2,006
1 936-
2 074i
125
432
428
177
243
86
188
76
251
112
409!
418|
174
234 j
851
188 :
76!
°40
126!
4491
443!
175
258 i
87
187
83
265
168,048
39, 247
8, 648
34, 907
69. 738
60, 271
630, 661
87 548
74, 080
55, 141
78, 386
335, 506
. -
394.119! 371,915
168,679! 151,957;
3Q,1M: 44, 863 1
8,662
8,809
35,6081 35.818)
67,885
66.690L...
74, 131 1 63,778 .
661,46V 622,319
86 727^ 85,987'
81 ^ 4 1 7, 73.224!.
58.039! 52,530
76 298
66.241J
358,982: 344,337
. ..
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock U S
mil. of dol
Net release from earmark §
. - ..do. .
Exports
thous. of dol
Imports
.
_ . do
Production, reported monthly total
do
Africa.
do
Canada
_
.
_.
do.. .
United States
dc
Silver:
Exports __
_
. ...
. . do .
Imports
do
Price at New York
- dol. per fine oz.
Production:
Canada _
_ _ . _ . .
thous. o f f i n e oz.
Mexico
do
United States
.cb
Money supply:
Currency in circulation
.mil. of dol.
Deposits and currency, total
do
Foreign banks deposits, net
do
U, S. Government balances
do
Deposits (adjusted) and currency, total
do
Demand deposits, adjusted
do
Time deposits
_
_.
do
Currency outside banks
do
Turnover of demand deposits except interbank and
17. S. Government, annual rate: f
New York City
ratio of debits to deposits
6 other centers 9
do
338 other reporting centers
do
6,800
9,600
6,200
22, 030
-21.2
3, 526
2, 081
64, 400
40, 300
9 600
6, IOC
253
6, 497
.853
198
5. 091
.853
3, 870
. 853
40. 500
10, 000
2,098
2,114
64, 300
39, 900
5, 100
39, 3CO
10 900
4, 9CO
-2.0
389
9, 397
68, 700
42, 400
12, 900
5, 400
314
1412
. 853
128
5, 618
.853
182
6, 326
.853
7,074
1,555
63, 400
40, SCO
10,300
13,4001
13.200
5, 000 1
6,100
190
4. 843
. 853
5.124!
5,956
.853:
.853
2,328
3, 643
29, 904
206, 200
2, 900
5, 800
29, 707
205, 100
3. 000
6, 900
29, 735
206, 200
3, 100
5, 800
197, 400
99, 600
195,200
197,30!)
96, 700
70, 375
28, 091
199, 800
102, 300
70, 600
26. 900
43. 1
26. 8
19.7
42.7
24. 1
18.6
30, 781
209, 1 75
2, 694
5, 564
29, 981
207, 100
5,700
30, 807
207, 100
2, 700
7, 000
197, 300
100, 300
69, 600
27, 400
197, 400
100, 200
69, 300
27, 900
200,917
102,451
35.8
23 Q
18.4
38.4
26.4
20.2
30, 398
205, 500
2, 600
43, 200
2,299
2, 553
4, 065
3,372
2,800
4,400
2,314
r
12, 500
4, 900
3, 775
2, 361
6, 678
3, 751
2,004
41,900
2 050
4. 203
3.163
2 207
5. 077
2.511
2, 514
3, 558
61,800
21 , 973
-48.4
774
2, 700
134
2. 508 1
21. 809
-65.4
1,274
21,810
-34.6
1.065
781
2,978
2, 128
2.377
6. 100
13 000
5, 800
5,100!
227
7,146
.853
460
9, 351
. 853
7 727
.853
0
43. 200
167
2, 703
13.300
3,4941
4,672
3, 229!
3. 609
*> 733
2. 283
1 QQ7
29, 922
29, 892
29, 870
21,759
—34.6
;
196?
262
8,366;
.853i
71,000
71,700
26, 900
26, 900
98, 600
72. 000
26, 700
42. 7
25.5
19.2
44.6
29.2
19.7
41.3
27.6
18.8
41. 9'
25. 5 1
18.8
198,517!
98, 132!
73, 292 j
27,093|
P 200, 400
P 100. 000
P 73 700 ,
P 26'. 800
44. 2j
26. 8 i
19.7;
41.6
24.9
18.8 :
.853
839
2 779
9 840
29, 929
29, 985
30, 074 * 30, 492
207,600 209,354 /> 209JOO P 21 0,500 T 211, 800 P 215,400|3,1001
3,256 r-3.400 *> 3. 400 p 3 , 300 p 3.20P; 6, 400
7, 581
n 5, 200
P 6.000, P 7,400;
P 6, 900
198,000
98.700;
72,500:
2>',800;
.
_
P 200,300 v 202, 500 P 204, 800
P 99, 400 p 101.200 *103, 100
" 74, 000 v 74,400 P 74,800
"26,900 p 26, 900 P 26, 900;
40.0
24.8
18.5
40. 4
25.3
39. 3
P23. 7
P18.61.
19.4
PROFITS AND DIVIDENDS (QUARTERLY)
Manufacturing corporations (Fed. Trade and SEC):*
Net profit after taxes, all industries
mil. of doLFood and kindred products
- do
Textile mill products
do
Lumber and wood products (except furniture)
mil. of dollPaper and pllied products. .- do
Chemicals and allied products
do
Petroleum refining
do
Stone, clay, and glass products
do
Primary nonferrous metal
do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.) mil. of dol
M achinery (except electrical)
do
Electrical machinery
do
Transportation equipment (except motor vehicles,
etc.)
mil of dol
Motor vehicles and parts
do
All other manufacturing industries
do
i
2, 591
190
33
2, 595
174
32
2. 9221
234
16
24
105
238
624
80
109
205
14
114
282
543
68
99
167
42
122
303
520
135
121
185
103
184
163
84
229
173
116
253
162
80
233
218
90
291
236
.
.
.. |
110
340
265
1 302
1 796
Dividends paid (cash) all industries
do
1,298
Electric utilities, net profit after taxes (Fed. Res.)
324
268
268
mil. of dol
Railways and telephone cos. (see pp. S-23 andS-24").
r
Revised.
p Preliminary.
£ 1Revised data for January-July 1952 for new paid-for insurance written are shown on p. S-17 of the October 1953 SURVEY; revisions for 1951-52 for premium income will be shown later.
d Data for 1953 for total ordinary insurance written include revisions not distributed by regions.
§ Or increase in earmarked gold (—).
tRevised series, reflecting change in number of reporting banks and centers. Data for 1943-53 for New York City appear on p. 23 of the September 1954 SURVEY; those for other centers will
be shown later.
9 Includes Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles.
* New series. Compiled jointly by the Federal Trade and Securities and Exchange Commissions. Data are estimated totals based on reports from all manufacturing corporations registered
with SEC, all nonregistered manufacturing corporations with total assets of $5,000,000 and over at the end of 1949, and a sample of nonregistered manufacturing corporations \vith total assets of
less than $5,000,000 at the end of 1949. Comparable data for 1951-53 appear on p. 27 of this issue of the S U R V E Y .
SURVEY OF CURRENT BUSINESS
December 1954
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
S-19
1953
1954
DecemOctober November
ber
January
February
March
April
May
June
July
Septem- October November
ber
August
FINANCE-Continued
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
capital and refunding) .
...mil. of dol..
New capital, total
do
Domestic, totaL
do _ _
Corporate _
do
Federal agencies. _ . _ _ _ _ _ . _ .
do
Municipal, State, etc
do
Foreign
do
Refunding, total
do
Domestic, total...
.
do
Corporate
do
Federal agencies. . . .
do
Municipal, State, etc
do
Securities and Exchange Commission:!
Estimated gross proceeds, total
do
By typs of security:
Bonds and notes, total _
do
Corporate
do
Common stock
do
Preferred stock
do
By type of issuer:
Corporate, total
do
Manufacturing. _ _ _ _ _ _
do
Mining
do
Public utility
do
Railroad
do
Communication _ _ .
do
Real estate and financial _ __
do
Noncorporate, total
do
U. S. Government
__
do
State and municipal
do
New corporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
do
Plant and equipment
_
do
Working capital
do
Retirement of securities
_
do
Other purposes
do
Proposed uses by major groups:
Manufacturing, total
do
New money _ _ _
_ _
do
Retirement of securities
do
Mining, total
__
do
New monev
do
Retirement of securities
._
do
Public utility, total
do
N e w money
_ _ _ _ _ _ _ _ _ ..
do
Retirement of securities
do
Railroad, total
do
New money .
do
Retirement of securities
do
Communication, total
do
New money _ _
_
do
Retirement of securities
do
Real estate and financial, total _
do
New money
do
Retirement of securities
__
do
State and municipal issues (Bond Buyer) :
Long-term
thous of dol
Short-term
... _,
do
1,632
1,053
1,046
731
32
282
495
482
179
268
34
1,921
1,754
1,715
859
31
826
39
167
167
96
45
26
4 386
2,438
'<• 2, 151
r
1, 298
T
2, 131
6 411
' 1, 224
'369
r
30
r
r 44
2,010
893
62
59
6,094
708
264
52
443
1 014
1 025
2,324
2,219
2,161
1 388
0
773
58
106
106
36
62
8
11,117
i 977
835
441
0
393
44
140
140
20
115
830
758
745
315
32
398
13
72
72
15
55
1,304
1 167
1,087
490
39
557
81
136
136
71
58
1,537
1 346
1,329
485
114
730
17
191
191
112
76
1,838
1 342
1,334
536
47
751
67
898
783
762
358
0
404
22
115
115
24
88
2,291
3. 506
2,736
1 655
1 386
1 913
1 947
1,111
1,033
974
421
76
477
59
78
78
579
579
396
181
2,064
375
210
18
3 400
353
69
37
2,642
1 385
51
43
1,545
462
90
20
1 297
366
63
27
1,699
513
144
69
1 726
408
111
110
4 184
647
73
130
2, 189
808
118
131
r
r
603
57
41
362
6
13
81
1,689
1,070
483
459
101
19
249
10
6
45
3,047
2,610
411
1 478
423
38
202
60
611
48
1,258
423
777
571
136
34
279
48
27
12
1,083
561
399
456
53
20
272
30
628
88
41
314
31
26
52
1 319
511
735
850
208
36
507
1
41
27
3,537
2, 669
783
1 057
311
76
448
' 1, 237
'532
r 72
'314
43
52
930
515
414
726
110
29
367
16
31
90
1,186
602
522
590
451
1,464
563
448
713
616
836
1,041
550
430
120
12
28
406
301
105
22
23
1 413
1,111
303
26
25
531
485
46
18
13
410
338
72
9
29
590
473
117
53
70
471
389
82
129
16
614
472
142
183
38
812
635
177
182
47
56
50
99
77
6
18
17
0
245
225
16
10
10
0
418
400
9
37
34
1
200
184
8
59
59
0
608
608
0
47
40
1
134
111
16
32
29
]
276
275
52
46
107
95
0
29
28
0
362
306
46
16
14
30
22
0
88
54
0
86
76
6
39
25
12
309
237
73
31
19
12
26
25
0
51
18
25
204
181
8
34
32
1
501
327
173
1
1
0
40
40
0
26
22
1
305
256
21
74
61
0
442
381
60
7
7
0
9
8
0
159
59
97
38
37
(2)
356
334
5
6
6
0
13
11
0
80
74
3
c
5
0
45
44
0
12
11
0
18
17
0
269
258
0
30
23
7
7
7
0
51
40
0
(2)
(2)
(2)
48
48
0
26
25
9
160
1,381
523
855
783
605
546
267
0
279
59
178
178
76
85
17
1, 991
1, 077
••87
r 74
'192
'914
508
280
r
1 , 223
r
154
r 124
r
43
15
252
' 161
130
13
r
331
27
48
' 16
854
' 1,117
464
546
r
'652
300
T
195
51
252
45
94
218
5,386
4,611
589
437
1,001
1,008
^853
r
667
M86
••325
r
45
r
310
T
210
r
749
617
132
224
27
751
468
283
114
144
'528
' r123
95
* 16
152
125
17
41
39
191
179
6
48
31
9
248
174
60
45
20
25
93
93
0
217
206
8
'507
T
4
'71
^39
r
r 27
310
'170
129
43
18
25
r 2
0
••190
r
54
r
128
100
r
r
91
36
r 14
r
r
12
r
0
159
102
'55
13
10
(2)
o
27
27
0
'16
r 9
r
r
248
161
75
129
6
123
328
326
2
48
43
3
482, 876
294, 113
410, 562
190, 858
777 141
218, 734
399 429
304, 473
414 306
438, 195
569 850
266, 676
735 074
249, 648
782 572
244, 326
854 718
176, 741
262
318
268
371
210
310
158
250
136
244
160
369
183
413
116
344
117
369
254
496
200
363
147
311
129
236
1,641
672
1,098
1,654
682
1,127
297
1,694
709
1,170
1,690
741
1,108
1,688
768
1,062
1,716
787
1,054
1,786
819
1 094
1,841
836
1,186
309
1,857
838
1,173
1 926
877
1 169
1 998
2, 081
2,131
1 194
1 291
1 364
97.59
98.03
75.70
97.30
97.72
75.78
98.32
98.74
76.30
99.32
99.74
77.17
100. 28
100.68
77.49
100. 64
101. 04
78.34
101.00
101. 41
78 17
100.00
100. 40
77.64
100. 71
101. 12
77.90
100. 91
101 31
78 67
100. 62
101 00
78 74
100. 53
100. 90
78 96
ICO. 39
100 74
79 71
112.5
119.7
95.28
113.6
121.4
94.98
113.5
122.3
95. 85
114.6
123.6
97.42
116 5
125.4
98.62
117.9
125.6
99.87
118 1
123.9
100. 36
117 5
123.6
99.68
117 0
123.9
99.49
117 5
126.9
100. 36
117 8
128.4
100. 28
117 6
127.2
99.92
117 5
126.9
99.69
62, 397
77, 035
48, 741
56, 894
87, 702
97, 078
79, 128
91 677
80, 038
91 416
83, 039
92 499
74, 769
83 764
73, 721
84 141
73, 701
82 290
92, 201
102 829
85, 991
90 886
64, 498
68 903
70 651
77 015
86, 220
47, 433
77, 099
81,229
78 470
72, 013
72 601
72 116
62 600
90 201 84 448
55, 102
94, 863
88, 276
88, 486
89,996
81, 102
82, 136
80, 225 100! 365
66! 6321
88! 658
2
' Revised.
* Preliminary.
1 Includes International Bank securities not shown separately.
Less than $500,000.
^Revisions for 1952-February 1953 will be shown later.
§Data for bonds of the International Bank for Reconstruction and Development, not shown separately, are also included in computing average price of all listed bonds
68 690
74,' 512
280 426 300 344
339 707 T 257 554
651, 593 588, 927
351. 010 259, 233
COMMODITY MARKETS
Volume of trading in grain futures:
Corn
_
Wheat
mil of bu
do
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. Members
Carrying Margin Accounts)
Cash on hand and in banks. __ .
Customers' debit balances (net)
Customers' free credit balances
Monev borrowed
mil. of dol
do
do
do
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.),
total§
dollars..
Domestic
do
Foreign
do
Standard and Poor's Corporation:
Industrial, utility, and railroad (A1+ issues):
Composite (17 bonds)
dol. per $100 bond
Domestic municipal (15 bonds)
do
U. S. Treasury bonds, taxable
do
Sales:
Total, excluding U. S. Government bonds:
All registered exchanges:
Market value
thous, of dol
Face value
do
New York Stock Exchange:
Market value.-.
_.
do
Face value
do
60,529
74, 607
910
924
924
117 4
127.4
SURVEY OF CURRENT BUSINESS
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
DecemSupplement to the Survey
October November
ber
December 1054
1954
January
February
March
April
May
June 1 July
November
Septem- Oct
ber
August
FINANCE—Continued
SECURITY MARKETS— Continued
Bonds — Con tinued
Sales— Continued
New York Stock Exchange, exclusive of stopped
sales, face value, total§
thous. of dol__
U. S. Government
.
. . _do_ __
Other than U. S. Government, total§
do
Domestic
do
Foreign
do
Value, issues listed on N. Y. S. E.:
Market value, total, all issues § _
mil. of dol
Domestic
__ _ _ _ _ _ _ _
__ _ __
do
Foreign. __
do
Face value, total, all issues §
do
Domestic
do
Foreign
._ ___ _ _ _ _ _ ._ ___ _ _ _ _do _ _
Yields:
Domestic corporate (Moody's)
percent
By ratings:
Aaa
do
Aa . _
___-__._
_. .
do
A
do
Baa _
_ _
do
By groups:
Industrial _
do
Public utility
do
Railroad
do
Domestic municipal:
Bond Buyer (20 bonds)
do
Standard and Poor's Corp. (15 bonds)
do
U S Treasury bonds taxable
do
Stocks
Cash dividend payments publicly reported:
Total dividend payments
mil. of dol
Finance _._
___do._ _
Manufacturing
do
Mining...
. __do _
Public utilities:
Communications
_ . _ _ do _
Heat, light, and power .
do
Railroad
do
Trade
_.
do
Miscellaneous
do
Dividend rates, prices, yields, and earnings, common
stocks (Moody's):
Dividends per share, annual rate (200 stocks) _ dollars- .
Industrial (125 stocks)
do
Public utility (24 stocks)
do
Railroad (25 stocks)
do
Bank (15 stocks)
do
Insurance (10 stocks)
do
Price per share, end of month (200 stocks) _ . d o
Industrial (125 stocks)
do
Public utility (24 stocks)
do
Railroad (25 stocks)
do
Yield (200 stocks)
Industrial (125 stocks)
Public utility (24 stocks)
Railroad (25 stocks)
Bank (15 stocks).
Insurance (10 stocks)
.
percent-do
do
do
. do
do
64, 037
8
64, 029
57, 153
6,727
59, 622
0
59, 622
53. 034
6,499
69, 272
1
69, 271
62, 126
6,861
86, 352
0
86, 352
72, 247
13,970
75, 856
6
75, 850
62, 595
13, 102
79, 181
0
79, 181
65, 421
13, 691
75. 166
0
75, 166
64, 443
10.629
73, 779
0
73, 779
64, 860
8,822
77, 847
0
77, 847
68, 552
9,238
83, 871
10
83, 861
74, 966
8,781
76. 251
5
76, 246
68, 307
7,878
59, 575
1
59, 574
50, 574
8,965
67, 945
5
67, 940
57, 516
10, 362
94, 572
92, 613
1,406
96, 904
94, 471
1,858
96, 506
94, 549
1,406
99, 184
96, 754
1,856
99, 828
97, 871
1, 406
101, 539
99, 122
1,842
101, 246
99, 162
1,421
101,936
99, 419
1,842
107, 646
105, 557
1,424
107, 346
104,843
1,838
107, 976
105, 867
1,441
107,286
104,782
1,839
108, 356
106, 255
1,440
107,288
104,781
1,843
105, 094
102, 990
1,436
105, 091
102, 577
1.849
105, 582
103, 474
1,437
104, 835
102, 325
1,844
105, 727
103. 608
1, 445
104, 770
102. 268
1.837
109,495
107, 382
1,440
108, 816
106,322
1.829
109, 350
107,232
1, 448
108, 778
108,280
1,833
109, 395
107, 269
1,453
108, 965
106, 477
1, 823
3.45
3.38
3.39
3.34
3.23
3.14
3.12
3.13
3.16
3. 15
3.14
3.13
3.13
3. 13
3.16
3.33
3.47
3.82
3.11
3.27
3.40
3.75
3.13
3.28
3.40
3.74
3.06
3.22
3.35
3.71
2.95
3.12
3.25
3.61
2.86
3.03
3.16
3. 51
2.85
3.00
3.15
3.47
2.88
3.03
3.15
3.47
2.90
3.06
3.18
3.49
2.89
3.04
3.17
3. 50
2.87
3.03
3.15
3.49
2.89
3.04
3.13
3.47
2.87
3.04
3.14
3.46
2.89
3. 04
3. 13
3. 45
3.33
3.46
3.56
3.27
3.38
3.51
3.28
3.37
3.52
3.23
3.31
3.47
3.12
3.23
3.35
3.05
3.14
3.24
3.04
3.13
3.19
3.06
3.13
3.21
3.10
3.15
3.23
3.10
3.13
3.23
3.07
3.12
3.21
3.07
3.13
3.22
3.06
3.11
3. 23
3. 06
H. 10
3.22
2.69
2.72
2.83
2.60
2.62
2.85
2.58
2.59
2.79
2.46
2.50
2.68
2.39
2.39
2.60
2.44
2.38
2.51
2.49
2.47
2.47
2.51
2.49
2.52
2.40
2.48
2.54
2.26
2.31
2.47
2.26
2.23
2.48
2.35
2.29
2.51
2.33
2.32
2.52
2.29
232.4
52.5
102. 2
2.5
1,715.2
170.6
1,081.7
141.3
689.5
134.7
239. 8
8.3
244.1
68.9
84.2
1.9
1, 274. 5
78.7
833. 1
93.9
588. 3
108.0
212.5
6.8
227.6
55.8
96.7
2.1
1,252.5
86.4
816.5
94.5
525.8
130.6
149.9
2.3
339. 6
68.0
170.7
4.6
1,264.5
93.9
822.0
93.8
594.2
114.3
211.6
6.5
256. 6
75.2
104.4
1.7
104.0
70.5
17.4
41.8
6.7
1.1
57.0
2.9
7.8
6.4
43.7
100.3
87.4
48.8
41.4
104.4
68.0
32.3
92.3
9.6
1.1
56.9
10.1
17.0
4.0
39.4
102. 3
60.0
43.8
23.2
107.6
70.2
24.7
51. 3
7.2
1.1
57.3
2.9
7.6
4.1
38.4
100.7
55.2
37.4
23.4
107.2
66.8
13.7
48.2
7.1
1.6
(H. 8
9.5
13.2
7.2
39.0
102.6
51.2
38.3
23.7
107.8
74.4
20.3
52.4
6.9
1.2
55.9
4.4
8.2
5.6
4.06
4.25
2.07
3.13
2.83
3.12
4.08
4.26
2.09
3.21
2.87
3.16
4.08
4.27
2.09
3.21
2.97
3.26
4.11
4.30
2.09
3.25
3.01
3.26
4.14
4.34
2.11
3.24
3.01
3.28
4.14
4.34
2.13
3.11
3.01
3.37
4.18
4.41
2.13
3.11
3.01
3.37
4.22
4.47
2.13
3.11
3.01
3.37
4. 22
4.47
2.13
3.14
3.01
3.37
4.24
4.47
2.13 i
3.15
3.01
3.37
4.22
4.43
2.13
3. 15
3. 05
3. 37
4.22
4.43
2.13
3. 15
3. 07
3. 37
4.23
4.46
2.13
3.15
3.08
3. 37
4.42
4.72
2.13
3.17
3.09
3. 37
72.59
75.90
38.59
45.18
73.79
76.97
39.70
45.56
73.50
77.06
39.61
43.18
77.11
81.37
40.87
46.58
77.85
81.98
41.42
46.80
80.56
85.53
42.56
46.40
84.67
90.76
42.91
47.16
86.51
92.86
43.79
49.63
87.60
94.34
43.91
50. 01
91.97
98.49
46.67
52.98
H8.91
95. 06
15. 44
50. 01
94. 65
102. 88
45. 90
51.47
92.64
100.65
44.18
52. 29
100.60
110.13
46. 33
58. 38
5.59
5.60
5.36
6.93
4.45
3.35
5. 53
5.53
5.26
7.05
4.28
3.32
5.55
5.54
5.28
7.43
4.61
3.26
5.33
5.28
5.11
6.98
4.72
3.20
5.32
5.29
5.09
6.92
4.77
3.08
5.14
5.07
5.00
6.70
4.81
3.17
4.94
4.86
4.96
6.59
4.66
3.08
4.88
4.81
4.86
6.27
4.62
2.94
4.82
4.74
4.85
6.28
4.59
2.88
4.61
4.54
4.56
5.95
4.35
2.73
4. 75
4.66
4.69
fi. 30
4. 32
2.79
4.46
4.31
4.64
6.12
4.39
2.77
4.57
4.43
4.82
6.02
4.50
3.00
4.39
4. 29
4.60
5. 43
4.26
2.74
553.3
100.1
205.9
6.9
r
Earnings per share (at annual rate), quarterly:
8.08
Industrial (125 stocks)
dollars
2.78
Public utility (24 stocks)
.
do
8.76
Railroad (25 stocks)
do
Dividend yields, preferred stocks, 11 high-grade
4.15
4.15
4.19
4.20
(Standard and Poor's Corp.)
percent. _
Prices:
106. 74
105. 82
103. 86
Dow-Jones & Co., Inc. (65 stocks)
dol. per share. _ 103. 58
281.15
286. 64
270. 73 277. 10
Industrial (30 stocks)
do
51.57
52.54
53.33
50.53
Public utility (15 stocks)
do
97.23
98.17
95.44
96.37
Railroad (20 stocks)
_
do
Standard and Poor's Corporation:
Industrial, public utility, and railroad :cT
187.5
195.4
183.4
190.7
Combined index (480 stocks)
_ 1935-39=100
206.2
197.2
211.9
202.3
Industrial, total (420 stocks)
do
192.2
197.0
201.0
186.7
Capital goods (129 stocks)
do
172.9
177.0
171.0
168.8
Consumers' goods (195 stocks)
do
122.2
125.2
123.6
126.7
Public utility (40 stocks)
_do
158.5
156.9
159.5
156.7
Railroad (20 stocks) ..
do
124.8
124.3
122.6
122.8
Banks, N. Y. C. (16 stocks)
do
229.4
215.5
238.0
225.6
Fire and marine insurance (1 7 stocks) _ _ _ ... do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
1,188
1,568
1.533
1,170
Market value
mil of dol
52, 290
64, 873
65, 081
50, 610
Shares sold
thousands
On New York Stock Exchange:
995
1,010
1,344
1,296
Market value
mil. of dol..
37, 872
45, 458
47, 313
Shares sold _. _ _ _ __
-thousands
36, 557
Exclusive of odd lot and stopped sales (N. Y.
26, 684
36, 159
25, 728
33, 375
Times)
_
_ thousands .
Shares listed, New York Stock Exchange:
115,428 117, 478 117,257 123,190
Market value all listed shares
mil of dol
2,927
2,902
2,918
2,931
Number of shares listed
millions
r
7.75
2.81
3.14
8.25
2.85
4.60
'• 7 50
I
' 2 88
r
6 42
4.08
4.04
4.02
4.03
4.05
4.04
4.01
3.98
3. 93
3. 92
111.55
292. 13
54.39
102. 44
113.11
299.15
55.64
101.38
115. 94
310. 92
56.39
102. 01
120. 74
322. 86
57.37
108. 62
122. 69
327. 91
57.92
110.89
127. 66
341. 27
59.43
116.65
129. 76
346. 06
61.01
118.29
130. 40
352. 71
61.04
116.03
131. 54
358. 30
59.43
118.41
137. 84
375. 50
60.12
126.95
199.6
216.5
204.8
178.1
128.8
165.8
121.7
243.7
204.9
222.9
211.7
180.5
131.0
165.4
120.7
248.1
212.7
233.1
225.3
184.6
132.5
163.7
121.8
249.1
219.8
241.5
235.9
189.2
134.9
173.0
124.8
260.6
221.8
244.0
241.6
191.2
135.0
175.7
125.8
265.1
231.1
254.5
255.9
202 .4
139.5
184.1
131.3
283.3
236. 4
260.6
257.2
207.3
142.3
187.2
135.7
293.3
238.5
264.4
257.3
209.4
140.7
182.0
135.4
284.1
243. 5
271.4
262.5
214.8
139.4
186.7
135.9
274.8
252. 2
282.0
278. 5
221.2
141.4
196.7
138. 0
278.5
1,700
60, 104
2,043
75. 234
2,173
84, 949
2,122
84, 979
2,105
88, 072
2,453
89, 573
2. 752
97, 306
2,178
81, 922
2, 371
88, 329
1,458
43, 482
1, 751
52, 932
1,879
62, 793
1,846
61, 746
1,823
61, 602
2,144
67, 359
2, 410
70, 904
1,852
53, 201
2,031
61, 725
33, 295
44, 132
43,867
41, 913
42, 225
51, 854
56, 928
41, 232
44, 169
124,906
2,937
129,122
2,943
134, 586
2,967
137, 928
2,979
139, 188
3,047
145, 843
3,063
142, 284
3,071
150, 659
3,093
148, 163
3, 094
63, 930
Revised.
* Preliminary.
§Sales and value figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price of
all listed bonds shown on p. S-19.
cfNumber of stocks represents number currently used; the change in the number does not affect the continuity of series.
SURVEY OF CURRENT BUSINESS
December 1954
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
DecemSupplement to the Survey
October November
ber
S-21
1954
February
January
March
April
August
July
June
Mav
Septem- October November
ber
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES
BALANCE OF PAYMENTS
(QUARTERLY)*
TZ xports of goods and Services, total
mil
Military transfers under aid programs net
Other merchandise adjusted
Income on investments abroad
Other services
of dol
do
do
do
do
5,23
80
3,20
58
63
4,767
826
2,849
464
628
r
Imports of goods and services
total
Merchandise, adjusted cf1
Income on foreign investments in U S
Militarv expenditures
Other services cf
do
do
do
do
do
o go
2 59
3,717
2,514
r
T
Balance on szoods and services
do
Unilateral transfers (net), total
Private
Government
do
do
do
U . S . long- and short-term capital (net), total
Private
Go\remment
5, 691
996
3, 516
'479
r
700
4,807
700
2,933
473
701
106
592
505
4, 198
2,r 752
108
r
662
r
676
4,004
2,455
95
64~
807
+1,29
+1,050
H-l, 493
-1,37
r
-1,25
-1,356
-106
-1, 250
-T1,479
~ 111
r
- 1,368
-1,214
110
-1, 104
do
do
do
—21
—19
—2
-206
-328
+122
'-408
'-390
r-18
-287
301
+14
Foreign long- and short-term capital (net)
do
+23
+443
r
+239
+439
Gold sales [purchases ( — )]
do
+13
+56
+8
+164
Errors and omissions
do
—6
+13
+147
+9,
14
67
52
—11
r
+803
r
FOREIGN TRADE
Indexes
Exports of U. S. merchandise: J
Quantity
.
1936-38=100
Value
do
Unit value
__.
do
Imports for consumption: J
Quantity
do
Value
_.
do
Unit value _ _ _ _
do
Agricultural products, quantity:
Exports, U. S. merchandise, total:
Unadjusted
..
1924-29=100
Adjusted
do
Total, excluding cotton:
Unadjusted
do
Adjusted
_.
.
do
Imports for consumption:
Unadjusted _ _
.
do
Adjusted
do
249
509
204
249
508
204
27
55
20
218
443
203
238
480
202
225
458
203
285
580
203
281
570
203
296
600
203
26
525
20
23
468
199
22
45
19
145
401
277
149
409
275
159
43
27
149
411
276
144
398
276
153
426
279
161
460
285
141
405
286
164
474
289
139
400
288
140
403
287
133
379
284
78
59
87
70
90
73
72
69
82
94
89
97
90
114
92
119
92
132
75
110
64
80
70
6(
122
98
135
116
123
108
100
99
107
125
114
123
119
141
133
156
120
150
115
145
97
10
10
94
87
86
99
101
107
106
103
100
95
94
101
90
115
108
96
98
106
114
81
89
78
85
80
85
6,408
8,688
5,776
8,830
4,887
9,148
3,751
8, 435
3,855
8,198
3,965
8,799
5,616
8,232
6,552
8 892
1, 253. 1
1, 247. 0
1, 352. 6
1, 091. 5
1, 181. 5
1, 123. 9
1, 425. 4 1, 398. 6
32, 532
172, 721
244, 668
246, 915
142, 778
129, 259
37, 730
199, 649
245, 676
224, 740
130, 230
134, 129
40, 139
233, 499
296, 900
210, 820
146, 731
152, 735
36, 212
169, 995
219, 562
199, 629
131, 033
117, 026
40, 403
197, 705
246, 191
207, 876
129, 801
124, 424
28, 851
174, 984
222, 065
243, 766
116, 330
96, 671
61, 756
234 484
306, 117
256 833
166, 798
178, 762
49, 322
202 834
278 076
267 974
132 824
146, 668
59,900
181 712
292 575
242 929
125 654
150 837
46, 736
176, 835
249, 817
219, 896
119, 602
162, 471
49, 525
141 224
225, 279
215 117
118, 878
153, 954
48, 916
146 943
229 643
213 547
121 960
144 125
3,280
13, 586
4 264
13, 557
2 692
16, 124
2 546
18, 100
2 724
19, 409
4 064
12, 147
3 794
28, 524
3 407
21, 447
3 429
21 323
2 753
17, 093
2 976
17, 201
2 814
18 878
9,277
2,065
0
22, 482
62, 760
7,533
29, 089
19, 015
2,542
0
24, 072
75 232
8,156
23, 654
18, 424
2,996
8,710
1,576
13, 046
2,691
11, 685
1,926
14, 986
2,262
18, 323
2, 857
14, 383
2 275
10, 019
75, 993
6,876
20, 551
17, 369
83, 157
7,112
25, 826
13, 289
73, 562
5,925
25, 857
24, 628
79 089
7,126
35, 072
21 326
62 099
8,740
26, 467
13 364
55 914
8 317
23, 878
17, 816
2,447
0
12, 950
32 024
3,032
23, 421
14, 734
2 412
19, 845
83, 896
8,131
33, 307
17, 574
3,292
0
16, 892
43 990
5,189
22, 876
12 842
32 140
4 396
29, 897
29, 907
39, 942
16, 368
1
50, 814
22 122
33, 368
24 135
2
50,553
30 887
37 903
27, 508
22,920
31,770
22 368
0
44, 293
27 699
39 292
21, 869
20, 305
44 769
15 627
31 693
44 609
27 906
49, 748
39, 838
44 649
25 315
39 898
26 955
1
46 297
34 072
34 337
32 186
23
47 777
22 586
33 220
21 581
86
50, 706
21 549
32 070
16 r324
78
53 724
22 830
31 145
17 459
1
61 910
Shipping Weight
Water-borne trade:
Exports, incl. reexports!
General imports
tho us. of long tons
..
do
r
6, 570
9 845
6,386
9,142
Value?
Exports, including reexports, totall
mil. of dol..
By geographic regions: A
Africa
thous. of dol..
Asia and Oceania. .. _
do
Europe
do
Northern North America .
do
Southern North America
do
South America
do
Total exports by leading countries: A
Africa:
Egypt .
do
Union of South Africa
do
Asia and Oceania:
Australia, including New Guinea ....
do
British Malaya
do
China, including Manchuria. _
do
India and Pakistan
do
Japan__
do
Indonesia
do
Republic of the Philippines. . . .
do
Europe:
France
do
Genn^nv
do
Italy
__
_
do
Union of Soviet Socialist Eepublics
do
United Kingdom
do
North and South America:
Canada.
_._
do
Latin American Republics, total
Argentina.
.
Brazil
_ __. .
Chile—
Colombia
Cuba
Mexico
Venezuela
r
0
1
62, 673
0
0
3
0
2
4
2
o
1, 474. 2 1, 290. 4 1, 150. 2
o
r
1,109. 3 "1,274.0
o
246, 907
224, 706
210, 813
199, 625
207, 870
243, 763
256 827
267 971
242 833
219 877
215 097
213 533
do
do
do
do
257, 818
6 617
21, 701
11, 362
250, 570
10 812
25, 024
9,583
283, 616
11 498
33, 541
12, 916
236, 172
9 527
25, 030
5,263
243, 225
7 748
31, 824
4,580
203, 511
4 594
23, 334
5,083
326, 759
8 183
46 781
7 911
264, 400
6 058
40 645
5 494
262, 902
11 396
42 518
6 074
268, 002
10 291
48 601
4 602
263, 268
14 193
47 901
4 364
253, 947
9 342
39 865
5 947
do
do
do
do
25, 590
37, 177
65, 617
46, 421
24,900
36 154
54, 206
44, 763
27, 846
39 008
63, 128
48, 043
21, 369
33, 185
53, 159
39, 202
22, 743
34 305
56, 653
41, 129
17, 312
28 386
58,923
34, 652
33 673
40 234
62 238
56, 934
29 510
36 721
53 953
47, 433
31 354
34 109
48 165
41, 618
30 697
32 798
43 648
46, 966
26 138
35 760
48 282
43, 057
32 598
35 353
48 497
37] 229
Revised.
* Preliminary.
{Revisions for 1946-53 for balance of payments appear on pp. 16 and 17 of the July 1954 SURVEY; those prior to August 1953 for foreign trade will be shown later,
cf Excludes military expenditures.
§Excludes "special category" shipments and all commodities exported under foreign-aid programs as Department of Defense controlled cargo.
ITotal exports and data by economic classes and commodities include shipments under the Mutual Security Program. Total MSP shipments are as follows (mil. dol.): October 1953October 1954 respectively—233.9; 216.5; 215.3; 169.3; 184.4; 203.4; 167.2; 264.2; 359.3; 267.6; 200.4; 156.8; 106.8.
AExcludes shipments under MSP and "special category" shipments not made under this program.
SURVEY OF CURRENT BUSINESS
S-22
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
December 1954
1954
January
February
March
April
May
June
August
July
Septem- October November
ber
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value J— Continued
Exports of U S. merchandise, total!
mil. of dol
By economic classes:
Crude materials
thous. of dol
Crude foodstuffs
_
_ _ do_ _
Manufactured foodstuffs and beverages
do
Semimanufactures 9
- - do
Finished manufactures 9
do
By principal commodities:
Agricultural products, total
do
Cotton , unmanufactured
_
do _ _
Fruits, vegetables, and preparations. - _ do_ _
Grains and preparations
_ _ _ do
Packing-house products
do
Tobacco and manufactures
- do _ _
1, 240. 4
1,237.3
1, 343. 2 1, 080. 1
1, 169. 7
1,115.6
1, 412. 9 1, 389. 1
1, 463. 1
1, 280. 9
1, 140. 9
1, 098. 7
152, 332
70, 148
61, 120
129, 398
827, 443
160, 358
69, 664
77, 206
127, 362
802, 690
187,508
55, 462
69, 998
154, 628
875, 645
133, 447
45, 234
55, 092
131,713
714, 650
134, 323
53, 472
62, 914
142, 367
776, 582
137, 969
55, 748
69, 620
129, 186
723, 124
158, 519
65, 793
63, 025
165, 713
959, 843
144, 403 168, 747
65, 699
73, 492
67, 372
61, 772
151,847 151,939
951, 967 1,014 906
123, 005
65, 747
55, 394
154, 354
882, 362
121, 853
51, 644
52, 862
152, 194
762, 304
126, 224
46, 257
59, 721
141, 524
725, 014
243, 390
40, 088
77, 878
16, 124
41, 531
282, 103
44, 570
20, 031
85, 672
20,172
41, 465
304, 090
68, 347
18, 294
70, 16°
22, 167
53, 252
205, 715
54, 136
15, 755
55, 932
15, 982
26, 710
236, 064
71 , 41 5
19, 169
65, 951
20, 005
16, 451
244, 937
80, 369
22, 105
60,018
15,066
17, 820
259, 365
79, 777
21, 280
65, 155
22, 028
22, 355
254, 461
64, 484
27, 758
70, 230
21, 991
23, 085
267, 290
83, 706
28, 400
58, 979
19, 647
23, 215
213, 478
43, 290
23, 505
62, 404
21, 785
23, 040
186, 044
35, 403
19, 735
54, 228
18, 435
22, 216
193, 149
38, 164
20, 448
49, 074
16, 781
37, 827
997.1
88, 828
70, 612
35, 164
38, 481
955. 2
82, 935
69, 931
27, 837
39, 435
1, 039. 2
94, 660
82, 256
18, 480
44, 64?
874.4
100, 611
63 208
18, 261
39, 969
933.6
113, 927
73 216
15, 669
39, 077
870.7
102,810
66 613
15,521
35, 791
1,153.5
147, 935
103 184
23, 309
50, 001
1, 134. 6
134, 634
86 590
28, 154
38, 646
1, 195. 8
113,054
90 425
29, 701
39, 682
1,067.4
104, 683
87 314
25, 617
41, 594
954.8
82, 669
85, 387
31, 925
43, 742
905. 6
81,315
81, 626
28, 697
41, 408
- do
do
do_ _
do
do _
do
223, 269
7,416
24, 828
64, 557
19, 920
95, 952
215, 193
6,682
24,622
59, 005
18, 125
95, 793
249, 630
7,831
27, 933
65, 390
23, 106
113, 550
194, 487
8, 954
20 027
56, 365
16, 495
83, 545
218, 269
11,107
24, 831
56, 913
20, 713
94, 768
200, 172
13, 170
24, 253
51,613
11,817
92, 129
298, 255
15, 210
32, 151
78, 356
22, 855
135, 264
258, 677
14, 035
30, 411
66, 398
18,710
117, 089
243, 638
10,722
27, 762
65, 430
19, 760
109, 599
230, 226 ' 204, 840 208, 796
8,192
10, 089
11, 818
22, 577
26, 877
27, 363
55,316
50, 096
61, 270
13, 449
20, 597
15, 235
98, 581
89, 193
104 025
do
_ _ do_ _
53, 801
55, 935
57, 984
53, 137
61, 261
55, 214
51, 571
47, 368
51,611
52, 312
45, 483
43, 957
59, 087
65, 598
59, 772
51, 469
65, 494
49, 758
Non agricultural products, total
mil. of dol
Automobiles parts, and accessories thous. of dol
Chemicals and related products §cf
do
Coal and related fuels
do
Iron and steel-mill products
___do
Machinery, total §
Agricultural
Tractors, parts, and accessories ___
Electrical^
Metal working§
Other industrial
Petroleum and productsd"1
Textiles and manufactures
, ___
General imports total
- do
By geographic regions:
Africa
do
Asia and Oceania
do
Europe
_ _ _ _ _ _ _ do_
Northern North America
do
Southern North America _
do
South America
do
By leading countries:
Africa:
Egypt
do
Union of South Africa
do
Asia and Oceania:
Australia including New Guinea
do
British Malava
do
China, including Manchuria
_
-_do
India and Pakistan
do
Japan
do
Indonesia
do
Republic of the Philippines
do
Europe:
France
do
Germany
do
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
do
Latin American Republics total
Argentina
Brazil
Chile
Colombia
Cuba
jVTexico
Venezuela
Imports for consumption, total
By economic classes:
Crude materials
Crude foodstuffs
Manufactured foodstuffs and beverages
Semimanufactures
Finished manufactures
By principal commodities:
Agricultural products, total
Cocoa or cacao beans incl shells
Coffee
Hides and skins
Rubber crude including guayule
Sugar
Wool and mohair, unmanufactured
_
56, 738
45, 461
r
813, 568
848. 707
906, 869
833, 704
809, 111
857, 844
957, 459
828, 797
946, 744
821 309
824, 521
48, 291
139,473
197, 977
201, 667
60, 364
165, 801
50, 059
134, 164
196, 286
208. 029
72, 371
187, 797
59, 802
126, 230
184, 287
211,718
104, 871
219, 961
55. 813
124, 291
160, 641
160, 888
129, 727
201, 346
60, 740
118,576
155, 734
172, 594
133, 367
168, 103
49, 954
119, 677
147, 593
203, 258
144, 410
192, 958
70, 444
159, 985
197, 710
185, 912
133, 467
209, 942
55, 330
144, 867
159,112
193, 338
110,380
165, 766
57, 234
155, 108
180, 134
219, 824
108, 125
226, 320
42 200
132, 990
159, 995
201,679
91, 488
192, 958
40, 785
148, 973
162, 231
206, 279
89, 868
176 387
31, 543
142, 120
171, 945
205, 055
68. 973
161, 043
606
6,946
975
7,637
1,149
8,248
1,433
6,616
1,178
6,853
3,037
9,170
4,083
8,253
2,244
9,790
1,658
7,782
1,646
9,409
1,947
7,708
727
5,745
7,336
14, 884
1,291
21, 406
21,912
14, 597
20, 157
12 149
13, 307
11 878
13,918
12, 253
11, 484
9,611
12, 232
10, 578
17, 496
13, 192
13, 519
20, 342
17, 693
12, 577
18, 534
15, 474
13,137
1,958
20, 656
29, 510
13, 542
29, 362
9,636
18, 848
17. 867
13,169
17, 765
4,989
11,529
374
21, 491
16,178
10, 714
19, 408
9,046
14, 780
20, 085
21, 557
14, 291
19, 493
8 361
10,176
435
20, 932
15, 563
12, 369
19, 346
17, 928
22, 764
13, 052
23, 658
23, 672
17, 596
31, 313
19, 305
22, 155
10, 997
27, 814
17, 443
27, 427
16,260
24, 604
695
19,039
27, 336
13, 537
22, 457
14,286
25, 579
14, 701
15,018
22, 892
18 330
37, 861
15,217
28,611
13, 045
1,342
48, 370
12, 229
21, 750
10, 865
1,065
40, 429
14, 680
26, 132
10, 754
1,146
45, 042
13. 065
20, 913
9,724
42, 481
10,901
17, 958
11,655
717
37, 457
10, 278
18, 983
10, 551
44, 625
11,010
21,511
8,777
711
36, 973
999
39,504
12, 674
24, 841
11, 804
1,038
38, 860
12, 158
23,640
10, 924
1,604
43,083
929
361
624
913
19,630
12, 523
20, 939
13 386
577
41,211
694
854
348
189
16,817
118
261
780, 678 P 764,000
201,472
207, 781
211, 642
160, 826
172, 541
203, 226
185, 879
193, 328
219, 782
201, 437
206, 175
204, 898
212 083
11, 426
56, 969
13, 513
27 286
19, 641
19, 605
35, 845
239 075
7,513
79, 480
6,892
35 061
17, 659
21,101
36, 564
301 239
6,322
91, 259
8, 053
51 376
22, 445
27 204
42, 225
309,312
5, 103
80, 984
13, 832
37 954
33, 638
31,715
42, 739
277, 881
7,307
50, 212
13, 591
39 911
36, 710
34, 009
38, 085
317, 252
10, 481
61, 501
14, 183
41 881
43, 656
40,294
47, 129
324, 397
13, 539
84, 707
12,113
38, 629
48, 058
37, 854
41, 598
261, 327
7,112
44, 991
17, 863
38, 236
49, 413
23, 457
38, 634
317, 005 268, 307
11,526
11,415
39, 997
38, 961
37, 1 54 23, 705
72, 747
57, 450
38, 256
34, 527
26, 748
19, 534
40, 113
37,908
252, 123
8,942
34,265
14, 818
51, 595
37, 667
24, 358
38, 674
216, 263
8,016
34, 181
15, 260
34, 347
26, 805
19, 558
40, 138
do
822, 505
838, 617
895, 780
842, 958
816, 316
874, 023
943, 462
829, 731
971, 607
819, 779
826, 540
776, 778
do
do
do
do
do
210, 589
141 277
81, 572
199, 959
189 108
197, 887
193 546
79, 378
185, 148
182 658
203, 179
247 551
75, 445
186 347
183 255
206, 958
232, 363
82, 408
174, 760
146 468
195, 888
203 327
88, 069
166, 219
162 813
208, 251
208, 505
97, 905
183, 540
175, 822
197, 956
241,098
123, 309
183.212
197,886
203, 466
168, 214
106, 112
175, 124
176, 814
225, 389
199, 968
110, 872
242, 584
192, 794
185, 251
159, 202
93, 622
192, 272
189, 432
207, 398
142 208
96, 615
194 700
185 618
197, 765
114, 793
86, 332
195, 137
182, 751
do
do
do
do
do
do
do
272, 472
6 250
90, 356
4,226
21 907
20, 588
20, 764
321, 956
5 849
131, 068
4,103
23 177
15, 937
16, 988
372, 396
23 929
175 189
3,775
19 704
16, 916
14, 453
371, 633
35 681
162, 458
3,474
18, 678
32, 006
19, 433
340, 087
25 102
141, 089
3,132
17, 080
36, 852
14, 621
361, 962
11, 940
158, 351
4,215
18, 855
45, 467
18, 975
427, 798
16,317
175, 751
6,016
19, 461
52, 405
22, 660
327, 860
15, 049
106, 465
6,693
21, 401
42, 948
19, 576
372, 183
28, 824
127, 551
4, 885
26, 948
47, 699
21, 963
300, 844
23, 267
101, 651
4,696
17, 610
39, 445
19, 022
304
16
90
4
27
41
19
453
180
126
896
214
740
145
259, 889
17, 291
64, 630
3,686
22, 564
30, 403
18, 533
550, 033
3,917
516, 661
3,081
523, 3S3
7 924
471, 325
6,844
476, 230
7,540
512, 062
5,023
515, 664
6,424
501, 870
7,173
599, 424
5, 375
518, 936
6,570
522, 087
4,805
516, 888
5,297
97, 099
31, 373
17, 840
26, 606
52, 514
64,512
87, 757
19, 133
16, 225
24, 713
49, 433
67, 377
88, 622
19, 22f
18, 737
23, 384
53 823
76, 506
90, 994
20, 837
18, 911
20, 657
42,423
70, 077
89, 152
32, 254
12, 068
24, 873
46, 51 5
67, 000
97, 469
26, 202
13, 718
24, 920
53, 643
74, 566
88, 098
27, 685
12, 286
20, 532
47, 597
62, 135
98, 182
31, 201
11, 223
20, 115
49, 478
65, 596
153, 634
48, 889
19, 782
28, 048
52, 529
67, 059
97, 278
37, 312
9,032
23, 884
46, 947
64, 684
96, 428
32, 542
16, 055
25, 082
52, 063
62, 988
89, 048
31, 767
13, 660
25, 560
47, 487
64, 401
Revised.
p Preliminary.
^Revisions prior to August 1953 will be shown later
ISee similar note on p. S-21.
9 Data for semimanufactures reported as "special category, type 1" are included with finished manufactures.
§Excludes "special category, type 1" exports.
cf Exports of jet fuel (totaling $1,719,000 in 1953) are included with petroleum and products beginning January 1954; with chemicals prior thereto.
46, 909
51,017
53, 408
48, 997
do
do
do
do
do
do
do
do
Nonagricultural products, total
do _
Furs and manufactures
do
Nonferrous ores, metals, and manufactures, total
thous. of dol
Copper, incl. ore and manufactures
do
Tin including ore
do
Paper base stocks
do
Newsprint
do
Petroleum and products
do
T
22, 243
SURVEY OF CURRENT BUSINESS
December 1954
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
S-23
1954
1953
DecemOctober November
ber
January
February
March
April
May
June
July
August
Septem- October November
ber
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Airlines
Operations on scheduled airlines:
Miles flown revenue
thousands
Express and freight ton-miles
flown
do
Mail ton-miles
flown
do
Passengers carried, revenue 0
do
Passenger-miles flown, revenu
millions
40, 935
16 380
6 313
2,321
1 226
37, 765
14 485
6,134
2,015
1 064
39, 361
16 945
8,834
2,083
1 167
39, 035
13 494
6,093
2,023
1,176
37, 345
12 880
6,07C
2, 038
1,117
41, 402 ^41 281
42, 758
14 780
14 735 r r14 964
6,344
6,816
6
767
r
2, 520
2, 252 *r 2, 485
1,257
l 334 1 363
42, 344
14 669
6,199
2,701
1,525
44,190
13 793
6,045
2,687
1,514
37, 859
12 704
6,053
2,471
1,392
42, 095
16, 478
6,160
2,621
1,436
thous of dol
do
34, 161
15, 157
30 626
11, 918
38, 974
16, 557
27, 425
8,768
27, 850
9,502
33, 063
13, 977
31, 215
12, 492
28, 003
9,903
31, 588
12, 760
27, 061
9,062
28, 808
10, 759
30, 318
8,696
cents
millions
thous of dol
13.1
13.2
13.2
13.4
803
119 400
13.4
905
130 300
13.6
13.7
13.7
13.8
13.9
785
816
132 800
13.3
856
124 700
13.5
127 600
119 900
117, 500
116, 400
114, 500
3,251
'433
2 711
35
178
312
31
351
290
452
29
162
199
46
228
248
1,348
3,629
635
43
230
268
77
246
327
1,803
2.685
493
35
170
220
47
110
247
1,363
121
106
Express Operations
Transportation revenues
Express privilege payments
Local Transit Lines
Fares, average cash rate f
Passengers carried, revenue
Operating revenues
942
883
946
142 100
874
130 400
834
122 300
806
749
740
13.9
Class I Motor Carriers (Intercity)
Carriers of property (quarterly totals) :§
Number of reporting carriers
Operating revenues
total
thous of dol
Expenses, to f al
do
Revenue freight carried
thous of tons
1,053
598 137
605, 884
31 867
1,117
559 906
546, 324
30 058
1,117
581,953
558, 756
31,012
Carriers of passengers (quarterly totals):
Number of reporting carriers
Operating
revenues total
thous of dol
Expense5' total
do
Revenue passengers carried
thous of tons
165
93 969
90 005
84 726
169
78 935
81 034
76 172
93, 176
83 932
81, 143
169
Class I Steam Railways
Freight carloadings (A. A. R.):cf
Total car>
thousands
Coal
do
Coke
do
Forest products
do. _
Grain and grain products
do
Livestock
..
__ _
do_
Ore
do
Merchandise, 1. c. L _ _ _
_
do
Miscellaneous
do
Freight carloadings (Federal Reserve indexes):
Total, unadjusted
1935-39=100__
Coal
_
_
do
Coke
do
Forest products
_
. _ _ _ . _ do. __
Grain and grain products
do
Livestock__
_ _ _ __
_ _ _ _ _ _ _
do_ _
Ore
do
Merchandise, 1. c. 1_ _ _ _
_
_ _
do _
Miscellaneous
do
Total, adjusted
__
__ d o _ _ _
Coal . .
do
Coke
do
Forest products
do
Grain a n d grain products _ _ _ _ _ _
do
Livestock
_ _
do
Ore
do
Merchandise, 1. c. 1
do
Miscellaneous
_ _ . __ _ _ _ _ do. _
Freight-car surplus and shortage, daily average:
Car surplus, total
number
Box cars_ _
do
Gondolas and open hoppers
___ d o _ _
Car shortage, total
do
Box cars
do
Gondolas and open hoppers
do
Financial operations:
Operating revenues, total
thous of dol
Freight
do
Passenger
do
Operating expenses
do
Tax accruals, joint facility and equipment rents
thous of dol
Net railway operating income
do
Net income
do
Operating results:
Freight carried 1 mile
mil of ton-miles
Revenue per ton-mile
cents
Passengers carried 1 mile revenue
millions
1,980
1,423
1,279
2 967
584
49
175
208
37
80
286
1,548
1, 356
1,718
1,342
1, 621
2,708
438
27
155
212
31
249
252
1,344
135
110
124
104
108
IOC
126
122
124
56
58
38
122
107
87
116
128
122
43
55
40
126
105
78
105
126
117
51
51
41
125
108
79
114
84
93
132
158
41
255
38
129
91
120
181
47
255
38
126
87
125
149
56
217
40
127
120
98
124
105
93
133
127
53
224
39
130
114
80
96
127
118
55
88
40
128
116
85
114
90
155
142
137
86
160
43
140
1C8
97
142
120
112
56
62
38
124
97
140
147
89
205
41
133
109
149
150
111
17C
41
136
126
liO
163
136
157
70
172
44
137
122
104
155
145
140
69
172
42
134
117
97
135
135
119
58
201
40
132
120
100
120
136
124
58
231
39
133
117
87
109
133
124
54
222
41
134
112
78
104
126
127
64
177
41
132
111
79
98
127
134
62
136
39
130
112
84
94
128
144
58
136
39
128
111
85
95
127
155
54
164
38
125
109
80
94
119
151
54
159
38
125
111
90
90
119
138
59
145
40
126
111
98
98
129
131
67
137
39
123
115
105
111
141
150
72
7,173
1,609
4,346
3,326
25, 326
3,381
16, 656
1,388
1, i25
126, 957
33, 501
79, 358
366
247
20
112, 442
22, 045
78, 680
465
330
22
130, 775
21,318
98, 605
200
181
6
136,335
22, 908
100, 848
261
245
0
126, 845
23, 609
88,590
86, 150
19, 070
56, 783
95, 994
11, 937
74, 775
81, 002
10, 688
60,603
167
85, 062
17, 637
56, 383
153
119
15
740
716
24
934 304
794 329
62, 747
693 896
832, 363
702 006
61, 766
657, 496
815, 400
661 347
74, 531
697 038
749, 826
617 122
69, 994
626 806
722, 334
602 716
57, 437
586 934
802, 534
674 217
58, 546
629 993
765, 963
637 994
59, 645
611 773
765, 121
638 974
60, 395
616 844
803, 521
666, 029
69, 271
625, 337
133 076
107, 331
87 679
96 340
78, 526
58 960
40 445
77, 917
72 108
90 446
32, 574
17 594
90 983
44, 418
21, 545
102 912
69, 628
48 864
94 149
60, 041
38 709
89 396
58, 881
38 659
57 276
1 453
2 367
49 763
1.466
2 297
45 166
1.520
2 770
46 107
1.411
2 635
43 047
1. 459
2 129
46 190
1.509
2 191
45 224
1.467
2 221
49 117
1.363
2 285
4 024
668
63
222
279
76
377
359
160
144
157
108
263
45
149
730
915
2 797
485
47
168
188
47
179
259
2 413
451
43
150
155
32
68
236
2 462
421
37
158
173
24
63
253
1,332
2 412
383
34
156
166
28
58
261
1,325
2 445
378
31
157
162
31
79
253
3 345
507
37
205
228
38
303
309
393
375
15
2 730
439
29
163
214
23
285
235
116
143
159
85
98
41
134
40
125
118
106
116
146
163
68
109
40
129
72, 134
8,923
52, 598
447
442
998
964
0
44, 922
3,402
33, 041
2,854
2,405
29,482
1, 200
20, 505
2,193
2,077
779, 794
642 540
72, 464
618 597
804, 767
664, 232
73, 422
623, 326
781, 619
652, 951
62, 312
607, 388
804, 392
678, 755
57, 327
611,780
98 504
79, 680
58, 970
90 094
71, 103
49 365
97, 368
84, 073
64, 210
94, 027
80, 204
58, 329
101,737
90, 875
47 637
1.443
2 644
46 914
1.427
2 879
48 921
1.405
2 926
48, 175
1.402
2,406
699
689
0
'109
139
25
Waterway Traffic
Clearances, vessels in foreign trade:
9,511
7,692
8,654
10, 171
7,707
Total U.S. ports
thous. of net tons
9,388
8,069
7,684
9,886
9,726
8 830
6,659
Foreign
do
7 113
5 373
5 431
5 268
5 893
6 626
6 488
5 776
5 657
6 645
United States
do
2,852
2 334
3.059
2,262
2 900
2 412
2 417
2 878
2 936
3 241
3 101
Panama Canal:
3,329
3,127
3,227
3 533
2,954
2,901
3,159
3,115
3 104
3 475
3 377
Total
thous. of long tons
3 587
3 408
1,002
932
952
985
777
In United States vessels
do
946
1,038
878
969
1,058
977
1. 031
1,026
r
Revised.
tData have been revised (beginning August 1945) to include fares charged by transit companies operating in cities having a 1950 population of 25,000 or over; revisions prior to August 1952
will be shown later.
§It should be noted that data for 1938-44 shown in BUSINESS STATISTICS (1953 edition) are not comparable with subsequent data in that volume and iu the SURVEY beginning with the October
1953 issue. The data through 1944 cover reporting intercity common carriers of all types of commodities, whereas later data are for carriers of general commodities only (i. e., they exclude carriers of special commodities and intercity contract carriers). Data for 1945 for carriers of all types, comparable with earlier data, are as follows: Number of reporting carriers, 1,408; operating
revenues, $185,132,000; expenses, $184,708,000; revenue freight carried, 25,839,000 tons.
cf Data for October 1953 and January, May, July, and October 1954 are for 5 weeks; other months, 4 weeks.
S-24
SURVEY OF CURRENT BUSINESS
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistic?]
NovemDecemOctober
Supplement to the Survey
ber
ber
December 1954
1954
January
February
March
April
May
June
July
August
Septem- October November
ber
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION— Continued
Travel
Hotels:
7.49
Average sale per occupied room
_ _ .dollars. .
80
Rooms occupied
percent of total
262
Restaurant sales index
same month 1929=100.
Foreign travel:
83, 717
IT S citizens' Arrivals
number56, 746
Departures
do
52, 454
Aliens: Arrivals*
do-_
35, 906
Departures*
do
21, 103
Passports issued
do__.
1,102
National parks visitors
thousands
Pullman Co.:
644
Revenue passenger-miles
millions
8,447
Passenger revenues
thous. of doL.
COMMUNICATIONS
Telephone carriers: 9
399, 936
Operating revenues
thous. of doL
234, 531
Station revenues
do
133,915
Tolls, message
do
276,315
Operating expenses before taxes
do
50, 474
Net operating income
do
43, 582
Phones in service end of month
thousands
Telegraph, cable, and radiotelegraph carriers:
Wire-telegraph:
17, 340
Operating revenues
thous of dol
15, 543
Operating expenses, incl. depreciation
do
1, 157
Net operating revenues
do
Ocean-cable:
2,609
Operating revenues
do
1,951
Operating expenses, incl. depreciation
do
428
Net operating revenues
do
Radiotelegraph:
2,586
Operating revenues
do
2,168
Operating expenses incl depreciation
do
301
Net operating revenues
do
7.53
71
243
67, 611
50, 160
44, 460
31,127
18, 351
434
6. 75
60
231
64, 038
55, 462
43, 379
35, 332
21,398
296
6.96
72
242
59, 348
64 303
41, 127
26 556
29, 069
286
7.04
75
247
62, 290
68, 680
34, 617
24, 835
34, 695
364
6.75
74
232
7.43
73
251
6.71
75
277
76, Oil
76, 910
44, 905
30, 565
53,990
72, 722
87. 138
52,115
37, 804
58, 430
654
78, 179
91, 220
56, 280
39 479
56, 776
1,190
395
7.25
75
267
92,068
130 168
57, 066
52, 266
53, 432
2 472
6.91
7.66
7.55
7.71
74
253
77
262
113,018
127, 507
62, 056
46 236
36, 707
4 127
146, 742
94 034
64. 504
43 530
34, 263
4 213
126, 750
73, 984
70. 574
45, 403
26, 023
2,010
21,659
1,104
577
66
237
72
248
593
7,760
620
621
8,010
10, 278
8, 151
8,160
576
7,559
7,415
8,167
7,601
640
8,422
574
7,543
395, 803
235, 545
128, 289
271. 313
50, 842
43, 750
410, 793
240, 455
137, 870
289. 333
52, 273
43, 963
399, 014
238, 752
127, 521
271, 649
50,381
43, 91 5
388, 373
235, 457
120, 348
264, 804
48, 323
44, 040
410, 977
241, 184
136, 479
287, 136
48, 277
44, 188
408, 652
241, 991
133,437
280, 195
50, 511
44, 350
411,182
241, 779
135, 373
279, 732
51, 845
44, 514
415, 760
243, 104
138, 921
285, 347
49, 889
44, 621
414, 837
240, 459
139, 800
287, 388
61, 957
44, 766
421,562
243, 050
144, 225
286, 027
55, 790
44, 920
422,311
246, 076
141, 432
293,280
52, 414
45,129
15, 872
14, 570
689
17, 991
15, 721
1,668
15, 795
14,818
164
15,255
13, 873
593
17, 525
15,074
1,628
17,089
14, 824
1,442
16, 730
15, 004
17, 768
15, 445
1,499
17 111
15, 803
494
18, 072
15, 555
1 741
18, 447
15, 861
1,856
2,487
1,836
442
2,892
1,946
704
2,480
1,862
2,485
1,839
390
433
2,860
1,876
731
2,635
1,898
501
2,724
1,940
2,848
1,999
579
2,704
1,918
525
2,595
1,967
377
2,743
1,794
701
2,403
2,097
194
2,711
2,381
2,435
2 166
134
2,346
2, 069
144
2,647
2,211
311
2,490
2,153
208
2,516
2,157
2,620
2 191
285
2,599
2 217
248
2,557
2,179
255
2,611
2,320
612
226
783
565
904
539
222
621
22, 000
159
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production: J
Ammonia, synthetic anhydrous (commercial)
198, 556 195, 552 200, 573 209 972 206, 358 237, 535 232, 246 249, 837 216, 786 211,310 222, 430 ' 210, 938 230, 098
short tons
65, 321
60,915
65, 072
59, 578
58, 435
56,544
60, 295
65, 499
65, 562
54, 351
59, 984
53, 554
61, 201
Calcium carbide (commercial)
..do . _ .
59, 562
77, 697 r 69, 490
65, 720
58, 934
45, 521
50, 539
59, 134
78, 407
76, 725
50,648
46, 564
50, 501
Carbon dioxide, liquid, gas, and solid
do
260,
052
244,
252
243,
729
243,
403
245,
109
247,
890
234,
640
227,
955
227,
830
239,
360
231,336
206,
337
227,
040
Chlorine gas
do
59, 504 ' 61,871 64,486
62, 362
60, 122
62, 396
62, 914
58, 210
63, 270
61, 351
57, 666
64, 211
66, 815
Hydrochloric acid (100% HC1)
do
(i)
1,026
(i)
0
1,539
1,084
323
1,055
278
1,063
Lead arsenate (acid and basic)
do
(0
0)
0)
159, 421 157, 485 164, 122 161 134 152, 456 155, 156 148, 261 157, 705 149, 383 162, 502 166, 192 167, 012 184,188
Nitric acid (100% HNOa)
do
1,932
2,115
1,742
1,694
1,768
1,823
1,908
1,935
1, 895
1,723
1,863
1,611
1,765
Oxygen (high purity)
mil of cu ft
235, 137 217, 175 210, 241 248, 636 234, 740 264, 625 264, 979 263, 086 240, 009 221, 223 232 995 ' 219, 823 245, 893
Phosphoric acid (50% HaPO^
short tons
Sodium carbonate (soda ash) , ammonia-soda process
408, 829 394, 015 378, 658 371, 622 370, 311 424, 112 404, 856 413, 268 378, 233 380, 061 374, 831 390,280 408, 559
(58% Na2O)
short tons
8,452
9,294
7,263
7, 559
8,968
9,530
7,954
7,752
7,049
8,525
7,810
8,580
8,126
Sodium bichromate and chromate
do
276, 413 262, 119 260, 651 267, 083 240, 529 278, 210 276, 481 287, 773 289, 484 291, 039 284, 240 r 286, 262 299, 587
Sodium hydroxide (100% NaOH)
do
Sodium silicate, soluble silicate glass (anhydrous)
55, 728
49, 144
54, 730
49, 184
43, 957
60, 91C,
39, 983
39, 073
50, 383
58, 458
46, 608
52, 261
64, 740
short tons. Sodium sulfate, Glauber's salt and crude salt cake
62 457
64, 569
71 . 948
63 000
62 785
70, 787
80 162
73 173
81 784
62 930
65, 409
70 615
71 468
short tons
Sulfuric acid:
1,108
1,183
1, 194
1,224
1, 135
1,092
1, 195
1, 121
1,067
1,097
1, 178
1. 165
1, 182
Production (100% HgS 04)
thous of short tons
Price, wholesale, 66°, tanks, at works
22.35 p 22 35
22.35
22.35
22.35
22 35
22 35
22 35
22 35
22 35
22 35
22 35
22 35
dol per short ton
Organic chemicals:
Acetic acid (synthetic and natural), production
44, 691
38 754
37, 113
31, 754
30, 537
39, 012
36, 111
28, 804
36, 515
40, 132
36, 579
38 979
thous of Ib
52, 836
69,282
57. 415
53, 336
50, 342
48, 469
47, 823
62, 567
61, 777
49, 075
51, 786
51, 863
Acetic anhydride, production
do
1,072
1,227
922
1, 192
1,337
1,151
1,056
987
1.298
1,213
1,136
Acetylsalicylic acid (aspirin) production
do
1, 105
Alcohol, ethyl:
36 521
35, 465
37, 268
32, 594
28,793
26, 312
27, 112
23, 912
29, 033 30, 245
34, 608
32, 850
30, 650
Production
thous. of proof gal
51, 132
44, 347
'r 58, 572 56, 514
46, 531
46, 976
54, 152
47, 590
53, 587
55, 777
57, 509
51, 403
56, 652
Stocks, total
do
24, 978
25,850
41, 114
32, 887
30, 779
26, 183
36, 443 35, 996
38, 322
35, 762
33,204
28, 138
35,690
In industrial alcohol bonded warehouses
do
19, 368
20, 794
19, 452
20, 700
20, 353
20, 681
18,390
In dpmaturing plants
do
18, 192
18 199
20 556
20 087
21 066
17, 457
33, 676
32, 636
32, 357
33, 664
28,122
26, 171
29, 825
29, 733
27, 603
27,880
34, 685
29, 956
31, 583
Used for denaturation
do
644
941
725
1,194
962
697
835
978
982
1, 538
854
923
1, 113
Withdrawn tax-paid
do
Alcohol, denatured:
17,
574
18,
172
18,
176
14,
171
'
18,
731
16,
060
17,
511
1
7,
057
15,
149
14,
906
15,
213
16,
106
16,
181
Production
thous of wine gal
17, 582
17, 394
17, 206
18, 430
13, 332
' 17, 059
16, 805
16,580
17, 451
16, 210
15, 678
15, 878
16,817
Consumption (withdrawals)
do
7,377
7,377
8, 702
6,412
6 704
7,483
7,637
5,421
5,512
6,603
'8,231
7,002
6,276
Stocks
do
14, 792
13, 079
11, 206
9,852
15, 750
15, 417
15, 052
11, 778
9,752
13, 151
10, 208
9,188
Creosote oil, production
thous of gal
6,039
6,436
7,849
5,
859
6.000
5,
165
3,018
5,952
5
376
5,
909
6,478
6,212
Ethyl acetate (85%) production
thous of Ib
Glycerin, refined (100% basis) :
High gravity and yellow distilled-.
6,804
5,013
5,475
7,135
5, 798
6,675
4,663
5,985
6,325
5,067
3,740
6,103
Production
do
4,086
5,922
6,461
6,169
5,576
6,136
5,756
5,753
6,685
5,630
5,820
6,883
5,460
Consumption
__
do
5,909
18, 422
19, 084
17,259
18, 294
19,201
15,939
16, 712
17,464
15,384
13, 435
16, 791
18, 775
Stocks
do
15, 005
Chemically pure:
15, 142
14, 023
14, 099
13, 113
11,631
10, 196
12, 391
11, 654
11,203
12, 743
11,238
15, 966
Production . _
do_ 11, 964
9,229
8,809
8,662
8,418
9,647
8,558
8,718
8,706
9,279
9,193
9,531
9,618
9,499
Consumption
do
28, 941
29, 259
27, 689
27, 986
27, 161
27, 120
25, 144
26. 142
23, Oil
28, 645
17, 889
23, 520
20, 546
Stocks
-do
M ethanol , product ion :
162
152
172
164
169
184
170
165
177
151
173
126
160
Natural (100%) t
thous of gal
14, 079
12, 459
12, 063
12, 896
14, 151
13, 147
13, 735
12,905
14,580
13, 973
13, 941
12, 979
Synthetic (100%)
do
19, 652
19, 133
21, 409
19,215! 20, 277
22, 136
18, 532
23,258
20, 233
18, 848
19, 129
16, 235
Phthalic anhydride, production
thous. of lb-_
r
Revised.
v Preliminary.
* Not available for publication.
*New series. Compiled by the 17. S. Department of Justice, Immigration and Naturalization Service. Data relate to the arrivals and departures of aliens, by sea and by air, between ports
of the United States and noncontiguous foreign territory. These statistics do not include border crossers, seamen, military personnel, traffic between continental United States and insular
possessions, and cruise travelers. Data prior to 1953 will be shown later. (Old series covered emigrant and immigrant aliens only.)
9 Data beginning January 1954 cover 38 companies (those having an annual gross operating revenue of $1,000,000 or more). However, the smaller number of companies continues to account
for over 90 percent of the annual gross operating revenues of the industry.
{Revisions for 1952 (also 1951 for ammonia and hydrochloric acid) will be shown later.
SURVEY OF CURRENT BUSINESS
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
DecemNovemOctober
Supplement to the Survey
ber
ber
S-25
1954
January
February
March
April
May
June
July
August SeptemOctober November
ber
CHEMICALS AND ALLIED PRODUCTS—Continued
FERTILIZERS
Consumption (10 Slates) 9 Exports, total}
Nitrogenous materials
Phosphate materials }
Potash materials
thous. of short tons .
short tons
do
.
do _..
do
Imports, total}
do
Nitrogenous materials, total
do
Nitrate of soda
do
Phosphate materials}
do
Potash materials
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
port warehouses
dol. per short ton
Potash deliveries
short tons
Superphosphate (100% A.P.A.)d"
Production
short tons
Stocks, end of month
do
171
512
429
362
399
307, 471
15 029
274, 173
6 967
248, 717
7 023
223,316
6 831
302, 268
38 307
252,284
7 325
512
211,682
25 205
180, 810
4 590
1,111
197 702
40 160
148, 378
6 519
1,772
273 388
16 766
242 731
10 444
1,717
239,183
13 292
209, 516
10 057
310, 071
6 966
292, 538
8 526
262, 196
21. 272
227, 693
10, 716
306, 761
24,293
268, 815
10, 112
- 282
' 152
409,734 364, 339
29, 881
39, 477
356,048 323, 734
11,358
6^858
207 322
142,088
o
19 877
21, 597
154 285
112 153
39, 832
8 783
19 821
183
143
45
9
20
504
369
769
653
864
238 752
200 085
65, 277
13 062
11, 271
252
207
44
10
13
607
263
464
909
324
338 283
259 781
89 083
3 725
33' 633
338 161
243, 103
85, 533
14 898
38, 073
250, 103
179, 594
67, 517
20 591
8,079
225, 784
178, 599
98, 419
14,157
3,049
111,839
76,583
35, 666
12, 532
7,595
140, 624
93, 905
30. 550
11,610
18, 705
202, 152
139 914
37, 439
9, 175
31, 925
53.00
117 982
53.00
123 839
53.00
125 933
53. 00
155 234
53 00
196 283
53.00
261 059
53.00
221 146
53.00
147 975
53.00
80, 319
53.00
100, 591
53. 00
123, 856
53.00
137 216
P 51. 24
167, 070
172 830
257, 069
161 878
274, .533
173 747
290, 794
183 643
306, 774
187 464
286 325
227 696
234, 936
216 618
185, 090
182,637
198, 809
165, 683
248,229
128, 618
273, 746
144, 135
287, 371
153, 368
274, 194
180,603
266,089
r
974
434
T
T
NAVAL STORES
Rosin (gum and wood) :
Production semiannual total
drums (520 Ib )
Stocks, end of period
do
Price, gum, wholesale, "WG" grade (N. Y.), bulk
dol. per I 0 0 l b _ _
Turpentine (gum and wood) :
Production, semiannual total
bbl (50 gal )
Stocks, end of period
do
Price, gum, wholesale (N. Y.)
dol. per gaL_
1 005 880
891, 850
817 950
828, 080
8.75
8.85
9.00
9.00
8. 75
8.55
8.65
8.75
v 8. 80
.60
.60
327, 910
181, 710
.72
.72
*.72
786
55, 330
541
58,489
527
55, 395
722
60,424
754
59, 571
937
58, 619
439
3, 229
454
3,240
325, 073
131,975
224, 215
355,012
127, 040
213, 063
8.75
9.00
9.00
.60
.60
931
55, 918
.59
.59
.61
.61
.60
240 580
196, 910
.60
1,000
70 924
971
62 886
1,027
54, 621
1,061
52 752
1 , 035
55 303
941
54,756
8.65
MISCELLANEOUS
Explosives (industrial), shipments:
Black blasting powder
thous. of Ib
Ri^h explosives
do
Sulfur (native) :
Production
thous. of long tons
Stocks (producers')
do
437
469
445
465
3 057
3 023
3 022
3 090
3 170
3 239
3, 190
3,193
455
3,203
472
3,259
462
3,289
335 478
135, 646
249 836
368 503
129, 803
252 586
364 171
128,876
264, 848
354, 916
1 24, 832
269 246
309 854
123, 883
257 901
325, 234
133, 470
268 342
310, 169
118,886
262, 682
304, 763
119,467
262, 393
309, 102
113,337
245, 855
307, 271
89, 573
251, 266
310, 353
127, 022
233, 363
48, 678
36, 801
91, 557
52, 507
36, 026
86, 410
49, 098
29, 540
81,970
49, 251
27, 084
83, 322
47, 667
29, 878
74. 698
46, 502
31,977
72, 430
47, 681
28, 431
64, 371
49, 641
22, 606
69, 182
46, 879
24, 157
68, 982
46, 072
19, 147
72, 512
47, 026
23, 987
72, 888
46, 746
24, 267
71.630
49. 362
28, 429
66, 338
15, 9399
12 76
92, 126
2,933
11 138
79, 383
5, 296
9 302
72,' 711
358
9 070
68* 768
9 171
46, 297
10 697
41,170
2,066
13 768
37, 253
8,317
11,047
34, 753
19, 164
11, 407
44, 101
25, 903
11, 038
56, 026
13, 410
10 269
51, 260
»• 26, 732
13 149
r
65, 710
12, 514
11,340
56, 222
614
560
592
572
596
546
595
537
545
523
542
556
475
521
429
495
382
445
366
346
380
416
^•440
435
961
1, 084
947
1. 149
1 , 005
1,260
1, 025
1,323
995
1, 337
985
1,323
915
1,307
793
1,223
709
1,150
629
1, 086
593
1,018
933
431
370
437
472
FATS, OILS, OILSEEDS, AND BYPRODUCTS
Animal fats, greases, and oils:
Animal fats:
Production}
thous ot'lb
Consumption, factory
do
Stocks, end of month
do
Greases:
Production
do
Consumption, factory..
_ _ . _
do
Stocks, end of month
do
Fish oils:
Production}
_
. . . _
do
Consumption factory
do
Stocks, end of month
do
Vegetable oils, oilseeds, and byproducts:
Vegetable oils, total:
Production, crude}
mil. of Ib .
Consumption, crude, factory}
do
Stocks, end of month:}
Crude
do
Refined
_ . ...
.
do
840
371
r
575
599
532 - - - - 599
924
78, 866 109, 314 155, 012 150, 398 ' 72, 232 40, 636
42 984
Exports
thous of Ib
80 988
90 075 122, 309
57 676
34 728
33, 892
39, 926
28, 821
43 053
Imports total t
do
38 291
24 502
38 225
44 439
43 901
29 458
21 315
33 329
4, 402
5,731
1,410
Paint oils
do
3 865
9,017
1 368
3 816
2 746
7 453
2,078
8 186
2 028
35, 525
28, 160
41, 823
27, 411
34, 036
25, 642
All other vegetable oils} . . . .
do
23, 134
36, 986
34, 423
18, 569
31,302
30, 039
Copra:
29, 949
26, 871
27, 599
Consunipt ion , factory
short tons- . 33, 743
24, 327
33, 811
27, 480
29, 646
30, 074
27, 066
23, 030
27, 497
30, 072
14, 877
Stocks, end of month
do
16, 446
10, 433
8,181
15, 715
20, 446
12, 569
12, 504
21,808
15, 130
27, 508
13 272
16 198
Imports
.. . __ ..
do
33, 603
27, 726
31, 106
19, 201
26 231
27 274
29 423
24 558
34, 016
34 128
26 365
25 371
Coconut or copra oil:
Production:
35, 481
31 097
34, 925
38, 165
35, 863
Crude
thous ol Ib
43 159
38 415
38 337
35 294
43 066
38 365
29 498
35 028
27 9^9
Refined
__
.
do
23, 211
32, 263
30, 122
30, 092
32, 939
26 569
37, 407
28, 843
30,698
26, 618
25 938
32, 933
Consumption, factory:
35, 503
48, 879
46, 730
Crude
_ _ _ _ _ _ _ _ _ _ _
do
50, 243
57, 539
43, 428
45, 419
42, 755
47, 974
45, 550
42,633
46, 930
49, 276
28, 659
27, 072
20, 608
Refined
do
28,561
30, 309
33, 455
22, 369
22, 544
27 433
27, 788
27, 356
23, 010
28, 770
Stocks, end of month:
44, 313
43, 216
52 334
52, 308
45, 345
49, 372
69 403
66 970
60 680
54 809
53 116
Crude
do
52 343
48 770
8,884
Refined.. _ _
__
......
do
10, 950
10, 437
9,314
10, 121
10, 625
16, 249
13, 843
9,982
10. 691
13, 650
11, 260
10,318
9,905
9,741
7,051
Imports. _
_
do
14, 648
6,709
15, 868
13, 625
14, 665
9,448
12,258
17, 550
13, 524
Cottonseed:}
22
21
128
449 r 1, 243
28
113
810
237
Receipts at mills
... ...thous. of short tons 50
1, 857
1,393
1,503
356
207
270
712
Consumption (crush)
do
250 T r 532
470
598
624
718
778 i
763
684
307
556
891
Stocks at mills, end of month
do _ _
229
1, 332
1,879
2,865
2,390
428
2,143
1,140
1,959
2,773
Cottonseed cake and meal:}
Production
_ ... __
short tons _ 371,321 361,549 340, 919 334, 973 294, 423 278, 124 219, 851 161, 713 126, 729 103, 175 121, 257 Tr 260, 531 330, 412
Stocks at mills, end of month §
do
163, 838 163, 022 109, 700 109, 229 146, 087 167, 313 177, 739 193, 472 198, 062 203, 321 188, 910 204, 976 243 422
Cottonseed oil, crude:}
94, 884
Production
thous. of Ib - . 251, 701 249, 924 232, 230 234, 465 207, 447 200, 632 161, 955 124, 212
82, 890 r 165, 418 219, 744
77, 097
Stocks, end of month..
do _ _ 134, 001 143, 804 148, 742 183, 105 184, 165 184, 799 129, 705
54, 013
84, 728
35, 881 T 70, 954 105, 742
42, 249
Cottonseed oil, refined:
179, 751 221, 226 209, 548 183, 279 188, 791 197, 063 178, 107 151, 578 106, 431
Production}
do ._
82, 186 108, 518 161, 362
78, 738
133, 253 151,011 135, 286 131, 421 141, 894 167, 032 176, 259 174, 462 139, 760 108, 802 147 206 154 430 148 163
Consumption, factory}
do
33, 425
38, 113
35, 314
27, 384
38, 165
34,600
30, 952
30,204
24, 141
29, 253
29, 477
In margarine}
_
... ...
do _
38, 980
33 553
1,069
],155
1,175
1, 109
1,153
954
996
Stocks, end of month.}
mil. of Ib
1,178
1,016
966
888
825
817
.224
.213
.213
.203
.201
.206
.204
.224
.219
.193
.211
Price, wholesale, drums (N. Y.)
dol. per lb._
*. 215
P. 210
r
Revised.
f Preliminary.
9 States represented are: North Carolina, South Carolina, Georgia, Florida, Alabama, Tennessee, Arkansas, Louisiana, Texas, Oklahoma. According to quarterly reports from Virginia,
consumption in that State is as follows (thous. short tons): 1953—January-March, 319; April-June, 322; July-September, 79; October-December, 80; 1954—January-March, 305; April-June,
315; July-September, 78.
} Re visions for 1952 will be shown later.
cf A. P. A. ^available phosphoric acid).
§Includes stocks owned by the Commodity Credit Corporation (beginning May 1953 for cake and meal and beginning 1952 for refined oil).
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
December 1JV»4
1954
1953
DecemOctober November
ber
January
February
March
April
May
June
j
July
! August
S<
beH Oclobl ' r
November
CHEMICALS AND ALLIED PRODUCTS—Continued
FATS, OILS, ETC.— Continued
Vegetable oils, oilseeds, and byproducts— Con.
Flaxseed:
Production fcrop estimate)
thous. of bu
Oil mills:
Consumption
do
Stocks, end of month
_ _ _ . . _do
Price, wholesale, No. 1 (Minneapolis) -dol. per bu._
Linseed oil, raw:
Production
thous. of lb-Consumption, factory
_ . . do
Stocks at factory, end of month cf
- do
Price, wholesale (Minneapolis) .
dol. p e r l b _ _
Soybeans:
Production (crop estimate)
thous. of bu
Consumption factory
- do
Stocks end of month
do
Soybean oil:
Production:
Crude
thous. of Ib
Refined
..
- - - --- - _ d o - _ .
Consumption factory refined cf
do
Stocks, end of month:
Crude
- - - - do
Refinedcf
do
Price wholesale refined (X. Y.)
dol. per lb.
Margarine:
Product ion cf
... -thous. of lb_
Stocks (factory and warehouse) cf
do
Price, wholesale, vegetable, colored, delivered
(eastern IT S )
dol. per Ib
Shortening:
Production
- - - - thous. of Ib
Stocks end of month
do
2
i 36, 813
2,627
4,720
3.88
2.547
5, 164
3.93
2,946
4,467
4.02
2,687
4,173
4.00
2,519
3, 183
3.89
2, 266
2,323
3.93
1,954
1,359
3.92
2,079
596
3.99
2.248
1,179
3.88
2,596
1,782
3.63
3,545
1,9461
3.47
4,058;
2,718
3.41
3, 575
4.009
3.39
52, 411
42, 288
559, 631
.160
50, 558
37, 962
535, 722
.160
57, 831
36, 434
521,297
.153
52, 087
42, 280
481,025
.148
50, 439
32,012
464, 289
.140
44, 419
36. 362
466, 099
.145
38, 784
37, 349
438, 266
.141
40, 343
35, 141
375, 137
.142
44, 293
39, 263
331,862
.153
50, 223
41,176
231, 572
.160
69, 697
43, 111
218, 100
.160
79, 719
53, 989
224, 903
.152
68, 821
41,254
195 183
P . 146
21,284
61,401
20, 284
61,710
i 262, 341
20, 758
58, 531
20, 778
54, 485
18, 873
56, 948
19,252
52, 297
17, 649
43, 209
17, 546
33. 454
15,437
24 598
15,361
15 321
14, 795
4 894
11,140
r
9 218
21 735
37 312
229, 966
214,418
219 229
219, 304
192,662
188 649
226, 320
180, 481
174 446
228, 433
191,788
174 010
208, 706
186, 529
181, 253
213, 372
188, 570
183 214
194, 526
180,911
187, 113
193, 327
186, 097
182 924
171,614
175, 831
180 938
173, 189
127, 217
146 845
166, 116
171, 296
169 920
125 318
148, 712
169 341
235 894
198, 863
200 722
87, 907
62, 353
.188
88, 437
74, 423
.196
122, 021
82, 193
.197
142.947
99, 466
.192
138,111
95, 000
.185
140, 958
98. 466
.194
142, 208
98, 429
.204
127, 599
103, 331
.204
114,142
96,919
.209
132, 221
78 743
.209
117, 683
78 679
.213
73, 503
53 722
203
91 115
54 679
P 203
136, 217
16, 382
107,419
22, 021
107, 291
21, 779
131,959
23, 393
124, 242
26, 516
116,538
23, 867
118,586
21,219
102, 844
25, 462
90, 334
24, 643
87, 339
22 810
105, 344
23 762
118 051
19 824
117 979
23 615
.264
.283
.283
.283
.273
.273
.273
.283
.283
283
.283
283
P 270
191,747
"5 793
139, 943
93, 926
132.504
92, 000
155, 909
93, 443
178, 279
88, 576
180, 323
83, 881
177, 934
96, 309
151,717
115, 786
112, 336
98 826
160, 463
104 414
164 422
96 260
182 323
108 083
116,432
46, 734
69, 698
98, 539
40, 709
57, 830
92, 557
40, 217
52, 340
104,632
39, 877
64, 755
100, 013
39, 915
60, 098
117,808
46, 792
71,016
124, 629
46, 778
77, 851
123, 071
45, 275
77, 796
131, 926
46, 531
85, 395
118,024
41, 182
76 842
121, 584
45, 042
76, 542
114 934
42 925
72 009
3,664
7,478
650
441
2, 999
5,803
633
401
3,483
6,226
631
486
2,747
5,367
563
412
2, 816
5, 168
598
486
3,301
6,257
662
524
2,716
6,478
554
428
2,812
5, 370
483
401
3,323
6,416
431
430
1 894
5 193
271
371
2,962
7,134
366
548
3 430
7 840
362
586
35, 895
28, 717
17,635
41, 170
31,922
10,161
24, 970
32, 348
25, 760
17, 839
39, 129
27, 693
9,627
26, 351
30, 265
25, 908
16, 955
37, 357
30, 673
9,543
26, 099
30, 842
30 941
17, 646
40, 636
28, 475
9, 661
24, 535
29, 987
33 376
19, 148
39,810
28, 587
11,215
25, 134
35, 421
37, 252
19, 958
46, 303
32, 796
10, 855
26, 381
31, 567
36 889
17,892
43, 413
31,055
11,473
25, 448
32, 805
35 039
18, 630
42, 163
30, 152
12, 138
25, 500
29, 592
33 250
18, 174
43 814
31, 988
10 344
23, 722
21, 680
28 086
13, 371
36 486
22, 004
9 760
22, 342
28, 824
31 808
18 073
34 341
r
27 540
r
9 396
26,581
33, 519
37 352
19* 588
44 389
27 411
q 767
27' 770
PAINTS, VARNISH, AND LACQUER §
Factory shipments, total
Industrial sales
Trade sales
thous. of doL
.- do _ _
do. _
SYNTHETIC PLASTICS AND RESIN
MATERIALS
Production
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
Polystyrene
Urea and melamine resins
Vinyl resins
\lkyd resins
Rosin modifications
Miscellaneous resins
_ - do . .
do
-do
do
- -do
do
- -do
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total t
mil. of kw.-hr.Electric utilities, total
do
By fuels
_do By water power
do
Privately and publicly owned utilities
do
Other producers
do _ Industrial establishments, total
do
Byfuels
- - .. ..
do __
By water power
do
Sales 'to ultimate customers, total (Edison Electric
Institute)*
mil.ofkw.-hr
Commercial and industrial:
Small light and power
do
Large light and power
_
._ _
do
43, 820
37, 658
30, 490
7,168
32, 259
5,399
42, 374
36, 429
29, 4,54
6,975
31, 187
5, 242
45,118
39, 083
30, 404
8,679
33, 497
5,587
45, 478
39, 423
30, 524
8,899
33 227
6, 196
40, 887
35,211
26, 647
8, 564
29 478
5,733
45, 166
38, 918
28, 998
9,921
32 719
6,199
42, 857
36, 835
26, 925
9,910
30 913
5,923
43, 529
37, 429
27, 079
10 350
31 007
6,422
44, 975
38, 901
29,315
9,586
32 535
6,366
45, 969
40, 077
31, 319
8 759
33 279
6 798
47, 196
41, 167
32 825
8 342
34 274
6 893
45, 529
39 547
31 743
7 805
39 978
6 569
46, 709
40 456
32 624
7 832
33* 989
6 467
6,162
5,879
284
5, 945
5, 665
280
6,035
5,668
366
6, 055
5,664
391
5, 676
5,291
385
6,247
5,781
467
6,021
5,573
448
6,100
5,672
427
6 074
5, 681
393
5 892
5, 556
335
6 030
5,709
321
5 981
5 678
303
6 253
.V 922
331
32, 350
31,919
33, 040
34, 235
33 112
33, 032
32 885
32 483
33 119
33 845
35 045
35 149
5,917
16, 178
5, 785
15, 668
5,927
15, 765
6, 104
15, 668
5, 902
15,294
5,794
15,734
5, 802
1 5, 865
5 805
16, 075
6 119
16, 440
6 626
16, 167
6 795
16 920
6 786
16 996
Railways and railroads
_ -do ... r 393
439
445
459
354
399
397
345
401
374
346
344
9,239
1, 833
8,248
9,719
Residential or domestic
do
9,104
8,942
10, 163
8 321
8 163
8 425
8 588
8 723
Rural (distinct rural rates)
do _ .
645
945
870
584
612
663
606
756
818
1. 170
1 236
1 118
345
367
395
Street and highway lighting
do
394
342
311
273
352
290
282
305
328
Other public authorities. .
. . do ...
768
762
778
787
768
792
763
747
769
797
773
798
Interdepartmental
.do
47
46
43
43
49
48
53
57
53
56
Revenue from sales to ultimate customers (Edison
Electric Institute) t
thous. of dol... 572, 424 571,296 589, 705 611,624 596, 954 589, 223 585, 598 579, 131 587, 473 603, 767 616, 706 620,917
T
2
Revised.
*> Preliminary.
i Estimate for 1953.
November 1 estimate of 1954 crop.
cf Revisions for 1952 for linseed oil and soybean oil and for September 1951-September 1952 for margarine will be shown later.
^Revisions for 1952 appear in the September 1953 SURVEY; those for 1951 will be shown later.
^Revisions for 1952 for electric-power production are shown in the October 1953 SURVEY; those for electric-power sales and revenues, in the October and November 1953 is:
3.37
2
172, 988
84, 703
39. 9S9
337, 990
SURVEY OF CURRENT BUSINESS
Unless otherwise .stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
S-27
1954
1953
DecemOctober November
ber
January
February
March
April
May
June
July
August
Septem- October
ber
ber
ELECTRIC POWER AND GAS—Continued
GAS
Manufactured and mixed gas (quarterly ):cf
(Customers end of quarter total
thousands
Residential (incl house-heating)
do
Industrial and commercial
do
Sales to consumers total
mil of therms
Residential
do
Industrial and commercial
do
Revenue from sales to consumers total thoiis of dol
Residential (incl. house-heating)
do
Industrial and commercial
do
Natural gas (quarterly) :cf
Customers end of quarter total
thousands
Residential (incl house-heating)
do
Industrial and commercial
do
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
.
"_ _
6 076
5 629
445
757
466
281
108, 476
77, 476
30 261
5, 996
5, 557
436
1,123
794
320
149, 015
111,429
36, 718
20 893
19 229
1 640
14 045
4 097
8 916
598 256
327 363
251, 199
21, 183
19, 462
1, 696
17 940
7 688
9,599
884 848
564 400
304, 253
'
5 876
5, 447
427
808
502
299
109, 536
78, 500
30, 400
21. 220
19, 546
1,648
13 198
3, 755
8,873
575 082
314, 607
246, 605
1
j
!
i
I
'
|
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
9,302
6, 176
8,370
5,954
9,547
6,986
5, 909
5,649
8,556
5,797
7,949
7,918
7,606
Production
thous. of bbl_ .
8,886
8,112
6,475
5,434
6,941
7,239
8,646
7,138
6,607
5,644
6, 176
5, 162
7,011
Tax-paid withdrawals
do
10,
074
11,
658
11,391
r
10,
164
11,541
11,
846
10,
779
9,
605
9,223
10, 406
9,830
9,498
10, 680
Stocks end of month
do
Distilled spirits:
r
9,523
26,
958
8,747
29,
630
15,
787
13,
876
13,905
14,
405
16,
387
19,
754
15,
930
14, 636
13, 120
Production
thous of tax gal
Consumption, apparent, for beverage purposes
13,
780
13,
753
15,803
12,
671
22.
805
15,
365
14,
975
12,
528
15,736
18,
731
19,
465
14,519
thous. of wine gaL_
9,604
15, 722
9, 805
12, 143
13, 487
«• 17, 260
10, 479
11,853
10, 156
12, 718
12, 029
8,650
16, 690
Tax-paid withdrawals
thous of tax gal
r
861, 373 857, 234 859, 297 861,381 862, 917 864, 231 864, 016 864, 004 864, 343 863, 5-53 861,034 854, 556 848, 142
Stocks end of month
do
1,389
1,496
2,207
1, 456
1,529
2, 967
1,520
1, 761
2,006
1,694
1, 336
2,743
Imports
thous. of proof gaLWhisky:
5, 741
9, 263
5,057
9,139
6, 355
9,020
10, 094
9,579
10, 029
9,270
9,862
8.301
9,435
Production
thous. of tax gal..
4,129
5,732
4,898
8,610
' 9, 407
6,272
9,102
7, 292
5,315
5,982
5,748
4, 878
5,998
Tax-paid withdrawals
do
' 718, 334 715, 087 716, 439 717, 441 718,413 718, 516 718, 726 719, 567 720, 713 721, 020 719, 114 715,191 712,017
Stocks end of month
do
1,288
1,316
1,834
1,328
2,524
1,616
1,395
2,773
1,990
1,388
1, 551
1,218
Imports
thous. of proof gal - Rectified spirits and wines, production, total § J
T
5,457
5,304
10, 036
11,472
7,091
7,852
5,745
7, 400
10, 668
6, 885
6,851
5, 533
6,605
thous. of proof gaL _
4,825
8,910
4,506
4,834
' 9, 965 9,455
6,349
6,126
5, 850
5,996
6,957
4, 634
5, 823
Whisky
do
Wines and distilling materials:
Sparkling wines:
59
233
96
81
117
147
76
223
186
49
109
99
Production t
thous. of wine gaL_
67
69
174
197
198
95
112
97
159
84
81
74
Tax-paid withdrawals t
do
1,458
1,217
1,449
1,272
1,320
1,186
1,052
1,418
1,478
1, 060
Stocks, end of month t
-do
1,335
1,297
j
29
64
35
23
121
28
88
44
41
53
44
27
Imports
do
Still wines:
936
1,286
3, 398
1,477
64, 847
4,148
1,112
891
26, 985
1,398
20, 755
Production!
do
1,403
9,072
12,819
9,873
11,899
10, 038
9,841
10,469
12, 353
12, 440
12, 966
9,120
Tax-paid withdraw alsj
do
10, 443
206, 868 214, 956 202, 631 193, 413 179,769 170, 754 159, 755 150,766 140, 525 130, 885 123,334 139, 287
Stocks end of month J
do
332
364
404
500
424
322
699
494
459
707
582
313
Imports
_
do
1,590
5, 501
1,556
128, 626
35, 234
2,128
4,971
593
9,020
61,975
486
1,670
Distilling materials produced at wineries J
do
DAIRY PRODUCTS
Butter, creamery:
92, 375
90, 765 108, 240 118,465 115, 910 142, 295 141,305 163, 815 159, 755 129, 615 108,990
87, 600
92, 555
Production (factory) Jthous. of Ib 311,574 290, 598 281,702 294, 047 304, 233 346, 542 375, 584 421, 997 468, 453 503, 921 508, 476 r 418, 618 460, 896
Stocks, cold storage, end of month
do
.578
. 601
.682
.676
.666
.575
.595
.600
.659
.658
.651
.577
.579
.583
Price, wholesale, 92-score (New York) _.. dol. per lb_Cheese:
126, 885 111,800
87,
200
97,190
87,
775
82,
390
91,175
153,
645
98,
735
115,
555
Production (factory),
totalj
thous.
of
Ib._
126,
930
156,
480
93,
405
99, 425
Ainerican, w T hole milkj
do
56, 230
63, 225
61, 505
72, 135
70, 810
86, 575
85, 770
68,775
61, 540
97, 400 123, 090 122, 345
Stocks, cold storage, end of month, total
do
448, 787 432, 325 432, 008 427, 464 424, 657 450, 299 487, 209 521, 763 567, 541 607, 993 613, 238 '613,146 591, 384
572,
290 578, 765 ' 580, 089 559, 400
American, whole milk
_
do
396,
344
416, 095 400, 983 401, 168 397, 990
426, 049 460, 566 494, 770 538, 051
2,562
3,162
Imports
do
3,602
7,186
2,934
4,972
5,860
4,851
4, 236
2,233
4,163
4,510
Price, wholesale, American, single daisies (Chi.424
.415
.371
cago)
dol per Ib
.378
.393
.427
.369
.372
.379
.403
.375
. 376
.383
.370
Condensed and evaporated milk:
Production, case goods:J
1,975
1,875
3,175
Condensed (sweetened)
thous. of l b - _
3,000
1,775
2,500
2.175
1, 800
1,675
1,930
2,350
2,480
2,150
Evaporated (unsweetened) _ _ _ _ _
do
162, 200 152, 500 155, 700 163, 600 156, 900 194,900 243, 100 316, 000 310, 500 266,000 239, 500 188, 000 158,750
Stocks, manufacturers', case goods, end of month:
4,784
4,723
Condensed (sweetened)
thous. of lb-_
5,113
4,897
5,248
6,047
4,753
5,242
5,010
5,139
4,762
4,997
5,353
Evapo rated (unsweetened)
. do
410, 255 339, 808 262, 913 192, 760 127,681 102, 638 127, 497 231, 456 320, 487 381, 177 410, 379 410, 168 355, 473
Exports:
Condensed (sweetened)
do
128
747
62
89
658
22
46
56
96
164
77
27
Evaporated (unsweetened)
do
13, 228
13, 120
14, 427
6, 119
8,215
14, 773
11, 337
11,923
11,397
8,901
12, 312
10,488
Price, wholesale, TJ. S. average:
5.85
5.73
Evaporated (unsweetened)
dol. per case-5.82
5.76
5.50
5.80
5.44
5.45
5.69
5.39
5.54
5. 56
5.55
Fluid milk:
8,907
9,172
8,980
11,345
9,002
Production]:
_ mil. of Ib
8,878
8,359
8, 400
11, 625
12, 663
10, 713
13, 178
10, 494
9,391
Utilization in mfd. dairy products
do
3,174
3,505
3, 796
3,711
4,542 ' 3, 904 3,272
3,044
3,062
4,746
5,534
4,514
5,658
r
5.18
5.11
5.03
5. 03
Price, dealers', standard grade
dol. per 100 lb-4.72
5.20
5.23
4.62
4.58
4.82
4.96
4.76
4.96
5.01
Dry milk:
Production:?
Dry whole milk
thous. oflb-6,165
8,440
9,000
8,420
7,970
10, 560
7, 350
6,360
6,175
10, 525
10, 925
6, 800
6, 640
Nonfat dry milk solids (human food)
do
65, 150
94, 250 103, 350 102, 300 131, 650 138, 350 164, 750 153, 000 110, 950
68, 290
83, 250
65, 775
66 250
Stocks, manufacturers', end of month:
D r y whole milk. _ _ _ _ _ _
_ .
do
9,602
11,716
11, 956
8,510
8,415
11,316
10, 220
7,629
8,692
12, 910
10, 397
10, 781
9,624
74, 094
81,056
88, 377
92, 152
Nonfat dry milk solids (human food)
_. do 67, 925
67, 893
85, 449
83, 435 105, 792 111,482
44,413
54, 329
71, 782
Exports:
Dry whole milk
do
3,014
3,004
1,584
2,671
4,067
5,729
4,322
2,826
4,906
4,178
3,724
4,286
|
15, 802
Nonfat dry milk solids (human food)
do
5,885
19, 093
19, 237
18, 674
4, 655
31, 787
4,782
20, 107
8, 080
16, 896
10,445
Price, wholesale, nonfat dry milk solids (human
.151
.149
.152
.153
.152
.145
food), U. S. average
dol. per lb._
.143
.142
.151
.154
.149
.146
.153
r
Revised.
cf Revisions for 1952 appear in the Octx>ber 1953 SURVEY; those for ;he 1st an d 2d quar ters of 1953 are avai able upori request,
§Data beginning July 1953 exclude production of wiiaes and v<jrmouth; for July 1. 52-June 1953 such i)roductiori totaled 88,000 gallo ns.
JRe visions for July 1952-March 1953 for rectified si irits, etc. and win ?s and dis tilling ma terials ap pear in th e June 19 54 SURVEYf ; those fo r January-Decemb er 1952 foi fluid milk produc•mKrv*. 1 OK'
Revisions prior to December
1952 are available upon request as follows: Beginnng 1951 for cheese, condensed milk, and nonfat dry milk solids; beginning 1952
for butter, evajvorated milk, and dry whole milk.
SUKVEY OF CURRENT BUSINESS
S-28
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Surrey
ber
ber
December 1951954
January
February
March
April
May
June
" July~ r~August
~
i
Septem- October November
ber
FOODSTUFFS AND TOBACCO—Continued
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
Shipments oarlot
Stocks, cold storage, end of month
thous. of bu
no of carloads
thous. of bti._
Citrus fruits, carlot shipments
.no. of carloads __
Frozen fruits, juices, and vegetables:
Stocks, cold storage, end of month:
Fruits
.
. thous. of Ib
Fruit juices
do
Vegetables
do
Potatoes, white:
Production (crop estimate)
thous of bu
Shipments, carlot
no. of carloads
Price, wholesale, U. S. No. 1 (New York)
dol. per lOOlb..
2
3,717
27,485
2,567
25, 331
i 92, 877
2,796
19.894
2.357
14.943
2,119
10, 679
3,061
6,095
2,394
3,267
1,899
1, 302
848
440
490
162
197
245
5,890
'
6, 851
12, 595
10,145
9,270
10, 655
11,202
11,411
9,121
6,591
4,736
391, 022
190,685
737, 428
380, 674
190, 703
722, 108
356, 338
212, 105
704, 585
328.040
265, 552
630,201
293, 585
342, 041
562, 581
253. 404
352, 552
510,944
210,331
408,680
469, 050
199, 389
503, 172
444, 834
221, 658
500,819
443, 724
336, 630
458, 007
492, 594
17,866
14, 758
i 373, 711
15,453
20,402
18. 870
23, 925
19, 630
20,528
21,046
12, 562
11,893
3. 325
3.313
3. 050
2.981
2. 981
3.081
3.500
3.981
3. 375
4.054
4,835
19,859
24,986
23, 477
30.062
32, 625
27,764
31,276
24,310
21,841
8,613
12, 386
8,566
7,594
6,531
7, 685
8,238
28,856
17,168
14, 376
367, 092
15, 140
11,085
10, 277
6,500
20,050
26, 947
872
5,076
1,809
23,495
225,104
2,791
24,258
846
9,121
34 945
2,702
11,932
422
8,922
74, 913
526
7,119
416
1. 520
1.474
1.509
1.441
1.483
1.374
1. 505
1.396
1.518
1.456
1.490
1.375
1.456
1.323
1.397
1.290
1.429
1.328
1.454
1.378
1.456
1.421
10, 021
21, 389
10, 232
25, 032
11,466
24, 741
11,127
22, 798
10.263
25, 835
10, 326
25, 151
10, 041
24, 105
10,609
29,369
10, 918
21, 352
12, 163
21, 371
53, 835
38, 221
35, 338
21,704
16, 984
14, 831
50,756
8.221
7,101
5, 096
6,912
18,052
3358.0
3,629
20,660
8,045
15, 945
986.1
5,098
12, 866
6,860
33, 793
1, 468. 8
7,712
1.553
1.521
1.553
1.495
1.560
1.502
1.571
1.504
1.585
1.532
1.610
1.577
1.614
1.581
1.652
1.610
1.639
1.601
1.640
1.522
1.481
1.462
4, 542
4, 660
4,886
4,602
5,818
7,241
16, 842
25, 750
10, 638
7,231
1,506
7,840
15, 066
13, 406
4,600
24,900
20, Oil
118
.770
217
.708
272
.721
26,377
1,191,309
345
.758
26, 278
227
.792
4,872
3 204, 050
209
.763
11.729
192
.788
8,648
450, 335
363
.781
4,750
186
.814
.786
.851
r
806
6, 969
' 3, 331
29,023
4,321
r
374, 543 ••399,606
411, 550 >• 338, 537
602, 309 ' 698, 084
14, 425
103, 716
2,714
4,905
7, 210
409,544
295, 779
723, 371
'15,618
2 346, 94312,389
' 3. 089 ?3.399
GRAIN AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal
30,780
25, 483
31, C72
thous. of bii-_
Barley:
i 241,015
Production (crop estimate)
do
8,860
11, 510
8,235
Receipts, principal markets
do
Stocks, domestic, end of month:
12,222
12. 609
12, 659
Commercial
... . do_ ..
107, 770
On farms
do
3, 865
2.175
951
Exports including malt
do
Prices, wholesale (Minneapolis):
1.516
1.515
1.513
No. 2, malting
. dol. per bu
1.417
1.438
1.436
No. 3, straight..
do. ..
Corn:
i 3, 177
Production (crop estimate)
mil. of bu_.
10, 240
Grindings, wet process
thous. of bu-_ "~I2,~438 "~I6~5l5
52, 068
18, 424
48, 836
Receipts, principal markets.
do.. _
Stocks, domestic, end of month:
23, 072
45, 703
43, 106
Commercial
. do
2, 138. 5
On farms
mil of bu
10, 808
13,512
13, 146
Exports including meal
thous of bu
Prices, wholesale:
1.448
1.563
1.461
No. 3, yellow (Chicago)..
dol. per b u _ _
1.439
1.530
1.443
Weighted average, 6 markets, all grades
do
Oats:
i 1,216
Production (crop estimate)
mil of bu
8,131
5,908
6,187
Receipts, principal markets-. _ _ _ _ ._ thous. of bu
Stocks, domestic, end of month:
22,908
18, 453
18, 295
Commercial __
.
_. do
778, 541
On farms
do
462
296
310
Exports including oatmeal
do
.742
.794
.752
Price, wholesale, No. 3, white (Chicago) dol. per bu. .
Rice:
Production (crop estimate)
thous of ba^ 9
California:
194, 685
Receipts domestic rough
thous of Ib
54, 068
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
83, 259
of month
thou^ of Ib
Southern States (Ark., La., Term. , Tex.):
Receipts, rough, at mills
thous. of lb_. 1, 227, 523
315,693
Shipments from mills milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of month
_mil. of lb._ 1,040.3
153, 150
Exports
thous of Ib
.093
Price, wholesale, head, clean (N. O.)_.dol. per lb__
Rye:
Production (crop estimate)
thous. of bu. .
Receipts, principal markets
do
Stocks, commercial, domestic, end of month. _ _ do
Price, wholesale, No. 2 (Minneapolis)... dol. per bu..
Exports, total, including
Wheat onlv
flour
do
do
3
22,939
2
2
i 52, 529
154, 646
122, 947
129, 132
79, 990
149, 459
125, 900
135, 181
104, 782
118,669
78, 605
84, 516
66, 150
61, 873
48, 757
52, 410
36, 159
36, 656
29, 573
72, 152
86, 161
65, 802
55, 934
59, 246
54, 741
47, 454
43, 304
35, 968
520, 281
250, 994
180, 844
204, 667
171, 225
243, 252
133, 848
169, 918
84, 161
161,955
36, 832
100, 069
37, 382
124, 217
51, 924
102, 436
48, 217
118, 490
1,113.0
245, 765
.094
1,000.7
207, 046
.094
859.7
189, 258
.094
770.2
200, 503
.093
654.6
162, 158
.093
573.7
88, 483
.090
390.6
99, 510
.090
327.3
47, 048
.085
272.0
42, 229
.086
924 ~ " ~ 4 ~ 877
5, 923
6,008
1.226
1.249
i 17, 998
1,713
11,028
1.287
292
11,002
1.313
433
10, 309
1.249
231
9,811
1.151
667
8,953
1. 116
921
8,782
1.101
1,684
8,445
1.061
1,006
11, 708
1.250
Wheat:
Spring wheat
do
Winter wheat
do
Receipts, principal markets
thous. of bu..
Disappearance
do
Stocks, end of month:
Canada (Canadian wheat)
_.do.-.
United States, domestic, total d1
- mil. of bu
Commercial
thous. of bu_.
Interior mills, elevators, and warehouses
thous of bu
Merchant mills
do
On farms
do
2
32, 871
' 1 168 5
i 291.0
i 877. 5
18,403
31, 822
209, 412
324, 932
339, 156
335, 882
327, 168
377, 855
1, 316. 2
316,765
20, 715
20, 883
368, 888
366, 412
311, 573
303, 727
424, 292
123, 467
424, 057
13. 107
9,524
15, 441
12, 112
13, 262
9,679
19,660
26,953
354, 795 1 348, 139
1,111.61
298, 934 295, 060
339, 201
22,028!
205,514
291, 191
16, 327
13, 824
14, 877
11,677
13, 287
20, 768
17, 249
24,535
21, 524
11, 861
66, 674
721,412
197, 656
361.3
74, 435
.075
821.8
112,973
.074
1,071.8
1,310
12, 115
1.275
853
12, 047
1.428
1,042
12, 161
1.370
23, 293
1,108
11, 662
1.321
p. 083
105, 576
54,867
47,508
180, 273
29,456
349, 007 379, 215
3 902. 7
296, 715 394, 609
365, 638
335, 422
1,682.0
422,772
329, 515
333, 675
413, 494
387, 168
2.747
2.411
2.147
2.678
2.708
2.439
2.266
2.672
414, 580
19, 755
16, 752
537 106
159,075
436, 769
20, 888
17, 370
15,317
12, 325
15, 075
12, 074
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
2.577
2.642
2.643
2.602
2.669
2.623
2.601
2.621
2.576
2.578
2.620
dol. per bu_.
2.375
2.379
2.153
2.324
2.393
2.370
2.337
2.352
2.417
2.447
2.288
No. 2, hard winter (Kansas City)
do
2.105
2.015
2.051
2.194
2.226
2.327
1.967
1.852
2.210
1.882
2.101
No. 2, red winter (St. Louis)
do
2.537
2.545
2.544
2.596
2.358
2.589
2.562
2.578
2.293
2.570
2.578
Weighted avg., 6 markets, all grades
do
r
s
Revised.
v Preliminary.
i Estimate for 1953.
November 1 estimate of 1954 crop.
3 Old crop only; new grain not reported until beginning of new crop year (July for barley, oats, and wheat; October for corn).
9 Bags of 100 Ib.; prior to the October 1953 SURVEY, data were shown in thous. of bu. of 45 Ib.
d"The total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the
58, 534
145, 678
36, 349
447, 848 1,113,665
172, 842 216,034
3331,619
3 63, 829
3 99, 810
379, 630
104, 778
297, 873
12, 397
9,613
10, 373
7,676
2959.3
183.4
775.9
22,438
60. 332
228, 884
3
11,471
28,807
2. 695
2.389
2.162
2.659
breakdown of stocks.
December 1954
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
SURVEY OF CURRENT BUSINESS
S-29
1953
1954
DecemOctober November
ber
January
February
March I April
August September
June
July
16,685
74.9
327, 804
38, 582
18,041
77.4
363, 478
41,913
18, 022
77.2
361, 95f
41,902
1,510
1,284
6. 685
5. 995
May
octo^xr
FOODSTUFFS AND TOBACCO— Continued
GRAIN AND GRAIN PRODUCTS— Continued
Wheat Hour:
Production:
Flour
thous. of sacks (100 lb.)-Operations, percent of capacity
Offal
short tons
•Grindngs of wheat
thous. of bu
Stocks held by mills, end of quarter
thous. of sacks (I001b.)_.
Exports _
do
Prices, wholesale:
.Spring, short patents (Minneapolis)
dol. per sack (100 lb.)- Winter, hard, short patents (Kansas City) _ .do
LIVESTOCK
Cattle and calves:
Slaughter (federally Inspected) :
Calves
thous. of animals
Cattle
do
Receipts, principal markets
do
Shipments, feeder, to 9 corn-belt States
do
Prices, wholesale :
Beef steers (Chicago)
dol perl 00 lb
Steers, stoeker and feeder (Kansas City) . do
Calves, vealers (Chicago)
do
Hogs:
Slaughter (federally inspected)
thous. of animals..
Receipts, principal markets
- do
Prices:
Wholesale, average, all grades (Chicago)
dol. per!001b__
Hog-corn price ratio
bu. of corn equal in value to 100 lb. of live hog..
Sheep and lambs:
Slaughter (federally inspected)
thous. of animals. _
Receipts, principal markets
do
Shipments, feeder, to 9 corn-belt States
do
Prices, wholesale:
Lambs, average (Chicago)
dol. per lOOlb..
Lambs, feeder, good and choice (Omaha)
do
MEATS
Total meats (including lard) :
Production (inspected slaughter)
mil. of lb
Stocks (excluding lard), cold storage, end of month
mil. oflb..
Exports
_.
. do
Beef and veal:
Production (inspected slaughter)
thous. of lb_ Stocks, cold storage, end of month
do
Exports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs) (New York)
dol. per lb
Lamb and mutton:
Production (inspected slaughter)
thous. of lb-_
Stocks, cold storage, end of month
do
Pork, including lard, production (inspected slaughter)
thous. oflb...
Pork, excluding lard:
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
E xports
do
Prices, wholesale:
Hams, smoked, composite
dol. perlb..
Fresh loins, 8-12 lb. average (New York)
do
Lard:
Production (inspected slaughter)
thous. of lb..
Stocks, dry and cold storage, end of monthf
do
Exports
do
Price wholesale, refined (Chicago)
dol per lb
20,79S
88.3
424, 38C
48,501
17,972
83.8
362, 741
41,83€
18,35
77.
366,29
42,57
1,537
1,428
4,47
1,53
6. 470
5. 950
6.500
6.120
6. 35
5.93
17,361
81.7
344,611
40. 222
18,871
77. C
376, 694
43, 72?
1,19,
1,074
4,470
1,373
1,510
1,292
4,046
1,289
6.33
6.060
6.390
6.095
6. 355
6.055
6. 400
6.035
6.510
6.135
6.765
6.145
6,960
6,05C
18,96
88. 6
380,153
43,97
18, 786
80.4
380, 751
43, 752
19, 733
88.2
397, 08f
45, 846
i
5, 232 i
1,288
1
19.68?)
88. f )<
397, 71C
.
is, m
' 6, 830 "6. 93f
6, 175 P 6, 29/ i
T
I
649
1,635
2,736
314
706
1,638
2,878
540
7# 1
i,6ie 1
2, -99.1 i
93?
776
1,782
3, 095
773
658
1,609
2,997
643
634
1,653
2,342
286
546
1,541
2,245
206
518
1,302
1,844
184
660
1,511
2,320
220
598
1,417
2,040
217
561
1,439
2,165
181
622
1,570
2,309
130
64G
1,622
2,296
174
25.35
15.74
22.50
24.83
17.56
22.00
23.65
17.63
22. 50
23.93
19.83
27.00
22.96
20.02
28.00
22.88
19.81
26.00
23.77
20.62
26.00
23.54
20.44
23.00
23.49
18.20
21.00
23.47
16.12
20.00
23.71
17.88
21. 75
25.00
18.10
22. 00
25.42
18.84
» 22. 5C .
4,994
2,665
5, 540
2,950
5, 194
2,721
4,712
2,503
3,883
2, 098
4, 554
2,450
3,853
2,068
3, 380
1,909
3,453
1,991
3. 325
1,896
3. 852
2, 251
4,743
2,496
5,178
2.744rJ
21.54
20. 80
23. 69
24. 82
25.45
25. 63
26.75
24.79
21.43
19.75
20. 5(
19.51
18. iiG j
18. 39
15.9
15.0
16.2
17.3
17.7
17.2
18.3
17.5
14.6
14.1
14.1
12.9
12.1 i
13. 6
1,529
2, 026
754
1,159
1,412
292
1,227
1,182
185
1,241
1,190
197
1,090
1,032
175
1.149
1.128
188
1,096
1,203
202
1,045
1,133
147
1,200
1,189
90
1,209
1,137
100
1,207
1,391
248
1,290
1,806
631
1,291 i
1,841
539 !
19.00
16. 41
19.25
18.22
19.25
18.00
20. 62
19.14
21.25
20.26
24. 25
21.44
27.75
22.31
25. 88
(')
24.00
I1)
21.25
0)
19.50
17.67
19.50
17.46
19.38j
17.50 j
1,913
1,941
1 , 952
1,836
1,517
1,772
1,609
1,563
1,683
1,641
1,673
1,796
1 897
460
36
593
59
717
60
762
45
755
57
732
33
706
59
653
64
605
47
530
48
467
43
••443
42
463
994, 342
183, 864
2,942
897, 620
215, 353
13,497
939, 793
269, 668
3,848
895, 446
247, 894
1,067
761,153
219, 002
5, 848
886, 182
186,362
840
828, 596
160,002
4, 464
838, 154
138, 622
1,250
905, 294
127, 141
1,088
. 405
.417
.414
.438
.431
.424
.431
.392
.398
.408
51, 566
11,151
57, 079
12,232
59, 522
11,460
53, 274
10,808
55, 672
9. 445
52, 190
8,897
48, 262
8,135
51, 950
9,450
853, 449
991, 497
954, 712
881,313
702,169
830, 303
727, 839
676, 709
725, 640
648, 115
181,279
4,843
743, 793
266, 170
4,419
710,666
326,812
7,708
658, 662
393, 307
5, 136
526, 049
413, 507
4,407
628, 446
418,283
3,832
547, 809 1
420, 917
4, 200j
505, 239 538, 092
384, 643 i 346, 024
4,016
3, 658!
.544
.516
.558
.452
.657
.509
.673
.550
.638
.541
.660
.540
.671
.574
.669
.626
.646
.587
.611
.598
.630
.534
. 553
.513,
149,478 180,413
45, 205
51, 462
19, 402
32, 857
. 205
.193
178,155
74, 322
38, 187
.205
162, 245 128,867
72, 920
75, 525
39, 558
33, 607
.213
. 208
147, 106
78, 945
23, 359
.208
125, 254
69, 278;
50,908!
.205)
137, 369
65,689
33, 365
.190
129,394
58, 065
29,808
.205
127, 058
47, 818
29, 047
'.213
146, 772
50,460
25, 344 1
.208
79, 448
287, 152
65,890
275, 888
37, 325
266, 626
35, 734
241, 692
41,189
217, 456
131, 394
74, 024
42, 042
.2331
j
j
39, 205'
184, 743J
. 427
. 396
69, 572
259, 086
.230
.250
.250
.280
.300
.220
.240
4,600
1,144
4,784
1,310
5, 239
1,242
5,448
1, 698
5,476
1,865
6,605
3, 140
6,271
3,104
6, 071
3,178
5, 251
2,388
288
86, 867
137
61,014
89
42, 030
75
38, 244
135
41, 639
443
91, 940
728
136, 488
1,348
166, 983
1,639
186, 189
.613
.543
.479
.472
.450
.403
.380
.355
.351
. 235
52, 385
8,448
. 190
i
....
19. 75
17. 70
667, 645
.443
822, 728
915,733
491, 002 526, 732 622, 033
282, 873 ' 228, 738••215,057
2,719
5, 422
3,779
681.669
2^4 077
700. 693
' . 522
.450
» . 186
.165
.185
.175;
P . 160
4,545
1,215
4,604
953
4,994
792
1,435 r 1, 031
'833
180, 777 ' 160, 797r 138, 784
633
117,933
.398
.427
."459
171, 156
51,349
4,766
1,869
.397
.450
55, 324
53,001
56, 1 19
' 7, 867 ' 7, 359 S. 327
i
42, 779
55, 555 '•
47, 532
64, 612
141, 651 ' 146, 651' 188, 417 272, 974
43, 2161 47, 393
167, 499; 151, 147
26. 11
19.63
920, 803 919, 606 917, 746 924,7901
122, 333 ' 126, 183 ' 121, 290 1 36,332)
2,198
3 079
1,650
64, 856
10, 762
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. of l b . _
Stocks, cold storage, end of month
do
Price, wholesale, live fowls, heavy type, No. 1
(Chicago)
dol per lb
Eggs:
Production, farm
millions
Dried egg production
thou^ of lb
Stocks, cold storage, end of month:
Shell
thous. of cases
Frozen
thous of lb
Price, wholesale, extras, large (Chicago)
dol. per doz._
17,217
73.5
339, 250
39, 874
.409
73, 380
5, 057
.381
MISCELLANEOUS FOOD PRODUCTS
61, 415
48, 719
59,390
74,768
83, 931
79, 619
85, 262
65, 541 103, 120 r 102, 139
97,000
Confectionery, manufacturers' salesj
thous. of doL. 111,000 110,000
Cocoa or cacao beans:
22, 215
11,991
17, 485
14, 265
14, 430
12, 488
11,905
27, 081
8,504
8,026
43, 394
30, 242
Imports (incl. shells)
-long tons_.
.639
.648
.689
.619
.535
. 678
.578
.542
.400
.449
.537
.468
".471
Prices, wholesale, Accra (New York)
dol. per lb-_
Cofifee:
468
454
1,060
599
522
1. 409
932
962 i
1.544
1,219
1.814
1,725
818
Clearances from Brazil, total
thous. of bags.485
146
183
795
266
.539!
493
119
873
1,164
1,055
662
363
To United States
do
694
832
941
820
637
735!
829|
1,009
765
628
778
723
695
Visible supply United States
do
1,098
1,256
979
878
1, 922
1,940
1,918
2,489
2,275
660
1,261
1,848
Imports
do
Price, wholesale, Santos, No. 4 (New York)
.870
883
. 855 j
. 870 !
.718
. 755
.858!
. 760|
.725
. 613
.700
.715
.600J
. 5851
dol. per lb._
r
J
Revised.
v Preliminary.
No quotation.
tRevised series. Compiled by the U. S. Department of Commerce, Bureau of the Census, representing factory and warehouse stocks of rendered and refined lard; data prior to June 1952
will be shown later.
JRevisions for 1952 and January-May 1953 are shown in the August 1954 SURVEY.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1952 and j
descriptive notes are shown in the 1953 Statistical
DecemSupplement to the Survey
October November
ber
Januarv
Februarv
December 1954
T arch | April
June
July
August
Septem- October Xovember
ber
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS— Con.
Fish:
38, 680
Landings, fresh fish, 5 ports
thous. o f l b - .
176,047
Stocks, cold storage, end of month
do
Sugar:
Cuban stocks, raw, end of month
r
2, 277
thous. of Spanish tons.
United States:
Deliveries and supply (raw basis) :
Production and receipts:
Production
short tons,. 643, 637
461,177
Entries from off-shore
do
238, 494
Hawaii and Puerto Rico
do
r 641, 781
Deliveries, total
. .
do
>• 640, 903
Dor domestic consumption
do
••878
For export
do
Stocks, raw and refined, end of month
1,186
thous. of short tons.^
303
Exports
short tons.^
Im ports
:cf
180, 291
RawT sugar, total
do
118,650
From Cuba
do
56, 920
From Philippine Islands
do
2,057
Refined sugar, total
.
. . do
250
From Cuba
do
Prices (New York) :
.064
Raw, wholesale
dol. per lb. Refined:
.503
Retail?
dol. per 51b._
.087
Wholesale
dol per lb
9,577
Tea, imports
thous. of lb._
TOBACCO
Leaf:
Production (crop estimate)
mil. of lb
Stocks, dealers' and manufacturers', end of quarter total
mil of lb
Domestic:
Cigar leaf
do
Air-cured, fire-cured, flue-cured, and miscellaneous domestic
mil of lb
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
Exports, including scrap and stems
thous. of l b _ _
Imports including scrap and stems
do
Manufactured products:
Production, manufactured tobacco, total
do
Chewing, plug, and twist
do
Smoking
...
do
Snuff
do
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
millions
Price, wholesale, cigarettes, manufacturer to wholesaler and jobber, f. o. b. destination
dol. per thous _ _
34, 247
179,370
23, 951
176,249
17,455
154, 570
28,111
138, 468
41,265
112,288
41,524
110,328
59, 452
118,806
75, 834
140, 009
84. 605
163, 697
73, 274
190, 538
47, 478
202, 228
205, 034
2,083
1,737
1,607
2,437
3, 316
4,341
4,316
3, 991
3.712
3, 262
2,812
2, 637
812,373
254, 321
97, 620
580, 278
574, 693
5, 585
473, 347
117,126
61,688
801,571
800, 569
1,002
137,932
320, 741
52, 886
.506, 430
504, 421
2,009
57, 480
507, 709
108, 657
561,418
559, 043
2, 375
27, 365
522, 494
147. 957
823,814
822, 844
970
51,311
762, 870
287, 257
574, 426
569, 756
4,670
60, 519
617, 552
181, 301
659, 133
655, 707
3, 426
56. 392
598, 368
190. 496
808. 299
807, 168
1,131
44. 495
544, 041
159,787
772, 780
770, 000
2,780
96, 464 '•131,000
759, 214 471. 248
228, 846 T 200, 094
792, 402 792, 383
792, 000 788, 000
402 r 4, 383
426, 594
283, 327
649, 203
648. 575
628
1,691
3,897
1,693
596
1, 668
631
1,612
745
1,479
276
1,625
1,039
1,625
291
1,484
458
1.239
439
1.108
439
'929
474
140, 910
86, 401
45, 512
4,220
132
157, 648
118,711
38, 640
301
275, 725
238, 950
36, 267
20, 151
13, 694
305, 487
236, 902
66, 165
35, 595
29, 570
363, 956
282, 575
81,336
54, 938
50, 062
428, 730
292, 522
136, 203
51, 375
45, 753
331,129
227, 304
103,825
57, 212
52, 728
370, 023
201, 573
162,623
60, 048
50, 110
285, 305
165, 368
115, 160
64, 165
60, 609
328, 689
231, 782
91, 932
40, 555
39, 455
282, 688
160, 492
86, 036
2, 585
540
.061
.060
.060
.061
.063
.062
.061
.061
.062
.061
.500
. 085
6,851
.497
.085
8, 745
.497
.085
10, 004
.498
.085
11,580
.499
.086
10, 783
.503
.086
18, 079
.502
.086
13, 984
.502
.086
9,828
.502
.086
5,786
.500
.086
5, 765
1,212
"
.060
v . 590
. 502
.085
7,114
.498
p . 085
r
i
2
i 2. 057
r 4 540
4 513
4 240
4,084
319
370
353
319
3, 995
3,967
3, 546
3, 755
30, 390
8, 125
19, 019
7,875
18
183
21,715
9,133
27, 560
9,528
28, 593
8,701
17
167
26, 787
9,188
28, 964
8,280
17
149
45,
852
29, 262
10, 300 . . 9,848
56, 183
9,270
53, 148
8, 550
18
181
68, 638
7, 582
19, 273
7,473
8,424
3,376
16, 170
6,808
6,307
3, 055
14.735
5, 978
5,373
3, 384
15, 502
6,796
5, 549
3, 157
15, 561
6, 389
6,078
3,093
18, 476
6, 865
7,900
3,711
17, 369
6,723
7, 356
3,290
17, 243
6,906
7,030
3,307
17, 883
7, 435
6,953
3,495
14, 557
6,411
5,962 i
2,184
18, 363
7,196
7, 612
3,555
2,813
34, 860
540, 124
3, 535
30, 338
547, 704
3, 534
29, 141
443, 532
2,700
28, 858
401, 693
2,638
26, 676
406, 560
2,865
32, 295
476, 514
2,485
30, 499
445, 991
2, 487
31, 863
483, 650
2,798
34, 998
510, 197
2,759
28, 959
434, 978
2,501
34, 568
526, 817
18, 580
1,178
15, 825
1,241
15,213
1,416
14, 997
1,274
14, 688
1,183
18, 079
1,252
17, 402
1,415
16, 944
1, 339
17, 643
1,310
14. 275
1,273
17, 902
1,006
?> 3%
31.9641 .
503, 475
!
18, 487
I , 00
3.938
3.938
3. 938
3.938
3.938
3.938
3.938
3.938
3. 938
3, 938
3.938
3.968
10.491
161
38
2, 163
1, 538
10, 866
63
46
2, 265
' 2, 213
8,879
106
13
2,414
1,097
.350
.133
.300
.123
783
2, 010
2,121
'2,320
728
1, 959
1,920
2,041
33
6
3, 723
r
18, 866
7, 105
8,361
3 399
|
1
L.
|
» 3. 938
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports total hides and skins
thous o f l b
Calf and kip skins
thous of pieces
Cattle hides
do
Goat and kid skins
do
Sheep and lamb skins
do
Prices, wholesale (Chicago):
Calfskins, packer, heavv, 9^/15 lb
dol. per lb
Hides, steer, heavy, native, over 53 lb
. do .
LEATHER
Production:
Calf and kip
thous of skins
Cattle hide
thous. of hides
Goat and kid
thous of skins
Sheep and lamb
do
Exports:
Sole leather:
Bends, backs, and sides
thous o f l b
Offal, including belting offal
do
Upper leather
thous. of sq. ft. Prices, wholesale:
Sole bends light, f o b tannery
dol per lb
Upper, chrome calf, B and C grades, f. o. b. tannerv
dol. ner so. ft
r
1
10 934
208
40
1 726
1,157
.400
.148
9 454
47
23
2,364
1,230
.468
. 153
8, 770
81
36
2, 034
1,033
8 232
123
20
2,051 :
1,087
.438
.123
.413!
. 120
7, 436
59
112
1,550
898
.413
. 103
9,372
54
50
1, 839
2,158
13, 492
26
13
2,440
3,288
14,633
101
10
2,268
3,757
ll,554i
153'
33
2, 166
2, 219
.413
.108
.413
.108
.475
.128
. 455
. 425
. 123
p . 325
p . 113
804
2,079
2 566
2,407
724
1,904
2,101
2,189
846
1,978
2, 350
1, 820
801 i
1,953
2, 262
1,669
791
2,015
2, 330
1,870
762
2,117
2,732
2,219
712
2,039
2,149
2,001
706
2,016
2,124
2,172
75 1!
2,038!
2,477
2,141;
634
1,643
2,078
1,613
67
56
2,996
51
68
2,929
26
39
3,159
21
29
3, 160
57
23
3, 440
27
29
2,733
78
58
4, 950
93
15
3, 779
48
116
2,951i
90
39
2.725
23
37
3, 183
670
.675
.655
. 665
. 660
. 660
.660
.690
.680
. 670
.650
r
.635
v .627
.988
.955
-.908
f . 864
1.002
.998
.998
. 985
. 948
.950
.962
.985
Revised.
*> Preliminary.
2
Estimate for 1953.
November 1 estimate of 1954 crop.
d"Revisions for 1952 are shown in the April 1954 SURVEY.
9 Data for January-June 1953 represent price for New York and Newark; thereafter, for New York and Northeastern New Jersey.
^ Re vised to represent data based on number of stamps used by manufacturers; revisions prior to May 1952 will be shown later.
. us;
.988
1
r
2 , 156
SURVEY OF CURRENT BUSINESS
December 19f»4
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemSupplement to the Survey
October
ber
ber
S-31
1954
January
February
March
April
May
June
July
' 41, 051r 48, 523
August
ITlP!rem- October NOV(
ber
Se
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:!
Production, total.. ... ..
_. thous. of pairs .
By types of uppers:
All leather
__do
Part leather and nonleather
do
Shoes, sandals, and play shoes, except athletic,
total.
thous. of pairs
By kinds:
Men's .
do
Youths' and boys'
do
Women's do
Misses' and children's
do
Infants' and babies'
do
Slippers for housewear
do
Athletic
do
Other footwear..
__
do
Exports
do
Prices, wholesale, f. o. b. factory:
Men's and boys' oxfords, dress, cattle hide upper,
Goodyear welt.
1947-49=100
Women's oxfords (nurses'), side upper, Goodyear
welt
._.
1947-49=100
Women's and misses' pumps, suede split
do
' 42, 437 r 35, 572
r
40, 343
T
33, 912
8, 525 -."—"'r
34, 937
r
r
29,611
r
8, 178
6, 947
' 1, 402 T r 1, 127
r
16, 608
1 3, 790
- 5 712 r 4 874
r
3 037 r 2 873
<• 6,r 962 r 5,r 483
285
274
T
r
253
204
419
330
T
42, 377
r
34, 890
7, 487
T
39 509
r
r
r
36 238
r
r
r
43, 702
r
35, 182
' 8, 520
T
40 488
T
r
r
49, 812
r
675 675
'44,44,
>• 38, 850
r
39, 508
10, 304
r
r
34,
34,440
440 ' 31,713 36, 135
' 10,
'
10,235
235' 7, 137 r 7, 398
45 704
r
8 266
8 044
7 812
r 1, 377
' 1, 489 r 1, 473
r
17 422 T 20 594 r 21 901
r
r
r g 053
6 029
6 090
T
r
r
3 144
3 292
3' 249
r
' 3, 592 2, 321
* 2, 641
r
T
r
303
285
281
r
r
r
262
210
292
8 579
r
1, 732
r
25 301
T 6 372
T
3 720
r
3, 560
r
274
r
274
251
239
411
<• 40,
40 401
401
r
r 35, 059
370
8, 060
8
060
1, 563
22
22, 300
5, 307
5
307
3
3, 171
171
3,682
r
284
-•284
r
308
308
484
r 18, 656
r
4, 873
r
2,863
r 3, 359
••268
r
164
272
rT
' 7, 140
r 1, 527
43, 533
r 38, 772
r
r
r
42, 795
' 34, 290T39, 898
r
8, 625
6, 761
r
34, 217
34,016
' 8, 578 8,867
r
r
35, 787
r
36, 154
r
r
7,812
6, 783
1, 734
1, 658
* 20, 722 * r 20, 791
r
4, 856
5, 370
r
r
2, 066
3, 134
* 4, 346 r 4, 561
-•280
'228
T
r
135
108
ov
306
280
41, 737
42,883
35, 349
8,089
7, 848 r 7, 508
' 1, 953 ' 1, 685 1,621
r
17,611
23, 065 f 18, 351
r
5, 262
6, 122 r 5, 513
r
r
2, 749
2, 730
i 766
r
T 6, 447
6, 939
6, 315
r
<•r 288
293
331
r
273
264
178
34"
367
r
110.3
1 10. 3
1 10. 3
1 10. 3
110.3
110.3
110.3
110.0
110.0
110.0
110.0
110.0
v 110.0
118.1
110.7
117.5
112.3
117.5
112.3
117.5
112.3
117.5
112.3
117.5
112. 3
117.5
112.3
117.5
112.3
117.5
112.3
117. 5
112. 3
117.5
112.3
117.5
112.3
v 117. 5
M12.3
LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
Exports, total sawmill products
M bd ft
50, 919
Imports, total sawmill products
do
243, 520
National Lumber Manufacturers Association:©
Production, total
mil. bd. ft
3, 540
792
Hardwoods ...
.
. do. .
Softwoods
do
2,748
Shipments, total
do
3,252
Hardwoods
do
650
Softwoods
__
do
2,602
Stocks, gross (mill and concentration yards), end
of month, total
mil. bd. ft
8,577
3,012
Hardwoods
do
Softwoods
do
5, 565
48, 918
220, 063
54, 109
197, 952
44, 792
137, 219
74,212
181,590
70, 262
233,015
65, 723
215, 384
69, 742
188, 115
65, 298
255, 505
49, 128
340, 991
41, 270
354, 922
45, 861
282, 608
3,078
718
2,360
2,875
624
2, 251
2,875
638
2,237
2,706
550
2,156
2, 749
643
2,106
2,604
526
2,079
2,901
680
2,221
2,808
612
2, 196
3,358
690
2,668
3,353
599
2,754
3,310
660
2.649
3, 387
603
2,784
3,273
634
2,639
3,169
565
2, 604
3, 116
617
2,499
3,293
524
2, 768
2,671
648
2,023
2,797
540
2,257
2,887
592
2,295
2, 913
517
2,396
3, 240
584
2, 657
3,202
540
2,662
3, 349
601
2,748
3, 330
599
2,730
8,782
3, 107
5, 675
8,950
3, 194
5,756
9, 132
3,311
5,821
9,221
3,379
5,842
9,227
3,470
5, 757
9,183
3,528
5, 655
9,288
3, 598
5,690
9,111
3, 690
5, 421
8,959
3,746
5, 213
8,929
3,821
5, 108
8,967
3, 865
5, 103
8, 934
3,841
5, 093
753
717
758
742
991
22, 305
10, 505
11,800
798
750
753
757
987
28, 161
10,619
17,542
813
777
763
779
1,002
21, 335
8,490
12,845
863
855
791
778
1,011
39, 609
19,937
19, 672
1,033
865
963
1,013
961
40, 917
15,285
25, 632
944
763
941
1,037
898
27, 592
5, 866
21,726
951
874
858
831
925
36, 218
13, 991
22, 227
884
899
712
850
787
30, 393
10, 329
20, 064
369
895
342
365
791
9,506
3,188
6, 318
455
867
440
470
757
13, 534
3 975
9^ 559
660
778
752
735
774
16,119
4 872
11,247
802
718
882
850
782
SOFTWOODS
Douglas fir:®
Orders, new
do
Orders, unfilled, end of month
do
Production
do
Shipments
_
do
Stocks, gross, mill, end of month
._ . do
Exports, total sawmill products!
M bd. ft
Sawed timber!
do
Boards, planks, scantlings, etc.J
do
Prices, wholesale:
Dimension, No. 1 common, 2" x 4", R. L.
dol. per M bd. f t _ _
Flooring, B and better, F. G., I" x 4", R. L.
dol. per M bd. f t _ .
Southern pine:©
Orders, new
. . . . . . mil. bd. ft
Orders, unfilled, end of month
do
Production
.....
.do
Shipments
do
Stocks, gross (mill and concentration yards), end of
month
..
mil. bd. ft
Exports, total sawmill products
..
M bd. ft
Sawed timber
do
Boards, planks, scantlings etc
do
Prices, wholesale, composite:
Boards, No. 2 and better, 1" x 6" x R. L.
dol. per M bd. ft.
Flooring, B and better, F. G., 1" x 4" x S/L
dol. per M bd. f t _ _
Western pine:©
Orders, new
mil bd ft
Orders, unfilled, end of month.
.
do
Production.
do
Shipments
do
Stocks, gross, mill, end of month . do
Price, wholesale, Ponderosa, boards, No. 3 common,
I" x8"
dol. per M bd. ft..
826
715
830
848
974
24, 422
11,842
12,580
81. 779
r 8-1. 482 * 86. 890
74. 347
73. 122
73. 409
73. 395
73. 941
75. 054
74. 767
75. 180
76. 951
81. 592
125.113
123.978
125.612
124.950
125. 922
125. 922
125. 767
125. 767
125. 440
126. 671
660
237
767
692
623
230
673
630
531
202
651
559
595
201
684
596
680
251
687
630
742
257
761
736
693
238
714
712
735
261
690
712
892
355
707
798
832
331
725
856
728
297
682
762
711
290
664
718
700
276
666
714
1,841
4,662
1,005
3, 657
1,884
4, 901
1,098
3, 803
1,976
5, 700
640
5, 060
2, 064
3, 986
1, 268
2,718
2,121
6, 380
1,528
4, 852
2, 146
5,512
923
4, 589
2,148
6, 414
1,601
4, 813
2, 126
6, 806
1,564
5,242
2, 035
8, 043
1,770
6, 273
1,904
7,022
1,798
5, 224
1,824
6. 329
1,202
5, 127
1, 770
5, 867
1,573
4 294
1,722
76. 545
76. 549
75. 665
74. 359
72. 092
72. 271
71 . 030
70. 268
70. 633
74. 624
74. 327
126. 671 r 127.683 P 132. 918
r
r
75. 218 p 75. 790
157.217
156. 298
155. 685
155.379
155.379
154. 154
152. 929
151.471
151.471
150. 981
151. 557
722
380
759
684
1,856
491
317
583
554
1,885
547
34 f)
512
523
1,874
472
366
395
447
1,822
512
383
444
496
1,770
662
418
568
628
1, 710
673
427
638
664
1,684
675
410
720
692
1,712
793
463
724
740
1,696
715
499
635
679
1, 652
785
516
791
768
1,676
754
459
851
811
1, 716
825
422
818
788
1,746
70.84
70. C4
70. 65
71.71
70.90
71.01
70. 64
70. 16
69. 36
70. 65
71. 51
'71.62
P71.37
151.680 p 1 52. 1 20
HARDWOOD FLOORING
Maple, beech,7 and birch:
Orders, new . .
. .
M bd. ft
4,550
3, 975
5, 150
4,200
3,575
3,850
4, 050
5, 650
4,350
3,900
4, 300
5,200
5,150
8,100
Orders, unfilled, end of month
.do
9,450
10, 000
7,850
9, 250
10, 450
9, 300
11, 150
10, 550
11,150
11,380
11,300
12, (XX)
4,750
3, 775
4,300
3,950
Production
do
4,600
3,950
3,900
4, 750
3,450
4, 300
4, 800
3.950
3, 450
3,925
Shipments . . . . .
do
3,650
3,750
3,825
3,750
3,750
3,950
3,900
3, 900
4,650
4, 400
4,850
4, 650
8,500
Stocks, mill, end of month
- . do
10, 500
9,300
9,750
8, 875
9,500
10, 650
9,850
8,675
9,200
10, 350
8,500
8,200
Oak:
Orders, new
do
76, 085
70, 910
68, 178
80, 206
91, 449
99, 618
84, 824
89, 079
99, 934
78, 781
95, 444 104, 462 100, 481
50, 082
Orders, unfilled, end of month
do
79, 782
76, 534
68, 085
46, 584
47, 688
54, 743
74, 554
73, 083
77, 983
66, 643
71, 364
73, 118
Production
...
. do
86, 213
81,218
76, 703
92, 604
75, 518
89, 459
77, 282
90,062
99, 590 100, 488
96, 999
86, 999
90, 587
Shipments
do
84, 572
73,924
71, 221
75, 737
73, 151
95, 213
89, 853
90, 926
99, 597 100, 172 101, 216
86, 688
93,690
52, 612
Stocks, mill, end of month
do
64, 149
55, 391
51. 268
66. 173 62. 495
68, 070
68, 289
47. 984
61. 090
57. 486
54. 383
47. 256
r
Revised.
*> Preliminary.
fRevised from 1950 forward to reflect adjustments to 1953 benchmark materials; 1950-52 annual totals and monthly data for January-September 1953 will be shown later.
©-Revised monthly data (for production, shipments, and stocks; also orders, except for all types of lumber) are available upon request as follows: Total, all types, January 1950-February
1953; Douglas fir, January 1952-February 1953; Southern pine, January-December 1951; Western pine, January 1950-February 1953.
{Revisions for 1952 for exports of Douglas fir sawmill products will be shown later.
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
December 1954
1953
1954
DecemOctober November
ber
January
February
March
j
April 1
May
July
June
i August
*g£»j October November
LUMBER AND MANUFACTURES—Continued
PLYWOOD
Hardwood (except container and packaging):*
Shipments (market), quarterly total
M sq. ft., surface measure
Inventories (for sale) , end of quarter. . .
do
Softwood (Douglas fir only), production*
AT sq. ft., %" equivalent
i
___„:___
308, 413
|
j
i
172, 270
33, 486
295, 405
358,393
r
167,888
34, 681
376, 994
318,019
355, 285
342. 385
164, 857
' 30. 741
266 451
177, 340
29.266
141 689
207, 060
386 812
.
392 579
388 393
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Iron and steel products (excl. advanced mfrs.):
Exports, totalO 9
short tons
Scrap
-_.
.
. ..do
Imports, total 9
do
Scrap
.
--do
270, 433
30, 041
211,240
7,104
275, 144
36, 065
191,128
10, 657
326, 599
51, 953
144, 733
2,294
315,013
62,316
86. 632
1,325
300, 433
66, 790
70, 839
2.016
315, 967
103, 464
86,651
1,355
6,057
3,693
2,364
6,304
6,780
5, 700
3,472
2,228
5, 672
6,816
5, 588
3,472
2, 116
5, 253
7,152
4, 974
3,241
1,733
5, 123
7,004
4,806
3,040
1,767
4.912
6,940
5, 103
3,181
1,921
5,194
6,811
4,893
2,974
1,919
5, 133
6, 571
5,090
2,951
2,140
5,350
6,315
5,218
2,965
2,253
5. 224
6,315
4,557
2,633
1,924
4,378
6,494
4,770
2,701
2,069
4.664
6,599
'4,729
r
2, 717
'2,011
r
4, 814
r
6, 510
" 5, 359
"2,940
J» 2, 419
"5,360
f 6, 498
12,290
13,512
5,396
6,392
6,998
4,800
3,183
2,099
5,877
3,068
1,749
7,041
2,982
1, 653
8,399
3,117
1,597
9,920
4,466
3,059
11,327
9,818
10, 573
10, 580
11,610
12,399
9,790
10,994
11,987
8,796
10, 295
10, 823
8,269
8.913
9. 333
7,848
6,776
8.070
6,554
11,538
8,131
55, 699
47, 419
8,280
1,085
5,300
7,522
54, 981
46, 896
8,085
965
0
7,022
48,815
41,145
7,671
938
0
6,996
41, 974
34, 797
7.178
846
0
5, 787
36, 386
29, 661
6,725
795
0
5,932
30, 587
24, 553
6,035
844
1, 525
5, 287
26, 142
20,690
5, 452
932
9,952
5,376
29, 563
24, 147
5,416
1,119
10,608
5,396
34,996
29, 187
5,809
1,496
11,016
5,155
40,723
34,537
6,186
1,540
9, 555
4,895
45, 733
39,199
6,534
1,691
134
71
108
110
92
74
98
93
83
65
55
1,076
1,147
657
977
1,009
570
940
1,037
558
872
932
488
865
936
492
842
1,047
553
826
995
528
775
943
516
804
987
556
829
821
450
830
935
542
861
921
559
104,046
73, 727
45, 589
93, 1 56
63,663
37, 561
98,158
72, 399
39, 721
85. 565
70, 288
38. 266
81 , 579
69, 078
37, 792
74,219
84, 342
47, 125
69, 094
74, 515
39, 102
67, 040
67, 856
37, 306
60,163
72, 820
41,121
63,711
.50. 893
25, 243
62, 494
59, 259
34, 528
66, 742
5S, 01 5
33 929
6,498
6,421
6, 063
5, 963
5, 779
5, 703
5. 580
5. 525
4,811
4,809
4,959
4,892
4, 503
4, 505
4,624
4,691
4,724
4,813
4,626
4,469
4, 567
4, 495
360, 844 270, 706
65, 419 40, 561
103, 650 123, 404
3,121
11,073
327, 602 343,611
102, 562 100, 114
140, 176 139. 629
14,650
22,033
384, 636 405, 0,50
140, 938 188. 674
149, 686 1 47. 345
29, 448 28 389
Iron and Steel Scrap
Production and receipts, total*
thous. of short tons._
Home scrap produced*
,
do
Purchased scrap received (net)*
do
Consumption, total _ _ . . . - - . - - . . - . - - . d o
Stocks, consumers', end of month _
do
Ore
Iron ore:
All districts:
Mine production
thous. of long tons
Shipments
do
Stocks at mines, end of month
do
Lake Superior district:
Shipments from upper lake ports
do
Consumption by furnaces .
...
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.-
7,951
7,252
4,620
5,398
49, 753
51,868
43, 083 44,980
6,670
6,889
1,904 ....
"
"
2,918
Pig Iron and Iron Manufactures
Castings, gray iron:
Orders, unfilled, for sale
thous. of short tons
Shipments,
total
do
For sale. _ - - __
... ..
- ~ - do _
Castings, malleable iron:
Orders unfilled for sale
short tons
Shipments, total _.
do
For sale..
- .. .do . _ Pig iron:
Production
thous. of short tons
Consumption- ___
_
do
Stocks (consumers' and suppliers'), end of month
thous. of short tons..
Prices, wholesale:
Composite
-.. . -. dol. per long ton
Basic (furnace)
do
Foundry, No. 2, f, o. b. Neville Island
do
r
4, 462
4. 486
4, 984
"5,066
2,527
2,660
2, 800
2,764
2,829
2,858
2,809
2,729
2,620
2,762
2,843
2. 743
P 2, 624
56. 03
56.00
56. 50
56. 03
56.00
56. 50
56.03
56.00
56. 50
56. 03
56.00
56.50
56. 03
56.00
56. 50
56. 03
56. 00
56. 50
56. 03
56. 00
56. 50
56. 03
56.00
56. 50
56. 03
56. 00
56.50
56. 03
56.00
56.50
56. 03
56.00
56.50
56. 03
56.00
56. 50
56. 03
p 56. 00
" 56. 50
56.03
140.766
106,813
25, 318
114,229
85, 047
17,768
123. 295
92, 299
18,665
122, 758
93, 577
20, 058
116,520
88, 699
1 7. 756
122,310
92, 271
15,502
105, 788
78, 754
10. 768
94,610
70, 596
9,337
100,022
72, 881
8,596
75, 848
53, 207
5,815
89, 590
66, 792
9,344
88, 359
64, 722
8,668
797. 5
1 55. 8
112.8
43.0
740.1
143.2
103.1
40.1
650. 5
142.6
98.9
43.7
637. 9
138.9
101.5
37.4
539. 2
126.9
94.2
32.7
486. 5
130.2
95. 5
34.7
459. 6
115.8
86.4
29.3
430. 6
107.1
80.9
26.2
409.2
113.1
86.2
26.9
395.4
96.8
74.4
22.3
410.1
102.2
77.2
25.0
409 0
109 1
81. 7
27. 4
9,463
95
8, 690
90
7, 946
80
7, 951
75
7,083
74
7, 290
69
6, 971
68
7,473
71
7,364
72
6.628
63
6,667
63
6, 807
67
7,702
73
8.074
79
.0524
.0524
. 0524
.0524
.0524
. 0524
. 0524
. 0524
. 0524
. 0539
.0541
.0541
. 0542
.0542
72.00
. 0438
72. 00
. 0438
72. 00
.0438
72.00
.0438
72.00
. 0437
72. 00
. 0437
72. 00
. 0437
72.00
. 0437
72.00
. 0437
74.00
. 0452
74.00
.0452
74.00
. 0452
* 74. 00
" . 0452
36. 50
36. 50
33. 50
30. 50
28. 50
25. 50
26.50
29. 50
29.50
28.50
29.50
30. .50
; :V2. 50
Steel, Crude and Semimanufactures
Steel castings:
Shipments, total.
.. _ _
- .
short tons
For sale, total
.
_
- do
Railway specialties
do
Steel forgings:
Orders, unfilled, for sale..
thous. of short tons
Shipments, for sale, total
do
Drop and upset
... _ ... .. _ - _ ... _do _
Press and open hammer
.
do
Steel ingots and steel for castings:
Production
do
Percent of capacity!
.__ _ . _ _ . _
- _
Prices, wholesale:
Composite, finished steel
dol. per Ib
Steel billets, rerolling, f. o. b. mill
dol. per short toii-Structural steel, f. o. b. mill
dol. per Ib
Steel scrap, heavy melting (Pittsburgh)
dol. per long t o n _ Steel, Manufactured Products
Barrels and drums, steel, heavy types:
3,404
Orders, unfilled, end of month
thousands, _
3, 066
3,748
3, 231
3,141
3, 538
3, 238
3,101
3. 208
3, 160
2, 939
2, 586
2,726
1.892
2,101
1 , 848
2,003
Shipments
do
1,950
1 . 600
1,681
1,908
1,785
2,038
1,848
1,902
1.SH8
Stocks . end month of
do
110
90
88
78
71
73
67
68
62
67
72
109
112
T
Revised.
» Preliminary.
*New series. Data for hardwood plywood are compiled by the U. S. Department of Commerce, Bureau of the Census; they cover all known market producers of hardwood types, except
as indicated. Earlier figures on a comparable basis are not available.
Douglas fir plywood production is compiled by the Douglas Fir Plywood Association.
Data presented are total industry figures, based on reports from plants controlling, on the average,
.approximately 90 percent of industry capacity. The monthly totals are estimated from weekly reports by prorating split weeks on the basis of a 5-day workweek, with allowance for generally
observed holidays. Later figures for 1953 \vill be published as they are made available by the compilers in their current reports.
Data for production and receipts of iron and steel scrap are compiled by the U. S. Department of Interior, Bureau of Mines; data prior to 1953 are not available for publication.
OIn the 1952 edition of the export schedule, certain items (pipe fittings, wielding rods, bolts, fabricated structural and other shapes) were transferred from the steel-mill products to the
metal manufactures category. The data through 1952 as shown in the 1953 edition of BUSINESS STATISTICS were adjusted to include exports of these commodities for comparability with the
.earlier data. Exports beginning January 1953 as published in the March 1953 SURVEY and subsequent issues exclude these items which averaged 21,300 short tons per month in 1953.
9 Revisions for 1952 are shown in the April 1954 SURVEY.
JFor 1954, percent of capacity is calculated on annual capacity as of January 1, 1954, of 124,330,410 tons of steel; 1953 data are based on capacity as of January 1, 1953, of 117,.=47,170 tons.
SURVEY OF CURRENT BUSINESS
December 1954
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
S-33
1953
1954
DecemOctober November
ber
January
February
March
April
May
June
July
August Septem- October Novem
ber
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Steel, Manufactured Products— Continued
Cans, metal, shipments (in terms of steel consumed),
total
short tons..
Food
do
Nonfood
do._.
Shipments for sale
__do
Commercial closures, production ._
- _ .millions. .
Crowns production
thousand gross
Steel products, net shipments:
Total
thous. of short tons _
Bars* Hot rolled, all grades
..do
Rein forcin g
do
Semimanufactures
do_ ..
Pipe and tubes
do
Plates
do
Rails
Sheets
Strip* Cold rolled
Hot rolled
Structural shapes, heavy
Tin plate and temeplate
Wire and wire products
-
do
do
do
do
do
do
do
368, 917
239, 111
129, 806
329,545
314, 408
190,280
124, 128
280, 289
192, 403
123, 416
68,987
155,000
264, 708
161, 320
103, 388
224, 580
260, 053
157, 880
102, 173
225, 597
291,408
164, 484
126, 924
252, 096
323, 903
187, 779
136, 124
278, 292
179, 790
137, 542
275, 979
380, 981
222, 832
158, 149
339, 278
407, 615
247, 928
159, 687
370, 498
523, 140
375, 998
147, 142
478, 103
457, 992
328, 354
129, 638
408, 424
362, 759
237,358
125, 401
320, 752
1,283
24, 746
1,097
22, 378
1,137
21, 972
1,089
24, 581
1.207
26, 572
1,410
31,680
1,386
31,285
1,308
29, 767
1,449
32, 026
1,209
28, 679
1,330
27, 366
1,283
21,841
1,328
20,454
6,727
758
161
232
864
644
5,904
633
140
190
728
609
5,685
586
125
190
714
633
5,728
569
111
169
664
572
5,365
549
113
165
664
529
5,584
546
125
161
748
544
5,288
479
146
153
765
457
5,423
494
163
136
731
442
5,887
532
211
157
786
421
4,490
444
168
116
674
376
4,681
5,004
471
151
138
694
379
5,035
530
150
141
622
395
164
2,003
194
180
442
361
329
182
1,768
169
151
443
303
270
185
178
1,674
1,738
140
116
481
266
264
123
127
473
411
292
178
1,519
113
116
438
393
314
166
122
82
108
80
1,496
1,481
1,539
94
125
353
607
394
1,657
1,347
99
111
384
445
375
112
120
437
475
366
107
140
373
690
423
74
95
350
242
322
446
152
142
715
365
71
1,331
95
109
326
342
351
63
59
1,357
1,633
125, 089
103
108
346
580
359
110
130
344
273
360
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production primary
short tons
Imports bauxite
long tons. _
Price, wholesale, scrap castings (N. Y.)__dol. perlb..
Aluminum fabricated products, shipments, total
mil. of lb-_
Castings
-do
\\rrought products total©
do
Plate and. sheet©
do
Brass sheets wholesale price mill
dol. per Ib
Copper:
Production:
Mine production recoverable copper short tons
Crude (mine or smelter, including custom intake)
short tons
Refined
do
Deliveries refined, domestic
- --do ...
Stocks refined end of month
do _ _
108, 219
363,945
.0825
105, 636
400,077
.0996
110, 291
434,958
.1033
116, 247
444, 137
.0892
110,483
462, 577
.0875
122, 339
474,966
.0892
120, 434
435, 681
.1037
125, 138
451, 744
.1092
120, 758
457,748
.1000
126, 161
442, 371
.1000
125, 296
469, 227
.1000
120, 332
413, 265
.1081
241.2
55.1
186.1
113.6
.417
199.9
51.0
148.9
89.4
.417
200.8
51.6
149.2
91.2
.417
205.4
51.4
153.9
84.3
.417
196.5
51.2
145.3
80.5
.417
226.2
56.2
170.0
93.0
.417
227.2
53.0
174.2
96.9
.417
216.3
47.7
168.7
94.9
.417
232.3
48.1
184.2
102.0
1.444
209.6
39.6
169.9
94.7
1.444
227.2
42.4
184.8
104.6
1.444
*• 225. 9
46.2
r
179. 7
101.1
1.444
80, 082
75, 937
77,340
74, 697
65,299
71, 289
68,383
71,424
72, 984
66,567
51, 736
r
T
f
71,164
68, 995
87, 874
*• 89, 198
47, 666
78,383
92, 258
105, 293
32, 515
27, 121
54, 574
38,161
16, 413
.2970
16, 783
52, 388
32, 740
19, 648
.2970
.2970
25, 291
26, 975
27, 111
28,835
' 24, 994
25, 244
25,503
26,884
42, 317
46,987
104,626
.1411
35, 716
37, 195
93, 030
.1400
44, 089
43, 402
84,429
.1406
47, 762
30, 891
93,358
.1460
51, 276
36, 307
95,496
.1497
62,089
64,014
41,494
34, 020
31, 120
3,207
7,230
4,850
2,235
7,210
5,100
1,425
7,400
5,100
U94
6,300
4,500
2,232
7,000
4,700
2,625
6,700
4,600
2,636
6,700
4,300
38,204
26, 650
11, 554
33, 371
22, 152
11,219
19, 581
6,842
12, 739
12, 925
12, 925
0
11,380
0
11, 380
15, 127
2,502
12, 625
16, 491
4,406
12, 085
17,024
4,255
12, 769
2,417
3,987
.8504
1,346
5,413
.9188
1,217
5,021
.9612
16
5,828
.9353
3,100
6,859
.9421
414
3,924
.9654
2,562
5,487
.9338
38, 852
38, 122
41, 252
39, 945
40, 031
40, 436
38, 676
38 745
79, 116
63, 896
55, 487
180, 843
78, 561
60,692
54, 865
198, 712
68,020
66, 738
57, 781
199, 994
71,186
70,080
66,929
201, 100
70, 258
70, 618
67, 152
200, 740
73,654
64,566
61,859
209, 828
71, 540
80,244
72,262
201,124
70, 749
73, 846
59, 157
198, 027
.1000
48,538
2 8*31
.1000
73,246
4,454
.0976
66, 323
2,455
.0938
63,908
6,704
.0964
77, 774
1,264
.1025
39, 112
2,054
.1029
50, 847
45
.1096
128, 786
1,239
36, 198
9,509
58, 292
10.500
52, 419
11,449
48, 525
8,679
61, 332
15, 178
21, 439
15,619
40, 594
10, 208
108, 776
18, 771
85,724
119,230
100,908
93,274
88, 732
123,296
112,244
89, 193
84, 216
111,553
77,091
108, 121
74, 428
103, 496
89,017
118, 417
81,100
117, 546
95, 795
125, 759
77, 463
112,617
104,579
124, 523
78,231
108, 403
111,005
82, 111
85,329
112, 121
106,252
69, 181
75, 667
107, 095
97, 436
68,921
61,609
103, 901
92, 475
58,387
Exports refined and manufactured. _
do
Imports total 9
do
Unrefined including scrap 9do
Refined 9
^®
Price, wholesale, electrolytic (N. Y.)
dol. per lb._
Lead:
Ore (lead con tent):
Mine production
.short tons..
Receipts by smelters, domestic ore. do
Refined (primary refineries):
Production
do
Shipments (domestic)
- do
Stocks end of month
do
Price, wholesale, pig, desilverized (N. Y.).dol. per lb_.
Imports, total, except mfrs. (lead content) 9
short tons _
Tin:
Production pig§
long tonsConsumption pig totslj
do
Primary §
-- -do
18,870
50, 810
35,066
15, 744
.2960
15, 898
32,226
25,823
6,403
.2965
26,416
32, 105
18,960
13, 145
.2967
30, 472
34,790
20,533
14, 257
.2967
25,499
55, 617
41, 155
14, 462
.2967
19,043
43, 214
31,961
11, 253
.2969
31, 235
46, 547
32, 867
13,680
.2970
29, 712
51,974
32, 118
19, 856
.2970
26,046
81,833
35,316
46, 517
.2970
24,183
62,228
30, 816
31, 412
.2970
27, 161
27, 934
25, 059
26,904
27, 354
28,812
24, 695
26,202
27,443
29,342
29,316
31,520
26,844
28, 508
25,395
25, 762
26,209
28, 266
44, 741
44, 987
58, 236
.1350
52, 562
43, 234
67, 494
.1350
48,687
35,007
81, 152
.1350
48, 518
37, 108
92,496
.1326
42,046
36, 551
97, 981
.1282
50,808
47,837
100, 927
.1294
46, 730
47, 161
100, 441
.1390
49, 139
40,183
109, 302
.1400
34,208
40,052
30,587
43,043
46,957
52,841
49, 126
3,011
6,519
4,001
2,964
5,826
3,698
2,986
6,182
3,822
2,957
6,260
4,060
3,232
6,350
4,230
3,804
7,190
4,720
Stocks pig end of month total§
do
Government!
do_ _ _
Industrial!
do
Imports:
Ore (tin content)
do
Bars blocks pigs, etc
- do
Price wholesale Straits ( N Y )
dol. per Ib
Zinc: '
IVline production of recoverable zinc
short tons
Slab zinc:
Production
.
do
Shipments, total _ - do
Domestic
do
Stocks, end of month. _ ...
do
Price, wholesale, prime Western (St. Louis)
dol. per lb.Imports total (zinc content)
short tons
For smelting refining and export 9
do
For domestic consumption:
Ore ^zinc content) 9
do
26,164
13, 086
13, 078
28,460
15,717
12, 743
32,928
18, 467
14, 461
35, 674
22, 767
12,907
39, 389
26, 646
12, 743
2,376
6,388
.8085
3,329
5,067
.8319
3,648
5,802
.8461
2,781
6,176
.8483
39, 635
37, 699
39, 919
84,031
67, 175
65, 470
158, 417
75, 891
68, 685
63, 617
165, 623
.1000
61, 532
51, 095
10,112
Blocks. Dies. etc.. _ . _
r
... .-do
l
2
r
r
.1180'
180.5
100.8
i p. 444
62, 140
92, 435
126, 138
110,519
84,303
325
.1100
J>. 2970
p . 1500-
2,286
4,60:
.9354
.9304
34 536
36, 443
71, 810
76,584
58,188
193, 253
60, 137
77, 885
64,548
175, 505
67, 047
90, 415
78, 867
152, 137
80, 11997, 598
79, 583
134, 658
.1100
57, 827
.1100
56, 949
.1141
26, 041
1 485
.1150
v. 1150-
157
37, 565
20,068
45, 885
10.907
13, 582
10. 974
194
r
. 9110"
Revised. > Preliminary. Specifications changed; not comparable with data prior to June 1954.
Production by secondary plants only.
©Data beginning January 1954 are based on a more comprehensive survey. Comparable figures for December 1953 (mil. Ib.): Total wrought products, 150.7; plate and sheet, 90.9.
9 Revisions for 1952 imports are shown in the April 1954 SURVEY.
^Substituted series. Compiled by the U. S. Department of Interior, Bureau of Mines; monthly data for 1951 and 1952 appear on p. 24 of the March 1954 SURVEY. Government stocks,
represent those available for industrial use.
SURVEY OF CURRENT BUSINESS
S-34
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
December 1954
1954
January
February
March
April
May
June
July
August
Septem- October November
ber
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, EXCEPT ELECTRIC*
Radiators and con vectors, cast ironic?
Shipments
thous. of sq. ft
Stocks, end of month
do
Oil burners: %
Shipments
number
Stocks, end of month
do
Stoves and ranges, domestic cooking, excl. electric:
Shipments total
number .
Coal and wood
- -_
-do
Gas (incl bungalow and combination)
do _.
Kerosene, gasoline, and fuel oil .
do
Stoves domestic heating, shipments, total
do
Coal and wood
-do
Gas
do
Kerosene, gasoline, and fuel oil
-do
Warm-air furnaces (forced -air and gravity air-flow),
shipments, totalA
number Gas
do
Oil
do. Solid fuel
do
Water heaters, gas, shipments*
_ _
-do
3,840
6,327
2,782
5,986
2,095
5,957
2,041
6,126
1,896
6,292
1,732
6,906
1,738
7,453
1,745
7,696
2,208
7,903
1,937
7,438
3,315
6,765
3,217
6,478
103, 493
71, 700
62, 010
65, 250
44,631
76, 872
46, 181
75, 110
44, 175
71, 251
48, 983
77, 203
50, 350
84, 276
52 781
82, 995
68 798
80, 845
65 184
75, 345
90 662
72, 238
102, 888
57, 306
222, 942
7,543
205, 038
10, 361
176, 297
6,876
159, 270
10, 151
150, 392
5,516
134, 904
9,972
151, 397
4,683
137, 768
8,946
168, 062
6,110
153, 515
8,437
203, 584
5,643
188, 519
9,422
186, 951
5,876
172, 762
8,313
176, 925
3,468
164, 228
9,229
187, 944
4,206
174, 806
8,932
145, 829
4,351
134, 896
6,582
196, 180
'6,294
180 210
9,676
222, 839
7, 708
204, 947
10, 184
423, 656
55, 517
244, 963
123, 176
260, 150
27, 610
172, 467
60, 073
103, 223
11, 028
64, 070
28, 125
88, 689
4,471
40, 791
43, 427
74, 542
6,117
33,364
35, 061
94, 395
7,242
44, 691
42, 462
126, 819
6,804
77, 109
42,906
125, 981
6,474
76, 427
43, 080
180, 323
10,935
111, 796
57, 592
936
203 901 r 261
23, 443 r 36, 879
114 195 r 156 343
68 714
66 263
351, 135
55,091
205 345
90, 699
120, 463
58, 374
53, 203
9,890
185, 388
85, 783
43, 137
37, 895
5,546
148, 855
63, 612
33, 495
27, 984
2,806
135, 054
57, 192
30, 927
23,862
2,403
161, 152
57, 217
30, 505
24, 267
2,445
171, 490
69, 280
39, 870
26, 827
2.583
184, 043
72, 488
43, 566
26, 882
2,040
196, 767
82, 462
49, 661
30, 210
2,591
191, 660
95, 359
57,229
33,923
4,207
202, 574
92 463 r 130, 486 148, 370
82, 023
53, 116 r 75, 062
57, 503
48 655
35, 474
8,844
6 769
3 873
186 528 202, 990 201, 405
62 049
14 586
37 709
14 840
r
MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly:
Blowers and fans new orders
thous of dol
Unit heater group, new orders
do
Foundry equipment (new), new orders, netf
mo. avg. shipments, 1947-49= 100,Furnaces, industrial, new orders, net:
Electric processing
thous. of dol
Fuel-fired (except for hot rolling steel) _ _ __ -do
Machine tools (metal-cutting types):
New orders
mo. avg. shipments, 1945-47= 100_Shipments
do
Pumps, steam, power, centrifugal and rotary, new
orders
thous of dol
Tractors (except garden), quarterly:*
Shipments, totalO
do
Wheel type (excl contractors' off-highway) do
Tracklaying
do
49 495
13, 661
43 197
16, 699
87.2
150.0
161.2
173.8
99.9
82.7
125.3
80.8
86.4
68.8
75.6
68. 3
1,531
1,868
1,166
1,690
909
1,624
1,356
1,832
994
1,686
2,042
1,119
1,262
1,711
3,051
2,423
986
3,642
457
973
1 053
1 116
986
1 241
198.7
348.4
146.6
320. 2
149.8
301.4
173.5
319.4
159.8
323.1
169.6
327.2
142.8
302.7
139.5
270.3
185.2
276.3
124.7
205 7
147.9
203 7
5,097
4,634
4,645
4,057
4,272
5,093
5,319
5,007
5, 176
4 733
6 706
149, 094
76, 524
66, 201
173, 955
105, 302
60, 207
' 211, 686
123 050
74, 731
9
403
1.936
'r 180. 9 ^148 9
213 4 P 190 9
5 050
155,581
81 158
63 041
r
ELECTRICAL EQUIPMENT
Batteries (automotive replacement only), shipments
thousands
Domestic electrical appliances, sales billed:
Refrigerators, indexf
. _ 1947-49= 100
Vacuum cleaners, standard type
thousands
Washers
_
. ..-- -do
Radio sets, production!
do
Television sets (incl. combination), production!
thousands _Insulating materials and related products:
Insulating materials, sales billed, indexf
1947-49= 100
Fiber products:
Laminated fiber products, shipments©
thous. of dol
Vulcanized fiber:
Consumption of fiber paper
thous of Ib
Shipments of vulcanized products thous. of dol
Steel conduit (rigid), shipments*
thous. of feet
Motors and generators, quarterly:
New orders, indexf
1947-49=100
Polyphase induction motors, 1-200 hp:^
New orders
thous. of dol
Billings
-do
Direct current motors and generators, 1-200 hp:l
New orders
thous of dol
Billings
do
2, 825
46.4
249.4
319. 1
1, 052. 5
2,173
1,890
35.2
53.1
190.8
216.2
244.1
200.0
1, 065. 8 i 1, 101. 1
1,788
1,422
1,194
1, 150
1,391
1 834
2 288
9 481
95.0
221.2
256.6
872.0
91.0
199.0
306.6
769.2
89.0
276.5
317.9
1
940. 4
73.0
220.8
272.6
745.2
74.0
209.4
254.0
722. 1
82.0
195.8
309.0
1
837. 7
93.0
193.6
246.8
438. 1
71.0
185 4
300.4
785 5
680.4
561.2
i 449. 8
420.6
426.9
i 599. 6
457.6
396.3
i 544. 1
307.0
633.4
154.4
129.6
133. 1
124.0
120.0
136.0
124.0
116.0
124.0
92.0
111 0
9,591
8,879
8,894
8,345
8,160
9,598
9,235
8,843
9,521
7,739
4,287
1,716
18, 043
3,591
1,367
17, 488
3, 571
1, 405
17, 756
3,346
1,421
16, 133
3,370
1,451
17, 230
3, 850
1,535
20, 306
3,266
1,388
20, 770
3,431
1,237
21, 784
3 128
1,236
26, 171
2,566
1,037
2
28, 544
144 6
152 0
153.0
36, 341
37,804
35, 208
36,304
36, 817
35, 675
7,883
11,490
9,533
9 131
7,958
10, 183
r 2 728
1
1
238 2
388. 3
932 3
2 670
263 2
s 339. 2
997. 8 v 1 113.3
947. 8
921.5
10, 337
9,528
3 373
3 06?
1,152
1,217
2
28, 076 227,616
3 251
1,301
8,857
v 853. 6
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
2,386
2,443
2,994
2.204
1,939
2, 194
2,632
2, 354
Production
_
_ _ _ . _ _ thous. of short tons
1,958
1.877
2,226
2,117 r 2, 253
i
Stocks in producers' storage yards, end of month
1,244
1,405 ] 1,504
1,916
1, 384
1, 328
1,726
1,656
1,252
1,223
thous. of short tons_1,929
1,340
1,870
217
159
273
193
152
145
147
365
247
246
130
Exports
do
240
Prices:
26.34
24.41
24.62 r 24.66
24.96
26.34
26.36
26.36
26.05
Retail, composite 9
dol. per short ton
26.36
24.40
26.23
24.40
13. 588
15. 533
15. 533
13. 588
13. 836; v 13. 357 ...
.
15. 533
15. 533
15. 533
12. 850
13. 381
13. 713
Wholesale, chestnut, f. o. b. car at mine
do
15. 508
r
1
3
Revised.
*> Preliminary
Represents 5 weeks'production.
2 Data beginning July 1954 are for 13 companies;earlier data, 11 companies.
Excludes export sales; comparable
domestic sales for September 1954, 379,700 units.
t Revisions for oil burners for January-July 1952 are shown in a footnote on p. S-33 of the January 1954 SURVEY; revised data for other items of heating apparatus will be shown later.
c? Data beginning June 1953 are compiled by The Institute of Boiler and Radiator Manufacturers and represent substantially complete coverage of shipments of cast iron radiators and convectors.
A Monthly totals for 1953 reflect adjustments to the annual survey. Such adjustments have not been made for components; therefore, detail does not add to total.
*New series. For source of data and brief description, see corresponding note on p. S-34 of September 1954 SURVEY.
tRevised to reflect use of new base period; data prior to August 1952 for all series (except for foundry equipment) will be shown later.
©Includes contractors' off-highway wheel-type tractors.
§ Radio production comprises home, portable battery, automobile, and clock models; television sets include combination models. Data for December 1953 and March, June, and September 1954 cover 5 weeks; other months, 4 weeks.
0Data for January-October 1953 cover 17 companies, November-December, 18, and beginning January 1954,19 companies.
^Data beginning 3d quarter of 1953 for polyphase induction motors cover 33 companies; for direct current motors and generators, data beginning 1st quarter 1954 cover 26 companies, 4th
quarter 1953, 27.
9 Revised to represent weighted average price of anthracite stove based on quotations in 6 cities as follows: Baltimore, Boston, Laconia (N. H.), Madison (Wis.), Middletown (Conn.),
and New York.
SURVEY OF CURRENT BUSINESS
December 1954
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemSupplement to the Survey
October
ber
ber
S-35
1954
January
February
March
April
August
July
June
May
SeptemOctoberj X^n"
ber
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous: o*
Production.
thous. of short tons Industrial consumption and retail deliveries, total
thous. of short tons..
Industrial consumption, total
do _ _ .
Beehive coke ovens
do
Oven-coke plants
. do ...
Cement mills
do
Electric-power utilities..
-do ...
Railways (class I)
do
Steel and rolling mills..
do ...
Other industrial
do
Retail deliveries
do .
Consumption on vessels (bunker fuel)
thous. of short tons..
Stocks, industrial and retail dealers', end of month,
total _ _
. thous. of short tons. .
Industrial, total
Oven-coke plants
Cement mills _..
Electric-power utilities
Railways (class I)
Steel and rolling mills .
Other industrial
do
do
do
do
do
. d o
do
Retail dealers _
r
40, 583
35, 465
37, 082
34, 055
29, 657
31, 456
28, 380
29, 050
30, 660
27, 750
33, 305
36, 649
30, 941
585
35, 797
30, 426
491
39, 071
31, 928
476
39 772
31, 436
258
8,050
735
10, 620
1,939
566
9,268
8,336
32 962
26, 560
106
6,901
624
8,798
1,610
476
8,045
6,402
34 134
27, 969
59
7,298
676
9,614
1,601
532
8,189
6,165
27 958
24, 487
56
6,658
625
8,438
1,347
411
6,952
3,471
26 477
23, 831
47
6,811
641
8,435
1,356
381
6,160
2,646
25 535
23, 256
49
6,593
576
9,029
1,254
339
5,416
2,279
24 937
22, 836
45
6,581
675
9, 133
1,278
315
4,809
2,101
26 453 r 27 113 30 180
23, 585 ' 23,
49125, 783
r
52
46
56
7, 246
6,427
6,396
693
674
740
9,568
9,456 10, 076
1,384
1,375
1,233
306
360
320
5,155
o, 940
5, 356
4, 397
2,868
3,622
8,767
701
9,918
8,352
686
2,239
9,893
2,096
8,262
5,708
8,427
469
481
5, 371
8,298
737
10,585
2 092
555
9 185
7, 143
34, 385
36,110
66
54
19
5
4
5
29
52
62
55
47
47
54
82, 719
82, 381
80, 614
75, 741
75, 194
72, 033
70, 595
69, 432
69, 646
67, 186
68, 566
69, 690
70. 349
81,009
80, 642
16, 609
1,505
40, 468
1,541
40, 487
1,028
18, 794
1,008
18 324
79 075
16, 486
1,461
39, 770
2 570
977
17,811
74, 531
14, 885
1,290
38, 090
2,432
931
16, 903
74, 029
14, 730
1,173
37, 969
2,350
887
16, 920
71, 146
13,887
1,068
37, 468
2,167
830
15, 726
69, 611
12, 856
1,071
37, 504
2,049
798
15, 333
68, 606
12, 596
1,090
38, 299
1,839
740
14, 042
68, 803
12, 659
1,144
39, 125
1,811
708
13, 356
66, 286
11, 125
1,123
38, 848
1,662
639
12, 889
67, 656
11,571
1,184
39, 708
1,657
621
12, 915
68, 764
11,868
1,233
40, 462
1,597
612
12, 992
69, 455
12. 190
1,287
40, 889
1,496
614
12. 979
1,710
1,739
1, 539
1,210
1,165
887
984
826
843
900
910
926
S94
3, 377
2,712
1,720
1,414
1,294
1,449
2,462
3 100
3 136
2 832
3,333
2 940
2,605
do
Exports..
do ...
Prices:
Retail, composite!
dol. per short ton_.
Wholesale:
Mine run, f. o. b. car at mine
do
Prepared sizes, f. o. b. car at mine
do
16,720
2,562
15. 07
15. 10
15.12
15. 14
15. 13
15.12
14.99
14 73
14.78
5. 724
6.811
5. 716
6 811
5. 716
6.807
5.681
6.837
5.607
6.787
5.481
6.429
5.403
6.375
6. 398
2 4. 538
6. 440
2 4. 525
6. 586
24.506
»6.711
2 4. 498
364
6,211
364
307
5,915
380
280
5, 825
386
164
5,634
387
64
4,824
325
35
5,110
395
35
4,658
386
29
4,772
379
31
4,609
371
27
4,591
420
33
4,478
412
2, 510
1,630
T
880
121
40
2 658
1,698
959
137
34
2 727
1,682
1 045
172
29
2,751
1,702
1,049
209
36
2,744
1,649
1,096
222
26
2,719
1,525
1,194
269
29
2,860
1,579
1,281
299
24
3,012
1,657
1,355
331
36
2,973
1,609
1,364
355
46
2,843
1 619
1,224
384
25
2,856
1 624
1, 235
395
34
14.75
14.75
14. 75
14.75
14. 75
14.75
14.75
14.75
14. 75
14.75
14.75
2,489
194 108
91
213 017
2,194
188 315
93
209 599
2, 253
193 378
92
215 892
2, 599
193, 453
91
215, 366
2,169
178, 603
91
197, 914
2,563
201, 702
88
214, 620
2,486
198, 440
86
204, 336
2,467
200, 593
89
218, 178
2,298
195,000
88
208, 408
287, 541
72, 959
195, 972
18, 610
283 021
71, 634
192, 585
18, 802
276 676
72, 738
185. 165
18, 773
270,811 266, 918 271,867
70, 661
70, 916 73, 068
180, 876 177, 242 180, 304
19, 274
18, 760 18, 495
280, 310
75, 852
185, 995
18, 463
282, 250 285, 155 284, 894
75, 187
75, 503
74, 574
187, 770 191, 055 191, 352
18, 977 18, 913
18, 968
1 052
1 378
19 841
14. 70
1
14. 70
1
1
14 89
r]
r2
36, 750
14 !-»8
6. 875n i ft Qoo
4. 493 /> 2 4. 4X4
COKE
Production:
Beehive
thous of short tons
Oven (byproduct)
do
Petroleum coke 9 - do
Stocks, end of month:
r
Byproduct plants, total
do
At furnace plants
.
_ . do . . .
At merchant plants
do
Petroleum coke
do
Exports
do
Price, beehive, Connellsville (furnace)
dol. per short ton_.
r
r
r
r
35
4, 456
410
29
5 054
2, 917
1 693
1, 224
402
14
o ^52
1 639
I, 213
14. 75
14.25
13. 75
PETROLEUM AND PRODUCTS
Crude petroleum:
Wells completed! . . .
number.
Production^
thous. of bbl
Refinery operations
percent of capacity
Consumption (runs to stills)
thous of bbl
Stocks, end of month:
Gasoline-bearing in U. S., total
do
At refineries
_. _. . . d o .
At tank farms and in pipelines
do
On leases
do
Exports
do
Imports
do
Price (Oklahoma-Kansas) at wells.. __.. dol. per bbL.
1 178
19, 391
2,820
17,919
2,820
2.820
1,587
18, 009
2.820
795
17, 623
2.820
873
21,683
2.820
1,418
17, 259
2.820
1,258
20, 145
2.820
1,372
20, 441
2.820
2,298
2,867 r 2, 534
194, 037 191,190 184, 527
88
87
90
214, 402 212, 708 208, 155
1,073
20, 379
2.820
281, 043 274, 608
70, 659 67, 989
191,374 187, 674
18.945
19,010
1,349
20, 454
2 820
509
20, 053
2.820
P 9 g20
Refined petroleum products:
Fuel oil:
Production:
Distillate fuel oil}
.
thous. of bbL
45, 331
44, 663 3 45, 474 3 43, 256 3 45, 204 3 41, 218 3 42, 531 341,966 3 43, 892 3 45, 048 3 45, 415
43, 901
Residual fuel oil t .
do
39, 398 34, 754 36, 222 34, 215
36, 684
36, 716
38, 652
35, 582 33, 691
32, 569
33, 749 33, 131
Domestic demand:
Distillate fuel oil t
.
do
34, 379
64 013 3 74, 809 3 52, 840 3 54, 222 3 38, 269 3 28, 966 3 27, 440 3 26, 864 3 28, 444 3 33, 920
44, 061
Residual fuel oilj do
44 349
54 092
47 280
54, 976
46, 978 48,902 42, 392 39, 417 38, 074 36, 139
37, 358 39, 069
Consumption by type of consumer:
Electric-power plants
...do
.
6,780
8,285
7,619
6,907
5,699
4,291
4,250
4,783
6,456
4,446
4 851
4,904
5 316
Railways (class I) §
do
7,839
8 043
8 660
6,921
8 534
7,819
7,595
7,230
7,700
7,835
7,660
7,730
Vessels (bunker oil)
__do
5, 494
6,031
6,259
6, 612
6,099
6,381
5, 985
6,378
6,289
6,475
5, 928
6,331
6 119
Stocks, end of month:
Distillate fuel oil _
do .
135, 409 133, 381 111,944 381,044 3 70, 390 3 60, 270 361,721 3 73, 58i « 86, 325 3 101, 657 3 117, 579 3 128, 061
Residual fuel oil
do
49 370
50 820
47, 474 47,119
44, 362 47, 009 50,216
44, 249
51 267
54, 365
56, 332
56, 702
Exports:
Distillate fuel oil
do .
2 362
2, 134
2,386
1,616
1,911
1,992
1,516
1,275
2,176
1,434
1,525
1,711
Residual fuel oil . . .
do
1 514
1 912
1,978
1,756
1. 365
1,793
1,637
2,006
2,106
1, 580
1,883
1,546
Prices, wholesale:
Distillate (New York Harbor, No. 2 fuel)
dol. per gal_.
.098
.095
.095
.100
.100
.092
.092
.095
.097
.092
.092
.090
P 096
Residual (Okla., No. 6 fuel)
_...dol. per bbl_.
1.200
1.500
1.450
1.450
1.350
1.100
1.150
1.200
l.COO
1.000
1.150
1.150 v 1.251
Kerosene:
3
3
3
3
3
3
Production
thous. of bbl_.
11,704 3 12, 086 3 11,542 3 10, 943
11,007
10, 624
9, 665
9, 350
9, 177
9, 156
9, 357
9,018
9, 725
Domestic demand?
do
18, 229 3 18, 287 3 12, 682 3 12, 990 3 6, 893 3 4, 861 3 4, 537 3 4, 920
11,947
36,196 3 6, 555
Stocks, end of month
do
29 070 3 22, 013 « 20, 183 3 17, 533 » 19, 656 3 23, 892 3 28, 184 3 31, 953 3 34, 949 3 37, 099
36 271
38 161
Exports
do
325
623
609
418
'469
564
229
584
158
398
80
250
Price, wholesale, bulk lots (New York Harbor)
dol per gaL.
.105
.110
.108
.102
.105
.102
.105
. 107
.110
.100
.100
P . 104
.100
r
Revised.
v Preliminary.
1 Price for large domestic sizes; not comparable with data through April 1954. 2 Price for screenings for industrial use, to industrial consumers; not
comparable with data through April 1954. 3 Beginning January 1954, jet fuel (formerly included with gasoline, kerosene, and distillate fuel oil) is excluded. Jet fuel for September 1954 (thous.
bbl.): Production—from gasoline, 3,224; from kerosene, 1,015; from distillate, 394; domestic demand, 4,317; stocks, 3,356.
cfRevisions for January-September 1952 will be shown later.
t Revised series. Data represent weighted averages based on quotations in 26 cities for all sizes of bituminous coal.
9Includes nonmarketable catalyst coke. Such production for January-September 1954 is as follows (thous. short tons): 156; 122; 139; 138; 130; 143; 186; 176. 199.
J Revisions for 1952 appear on p. S-35 of the February and March 1954 issues of the SURVEY.
§ Revised to represent all quantities of fuel oil and diesel fuel purchased by class I railways (incl. switching and terminal companies), whether for locomotive, station, shop, or other use.
Comparable data prior to August 1953 will be shown later.
SURVEY OF CURRENT BUSINESS
1953
Unless otherwise stated, statistics through 1952 and |
descriptive notes are shown in the 1953 Statistical '\
NovemDecemSupplement to the Survey
I October
ber
ber
December 1954
1954
February
January
March
April
June
May
i
!
July
!
i August
Septem- October November
ber
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS-Continued
Refined petroleum products — Continued
Lubricants:
Production
thous. of bbl _ .
Domestic demandt
do
Stocks refinery end of month
do
Exports
do
Price, wholesale, bright stock (midcontinent,
f . o b Tulsa)
dol per gal
Motor fuel:
Gasoline (including aviation) :
Production, total 9
thous. of bbl _ _
Gasoline and naphtha from crude oil 9
thous. of bbLNatural gasoline used at refineries
do
Natural gasoline sold to jobbers 9
do
Domestic demand 9
Stocks, end of month:
Finished gasoline
At refineries
Unfinished gasoline
Natural gasoline and allied products
do
do
do
do
do
Exports (motor fuel gasoline jet fuel) §
do
Prices, gasoline:
Wholesale, refinery (Oklahoma, group 3)
dol. per gal..
Wholesale, regular grade (N. Y)
do
Retail, service stations, 50 cities
do
Aviation gasoline:
Production total
thous of bbl
100-octane and above
do
Stocks, total
... - ... --do
100-octane and above
do
Asphalt:©
Production
... do
Stocks refinery, end of month
do
Wax:G
Production
do
Stocks, refinery, end of month
. . do . .
Asphalt products, shipments:
Asphalt roofing, total
Roll roofing and cap sheet:
Smooth surfaced
Mineral surfaced
Shingles, all types
Asphalt sidings .
Saturated felts cf
thous. of squares..
do
do
do
do_short tons
4,647
3. 384
9,726
1, 190
4,553
3,211
9,846
1,184
4,572
3,041
10, 070
1, 193
4,408
2.994
10. 472
965
4,221
2,720
10, 646
1,188
4,376
3,579
10, 385
1,002
4,204
3, 321
9,745
1, 456
4,566
3, 208
9,764
1,281
4,508
3,189
9,599
1,429
4,386
3,419
9.251
1,264
4 563
3,374
9, 035
1,341
4,522
3, 308
9, 230
967
.205
.205
. 195
. 190
. 190
.190
.180
.180
.180
.180
.180
. 180
109, 061
108, 623
112,473
96, 166
10,380
2, 515
95, 722
10, 145
2,756
99, 525
9, 873
3, 075
106, 037
99, 210
100 225
1
1
1
106, 373
1
94. 336
9, 633
2,404
1
89 852
97, 330 i 104, 612 i 102, 120 i 107, 952
1
' 85, 244
8,987
3,099
1
1
91,851
9,240
3,521
1
90, 074
8, 861
3. 185
i 95, 241
9,441
3, 270
101, 549 i 103, 866
1
163. 532 172, 207 173, 060 i 168, 301
' 97, 997 i 106, 821 i 104, 344 i 99, 155
8,172
8,705
7, 743
8, 237
10. 334
10, 575
12, 295
11, 447
1
86 206
1
1
1
104,481
1
i 91, 956
9,423
3, 102
107.893
1
i 95, 092
9,828
2, 973
108, 250
1
104, 418 i 113,037 i 112,231 i 110,223
1
.
" 180
92, 126
10, 487
2, 712
104, 706
168, 660 i 156, 525 i 149.045 i 1144,615 ' 1142,437
1
74, 786
77,159
96, 241 i 85, 569 i 79, 989
8,479
8,553
8,965
8,878
8,946
15,358
15,379
15, 703
14, 998
13, 871
136, 398
74, 930
8,097
13, 193
142, 472
78, 021
8, 275
12, 223
151, 129
86, 761
8,820
10, 428
1 , 974
2,399
2,302
1.954
2, 261
1,235
1,798
2, 275
2,712
2,341
2.084
2,204
.114
.142
.218
.113
.142
.221
.111
. 141
.220
.111
. 137
.218
. 108
. 135
.216
.108
.135
.216
.108
.135
.214
.108
.135
.218
.108
.135
.216
.105
. 135
.214
.105
.125
.217
.105
.125
.213
7, 337
5 994
10, 678
5 965
7,074
6,120
10, 162
5,856
7,676
6,230
10, 172
5,498
7.245
6,156
10, 773
5. 759
6,991
5,580
11,099
5,380
7,359
6,220
11,486
5,719
7,209
5,806
11,685
5, 582
7,567
6,569
12,400
6,632
7,990
7, 157
10, 637
5,301
7,857
6. 393
10. 984
5, 472
8.443
6, 747
9,899
5, 803
7,642
6,127
9,713
5,844
7,081
5, 541
5,181
6,244
3,888
7,314
3,447
8,370
3, 956
9, 589
4,895
10, 970
5, 392
11, 530
6,888
11,383
7,775
9, 579
8, 850
8.542
8,726
7,150
7,999
5. 912
436
530
434
558
420
538
442
598
420
619
478
644
434
612
474
663
409
609
433
597
408
571
453
567
5,811
4,126
2,698
2,565
2,846
3,824
4, 923
5,374
' 6, 484
5,251
6,029
7,062
6,088
1,259
1, 394
3. 158
185
76, 120
911
1, 030
2,185
138
60, 241
596
661
1, 441
107
48, 872
573
673
1,319
89
47, 989
637
670
1, 540
94
93, 417
806
843
2, 175
116
55, 760
1, 005
1,011
2, 907
113
58, 865
1,021
1,076
3,277
114
76, 110
1,146
1, 309
4,029
151
89, 561
978
1,110
3,162
115
69, 903
1, 139
1,324
3. 566
147
73, 797
1,349
1,553
4, 160
152
91,088
1.233
1,319
3, 537
144
73,069
2,488
2,515
4,708
'T 2, 487
2,414
' 4, 794
2, 701
2,644
4. 854
_
". 105
f. 125
.213
PULP, PAPER, AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
thous of cords (128 cu ft )
Consumption
.
do
Stocks, end of month. _ _ . _
- _....do_-Waste paper:
Receipts
- . - .__
_ - .short toris__
Con sumption
do
Stocks, end of month.
_ ..
..-_do
2,522
2,548
5, 601
2,367
2, 380
5, 582
2,220
2, 157
5, 639
2. 393
2,387
5,639
2,388
2,191
5, 835
2,292
2,473
5, 672
2,000
2,371
5,288
2,035
2,457
4,867
2,308
2,475
4,699
2.304
2,266
4,737
772, 202
754, 254
442, 481
682, 394
667, 762
452, 079
646, 134
620, 455
478, 791
620,217
648, 266
454, 246
628, 731
639, 813
443,016
719,354
716, 052
447, 363
686, 600
668, 050
462, 590
662, 742
672, 590
453, 259
692,151
696, 500
447, 988
593, 086
576, 537
466, 326
670, 672 * 671,953 697. 725
694, 972 ' 683, 164 701,424
440, 130 ' 419, 126 415.017
1,573
51,716
868, 864
204, 710
38, 485
202, 922
96, 853
1,504
63, 116
830, 754
191,913
35, 442
189, 442
91, 576
1,337
45,016
720, 957
184, 693
34, 343
191, 255
82, 766
1,487
59, 370
808, 709
201, 593
38,590
201,614
82, 246
1,362
61,837
735, 303
182,715
35,213
185, 446
76, 057
1,541
63, 338
832, 420
210, 086
40, 182
209, 157
80, 987
1,484
56, 703
792, 919
199, 339
37,841
200, 064
96, 615
1,574
60,742
854, 198
204, 781
39, 831
202, 487
107, 026
1,562
64, 784
841, 999
200, 217
40, 123
202, 546
108, 715
1,416
55, 302
743, 809
182, 706
27,634
193, 596
105, 428
r
r
1, 605
1, 505
71, 702 '61,825
865, 602 802, 452
207, 051 r 195, 329
31,407
38, 769
203, 727 ' 200, 111
105, 102 104, 055
1,690
74,840
921, 247
208,075
34,620
214, 356
109, 301
145,601
43,100
28, 028
3,208
25, 849
156, 634
43, 766
29, 492
3,298
25, 980
148, 629
41,252
32, 808
2,957
27, 298
155, 081
42, 188
33, 457
3,754
28, 436
159, 946
44, 248
32, 363
3,657
29, 056
164, 003
44, 329
33, 262
3,608
29, 494
161, 745
43,819
33,020
3,388
29, 965
178,010
52, 093
37,351
4,373
30, 851
188, 667
53, 150
41, 138
4,873
28, 707
174, 276
51,060
33, 876
4,315
26, 289
177, 846
49, 317
33, 518
4,008
25, 218
r
182, 082
57, 239
36, 375
2,777
21, 251
WOOD PULP
Production:
Total, all grades
..
. . _ - . . thous. of short tons. _
Dissolving and special alpha
short tons
Sulphate (paper grades)
do
Sulphite (paper grades) ... . .
do_ _ _
Soda
_
.-do
Groundwood
do
Defibrated, exploded, etc.
_ - _ . - do Stocks, own pulp at pulp mills, end of month:
Total, all grades
short tons
Sulphate (paper grades)
- do
Sulphite (paper grades)
do
Soda
-.. _ . _-- -.
do
Groundwood
do
-
.-.
_
176, 083
49, 791
36, 939
2,995
r 22, 749
do
17, 958
17,465
28, 965
14,291
19, 675
26, 896
24, 229
34, 328
30, 680
59, 623
44, 894
49,790
-. do .
do_do
-..do ..
do
do
183, 914
24,125
70, 605
57, 870
3,726
26, 765
174,565
23, 345
62, 278
60, 649
3,328
23, 086
177,164
17, 232
76, 627
57,990
3,297
20, 862
144,813
16.210
60,617
46, 507
3,048
16, 793
171,821
18, 302
74, 031
54, 606
2,912
21,360
178, 770
20,451
76, 531
57, 522
3,502
19, 301
152, 845
22, 309
66, 210
45, 513
2,555
15, 866
150, 868
17, 823
63, 660
47, 105
3,287
18, 710
192, 698
21,413
89, 151
60, 188
3,585
17,043
163,559
20, 340
78,867
43,738
2,477
17, 670
172, 705
18, 178
80, 693
48, 551
3,154
21, 117
171, 727
22, 724
72,923
51, 432
3,876
19, 951
2,409
1,158
1,134
116
2,186
1,046
1,031
109
2,023
1,012
916
95
2,164
1,066
996
101
2,043
1,014
923
106
2,303
1,136
1,041
126
2,186
1,074
986
126
2,238
1,078
1,030
130
2,272
1,094
1,045
133
1,991
973
891
127
2,288
1,117
1,040
132
' 2,214
' 1,083
-•993
131
Exports, all grades, total
Imports, all grades, totalcf _
Dissolving and special alpha
Sulphatecf
Sulphite (paper grades)
Soda
Groundwood
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:
Paper and paperboard production, total
thous. of short tons__
Paper (inch building paper)
do
Paperboard
_ _
-.do
Building board. .. _ . _. ._. . .
_-_do-- r
Revised.
» Preliminary.
i See note "3" on p. S-35.
\ Revisions for 1952 appear on p. S-35 of the February and March 1954 issues of the SURVEY.
9 Revisions for 1952 (old basis) appear on p. S-36 of the February 1954 SURVEY; revisions for 1952 (comparable with data for 1953) will be shown later.
§ Revised effective with the October 1954 issue of the SURVEY to cover items indicated.
O Asphalt—5.5 bbl. = 1 short ton; wax—1 bbl. = 280 Ib.
o* Revisions fcr 1951 for saturated felts and 1952 for wood-pulp imports will be shown later.
_ _
105,325
1
i 94, 798
10,334
3,118
.
2, 367
1,146
1,077
144
SURVEY OF CURRENT BUSINESS
December 19r>4
1953
erwise stated, statistics through 1952 and
fe notes are shown in the 1953 Statistical
DecemNovem;nt to the Survey
October
ber
ber
S-37
1954
January
F
^" I >"*«*
April
May
August SeptemOctober November
ber
June
July
814, 525
587, 819
758, 760
756, 126
410, 562
PULP, PAPER, AND PRINTING—Continued
PAPER AND PAPER PRODUCTS— Continued
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association):!
Orders, new
short tons
Orders, unfilled, end of month
do
Production
_
do
Shipments _._ . _
_.
_ _ _ _ _do-Stocks, end of month
do Fine paper:
Orders, new
_
do __
Orders, unfilled, end of month
do
Production
_
do
Shipments
do
Stocks, end of month
_
do
Printing paper:
Orders new
do
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks end of month
do
Price, wholesale, book paper, "A" grade, English
finish white f o b mill
dol per 100 Ib
Coarse paper:
Orders new
short tons
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks end of month
do
Newsprint:
Canada (incl. Newfoundland):
Production
_ _ . _ .
do
Shipments from mills
do
Stocks, at mills, end of month .
.do
United States:
Consumption by publishers . _ .
_ _ _ do
Production
do
Shipments from mills
do
Stocks, end of month:
At mills
do
At publishers
do
In transit to publishers
do
Imports _
do_Price, rolls, contract, delivered to principal ports
dol. per short tonPaper board (National Paper board Association):
Orders new
thous of short tons
Orders, unfilled, end of month
do
Production total
do
Percent of activity
Paper products:
Shipping containers, corrugated and solid fiber,
shipments^
mil sq ft surface area
Folding paper boxes, value:
New orders
1947-49=100-.
Shipments
_ do
917, 863
654, 898
936, 711
937, 805
391, 840
801,866
617, 679
857, 709
847, 182
401, 608
818, 131
589, 958
838, 559
834, 170
406, 868
875, 002
584, 558
883, 841
884,315
394, 618
800, 817
561.091
832, 975
817, 427
406, 158
939, 598
592, 116
927, 526
916,598
412, 529
843, 494
547, 633
874, 583
878, 354
410, 021
841, 999
533, 638
866, 681
858, 755
417, 941
882, 399
540, 558
869, 849
872, 942
414, 271
109, 887
59, 256
115, 846
116,817
86, 660
95, 228
52, 406
106, 106
100, 050
92, 554
96, 009
49, 334
104, 122
100, 360
99, 271
102, 345
56, 967
103, 041
106, 930
92, 357
100, 984
58, 725
102, 297
101,987
93, 035
114, 482
57, 995
115, 847
110,927
95, 555
108, 483
57, 500
111,501
109, 879
97, 819
108, 140
56, 305
110, 232
107, 488
99, 287
110, 655
54, 190
113, 292
112,059
100, 256
311, 553
317, 830
321, 420
315 040
164, 379
274, 906
312, 937
296, 073
299, 811
160, 641
302, 577
311, 864
289, 628
290, 655
159, 614
298, 488
291, 065
306, 062
304, 212
161, 460
265, 291
268, 590
283, 994
279 074
166, 420
342, 798
294, 740
322, 188
323 037
165, 570
279, 943
258, 238
303, 684
311 678
157, 576
287, 338
249, 515
298, 138
300 216
155, 498
320, 207
265, 175
299,890
304, 524
149, 540
r
881, 041
r 609, 967
>• 888, 960
r 880, 206
' 421, 584
867, 980
612, 394
861, 099
856, 917
428, 204
895, 000
607, 295
917, 000
911,000
431, 500
97, 310 ' 106, 820
64, 215 f r 63, 587
91, 363 r 112, 279
91, 221 106, 813
98, 804 ' 104, 741
108, 552
63,230
110, 331
107, 736
109, 274
117, 000
63, 000
118, 000
114, 000
111,000
307, 601
302, 427
299, 596
297 900
153, 295
312, 000
298, 000
315,000
314 000
154, 000
292, 019
292, 305
256, 760
255, 785
150,515
r
r
r
r
r
297, 809
295, 870
308, 034
306, 948
151,600
13.80
13.80
13.80
13.80
13.80
13.80
13.80
13 80
13.80
13.80
13.80
v 13. 80
313, 043
167, 392
313, 984
317, 495
75, 423
268, 476
149, 353
290, 817
284, 222
81, 453
260, 949
121, 145
279, 291
281, 243
76, 356
293, 628
126, 855
297, 093
290, 916
85, 460
272, 375
127, 052
278, 203
271, 865
86, 525
296, 475
124, 040
302, 944
297, 929
88, 295
276, 225
117,975
276, 575
277, 423
85, 870
273,217
112, 185
283, 596
278, 859
91, 116
278, 907
111,330
285, 178
279, 933
97, 445
' 265, 092
' 120, 685
r 252, 002
' 249, 880
' 95, 198
' 302, 502
»• 140, 375
' 293, 602
' r 289, 863
99, 898
283, 590
138, 597
280, 604
280, 946
99, 935
292,000
139, 000
308,000
308, 000
100, 000
510, 772
506, 544
144, 764
473, 176
491, 450
126, 490
473, 325
488, 571
111, 244
476, 151
452, 470
134, 925
457, 927
437, 780
155, 072
515, 482
481, 487
189, 067
500, 199
503, 292
185, 974
497, 221
497, 561
185, 634
490, 726
523, 966
152, 394
503, 979
481, 686
174, 687
503, 145
518, 844
158, 988
491, 153
482, 559
167, 582
525, 996
541,835
151,743
429, 509
97, 112
96, 288
427, 904
92, 385
90, 847
388, 237
89, 656
90, 240
363, 057
96, 284
95, 132
345, 642
88, 197
86, 219
400, 311
98, 115
100, 585
414, 877
89, 839
88, 968
422, 157
96, 670
98, 716
384, 444
96, 564
96, 148
338, 471
96, 324
96, 597
360, 825
99, 492
98, 503
388, 321
96, 592
98, 202
437, 191
110,328
107, 407
7,072
514, 419
80, 803
437, 867
8,610
464, 899
87, 468
412, 574
8,026
477, 800
73, 969
449, 804
9,178
470, 536
88, 739
356, 455
11, 156
488, 503
96, 457
391, 503
8,686
495, 871
85, 178
454, 297
9,557
484, 226
81. 181
399, 824
7,511
446, 739
72, 300
410, 631
7,927
453, 407
80, 566
438, 833
7,654
481, 612
71, 086
393, 102
8,643
508, 703
66, 199
434, 103
7,033
490, 256
64, 769
396, 943
9, 954
448, 907
77. 057
125. 75
125. 75
125. 75
125. 75
1, 086. 6 ' 1, 033. 1
364.2
359.8
1, 056. 5 1, 054. 6
90
89
964.3
390.3
916.8
74
125. 75
125. 75
125. 75
125. 75
125. 75
125. 75
125. 75
1, 078. 6
423.7
1, 170. 7
97
1,021.4
385.7
1,051.0
94
1,011.2
392.4
992.2
79
885.4
330.8
939.7
89
921.7
321.0
926.8
89
1,140.4
424.9
1, 064. 4
90
997.4
369.1
1,014.6
88
7,382
6,730
6,356
5,815
5,966
7,153
6,952
6,714
6,785
6,250
172.7
179.7
149.5
154.6
156.4
155.8
174.0
163.7
182.3
167.9
214.7
185.0
198.6
182.2
164.5
165.1
203.1
179.9
173.7
159.9
1,323
1,132
191
1,079
867
212
974
789
185
826
650
176
878
707
171
1,102
855
247
1,101
894
207
1,391
1,101
290
781
644
137
51, 398
104, 377
55, 983
54, 253
104, 541
66, 698
13.80
125. 75
p 125. 75
1, 044. 0 1,069 0
' 330. 7 428.8
1, 068. 5 T 1, 004. 1
92
88
1 092 4
390.5
1 105 7
94
7,010
7,242
7 626
199.8
183.9
194.1
180.0
187.2
186.9
168.0
177.2
923
714
209
802
661
141
888
754
134
1 408
1, 198
210
(
)41
811
130
37, 894
109, 564
40, 614
124, 810
59, 124
52 412
119, 191
48, 618
116,195
1 078 9
343.1
1 102 1
93
PRINTING
Book publication total
New books
New editions
number of editions
- do .
do
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
long tons
Stocks, end of month,
_ _ _ . _.
do Imports, including latex and guayulej
do-. .
Price, wholesale, smoked sheets (New York)
dol. per lb_Chemical (synthetic):
Production _ ._. . ._. ...
longtons.Consumption
do. _
Stocks end of month
do
Exports
do. _
Reclaimed rubber:
Production
do
Consumotion
_.
- -~
do _ _
Stocks, end of month.
-_-..
_-do-_
46, 744
114, 191
46, 799
43, 251
112,677
49, 743
42,400
112, 316
45, 947
46, 960
112, 679
47, 140
46, 897
115,228
42, 645
.200
.206
.209
.204
57, 170
58, 515
166, 724
1,712
57r 221
52, 670
166, 523
2, 359
59, 373
50,902
175,845
2,643
57, 299
23, 534
21, 944
30, 692
21, 191
19, 638
31, 226
21, 208
18, 858
32, 319
19,114
31,865
19, 461
32, 393
7,666
7,565
6,567
6,482
5,663
6,299
7,042
6.308
53,709
112,829
47, 721
51, 451
106, 564
49, 855
38,069
T
T
56, 167
.203
.214
.213
.231
.244
.231
.241
.266
55, 835
56, 060
1 84, 284
47, 581
53, 654
174, 983
46, 554
52, 628
167, 583
45, 954
57, 195
157, 172
46, 964
41, 552
162, 944
48,807
51,384
180, 839
1,397
53, 356
49, 060
183, 405
2,103
55. 644
57, 582
161, 711
19, 960
21,000
23, 305
22, 882
32. 148
22 332
19, 926
29, 632
23, 451
21, 897
30. 873
7,279
7, S69
ti 266
1 , 8^S
4, 251
147
12. 799
50,173
. 200
2,923
2,358
21, 628
21, 883
31.359
2,759
21, 184
20,536
31, 105
2,032
3,228
42, 051
170,159
3,018
r
r
53 878
161 662
2,161
T
r
r
22, 207
22, 321
30, 845
17,907
15, 444
31,304
27, 692
8,796
9,079
2,890
6,029
6,360
8,885
2,782
5,949
8,080
r
5,429
r
160
15, 218
167
12,640
16, 301
17,660
.272
TIRES AND TUBES
Pneumatic casings: d"
Production
_
Shipments total
Original equipment
Replacement equipment
Export
- Stocks, end of month
Exports
Inner tubes: c?
Production
Shipments
..
Stocks end of month
Exports
r
thousands
do
do
do
do
- _-do
do
-
do
__do
do
do
3,152
4,241
172
13, 446
137
5,758
5,956
10, 904
75
5,081
2,218
2,617
7, 002
2,891
7,981
7,629
8,065
8,243
2, 634
3,163
3,131
176
7, 965
8,319
3,020
2,902
3,993
135
14, 854
132
143
15, 706
137
118
14, 977
106
117
15, 709
119
116
16, 077
80
15,906
178
5, 115
184
15, 504
193
4,742
4,003
11,611
4,537
4,622
5,395
6,834
5,896
6,399
6,266
5,909
11, 874
68
10, 107
50
2,728
70
3,557
5,617
10, 448
61
4,350
6,013
10, 869
49
4,935
6,001
11,234
89
6, 002
11, 170
104
5, 739
6,631
10, 379
68
155
5, 427
2, 527
123
9,985
136
116
4,132
6, 257
3,773
8,429
67
5, 748
6,588
73
6 269
1 601
4, 537
130
11,184
131
T
T
4 490
4, 034
7 179
65
3, 953
3, 087
8 313
Revised.
& Preliminary.
% Revisions for 1947-April 1953 for paper will be shown later; data prior to 1947 for unfilled orders and stocks of paper are on a different basis from revised figures, hence not comparable.
Revisions for January 1952-February 1953 for shipping containers and for various months in 1952 for rubber imports appear in the May 1954 SURVEY.
c? Data for production, shipments, and stocks have been revised beginning January 1953. Revisions prior to June 1953 are available upon request.
SURVEY OF CURRENT BUSINESS
S-38
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
December 195-1
1954
January
February
March
April
May
June
July
August
Septem- October November
ber
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments ..reams
202, 356
167,782
187, 434
166, 452
158, 773
179, 124
163, 553
162, 256
177, 518
142. 262
151,217
173, 046
24, 738
103
27, 556
10, 049
4,109
22 529
97
19, 494
13, 083
4,022
20 243
84
14, 130
19, 231
5,349
17 769
74
11,143
25, 869
8,240
16 895
78
15, 202
27, 562
10, 091
20 097
83
18, 751
28, 905
11, 925
21 730
93
23,589
27, 045
11,681
23 279
96
24,911
25, 412
10, 392
22 802
97
28, 632
19, 609
8,585
25 467
102
27,628
17, 451
7.203
25 681
103
28,802
r
14, 399
6,029
25 549
106
29, 058
10,890
4,673
545, 504
553, 979
496. 810
474, 163
456, 985
380, 495
377, 536
294, 766
376, 203
382, 387
473, 662
460 448
514, 238
532 442
522, 589
527, 964
554, 413
588 209
537, 984
573, 536
582, 952
586 532
576, 185
589 340
169, 464
PORTLAND CEMENT
Production
Percent of capacity
Shipments.,. .
-_.. Stocks, finished, end of month
Stocks, clinker, end of month ...
thous of bbl
thous. of bbL.
do
. _ . do
CLAY PRODUCTS
Brick, unglazed:
Production ! . .
_ thous. of standard brick. _
Shipments!
do
Price, wholesale, common, composite, f. o. b.
plant
dol. per thous
Clay sewer pipe, vitrified:!
Production
short tons
Shipments - . . . . do
Structural tile, unglazed:!
Production, ... . ..
- .
do...
Shipments
do
28. 100
28. 147
28. 147
28. 033
28. 033
28. 033
28 151
28. 151
28 151
28.193
28. 289
28.382
145, 718
154, 689
136, 317
124, 789
132, 725
95, 623
118,054
84, 965
123,951
100, 596
145, 251
129, 280
138, 364
143, 050
136, 696
139, 563
151, 249
150, 497
135, 475
153, 426
148, 594
162, 363
156 115
157, 590
87, 313
83, 163
83, 608
74, 672
76, 844
62, 907
67, 871
55, 146
72, 370
64, 521
81, 025
77, 972
83, 211
80, 703
83, 272
81, 331
86, 670
83, 562
83,890
78,663
84, 626
80,906
81, 278
77 095
11,616
10, 713
10, 094
9, 298
9, 328
9, 765
10, 009
8,820
9. 748
8, 455
11,200
11,923
10, 751
9,291
11,548
10, 839
11,219
10 958
10, 810
9,878
11, 386
11,018
9,883
10 634
*> 28. 382
GLASS PRODUCTS
Glass containers:
Production
...
.. thous. of grossShipments, domestic, total
do
General-use food:
Narrow-neck food . _ .
do. .
Wide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars). thous. of gross
Beverage (returnable and nonreturnable^)
thous. of gross.
Beer bottles
do
Liquor and wine
_
. _ . . . .do..
Medicinal and toilet
do
Chemical, household and industrial
.. do...
Dairy products
do
Stocks, end of month
_. .
.
...do...
Other glassware, machine-made:
Tumblers:
Production
_
thous. of dozens
Shipments
. . - . _ . . _ -do
Stocks
.
do
Table, kitchen, and householdware, shipments
thous. of dozens
10, 843
10, 079
1,063
758
749
805
779
1,364
1, 145
1,365
1,037
925
1,098
1 511
1.121
3,017
2, 582
2, 649
2.843
2,593
3,392
2,519
2,869
2,803
2,948
3,724
3,211
3,033
512
940
1,497
2,416
958
310
704
573
1,366
2,296
746
273
1,139
727
1,019
2, 305
744
433
347
514
937
2.262
878
234
350
549
913
2, 175
930
166
600
916
1,358
3,013
1,096
184
776
817
923
1,985
933
193
1,003
1,168
1,051
2, 255
932
196
1,268
1,234
1,033
2, 398
971
214
912
1, 133
856
2,039
848
217
525
900
950
2,512
1,023
286
343
677
1,165
2 412
1,012
303
325
586
1,408
2,360
1,003
243
11,233
11,633
10, 932
11,520
12, 563
11,991
13, 099
13. 745
13, 708
14, 329
14,360
13, 299
13, 684
5, 450
5,716
10, 267
4, 635
3,986
10, 716
4, 124
3,914
10, 184
5,180
4,399
10, 356
5,355
5,064
9,980
6,067
5, 654
10, 272
6, 075
6,152
9,852
5, 651
6,225
9,297
4,963
5, 399
8,850
3,943
4,616
8,751
5,131
5, 213
8,652
5, 122
4,768
9,036
5,780
6,270
8,535
3,725
3,015
2,444
2,750
3,122
3,802
3,148
2,987
2,827
2.606
2,966
3,503
4, 175
10. 724
13,790
15, 120
14, 121
944
280
1,660
GYPSUM AND PRODUCTS
Crude gypsum, quarterly total:
Imports
thous. of short tons
Production.
_.
.
do
Calcined, production, quarterly total
do
Gypsum products sold or used, quarterly total:
Uncalcined
short tons
Calcined:
For building uses:
Base-coat plasters .
do
Keene's cement
do
Ml other building plasters
do
Lath
thous. of sq ft
Tile.
. . do ..
Wallboardc? do
Industrial plasters
short tons
737
2,139
1,789
501
1,854
1,690
881
2.051
1,920
692, 165
547, 398
687, 950
409, 354
10, 588
219, 538
602, 035
7,437
952, 870
61 , 008
372, 016
10, 909
193,391
51 7, 846
6, 710
935, 205
64,018
437 736
12 251
224,711
634 857
7,668
1, r044, 226
62, 087
TEXTILE PRODUCTS
APPAREL
Hosiery, shipments
thous. of dozen pairs. .
Men's apparel, cuttings:* 1
Tailored garments:
Suits
thous. of units
Overcoats and topcoats.
do
Trousers (separate), dress and sport..
do
Shirts (woven fabrics), dress and sport
thous. of doz._
Work clothing:
Dungarees and waistband overalls .. . _ .._do.-.
Shirts
...
do._.
15,117
1
13, 555
1,566
1,891
i 576
4, 482
347
3,682
11,805
1,491
»440
i 414
278
1
336
11,924
1
1
1
1,834
1
285
3, 852
1,526
1234
1339
12,675
2
2
2
13,126
14, 274
12, 628
10,844
1,732
1,412
1,524
12,215
1
1,840
2256
4, 512
276
4,848
i 1,810
i 295
i 5, 520
320
4,800
392
4,464
1
1,630
i 510
4, 440
1,520
1,668
i 1,850
1,692
1,476
2256
2
372
348
1355
1445
384
340
392
360
356
1
1,
655
1
440
4,380
3,120
480
3,840
1
11,430
1,184
1,432
U,650
1345
1385
288
392
276
364
!
435
1395
1 456
352
4,224
1, 552
408
352
Women's, misses', juniors' outerwear, cuttings (quarterly through 1953):*
2 2, 200
2,442
1,542
771
5,711
3,187
Coats
thous. of units
1,650
2,217
2,751
2,269
2,452
53,358 2 19, 332
20, 356
26, 870
26, 720
24,465
21,091
20, 429
16, 577
17, 593
Dresses
do
17, 157
475
1,774
1,843
2,987 21,639
747
971
1,203
1,257
738
874
Suits
_
. . . ..do..
M,152
1,036
1,432
1,200
3,071
1,189
1,234
1,249
1,150
1,073
1,170
Waists, blouses, and shirts
thous. of doz...
r
2
Revised.
*> Preliminary.
* Data cover a 5-week period.
See note marked "*" for change in sample coverage beginning January 1954.
iRevisions for 1952 are shown in the August 1953 SURVEY.
cf Includes laminated board (reported as component board), also sheathing and formboard.
*New series. Compiled by the U. S. Department of Commerce, Bureau of the Census. Data are estimated industry totals derived as follows: Men's apparel—estimates beginning Jami
ary 1954 are based on a monthly sample survey of manufacturers, accounting for approximately 75 percent of the total 1952 production; data prior to 1954 are based on a sample covering estab
lishments that accounted for about 90 percent of the total 1951 cuttings of these items. Women's outerwear—based on reports from establishments classified in the women's principal outerwea:
industries for the specified items; monthly data beginning January 1954 are estimated from reports of producers that account for approximately 75 percent of total output; quarterly estimate;
prior to 1954 are based on reports from 2,500 establishments accounting for about 90 percent of total shipments in 1951. Cuttings for 1950 and 1951 will be shown later; data for 1952 (excep
men's dungarees, etc.) are shown at bottom of p. S-38 of the December 1953 SURVEY. Cuttings of men's dungarees and waistband overalls for January-December 1952 and January 1954 ap
pear in the April 1954 SURVEY.
IData for October and December 1953 and March, June, and September 1954 cover 5-week periods and for other months, 4 weeks.
SURVEY OF CURRENT BUSINESS
December 1954
1953
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
NovemDecemOctober
Supplement to the Survey
ber
ber
S-39
1954
January
February
March
April
May
June
July
August
Septem- October Novem
ber
ber
TEXTILE PRODUCTS—Continued
COTTON
Cotton (exclusive of linters):
Production:
10, 769
Ginnings§
thous. of running bales..
14, 279
14, 279
Crop estimate, equivalent 500-lb. bales
thous. of bales ._ r
Consumption^
... ...bales.- 5 870, 616 684, 990 5 757, 152
Stocks in the United States, end of month, r
18, 713
17,808
16, 690
totalt thous. of bales..
' 18, 630
Domestic cotton, total
do
17, 733
16, 625
«• 7, 739
5,002
On farms and in transit
...do
3, 056
' 9, 420
Public storage and compresses
do
11,925
11,186
'1,471
Consuming establishments . _
do._.
1, 545
1,644
'84
Foreign cotton, total
.. do
75
65
Exports
..
- -bales-Imports 9
do
Prices (farm), American upland l
. cents per lb
Prices, wholesale, middling, ^i&", average 10
markets. .
. . . _ _ - . cents per lb .
Cotton linters:^
Consumption
thous. of bales
Production
do
Stocks, e n d o f month.
. . .
-do
2
i 16, 119
389
16, 317
2 16, 465
684, 367 5 845, 036
660, 209
1,694
645, 875 5 781, 767
542, 577
667, 443
5,691
5
9,670
815, 315
706, 603
15, 726
15, 665
1,906
12, 058
1, 701
61
14, 673
14, 610
1,360
11, 462
1,788
63
13,411
13, 346
1,082
10, 495
1,769
66
12, 362
12, 287
906
9,698
1,683
75
11, 397
11,316
868
8,907
1,541
81
10, 189
10,112
606
8,150
1,356
77
9,576
9,500
255
8,071
1,174
76
20, 125
20, 046
10,760
8,304
982
79
19, 721
19, 650
7,719
10, 862
1,069
71
19, 431
19. 367
5,286
12, 733
1,348
64
678, 827
3 12, 439
4 13, 569
217, 307
7,776
32.5
242, 848
8,510
31.8
375, 035
11.070
30.7
296, 651
6,503
30.1
385, 420
12, 866
30.4
429, 659
16, 258
31.1
422, 048
24, 163
31.6
336, 120
11,679
32.2
434, 934
8,177
32.3
227, 855
8,719
32.2
189, 585
9.941
34.0
199, 322
6,538
34.6
34.7
33.2
32.7
32.7
32.6
33.2
34.0
34.2
34.2
34.4
34.2
34.4
34.2
34.5
34.3
33. S
r 5123
111
240
1,297
95
197
1,457
599
5189
1,542
105
150
1,590
108
115
1,637
5113
5221
1,376
113
222
1,428
584
1,589
96
64
1,546
112
82
1,525
5100
r 5177
117
224
1,666
46, 093
7,193
2 558
49, 493
6,306
45, 560
4,777
50, 457
4,597
2 512
44, 540
3,988
64, 206
6,242
47, 243
4,730
2,451
49, 818
4,202
48, 282
4,355
47, 160
5,110
» 2, 303
50, 809
7,622
29.59
36.9
16.5
17.5
29.13
34.9
15.9
17.5
28. 56
34.9
16.0
17.3
27.18
34.9
15.8
16.8
26.84
34.9
15.4
16.8
26. 75
34.9
15.4
16.5
26.28
34.9
15.3
16.3
26.50
34.9
15.4
16.3
26.48
34.7
15.8
16.3
26.51
35.9
16.3
16.4
26.00
35.9
16.5
16.4
26.60
"35.9
v 16 5
v 16.5
.636
.939
.630
.927
.625
.921
.630
.921
.632
.921
.630
.921
.627
.917
.633
.921
.636
.917
.633
.917
.633
.919
p. 641
p. 931
20, 872
19, 626
20, 715
19, 457
20,627
19, 325
20, 646
19, 332
20, 606
19, 286
20, 633
19, 306
20,634
19, 276
20, 696
19, 295
511,454
458
10, 799
5 125. 3
8,991
457
8,475
125. 3
8,932
447
8,366
122.6
5 10, 939
447
5 10, 216
8 122. 8
7,066
372
6,578
102.4
9,171
459
8,583
126.2
5 11, 222
458
510,455
5 126. 0
9, 735
493
9,042
136.3
r
5247
1, 181
f
1, 587
COTTON MANUFACTURES
Cotton cloth:
Cotton broad-woven goods over 12 inches in width,
production quarterly cf
mil. of linear yards
47, 444
Exports
thous. of sq. yd
4,701
Imports 9
do
Prices, wholesale:
31.44
Mill margins
cents per lb_.
36.9
Denim, 28-inch
cents per yd
17.5
Print cloth 39-inch 68 x 72
do
17.8
Sheeting, in grav, 40-inch, 48 x 44-48
do
Cotton yarn, natural stock, on cones or tubes:
Prices, wholesale, f. o. b. mill:
.643
20/2, carded, weaving.
. . .dol. per lb. .
.955
36/2 combed knitting
do
Spindle activity (cotton system spindles) :f
Active spindles, last working day, total
Consuming 100 percent cotton
6
thous..
do
21, 244
19, 953
21, 252
19, 990
20, 933
19, 695
20, 897
19, 652
20, 888
19, 656
Spindle hours operated, all fibers, totaL-.mil. of n r _ Average per working day
do
Consuming 100 percent cotton
do
Operations as percent of capacity
811,853
479
511,192
5 130. 6
9, 232
474
8,719
129.1
5 10, 246
436
5 9, 683
5118.8
9, 145
457
8,631
124.7
9,231
469
8.697
128.1
64.6
26.0
62.9
25.5
53.9
21.9
55.9
24.3
55.5
24.1
60.8
29.2
60.5
28.9
58.4
32.1
57.8
35.7
53.1
32.1
53.2
35.8
62.1
32.3
64.2
74.3
34.0
2, 006
71.3
29.9
2,277
77.2
32.7
1,775
78.6
33.1
1,215
75.9
30.9
1,691
75.4
28.3
2,264
69.8
28.3
3,509
68.5
27.9
2,178
67.0
28.0
3,106
70.2
29.0
2,940
73.2
30.1
5,785
64.8
30.4
7, 536
60.6
.780
.336
.780
.336
.780
.336
.780
.336
.780
.336
.780
.336
.780
.336
.780
.336
.780
.336
.780
.336
.780
.336
.780
.336
p. 780
*. 336
5
26.80
RAYON AND ACETATE AND MFRS.
Filament yarn and staple:
Shipments, domestic, producers':
Filament yarn
mil o f l b
Staple (incl tow)
do
Stocks, producers', end of month:
Filament yarn
do
Staple (incl tow)
do
Imports
.
thous. oflb..
Prices, wholesale:
Yarn, viscose, 150 denier, filament, f. o. b. shipping
point
dol. perlb..
Staple viscose 1V£ denier
do
Rayon and acetate broad-woven goods, production,
quarterly cf
thous of linear yards
6
382,292
402 378
422, 167
SILK
Silk, raw:
Imports
.
.
thous. o f l b _ _
Price, wholesale, white, Japanese, 20/22 denier, 87%
(AA), f. o. b. warehouse
dol. per lb._
695
414
521
465
449
366
1,051
671
843
654
890
567
5.23
5.27
5.43
5.58
5.39
5.23
5.07
5.03
4.53
4.55
4.68
4.83
- - . thous. of lb_ _ 5 29, 930
511,790
do _
18, 868
9,032
20, 590
10, 685
18, 653
9,840
19, 737
9,788
24, 520
5 11, 738
21,735
9,237
23, 040
8,319
528,084
59,286
21, 301
5, 903
23,760 "24,810
9, 253 "11,580
20, 777
11,237
16, 351
8,119
12, 889
8,182
17, 147
9,367
14, 277
7,154
17,823
10, 576
22, 067
10, 768
19, 868
10, 458
21,603
12, 385
19,012
8,989
18, 478
9,401
17, 757
8,085
1.725
1.200
1. 725
1.204
1. 725
1.205
1.725
1. 205
1. 725
1. 196
1. 675
1. 122
1.688
1.160
1.731
1.184
1.767
1. 187
1.756
1.166
1.762
1.211
1.771
1.220
1.712
1.196
1.600
1.075
1. 780
1.780
1. 779
1. 775
1.775
1. 725
1. 725
1. 725
1.725
1.725
1.725
1.725
1. 725
1. 675
" 4. 75
WOOL
Consumption, mill (clean basis) :1t
Apparel class
Carpet class
Imports clean content 9
do
Apparel class (dutiable) clean content*
do
Prices, wholesale, raw, Boston:
Territory, 64s, 70s, 80s, clean basis
dol. perlb.Bright fleece, 56s-58s, clean basis.....
do ...
Australian, 64s, 70s, good topmaking, clean basis, in
bond
.
dol. per lb_-
5
8
5
20, 184
9,500
r
6
Revised.
» Preliminary.
1 Ginnings to January 16. 2 Total girmings of 1953 crop. 3 Qinnings to December 1. 4 December 1 crop estimate. 5 Data cover a 5-week period.
Data cover a 14-week period; other data are for 13 weeks.
§ Total ginnings to end of month indicated.
IData for October and December 1953 and March, June, and September 1954 cover 5-week periods and for other months, 4 weeks; stocks and number of active spindles are for end of
period covered.
9 Revisions for 1952 appear in corresponding note in April 1954 SURVEY.
*New series. Imports of wool are compiled by the U. S. Department of Commerce, Bureau of the Census; dutiable wool covers essentially the apparel class; data prior to April 1952 will be
^Revisions for 1952 are shown in the August 1953 SURVEY.
^Revisions for broad-woven goods for first and second quarters of 1952 are shown in the October 1953 SURVEY.
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated, statistics through 1952 and
descriptive notes are shown in the 1953 Statistical
Supplement to the Survey
December 1954
1954
1953
DecemOctober November
ber
February
January
March
April
June
May
|
July
|
' August
^H °™*r
Xovembjer
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, Bradford system,
wholesale price
dol. per Ib
Woolen and worsted woven goods, except woven
felts :J
Production, quarterly, total _
thous. of lin. yd
\pparel fabrics, total
do
Government orders
do
Other than Government orders, total
do
Men's and boys'
do
Women's and children's
do
Nonapparel fabrics total
2.110
2. 098J
_ _ _ _ _ _
2. 073
2. 037
2. 025
70.885
62, 81 0
4, 116
58, 694
27, 820
30, 874
62, 738
54, 835
958
53, 877
26, 461
27, 416
1
8 075
i 5 717
1
2 358
7, 903
4 455
3,44*
1
do
Other nonapparel fabrics
do
Prices, wholesale, suiting, f. o. b.
mill:
Flannel 12 13 oz /yd 57"/60//
1947-49 — 100
Gabardine 10^-123^ oz /yd 56"/58"
do
2. 098
2. 037 ;
2.043
2. 037
2.043
2.037
2.037
v 2. 012
j
112.9
103.6
112.9
103. 6
112.9
103. 6
112.9
103. 6
111.5
103.6
112. 1
103.6
' 69. 440
i r 63. 559
r
570
'r 62, 989
30,
078
r
32,911
r
T
T
112. 1
102.6
72, 662
67, 736
456
67. 280
28, 103
39, 177
112.1
103.6
112.9
103.6
112.9
103.6
112.9
103.6
4 926
2 949
1 977
i
112 9
103. 6'
5 881
3 346
2 535
i
I
I
112 91 "
103. 6 ....
TRANSPORTATION EQUIPMENT
AIRCRAFT
Civil aircraft, shipments
E xports 9
number
do
235
146
275
136
250
105
278
92
240
65
312
106
359
116
309
95
316
67
293
105
264
68
265
84
621, 288 452, 987
519
371
496
288
528, 814 378, 906
516,969 370, 511
91,955
73, 710
79,541
64, 781
484, 707
424
393
389, 628
373, 666
94, 655
80, 227
551,134
405
365
454, 562
435, 139
96,167
83, 563
534, 145
328
322
446, 676
425, 392
87, 141
72, 468
633, 003
297
289
531,529
510, 024
101,177
85,154
631,769
379
348
534, 667
515,192
96, 723
79, 439
588, 562
274
251
497, 062
478, 889
91,226
73, 712
598, 876
351
349
507, 055
489, 994
91,470
74, 250
530. 416
246
190
451, 663
437, 028
78, 507
62, 161
521, 450
309
306
445, 306
431, 371
75, 835
60, 263
369, 942
326
314
300,998
292, 721
68,618
50,845
174
MOTOR VEHICLES
Factory sales, total
Coaches, total
Domestic
Passenger cars, total.
Domestic
Trucks, total
Domestic
_
number. _
do
_ .-. -do
do
do
...do
do
do
do
do
19, 919
9,047
10, 872
23,604
10, 196
13, 408
21,578
10,884
10, 694
29, 700
16, 448
13, 252
31,433
18,195
13, 238
21,685
12,177
9,508
45, 725
24, 836
20, 889
37, 479
18,296
19, 183
30,254
14, 697
15,557
29,154
13, 210
15, 944
26, 794
11,519
15, 275
26,645
9,556
17, 089
_._do
do
..do ..
do
do
8,304
8,133
2,610
5,523
171
7,796
7,603
2,539
5,064
193
5,592
5,196
2,316
2,880
396
4,724
4,585
1,899
2,686
139
4,667
4,502
1,767
2,735
165
5,000
4,741
1,879
2,862
259
4,746
4,535
1,865
2,670
211
4,844
4,638
1,934
2,704
206
5,258
4,987
2,479
2,508
271
3,686
3,465
1,858
1,607
221
3,899
3,740
2,052
1,688
159
4,271
4,105
2,256
1,849
166
504, 697
82, 661
450,311
72, 596
413, 937
68, 659
340, 698
60, 694
369, 592
60,843
480, 731
72, 583
508,102
75, 332
520, 958
78, 209
596, 719
85, 858
474, 316
65,181
440, 312
64, 180
8,963
5,636
5, 631
3,327
6,574
4,173
3,912
2,401
4,752
3,169
2,873
1.583
5,101
3,815
3,658
1,286
4,041
3,014
2,947
1,027
4,826
3,796
3,793
1,030
4,195
3,138
2,981
1,057
3,658
2,513
2,028
1,145
2,683
1,263
1,230
1,420
2,051
955
705
1,096
2,450
990
837
1,460
2,958
1,600
1,208
1,358 j
2,348
1,338
807
1,010
715
560
46
42
736
422
44
44
712
398
27
26
686
384
29
17
690
405
40
22
636
374
59
36
572
330
64
44
541
314
41
26
500
285
44
30
502
316
65
34
450
291
52
25
587 '
448
42
22 ;
563
434
38
1,775
1,777
1,776
1,777
1,775
1,773
1,771
1,768
1,764
1,757
1,753
1,750 j
1,745
90
5.1
33, 159
15, 405
17, 754
92
5.2
30, 703
13,911
16. 792
88
4.9
27, 678
12,256
15, 422
91
5.1
23, 537
9,153
14, 384
94
5.3
20, 548
6,784
13, 764
98
5.6
16, 896
4,068
12, 828
104
5.8
13, 964
2,132
11,832
112
6.3
12, 169
1,214
10, 955
116
6.6
11,429
1,793
9, 636
118
6.7
10, 334
1,731
8,603
122
6.9
11,016
3,911
7,105
126
7.2
10, 232
4,403
5,829
123
7.0
11,785
4,952
6, 833
1,223
10.0
1,222
10.2
1,232
10.5
1,215
10.6
1,210
10.8
1,222
11.2
1,169
11.1
1,180
11.4
1,117
11.1
1.081
11.0
1.102
11.4
1.233
13.1
1,237
13.5
158
Exports total 9
Passenger cars 9
Trucks and busses 9
Truck trailers, production, total.
Complete trailers c?
Vans
All other cf_.
Trailer chassis
287, 557
397
385
221, 195 2 v .508,700
214, 913
65,965 3 v 90, 500
48,793
Registrations:
New passenger cars .
New commercial cars.
do
do
4,521
4,356
2,551
1,805
165
3
407, 844 P 383,376
71,254
66, 174
RAILWAY EQUIPMENT
American Railway Car Institute:
Freight cars:
Shipments, total
Equipment manufacturers, total
Domestic
.
Railroad shops, domestic
number. .
do
. . do
do
Passenger cars, equipment manufacturers:©
Orders unfilled, end of month, total*
Domestic
,
Shipments, total
Domestic
do
do
do
do
Association of American Railroads:
Freight cars (class I), end of month :§
Number owned
._
thousands
Undergoing or awaiting classified repairs
thousands. _
Percent of total ownership
Orders, unfilled
number .
Equipment manufacturers
do
Railroad shops
do
Locomotives (class I), end of month:
Steam, undergoing or awaiting classified repairs
number. Percent of total on line..
Diesel-electric and electric: Orders, unfilled
number of power units. _
628
659
571
486
521
365
300
170
124
133
99
115
number
37
63
46
37
33
26
57
46
36
42
34
39
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
number
_
. . _.. . do.
do
877
845
32
677
632
45
673
630
43
523
485
38
467
437
30
473
448
25
366
344
22
445
417
28
445
389
56
413
368
45
357
278
79
357
319
38
Exports of locomotives, totall
Shipments, total
Domestic...
Export
r
25
348
318
30
r
2
Revised.
Preliminary.
i Data cover a 14-week period; other data, 13 weeks.
Total based on 38 reporting States.
2 Preliminary estimate of production based on Ward's Automotive Reports. Production for preceding month: 236,600 passenger cars; 64,100 trucks,
i Re visions for 1952 are shown in the August 1953 SURVEY.
9 Oata exclude all military-type exports. Scattered monthly revisions for 1952 for motor vehicles will be shown later.
^Revised beginning 1952 to include production of converter dollies; data as revised are comparable with figures through 1951 shown in the 1953 issue of BUSINESS STATISTICS. Revisions
for January-September 1952 are shown in the December 1953 SURVEY.
©Excludes railroad shops except when noted.
*New series; monthly data prior to 1953 will be shown later.
§Not including railroad-owned private refrigerator cars.
IRevisod exports for May 1952, 41 locomotives.
•INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40Pages marked S
Abrasive paper and cloth (coated)
38
Acids
___
24
Advertising—
8
Agricultural employment
11
Agricultural loans and foreign trade
16,17, 21, 22
Aircraft and parts-..
2,11,12,14,15,40
Airline operations
,__
...
23
Alcohol, denatured and ethyl-.
__ _
24
Alcoholic beverages-.-..
_ _ _ 2,6,8,27
Aluminum
33
Animal fats, greases, and oils
25
Anthracite
_._
_ 11,13,14,15,34
Apparel
2,3, 4, 5, 6,8,9,10,12,13,14,15,38
Asphalt and asphalt products
-36
Automobiles
._ 2,3,8,9,11,12,14,15,16, 22,40
Bakery products.
_.- 2,12,13,14,15
Balance of payments
21
Banking
__
-_ 14,16
Barley__
_
_.
._
28
Barrels and drums
_.
.
32
Battery shipments—
._34
Beef and veal
29
Beverages
2,4, 6,8,12,13,14,15, 27
Bituminous coal
__
11,13,14,15,35
Blaat furnaces, steel works, etc
11,12,14,15
Blowers and fans
.-34
Bonds, issues, prices, sales, yields
_ - . _ _ _ _ _ _ 19,20
Book publication
37
Brass
-33
Brick
38
Brokers'loans and balances
__
16,19
Building and construction materials
8,9,10
Building costs
-7,8
Business incorporations, new
5
Business sales ana inventories
3
Butter
__
27
Cans (metal), closures, crowns
33
Carloadings
__.
23
Cattle and calves
29
Cement and concrete products
6,38
Cereals and bakery products
6,12,13,14,15
Chain-store sales (11 stores and over only)___._
10
Cheese
.
27
Chemicals
2,3,4, 6,12,13,14,15,18, 22, 24
Cigarettes and cigars
6,30
Civilian employees, Federal
12
Clay products (see also Stone, clay, etc)
6,38
Coal
_ - _ 2, 3, 6,11,13,14,15, 22, 23,34,35
Cocoa
-_
22,29
Coffee
._.-_
22,29
Coke.. — -_ 23,35
Commercial and industrial failures
.
5
Communications
_ - _ _ 11,13,14,15,19, 20, 24
Confectionery, sales
29
Construction:
Contracts awarded
,_
7
Costs
—»
7,8
Dwelling units
7
Employment, earnings, hours, wage rates-11,
Highways and roads
7,8,15
New construction, dollar value
— -.
1,7
Consumer credit
16,17
Consumer durables output, index
3
Consumer expenditures _ _ _ _
1,9
Consumer price index
5
Copper
—
22,33
Copra and coconut oil
__.
25
Corn
_
_
19,28
Cost-of-Kving index (see Consumer price
index).—— — --—
5
Cotton, raw and manufactures
2, 5, 6, 22,39
Cottonseed, cake and meal, oil
25
Credit, short- and intermediate-term
16,17
Crops
2,5,25,28,30,39
Crude oil and natural gas
._
2,3
Currency in circulation
18
Daity products
2, 5, 6,12,13,14,15, 27
Debits, bank
16
Debt, United States Government
17
Department stores
9,10,16
Deposits, bank
16,18
Disputes, industrial
13
Distilled spirits
27
Dividend payments, rates, and yields
1,18, 20
Drug-store sales
9,10
Dwelling units, new
7
Earnings, weekly and hourly. _.
14,15
Eating and drinking places
9,10
Eggs and poultry
2,5,29
Electric power
6, 26
Electrical machinery and equipment.
2,
3, 4, 5,11,12,14,15,18, 22, 34
Employment estimates and indexes
, _ 11,12
Employment Service activities
13
Engineering construction _ _ .
7,8
Expenditures, United States Government
17
Explosives
.___-25
Exports (see also individual commodities)
21,22
Express operations
23
Failures, industrial and commercial
Farm income, marketings, and prices
Farm wages
Fats and oils, greases
Federal Government finance
Federal Reserve banks, condition of
Federal Reserve reporting member banks
Fertilizers
Fiber products
Firelosses.- _
Fish oils and
fish
Flaxseed
.
Flooring
Flour, wheat
5
1, 2, 5,6
15
6, 25,26
17
_16
16
_ 6,25
34
8
25,30
26
31
29
Pages marked S
Food products
___
__._.
2,3, 4, 5,
6, 8, 9, 12, 13, 14, 15, 18, 22, 23, 27, 28, 29, 30
Foreclosures, real estate-_.
8
Foreign trade indexes, shipping weight, value
by regions, countries, economic classes, and
commodity groups. , „.
_ _ _ _ 21, 22
Foundry equipment
. _ _ _ ..
.
34
Freight carloadings
__
23
Freight cars (equipment)
, _ _ . ,__
40
Freight-car surplus and shortage_ _
23
Fruits and vegetables
5, 6, 22, 28
Fuel oil
35
Fuels
6, 34, 35
Furnaces
_ _ . _ _ , — _ _ _.
__ _
34
Furniture
2, 3, 4, 6, 9, 10, 11, 12, 14, 15, 16
Furs.
22
Gas, prices, customers, sales, revenues
5,, 6, 27
9,36
Gasoline
_Glass products
2, 11, 12, 14, 15,38
34
Generators and motors._
___
24
Glycerin
.
—
.-18
Gold___.
Grains and products
5, 6, 19, 22, 23, 28, 29
9,10
Grocery stores
1
Gross national product
1
Gross private domestic investment
_.
Gypsum and products
_ _ _ - _ 6,38
9
Hardware stores
.
,
_____.,.
Heating apparatus
, _ _ _ _ 11, 12, 14, 15, 34
Hides and skins
6, 22,30
Highways and roads
_7,, 8, 15
29
Hogs
8
Home Loan banks, loans outstanding-8
Home mortgages_
38
Hosiery
..
Hotels
—
11, 13, 14, 15, 24
12,13
Hours of work per week
—
,__
Houaefurnishings
.
. 5, 8,:, 9, 10
Household appliances and radios3, 6,, 9, 34
21,22
Imports (see also individual commodities)
1
Income, personal
— __
.—. _ _ _ ~
17
Income-tax receipts
.
Industrial production indexes
_
. 2,3
16,17
Installment credit
-__„-__
10
Installment sales, department stores
Instruments and related products- 2, 3, 11, 12, 14,15
34
Insulating materials
17,18
Insurance, life__ —
_
_
16
Interest and money rates
21,22
International transactions of the U. S
Inventories, manufacturers' and trade
3, 4,, 9, 10
Iron and steel, crude and manufactures
6, 18, 22, 32, 33
35
Kerosene
— -— .
13
Labor disputes, turnover.
11
Labor force
__
29
Lamb and mutton „
29
Lard
----33
Lead
2,
Leather and products __________ ----------- ..
3, 4, 6, 12, 13, 14, 15, 30,31
26
Linseed oil---------.. — ---- ___ ----- -------Livestock _____ _ _____ - _____________ 2, 5, 6, 23, 29
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit) __________ 8, 16, 17, 19
40
Locomotives ______ ....... -------- — ..... 36
Lubricants ____ _________ _ _ _ _ _ _ -------- , _ _ _ _
Lumber and products _________ _ ----------- ,_
2,
3, 4, 6, 9, 10, 11, 12, 14, 15, 18, 31,32
Machine activity, cotton____________, _ _ ---- 39
34
Machine tools ______ ---- _
------------------Machinery ____ 2, 3, 4, 5, 6, 11, 12, 14, 15, 18, 22,34
Magazine advertising______________________
8
Mail-order houses, sales ____________________ 10
Manufacturers' sales, inventories, orders _____3,4,5
Manufacturing production indexes __________ 2,3
Manufacturing production workers, employment, payrolls, hours, wages____, 11, 12, 13, 14,15
26
Margarine. ._____. ---- , _ . -------- ------ - — --Meats and meat packing. _ 2, 5, 6, 12, 13, 14, 15, 29
Medical and personal care_______________--5
Metals ____ 2, 3, 4, 5, 6, 11, 12, 13, 14, 15, 18, 32,33
24
Methanol
_ _ _ _ _ _ _______
_ _ _ _ _ _ _ _ ------------------_ _ _ _ _ _ _ _ _ _ _ _ _ _ _. _ _ ------____
27
Minerals and mining. 2, 3, 11, 13, 14, 15, 19, 20, 23
Monetary statistics __________________ —. _ _ _
18
18
Money supply ___________ ----------------Mortgage loans ______ ------------------- 8, 16, 17
23
Motor carriers _ ____________________________
Motor fuel_____________________.__ ------- 36
Motor vehicles_______________ ------ 4, 6, 9, 18,40
34
Motors, electrical-, _______________________ _
1
National income and product_______________
National parks, visitors ____________________ 24
National security __________ . _ ------ . -------- 1,17
Newspaper advertising _____ ------ _
--------8
Newsprint ___ _____________________ . -------- 22,37
19,20
New York Stock Exchange, selected data.
Nonferrous metals__-_ 2, 6, 11, 12, 14, 15, 18, 22,33
Noninstallment credit- ________________ _ .—
17
Oats_
28
Oil burners..-..-_
34
Oils and fats, greases
6, 25, 26
Orders, new and unfilled, manufacturers'
4, 5
Ordnance
11, 12, 15
Paint and paint materials
,_ 6, 26
Panama Canal traffic
.
23
Paper and products and pulp
2,
3, 4, 6, 12, 13, 14, 15, 18, 36, 37
Passports issued
.
,
24
Payrolls, indexes
12
Personal consumption expenditures
1,9
Personal income
1
Pages marked S
Personal saving and disposable income
_
1
Petroleum and products.
2,
3, 4, 6, 12, 13, 14, 15, 18, 22, 35, 36
Pig iron
,__„__
32
Plant and equipment expenditures_ _ .
2,19
Plastics and resin materials
__.
26
Plywood. _ _ _ _ _ _ _ _ _
„_
32
Population _ „ _
,
11
Pork
_____________
29
Postal savings
_
16
Poultry and eggs
.
2, 5, 29
Prices (see also individual commodities):
Consumer price index
5
Received and paid by farmers
5
Retail price indexes
.
,__
5
Wholesale price indexes6
Printing and publishing
2, 3, 4, 12, 13, 14, 15, 37
Profits, corporation
1,18
Public utilities
_.__
2, 6,
7,11,13,14,15,17, 18, 19, 20, 26, 27
Pullman Company
24
Pulp and pulpwood36
Pumps
._
34
Purchasing power of the dollar
6
Radiators and convectors.
34
Radio and television
3, 6, 8, 34
Railroads
._
-_
2,
11, 12, 14, 15,17, 18, 19, 20, 23, 40
Railways (local) and bus lines.____ 11,13,14,15, 23
Rayon and rayon manufactures
39
Real estate
8, 16,17,19
Receipts, United States Government
17
Recreation._„___
_.
5, 9
Refrigerators, electrical
34
Rents (housing), index
5
Retail trade, all retail stores, chain stores (11
stores and over only), general merchandise,
department stores
3, 5, 9, 10,11, 13, 14,15
Rice
.
28
Roofing and siding, asphalt
36
Rosin and turpentine
.
25
Rubber (natural, synthetic, and reclaimed),
tires and tubes
6, 22,37
Rubber products industry, production index,
sales, inventories, prices, employment, payrolls, hours, earnings
2, 3, 4, 6, 12,13,14,15
Rye_ — _
.__
.
28
Saving, personal-...
1
Savings deposits
16
Securities issued-.---.
19
Services1, 5, 9, 11, 13, 14, 15
Sewer pipe, clay
38
Sheep and lambs
29
Ship and boat building—
11, 12, 14, 15
Shoes and other footwear
6, 9, 10,12,13, 14,15
Shortening
„
26
Silk, prices, imports
_. 6,39
Silver
18
Soybeans and soybean oil
26
Spindle activity, cotton
39
Steel ingots and steel manufactures (see also
Iron and steel)
--_ 2, 32, 33
Steel scrap
.___
32
Stocks, department stores (see also Inventories)
10
Stocks, dividends, prices, sales, yields, listings20
Stone and earth minerals.
2,3
Stone, clay, and glass products—
2,
3,4,11,12,14,15,18,38
Stoves..
-_
__.__
34
Sugar
_
22,30
Sulfur. _.._25
Sulfuric acid
24
Superphosphate
25
Tea
...
30
Telephone, telegraph, cable, and radio-telegraph carriers
11, 13, 14, 15, 19, 20, 24
Television and radio
.
3, 6, 8, 34
Textiles.....
2,3,
4, 6, 12, 13, 14, 15, 18, 22, 38, 40
Tile___-___
38
Tin
22,33
Tires and inner tubes.----. 6, 9, 10, 12, 13, 14, 15, 37
Tobacco
2 , 3 , 4 , 5 , 6 , 8 , 9 , 12, 13, 14, 15, 22,30
Tools, machine
Tractors
Trade, retail and wholesale
34
34
.
3,
5,9,10,11,13,14,15,17
Transit lines, local
23
Transportation and transportation equipment
2,
3, 4, 5, 9, 11, 13, 14, 15, 18, 23, 40
Travel
24
Truck trailers..„
40
Trucks
2,40
Turpentine and rosin
.__
25
Unemployment and compensation
11,13
United States Government bonds
. 16, 17, 19, 20
United States Government
finance
17
Utilities
2, 5,
6, 7, 11, 13, 14,15,17, 18,19, 20, 26, 27
Vacuum cleaners
,
,
34
Variety stores
9, 10
Vegetable oils
25, 26
Vegetables and fruits
5, 6, 22, 28
Vessels cleared in foreign trade
23
Veterans' benefits
13,17
Wages and salaries
_ 1,14, 15
Washers
34
Water heaters
_
34
Wax
..-36
Wheat and wheat
flour
19, 28, 29
Wholesale price indexes-__
6
Wholesale trade.
3, 5, 10, 11, 13, 14, 15
Wood pulp
36
Wool and wool manufactures.__
6, 22, 39, 40
Zinc
33
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Volume 34
Survey Of Current Business
Numbers 1-12
1954 Index of Special Articles and Features
SPECIAL ARTICLES
Growth in Private Foreign Investments
Recent Business Population M o v e m e n t s . . . . . .
National Income and Product in 1953
Production and Trade in 1953
Foreign Transactions During 1953
Investment Programs and Sales Expectations in
1954
Structure and Trends of Wholesale Prices
Balance of Payments—Foreign Dollar Receipts
Maintained
The Recent Pattern of Consumption
Financing Corporate Business
Foreign Grants and Credits of the United States
Government in 1953
International Investment Position of the United
States
Size Characteristics of the Business Population. . .
Sales—Inventory Position of Retailers . . . . . .
No. Page
1
5
11
1
5
2
2
15
2
23
3
3
9
13
3
4
4
20
5
13
17
9
15
12
Manufacturers' Orders and Inventory Position . .
National Income: Revised Series, 1929-53 . . . .
Balance of Payments of the United States, 1919-53 .
State Income Payments in 1953
Farm Income and Gross National Product . . . .
Growth Characteristics of the Economy Illustrated
by the Chemical Industry
International Trade and Domestic Business . . . .
Foreign Grants and Credits, U. S. Government,
Fiscal 1954
Private and Public Debt in 1953
Foreign Investments and Income
State Distribution of Business Concerns
Financial Experience of Manufacturing Corporations
Business Equipment, 1929-53—Measures of Purchases, Depreciation, Retirements, and Stocks . .
No.
6
7
7
8
8
Page
17
3
10
9
18
9
9
10
15
10
10
11
11
7
13
6
14
12
13
12
18
FEATURES
National Income Trends
The Business Situation Throughout 1953
Inventory Developments
Hours of Work and Changes in Payrolls
The Trend of Personal Income C o m p o n e n t s . . . .
National Income and Product—A Review of the
First Quarter
Consumer Credit Contraction
Business Capital Investment in Third Quarter of
1954. . . . .
U. S. Balance of Payments Reflects Economic Improvement Abroad
National Income and Product—A Review of the
Second Quarter
Foreign Countries Earn $2.5 Billion From United
States Military Outlays in 1953
Plant and Equipment Investment in 1954
Corporate Financing
Government Expenditures and Income
National Income and Corporate Profits
National Income and Product—A Review of Third
Quarter Business
Capital Outlays in the First Quarter of 1955 . . .
Recent Trends in Consumption
United States Foreign Business Dips During Third
Quarter
8
9
9
9
10
11
12
12
12
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