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1947
SURVEY OF
ii
:i§M"M^-:J>J
CURRENT
BUSINESS
\;
•
Annual Review Number
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
Survey of
CURRENT
BUSINESS
VOLUME 27, No. 2
FEBRUARY
r
Statutory Functions: "The Bureau of Foreign and Domestic Commerce... "
*
to foster9 promote, and develop the foreign and domestic commerce of
b the United States" [Law creating the Bureau Aug. 23,1912 [37 StaU 408].] J
Contents
Page
THE ECONOMY IN RECONVERSION—A REVIEW OF 1946
National Income and National Product
Wholesale and Retail Prices
Labor Force and Employment
Manufacturing Output
Agricultural Production
Construction Activity
Domestic Transportation
Retail Sales
Foreign Trade
Financial Developments
Key Business Statistics
STATISTICAL DATA:
New or Revised Series
Monthly Business Statistics
Statistical Index
1
5
11
13
15
18
20
22
24
27
29
Outside back cover
•
31
S-l
Inside back cover
fl 1 1 O t C — C o n t e n t s of this publication are not copyrighted and |
A. may be reprinted freely. Mention of source will be appreciated Jr
Published by the Department of Commerce, W. AVERELL HARRIMAN, Secretary—Office
of Business Economics, AMOS E, TAYLOR, Director.
Subscription price $3 a year;
Foreign $4. Single copies, 25 cents. Make remittances direct to the Superintendent
of Documents, United States Government Printing Office, Washington 25, D. C.
1947
GROSS NATIONAL PRODUCT
The Economy
in
Reconversion
CONSUMER EXPENDITURES
ter
A Review of 1946
GOVERNMENT EXPENDITURES
y
GOODS AND
SERVICES
By the
Office of Business Economics
84
over 1946 it
the
LOOKING backconditions. Thecan bethesaid that year
economy weathered reasonably well
first full
of adjustment to peacetime
total national output
PRIVATE CAPITAL FORMATION
was lower than in 1945, though the trend was upward from the low
point reached early in the year under the initial impact of reconversion. Withdrawals of both a permanent and temporary nature
shrank the labor force from the abnormally high war levels so that
unemployment did not represent a major problem even in the early
months of the year.
The reduction of the abnormally high rate of personal savings
of the war years enabled the flow of goods into consumption to increase as output of civilian type goods was expanded, even though
the abandonment of price controls in the latter part of the year
meant that these goods were being offered at sharply advanced
quotations.
With the sweeping away of price controls, except those on residential rents, sugar, and rice, the last of the major economic
restraints imposed during the war was removed. By the end of
1946, therefore, market forces had been returned to their traditional
role of guiding output and distributing both the factors of production and the product of industry.
1940
COMPENSATION OF EMPLOYEES
j PROFITS, INTEREST AND RENTS
0
50
100
150
BILLIONS OF DOLLARS
730394—47
200
Demand Pressure Strong
From the outset of 1946, businessmen proceeded upon the assumption that rising sales to the enlarged civilian population and
increasing profits were ahead. This was evidenced equally by the
aggressiveness with which capital expenditure plans were pushed
and the eagerness with which bidding proceeded for the available
goods. These expectations, with but few exceptions, were realized.
In the final months of the year, the culmination of the sellers' market was reached, with the sharpest mark-up of prices for any
similar period in history.
1
SURVEY OF CURRENT BUSINESS
Throughout the year, as earlier during
the all-out war effort, the underlying
economic pressures were on the side of
demand. These pressures continued to
find their source in the current and pentup requirements of the civilian economy,
but the pressures gradually lessened as
they were no longer reinforced by the
urgent needs of the fighting forces.
Thus, the major problem during this year
16
15
14
13
12
42
38
34
30
of transition continued to be one of production, but within the special setting
and requirements of reconversion. The
insistent nature of demand gradually—
and then rapidly—diminished as the increased flow of goods at higher prices
quickly cut the rate of savings from current incomes and caused a reappraisal
by consumers of both their needs and
ability to buy. When this point was
reached, the impetus of the price advance
was in large part lost.
INCOME PAYMENTS
6
The year saw the reorganization of reTO INDIVIDUALS
sources and the refilling of pipe lines to
.(BILLIONS OF DOLLARS)
permit the resumption of production in
industries formerly turning out munitions. The steady uptrend of output in
this area was accompanied by the already high and, in many instances, still
rising rates of output in other economic
sectors less directly involved in reconversion tasks. The result was an annual
aggregate of production which, while
considerably lower in physical terms
than the output of the war years, was
nevertheless well above the output in the
prewar year 1941.
M 1 M 1 M II I 1 I I I i I 1 i M I i
It is not possible, of course, to make
any precise comparison with the prewar
years, but the approximate increase in
BUSINESS
total real output over 1941 was about
INVENTORIES
one-fifth. Production was better bal(BILLIONS OF DOLLARS)
anced in 1941 in relation to consumer
needs, since in that earlier year distortions associated with preparing for war
were not especially important.
The price rise, however, raised the 1946
value of output to within 3 percent of
the 1945 total and to 61 percent more
than in 1941.
Expansion Resumed
Last year's annual review described
26
how the economy was quick to muster
strength after the sudden end of the
war and
22 1 It I 1 1 1 1 I 1 I 1 1 I I 1 I 1 1 1 1 1 the subsequent large reduction
in military procurement. The upsurge
of industries formerly held down by war350
time shortages, continuance of relatively
MANUFACTURERS'
high activity in plants undergoing reSHIPMENTS
conversion, the emergence of heavy backJlNDEX, 1935-39 = 100)
300
log demands—these and related factors
served to offset a large part of the sharp
contraction in the Government sector.
By early 1946 it was possible for the ex250
pansionary forces to assume a dominating role in the economy. Further cutbacks made in Government procurement
200
after that date were more than offset by
the continued advance in other sectors.
Nonagricultural employment advanced
150
steadily and by the end of the year was
5 million larger than at the end of 1945
and some 4 million larger than in early
100
t I j'i 1 1I I T i l l H I I I 1 1 t i l l
1945 when war production was at a peak.
Monthly income payments also moved
upward during 1946 to top earlier highs.
1945
1946
It may be noted, however, that important
0 SEASONALLY ADJUSTED
February 1947
components of the income and employment totals—such as those components
related to activity in durable goods manufacturing—remained below wartime
levels.
The trends of these and other indicators of business activity are illustrated
in the charts accompanying this introductory section.
The rise in unemployment during reconversion was limited by the strength of
the recuperative forces in the economy
and by the large-scale withdrawal from
the labor force of war-induced entrants—mostly women, but including a
substantial number of veterans taking
advantage of the educational benefits afforded under the GI bill of rights. In
early 1946, a total of 2V2 to 3 million
persons were reported by the Bureau of
the Census as without jobs and actively
seeking work. At the same time the
number of veterans temporarily delaying
their return to the labor market was in
the neighborhood of l 1 ^ million. This
gave a combined total of 4 to 4y2 million
workers who could be placed in the category of normally seeking employment.
Between July, 1945, and February,
1946, there was a reduction of approximately 8 million in the total labor force.
This shrinkage included the withdrawal
of veterans and war workers, as noted
above, and the normal seasonal decline
from the July peak. Small additional
war wo*rker withdrawals after February
were more than offset by the normal
growth of the labor force and by the
return of veterans who had been resting.
Aftermath-of-the-War Influences
Aftermath-of-the-war influences permeated all phases of economic activity
during 1946. The major developments
on the production front, the labor front,
the price front, and the demand front,
were not so much characteristic of a period of general business expansion such
as occurs in the rising phase of a normal
business cycle as they were peculiar to
this particular period of rapid transition
from an economy long mobilized for war
production to an economy being geared
to full-scale peacetime o p e r a t i o n s .
While many adjustments incident to this
transition had been worked out by the
end of the year, others remained to be
resolved before the economy could be
said to be restored to a more or less
normal peacetime footing.
Imbalance in Input-Output Relations
In the production sphere, for example,
the fact that the economy was in a
transitional stage was evident in the imbalance between the output of finished
goods and the input of labor and raw
materials in the durable goods indus-
SURVEY OF CURRENT BUSINESS
February 1947
tries. This imbalance was particularly
marked during the early months of last
year while supply lines were being built
up and arrangements were being made
for a steady flow of parts and subassemblies. Until such preliminary activities
had been completed, there could be only
a trickle of finished goods output from
the former munitions plants.
The input-output imbalance tended to
be corrected as the year progressed, but
the correction was by no means completed when the new year was ushered
in. Plant operations continued to be
interrupted by temporary shortages of
materials in heavy demand or by the
uneven flow of components—work stoppages resulting from industrial disputes
were often an indirect if not a direct factor in such interruptions. Moreover, as
long as output in some mass production
industries was still in a rising phase, it
was necessary for the allocation of the
input factors to be weighted in favor of
the earlier rather than the later stages
of production.
The experience in the automobile
industry illustrates this situation.
Throughout most of 1946 employment in
this industry was considerably above the
level in a prewar year such as 1940.
Nevertheless, in no month of last year
did the combined rate of production of
passenger cars and trucks attain the
peak monthly rate of the earlier year,
nor did the increase in the production
of replacement parts account for this
disparity. This experience was not a
case of a setback in technological progress or a misdirection of productive
efforts, but was essentially a transitional
phenomenon characteristic of any major
change-over in final product output. It
was, of course, aggravated by the fact
that other industries were in a comparable situation. The usual input-output
measures of productive efficiency are not
applicable under such conditions.
25
STRIKES
(MILLIONS OF
MAN-OAYS IDLE)
20
15
-
10 -
5
0
M i l 1 1 1 I! 1 1 1 111
1945
1946
Industrial Disputes Reach High Point
On the labor front, as well, the major
developments were in the nature of adjustments to the changed environment
following the liquidation of the war
economy. The widened area of industrial disputes in the early months of the
year was, to some extent, a repetition of
the experience after World War I.
As shown in the chart, man-days idle
as a result of strikes and lock-outs rose
to a high point in February of last year
when the idle time amounted to about
4 percent of total working time in manufacturing. This estimate, however, does
not include time lost because of the secondary effects of work stoppages.
Postwar Changes Create Wage Problem
50
48
.(MILLIONS OF PERSONS)
46
44
42
4 0
10
IIIil Ii l l I1 I I I i]i 1 [Ii I
RETAIL SALES 0
(BILLIONS OF DOLLARS)
The 1946 wave of labor-management
controversies was initiated soon after
VJ-day when cuts in wage earnings consequent upon the reduction in hours and
shifts in employment from "war" to
other occupations—at a time when the
cost of living was being maintained—
gave rise to a widespread demand for
general wage increases. The ensuing
work stoppages affected the basic steel
industry, major segments of the automobile and electrical machinery industries,
and many others.
The mid-February settlement in steel,
at which time a new wage-price policy
was issued by Executive order, established the pattern of wage adjustments
for the large manufacturing concerns
and resulted in upward adjustments
throughout industry. However, the wave
of work stoppages did not recede to much
lower levels until after the shut-down at
the soft coal mines during April and part
of May was followed by the crisis in rail
transportation. Fortunately for the
economy, the rail strike was quickly terminated. Another crisis was averted in
December when the bituminous coal
mines—which were under Government
operation—were reopened after the November shut-down. This threat to the
economy was terminated when the Government resorted to court procedures.
The outcome of the postwar wage adjustments was that from the war peak
reached in the first quarter of 1945 to the
final quarter of 1946 average hourly earnings in nonagricultural employment were
raised about 11 percent and average
weekly earnings about 4 percent. The
increases were considerably less than
average in industries where overtime was
important during the war, and considerably above average elsewhere. In nonmanufacturing industries, for example,
1
both weekly and hourly earnings advanced about 15 percent, on the average.
NONAGRICULTURAL
EMPLOYMENT
5
150
1 I I II 1 I I i I i I I i i i i h I I M
WHOLESALE
PRICES
140 .(INDEX, 1926 = 100)
130
120
no
Ioo
1945
1946
9 SEASONALLY ADJUSTED
The sweeping price rise after the elimination of price controls outstripped the
advance in wages and impaired purchasing power to the extent that concern was
being expressed at the year-end as to
whether the then existing wage-price
relationships would permit a satisfactory
solution to the emerging problem of assuring adequate markets to sustain high
production and employment in the period
SUKVEY OF CURRENT BUSINESS
ahead. It is evident that the post-decontrol advance in prices received its major
impetus from demand rather than cost
factors. This is most clearly seen in the
rise in farm prices. Higher prices of materials, as well as higher wage rates, often
meant higher costs for business firms.
Cost increases were, of course, a major
factor in the rise of many manufactured
products.
Transitional Influences Bolster Demand
A third area where the effects of transitional influences were apparent was in
the field of consumer and business buying. The consumer market was supported by the needs of the large number
of returning servicemen and by the appearance of heavy backlog demands for
goods largely unavailable during most of
the war years. By the year end much of
the backlog demand was still unsatisfied,
although it was being steadily whittled
down by the rising curve of prices as
well as by the mounting output of goods
formerly hard to get.
In the aggregate, the distribution of
consumer incomes as between expenditures and savings for the year as a
whole was about in line with prewar
relationships. Toward the end of the
year, however, this relationship was being disturbed by the price rise. Furthermore, as pointed out in detail in a later
section, spending for durable goods and
consumer services throughout 1946 was
below the amounts indicated by the prewar relationship and spending for nondurables was considerably above the indicated volume. Much of the aboveaverage spending in the latter category
occurred in food where price increases
were particularly outstanding.
The existence of pent-up demands resulted in considerable price pressure on
consumer durable goods but did not result in any spending "bulge," since these
goods remained in short supply through
the year end. It was the latter fact
which permitted consumers to divert
more than the usual share of income to
nondurable goods purchases.
This
source of funds for diversion will be
gradually wiped out as durables appear
in greater supply.
Large Inventory Requirements
The rate of business buying during the
reconversion period was augmented by
the need for rebuilding inventories at all
stages of production and distribution.
This need was not merely a consequence
of the bare shelves, empty stock bins, and
unfilled pipe lines, which were a legacy
of the general shortages during the war.
Large-scale inventory rebuilding was
necessary in the reconversion industries
where war stocks had been liquidated and
materials and supplies had to be re
200
180
Finally, the demand for domestically
produced goods was augmented during
1946 by the pressing relief and rehabilitation needs of war-devastated areas.
A significant share of total exports was
financed through unilateral transfers of
various types, including funds made
available to the United Nations Relief
and Rehabilitation
Administration,
through Government-extended credits,
and through the drawing down of foreign-owned gold and dollar balances.
STOCK PRICES
402 COMMON STOCKS
_(1NDEX, 1935-39 = 100)
160
140
120
loo
1945
February 1947
1946
stocked as a preliminary to the resumption of civilian production.
Considerable inventory replenishment
was accomplished during 1946, with the
build-up of stocks accelerating after
mid-year. By the year end, the total
book value of business inventories—in
the hands of manufacturers, wholesalers, and retailers—had been raised to
34.9 billion dollars as compared with 26.4
billion dollars a year earlier. A substantial portion of the increase reflected
higher prices.
The over-all inventory-sales relationships at the end of 1946 suggested that
the market prop afforded by inventory
buying was not likely to be eliminated
immediately and on a wide scale. While
top-heaviness was apparent in a few
lines, shortages still persisted in many
others. Nevertheless, the rapid rate of
accumulation was itself evidence of
adjustment ahead.
Capital Outlays Expand Rapidly
The rate of business buying in 1946
also was augmented by expanded outlays
for plant and equipment purchases.
Pent-up demands were heavy in this field
because of the restrictions on construction during the war and because of the
difficulty of securing machinery not essential to munitions production. Thus,
business outlays for these purposes rose
sharply after the end of the war, from an
annual rate of about 6 billion dollars in
the second quarter of 1945, to 14 billion
dollars in the final quarter of 1946.
Residential construction is another
area where deficiencies carried over from
the war—and, in this case, from the prewar period, as well—resulted in a spurt
in activity following VJ-day. While the
buying strength in this sector is clearly
of the aftermath-of-the-war character,
it is certain to prove of longer duration
than the other bolstering influences previously noted.
Price Rise
Clearest evidence of the combined
strength of the demand forces was provided by the rapid rise in prices during
1946, particularly during the last half of
the year when price controls were removed. The full-year rise amounted to
30 percent at wholesale and 18 percent
in the consumers' price index, on the
basis of the BLS indexes. The magnitude of the price increases provided an
indication of the extent to which the
former ceilings had held prices below the
levels that would have been established
in a free market, though the elimination
of previously paid subsidies was a factor
in the rise in some commodities. In all
cases the price advances meant a higher
payment for the buyer; to the extent
of the subsidies, it did not always mean
that the yield to the seller went up correspondingly.
The important points to be noted
about the price rise are these:
1. The increase was general, although
the largest percentage gain occurred in
foods, with the increases in hides and
leather and in textiles coming next in
order of size.
2. The broad price movement was upward through the year end, despite a few
declines such as the break in the raw cotton market in October.
3. The increase inevitably resulted in
an impairment of consumer purchasing
power since, aside from the portion of
the added income which was siphoned
off in larger tax payments or in retained
corporate earnings, the incomes of many
large consumer segments did not move
up in line with the advance in prices.
Stock Market Reversal
The accelerated price rise in the second half of 1946—which lifted farm income and over-all business profits above
earnings in any previous period—did
not have a counterpart in the stock
market. Almost coincident with the
rise in commodity prices, stock prices
took a sharp downward turn.
This decline was one of the developments which was interpreted by business as a danger signal. Together with
the increasingly general recognition of
SUEVEY OF CURRENT BUSINESS
February 1947
the temporary character of some of the
current market demands—notably that
for rebuilding inventories—and the increasing degree of consumer resistance
to steeply higher prices, as well as a
growing distaste for low-quality merchandise, the price decline in stocks undoubtedly was a factor in the shift in
buying psychology from the bright
green, which shone throughout the first
half of the year, to the amber which
was very clearly seen by buyers at the
end of the year.
Sellers' Market on the Way Out
While there is considerable uncertainty as to how soon the temporary
supporting influences will disappear, it
is nevertheless apparent that with the
improved flow of goods and the elimination of some of the most urgent backlog
demands, the sellers' markets of recent
years are already on the wane.
Evidences of the change have been
widespread, though the major manifestation late in 1946 was in luxury lines
where very considerable adjustments
were possible without impairing the real
standard of living. In furs, in jewelry,
at winter resorts, and at the race tracks,
business was down, even though it was
still high by any standards except those
of the peak war period. With real purchasing power falling rapidly in the final
months of the year—particularly for
those who are not major patrons of the
luxury trades—it was necessary for adjustments to be initiated beyond this
select circle. Thus, spending upon some
of the day-to-day requirements was
being curtailed.
From the standpoint of producers and
sellers of goods and services, cost-price
relationships at the end of the year were
yielding, by and large, a margin of profits
in line with those in other years of high
business activity. While profit experience varied considerably during 1946,
this variation was largely a consequence
of the comparative ability of various industries to supply the market. The reconversion industries during much of
the year generally were unable to do
so, and it was not until the final half
year that such industries raised production up to a point where substantial
profits were again being generated.
In sum, it was apparent at the end of
1946 that the second phase of the postwar readjustment of the economy—getting over the reconversion hump—had
been passed. The free spending psychology was on the wane at the same time
that the temporary general production
and market conditions which delayed the
attainment of efficient production in
some industries were also being corrected.
This meant that pressures being built up
would again focus the energies of the
country toward accelerating the efficiency of production, and assuring the
consumer more value for his dollar.
Balancing Output With Demand
With the prices at the year-end already
cutting sharply into the purchasing
power of some of the major consumer
segments, the question that confronted
the economy was whether the increased
quantity of final products could be absorbed through purchasing power adjustments without necessitating a decline in
the over-all volume of production and
employment. Fundamentally, the question posed was one of income-price-cost
relationships and not of lack of apparent
business opportunities. The backlog carried over from the war was of sufficient
size and potency, and the available financial resources were so great, as to make
possible a sustained high level of operations for the economy for an extended
period. The developing imbalances
nonetheless carried the threat of a temporary setback. The general recognition
of these difficulties was a healthy
development since it meant early, rather
than late, stock-taking and possible constructive action.
Production in 1947 could very definitely
advance to higher levels. The flow of the
final products to consumers could be expected, on the basis of the production
outlook, to be some 10 percent larger than
the rate of flow in the final months of
1946. The objective for total production—including intermediate products
such as inventories—implies not quite so
large an increase in relative terms because production will be better balanced
than in 1946.
There is as yet, however, no answer as
to whether inventory accumulation, a
very dynamic factor in late 1946, will
taper off gradually, or whether accumulation will proceed to such a high point
that a violent correction will then ensue.
Nor is there yet an answer to what will
happen to the consumption pattern as
the enlarged flow of durable goods challenges the abnormally high volume of
consumer nondurable goods expenditures relative to incomes, which was the
outstanding feature of the sales picture
in late 1946.
National Income and National Product*
The gross national product, which had
dropped rapidly with the end of the
war, turned upward after the first quarter of 1946. (See Chart 1.) The dollar
total for the year of 194 billion dollars
was lower than in 1944 and 1945, but the
fourth quarter seasonally adjusted annual rate of 205 billion dollars approxilf
The product and income tables are presented in abridged form in this issue; more
detailed estimates will be published in a
subsequent issue, together with a general
revision of the series. The present estimates
represent an extension of those published in
the February 1946 issue.
mated the wartime peak reached during
the first half of 1945. The gross national product represents the total output of final goods and services at market
prices, and inclusive of government services.
In real terms, however, the output of
the economy as a whole in 1946 was considerably lower than in the war years.
In view of the shifting nature of the
product exact comparisons are not possible, but the reduction approximated
one-seventh. In comparison with 1941,
however, there is an increase of about
one-fifth, reflecting the higher level of
employment and the more productive
utilization of resources in the economy.
Divergent Movements
As the year opened, the rapid decline
in Government expenditures was tapering sufficiently to be about offset by the
unprecedented expansion of capital formation and consumer expenditures. By
the second quarter, the volume of output was on the upgrade, though the
change in the national product for this
period was slight. The rise in the dollar
6
SURVEY OF CURRENT BUSINESS
totals reflected the beginning of the
price rise.
With the lapse of price controls on
July 1 and their partial reinstitution and
subsequent abandonment, prices jumped
sharply, and the national product measured in current dollars likewise increased
rapidly in the third and fourth quarters.
In fact the increases in current dollars
in these two quarters approached those
during the 1942 conversion to war production, the most rapid period of expansion in the Nation's history.
Composition of Product
While the size of the national product
in current dollars now is unprecedented
except during the War, the composition
in terms of three broad categories follows the prewar pattern more closely
than might have been expected. In prewar years consumer goods and services
approximated two-thirds of the gross
product, government expenditures for
goods and services one-sixth and private
gross capital formation one-sixth. In
the second half of 1946 the seasonally adjusted figures show consumer expenditures almost exactly two-thirds of the
gross product, Government expenditures
slightly less than one-sixth and capital
formation slightly more than one-sixth.
That Government expenditures for
goods and services are actually less than
their prewar proportion of total product
may seem strange in view of the size of
the Federal budget, but this is because a
large part of current Federal expenditures are in the form of loans and transfer payments rather than of payments
for goods and services.
Coincidence of the proportions for the
three broad categories, however, should
not be interpreted to mean that a normal
balance has been restored in the economy. Within the three categories there
are still imbalances which stand out
prominently.
February 1947
Chart 1.—Gross National Product
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
280
280
GOVERNMENT EXPENDITURES FOR GOODS AND SERVICES
PRIVATE GROSS CAPITAL FORMATION
240
240
I CONSUMER EXPENDITURES FOR GOODS AND SERVICES
200
200
160
160
120
120
80
80
40
40
1939 40
41 42 43
44
-ANNUAL TOTALS
45 46
—1945
*. *
1946
>
QUARTERLY TOTALS, SEASONALLY
ADJUSTED, AT ANNUAL RATE
Source of data: U. S. Department of Commerce.
Construction Moves Up
the large government loans which were
granted to finance international transBoth residential and other private conactions. Such loans were a potent factor
struction went forward at a rapid rate
in the market demand from abroad for
in the first two quarters of 1946. By
final products, and these goods and servmid-year, however, the volume of projices show up in the net exports when
ects under way was too great relative to
classified in the gross national product
the volume of production and stocks
figures.
of building materials, and in the last two
In contrast to the Federal Government,
quarters the seasonally adjusted rate of
State and local government expenditures
construction activity showed more modfor goods and services not only increased
est gains.
but increased more sharply than revThe dollar total of 8 billion dollars
enues. Needless to say, the magnitudes
for new private construction in the year
involved were much smaller than for
Shift in Government Sector
equalled the level of the 1920's and exthe Federal Government.
ceeded by half the total for 1941. With
Government expenditures for goods
the higher construction costs of 1946,
Capital Outlays Double Prewar
and services declined sharply during the
however, the real volume of activity was
Private capital outlays, including confirst three quarters of the year and levfar lower than in the 1920's but may have
eled off in the fourth quarter. The de- struction, purchases of machinery and
slightly exceeded the total for 1941. Alequipment, changes in business invencline was confined to "war" expenditures,
though new private construction contories and foreign investment, totaled 32
which at annual rates dropped from 24
stituted only 4 percent of the gross nabillion dollars in the first quarter to 10 billion dollars for the year as a whole—a
tional product for the year, compared
record high, more than three times the
billion in the fourth quarter.
with 9 percent in the 1920's, the industotal for 1945. The seasonally adjusted
In total, the Federal Government had
annual rate in the latter half of the try made a good start toward the high
after seasonal adjustment a substantial
post-war level clearly required by the
year of 37 billion dollars is about double
excess of expenditures for goods and
enormous back-log of demand.
the dollar total in the best prewar years
services plus transfer payments to indiof 1929 and 1941. This is a dollar
viduals during the first half of the year,
Producers' Equipment at High Level
amount capable of providing an investbut an even larger excess of receipts durPrivate expenditures for producers'
ment outlet for a very large volume of
ing the second half. However, the Govdurable equipment totaled 13 billion dolindividual and corporate savings as well
ernment did not exercise such a deflalars in 1946, practically double the 1945
as reinvestment of depreciation and
tionary impact upon the economy as
total of 7 billion dollars. The year-end
other business reserves.
might be inferred from this because of
February 1947
level of more than 15 billion dollars was
at least 50 percent higher than in any
previous year.
Most types of equipment participated
in this unprecedented rise, including
trucks, business passenger cars, most
types of machinery and such miscellaneous items as office furniture, store
fixtures, and hand tools. Machine tool
output, however, was held down by Government surplus sales, and farm machinery by prolonged strikes.
Inventory Accumulation Spurts
Business inventories, which were low
in relation to sales at the end of the war,
responded to the pressure to make up
this deficit by advancing sharply during
1946. During the three postwar quarters through mid-1946, inventory accumulation proceeded at a high rate,
though partially obscured by the large
transfers of inventories to the Government through liquidation of war contracts. After July 1, inventories accumulated at the most rapid rate on record
with the possible exception of a short
period just prior to the 1920 break.
Estimates of the extent to which increases in book values of inventories reflect replacement of essentially the same
goods at higher prices and the extent to
which they represent increased quantities of goods on hand are liable to more
than the usual error in this year of violent and selective price changes. The
figures that have been arrived at are
shown in table 1.
For the year as a whole, the book value
increase was 10 billion dollars, of which
3*72 billion dollars was estimated to represent price mark-ups and 6V2 billion
dollars real accumulation. The real increase was at a seasonably adjusted rate
of 4 billion dollars in the first half of
the year and 9 billion in the second half.
This estimated 9 billion dollar real annual rate in the July to December period
constituted one-fourth of private gross
capital formation and 5 percent of the
entire gross national product. While
over-all inventories are still deficient in
relation to the expanded rate of current
sales, the deficit is being made up rapidly.
Foreign Balance
Net exports of goods and services, excluding unilateral transfers such as
"straight" lend-lease and UNRRA for
which repayment was not expected,
reached a total of 5 billion dollars in 1946.
This compares with an average of 1 billion dollars in the 1920's, much smaller
figures during the 1930's and negative
amounts at the peak of the war effort in
1943 and 1944.
SURVEY OF CURRENT BUSINESS
Consumer Expenditures Up 20 Percent
Consumer expenditures for goods and
services amounted to 127 billion dollars
in the first postwar year, 20 percent
above 1945 and 70 percent higher than
in 1941. This, the largest component of
the gross national product, has now had
an unbroken rise since the recession of
1938. The greater part of this sustained
rise represents higher prices, which have
risen every year since 1939. The real
value of consumer expenditures, however,
has increased more than 20 percent over
the 5-year period since 1941.
Table 1.—Gross National Product or Expenditures: Annual Totals and Seasonally
Adjusted Quarterly Totals at Annual Rates J
[Billions of dollars]
1945
1946
Item
I
Gross national product or expenditure
Government expenditures for goods and
services
Federal government War
Nonwar
State and local government
Output available for private use__~
Private gross capital formation
Construction.- _ _ _ _ _ _ _ _ _ _2_
Producers' durable equipment
Net change in business inventories._
Net exports of goods and services 3_. _
Consumers' goods and services
Durable goods
_
_
Nondurable goods
Services 4
II
III
IV
Total
I
II
III
IV
Total
205.1
208.2
198.2
185.2
199.2
183.7
190.2
196.6
204.7
194.0
96 5
88.7
82.9
58
99 8
92.0
85.7
63
81 0
73.1
66.4
66
57 2
49.3
42.6
6 7
7.8
7.9
7.8
108.6
3.6
1.8
5.2
-2.5
Q
105*. 6
7.4
65.0
32.6
108.4
6.6
2.2
6.1
117.2
11.2
2.8
6.7
.3
1.4
101*. S 106.0
7.4
7.1
61.5
65.1
33.2
33.5
8.0
128.0
15.0
3.6
8.3
.8
2.4
113.0
9.0
70.6
33.3
34 7
83 6 39 6 36 7 31 3 30 8
25.2
20.3
75.8
31.1
27.7
21.5
10.0
16.2
69.4
23.8
19.2
12.0
73
95
10 3
63
86
89
7 9
9.8
10.5
9.5
8.5
9.0
115.5 144.1 153.5 165.3 173.9 159. 3
32.1
37.9
23.1
9.1
31.4
35.7
7.9
8.8
6.5
2.6
8.0
8.3
12.8
15.6
9.5
6.6
12.0
14.0
6.5
9.7
3.4
-.6
4.0
8.6
4.9
3.8
3.7
.5
7.4
4.8
106.4 121.0 122.1 129.6 136.0 127.2
14.1
16.7
11.7
7.7
13.1
15.0
78.3
81.8
77.3
65.6
75.1
74.0
34.2
36.3
33.1
35.0
37.5
35.8
1
Detail will not necessarily add to total because of rounding. Annual totals are not necessarily the average of the
seasonally adjusted quarterly figures.
2
Figures for 1945 and 1946 are based on new sources and are not precisely comparable to prior years.
3
Includes net exports and monetary use of gold and silver.
4
Includes expenditures of military personnel abroad, in billions of dollars, as follows: 1945: 0.9,1.2, 1.0, 0.5; 1946:
0.5,0.4,0.4,0.4.
Table 2.—Income Payments by Major Segments: Annual Totals and Seasonally
Adjusted Quarterly Totals at Annual Rates 1
[Billions of dollars]
1945
Item
Total income payments to individuals
Total wages and salaries
Private^
Government
Entrepreneurial income
Agricultural
Nonagricultural
Interest and net rents
Dividends
Transfer payments 2
Miscellaneous income payments 3
163.7
115.1
85.2
29.8
26.3
13.3
13.0
11.4
4.6
5.9
.6
1
Detail will not necessarily add to totals because of rounding. Annual totals are not necessarily the average of the
seasonally adjusted quarterly figures.
2 Includes social insurance payments, veterans' benefits, mustering out pay, government contributions to dependents
of 3enlisted personnel.
Includes military retirement,private pensions and compensation for injuries.
Table 3.—National Income and Disposition of Income Payments: Annual Totals and
Seasonally Adjusted Quarterly Totals at Annual Rates x
[Billions of dollars]
1945
1946
Item
I
II
III
IV
Total
I
II
III
IV
167.6
166.2
158.4
150.7
161.0
152.9
158. 5
169.4
177.5
165.0
Income payments to individuals
163. 7 163. 2
21.7
Less: Personal tax and nontax payments.. 22.1
19.6
20.0
Federal
21
State and local
Equals: Disposable income of individuals. 141.6 141.5
105. 0 101.8
Less: Consumer expenditures
36.6
39.7
Equals: Net savings of individuals
158. 6
20.7
18.6
21
137.9
106.0
31.9
157. 0 160.8 156.7 160. 6
21.2
18. 6 18.7
20.1
19.0
16.4
16.6
18.0
2 1
2 1
21
136. 9 139. 6 138.1 141.9
113.0 106. 4 121.0 122.1
19.8
17.1
23.9
33.1
167.8
19.4
17.2
2.2
148. 4
129.6
18.8
173.4
19.8
17.7
2.2
153. 6
136.0
17.6
165.1
19.1
17.0
2.1
146.0
127.2
18.8
National income
1
Detail will not necessarily add to totals because of rounding. Annual totals are not necessarily the average of the
seasonally adjusted quarterly figures.
SUEVEY OF CUEEENT BUSINESS
In relation to disposable income total
consumer expenditures in 1946 were just
about at the level corresponding to prewar experience. Lines of relationship
based on the 1929 to 1940 period are
shown in chart 2. It will be seen that
expenditures for nondurable goods are
far above the computed line while durable goods and services are still below.
The "bulge" in expenditures for nondurable goods which began in late 1945
and was accentuated in early 1946 was
one of the outstanding features of the
reconversion period. The reasons for this
sharp increase are familiar to readers of
the SURVEY. They include the reduction
in pressure to save at the end of the war,
the lack of availability of durable goods
and services, the abandonment of rationing of most foods and the reequiping of
10 million servicemen returning to civilian life.
Expenditures for consumer durable
goods in 1946 made rapid strides upward
from the relatively low war-time level of
6 to 7 billion dollars. The fourth quarter
figure at a seasonally adjusted annual
rate of 17 billion dollars, however, is still
about 2 billion dollars below the prewar
line of relationship to disposable income.
Service expenditures also moved upward, though at a slower rate. The
fourth quarter seasonally adjusted annual rate of 38 billion dollars was far
below what might be expected at the
prevailing level of income. It was held
down by rent control and by a number
of shortages. Service expenditures were
probably lagging in adjusting to changes
in income, as was the case during the
1930's.
National Income Higher
While the gross national product, reviewed in the preceding section, declined, the national income rose from
161 billion dollars in 1945 to 165 billion
dollars in 1946.
This difference in movement between
gross national product, which measures
the total value of national production at
market prices, and national income,
Table 4.—National Income by Distributive Shares, 1944-46 1
[Billions of dollars]
Item
Total national income
Total compensation of em
ployees
Salaries and wages
Supplements
Net income of proprietors
Agricultural
Nonagricultural
Interest and net rents
Net corporate profits
1944
1945
160.7
161.0
165.0
116.0
112.8
3.2
24.1
11.8
12.3
10.6
9.9
114.5
111.4
3.1
25.6
12.5
13.1
11.8
9.0
109.8
106.6
3.3
30.2
14.9
15.3
13.0
12.0
1946
i Detail will not necessarily add to totals because of
rounding.
Chart 2.—Consumer Expenditures
Related to Disposable Income
ADJUSTED,
AT
A
TOTAL
/
CONSUMER EXPENDITURES /
FOR GOODS AND SERVICES /
*5
*
I
!
February 1947
Distributive Shares
There was some shifting in the relative size of the distributive shares of
the national income in 1946. Table 4
show that there were substantial increases in proprietors' incomes and in
corporate profits, a smaller rise in interest and rents, and a decline in the
compensation of employees. In the main
these reflect a shrinkage in the labor
force employed and an upward shift in
earnings of business enterprises as goods
flowed through more normal channels,
price lids were lifted, and business taxes
lightened.
Employee Compensation Lower
60
80
100
120
140
160
DISPOSABLE INCOME OF INDIVIDUALS (BILLIONS OF DOLLARS)
47-56
i Includes expenditures of military personnel in this
country and abroad.
Source of data: U. S. Department of Commerce.
which is a measure of the earnings of
capital and labor employed in the productive process, is explained by two factors. The first is the reduction in business taxes, and the second is inventory
profits.
The market price of goods and services includes, besides the returns to the
factors of production which constitute
the national income, business taxes and
capital charges to depreciation, depletion, and other reserves. The decline
in profits before taxes, plus the elimination of the excess profits tax and the
cut in federal corporate income tax rates
reduced business taxes from about 28%
billions in 1945 to 25 billions in 1946.
Furthermore, profits as measured in
the national income include the substantial gains made in 1946 from the change
in the price valuation of inventories,
while such windfall gains are excluded
from the gross national product.
The decline in employees compensation was the result of reduced government pay rolls, reflecting the sharp cut
in Government employment—military
and civil. Government pay rolls declined from a total above 29 billion dollars in 1945 to nearly 18 billion in 1946.
Despite a decline of such magnitude in
the government sector, the over-all decrease of wages and salaries amounted
to no more than 5 billion dollars for the
year. Private pay rolls expanded almost
8 percent in 1946, due to increased employment and higher hourly earnings.
In manufacturing, after the sharp reduction following termination of war
contracts, pay rolls stabilized in the first
quarter of 1946 at the reduced September
1945 levels, notwithstanding the large
number of labor-management disputes
which occurred at that time. With the
decline of labor-management disputes
and the upward movement of wage rates,
manufacturing pay rolls rose in each succeeding quarter of 1946.
For 1946 as a whole, however, manufacturing pay rolls were 2 billion dollars
lower than in 1945, a year which included two quarters at wartime levels.
This was a result of lower average employment, shorter average hours, and the
shift in employment from the higherTable 5.—Relation of Gross National
Product to National Income, 1944-46
[Billions of dollars]
Item
1944
1945
1946
National income.._
160.7
Plus:
Business tax and nontax liabilities . _._ _29.7
Depreciation and depletion
charges _
8.2
Other business reserves
.5
Capital outlay charged to current expense
.9
Inventory revaluation adjustment
Adjustment for discrepancies. _ - 2 I 2
Equals: Gross national product
197.6
or expenditure
161.0
165.0
28.6
25.0
8.0
.5
7.2
.4
1 Less than $50,000,000
1.1
2.0
.1
-3.5
-2.1
199.2
194.0
SURVEY OF CUREENT BUSINESS
February 1947
paying durable goods industries to the
lower-paying nondurable goods industries. Wage-rate increases were an offsetting but not fully compensating factor. However, by the fourth quarter,
manufacturing pay rolls on an annualrate basis were 3 percent above the 1945
level, although still considerably below
the peak reached in the first quarter of
1944.
i
In the nonmanufacturing sector, pay
rolls continued to expand steadily, and
for 1946 as a whole were 19 percent
higher than in 1945. These industries
were able to expand employment, unhampered by the limitations imposed by
the scarce labor market of the war years.
Trade pay rolls increased by the largest absolute amount—almost 4 billion
dollars—from 1945 to 1946, as the easing
labor market and the high volume of
retail sales offered enterprises opportunity and incentive to expand employment. Construction pay rolls mirrored
the sharp increases which occurred in
employment in this group, and it was
generally recognized that only bottlenecks in the supply of construction materials limited the further expansion of
employment during the year.
Other Distributive Shares Increase
During the war the economic stabilization program involved the restraint of
the upward movement of prices, wage
rates, and profits. This program was
successful through the war period in its
general objectives, for while large increases occurred in all three, the success
of the hold-the-line policy after the
middle of 1942 was noteworthy in view of
the pressures generated by war requirements and the methods of war finance.
Insofar as corporate profits are concerned, the price control mechanism had
the effect of restraining profits before
taxes to the approximate totals which
would have been expected on the basis
of the prewar relationship of profits to
the level of the gross national product.
The wartime excess-profits tax rates
served, however, to limit profits after
taxes to much less than the usual prewar
ratio of profits after taxes to the gross
national product or to national income.
Thus, in 1943 and 1944 the 24 to 25 billion dollars of annual before-taxes
profits yielded about 10 billion dollars of
after-tax profits—higher than in any
previous year in absolute terms, but a
smaller proportion of the gross national
product than in other years of high
business activity.
With the end of the war in 1945, and
the consequent decline in the volume of
economic activity, profits before taxes
turned downward, but the repeal of the
excess profits tax at the end of 1945
730394—47
2
meant that a much higher proportion of
before-tax profits were thereafter retained.
The low-point of the reconversion decline occurred in the early part of 1946,
and the subsequent rise in the volume of
output, plus the gradual easing of price
controls and their total elimination in
the fourth quarter, was reflected in
profits before taxes rising throughout
the year. For the year as a whole, corporation profits after taxes were up onethird as compared with 1945.
In the national income estimates of
profits, the tax credits allowed by the
Government to cushion the impact of
reconversion are not included in the
year received but rather represent an
upward adjustment for earlier years.
These credits were nonetheless an important factor in corporate finance during 1946 in the industries primarily affected by reconversion problems, since
large sums were available for corporate
use at a time when income from the sale
of finished products was comparatively
low. The loss in Treasury revenue was a
contribution towards speeding reconversion and reemployment.
Corporate profits after taxes represented a smaller proportion of the national income in 1946—7.3 percent—than
in the late 20's or in 1941, but were far
above the 1936-39 average when business
operations were considerably below fullemployment levels.
C h a r t 3.—Percentage D i s t r i b u t i o n
of P r i v a t e Gross N a t i o n a l P r o d uct x
PERCENT
1939 1940
1941
1942
1943
1944
1945
—
- H A L F YEAR, SEASONALLY ADJUSTED
1946
—
1
Percentage distribution calculated excluding adjustment for inventory revaluation and for discrepancies.
Source of data: U. S. Department of Commerce.
9
The share of noncorporate business
was unusually high, primarily by reason
of the level of incomes realized by farmers and distributors. The 30 billion dollar total for 1946 includes the return to
the proprietor for his labor, as well as
the return on his investment. The increase in the net income of agricultural
proprietors was the result of sharply
higher prices received for agricultural
commodities. Prices received by farmers,
even before the demise of price control,
rose faster than did those of other commodities. With the relative stability of
costs, the net incomes of farmers rose to
14.9 billion dollars, 19 percent above
levels attained in 1945.
In, the nonagricultural sphere the
largest rise occurred in the distributive
segment as a consequence of expanded
sales and increased profit margins.
Wide Variation in Profit Results
One of the features of the earnings
structure in 1946—aside from the comparative performance of corporate and
noncorporate business—was the considerable variation in performance among
different segments. The variations were
more the result of special conditions
operating in 1946—a year in which
economic relationships were distorted by
reconversion from war to peacetime
activity—than of any fundamental
change in the basic earnings structure of
the different industries. In general, the
picture had these characteristics:
1. Markedly higher incomes for
farms and other unincorporated business.
2. Sharply increased corporate earnings in the distributive trades and some
of the service industries.
3. High corporate earnings in most of
the manufacturing lines producing nondurable goods, as well as in those durable goods industries where physical reconversion problems were minor.
4. An unusually large volume of inventory profits in the second half of the
year. Profits from this source in 1946
were as real as those otherwise yielded,
but they are nonetheless temporary.
Rapidly rising prices always carry the
threat that later developments may cancel inventory profits in whole or part by
the reverse of the 1946 situation, i. e.,
falling prices.
5. Low corporate earnings of the industries in the durable goods fields where
the major problems of physical reconversion occurred. As a consequence of
the time necessary to reconvert, production of finished output in these industries was low in relation to the input
of labor and materials, with adverse effects upon 1946 profits.
10
6. Low earnings for the railroads
where a retroactive wage increase was
accompanied by a temporary rate adjustment considerably below the general
upward revision of rates effective in January 1947.
The very considerable divergence of
trends which are associated with high
farm incomes and increased distributive
margins in a sellers' market, and low
profits associated with a low volume of
output of finished goods in the reconversion industries, are temporary phenomena. The large divergence will gradually
disappear as production of finished
goods is balanced, as the need for foreign
food relief lessens, and as competition
for the consumer's dollar intensifies.
The last-mentioned factor, however, is
to be a development of 1947. It did not
occur in the final quarter of 1946 when
prices were being marked up and margins widened.
Apportionment of Gross National Product
Chart 3 makes clear the relationship
of the shares and other charges to the
total private gross national product for
the past eight years. The data presented in this chart are for the private
sector of the economy, payments to the
factors of production employed by the
Government having been eliminated.
It will be noted that the compensation of employees represented about half
of the total in each year, varying only
within narrow limits, despite the large
increases which occurred in employment
and average annual earnings during this
period.
Depreciation, depletion, and other reserves were the only charges against
sales which declined significantly relative to private output over the period covered by the chart. By the second half of
1943 their share in private gross national
product had fallen by almost 50 percent
from 1939, and thereafter continued at
this reduced level. During the war, with
official restrictions against the production of many types of capital goods, resources which in the ordinary course of
business would have been replaced and
augmented were made to serve a longer
period, but the more significant factor
was the methods of computing these deductions against a more or less fixed base,
uninfluenced — except for new additions—by the upward shift in the price
level.
The excess profits tax and increased
corporate tax rates raised corporate income and other business taxes in the war
years above prewar proportions of sales,
but by the first half of 1946 these taxes
had fallen almost to prewar proportions.
The decline in depreciation, depletion,
and other reserves as a proportion of
sales tended to offset the rising propor
SURVEY OF CUEEENT BUSINESS
Chart 4.—Income Payments
Individuals
to
BILLIONS OF DOLLARS
200
150
100
1946
1
Includes net rents, royalties, dividends, interest,
private pensions, compensation payments, and miscellaneous items.
2
Major items included are social insurance benefits,
the Government's contribution to family allowances
paid to dependents of enlisted military personnel,
mustcring-out payments to discharged servicemen, and
veterans' pensions, compensation, and readjustment
allowances.
3
Represents pay of Federal, State, and local government employees, and pay of the armed forces in this
country and abroad.
Source of data: U. S. Department of Commerce.
tion of corporate and other business taxes
over the war years, and served to leave
the share of the other factors of production—the net income of proprietors and
corporations, net rents, and interest—
unchanged during the war. The decline
in the share of taxes in 1946, and the reduced proportion of depreciation and depletion as charges against sales, served
to increase the share of the above-mentioned three groups in 1946 to the highest
proportion of any of the years under
consideration.
Income Payments to Individuals
By coincidence, the totalflowof income
payments to individuals in 1946 approximated the national income in 1946—165
billion dollars. This series covers current income received by individuals from
private industry and Government. It
differs from national income in that it
excludes income accruing to individuals
but not received by them (undistributed
profits and contributions to social insurance funds), and includes transfer payments which are not rewards for current
economic services.
The income payments series is significant for measuring the dollar purchasing
power of individuals, since when personal
taxes are deducted it provides the total
February 1947
of the dollars available for expenditure
and savings.
Since the estimates of total income
payments to individuals include the pay
of Federal military and civilian personnel overseas, the increase from 161 to 165
billion dollars between 1945 and 1946
understates the actual increase in income
payments within the continental United
States. As our overseas forces were withdrawn, payments to individuals outside
the United States shrank considerably.
The year-to-year increase in income payments received by individuals residing in
the continental United States amounted
to approximately ten billions—more than
double the increase in total income including payments overseas.
Chart 4 shows the components which
pushed income payments upward during
1946 despite the large drop in Government and manufacturing pay rolls. It
can be seen that the significant elements
were nonmanufacturing pay rolls, proprietors' incomes, and transfer payments.
Dividend payments, which are included
in the chart in the "other" category, increased about 14 percent over 1945, representing about two-fifths of corporate income. Earnings retained by the corporations which are not, of course, a
component of income payments, were the
highest of record—in fact, in absolute
terms the amount retained for corporate
use was as large as total earnings in 1929,
when the national income in dollars was
just half what it was in 1946. This continuation into the immediate postwar
period of the conservative dividend policies adopted during the war was influenced by the large capital expenditures
which corporations initiated with the end
of the war. These were reviewed in the
preceding section.
Transfer payments had expanded
sharply after VJ-day as a result of
mustering-out payments to discharged
servicemen and increased unemployment benefits, including compensation
paid to unemployed former servicemen.
These payments, which were very important in sustaining consumer incomes
in the transition period, reached their
peak in the first quarter of 1946 and
then declined in succeeding quarters as
demobilization of the armed forces
tapered off, and compensable unemployment declined. Subsistence payments to
veterans attending school and similar
payments also expanded sharply in early
1946, but these remained high throughout the year.
By December, total transfer payments
had fallen to an annual rate of 9.7 billion dollars from the peak of 13.1 billion
reached in January. Even in that
month, however, transfer payments
were almost four times as large as they
had been in 1941, the last prewar year.
SUEVEY OF CURRENT BUSINESS
February 1947
11
Wholesale and Retail Prices
Pressures on the price structure continued unabated in 1946 and, when given
free play with the elimination of price
controls, established a year-end level of
prices sharply higher than that to which
they had been restricted in the war
years. Sources of the strong demand
pressure, as in the previous year, derived from record levels of income payments, accumulated savings carried over
from the war years, pent-up business
demands for goods and, finally, a large
volume of foreign purchases of materials
required in relief and reconstruction.
On the supply side, over-all production proceeded on an ascending curve,
although output was not yet large enough
to satisfy demand in a free market without additional price rises. Under such
circumstances, sellers marked up prices
of processed goods to cover increased
labor and other costs of production and
to restore profits to a volume more in
line with the historical relationship of
profits to sales.
Sharp Increases After Price Decontrol
Price developments during 1946 were
divided into two phases. The first was
the comparative price stability under
price control, with a moderately rising
trend in the second quarter. The second was the successive periods of price
advances coming in the wake of decontrol actions in the latter half of the year.
The increase in primary and wholesale
prices in the first 6 months of 1946 as
measured by BLS, was limited to 5 percent—largely made necessary by statutory provisions of the escalator type
which required the adjustment of textile
prices to advancing raw cotton prices, by
the removal of production controls which
Table 6.—-Percentage Changes in Wholesale Price Indexes
Commodity group
Dec. 29, June 29, Dec. 29,
1945-June 1946-Dec. 1945-Dec.
29,1946
28,1946
28,1946
All commodities- Farm products
Foods
All commodities other
than farm and
food
Hides and leather. .
Textiles
Fuel and lighting...
Metals and metal
products^
Building materials. Chemicals and allied products __.
HousefurnishingS-. _
Miscellaneous
5.3
5.7
3.6
23.9
19.5
40.3
30.5
26.4
45.3
4.8
3.7
7.9
2.6
17.6
38.4
22.9
10.9
23.2
43.4
32.5
13.7
6.0
9.6
20.0
18.6
27.2
30.0
.8
4.0
3.1
30.1
31.2
13.3
13.4
8.9
10.0
1
See note on p. S-4 regarding the introduction of
current motor vehicle prices into the index.
Source: U. S. Department of Labor.
required OP A to grant price increases in
order to achieve desirable production
patterns, and by the establishment of the
principle enunciated in Executive Order
9697 of February 14 of permitting "pattern" wage increases even though prices
had to be advanced as a result.
C h a r t 5.—Monthly R a t e of Change
in C o n s u m e r s ' Price Index
JUNE 1939MAY 1942
MAY 1942JUNE 1946
JUNE 1946DEC. 1946
Sources: Basic data, U. S. Department of Labor; computations, U. S. Department of Commerce.
A 10 percent spurt in wholesale prices
resulted from the July hiatus in price
control, to be followed by an additional
14 percent rise by the end of the year.
With all controls off and subsidies eliminated, retail prices responded in similar
fashion, registering a year-to-year advance of almost one-fifth, with the BLS
Consumers' Price Index surpassing the
June 1920 peak. The elimination of subsidies accounted for 3 percent of this
advance.
The rapidity of the recent rise is revealed by Chart 5 which shows the
monthly rate of increase for the period
prior to the effective date of the General Price Regulation, from then to June,
1946, and the final six months of last
year.
Prices Rise Faster Than in 1919-20
Price movements during World War II
and afterwards reflect the relative stability during the war period (in contrast to
World War I) and a sharp increase in the
rate of advance in the postwar period
after the removal of price controls which
was greater than during the similar
period after World War I. As shown in
Chart 6, the increase of wholesale prices
during World War II amounted to 15
percent as compared with a 27 percent
advance during World War I. However,
in the two postwar periods, the greater
inflationary forces of the second period,
after being freed from controls, resulted
in a greater price increase than during
the earlier period as commodities made
long deferred adjustments to free market
conditions. The total price level rise
since the beginning of World War II has
been 78 percent compared to the 140
percent increase from August 1914 to the
peak in May 1920.
During the first half of 1946 the largest
relative increase among the BLS wholesale commodity price indexes was made
by building material prices, where the
OPA granted increases averaging 10 percent to overcome production impediments and to conform to the President's
wage-price policy. Smaller rises occurred in the prices of textiles and metal
and metal products, which rose 8 percent and 6 percent, respectively. In the
metals group, the rise was largely due to
higher prices granted after the wage increases were negotiated in the steel
industry. The over-all index of industrial prices rose only 5 percent in the
first half of the year, while farm and
food prices were limited to a 6 percent
advance.
Commodity prices continued to rise
during the second half of 1946—sporadically, at times, because of changes in the
decontrol program—with farm and food
prices leading the advance of all major
groups until the general decontrol order
of November, when the impetus to further increases was shifted to industrial
prices. By the end of December 1946,
the average of industrial prices had risen
18 percent, as compared with 5 percent in
the first half, while farm prices had adTable 7.—Percentage Changes in Consumers' Price Index
June
1939May
1942
411 items
Food
Clothing.-. . . . . .
Rent
Fuel, electricity, and
ice
__ _
HousefurnishingS
Miscellaneous l
May
1942June
1946
June
1946December 1946
17.6
29.9
25.8
5.4
14.9
19.7
24. 6
-1.3
15. 0
27.7
12.3
7.6
21.5
10.5
5.3
27.7
15.3
13.5
6.4
4.5
1
Includes cost of transportation, medical and personal
care, recreation, and household operations.
Source: U . S . Department of Labor.
SUEVEY OF CUEEENT BUSINESS
12
February 1947
dustrial prices was reducing the unusually wide spread between these prices
and farm and food prices which had
developed after June 1946. As suggested in the extended discussion of the
relationship of these prices in the December 1946 issue, farm and food prices
in the last two months of the year were
receding from earlier peaks while industrial prices were edging up relative
to the former prices.
vanced 3 % times as much and food prices
ten times as much, as in the first six
months. (See table 6.)
Primary Materials Take Price Lead
Because of price control, the characteristic phenomenon of a greater amplitude of movement in raw materials as
compared with other prices at boom periods of business had been dampened.
Upon the removal of controls, prices of
primary materials in the industrial area
reasserted their volatility, with raw and
semi-manufactured nonfarm materials
ascending 41 percent during the year,
as compared with a rise of 25 percent in
all manufactured goods, excluding foods.
Some of the more notable advances in
raw materials prices since decontrol were
the increases of one-third in hide and
skin prices, one-fourth in nonferrous
metal prices, and one-fifth in lumber
prices. The agricultural segment of the
economy responded quickly under free
pricing, with farm and food prices increasing 20 and 40 percent, respectively,
from the last week in June 1946 to the
year-end week, as compared with an 18percent rise in industrial prices. Part
of the increase of food prices is attributable to the removal of subsidies. There
was some evidence toward the end of the
year that the upward movement of in-
wholesale prices, most of the increase occurred in the last half of the year in response to successive decontrol measures;
the first 6 months' increase accounted
for only 3 percentage points out of the
18 percent rise.
A shown in chart 7, food prices were
responsible for almost four-fifths of the
increase in the total index. These prices
rose one-third during the year, with almost all of the advance occurring in the
second half. In all cases, the rise in food
prices more than offset the amount of
subsidy payments made under the programs in effect before June 30,1946. The
table below compares the price increases
for selected commodities from June to
December 1946 with the amount of subsidies formerly paid.
Prices Outstrip Cost Rises
Price advances in 1946 stemmed in major part from the high level of industrial
and consumer demand rather than from
the cost side. In general, these price
advances more than compensated for
the increases in wage rates and other
costs. This is confirmed by the very
sharp rise in farm income and the
markedly improved profit performance
of both corporate and unincorporated
business.
Price increase, June- Subsidy
December
rate
1916
Consumer Costs Exceed Previous Record
Prices paid by consumers were up
sharply in 1946, with the BLS consumers'
price index topping the World War I inflation peak in the closing months of the
year. The 18-percent advance during
the year was the largest for any recorded
12-month period. As in the case of
Butter, lb
Coffee, lb .
Milk, qt
Round steak, lb
Veal cutlet, lb
Pork chop, lb
Cheese, lb
Canned green beans, No. 2 can.
Canned tomatoes, No. 2 can
Cents
30.5
13.4
3.9
22.6
24.5
20.2
24.5
2.1
8.6
Cents
13.2
4.5
1.3
11.7
6.0
6.0
7.0
1.2
2.0
r
Source: Price increases from BLS; subsidy rate from
OPA.
Chart 6.—Wholesale Prices in Two War and Postwar Periods
1914 -»u
|
-H9I7
!917
*r*
1918
I9I8*|I
180
AFTER
U. S. ENTRY
BEFORE
U. S. ENTRY
1919
| I I 1 ! M ! ! ||
1920-
1921180
POSTWAR
160
160
WORLD WAR Z
140
140
WORLD WAR I
o
o
S>I2O
100
100
^WORLD
WAR H
80
1939-4*
1940
4*
1941
Source of data: IT. S. Department of Labor
13
SUKVEY OF CURRENT BUSINESS
February 1947
Although most foods scored advances
during the year, meat prices were the
primary factor in the increase in food
prices. Meats had been the object of
considerable pressure for decontrol under the plea that removal of ceilings
would result in ample supplies at moderate price levels. In the initial test period of decontrol in July 1946, meat
prices jumped 38 percent over June, of
which 21 percent was due to the elimination of subsidies. The curtailment
of livestock shipments which resulted
soon after recontrol in early September
led to the decision to remove ceilings in
mid-October. Thereafter, meat prices
climbed sharply but then fell somewhat,
although at the end of the year they
were nearly two-thirds above June price
ceilings.
Although the higher price level
brought out larger meat supplies than
the amounts available during the second
quarter of the year, when withholding
in anticipation of higher prices was widespread, estimates of per capita meat consumption prepared by the Department
of Agriculture indicate little improvement in the third and last quarters of
1946 as compared with similar periods in
1945. The end of price controls did see
the regularization of the livestock and
meat business at, of course, considerable
cost to the consumer and considerable
profit to farmers and others. Practically all meats were freely available in
markets at the year end with the higher
prices acting to dampen demand and
market mechanisms again regulating
the flow from range to table.
Consumer prices for clothing and
housefurnishings also scored large increases in 1946, advancing 18 percent
and 19 percent, respectively. (See chart
7.) For these price segments, greater
gains were made under price control
than after decontrol, mainly because of
the escalator requirement of the law and
the necessity of affording production incentives.
In addition to the utilities, rents continued to be the major stable element in
living costs in 1946, with continued control of residential rents permitting very
limited increases. The slight rise in these
costs—which resulted from various adjustments made by OPA—does not measure increased expenditures incurred by
purchases of dwellings by persons unable
to find rental units, higher rents in new
units, and such maintenance expenditures as have been shifted from landlord to tenant. The rent control has
nonetheless been a very substantial boon
to tenants, especially those who "stayed
put" during and since the war.
Chart 7.—Percentage Distribution
of Increase in Consumers' Price
Index, December 1946 from December 1945
1
Includes costs of transportation, medical and personal
care, recreation, and household operation.
Sources: Basic data, U. S. Department of Labor; computations, U. S. Department of Commerce.
Labor Force and Employment
The major readujstments from wartime conditions of supply of and demand
for manpower were completed well before the end of 1946. The accelerated
contraction of total available supply of
labor (including armed services) which
featured the closing months of 1945 was
halted by the middle of 1946. The demobilization of the armed services was
largely completed, and most of the discharged veterans had found their peacetime occupations or had withdrawn from
the labor force to attend school.
Expanding demand for civilian labor
was evident throughout the greater part
of the year. This not only greatly facilitated the unprecedently rapid absorption
of the huge wartime military forces into
civilian jobs but, after early postwar difficulties, resulted in a reduction in unemployment. Expanding civilian employment more than offset the reduction
in overtime so that by the end of 1946
total man-hours of civilian employment
were above the mid-1945, rate.
Total Labor Force Expands
Prom July 1945, to the beginning of
1946 there was an abrupt drop of 8 million in the total labor force, i. e., the
group of people who either held or sought
jobs, including the armed forces in the
former category. (See table 8.) About
2 million of the drop-outs were veterans;
an undetermined number were students
and others who normally desire work
only in summer; and the rest were war
workers, people drawn into the labor
force during the war who had not previously been part of the regular labor
supply.
In addition to the normal seasonal
bulge, there was during 1946 an increase
of roughly 1 million in the total labor
force. The small but steady decrease in
the number of veterans resting added
*/2 to % million. There were some further withdrawals of war workers in the
early months of the year but for the year
as a whole this was more than offset by
the normal growth in population of
working age. These changes are shown
in chart 8.
It will be recalled that the influx into
the labor market during the early war
years of people previously outside it was
sufficiently large to keep the civilian labor
force substantially the same in size despite the mobilization of a 12-million
man army. There was much discussion
during the war as to how much of this
influx was a purely wartime phenomenon and how much was due to a more
adequate demand for labor.
The experience of 1946 throws some
light on this question. It suggests that
there were some further withdrawals
during 1946 but that they tapered to
small proportions, and that most of the
remaining war workers are likely to stay
on as long as economic conditions are
favorable. At the year's end, there were
in the labor force between 1 and 1.5 million persons more than would have been
expected on the basis of prewar trends.
SURVEY OF CURRENT BUSINESS
14
Chart 8.—Total Labor Force
MILLIONS OF PERSONS
20
-
Source of data: U. S. Department of Commerce.
These conclusions are subject to two
qualifications. The data are not sufficiently accurate in detail so that much
significance can be attached to small
changes. Neither is there the basis for
accurate calculation as to just how much
of the movement is due to normal seasonal variation.
Veterans Augment Civilian Labor Force
The heavy nonveteran withdrawals
from the civilian labor market in the
months following VJ-day were largely
offset by the quick transfer of former
military personnel to civilian life. The
net decline of about 2 million in the
civilian labor force between July 1945
and January 1946, as shown in chart 8,
largely reflected the seasonal drop in
labor force participation in agriculture.
The total 1946 addition to the civilian
labor force from newly discharged servicemen amounted to about 6 million.
Civilian Employment Rises
The quick cancellation of war contracts following VJ-day caused an
abrupt drop of nearly 2 million in employment in the durable goods manufacturing industries where most of the
production of war materials was concentrated. By the spring of 1946, these industries had worked out the worst of
their reconversion difficulties and their
employment entered a period of slow but
steady increase which by the year-end
had brought it half-way back to the
July 1945 level.
Almost as quickly as discharged war
workers and veterans became available,
nondurable goods manufacturing industries and nonmanufacturing lines, all of
which had difficulty securing help during the war, entered upon a steady expansion which carried total civilian
employment above its mid-1945 level.
The greatest single gain was 1.1 million in nonagricultural self-employment,
an area where employment was sharply
curtailed during the war. Aside from
these self-employed, who were largely in
the trade and service fields, the major
increases in employment were 900,000 in
trade, 800,000 in nondurable manufactures, 400,000 in construction, and 300,000 in services, but all major lines of
activity participated.
As indicated by chart 9, the decline of
employment in manufacturing and the
rise in other lines had by March 1946,
partially restored the prewar industrial
distribution of manpower which had been
distorted by the needs of war production.
Since the spring there have been no further changes of significance.
The 5 percent drop in agricultural employment reflected a long-term trend toward rising productivity and falling employment which was accelerated in recent years by rapid mechanization and
by the strong demand for nonfarm labor.
The relative drop in agricultural employment about offsets the higher manufacturing level leaving other fields nearly
their prewar shares of labor. Trade and
service employment is below the proportion expected to prevail when normal
distribution is fully restored.
Work Week Stable in 1946
The use of manpower resources is a
function not only of the number of workers employed but also of the length of the
working schedule. Since the major cutbacks from the long work week of the
war period had been completed by the
end of 1945, there was little further variation in 1946.
Manufacturing industries, mainly the
durable manufactures, were particularly
affected by the cut in the wartime work
week, as shown in the following estimates
of average hours worked per week:
February 1947
which reflects, in part, the exceptionally
strong demand for labor in 1946 since an
average of this length means a considerable amount of scheduled overtime.
More Man-Hours Than in Mid-1945
The rising trend of civilian employment throughout most of 1946, combined
with an essentially stable work week
brought total manpower utilization to a
point exceeding labor use just before the
war ended. Rough estimates indicate
that total civilian man-hours worked had
dropped about 10 percent from VJ-day
to February 1946, but by the end of 1946
they were a little higher than in mid1945.
Divergent Changes in Productivity
Man-hours are translated into output
with varying degrees of effectiveness
from industry to industry and overtime.
The war brought quick, diverse changes
and the peace has been no less capricious.
It is impossible to arrive at a meaningful
estimate of the over-all change in productivity from 1945 to 1946. This would
involve a comparison of the number of
units of product with the rfumber of manhours required to produce them at the
two dates. Since mid-1945 so many industries have changed to different
products, e. g., airplanes to automobiles,
that the figures would not be significant.
A further difficulty is that changes in
productivity where they can be measured
Chart 9.—Percentage Distribution
of Employed Civilians, by Industrial Groups 1
Monthly averages
1945
1939
All manufacturing,. _
Durable goods
Nondurable goods _
37.7
38.0
37.4
1946
4th
4th
1t
s
quarter quarter quarter
45.4
46.8
43.4
41.4
41.4
41.4
40.5
40.5
40.5
The lower monthly average in late
1946 as compared with the last quarter
of 1945 was a result of the cut in hours
in the early months of 1946. The average hours worked in late 1946 was
nearly 3 hours above 1939, an increase
1 Data represent all employed persons 14 years of age
and over (including proprietors, self-employed persons,
and domestic servants).
2 Includes Government-operated navy yards and
manufacturing arsenals.
3
Includes Federal, State, and local governments.
Government-operated navy yards and manufacturing
arsenals, and Federal force-account construction are
excluded.
Source of data: U. S. Department of Commerce estimates, based, in part, upon data of U. S. Department
of Labor.
February 1947
have varied all the way from substantial
gains in some industries to equally impressive declines in others.
Such extreme variability would rob any average
of significance. As illustrations of the
sort of influences which account for this
variability two factors which may have
influenced a number of industries can be
cited.
First, the level of activity has risen
substantially in many areas since the
end of the war, as, for example, in the
cement industry. This factor spread the
hours of the overhead workers and made
possible more continuous operation,
thereby increasing output per man-hour
by about 20 percent. Conversely, some
industries whose level of activity has declined have sustained a drop in productivity.
Secondly, the flow of materials has
been irregular in many instances. In
the mass production industries where
the whole productive process is highly
synchronized this factor has, in a number of cases, reduced production more
than in proportion to man-hours, thereby lowering productivity.
These and
many other influences have affected output per man-hour in the industries which
converted to different products during
the war or which sustained significant
changes in volume. The diversity of influences makes it impossible to generalize about the result.
However, the nondurable goods industries are a more homogeneous group, less
influenced by wartime and postwar
changes. The Bureau of Labor Statistics estimates that productivity in a
group of twenty suQh industries was
4 to 5 percent higher on the average in
the third quarter of 1946 than a year
earlier. This is nearly twice the average
annual prewar rate of increase for all
industries. In a number of instances
these gains must be offset against wartime losses and therefore they do not
necessarily imply a peak level of productivity.
High Manpower Utilization Maintained
The cessation of huge wartime demand
for labor was followed by an increase
SUEVEY OF CUKEENT BUSINESS
15
Table 8.—Labor Force, Employment and Unemployment 1
[Millions of persons]
1945
July
Total labor force
Armed forces .
Civilian labor force. _
Employed . . . _ _
Nonagricultural
Agricultural
Unemployed _
_
67.5
12.1
55.4
54.4
44.5
9.9
1.0
1946
October
January
59.5
6.2
53.3
51.0
44.3
6.7
2.3
63.8
10.6
53.2
51.6
42.8
8.8
1.6
April
July
60.3
3.9
56.5
54.1
46.0
8.2
2.3
October
62.8
2.7
60.1
57.8
47.9
10.0
2.3
December
60.3
1.9
58.4
56.3
49.1
7.2
2.1
61.2
2.2
59.0
57.0
48.4
8.6
2.0
1
Detail will not necessarily add to total because of rounding.
Source: U . S . Department of Commerce.
Table 9,—Manufacturing Employment by Industrial Groups 1
Total.
Iron and steel
Electrical machinery
Machinery except electrical_
Transportation equipment-.
Automobiles
Nonferrous metals
Lumber and timber
Furniture
Stone, clay, and glass
Textile-mill products
Apparel
Leather
Food
Tobacco
Paper
Printing
Chemicals
Petroleum and coal
Rubber
Miscellaneous
Number
(thousands)
July 1946
July 1945
July 1940
Industrial group
Percent
Number
(thousands)
Percent
Number
(thousands)
Percent
8,445
10C.0
12, 459
100.0
11, 554
100.0
1,105
295
619
267
342
250
433
328
307
1,072
709
332
902
90
278
324
302
113
120
257
13.2
3.5
7.3
3.2
4.0
3.0
5.1
3.9
3.6
12.7
8.4
3.9
10.7
1.1
3.3
3.8
3.6
1.3
1.4
3.0
1,555
659
1,105
1,577
601
384
522
334
317
1,051
869
313
1,089
78
309
317
643
136
194
406
12.5
5.3
8.9
12.7
4.8
3.1
4.2
2.7
2.5
8.4
7.0
2.5
8.7
.6
2.5
2.5
5.2
1.1
1.6
3.3
1,390
507
1,027
459
699
378
603
376
390
1,183
1,001
355
1,102
85
361
383
472
151
218
414
12.0
4.4
8.9
4.0
6.0
3.3
5.2
3.3
3.4
10.2
8.7
3.1
9.5
.7
3.1
3.3
4.1
1.3
1.9
3.6
i Classification is on a prewar product rather than on a current product basis.
Source: Bureau of Labor Statistics.
of almost 2 million unemployed from the
low level of 800 thousand on VJ-day to
2.7 million in March 1946. As reconversion problems were largely surmounted by that time, the number of
people out of work was slowly reduced
until by year end, unemployment, at 2.1
million, was only slightly above that of
the year before. These totals refer to the
number of people out of jobs and actively
seeking work. There were, in addition,
approximately 1.5 million v e t e r a n s
neither in school, at work, nor seeking
work in March 1946. Some of these veterans were disabled and unable to work.
The majority, however, consisted of recently discharged servicemen.
While the absolute amount of unemployment was small and declining
through most of 1946, there was a progressive change in its character indicating a rise in the number of hardship
cases. In July 1945 only 28 percent of
the unemployed had been out of work
two months or more; by the end of 1946
51 percent fell in this category.
Manufacturing Output
The aggregate output of manufactured
goods was considerably lower in 1946
than in 1945 though it was higher than
in 1941 by from 5 to 10 percent.
Among the much publicized brakes
upon productive activity were the technical and management problems inherent in the conversion to peacetime production—problems which were overcome
in some industries during the first half
of 1946, but which in others hampered
output throughout the year. Work stoppages, particularly in the durable goods
industries early in the year and the two
cessations in coal production, not only
brought production to a standstill in the
immediately affected industries but retarded activity in related industries.
The lack of certain types of materials
further hampered the completion of a
variety of products. Fundamentally,
the problem was one of the time involved
in resuming large-scale output where the
facilities had previously been adapted
to war work, and balancing the flow of
materials and component parts throughout the mass production industries.
SUEVEY OF CURRENT BUSINESS
16
The sharp decline in manufacturing
output following the end of the Japanese war was not halted until the end of
the first quarter of 1946. In the second
half of the year, production moved upward. The postwar decline of output of
the durable group continued with sufficient intensity in the first quarter of
1946 to offset the rise in output of the
nondurable goods industries. Thereafter, production of the durable goods
group swung sharply upward. In contrast, the production of the nondurable
goods industries did not show any particular change in the last half of the
year from the level of the first half. The
comparative changes in these broad
groups in 1945 and 1946 are shown
below:
February 1947
Chart 10.—Output of Consumer Durable Goods 1
THOUSANDS OF UNITS
4 00 PASSENGER
AUTOMOBILES
8,0 0 0 PASSENGER
CAR TIRES
2,000
6,00 0
1,500
200
4,000
!,000
I 00
2,00 0
500
300
400
1940-41
400
MECHANICAL
REFRIGERATORS
WASHING MACHINES
AND IRONERS
400
300
300
200
200
I 00
100
VACUUM
CLEANERS
300
200
AUTOMOTIVE REPLACEMENT BATTERIES
Manufacturing Production
[Seasonally adjusted indexes, 1935-39=100J
Total
manufactures
1945:
1st half
2d half
Year
---
Durable
manufactures
246
183
214
334
215
274
168
P1S5
*209
Nondurable manufactures
175
158
166
0
0
80
I 00
ELECTRIC RANGES
80 SEWING MACHINES
60
60
»166
*164
40
40
9 Preliminary.
Source: Board 'of Governors' of the] Federal Reserve
System.
20
20
1946:
1st half
2d half
Year
*177
174
P192
164
Passenger Car Output Gaining
United States production of automobiles in 1946 totaled 2.2 million units,
nearly 50 percent below the 1940-41 level.
Nevertheless, the year was one of rapid
progress. Assemblies of passenger cars
advanced sharply from quarter to quarter, increasing from a monthly average
of 67,000 units in the first quarter to
270,000 units in the fourth quarter. Despite this sizable gain, output in the final
quarter which was at an annual rate of
3,200,000 cars was still about 20 percent
below the prewar volume.
In contrast, truck production expanded
much more rapidly and exceeded the
prewar rate as early as April 1946. Total
output of 940,000 units was only 10 percent below 1941 when about one-fifth of
production represented military vehicles.
While the United States output of cars
and trucks for 1946 totaled 3.1 million
units, the weekly average production
during the first three weeks in December
was at an annual rate of close to 5 million
units.
Production of passenger car tires and
automobile replacement batteries was
already above the prewar rate when the
year began; the former continued its upward postwar trend while the latter due
to the tight lead supply situation moved
I st Qr.
2 d Qr.
3 d.Qr.
4th Qr.
500
Ist.Qr.
2 d.Qr
1946
3dQr.
4th Qr.
1946
Ist.Qr
2d.Qr
2d.Qr
4thQr
1946
-MONTHLY AVERAGE FOR PERIOD-
JData represent production for batteries, tires, and automobiles, and shipments for all other products, except the
base-period data for automobiles represent factory sales. The base period is the calendar year 1941 for sewing machines and thefiscalyear 1940-41 for all other products.
Sources: U. S. Department of Commerce and Civilian Production Administration, except data for batteries and
tires, which are from Association of American Battery Manufacturers, Inc., and Rubber Manufacturers Association,
Inc., respectively.
in the opposite direction. The production performance of the passenger tire
industry was particularly impressive with
output in the fourth quarter running at
a rate of close to 80 million tires, an alltime high nearly 50 percent above the
1940-41 average.
Progress in Reconversion Industries
The extent to which large scale production of nine important consumer
items was achieved in 1946 is illustrated
in chart 10. For comparative purposes
the 1940-41 fiscal year monthly average
output is shown which in general represents either the peak or near-peak prewar rate of production. It will be seen
that output moved progressively higher
in each quarter, the fourth quarter rates
of production showing considerable deviation as compared with the base period
rate. Moreover, output in 1946 for five
of the nine items shown was higher than
in any previous year, though in the case
of radios the comparison is influenced by
the large number of small sets produced
in 1946. As a matter of fact, a feature
of the year was the limited variety of
choice offered consumers.
The recovery to the prewar volume was
more rapid in some lines than in others.
For example, among the six household
appliances shown in the chart, washing
machines, vacuum cleaners, and radios
exceeded the 1940-41 level as early as
the second quarter, followed by electric
ranges in the third quarter. In contrast,
however, refrigerators and sewing machines failed to hit the mark. In the
case of sewing machines it was still about
one-third below the prewar rate.
Manufacturers' Inventories
The book-value of inventories held by
manufacturers increased 3.8 billion dollars during 1946 to an estimated total
of 20.2 billion dollars as of December
31. This accumulation was primarily
SURVEY OF CURRENT BUSINESS
February 1047
Chart 11.— Inventories Related to
Sales, All Manufacturing Industries
1 Data are totals for 1929-15, and are quarterly totals,
at annual rate, for 1940.
Source of data: U. S. Department of Commerce.
actuated by the necessity of replenishing depleted stocks all the way from the
manufacturer to the consumer of peacetime goods. A certain amount of involuntary accumulation occurred as a result
of the inability of producers to obtain
needed parts to complete and ship products. An added factor toward accumulation was, of course, buying induced by
price uncertainties and continued relative shortages of many goods.
Whatever the combination of factors
which effectuated the increase in 1946,
its significance should not be overlooked
in appraising demand factors. The accumulation during the year represented
an important stimulating influence in
the volume of activity. The dollar values of manufacturers' sales when compared with inventories provide a basis
for appraising the significance of the
recent inventory rise.
The values of both inventories and
sales are affected by price changes. In
a period of rising prices each will reflect
the increases, but with a different timing and degree of intensity. For the
most part, price rises swell the bookvalue of inventories much more slowly
than they increase the value of sales because of accounting methods. This lag,
in the short run, tends to lessen the
significance of the sales-inventory ratio
when prices are advancing rapidly.
Over the long-range period, however,
the relation of value of inventories to
sales provides the basis for determining
the working "norm" of manufacturing
industries. In chart 11 the diagonal
line represents the relation from 1929-39
730394—47
3
of the average value of stocks held to
total sales for the year. Points falling
to the right of the line indicate a "deficit"
of inventories and those to the left of the
line a "surplus" of inventories—if the
average relationship existing from 1929
to 1939 is taken as "normal".
Quarterly data at annual rates in 1946
indicate that, dollarwise, inventories
have exceeded the level which would be
indicated by the prewar relationship of
sales to inventories. The swing, during
the year, back toward the line of relationship, is seen to be due more to the
faster increase in value of sales than to
any leveling off in inventories. Although the total value of inventories is
somewhat high in relation to sales, the
amount of "excess" is not sufficiently
great to indicate that inventories are too
high relative to sales. Manufacturers,
especially in the durable-goods lines, are
planning substantially higher volumes of
production and are buying materials and
building up their inventories on that
basis.
17
The inventory position differed significantly as between the durable goods
and the nondurable goods groups of industries in 1946. Of the 3.8 billion dollars increase for the year, 2.1 billion dollars was accumulated by the durablegoods group. This increase was large
enough to swing the inventories for this
group to a level above that which would
have been expected on the basis of their
value of sales—if prewar inventory sales
relationships are taken as a "norm".
The 1.7 billion dollar increase in value of
stocks of the nondurable-goods industries was not sufficient to bring their total
value of inventories up to the level indicated by the dollar aggregate of sales.
Further light is thrown on the 1946 inventory situation by an examination of
where manufacturers have increased
their holdings—i. e., in working stocks as
purchased materials, goods-in-process,
or in shipping stocks as finished goods.
Comparison of changes in these categories with those for 1941 are made in the
following table.
Chart 12.—Manufacturers' Shipments in Selected Industries
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
FOOD
MACHINERY
30
30
20
20
10
10
0
I
20
I
1
i
I
1
i
1 I
t
I
0
i
II
20
TEXTILES AND APPAREL
10
0
I
I
1 I
I
I
1 1
i
i
i i
AUTOMOBILES
10
i
i
i
i
30
i
i i
i
i
I i
0
i
i
i
i
i
i
i
30
I l
CHEMICALS
TRANSPORTATION EQUIPMENT-^
20
20
10
10
i
i
i
i
1939 40 41 42 43 44
ANNUAL TOTALS
i
i
i
i
i
i
i
1945
1946-^/
QUARTERLY TOTALS
AT ANNUAL RATES
i
i
i
1939 40 41 42 43 44
ANNUAL TOTALS
i
i
i
i
i
i i
1945
1946-^
QUARTERLY TOTALS
AT ANNUAL RATES
. 47-052
1
Excludes automobiles.
2
Data for 4th quarter, 1946, are preliminary.
Source of data: U. S. Department of Commerce.
SUEVEY OF CUREENT BUSINESS
18
PurAll in- chased Goods Finin
ven- mate- proc- ished
tories rials
ess goods
1946 increase over 1945:
Billions of dollars
Percentage
1941 increase over 1940:
Billions of dollars
Percentage
3.8
25
1.5
19
2.1
44
1.3
35
1.5
60
1.0
21
.2
11
The dollar values of increase in total
inventories were about the same in the
two years 1941 and 1946—both years saw
intense conversion to an economy entirely different from that previously
existing.
Manufacturers' Value of Shipments
The value of manufacturers' shipments aggregated 125.5 billion dollars or
one-third above 1941 sales. After
reaching a postwar low in the first
quarter the value of shipments increased
rapidly to an annual rate in the last
quarter of the year of 150 billion dollars
or slightly under the war peak. Higher
prices contributed very substantially to
this higher rate in the latter part of the
year.
Historically, sales by nondurablegoods industries have fluctuated less
widely than those of durable-goods industries. In the period since 1939 the
value of shipments of the nondurable
group have been increasing rather steadily, and continued that trend throughout
1946. By the end of the year, sales of
these industries had reached the highest
point on record at about an 85-billion
dollar annual rate. Even with allowances for price increases, it is probable
that this volume represents a record flow
of physical goods.
Sales of the durable-goods industries,
which skyrocketed during the war and
then slid sharply downward from the
last quarter of 1944 to the first quarter
of 1946, increased by two-thirds during
1946. Because of the major changes in
character of goods shipped, comparison
of the dollar volumes of sales of these
industries in late 1946 with similar dollar
values in the war years is fruitless.
Table 10.—Value of Manufacturers'
Shipments, 1939-46
[Billions of dollars]
Year
1939
1940
1941
1942
1943
1944
1945
1940
.,.
1st. qtr.*...
2d qtr.*..,
3d qtr.*.,
4th qtr.*..
Total, all
industries
56. 9
65.8
93.4
121.3
148. 7
156.1
140. 2
v 125.5
106. 3
118.9
127.4
v 149.0
Durable
eoods
industries
23.3
29. 6
46.2
64. 9
86.3
89.2
71.2
v 52. 0
39.0
48.6
55.2
» 64. 0
Nondurable goods
industries
33. 6
36. 2
47.2
56. 4
62, 4
66. 9
69. 0
p 73. 5
67. 3
70.3
72.2
* 85.0
p Preliminary.
* At annual rates.
Source: II. S. Department of Commerce.
February 1947
Trends by Major Industries
In chart 12 are shown the trends in
value of shipments of selected industries.
In the right-hand panel the typical sales
picture of the "war" industries is illustrated—the sharp rise coincident with
war production, the rapid decline as war
requirements terminated, and finally the
upswing in the latter part of 1946.
Each of the three industries shown,
however, has its own unique deviations
from the general pattern. The recovery
of both the automobile and the machinery industries, however, is outstanding. Although the peak of war sales of
the transportation equipment (other
than automobiles) industry occurred in
1943 more than a year earlier than for
the other two industries, the value of
shipments in 1946 remained at about the
same level throughout 1946. The
change-over period appears to have been
longest for this group and it may be expected that its value of shipments will
continue to increase well into 1947.
In the left-hand panels are examples
of those industries whose products
needed but slight "reconverting" to be
suitable for the civilian market. The
pattern for these industries has been one
of increase since 1939, with only minor
declines in scattered quarters. These declines, particularly those during 1946 appear to have been influenced largely by
s e a s o n a l production of marketing
factors.
Agricultural Production
Farm production in 1946 continued at
a high level, although combined output
was fractionally lower than in 1945 and
somewhat below the peak output reached
in 1944. All of the decline which has
taken place in the past 2 years has been
in the production of livestock and livestock products, where most major components have been curtailed. In contrast, crop production reached an alltime high in 1946 as favorable growing
conditions resulted in high average
yields.
In spite of the small reduction in farm
production, the total food supply available for civilians reached a new peak in
1946. Sharp cutbacks in military procurement were chiefly responsible for
the larger civilian share. Total exports
of food increased slightly over 1945 shipments, reflecting a further rise in commercial exports, and imports into the
United States continued to be limited by
the disorganized production situation in
the chief exporting areas.
Prices reecived by farmers advanced
moderately during the first half of the
year, and then spurted sharply to move
above the 1920 peak with the end of price
control. With prices sharply advanced,
cash receipts reached a level nearly onethird higher than in the early part of
the year. All-in-all, it was another year
of advancing money returns for farm
operators.
Delayed Farm Reconversion
During the first year of peace, the
reconversion of agriculture to a postwar
status was retarded by the emergence of
special transition forces which grew out
of the end-of-war international food
crisis. On the export side, the severe
world shortage in cereals resulted in expanded wheat production—which now
promises to reach a new peak in 1947—
far beyond the prospective postwar markets likely to be available for United
States wheat in subsequent years. On
the import side, the absence of the usual
supplies of tropical oils created a demand
for the continuance of the expanded domestic production of oil-bearing crops
which was one of the leading wartime
adjustments made in farm production.
High production of these crops is again
desirable in 1947 but as prewar sources of
supplies are rehabilitated this segment
will be faced with increasing competition, and much less favorable prices
than have been secured in the post-OPA
period. Difficulties may be encountered
in lowering wheat production and in reducing output of oil-bearing crops,
especially soybeans and peanuts, when
this intensified competition materializes.
A more immediate readjustment problem arose in 1946 when potato production broke all records and required extensive price support in order to return
to farmers 90 percent of parity price.
The overproduction of potatoes was the
result of a series of developments, including the use of DDT to control insects,
which pushed yields sharply higher than
February 1947
in any previous year; the acreage harvested was actually at the lowest point
in over a half-century. In 1947, the Department of Agriculture is seeking to obtain a curtailment in potato output.
Another development in 1946 which
was not in the direction of postwar adjustment was the further reduction in
cotton output to a level below current
consumption and export requirements.
For the first time in more than a decade,
the cotton carryover has been sharply
reduced in the past 2 years to such an
extent that an expansion in United States
production appears desirable. The extent of the expansion is limited by the
large labor requirement for cotton, the
long-expected mechanization of which is
not yet a wide-scale reality.
On balance, agriculture is little nearer
to adjustment to the likely pattern of
postwar demand than at the end of the
war, although it has avoided the sharp
expansion in acreage that occurred at the
end of World War I which contributed
to agricultural maladjustment in the
interwar period.
From a financial standpoint, farmers
in recent years have avoided a repetition
of the mistake which they made in the
war era ending in 1920 of going heavily
into debt. Out of the wartime earnings,
which have been larger and have extended over a longer period than in
World War I, a higher proportion has
been retained as liquid assets or used to
reduce indebtedness.
Livestock Output Reduced
For the second successive year, the
output of livestock and livestock products
was contracted in 1946 (see chart 13).
Meat animal marketings, influenced by
price control developments, were uneven
during the year. Hog slaughter was
about as high in 1946 as in the previous
year, but in the latter part of the year
a curtailment in pig production occurred
which will show up in the spring and
summer of 1947 when these pigs are marketed. Poultry and dairy output declined in 1946; although prices for these
products were higher than in 1945, the
relationship between these prices and the
costs of feed was less favorable than a
year earlier during the greater part of
the year.
Crops Make Record
The favorable growing season in 1946
made possible a record crop production.
In only a few leading crops was production lower. Cotton output was below
that of any recent year (see chart 13)
and the production of oil-bearing crops
was off slightly although far above the
prewar (1935-39) average. These declines were more than counterbalanced
SURVEY OF CURRENT BUSINESS
19
Chart 13.—Volume of Agricultural Production x
INDEX, 1935-39-100
150
ALL COMMODITIES^
I 25
POULTRY AND
POULTRY PRODUCTS
/V
/
50
-
INDEX, 1935-39 = 100
175
INDEX, 1935-39 = 100
1 r$
MEAT ANIMALS
25
1
00
12b
1
I
I
150
-
I
1
COTTON AND
COTTONSEED OIL
100
\
/
V
75
1
50
225
I
I
I
!
125
1
1940 41 42
43
I I
44
45
!
1
1
1940
1
I
42
1
43
44
i
I
45
I
I
I
!
50
/
41
I
FOOD <BRAINS
V-
125
100
46
I
75
^ ^
175
I
-V
175
/
I
SUGAR CROPS
50
TRUCK CROPS
150
200
V
1
I
100
12b
100
175
125
/
1
00
46
1940
I
41 42
1
43
1
44
1
I
45 46
47-37
1 Indexes for 1945 and 1946 are preliminary.
2
Includes some commodities not shown separately in chart.
Source of data: U. S. Department of Agriculture.
by higher sugar crops and record truck
crops and food grains.
Feed grain and hay production (not
shown in the chart), which had failed
to expand as rapidly as livestock numbers during the war, reached a new high
in 1946 both in absolute terms and in
relation to the number of livestock on
farms.
Parity Advances as Farm Prices Spiral
Although the volume and the character of farm production during 1946 was
little affected by the ending of price control, the reaction on farm prices was
swift and far-reaching. The contribution of the rise in farm prices to the costof-living increase during the year is
discussed in another section. It is also
important to interpret the farm price
rise in relation to parity prices.
At the year end, farm prices averaged
24 percent above parity or comparable
prices, as shown in the left panel of chart
14; nevertheless, several commodities
were below parity. In the group of
"basic" commodities in the chart, the
prices received for corn and peanuts
and—among the so-called Steagall commodities—the prices of eggs and potatoes
were all somewhat lower than 90 percent
of parity on December 15. For the most
part, the legal support level for these
products, which is based on parity prices
prevailing at the beginning of the marketing season, is below 90 percent of
present parity prices.
This illustrates an important characteristic of parity prices. They are tied
to the level of prices paid by farmers, and
consequently are constantly changing.
For example, between December 1945 and
December 1946, prices received by farmers rose 27 percent, and during the same
period parity prices advanced 21 percent
reflecting higher prices paid by farmers.
At the latter date, farm prices were only
5 percent higher in relation to parity
than a year earlier in spite of the much
larger rise in prices actually received.
As a result of the President's proclamation officially ending the war just prior
to the beginning of 1947, the specific
mandate to support farm prices at not
less than 90 percent of parity is now
scheduled to expire on December 31,1948.
The prices for which specific legal support is required include farm products
which account for about 60 percent of
farm income.
20
SURVEY OF CURRENT BUSINESS
Chart 14.—Farm Prices of Selected Commodities as Percentages of
Parity or Comparable Price, December 15, 1946
PERCENT
200
-
150
-
100
50-
0
47-50
1 Total includes commodities for which there is no price support level.
2
Legal price support level is 90 percent of parity or comparable price for all items except cotton, for which it is 92.5
percent. Actual support levels vary in some cases from those shown in the chart owing to seasonal changes and to
changes in the parity index since the beginning of the marketing season.
Source of data: U . S . Department of Agriculture.
In addition a general provision is made
for the support of prices of other farm
products, and some of them have been
and are now being supported by the
Secretary of Agriculture. Another "mportant provision of the price support
legislation is that the 90 percent level is a
minimum and not a maximum. Prices
of several products including wool, soybeans, flaxseed, and sugar beets are being supported at more than 100 percent
of parity or comparable price. Authority for the support of wool prices is
scheduled to expire April 1, 1947, and the
Secretary of Agriculture has announced
that unless new authority is provided the
present support program will be discontinued.
Temporary Factors Swell Farm Income
The year 1946 was one of soaring farm
prices and record farm income resulting
from an unprecedented demand for farm
products and the removal of price control beginning in mid-year. In the first
half of the year, cash income from farm
marketings flowed at a rate of approximately 22 billion dollars on a seasonally
adjusted basis, and in the last 6 months
of the year rose to an annual rate of
26 billion dollars.
In addition to the record disposable
income of individuals in 1946 which provided a strong basic demand for farm
products, a number of unusual influences
were at work augmenting demand.
A special export demand for food and
fiber grew out of the end-of-war famine
February 1917
in Europe and Asia. This insistent need
coincided with bumper crops in the
United States or in the case of cotton
with a sizable carry-over and it was financed in part by relief funds which
made possible large transfers at high
prices. Although heavy exports of foods
are expected to continue during 1947, the
intense needs will decline as continental
food production recovers from the combined effects of war and bad weather.
Another special influence contributing
to the demand for farm commodities in
1946 was the high proportion of consumers' disposable income spent for nondurable goods—a situation which is discussed elsewhere but which raises a
question about the ability and willingness of the consumer to continue to pay
prices as high as prevailed at the end
of 1946.
As a result of these factors, a general
upward price movement prevailed during 1946, slowly in the first half of the
year when price controls were effective,
and then more rapidly. In broad price
movements, agricultural prices typically
take the lead and record the largest
changes. During the latter half of the
year, removal of farm prices from control prior to general decontrol accentuated the usual sensitiveness of farm
prices and resulted in a level of farm
prices considerably out of line with nonfarm commodities generally.
Periods of rising prices bring inventory
gains to all branches of industry, but
this benefit is particularly large for
farmers because of their usual heavy inventory position. Whereas manufacturers now hold inventory valued at less
than 2 months' sales, farmers hold crops
and livestock on the hoof valued at approximately 8 months' sales. This high
ratio of inventory to sales which characterizes farm operations results in a
very large gain from a price rise such as
that which occurred during the past
year. The reverse is equally true of a
price decline—larger losses are unavoidable on farm inventories.
Construction Activity
As a result of the rapid expansion of
construction activity which began after
VJ-day, the dollar value of construction
put in place in 1946 rose to a high level.
New construction activity exceeded 10.1
billion dollars, more than double the
figure for 1945 and only about 25 percent below the record set in 1942.
NOTE.—This section was prepared by the
Construction Division, Office of Domestic
Commerce.
In contrast with most other industries
which were freed from production and
distribution controls after mid-summer
of 1945, controls comparable to those in
wartime were reimposed upon the construction industry in early 1946 to meet
the exigencies of the housing shortage.
With the revocation of Order L-41 in
October 1945, privately financed construction of all types, particularly commercial and industrial building, had
spurted upwards and threatened to outstrip building materials production. Increasing concern with the plight of the
returning veterans, who were finding it
extremely difficult to secure housing accommodations, resulted in the passage
by Congress in May 1946 of the Veterans'
Emergency Housing Act, granting priority for the building of homes for sale
or rent to veterans, imposing a $10,000
ceiling on new single-family residences,
SURVEY OF CURRENT BUSINESS
February 1947
and establishing an agency to assist in
building homes for veterans.
Under the authority of the Second
War Powers Act, meanwhile, a housing
expediter had been appointed in January, who announced a program designed
to provide 2,700,000 units in the succeeding 2-year period, to use subsidy payments rather than price increases
wherever possible in stimulating building materials production, and to subordinate nonresidential building to residences for veterans. In effect, the controls over nonresidential building which
were made effective in March 1946, and
given further legal basis by the new act,
reinstated those which had been used in
wartime.
There was formulated early in the year
a series of production estimates or goals
for all types of construction and for
building materials output for the year
1946. Preliminary data suggest generally close correspondence between earlier
expectations and the actual results for
1946, with output of building materials
making a somewhat better showing than
construction activity. Although residential building fell short of the objective,
the deficit was limited to 15 percent, in
terms of work put in place.
Residential Starts Short of Program
The reason for the deficit in residential construction can be better understood if the analysis is conducted in
terms of number of dwelling units
started rather than in terms of dollar
value put in place. The original announcement of the Veterans' Emergency
Housing Program in February of last
year called for the start of construction
on 1,200,000 dwellings, including 250,000
factory fabricated houses. When it became apparent in midsummer that the
latter number was too optimistic, the
contributions of each segment to the
total program were changed. The table
below compares estimates of actual
starts in 1946 with the original and revised programs for the number of units
to be started.
21
The program as originally announced
proved to be decidedly realistic in anticipating the future course of residential construction, with the exception of
the number of prefabricated dwellings.
In the latter case, the original program
was missed by more than 210,000 units,
accounting for more than the entire discrepancy between the 1,200,000 units
programmed and the 1,004,000 actually
started.
The temporary reuse program of the
Federal Government missed the original
schedule by only 5 percent. Other building by public bodies and educational institutions, including new construction,
reuse of existing structures dismantled
and built on other sites, and conversions—for which the data cannot yet
be properly distributed among the
appropriate categories—accounted for
about 29,000 units started. These starts
plus the 15,000 excess for conversions
more than offset the modest difference
between original program and actual
starts in conventional dwellings and the
small production lag in the house trailer
industry.
cated dwellings were made ready for occupancy—although naturally not all of
these had been started in 1946. Over
45,000 new permanent units were made
available by conversions of existing units.
In addition to these, the program for
temporary houses and trailers provided
160,000-165,000 units ready for occupancy in 1946.
Sporadic building progress due to failure to receive materials as needed and
inability to hire skilled artisans at will
resulted in lengthening the duration of
actual construction from the 3 to 4
months normally required to 6 and 7
months in many cases. Construction
analysts recognized the inevitability of
this development, as the demand for materials for the number of projects authorized was nearly in balance with the total
output expected for the year as a whole,
and hence tended to outstrip production,
particularly in the early part of the year.
Competition for available materials and
labor by nonresidential builders was also
an important factor contributing to
lengthened construction periods for residential units.
Completions Low Relative to Starts
Perhaps a more realistic measure of
the success of the drive for new housing
in 1946 is the number of dwelling units
actually completed. About 455 thousand
permanent conventional and prefabri-
Nonresidential Building at High Level
Because construction already started
before the effective date of restrictive
regulations was permitted to continue,
the volume of private nonresidential
building continued to rise throughout
Chart 15.—New Construction Activity, by Type
BILLIONS OF DOLLARS
16
12
Actual
number Original Revised
started program, program,
(prelimi- February summer
1946
nary1946
estimate)
(Thousands of units)
Conventional
Prefabricated
Conversions
Trailers
Federal re-use—temporary
Other public and private projects
Total
671
900
838
634
37
en
New permanent dwelling units
738
100
65
48
191
29
1,004
50
50
100
50
200
212
n, a.
n. a.
1,200
1,200
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
47-28
Source of data: U. S. Department of Commerce.
22
the year to a total of 4.5 billion dollars.
(See chart 15.) Public and private residential building in 1946, although making large gains, totaled nearly a billion
dollars less than nonresidential building
for the year.
All private construction—in which the
heaviest components were 3.3 billion
dollars of residential and 3.4 billion dollars of nonresidential building—totaled
7.9 billion dollars or almost four-fifths
of the value of new construction. The
effect of this resurgence of private building was to widen further the gap between
private and public construction which
had reversed roles as the chief support
of construction during the war period.
In current dollars new construction in
1946 at ten billion roughly matched 1941
expenditures of 10.6 billion. In 1941,
this outlay was almost evenly divided
between private and public expenditure
while in 1946 private outlay was almost
3 > times as large as public expenditure.
M
Physical Volume of Construction
Previous discussion of building volume
in terms of current prices needs to be
reappraised in the light of building cost
developments and the substantial increases in building materials prices during the year. Although final data are
not yet available, a rough estimate indicates that in terms of 1939 prices, 1946
volume was equivalent to 6.4 billion dollars. On this basis, the volume of new
construction last year was about twothirds of the 1941 total of 9.4 billion
dollars although it was still twice as
large as the 1945 figure of 3.3 billion dollars in 1939 prices. In terms of physical
volume, the retardation of the programs
of Federal, State and local governments
is apparent, since the public category is
the only one in which 1946 construction
was virtually the same or less than the
volume of construction in the previous
year. Another interesting point which
emerges is that private nonresidential
building was somewhat greater than residential building in terms of physical
volume measured in 1939 prices.
Building Materials Drive Meets Success
The necessity of stimulating production of all types of building materials received early recognition as the crucial
SURVEY OF CURRENT BUSINESS
element in the 1946 construction
program.
Manufacturers responded to the market opportunities created by the tremendous building demand and were aided by
a vigorous program of Government assistance. The Federal aids included
price increases for building materials by
OPA, priorities to materials producers,
and premium payments to cover high
cost operations. At the end of the year,
almost all of the building materials included in the Department of Commerce
production index had registered substantial increases. Conspicuous shortages
persisted, however, in supplies of cast
iron soil pipe and cast iron radiation.
In view of the current high level of
building materials output and the prospect for further gains, it appears likely
that production will equal requirements
for nearly all materials in 1947 and that
delays owing to maldistribution of stocks
will gradually disappear. Increasing
production is also expected to have a
restraining influence on building materials prices which rose, rapidly over the
past year.
Construction Controls Modified
The outlook for construction in 1947
will be affected by the recent changes in
the whole gamut of controls. The general removal of price controls on November 9, 1946 affected building material
prices and entailed readjustment of other
controls relating to construction activity.
Thus, the ceiling price limitations on
dwellings have been removed and the
limit on shelter rents has been raised
from $80 a month maximum to $80 average for a project. It is planned to continue guaranteed market contracts for
prefabricated houses and for new materials together with financial aids to such
manufacturers. On the other hand,
abandonment of premium payments
would seem indicated in many cases now
that manufacturers are free to set their
own prices. Relaxation of controls over
nonresidential building may also be
expected in 1947.
Remaining restrictions on building and
the new ones devised to take the place
of those dropped are of a nonfinancial
nature. Thus, in lieu of the former
$10,000 price ceiling, the floor area per
February 1947
dwelling will be limited to 1,5,00 square
feet to restrain luxury building. Priorities for construction were discontinued
after December 23, although priorities
then outstanding will continue to be
honored.
Nonveterans as well as veterans may
now build for their own occupancy, but
units built for rent or sale must still be
offered to veterans first. The quality
standards previously required have bsen
abandoned and the inspections that were
part of the priority system will be discontinued under the new permit system.
The OPA has announced that houses
built with priorities assistance but not
completed before December 24 must be
sold at the prices stated in their authorization certificates which, of course, are
written for amounts under the former
$10,000 limit.
Forecast for 1947
The volume of demand which counted
so strongly in the 1946 market will for
the most part continue through 1947. If
a favorable economic situation continues
for the next few years, the effective demand for residential units will continue
unabated and will require at least 3 to 5
years for fulfillment. Given the present
large backlog of houses started but not
completed and increasing building materials production in 1947, it seems likely
that one million privately financed residences of the permanent type will be
started this year and about 900 thousand
may be completed.
Commercial construction is expected
to increase somewhat but a relatively
larger increase will be made by industrial
building. Extensive building of new
plants and facilities will be necessary for
economical production under the competitive situation which is in process of
development and is certain to achieve
full strength within the next 2 to 3 years.
The amount of construction under way
and planned to be started makes a projection of over 2 billion dollars in this
category seem likely. This represents a
25-percent increase in dollar terms over
1946. Public residential and public industrial construction are expected to decline although there will be large increases in the construction of sewer and
water systems, school buildings, hospitals, and other public institutions.
Domestic Transportation
Following the end of the war the
transportation industry underwent a
series of adjustments in both the composition of traffic and its distribution
among the various transport agencies.
The major factors underlying these adjustments were (1) the return to trucks
and deep sea ships of traffic diverted to
rail and pipelines during the war emergency; (2) the lower level of production
and changes in its pattern with the return to a civilian market; and (3) the
reduction in the average haul with the
decline in war goods shipments to Atlantic and Pacific Coast ports.
Postwar Readjustments
Examination of available information
on commodity traffic indicates that the
relative shares carried by rail and pipe
lines in 1946 were considerably below
their wartime peaks and only slightly
above their 1939 rate. These corrections
began immediately after the elimination
of the submarine menace to our sea
lanes and were increasingly noticeable
as motor fuel and equipment became
more generally available. The proportion of traffic going to motor and water
carriers increased steadily during the
period—although the latter group was
still far below its relative position in
1939.
Significant readjustments were most
evident in the railroad industry. These
took place both in the composition of
traffic and in the relationships of overall operating factors. During the war
years, rail ton-miles registered gains far
greater than the increases in freight carloadings due to the lengthening average
haul and heavier loadings of cars. These
factors in 1946 were off some 15 and 5
percent, respectively, from their wartime
peaks—so that the gap between tonmiles and carloadings was sharply reduced.
Despite these adjustments, both the
average haul and average load were still
about 15 percent higher than in 1939.
The increased haul reflects both higher
exports and the remaining traffic with
our overseas military forces—while the
heavier loadings of cars is still required
by Office of Defense Transportation regulations. There are many indications,
however, that these factors will not completely return to their 1939 levels and
that some of the increased efficiency in
equipment utilization will be retained.
An examination of the major classes
of commodities carried by rail reveals a
definite reversion to the prewar composition of traffic. The commodity groups
which had risen relatively less than had
total carloadings in the 1939 to 1945 pe
Table 11.—Domestic Intercity
Volume, 1939-46
Traffic
[Indexes, 1935-39=100, adjusted for seasonal variation
ton-
a
s O
o
a
o
a
1|
m
3
c
y
%
seng
miles
51
les
s
Railroa(I
niles
The total volume of intercity transportation in 1946 was about 10 percent below
the 1945 level—and more than a third
above its 1941 rate. The decline in commodity traffic in 1946 was less severe
than that experienced in the passenger
field due primarily to the postponement
of large reductions in the latter traffic
until the major part of demobilization
was completed in the early spring of
1946. The decline in freight movement
followed immediately after VE-day,
reaching its postwar low in October 1945.
Although combined commodity traffic
in 1946 was about 8 percent lower than
in the previous year, the trend during
the second half of the year was upward.
SURVEY OF CURRENT BUSINESS
and
February 1947
PH
1939
1940..
1941
1942
1943
1944 „
106
117
146
185
220
230
107
118
147
178
201
209
105
113
143
236
357
388
104
115
146
194
219
222
101
109
130
138
137
140
103
108
133
244
400
434
1945 year
1st quarter
2d quarter
3d quarter
4th quarter, _
_
2^2
233
238
217
202
199
213
218
194
206
221
232
201
173
389
372
385
385
409
174
135
143
141
131
126
419
405
412
403
454
1946 year
l§t quarter
2d quarter
3d quarter
4th quarter P.
200
207
186
203
202
183
]86
167
187
188
328
364
322
321
303
180
188
158
186
182
132
133
116
139
139
296
370
290
276
250
f Preliminary.
Source: "U. S. Department of Commerce and the
Board of Governors of the Federal Reserve System.
riod (forest products, livestock and lessthan-carload lots) were the only ones to
show increases from 1945 to 1946. In
addition, the relative carloading increases and decreases registered in this
period by the commodity groups were, in
general, inversely proportional to their
wartime trends. Thus, the spread between the various carload commodity indexes (1935-39=100) was only 12 percent
in 1946 compared to 49 percent in the
peak year of 1944. Merchandise 1. c. 1.,
despite its greater vulnerability to nonrail competition, registered the greatest
increase from 1945 to 1946, reflecting the
sharp rise in the flow of consumers'
goods.
Despite declines from 1945 to 1946 of 2
percent in carloadings, these readjustments, and the increased car "turnaround time" as industry generally went
back to a 5-day workweek, resulted in
continuing high demand for freight cars.
The number of new cars put in service
during 1946 was about one-third less
than the number permanently taken out
of service. There was little change in
the number awaiting repair, and the
number of serviceable cars owned by
Class I railroads declined about one percent during the year. However, the installation of new freight cars rose from
8,006 in the first quarter to 12,369 in the
third quarter.
Although accumulated steel shortages
and earlier export commitments brought
installations down to 9,752 cars in the
final quarter, present allocation of steel
in 1947 will permit production of about
7,000 cars a month. This greater availability of cars was reflected in a survey
23
of capital expenditures by Class I line
haul railways which showed anticipated
outlays for equipment of 175 million dollars in the first quarter of 1947 as against
actual outlays of only 50 million dollars
in the same period in 1946.
The railroads carried approximately
632 billion net ton-miles in 1946—a decline of 13 percent from the 1945 total.
A quarterly comparison with 1945 traffic,
however, showed a slackening rate of decline in the first three quarters while,
despite the coal stoppage, the last quarter
of the year was about 7 percent above the
corresponding period in the previous
year.
Pipeline Volume
The resumption of large-scale tanker
movements of oil resulted in a decline of
about one-fourth in ton-miles carried by
the pipelines from 1945 to 1946. Since
oil production was at record levels in
1946, this decline understates the magnitude of the diversion in traffic from pipeline to water carrier. About two-thirds
of the decline in pipeline ton-miles was
accounted for by the stoppage of oil flow
through the large Government-owned
emergency pipelines. Although these
lines were leased under a short-term
agreement as natural-gas carriers late
in 1946, their final disposition was still
undecided at the end of the year.
Waterbome Traffic
The resumption of long-haul traffic in
both intercoastal trade and tanker movements from the Gulf to the East Coast
brought a substantial increase in total
domestic waterborne ton-miles from 1945
to 1946—despite declines in volume carried on the inland waterways.
Dissatisfaction of the carriers with the
present freight-rate situation acted as a
deterrent to traffic in most nonbulk commodities. Intercoastal traffic is being
carried almost exclusively by Maritime
Commission vessels. Unless rates are
adjusted, or the Commission's request for
extension of authority is approved, it
appears that this traffic will come to a
virtual halt when present authorizations
expire on February 28, 1947. (A discussion of possible water-rate adjustments
and specific rail-rate revisions appeared
in last month's SURVEY OF CURRENT BUSINESS.)
Ton-miles carried on the Great Lakes
during the 1946 season was about 15 percent lower than in the previous year.
Iron ore shipments, which in recent
years, account for about 70 percent of
ton-miles on the Lakes, fell from 75.5
million long tons in 1945 to 59.4 million
tons in 1946. This decline reflected the
direct and indirect effects of both steel
and coal stoppages in the early months
24
of 1946. The grain movement was off
relatively more than iron ore shipments
due to the low stock position at lake ports
at the end of the 1945 season.
The decline in ton-miles on the inland
waterways (excluding Great Lakes) was
due primarily to the falling volume of
petroleum and iron and steel products.
The change in petroleum movement was
particularly severe on the Gulf Intracoastal waterways as oil was diverted
from barge to tanker. Coal traffic in
1946 was only slightly lower than the
1945 level.
Truck Loading at Peak Levels
The shift in production emphasis from
military goods to civilian goods was
especially favorable to the trucking industry which is better adapted to the
movement of miscellaneous manufactured products. This factor in addition
to near-record agricultural output, and
the elimination of the deterrent wartime
equipment and fuel shortages, resulted
in a 1946 truck-loading level almost
equal to the 1943 peak.
The increase in loadings from 1945 to
1946 was experienced by all classes of
commodities except petroleum products
and heavy machinery—with the largest
relative gains occurring in movements
of general merchandise, motor vehicles,
SUEVEY OF CURRENT BUSINESS
building materials,
products.
and
agricultural
Air Commodity Transport
The sharpest relative decline in commodity traffic from 1945 to 1946 was registered by the scheduled air lines—as
total ton-miles fell from 88 to 69 million.
This decline occurred despite an increase
of about 60 percent in express and freight
ton-miles, as the more important airmail volume was cut in half—due to the
greatly diminished demand for air mail
to and from our armed forces. It is interesting to note that as a result of these
divergent trends, the ton-miles of express and freight in 1946 exceeded airmail volume for the first time in air line
history. In addition, a partial survey of
the newly developed noncertificated air
carrier industry showed that these carriers in May and June 1946 carried a
minimum of 40 percent as much freight
and express as the scheduled air lines.
Passenger Traffic
Intercity passenger traffic in 1946 declined about 15 percent from the peak
year 1945—the entire loss attributable to
the 29 percent decline in rail passengermiles. Total rail passenger-miles declined from 92 to 65 billion. The decline
was confined to noncommutation traffic
with commutation traffic, reflecting rec-
February 1947
ord civilian employment, at its highest
level since 1931. The sharp drop in furlough travel resulted in a relatively
greater decrease in coach traffic than
in the parlor and sleeping-car service.
The fall in military demand was primarily responsible for many significant
changes in rail passenger operating statistics from 1945 to 1946. Average haul
and average load per passenger car were
off some 15 and 20 percent, respectively.
Average revenue per passenger-mile increased about 3 percent as the volume of
low-rate furlough traffic dwindled.
Intercity motor bus volume was down
slightly from 1945 to 1946. Although
affected, but to a much lesser extent than
the railroads—by losses in military
travel and passenger-car competition,
this traffic was bolstered by the eased
equipment and fuel situation.
Air passenger-miles carried by scheduled airlines increased about 70 percent
from 1945 to 1946 bringing their volume
to about eight times the 1939 level. The
rapid growth and significance of this
means of transport is indicated by the
fact that its current rate is over 40 percent of the total passenger-miles carried
in the rail Pullman service. Available
evidence indicates that passenger transport by noncertificated air carriers is as
yet not a significant percentage of total
air traffic—but this field is expanding
rapidly.
Retail Sales
The sharp increase in sales of retail
stores which followed the end of the war
brought both physical volume and the
dollar totals for 1946 to new highs
despite the fact that many goods were
still in short supply relative to demands.
Three features marked the movement
of sales during the year. (1) Total retail sales in the early part of the year
had reached a dollar volume which was
once more in line with the prewar relationship of sales to incomes. This is in
contrast to the war period when, despite
the fact that sales were steadily rising,
the aggregate dollar retail sales were
nevertheless below the amount which
consumers would have normally spent,
because of severe shortages of many
types of consumer goods, rationing and
price controls. (2) During the first 6
months of the year retail sales increased
about in line with seasonal trends. (3)
As prices were decontrolled, sales rose by
more than seasonal amounts but the rise
reflected the purchase of goods at higher
prices. What happened to volume is not
clear; superficially, the dollar sales and
price changes indicate a decline. But
this evidence is not conclusive in view of
the shift in relative prices and in the
character of some lines of goods sold.
Of fundamental importance to the
future prospects of retail trade is the fact
that the more than normal concentration
of buying in nondurable goods stores that
was evident during the war period was
not significantly changed in 1946. This
was brought about primarily by the temporary extraordinary purchases of returning servicemen, by producers of nondurables concentrating on higher price
lines, and by the low production of many
consumer durable goods, in addition to
the fact that consumers reestablished
the normal proportion of savings to income. Because the supply of durables
was low, spending tended to spill over
into nondurable goods stores.
This trend persisted throughout 1946
but toward the end of the year evidences
of slackening in the dollar sales of many
high-priced nondurables were developing. Merchants in these lines were then
confronted with the question as to
whether their sales and profits would
be cut as the supplies of durables became
available in larger quantities. Unless
consumers decide to save a much smaller
proportion of their income than they
normally do, a larger flow of durables
would result in reduced demand for nondurable goods with resultant price consequences.
Sales of all retail stores for the year
amounted to 97 billion dollars, more than
a fourth above the previous year and
three-fourths above the prewar year of
1941. The continued gains in all retail
sales since 1939 are shown in the upper
panel of chart 16. On a per capita basis,
dollar sales in retail outlets in 1946 were
$690, compared with $580 in 1945, and
$420 in 1941.
SURVEY OF CURRENT BUSINESS
February 1947
Prices Up Sharply
Prices played an important part in the
higher dollar sales in 1946. Rising slowly
in the first half of the year, prices increased sharply when price controls were
removed. The index of prices at retail
stores rose 10 percent on the average in
1946 over 1945; from June to December
1946, the index increased by 17 percent.
The volume of goods sold was greater
than in the previous year by about oneseventh, if the comparative movements
of the dollar sales and the price index
may be accepted as a rough guide.
Nondurable Sales Rise Sharply
Dollar sales at nondurable goods stores,
shown in the lower panel of the chart,
rose steadily throughout the war years.
In the first half of 1946 sales were at an
annual rate of 75 billion dollars, 20 percent over the previous year. The annual
rate of 80 billion dollars reached in the
second half of the year occurred only because of the sharp increase in prices.
Sales at durable goods stores, which
had dropped to a relatively low volume
during the war years, went up steadily in
1946 despite reconversion problems and
the low volume of production of many
durable goods. Total sales in such stores
amounted to 19 billion dollars in 1946.
This dollar total was about two-thirds
above the previous year and well in excess
of the prewar year 1941.
Sales in Line With Disposable Income
Chart 16 shows the trend of actual retail sales and sales which could have been
expected on the basis of the prewar relationship of sales to incomes. During the
war years sales, though rising rapidly, did
not keep pace with the disposable income
of individuals. This is shown in the upper panel of the chart where after 1941
retail sales calculated from the prewar
relation of sales to income are considerably in excess of actual sales.1
It is of interest to note that for the
nondurable goods stores sales were fairly
well in line with incomes even in the war
years. On the other hand, in the durable
goods field where supplies were generally
short, sales were far below the amount
that these stores could have expected on
the basis of the incomes of individuals.
After VJ-day with the shift from military to civilian production and with a
freer spending attitude on the part of
consumers, total sales were increased by
the first half of 1946 to the point where
they were once more in line with the prewar relationship to incomes.
However, the striking development following the end of the war was the disx
For formula used to calculate sales, see
SURVEY, October 1944, "Retail Sales and Con-
sumer Income."
730394—47
4
25
Chart 16.—Sales of Retail Stores, Actual and Calculated
BILLIONS OF DOLLARS
120
BILLIONS OF DOLLARS
120
ALL RETAIL STORES
CLC
80
r ^ ^
A
C
111
11
DURABLE GOODS STORES
NONDURABLE GOODS STORES
40
1939
1940
1941
1942 1943
ANNUAL TOTALS
1944
1st
HALF
2d
HALF
1945
1st
HALF
2d
HALF
1946
HALF-YEARLY TOTALS, SEASONALLY
ADJUSTED, AT ANNUAL RATE
47-44
1
For regression equations used to obtain "calculated" sales, see "Retail Sales and Consumer Incomes," SURVEY,
October 1944.
Source of data: U . S . Department of Commerce.
tortion in the consumer buying pattern.
Because many durables were still short,
consumers stepped up their purchases at
nondurable goods stores far beyond the
amount consistent with the prewar relation of these sales to incomes. On this
basis sales of nondurable goods stores
during 1946 were 12 billion dollars above
the amount indicated by the prewar relationship. Sales at durable goods
stores, on the other hand, were below the
prewar relationship by about the same
amount that sales of nondurable goods
stores were above.
Sales Varied by Lines of Trade
A comparison of sales by quarters for
the years 1941, 1945, and 1946, for selected groups of stores is shown in charts
17 and 18. In order to compare the relative changes in sales for each group a
ratio scale was used. These charts show
many contrasting developments in the
sales trends among the kinds of business
in the durable and the nondurable goods
groups. Estimates of annual sales volume are presented in table 12.
Sales of Food Stores
Sales of food stores which had risen
steadily through 1945 continued the upward movement in 1946 to a record total
of almost 24.5 billion dollars—exceeding
the previous year by one-fifth. This
total was double the sales of these stores
in 1941.
The high level of sales reflected larger
supplies of foods and higher prices.
Some shortages of meats and dairy products appeared in the midquarters of the
year, but these were largely connected
with the price uncertainties. Food prices
rose sharply after price controls were removed, December prices being about 30
percent above June.
While sales at eating and drinking
places in 1946 continued above 1945, the
rate of increase leveled off despite higher
prices and the increase in the civilian
population. During 1946 dining at home
increased as food supplies eased, family
units were reestablished, and many
housewives withdrew from the labor
force. The decreased mobility of the
population also contributed to the slack-
SUEVEY OF CUERENT BUSINESS
26
ening increase in such sales. Total sales
at eating and drinking places amounted
to 12 billion dollars, 12 percent above
1945, the smallest year-to-year rise
shown in six years.
Apparel and Department Store Sales
Spending by consumers for apparel reflected the changing character of the
postwar adjustment period. In the first
half of 1946, influenced by strong Easter
sales and the enormous demands of returning servicemen, sales moved to much
higher dollar volumes relative to the corresponding period of 1945. A further
flurry in the third quarter reflected a
certain amount of forward buying in anticipation of sharp price rises. In the
fourth quarter some notes of caution in
buying became evident. High price lines
and poor quality items began to meet
considerable consumer resistance.
Women's apparel stores had an extraordinary volume of sales in the war
years. These sales continued at even
higher volumes during 1946. Total sales
at women's apparel stores during the
year exceeded 4 billion dollars, 13 percent
above 1945 and two and one-half times
sales at such outlets in 1941, These sales
reflected heavy buying of high-priced
lines.
Sales of these stores which even in
the war years had been far in excess of
what could have been expected on the
basis of the prewar relationship to income, rose in 1946 to a level 1.2 billion
dollars above the relationship. At the
end of the year, however, with the availability of other goods and some resistance to high prices this excess was being
narrowed.
Sales at men's clothing stores showed
a different behavior. During the war
years sales had dropped below the line
of relationship to income established in
prewar years. After VJ-day, however,
with the return of servicemen to civilian
life sales increased sharply. Much of
this increase in demand was temporary,
however, and by the end of the year
there were some indications of a slackening in the rate of increase.
Shoe Stores
Sales of shoe stores amounted to 1.5
billion dollars in 1946, more than onefifth above 1945. Part of the increase
reflected higher prices and part was due
to increased production. Output of
shoes for civilian use in 1946 amounted
to* 525 million pairs compared with 445
million in 1945. Heavy purchases by
demobilized servicemen together with
high consumer incomes resulted in a
sharp spurt in sales of shoe stores in the
first half of 1946. In fact purchases
would have been even greater if it were
Chart 17.—Sales of Selected Groups of Nondurable Goods Stores
BILLIONS OF DOLLARS
4.0
EATING AND DRINKING
PLACES
3.0 1946
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2.0
BUILDING MATERIALS AND HARDWARE
GROUP
——
1946 ^ ^ ^ ^
— c __
1.0
.9
.8
.7
.6
!
1
1
2.0
4.0
AUTOMOTIVE
GROUP
-
3.0
1941 .••***
***« #
2.0
**Z^000t^
-
1946 ^T
1.0
.9
.b
.7
1945 ^
*** { ^ ***
|
1
"
6.0 — 1946
1945
2.0
Chart 18.—Sales of Selected Groups
of Durable Goods Stores x
BILLIONS OF DOLLARS
4.0
DEPARTMENT STORES,
INCL. MAIL ORDER
3.0 -
0.0
9.0 - FOOD GROUP
8.0
7.0
*
February 1947
u
5.0
-
2.0
-
1945
4.0
3.0
1.0 .9
.8
_
1941
••••
1
!
1
.7 _ MEN'S CLOTHING
i
1.0
.9 -
!
WOMEN'S A P P A R E L A N D
2.0 ~ ACCESSORIES STORES ~
~
AND FURNISHINGS
.6 - STORES
1
?O
1 Data arc plotted on ratio scales.
Source of data: U. S. Department of Commerce.
- SHOE STORES
J
not for the fact that the increase in
production was limited by a tight hide
supply. As in the case of women's high
priced apparel, a slackening of demand
developed in the latter part cf 1946 for
high-priced women's shoes.
.5
.4
_
•
/
1945
/
.3
/
1941 y*
-
-
-
•
/
-
.2 -
1.0 _
.9
.8
.7
.6
.5 .4 ~
1
1st Qr.
1
2d Qr.
.3
3d Qr.
4 t h Qr.
1946
^m
1945
**
-
.2
1941 . « • '
* 1
1st Qr. 2d Qr.
1 Data are plotted on ratio scales.
Source of data: U. S. Department of Commerce.
.3
1
3d Qr.
1
4 th Qr.
1st Qr.
2d Qr.
3d Qr
4th Qr.
Department Stores
A somewhat different picture was
shown for department stores. In the
first part of the year department stores
rode the crest of the apparel buying wave
that has already been mentioned. When
demand, especially for high-priced lines,
slackened in the second half of the year
it was offset by the increased availability
February 1947
of durable goods. Thus, a high volume
of sales was fairly well maintained
throughout the year. Total sales of department stores, including mail order
houses, in 1946 were 9.6 billion dollars,
30 percent above the previous year and
almost double 1941. The gain over 1945
was the largest for any of the major nondurable goods groups.
Jewelry Stores
The only durable goods group which
experienced a decline in sales after seasonal adjustment in the latter part of
the year was jewelry stores. Sales of
these stores amounted to almost 1.2 billion dollars for the year. On a seasonally
adjusted basis, however, sales which in
the first half of the year were at an annual rate of 1.3 billion dollars, declined
in the final quarter to an annual rate
of less than 1.2 billion dollars.
Jewelry stores had shown a sharply increasing level of sales in the war years.
Merchandise was in fairly adequate supply and stocks more diversified by the
expansion of costume jewelry, glassware
and general gift lines. Thus, after the
end of the war there was not the large
backlog of consumer demand as was the
case for other durables. The general
price rises and the increased availability
of other more essential goods cut somewhat into the luxury jewelry trade.
Automotive Stores
In the remaining durable goods stores
the variations shown in the chart reflect primarily supply conditions. Because of the tremendous backlog of demand, prices asked appeared to be no
deterrent to sales.
In 1946, a total of 2.2 million passenger
cars were produced. There is no question that current demand could have
SUEVEY OF CUEEENT BUSINESS
absorbed many more. Total sales by
automotive stores, including parts and
accessories, amounted to 6.8 billion dollars in 1946. Seasonably adjusted sales
in the last quarter of 1946 were 93 percent above the first quarter of the year.
Price rises also accounted for some of
this increase. Nevertheless, total sales
in this group in 1946 was still 20 percent
below 1941.
Home Furnishings
Sales of home furnishings stayed close
to the 1941 level throughout the war.
The rise in sales began after VJ-day
and went up rapidly as previously missing household durables began reaching
the market in quantity. The backlog of
demand plus the establishment of new
Table 12.—Sales of Retail Stores
[Billions of dollars]
Kind of business
1939
1941
1245
1946
All retail stores
Durable goods stores
Nondurable goods stores.
Durable goods stores:
Automotive group
Building materials and
hardware group
Home furnishings group ..
Jewelry stores
Nondurable goods stores:
Apparel group
Men's clothing and
furnishings stores _..
Women's apparel and
accessories stores
Shoe stores-...
Family and other apparel stores
Drug stores
Eating and drinking
places
Filling stations
Food group
General merchandise
group
Department stores including mail order
Other retail stores
42.0
10.4
31.7
55.5
15.6
39.9
76.6
31. 5
65.1
77.7
2,7
1.7
.4
3.9
2.6
4.2
2.9
1.1
6.2
4.7
1.2
7.7
9.0
.6
4.2
96.7
19.0
1.8
2.2
1.7
.8
.6
1.8
3.6
1.2
4.1
1.5
1.1
3.0
1.3
3.6
3.5
2.8
10.2
4.8
3.5
12.6
10.8
3.0
20. 2
12.1
3.8
24.4
7.9
11.6
14.6
4.0
3.9
5 (.)
5.2
7.4
8.7
9.
10.3
1.1
1.3
.6
NOTE.—Figures do not necessarily add to totals due to
rounding.
Source: V. S. Department of Commerce.
27
households kept sales moving rapidly
throughout the year.
In spite of continuing difficulties in
lumber production there was material
improvement in the availability of furniture items throughout the year. Low
price lines, however, continued to be
absent.
Sales of home furnishing stores in 1946
were 4.7 billion dollars. Of this total,
furniture and house furnishing stores
accounted for 3.3 billion dollars, about
50 percent above the previous year, while
household appliance and radio stores
with 1.4 billion dollars exceeded the previous year by nearly 110 percent.
Building Materials and Hardware
Because production of goods in these
categories was channeled to war uses,
sales of building materials and hardware
stores remained at about the 1941 level
during the war years. After VJ-day,
however, as more production went to
civilian uses, sales of these stores increased materially.
Sales of building material and hardware dealers reached 6.2 billion dollars
for the year, a gain of about 50 percent
above 1945 and 60 percent above 1941.
Although these sales were high relative
to previous years, they did not increase
substantially during the year despite
heavy demands. This reflected the
channeling of building supplies into
building construction so that retail dealers of such commodities were unable to
get sufficient supplies to meet demands.
Hardware store sales a d v a n c e d
throughout the year as more and more
items in this category became available.
The heavy demand kept supplies of selected products tight but in general the
supply situation eased considerably and
the quality of products improved.
Foreign Trade
The international transactions of the
United States after the termination of
hostilities in 1945 showed a pattern similar to that of domestic business, declining at first and then rising again during
1946. This pattern reflects the decline
in demand created by the ending of the
war and the subsequent increase in the
production of civilian goods both here
and abroad.
Recorded merchandise exports, stimulated by relief contributions, foreign
loans, and dollar balances accumulated
by some countries during the war, increased steadily throughout the year, ex
cept for the interruption caused by the
shipping strikes in September and October. Total transfers of goods, on the
other hand, reached their highest level
during the June quarter, primarily because of the bulk disposal of surplus
goods to France for 300 million dollars.
Imports also rose steadily during the
year, reflecting increased availability of
supplies abroad and to some extent
higher prices. Service transactions,
however, declined during the year, chiefly
as a result of the continued reduction of
military activity in foreign areas. Receipts and payments for transportation
services remained at a high level in accordance with the rising physical volume of trade. Tourist expenditures rose,
particularly to and from neighboring
countries, but not sufficiently to compensate for declining transactions by the
armed forces.
The surplus of goods and services
transferred to foreign countries increased from 7.2 billion dollars in 1945 to
over 8 billion dollars in 1946. A detailed
account of the means of financing this
surplus appeared in previous articles in
the SURVEY.1 Preliminary data indicate
1
July, October, December, 1946.
SURVEY OF CURRENT BUSINESS
28
Chart 19.—U. S. Foreign Trade, by Economic Classes
BILLIONS OF DOLLARS
I6
biLLIONS OF DOLLARS
16
EXPORTS OF U. S. MERCHANDISE
I4
| FINISHED MANUFACTURES
12
| CRUDE AND MANUFACTURED FOODSTUFFS
I CRUDE MATERIALS AND SEMIMANUFACTURES
10
31 32 33 34 35 36 37 38 39 40 41 42- 43 44
ANNUAL TOTALS
*~
1945
1946
QUARTERLY TOTALS,_
AT ANNUAL RATE
Source of data: U.S. Department of Commerce.
that in 1946 gifts and donations financed
39 percent of the export surplus, longand short-term loans about 43 percent,
and liquidation of foreign assets including gold about 17 percent. This represents a sharp decline of gifts and donations and an increase in loans and utilization of foreign assets compared to 1945.
The changes in the means of financing
the export surplus are due primarily to
the termination of straight lend-lease.
Government Transactions Decline
With the cessation of hostilities in 1945
the United States Government reduced
its active participation in international
as well as in domestic economic activities. The decline in the Government
share of merchandise transferred as
compared to the war period coincided
with the decline of lend-lease and the
virtual termination of reverse lend-lease
after VJ-day. Reduced activities by the
armed forces in foreign countries also
The dollar value of Government imports of raw materials and other products remained relatively stable throughout the year, but accounted for a declining share of total imports. No new
contracts for the purchase of certain raw
materials, such as copper, lead, copra,
and specified fibers were to be entered
into after the end of 1946. Other commodities, whose world supply continued
to remain short, such as rubber and tin,
were still on the procurement list. As
foreign supplies more nearly approach
demand, however, Government procurement activities, except for the stock piling program, are likely to be terminated.
Controls Relaxed
In addition to the relative decline of
United States Government participation
in actual purchases and sales or other
transfers of commodities and services,
Government controls and regulations of
international trade were considerably relaxed. International allocation of raw
materials through the Combined Raw
Materials Board had been terminated at
the end of 1945; allocations of foodstuffs
through the Combined Food Board continued only until June 30, 1946. At the
end of 1946 wheat, sugar, fats and oils,
rubber, tin, and some minor commodities remained under allocation through
secial international agreements. Moreover, increased supplies in this country
made it possible to remove from export
controls a long list of domestic products.
l r
IMPORTS FOR CONSUMPTION
1929 30
-•
February 1947
contributed to the diminishing role of the
Government in international transactions. The decline in these two spheres
of Government activity was partly and
temporarily offset by increasing relief
shipments and surplus property disposals
abroad.
Direct selling by Government corpora^
tions, chiefly the Commodity Credit Corporation, increased, reflecting the resumption of foreign cash purchases after
the termination of straight lend-lease,
and higher prices especially of agricultural products. The sale of agricultural
products proceeded through Government
corporations as long as supplies were insufficient to meet both domestic and foreign requirements, and certain quotas
for export had to be set aside. With
the improvement of the supply situation,
new contracts by the Government for
procurement on foreign account ceased
after January 1, 1947.
Exports of Foodstuffs at Peak Rate
Merchandise exports during 1946
reflected the role of the United States
in providing for the relief and rehabilitation needs of foreign countries. Recorded exports of foodstuffs reached an
annual total of about 2.2 billion dollars
(0.8 billion of which were UNRRA and
lend-lease exports), higher than at any
time since 1919 when, under similar circumstances, they amounted to 2.6 billion
dollars. In addition to recorded exports,
about 475 million dollars of foodstuffs
were exported to the occupied areas during the year by the armed forces.
The increase of the share of foodstuffs
in total recorded exports from only 10
percent during the years 1936-38 to
about 23 percent during 1946 represents
an interruption of the trend in the composition of our exports. Over the last 70
years, with the exception of a few years
during and immediately after World War
I, food exports have comprised a declining proportion of the total. As the rehabilitation of foreign areas progresses
and lend-lease and relief programs are
terminated, the relative importance of
foodstuffs in total exports is likely to
resume a declining trend.
February 1947
High Raw Material Exports
Exports of crude materials and semimanufactured products (other than
foodstuffs) showed a rise from 1.7 billion
dollars or 17.3 percent of total recorded
exports in 1945 to about 2.3 billion dollars
or 24 percent of recorded exports during
1946. Even at that rate raw material
exports have not yet reached their prewar share of total exports (38 percent
during the years 1936 to 1940). The dollar value of these exports, however, was
higher than at an-y time since 1920, when
exports in these categories reached a
peak of over 2.8 million dollars.
The high dollar rate of raw materials
exports after both wars resulted from
similar factors, chiefly the inability of
war-devastated areas to provide their
customary share of the world demand for
such products, the world-wide need to
rebuild depleted inventories, and higher
prices. The need for replenishing inventories also existed in the United States
where a relatively large part of the 1946
production did not reach the final consumer, but appeared as an increase in
the stocks both of producers and distributors.
Finished Goods Exports Increase
At their wartime peak in 1944 exports
of finished manufactures (other than
foodstuffs) amounted to more than 10.7
billion dollars or 76 percent of the total
but declined to an annual rate of 3.5
billion dollars at the end of 1945. During
1946 exports of finished manufactures
recovered to about 5.0 billion dollars or
53 percent of total exports.
SUEVEY OF CURKENT BUSINESS
The long-run trend for over 100 years
before the war showed a steady increase
in the share of manufactured products
in total exports. Because of heavy shipments of war material under lend-lease
this class of exports outran the trend
during the war, but in 1946 the ratio of
finished goods to the total was about the
same as in the late 1930's, whence it may
be expected to continue its gradual rise.
Imports Still Below "Normal"
Prior to the war real imports (i. e. imports adjusted for price movements)
followed rather closely the volume of production in the United States. Principally because of the disruption of commercial relations, the destruction of
foreign productive facilities, and the
diversion of production in foreign
countries to armaments, this relation between real imports and domestic production was interrupted during the war
period.
During the past year imports increased
slowly and reached during the last
quarter about three-fifths of the level
that might have been expected on the
basis of current domestic productive activity. This compares to a little over
one-half for the year 1945.
The relatively small progress toward
the restoration of our imports is, however, the result of two offsetting trends,
geographically speaking. Imports from
North America had been above the prewar relationship during the war period
and in 1946 declined to or even below
the computed "normal" level. Imports
from Europe and Asia on the other hand,
increased considerably but were still well
below the computed "normal."
29
This analysis suggests that the volume of imports from Europe and Asia
should continue to rise. This increase
should be fully reflected in total imports
since imports from areas unaffected by
the war are not expected to decline further. The volume of total imports,
should, therefore, show a sharper rise
from 1946 to 1947 than during the
former year.
Raw Materials Rise; Manufactures Lag
The commodity composition of imports reflected the faster recovery of
foreign production of raw materials than
of finished manufactures. (See chart
19.) Compared to the prevailing rate
of national income imports of crude and
semimanufactured materials increased
from 53 percent of the computed "normal" in 1945 to about 67 percent during
the last quarter of 1946, while finished
manufactures during the same period
increased only from 46 to 48 percent.
In the latter group, however, a decline
of imports of war materials, mainly
from Canada was compensated by increased imports of civilian manufactured
goods. On the basis of prewar relations
it seems that the expected increase in
total imports will have to come to a
relatively greater extent from higher
imports of finished manufactures than
from higher imports of other commodities. This may very well coincide with
the relatively greater increase of imports expected to come from Europe,
which before the war supplied about 50
percent of the imports of manufactured
goods.
Financial Developments
Government policies and actions continued to set the over-all tone for financial developments during 1946, but the
year saw the resurgence of activity in
the private money market and increased
demand for funds by businesses and consumers generally. As a result of an improved budgetary situation, Federal fiscal operations were no longer a major
source of inflationary pressures, as during the war years. In addition, by its
debt redemption program the Treasury
reversed the long continued growth in
the total money supply, although private
deposit and currency holdings made
further gains during the year.
On the whole, the general financial
environment at the end of the year was
highly favorable to continued high production and employment in the economy.
There were no evidences of a shortage of
funds seeking investment, though in the
second half of the year terms of issue
were revised to provide more attraction
for available funds. However, the firming of interest still left rates in most
cases no higher than at the close of
1945. In general, Treasury and Federal
Reserve policies during the year continued to be directed toward the maintenance of the existing structure of interest rates.
Federal Cash Surplus in 1946
For the first time in more than 15
years, the Federal Government wound
up the calendar year period with a small
excess of cash income over cash outgo.
As shown in chart 20, the last time the
Treasury was in a somewhat similar
position was in the last half of 1937 and
in early 1938 when small surpluses were
recorded for 2 quarterly periods.
The sharp reversal of the Treasury's
position was a welcome development during 1946, since it tended to narrow the
gap between demand and available supplies at a time when price ceilings were
under considerable pressure. The continuing high level of expenditures, and
the large share going to veterans' benefits and related programs, plus the large
proportion of taxes derived from corporate profits and graduated taxes on
30
personal incomes, suggest that the net
effect of Federal fiscal operations was
still in the direction of supporting buying power, despite the small net withdrawal of cash.
Budget Accounts Still Unbalanced
On a budget basis, as distinguished
from a cash basis, the Federal accounts
were still unbalanced in 1946, although
the deficit for the year was cut to 2.5
billion dollars, as compared with 43.6
billion dollars in 1945 and 52.7 billion
dollars in 1944. The two bases yield different results since budget receipts exclude such items as taxes transferred to
the Old-Age and Survivors Insurance
Trust Fund and budget expenditures include various noncash outlays such as
transfers of Treasury funds to other
Government agencies. The cash income
and outgo data plotted in chart 21 measure actual receipts of money from the
public (other than Treasury borrowing)
and actual payments to the public.
Public Debt Cut 19 Billion Dollars
One of the most notable financial developments of 1946 was the large scale
debt redemption program of the Treasury which stopped the growth of the Federal debt that had been under way since
1930. The Treasury redeemed for cash
23 billion dollars of securities, predominantly short-term issues held by commercial banks. Since there was an increase in other issues, mainly those held
in other Government accounts, the net
reduction in the public debt amounted
to 19 billion dollars from the end of 1945
and 20 billion dollars from the debt peak
in February 1946.
The impact of the debt reduction program on the over-all economy was limited because the bulk of the redemptions was financed through a reduction
of the huge wartime cash balance of
the Treasury, rather than through an
excess of cash receipts over expenditures,
and because the holders of the redeemed
securities were banks for the most part.
With the Treasury's cash balance reduced to a level more in line with postwar needs, it was apparent that further
debt reduction would be dependent on a
cash surplus.
Private Money Supply Continues Upward
The large-scale drawing down of the
Treasury's deposits during 1946 effected
a reversal of wartime trends in total
money supply. Nevertheless, as shown in
chart 21, deposits and currency held by
non-Government owners continued to
expand at a rapid rate, particularly in
the deposit components. In the case of
currency holdings, the increase during
the year slackened to about the prewar
SUEVEY OF CUEEENT BUSINESS
February 1947
Chart 20.—Cash Income and Outgo of the U. S. Treasury
BILLIONS OF DOLLARS
30
OUTGOA
20
EXCESS OF OUTGO
10
i i i
0
1936
1937
1938
1939
1940
1941
1942
!943
1944
1945
1946
47-32
Source of data: U. S. Treasury Department.
rate of growth, in marked contrast to the
war period when currency accounted for
a substantial part of the increase in
liquid asset holdings.
Private Borrowers Replace Government
Not only was there in 1946 a complete
reversal from wartime in the role of
Government in the capital market, but
the magnitude of the needed expansion
in private borrowing far exceeded that in
any preceding year. The significant
changes in private capital requirements
may be seen from the following estimates
of the Commerce Department and the
Budget Bureau:
1939
Private domestic gross capital formation
-_
_
.Sources of funds:
Undistributed corporate profits
Business reserves
Net Government payments to business
_
Inventory revaluation *aVlj]ustment
- _.- _ I__ Other sources
1944 1946
Billion
dollar*
Bil- Bih
lion lion
dol- dollars lars
9.9
3.9
27.1
.4
5.4
9.6
6.9
9.6
c
-3.6 -2.2
- . 4 - . 1 -3.5
1.7 - 7 . 4 16.3
Private business gross capital formation was 7 times higher than in the war
year 1944, when Government financing
was the dominant factor, and almost 3
times as great as in the prewar year 1939.
Whereas during the war the large rise in
retained business income and in other
business reserves resulted in accumula-
tion of liquid business assets, the reverse
was true during 1946. While internal
sources of funds far exceeded prewar and
wartime levels, the rapid expansion of
capital requirements resulted in a greatly
expanded need for outside funds.
Revival of "New Money" Market
The increased need of businesses for
long-term and working capital resulted
in a marked revival of activity in the
"new money" securities market. During
the fourth quarter of 1946, corporations
raised about 1.3 billion dollars of new
money—over 200 million dollars more
than in all of 1945. For the year as a
whole, the net proceeds of new money
security issues totaled 3 billion dollars,
largest since 1930.
The proceeds from new security issues
to finance capital expansion rose from
6 percent of total private plant and
equipment expenditures in the first quarter of 1946 to over 25 percent in the
fourth quarter. During the years 1937
to 1941 this ratio never exceeded 11
percent.
Refinancing Drops Sharply
In contrast to the trend of new money
issues, corporate flotations for refunding outstanding securities dropped
sharply in 1946. Net proceeds from such
issues totaled 3.1 billion dollars, about
1.5 billion dollars less than in 1945 when
there was record refunding to take advantage of reduced interest rates. The
peak of refunding coincided with the
SURVEY OF CURRENT BUSINESS
February 1947
highs reached in the market for outstanding securities in the second quarter
of 1946. Undoubtedly, the sharp reduction of stock market prices in the last
half of 1946 was a factor in this trend
reversal. These refundings became less
profitable as bond prices firmed. Also of
importance was the fact that the most
profitable refunding operations had been
accomplished by mid-year.
The stock market reversal in the summer of 1946 affected primarily the volume of refunding and the form that new
money issues assumed. While the stock
market was rising, stocks constituted the
bulk of new money issues, but by the
fourth quarter of last year, more than
four-fifths of the new money issues comprised bonds rather than stocks.
June 30. This suggests that the steppedup rate of inventory accumulation was
a drain on the working capital of many
business firms. However, the carrying
of increased customer receivables and
larger trade payables were also important in increasing the volume of shortterm bank borrowing.
C h a r t 21.—Deposits of All Banks
a n d Currency Outside Banks
Business Liquidity High
BILLIONS OF DOLLARS
20
Although in the reconversion period,
business found it necessary to liquidate
some of their more liquid assets, working
capital continued in a highly liquid state.
Net working capital of corporations
(current assets less current liabilities)
actually increased, mainly reflecting
lower Federal income-tax liabilities.
Estimates of the Securities and Exchange Commission reveal that in the
year ending September 30, 1946 (latest
data now available), corporate cash and
U. S. Government securities holdings
were reduced by about 7.4 billion dollars
while inventories and receivables rose by
about an equal amount. Despite these
changes, cash and Government security
holdings of 38.5 billion dollars in late
1946 represented almost two-fifths of
total current assets of corporations as
compared with a ratio of 25 percent at
the end of 1939. These assets were also
higher in relation to sales than in the
prewar period.
150
Commercial Loans Rise Sharply
During 1946 business and agriculture
found it necessary to supplement funds
received from other sources by borrowing from commercial banks. Commercial, industrial and agricultural loans at
commercial banks reporting weekly to
the Federal Reserve Board amounted to
approximately 10.3 billion dollars at the
end of the year, 3.0 billion dollars, or
40 percent, more than at the beginning.
The bulk of the expansion occurred after
1939
31
40
Source of data: Board of Governors of the Federal
Reserve System,
New or Revised Series
Publicly Reported Dividend Payments: Revised data for page S 1 *
—9
[Millions of dollars]
1944
1943
Month
January _
_
February
March., ._
April
Heat,
Com- MisManuFiRailTotal factur- Min- Trade nance roads light, muni- cellaand cations neous
ing
ing
power
_
_
_. _..
Mav
June
July
August
September
October
November
De-cember
_ -__ ._
..
_
Total
Monthly average
.
92.1
61.8
203.4
127 4
64.7
238.4
133. 4
66.3
205.6
135.4
72.8
424.8
23.3
3.1
1.4
44.8
26.4
15.0
5.0
46.9
3, 614. 4 1,826.1
122.5
200.7
152.2
10.2
16.7
285. 2
147.3
333. 5
300 9
121.3
415.3
338. 0
142.5
350. 7
311.1
135. 0
733. 6
301. 2
0.9
.3
21.2
23
.3
22 3
2.1
.5
16.3
5.9
22.1
15.1
3.6
25.2
15.8
3.4
.1
2.6
13.8
13.3
2.7
61.6
36.9
40.9
33.7
40.1
41.5
40.8
45.5
35.7
34.8
42.1
40.9
50.8
14.8
46.4
.2
16.3
12.7
6.5
2.7
28.6
445. 4
202.2
483.7
244.1
37.1
16.9
40.3
20.3
73.7
29.2
19.3
47.2
8.0
29.0
75.3
26.0
19.3
49.3
9.3
59.8 1
16.7
7.1
12.2
17.0
1.3
34.9
13.7
7.9
46.0
.2
12.9
46.4
.2
14.1
46.5
Total
45.7
.1
14.4
46.4
.2
14.5
46.5
25.6
12.8
2.9
68.1
14.0
46.5
.2
16.1
28.8
25.7
17. 2
5.4
45.8
89.7 3, 782. 2 1, 934. 4 174.9
209.3
472.3
225.7
426.5
244.7
94.4
17.4
39.4
18.8
35.5
20.4
7.9
5.4
1.7
10.6
5. 7
7.5
315. 2
161.2
1.4
.9
22.1
4.1
1.0
43.4
3.9
1.2
14.6
17.3
7.3
23.0
16.4
4.1
25.7
17.6
34.0
32.9
31.8
40.2
31.2
32.7
37.7
31.4
31.9
38.1
31.9
52.7
20.8
4.7
2.9
68.5
19
92.7
59. 9
224.2
131.4
66.9
264.6
144.3
61.4
239. 2
127.5
70.9
451.4
16.8
6.7
14.2
17.2
1.4
37.3
14.8
74.0
26.4
22.4
45.7
11.0
30.8
78.5
25.9
24.2
48.5
12.9
72.0
2.6
285.1
138.4
361. 7
307.4
118. 4
460.7
350. 5
133.7
393.3
300. 4
129.2
803.4
Heat, Com- MisManu- MinFiRailfactur- ing Trade nance roads light, muni- cellaand
ing
power cations neous
3.8
7.9
.1
3.2
4.2
9.6
6.0
2.6
11.7
7.2
2.0
11.9
5.1
2.1
i Compiled by the 17. S. Department of Commerce, Bureau of Foreign and Domestic Commerce. The series include all cash dividend payments which are reported in Moody's
Dividend Record: The data cover over 4,750 corporations, and currently represent more than 60 percent of total cash dividend payments. No adjustment is made for intercorporate
dividends. The miscellaneous group includes agriculture, contract construction, services, transportation other than railroads, public utilities other than heat, light and power, and
motion pictures.
Data for 1941-42 are available on p . 20 of the February 1944 Survey, except for minor revisions in the 1942 figures as follows (millions of dollars): Total—April, 312.9; May, 118.4;
July, 340.6; November, 128.6; December, 705.3; year, 3,530.5 (monthly average 294.2); manufacturing—November, 74.4; December 398.3; year, 1,790.8 (monthly average, 149.2); m i n i n g April, 4.8: year, 159.8; finance, December, 53.8; year, 440.7; heat, light and power—November, 32.2; December, 47.4; year, 440.9; miscellaneous—May, 2.0; July, 5.7; December, 27.9;
year, 77.1. The coverage of the series is incorrectly stated as 70 percent in the February 1944 Survey.
SUEVEY OF CURRENT BUSINESS
32
February 1947
Production of Electric Energy: New or Revised Data for Page S—26
[Millions of kilowatt-hours]
1920
Utilities, total
By fuels
By waterpower
1927
43, 632
20, 757
16,876
51,229
32, 289
18, 940
54, 662
35,172
19, 490
61, 451
39, 653
21,798
1933
1934
1935
1936
1937
1938
81,740
48, 283
33,457
Total (utility and industrial)..
Utilities, total
Byfuels
B y water power
Industrial establishments-.
Byfuels
B y water power
37,180
22, 477
14, 703
87, 258
54, 574
32, 684
95, 287
56, 915
38, 372
109,316
70, 258
39,058
118,913
74, 900
44,013
113,812
69,533
44, 279
161,308
127, 642
84,078
43,564
33,667
April
May-
June
Julv
January
1936:
Utilities, total
Byfuels
By water power.
February
March
69, 353
43,750
25,603
75, 418
46, 944
28, 474
82, 794
49, 920
32, 874
92,180
59, 533
32, 648
91,112
59,922
31,190
87, 350
58,323
29,027
1940
39, 405
23, 644
15, 760
1928
1941
1942
1943
1944
179, 907
141,837
94, 516
47,321
38,070
208, 306
164, 788
113,925
50,863
43,519
233,146
185,979
122,109
63,871
47,167
267, 540
217,759
144,127
73, 632
49, 781
44,336
5,445
279,525
228,189
154, 244
73, 945
51,336
46, 376
4,959
August
SeptemSepte]
her
1931
October
November
79,393
46, 515
32, 878
1945
271,255
222, 486
142,516
79, 970
48, 769
43, 992
4,777
Decem- Monthly
ber
average
8,838
5, 642
3,196
8,212
5,449
2,764
8, 526
4,908
3,618
8,532
4,692
3,840
8,714
4,988
3,726
8,838
5,710
3,128
9, 360
6,355
3,005
9, 498
6, 562
2,936
9,408
6,510
2,898
9,817
6, 576
3,241
9,434
6,218
3,215
10,140
6,649
3,491
9,110
5, 855
3,255
9,923
6,099
3,823
9,036
5, 558
3,477
10,033
6,158
3,875
9,696
5, 554
4,142
9,809
5,436
4,372
9,918
6,153
3,765
10,192
6, 794
3,398
10,474
7,173
3,300
10, 078
6, 863
3,215
10, 245
6, 897
3,348
9,653
5, 969
3,684
9,858
6,245
3,613
9, 809
6,242
3,668
9,439
5,887
3, 552
8, 547
4, 992
3,555
9,299
5,339
3,960
8,784
4,734
4,049
8,939
5,085
3,854
9,057
5,359
3, 698
9, 369
5,713
3, 656
10,002
6, 218
3, 784
9, 661
6,199
3, 462
10,035
6,682
3,353
10,061
6,566
3,496
10,619
6, 759
3,861
9, 484
5,794
3,690
10,388
6,689
3,699
9,433
5,650
3,784
10, 324
5,922
4,402
9, 752
5,403
4,348
10,145
6,022
4,122
10,329
6,582
3,747
10.443
7,007
3,437
11,014
7, 523
3, 492
10,911
7,821
3,090
11,637
8,529
3,108
11,433
8,258
3,176
11,832
8, 673
3,159
10, 637
7,007
3,630
11,962
8,833
3,159
10, 870
7, 706
3,163
11,259
7, 359
3,900
10, 981
6,478
4,503
11,391
6, 837
4,555
11,273
7,097
4,176
11,814
7,688
4,127
12,159
8, 223
3, 937
11,709
7, 886
3,823
12, 765
9,144
3,622
12, 480
8,482
3,999
13,143
8,784
4, 360
11,820
7, 876
3,943
Utilities, total
Byfuels
By water power.
13,316
8,762
4,553
11,998
8,114
3,884
13,067
8,694
4,374
12, 649
7, 850
4,799
13,345
9,132
4,213
13,393
9, 375
4,018
14,056
9, 623
4,433
14,294
10,378
3,915
14,113
10,142
3,970
14,981
10, 807
4,174
14, 224
10,163
4,061
15,353
10, 885
4,468
13,732
9,494
4,239
Utilities, total
By fuels
By water power.
15,372
10,777
4,594
13, 846
9,415
4,431
14,797
9,190
5,607
14, 354
8,752
5,602
14, 763
9, 410
5,352
14,955
9,613
5,342
15. 793
10, 675
5,118
16,041
10, 739
5,302
15. 894
10. 689
5,205
16, 526
11,030
5,496
16,224
10,501
5,723
17,416
11,317
6,099
15,498
10,176
5,323
17, 381
11,004
6, 377
15, 855
9,983
5,872
17, 573
10,969
6,604
16, 979
10, 245
6,734
17,613
10, 452
7,161
17, 848
11,399
6,450
18,430
12,249
6,181
18, 962
13,101
5, 861
i8, 604
13, 267
5, 337
19,314
13,835
5,480
19, 228
13,214
6,014
19,973
14,410
5, 563
18.147
12.011
6,136
19, 727
14,064
5,663
18,581
12.942
5,638
19, 543
12, 533
7,010
18,413
11,124
7,289
18, 873
11,614
7,259
18,595
12,305
6, 290
IS, 792
12,813
5, 980
19,573
13,803
5,770
18,516
13,125
5,392
19,027
13, 263
5, 763
18,947
13,256
5, 691
19, 602
13,402
6,201
19,016
12,854
6,162
24, 638
20, 287
13, 831
6,456
4, 351
3,914
436
22, 0.59
18,020
12,110
5,910
4,039
3.642
'397
23, 961
19,557
12,055
7,502
4,404
3, 932
472
22, 858
18,676
11,613
7, 063
4.182
3, 725
4c 7
23, 695
19, 416
11,808
7, 609
4,279
3,844
435
22, 992
18, 823
11,849
6,973
4,170
3,757
412
23,045
18,956
12, 254
6, 702
4,088
3, 735
353
22, 596
20, 725
18,610 I 17,012
12.265 I 10,983
6,345
6, 028
3,986 I 3.713
3, 659
3,375
327
338
21, 464
17, 602
11,197
6, 465
3, 803
3, 445
358
21,208
17,360
11.028
6,332
3,847
3, 467
380
22,014
18,108
11,522
6, 586
3, 907
3, 495
412
22, 605
18, 541
11,876
6, 664
4, 064
3, 666
398
1937:
Utilities, total
Byfuels
By water power.
1938:
Utilities, total
Byfuels
By water power _
1939:
Utilities, total
Byfuels
_._
By water power 1940:
Utilities, total
Byfuels
By water power 1941:
1942:
1943:
Utilities, total
Byfuels
By water power 1944:
Utilities, total
Byfuels
By water power
1945:
Total (utility and industrial)
Utilities, total
Byfuels
By water power
Industrial establishments, total...
Byfuels
By water power
i Compiled by the Federal Power Commission.
The series for utilities represent a revision of the statistics published in the 1942 Supplement to the Survey, and in the m o n t h l y
Survey through the M a y 1945 issue, to exclude production of railroads and railways and a comparatively small q u a n t i t y formerly included for certain mining and manufacturing
plants supplying energy to utilities and to others. Such production is now included in the data for industrial establishments. T h e data for utilities cover total production for public
use by privately and municipally owned utilities, Federal projects, cooperatives, power districts, State projects, and publicly owned non-central stations which operate primarily
for such functions as public street lighting or water p u m p i n g . The present revision did not affect the data for privately and municipally owned utilities shown separately in the
Survey; b u t there have been unpublished minor revisions in the 1943-44 data; these revisions and revised totals for "other producers" for 1920-45 will be published later.
T h e data for industrial establishments and total industrial and utility production are new series. The series for industrial establishments represent estimated total production
production by non-utility producers. The data are based upon reports of industrial producers of electric energy with plant capacities of 100 kilowatts or more, which account for
around 85 percent of total production by industrial establishments, on data reported by the U. S. Bureau of the Census in the 1939 Census of Manufactures and the 1939 Census of
Mineral Industries, and related statistics.
Employees in Nonagricultural Establishments: Revised Data for Page S 9 1
—
[Thousands of employees]
Manufacturing
Total, all industries
1943
January
February
March
April
]Y1 ^ y
June
July
Manufacturing
Total, all industries
Month
Month
39,511
39, 561
39, 841
40, 079
40,102
40, 382
40,480
1944
39, 727
39,686
39, 613
39, 615
39, 655
39, 869
39.809
1945
I
39, 093
39,135
39, 251
38,991
38, 880
38, 767
38,474
1943
16, 570
16,816
17,037
17,129
17,181
17,431
17,618
1944
17, 587
17, 581
17, 447
17, 235
17,105
17,116
17,091
1945
16, 696
16, 684
16, 557
16, 302
16,012
15,749
15,331
1943
|
1944
1945
1943
1944
August
September - . October..
November
December
40, 414
40, 238
40.301
40,467
40,839
39,806
39.616
39.426
39,435
40,004
38,172
36, 398
36, 327
36, 779
37.463
17,736
17, 696
17,777
17, 858
17, 722
17, 085
16,888
16, 758
16, 695
16, 747
15,019
13,159
13,048
13,110
13, 059
M o n t h l y average _
40,185
39, 689
38,144
17,381
17,111
15, 060
1945
i Compiled by the U. *S. Department of Labor, Bureau of Labor Statistics. The manufacturing series has been revised to adjust the monthly estimates to final 1943 and 1944 data
from the Federal Security Agency and the revision incorporated in the total. The 1943-45 data shown here supersede figures shown on p. 24 of the July 1945 Survey and in the statistical section of the Survey through the August 1946 issue. For 1946 data see p. S-9.
SURVEY OF CURRENT BUSINESS
February 1947
S-l
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That
volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it
also provides a description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where
historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer
to adjustment of monthly figures for seasonal variation.
Data subsequent to December for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
Decem- December
ber
1946
January
FebruMarch
ary
April
May
June
July
August »
October
BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted:
260. 5
Total income payments
1935-39 <=100_
258.4
Salaries and wages
_ do
248.2
Total nonagricultural income
_
__do. _
15, 895
Total
„
mil. ofdol..
Salaries and wages:
9, 323
Total
do
3,881
Commodity-producing industries
do
Distributive industries
do _ 2,472
1,595
Service industries
do
1, 375
Government
do
114
Public assistance and other relief
do
Dividends and interest
do
2,395
Entrepreneurial income and net rents and royalties
_
mil. of dol._
3,328
Other income payments
do
735
13,980
Total nonagricultural income
_
do
234.1
236.1
230. 5
14, 272
233. 5
231.1
229,3
13,04?
231.7
227.8
226.1
12, 068
234.7
235.1
230.4
13,199
236.4
239.0
232.6
12, 960
239.7
240.6
233.8
12, 768
240.9
244.1
235.6
14, 478
250.6
249 9
240 0
13,979
252.1
254.1
243.2
13,481
246. 6
254. 3
242.7
14,317
' 254. 5
253 5
243. 7
14, 673
8, 525
3,046
2,073
1,391
2,015
88
2,056
8,179
2,938
2,018
1,396
1,827
90
1,122
8,041
2.917
2,021
1,431
1,672
92
525
8,360
3,222
2,075
1,476
1,587
94
1,386
8,541
3,318
2,168
1,495
1,560
93
892
8,629
3,425
2,228
1,476
1,500
94
558
8,787
3,641
2,176
1,503
1,467
95
2,238
8,845
3,701
2,216
1,537
1,391
96
1,113
8 995
3,878
2,255
1,546
1,316
97
554
9,144
3,928
2, 296
1, 646
1,374
99
1,455
9 195
3, 902
2, 323
1, 555
1,415
107
893
2,599
1,004
12,846
2,609
1,047
11, 719
2,415
995
10,930
2,402
957
12,059
2,507
927
11, 698
2,577
910
11,423
2,500
858
13,178
3, 099
826
12,082
3, 020
815
.11,684
2, 859
760
12, 693
3, 725
753
12,239
150
153
149
139
137
140
131
135
129
120
107
130
118
97
134
117
78
146
125
99
145
111
94
125
154
150
158
145
156
136
130
162
106
188
231
155
' 168
' 169
' 166
155
155
155
144
143
144
150
170
135
155
162
150
149
164
138
131
119
140
159
189
136
131
150
117
155
142
164
139
130
146
111
117
107
142
142
142
' 155
T
157
2, 510
2, 492
1,909
1,893
1, 648
1,534
1. 455
1,383
1,426
1,370
1,569
1,419
1,657
1,551
1,523
1,469
2, 407
2,271
2, 257
2,193
2, 027
2,014
3, 347
3. 332
r 2, 935
r
2, 922
366
349
379
339
424
365
268
'268
'293
250
201
'251
345
231
'267
'311
'234
187
235
330
208
' 289
' 319
'267
194
317
278
206
' 271
' 308
243
207
258
281
214
' 262
' 267
' 258
223
'283
269
233
'2S4
'331
249
223
255
294
221
271
' 332
226
220
'213
281
342
' 335
r
311
'354
271
441
298
330
' 313
'294
327
284
' 366
323
303
' 249
' 279
'227
293
139
366
501
' 348
' 346
' 349
310
356
428
T
440
' 367
'347
'382
333
' 437
355
' 259. 2
r 256 9
' 246 8
' 14, 202
r
'
'
'r
r
9 210
3, 867
2,378
1,586
1 379
110
r
5S7
' 3, 549
' 746
12; 009
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings . .
. 1936-39=100
Crops
do
Livestock and products
.
do
Indexes, adjusted:
Total farm marketings _ . .
do
Crops
._
_.do ..
Livestock and products
do
Cash farm income, total, including Government payments*
mil. of doL_
Income from marketings*
_ . do
Indexes of cash income from marketings:t
Crops and livestock, combined index:
Unadjusted
1935-39=100
Adjusted
do
Crops
do
Livestock and products
do
Dairy products
do
Meat animals
do
Poultry and eggs
do
T
•
150
PRODUCTION INDEXES
Industrial Production—Federal Reserve Index
184
174
156
164
159
163
148
171
v 176
161
180
" 184
Unadjusted, combined index!
1935-39=100._
1K2
160
167
Manufactures!
do
151
174
187
170
186
' 190
191
191
178
176
p 184
164
' 213
215
v 207
182
203
184
190
175
194
136
210
' 213
Durable manufactures!
do
184
43
102
164
169
109
159
154
179
183
p 158
183
' 177
Iron and steelt
_
- do
147
99
129
141
137
86
120
131
142
p 129
110
144
' 139
Lumber and products!
do
^160
152
135
144
144
142
146
131
139
142
Furniture!
do
152
155
157
v H4
144
122
133
Lumber!
do
80
95
108
138
63
126
140
131
136
' 261
217
232
225
241
243
255
Machinery!.
do
v 273
188
207
230
' 26S
' 271
168
151
139
148
132
135
v 195
147
141
130
179
Nonferrous metals and products!.
__do
156
' 187
155
176
144
141
145
139
191
150
Fabricating*.. _ _ „
do
147
163
200
148
146
123
109
109
Smelting and refining*
do _ v 158
141
140
128
110
131
138
150
155
213
184
163
174
193
187
191
159
204
209
v 197
180
Stone, clay, and glass products!
do
206
107
125
108
134
145
171
•p 1 6 1
166
179
181
175
Cement
do
188
113
' 156
147
134
143
138
140
144
147
154
' 158
155
128
Clay products*
do
v 155
270
239
242
251
261
258
247
243
228
254
227
237
Glass containers!
_. _
_ do
' 240
241
'236
220
245
239
242
r 235
217
199
209
?232
238
Transportation equipment!
_
_do
r
188
107
162
176
182
185
95
98
114
161
•P 1 8 7
167
187
Automobiles!§
do
172
162
162
161
159
166
' 172
157
160
162
'173
154
Nondurable manufactures!
do
v 166
237
196
198
162
157
164
174
221
174
187
188
211
Alcoholic beverages!
„
_„ _ do
235
233
233
234
232
233
Chemicals!
do __„
237
231
231
240
244
^245
231
v 417
395
384
389
395
379
382
392
383
398
'403
'411
Industrial chemicals*.
_ . do
378
134
119
118
122
117
137
127
127
131
101
117
Leather and products!
do _
111
99
119
94
98
115
136
105
114
100
114
Leather tanning*
.
do
104
113
131
144
Shoes
do
142
' 133
130
138
118
142
142
128
109
106
r
v Preliminary.
Revised. § See note for automobile index at the bottom of p. S-2.
*New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes since 1942 are from the
Department of Agriculture. Data for 1913-41 for the dollar figures on cash farm income are shown on p. 28 of the May 1943 Survey; revised totals of cash farm income for 1940-44 are
given in the note on p. S-l of the January 1947 Survey; the monthly figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrial
production are shown on p. 18 of the December 1943 issue.
f Revised series. For revised data on income payments for 1939-41, see p. 16 of the April 1944 Survey and for 1942-44, p. 20 of the May 1945 Survey. For revisions for the indicated
series on industrial production, see pp. 18-20 of the December 1943 issue. Revised data for 1913-41 for the unadjusted index of cash income from farm marketings and for 1935-41 for
the adjusted indexes for dairy products and poultry and eggs are available on p. 28 of the May 1943 Survey; the other adjusted series have been revised above, because of a correction
to bring the adjusted figures in line with the unadjusted, and are not comparable with indexes previously published; the indexes for these series published on p. 28 of the May 1943
Survey and p. S-l of the March 1943 to January 1947 issues may be made comparable with those shown here by multiplying by the following factors: Adjusted index, crops and
livestock combined, 0.949; crops, 0.884; livestock, 0.999; meat animals, 0,998,
730394.—47
5
SUEVEY OF CURRENT BUSINESS
S-2
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the Decem
1942 Supplement to the Surrey
ber
1945
February 1947
1946
December
January
February
March
April
May
June
July
August
Septem- October November
ber
BUSINESS INDEXES—Continued
PRODUCTION INDEXES—Continue d
Industrial Production—Continued
Unadjusted—Continued.
Manufactures—Continued.
Nondurable manufactures—Continued,
Manufactured food productsf
1936-?I9«=1OO.
..do
.
Hairy productsf
Meatpacking: .__
-do.—
do
Processed fruits and vegetables*
-do—
Paper and products! - - --do
Paper and puipt
do
Petroleum and coal products!
do
Coke
do
Petroleum refininct
do
Printing and publishing!
do
Rubber productsf
Textiles and products!
-do. .
Cotton consumption
do
Rayon deliveries
__
..do
Wool textile production
do
Tobacco products
__
. do
Minerals!
Fuelst
Anthracite!
Bituminous coalf
Crude petroleum
Metals
___
- — do
.
—do
do
. do
do
149
143
175
9 125
182
108
134
131
9 172
154
155
94
133
130
v 166
116
145
»85
171
92
141
137
» 161
91
139
» 101
129
89
148
143
» 171
151
139
p 134
120
101
146
141
114
205
143
125
228
149
104
114
215
151
138
233
153
142
122
216
159
146
234
171
148
126
137
94
142
139
61
134
146
114
159
144
60
163
169
185
92
72
147
140
164
119
124
244
156
212
230
111
114
153
v 134
9 245
• P160
141
243
138
141
•> j 2 l
'130
» 147
. do
.
do
do
do
Adjusted, combined indext Manufactures
Durable manufactures _.
Lumber and products.., _
Lumber
Nonferrous metals
_.
Smeltimr and refining*
Stone, clay, and glass* products
Cement
C!av products*
Glass containers
. do
.
do
do
-do—
. do
do
do
Nondurable manufactures
_. ..do .
Alcoholic beverages. _
do
Chemicals .
_. . do
Leather and'products
do
Leather tanning*
. . . . . do
Manufactured food products
-doDairy products
.
. . . . do
do
Meat packing
Processed fruits and vegetables*..
.do
Paper and products
fin
Paper and pulp
_ _
do
Petroleum and coal products
do
Petroleum refining
do
Printing and publishing
_ . do
Textiles and products
._.
—do.
Tobacco products
. . . . . do
Minerals
Metals
9 151
_.
_
. . . do
_ do_ _
Manufacturers' Orders, Shipments, and
Inventories
New orders, index, totalt
avg. month 1939=ion
'179
186
'209
1' 142
o 332
P 195
f 158
3»
111
v 150
113
137
»160
120
103
142
138
P 163
73
137
»189
84
125
147
142
»174
137
129
221
162
147
241
173
152
129
219
161
144
245
169
147
126
215
164
149
247
174
164
134
149
121
160
147
47
131
145
125
168
138
44
99
108
121
10
146
46
160
163
166
108
95
151
140
172
131
144
247
152
154
138
119
108
139
128
185
149
144
255
168
173
183
125
117
141
123
192
152
150
251
167
238
232
133
126
160
9 117
178
146
140
136
p 161
161
p 197
154
228
136
131
164
9 151
37
r
315
150
144
9 181
166
r 158
9 120
117
r 216
152
146
160
164
9 175
122
255
147
142
P 182
165
129
218
165
152
240
174
159
115
211
144
127
233
144
145
123
221
162
149
233
173
161
128
' 234
' 166
153
236
' 181
166
135
r234
168
155
242
r 178
179
115
124
125
60
149
62
141
149
86
156
153
95
150
153
128
159
154
126
147
150
120
156
151
132
149
151
125
163
149
136
147
150
124
160
149
r 126
165
176
190
130
123
132
109
190
152
148
243
159
167
175
129
123
130
109
175
127
140
213
170
176
193
133
127
137
110
190
155
148
240
172
177
202
129
121
148
132
192
155
147
249
177
183
208
135
126
156
138
197
159
150
251
' 179
T
185
r 211
137
129
168
146
204
162
150
265
181
188
••213
136
127
179
150
200
156
' 149
250
166
176
232
134
120
156
» 122
140
163
148
143
v 171
164
169
235
131
115
153
»129
130
165
146
141
9 166
161
155
231
127
104
145
»120
120
158
142
138
*>163
162
161
233
128
107
139
» 129
85
162
146
142
157
176
235
103
99
150
165
175
136
131
*>178
164
174
237
120
101
147
9 137
138
155
147
142
9 182
165
227
235
119
101
136
9 143
38
142
150
144
9 181
' 168
206
••238
' 117
97
'146
9 146
115
167
152
146
9 179
' 172
213
243
121
110
' 156
9 146
163
' 162
v 153
*> 147
v 177
132
168
173
130
9 173
169
r
136
9 118
r
P179
151
9 161
155
138
134
132
» 172
9 131
v 160
148
112
143
112
118
151
143
123
159
156
127
162
161
126
161
154
124
164
163
129
165
153
124
144
140
129
162
155
128
' 166
157
9 136
v 108
133
108
141
107
141
93
137
89
104
76
115
63
139
78
146
103
144
107
146
111
145
'111
182
188
186
193
203
209
214
204
211
228
227
9 156
152
r 167
161
231
234
117
115
154
9 116
131
145
133
130
9 166
»168
P244
'157
9 96
181
T
149
9 153
148
r
r
135
243
173
164
249
181
172
135
140
123
116
150
P 105
r
r
r
r
182
191
213
142
135
187
155
202
162
150
251
233
203
219
173
176
179
224
229
231
232
254
Durable goods industries
249
do
258
221
174
165
231
252
163
240
223
Iron and steel and their products
250
281
do
270
276
240
217
215
269
295
235
297
331
292
321
Machinery, including electrical
305
316
._do „
155
157
137
156
152
159
153
161
166
173
Other durable goods
175
do
204
188
194
188
196
189
200
203
188
198
212
214
Nondurable goods industries
do
218
r
184
197
209
206
P272
197
206
208
222
183
240
do
244
268
Shipments, index, totalf.
r
169
199
183
203
212
207
216
153
233
259
Durable goods industries
do
263
278
94
88
81
98
134
142
126
169
»236
188
Automobiles and equipment
216
217
••235
-do—
v 222
191
174
92
178
197
140
186
187
212
229
Iron and steel and their products
231
..do....
'236
r
172
167
210
206
183
185
186
163
241
do
276
286
320
Nonferrous metals and products
199
202
'338
222
233
255
198
26S
240
257
Machinery, including electrical.
289
285
..do
'313
T
572
504
547
554
535
626
492
497
Transportation equipment (exc. autos)_._ - d o —
457
531
504
503
i 262
176
199
161
211
223
220
211
188
Other durable goods industries.
-do—
247
230
265
'268
' Revised.
p Preliminary.
*New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey.
tRevised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes shown above for the industrial production series, see table 12 on pp. 18-20
of the December 1943 issue. Seasonal adjustment factors for a number of industries included in the industrial production series shown in the Survey have been fixed at 100 beginning
various months from January 1939 to July 1942: data for these industries are shown only in the unadjusted series as the "adjusted" indexes are the Bauoe as the unadjusted. The
indexes of new orders were revised in the November 1945 Survey and the indexes of shipments were revised in the February and March 1945 issues; data for electrical machinery and
other machinery, which were shown separately in the May 1946 and earlier issues of the Survey have been combined; data for 1939-44 for all series, except the combined indexes
for machinery, are shown on p. 23 of the July 1946 Survey and combined indexes for machinery are on p. 22 of the August 1946 issue.
NOTE FOR INDEX OF PRODUCTION OF AUTOMOBILE INDUSTRY, p. S-l.—This series is currently based upon man-hour statistics for plants classified in the automobile and automobile
parts industries and is designed to measure productive activity during the month in connection with assembly of passenger cars, trucks, trailers, and busses; production of bodies,
is making a study of production and man-hour statistics in an endeavor to arrive at a more accurate measure of over-all production in these industries.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-3
1946
January
February
March
April
May
June
July
August September
October
November
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS,
AND INVENTORIES—Continued
Shipments!—Continued.
*>267
Nondurable goods industries._avg. month 1939=100.
Chemicals and allied products
do. _
Food and kindred products
do
p 253
Paper and allied products
do
2*232
Products of petroleum and coal
do
Rubber products
do
Textile-mill products..
do
p 220
Other nondurable goods industries
do
Inventories:
Index, total
do
z>203
Durable goods industries
. _ . . . . _
do.
P 220
Automobiles and equipment
do
v 137
Iron and steel and their products
_ - - do _
Nonferrous metals and products*
do
Machinery, including electricalf-.
do
Transportation equipment (except automobiles)
avg. month 1939=100.
Other durable goods Industries!-- . . . . do. p 154
Nondurable goods
do
Chemicals and allied products
. . . . do.
p 191
Food and kindred products
do
Paper and allied products
do
p 180
Petroleum refining
do
P 134
Rubber products
. . .
. do _
Textile-mill products
do
*207
Other nondurable goods industries t--do
Estimated value of manufacturers' inventories*
mil. of. doL. 20,185
208
221
213
200
173
282
197
208
209
215
210
206
181
288
207
208
206
208
209
208
185
293
208
199
199
198
220
185
193
268
174
186
215
206
253
198
196
282
180
193
224
223
244
222
209
311
207
218
231
225
248
225
204
r 244
'218
199
206
221
216
196
167
260
195
203
217
220
'220
'240
165
171
191
118
135
223
167
174
200
120
139
226
169
181
210
122
145
236
169
182
222
120
145
241
170
184
223
120
149
245
173
189
234
124
152
251
181
105
245
128
157
256
186
200
252
131
161
261
190
206
258
134
103
208
197
212
203
138
107
270
200
210
258
r
137
' 165
r
284
594
118
158
165
177
155
112
169
130
173
579
119
159
105
170
157
111
174
136
180
587
120
161
167
167
161
112
180
141
182
615
123
159
166
161
163
114
186
148
177
593
124
159
167
157
162
114
199
153
174
615
125
158
165
153
160
116
196
157
174
626
128
158
166
150
164
118
192
156
176
642
132
1G9
170
180
171
120
195
164
182
684
136
173
171
183
178
124
198
108
180
708
141
170
174
184
181
129
204
171
189
749
145
184
180
195
183
132
'805
r
147
' 187
r
185
r
199
' 181
r
134
174
200
173
'• 207
16,288
16,369
16,590
16,829
16,837
16, 934
17, 175
18,010
18,466
18, 886
19, 505
' 19,920
196
189
2i8
167
178
292
166
189
195
203
218
182
161
229
178
184
164
171
187
120
136
218
204
213
225
185
154
242
'201
'249
T
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
(U. S. Department of Commerce)
Operating businesses, total, end of quarter...thousands.Contract construction
da
Manufacturing
do
Wholesale trade
do
Retail trade __
_
. do. .
Service industries
do
All other
do
__do
New businesses, quarterly
.
Discontinued businesses, quarterly
do
rtn
Business transfers, quarterly
r
'3 224.1
' 189.2
262 5
' 143.2
'1,493. 5
'617.3
' 518 4
'127.4
'37.4
'84 1
INDUSTRIAL AND COMMERCIAL FAILURES
(Dun and Bradstreet)
Grand total
__
number
. do
Commercial service
Construction
do
Manufacturing and mining _ _
. do .
Retail trade
do
Wholesale trade
__ _
do
Liabilities, grand total
thous of dol
Commercial service
do
Construction
..doManufacturing and mining
do
Retail trade
_
. do...
do
Wholesale trade
92
13
8
41
26
4
69
3
13
25
24
4
74
7
9
36
17
5
92
12
12
37
26
5
96
11
17
32
28
8
123
11
14
60
21
17
104
13
9
38
36
8
3,785
3, 656
3,006
3,434
3,799
4,877
6,400
40
133
60
191
7
262
413
162
459
516
311
147
500
12,511
3, 202
2,285
2,734
1,948
2,113
249
629
2,066
1,323
1,996
269
529
835
76
4,774
4,843
3,946
42
5
2
23
10
2
80
12
8
35
22
3
92
13
14
29
27
9
1,824
4,372
2,279
2,983
4,421
902
436
245
16
748
215
874
258
888
5,621
4,191
372
107
1,141
125
79
i>3, 503.9
* 233.4
p 288 5
p 159.9
»1,616.8
p 666.3
p 538 9
v 178.0
M3.3
v 103.3
3 369 1
214.1
'276 5
r
152 9
'1,564.7
'641 3
r 529 7
' 187. 6
'42.6
137 3
155
1,677
86
8
10
41
17
10
81
5
7
34
25
10
16
661
80
4,634
4,388
1, 368
2, 510
367
321
4,975
8,492
297
414
3,550
3,399
3,771
3,008
352
426
136
392
289
BUSINESS INCORPORATIONS
New incorporations (4 states)
..number..
3,561
3,507
COMMODITY PRICES
PRICES RECEIVED BY FARMERS!
U. S. Department of Agriculture:
273
203
218
243
207
206
249
209
212
211
244
Combined indexf—
1909-14=100264
207
230
223
206
207
233
230
244
215
220
215
240
Crops
_
do
232
213
220
200
207
218
178
179
203
185
185
198
215
Food grain
_
do
224
180
187
221
222
195
162
164
225
171
171
188
244
Feed grain and hay.._
do
186
166
399
370
396
• 410
378
375
388
367
368
369
3G9
Tobacco
_
do
406
368
236
304
285
210
184
180
271
183
190
194
249
Cotton
do
242
186
180
261
210
208
230
225
203
229
244
248
249
Fruit
_
__.do
211
233
207
154
151
185
223
249
162
283
282
177
103
Truck crops...
_
.do
166
275
342
236
255
219
213
213
242
208
210
214
242
334
212
Oil-bearing crops
do
294
299
213
250
207
204
263
203
205
207
247
294
202
Livestock and products.._
_
do
313
230
249
318
204
206
294
219
225
226
268
311
214
Meat animals
do
307
207
221
300
204
203
257
201
199
198
245
332
202
Dairy products.
do
230
178
257
221
222
197
199
167
166
173
196
220
168
Poultry and eggs
do
'Revised, vPreliminary.
*New series. See note marked f with regard to the new series for inventories of "nonferrous metals and their products." For the estimated values of manufacturers' inventories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. The series on operating businesses and business turn-over have been revised beginning 1910,
see pp. 21-23 of the May 1946 issue for data prior to 1945.
fRevised series. The indexes of shipments were revised in the February and March 1945 issues; data for 1939-44 are on p. 23 of July 1946 Survey. See p. 22 of the August 1940
Survey for 1938-45 data for the index of inventories for "machinery, including electrical" and 1938-42 data for "nonferrous metals and their products"; the index for "other durable
goods industries" has been further revised since publication of the 1938-42 data in the August 1946 Survey; revised figures beginning September 1945 for this series and also for "other
nondurable goods industries" are shown in the November 1946 Survey; revisions for December 1938—August 1945 for these two series will be published later. The indexes of prices
received by farmers are shown on a revised basis beginning in the March 1944 Survey; data back to 1913 will be published later. Data for January 15, 1947, are as follows: Total
260; crops, 236; food grain, 223; feed grain and hay, 184; tobacco, 399; cotton, 240; fruit, 196; truck crops, 238; oil-bearing crops, 336; livestock and products, 281; meat animals,
306; dairy, 292; poultry and eggs, 201.
SURVEY OF CURRENT BUSINESS
S-4
1945
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the Decem- Decem1942 Supplement to the Survey
ber
ber
1946
January
COMMODITY
COST OF LIVING
Nations! Industrial Conference Board:?
Combined index
1923=100-.
Clothing
do
Food
do
Fuel and light
do
Housing
_
do
Sundries .
do
Consumers' price index (U. 6. Dept. of Labor):§
Combined index
1935-39-= 100Clothing
do.__
Food
____
do_—
Fuel, electricity, and ice
do
Gas and electricity*..
do...
Other fuels and ice*
do...
Housefurnishings
.do...
Kent I .
do_._
Miscellaneous.
do_._
RETAIL PRICES
U. S. Department of Commerce:
All commodities, index*...
1935-39-=100..
U. 8. Department of Labor indexes:
Anthracite
1923-25=100..
Bituminous coal
do_
Food, combined index
1935-39=100..
Cereals and bakery products*
do
Dairy products*.
,__do
Fruits and vegetables*
do
Meats* §
do...
Fairchild's index:
Combined index
Dec. 31,1930=100.
Apparel:
Infants'
do
Men's
do
Women's
do
Home furnishings
do
Piece goods
do
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889 series)
1926=100.
Economic classes:
Manufactured products
..do
Raw materials
_
do
Semimanufactured articles
do
Farm products
do.
Grains
_
do
Livestock and poultry
do
Commodities other than farm products
do....
Foods
do
Cereal products
dol__.
Dairy products..
_
....do
Fruits and vegetables
do....
Meats
do
Commodities other than farm products and foods
1926-=100..
Building materials
_
___do.
Brick and tile
_
do.
Cement
„
do.
Lumber
do.
Paint and paint materials
do
Chemicals and allied productsf.
do
Chemicals. _
do....
Drugs and Pharmaceuticals!
do
Fertilizer materials
do.
Oils and fats
do.
Fuel and lighting materials. _
do
Electricity
do.
Gas
_
_
_do
Petroleum products
do .
Hides and leather products
doIII.
Hides and skins
do.
Leather
do.
Shoes
do
Housefurnishing goods
IlllHIIdoIIII
Furnishings
do
Furniture
do
Metals and metal products
_
do
Iron and steel
do.
Metals, nonferrous
dol...
Plumbing and heating equipment
do
Textile products
do.
Clothing
do.
Cotton goods
IZIdol
Hosiery and underwear
do
Ravon..
do
k
.
. v . . _ ; . . „
Woolen and worsted goods
do
Miscellaneous
_.
do
Automobile tires and tubes
do..II
Paper and pulp
„
....do
Wholesale prices, actual. (See respective commodities.)
1
Rents not collected.
. . 1 < y , n 191 „ 1 0 o . c o m m o d ,.,.e s
lti
fir??!?'ni ; '
'
,,
,,
,
other than farm
February
129.9
149.7
141.0
110.8
93.8
127.3
148.8
129.6
150.5
139.6
111.0
93.8
127.8
149.7
13G. 1
125.4
172.7
143.1
118.3
117.6
185.9
141.6
200.9
185.0
197.8
107.3
107.6
141.4
109.2
136.2
177.3
131.2
120.'
117.2
114.
118.5
126.4
118.2
2
April
May
106.7
94.8
113.8
97.4
91.0
115.9
129.9
149.4
141.4
110.3
94.0
126.1
148.3
» 108. 3
124.8
(0
March
July
Octo- Novem
ber
ber
August September
116.2
97.4
91.0
117.3
131.1
154.5
141.7
110.4
92.6
127.8
152.0
125.6
126.7
127.2
143.1
142.9
143.7
144.8
108.2
108.6
141.0
109.4
136.4
180.8
131.4
108.6
108.6
139.6
109.8
136.6
181.1
131.3
108.6
108.6
140.1
110.3
137.0
183.4
131.3
108.5
108.6
141.7
113.3
137.4
185.9
132.8
113.6
113.5
113.5
113.6
108.1
105.3
113.8
115.7
112.0
108.0
105.3
113.8
115.7
111.8
108.1
105.3
113.7
116.7
111.8
108.2
105.3
113.7
115.9
112.0
0)
114.6
99.7
131. 3
100.5
91.0
119.9
108.2
130.2
153.1
140.1
110.5
92.9
127.7
150.2
1
108.4
125.9
0)
June
PRICES—Continued
107.1
94.9
114.9
97.1
91.0
115.7
153.3
176.5
185.9
115. 5
92.0
138.3
177.1
February 1947
131.7
155.7
142.6
110.3
92.2
127.8
153.7
133.3
157.2
145.6
110. 5
92.1
128.4
156.1
*108. 5
127.9
141.2
158.7
165.7
113.3
92.1
133.8
157.9
145.7
108.7
109.0
142.6
115.2
138.6
185.7
133.5
113.7
114.6
108.1
105.7
113.7
116.2
112.2
108.1
106.2
114.7
117.0
113.1
0)
(0
148.6
168.1
180.0
114.4
91.6
136.6
168.5
128.2
144.1
161.2
171.2
113.7
91.8
135.0
ieo.0
108.7
129.8
145.9
165. 9
174.1
114. 4
91.7
136.5
165.6
108.8
129.9
147.7
156.3
] 59. 8
164.3
167.2
' 171. 5
108.8
111.0
145.6
122.1
147.8
183.5
134.0
117.8
114.3
165.7
126.1
179.1
188.4
173.7
117.9
114.4
171.2
135.4
180.1
178.3
186. 6
119.6
116.2
174.1
137.3
186.6
176.4
188.5
"119.4
' 116.4
180.0
138.5
202.4
176.5
190.7
119.5
116.5
187.7
140. 6
198. 5
184. 5
203. 6
114.7
115.1
116.0
116.7
117.8
119.0
108.1
106.2
115.0
117.2
113. 3
108.2
106.6
115.7
117.4
113.3
109.1
108 0
116.6
118.7
113.5
110.3
109.1
117.5
119.8
113.9
110.4
110.0
118.2
121.3
114.3
111.3
111.5
118.3
124.3
116.1
0)
0)
131.0
T152.2
r 171. 0
187.7
;ii4.s
91.8
r
137.2
r
171.0
0) *
'132.5
140.9
107.1
107.1
107.7
108.9
110.2
111.0
112.9
124.7
129.1
124.0
2 134.1
2 139.7
2 135.
153. 2
136. 2
168.1
163.0
194.7
2 134. 8
160.1
139. 5
180.0
134.5
188.2
102.5
119.2
97.6
131.5
133.2
129.6
101.6
108.6
95.7
113.8
128.7
107.9
102.9
118.3
97.6
129.9
133.8
131.5
101.9
107.3
95.8
115.0
125.7
108.1
103.4
118.9
98.8
130.8
133.9
132.7
102.5
107.8
96.1
115.8
127.5
108.1
104.5
120.5
100.4
133.4
136.7
133.5
103.4
109.4
96.2
116.1
133.1
109.6
105.5
122.2
101.1
135.4
137.0
135.1
104.5
110.8
99.4
116.3
138.2
110.3
106.1
123.6
101.9
137.5
148.1
134.9
105.1
111.6
100.3
117.0
140.6
110.5
107.3
126.3
105.7
140.1
151. 8
137.4
106.7
112.9
101.7
127.3
136.1
110.1
118.9
141.7
110.2
157.0
181.4
162.9
117.5
140.2
124.9
156.9
130.0
169.9
123.9
145. 7
111.9
161. 0
169.0
177.6
121.9
149.0
124.7
161.8
120.4
198.1
117.2
141.4
115.0
154.3
170.6
150.4
117.2
131.9
127.4
169.1
115. 5
131.3
2
129.6
148.7
118.2
165.3
174.2
174.6
2 127.1
157.9
128.5
185.5
122. 5
191.4
2
2
100.5
119.5
116.7
100.5
157.8
107.8
96.1
97.1
112.3
81.9
102.0
84.8
68.7
77.7
61.6
118.9
117.6
104.1
126.9
104.7
107.9
101.6
105.6
101.0
85.8
95.0
101.4
107.4
125.5
73.5
30.2
(3)
112.7
94.8
73.0
109.3
100.8
120.0
116.9
101.1
158.5
107.8
96.0
97.1
112.1
81.9
101.7
84.9
69.2
77.4
61.5
119.4
117.6
103.8
127.9
106.2
109.7
102.8
105.7
101.2
85.7
95.0
101.6
107.4
125.6
75.2
30.2
(3)
112.7
95.3
73.0
112.0
101.3
120.9
116.9
101.5
160.1
107.8
95.9
97.0
111.5
81.9
101.8
85.1
71.3
79.1
61.6
119.6
117.6
103.9
128.2
106.5
110.1
102.9
106.6
103.3
85.7
95.1
102.2
109.4
125.8
75.3
30.2
(3)
112.7
95.6
73.0
113.7
102.2
124.9
117.4
102.3
167.6
107.8
96.0
97.0
111.7
81.9
102.1
85.0
68.3
79.6
61.2
119.8
117.6
104.0
128.6
106.9
110.9
102.9
108.4
107.0
86.1
95.1
104.7
109.5
132.9
75.5
30.2
(3)
112.7
95.6
73.0
113.7
103.3
126.5
119.9
102.4
171.4
108.0
96.1
97.1
112. 4
81.9
102.1
86.1
66.6
79.7
62.8
119.8
117.6
104.0
128.6
107.5
112.1
102.9
108.8
107.4
87.1
100.8
107.9
117.4
137.6
75.5
30.2
(s)
112.7
95.7
73.0
113.9
103.9
127.8
120. 5
102.6
172.5
108.2
96.5
97.9
112.4
81.9
102.1
86.1
67.0
80.2
63.5
120.4
120.7
104.0
128.9
108.3
113.4
102.9
109.4
107.8
89.0
100.8
108.8
119.6
138.6
75.7
30.2
(3)
112.7
97.0
73.0
115.3
105.6
129.9
121.3
102.6
176.0
108.6
96.4
98.0
109.4
82.7
102.1
87.8
67.2
79.6
64.0
122.4
121.5
110.7
129.5
110.4
114.5
106.1
112.2
110.1
99.2
106.0
109.2
120.3
139.4
75.8
30.2
(3)
112.7
98.5
73.0
115.6
109.5
132.1
122.5
104.0
177.3
114.9
99.3
98.5
112.6
88.2
114.2
90.3
65.6
80.7
65.1
141.2
169.3
133.2
140.4
111.9
117.3
106.4
113.3
111.3
102.7
106.0
118.1
120.5
148.6
76.3
30.2
126.7
112.7
101.3
111.6
132.7
126.0
105.8
177.6
113.9
!>8.4
98.4
110.1
94.4
102.5
94.4
63.9
79.5
72.8
138.9
155.8
133.3
140.1
112.6
118.5
106.6
114.0
113.3
101.4
106.3
124.0
122.8
160. 0
87.7
30.2
134.8
112.8
102. 0
73.0
119.6
112.2
133.8
127.7
106. 5
178.2
116.7
98.4
98.6
110.3
90.2
103.3
94.3
64.7
80.6
73.0
141.6
151.5
138.5
144.8
113.6
119.4
107.5
114.2
113.5
101.4
107.2
125.7
122.9
166. 6
88. 7
30.2
126.5
113.9
102.1
73.0
121.
2 115.8
134.8
127.8
106. 5
178.9
119.2
99.9
98.8
111.5
91.9
111.1
94.2
64.1
80.8
73.1
142.4
153.0
138.5
145.2
115.3
121.3
109.2
2 125. 8
113.7
101.8
107.2
128.6
125.5
172.9
88.8
30.2
125.7
116.6
104.0
73.0
124.6
2 120.7
145. 5
129.1
107.0
192.1
151.3
118.9
106.9
152.8
96.3
r 191.0
94.5
84.4
73.4
172.5
221.0
178.1
162.9
118.2
124.4
111.8
2 130. 2
114.0
118.4
107.2
131.3
127.9
174.7
89.3
30.2
115.0
117.7
106.5
73.0
127.7
124. 7
157.8
130.0
106.9
227.2
154.4
125.7
111.8
181.2
95.1
203.0
96.1
75.8
176.7
216. 5
185. 0
169.9
120.2
126. 3
113.9
2
134. 7
117.4
129.3
114.9
134.7
129.8
181.6
96.9
33.8
103.2
119.0
108.9
73.0
136.4
73.0
117.1
i
134. 7
153.4
129.1
169.8
165.4
197.4
2 132. 9
165.4
136.1
182.9
139.5
202.8
ed forward in earlier computations (see explanation in
.
. .- ws: All commodities, 132.6, 137.9, 139.0; manufactured
Products, 125.1, 130.7, 132.4; commodities other than farm products and foods, 113.2. 117.8, 121.6; metals and metal products
I l 4 » o , 1x7, Uj 1.20.0.
§In May, June, September and October, it was impossible to obtain adequate samples for some meats in a number of cities; in such cases, the latest available prices were carried
forward m the index; July index reflects full price change from mid-April and November index, full price change from mid-August.
1 lients collected semiannually for most cities in index, usually in March and September or June and December; indexes are held constant in cities not surveyed during quarter- a
special survey was made m August 1946; including 16 cities; rents in the remaining 18 cities were treated as unchanged in computing the August index
'
t* or revised 1943 data, see p. 20 of April 1946 Survey. § Formerly designated "cost of living index": see note in April 1946 Survey.
New series. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survev; minor revisions have been made
h fd
tRevised series. For revised data for 1941-43 for the indcated series on wholesale prices, see p. 23 of the November 1946 Survey.
b
February 1947
SURVEY OF CUKRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-5
1946
January
February
March
April
May
June
July
August September
Octo- November
ber
COMMODITY PRICES—Continued
PURCHASING POWER OF THE DOLLAR
As measured by—
Wholesale prices
Consumers' prices
Retail food prices
Prices received by farmersf--
»
.1935-39=100
do
do
do
57.1
(55 2
40. 3
75.1
77 0
70.6
51.4
75.1
77 0
70.8
51.6
74.7
77.2
71.5
61.4
73.8
76 8
71.3
50.9
73.0
76 3
70.5
50.2
72.5
75.9
70.0
50.4
71.3
75 0
68.6
48.9
64.8
70 9
60.3
43.6
62.3
69 6
58.3
42.8
64.8
68 5
57. 3
43.8
60.0
67.4
55.5
39.0
57.6
65.9
53.2
40.4
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction, total..
mil. of dol_.
Private, total
_
do
Residential (nonfarm)
do
Nonresidential building, except farm and public
utility, total
mil. of dol_.
Industrial
do
|
Farm construction
_
do
Public utility..
do____
Public construction, total..
do
Residential
do
Military and naval
_
do
Nonresidential building, total
do
Industrial
__
do
Highway
do
All other
do
908
692
300
443
348
116
476
387
136
510
430
159
601
499
195
710
586
244
'822
' 669
288
'916
'734
317
'999
'773
329
'1,069
'809
345
1,067
787
340
' 1,064
'770
330
'980
'732
320
297
167
10
85
216
55
15
22
4
75
49
162
91
5
65
95
2
18
26
10
21
28
189
100
8
54
89
3
18
25
9
18
25
212
108
8
61
80
5
13
21
7
19
22
231
113
14
69
102
9
13
23
7
28
29
255
119
20
67
124
11
15
22
6
42
34
'280
'127
30
71
153
20
14
23
6
67
39
'306
'138
40
'318
'149
50
76
226
31
14
30
6
94
57
'322
160
60
82
260
41
18
32
7
105
64
317
168
50
80
280
53
16
35
9
108
08
320
172
40
'80
294
63
20
31
8
115
65
'309
'171
20
'83
'248
63
16
26
6
'88
55
p 120
P118
v 149
?139
86
48
108
56
87
50
107
61
117
85
136
95
148
135
147
129
194
201
170
172
203
211
169
179
201
196
174
177
179
162
165
161
164
155
158
157
152
147
151
147
138
136
145
140
'125
' 118
'139
' 122
25, 536
457, 278
108, 920
348, 358
14, 298
330,685
61,821
268, 864
15, 332
357, 501
46, 715
310, 786
16, 772
387, 399
56, 449
330,950
42, 573
697, 593
146, 404
551,189
52, 733
734,911
127,016
607,895
63,188
952, 418
196,832
755,586
38, 265
807,914
214, 534
593, 380
36, 523
717,991
201,645
516,346
40,101
679,909
204,817
475,092
36,702
619,857
186, 882
432,975
33,342
573, 206
133, 806
439,400
27,149
503, 745
130, 329
373, 416
2.857
19, 656
148, 014
4,450
37,656
193, 589
4,700
36, 335
217, 587
4,648
37,839
220,598
7,416
50,631
278,725
4,769
41, 676
236,182
4,878
45, 285
290,963
4,357
41, 370
273, 207
3,582
42,457
283, 635
4,108
33,080
211,530
3,648
25,929
169,127
3, 696
33, 932
225, 355
3,609
23, 708
160, 871
21,704
29, 975
193,365
9,190
17,115
86,134
10, 071
18, 572
89, 715
11,469
18,423
102,079
34,066
49,198
275, 241
46, 652
65,530
370, 590
56,264
74,992
463,600
31, 574
51, 533
332, 248
31,112
45,327
281,227
33, 727
45,145
284,025
31,458
47,121
293,831
28,128
36, 910
235, 068
22, 251
33, 530
221,113
746
62, 652
478
36,126
366
26,841
415
37,687
815
120, 230
1,039
95,964
1,684
156,626
1,950
154,009
1,537
121,149
2,008
153,456
1,557
107,941
1,271
75, 535
1,018
82, 626
229
53, 247
180
14,836
195
23, 358
240
27,035
276
23,397
273
32,175
362
41,229
384
48, 450
292
31,980
258
30,898
239
48,458
247
37, 248
271
39,135
123.1
"114.8
159.2
189.9
319.1
294.0
278.0
252.8
283.7
317.6
248.5
215.7
r
129.1
161.8
97.0
138.5
' 173. 3
'151.6
r 195. 9
163.8
175.2
187.6
159.7
187.9
205.9
215.0
190.8
224.9
423.6
407.7
444.3
406.5
235.6
352. 7
140.7
218.5
212.2
331.3
116.6
189.8
210.4
303.4
136.7
192.4
218.7
321.2
135 8
203! 1
235.4
378.7
119.4
213.9
194.6
288.0
115.9
188.4
191.4
286.2
108.4
192.9
' 153.2
' 222. 5
' 99. 2
r
137. 3
200
348
348
458
971
2,919
0
29, 500
20,036
19, 256
15, 494
1,241
2,521
780
' 44.800
'31,607
25, 918
21, 786
1,309
2,823
r
5, 689
' 49, 700
' 34,370
28, 503
24,072
1,792
2,639
' 5,867
' 84,700
' 56,603
60,066
41,785
2,683
5,598
r
6, 437
r
83,700
' 55, 603
44,996
39, 0C0
2,571
3, 425
'10,607
' 85, 300
' 00,167
43,583
35,824
3,267
4,492
' 16, 584
' 76,100
'51,270
36, 660
31, 372
2,144
3,144
' 14,610
' 78,300
' 52,131
36,830
31,071
1,902
3,857
r
15, 301
'81.800
55,081
38,660
32,921
1,943
3,796
16,421
65,800
43,087
35, 044
29, 335
2,050
3, 659
8,043
60, 200
37, 401
36, 067
29, 576
1, 899
4, 592
' 1, 334
46, 600
' 28, 661
' 28, 539
' 23, 747
' 1, 594
' 3,198
122
352, 855
238,009
348, 277
248,025
383,981
536,190
560,244
555,469
536, 594
541,325
373, 056
448, 457
275, 825
2,305
55
1,661
590
2,130
65
1,829
237
1,641
209
946
486
1,819
43
1,475
301
2,906
70
2,211
626
' 4, 283
416
' 2, 890
978
5,152
99
3, 355
1,698
4,585
747
2,735
1,103
3,345
385
1,687
1,274
3,731
66
2,055
1,609
3,382
490
1,678
1,214
3,182
104
1, 957
1,121
3,239
138
1,970
1,130
72
182
23
14
26
6
73
46
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
Total, unadjusted
_
1923-25=100..
Residential, unadjusteddo
Total, adjusted.—
do
Residential, adjusted
do..I"
Contract awards, 37 States (F. W. Dodge Corp.):
Total projects..
.number..
Total valuation...
_
thous. of dol__
Public ownership
do
Private ownership
do..I.
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
_
tbous. of dol
Utilities:
Projects
number..
Valuation..
__thous. of doL.
Indexes of building construction (based on building"
permits, U. S. Dept. of Labor) :f
Number of new dwelling units provided. 1935-39=100..
Permit valuation:
Total building construction...
_
do
New residential buildings
do
New nonresidential buildings
do
Additions, alterations, and repairs
do I
Estimated number of new dwelling units in nonfarm
areas (U. S. Dept. of Labor):
Total nonfarm*
_
number..
Urban, total f
do
Privately financed, total
.do
1-family dwellings
do
2-family dwellings
__do.._.
Multifamily dwellings
doIIII
Publicly financed, total
_
do
Engineering construction:
Contract awards (E. N. R.)§
thous. of dol_.
35,
21,
21,
17,
165. 3
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:}
Total....
thous. of sq. y d . .
Airports
do
Roads
_
_
do
Streets and alleys
do....
9 Preliminary.
' Revised.
_ § Data for January, May, August, and October 1946 are for 5 weeks; other months, 4 weeks.
separately; the monthly figures beginning January 1939 and annual totals beginning 1910 are shown on p. 15 of the November 1946 Survey and data beginning January 1945 are in
the March 1946 and later issues (the January and February 1945 figures published in the March 1946 Survey should be rounded to the nearest hundreds to be consistent with data
for later months o'" 1945). The data on new construction activity since the beginning of 1944 are joint estimates of the IT. S. Departments of Commerce and Labor; several of the
component series Lave been revised recently, the revisions extending in some cases back to 1929; data beginning May 1945 were revised in the July 1946 Survey; monthly data for
January 1939-April 1945 and annual estimates for 1915-38 are available upon request.
f Revised series. The index of purchasing power of the dollar based on prices received by farmers has been shown on a revised basis beginning in the April 1944 Survey. The
indexes of building construction have been revised for January 1940 to October 1944; revisions are available on request. Data for 1920 to 1944 for number of new urban dwelling
number of new dwelling units and the indexes of building construction above, based on permits issued or Federal contracts awarded during the month, prior to 1945, are considered
a measure of construction started during the month; in recent months critical shortages of building materials and limiting orders have caused considerable delays in the start of
construction, or, in some cases, abandonment of the work; the data since the beginning of 1945 should therefore be considered as volume of construction for which permits were
issued or contracts awarded rather than volume started during the month.
SURVEY OF CUREENT BUSINESS
S-6
1945
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the Decem- Decem1942 Supplement to the Surrey
ber
ber
February 1947
1946
January
Febru- | March
ary |
April
May
June
July
August September
October
November
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100
American Appraisal Co.:
Average, 30 cities
,.
_1913-=100._
Atlanta
> . » -do
New York
do
San Francisco
- do. _
St. Louis
_ . _ _ „._
do
Associated General Contractors (all types)
do
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. average, 1926-29** 100
New York
do _
San Francisco
do
St Louis
- do
Commercial and factory buildings:
Brick and concrete:
Atlanta
-do
New York
_ -do __
San Francisco
do
8t Louis
do
Brick and steel:
Atlanta
do
New York
..do
San Francisco
do
St Louis
do
Residences:
Brick:
Atlanta
- - do _
New York
_
do
San Francisco
do
St Louis
do _
Frame:
Atlanta
_
__do
New York
do
San Francisco
do
St. Louis
_ - _.
_
do. __
Engineering News Record:
Building cost*
1913«*100
Construction (all types)
_
._
do . . .
Federal Home Loan Bank Administration:
Standard 6-room frame house:f
Combined index
1935-39=100
Materials
_
do
Labor
do
300
248
371
399
375
343
367
275.0
282
292
280
248
278
239.0
283
293
280
249
278
241.0
286
303
281
261
280
245.0
294
314
298
273
288
247.0
303
325
313
279
296
247.0
310
332
318
283
300
249.0
317
337
324
294
309
252.0
326
346
332
308
316
258.0
335
360
341
313
323
263.0
342
367
347
317
332
267.0
347
372
353
320
337
267.0
352
377
356
323
344
270.0
127.4
169.8
146.7
150.8
130.4
169.8
149.2
150.8
133.6
172.1
151. 8
151.1
131.3
172.9
153.8
152.7
133.2
177.4
155.7
154.3
133.5
177.9
156.2
159.9
13S.6
178.6
158.7
161.9
141.2
180.0
160 6
164.0
142.6
181.5
164.0
164.9
143 0
181.9
164 3
165 3
144 0
182.3
164 8
165.8
144
183
165
167
127.3
170.4
148.3
152.6
128.9
170.4
151.1
152.6
129.3
172.9
151.8
152.8
129.5
173.5
154.6
155.0
131.0
179.3
156.5
155.8
131.2
179.7
156.9
163.8
137.0
180.3
158.7
164.8
141.3
181.5
159.3
166.2
144.4
184.5
167.0
166.7
144.7
184.8
167.2
167.0
146.0
185.1
167.6
167.2
146 6
185.9
168.4
168.3
127.0
167.0
149.3
149.5
128.9
167.0
150.3
149.5
129.3
169.0
152.3
149.9
130.1
169.6
154. 5
152.1
131.3
174.7
156.2
153.1
131.5
175.1
156.6
159.5
135.5
175.6
160.1
160.8
137.5
177.3
161.5
162.9
141.8
179.5
168.0
164.3
142.2
179.9
168 2
164.7
142.7
180.3
168.6
164.9
143.9
182.3
169.8
166.5
137.9
173.1
148.6
157.7
140.8
173.1
150.6
157,7
141.2
174.9
154.0
158.8
141.2
175. 5
155. 3
159.5
144.7
180.3
157.6
162.2
144.9
180.7
158.0
165.8
148.6
181.3
159.0
167.8
152.4
185.6
163.5
172.5
154.5
187.1
165.8
173.7
155.6
188.0
166.0
174.6
156.2
188.9
166.4
174.9
159.2
192.6
169.6
178.9
138.4
173.7
146.4
158.3
142.6
173.7
147.7
158=3
143.0
175.6
153.0
159.5
143.0
176.2
153.7
159.8
147.2
180.6
156.1
163.0
147.4
181.0
156.5
165.0
150.2
181.6
157.5
167.7
153.3
186.0
164.0
172.7
155.4
187.4
162.9
174.0
156.5
188.5
163.1
175.1
157.0
189.7
163.5
175.4
160.8
194.4
166.8
179.8
288.8
381.7
242.2
316.3
243.9
319,6
245.4
323.8
254.4
334.6
257.3
339.7
264. 2
347.9
266.1
353.9
272.0
361.4
272.0
360.2
272.7
360.9
273.7
362.5
278.5
368.1
1C0. 8
158.9
164. 8
139.3
135.2
147.6
139.7
135.5
147.9
140.3
136.3
148.5
141.0
137.1
148.9
142.1
138.0
150.6
143.6
139.2
152.5
145.7
141.6
153.8
147.7
143.7
155.6
149.8
146.1
157.2
151.9
148.3
159.3
154.2
150.5
161.6
156.9
153.8
163 1
32, 598
6,499
38, 722
6,538
34, 543
6,569
42, 377
6,603
45, 513
6,639
46,113
6,679
6,721
0)
0)
258
270
287
9
4
9
2
REAL ESTATE
Fed. Hous. Adznn., home mortgage insurance:
Gross mortgages accepted for insnrance-thous. of doL.
0)
6,921
Premium-paying mortgages (cumulative).mil. of dol__
Estimated total nonfarm mortgages recorded ($20,000
836,404
and under)*
thous ofdol
Estimated new mortgage loans by all ssavings and loan
associations, total
thous. of doL.. 253, 701
Classified according to purpose:
Mortgage loans on homes:
Construction
do
50,233
151,843
Home purchase
- - - do
22 116
Refinancing
do
6,040
Repairs and reconditioning
do
23,4G4
Loans for all other purposes
do
Loans outstanding of agencies under the Federal Home
Loan Bank Administration:
Federal Savings and Loan Associations, estimated
3, 358
mortgages outstandingj
mil ofdol
Federal Home Loan Banks, outstanding advances to
293
member Institutions
™
mil. of dol..
Home Owners' Loan Corporation, balance of loans
636
outstanding
mil. of doL.
Foreclosures nonfarm index adjustedt 1935-39=100
Fire losses.,-'thous. of doL. £8,094
0)
6,789
527,424
634,117
618, 763
765,973
887, 266
964, 438
917,414
981,187
216,842
225, 519
300,163
342, 999
361, 298
325,997
326,048
324,459
22,922
129, 557
17,848
3,958
13,425
30, 807
145, 342
21,372
3,803
15, 518
30,866
154,219
19, 801
4,217
16,416
45, 391
202, 995
24, 244
6,198
21,335
53, 202
235, 877
24,882
6,796
22, 242
62,189
243, 458
24,451
6,954
24, 246
56,297
218, 575
22, 402
6,625
22,098
59,708
216,369
21,388
7,327
21,256
59,377
211,804
22, 032
8,481
22, 765
195
174
165
153
156
173
203
202
214
852
7.9
49,478
831
8.8
49, 808
813
7.8
51, 759
794
8.3
53,252
773
7.5
52,153
753
7.1
46,094
735
6.7
44,240
715
6.3
40,998
699
6.8
40,019
0)
6,855
999,221
187,710
0)
6,818
6,759
0)
6,885
869,489
928,878 1,006,681
'271, 476
309,791
2,572
2,382
2,887
326,199
55,354
198,842
21, 546
8,027
26,022
60, 931
207,139
24,376
9,061
24,692
51,187
170,162
21,625
7,034
21,468
235
253
258
682
7.0
40,256
665
651
40,108
44, 706
3,152
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:!
139.4
157.7
154.2
152.6
151.6
167.2
Printers' Ink, combined index
.1935-39-=100..
151.9
163.5
156.8
184.5
177.1
171.9
201.9
177.6
157.8
159.6
156.2
161.6
195.7
212.7
Farm papers
...._.
do
167.7
182.8
184.2
200.9
203.8
207.4
179.9
173.1
172.5
176.2
218.8
Magazines
_.«„
_
do_.__
191.3
237.7
201.6
228.7
214.1
127.2
105.3
126.6
127.2
124.5
122.8
134.4
Newspapers.
do
125.9
153.0
145.9
139.5
138.1
222.6
218.1
182.0
167. 2
189.8
216.7
212.3
Outdoor.„
do
193.9
213.8
199.9
217.7
233.3
279.8
273.7
297.2
273.8
294.1
298.5
264.0
Radio..
do
313.2
307.8
307.0
317.1
275.5
183.0
162.5
165.1
164. 5
166.1
175.0
189.1
171.9
207.6
202.0
Tide, combined index*
..do
Radio advertising:
7,179 •16,726
Cost of facilities, total
.thous. of doL. 16, SCO
16,442 ' 16,822 15,827
15, 758 17, 273
14, 414 • 14, 011 ' 15,133 •16,741 ' 16, 338
928
Automobiles and t ccessories..
do
731
922
807
884
797
622
815
771
654
660
559
666
257
112
Clothing
.
do....
224
100 i
175
192
'84
209
196
105
91
95
81
301
Electrical household equipment,.
do
363
316
301
254
325
323
268
327
332
266
m
305
343 i
321
Financial
_.._dc
,
345
364
428
293
376
387
351 r 350 r 356
Foods, food beverage?, confections
de
i 4,379
4,312
•
4,396
3, 554
3,927 '4,512
308 ' 4,042 ^ 4, 423 I r 4,4R2 ' 4, 609 '4,141 r 3,637
r
r
3 682
Revised. {Minor revisions for January 1939-July 1942 are available on request. » Discontinued.
*New series. For a description of the series on nonfarm mortgages recorded and data for January 1939 to September 1942 see p S-6 of the November 1942 Survey, For a brief
description of the Tide index of advertising see note marked "*" on p. S-6 of the April 1946 Survey; data beginning 1936 are available on request. The Engineering News Record
index of building cost is computed in the same manner as the construction cost index which is described in the 1942 Supplement to the Survey, except that skilled labor is substituted
for common labor; data beginning 1913 will b* shown later.
tRevised series. The index of nonfarm foreclosures has been revised for 1940 and 1941; revisions are shown on p. S-6 of the May 1943 Survey. Indexes of advertising from Printers'
Ink have been published on a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later. The indexes of cost of the standard 6-room frame
house are shown on a revised basis beginning in the April 1946 Survey.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
Decem- December
ber
1946
1945
S-7
1946
January
February
March
April
May
August September
Octo- INovem
ber
ber
June
July
505
163
'1,449
1,268
4,907
1,755
508
154
-1,314
1, 337
4, 714
1,320
50'.
177
' 1, 332
1. 207
4, 525
1,316
536
168
'1,375
1,219
5,004
1,536
520
168
' 1, 575
1,407
r
5, 306
1,929
1
36 506
2,425
4,883
1,145
695
3, 660
526
2,426
674
1,053
916
5, 226
12,876
5,308
39, 463
2, 503
4,831
1,161
629
4, 394
715
2,772
779
896
1, 095
6, 172
13,515
5,420
42 565
2 755
4,449
1 315
745
4, 993
716
2,753
667
1,025
1, 252
6, 694
15,199
5,213
DOMESTIC TRADE—Continued
ADVERTISING—Continued
Radio advertising—Continued.
Cost of facilities—Continued.
Gasoline and oil
thous. of dol__
583
Housefurnishings, etc
_
do
165
1,574
Soap, cleansers, etc
do
1,390
Smoking materials
do
5, 316
Toilet goods, medical supplies
do
1,870
All other
do
Magazine advertising:
Cost, total
_
do
Automobiles and accessories
_ _ do .
Clothing
do
Electric household equipment
do
Financial
_
__
_
do
Foods, food beverages, confections
. . d o _.
Gasoline and oil _ do
Housefurnishings, etc
_.
do _
Soap, cleansers, etc
do _Office furnishings and supplies
do
Smoking materials
do
Toilet goods, medical supplies
do . .
All other
__ _
do
Linage, total
.
thous. of lines
Newspaper advertising:
Lineage, total (52 cities)
_
do
163,257
34, 404
Classified _
do
128 853
Display, total
_
do
3, 415
Automotive
- _
do
1,894
Financial __ _
__
do
General
. _
do 22, 388
101 155
Retail
do
694
171
1,273
1,322
5,513
2,102
650
164
' 1,540
1,342
5, 660
1,921
620
149
r 1,378
1,211
4,920
1,796
696
170
'1,462
1,328
5, 374
2,001
537
153
' 1,509
1, 270
5,145
1,728
r
535
173
1,551
1,316
5,315
1,688
r
530
159
1, 490
1,373
5,123
1,855
1,104
4,930
11,050
4,037
21,472
1,547
1,650
469
488
3,120
233
935
371
326
836
3,520
7,976
4,139
26 503
1,417
2,387
783
587
3,983
306
1,229
606
486
805
4,905
9,010
4,604
31, 869
1,445
3,564
797
623
4,472
359
1,966
766
657
929
5, 346
10, 943
4,910
33, 767
1,522
3,732
893
646
4,407
533
2,105
703
695
870
5,654
12,007
4,775
32 138
1 771
3,343
855
583
3,895
599
2,423
655
618
755
5,171
11,469
4,271
32,151
2, 297
2,448
782
580
3,919
589
1,980
793
790
808
5,879
11,285
3,757
25,106
2,034
1, 215
549
564
3, 298
557
1,138
481
406
546
4,608
9, 710
3,870
130, 756
26, 321
104, 435
3,904
1,999
21, 304
77,228
115, 746
28, 648
87, 098
2,855
2,741
18,916
62, 585
121,177
29,677
91, 499
2,092
2,076
21, 057
66, 274
146, 539
36,097
110, 442
2,784
2,365
23,083
82, 210
144, 013
35,147
108, 866
3,427
2,388
21,934
81,117
143, 691
35,143
308,548
3,479
2,159
22,315
80,595
137,718
34, 502
103, 216
3,714
2,138
21,371
75,993
131,280
85, 983
95, 206
3, 644
2, 584
19,973
69, 095
144,288
38.643
105, 645
4, 046
1.M1
19,378
80. 290
152,871
39,018
113,853
3, 495
1,877
22, 067
86, 414
165,014
39, 628
125, 386
4, 480
2,197
27, 207
91, 502
164,120
36, 772
1?7 348
4 675
2, 025
26, 596
94 052
88.9
89.8
88.6
88.4
87.5
87.1
85.9
85.2
85.1
85. 5
87.0
87.6
'88.2
4 447
93, 691
6,292
143,954
5,111
143,366
5,571
123,104
5,559
135, 593
5, 518
120, 882
4,729
105,671
4,408
98,557
4, 444
101,857
4, 330
101,735
4,167
101,169
4, 575
107, 822
4, 253
95,112
13,932
189,903
12,926
206, 329
14,925
224, 455
12,954
187, 773
15, 473
233,141
15,094
208, 273
14,154
190,934
13,343
175,987
13,217
181, 229
13, 690
192,319
13,125
185, 779
15, 649
219, 270
14, 042
193,807
36,115
26 700
9,325
30,056
21 775
8,281
28,132
19, 495
8,637
30,830
22,055
8,775
32, 100
23, 050
9, 050
245.7
286 2
174.7
230 9
262 3
175.8
204.5
232.6
155.2
191 6
912 4
155.2
191.4
208.3
161.9
205. 7
231 5
160. 4
209. 8
235.6
164.4
207.6
232. 2
164. 3
218.4
246. 2
169. 6
220.1
248. 6
170.1
30,446
2,456
2,125
1,136
528
4,008
339
1,690
442
637
>1 134
2,186
2, 936
638
478
2, 907
638
1,180
476
554
604
4, 208
10, 328
4, 704
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total..
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
__
Value
thousands
thous. of doL_
_
thousands
thous. of dol
CONSUMER EXPENDITURES
Estimated expenditures for goods and services:"*
Total
mills, of dol—
Goods
do
Services (including gifts)
do
Indexes:
Unadjusted, total
1935-39-100..
Goods
do
Services (including gifts)
do
Adjusted total
do
Goods
do
Services (including gifts)
do
RETAIL TRADE
All retail stores:t
8,199
8,911
> 9,086
7, 473
6,430
6, 695
8, 556
8,489
Estimated sales, total
mill, of dol._ 10, 282
7.926
7, 671
7,736
7, 707
1,722
1,921
1, 267
1,108
1,060
1,315
1,770
1 Gil
1,854
Durable goods store
do
2 054
l'6O8
1 554
1 430
682
730
377
753
357
321
691
Automotive group . _
do
326
609
742
577
551
454
562
598
621
261
246
222
Motor vehicles
do
205
484
560
586
452
426
333
120
132
132
116
111
98
Parts and accessories
do
121
132
155
125
125
125
121
545
602
540
475
571
401
381
381
541
535
540
Building materials and hardware .
do. __
525
516
349
381
330
295
'¥Y>
244
215
262
336
325
Building materials
do
306
312
322
52
56
64
50
38
58
40
Farm implements
do
36
62
50
63
57
58
143
154
158
129
151
99
142
100
152
Hardware
.
do
130
ISO
147
145
468
410
471
334
284
41*
Homefurnishings group.
_
do
273
392
377
532
361
386
362
317
281
317
285
210
248
265
196
286
259
Furniture and housefurnishings-.
do
357
275
268
129
151
154
132
73
96
77
- 86
105
118
175
Household appliance and radio
do
111
95
86
96
116
91
74
82
77
246
99
84
245
Jewelry stores _ ._.
. . do
89
101
r 7 232
6, 7S6
6,476
6, 990
6,206
7, 174
5,587
5,370
6,318
6, 060
Nondurable goods stores
do
8,229
6 277
6,181
858
791
856
719
566
760
555
Apparelgroup
do .
576
713
1,089
986
814
731
195
2?2
237
166
164
131
125
275
129
173
186
Men's clothing and furnishings
do
316
193
364
355
377
382
326
244
274
275
421
312
454
Women's apparel and accessories . . . do .
375
129
111
105
123
95
80
75
98
162
153
83
101
Family and other apparel
do
107
127
119
100
90
116
132
137
90
130
Shoes.
__
. . . do
127
134
139
158
293
300
287
298
300
299
283
262
296
274
375
284
395
Drug stores
do
1,072
1, 011
1, 073
1,054
1, 024
1,018
1,009988
880
968
951
967
Eating and drinking places
do_._.
1, 015
2.019
2, 287
2,004
2,161
2.324
1,915
1. 978
1,927
1,823
1,713
1T996
2,380
1, 880
Food group
. .
do
1, 748
1, 502
1, 628
1, 792
1.512
1,492
1,297
1, 452
1, 375
1, 456
1,408
1,831
1, 527
Grocery and combination
_._do
538
502
532
532
486
507
459
416
469
448
472
548
475
Other food
do
343
332
340
325
320
312
310
332
296
270
300
278
297
Filling stations
_
do
r
Revised. § See note marked " § " on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.
*New series. The series on consumer expenditures, originally published on a monthly basis in the October 1942 Survey (pp. 8-14), are now compiled quarterly only (data are
quarterly totals) and have been adjusted to accord with the annual totals shown as a component of the gross national product series; for dollar figures for 1939-40 see p. 13, table 10,
of the April 1944 Survey and for 1941-44, p, 8, table 6, of February 1946 issue; data in the latter table and those above are on a revised basis, they differ from figures published in the
January 1946 Survey and earlier issues owing to the inclusion of expenditures of military personnel abroad in the total and services (dollar figures for this item are given in the footnote to the table on p. 8 of the February 1946 Survey); indexes beginning 1939, both including and excluding expenditures of military personnel abroad, are available on request.
tRevised series. For revised data (dollar figures and indexes) on sales of retail stores for January 1943 to June 1944, and earlier revisions for a number of series, see table on pp.
correct as published on pp. 7 and 11-14 of the November 1943 Survey.
.
„
„
.
sions for January-April 1945 are shown on p. 24 of the August 1946 Survey (data beginning May 1945 were revised in the July 1946 issue)
S-8
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
February 1947
1946
Janu- ] February
j ary
March
April
May
June
July
August September
October
November
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail stores!— Continued.
Estimated sales—Continued
Nondurable goods stores—Continued
1,154
1,022
General merchandise group
mil. of dol—
1,930
1,577
874
899
1,118
1,193
1,136
1.207
1,203
'1,488
1,357
762
748
Department, including mail order
do
1,277
1,017
566
588
754
791
640
809
788
* 1,01ft
910
General, including general merchandise with
141
134
140
food
mil. of dol—
173
152
111
110
128
140
155
148
154
139
119
120
112
Other general mdse. and dry goods
do
199
173
92
90
110
119
146
126
142
124
132
134
131
Variety
do
281
235
104
110
125
144
171
146
151
131
844
773
822
918
Other retail stores
do.—
1,089
993
793
779
842
841
859
903
817
242
207
232
210
219
Feed and farm supply
do
207
198
203
207
238
250
218
205
114
89
125
152
134
Fuel and ice
do
162
168
195
178
151
118
156
136
153
146
150
176
163
Liquors
do
228
225
135
137
149
153
160
144
335
331
315
381
344
369
Other
do
491
402
260
258
302
321
333
Indexes of sales:
252.6
282.2
242.3
235.2
Unadjusted, combined index
—1935-39=100—
321.6
260.1
206.5
215.2
225,9
240.2
269.0
266.8
242.4
214.1
200.1
200.0
Durable goods stores
do
262.4
168.1
137.6
143.2
157.2
179.0
238. 6
232. 6
228.1
199. 7
265.2
256.1
Nondurable goods stores
__do—
340.9
290.1
228.9
238.7
248.3
260.2
246. 7
296.4
280.8
279.4
256.3
261.4
238.7
Adjusted, combined index..
-do
270.1
216.8
237.6
243.3
241.6
236.2
247. 5
r 273.0
260. 3
256. 5
236.9
163.4
162.6
Index eliminating price changes.
do
156.8
153.6
168.3
172.6
170.1
164.7
158.2
' 159.3
156. 6
156. 0
163.8
214.9
189.8
Durable goods stores
do..231.6
141.1
166.1
172.0
173.5
180.2
201.0
229.2
221A
225.6
187.0
152.3
122. 4
Automotive
do
168.2
72.9
88.5
87.7
89.6
108.0
134. 6
172.0
159.4
172.2
129.0
263.7
235.6
Building materials and hardware
do
2S0.7
199.8
247.4
262.1
257.8
246.3
250.2
256.0
256.1
249.9
233.0
304.7
296.9
298.4
342.0
Homefurnishings
—do.—
331.3
225.2
248.0
260.0
265.7
260.7
329.6
329. 6
262.5
409. 9
397.8
417.5
388. 5
Jewelry
do—
385.9
379.1
394.7
412.3
429.2
445.4
421. 9
387. 3
402.4
r
276. 5
254.7
262.6
Nondurable goods stores
do
282.7
241.5
260.9
266.6
263.8
254.4
267.9
271.6
287. 3
253.2
331. 3
290.2
291.5
299.8
285.0
Apparel
do
289.3
251.1
289.3
317.7
320.8
284.5
269.1
295. 3
242.4
251.0
240.4
242.0
249. 1
Drug
do—
264.9
249.5
240.6
243.2
242.8
246.3
247.3
260- 4
382. 2 r 395. 5
392.3
387.6
408. 6
Eating and drinking places
do
394.6
376.6
418.9
415.8
401.0
389.1
389.5
421.9
271.5
239.3
251. 9
262.6
2(4. 5
248.9
296. 4
Food
do
298.7
240.8
252.0
246.4
244.6
245.3
147.2
139.0
140.6
146. 9
139.8
163.3
Filling stations
do
166.2
140.2
164.9
164.5
155.4
144.2
157. o
253.4
232.9
237.2
237 9
222.3
r 241.8
General merchandise
do—
240.7
191.6
209.4
225.0
232.6
222.1
230. 4
297.4
268.8
299.1
294'. 1
271.5
320.3
Other retail stores
do.—
303.3
276.0
292.2
303.2
288.1
275.4
297. 8
r
8,055
7,114
7,439
8,487
6,982
9, 562
Estimated inventories, total*
mil. ofdol..
8,772
5,825
5,974
6,229
6,542
6,771
9.136
2,477
2,186
2,319
2,682
2,101
'3,190
Durable goods stores*
:
do
2,904
1,620
1,714
1,864
2,016
2,039
2. 950
5,578
4,928
5,120
5,805
4,881
' 6,372
6,180
Nondurable goods stores*
do
5,868
4,205
4,260
4,365
4,526
4,732
Chain stores and mail-order houses:
2, 037
1,866
Sales, estimated, total*
do—
2,412
1,911
1,415
1,375
1,651
1,679
1,650
1, 715
1,663
1,599
1.913
48
Automotive parts and accessories*
do
-r>9
41 .
35
32
38
41
44
42
46
43
45
72
64
74
68
Building materials*
do—
55
43
55
52
58
64
64
23
22
22
23
Furniture a n d housefurnishings*.
do
32
25
15
17
20
21
21
235
205
224
171
213
208
Apparel group*
.do—
303
265
161
162
228
250
48
33
46
36
24
39
34
Men's wear*
—do—
55
41
25
24
34
38
103
96
103
105
84
96
100
W o m e n ' s wear*
do—
139
133
81
83
121
123
63
59
63
65
50
60
67
Shoes*
--do
^
69
41
43
53
68
72
70
70
68
67
66
68
Drug*
"
.
do—
100
91
62
61
65
65
51
51
53
48
50
50
49
Eating a n d drinking*
_.do—
55
49
48
44
50
48
650
618
542
479
486
490
482
Grocery a n d combination*
..do—
«W>
611
464
442
504
467
594
502
571
425
449
446
General merchandise group*
do—
77(5
601
339
337
439
465
Department, dry goods, and general merchan331
259
259
242
324
286
278
dise*
mil. o f d o l 429
324
176
175
237
254
(J2
104
65
61
59
79
104
91
Mail-order (catalog sales)*
do—
63
65
59
84
77
24
147
114
116
113
126
113
131
Variety*
.....
do
^
203
90
95
108
124
Indexes of sales:
26N. 3
220.0
234.1
250. 1
244.2
220.8
212.9
Unadjusted, combined index*
1935-39=100327.5
250.2
189.6
198.0
213,3
226.4
254. 9
216.9
254.0
237. 2
238. 3
218.6
230. 6
Adjusted, combined index*
do—
260.6
198.1
223.4
225.8
230.8
218.0
287. 9
227.2
234. 5
251.3
237.8
216.0
224.9
Automotive parts and accessories*,.do—.
299.4
207.0
227.0
224.4
240.0
229.7
208. 9
224.0
211.3
234. 5
233.3
225. 4
225.8
Building materials*
— do—
250.2
195.4
243.8
270.1
251.1
239.5
215. 7
197.8
204.1
202.0
201.3
232. 4
225.5
Furniture and housefurnishings*
do.-^6.0
166.1
182.3
206.0
204.4
193.9
2
280. 9
254.1
273.7
284.8
330.0
270. 5
278.1
Apparel group*
do—
<S0.0
234.6
298.6
315.4
328.2
272.9
2G2 y
280. 0
253.7
283. 4
321.6
240.5
360. 5
250.8
M e n ' s wear*
do—
-5
187.9
215.0
241.1
264.6
231.2
; 28
330. 3
333.6
337. 4
358. 5
357.9
343.2
379.3
W o m e n ' s wear*
do
^ '
305.6
399.2
414.8
471.8
380.3
24
226. 6
173.3
206. 7
191.0
199.1
230.2
268.0
Shoes*
"
do—
5.2
190.8
245.0
258.6
219.2
186.8
239. 0
225.9
226. 8
225.3
229.6
226.1
232. 5
Drag*
do..—
-50.8
228.1
211.5
220.0
216.1
221.1
218. 2
210.3
212.5
209.5
216.5
224. 3
222.1
Eating and drinking*
do—
208.9
135.5
209.8
2U9.5
208.4
206.6
283. 1
217.4
245.8
243.9
213.3
226.8
267. 4
Grocery and combination*.,
do—
29/.0
214.6
222.9
217.9
217.4
213.2
249 4
222.6
241. 5
244.9
224.8
242.0
259.4
General merchandise group*
do....
243.1
179.8
222.3
222.3
241.6
222.2
Department, dry goods, and general merchan289. 6
300.9
283. 0
261.4
262.5
283. 9
279.8
dise*
1935-39=100-.
2S8.9
207.2
251,1
254.2
272.6
251.0
J8L5
221.3
202. 5
184.4
259.3
196.7
222.5
250.5
Mail-order*
do...
127.9
222.8
208.0
243.4
212,9
2(i(; 7
203- 4
199. 3
184.1
197.0
183.0
189.3
188.6
Variety*..
do...
163.8
177.3
180.1
193.5 181.8
Department stores:
Accounts receivable:
62
45
50
46
Instalment accounts§.__.
...1941 a v e r a g e = 1 0 0 '->
48
45
44
43
45
45
176
129
1.56
145
127
133
Open accounts §
do.22.1
r 144
108
100
114
126
119
R a t i o of collections to accounts receivable:
r
37
37
35
34
33
32
Instalment accounts §
percent.-™
37
32
31
35
35
54
59
60
59
62
60
Open accounts §
do.—
61
61
60
64
63
57
v 44
336
278
242
278
248
253
Sales, unadjusted, total U. S.f
1935-39=100*
352
179
207
238
255
208
416
321
372
374
313
306
Atlanta!
.
do
569
466
246
292
315
336
275
284
184
240
237
211
216
Bostonf
_
do
398
323
147
156
197
223
157
318
236
268
208
234
245
198
Chicago!
do...409
320
167
193
226
242
333
249
251
243
265
257
203
Clevelandf
do—
430
338
167
194
237
253
434
332
395
322
384
313
290
Dallas!
—
-do
567
' 466
248
299
316
335
340
279
311
272
312
265
239
Kansas C i t y !
do—
"455
366
199
238
255
273
302
232
287
242
236
281
204
Minneapolis!
do—
&S8
305
158
182
223
'235
301
189
214
214
221
202
158
NewYorkf
do.—
392
307
155
174
206
219
319
195
246
222
228
175
259
Philadelphia!
do.—
409
» 328
158
174
219
228
369
253
316
274
266
219
312
Richmond!
do
492
MK)
197
227
264
281
371
284
316
272
274
234
313
St. Louis!
do....
403
365
192
236
264
281
376
292
326
284
288
266
330
San Francisco
do
" 50-1
407
214
253
258
287
r
Revised. § Minor revisions in the figures prior to November 1941 are available on request. * Preliminary.
•New series. Revised 1940-43 dollar figures and indexes for total chain store sales and furniture and house furnishings, 1942-43 indexes for all series in the general merchandise group
except mail-order, and scattered revisions in the 1942 or 1943 data for a few other series are available on p. 20 of the September 1945 Survey. Except as given on that page, data for 1929,
1933, and 1935 to March 1943 are correct as published on pp. 15 to 17 of the February 1944 Survey. Data for grocery and combination stores and the total (dollar figures and indexes;
have been revised beginning January 1945; revisions for January-April 1945 are shown on p. 24 of the August 1946 Survey. Data beginning 1939 for the estimates of retail inventories will be published later; data shown in the Survey beginning with the June 1944 issue are comparable with estimates published currently.
t Revised series. See note marked " ! " on p. S-7 for sources of data through June 1044 for sales of all retail stores: and revised figures for January-April 1945. The indexes of department store sales for the United States and the indicated districts have been revised for all year?. The revised Boston index is from the Board of Governors of the Federal Reserve
System. Revised data beginning 1919 or 1923 for the United States, Dallas, and Richmond are published, respectively, on p. 17 of December 1944 Survey, p. 20 of February 1944, and
p. 22 of June 1944 issue (further revisions in the 1943-44 data for Richmond and the 1942-43 data for the United States are in footnotes on p. S-8 of the March 1946 and April 1946 issues).
Complete data for other districts will be published later (see also note in A pril 1946 issue regarding recent revisions in the New York and St. Louis indexes). The adjusted indexes for
Kansas City, Cleveland and Atlanta have recently been revised beginning 1938; these three series are shown on the revised basis beginning respectively, in the June 1946, September
1946, and the October 1946 issues.
SURVEY OF CURRENT BUSINESS
February 1947
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
1946
S-9
Decem- December
ber
January
February
March
April
May
June
July
August
September
October
November
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued.
Department stores—Continued.
Sales, adjusted, total U. S.f
1935-39«=100_.
Atlanta!
do
Bostonf
do
Chicagof
do
Cleveland!
—
do
Dallasf
do...
Kansas Cityt
do
Minneapolis!
...do
New Yorkf.
do...
Philadelphia!
do___
Richmond!
do
St. Louisf
do...
8an Francisco
do
Sales by type of credit:•
Cash sales
percent of total salesCharge account sales
—do
Instalment sales
__do
Stocks,total U. 8., end of month:!
Unadjusted
1935-39«=100.
Adjusted
_
do...
Other stores, ratio of collections to accounts receivable,
instalment accounts:*
Furniture stores.
_
_
percent.
Household appliance stores
do
Jewelry stores
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol.
Montgomery Ward & Co
do
Sears, Roebuck & Co
do—.
Rural sales of general merchandise:
Total U. 8., unadjusted
1929-31 -100.
East.
do...
South
_
do...
Middle West..
do..
Far West...
do.-.
Total U. 8., adjusted
do...
East
_
do...
South
do___
Middle West
do..
Far West
do...
v27A
362
231
264
277
348
*>303
253
232
230
292
303
1=317
'219
297
188
206
218
'286
244
199
'182
'185
'244
239
256
227
308
186
209
220
306
249
212
194
205
262
234
269
251
331
200
241
236
339
261
236
'207
221
283
281
300
260
328
218.
243
246
336
275
246
'215
244
294
286
297
252
327
210
237
244
352
273
'225
'221
224
276
'272
291
57
38
5
64
32
4
65
31
4
62
34
4
60
36
4
235
274
136
158
146
167
158
171
26
48
42
24
48
46
25
52
32
313,678
117,281
196,397
218, 216
83, 232
134,984
366.8
333.8
491.5
312.6
465. 5
229.4
200.5
327.2
200.4
285.2
5,194
1,671
3,523
5,939
275
365
232
253
273
368
288
248
258
329
213
234
256
342
289
252
273
343
227
254
260
381
281
253
236
254
307
300
322
290
365
246
281
286
381
300
259
259
250
306
330
324
269
367
226
263
249
376
321
265
'205
241
298
313
313
257
347
216
250
248
349
297
254
'179
229
286
293
319
P283
'272
'347
230
'261
266
356
252
'231
253
290
294
'320
'228
'243
232
276
277
305
253
303
305
315
60
36
4
59
37
4
69
37
4
61
35
4
60
36
4
57
39
4
56
39
5
57
38
5
172
177
188
189
200
200
205
211
223
223
238
221
250
226
267
237
277
255
24
62
29
27
54
32
28
56
32
27
55
34
26
55
33
26
56
32
26
55
33
25
52
31
27
'52
32
'27
48
34
158,852
53,007
105, 846
150,292
55, 231
95,061
207,055
78, 454
128,601
209,843
80,073
129, 770
211,418
85,065
126,353
201,976
75, 428
126,548
194, 503
72,667
121,836
232,811
91,864
140,946
242,461
94,005
148,456
283,733
112,155
171, 578
281,422
106,355
175,067
267.8
246.0
370.2
226.0
330.1
167.5
147.?
246.5
144.9
202.2
208.7
209.3
300.4
177.1
220.1
274.2
275.4
379.8
231.5
299.5
227.1
218.2
348.1
195.3
222.7
280.7
266.7
381.7
245.7
300.9
303.4
313.2
449.1
261.9
280.3
345.5
348.8
497.4
295.6
340.6
283.7
277.0
374.1
243.6
321.7
308.7
290.6
424.6
260.8
360.2
233.8
217.6
311.2
199.4
283.2
254.7
237.1
366.9
210.5
315.0
243.4
236.6
322.4
210.0
294.1
267.2
257.7
401.0
222.4
308.6
214.8
189.5
300.4
188.3
263.5
294.2
266.1
442.4
255.1
321.4
288.0
268.0
394.0
253.2
325.2
352.1
336.2
546.4
306.9
353.1
340.3
320.1
493.2
286.7
383.5
321.9
325.6
446.8
279.7
327.7
345.1
334.6
493.8
293.2
384.9
265.6
260.0
333.2
230.8
320.5
376.9
372.7
552.2
313.2
439.0
289.7
' 289. 2
402.1
238.9
361.9
3.820
919
2,901
4,275
4,058
987
3,071
4,258
3.786
966
2,820
4,254
4,055
1,076
2,979
4,375
4,183
1,180
3,003
4,413
4,351
1,234
3,117
4,458
4,250
1,239
3,011
4,498
4,744
1,317
3,427
4,642
4,771
1,436
3,335
4,809
4,809
1,483
3,326
5,055
5,674
1,680
3,994
5,338
5,262
1,600
3,662
5,738
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales, total
mil.
Durable goods establishments.
Nondurable goods establishments...
All wholesalers, estimated inventories*
of dol_
do...
do...
do...
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Armed forces*..
_
thous..
5,240
1,800
6,170
4,470
3,850
7, 790
3,410
3,070
2,450
2,170
2,710
2,220
2,010
Estimated civilian labor force (Bureau of the Census):*
Labor force, total
_
thous.- 58,420
53, 890
55,160
53,320
56, 450
53,130
57,160
58,930
59,750
59,120
58, 990
60,110
58,970
Male
.__
do
41,9S0
36,950
37,160
37, 890
38, 870
39, 860
40,480
41,660
42,710
42,580
41, 850
41, 820
41,950
Female
do
16,440
16,160
16,000
16, 290
16, 590
17,180
16,680
17, 270
17, 270
17,170
17, 400
17,020
17,170
Employment
,
.do
56,310
51,160
51,020
51, 240
52, 460
54,120
54,850
56, 360
57, 840
57,690
57,050
57,030
57,040
Male
do
40,200
34, 450
35, 390
35, 750
36, 680
37, 990
38, 590
39,650
40,270
40, 950
40, 270
40,430
40, 980
Female
_
do
16,010
16,710
15,630
15, 490
15, 780
16,130
16,260
16, 710
16,890
16,780
16,760
16,610
16, 710
Agricultural
do
7 210
7,160
6,720
6,940
7,530
8,170
8,620
8,880
10,010
8,750
9,970
9,140
7,900
Nonagricultural
_
_
do_44, 300
49,100
44,300
44,930
44,000
45,950
48,410
45,970
46,350
47,870
48,550
48, 300
49,140
Unemployment
»..
do
2,120
1,970
2,300
2,650
2,700
1,960
2,330
2, 570
2,310
2,270
2,060
2,070
1,930
Employees In nonagricultural establishments:!
Unadjusted (U. 8. Department of Labor):
Total
do
37,013
40,918
37,463
36, 509
37,469
38,121
38, 633
39,056
39,265
40,129 ' 40,175 r 40,453
39,871
Manufacturing
._
do
15,018
13,059
13, 236
12, 536
13, 206
13, 776
13,901
14,098
14, 244
14. 583
14, 731
14, 761 r 14, 970
Mining..-..
do
820
802
810
808
801
505
718
815
828
827
'827
'828
807
Construction
do
1,725
1,042
1,132
1,260
1,345
1,517
1,742
1,874
2,103
2,091
'1,864
1,976
' 2,040
Transportation and public utilities
do
3, 682
3,930
3,896
3,897
3,907
3,962
3,919
3,917
' 4,007
3,873
3,948
4,001
' 3,987
Trade
_
do
' 8, 268
8,616
7,959
7,481
7,605
7,617
7,759
7,724
7,749
7,814
7,918
7,747
' 8,039
Financial, service, and miscellaneous
do
' 5, 244
5,317
4,936
4,984
5,031
5,076
5,140
5,134
5,131
5,152
5,160
5,155
5,208
Government..
do
' 5, 272
5,440
5,769
5,473
6,462
5,494
5,502
5,541
5,480
5,369
5,394
5,447
'5,313
Adjusted (Federal Reserve):
Total
___.do
40,147 ' 36, 703
37,471
37,016
37,931
38,947
38,335
39,095
39, 887 ' 39,965 ' 40,168
38,663
39, 690
Manufacturing
do
15,018
13,059
13,256
13, 536
13, 272
13,848
13, 995
14, 098
14,174
14,662
14, 761 ' 14,970
14, 510
Mining
do
'824
816
798
814
812
801
508
717
811
815
824
823
'823
Construction
do
1,085
1,385
1, 462
1,597
1, 230
1, 787
1,708
1,882
1,837
1,936
'1,810
1,963
'1,907
Transportation and public utilities
do
4,002
3,916
3,956
3,987
3,990
3,939
3,873
3,942
3.891
' 3,967
'4,007
3,904
3,878
r
Trade
.do. .
' 7, 988
7,941
7,335
7,673
7.697
7,757
7,775
7,763
7,998
7,959
7,973
7,898
7,788
•Revised.
»Preliminary.
*New series. For data beginning June 1943 for the series on department store credit, see p. S-9 ol August 1944 Survey; data beginning 1941 will be published later. Data beginning February 1941 for the collection ratios for furniture, jewelry, and household appliance stores are on p. S-8 of the April 1942 Survey; data back to January 1940 are available on
request. Annual estimates of wholesale sales beginning 1939 are available on p. 22 of the February 1945 Survey and p. 32 of the February 1946 issue and monthly figures beginning
June 1943 are on p. S-9 of the August 1944 and later issue?; for estimates of wholesalers' inventories for 1938-42, see p 7 of the June 1942 Survey and p 8-2 of the May 1943 Issue. Estimates of the labor force have been revised beginning July 1945 to take account of improved estimates of the male population by age groups, to which the weighted sample results
are adjusted as a final step in the estimating procedure; earlier data are being revised also to take account of improved techniques introduced in July 1945 (see note in April 1946 Survey); revisions for July-October 1945 are available upon request; earlier revisions will be published when available.
! Revised series. See note marked " ! " on p. S-8 regarding revisions in the indexes of department store sales. The index of department store stocks has been completely revised;
revised data for 1919-45 are shown on p. 24 of August 1946 Survey. The estimates of employees in nonagricultural establishments have been revised back to 1929; data for 1929-43 for
the unadjusted series, except manufacturing and the total, and for 1929-42 for these two series, are available on p. 24 of the July 1945 Survey; the manufacturing series has recently
been revised beginning January 1943 to adjust the estimatesto 1943-44 data from the Federal Security Agency and the total corrected accordingly; 1943-45 revisions for the unadjusted
series are shown on p . 32; January 1939-June 1945 data for the adjusted series for manufacturing and the total will be published later. Data beginning March 1943 for the adjusted
Beries other than manufacturing and the total are correct as published in the June 1944 Survey and later issues; data beginning January 1939 will be shown later.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1946
December
1946
1945
December
February 1947
January
February
March
April
May
June
July
August September
October
November
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYM EINT— Continued
Estimated production workers in manufacturing industries, total (U. S. Dept. of Labor)*
thousands..
Durable goods industries
- do
Iron and steel and their products
__do
Blast furnaces, steel works, and rolling mills
thousands. _
Electrical machinery ._
. . . .
do
Machinery except electrical
do
Machinery and machine-shop products
do
Machine tools§
do
Automobiles
..do
Transportation equipment, exc. automobiles-do
Aircraft and parts (excluding engines) §
do
Aircraft engines§
.
__do
Shipbuilding and boatbuilding!
do
Nonf^rrous metals and products do _
Lumber and timber basic products
do
Sawmills (incl logging camps)
-do
Furniture and finished lumber products
do....
Furniture
do
Stone clay, and glass products. do
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
thousands. _
Cotton manufactures, except small wares..-do
Silk and rayon goods —
..
do .
Woolen and worsted manufactures (except dyeing
and
finishing)
_.
thousands
Apparel and other finished textile products. _-do
Men's clothing
do
Women's clothing _.
.
_do
Leather and leather products
do
Boots and shoes
_
_
do
Food and kindred products
do _ .
Baking
do
Canning and preserving
. do
Slaughtering and meat packing
do
Tobacco manufactures
do
Paper and allied products _
..do
Paper and pulp
do
Printing, publishing, and allied industries . do ._
Newspapers and periodicals.do
Printing book and job
do
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal
. - do
Petroleum refining,
__
do
Rubber products
do
Rubber tires and inner tubes.— ._ . . do._
Production workers, unadjusted index, all manufacturing (U. S. Dept. of Labor) t
_1939=»100.
Durable goods industries
do
Iron and steel and their products
» --do
Blast furnaces, steel works, and rolling mills
1939-100
Electrical machinery
do
Machinery, except electrical _
do
Machinery and machine-shop products
do
Machine tools§
»
do
Automobiles
._ -_ .
do
Transportation equipment, exc. automobiles-do
Aircraft and parts (excluding engines)§
do . .
Aircraft engines^
do ._
Shipbuilding and boatbuilding}
do
Nonferrous metals and products
, do
_
Lumber and timber basic products
do
Sawmills .
...do
Furniture and finished lumber products
do
Furniture
do
Stone, clay, and glass products
_ __do._
Nondurable goods industries
- do
Textile-mill products and other fiber manufactures
1939-100Cotton manufactures, except small wares. __do
Silk and rayon goods
do
Woolen and worsted manufactures (except dyeing
and
finishing)
1939=100
Apparel and other finished textile products..-do
Men's clothing
do
Women's clothing
.
do
Leather and leather products
do
Boots and shoes.
do
Food and kindred products
. do
Baking. ______
__do_.
Canning and preserving
__do
Slaughtering and meat packing
do
12, 257
6,213
1,460
575
1,114
746
450
410
641
407
410
6,044
1, 253
1,099
1,114
91
383
402
500
151
247
149.6
172.1
147.2
221.8
210.9
185.4
283.2
178.9
152.4
123.9
139.7
131.9
109.6
139.1
103.8
130.4
10, 519
5,097
1,294
10, 666
5f205
1,308
9,989
4,417
843
10,639
4,999
1,268
11,130
5,474
1,334
11,216
5,583
1,320
11,412
5,713
1,351
11, 554
5,829
1,390
11, 882
6,001
1,433
' 12,018
' 6,086
1,456
' 12, 024
' 6,114
1, 442
' 12, 218
' 6, 206
' 1,476
446
484
914
325
53
388
536
121
22
265
326
499
197
336
143
320
5,422
449
476
956
334
58
416
519
119
21
249
333
514
202
348
150
335
5,461
170
348
833
295
58
401
469
118
21
228
291
521
202
355
152
356
5,566
467
367
880
314
57
447
459
117
22
219
316
534
207
361
154
367
5,640
466
445
948
344
60
623
486
121
26
213
337
558
215
366
157
377
5,656
445
485
988
345
59
651
473
124
26
193
347
576
222
365
157
378
6,633
453
501
1,011
348
59
668
462
126
26
183
365
594
227
374
160
387
5,699
470
507
1,027
352
59
699
459
129
27
174
378
603
229
376
161
390
5,725
480
526
1,051
357
61
728
451
134
28
158
392
628
237
388
165
404
5,881
480
' 543
1,070
363
62
760
439
'140
28
'139
396
627
233
388
164
407
' 5, 932
474
'558
1,091
370
62
r 744
442
142
29
' 135
402
633
233
393
J67
411
' 5, 910
r 1, 107
378
62
r 74g
'447
145
29
135
r 40fi
'642
234
401
169
411
'6,012
1,113
424
87
1,127
429
88
1,157
437
89
1,176
442
90
1,183
443
90
1,185
443
91
1,199
448
92
1,183
445
91
1,197
452
93
1,212
456
93
1,224
460
94
r
148
938
177
204
330
178
1,078
253
107
148
82
335
158
355
122
146
488
113
140
95
203
96
149
956
181
207
338
182
1,051
254
93
153
81
341
157
359
122
149
489
115
142
96
209
99
154
993
187
214
348
187
1,045
253
90
151
81
348
160
387
125
153
<91
115
142
96
214
101
158
1,016
190
219
355
192
1,034
255
85
147
82
353
162
372
127
154
494
115
145
97
220
104
159
1,018
191
218
356
193
1,023
247
92
139
85
357
164
374
128
154
493
118
146
07
2&
104
159
1,013
192
213
356
193
1,009
239
95
136
85
359
165
375
129
153
481
117
145
98
221
105
160
1,031
195
213
358
194
1,017
234
111
128
86
364
168
379
130
156
476
118
149
99
225
106
155
1,001
192
196
355
193
1,102
234
184
123
85
361
166
383
130
160
472
117
151
100
218
99
156
1,049
197
212
354
191
1,166
237
207
138
86
366
168
384
131
158
475
117
152
100
227
103
160
1,068
197
217
355
194
1,157
241
244
95
87
368
168
386
132
159
484
117
152
100
r
233
r
107
161
1,085
200
217
352
190
1 074
241
172
84
89
372
168
394
134
163
491
118
151
99
r 240
' 110
162
1,083
204
209
'356
193
' 1 123
249
132
139
91
' 379
170
' 399
135
165
'501
121
r 151
99
' 245
112
128.4
141.2
130.5
130.2
144.1
131.9
121.9
122.6
85.0
129.9
138.4
127.9
135.9
151.6
134.5
136.9
154.6
133.1
139.3
158.2
136.2
141.0
161.4
140.2
145.0
166.2
144.5
146.7
' 168 5
146.9
' 146 8
r 1R9 3
145 5
149 1
T x7i 9
' 148 9
114.9
186.9
172.9
160.5
145.6
96.4
338.0
304.1
246.2
382.3
142.2
118.6
68.5
102.6
90.1
109.1
118.4
115.5
183.7
180.9
164.9
158.6
103.5
326.9
298.9
239.7
359.6
145.3
122 3
70.0
106.0
94.0
114.3
119.2
43.7
134.2
157.2
145.8
159 5
103.0
294.4
296.2
239.0
328.7
126.8
124.0
70.2
108.1
95.4
121.4
121.4
120.3
141.5
166.5
155.1
156.4
111.2
289.3
294.4
252.2
315.7
137.9
127.0
71.7
109.9
97.0
124.9
123.1
119.9
171.5
179.3
170.0
162.3
154.8
306.4
303.9
293.1
306.9
146.9
132.6
74.7
111.5
98.4
128.4
123.5
114.7
187.3
187.0
170.6
161.1
161.8
298.1
311.2
294.0
279.0
151.4
137.0
77.0
111.4
98.4
128.9
123.0
116.6
193.3
191.3
171.8
161.9
166.1
290.8
316.3
292.3
264.6
159.0
141.3
78.7
114.1
100.6
132.0
124.4
120.9
195.8
194.4
173.7
161.5
173.6
289.1
324.2
298.3
251.2
165.0
143.4
79.5
114.5
101.1
132.9
125.0
123.6
202 8
199.0
176.2
167.5
180.9
284.0
338.3
309.3
228 6
' 170.9
149.4
82.2
118.1
103 9
137.8
128.4
123.6
'209 4
202 5
179.5
169.2
•"188.8
' 276.3
351.6
310.5
' 200.8
172.9
149.2
80.9
118.2
103.3
138.7
' 129.5
121.9
r 215 2
206 5
183.0
169 2
' 185. 0
' 277.1
357. 8
321.8
' 194 5
175.4
150.7
80.9
119.8
104 7
139.9
' 129 0
124.0
r 219 2
' 209 5
186. 7
162 9
' 185. 9
' 281. 5
365. 7
329.0
194 3
r
111. 3
' 152. 8
81.3
122.1
106 2
' 140. 0
' 131 2
97.3
107.0
72.7
98.6
108.3
73.0
101.2
110.4
74.4
102.8
111.7
75.0
103.4
112.0
75.4
103. 6
111.9
75.7
104.8
113.0
76.6
103.5
112.4
75.9
104.7
114.2
77.2
106.0
115.1
77.6
107.0
116.0
78.3
' 108. 4
117.5
79.1
98.8
118.9
81.1
75.1
95.2
81.6
126.2
109.8
79.8
122.6
99.9
121.0
82.6
76.3
97.4
83.5
123.0
110.2
68.8
126.7
103.1
125.8
85.3
78.7
100.4
85.8
122.2
109.7
66.6
125.5
105.9
128.6
86.8
80.4
102.4
87.9
121.0
110.3
63.2
122.0
106.6
128.9
87.4
80.1
102.5
88.5
119.8
107.3
68.4
115.2
106.7
128.3
87.8
78.2
102.6
88.4
118.1
103.5
70.4
112.9
107.3
130.6
89.4
78.3
103.1
89.1
119.0
101.5
82.8
106.5
103.9
126.7
87.7
72.1
102.3
88.6
129.0
101.4
136.8
102.4
104 4
132.9
90.2
77 9
102.0
87.8
136 5
102.7
153. 5
114.8
107 0
135.3
90.2
79 7
102.4
88.8
135 4
104 6
' 182. 2
78.6
107 5
137.4
91.3
79 9
101.5
87 3
125 7
104 6
' 128. 9
70.0
108 7
' 137. 2
93.4
76 9
' 102. 5
88 6
' 131 4
107 9
98.1
115. 3
482
1. 240
465
95
r
r
'Revised.
§ For 1941-43 data for Shipbuilding see p. 19 of December 1944 Survey; 1939-44 data for aircraft and aircraft engines are on p. 20 of the August 1945 issue. For data for December
1941-July 1942 for machine tools, see note marked " t " on p. S-10 of the November 1943 Survey.
• New series. Data beginning 1939 for the estimates of production workers for individual manufacturing industries will be shown later; data published in the Survey beginning
with the December 1942 issue, except as indicated in note marked " § " , are comparable with figures published currently. Data for 1929-43 for all manufacturing, total durable goods
and total nondurable goods industries, and the industry groups are shown on p. 22 of the December 1945 Survey, and revised data for January 1944- February 1945 are on p. 24 of
the July 1946 issue.
t Revised series. The indexes of production-worker employment and of production-worker pay rolls (pp. S-12 and S-13) have been completely revised; for 1939-41 data for the
individual industries (except as indicated in note marked "§") and 1939-40 data for the unadjusted series for all manufacturing, total durable goods and total nondurable goods industries, and the industry groups, see pp. 23-24 of the December 1942 Survey; for 1941 data for the totais and the industry groups see p. 28 of the March 1943 Rsue, for 1942-43, p.
20 of the October 1945 issue, and for January 1944-February 1945, p. 24 of the July 1946 issue; all revisions through February 1945 for the adjusted totals (p. S-ll) will be shown later.
February 1947
SUEVEY OF CUEKENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-ll
1946
January
February
March
April
May
June
July
August
Septem- October November | ber
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Production workers, Index, unadjusted!—Continued.
Nondurable goods industries—Continued.
Tobacco manufactures
.
1939«»100_
Paper and allied products
do
Paper and pulp
._ do _
Printing, publishing, and allied industries
do
Newspapers and periodicals§
do
Printing, book and job§
__do
Chemicals and allied products
do
Chemicals
> - do. _
Products of petroleum and coal
do
Petroleum refining
_ - do .
Rubber products
_
do
Rubber tire*? and inner tubes
do
Production workers, adjusted index, all manufacturing
(Federal Reserve)!
1939—100
Durable goods Industries!
do
Nondurable goods industries!
do
Nonmanufacturing, unadjusted (U. 8. Dept. of Labor):
Mining:!
Anthracite
1939«=1OO
Bituminous coal
do
Metalliferous
do
Quarrying and nouoietallic
do
Crude petroleum and natural gast
do
Public utilities:!
Electric light and power
do
Street railways and busses
.
_do_.
Telegraph
do
Telephone
do
Services:!
Dyeing and cleaning
do
Power laundries
. _ do __
Year-round hotels
do
Trade:
Retail, total!
„
do
Food*
.do
General merchandising!
do
Wholesalet
do
Water transportation*
do
Miscellaneous employment data:
Federal and State highways total t
number
Construction (Federal and State)
do
Maintenance (State)
do
Federal civilian employees:^
United States
thousands
District of Columbia
do.-.
Railway employees (class I steam railways):
Total -._
_
_. thousands._
Indexes: Unadjusted!
1935-39«* 100
Adjusted!
do...
87.8
126.3
111.4
108.1
102.7
115.5
169.2
162.2
132.3
130.6
168.2
177.8
87.0
128.6
113.9
109.4
103.1
117.6
169.7
164.7
134.0
131.9
172.7
182.4
87.3
131.0
116.3
112.1
105.3
120.9
170.3
165.1
130.8
132.3
177.1
187.3
87.9
132.9
117.9
113.5
107.0
122.1
171.4
165.9
136.7
133.1
181.5
191.6
90.8
134.5
119.3
114.2
108.1
122.2
170.9
169.6
138.2
133.7
182.0
192.8
91.2
135.3
120.0
114.3
109.0
121.3
166.8
167.5
136.9
134.4
182.7
193.4
92.1
137.3
121.9
115.7
109.4
123.8
165.1
169.0
140.6
136.1
186.1
195.8
90.7
135.9
120.9
116.8
109.6
126.3
163.7
168.4
142.7
137.4
180.2
183.1
91.7
137.8
122.1
117.0
110.4
125.0
164.9
168.5
143.4
137.4
187.5
189.9
93.5
138.6
122.0
117.6
111.0
125.8
167.9
167.6
143. 8
137.0
' 192. 8
' 197.0
95.8
140.2
122.0
120.1
112.8
128.9
170.5
169.8
142.8
136.2
' 198.7
' 204.0
' 97 6
' 142 9
123 5
'121.6
113 7
130 6
' 173. 7
173 3
' 142. 6
136 0
' 202 9
207 0
v 149.3
p 172.1
p 131.3
128.1
141.2
117.8
130.7
144.4
119.8
122.4
122.9
122.0
130.3
138.6
123.7
136.6
151.6
124.7
138.0
154. 6
124.8
139.6
158.1
125.0
140.6
161.2
124.3
143.8
165.9
126.5
145.9
' 168.3
' 128. 2
146.4
'169.2
' 128.4
' 148 7
' 171 8
'130.6
88.4
85.7
79.0
89.8
75.2
83.8
88.4
79.3
91.2
76.8
83.3
90.0
81.1
92.0
67.5
84.3
91.0
81.7
93.9
65.5
88.8
90.8
81.4
20.3
62.9
93.8
91.8
81.0
66.9
67.7
95.7
92.8
79.0
89.6
74.4
98.9
94.2
81.4
89 5
78.0
101.2
95.4
82.0
90.8
82.5
103.2
95.5
82.2
90.5
83.5
» 102 5
•
'93.9
83.2
90.1
83.9
' 101. 7
'93.4
'84 9
101 2
93.0
103.0
129.8
90.7
122.7
126.4
143.0
92.9
123.7
112.4
146.3
94.7
125.7
124.7
153.7
96.4
126.1
123.2
158.6
97.7
127.0
119.8
163.5
98.6
127.6
113.5
167.6
99.9
128.7
112.1
171.7
101.2
128.9
112.4
177.7
101.9
130.2
111.9
1*1.1
101.9
129.9
112.0
181.0
102.0
' 130.3
110.3
181.6
r 102 5
' 130 6
108 7
183 4
120.2
110.5
120.3
119.9
107.8
117.6
120.3
109.3
117.3
121.5
109.0
118.7
124.3
109.6
119.3
130.3
110.0
118.9
129.6
110.7
119.9
131.6
112.3
119.9
130.0
113.6
119.1
124.5
111.6
119.3
125.6
109.9
119.5
126.1
101.1
120.5
' 123 0
' 109 9
120 ()
126.1
116.0
108.0
152.5
104.1
315.7
104.1
106.6
116.8
104.7
314.8
104.3
106.8
114.6
105.5
316.9
106.0
106.9
118.6
106.6
297.8
109.0
106.3
125.3
106.7
275.3
107.2
105.0
121.9
106.0
250.6
107.2
103.5
121.0
106.9
229.0
106.2
101.3
117.7
107. 5
228.2
106.6
103.6
117.4
109.1
225.9
109. 8
103.5
125 4
109.4
112.2
103.7
132.1
110.7
199. 2
'117.2
108 6
144 8
'112.7
139,964
16,674
95,317
139,381
14,908
95,458
142,074
m, in
95, 596
150,013
21,000
97,814
165,762
31,871
100,683
184,179 205,161
45, 084 59,001
104, 445 110,537
225,184
73,766
114,717
237,601
82,384
117, 543
236,644
88, 473
110,940
235,045
87,889
110,363
220,879
75 850
108 328
1,980
2,411
2,406
2,402
2,379
2,394
2,360
2,299
221
229
233
236
237
238
236
235
2,282
235
2,232
233
2,154
226
2,119
225
' 2 018
224
1,428
136.9
139.1
1,422
136.6
142.0
1,393
133.9
137.3
1,397
134.1
137.5
1,375
131.9
134.0
1,334
128.1
128.6
1,358
130.4
128.6
1,378
132.2
129.5
1,400
134.3
131.6
' 1. 392
' 133. 6
'130.4
' 1, 420
' 134.9
' 130.5
97.9
144. 5
122.6
173. 4
142.5
114.8
* 1, 400
1
82 9
' 1, 427
135 4
" 134.3
P
LABOR CONDITIONS
Average weekly hours per worker in manufacturing:
41.7
40.6
39.2
40.7
40.4
39.3
39.8
40.0
' 40.4
40.1
40.0
Natl. Indus. Conf. Bd. (25 industries)
. hours
40 4
P40.9
40.5
41.5
41.0
40.5
39.7
40.7
40.5
U. 8. Dept. of Labor, all manufacturing!
do
40.0
40.3
39.7
' 40. 4
40 2
40.5
r 40 1
41.4
40.8
40.0
40.6
40.4
39.3
39.8
40.3
Durable goods industries*
do
39.3
40.6
39.9
42.5
41.1
39.1
38.4
40.0
38.8
39.9
Iron and steel and their products*
> .do
38.5
39.7
40.3
40 0
Blast furnaces, steel works, and rolling
38.5
41.0
30.4
37.9
35.8
38.2
37.5
mills*._
. _
. _
hours
36.0
36.4
38.0
'38.7
38.7
40.6
39.4
Electrical machinery*
do
41.5
41.3
40.3
40.3
40.2
38.9
39.8
'40 8
'40.7
40 6
42.9
42.0
41.4
40.1
40.9
41.7
41.5
40.9
40.4
Machinery, except electrical* . _..
. do
41.5
41.1
40 9
42.8
41.6
42.5
42.3
40.4
41.7
42.2
41.2
Machinery and machine-shop products* do
40.7
41.1
41.2
41.6
44.4
44.4
41.6
43.6
' 41.9
43.3
42.6
42.2
Machine tools*
do
41.3
'42.6
' 42.6
42 5
39.2
Automobiles*
do
36.0
37.5
34.6
37 0
37.4
36.3
36.6
37.8
' 38 5
'38 2
38 0
39.7
39.1
40.0
39.0
40.0
39.9
39.5
39.7
Transportation equipment, except autos*._do
39.3
38.8
'40.0
38.4
40.8
41.1
40.7
Aircraft and parts (excluding engines)*.._do
41.0
41.3
40.4
40.8
40.0
40.7
40.6
40.5
39.6
Aircraft engines*
do
40.3
40.9
41.9
41.3
42.1
41.8
41.6
40 6
42 1
41 9
41.4
37 0
38.3
37.3
38.8
38.8
37.6
38.5
Shipbuilding and boatbuilding*
do
38.1
38.0
38.4
37.7
35.7
35.7
43.3
43.3
41.1
43.2
42.2
40.9
40.8
41.8
40 0
'41 0
41 1
•" 40 7
Nonferrous metals and products*
do
41.1
38.8
40.9
40.1
39.0
Lumber and timber basic products*
do
41.5
41.8
41.3
41.9
39.1
41.4
40.5
41.8
42.6
41.3
42.6
42.3
Furniture and finished lumber products*._.do
41.8
41,9
42.3
41.0
42.2
41.8
41.7
41.9
40.7
40.2
Stone, clay, and glass proiucts*
do
41.1
41.6
40.4
39 5
40.7
41.3
'40 6
40 5
40 3
Ml.l
41.5
41.2
40.1
Nondurable goods industries*
do
40.9
40.9
40.2
40.5
40.2
40.6
40.1
40.3
Textile-mill products and other fiber manu40.7
40.5
40.4
40.4
factures*
hours
39.8
40.3
39 6
40.0
40 2
40.1
40 0
40 2
Apparel and other finished textile products*
36.4
36.7
36.5
37.5
36.9
37.2
hours
37.1
37.0
36.0
36.8
36.9
36.6
40.6
39.9
40.4
Leather and leather products*
do
39.6
40.8
39.3
40.5
38 2
38 2
37 5
37 1
37.8
45.3
Food and kindred products*
do. .
44.9
44.3
42.4
42.9
42.3
43.7
42.8
42.4
43.8
43 0
42 8
r 40 3
Tobacco manufactures*
_
do
39.1
39.3
38.5
39.7
39.5
39.2
39 1
38.6
40.0
' 39 5
39 7
Paper and allied products* .do
45.6
44. 8
42.9
43.9
43.9
r 43 o
43 0
43 5
42 8
43 4
43 4
43 3
Printing and publishing and allied industries*
41.1
41.5
40.8
41.2
hours
41 0
40.4
41 1
41 1
40 5
40 2
40 8
41 0
Chemicals and allied products*..
do
42.5
41.6
42.0
41.4
40.7
41.7
40.5
40.8
40.7
'41.3
41.2
40.9
r 40 4
Products of petroleum and coal*
do
41.7
42.9
41.6
40 8
39 3
40 0
39 6
40 0
40 3
40 4
40 3
on O
Rubber products'
_
do. .
41.7
40.9
40.8
40.8
39.4
da. o
39^2
40.3
39.4
' 39.4
40*6
40.1
r
Revised » Preliminary. § Data beginning August 1942 are available in the November 1943 Survey; earlier data will be published later.
1
Beginning with October 1946, data relate to the end of the preceding month. Data for the week ending nearest September 15th are not available.
JTotal Includes State engineering, supervisory and administrative employees not shown separately.
t United States totals beginning August 1945 include approximately 53,000 clerks at third-class post offices and substitute rural carriers not reported previously; see also note in
iuly 1944 Survey regarding changes in the data beginning in 1943 December figures do not include excess temporary post office substitutes employed only at Christmas.
•New series. Indexes beginning 1939 for employment in retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data
beginning 1939 for all series on average hours will be published later; data beginning March 1944 for the aircraft engines industry and beginning March 1942 for other series are available
in previous issues of the Survey.
!Revised series. See note marked " ! " on p. S-10 regarding revisions in the indexes of employment in manufacturing industries and sources of revised data. Data for 1937-43 for
the index of employment and pay rolls in the telephone industry are on p. 20 of the May 1945 Survey and data for 1937-43 for the telegraph industry are on p. 23 of August 1946 issue;
data for 1939-41 for the other Department of Labor series on nonmanufacturing employment and pay rolls are on p. 31 of the June 1943 Survey. The index of railway employees has
been shown on a revised basis beginning in the May 1943 8urvey; earlier revisions will be published later. Data beginning January 1942 for the series on average weekly hours in all
manufacturing industries are available in the March 1943 and subsequent issues of the Survey; revised data prior to 1942 have not been published in the Survey and will be shown in a
later issue.
SUKVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1943 Supplement to the Survey
1946
1945
Decem- December
ber
February 1941
1946
January
February
March
April
May
June
July
August September
Octo- Novem
ber
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS-Continued
Average weekly hours per worker in nonmanufacturing industries (TJ. S. Department of Labor):*
38.2
38.2
38.2
38.7
37.5
37.5
38.8
37.7
37.3
37.1
38.2
37.2
Building construction
..hours.
Mining:
37.9
38.2
35.7
37.7
31.7
39.2
41.0
41.7
36.4
38.6
41.2
39.6
Anthracite
do.
42.8
43.4
41.9
36.0
45.9
27.3
43.3
41.8
42.9
26.4
45.5
45.7
Bituminous coal
do.
40.9
40.8
40.2
39.6
40.6
41.0
39.2
41 1
42.0
36.8
42.0
41.0
Metalliferous
do.
46.5
45.7
45.2
45.4
45.1
44.3
43.3
' 46.1
'46.1
46.3
44.1
44.2
Quarrying and nonmetallic
do
40.9
39.5
41.7
40.4
'39.9
40.8
40.7
41.1
40.7
40.7
41.0
41.2
Crude petroleum and natural gas
do
Public utilities:
41.0
41.6
41.3
42.7
41.5
40.9
41.6
42.4
41.9
41.6
41.6
42.0
Electric light and power.
do...
47.5
49.2
48.4
48.6
49.3
47.3
49.2
49.2
49.4
49.0
50.7
47.6
Street railways and busses
do...
44.2
45.2
44.5
43.5
44.1
44.8
45.4
43.7
43.8
44.0
44.6
44.4
Telegraph
do__.
39.4
38.5
39.7
39.3
39.3
40.7
40.2
39.5
41.1
39.3
39.1
40.1
Telephone
do__.
Services:
43.2
42.9
42.5
42.9
43.8
41.9
42.6
43.0
42.2
43.4
43.1
44.0
Dyeing and cleaning
do...
43.4
43.1
43.3
42.9
43.6
43.3
43.3
42.6
43.0
43.0
43.5
43.5
Power laundries
do...
Trade:
41.3
40.9
40.5
40.9
40.3
40.1
41.3
40.4
39.6
40.6
40.0
40.5
Retail
do__.
41.4
41.9
41.4
41.7
41.8
41.6
41.8
41.7
41.9
42.0
41.9
41.8
Wholesale.
do—.
Industrial disputes (strikes and lockouts): •
Beginning in month:
'380
134
450
'525
'375
325
'275
'420
'495
180
'515
310
450
Work stoppages
number.
r
380
560
175
130
'190
450
1,400
95
60
165
575
290
Workers involved..
thousands..
240
In effect during month:
'735
'505
770
367
'845
'725
500
'690
'875
400
'835
570
750
Work stoppages
number..
1,500
604
535
'370
410
1,750
'405
1,100
925
620
525
1,200
450
Workers involved
thousands..
23,000 ' 13,825 '15,550
3,300
3,425
5,000
3,065
4,500
7,718
' 4, 475
Man-days idle during month
do
4,750
' 19, 750
• 12, 360
U. 8. Employment Service placement activities:
359
532
380
421
530
358
522
461
479
440
547
Nonagricultural placementst
thousands..
412
457
TJnemployment compensationflSoeialSecurity Board):
580
946
746
774
* 899
541
761
1620
699
G82
Initial claims*
_
thousands..
1,234
1,120
3,895
7,327
6,564
5,395
13,491
i 4,086
5,504
4,604
7,464
4,141
6,649
Continued claims©
do
8,258
Benefit payments:
1
839
1,319
1,315
1,174
1,621
1,592
* 748
1,069
764
1,402
Beneficiaries, weekly average
do
1,624
63, 216 1 64, 430 1 54, 076
i 59, 370 106,624 133, 246 120,727 127,013 110,672 103,889
92,982
88,480
78,047
Amount of payments
thous. of dol
Veterans' unemployment allowances:*
449
567
741
801
1,030
602
405
583
602
657
413
690
Initial claims.
thousands..
5,853
2,401
7,690
4,594
6,128
6,982
7,353
3,743
4,345
7,147
7,828
4,900
7,685
Continued claims
do..
1,071
405
695
2 935
1,507
2 877
1,626 21,783 2 1, 744 2 1,720 21,650 21, 304 2 1,019
Number receiving allowances, weekly average
do..
83,322 112,195 148,958 160,071 155,175 150,063 152,648 148,016
42, 217
124, 082 100, 380
74, 421
Amount of payments._
thous. of doL... 81, 964
Labor turn-over in manufacturing establishments:^
7.1
6.1
8.5
7.1
6.7
5.7
7.4
7.0
'6.8
6.7
Accession rate
.monthly rate per 100 employees. _
5.9
6.3
6.3
6.8
6.6
6.9
5.7
4.9
5.8
6.6
'6.3
6.3
Separation rate, total
do
.4
.5
.4
.5
.4
.3
.4
.4
.4
.4
.4
.4
Discharges.-.
do
1.7
1.3
1.5
1.8
1.8
1.2
.6
.7
1.0
1.4
Lay-offs
do
1.0
3.9
4.2
4.3
4.2
4.0
4.0
4.6
5.3
4.3
5.3
'4.7
Quits
—
do
.2
.2
,2
.2
.2
.2
.2
.2
.2
.2
Military and miscellaneous
do
'.2
PAY ROLLS
Production^workers pay rolls, unajdusted index, all
' 284.1
226.2
210.6
247.8
229.2
249.2
261.2
232.9
257.1
r 278. 3
291.4
286. 0
manufacturing (U. S. Dept. of Labor)t~1939-=100_.
240.0
266.6
199.6
243.0
'313.9
267.3
287.7
' 307.0
236.8
280.7
Durable goods industries.
_..do_.
320.8
'317.7
221.4
220.5
263.2
127.2
216.1
255.8
231.6
238.1
211.7
231.3
Iron and steel and their products
do..
263.2
270.0
Blast furnaces, steel w o r k s , and rolling
206.3
47.6
181.2
181.5
175.8
173.2
182.0
204.0
191.8
193.3
208.7
mills. _
1939«100..
203.2
211.1
308.5
224.1
311.5
302.6
' 382. 7
333.9
365.1
338.3
286.1
400.6
Electrical machinery
do
' 393.1
255.3
288.7
277.9
310.8
297.5
329.5
348.8
333.5
301.6
375. 5
362.2
Machinery, except electrical
do
373.5
239.4
265.4
258.0
283.5
272.8
296.4
314.2
322.3
299.4
290.1
336.8
Machinery and machine-shop products
do
333.5
258.2
244.5
256.8
259.6
262.3
270.4
281.4
262.3
261.4
282.7
285.5
Machine toolst
do
291.9
142.4
135.5
166.9
232.7
153.5
250.5
307.4
282.2
241.7
310.9
' 318. 2
Automobiles
do
' 307.5
r
491.5
577.2
507.0
559.1
538.3
537.5
533.0
538.5
558.1
510.7
504. 9
r 520. 9
Transportation equipment, except autos
do.__
520.7
520.4
524.0
565.9
514.3
585.5
640.8
605.6
553.2
671.8
663.9
672.6
Aircraft and parts (excluding engines)!,
ao
369 1
346.3
384.4
356.6
469.2
469.4
498.3
468.9
457.8
477.6
507.8
530.2
Aircraft engines*
do
530.4
641.2
548.6
498.5
602.5
483.4
421.5
468.8
555.2
338.2
352. 5
361.2
Shipbuilding and boatbuilding*,
do
228.7
250. 4
247.8
256.1
271.4
287.8
312.4
292.9
264.9
333.2
319.6
Nonferrous metals and products..
do
326.3
219.9
199.4
234.5
261.8
207.7
281.0
307.1
270.8
248.2
305. 4
306.9
Lumber and timber basic roducts
do
313.5
123.0
114.1
131.9
118.2
147.2
158.1
170.8
151.7
139.8
162.5
168.1
Sawmills (incl. logging camps)
do.
168.9
200.4
188.1
209.0
212.3
192.9
223.5
239.3
222.1
214.6
256. 7
243.4
Furniture and finished lumber products
do
252.7
176.7
164.3
184.3
169.3
188.3
196.2
209.7
194.2
189.7
223.0
212.1
Furniture
do
220.3
204.6
181.7
217.2
224.1
185. 4
235.0
253.2
235.7
226.0
267. 4
259.8
Stone, clay, and glass products
do
264. 0
221.3
212.7
229.2
215.7
229.4
234.0
250.2
235.4
231.4
262.7
' 254. 9
Nondurable goods industries
do
' 255.1
203.7
188.0
212.6
214.8
190 7
218.6
231.0
214.7
215.8
247.9
237.2
Textile-mill products and other fiber mfrs
do
242.9
230.0
216.2
242.3
217.0
244.3
248.2
275.5
246.1
246.3
293.5
Cotton manufactures, exc. small wares
do
281.7
285.4
158.3
148.8
163.6
166.9
149.4
166.8
181.4
166.3
166.5
191.4
180.9
Silk and rayon goods
..do
189.3
Woolen and worsted manufactures (except dyeing
226.9
206.6
200.0
234.2
237.7
238.5
242.7
234.1
238.5
and
finishoing)
.1939-100228.6
243. 7
242.7
240.2
228.0
215.0
263.6
258.8
263.3
277.5
288.2
263.5
244.7
Apparel and other finished textile products
do
288.9
288.5
158.1
148.0
140.7
170.0
175.6
181.2
182.7
174.1
Men's clothing.
do
166.8
186.8
206.7
189.4
153.3
149.4
140.9
172.6
163.1
159.0
169.8
169.6
Women's clothing..
do
141.3
176.6
154.2
170.5
194.5
185.2
179.2
202.1
203.1
203.4
198.2
203.9
197.3
203.3
Leather and leather products
do
201. 0
198.1
174.1
164.0
157.1
182.7
184.6
183.0
175.4
185.3
177.6
Boots and shoes
do
182.4
178.8
175. 4
211.5
215.0
220.4
206.6
201.9
205.0
250.3
205.4
231.5
242.7
Food and kindred products
_do
248.1
228.6
181.2
180.1
181.2
182.8
170.8
168.8
184.1
179.3
178.5
Baking. _
do
187.5
199.0
190.8
136 6
144 1
167.3
132.1
149.8
181.9
387.4
149.2
325.8
Canning and preserving
do
' 466. 8
212.9
' 324. 7
199.4
217.9
214.9
191.1
181.4
167.4
202.3
180.9
179.9
118.2
Slaughtering and meat packing.
do
215.7
110.5
165,2
166.7
164.1
171.3
181.1
184.1
186.2
174 6
178.3
Tobacco manufactures
_
do
196.0
212.7
' 207. 4
226.2
221.7
219.0
233.3
237.4
244.4
253.9
235.9
243.8
273.9
Paper and allied products
_
do
257.1
265. 8
203.6
198.4
196.6
208.1
212.7
216.7
227.8
209.9
218.4
240. 2
Paper and pulp
do
228.0
234.9
171.2
165.7
1163. 2
177.2
179.5
184.2
190.5
178.9
186.0
205. 0
Printing, publishing, and allied industries
do
195.2
200. 3
148.9
143.5
141.9
154.4
160.9
162.0
168.8
157.8
163.7
175.6
182.0
Newspapers and periodicals*
do
178.9
193.9
188.8
184.7
200.2
197.0
204.6
210.4
199.9
209.1
227 9
' 215. 8
Printing, book and job*
do
' 220. 8
r
Revised. JSee note marked " § " on p. S-10. ©Small revisions in the data for January 1940 to May 1944 are available on request. ^Partly estimated.
* Continued claims filed during week ended the last Saturday of the month; average number receiving payment has been discontinued:
• 1946 data are preliminary estimates. The series for "in effect during the month" continue data published in the Survey through the July 1944 issue. They include data for
stoppages beginning in the month and those continuing from previous months; data for 1944-45 are shown on p. 23 of the December 1946 Survey.
tfRates refer to all employes rather than to wage earners and are therefore not strictly comparable with data prior to 1943 published in the Survey.
•New series. Data on average hours for the telephone industry for 1937-43 are on p. 20 of the May 1945 Survey (see note for hours and earnings in the telephone industry at the
bottom of p. S-13 of April 1946 Survey regarding a change in this series in April 1945) and data for the telegraph industry beginning June 1943 (the earliest available) are given in note on
p. S-ll of the January 1945 issue; data beginning March 1942 for all other series on average hours are available in the May 1943 Survey and data back to 1939 will be published later.
The new series on veterans' unemployment allowances relate to readjustment allowances payable under the Servicemen's Readjustment Act of 1944; data beginning September 1944
will be shown later. Indexes of pay rolls for the printing and publishing subgroups beginning August 1942 are on p. S-12 of the November 1943 Survey; data back to 1939 will be
published later. Data beginning 1939 for initial unemployment compensation ciaims will be shown later (see note in April 1946 Survey for definition of initial claims).
fRevised series. Data beginning June 1942 for nonagricultural placements are available in the August 1943 Survey; earlier data will be published later. For Information regarding
the revised indexes of production-worker pay rolls in manufacturing industries, see note marked " t " on p. S-10.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-13
1946
January
February
March
April
May
June
July
August September
October
November
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Production-worker pay rolls, mfg., unadj.!—Con.
Nondurable goods industries—Continued.
Chemicals and allied products
1939-= 100—
Chemicals
dn
.
. do
Products of petroleum and coal
Petroleum refining
do
Rubber products
do
do...
Rubber tires and inner tubes
Nonmanufacturing, unadjusted (U. S. Dept. of Labor):
Mining:!
Anthracite
1939•=100
Bituminous coal
do
Metalliferous
. . doQuarrying and nonmetallic
do
Crude petroleum and natural gas!
— _ do . .
Public utilities:!
do
Electric light and power
do
Street railways and busses
Telefrraoh
do
Telephone. _
. .
.
. . . do
8ervices:t
Dyeing and cleaning
. do
do. .
Power laundries
- . . .
do_._
Year-round hotels
.
Trade:
do. .
Retail, total!
. .
do...
pood*
. . do
General merchandising!
Wholesale!
. . . .
_. . . . . do.
dn
Water transportation*
283.4
267.0
222.2
212.6
275.5
256.7
285.2
276.8
220.9
210.6
290.1
272.6
284.7
272.6
221.3
217.4
292.1
271.9
290.0
276.3
231.0
217.9
302.8
281.1
291.2
282.7
232.7
221.3
324.9
312.9
283.8
277.8
228.2
221.5
327.6
314.2
285.1
283.0
236.0
223.3
337.2
318.3
286.9
289.2
244.3
228.0
327.2
304.3
290.5
288.0
246.3
228.7
343.2
311.2
298. 3
289.6
250.3
232.7
' 370.9
' 348. 9
303.5
294.0
245.8
228.2
'368.5
'346.1
311.8
301.3
245.7
226.9
385.1
363.3
167.1
222.0
117.6
155.0
135.9
149.3
209.9
118.0
150.9
139.0
178.3
222.8
92.8
157.2
142.0
178.5
230.9
102.1
172.6
144.4
165.1
26.0
102.0
192.5
144.0
180.4
97.4
106.4
189.9
145.4
182.7
243.8
126.9
207.7
147.1
156.5
198.4
132.4
213.6
151.3
193.3
241.0
145.2
225.1
152.6
194.0
234.9
147.0
'227.9
' 147.9
199.9
237.1
148.0
r
227.6
r 150. 1
182.3
233.1
147.8
222.4
155.1
129.8
184.0
178.8
203.5
133.7
181.4
155.3
205.2
138.3
187.2
176.9
230.7
140.4
187.2
177.1
237.0
142.5
191.4
179.5
246.1
144.2
195.2
175.6
254.0
148.4
199.5
174.9
259.9
150.2
206.7
178.6
268.8
152.4
211.2
178.5
267.6
153.3
207.9
177.3
265.0
155.3
212.6
174.1
269.2
157.6
210.9
196.9
174.3
196.1
201.7
178.7
196.4
199.1
177.0
199.8
213.4
181.3
201.1
231.0
183.3
201.1
227.0
186.2
204.6
236.6
190.9
205.0
231.3
193.3
204.9
216.9
188.4
208.9
225.6
188.7
209.5
225.7
189.8
214.3
217.0
191.5
218.2
167.6
159.5
209.2
159.2
583.1
154.9
159.7
165.8
161.2
675.3
157.1
161.7
165.5
165.0
577.3
160.9
163.9
173.3
167.5
550.6
167.8
165.7
186.2
169.8
509.0
166.2
166.1
180.5
169.6
486.3
171.3
170.0
188.8
172.6
467.4
172.6
171.5
187.1
174.5
490.1
174.6
177.2
188.1
177.3
478.8
' 180.8
173.5
199.0
182.8
191.5
185.6
225.0
189.7
(9
182.5
174.6
204.7
184.5
* 422.6
45.72
41.21
44.08
46.38
44.62
41.15
43.67
44.95
43.56
40.58
42.57
42.45
46.44
42.15
44.79
46.80
46.92
42.88
45.71
47.28
46.16
42.51
45.10
45.74
47.20
43.31
46.32
46.74
47.64
43.38
46.24
46.80
48.74
44.99
48.02
48.78
49.14
45.41
' 48.36
' 49. 29
' 49. 79
45.68
' 48. 81
r
49. 90
50. 15
' 45. 74
' 48. 53
49.90
47.33
43.68
48.63
47.98
53.80
43.89
49.18
48.40
48 67
49.44
46.08
31.78
30.15
36 50
37.21
39 33
38.52
44.93
43.52
47.84
47.81
53.07
46.19
49.29
48.84
51.48
49.44
46.13
32.15
30.58
36.07
36.66
38.33
38.75
36.75
41.49
47.53
47.91
52.19
43.01
48.09
49.91
63.43
47.61
47.13
33.52
31.91
36.86
37.46
39.76
39.01
48.93
41.81
48.82
48.29
52.92
46.75
50.51
50.53
52.80
51.32
46.92
34.88
33.47
37.78
38.46
40.98
39.83
48.57
44.03
48.94
49.26
51.92
48.72
52.60
61.68
54.08
53.43
47.29
35.34
34.02
38.21
39.16
41.47
40.13
46.16
43.99
48.32
47.86
52.01
48.05
52.09
61.63
55.26
52.79
47.18
36.01
34.71
37.88
38.87
41.00
39.93
46.98
45.72
50.04
49.70
53.86
49.32
53.32
52.55
55.91
53.99
47.61
37.62
36.56
38.73
39.31
42.01
40.28
47.85
45.59
49.76
49.49
52.44
51.15
53.70
53.01
54.72
55.20
46.68
35.60
34.66
38.37
38.80
41.80
40.46
49.84
47.49
50.99
51.15
54.07
53.80
' 53. 91
53.85
56.08
54.41
48.00
38.78
37.75
40.09
40.85
43.23
41.89
50.28
' 48.31
51.74
51.05
' 54.45
' 53.37
' o2. 65
' 53. 73
56.93
' 50. 91
' 48. 55
38.73
37.69
r
40.86
' 41.62
' 44.03
42.34
r
50.72
48.36
51.96
51.38
55.63
52.99
52. 35
52.53
50.81
51.42
49. 35
37.68
36.26
41.78
42.31
44.94
' 42. 86
273.0
WAGES
M anufacturing industries, average weekly earnings:
Natl. Ind. Con. Bd. (25 industries)
dollars..
U. S. Dept. of Labor, all manufacturing!
do
Durable goods industries
.
do .
Iron and steel and their products!
do
Blast furnaces, steelworks, and rolling
mills!
dollars
do
dn
Machinery except electrical!
Machinery and machine-shop products!_.do
dn
A utomobiles!
Transportation equipment, except autos!_.do
Aircraft and parts (excluding engines)...do
P 49.' 50
50. 39
48.34
52.47
51.91
' 55. 61
' 52. 63
r
54. 24
r
53. 50
57.46
54.01
48.97
39.19
37.87
' 41. 88
42.59
r 44 48
r
42. 44
r
Shipbuilding and boatbuilding
do....
Nonferrous metals and products!
dn
Lumber and timber basic products!
do
Sawmills (incl. logging camps)
dn
Furniture and finished lumber prod ucts! do
do
Furnituret
do
_._ do _ P 44.08
Nondurable goods industries. . . .
Textile-mill products and other fiber
35.02
34.80
32.44
34.98
34.76
38.38
33.76
38.09
34.69
37.54
37.00
32.41
manufactures!
...dollars..
Cotton manufacturers, except small wares!
36.14
31.79
31.75
31.64
30.14
31.36
31.58
35. 57
29.01
35.35
34.81
29.25
dnltnrs
38.69
32.42
33.74
34.74
35.10
35.11
34.64
34.94
37.20
37.42
38.67
Silk and rayon goods!
32.48
do
Woolen and worsted manufac tures
41.81
41.67
38.52
41.63
41.04
41.67
41.18
42.44
42.40
41.29
37.64
41.88
(except dyeing and finishing)!.__
dollars.,
Apparel and other finished textile proclucts!
33.24
35.92
36.55
33.70
35.23
33.83
35.28
31.88
36.48 ' 37. 25 ' 36. 68
36.01
dollars.,
37.50
41.39
34.94
33.88
37.68
37.04
38.18
35.84
39.14
' 38. 89
32.77
38.11
Men's clothing! .
do
43.21
46.25
47.82
41.07
42.95
42.50
46.83
46.29
45.10
44.02
42.67
47.45
Women's clothing}
do
37. 19
36.03
36.69
37.58
37.35
37.34
36.46
37.07
37.37
37.49
35.74
36.74
Leather and leather products!
do
35. 85
35.65
Boots and shoes
34.13
34.71
35.99
36.67
36.97
36.77
36.14
35.38
35.17
36.18
do
44.83
41.49
41.37
40.93
40.47
40.76
40.70
41.09
43.22
Food and kindred products!
44.34 ' 4 3 59 T 43 85
do
46.01
40.95
41.15
41.74
41.14
41.42
43.81
45.45
Baking
41.28
44.60
41.49
44.63
do
35. 31
' 40. 82
33.87
33.86
33.18
33.71
35.48
34.64
35.78
38.89
41.12
41. -50
Canning and preserving!
do
51.15
42.77
43.99
46.68
43.23
43.06
47.51
42.56
43.05
48.05
48.37
41.11
Slaughtering and meat packing
do....
36.66
32.48
32.36
33.52
31.98
33.24
32.95
33.83
31.53
Tobacco manufactures!
34.16 ' 35. 25 'T 36. 47
do
46. 06
45. 58
41.46
41.17
41.15
41.97
42.03
42.10
42.74
43.12
Paper and allied products!
44.26 ' 44. 57
do
49.48
dn
44.08
44.34
44.87
45.34
49.05
45.20
46.06
Paper and pulp . . . .
44.80
44.67
47.56 r 47. 55
Printing, publishing, and allied industries!
55.04
51.09
49.36
51.10
49.80
50.93
51 73
51.79
49.28
53.01 ' 53.96 r 54. 30
dollars
60.81
60.28
52.95
53.67
55.63
56.07
54.86
56.08
56.62
Newspapers and periodicals*. _
52.70
58.09 ' 60. 04
. do
52.61
51. 50
Printing, book and job*
47.92
48.18
48.30
49.51
49.18
48.77
49.82
50.03
50.83 ' 51. 50
do
45.88
42.55
42.61
42.53
42.94
43.28
43.31
43.95
44.67
Chemicals and allied products!... . . . do
44.91 ' 45.41 ' 45. 49
52.96
dn
52.87
52.61
Chemicals . _
49.56
50.66
49.91
50.25
50.58
50.29
50.69
52.09
51.81
54.47
53.27
52.06
53.45
' 54. 36
53.34 ' 54.19
53.05
55.25
53.30
52.80
Products of petroleum and coal!
do
54.36
r
57.11
54.59
56.61
56.25
57. 32
55.86
56. 46
58.35
55.42
56.49
57.02
Petroleum refining.
dn
57.10
52.98
45.48
46.71
46.05
46.46
49.67
49.82
50.45
50.60
Rubber products!
51.03 ' 53. 69
. . do
58. 87
48.54
60.29
49.21
49.72
54.77
54.72
54.82
56.11
55.42 r 59. 89 ' 57. 38
Rubber tires and inner tubes
do....
r
Revised.
v Preliminary.
1
Beginning with October 1946, data relate to the end of the preceding month. Data for the week ending September 15th are not available.
X Sample was changed in November 1942; data are not strictly comparable with figures prior to that month,
§ Sample was changed in July 1942; data are not strictly comparable with figures prior to that month.
* New series. Indexes of pay rolls beginning 1939 for retail food establishments and 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning
1932 for the newspapers and printing, book and job, industries will be published later; see November 1943 Survey for data beginning August 1942. Data for the aircraft engine industry
beginning 1939 will also be published later.
! Revised series. See note marked " ! " on p. S-10 regarding revisions in the indexes of pay rolls in manufacturing industries and sources of revised data and note marked " t on
p. S-ll for sources of revised data for pay rolls in nonmanufacturing industries. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have been
shown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures shown in earlier issues (see note marked " ! " on p. S-13 of the July 1944 Survey); data prior to 1942 have not been published in the Survey and will be shown in a later issue; there were no revisions in the data foi; industries that do not carry a reference to
this note.
S-14
SURVEY OF CURRENT BUSINESS
UnSess otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Surrey
1946
1945
December
December
February 1947
1946
January
February
March
April
May
June
July
August Septem- October ! November
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WA G ES—Continued
Manufacturing industries, average hourly earnings:
Natl. Tnd. Con. Bd. (26 industries)
dollars..
U. 8. Dcpt. of Labor, all manufacturing!.
do
v 1*. 212
Durable goods iDdustriest
_ __„.._ __ . . do
Iron and steel and their products!
do
Blast furnaces, steel works,androllingmillst do
Electrical machinery!
do
Machinery, except electrical!
do
Machinery and machine-shop products!_do_ _
Machine tools
do
Automobilest .
. «. _ . _
do .
Transportation equipment, except autos! do
Aircraft and parts (excluding engines) do
Aircraft engines*
do
Shipbuilding and boatbuilding
do
Nonferrous metals and products!.
,.do_ _
Lumber and timber basic products!
—do
Sawmills (incl. logging camps)
_ do
Furniture and finished lumber products!..do
Furniture
.. _ _ _ _
..
«.
do _
Stone, clay, and glass products!
do
9 1.073
Nondurable goods industries! _ . _ _ _ . do
Textile-mill products and other fiber
manufactures!
,
.dollars..
Cotton manufactures, except small
wares! . . .
. _ dollars
Silk and rayon goods!
do
Woolen and worsted manufactures
(except dyeing and
finishing)!
dollars.. — — —
Apparel and other finished textile products!
dollars..
Men's clothing!
_ „. _.
do
Women's clothing?
do _
Leather and leather products!
do
Boots and shoes
. . . .
. . .
do .
Food and kindred products!
do...
Baking
_ . . . . .
do
Canning and preserving!
do. .
Slaughtering and meat packing
do
Tobacco manufactures!
. do
Paper and allied products!
.do...
Paper and pulp
_ . . .
do
Printing, publishing, and allied industries!.do. .
Newspapers and periodicals*
do
Printing, book and job*___ _ .
. . . do
Chemicals and allied products!
do
Chemicals
. __
. . . .
do
Products of petroleum and coal!
do
Petroleum refining
. . .
. .
do
Rubber products!
do
Rubber tires and inner tubes
do
Nonmanufacturing industries, average hourly earnings
(U. S. Department of Labor):*
Building construction
dollars..
Mining:
Anthracite...
„_„_
do _
Bituminous coal .
do
Metalliferous
do.
Quarrying and nonmetallic
do
Crude petroleum and natural gas
. do
Public utilities:
Electric light and power
do
Street railways and busses
do_
Telegraph
do
Telephonet
do
Services:
Dyeing and cleaning «_ _
do
Power laundries •
do
Trade:
Retail—
_
do
Wholesale
._
,
do
Miscellaneous wage data:
Construction wage rates (E. N. R.):1
Common labor
_
dol. per hi
1.085
Skilled labor....
_
_
do
1.86
Farm wages without board (quarterly),
dol. per month
Railway wages (average, class I)
dol. per hr_.
Road-building wages, common labor:
United States average
do
.83
1.102
.994
1.066
1.091
1.155
1.050
1.134
1.120
1.210
1.220
1.239
1.187
1.208
1.292
1.063
.814
.7S0
.859
. 939
.927
1.107
1.004
1.070
1.095
1.169
1.053
1.139
1.123
1.195
1.230
1,231
1.188
1.258
1. 273
1.066
.830
.804
.864
.882
.942
.941
1.129
1.002
1.064
1.084
1.029
1.147
1.129
1.206
1.248
1.234
1.222
1.268
1.278
1.091
.836
.810
.871
.891
.967
.953
1.146
1.035
1.103
1.169
1.290
1.036
1.172
1.154
1.214
1.264
1.264
1.233
1.259
1.324
1.113
.848
.826
.888
.913
.985
.975
1.165
1.058
1.131
1.186
1.294
1.096
1.179
1.163
1.220
1.302
1.316
1.253
1.293
1.389
1.131
.856
.834
.803
.930
1.0C4
.988
1.180
1.071
1.147
1.190
1.290
1.131
1.204
1.180
1.251
1.325
1.333
1.268
1.339
1.403
1.149
.880
.860
.917
.943
1.019
.996
1.189
1.084
1.165
1.206
1.303
1.148
1.223
1.202
1.277
1.347
1.350
1.302
1.343
1.416
1.163
.908
.888
.927
.950
1.041
1.003
1.194
1.093
1.177
1.216
1.314
1.158
1.232
1.212
1.269
1.354
1.366
1.325
1.348
1.436
1.166
.910
.892
.937
.957
1 057
1 009
1.217
1.112
1.186
1.222
1.305
1.169
1.246
1.228
1.291
1.373
1.359
1.323
1.354
1.431
1.177
.928
.911
.957
.982
1.063
1.036
1.229
'1.126
1.201
1.241
1.325
1.185
1.260
1.238
1.300
1.385
r
1. 356
1.323
1.357
1.426
1.192
'.935
'.915
.977
1.001
' 1. 087
1.050
' 1.231
1. 130
1.202
' 1. 239
' 1. 303
' 1.187
1. 265
1.245
' 1. 306
' 1. 377
' 1.357
' 1.319
1.364
1.432
' 1.194
'. 935
.913
'.993
1.019
' 1.096
1. 055
1.24
1.13<
1 ?,!(
1.24
30<
1
1
1
1
1
'?7
?4 (
31*
39.
36 f
3?f
441
1 ?,0f
.93C
L.001
r
1 llf
06,f
.795
.803
.833
.858
.869
.873
.875
.877
.924
.940
'.948
.721
.788
.724
.790
.753
.812
.788
.838
.799
.845
.803
.849
.803
.850
803
858
.875
.906
.888
.922
.892
.931
941
.600
.922
.988
.999
1.010
1.014
1.014
1.017
1.024
1.034
1. 037
1.03&
.875
.888
1.12P
.881
.848
.915
.904
.849
.951
.806
.910
.945
1.188
1.346
1 118
1.001
1.159
1.236
1.315
1.113
1.247
.906
.912
1.166
.904
.877
.921
.904
.846
.961
.824
.928
.969
1.200
1.364
1.130
1.015
1.180
1.249
1.330
1.121
1.255
.922
.947
1.168
.907
.890
.924
.913
.844
.939
.832
.937
.982
1.221
1.379
1.155
1.021
1.198
1.286
1.369
1.129
1.266
.961
.981
1.222
.917
.896
.943
.920
.859
1.051
.830
.957
1.001
1.235
1.400
1.166
1.033
1.211
1.307
1.383
1.138
1.275
.966
.993
1.234
.928
.604
.952
.930
.885
1.072
.830
.966
1.010
1.248
1.423
1.171
1.045
1.220
1.332
1.420
1.232
1.414
.956
.997
1.211
.942
.921
.961
.931
.887
1.087
.848
.983
1.030
1.266
1.443
1.186
1.064
1.234
1.342
1.419
1.266
1.446
.951
.999
1.191
.950
.923
.972
.945
.898
1.095
.846
.993
1.038
1.278
1.449
1.203
1.084
1.243
1.347
1. 431
1.283
1.461
.941
985
1 180
954
927
.986
980
904
1 115
851
1.007
1 053
1.287
1 459
1.212
1 098
1.256
1 355
1 437
1.292
1 472
.986
1.009
1.263
.972
.945
1.015
.994
.976
1.116
.885
1.020
1.070
1.299
1.475
1.220
1.102
1.260
1.347
1.427
1.295
1.474
1.010
1.027
1.300
.982
.955
'1.013
1.003
'.960
' 1.144
'.893
1.037
1.085
'1.315
' 1. 495
' 1. 232
1.110
1.281
1.368
1.453
' 1. 323
' 1.507
.997
1.024
1.266
.987
. 960
1.035
1.042
'.983
1.147
'. 905
' 1.500
1.102
'1.325
' 1.511
1. 23 S
' 1. 103
1.278
' 1.347
r
1.428
' 1.313
'• 1 . - 1 * * 2
.95,
1.08(
9<y
1 004
04"
04
95:
)V
. 92J
Of'H
111
34r
\]?
<?«s
49c
• r i03
1.397
1.402
1.422
1.411
1.423
1.431
1.444
1.473
1.482
1.510
1..", 2< i
, 54*'
1.380
1.281
1.051
.908
1.251
1.339
1.269
1.036
.907
1.257
1.376
1.265
1.059
.913
1.284
1.376
1.274
1.071
.930
1.308
1.352
1.239
1.090
.959
1.293
1.382
1.321
1.133
.967
1.287
1. 559
1.474
1.180
.994
1.322
1.562
1 457
1.205
1.004
1,311
1. 598
1.406
1.212
1.016
1.307
1.611
1.480
1.223
1.042
' 1.334
i.'-m
1.4,"i)
1.210
' 1.047
M.30S
58*1
4 i?
22<
05 c
1.186
1.013
.822
1.011
1.177
1.007
.813
1.030
1.195
1.011
.833
1.095
1.222
1.001
.851
1.105
1.219
1.025
.886
1.131
1.236
1.049
.905
1.143
1.275
1.053
.908
1.147
1 258
1 097
.910
1 135
1.260
1.099
.910
1.129
1.291
1.110
.914
1.148
1.2S4
1.132
1.007
1. 137
30',
.789
.676
.793
.675
.793
.675
.815
.684
.833
.688
.831
.703
.834
.703
.826
.698
.832
.693
.839
.708
. 854
.708
. 85 l
. 121
.796
1.058
.828
1.070
.835
1.095
.841
1.101
.851
1.121
.859
1.135
.876
1.146
.888
1.155
.893
1.148
'. 908
1.179
.908
1.172
.938
1.68
.953
1.70
.968
1.73
.988
1.74
1.004
1.76
1.018
1.77
1.034
1.80
1.058
1.81
1.071
1.82
1.072
1.85
1.073
1. 85
.967
95.30
.953
.973
.949
97.40
1. 065
1.091
1.139
106.00
1.136
1.130
1.155
104 00
1,132
.75
.69
.75
.75
.76
.78
.81
.80
.86
.84
.87
9 114
88
90
92
93
93
94.
95
96
97
99
107
9 102
80
63
8
81
64
9
82
64
10
83
65
10
84
65
9
85
66
9
85
66
9
86
67
9
87
68
10
89
69
10
96
74
11
r
r
33f
03S
00?
131
L. 18(
. 07£
xo
. H(
PUBLIC ASSISTANCE
Total public assistance...
mil. of dol..
Old-age assistance, and aid to dependent children and
the blind, total...
___„
__mil. of dol_.
Old-age assistance
_
do
General relief
do
*12
llf
Tf"
11
' Revised.
v Preliminary. § Sample was changed in November 1942; data are not strictly comparable with figures prior to that month.
• The average for workers who were employed in February was $1,217; this average is affected by strike conditions, since maintenance workers were left on during the strike
while low-paid production workers were out: the average is therefore omitted from the table above to avoid misinterpretation.
• The comparability of the series was affected by a change in the data in July 1945; see January 1946 Survey for June 1945figureson both the old and the new basis.
JData beginning April 1945 are not comparable with earlier data; see note for hours and earnings in telephone industry at the bottom of p. S-13 of the April 1946 Survey.
IRates as of December 1,1946: Construction—common labor, $1.085; skilled labor, $1.86.
•New series. Data on hourly earnings for 1937-43 for the telephone industry are shown on p. 20 of the May 1945 Survey (see also note marked "J" above regarding a change in the
data in April 1945) and data for the telegraph industry beginning June 1943 are on p. S-14 of the January 1945 issue. Data on hourly earnings beginning March 1942 for the other
nonmanufacturing industries and beginning August 1942 for the printing and publishing subgroups are available, respectively, in the May 1943 and November 1943 issues, and data
back to 1939 will be published later.
tSee note " t " on p. S-13.
cfRevised figures for March and April 1945: March $0,956; April, $0,968.
February 1947
SUKVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-15
1946
January
February
March
April
May
June
July
August September
Octo- Novem
ber
ber
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised
by the Farm Credit Administration:©
Total
___mil. of dol_.
Farm mortgage loans, total
do .
Federal land banks . __
. . . do_ _
Land Bank Commissioner
do
Loans to cooperatives, total
> _ - _ do .
Banks for cooperatives, incl. central bank..do
Agr. Marketing Act revolving fund
do
Short term credit, total
.
do
Federal intermediate credit bankscf
do
Production credit associations
_ . do
Regional agricultural credit corporations...do
Emergency crop loans
do
Drought relief loans _„
_
do
Bank debits, total (141 centers)f
do
New York City
. _ do
Outside New York City
._ do. >
Federal Reserve banks, condition, end of month:
Assets, total
.
do
Reserve bank credit outstanding, total
do
Bills discounted
. __> _
do
United States securities
do
Gold certificate reserves ®
.
do. _
Liabilities, total
do.
Deposits, total.-.
do._.
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:
Deposits:
Demand, adjusted
_
_ mil. ofdol
Demand, except interbank:
Individuals, partnerships, and corporations.do
States and political subdivisions._
do__._
United States Government
_
do
Time, except interbank, total
do___
Individuals, partnerships, and corporations.do
States and political subdivisions. _ . _ . do
Interbank, domestic
do
Investments, total. _ _ . . _ .
_ _ _ _ . . do
U. S. Government obligations, direct and guaranteed, total
_
mil. ofdol
Bills
do
Certificates
do
Bonds (incl. guaranteed obligations) —. do
Notes
do
Other securities do
Loans, 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 to banks
do
Other loans _
do
Money and interest rates:*|
Bank rates to customers!
New York City
percent
7 other northern and eastern cities
do
31 southern and western cities
do
Discount rate (N. Y. F . R. Bank) •
do___.
Federal land bank loanst
. «_
do
Federal intermediate credit bank loans
___do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers', 90 days.
do
Commercial paper, prime, 4-6 months
do.__
Time loans, 90 days (N. Y. S. E.)_
_do____
Average rate:
Call loans, renewal (N. Y. S. E.)
do
V, S. Treasury bills, 3-mo
do
Average yield, U. S. Treasury notes, 3-5 yrs.:
Taxable*
do
Savings deposits, New York State savings banks:
Amount due depositors.-.
mil. of dol.
U. 8. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks..
do
156
3
373
29
208
5
97
33
80,796
38,819
41,977
1,772
1,226
1,022
205
154
148
3
391
28
226
4
100
33
66,708
30, 498
S6,210
1,776
1,209
1,015
194
144
138
3
423
29
262
4
105
33
79,119
35,670
43,449
1,770
1,198
1,012
186
125
120
3
448
31
274
4
106
32
79,330
37,208
42,122
1,777
1,188
1,009
179
124
119
3
466
32
291
4
106
32
77,518
35,085
42,433
1,779
1,182
1,008
174
118
115
3
479
34
304
4
105
32
78,191
34,972
43, 219
1,770
1,169
1,001
168
124
118
3
477
33
305
4
104
32
82,374
37,357
45,017
1,751
1,151
989
162
130
125
2
470
32
302
3
102
31
73,900
30, 216
43,684
1,741
1,136
979
157
151
146
2
454
30
291
3
98
31
74, 552
31,397
43,155
1,717
1,117
966
151
180
175
2
421
30
264
3
93
31
81, 583
33, 913
47,670
« 1,690
•
1,099
954
145
189
183
2
401
45,063
25,091
249
24, 262
17,863
45,063
18, 200
15,915
1,471
24,649
41.7
44, 268
23,976
294
23,264
17, 983
44t 268
17,822
16,682
1,089
24,153
42.8
44,093
23,648
347
22,904
18,049
43, 487
17, 559
15, 637
1,014
24,131
43.3
43,889
23,630
626
22,601
IS, 075
43,277
17,659
14,853
627
23,993
43.4
43,652
23,357
279
22,732
18,097
43,030
17,451
15,606
959
23,925
43.7
43,807
23, 518
254
22,932
18,092
43,807
17,365
15, 653
807
24,064
43.7
44,828
24,456
157
23, 783
18,103
44,828
18,206
16,123
1,112
24,191
42.7
44, 625
24,164
245
23,633
18,105
44, 625
17,906
15,991
856
24, 244
43.0
45, 045
24, 748
331
23,946
18,098
45,045
18, 294
16, 245
1,085
24, 412
42.4
44,813
24,594
213
24,049
18, 095
44,813
18,060
15,910
725
24, 448
42.6
44, 889
24,109
253
23,518
18,229
44,889
17, 579
15, 931
567
24, 583
43.2
45.647
24,791
» | 31f>
23 944
18,310
45 647
18 083
16 513
r 1 063
24, 799
42 7
37,066
38,026
37,610
37,116
38,242
38,941
39, 522
39,362
39,303
39,237
39,653
40,135
39,851
2,308
4, 640
10, 364
10,159
145
9, 235
42, 461
40,638
2,270
3,524
10, 380
10,158
\ J162
9,148
41,243
1, 543
1,085
844
140
188
182
2
389
34
234
3
88
30
93,547
41,252
52, 295
1,782
1,256
1,028
228
162
158
3
363
28
199
6
97
34
92,809
45,035
47,774
45, 006
24,063
163
23, 350
18,381
45, 006
17, 353
16 139
555
24, 645
43 5
39, S81
1,770
1,236
1,022
214
161
sa
245
3
91
30
77,193
31,088
40,105
40, 922
2,269
1,795
10,321
10,256
165
9,442
39, 459
37,674
1,949
16, 660
9,447
9,304
99
11,092
52,058
37,933
2,123
16,227
9,566
9,416
106
10,162
53, 021
37,741
2,160
16, 481
9,695
9,526
123
10,056
62,970
36,990
2,243
14,536
9,756
9,582
127
9,381
50,285
38,041
2,456
12,363
9,881
9,704
129
9,533
49,380
38,669
2,433
11,377
10, 030
9,851
128
9,153
48,983
39, 295
2,436
8,660
10,119
9,943
120
9,02546,831
39,508
2,274
7,299
10, 214
10,020
139
9,374
45,750
39, 273
2,245
6,556
10, 280
10, 075
145
9,242
44,905
39,418
2,370
4, 680
10, 344
10, 133
153
9,288
42, 631
36,029
886
5, 202
26, 602
3,039
3,430
16, 694
10,269
1,375
48,664
1,761
12,130
26,737
8,036
3,384
15,890
7,249
2,791
49,648
1,742
12,778
27,184
7,944
3,365
15,190
7,300
2,337
49, 511
1,517
12,860
27,234
7,900
3,452
U, 1?8
7,382
2,345
46,812
785
11,944
27,034
7,049
3,467
15, 690
7,464
2,823
45,986
1, Of 2
10,608
27,402
6,924
3,387
15,053
7,473
2,204
45, 586
1,014
10, 359
27,471
6,742
3,390
14,904
7,482
2,167
43,431
758
9,380
26, 744
6,549
3,394
14,917
7,529
2,119
42,269
773
9,605
26,936
4,955
3,481
14,912
8,018
1,604
41,463
758
8,762
27,089
4,854
3,442
15,078
8,496
1,371
39, 088
679
6,547
27, 228
4, 634
3,543
15,477
9,164
1,253
39, 044
660
6,729
27,183
4,472
3,417
16,093
9, 759
1, 208
37, 859
741
5, 641
27,045
4,432
3,384
16,548
10,149
1,325
1,118
1,563
67
2, 302
2,958
1,095
83
1,714
2,687
1,107
56
1,703
2,620
1,129
65
1,747
2,382
1,152
68
1,801
2,224
1,195
91
1,866
2,113
1,228
74
1,840
2,013
1,277
90
1,889
1,837
1,332
189
1,932
1,696
1,367
172
1,976
1,455
1,424
127
2,054
1,343
1,473
188
2,122
1,233
1,513
|146
2,182
1 85
2 43
1.00
4.00
1.50
1 71
2 23
2 38
LOO
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.75
2 34
2 93
1.00
4.00
1.60
1.00
4.00
1.50
1.00
4.00
1.50
1.84
2.51
2 97
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.83
2.43
2.75
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
.81
1.00
1.50
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.47
.75
1.25
.50
.75
1.25
.59
.77
1. 25
.71
.81
1.50
.81
.81
1.50
.81
.88
1.50
.81
.94
1.50
1.38
. 375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.38
.375
1.38
.375
1.38
.375
1.38
.376
1 22
* 1,15
* 1.10
* 1.03
i.99
» 1.12
U.18
i 1.15
i 1.13
i 1.14
U.22
i 1.24
rj. 22
8,502
8,560
8,875
8,919
8,958
9, 013
3,043
5
3,066
5
3,188
6
3,207
6
3,235
6
3,260
. 6
!
9,159
3 277
6
8,383
2,933
6
8,357
2,981
5
8,419
3,013
5
8,634
3,091
5
8,762
3,120
5
8,825
3,160
5
CONSUMER SHORT-TERM CREDIT
7,315
'i9,195
7,507
8,384
' 8,713
7,762
v 9, 773
6,978
7,843
8,155
6,734
6,506
6,564
Total consumer short-term debt, end of month*__do
2,652
3,301
\3,660
' 3, 466
2,789
p 4, 004
2,908
3,031
3,182
Instalment debt, total* __ __
. do
2,408
2,365
2,364
2,507
1,181
' 1,362
P 1 568
957
1,004
r 1, 263
1 035
1 072
905
1 126
Sale debt total*
do
877
903
879
505
425
289
318
466
264
v 545
3-36
365
394
245
Automobile dealers*
do
235
227
285
200
'257
236
206
210
184
213
222
198
188
Department stores and mail-order houses*_.do
»339
189
'337
322
295
299
311
Furniture stores*
do
274
279
308
283
272
288
299
^368
15
28
25
16
27
14
21
P30
14
14
17
23
Household appliance stores*
. do
14
72
60
61
66
63
Jewelry stores*
do
P 125
59
66
65
63
61
64
74
r
135
125
All other*.
_
do
105
108
119
110
111
115
107
101
100
101
*161
' Revised. » Preliminary. § Includes open-market paper. 1 For bond yields see p. S-19.
i For Sept. 15-Dec. 15,1945, includes Treasury notes ol Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950: Beginning Dec. 15, includes only the bonds of Dec. 15,195a
cf Excludes loans to other Farm Credit Administration agencies.
X Rate on all loans; see note on item in April 1946 Survey.
<> Effective June 12,1945, only gold certificates are eligible as reserves; for total reserves through May 1945, see April 1946 Survey and earlier issues.
8
• A rate of 0.50 was in effect from Oct. 30, 1942-April 24, 1946, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.
•New series. Data beginning December 1940 for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and later issues of the Survey. For information
regarding the series on consumer credit see note marked "*" on p. S-16.
t Bank debits have been revised beginning May 1942 to include additional banks; see note in the April 1946 Survey for source of 1942 data.
©Effective Nov. 1,1946, jurisdiction over the emergency crop and drought relief loans included above was transferred to the Farmers Home Administration.
SURVEY OF CURRENT BUSINESS
S-16
1945
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the Decem- Decem1942 Supplement to the Surrey
ber
ber
February 1947
1946
January
February
March
April
May
June
July
August September
Octo- Novem
ber
ber
FINANCE—Continued
CONSUMER SHORT-TERM CREDIT—Cont.
Consumer short-term debt, end of month—Continued.
Instalment debt—Continued.
Cash loan debt, total*
mil. of doL.
Commercial banks*
do
Credit unions
_
do....
Industrial banks*
do
Industrial loan companies*
do
Small loan companies
_.
do
Insured repair and modernization loans*._.do
Miscellaneous lenders*
do
Charge account sale debt*
do
Single payment loans*
do....
Service credit*
do
Consumer instalment loans made by principal lending
institutions:
Commercial banks*
mil. of dol..
Credit unions..
do....
Industrial banks*
—do
Industrial loan companies*
do
Small loan companies..
do
v 184
v 118
»99
v 110
p 3,027
p 1,879
»863
»192
v 167
1,462
471
128
76
70
445
179
93
1,981
1,616
772
1,487
494
127
76
70
446
181
93
1,701
1,659
782
1,529
522
128
78
71
452
184
94
1,692
1,671
793
1,602
564
132
82
73
462
194
95
1,972
1.695
804
1,695
608
137
85
76
482
210
97
2,138
1, 710
815
1,785
656
142
88
78
492
231
98
2,188
1,708
822
1,873
700
149
92
79
506
248
99
2,327
1,697
830
1,959
745
154
96
81
520
263
100
2,281
1,695
836
2,056
792
158
100
84
535
285
102
2,418
1,714
841
2,120
825
164
103
86
544
295
103
2,495
1,740
848
'2,203
864
170
108
90
'555
312
104
2,621
1,773
853
'2,298
'907
175
112
'95
574
329
106
2,859
'1,818
'858
101
23
18
16
135
104
19
14
14
76
105
19
14
14
80
132
24
18
16
103
138
25
18
16
105
148
28
19
16
97
148
28
19
17
99
156
29
20
17
106
164
30
20
18
110
156
31
20
18
98
'176
34
21
19
107
'172
33
22
20
122
LIFE INSURANCE
Life Insurance Association of America:
Assets, admitted, totaltA
mil. of dol.
Mortgage loans, total
do...
Farm.
do
Other
_
do....
Real-estate holdings
do
Policy loans and premium notes
do
Bonds and stocks held (book value), total .-..do....
Govt. (domestic and foreign), total
do
U. 8. Government
do.__.
Public utility
do....
Railroad
do....
Other
do....
Cash
_
do....
Other admitted assets
do....
Premium collections, total®
thous. of dol.
Annuities
do...
Group
do
Industrial
_
.do....
Ordinary
_
.do
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
thons. of dol..
Death claim payments
-do
Matured endowments
-do
Disability payments
do
Annuity payments
do...
Dividends.._
do
Surrender values, premium notes, etc
do
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance): t
Value, total
_
thous. of dol
Group.
_
_
do
Industrial..
do
Ordinary, totaL
___do
New England
_
_
_
do
Middle Atlantic.
do....
East North Central.
_
do
West North Central
do....
South Atlantic
do....
East South Central
_
_._do
West 8outh Central.
do...
Mountain
_
do...
Pacific
do
36,257 36,502
36,660 36,882 37,080 37,274 37,552 37,765 37,911
38, 281 38, 459
38,079
5,163
5,152
5,189
5,255
5,163
5,148
5,213
5,138
5,226
5,317
5,365
5,289
575
581
592
577
574
569
587
673
590
593
592
592
4,588
4,608
4,586
4,579
4,626
4,663
4,578
4,565
4,724
4,773
4,636
4,697
622
608
632
602
597
678
667
656
591
601
590
594
1,494
1,488
1,500
1,484
1,475
1,523
1,514
1,474
1,507
1,479
1,472
1,475
29,335 29, 504 29, 642 29,678
28,927 29,069
27, 656 28,043
28,260 28,367 28,545 28,823
19,701
19, 357 19,413 19, 551 19,645
19,157
18,705
19,688
19,249
19, 558
19, 754 19,673
18,382 18,425
17, 837 17,937 18,035 18,090 18, 239 18.323
17,368
18, 343 18, 231
4,312
4,332
4,322
4,298
4,400
4,249
4,255
4,390
4,493
4,502
4,290
4,454
2,549
2,583
2,556
2,563
2,531
2,584
2,558
2,536
2,527
2,517
2,595
2,522
2,271
2,357
2,404
2,149
2,703
2,044
2,047
2,455
2,949
2,126
3,101
2,774
571
465
566
383
651
526
527
715
275
550
581
540
685
701
683
852
675
811
599
675
824
707
773
677
440,694 352,397 350,147 390,879 328,586 368,987 368,226 361,400 343,080 352,230 350, 547 348, 274
87,495 49,026 42,063 43, 661 40,283 47,047 38.324 61, 363 37,944 38,807 50, 716 39, 224
25,250 26,978
25, 233 23,085
24,090 21,663 21,975 20,413 25,199
25, 306 22, 572
22,943
88,207
68,278
71,010 59,268 66,580 72,043 63,947 63,834 71,062 64, 910 61,902
65,579
239,742 208,115 219,562 252,118 207,372 233,385 237,446 210, 891 216,069 219, 276 209, 615 224, 576
239, 748 261, 549 221,902 254,135
101,343 120,377 104,642 116, 356
30,731
40,344
32,587 ' 35,793
7,269
8,294
7,987
7,179
14, 523 21,074
16,227
15,597
58,906 46,104 38,179
49. 559
26,976 25,356 23,718 28,213
,962,873
475, 709
290,439
,196,725
76, 533
274, 362
263,294
121, 356
132, 946
46, 441
95, 921
44,353
141,519
,449,014
244, 760
263,151
941,103
63,267
235,875
202,162
94,645
95, 808
37. 231
78,747
31, 561
101,807
,350,915
49, 780
275,647
,025,488
78, 235
288,146
230,310
96,091
101, 263
36,008
70,749
29,107
95, 579
[,516,833
88,416
307,074
,121,343
83, 573
311,753
247,889
100,841
113,212
41,642
86,870
32,159
103,404
,816,315
113,803
355, 691
1,346,821
99,114
364,915
296,874
123,992
142,648
52,013
99,120
38, 662
129,483
236, 574 235,837
110,072 108,866
34,479 35,374
7,459
7,584
16,278 16,904
38,690 39,253
29,596
27,856
221,997
98,789
29,860
7,438
17,309
44,063
24,538
,971,219
138,376
359, 324
,473,519
109,744
395,030
321,302
135,066
159,507
57,384
109.597
43,983
141,907
,863,485
183,743
338,999
L,340,743
95,427
336,659
290,952
130,779
145,156
55,645
107,384
40,797
137,944
,956,796
145,517
359,369
1,451,910
103,655
363,0^5
314,327
136, 475
158,822
59, 598
121,878
43,772
150,308
225,877 216,264 210, 898 235, 775 213, 743
106, 743 101,276 93,979 111,755 99,258
28,974 28, 773 35, 899 31, 022
32,923
8,120
7,496
7,996
6,999
7,334
16,950
16,881
17,721
16, 466
16,964
36, 694 35, 604 38, 415 36,232
35,226
25,140 25,340 25, 433 26, 172 24,772
1,952,159
284, 896
323,861
1,343,402
92,405
327,627
292,432
127,881
154, 781
54,326
112,081
42,803
139, 036
;,796,758 1,710,536 1,796,548 1,648 423
200,518 238,591 198,701 162,146
323f 504 346,116 347, 220 343,113
:,272,736 1,125,829 1,250,627 1,143164
83, 318 73, 205 87, 873 76,411
301,929 259,183 311,142 283, 614
282,453 249, 867 273, 028 253, 324
125,687 112, 704 118, 363 108,934
142,193 128, 777 141,415 126, 228
53, 232 47,732
49, 697 44,003
108,188 94,957
95, 720 88, 917
43,087 38,138
41,644 37, 774
132, 650 121,266 131,745 123,959
MONETARY STATISTICS
Argentina
..
dol. per paper peso
-298 .298 .298 .298 .298 .298 .298 .298 .298 .298 .298 .298
Brazil, free cf
" "
" dol. per cruzeiro
-054 .052 .052 .052 .052 .052 .052 .052 .052 .054 .054 .054 .054
British India
"
dol per r u p e e "
-302 .301 .301 .301 .301 .301 .302 .302 .302 .302 .302 .302 .302
Canada, free r a t e T
"""doL per Canadian d o l "
-954 .907 .907 .907 .907 .908 .907 .906 .967 .968 .963 .960 .952
Colombia
dol. per p e s o "
-571 .570 .570 .570 .570 .570 .570 .570 .570 .570 .570 .570 r. 571
Mexico
"
"
"
do "
-206 .206 .206 .206 .206 .206 .206 .206 .206 .206 .206 .206 .206
United K l l D g d V m V ^ " r a t e I I I I " I I I . V - V " - d o l V p e r £ l I
4.029
4.034
4.034
4.034
4.034
4,034
4.033
4.034
4.034
4.034
4.033
4.032 4.031
Gold:
Monetary stock, U . S
mil of d o l . . 20,529
20,065
20,156
20,232
20,256
20,251
20,242
20,270
20,267
20,280
20,305
20,402
20,470
N e t release from e a r m a r k • "
" "thous. of d o l . . 82,830 -4,257 -12,529 -5,770
19,729
15,090
27,461
15,010
7,996
60,123
12,306 115,690 127,485
Gold exports*
do
115,915
20,146
116
467
361 28,423
28,707
748 2,529
10,816
31,846
806 733
Gold imports j
I"irr"iriIII""I"IIIIII-do...I 54,722
39,399 154,186 82,906 31,757
7,889
1,679 37,077
8,877 26,027
24,217
24,988 78,636
' Revised.
P Preliminary.
X 36 companies having 82 percent of the total assets of all United States legal reserve companies.
d" See September 1946 Survey and earlier issues lor official rate; the official market was abolished July 22,1946. Free rate prior to August 1945 available on request.
• In January 1944 one company was replaced by a larger one and the 1943 data revised accordingly; revisions for January-September 1943 are available on request.
<> 39 companies having 81 percent of the total, life insurance outstanding in all United States legal reserve companies.
8
• Or increase in earmarked gold (—).
§ The official rate for Canada was $0,909 from March 1940, when first quoted, through July 4, 1946; the currency was revalued on July 5; the average rate for July 1946 was $0,983
and the rate thereafter, $1.000.
1 Publication of data was suspended during the war period; data for November 1941 to February 1945 will be published later.
• New series. Estimates of consumer short-term credit as originally compiled are published in the November 1942 Survey, pp. 16-20, and the general estimating procedure described
fn that issue; data for various components have subsequently been revised from time to time; revisions that have not been published are indicated in the note marked "*" on p. S-15
of the April 1946 Survey. Data for industrial banks and industrial loan companies were formerly shown combined as industrial banking companies. The series on payments to policyholders and beneficiaries represents estimated total payments in the United States, including payments by Canadian companies (see also note marked " • " on p. S-16 of the April
1946 Survey).
t Revised series. All series for insurance written are estimated industry totals and, with the exception of data for ordinary insurance, are revised series not comparable with data
published in the Survey prior to the March 1946 issue (see note in that issue for the basis of the estimates). The data for ordinary insurance continue the data from the Life Insurance
Sales Research Bureau published in the 1942 Supplement and subsequent monthly issues of the Survey; revised data for 1940-44 for industrial, group, and the total will be published later.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-17
1946
January
February
March
April
August Septem- 1 October 1 ber
May
June
July
54,749
39,101
8,203
3,416
57,193
40,050
8,384
3,993
60,795
38, 949
8,092
8,310
52,647
37,802
8,047
6,798
8,429
5,930
28,245
28, 254
28,448
28, 507
28,600
Novem
ber
FINANCE—Continued
MONETARY STATISTICS—Continued
Gold—Continued.
Production, reported monthly, totali
thous. of dol~
Africa
do
Canadai
_
do
United Statesi
do—
Money supply:
Currency in circulation..
mil. of dol_.
Deposits adjusted, all banks, and currency outside
banks, total*
mil. of dolDeposits, adjusted, total, including U. B. deposits*
mil. of doL.
Demand deposits, adjusted, excl. TJ. 8.* do
Time deposits, including postal savings*.._do
Bilver:
ExportsA
thous. of doL.
Imports A
-do
Price at New York #
__.dol. per fine oz..
Production:
Canada
thous. of fine oz._
United States
—-do—
50,981
36, 054
8,013
3,283
50,656
34,090
8,677
3,639
53,900
38,047
3,236
55,857
39,959
8,412
3,158
27,954
27,879
27,885
28,120
176,500
177,300
173,600
174,400
173,500
150,400
76,800
49,000
151, 200 147,500
76,400
75,000
49,800
50,100
148,200
77,500
50,700
147,200
78,600
51,200
54,896
38,110
8,391
3,635
55,758
39,086
8,346
28,515
27,917
400 175,401
500 148,911
v 83,000 75,861
v 53,800 48,452
28, 951
P166,
P139,
6, 579
7,861
.867
12,592
3,173
.708
20,937
2,490
.708
4,794
3,679
.708
1,602
.708
119
2,918
.708
1,153
2,031
1,205
2,163
1,042
1,495
1,166
613
1,056
344
4,900
r
28,861
171,237 »170,400 P170, 000 *>169,400 P169, 100 '168, 500
144,721 »143, 900 P143, 400 »142, 900 P142, 600 P 1 4 1 , 8 0 0
79,476 * 80,300 v 80, 600 9 80, 300 v 82, 200 P 82, 800
51,829 » 52, 300 v 52, 600 * 53, 900 P 53, 200 p 53,300
273
106
322
166
1,147
858
8,283
7,089
4,385
1,187
11, 595
5,557
.901
.901
.901
.708
.708
.901
.901
1,267
1,186
953
929
1,175
2,583
409
2,993
1,395
2,940
1,063
2,561
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Keserve): <?
Net profits, total (629 cos.)
mil. of dol
Iron and steel (47 cos.)
_
do..
Machinery (69 cos.)
do._
Automobiles (16 cos.)
do__
Other transportation equip. (68 cos.)
do
Nonferrous metals and prod. (77 cos.)
do.
Other durable goods (75 cos.)
do.
Foods, beverages and tobacco (49 cos.)
do.
Oil producing and refining (45 cos.)
do
Industrial chemicals (30 cos.)...
do...
Other nondurable goods (80 cos.)
do...
Miscellaneous services (74 cos.)
do...
Profits and dividends (152 cos.):*
Net profits
_
do...
Dividends:
Preferred
-do..—
Common
do...
Electric utilities, net income (Fed. Res.)*
.do...
Railways, class I, net income (I. C. C.)
do...
Telephones, net operating income (Federal Communications Commission)
mil. of dol.
485
49
47
58
136
27
26
58
37
51
40
58
323
22
4 19
246
22
182
145
'£0.0
604
67
49
21
»51
26
37
74
62
66
71
676
94
31
44
»38
43
42
84
78
67
76
79
116
250
303
20
146
196
13.7
21
153
151
20
149
142
123.7
72.7
70.7
60.4
20
12
65
56
63
62
82
PUBLIC FINANCE (FEDERAL)
U. S. war and defense program, cash expenditures, cumulative totals from June 1940:*
mil. of dol. 347,340 323,416 326,961 329,773 332,432 334,995 337,110 339,264 340,497 342, 061 343,051 344, 535 345,954
D. 8. Savings bonds:*
49,493
Amount outstanding
...do...
49,864
48,224
49, 336
48,617
48,756
48,718
49,053
49, 723
48,849 48,936
49, 560
49, 638
590
Sales, series E, F, and G
do...
594
576
1,254
753
960
622
626
571
453
668
494
519
Redemptions
_
do...
552
478
504
559
537
565
630
482
634
519
489
418
621
Debt, gross, end of month®. _
. . . d o . . . 259,148 278,115 278,887 279, 214 276,012 273,898 272,583 269,422 268, 270 _267, 546 265, 369 263, 532 262, 277
Interest bearing:
Public issues
. d o . . . 233,064 255,693 256,801 257, 016 253,613 251,487 249,960 245,779 243, 994 242,916 240,364 238,340 236, 671
23,443
23, 045
24, 585 20,000
Special issues§
do...
21,135
20,897
22,332
20,655
24, 254
23,854
24,015
21,224 21,481
1,231
1,187
Noninterest bearing
_
.do...
1,143
1,264
2,421
1,500
1,311
1,431
1,301
1,351
1,188
1,116
1J51
Obligations fully guaranteed by U. 8. Gov't:
553
542
324
370
331
Total amount outstanding (unmatured)
do...
645
539
542
467
391
362
533
378
Expenditures and receipts:
5,445
Treasury expenditures, total
do
2, 796
3,618
3,677
4,514
3,510
4,602
4,891
5,513
4,251
2,851
2,557
3,023
1,580
2,182
1,509
4,245
2,702
1,190
2,550
3,417
2,442
War and defense activities!
do
2,560
1,100
1,481
1,436
13
95
21
0
631
684
Transfers to trust accounts!
do
5
148
23
200
27
32
48
122
817
106
952
309
249
Interest on debt
...do
118
1,395
646
174
648
160
105
1,152
1,294
2,444
1, 065
384
All other!do.___
543
1,671
482
1,383
1,316
1,070
1,335
989
2,717
4,122
Treasury receipts, total
.do
2,998
4,482
3,848
3,875
2,600
4,113
6,762
2,734
4,481
2,617
2,639
2,434
4,118
Receipts, net
do
2,733
4,479
3,819
4,107
3,678
2,539
6,747
4,478
2,544
2,364
6
32
Customs
do
42
40
42
43
35
44
33
42
45
42
45
3,948
Internal revenue, total
.do
2,308
2,494
3,451
2,971
2,251
3,684
4,080
6,583
2,310
4,291
2,230
2,403
3,366
Income taxes
do
1,407
1,513
2,755
2,886
2,790
3,392
1,488
1,603
4,838
1,444
3,350
1,404
Social security taxes..
_
.do
285
302
51
310
65
76
67
100
89
74
290
Net expenditures of Government corporations
136
187
wholly owned*
mil. of dol..
—75
-161
—31
—18
-870
—757
—432
-96
-28
45
-59
Government corporations and credit agencies:t
34,042
27, 572
Assets, except interagency, total..
mil. of dol..
33,553
29, 569
5,487
5,425
Loans receivable, total (less reserves)
.do
6,297
5,949
3,075
2,873
To aid agriculture
do
2,935
2,860
759
To aid home owners
do
825
704
223
195
To aid railroads
do
196
171
232
196
To aid other industries
do
200
182
22
40
To aid banks
_
do
25
20
235
227
To aid other financial institutions
.do
185
237
526
Foreign loans
_
.do
655
1,632
707
All other
do
715
641
r
Revised. * Preliminary. * Deficit. § Special issues to Government agencies and trust funds. ® Data are on basis cf Daily Treasury Statement (unrevised).
1
Partly estimated.
* Includes prepayments on securities sold during loan drive beginning in the month but issued after the close of the month.
• Quotations are for foreign silver through July 1946 (figure ior that month covers July 11-31); thereafter quotations apply also to domestic and Treasury silver if such silver enters
into New York market transactions. The U. S. Government price for newly mined domestic silver was $0.7111 through June 1946 and $0,905 effe ctive July 1, 1946.
t The total excludes Mexico included in the total as published through March 1942; January-May 1942 and 1943 revisions for the United States and the total, and 1941 revisions
for Canada and the total are available on request; see notes in the April and July 1946 Surveys regarding revisions in the 1944 and 1945 data for the United States and the total.
A Publication of data suspended during the war period; data for November 1941 to February 1945 will be published later.
cf The totals for 629 companies, the misceUaneous group, and net profits of 152 companies have been revised beginning 1941, transportation equipment beginning 1942, and othef
seric for some quarters of 1943; revisions are shown on p. 31 of the October 1946 issue.
JFor 1941 revisions see p. S-17 of the November 1942 Survey; statutory debt retirements from receipts, which have been comparatively small in recent years, are excluded.
•New series. For data for 1929-40 for profits and dividends of 152 companies see p. 21, table 10, of the April 1942 Survey (see note marked "c?1" above regarding 1940-44 revisions).
See note on p. S-17 of September 1944 Survey regarding the series on net income of electric utilities and data beginning third quarter of 1943, and p. S-16 of the August 1944 Survey
for a brief description of the new series on bank deposits and currency outside bank and figures beginning June 1943; earlier data for these series will be published later. Data beginning July 1940 for the series on the war program are shown on p. 29 of the June 1943 Survey; beginning July 1945 data are from the Treasury Daily Statement; earlier figures were supplied by the War Production Board. See note in April 1946 Survey for a brief description of the series on war savings bonds and p. S-16 of the October 1942 Survey for sales beginning
May 1941; beginning March 1945, amount outstanding includes matured bonds not turned in for redemption. Data for expenditures of Government corporations have been shown on
a revised basis beginning in the September 1946 Survey: see note in that issue for an explanation of the revision.
tEevised series. See note marked " t " on p. S-18.
*2
S-18
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
February 1947
1946
January
February
March
April
May
June
July
August September
October
November
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Continued
Government corporations and credit agenciesf—Con.
Assets, etc.—Continued.
Commodities, supplies, and materials.__mil. of dol_.
IT S Government securities
dn
do
Other securities
Land structures and eouipment
do
All other assets
do
Liabilities, except Interagency, total
do .
Bonds, notes, and debentures:
. do
Guaranteed by the United States
Other
do
do
Other liabilities
do
Privately owned Interests
do
U S Government interests
Reconstruction Finance Corporation, loan s outstanding,
end of month, totalf
..mil. ofdol..
do....
Banks and trust cos., incl. receivers
do
Other financial institutions
do _
Railroads, including receivers.
Loans to business enterprises, except to aid in national
defense
- ._ .
mil. ofdol
National defense
do
Other loans and authorizations
do....
2,288
1,683
325
21,017
3,241
6,078
1,918
1,789
285
20,784
3,480
6,856
1,459
1,767
401
15, 557
2,961
5,752
1,429
1,836
390
16,973
2,992
5,004
555
1,113
4,410
472
27,492
536
1,133
5,187
479
26,218
325
1,234
4,193
482
21, 338
377
1,250
3,377
496
24, 069
1,287
201
50
147
1,861
268
104
198
1,827
234
100
192
1,807
229
99
171
1,776
223
89
172
1,680
221
87
171
1,689
219
85
171
1,474
214
83
171
1,453
212
81
148
1,433
208
51
147
1,327
206
50
147
1,273
203
49
147
1,279
203
49
147
168
327
395
145
707
440
145
694
461
146
703
459
175
689
427
140
642
420
143
656
416
171
419
416
168
429
415
158
459
410
160
358
406
158
318
397
165
320
396
SECURITIES ISSUED
Securities and Exchange Commission:f
1,585
1,542
1,305
1,786
14,447
1,180
1,859
1,360
1,088
Estimated gross proceeds, total..
"1,276
1,937
..mil. of dol__
1,320
By types of security:
r
1,406
do
1,579
1,122
1,257
14,333
1,168
1,633
1,178
Bonds, notes, and debentures, total
1,016
1.208
1,680
1 148
74
387
239
637
377
315
195
280
do...
447
••315
425
Corporate
457
111
74
34
43
146
129
25
99
55
24
Preferred stock
. __
do
154
125
68
63
61
156
126
71
33
do
148
Common stock
17
43
103
47
By types of issuers:
253
844
500
297
417
do
663
497
672
267
323
682
Corporate, total
629
421
134
299
189
188
104
399
134
289
•"214
424
do...
Industrial
540
44
182
430
216
33
342
41
79
113
126
140
Public utility
do
63
69
7
194
]Q
151
. 35
9
3
20
77
40
99
Rail
do
27
13
24
54
1
9
do
38
10
33
8
3
19
Other (real estate and financial) .
13,947
1,333
879
863
821
883
888
943
1,186
893
Non-corporate, total®
do.
1,255
691
1,261
13,650
755
803
805
793
778
742
703
1,053
967
U. S. Government.
do
619
82
71
124
150
132
65
80
83
77
50
do
71
State and municipal
71
New corporate security issues:
491
291
245
405
643
do
825
488
261
655
'377
666
Estimated net proceeds, total
617
Proposed uses of proceeds:
121
111
37
153
245
331
99
do
327
r 263
138
213
New money, total
511
93
91
169
126
63
17
101
55
198
160
148
Plant and equipment
329
do
20
206
29
49
62
44
77
129
37
do
M04
65
Working capital
183
350
124
240
331
304
147
289
658
117
' 109
433
Retirement of debt and stock _
do
86
296
56
222
514
77
257
285
218
36
do
38
320
Funded debt
74
12
14
5
2
2
46
50
28
18
'61
do
57
6
Other debt
42
62
32
21
16
116
40
30
60
12
56
Preferred stock
do
20
14
10
17
67
15
25
10
do
6
5
21
Other purposes
19
Proposed uses by major groups:!
184
181
289
111
392
100
126
405
do
130
••210
412
Industrial, total net proceeds
530
206
313
70
98
26
94
127
131
108
' 132
198
New money
470
do
74
74
154
166
107
59
15
123
'72
16
do
195
Retirement of debt and stock .
53
41
43
32
424
213
179
338
78
111
124
138
61
Public utility, total net proceeds
do
1
1
6
24
5
181
1
10
13
108
__ __ do
6
18
New money _.
34
43
31
188
77
156
418
135
98
17
132
33
Retirement of debt and stock
do
68
192
3
76
9
19
40
150
35
7
Railroad, total net proceeds
dn
98
18
19
2
3
1
7
9
8
21
7
16
18
New money
do
1
69
26
0
50
0
148
190
3
19
0
97
Retirement of debt and stock
do
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
thous. of dol 1,011,544 ••854,135 346,113 429,614 562,023 1,096,711 1,044,800 866, 896 931,287 569,921 431, 025 551, 683 761,054
capital and refunding) X
788,447 r 247,457 200,347 122, 291 200, 449 373, 340 309, 593 424,631 491,013 419, 510 231, 340 352,955 659,364
New capital, totalX do
788,447 r 244, 224 200, 347 122, 291 199,549 373, 340 30f, 752 424,631 491,013 418, 510 231,340 352, 955 659,364
do._
Domestic, totalt
668,968 r164, 541 131,170
47,089 127, 315 289,600 191,930 307,350 366,543 354, 302 170, 290 256, 539 589. 878
Corporate} .
.
...do
75
745
18,280
6,855
9,145
0
0
0
47, 265
0
15,970
22, 420
0
_ - dn
Federal agencies
61, 050
64, 208
79, 608
68,432
56,922
56,264
49,150
119,479
69, 486
61,321 102,967 108,136 124,470
Municipal, State, etc
do
0
7,841
1,000
3, 232
0
0
0
0
0
900
0
0
0
Foreign
_
An
223,097 ••606,678 145, 766 307,323 361, 574 723,371 735, 207 442,266 440,274 150,411 199, 685 198, 728 101,690
do
Refunding, totalt
189, 597 '604,608 145, 766 307,323 338, 374 698,371 727, 605 422,766 385, 774 125, 661 198, 925 198. 728 101,690
Domestic, totalj
_. . _
do
92, 057 144,180
65, 208
86,316
Corporatet
d o . . . . 105. 385 ••347,516 112,954 264,262 284, 215 362,663 663,502 366,065 345,174
38, 455 132.645
32, 920
40, 580
32,920
20,060
17,180
29,900
22,980 325, 685
33,940 254, 505
do
13,395
Federal agencies
2, 587
2,912
23,001
31,179
7,680
684
16, 290
50, 271
46,923
16,120
875
10,024
1,979
do.
Municipal, State, etc
._
2.070
0
0
23, 200
7,602
19,500
54,500
24,750
760
0
33, 500
25,000
0
Foreign
do
Domestic Issues for productive uses (Moody's):
188
239
151
146
236
306
649
78
117
188
293
199
528
Total
mll.ofdol..
127
175
90
22
84
210
153
533
55
246
459
Corporate
do
82
67
61
64
64
104
96
61
56
83
50
144
47
69
116
Municipal, State, etc
. do
Bond Buyer:
8tate and municipal issues:
89, 389 ' 53,290 '78,194
75,934
67,526
83, 674
76,164
88,974
Permanent (long term)
85,176 143,933 130,851 138,678
thous. of dol.. 171,903
3,482 131,893
59.710
23,909
56,461 141,185
62, 729 r 47, 388
57,582
Temporary (short term)
do.— 10, 685 50, 925 131,086
14,734
r
Revised.
® Includes for certain months small amounts for nonprofit agencies not shown separately.
§ Small amounts for "other corporate," not shown separately, are included in the total net proceeds, all corporate issues, above.
X See note in the April 1946 Survey regarding revisions in the data for 1944.
t Revised series. Data for Government corporations and credit agencies have been shown on a revised basis beginning in the May 1946 Survey; data for certain items were further
revised in the October issue to take account of recent changes in the classifications. The classifications are those currently used in the revised form of the Treasury Daily Statement.
All asset items, except the detail under loans receivable, are on a net basis (after reserves for losses); reserves against loans are not completely segregated as to the type of loans to which
they are applicable and the detail of loans by purpose is, therefore, shown before reserves; most of the reserves are held against agricultural loans. Revised data beginning with the
third quarter of 1944 will be published later; earlier data are not available on a comparable basis. Revisions in the October 1946 Survey resulted from inclusion of guaranteed loans held
by lending agencies in the figures for agricultural loans, foreign loans, total loans, total assets ana the appropriate liability items. Guaranteed foreign loans are included in the 1945
figures published in the May and June 1946 issues of the Survey; $569,000,000 and $262,000,000. respectively, should be added to the March and June 1945 figures in those issues for
agricultural loans, total loans, total assets, total liabilities and other liabilities to obtain figures comparable with later data shown above. The September figures include data as of
July 31,1946, for certain supply operations of the Commodity Credit Corporation. The classification of Reconstruction Finance Corporation loans was revised in the November 1943
Survey (see note in that issue); the figures include payments unallocated, pending advices, at end of month. There have been unpublished revisions in the 1941-44 data for security issues compiled by the Securities and Exchange Commission as indicated from time to time in notes in the Survey; and revisions in the 1945 data as shown in the September
1946 and earlier issues; all revisions will be shown later.
February 1947
SUEVEY OF CUEKENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
S-19
1946
1945
JanuFebruary 1 ary
March
April
May
June
July
August
September
Octo- November
ber
FINANCE—Continued
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members carrying
margin accounts)^
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed
Customers' free credit balances -
1,138
313
795
654
1,168
1,048
936
895
856
723
631
583
571
734
727
645
755
622
712
575
697
547
669
809
370
498
651
745
217
693
442
653
377
647
305
729
253
720
238
723
102. 64
103. 07
76 18
103.64
104.04
82.65
104,75
105.14
82.32
105.19
106.59
82.11
105.29
105.69
82.69
103.89
104. 25
82.88
104.03
104. 40
83.16
104. 21
104.61
81.64
103. 52
103.92
80.97
103.10
103. 49
80.15
102.15
102. 56
77.95
' 102. 46
102. 88
77.19
102.00
102.41
76.89
121.5
121.9
123.8
124.5
124.5
124.3
123.7
123.9
124.0
123.8
122. 8
121.8
121.6
115.9
123.0
111.9
112.9
67 7
133.4
103.9
119.0
123.1
116.2
117.5
82.1
140.1
102.7
119.7
123.9
116.3
118.9
84.9
141.6
104.6
120.0
124.4
116.1
119.6
85.4
143.4
106.0
120.1
124.5
115.9
119.9
82.7
143.4
106.5
119.9
124.4
115.8
119.6
83.6
144.1
106.6
119.5
123.9
116.0
118.6
81.8
142.1
104.8
119.5
123.9
116.0
118.7
83.2
142.0
105.3
119.1
123.4
115.3
118.5
80.1
140.9
104.9
119.1
124.0
115.4
117.7
78.8
140.0
104.1
117.4
123.3
114.7
114.3
65.4
137.8
103.3
115.8
122.2
112.9
112.3
62.7
136.0
103. 6
115.9
122. 5
112.6
112. 7
63.6
136.8
103.7
138,499
185,652
165,360
217,071
119,650
154,582
98,956
121,413
107,506
131,595
89,462
107,064
83,438
97,833
73,743
90,590
72, 691
94,121
104,881
167,352
85, 867
131,880
66, 551
97, 458
128,617
175,083
155,270
204,041
110,162
146,310
91,234
113,002
100, 481
123,634
84,330
100,995
73, 706
91,898
69,459
85,918
69,346
90, 244
99. 647
160, 265
81,194
125, 777
62,101
91,836
127, 553
265
127, 288
120 544
6,744
141,431
745
140,686
131, 329
9,357
186,923
1,060
185,863
175,742
10,121
129,337
605
128,732
122,533
6,199
105,018
720
104,298
95,912
8,386
122,337
10,318
112,019
104,968
7,051
93,952
4,299
89,653
84,310
5,343
84,033
256
83, 777
77,609
6,168
79,886
181
79, 705
72,473
7,232
78,010 . 149, 259
279
468
77, 731 148, 791
72, 441 142, 298
6,493
5, 290
112,738
392
112,346
106, 488
5,858
95,127
225
94, 902
89, 201
5, 701
137,165
134 995
2,170
140 793
139 139
1,653
138,085
135, 529
2,556
143, 111
140, 998
2,112
138,961
136 550
2,411
145 556
143, 571
1,984
139,299
136,890
2,409
146,524
144,546
1,978
138,831
136,423
2,407
146,181
144,190
1,990
138,519
136,143
2,375
143,904
141,936
1,969
138,364
135,968
2,396
143,944
141,951
1,992
136,648
134,281
2,367
142,406
140,474
1,932
136,596
134, 257
2,339
141,407
139,513
1,894
136, 714
134,441
2,273
140, 958
139,137
1,822
136, 838
134,569
2,269
139, 784
138.015
1,769
136, 880
134, 644
2, 236
140, 245
138, 520
1,726
136,787
134,584
2,203
139,521
137,827
1,694
1.85
1.97
2.83
1.42
1.64
2.80
1.31
1 57
2.73
1.29
1.49
2.68
1.29
1.49
2.66
1.37
1.45
2.67
1.36
1.54
2.71
1.41
1.55
2.71
1.51
1.60
2.71
1.58
1.65
2.73
1.73
1.75
2.79
1.66
1.84
2.82
1.78
1.80
2.82
2
2
2
3
61
69
83
17
2.61
2.68
2.79
3.10
2
2
2
3
54
62
73
01
2.48
2.56
2.70
2.95
2.47
2.54
2.69
2.94
2.46
2.56
2.69
2.96
2.51
2.58
2.73
3.02
2.49
2.59
2.73
3.03
2.48
2.59
2.72
3.03
2.51
2.62
2.74
3.03
2.58
2.68
2.80
3. 10
2.60
2.70
2.84
3.15
2.59
2.69
2.84
3.17
2 66
2.77
3 04
2 24
2.64
2.79
2.96
2.33
2 57
2.71
2 89
2 21
2.54
2.65
2.83
2.12
2.54
2.64
2.80
2.09
2.57
2.65
2.78
2.08
2.60
2.69
2.84
2.19
2.59
2.70
2.85
2.16
2.58
2.69
2.86
2.18
2.58
2.70
2.89
2.23
2.64
2.75
2.98
2.28
2.65
2.76
3.05
2.26
2. 66
2.77
3.05
2.25
. 880.22 1,886.00 1,900.31 1,908.54 1,919.71 1,911.77
941.47
941.47
941.47
941.47
941.47
941. 47
2.03
2.02
2.00
2.03
2.04
2.00
3.21
3.11
3.21
3.17
3 21
3 21
1.97
1.94
1.95
1.94
1.96
1 97
2.58
2.58
2.58
2.58
2.58
2.58
1.81
1.81
1.80
1.81
1.80
1 81
2.65
2 64
2.77
2 64
2 81
2 81
1,943.39
941.47
2.06
3.21
2.01
2.58
1.81
2.71
mil. of doL.
dn
537
do
*
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)_dollarsDomestic
do
Ho
Foreign
Standard and Poor's Corporation:
Industrial, utilities, and rails:
High grade (15 bonds).
_ dol. per $100 bond
Medium and lower grade:
do _
Composite (50 bonds)
Industrials (10 bonds)
do
Public utilities (20 bonds)
do
Railroads (20 bonds)
.
do
dn
Defaulted (15 bonds)
Domestic municipals (16 bonds)f
do
U. 8. Treasury bonds (taxable)t-—
do~_.
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
»
thous. of dol..
Face value
.
do
On New York Stock Exchange:
Market value
. ..do
do
Face value
Exclusive of stopped sales (N. Y. 8. E.), face
value, total
thous. of dol__
U. S. Government
. .
do
Other than U. S. Government, total...do
Domestic
_
. d a
Foreign
do
Value, Issues listed on N . Y. 8. E.:
Face value, all issues.
mil of dol..
Domestic
do
Foreign
„
..doMarket value, all issues
do
Domestic
. . .
-do. .
dn
Foreign
Yields:
Domestic municipals:
Bond Buyer (20 cities)
percent..
Standard and Poor's Corp. (15 bonds)
do
Domestic corporate (Moody's)
..do....
By ratings:
Aaa
do
Aa
. doA
do
Baa...
. do
By groups:
Industrials
. _
. . . . do
Public utilities
do
Railroads
do
. do
U. S. Treasury bonds, taxable t
Stocks
Cash dividend payments and rates, 600 companies,
Moody's:
Total annual payments at current rates.mil. of doL. 2,110.73
Number of shares, adjusted _
millions
954 65
Dividend rate per share (weighted average). (lollars
2.21
Banks (21 cos.).__
do
3 20
Industrials (492 cos.)
do
2 19
Insurance (21 cos.)
do
2.59
Public utilities (30 cos.)
do
1 90
Riilroads (36 cos.)
do
2 77
Publicly reported cash dividend payments:*
Total dividend payments
mil. of dol..
Manufacturing.,
_ ..do
Mining
do
Trade--.
_
do
Finance
__
. do
Railroads
do
Heat, light, and power..
_ ..do
Communications-.. _.
. do
dn
Miscellaneous
Prices:
Average price of all listed shares (N. Y. 8. E.)
Dec. 31,1924=100
Dow-Jones & Co. (65 stocks)
dol. per share
63 97
Industrials (30 stocks),_
_
do
174. 38
Public utilities (15 stocks)
do
51.18
Railroads (20 stocks)
dn
36 77
New York Times (50 stocks)..
do
118 34
Industrials (25 stocks).
. d o . . . . 197. 29
Railroads (25 stocks)
.do....
39.59
1,957.89 1,952.00 1, 954. 89 2, 002. 26 2, 065.80
941.47
941.47
954.65
954. 65
941.47
2.10
2.07
2.08
2.16
2.08
3.21
3.21
3.20
3.20
3.21
2 02
2 12
2 03
2 05
2 03
2. 59
2.58
2.58
2.59
2.58
1.82
1.82
1.90
1.81
1.88
2.71
2 65
2 59
2.76
2 71
768.2
418.6
65.3
46.7
81.0
63.3
51.7
16.9
24.7
358.4
129.6
27
24.0
87 5
19 7
38.5
48 3
8 1
149.5
65.7
.6
9.2
29.6
7.2
35.6
.1
1.5
396.3
237.6
22.5
29.9
24.2
22.5
33.3
13.0
13 3
338.8
128.6
3.7
19.8
50.4
29 3
47.6
61.7
7.7
133.6
69.0
2.0
6.7
17.1
7.6
29.3
.3
2.6
497.6
278.1
50.2
33.4
36.3
33.8
36.5
13.4
15.9
393.1
147.0
4.5
29.7
88.6
17.2
46.6
49.8
9.7
162.5
74.9
1.0
5.4
31.1
4.8
41.7
2
3.4
451.8
273.8
24.9
39.2
30.9
17.9
34.9
13.1
17.1
344.7
146.0
4.1
25.3
52.1
12.5
45.3
47.6
11,8
158. 2
83. 0
4.6
8.6
24.5
2.0
32.4
.3
2.2
93.5
72.36
192. 74
38.26
63 67
135.05
220.67
49.43
98.2
74.78
199.00
39.94
65.58
138.72
226.00
51.45
92.6
74.74
199.46
40.01
65.12
136.88
223. 25
50.57
96.9
73.01
194.37
40.38
62 89
136.03
222. 79
49.27
100.2
76.63
205. 81
42.93
64.30
141.86
233.85
49.88
103.2
76.98
206.63
43.03
64.77
143. 47
236.11
50.84
99.1
77.59
207.32
42.51
66.64
144.63
237.16
52.11
95.8
75.02
202.27
40.96
63.22
140.10
231.21
4899
89.6
73.81
199. 44
40. 93
61.45
136. 45
225. 97
46. 93
80.2
62.66
172. 72
35.05
49.59
118. 36
198.49
38.24
79.3
61.10
169. 48
34. 58
47.28
114.00
191. 65
36. 58
78. 5
61.77
168. 94
35. 23
49.24
114.14
190. 32
37.97
' Revised.
1 Since February 1945 data are from the New York Stock Exchange; except for June and December, data are estimates based on reports for a sample group o/ firms.
• New series. Data for 1941 for dividend payments are on p. 20 of the February 1944 Survey; for minor revisions in the 1942 figures shown on that page and revised figures
for 1943-44 are shown on p. 31 of this issue. Final revisions for 1942 and 1943 will be published later. For revisions for all months of 1945, see p. S.-19 of the May 1946 Survey.
t Revised series. The price series for domestic municipal bonds was revisea in the April 1943 Survey; see p. 8-19 of that issue for data beginning February 1942 and an explanation
of the revision; earlier data will be published later. Data through December 1943 for the revised series on prices and yields of U. 8. Treasury bonds are shown on p. 20 of the September
1944 Survey; these series include all issues not due or callable for 15 years. Yields through December 1945 for partially tax-exempt Treasury bonds are shown in the April 1946 and
earlier issues of the Survey; there were no partially tax-exempt bonds due or callable in 15 years or over after December 15.
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in t h e
1942 Supplement to th« Survey
Decem- December
ber
1946
February 1947
1946
1945
January
1
^Iry * 1
1
March
April
May
June
July
August September
Octo- November
ber
FINANCE—Continued
SECURITY MARKETS—Continued
S tocks—Continued
Prices—Continued.
Standard and Poor's Corporation:
139.7
144.8
143.3
151.6
154.3
141.8
149.6
153.2
146.4
125.4
Combined index (402 stocks)
1935-39-=100.. 125. 5
122. 3
120.6
142.2
147.5
145.8
155.9
158.8
144.5
153.4
128.9
156.9
150.4
128.8
Industrials (354 stocks).
do
125.9
123.8
127.9
133.1
133.6
139.4
141.7
130.8
138.9
117.9
142.7
135.2
114.6
Capital goods (116 stocks)
do
112.4
111.5
154.0
161.9
159.5
170.1
172.0
159.2
162.7
133. 5
166.7
159.3
136.9
Consumer's goods (191 stocks)
-do
132.3
130.0
120.2
124.0
123.7
127.5
129.3
122.8
127.7
109.8
130.4
125.3
109.7
Public utilities (28 stocks)
do—
107.2
105.5
157.1
164.3
159.8
156.8
157.2
153.6
153.6
118.8
161.8
147.1
119.0
110.2
Railroads (20 stocks)
-do
113.3
Other issues:
126.1
121.3
118.9
124.3
116.6
120.2
115.9
116.5
107.5
Banks, N. Y. C. (19 stocks)..
d o — 108.7
118.7
105.0
108.5
139.2
133.9
143.8
141.6
144.2
141.8
134.7
Fire and marine insurance (18 stocks)
do
136.9
117.6
133.9
119.4
113.8
115.8
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
1,745,468 2,373,016 1,930,314 1,479,956 1,869,130 1,774,725 1,409,683 1,223,124 1,163,594 1,902,701 1,296,542 1,118.029
Market Value.
.thous. of dol._
87,068 112,908 90,883 60,203 72,096
70, 514 56,794
47, 768 45,917 81, 803 54, 470 51,669
Shares sold
thousands..
On New York Stock Exchange:
1,410,635 1,947,730 1,574,139 1,217,019 1,504,771 3,427,037 1,149,180 1,014,338 982,460 1,616,615 1,103,090 950,904
Market value..
.thous. of dol._
48,656
52,604
71,761
36,606 47,002
46, 326 35,865
32,188
Shares sold
thousands..
32,196 60,435 38, 917 36,935
Exclusive of odd lot and stopped sales (N. Y.
Times)
thousands.. 29,834 34,151 51,510 34,093 25,664 31,427 30,410 21,717 20, 595 20,807 43, 450 30,384 23. 819
Shares listed, N. Y. S. E.:
Market value, all listed shares..
mil. of dol._ 68, 595 73,765 78,468 74,165 77,932 80,943 84,043 80,929 79,132 74,350 66, 864 66,115 65, 741
1,592
1,614
1,620
1,628
1,645
1,666
1,719
1,686
1,738
Number of shares listed
millions.. 1,771
1,750
1,756
1,764
Ylelds:
3.7
3.5
3.6
3.4
3.7
4.5
3.5
3.5
3.9
4.4
4.4
Common stocks (200), Moody's
.percent..
4.6
3.3
3.4
3.7
3.6
3.7
3.7
3.9
3.6
3.7
3.8
4.0
3.9
Banks (15 stocks)
do
4.0
3.6
3.4
3.6
3.4
3.2
3.5
4.4
3.3
3.4
3.8
4.1
4.3
Industrials (125 stocks)
—do
4.4
3.1
2.9
3.0
3.0
3.0
3.2
3.0
3.5
3.1
3.2
3.6
3.5
Insurance (10 stocks)
-do
3.6
4.1
3.8
4.0
4.0
3.7
3.9
3.9
4.6
3.9
4.2
4.6
4.7
Public utilities (25 stocks)
do....
4.8
4.8
4.5
5.1
5.1
4.5
5.2
5.1
6.6
4.8
5.6
6.5
6.3
Railroads (25 stocks).
do
6.9
Preferred stocks, high-grade (15 stocks), Standard and
3.54
3.49
3.47
3.59
3.42
3. 76
3.45
3.46
3.43
3.44
3.57
Poor's Corporation..
_
percent..
3.65
3.70
FOREIGN TRADE
INDEXES
Exports of TJ. 8. merchandise:
Quantity
_
_
1923-25*100..
Value
do....
Unit value
do
Imports for consumption:
Quantity
_
do
Value
do
Unit value
do
Agricultural products, quantity:!
Exports, domestic, total:
Unadjusted.
1924-29=100..
Adjusted
do
Total, excluding cotton:
Unadjusted
_
do
Adjusted
_.
do
Imports for consumption:
Unadjusted
do
Adjusted
do
SHIPPING WEIGHT*
Exports, Including reexports
General imports
mil. of lb.
do._.
213
209
176
175
210
211
101
194
199
103
213
219
103
220
230
105
202
217
107
218
231
106
154
168
109
127
142
112
226
259
115
139
125
91
108
96
90
128
117
92
135
123
92
131
122
123
116
95
138
131
95
130
130
100
119
118
100
120
124
104
141
147
105
104
92
127
123
108
124
118
128
105
128
113
148
118
161
107
153
95
128
59
102
76
173
158
290
206
204
174
203
185
200
160
186
156
183
173
210
156
187
127
131
101
87
136
113
106
90
106
95
94
112
99
112
89
101
108
117
19,026
10,112
15,408
9,891
13,314
10,925
23, 534
12,490
24,646
11, 620
21,078
11,461
197
191
97
156
103
93
17,413
10,767
15, 359
9,093
17, 511
10,165
16,808
9,102
r
19, 275
9,679
17,301
' 10,566
18.899
10, 909
VALUE §
642, 711 536, 746 987, 468
Exports, total, including reexports.
thous. of dol_. 1,093,529 736,139 798,653 669,861 815,355 756,820 850, 554 877, 683 825, 570
96,325 116,215
80,442
57,194
37, 092
66,614
7,201 187,438 130, 391
33, 809
Lend-lease*
_
_
_
do
12, 477
8. 557
7,587
By geographic regions:
34,189
42,349
46,932
38,653
50,627
42,166
31, 832
48,276
43,805
27,553
16,081
Africa
_
do
53, 070
81,050 110, 505 104,394 130,875 157,933 130,312 137, 658
r 74, 563 111,346
99, 470
67, 263 121.680
Asia and Oceania
_
do
389,904 404, 388 320, 438 391, 882 339,184 383,383 370,669 379, 757 353,992 233,960 168,582 389,885
Europe
do
83,535 101,556 106, 641 108,629 117,804 123,836 137.080 135, 651 158,202 157. 786
95, 840
87, 794
Northern North America...
_do
72, 612
72,017
72,610
84,999
77,094
82,936
88,859
77,594
79, 293
73,395 120,557
Southern North America..do
71,511
66,029
83,947
92, 222 100,823
82, 593 113,215
80,200
82,097
66,948
53,313 144,489
South America..
.do
Total exports by leading countries:
Europe:
53,672
67,936
73,374
78,033
70, 505
62, 577
52, 796
46,391
France
do
27, 530
21,190
67. 492
531
1,131
549
7,212
3,515
11,098
1,646
7,983
15, 636
Germany
_
_
do
8,518
2,331
11,689
34, 507
26, 563
30, 803
31,187
40,146
41, 809
35, 004
37,234
31,004
Italy
do.—
21, 651
4,424
31.056
29,896
99, 978
62, 501
30, 531
38,079
32,081
30,187
48,090
42,657
Union of Soviet Socialist Republics (Russia).-do
12,531
11,106
16,039
60,013
72, 741
81,963
68,094
73,160
86,163
63,033
United Kingdom
..do
62,919
70, 755
66,699
46,037 102.586
North and South America:
82,216
85, 676
91, 740
98,137 103,680 105,373 114,925 121,198 134, 236 133, 784 156,252 153,547
Canada...
do
127,050 146.540 132,008 154,136 150,753 167,342 180,272 151,903 199,474 137,166 121,392 252. 306
Latin American Republics, total
do
7,724
9,198
10, 537
14,713
14, 628
9,029
9,295
Argentina
.do
13,622
19, 797
13,064
11,953
29.379
22,442
23,872
31, 373
26,494
28,053
Brazil...
do..
22,441
27,192
26,124
33,233
20,047
20,091
47, 760
5,256
5,401
4,672
Chile
do...,
6,047
7,437
5,645
4,946
6,280
7,730
5,734
3, 605
7.471
12, 435
8,801
7,656
11,614
12,138
Colombia*
do
10,998
10,708
15,106
16,382
9,124
3,010
14,212
23,491
18,184
19,312
20,031
Cuba
do
17,231
21,539
22,779
20,368
24,752
14, 884
13,141
36. 439
33,910
31,681
31, 750
37,969
42,481
Mexico
do
38, 209
39,207
44,166
31,527
45,744
51,572
50,331
17, 770
16,931
15,353
12, 583
20,124
Venezuela*
_
.do
13,315
17,192
13,103
19,980
11,093
8,075
27,321
r
Revised.
§ See note marked "§" on p. S-21.
* New series. Data on shipping weight of exports and imports are compiled by the U. S. Department of Commerce, Bureau of the Census; they represent gross weight of merchandise exports and imports, including weight of containers, wrappings, crates, etc. Data beginning January 1943 will be published later. See p. 32 of the February 1946 Survey
for annual totals for lend-lease exports for 1941-45; complete monthly data will be published later; all supplies procured through lend-lease procurement facilities are shown as lend-lease
exports although, since the program officially ceased to operate at the end of the wai, the recipient nations had, with few exceptions, arranged to finance them priror to the exportation
of the merchandise. Monthly data prior to February 1945 for Columbia and Venezuela will be shown later.
February 1947
SUKVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes m a y be found i n t h e
1942 Supplement t o the Survey
Decem- December
ber
1Q46
S-21
1946
1945
February
January
FOREIGN
March
May
April
June
July
August Septom-
Octo- Novem
ber
ber
TRADE—Continued
VALUE §—Continued
Total exports—Continued.
Other regions:
Australia
_thous. of dol_.
British Malaya
do
China
do
Egypt
do
India and dependencies
do
Japan
do
Netherlands Indies
-do
Philippine Islands
do
Union of South Africa
do
535, 848
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:
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
do
Argentina
_
do
Brazil-.
...do
Chile
do....
Colombia*.do
Cuba...
_
_
do
Mexico
do
Venezuela*..
.do
Other regions:
Australia
do
British Malaya
do
China
.—
do
Egypt
do
India and dependencies
do
Japan
_
do
Netherlands Indies.do
Philippine Islands. _
.do
Union of South Africa
do
Exports of U. S. merchandise, total._.
do
1,080,241
By economic classes:
Crude materials
_
do
Crude foodstuffs
_
do
Manufactured foodstuffs and beverages
do
Semimanufactures
_
do
Finished manufactures
_
___do
By principal commodities:
Agricultural products, total
do
Cotton, unmanufactured
do
Fruits, vegetables and preparations
do
Grains and preparations
do
Packing house products
.do
Nonagricultural products, total
do
Automobiles, parts and accessories
do
Chemicals and related products
do
Iron and steel and their products. _
...do
Machinery
_
do
Agricultural
_
...do
Electrical
do
Metal working.._
do
Other industrial
do
Copper and manufactures
do
Petroleum and products
do
Imports for consumption, total
_
___do
497, 566
By economic classes:
Crude materials
do
Crude foodstuffs
_
_
do
Manufactured foodstuffs and beverages
.do
Semimanufactures
_
...do
Finished manufactures
do
By principal commodities:
Agricultural, total
do
Coffee
..do
Hides and skins
do
Rubber, crude including guayule
do
Silk, unmanufactured
do.
Sugar
do
Wool and mohair, unmanufactured
do
Nonagricultural, total
_
do.
Furs and manufactures
do_
Nonferrous ores and metals, total
do.
Copper including ore and manufactures—do.
Tin, including ore..
do.
Paper base stocks
__.do_
Newsprint
do.
Petroleum and products..
do.
6,366
5,854
7,378
7,096
6,213
8,277
8,873
9,319
5,420
5,114
4,744
412
1,036
2,052
803
779
2,456
120
1,363
809
472
1,720
19,094
35,441
33,170 24,313 37, 024 38,346 58, 458 58,139 42,220 39,944
24,670
20,721
1,891
1,678
3,266
2,684
3, 261
4,124
2,938
3,494
3, 025
2,117
3,405
3,909
17, 202 15, 543 16,763
7,802 19,841
15, 428
12,678
7,172 12,487
13,504
14,145
12,640
16,946 20,286
8,304 16,977
12, 416
1
2,762
3,598
14,217
()
•
2
2,620
3,888
5,580
9,494 10, 512 10, 749
3,288
3,311
8,274
2,040
7,658
6,135
21, 251 17,823
23, 685 23,390
8,353
25, 401
12,053
18,019
18,798 25,132 25,652
31,241
22,331
14,991
22, 007 15,645 25,219
7,063 34,358
10,119
13, 896
19,598
18,391
10,651
297,187 393, 512 317, 628 384,489 407,188 397, 381 385,943 433, 758 425,682 377, 750 393, 736 481,412
22,410 20, 050 26,954 33, 278 20, 210 24,662 28,087
25, 004 14,113 38,747 29,031
21,861
82, 362 78, 866 73, 476 84, 910 73,532 78,148 101,100 90, 008 86,352
78,038 123,404
46,419
70, 420 63, 470 58,273
76,258
67, 431 45,907 52, 082 65, 674 76, 950 66,966
63.968
47,555
73, 437 68, 375 80, 506 77,900 80,982
67,198 56, 431 67,835
89, 550 88,074
73,627
70, 880
61,094
51, 476 48, 846 71,913
50,473
52,310
62,454
45,323
63,543 66, 206 55, 649 69,097
85,174 97,400
85,081
79, 030 84, 236 104, 496
62, 412 100,041 73, 465 80, 383 93,179
'8,412
1,044
1,632
10
429
1,414
11,743
1,927
3
170
18, 320
10, 338
1,478
15
732
8,597
9,481
70,948
64,758 55, 347
101,902 145, 475 117,114
16, 784 16,744
9,103
42,071 23,136
19,607
8,925
8,485
7,785
12,101
11,548
5,999
18,379
18,247
16,001
21,462
17,175
18,922
7,402 10, 595
8.587
12,773
6,723
204
1,200
10,386
20
334
473
10,418
715,176
10,983
5,105
3,575
405
24,481
319
592
98
12,599
778,789
3,573
24
1,246
4,107
14, 605
5,007
29
4,324
7,829
11, 391
65, 465 70, 363
147, 431 152,016
15,154
18, 445
29, 526 33, 535
2,660
6,931
13,078
12,003
36, 434 23, 521
19,936
25, 650
10,021
7,921
11,211
11,476 13,281
9,020
9,947
9,112
7,495
4,890
6,311
2,182
1,051
550
22, 667 21, 272 23,878
10,697
479
220
2,189
40
1,381
1,552
945
524
12,435
5,320 21,631
649, 096 786,643 739,237
4,600
2,303
13, 880
11,185
14, 300
4,794
24
8,099
7,225
15, 280
6,441
18
6,591
7,823
12, 393
69, 525 66,548 76,607
145, 278 147,939 147,154
17, 454 14,115
14,870
30,983 40, 472 27, 227
10,089
7,831
8,149
9,770
7,964
14,453
32,168 26, 620 33,151
17,167 16,184 20,196
10,090
8,041
8,373
7,949
7,657
4,649
115
9,946
8,829
1,059
1,384
17, 571
18,299
14, 725 14,689
664
194
2,597
1,717
9,717
10, 920
815, 034 858,033
6,124
23
6,282
8,248
11,540
5,245
149
4,571
2,786
14,177
7,298
41
5,133
7,139
10, 269
7,372
403
9,544
1,809
18, 476
74, 597 76,677
87,377
84,110
153,870 123,034 132, 643 159, 776
13,912
10,834
13,907
23,016
45,971
29, 870 30,049
37, 792
3,418
4,754
7,263
6, 719
13, 048 14,224
11,644
16,550
25, 344 19,663
23, 936 29, 276
18, 374 14,922
18,140
19,984
10, 324 11, 507 13, 644
9,973
18,436
17,116
14,983
12, 710 11,828
11, 792
14,479
8,284
19,795
19, 093
12,656
8,041
6,534
7,123
5,183
651
1,345
2,892
1,779
7,058
9,456 17, 524 20, 593
9,290
27,618
11,095
2,780
2,276
12,378
14, 307
2,753
3,134
6,609
2,486
5, 660
4,402
3,338
3,635
3,636
5,891
14,641
14, 443 13, 904 10, 363
15,432
807, 478 860,106 626,942 528, 764 • 965,675
89,894 111,758 105, 354 116, 248 122,544
94,617
70,407
48, 612 34, 661 79,193
70, 254 58, 304 62,051
66,582
140, 226 177, 344 134,964 148,432 125, 186 140,130 134,521
67,448
73, 250 59, 804 68,115
79,979 82, 351 76,697
370, 512 363, 322
380,127 441,628 445,153
120,122
53,962
165,170
71,279
396,786
93,601 171, 735
138, 264 115,626
39,118
29, 008 51,340
52,531
81, 564 42,150 107, 725
116,815
61,278
50,777 82, 914
81, 382
470, 037 329, 521 313,317 551,961
247,577
25, 218
26, 799
69,691
50,716
467,599
23,634
35,278
34,446
135,405
10,792
27,470
28,696
65, 503
2,753
28,814
279,478
291,827
50,425
24, 571
' 65, 542
47,365
515, 492
38, 297
r
40,057
' 35, 345
119, 224
14,104
24,985
16,343
58,046
2,738
35,797
422,019
252,826 187, 322 121,475 290,478
34, 316 17,101 69,114
58,547
13,666
17,911
11, 523 19, 428
61, 475 51, 543 29,643
71,494
35, 280 19, 263
4,338
13, 377
606, 202 439,786 407, 379 675,197
51, 357 42,862
39, 804 75, 952
43, 827 30,257
27,409 44, 651
45, 639 30,847
26,756 44,843
137, 475 83, 724 ' 89, 673 148,039
12,044
17,074
12, 677 16,294
32, 260 18, 581 ' 23, 608 35,490
7,977
15,360
9,477
14, 574
66, 585 41,372 r 39, 253 74,237
1,994
3,534
1,205
4,827
35,003
43,031
27, 574 35,954
415,640 378, 550 396, 479 469, 741
157,905 109,142 134,185 145,793 139,806 120,612
76, 352 58,958 64, 604 69,467 62,403 68,581
32, 551 28, 741 46, 710 38, 823 45,926 40,120
76,141 53, 459 64,995 68, 192 72, 284 76,788
57, 705 57,674 63, 291 72, 328 69,084 64,688
161,910
53,051
52,755
84,399
67,992
152,113 133, 740 136,989 161,757
72,193
59, 012 77.313
58,981
43, 430 38, 599 39,276
47; 352
77, 710 75, 726 86, 383 88,128
68,432
95,192
68, 749 73,819
193,959 149,648 189, 587 195, 253
41,983
36,010 37,545
3,209
5,035
5,580
4,491
14,151 24,116 22.937 20,273
1,354
1,214
12,473
862
12,913 25,414 15,046
11,499
29,065 21,817 30,076 30,449
206,694 158, 327 184,198 199, 350
35,004 r 13,992 11,472 17,423
14, 649 16,389 ' 19, 583
22,788
13,021 r 3,280
1,997 ' 5, 572
1,179
4,352
3,910
16,942 11,691
9,854
9,700
14,996 14,930 16,795
18,073
13,421 11, 200 10,235
11,096
189,643 201, 650 176,907 176,084 228,932
31,844 47,886
35,361
32,080
43,909
6,920
6,647
7,079
7,724 11, 595
14, 548 19,654
22, 537 25, 562 30,934
14,267
12, 631
3,211
745
13, 922
23,880
16,159
12,052
10, 384 15, 413
28, 530 25,411
23,433
20,160
19, 441
230,463 212, 228 198,889 219,395 240,809
30,427 22, 745
8,355
15,168
14,179
' 24,584 ' 21,683 17,364
25, 445 26, 535
7,907
4,945
6,513
8,969
9,580
6,261
6,036
898
3,800
4,217
19,588
15,357
14,026
15, 245 13,021
21,362
20,925
20,801
22,830
26,318
14,748
15,026
15,289
13, 290 12, 981
42,443
24,529
68,171
55,446
108,799
18,205
3,152
10,021
196
4,595
20,070
170,680
9,599
23,267
12,464
944
18,098
13,152
11,708
308,87*2
34,694
r 25,679
83,514
79,950
469,917
23,691
37,919
41,931
106,488
12, 761
24,054
13,943
' 51,936
4,042
33, 972
400,138
250, 868
28,954
30,361
72,652
41, 595
398, 227
' 26,645
35, 676
26, 582
82,220
10,031
16, 532
9,638
42,281
3,655
29, 530
306,984
283,106
' 37,846
' 28,290
68,722
48,072
503,538
29,730
44, 342
28,917
109,302
11,172
20,365
16,423
r
56,997
2,794
36.936
374,042
251, 909
38,622
28,999
56,424
30,496
487, 350
36, 277
'46,116
38,108
100,155
9,776
17,944
13,344
54,906
2,418
36,082
394,901
273, 498
56,623
24, 505
' 42,174
49,376
541,520
48,830
46,351
41, 258
111, 204
11,866
24, 232
16,892
52,980
2,173
' 40,347
389, 728
r
185, 834
36,489
4,754
4,222
24,418
20,905
23,959
203, 669
24,728
' 20, 551
7,256
3,011
11,638
20,687
13,380
304, 706
52,812
27, 760
88, 646
'48,214
553, 402
43,463
46, 424
35, 709
125, 553
11,967
25,381
17,176
' 66, 262
2,952
' 39,025
371, 704
174,661
46,779
6,744
19, 683
15,144
20,017
196,127
19, 597
' 20, 035
4,639
5,146
13, 967
17,382
11, 320
' Revised. • Less than $500.
§ The publication of practically all series on foreign trade included in the 1942 Supplement but suspended during the war was resumed in the May Survey. Export statistics
include lend-lease exports shown separately on p. S-20 (see note, marked"*" on that page), shipments by UNRRA and private relief agencies, and since June 1945 comparatively
small shipments consigned to United States Government agencies abroad; shipments to U. S. armed forces abroad are excluded. Revised 1941 figures for total exports of U S.
merchandise and total imports are shown on p. 22 of the June 1944 Survey; revised figures for 1942-43 for the totals and revised figures for 1941 and later data through February 1943 for
other series will be shown later.
•Monthly data prior to February 1945 for Colombia and Venezuela will be shown later.
S-22
SUEVEY OF CUEKENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
Decem- December
ber
1946
1945
February 1947
1946
January
February
March
April
May
June
July
August September
October
November
TRANSPORTATION AND COMMUNICATIONS
TRAN SPORTATION
Commodity and PasBenger
Unadjusted indexes:*
Combined Index, all types
1935-39—100
Excluding local transit lines
..do.—
do. .
Commodity
do
doExcluding local transit lines
By types of transportation:
do
Air combined index
Commodity
«
« . do. .
.
do
194
197
167
283
414
196
199
175
266
370
200
202
181
260
351
201
203
186
252
329
174
172
151
251
324
176
175
158
233
294
204
207
189
256
343
204
208
188
254
348
775
862
718
738
691
770
773
648
855
823
633
949
921
631
1,113
990
676
1,197
1,041
561
1,358
1,027
548
1,344
Intercity motor bus and truck, combined index
219
206
225
244
230
248
247
1935-39=100 _
251
206
211
189
217
237
240
232
230
For-hire truck
. do
264
260
271
268
270
270
308
313
do
Motor bus
179
184
175
188
190
182
183
176
Local transit lines
do
208
202
201
218
200
200
197
193
do
Oil and gas pipe lines
202
201
204
200
152
154
198
199
do
Railroads, combined index
174
166
189
180
133
142
185
185
Commodity
. do .
I
472
402
362
321
304
252
299
305
Passenger
do
99
104
94
91
94
104
132
135
-do..Waterborne (domestic), commodity
Adjusted indexes:*
202
204
196
206
177
202
178
203
do
Combined index, all types
199
205
209
208
176
205
178
205
Excluding local transit lines
_- __do
181
186
154
170
190
188
160
189
Commodity
do
269
279
263
257
252
237
250
252
Pa«?seneer
do
367
347
410
380
335
304
328
323
Excluding local transit lines
do
By type of transportation:
812
823
706
841
908
969
987
do
Air combined index
988
691
862
633
648
631
676
561
Commodity
_ _ - do
548
865
978
1,091
1.162
797
920
1,269
rin
1,280
Intercity motor bus and truck, combined index
232
235
205
240
250
253
243
1935-39*100 _
248
217
218
224
189
242
245
228
For-hire truck
__ .._
_ _
_ do
237
292
291
280
294
279
278
260
285
Motor bus
do
177
177
183
183
170
181
185
192
Local transit lines
..do
199
194
197
192
199
202
210
204
Oil and gas pipe lines
do
204
204
206
209
158
168
]97
Railroads
197
do
184
178
192
144
137
170
186
186
Commodity
do
372
462
403
337
318
265
288
284
Passenger
do
124
109
128
115
95
98
117
117
Waterborne (domestic), commodity .
do
Express Operations
24, 532
23, 919
24,333
35,115
29,141
26,728
25,626
25,798
26,134
Operating revenue
_
thous. ofdoL.
28,084
28,327
26, 410
72
64
92
do
60
69
69
73
82
83
69
73
S7
Operating income -___
. . .
Local Transit Lines
7.8641
7.8641
7.8669
7.8198
7. 8641
7.8807
7.8835
Fares, average, cash rate
cents.. 7. 9749
7. 9168
7.9638
7. 9666
7. 9638
7. 9660
Passengers carriedf
thousands 1,627,260 1,563,470 1,615,570 1,486,560 1,669,880 1,631,980 1,630,373 1,577,274 1,555,250 ,569,230 539 190 1 6-* 5 700 1 591 9 S0
117,300 118,600 106,900 118, 700 118,882 119,800 117.000 116,400 117,000 115, 200 121,900 118,800
Operating revenues!
thous. of dol_.
Class I Steam Railways
Freight carloadings (Fed. Reserve indexes):
123
119
119 107
132
107
Combined index, unadjusted
1935-39=100-137
131
143
145
149
149
141
152
26
132
133
146
68
Coal
do
148
145
152
155
155
160
117
133
114
172
93
61
163
166
Coke
138
172
do
177
180
181
166
109
121
134
143
Forest products
._
_ _ do.
139
94
130
155
153
165
154
166
148152
99
111
152
144
Grains and grain products
147
128
130
166
142
do
142
140
144
Livestock
..
120
127
135
126
111
103
96
118
135
do
113
197
171
120
74
82
75
74
78
71
79
Merchandise, 1. c. 1
81
78
do
77
82
79
84
29
35
50
103
213
45
24
36
263
243
216
245
Ore
. _ . do .
16&
141
123
125
139
123
113
136
139
142
146
Miscellaneous.
151
do
154
150
133
109
106
133
127
126
139
140
141
139
Combined index, adjusted!
139
do
137
138
155
148
152
155
68
26
132
133
146
145
152
Coal!
do
160
117
95
62
127
107
165
140
155
164
177
184
183
do
183
166
Coket
122
134
143
125
149
126
156
106
153
157
. do
Forest products
_
_ _
146
]54
151
152
141
112
126
150
126
162
153
139
131
142
Grains and grain products! do- .
125
147
126
143
114
158
140
122
140
118
166
118
128
. do
Livestock!
_
91
136
78
81
78
74
78
74
81
81
78
77
79
Merchandise, 1. c. 1
do75
83
157
118
121
66
94
66
145
137
164
117
162
157
do
164
Oret
134
121
143
123
135
143
141
148
130
145
139
148
do- 139
Miscellaneous!
Freight carloadings (A. A. R.):1
r
2,884
2,605
2,616
4,063
2,867
3,982
3,022
3,407
4,478
2, 742
3,517
3, 680
Total cars ___ _ -.
thotisands—
4, 220
685
740
126
327
668
925
••614
743
787
do . .
938
7] 3*
599
Coal
755
r
32
30
19
43
66
52
49
48
52
70
55
do
64
Coke
128
159
234
177
146
208
166
181
' 110
254
do
192
Forest products
197
22?
222
207
140
154
209
207
237
228
'194
255
Grains and grain products
do
200
191
248
r
59
65
71
73
74
79
63
Livestock
,
__ _
71
67
80
112
do. —
63
117
448
516
468
471
619
473
620
471
611
Merchandise, 1. c. 1
. ._ do
'427
477
519
642
34
53
108
25
289
49
283
'39
50
347
249
. do
269
240
Ore . - -...
.
1,491
1,322
1,273
1,785
1,444
1,171
1,416
1,801
1,936
rin
'1,235
1,597
Miscellaneous
1, 521
1 974
Freight-car surplus and shortage, dally average:
98
18
16
106
23
18
5
3
16
15
Car surplus!
- _ - thousands _
2
2
8
1
9
14
24
7
24
5
2
21
7
do .
31
33
Oar shortage*
Financial operations (unadjusted):
Operating revenues, total
- - thous. of doL. 637,241 613,681 640,872 579,136 646,099 566, 702 532,553 611,939 674,040 710,224 660,402 709,938 658 160
.do—. 493, 531 401,245 453, 399 421, 243 483, 776 411,819 399, 215 458,484 513,252 546,130 515,623 566,968 522,806
Freight
92, 233 106,604 112,383 112,115
92,716 161,134 137,602 114,655 114,562 106,082
do95 361
89 345
Passencrer
85 510
Operating expenses
- - - _ do _ _ 549,828 966,410 490,059 450, 228 627,890 508,097 492, 201 516,856 542,164 555,892 529.798 558,424 536 08'
79,964
48,476
45,132
38,669
71,104
69,069
57,003
72,638
41, 276 <*810,682
66,395
Taxes, joint facility and equip, rents
do
63,241
58,005
70,848
«
57,805 * so, w 10,128 « 4,780
62,806
38,080
H2,0tf
81,693 ' 67,362
102,995
85,119
64,074
Net railway operating income
do
d
33,887
28,589 * 48,8t6 * tO, 998 '87,074
32,051
14,620
74,656
52, 544
57,280
38,066
39,070
Net income 1
do—
9
d
Revised.
Deficit.
^Data for March, June, August, and November 1946 are for 5 weeks; other months 4 weeks
•New series. Data for 1929 to August 1942 for the transportation indexes are available on pp. 26 and 27 of the May 1943 Survey, except for subsequent revisions in the 1940-42
data for local transit lines and oil and gas pipe lines, 1942 data for waterborne, and small scattered revisions in the totals including these items (revisions are available upon request);
computation of these indexes has been discontinued. Comparable data beginning January 1943 for freight-car shortages and surpluses and an explanation of the change in the latter
series are available on p. S-21 of the December 1944 Survey.
!See note marked ***** regarding revisions in the data for car surpluses. The indicated seasonally adjusted series for freight carloadings, as published prior to the October 1943
Survey, have been revised beginning 1939 or 1940; all revisions are. available on request. Beginning in the April 1944 Survey, revenue data for local transit lines cover all local transit
lines, including all common carrier bus lines except long-distance interstate motor carriers; similarly, data for passengers carried, beginning in the May 1945 issue, represent estimated
total revenue passengers carried by all local transit lines: revised data beginning 1936 will be published later.
tRevised data for net income November 1945, $34,878,000.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
S-23
1945
1946
1946
January
February
March
April
May
July
June
August
September
Octo- November
ber
TRANSPORTATION AND COMMUNICATIONS—Continued
TR AN SPORTATION—Continued
Class I S t e a m Railway*—Continued
Financial operations, adjusted:!
Operating revenues, total
Freight
_
Passenger
Railway expenses
...
Net railway operating income
Net income
Operating results:
Freight carried 1 mile.
Revenue per ton-mile
Passengers carried 1 mile
628.3
423.2
158.1
674.0
'$6.0
'66.0
654.6
459.9
143.6
666.7
87.9
50.9
635.2
458.7
127.1
555.3
79.9
61.2
651.2
485.8
115.9
667.4
*16.t
565.7
405.2
109.8
561.6
4.0
'£7.8
515.0
381.4
93.3
624.5
'9.6
638.7
488.6
102.9
586.1
52.6
19.8
650.8
500.0
103.0
J602.5
48.3
16.1
664.3
512.6
100.0
613.3
51.0
18.4
672.8
528.5
95.7
604.6
68.2
36.5
663.1
521.8
91.3
606.0
57.1
'24.8
663.0
524.3
89.4
601.2
61.8
. . . . m i l . of tons..
cents..
millions.-
49,843
.867
8,572
52,076
.940
7,454
48,735
.935
6,079
66,610
.924
5,955
39,841
1.101
6,472
42,406
1.012
4,726
53,524
.921
5,387
55,236
.989
5,720
59, 466
.979
5,712
56,399
.975
4,927
60,848
.988
4,466
54,873
1.007
4,207
thous. net tons..
_
do
do
6,061
1,791
4,270
6,378
1,722
4,656
5,844
1,555
4,289
6,483
1,735
4,748
6,199
2,029
4,170
6,825
2,126
3,699
7,202
2,179
5,022
7,518
3,033
4,485
8,025
3,323
4,701
6,220
2,775
3,445
4,986
2,959
2,027
mil. of dol._
do
do
_
do
do
do
Waterway Traffic
Clearances, vessels in foreign trade:|
Total, XJ. 8. ports
Foreign
_
United States
Travel
Operations on scheduled air lines:
19,640 20,452 19,783
Miles
flown
thous. of miles.. 26, 809
5,746
5,429
6,273
Express carried
_
_
thous. of lb__ 24,010
Passengers carried
.number.. 1,112,630 647,518 727,279 723,187
Passenger-miles
flown..
thous. of miles.. 512, 746 308,736 331,056 332,316
Hotels:
4.17
4.12
4.12
4.16
Average sale per occupied room
dollars..
92
93
84
Rooms occupied
percent of total..
88
204
205
2C8
Restaurant sales index
avg. same mo. 1929=100..
198
Foreign travel:
18,740 21,080 27,340
U. S. citizens, arrivals
number..
20,865
26,795
17,656
17. S. citizens, departures
do
869
1,027
1,289
Emigrants
_
do...
9,675
6,604
4,644
Immigrants
do
8,667
14, 586
11,972 10,708
Passports issuedd"1
do
62,090 78,221 99,338
National parks, visitors
.number.. 87,287
Pullman Co.:
2.419,033 2,663,744 2,082,683
Revenue passenger-miles
...thousands..
13,488 11,084
12,865
Passenger revenues.
thous. of doL.
COMMUNICATIONS
Telephone carriers:^
Operating revenues.
thous. of doL.
187,183 187,610 179,327
99,127 100,993
Station revenues
do
72,357 66,340
73,711
Tolls, message
do
138,955 130, 473 129,442
Operating expenses...
_do
53,074 27,962 23,548
Net operating income
do
25,446 25, 747 26,067
Phones in service, end of month
thousands..
Telegraph and cable carriers:!
14,754 13,891
19,191
Operating revenues, total..
thous. of dol.
13,683 12,777
17,667
Telegraph carriers, total
do...
Western Union Telegraph Co., revenues from
607
687
961
cable operations
thous. of doL.
1,171
1,114
1.624
Cable carriers
do.
14,877 13,654
14,789
Operating expenses
do.
2,155 * t, 001 'l,60t
Net operating revenues
do.
2,509 **,US *2,075
Net income trans, to earned surplus
do.
1,787
2,274
1,908
R adiotelegraph carriers, operating revenues
do.
23,164 24,108 26,019 26,515 27,796 28, 749 27,988 27.971
24, (347
7,232
8,204 10,909
9,911
8,722
11,994 15,008 18, 275 16,414
917,645 1,057,641 1,160,846 1,299,480 1,340,733 1,493,137 1,428,444 1,287,338 1,080,180
408,201 463,294 514,999 565,087 573,693 628, 038 616,961 563,229 473,219
3.97
4.38
94
95
226
210
36,092 29,941
25,912 23,945
1,138
1,716
18,047 19,390
12,986
15,047
129, 260 187,377
3.95
93
235
28,106
23,064
1,772
16,859
22,091
276,674
4.23
89
232
4.20
94
250
4.45
96
254
4.33
94
236
4. 36
95
226
4.44
90
241
27,009 29,330
27, 708 34,211
2,907
2,166
13,451 13, 651
21,802 22,437
18, 505
14, 536 14, 470 13, 500
621,794 1,075,421 1,152,584 695,958 271, 570 118,066
2,196,055 1,899,120 1,628,486 1,774,797 1,666,970 1,637,261 j 1,499,617 1,408,912 1,165,408
12,094 10,928
9,636 10,951
10,373 10, 470
8, 429
9,903
9,458
187,727 189,254
101,773 103,625
71,762 71,230
141,197 141,053
21, 226 23,910
26,435 26,782
15,815
14,496
16,064
14,807
712
1,319
14, 614
'668
'796
2,119
190,708
104,536 104,153
74,922 71,898
146,986 143,153
23, 211 23,614
27,086 27,340
1,257
14,078
70
'886
2,077
192,187 194, 230 191.642
103,589 103, 726 105,054
73,777 75,726 71.612
154, 214 152, 346 147,636
18,359 20,846 21,171
27,608 27,908 28,156
200,127
108,872
75,978
154,864
22,391
28,463
16,677
15,521
649
1,290
14,495
404
*8M
1,927
17,915
16, 673
17, 573
16, 437
16,568
15,372
17.590
16', 275
571
1,156
13,525
1,242
871
1,661
15, 546
594
1,242
14, 525
1,155
700
1,618
554
1,136
19, 838
568
1,196
15, 453
*865
* 1,103
1,517
582
1,315
15,673
d
°289
* d 514
1, 641
16,653
15,380
557
1, 273
14, 466
6,102
*81
1,607
60,609
4,116
43,124
48,716
i 75, 794
8,081
53,399
77,492
2,608
53,940
80, 829
1,916
57,074
80, 380
1,330
55,312
88,137
98,314
27,960
1,848
57,066
904
65,858
96,571
102, 550
29, 519
253
59,144
1,008
74, 574
78,786
104,206
29, 789
1,624
54,136
997
73, 795
74,890
108,174
32,394
2, 259
61,686
1,061
80, 673
62,048
' 97,135
30,150
2,865
63, 277
1,006
r
82,020
364,178
7, 254
163, 615
358, 628
6,601
164. 652
382,026
7,066
168,708
368,302
> 7,176
•
'153, 275
d
4, ""'
1,667
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Selected inorganic chemicals, production:*
Ammonia, synthetic anhydrous (100% NHs)<8>
short tons..
Calcium arsenate [100% Ca8(As0<)2]
thous. of lb__
Calcium carbide (100% CaCj)
...short tons..
Carbon dioxide, liquid, gas and solid (100% CO 2 )0
thous. of lb__
Chlorine
...short tons..
Hydrochloric acid (100% HC1)
do_...
Lead arsenate
...thous. of lb.
Nitric acid (100% HNOj)®
short tons..
Oxygen
mil. cu. ft._j
Phosphoric acid (50% HjPO 4 )A
short tons..
Soda ash, ammonia-soda process (98-100% Naj COj)
short tons..
Sodium bichromate
__
do
Sodium hydroxide (100% NaOH)
___do
Sodium silicate, soluble silicate glass (anhydrous)*
short tons..
Sodium sulfate, Glauber's salt and crude salt cake
short tons.
Sulfuric acid (100% Hj SO4)e
_
do
Alcohol, denatured:!
Consumption (withdrawals)
thous. of wine gal
Production
_
.do
Stocks.
_
do
r
1
51,830
45,557
(•)
41,364
41,384
952
45,192
39,738
1,139
40,316
44,271
1,610
44,460
43,358
3,256
40,014
34, 511
3,192
36, 761
56, 787
102, 622
30, 714
3,726
62,460
1,027
79,887
51, 427
94,784
28,990
5,514
33,033
'893
72, 056
56,078
89,707
26,822
6,421
34, 769
716
' 73,352
54,169
84,741
26,791
7,567
31,123
606
74, 425
65, 337
96,439
2fi, 805
8,755
30,899
951
r 79, 500
75,334
94,865
26,867
8,665
31,311
885
T
75, 640
75,176
89,947
26,331
7,810
32,538
836
* 67, 273
78,545
96,420
27,438
4,874
1
55,418
869
r
73, 689
385.369
6, 665
165,172
379, 786
6,769
153,395
387,012
7,735
r
154,499
342, 625
7,134
143,248
380,489
7,777
160,009
342, 749
7,837
151,332
303,174
7,096
139, 276
308,623
6,285
148, 741
361,056
6,864
160,347
32, 479
29,276
34,524
32, 494
32,182
29.914
r
r
r
82,123
(a)
r
r
64, 682 r 58, 205 T 51, 251
53,818
891.370 -"744,993 ' 733,874 ''665,129
17,416
17,014
2,200
' 12,743
r
12,292
18,396
11,486
11,617
18,549
10,817
10,017
17,802
' 59, 298
59,625
r
764, 507 '803,417
13, 630
11,894
16,224
15,717
13,229
13,306
29, 261
65,048
r
r
39. 224
36,915
34, 714
41,188
34,442
61,679
780,191
58, 200
732,515
55,669
736, 242
56,988
762,674
57, 346
764,592
63, 683
834, 215
' 62,494
849, 711
16,119
13,852
10,007
14,647
12,382
8,962
14, 770
14,831
9,642
17,610
16,044
8,082
18,946
16, 019
5,131
21,291
18,133
2,744
19, 744
19, 625
2,633
35.020
Revised.
i See note marked " ® " .
AData have been revised beginning 1941. Revisions for 1941 through November 1945 will be shown later
®Data for nitric acid and synthetic anhydrous ammonia include operations of 2 plants beginning June 1946 and for the latter, 1 additional plant beginning August 1946, which
did not report previously; production of the plants involved was classified as military prior to the months indicated and was not included.
* Deficit.
cf Includes passports to American seamen.
©For 1944 revisions see August 1945 8urvey.
• Not available for publication.
^Data relate to Continental United States.
§Compiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and sources of 1942 data
©Data have been shown on a revised basis beginning in the March 1945 Survey.
• Data were revised in the September 1945 Survey; see note in that issue.
tData continue series published in the 1942 Supplement but suspended during the war period; data for December 1941-February 1945 will be shown later.
fData have been shown on» revised basis beginning in the Tune 1944 Survey; revisions for January 1937-February 1943 are available upon request.
*New series compiled by the Bureau of the Census; data through December 1943 for all series except carbon dioxide, sodium silicate, sodium bichromate, calcium arsenate, and lead
arsenate. as originally compiled, are published on pp. 23 and 24 of the December 1945 survey. There have been, however, recent revisions in the data for some series as published prior
to this issue.
SUKVEY OF CUEEENT BUSINESS
S-24
February 1947
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
February
March
April
May
June
July
August
September
Octo- November
ber
CHEMICALS AND ALLIED PRODUCTS-Continued
CHEMICALS-Continued
Alcohol, ethyl:*
Production
thous. of proof gal_.
Stocks, total
do
In Industrial alcohol bonded warehouses
do
In denaturing plants
do
Withdrawn for denaturing
do
Withdrawn tax-paid
"
do
Glycerin, refined (100% basis):*
High gravity and yellow distilled:
Consumption...
thous. of Ib..
Production
do
Stocks
do
Chemically pure:
Consumption
do
Production
do
Stocks
do
Other selected organic chemicals, production:
Acetic acid (synthetic and natural)*
do
Acetic anhydride*
_
do
Acetyl salicylic acid (aspirin)*
do
Creosote oil*
_
thous. of gal..
Cresylic acid, refined*..
thous. of lb_.
Ethyl acetate (85%)*
do....
Methanol: $
Crude (80%)
thous. of gal..
Synthetic (100%)
do....
Phthalic anhydride*
thous. oflb..
21,991
22,697
25,637
24,902
123,951 121,654 118,318
37, 570 39, 294
43,131
84,083
80,821
79,025
18, 532 22,081
24, 429
4,561
4,276
4,411
20,518
32,800
25, 745
7,054
31, 200
3,910
127,447
r
42, 670
r
84, 776
<• 22, 652
3,023
21,682
122,891
40,320
82, 571
21,393
5,118
5,978
7,431
15,163
5,825
5,234
15,135
6,010
5,010
15,864
5,588
5,323
17, 591
6,431
5,373
19,347
6,489
5.780
18,700
5, 791
6,042
18,392
6,109
6,391
17, 596
7,636
16,941
5,446
7,741
19,028
5,777
8,992
18,634
24, 322 22,983
44,294
45, 733
910
986
12,059 ' 11, 768
2,108
1,529
7,110
6,421
19, 475 18,600
113,169 110,539
36,369
37,014
76,799
73, 525
25,643
22,832
3,809
3,579
16,619
98, 545
34, 239
64, 306
27, 377
4,684
19, 981
86,474
31, 788
54, 686
29, 267
5,733
17, 796
72,368
28,779
43,589
29, 274
4,364
18,743
58,189
29,512
28, 676
34, 938
5; 284
18,025
42,351
26, 751
15, 600
36,086
5,202
6,440
5,687
18,297
6,865
5,319
16, 591
6,175
4,118
14,821
6,286
5,211
13, 234
6,089
4,621
12,805
5, 395
4, 638
12, 207
5,244
5,832
12, 709
5,568
8,000
19, 708
5,800
8,024
20,881
5,379
7,634
21, 894
5,249
5,558
21,122
5,745
6,864
22,017
4,924
6,594
22, 539
5, 820
6,136
21,130
5,263
5,126
18,054
26, 746
23,143
25, 529
44,027
38,330
44, 790
976
934
1,014
' 8, 464 • 13, 296 • 12, 455
2,169
1,292
2,035
7,751
6,412
7,610
23,266
40,757
975
' 9, 519
1,362
7,180
26,013
42, 546
676
• 10,137
1,903
6,542
221
295
6,823
8,555
264
7,237
9,061
231
6,259
7,094
248
6,991
9,777
231
6,616
9,217
260
1,119
8,128
248
5,878
7,739
728
Consumption, Southern States©..thons. of short tons..
Exports, total ®__
long tons_.
Nitrogenous ®
do
Phosphate materials ®
do
Prepared fertilizers ®
do
Imports, total ®
do
Nitrogenous, total ®
do
Nitrate of soda ®
do
Phosphates ®
do
Potash ®
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars, port
1.900
warehouses ©
dol. per 100 lb>.
Potash deliveries
short tons..
Superphosphate (bulk):f
783, 275
Production
do
796,677
Stocks, end of month
do
501
98,148
32,448
55,026
362
68, 949
56,174
13,030
4,454
3,000
1,079
86, 569
11,317
65,032
716
119,409
100,118
47,862
8,958
3,929
1,272
114,932
28, 866
74,787
348
83, 893
66,025
22.437
10.438
200
1,309
84,171
13,214
63, 789
558
126,525
110,854
65,227
971
1,350
745
. 97,079
13, 501
73, 022
2,984
127,231
113.528
69, 553
714
982
404
85,191
15, 261
64,989
505
129,963
109,104
79,379
8,055
1,000
237
85, 783
13,629
68,202
313
114,554
105,132
83,556
2,210
0
1.650
81,185
1.650
95,769
1.650
73,577
1.650
85,314
1.650
79, 778
1.650
60,172
1.650
77,868
656,425
904,994
717,426
916,458
702, 564
847,990
716,775
675,130
765,314
523,999
687,926
515,390
625,008
643,662
26, 331 • 27,060 24, 589 27, 787
44, 521 39, 954 41, 209 46,376
572
4fio
710
574
11,180 • 12,136 • 12, 744 " 13, 570
2,181
2, 456
2,339
2,284
9,877
8,745
8,122
7,334
250
6,753
8,921
245
6,823
8,467
230
6,592
9,334
276
6, 593
9,276
27, 843
45,033
1,010
13,027
2,100
10,170
'250
6,674
11.246
FERTILIZERS
206
220
110, 519 101, 575
19, 801 13,170
83, 362 80, 510
534
776
72, 409 95, 356
59, 598 88, 902
28,279
13, 521
8,996
3,040
0
0
1.650
73,575
1.900
72,345
520
388
80, 934 • 95, 832
2,871
7,388
63,466 • 86, 827
809
253
69,266
80,941
63,877 67, 573
26,929
11,716
7,809
1,463
0
0
1.900
69,690
1.900
446
83, 544
3,430
70,254
2.125
64,434
55, 712
23,141
3.446
0
1.900
657,594 1 697, 618 721,475 1754,215 1750,940
712, 244 i 714, 576 709,781 1667, 912 1736,357
MISCELLANEOUS
34,745
35,935
36,268
43,584
33,336
47,122
42,190 47, 327
Explosives (industrial), shipments
thous. oflb.. 45,147
Gelatin: <?
r 3, 414
3,383
3,679
3,612
3,919
3,784
3,825
2,851
3,173
3,246
Production, total*
do
' 2,143
2,057
2,273
2,541
2,439
1,932
2,318
2,271
2,038
2,166
Edible
do....
' 5, 325
5,413
5,051
6,139
5,647
5,993
6,201
6,126
6,321
5,384
Stocks, total*
do
' 2, 461
2,346
2,310
2,763
2,628
2,505
2,652
2,716
2,695
2,180
Edible
do....
Rosin (gum and wood):
Price, gum, wholesale " H " (Sav.), bulk
6.76
6.76
6.76
8.07
6.76
L 76
6.95
6.76
6.76
dol. per 100 lb__
6.76
375,501
302,054
416,690
Production*
drums (520 lb.)__
388,682
479,890
364,179
Stocks*
do....
Turpentine (gum and wood):
.83
.84
.84
.84
.84
.84
.84
.96
.84
Price, gum, wholesale (Savannah)t
dol. per gal._
85,908
121,099
Production*
bbl. (60 gal.)..
145,477
100, 749
Stocks*..
_
do
150,098
77,440
Sulfur:*
Production
long tons.. 351,028 331,843 318. 722 286,316 281, 490 284,473 305,330 304, 472 347,936 356, 355
3,
4,003,917 4,060,461 4,063,286 3,978,735 3,892,982 3,873,962 3,861,525 3,849,067 3,850,958
Stocks
do
50,307
51,187
45,300
2,782
1,900
4,999
2,315
3,175
1,652
4,043
1,743
3,311
2,055
4,185
1,824
7.40
489, 676
402, 513
1.00
167,933
90,167
7.83
1.05
1.30
335,300 333,041 355,179
3,881,397 3,983,973 3,874,808
OILS, FATS AND BYPRODUCTS
Animal, includingfishoil:
Animal fatsrt
95, 487 112,173 117,133 115,984 119, 264 117, 782 102,231
116,785
97,229
95, 743 86, 595 73,125
97,477
Consumption, factory
thous. oflb
238,339 258, 941 236,879 291,151 208,385 194,656 201,757 136,182 193, 029 194, 810
61,731 135, 936 260,976
Production
do..
231,167 231,504 255,195 274,512 264,817 251,468 204,982
180,883 171, 286 145, 205 135, 550 179, 567
Stocks, end of month
do..
Greases :t
50,012
35,657
45,033
40, 558 40,348
49, 895 49, 933 44,982 40, 238 46, 764 39, 550 42,106 39, 291
Consumption, factory
do_.
49,360
45,673
48,141
45, 637
53,213
47, 908 47,633
38,078 45,042 43, 879 27,698
36, 666 46,000
Production
do
81,423
92,996
72,316
64,907
91,807
96,189 95,171
90,569 103, 285 92, 241 78,390
63,173
Stocks, end of month
do.
63,123
p
Revised. ©Excludes data for Mississippi, which has discontinued monthly reports; data prior to March 1046 shown in the September Survey and earlier issues include this State.
»Includes data for two companies which did not report prior to August 1946, and beginning September 1946, one additional company which did not report previously.
© For a brief description of this series see note in April 1946 Survey. JSee note marked "t" on p. S-25.
§ See note in the April 1946 Survey with regard to differences between these series and similar data published in the 1942 Supplement to the Survey; data for 1942-1945 have been
revised.
• Data for ethyl alcohol, except stocks at denaturing plants, continue data published in 1942 Supplement to the Survey but suspended during the war period; data for January
1942 to February 1945 will be shown later; the comparatively small stocks of ethyl alcohol at denaturing plants prior to 1942 were not reported. Data for production of spirits and
unfinished spirits at registered distilleries and stocks of such spirits, which were shown here in the May to October 1946 issues of the Survey, are now included with figures for distilled spirits on p. S-26. Production of such spirits from early 1942 through August 1945 represented primarily production for industrial purposes under the Acts of Jan. 24 and Mar.
27,1942; only 2,022,000 proof gallons of spirits were produced for industrial purposes in September 1945; thereafter production has been substantially for beverage purposes. The figures
shown above for production of ethyl alcohol are net after deducting products used in redistillation; in the May-October 1946 issues, products used in redistillation were excluded from
the combined total for ethyl alcohol and spirits but were not excluded from the separate figures for these items.
d* Data for gelatin cover all known manufacturers; the series for edible gelatin continue data published in the 1942 Supplement; the totals include technical, pharmaceutical and
photographic in addition to edible gelatin; data prior to March 1945 will be shown later.
® Data continue series published in the 1942 Supplement but suspended during the war period; data for all series for October 1941-February 1945 will be published later. (Corrected data for 1937-July 1945 for total and nitrogenous fertilizer imports will also be shown later; tankage not fertilizer has been excluded).
•New series. For a brief description of the series on glycerin, see note in November 1944 Survey. For data through December 1943 for the other indicated chemical series, see p. 24
of the December 1945 Survey. Data for production and stocks of rosin and turpentine are from the Department of Agriculture and represent total production of gum and wood
products and stocks held by producers, distributors and consumers. These series have been substituted for data formerly shown for three ports, which have declined in importance;
data beginning in U)42 will be published later. Data for 1940-43 for sulphur are shown on p. 24 of the May 1946 Survey. See note marked "cf" regarding the new series for gelati n.
t Revised series. See note in November 1643 Survey regarding change in the turpentine price series beginning in the April 1943 Survey and superphosphate beginning
September 1942.
February 1947
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
S-25
1946
1945
January
February
March
April I May
June
July
August
September
October
November
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS
FATS,
AND
BYPRODUCTS—Continued
Animal, including fish oil—Continued
Fish oils:*
Consumption, factory
thous. of lb_.
Production
_
do
Stocks, end of month
do
Vegetable oils, total:
Consumption, crude, factory
_
mil. of l b . .
1
Exports^ ..
_
thous. of lb_.
Imports, totaled—
do
Paint oilsc?1
do
All other vegetable oilscf
-do
Production
mil. of l b . .
Stocks, end of month:
Crude
do
Refined
_
do
Copra:
Consumption, factory^...
.short tons..
Importso"
_
_
.do
Stocks, end of monthj
...do
Coconut or copra oil:
Consumption, factory:*
Crude.thoua. of lb_.
Refined
do
Importscf
--do
Production:
Crude*
do
Refined
do
Stocks, end of month:*
Crude
do
Refined
do
Cottonseed:
Consumption (crush)
thous. of short tons—
Receipts at mills
do—
Stocks at mills, end of month
do
Cottonseed cake and meal:
Production
short tons..
Stocks at mills, end of month
do—
Cottonseed oil, crude:
Production
_
thous. of lb..
Stocks, end of month
do
Cottonseed oil, refined:
Consumption, factory*
do
In oleomargarine
_..do—
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per lb.
Production
_
_
thous. of lb.
Stocks, end of month
do...
Flaxseed:
Importscf
thous of bu.
Duluth:
Receipts..
do.__
Shipments
do___
Stocks
do...
Minneapolis:
Receipts
do
Shipments
do___
Stocks
do...
Oil mills:*
Consumption
do
Stocks, end of month
do
Price, wholesale, No. 1 (Minneapolis)_._dol. per bu._
Production (crop estimate)
thous. of bu
Linseed cake and meal:
Shipments from Minneapolis
thous. of lb.
Linseed oil:
Consumption, factory*
do
Price, wholesale (N. Y.)._
dol. per lb.
Production*
_
_
thous. of lb.
Shipments from Minneapolis
do...
Stocks at factory, end of month
do...
Soybeans:
Consumption, factory*
thous. of bu . .
Production (crop estimate)
do..
Stocks, end of month
do..
Soybean oil:
Consumption, factory, refined*
thous. of lb.
Production:*
Crude..
do..
Refined..
_
_.do._
Stocks, end of month:*
Crude.do..
Refined.
do..
Oleomargarine:
Consumption (tax-paid withdrawals)§
do..
Price, wholesale, standard, uncolored (Chicago)
dol. p e r l b . .
Production§
.thous. of lb_.
Shortenings and compounds:
Production.
_
do.
Stocks, end of month
_
do.
Vegetable price, wholesale, tierces (Chi.)..dol. per l b . .
19,493
3,718
97,468
16,072
903
83,822
403
345
3,301
37,253
23, 722
13, 532
374
'4,316
2,906
1,102
1,804
407
365
3,490
22,283
19,149
3,134
327
538
262
740
463
724
498
535
647
548
604
544
546
502
44,125
0)
8,591
O)
8,943
11,426
8,925
9,393
15,965
6,122
13,921
11,724
12,180
18,871
22,788
13,889
44,655
16,438
11,490
4,307
0
12,919
5,323
229
14,243
4,804
133
12,748
4,179
0
54,830
19,505
(*)
3,679
11,430
4,689
12,016
5,043
90,965
9,797
397
338
1,032
125,169
2,038
120,694
1,505
'440
'312
'941
462
152
634
18,374
22, 577
7,867
6,105
116, 786 118,149
16,224
648
73,676
13,319
13,8*76
58,906
13,408
27,874
79,276
15, 647 15,465
17,028
24,870 21, 540 18,726
93, 304 108, 211 121,676
296
330
• 10, 290 ' 9, 595 • 29, 975 31,605
17, 392 13,492
11,420
6,438
9,445
6,883
5,077
3,559
7,947
4,537
8,415
2,879
318
261
235
287
219
17,457
12,351
8,290
4,061
261
264
16,817
17,863
11,085
6,778
255
255
8,361
12,001
6,232
5,769
279
368
7,660
25,107
19,365
5,742
390
416
10,015
33, 973
21.112
12,861
409
475
503
407
499
321
515
267
519
247
17,488
18,129
15,432
21,408
34,238
24,333
20, 239
42,846
37,710
31,294
36,975
48, 551
37,510
34,742
38, 662
521
250
36,278
27,381
12,964
20,334
7,758
546
19,695
7,161
0
24,888
8,148
0
14, 218
8,571
0
30, 709
16,055
945
42, 707
20,437
5
49,747 38,577
27, 724 17,236
, L 121
17,557
3,371
23,988
8,737
22,353
8,504
27,188
12,729
25, 247
8,173
39,614
16, 603
47,417
22,815
45,306
26,614
18,827
16,305
114,103
1,882
120,045
1,832
119,090
3,125
108,493
5,475
85,537
10,258
92, 366 100,880
7,780
9,257
105,974
10,541
95,441
8,607
77, 793
9,622
285
133
482
228
116
370
163
33
241
103
9
147
54
9
100
42
60
118
227
446
359
515
r 1,070
r 1914
525
703
1,091
176,065 • 193,081
119,928 ' 52,883
203, 319 125,542
61,072 56,001
100,544
65,571
68,680
48,616
44,252
45,738
23,303
40,314
18, 234
31,628
98,629 228,936
52, 276 58,277
232,892
80,913
124,786 • 137,295
98,093 • 114,555
143,349
128,166
88,893
105,255
72,347
91.650
50,834
63,563
32,626
43,994
16,781
24,542
13,518
23, 333
37,972
27, 765
26,021
27,114
69,807
63,245
160,011
93,603
164,961
101,983
84,004
18,794
84,568
18,034
77,416
18,491
84,414
16,542
84,768
16,144
67,513
13,504
65, 774
16,132
82,163
16, 501
61,321
13,461
93,543
22,832
129,160
27,101
.143
.143
112,067 109,495
406,486
386,122
.143
77,837
404,645
.143
69,571
394,368
.143
48,258
353,322
143
33,457
316,186
.163
14,982
263,154
21,354
197,152
116,300
165,771
.262
138,120
165,735
642
377
()
26,591
157,322
97
591
387
652
1,938
1,396
1,194
2,752
547
3,967
1,877
1,941
3,905
418
58,654
113,769
64,008
15,042
.280
.143
126,973 'r 118,609
171,157 363,954
286
211
1,077
327
496
1,336
1,175
750
73
3,889
14,931
831
60,842
432
179
14, 525
2,173
55,484
796
111
140
18,976
10,812
114,682
15,949
43,495
33,074
48
116
17
1,274
40
0
1,315
175
210
1,279
142
288
1,134
114
751
496
278
482
292
114
231
175
210
133
194
783
165
4,594
362
68
4,078
323
248
3,355
225
2,576
365
210
1,691
233
197
1,042
468
134
620
554
173
261
2,725
481
1,202
629
448
3,174
751
3,219
1,883
3,239
3,362
5,751
7.27
3.10
3 22,962 * 34, 557
2,777
4,260
3.10
2,317
2,636
3.10
2,015
2,846
3.10
2,091
2.306
3.10
2,046
2,495
3.27
2,470
2,789
3.35
3,692
2,739
3.79
2,789
3,309
3.95
2,343
3,644
4.00
2,150
3,488
5.22
2,284
2,849
7.26
27,840
34,020
37,200
43,227 44,246
.178
.188
46, 494 42,624
23,040
26,760
128,653 126,136
42,302
.354
44, 712
27,840
136,550
34,080
35,220
32,340
29,220
30,960
34,080
26,820
24,840
24,960
41,700
41,891
.358
.155
36,696 63,438
21, 720 26,280
152,069 180,056
44,257
.155
56,016
27,720
173,693
43,054
.155
45,749
24,600
152,812
46,888
.155
40,622
26,580
138,748
51,297
.155
42,129
23,880
132,346
48,938
.155
41,371
23,520
117,589
45,737
.155
50,522
20,100
115,468
41,603
.176
75,884
20,400
121,810
46,652
.168
57,290
22,980
128,814
15,669
13,860
s 196,725 4192,076
60,021
46,255
16,310
15,319
15,241
14,214
13,984
12,051
12,957
11,955
9,033
10,929
42, 777
39,371
37.249
34,087
27, 799
22,753
16,702
9,176
1,793
40,235 '56,989
90,770
86,023
88,478
90,566
94,936
95,542
81,680
137,262
121,932
118,146
91,396
43,008
47,644
.165
44,443
.165
48,099
.165
45, 503
86,459
85,466
98,870
89,810
94, 787 106,744
134, 747 125,990
119,199 112,155
124, 587 107,904
114,395 105,136
116,508
96,301
107,441
106,081
82, 612
88,106
98,841
86,669
134,303
120,031
150,589
110.079
153,079
114,637
148,334 137,539 146,866
111, 749 116, 356 103,110
131,659
90,535
41,837
41,930
34,567
37,232
116, 522 111,756
55,998
77,293
40, 781 32,373
51,428
108,591
52,604
45,014
143, 436 135,103
112,617 121,887
98, 538 133, 937 140,352 149,410
61,758
79, 522 95,906
71,090
.412
15,054
.165
46, 677
.165
43,495
.165
41,969
.165
36,032
(fi)
47,262
100,896
44,045
(5)
(5)
43,402
.195
37,067
.270
60,271
56, 550
.420
62,966
139,760 101, 867 118,797 119,343 108, 434 113,829 123,847 103,861
134,921 100,740 127,694 157,006
39, 793 44,002
33,095
45,719 43,635
46, 233 45,868
41,305
42, 503 52, 830 51,442 41,5 578
.165
.165
.165
.165
.165
.165
.165
.171
.171
()
(6)
(5)
r
Revised.
* Not available for publication.
* Included in total vegetable oils but not available for publication separately.
4
3 December 1 estimate.
* Revised estimate.
No quotation.
* Revisions for 1941-42 for coconut or copra oil production and stocks and linseed oil production and for 1941-43 for other indicated series are available on request; revisions were
generally minor except foi fish oils (1941 revisions for fish oils are in note on p. S-22 of the April 1943 Survey).
1 Data for January 1942-February 1945 will be shown later; publication of these data was temporarily discontinued in 1942.
§ For July 1941-June 1942 revisions see February 1943 Survey, p. S-23; revisions for July 1942-June 1944 are on p. 23 of November 1945 issue; revisions for July 1944-June 1945 are
on p. S-25 of the August 1946 issue.
cf Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be shown later.
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Surrey
1946
December
1946
1945
December
February 1947
January
February
March
May-
April
June
July
August September
October
Novem
ber
CHEMICALS AND ALLIED PRODUCTS—Continued
PAINT SALES
Calcimines, plastic-texture and cold-water paintsrt
Calcimines
_
—_thous. of dol.
Plastic-texture paints
do...
Cold-water paints:
In dry form
*__do___
In paste form for interior use
do...
Paint, varnish, lacquer, and fillers, total
do...
Classified, total
do...
Industrial..
..._do...
Trade..
do...
Unclassified
do...
83
68
100
87
85
100
113
190
187
43,382
38,072
16,614
21,458
5,311
Ill
75
199
269
56,556
50,415
19,983
30,432
6,141
262
240
54, 573
48,891
17,643
31,248
5,682
305
274
64,697
58, 279
20,940
37,339
6,418
365
271
72,339
65,021
24,256
40,765
7,318
1,165
5,395
1,289
1,564
6,690
1,514
1,549
6,025
1,435
1,752
6,504
1,521
1,861
7,181
1,714
111
73
115
281
72,463
65,134
24,475
40,659
7,329
476
244
66, 071
59,422
23, 653
35, 769
6,649
500
269
65, 202
59, 258
24, 259
34,999
5,944
534
286
68,482
61, 240
26,060
35,180
' 7, 242
1,643
7*251
1,532
1,826
6,736
1,429
1,883
7,167
1,524
1,509
7,242
1,539
1,535
7,001
1,515
87
135
73
129
66
135
454
555
217
261
63,054 • 69,991
55, 763 • 63,156
24, 014 • 28, 219
31, 759 34,937
7,280
6,836
CELLULOSE PLASTIC PRODUCTS
Shipments and consumption^
Cellulose acetate and mixed ester plastics:
Sheets, rods and tubes
thous. of 1b.
Molding and extrusion materials
do_._
Nitrocellulose, sheets, rods, and tubes
do...
1,691
7,951
1,506
1,977
7,472
1,697
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total*mil. of kw.-hr..
Utilities (for public use), totaled
do
By fuels
do
By water power
do
24, 849
20, 809
14, 259
6,550
22, 014
18,108
11, 522
6,586
22,163
18,403
11, 292
7,110
19,449
16,193
9,967
6,226
21, 675
17,800
10, 521
7,278
21, 265
17, 477
10, 797
6,680
21, 288
17,675
10, 577
7,099
21,441
17,624
10, 943
6,681
22, 583
18.620
12, 204
6,416
23, 669
19,515
13,389
6,125
22, 788
18, 805
13,169
5,636
24, 430 r 23, 941
20, 222 r 19, 94<
13,935 r 13, 66$
6,287 r 6, 28(
Privately and municipally owned utilities
do
Other producers
do
Industrial establishments *
do
By fuels *
do
By water power*
do
Sales to ultimate customers, total (Edison Electric
Institute)T
mil. of kw.-hr..
Residential or drtmfistifi
rin
Rural (distinct rural rates)... .
do
Commercial and industrial:
Small light and power 5
do
Large light and power ] .
do.
Street and highway lighting 5
do
Other public authorities ^
. do
Railways and railroads^
... do._.
Interdepartmental ^
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
..thous. of doL.
17, 842
2,968
4,040
3,684
356
15, 705
2,403
3,907
3,495
412
15,901
2,501
3,760
3,305
455
13,900
2,294
3,256
2,829
426
15, 288
2, 512
3,875
3,468
407
15,076
2.402
3,787
3,329
459
15,162
2,514
3,613
3,139
474
15, 212
2,412
3,818
3,381
437
16,045
2,575
3,963
3,551
412
16, 783
2.731
4,155
3,788
366
16,123
2,682
3,983
3,674
309
17,316
2,906
4,208
3,867
341
17, IK
r 2, 83(
r 3, 994
' 3, 671
31C
15, 283
3,275
264
15,757
3,658
242
14,920
3,505
243
15,091
3,282
249
15, 233
3,094
328
15,064
2,994
379
15,185
2,954
443
15,608
2,883
470
16,474
2,900
548
16, 358
3,018
489
16, 721
3,130
410
16,93?
3,414
32£
2,663
7,561
223
540
702
56
2,755
7,596
229
512
708
57
2,708
7,083
198
518
614
51
2,622
7,592
193
486
613
53
2,595
7,916
174
483
591
52
2,578
7,869
160
463
570
51
2,617
7,963
147
459
550
51
2,718
8,309
154
464
558
52
2,815
8,953
168
468
572
51
2,825
8,800
184
455
537
50
2,821
9,064
206
471
572
47
2,944
284,845
297,601
288, 746
282, 543
278,337
277,145
279, 659
286,945
292, 587
300, 48S
GASt
Manufactured and mixed gas (quarterly):
Customers, end of quarter, total
thousands__
Residential (incl. house-heating) __ _
do
Industrial and commercial
do
Sales to consumers, total _
mil. of cu. ft
Residential
do
Industrial and commercial
do
Revenue from sales to consumers, total thous. of dol
Residential (incl house-heating)
_ . do
Industrial and commercial
do
Natural gas (quarterly):
Customers, end of quarter, total
thousands .
Residential (incl house-heating)
do
Industrial and commercial
_
do
Sales to consumers, total
.
mil. of cu. ft__
Residential (incl house-heating)
do
Industrial and commercial
do
Revenue from sales to consumers, total thous of dol
Residential (incl house-heating)
do
Industrial and commercial
do
278, 544
222
46C
609
49
288,041
11, 238
10, 554
675
135, 558
91. 977
41,807
121, 463
91, 983
28, 422
11,256
10, 557
690
171, 804
120,212
49, 588
142,919
107, 723
34,008
10,687
699
11, 394
133, 355
88, 856
43 139
122,181
92,055
29, 245
10, 616
694
11,319
110, 834
70,113
39, 657
107, 835
80, 923
26, 214
9,054
8,442
606
528,000
146. 408
359,359
169, 708
92,033
74, 265
9,153
8 521
627
638, 355
250, 766
361 322
229, 428
144, 875
80, 721
9,171
8,554
612
508,141
129,143
361,315
159,853
85,177
72,265
9,259
8,654
600
465, 984
73,020
383, 859
131,165
56, 383
73, 393
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquor :f
7,236
7,174
7,508
5,452
6,832
5,836
8,436
5,642
6,723
7,373
Production
thous. of bbl._
6,409
6,856
6,527
5,581
6,367
7,476
5,958
7,228
5,708
7,209
Tax-paid withdrawals
do
7,110
8,180
8,449
8,429
8,039
6,888
8,710
7,761
7,881
7,838
Stocks, end of month
do
8,135
8,309
Distilled spirits:
Apparent consumption for beverage purposesf
18,916
18,719
19, 470 19,393
19,124 18, 535 19,068 19,392
17, 691
thous. of wine gal
20, 408
1,194 ' 1,161
1,525
1,580
1,964
1,467
1,312
2,078
1,130
Imports •
thous. of proof gal
1,611
26,690 24,788 20,912
19, 719 15,304
13, 486 16,011
15,538 "25,020
Production!
thous. of tax gal..
31, 488
11,356
10,816
11,272 10,612 10,880
11,519
9,632 12,120
11,115
Tax-paid withdrawals!
—
do
13,184
392,446 403, 776 410, 226 417,419 418,657 420,262 421,390 420,947 420, 778 418,925
Stocks, end of monthf
do
•• Revised.
1 For 1943-44 revisions for the indicated series, see notes at bottom of pp. S-23 and S-24 of the May 1945 Survey.
X Data for some items are not comparable with data prior to 1945; see note for calcimines, plastics and cold-water paints at bottom of p. S-23 of the December 1945 Survey.
§ Data for sheets, rods and tubes cover all known manufacturers and are comparable with the combined figures for consumption and shipments of these products shown in the
1942 Supplement. See note in September 1946 Survey regarding a change in the coverage of the data for molding and extrusion materials in June 1945.
d" See p. 32 for revised 1920-1945 data for total production by electric utilities and production by source. Revisions by type of producer are available on request.
• Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
*The new series for production of electric energy by industrial establishments are estimated industry totals based on reports of industrial producers accounting for about 85 percent of the total. Monthly data beginning January 1945 and earlier annual totals for these series and for total industrial and utility production are shown on p. 32.
t Gas statistics are shown on a revised basis beginning in December 1946 Survey. The data were formerly revised each year classifying the companies in the natural or the manufactured and mixed gas industry according to the type of gas distributed by each company at the beginning of the latest complete year. In the present series, the classification is based
on the type of gas actually distributed during the period. Data are estimated industry totals based on reports of 182 companies which in 1944 accounted for around 80 percent of the
totals for the entire gas utility industry. Comparable data for all quarters of 1945 and earlier annual data will be shown later. See note marked " t " on p. S-27 regarding revisions
in the series on alcoholic beverages. Stock figures for distilled spirits include products branded "spirits" which were shown in the May-October 1946 issues of the Survey with data
for ethyl alcohol on p. S-24 (see note in November 1946 Survey). Production figures are net, excluding spirits used in redistillation. For tax-paid withdrawals of ethyl alcohol, not
included here, see p. S-24; these are largely for beverage purposes.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-27
1946
January
February
March
AprO
May
June
July
August
September
Octo- Novem
ber
ber
FOODSTUFFS AND TOBACCO—Continued
ALCOHOLIC BEVERAGES—Continued
Distilled spirits—Continued.
Whisky:
847
Imports!
thous. of proof gal..
960
14,974
17,128
Production!
thous. of tax gal.. 19,790 '15,931
5,816
4,780
5,394
6,053
Tax-paid withdrawals!.
do
391, 613 341, 235 350,063 358,857
Stocks, end of month!.
-do
Rectified spirits and wines, production, total!
thous. of proof gal._ 13, 903 r 11, 291 13, 425 12,486
10,432
Whisky
do
12,178 r 10, 007 11, 582
Still wines:
247
153
274
Imports§
thous. of wine gal..
18, 361
5,306
2,924
Production (including distilling materials)!
do
9,057
9,785
Tax-paid withdrawals!
do
174, 502 163,965 152,622
Stocks, end of month!do
Sparkling wines:
43
8
24
Imports§
-.do
113
155
167
Production!..
do
210
126
121
Tax-paid withdrawals!
do
877
896
Stocks, end of month!..
_
do
932
1,032
970
12, 553
8,122
12,856
5,013
5,557
5,239
364, 539 370,268 371,863
13, 579
10,874
13,860
10,905
299
3,551
12,809
139,139
321
6,273
11,982
126,622
15
215
145
1,000
43
283
144
1,129
.473
66,030
19,462
.473
76,815
14, 925
708
7,423
3,934
374,073
711
8,526
7,504
4,903
4,870
376, 213 377,290
11,949
14, 450
11, 764
15,036
12,150
414
476
8,593
8,154
11, 246 11,100
115, 341 102,014
532
11,015
10,177
91, 995
439
21,195
10, 643
85, 435
248
153
1,216
56
194
168
1,225
48
238
167
1,291
32
241
194
1,331
.473
91,140
14,052
.473
113,995
26,856
.523
119,325
49,649
1,461
1,663
1,275
13,378
10,462
833
969
1,033
8,517
9,257
7,838
4,915
5,968
6,454
378, 902 380, 295 380, 557
14,415
12, 484
16, 202
14,428
15,104
13, 462
319
443
148, 603 228.006
10, 321 12, 065
129, 098 206, 301
470
39
249
166
1,400
46
251
254
1,389
85
DAIRY PRODUCTS
Butter, creamer y:
.822
Price, wholesale, 92-score (N. Y.)J._.
dol. per l b .
Production (factory)!
thous. of lb. 88, 810
27, 778
Stocks, cold storage, end of monthcf
.-do—
Cheese:
Imports§
do—
Price, wholesale, American Cheddars (Wisconsin)
.399
dol. perlb..
Production, total (factory)!
thous. of lb.. 69, 495
50, 745
American whole milk!
-do
124, 488
Stocks, cold storage, end of monthcf
do
94,131
American whole milk
do
Condensed and evaporated milk:
Exports :§
Condensed^.
do
Evaporated
_
do
Prices, wholesale, U. S. average:
8.25
Condensed (sweetened)
dol. pec case..
Evaporated (unsweetened)
do
5.88
Production:
Condensed (sweetened):
Bulk goods*
_._
thous. of lb_. 32,185
6,870
Case goods!
do
183, 550
Evaporated (unsweetened), case goods!
do
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb_.
5,230
129, 464
Evaporated (unsweetened)
_
.do
Fluid milk:
4.96
Price, dealers', standard grade
dol. per 100 lb_.
8,400
Production
mil. oflb_.
3,010
Utilization in manufactured dairy products!...do
Dried skim milk:
Exports^
thous. of lb_.
Price, wholesale, for human consumption, TJ. S.
.145
average
dol. per l b .
Production, total!
thous. of lb.. 35, 695
35,100
For human consumption!
do
Stocks, manufacturers', end of month, total
do.,.. 38, 891
38, 299
For human consumption
_
.do
F R U I T S AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu.
Shipments, carlot
no. of carloads.
Stocks, cold storage, end of month
thous. of b u .
Citrus fruits, carlot shipments
..no. of carloads..
Frozen fruits, stocks, cold storage, end of month
thous. of l b .
Frozen vegetables, stocks, cold storage, end of month
thous. of l b .
Potatoes, white:
Price, wholesale (N. Y.)._
dol. per 100 lb_
Production (crop estimate)!
thous. of bu.
Shipments, carlot
no. of carloads.
U21,520
6,579
27,352
19, 360
.473
65, 707
53,127
.473
69,520
32,135
1,967
r
1
.840
.816
97, 495 r 81, 260
59,586 Ml, 477
2,652
1,384
1,533
489
1,464
.233
' 58, 305
' 40, 732
127,011
112,896
.233
62,880
44, 440
106,623
95,725
.270
62, 765
43,865
91,372
81,913
.270
77, 665
53,160
86,998
74, 420
.270
98,145
62,185
84,845
73,054
.270
125,095
91,140
102,142
5,525
83, 779
13,626
91, 591
7,185
103,114
9,791
112,217
10,899
82,005
9,786
101,653
6.33
4.14
6.33
4.15
6.33
4.15
6.33
4.15
6.33
4.14
6.33
4.21
33.735
8,857
165,062
32,240
8,800
181,400
35,875
8,140
182,500
5,357
71, 762
4,991
54,098
5,044
46,245
4,415
59,045
5,551
80,577
3.27
8,382
2,403
3.27
8,615
2,573
3.28
8,292
2,493
3.29
9,796
3,002
3.30
10,540
3,664
3.32
12, 301
4,638
3.47
12,644
4,803
3.90
11, 956
4,685
4.22
10, 834
4,226
4.40
9,404
3,724
4.49
8, 906
3,334
4.91
8, 194
' 2, 809
26,684
25,285
27,164
15, 856
8,358
4,014
5,101
20,992
23, 596
11, 683
6,022
14,728
.143
32, 755
32, 282
' 14, 759
r
14, 431
.144
38,690
37,800
12, 786
12,474
.144
40,380
39,450
14,551
14,313
.145
57,380
56,350
21,014
20, 778
.144
71,390
69,750
35,402
34,832
.145
94,150
91,800
72,572
71,448
.143
92, 575
89,450
85, 212
83,566
.146
73, 400
71,300
80, 546
78, 930
.145
56,725
55,300
67,192
65, 712
.147
39, 840
39,100
61, 098
.146
29, 410
29,060
44, 652
44, 852
.147
24,150
23, 800
33, 377
32, 786
5,175
10,963
20,851
4,376
6,308
19,751
2,671
3,522
19,229
1,530
1,497
21,123
458
634
243
249
13,315
1,046
112
8,755
1,319
513
7,724
2
68, 042
4,507
16,155
21, 217
477, 577 375, 773 362, 314 344,026
336,885
.694
.705
127,330 115, 765 104. 830
69, 510 84,980
73,931
49, 705 70, 795 102,915
12,600
10,190
10,025
235, 200 297,400 381,000
321, 765 291,148
191,218
172, 512
156,274
2,495
3.000
474,609 '418,020
16, 708 19,994
3.060
3.000
3.844
4.115
26,124
21,873
30, 954
24,282
147, 394 140,277
5,667
6,619
38, 760 135, 652
6.33
4.54
17,171
144,573
30,203
2,699
6.79
5.09
297,629
.435
00
93, 330 83, 340
70, 340 60, 785
157,180 129, 941
126, 084 101,185
.449
r 70. 500
••51,655
123, 435
r 92, 422
3,066
89,447
2,955
55, 233
1.979
30, 767
3,634
39, 791
7.03
5.32
7.78
5.46
7.92
5.79
8.25
5.88
104,170
90, 720 75, 680
13,170
10,800
10,400
385, 800 336,600 291, 400
7,748
9,617
150, 579 219,180
278,109
1,807
.295
.371
.409
129, 500 116,625 106, 470
96, 930 87, 830 81, 010
136,759 148,786 160, 272
110,807 120,136 126, 899
10, 536 10,826
229,172 211,690
395, 754 459, 581
175, 704 227, 541 284,809
57, 865 42, 420 26, 635
8, 250
7,450
6,275
242,000 195, 600 169,100
12, 505
202, 775
11, 377
8,701
171, 026 148, 210
6,143
11, 720
6,940
10,145 r 31, 973 r 33,413
6,867
10, 961 r 15, 503
501, 914 510, 257 497,802
317, 691
3.344
3.465
3.012
3.188
30, 627
25, 095
21, 505
21, 405
351, 273 351,474
2.515
2.312
24, 862 • 21, 567
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§
thous. of bu.
34,465
33, 417 28,346
38,544
42,572
21,168
41, 542 28,845
24,134
27,347
12, 333 26, 987
Barley:
857
Exports, including malt§
do_._
871
609
475
793
814
245
570
249
402
209
Prices, wholsesale (Minneapolis):
No. 3, straight...
dol. per bu__
1.30
1.69
1.30
1.34
1.34
1.40
1.30
1.43
1.67
1.61
1.61
1.62
1.61
No. 2, malting
do..
1.32
1.77
1.31
1.35
1.36
1.43
1.45
1.31
1.66
1.70
1.66
1.70
1.72
Production (crop estimate)!
-thous. of bu__ 1263,350 2 266,833
Receipts, principal markets
do
6,879
9,214
7,637
5,062
5,089
4,116
4,668
18,250
22,046
8,020
14, 840
Stocks, commercial, domestic, end of month
do
20, 985 21,287
17,652
14,624
8,335
5,938
11,300
4,464
3,983
11, 554 18,248 i 26,161
24, 516
'Revised, cf See note m a r k e d "cf" on page S-29. * D e c . 1, estimate. * Revised estimate. 3 N o quotation.
JSee note in June 1945 Survey for explanation of this price series.
§Data continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.
•Revised 1943 data are shown on p. 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data; January 1944-June 1945 revisions w:ill be shown
later.
!Revisions for consumption of distilled spirits for beverage purposes for 1940-44 are available on p. 22 of July 1946 Survey; 1945 revisions available on request See note marked
" ! " on p S-25 of the April 1946 Survey for sources of 1941-42 and July 1943-January 1944 revisions for other alcoholic beverage series; revisions for fiscal year 1945 are shown on p
S-27 of the May 1946 issue. Revisions for 1920 to June 1945 for the series on utilization of fluid milk in manufactured dairy products are available on request- see note marked " t "
on p. S-26 of the April 1946 Survey for sources of 1941-43 revisions for dried skim milk production and note marked "f" on p. S-25 of that issue for sources of 1941-43 revisions for the
other indicated dairy products series. Final revisions for all dairy products for 1944 and preliminary revisions for January to June 1945 for condensed, evaporated, and dried skim
milk will be published later. Crop estimates for barley and potatoes have been revised for 1929-41; for 1941 revisions, see February 1943 Survey p 25- 1929-40 data are available on
SURVEY OF CUERENT BUSINESS
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1945
Decem- December
ber
February 1947
1946
January
February
March
April
May
June
August September
July
October
November
FOODSTUFFS AND TOBACCO—Continued
G R A I N S AND G R A I N P R O D U C T S — C o n t i n u e d
Corn:
Exports, including mealcf
thous. of bu_.
12,313
Grindings, wet process
do
Prices, wholesale:
1.34
No. 3, yellow (Chicago)
_dol. per bu__
1.50
No. 3, white (Chicago)
_
do
1.25
Weighted average, 5 markets, all grades
do
Production (crop estimate)!
thous. of b u . . 23,287,927
44,316
Receipts, principal markets
_-_do
Stocks, domestic, end of m o n t h :
27, 870
Commercial.--.
..
do
2,165,776
On farmst
do
Oats:
Exports, including o a t m e a l ^
do
.83
Price, wholesale, No. 3, white (Chicago)_dol. per bu__
Production (crop estimate)!-thous. of bu_. 21,509,867
11,253
Receipts, principal markets
do
Stocks, domestic, end of m o n t h :
9,158
Commercial
do
898, 828
On farmst
do
Rice:
Exportscf
pockets (100 lb.)__
Importsc?
do
Price, wholesale, head, clean ( N . O . ) . . . d o l . per lb
Production (crop estimate)!
thous. of bu_. 2 71, 520
California:
Receipts, domestic, rough.
bags (1001b.)._ 860,461
703,634
Shipments from mills, milled rice__
do
Stocks, rough and cleaned (in terms of cleaned),
end of month
bags (1001b.). 327, 526
Southern States (La., Tex., Ark., T e n n . ) :
1,377
Receipts, rough, at mills
thous. of bbl. (162 lb.)-_
Shipments from mills, milled rice
1,868
thous. of pockets (100 lb.)—
Stocks, domestic, rough and cleaned (in terms of
4,365
cleaned), end of mo
thous. of pockets (100 l b . ) .
Rye:
2.79
Price, wholesale, No. 2 (Minneapolis)
dol. per bu...
Production (crop estimate)!
.thous. of bu._ M8,685
Receipts, principal markets.._
do
596
Stocks, commercial, domestic, end of m o n t h — d o
2,476
Wheat:
307,303
Disappearance, domestict
do
Exports, wheat, including
flourd1
do
Wheat onlyc?1
do
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
2.27
dol. per bu—_
2.32
No. 2, Red Winter (St. Louis)
do....
2.07
No. 2, H a r d Winter(K. C.)__
do....
2.17
Weighted av., 6 mkts., all grades
do
Production (crop est.), totalt
thous. of bu._ 21,155,715
281,822
Spring wheat
do
873, 893
Winter wheat
-do
33,868
Receipts, principal markets
do
Stocks, end of month:
148,849
Canada (Canadian wheat)
_do
United States, domestic, totali t
_do___. 642,983
56,256
Commercial
do
118,999
Country mills and elevators!
do
97,069
Merchant mills
do
366,255
On farms!
do
Wheat flour:
Exports d
do
60,647
Grindings of wheatj
_
do
Prices, wholesale:
11.61
Standard patents (Minneapolis)§
dol. p e r b b l . .
10.90
Winter, straights (Kansas City) §
do
Production (Census):{
Flour
_
thoas. of b b l . . 13,368
89.5
Operations, percent of capacity
Offal
thous. of lb_- 1,043,688
Stocks held by mills, end of month
thous. of bbl._
LIVESTOCK
Livestock slaughter (Federally inspected):
Calves
thous. of a n i m a l s . .
Cattle
do
Hogs
_
do
Sheep and lambs
do
Cattle and calves:
Receipts, principal markets
do
Shipments, feeder, to 8 corn belt States!
do.
Prices, wholesale:
Beef steers (Chicago)
dol. per 1001b..
Steers, stocker and feeder (K. C.)
do
Calves, vealers (Chicago)
do
f Revised.
624
11,002
7,791
0)
1.17
1.31
.97
32,880,933
31,671
.92
417
5,759
0)
0)
.94
31,962
33,196
11,127
'1,858,960
16, 493
3,021
.80
152
9,322
2,024
9,722
7,036
10,636
2,508
9,469
1.45
1.53
1.30
0)
2.17
2.32
2.03
111
10, 456
385
11, 652
487
12,198
1.89
1.83
1.82
2.10
1.63
1.39
1.75
1.31
0)
16,581
16,153
29,383
1.40
11,103
23, 924
16,830
11,297
18,062
40, 562
19,511
29,171
15,904
496, 928
11, 864
11,768
4,944
* 153,003
4,076
14, 758
2,010
2,835
1,898
653
0)
0)
337
.82
3,872
.81
946
.86
25, 257
18, 922
2,517
.85
11,426
20, 319
1,155,691
19, 669
14,185
1.26
1.11
(0
1,032,856
5,526
.81
997
9,977
0)
(0
26,886
1,055
.80
'1,535,676
16,158
565
11,385
1.93
0)
1.88
0)
21,762
13,104
16,473
11,045
5,478
5,915
25, 315
2,384
.78
30,832
38, 775
28,921
23,890
571,372
14,234
6,578
3,153
<274,862
7,181
15,080
856, 526
13, 238
.066
3
68,150
941, 488 815,915
8,807
7
.066
.066
920,815
7,817
.066
698, 915 339,350
18,580
3,166
.066
.066
646,012
3,742
.066
305, 369
3,098
.066
13,383
.066
141,848
5,955
.066
89, 520 1,145,334
6,668
1,551
.066
610,109
468, 991
493, 561 412,082
361,417 357.147
394, 471 363,534
224,996 239,981
372, 348 406, 543 385, 943 219,032
216,602 283,065 239,753 299,916
56, 399
1,363,897 901, 952
491,946 704,105
358. 408
330, 078 241,973
272, 359 264,032
46, 695
-976,631
(0
52, 842
275,655
262,672
1,137
537
316
267
108
81
25
7
495
1,960
1,731
1,562
1,121
683
462
253
439
184
4,807
3,777
2,598
1,772
1,190
821
591
171
485
1.75
3 23,952
896
4,544
1.98
2.13
2.36
2.70
2.84
2.85
2.09
1.95
480
3,868
404
3,340
476
3.113
317
1,016
270
461
72
322
193
262
1,016
2.24
1,123
1,126
338,590
31,871
24,057
38,196
27, 733
31,764
18,476
350,805
29,551
21,485
16, 268
6,526
231,161
33, 283
23,869
25, 754
17, 322
23, 552
15,977
1.79
1.90
1.94
1.86
1.90
2.22
2.11
1.98
2.03
2.06
2.03
1.94
1.99
41,005
76,432
53,853
1.73
0)
1.74
0)
1.75
0)
1.77
0)
"23," 154"
12,808
1.77
(0
1.81
(0
()
1.72
1.75
1.72
1.76
31,111
16, 472
40,268
152,823 141, 796 122,374 102,441
81,080
331,228
681,992
72, 262 50,011
34,317 "i7,~849"
102,131
35, 570
108,776
55,899
95, 276
361, 031
-198,481
63,629
1.69
1.71
51,108,224
290,390
817,834
29,185
1,663
52,974
6.55
6.44
1.69
1.72
26,938
2,226
59, 591
6.55
6.46
1.69
1.72
21,457
~36~l26~
280, 446 143,992
46,791
39,487
'4100,094
< 29,917 ~90,~25§"
* 8,382
4 12,838
4 41,606
50,903
98,963
123, 691
2,493
523,274 452,766
4,713
2,564
2,323
2,684
4,624
4,708
2.39
2.68
799
1,612
692
2,143
305, 543
19,835
10,501
10, 793
6,100
23,369
11, 563
2.10
2.08
1.96
2.05
2.20
2.14
2.04
2.14
2.33
2.25
2.10
2.23
56,113
54,929
36,581
1,085
1,987
109,723 141,047 152,630
950,280
103, 595 "98," 392 85, 5l2
177,329
114,463
552,752
2,827
59.361
1,716
44,975
2,201
42,745
2,073
36,220
2,003
37, 556
1,794
47, 500
1,612
51,442
1,986
54, 210
60,069
2,512
57,690
6.55
6.46
6.55
6.49
6.55
6.49
6.55
6.49
6.55
6.49
9.53
9.58
8.76
8.72
9.25
9.19
9.55
9.38
10.95
10.38
8,617
10,142
65.8
55.8
584,280 492,800
8,943
60.2
505,660
906
11,259
72.8
641,300
12,173
75.8
712,000
11,598 13,064 13,016
10,680
78.5
85.3
91.3
69.4
925,109 1,038,080 1,032,900 622,980
2,385
12, 078 13,298 12, 749
84.5
82.7
89.1
902,900 1,022,700 986,000
2,205
591
1,352
5,135
1,346
548
1,118
5,537
1,806
440
1,012
4,911
1,440
427
1,015
4,698
2,196
484
904
3,636
1,978
445
715
3,858
1,736
402
676
4,149
1,374
294
451
2,316
1,678
542
1,239
3,863
1,738
534
1,240
2,843
1,578
364
360
438
1,300
651
1,103
3,114
2,005
656
1,348
5,434
1,529
2,447
233
2,073
187
1,961
97
1,960
97
1,920
91
2,145
109
1,783
106
1,725
141
3,121
176
2,562
323
1,923
3,650
730
2,871
445
23.19
17.63
18.20
16.59
13.41
14.63
16.49
13.56
14.69
16.14
14.71
14.81
16.26
15.22
15.66
16.56
15.86
15.75
16.77
15.82
15.63
17.30
15.72
15.88
21.36
15.53
17.10
21.71
15.51
16.44
17.99
15.99
16.15
23.57
16.42
18.19
23.64
16.30
18.38
3
1 Dec. 1 estimate.
Revised estimate.
No quotation.
Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July.
c?Data continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.
JData relate to regular flour only; in addition data for granular flour were reported for January 1943 to February 1946 and are given in notes in the May 1946 and previous issues
of the Survey; data were not collected after February 1946.
§Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data. For March-August
1946 qutotations are for flour of 80 percent extraction; beginning September 1946, quotations were resumed for flour of normal extraction (72 percent).
^The total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the breakdown of stocks.
jRevised series. The indicated grain series have been revised as follows: Crop estimate for oats, 1932-41, and rice, 1937-41; other crop estimates, 1929-41; domestic disappearance
of wheat and stocks of wheat in country mills and elevators, 1934-41; corn, oat and wheat stocks on farms and total United States stocks of domestic wheat, 1926-41; see note marked
" ! " on p. S-26 of the April 1946 Survey for sources of revisions for 1941; all revisions are available on request. The series for feeder shipments of cattle and calves was revised in the
August 1943 Survey to include data for Dlinois; see p. S-26 of that issue for revised data for 1941-42.
i
4
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-29
1946
January
February
March
April
May
June
July
August September
Octo- November
ber
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK—Continued
Receipts, principal markets.
thous. of animals.
Prices:
Wholesale, average, all grades (Chicago)
dol. per 1001b.
Hog-corn ratiof-.bu. of corn per 100 lb. of live hogs.
Sheep and lambs:
Receipts, principal markets
thous. of animals.
Shipments, feeder, to 8 corn belt Statesf
do
Price, wholesale:
Lambs, average (Chicago)
dol. per 1001b.
Lambs, feeder, good and choice (Omaha)
do
2,993
3,459
3,344
2,952
2,211
2,472
2.431
1,352
3,070
1,832
293
2,264
3,221
22.87
18.6
14.66
13.0
14.72
12.8
14.77
12.8
14.80
12.6
14.81
12.2
14.81
10.6
14.77
10.1
17.94
8.6
20.84
11.6
16.25
9.1
22.82
13.5
24.07
18.0
1,495
121
2,100
129
1,663
102
2,481
154
1,753
90
1,984
67
1,610
56
2,517
76
2,286
98
2,176
338
2,542
865
3,656
941
304
23.25
18.00
13.89
14.33
14.30
14.46
14.70
15.50
15.23
15.38
15.51
15.30
16.00
20.50
16.53
19.00
17.26
23.00
17.90
22.25
17.77
1,426
202
1,739
687
41
39
1,368
325
1,581
772
47
38
1,478
173
1,595
791
49
44
(k)
191
1,296
750
49
46
(fc)
136
1,226
691
44
44
(»)
(»)
1,724
601
56
35
61
351
258
22
19
(b)
13
1,245
297
26
21
1,742
'442
'39
'26
521,900
69,602
466,896
90,526
543,843
50,214
(»)
94,545
.415
705,974
156,625
.200
599,635
186,365
.200
557,516
187,392
.200
569, 746
164,871
58, 723
17, 344
74,060
80,491
17,406
62,124
66,010
19,189
829,991
()
959,053 1,058,969
16.75
(•)
20.38
200
1,224
619
38
36
(k)
389
797
496
31
30
(»)
220
1,581
484
38
28
(*)
118
1,286
389
40
27
<»)
30,945
<»)
44, 577
(»)
39, 738
(6)
29,912
(b)
20,926
(h)
19,691
(b)
2,535
532
.202
526,166
162,098
.203
431, 517
140,157
.203
409,953
105,905
.203
275, 752
67,850
.319
674,964
68,444
.382
664,848
101, 825
.235
210.423
79,051
.380
590,798
64, 521
.409
689, 827
111,091
102,496
100,934
16, 533
(fc)
89, 629
15, 513
(k)
75,865
12,171
(k)
57,167
10,863
65,149
10,378
(b)
68, 844
9,108
(b)
65,053
13,135
(b)
54,268
8,844
(b)
84,170
10, 602
<)
64,591
' 15,696
839,051
957,453
831,492
924,170
(k)
680,480
(»)
718,345
(»)
757,222
(»)
456, 591
(b)
837, 553
(>)
555, 686
(>)
85,991
(*)
570,068
(h)
987, 245
C)
C)
MEATS
Total meats (including lard):
Consumption, apparent
mil. of lb.
Exports§
do...
Production (inspected slaughter).._
do.._
Stocks, cold storage, end of month©cf
...do.—
Edible offal©
_
do...
Miscellaneous meats and meat products©
do...
Beef and veal:
Consumption, apparent.
.thous. of lb.
Exports§
_do._.
Price, wholesale, beef, fresh, native steers (Chicago)
dol. per lb.
Production (inspected slaughter)
thous. of lb.
Stocks, cold storage, end of month©cT-.-do
Lamb and mutton:
Consumption, apparent
do...
Production (inspected slaughter).
do...
Stocks, cold storage, end of month© c?
do...
Pork (including lard):
Consumption, apparent
do...
Production (inspected slaughter)
do...
Pork:
Exports§
__
do
Prices, wholesale:
Hams, smoked (Chicago)
dol. perlb.
Fresh loins, 8-10 lb. average (New York)
do..
Production (inspected slaughter)
thous. of lb_
Stocks, cold storage, end of month©d"
do...
Lard:
Consumption, apparent
do...
Exports§
do
Price, wholesale, refined (Chicago)
dol. perlb.
Production (inspected slaughter)
thous. of lb.
Stocks, cold storage, end of monthd*
_do._.
12,721
16,559
8,222
20,718
27, 321
47,991
46,919
49, 412
42,219
12,737
1,076
1,305
1.522
.404
728, 500
272, 092
.258
.259
810,106
320, 571
.258
.259
747, 282
396,740
.258
.259
708,566
426, 545
.264
.264
533,909
396, 753
.268
.266
573,027
379,373
.265
.266
606, 017
382, 742
.265
.266
360,342
322,433
.410
.419
667,522
297,355
.503
.514
425, 735
168, 861
.265
.333
71,181
99,859
.265
.476
462.454
142,912
.554
.512
757, 765
209,946
168,326
63, 259
134,462
22,862
.146
180,801
82,826
127,002
25,063
.146
152,728
83,489
102,417
47,975
.146
157,087
90,184
(k)
42,323
.147
106, 538
80,438
(*)
55,435
.148
105,369
71,153
(6)
64,861
.148
109, 563
45,539
(k)
57,689
.148
69,837
34,910
(6)
52, 555
(a)
123, 348
43, 349
(6)
27,665
.350
94, 780
37, 969
<»)
11, 679
.190
10,665
30,021
(b)
8,268
.190
77, 888
31, 513
16,647
.392
167,381
r 40, 623
.243
89,018
355,914
.255
47,157
363,954
.253
31, 034
356, 730
.268
31,348
320,027
.272
37, 278
256,822
.274
34, 765
209,944
.269
32,865
173,905
.283
38,138
178,784
.265
43,162
207,137
.307
61,131
184,841
.298
89,972
261,006
.242
72,952
301,030
183
.429
3,400
264
356
4,214
7,449
.331
4,954
18,335
.332
6,696
20,924
.333
6,721
17, 556
.336
6,216
15,761
.332
5,012
12, 756
.340
4,221
9,757
.346
3,636
4,347
.406
3,264
2,970
.420
3,172
2,271
.406
3,080
113
129,424
272
111, 721
1,578
117,903
3,771
149, 710
' 6, 425
200,176
8,683
245,287
9,871
265,050
9,537
260,101
7,960
236, 256
5,738
207, 244
3,585
168, 591
'1,717
132,664
POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago)
dol. per lb.
.266
Receipts, 5 markets
thous. of lb. 65,114
Stocks, cold storage, end of monthcf.
d o . . . 318,119
Eggs:
3,514
Dried, production*
_
do...
Price, wholesale, fresh firsts (Chicago)J..dol.per doz_
.388
Production
millions.
Stocks, cold storage, end of monthicf
775
Shell
thous. of cases.
Frozen
_
thous. of lb- 104,034
()
MISCELLANEOUS FOOD PRODUCTS
36,818
42,709
39,254
38, 469
Candy, sales by manufacturers.._
thous. of dol
38,865
34,056
34, 622
39, 505
54,122
30,467
56,850
56, 287
24, 678
14,249
16,898
42,688
37,361
Cocoa, imports§
long tons.
30,162
14, 409
9,405
29,397
13,765
14,048
19,433
12,237
Coffee:
1,618
1,286
Clearances from Brazil, total
thous. of bags. _ 1,178
1,145
1,577
1,030
1,829
1,573
814
1,312
1,635
1,448
1,416
1,233
973
1,189
To United States
do.
718
748
1,510
729
484
970
837
1,163
902
946
998
1,824
1,498
2,093
Imports!
do
2,849
1,786
1,947
1,338
1,237
1,480
2,298
1,612
.134
134
.134
.134
Price, wholesale, Santos, No. 4 (N. Y.).._dol. per lb..
.134
.134
221
.241
.221
.264
.206
.134
.263
2,558
1,964
2,143
2,276
Visible supply. United States
thous. of bags
2,044
1,931
2,105
2,182
2,142
1,584
2,122
2,319
2,080
Fish:
21, 640
10,821
Landings, fresh fish, 4 ports
thous. of lb
12, 455
25,245
47,005
24,151
46,776
53,727
68,023
53,786
66,854
35, 025
Stocks, cold storage, end of month
do... 152, 853 140,208 115,398
99,051
84,725
75,318
97,806 126,837 152,403 147,085 149,549
158,486
84, 265
Sugar:
Cuban stocks, raw, end of monthj
••317
299
1,111
2,036
2,702
thous. of Span, tons..
342
1,310
1,700
2,902
712
2,551
2,059
553
United States, deliveries and supply (raw value) :*
Deliveries, total
_
short tons... 423,488 353,168 516, 244 285, 341 476, 316 556, 466 524,662 598, 604 590,347 608,883 524,734 396,831 • 482,194
For domestic consumption
do
346,123 514, 724 276, 715 425, 742 500,608 451,994 526, 605 557,235 561, 695 513, 527 392,018 475,921
390,137
For export
do
8,626
1,520
7,045
55,858
72,668
50,574
33, 351
11,207
4,813
47,188
33,112
71,999
* 6,273
"
Production, domestic, and receipts:
Entries from off-shore areas
do
263,345 465,834 433,190 501,777 478,311 460,172 402,299 297, 275 233,063 223, 78l
196,476 182,937
98, 526
Production, domestic cane and beet
do
24, 771
18, 254
49, 780
19, 305
414,465
94.691 483, 532 642,63 3
13,173
8,345
9,613
Stocks, raw and refined, end of month
do
,418,077 1,794,764 1,174,614 1,184,341 1,080,908 1,065,183 955,031 824,641 671, 491 519,727 832,071 ,209,82Q
r
Revised. * For data for December 1941-July 1942, see note in November 1943 Survey, i Not strictly comparable with earlier data; comparablefigurefor November 1946,0.545.
J
X Compiled by the U. S. Department of Labor; see note in April 1944 Survey.
° No quotation.
* Temporarily discontinued; data under revision.
d" Cold storage stocks of dairy products, meats, poultry and eggs include stocks owned by U. S. Department of Agriculture and other Government agencies, stocks held for the
Armed Forces stored in warehouse space not owned or operated by them, and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.
5 Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
© Data for edible offal are comparable with figures beginning June 1944 shown as "miscellaneous meats" through the April 1946 Survey (see note in that issue). "Miscellaneous
meats and meat products" shown above include sausage and sausage room products and canned meats and meat products which were not reported prior to June 1944. Stocks shown
under beef and veal are combined figures for beef and veal; the latter also has been reported only beginning June 1944. Data for June 1944 to February 1946 for veal and for the items
now shown as miscellaneous meats and meat products are given in notes in the August 1944 to April 1946 issues of the Survey. Stocks for the several meats include trimmings which
were included as "miscellaneous meats" prior to June 1944.
• New series. Data for 1927-43 for dried eggs are shown on p. 20 of the March 1945 Survey. The new sugar series include raw and refined in terms of raw (see also note in the
April 1945 Survey).
t Revised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions beginning 1913 will be shown later. The series for feeder
shipments of sheep and lambs has been revised beginning 1941 to include data for Illinois; revisions are shown on p. S-27 of the August 1943 Survey.
S-30
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
December
December
February 1947
1946
January
February
March
April
May
June
July
August
September
October
Novem
ber
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCT S-Con.
Sugar, United States—Continued.
Exports, refined sugar §
Imports: §
Raw sugar, total
From Cuba
.
Refined sugar, total
From Cuba
Receipts from Hawaii and Puerto Rico:
Raw
„
Refined
Price, refined, granulated, New York:
Retail
Wholesale
Tea, imports §
._ . . _
short tons
18, 972
4,304
7,003
33,945
58,321
59, 716
61,897
47,191
33,844
22, 546
3,280
6,734
do
do
do
do__
68, 374
68,374
4,387
4,243
172,125
172.125
10,324
10, 324
191, 214
191, 214
195
0
310, 519
310,519
33,816
33, 656
143,528
143,528
38, 785
38,735
240,190
230,471
38,061
38,061
189, 418
179, 666
15,001
15,001
267, 460
267, 460
47,349
47,349
157,171
145,072
49,932
49,932
126,958
116,529
30, 294
30, 294
97, 960
92,812
35,099
35,098
180,167
180,167
23, 647
23,647
do
do
91, 076
0
20, 687
0
38, 774
0
112,933
10,417
197,733
23,657
179,667
17, 685
160,827
30,150
179,922
4,750
209, 662
1,709
128,747
4,774
76, 424
1
.064
.054
?,, 686
1.067
.054
14,975
1.068
.056
12, 569
1.074
.059
6,580
1.073
.059
3,077
1.074
.059
1,540
1.074
.060
1,336
1.075
.060
6,350
1.076
.067
9,968
(b)
.074
3,846
dol. per 1b
do
thous. oflb.
1.095
.078
J
.O73
.059
6,139
3.092
.076
16, 286
TOBACCO
Leaf:
62, 293
43,902
54,383
27, 226
47, 335
60,740
36,970
94,129
52, 230
60, 401
39, 595
50, 461
Exports, incl. scrap and stems §
thous. of lb
5,633
4,043
4,861
5,381
3,119
22, 371
5,129
4,727
6,883
5,613
6,031
6,520
Imports incl scrap and stems §
do
2 2,236 s 1, 994
Production (crop estimate)
.mil. of lb__
Stocks, dealers and manufacturers, total,
3,275
3,342
2 997
2,853
end of Quarter
mil of lb
Domestic:
377
Cigar lpaf
do
324
366
327
223
196
175
165
Firp-f*iiTPd and daxV
flir-oiirpd
do
2,668
2,626
2,168
2,389
Fliip-ciirpd &nd lisrht
ftir-curfid
do
3
2
3
3
Miscellaneous domestic
do
Foreign grown:
26
31
28
26
Cisrar leaf
do
85
75
95
87
Cigarette tobacco
do
Manufactured products:
Consumption (tax-paid withdrawals):1
25,452
25,226
29, 972
32, 778
23,637
26, 401
26, 360
25, 440
27,696
16,061
28,953
26, 865
Small cigarettes._
millions.. 22,695
465, 769 364,671 468, 592 455,024 480,479 484,318 497, 297 452,180 439,396 500, 572 457, 703 588,067 546,949
Large cigars
thousands
21,084
20,023
22, 728
21, 223
20,949
15,453
20,806
17, 776
18, 519
25, 631
2J,671
17, 636
22,733
Manufactured tobacco and snuff
thous. of lb._
1,002,748 2,660,699 1,048,525 1,448,618 1,996,922 4,443,744 2,427,461 1,831,885 1,966,654 1,124,900 1,138,583 1,522,607
Exports, cigarettes §
thousands.
Price, wholesale (list price, composite):
6.006
6.056
6.255
6. 255
6.424
6.509
6.006
6.006
6.255
6,509
6.255
6.006
6.255
Cigarettes, f. o. b., destination
dol. per 1,000.
20, 521
19, 750
21, 472
21,092
25,674
16,655
19,067
21,078
18,065
22,868
21,672
Production, manufactured tobacco, total ..thous. o f l b . .
331
290
334
302
348
279
282
326
262
311
374
Fine-cut chewing
_ do _
4,172
4,821
4,106
4,317
4,280
4,657
3,066
4,373
4,481
4,631
4,361
Plug,
do
3,976
3.948
4,099
3,647
2,738
3,635
3,069
3,968
4,627
4,437
3,860
Scrap, chewing
.
do
7,979
5,944
7,808
10,051
6,954
8,909
11,676
6,386
9,395
9,486
9,618
Smoking
..
do
3,706
3,128
3,419
3,333
3,339
3,022
2,721
2,953
3,640
3,429
3,061
Snuff
do .
423
529
458
498
497
561
335
466
508
511
461
Twist
.
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (see p. S-28).
Imports, total hides and skins §
thous. of lb._
Calf and kip skins
thous. of pieces
Cattle hides
do
Goatskins
do
Sheep and lamb skins
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb_Calfskins, packers', 8 to 15 lb
. .
do
LEATHER
Exports: §
Sole leather:
Bends, backs and sides
thous. of lb
Offal, including belting offal
do
Upper teather
do
Production:
Calf and kip
thous. of skins
Cattle hide
_ . thous. of hides..
Goat and kid _
thous. of skins
Sheep and lamb
do
Prices, wholesale:
Sole, oak, bends (Boston) f _
_ dol. per lb
Chrome, calf, B grade, black, composite.-dol. per sq. ft..
Stocks of cattle hides and leather, end of monthrj
Total
thous. of equiv. hides_.
Leather, in process and
finished
do
Hides, raw
__
do
LEATHER MANUFACTURES
Gloves and mittens, production, total*.thous. doz. pairs.
Dress and semi-dress, total
do
Leather.
.
. . . do
Leather and fabric combination
-do
Fabric
do
Work, total
.do
Leather
.
_. do.
Leather and fabric combination
do
Fabric
do
f
11, 301
164
29
1,656
1,912
15, 331
3
68
2,332
2,818
17, 340
0
50
1,571
4,684
15, 785
80
1,168
3,609
13,187
11
41
1,271
3,090
19,006
35
83
2,496
4,868
15,384
' 20
85
2,640
3,178
16, 723
48
150
1,866
3,701
19,238
124
140
2,273
2,419
30,921
59
06
4,454
2,540
.155
.218
.155
.218
.155
218
.155
.218
.155
.218
.155
.218
.155
.218
.239
.268
.155
.218
.155
.218
.155
.218
.289
.435
79
1,194
3,206
1,818
296
2,853
721
573
3,324
3,113
1,322
4,072
2,335
593
4,430
655
488
3,280
307
186
2,282
364
25
'2,011
640
17
834
51
20
1,107
146
5
1,899
937
2,237
1,659
3,949
.770
.902
10, 870
(a)
20
2,297
1,968
3,062
275
6,705
.276
.414
16,084
39
52
3,137
2,883
1,031
2,502
1,997
4,418
1,032
2,544
2,143
4,288
898
2,500
2,190
4,256
907
2,479
2,027
3,986
831
2,331
1,773
3,944
801
2,089
1,537
3,584
755
2,058
1,656
3,529
844
2,160
1,761
3,951
832
1,895
1, 739
3,702
959
% 046
' 2, 598
4,558
981
2,136
2,295
4,088
.440
.529
.440
.529
.440
.533
.440
.533
.440
.533
.440
.533
.462
.536
.675
.570
.470
.558
.470
.565
.470
(b)
.880
(b)
10, 063
6,192
3,871
9,886
6,081
3, 728
10, 059
6,052
4,007
9,721
6, 054
3,737
9,539
6,098
3,441
9,217
6,000
3,204
8,503
5,971
2,532
8,419
5,541
2,878
7,633
5,681
1,962
7,565
5,703
1,851
' 7, 446
'6,004
1,442
8,476
5,429
3,047
1,893
632
144
20
468
1,261
155
186
921
2,228
656
151
18
488
1,572
177
231
1,164
2,218
688
154
20
513
1,530
169
220
1,141
2,432
794
185
23
586
1,638
176
225
1,237
2,331
774
169
23
581
1,557
182
214
1,160
2,418
798
185
24
590
1,620
167
212
1,241
2,274
765
166
28
571
1,509
156
192
1,161
2,024
652
141
18
493
1,372
116
159
1,097
2,255
806
175
25
606
1,449
125
186
1,138
2,103
737
153
18
566
1,366
119
175
1,072
r 2, 549
'882
167
20
' 695
' 1, 667
143
197
'1,327
2, 283
762
145
15
602
1, 521
114
164
1,243
r
Revised, ' D a t a beginning J a n u a r y 1946 reflect a change in the sample and in the method of summarizing reports; January 1946 figure comparable with earlier data is $0,004.
2
b
December 1 estimate.
"s Revised estimate.
° Less than 500 pieces.
N o quotation.
^Tax-paid withdrawals include requirements for consumption in the United States for both civilians and military services; withdrawals for export and for consumption outside
the United States are tax-free,
§Data continue series published in the 1942 Supplement b u t suspended during the war period (it should be noted that data for sugar are shown in long tons in that volume);
data for October 1941-February 1945 will be published later.
t Data reported currently cover stocks in tanners' hands only; all data shown above have therefore been revised to cover only tanners' stocks; the figures for total stocks for January, March, and M a y include small revisions that are not available for the break-down between leather and raw hides.
fRevised series. T h e price for sole oak leather is shown on a revised basis beginning in the October 1942 Survey; revisions beginning July 1933 are available on request.
*New series. D a t a on gloves and mittens are from t h e Bureau of the Census and cover all known manufacturers; data for January 1943-March 1945 for leather and combination
leather and fabric, and for M a y 1944-March 1945 for fabric gloves and mittens will be published later. T h e series for leather gloves are not comparable with similar data shown in
the 1942 Supplement which cover only around 85 percent of the total.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-31
1946
™~
March
April
May
June
July
1,663
49,469
227
49,242
690
1,701
44,957
315
44,642
627
776
37,021
139
36,689
1,879
3,238
5,060
9,592
16,920
5,646
5,879
338
32,815
1,752
2,960
4,379
8,703
15,021
5,304
5,708
188
August
ber
October
November
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES^Continued
Boots and shoes:
Exports §
_
thous. of pairs..
Production, total J
do
Government shoes
_
___
-do
Civilian shoes, total
do
Athletic
do
Dress and work shoes, incl. sandals and playshoes:
Leather uppers, total
thous. of pairs..
Boys' and youths'
do
Infants'
_
_do
Misses' and children's
_
do
Men's
_
do.-_Women's
_
.do
Part leather and nonleather uppers
_.do
Slippers and moccasins for housewear
.do
All other footwear
do
4,192
34,649
632
34,017
410
1,326
i 41,246
471
40,479
537
744
43,701
464
43,237
635
1,095
47,955
427
47,528
676
26,371
1,421
2,346
3,352
6,945
12, 308
2,632
4,497
106
31,012
1,492
2,855
3,913
7,815
14,937
4,007
4,782
140
33,091
1,777
3,068
4,421
8,508
15,317
4,622
4,757
133
35,483
1,807
3,248
4,904
8,954
16,571
5,671
5,487
211
981
49,437
273
49,164
1,872
3,363
5,066
9,383
16,985
5,876
5,731
222
536
1,159
46, 236
172
46,064
486
342
41, 651
140
41,511
330
289
' 47,469
'171
' 47,297
'394
26, 504
1,502
2,456
3,346
7,662
11, 538
4,693
4,980
169
32,117
1,720
2,838
4,119
8,692
14, 748
6,679
6,563
219
30,022
1,607
2,575
3,727
7,901
14,212
5,279
5,681
199
*p 34,194 30,130
1,743
1,589
' 2,962 2,548
' 4,183
3,849
' 8,874 8,169
r 16,432 13,975
' 5,173
4,329
' 7,234 5,595
'302
250
459
40,893
196
40,697
393
LUMBER AND MANUFACTURES
LUMBER~ALL TYPES
49,257
3,312
44,012
95,432
64,795
6,405
56,089
80,528
52, 574
11,708
39,194
79, 434
71,094
21,006
48,091
95,354
63,060
21,278
39,878
97,136
' 53, 583
"21,396
' 30,866
90,263
r 56,871
' 10,290
' 44,968
76,930
43, 784
13,876
27,825
109, 744
54,366
12,852
34,783
123,411
44,237
14,777
26,889
111, 685
23,802
4,329
17,485
131, 665
38,251
7,183
30,103
117,696
1,638
443
1,195
1,688
472
1,216
3,816
1,022
2,794
1,840
516
1,324
2,081
604
1,477
3,555
906
2,649
1,887
498
1,389
1,911
479
1,432
3,482
877
2,605
2,279
640
1,639
2,307
582
1,725
3,397
886
2,511
2,538
681
1,857
2,517
674
1.843
'3,420
873
'2,547
2,668
699
1,969
2,621
691
1,930
3,481
875
2,606
2,689
659
2,030
2,542
622
1,919
3,614
904
2,710
2.656
731
1,925
2,505
632
1,873
3,735
974
2,761
' 2, 917
793
' 2,124
' 2,653
660
'1,993
' 3,940
1,071
' 2,869
2,709
' 1,888
2,471
642
1,829
4,148
'1,212
2,936
2,921
854
2,067
2,645
731
1,914
4,405
1,318
3,088
2,517
738
1,778
2,353
619
1,735
4,534
1,407
3,127
4,350
6,100
3,950
3,700
1,950
1.150
7,050
2,425
1,200
4,350
2,875
6,700
3,050
3,075
4,250
2,625
6,725
2,850
2,675
4,300
3,025
6,875
3,100
2,725
4,650
4,325
6,550
3,100
4,350
3,200
3,700
6,175
2,950
3,875
2,475
2,750
6,250
2,550
2,700
2,425
2,300
5,750
2,375
2,375
2,375
3,560
6,150
3,100
3,125
2,475
2,550
5,425
2,925
3,375
2,425
3,750
5,700
3,400
3,425
2,200
3,250
5,250
3,475
3,625
1,975
29,194
41,249
33,955
31, 248
7,431
12,201
37,962
16,004
13,336
7,781
15,632
42,120
18, 523
11,474
14,830
17,329
37,694
17,453
22,892
9,391
15,971
35,529
18,958
18,136
9,661
16,817
34,280
18,757
20,996
7,425
19,434
33,371
20,119
20,982
7,270
15,426
31,158
17,239
17,639
5,162
20,247
31,657
20,838
19,747
6,081
18,931
30,055
22,860
24, 734
4,209
22,851
(3)
27, 527
27,331
(3)
29, 212
42,190
35,922
34,882
4,738
29,245
41,800
34,079
33,065
5,752
Exports, total saw mill products §
M bd. ft
Sawed timber §
_
^ do
do
Boards, planks, scantlings, etc §
Imports, total sawmill products §
do. .
National Lumber Manufacturers Association:!
Production, total
mil. bd. ft..
. do....
Hardwoods
.
_
do
Softwoods
do
Shipments, total
do
Hardwoods
Softwoods
..do....
do
Stocks, gross, end of month, total
Hardwoods
_
_ .
do .
Softwoods
do
FLOORING
Maple, beech, and birch:
Orders, new...
Orders, unfilled, end of month
Production,..
_
Shipments _ . .
Stocks, end of month
Oak:
Orders»new
Orders, unfilled, end of month
Production.__
Shipments
Stocks, end of month .
_
. __.
. . . .
._
M bd. ft.,
do
do...
do
do .
. do
do
do
do
. do
.
SOFTWOODS
Douglas fir:
22, 271
18,710
6,233
2,138
42,207
29,889
31, 375
30,020
39, 682
20, 478
26,038
41,528
Exports, total sawmill products §
M bd.ft..
5,702
654
8,242
6,032
15, 231
9,256
13,225
9,806
16, 733
1,127
3,820
2,632
Sawed timber §
. .
Ho
1,484
13,008
23,133
28,982
13,015
3,601
23,988
22,949
14,658
10,672
24,911
37,708
do
Boards, planks, scantlings, etc.§_
Prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
42. 630
42. 630
43.855
42. 630
34. 790
38.220
38.220
41.528
37.362
42.630
34.790
dol. per M bd.ft.. 47.824
34. 790
59.780
59. 780
59. 780
44.100
53.900
51.450
53.900
63.308
58.310
59. 780
Flooring, B and better, F. G., 1 x 4, R. L... _do
44.100
44.100
59.780
Southern pine:
9,565
16, 384
9,093
13,816
5,317
21,360
11,973
11,178
10,861
11,716
Exports, total sawmill products §
M bd. ft
5,798
9,076
1,034
4,534
2,035
5,743
2,703
5,260
3,228
3,506
4,080
1,904
2,268
Sawed timber §
r\n
4,955
6,862
11,124
6,644
16,405
5,865
8,826
4,283
8.073
8,467
3,894
7,636
6,808
do
Boards, planks, scantlings, etc §
602
573
555
664
565
623
626
532
672
655
616
472
626
Orders, new f..
. .
mil, bd.ft
633
574
642
633
698
679
738
731
746
701
651
646
696
Orders, unfilled, end of month t
do
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'f
53.182
46. 083
43.465
46.029
46.029
46.029
46.083
46.083
46.029
46.083
42. 782
42. 837
dol. per M bd.ft-.
Flooring, B and better, F. G., 1" x 4" x 12—14' f
74. 723
65.091
61.131
65.091
65.091
65.091
65.091
65.091
65.091
59.811
65.091
dol. per M hA ft
60.056
615
•629
651
554
635
693
646
590
636
673
631
472
512
Production!-_
mil. bd.ft
645
648
591
553
624
657
635
582
662
610
598
476
576
do
Shipments! - .
1,082
1,168
1,085
1,066
1,071
1,082
1,060
1,135
1,213
1,077
1,129
1,065
1,081
do
Stocks, end of monthf
Western pine:
476
568
617
299
480
565
445
515
543
589
425
293
240
Orders, newf__
do
275
258
276
299
417
288
269
294
293
280
298
283
298
Orders, unfilled, end of monthf
do
Price, wholesale, Ponderosa, boards, No. 3 common,
40.36
40.19
35.77
40.65
40.38
36.16
40.93
39.15
40.07
40.35
36.07
35.99
43.30
I"x8"__
dol. per M bd.ft
234
656
720
584
296
457
611
480
385
206
206
••662
Production!
.mil. bd. ft.,
618
489
634
590
564
297
373
461
529
581
248
430
290
Shipments!
560
do
1,092
1,083
987
761
684
765
835
1,041
824
710
901
1,038
908
do
Stocks, end of month!
West coast woods:
449
552
562
'425
445
423
527
476
377
455
543
518
Orders, new!.
.do....
544
554
576
545
683
632
601
559
636
703
Orders, unfilled, end of month
do
538
738
461
541
55'/
403
449
469
532
532
527
517
368
450
do
Production!
_
512
446
441
503
532
415
448
357
556
526
511
460
do .
Shipments!
475
462
403
362
368
••378
398
'378
420
400
392
375
.do....
Stocks, end of month..
2
'3 Revised.
i Includes revisions not available for the detail.
Excludes data for Redwood region; estimates for this region are included in figures for later months.
Not available.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
tSee note for boots and shoes at the bottom of p. S-23 of the July 1945 Survey regarding changes in several classifications and note marked "%" on p. 28 of that issue regarding
other revisions. Revisions for January-May 1943 and 1945 and January-April 1944, which have not been published, will be shown later.
! Revised series. The following lumber series have been recently revised to adjust the monthly figures to 1944 totals for production compiled by the Bureau of the Census.
Data beginning January 1944 for production, shipments, and stocks for total lumber, total hardwoods, and total softwoods and production, shipments, and new orders for
Southern pine and western pine and 1944 data for production, shipments, and stocks of West Coast woods (1945 data for West Coast woods are subject to further revisions).
Earlier lumber data were previously adjusted to 1941-43 Census data and revisions have been published only in part (see note in April 1946 Survey). All unpublished revisions through
February 1945 will be shown later. The Southern pine price series are shown on a revised basis beginning in the February 1946 Survey; each represents a composite of 9 individual
series; the specifications given above apply to data collected beginning February 1945; earlier data were computed by linking slightly different series to the current data.
S-32
SUEVEY OF CUREENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
February 1947
1946
1945
January
February
March
April
May
June
July
August
September
Octo- Novem
ber
ber
LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Redwood, California: X
Orders, new
Orders, unfilled, end of month
Production
Shipments..
Stocks, end of month
_M bd. ft..
do
.do
-do
-do
20,572
81,947
26, 724
21,495
76,006
20,248
91,979
9,858
11,207
75,231
8,179
98,314
795
1,854
74,165
4,370
100,288
1,286
2,267
73,298
3,930
98,911
2,890
75,100 106,883
75,904 104,144
26, 739 29,105
97,828
98, 619
28,096
73, 543
4,160
97,769
3,912
4,275
73,520
3,701
99,706
4,033
3,765
73, 735
109,005
105,999
120,152
120,176
29, 753
128,489
129,926
28,016
121,412
125,068
24,391
62
64
63
63
62
59
1
36
108
69
31
115
70
37
52
128
71
38
1
53
146
70
41
2
40
147
69
37
1
53
137
62
33
SOFTWOOD PLYWOOD
Softwood plywood:*
Production
thous. of sq. ft., $£" equivalent.
Shipments
_
_
do...
Stocks, end of month
_
do,..
122,273
128, 595
27,779
99, 747 126,974
92, 288 124,891
34,189 33,842
129, 270 149,600
128, 086 149,583
35,560 34,959
FURNITURE
All districts, plant operations
.percent of normal.
Grand Rapids district:
Orders:
Canceled
percent of new orders.
New
no. of days' production.
Unfilled, end of month
do._.
Plant operations
percent of normal.
Shipments
no. of days' production.
70
56
59
17
28
120
77
36
72
3
47
141
71
39
35
137
70
40
3
53
141
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:!
Iron and steel products:
Exports (domestic), total
Scrap
Imports, total
Scrap
451,046
short tons.
do...
do...
do__.
1,607
557,360
4,768
78,584
1,208
327, 590
9,322
89, 230
3,459
349, 317 476, 221 488,300 394, 382 395, 923 513, 595 362, 776 293,447
18, 568 11, 620 10, 893
9,244
10,662 16, 752 18,160
7,187
212,138 157,753 111, 694 64,737 131,022 119, 664 123, 513 108, 570
103
3,409
4,389
3,032
763
1,896
9,584
207
Iron and Steel Scrap
Consumption, total*
thous. of short tons..
Home scrap*
do
Purchased scrap*.do
Stocks, consumers', end of month, total*
do
Home scrap*
do
Purchased scrap*
do
4,129
2,233
1,896
3, 742
1,215
2,527
C)
» 4, 538
12,326
» 2,212
4,491
1,376
3,115
4,415
2,415
2,000
4,514
1,346
3,168
4,504
2,331
2,173
4,405
1,296
3,109
3,662
1,746
1,916
4,380
1,281
3,099
4,214
2,074
2,140
4,110
1,269
2,841
4,476
2,382
2,094
3,660
1,267
2,393
4,670
2,594
2,076
3,324
1,142
2,182
4,449
2,467
1,982
3,258
1,192
2,066
4,907
2,705
2,202
3,163
1,184
1,979
3,719
0
35,342
31, 215
4,127
78
33
1,748
0
33,647
29,606
4,041
75
27
6,021
0
27,601
24,100
3,501
81
'63
4,769
730
23,079
20,060
3,019
112
56
2,990
3,616
23,905
21,075
4,995
8,654
26, 265
23,247
3,018
173
33
6,460
10, 848
30,439
27,131
3,307
340
72
6,738
9,774
34,067
30, 450
3,617
371
62
6,380
9,636
37,573
33, 464
4,109
402
70
6,625
9,209
40,435
35, 762
4,674
386
69
()
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces
thous. of long tons..
Shipments from upper lake ports
do
8tocks, end of month, total
do
At furnaces
.do
On Lake Erie docks
do
Imports §
do
Manganese ore, imports (manganese content)!-.-do
5,516
247
37,465
33,056
4,408
6,099
71
39,059
34,660
4, 399
109
51
237
45
Pig Iron and Iron Manufactures
Castings, gray iron:*
Shipments, total
short tons_. 889,479 678,091 706,319 541,177 796,068 856,678 757,041 735,060 810,829 944, 516 913, 824 1,051,068
525, 728 397,529 446, 567 368. 384 505,431 529, 323 454,194 435,866 475,059 558,957 534, 310 610,389
For sale
_
_
do
2,952,203 1,877,095 2,076,994 2,152,766 2,265,336 2,378,348 2,491,811 2,633,118
2,785,609 2,881,906 2,916,268
Unfilled orders for sale
-do
Castings, malleable :tf
28, 542
34,157 41, 804 44,503 50,140
44,507 47,411 31,104 49, 561 48,126
38,985
Orders, new, for sale.
...do
267,661
245,878 247, 644 263,227 267,822 271,925 275,845 271,981 272, 440 277, 309 280,972
Orders, unfilled for sale
do
68,314
51,963 54,191 40,156
62, 598
61,650 64,446 67,903
79,207
69,516
50,235 65,010
Shipments, total
do
39,327
35,168 38,181
29,338 33,978 36,298
34,975
35,468 38,021 41,345
39,634 46,477
For sale
-do
Pig iron:
4,812
4,560
4,090
2,395
3,623
3,739
» 3,664
4,696
4,571
4,374
Consumption*
thous. of short tons..
Prices, wholesale:
28.00
25.25
25.25
25.25
29.60
28.00
28.00
26.00
28.00
26.00
28.00
25.63
Basic (valley furnace)
dol. per long ton..
28.73
25.92
25.92
30.12
25.92
28.67
26.82
28.73
28.73
26.67
26.32
28.73
Composite
do
28.50
25.75
30.50
25.75
26.50
28.50
25.75
28.50
28.50
26.50
26.20
Foundry, No. 2, f. o. b. Neville Island*
do
28.50
3,992
4,705
2r645
4,323
3,682
2,444
4,815
1,148
4,898
3,614
4,424
Production*
thous. of short tons..
4,687
Stocks (consumers* and suppliers'), end of month*
821
1,192
810
771
862
1,257
881
1,046
thous. of short tons.
1,239
C)
Boilers, radiators, and convectors, cast-iron:^
Boilers (round and square):
17, 515
9,134
22, 279 20, 986
21,188 25, 380 25, 713 30,049
12, 341 15, 612
Production
thous. of lb_14, 939
7,383
20, 264 21, 348
20, 222 26, 881 27, 021 32,176
Shipments
do.
11, 324 13, 492
42, 577 41,076 39, 769 37,642
41,973 41, 611
32,850 32, 426 37,178 38,195 40, 316
Stocks, end of month.
do.
Radiation:
2,174
1,948
3,386
3,196
3,878
2,571
3,179
1,904
Production
thous. of sq. ft_.
3,494
4,523
2,313
1,937
1,431
4,469
2,196
3,355
3,559
2,239
3,764
4,858
1,895
Shipments
_
-do_
2,094
4,012
3,421
4,344
2,610
4,375
3,361
3,151
2,815
3,028
Stocks
do_
r
Revised.
* Total for January and February.
• Data not available.
tAll but 2 of the reporting mills were closed by strikes from the middle of January until July; complete reports were not received for July and later months.
§Data continue series shown in the 1942 Supplement but suspended during the war period (it should be noted that data for iron and steel are shown in long tons in that volume);
data for October 1941-February 1945 will be published later.
cf Since May 1944 the coverage of the malleable iron castings industry has been virtually complete (see note in April 1946 Survey regarding earlier data); total shipments include
shipments for sale and for use by own company, an affiliate, subsidiary or parent company. New orders for sale has been substituted for total new orders which has been discontinued;
data beginning November 1944 for unfilled orders and beginning 1936 for new orders and shipments for sale will be published later.
•New series. Data beginning September 1941 for softwood plywood are shown on p. 16 of the September 1944 Survey. For a description of the series on scrap iron and steel
and pig iron consumption and stocks and 1939-40 data, see note marked "*" on p. S-29 of the November 1942 Survey; later data are available on p. S-3Q of the April 1942 and subsequent
issues. The series on pig iron production is approximately comparable with data in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated);
see p. S-30 of the May 1943 Survey for further information on this series and data for 1941-42. The pig iron price series replaces the Pittsburgh price, delivered, shown in the Survey
prior to the April 1943 issue. Data for gray iron castings for 1943-45 are shown on p. 24 of the January 1947 Survey.
^Compiled by the Bureau of the Census, except 1945 production data for radiation which are from the Civilian Production Administration; these data continue similar series from
the Institute of Boiler and Radiator Manufacturers published in the 1942 Supplement to the Survey, except that data for round and square boilers, shown separately in that volume,
are here combined. The series for radiation include data for radiators in square feet of radiation and data for convectors in square feet of equivalent direct radiation. Data for 1942-45
are shown on p. 24 of the January 1947 Survey
February 1947
SUEVEY OF CUEEENT BUSINESS
Unless otherwise Stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-33
1946
January
February
March
April
May
June
July
Octo- Novem
ber
ber
August
September
130,450
94,653
24, 746
126, 415
90, 675
25,993
138,206
98,945
25, 706
130,813
93, 930
27,489
6,518
6,910
'6,410
'.85
METALS AND MANUFACTURES—Contipued
IRON AND STEEL—Continued
I
Steel castings:!
Shipments total
short tons__ 122, 219
87, 238
For sale, total
do
21,247
Railway specialties
do
Steel ingots and steel for castings:
5,701
Production..
...thous. of short tons_.
73
Percent of capacity!
Prices, wholesale:
.0312
Composite, finished steel
_~
dol. per lb._
39.00
Steel billets, rerolling (Pittsburgh)_..dol. per long ton.
.0235
Structural steel (Pittsburgh)
_dol. per Ib__
27.25
Steel scrap (Chicago)
dol. per long ton..
Steel, Manufactured Products
Barrels and drums, steel, heavy types:®
Orders, unfilled, end of month
thousands..
Production
do
Shipments
_do
Stocks, end of month
do
Boilers, steel, new orders:?
Area
,___thous. of sq. ft-Quantity
_
number..
Porcelain enameled products, shipments}: thous. of dol_.
Spring washers, shipments
do
8teel products, net shipments:©
Total
thous. of short tons__
Merchant bars
do
Pipe and tube
do
Plates
-do
Rails.
do....
Sheetsdo
Strip—Cold rolled..
do
Hot rolled.
do
Structural shapes, heavy
do
Tin plate and terneplate
do
Wire and wire products
do
146,327 129,211
108,586 94,630
33, 598 28,547
99,058
77,071
22, 645
57,423
45,151
8,879
101,396
80,843
21,905
6,058
75
3,872
50
1,393
20
6, 507
83
5,860
78
.0275
36.00
.0210
18.75
.0275
36.00
.0210
18.75
.0288
37.50
.0223
18.75
.0301
39.00
.0235
18.75
5,353
1,810
1,821
27
1,467
1,464
6,938
115,239
85, 391
25,939
5,465
1,695
1,705
19
839
839
20
1,597
1,259
3,355
325
1,606
1,381
.5,070
382
4,298
435
417
387
204
931
104
111
331
210
338
123,551
91,715
25,604
119,157
84,422
22,422
4,072
62
5,625
74
6,610
85
.0301
39.00
.0235
18.75
.0301
39.00
.0235
18.75
39.00
.0235
18.75
.0305
39.00
.0235
18.75
.0305
39.00
.0235
18.75
.0305
39.00
.0235
18.75
.0305
39.00
.0235
18.75
.0305
39.00
.0235
23.13
6,733
1,428
1,424
24
7,886
2,000
1,988
8,632
1,861
1,875
24
9,763
1,786
1,782
28
2,031
2,019
40
10,318
2,393
2,405
28
12, 202
2,039
2,036
30
13,071
2,354
2,351
33
13, 612
2,198
[2,213
19
1,645
1,154
4,496
317
1,948
1,531
4,788
355
1,993
2,049
6,151
407
1,725
1,920
5,779
1,797
1,895
5,731
399
2,000
1,480
5,679
455
r 1,424
' 1, 588
7,221
506
1,646
1,682
6,692
543
r 1,973
•• 1,890
8,143
580
'"1,453
' 1,441
r
7,828
1 4,379
1453
1401
1341
1149
U,044
U37
U38
1278
1267
4,214
454
418
371
177
924
106
117
327
249
327
4,336
439
457
361
166
973
118
100
340
265
351
3,667
348
385
263
109
966
121
100
201
241
323
372
334
284
133
877
108
88
274
247
318
4,259
455
427
399
180
960
92
105
313
262
297
4,965
501
501
421
217
1,116
124
137
351
295
387
4,590
452
446
397
199
1,076
115
137
347
244
365
5,261
549
498
467
226
1,233
133
158
387
253
410
5,020
507
482
466
210
1,220
132
144
356
248
391
NONFERROUS METALS AND PRODUCTS
Aluminum:
52,329 55,598
29,811
93,752
75, 844 65,356 77,110
38,213 66,794 38,322
95,038
Imports, bauxite ^
.Jong tons __
.0385
.0475
.0682
.0575
.0375
.0550
.0475
.0575
.0523
.0375
.0375
Price, wholesale, scrap castings (N. Y.)_.dol. per lb._
.0525
.0775
109.3
99.4
66.5
160.5
178.7
148.6
110.7
146.2
118.6
63.8
80.8
Aluminum fabricated products, shipments*.mil. of 1b.
133.8
.195
.237
.195
.259
.237
.221
.195
.237
.195
.237
""."275
Brass sheets, wholesale price, mill
dol. per lb
.237
Copper:
7,336
7,341
4,225
10, 564
2,131
9,173
6,267
7,301
5,386
12,427 10,966
Exports, refined and manufactures %
short tons
7,489
8,194 • 25, 667 31,193 20,510 35,755 21, 272 25,182
32, 503
33,182
56,469 60,026 r 15, 170
Imports, total 1
___dc_,
3,481 r 1, 607
1,225
762
2,950
2,656
5,058
2,262 16,667 ' 3,370
For smelting, refining, and export t
„
do___
5,486
4,712 24,060
26,373
31, 278
30,431
54,217 44,369
15,452 30,269 18, 322 22, 526
For domestic consumption, total 1
do
11,800
814
12, 933
23,929
1,276
12,480 20,368
18,272 19,315
819
12,319
3,701
Unrefined, including scrap 1
do...
5,782
41,737 24,001
13,440
7,349
29,155
3,211
50
14,633 17,950
20,358
Refined J
do__>
6,020
.1178
.1704
.1415
.1178
.1178
.1178
.1415
.1415
.1178
.1406
Price, wholesale, electrolytic, (N. Y.)
dol. perlb.
.1928
.1415
.1178
Production :<?
41,832 29,280
31,897 32,785 56,906 64,462 69,748
72,807 '~73,024
58,178 41,667
Mine or smelter (incl. custom intake)..short tons.. 78,140 62,641
20,139
77,947
20,551
75,066
67,803
23,870 43,606 59,591
18,989
77, 578 66,062 69,008 49,923
Refinery
do
58, 590 75,756
93,647 95,267 97, 527 118,381 113,158 136,481 129, 266
148, 218 103,464 115,601 86,089
Deliveries, refined, domestico"
do
91,161
70,249
74,339
65,448
75,754 79,145 101,183 94,669 98,619
81, 832 76, 512 72,799
90,896
Stocks, refined, end of month<f
do
Lead:
7,506
8,345
19, 295
6,526
4,981
12,291
25,199
17,669
12,909
9,477
5,217
Imports, total, ex-mfrs. (lead content) 1
do
5,046
26,180
27,324
27,081 24, 655 22,049 21,801 32,977 31, 373 28,054
Ore, domestic, receipts (lead content)c?\.
do
31,580 31,550 28,525
Refined:
.1044
.0825
.0825
.0650
.0825
.0818
.0650
.0650
.0650
.0650
.0650
Price, wholesale, pig, desilverized (N. Y.)~ dol. per lb. _ .1219
.0925
40,041
43,062
35,690
25,336
19, 530 18,584 34,029
40,720
23,766
41,643
Production, totalcf1 1
short tons.. 40,926 45,399 51,054
41,217
38,287
18, 393 17,450 32,622 33,994
24,179
38, 943 38,298 49,795
40,070
39,012
22, 726
From domestic oretf
.
do
41,008
21, 720 25,173 35,591 32,811
34,764
48,257 28,702 23,941
40,680 44,304 44,806
34, 047
Shipmentsd"
do
42,992
51,929
39,563 32,969 31,396
43,746
45,312 41,939 41,758
48,262
48,499
34, 275
40,944
Stocks, end of months
do
Tin:
Imports: ^
4,904
3,242
6,074
3,593
1,067
1,161
153
783
4,483
811
7,640
Ore (tin content)
long tons..
5,665
1,195
2,542
2,073
0
1,977
0
22
581
2,462
'470
0
Bars, blocks, pigs, etc
,
do
2,172
.6452
.5200
.5200
.5200
.6200
.5200
.5200
.5200
.5200
.5200
.5200
.7000
Price, wholesale, Straits (N. Y.)..._
dol. per lb..
.5200
Zinc27,662 44,766 33,878
27,331
25,424
14,425
21, 241
31,522 31,826
32,419
15, 729 31,057
Imports, total (zinc content) Vshort tons..
5,441
735
3,476
2,993
312
3,102
3,637
779
For smelting, refining, and export 1
do
5,287
1,111
742
878
For domestic consumption: J
14, 007
15, 278
7,616 19,982
18,291
21,943
20,450 13,069
17, 242
14,300 29,031
Ore (zinc content)
...do..,..
6,612
10,337 17,646
4,784
9,697
4,545
7,235
13,050 12,742 12,485
Blocks, pigs, etc
„
do
5,788
3,758
Price, wholesale, prime, Western (St.
.0825
.0825
.0825
.0825
.0825
.0826
.0825
.1012
.1050
.0825
.0825
Louis)...
dol. per lb._
.0887
.0923
59, 752
61,274 71,612 60,903 62,416 58,812 59,014
58, 475
66,818
64,138
Productiond*
short tons.. 70,097 66,162 65,901
51,886
58,635
54,856 83,693 73,191
65,927
60,492 69,220
89, 574 62,324
91,397
73,915
Shipmentscf
do.
47,169
41,349 66,159 60,809
60,130
77, 274 56,180
75, 749
71,667
60,380 51,101 58,321 43, 522
Domesticcf
do.
176,328 259, 391 266,657 273,075 260,994 248, 706 241,633 239,953 229,747 237, 613 230,161 220,384 195,805
Stocks, end of monthcf
do_
r
Revised, i Total for January and February. ® Beginning 1943 data have covered the entire industry.
5 For 1946 percent of capacity is calculated on annual capacity as of Jan. 1,1946, of 91,890,540 tons of open-hearth, Bessemer, and electric steel ingots and steel for castings; 1945 data
are based on capacity as of Jan. 1,1945 (95,501,480 tons).
t Based on information recently available it is estimated that data beginning 1945 represent substantially the entire industry; in prewar years the coverage was about 90 percent.
0 Total shipments less shipments to members of th« industry for further conversion; data prior to 1944 were net production for sale.
t Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
cf For data for January 1942-April 1944 for the indicated copper, lead and zinc series, see p. 24 of the June 1944 Survey. Total shipments of zinc include for December 1945-September 1946 shipments for Government account in addition to shipments to domestic consumers, shown separately, and export and drawback shipments.
*New series. Data for aluminum fabricated products cover total shipments of castings, forgings, sheet, strip, plate, rods, bars, and other wrought products, exclusive of products
shipped to other manufacturers for further fabrication into other wrought products; data were compiled by the War Production Board through September 1945 and by the Bureau of the
Census thereafter. Data have been revised beginning January 1945 to include estimated industry totals for castings based on monthly reports from the larger founderies and annual
reports for 1945 from the smaller ones. Data for castings included in the totals prior to 1945 are estimated to cover about 98 percent of the industry but the small amount omitted
a decided the com bined total for castings and wrought products only slightly since the former represented only about one-fifth of the total. The coverage of wrought products is virtually
complete; weights for some wrought products were gathered at a different stage of manufacture beginning October 1945, but it is believed that the comparability of the totals is not
seriously affected. For revised figures for early months of 1945, see p. S-33 of the June 1946 issue.
t Revised series. Data for steel castings are estimated industry totals; see note marked " t " on p. S-32 of the July 1946 Survey for a further description of the data and comparable figures for January-April 1945.
S-34
SUKVEY OF CURKENT BUSINESS
Unless Otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
February 1947
1946
1945
January
February
March
April
May
June
July
August September
October
November
METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS
Electric overhead cranes:§
Orders, new
thous. of dol._
Orders, unfilled, end of month
.do
Shipments
.
do
Foundry equipment:
New orders, net total
1937-39=100...
New equipment...
_
do
Repairs
do
Heating and ventilating equipment:
Blowers and fans, new orders
thous. of dol.Oil burners:©
Orders, new, net
number..
Orders, unfilled, end of month
do
Shipments
do
Stocks, end of month
_
do
Mechanical stokers, sales:J
Classes 1, 2, and 3
do
Classes 4 and 5:
Number
_
Horsepower.
_
Unit heater group, new orders*
-thous. of dol..
Warm-air furnaces (forced air and gravity flow),
shipments*
number..
Machine tools, shipments*
thous. of doL,
Pumps and water systems, domestic, shipments:^
Pitcher, other hand, and windmill pumps
units..
Water systems, including pumps
do
Pumps, steam, power, centrifugal, and rotary:
Orders, new
thcus. of dol..
1,366
11, 366
640
430.9
379.0
600.3
1,607
12,185
767
1,386
12, 772
786
1,422
13, 396
781
1,049
13,546
850
1,792
14,677
1,029
1,456
15,132
994
2,360
16, 242
802
1,565
16, 549
1,252
1,082
15, 811
1,192
2,346
16, 775
1,348
547.6
600.8
360.8
392.8
391.1
391.7
432.8
458.7
342.6
536.6
576.7
351.8
701.2
779.8
427.7
577.3
621.7
426.2
491.7
492.8
488.2
453.4
444.8
481.1
538.7
555.5
484.1
424.4
415.4
453.5
469.2
407.1
672.0
12,262
16, 604
13,423
138, 828 78,941
442,220 498,600
26,814 30,681
6,256
4,691
127,285
590,942
34,943
5,785
159, 375 92,927
717,642 777,381
32, 675 33,188
6,130
5,835
477.4
421.0
661.5
17,382
32,150
277,211
21,915
6,166
82,489
330,206
29,494
6,531
13,746
14,007
14,328
16,038
14,399
14,688
13, 389
17, 503
20, 535
19, 436
17, 269
14, 946
246
59,382
248
69,070
275
73, 717
8,417
345
88, 485
303
80, 586
309
75, 274
7,628
329
82, 700
427
70,827
450
63,055
10,193
454
78,454
357
58,495
33,253
23,276
37,789
30,263
39,664
26,949
47,100
27, 326
43,186
28,108
47, 321
26,580
48, 912
22, 360
62,094
26,911
72, 033
25,468
83,122
29,140
86, 584
26,176
23,600
33, 718
27,563
46,094
24,093
37,528
27,231
44,870
28,157
44, 887
23, 587
45,150
49,337
28,580
27,741
45, 349
22, 663
54, 434
25,003
59, 874
30,552
68, 289
28,917
57, 985
1, 925
2,836
2.728
2,489
2,803
2,856
2,648
4,014
3,789
24,082
58, 751
3,223
3,581
3,260
1,685
1,768
1,706
1,686
1,672
1,645
1,377
1,161
1,471
1,318
1,355
1,150
227
345
217
213
187
222
227
465
252
432
284
492
351
508
6,343
570
2,694
6,589
614
2,216
225
385
6,105
527
2,738
242
404
7,b26
613
3.144
224
429
5,786
604
2,759
5,357
351
3,060
9,099
606
2,878
9,379
771
3,268
9,889
2,104
3,507
8,240
714
3,761
4,869
647
4,328
331
438
4,227
600
4,074
6,143
10,813
1,358
2,067
12,900
3,365
5,818
565
779
14,109
3,243
6,530
456
894
10, 887
5,924
12, 767
868
1,840
6,590
4,726
10, 222
600
1,414
12,940
5,281
10, 809
847
1,844
16,103
5,873
13,095
973
1,735
16,129
6,154
13, 377
987
1,589
15, 705
7,519
15,445
1,234
2,067
21, 471
7,871
13, 808
1,011
1,741
18, 683
8,621
14,756
1,344
2,204
20, 742
8,437
11,962
1,222
1, 215
20,533
4,093
921
4,359
1,265
4,222
1,104
4,474
1,211
3,389
1,138
3,214
1,038
3,247
824
3,183
1,056
3,790
1,288
4,125
1,330
5,059
1,765
4,741
1,640
1,516
1,331
2,853
1,514
1,604
2,942
1,423
1, 723
3,241
1,558
1,920
3,639
1,503
1,821
3,956
1,628
' 1, 705
1,586
1,385
3,831
63,380
8,526
27,587
3,035
87, 531 99,907
824, 335 907,301
40, 577 55,909
6,626
5,543
80, 294 98,380 105,189
931, 882 956, 966 990,350
55, 713 73, 296 71,805
6,407
7,588
5,195
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
number*
..thousandsElectrical products:!
Insulating materials, sales billed
1936~100_.
Motors and generators, new orders
_do
Furnaces, electric, industrial, sales:
Unit
..kilowatts-Value
thous. of dol.Laminated fiber products, shipments
do
Motors (1-200 hp):
Polyphase induction, billings
do
Polyphase induction, new orders
do._—
Direct current, billings-.
do
Direct current, new orders
do
Rigid steel conduit and fittings, shipments! short tons..
Vulcanized fiber:
Consumption of fiber paper
.thous. of lb_.
Shipments
.thous. of dol_.
4,241
1,701
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:*
Consumption
Receipts, total
Stocks, end of month
Waste paper:*
Consumption
Receipts
Stocks
thous. of cords (128 cu. ft.)..
..do
do
1,314
1,070
2,627
1,294
1,354
2,687
1,286
1, 511
2,913
short tons_.
do
do
500,546
496, 036
326, 689
590,097
589, 511
326,238
555,229
545, 602
316,488
1,511
1,716
3,117
1,512
1,433
3,038
> 4, 0 3 4
•
616, 542 606, 662 620,830 578,075 558, 257 635,827 607,231 r 680,047 65J, 765
'
637,199 653,188 639, 991 606, 548 596, 609 635,567 604,136 I" 707, 738 636, 527
•
337, 518 382, 992 401, 667 426,750 464, 831 460,946 453,896 » 481, 398 466,086
WOOD PULP
2,302
1,947
4,334
3,591
5,092
4,780
1,095
2,906
3,198
6,057
1,359
1,058
Exports, all grades, total!
.short tons.
271,856 232,963 142,069 109, 769 118, 276 123, 985 150, 216 212, 697 147,417 133,141 152, 660 135,001
Imports, all grades, total t
_do..~
7,818
7, 562
6,348
3,996
10, 584
3,263
5,322
4,783
9,757
7,817
5,780
5,213
Bleached sulphate t
-do
33,864 32, 893 29, 292 28,051
10,505 20, 352 26,482 64,109
100, 745
88,447
11,435
31,741
Unbleached sulphate t
.do...
26,938
37, 439 33,988 28,104 31,113
37,299
36, 779
38,672 36,194 42, 638 39, 406 37,757
Bleached sulphite t
do,._
37,158 49,818
49,574 49, 822 62, 459 51,986
36,085
78,176
78,483
99, 480
45,242 37,715
Unbleached sulphite i___
do...
1,070
1,410
1,529
1,879
1,556
1,249
1,717
1,928
1,943
1,740
1,699
1,990
Soda t
-do
21,194 23,647
21, 967 25,199 14, 418 20, 824 19,138
21,011
25, 295
19,502 17,113 22,548
Groundwood t
do
' Revised.
§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 9 companies since September 1944; earlier data back to March 1943 covered 8 companies.
0 Data are based on reports of 124 manufacturers accounting for practically the entire production of oil burners; in prewar years the reporting concerns accounted for around 90
percent of the industry.
1 Data cover almost the entire industry; in prewar years the reporting concerns represented over 95 percent of the total.
• Includes unit heaters, unit ventilators, and heat transfer coils; the designation has, therefore, been corrected from "unit heaters" to "unit heater group" to avoid misinterpretation.
d" It is believed that data shown currently and also earlier data for these products are substantially complete.
t Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
*New series. The series on automotive replacement battery shipments are estimated industry totals compiled by Dun and Bradstreet; data beginning 1937 are available on
request. For 1940-41 and early 1942 data on machine tool shipments, see p. S-30 of the November 1942 Survey; data beginning August 1945 are estimated industry totals compiled by
the National Machine Tool Builders Association; earlier data were compiled by the War Production Board. The new series on shipments of warm-air furnaces is compiled by the
Bureau of the Census from reports by manufacturers accounting for almost the entire production; data beginning January 1944 will be published later. Data through August 1945
for the pulpwood series and for receipts and stocks of waste paper were compiled by the War Production Board; data beginning October 1945 for all series and earlier data for waste
paper consumption are compiled by the Bureau of the Census (waste paper consumption through September 1945 were compiled from reports to the War Production Board); September data for all series were estimated by that agency from partial reports to the War Production Board. Data cover all known producers of pulp, paper, and paper board; a small
proportion of the data is estimated.
fRevised series. The index for motors and generators includes adjustments for cancellations reported through December 1945; data published for this index prior to the July
1946 Survey and for the index for insulating materials prior to the April 1945 Survey, have been revised (revised April 1945 figure for the index of sales of insulating materials,"378);
all revisions are available on request. Data for rigid steel conduit and fittings have been revised to cover domestic sales only (some manufacturers formerly included export sales) ;
revisions through April 1945 will be published later.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-35
1946
January
February
March
April
May
June
July
August
September
October
841, 674
77,336
323,722
138,986
65,455
38,386
149,840
787, 672
71,931
309,614
132,575
56, 675
37, 583
133,614
858, 510
80,170
331, 586
143,184
69, 272
42, 655
140, 027
808,650
76, 008
314*, 645
135,185
64, 407
38,947
132, 787
905,374
79,811
343,457
152,654
75, 732
42,010
159, 873
• 877,420
77, 472
336, 697
r
l44, 605
'71.711
40,717
158, 714
85,313
6,291
8,013
14,363
11,800
2,329
39,252
83,178
6,684
6,773
17,933
11,043
2,448
34,940
77,606
6,021
6,430
17.185
13, 605
2, 726
28,230
71, 916
7,193
8,350
16,713
12,154
2,690
21,381
72,432
7,589
7,865
17, 620
15,399
2,481
17, 943
'76, 590
6,218
8,765
18,615
15, 294
Novem
ber
PAPER AND PRINTING—Continued
WOOD PULP-Continued
Production^
Total, all grades
short tons..
Bleached sulphate...
_
do
Unbleached sulphate.
_
...do
Bleached sulphite
do
Unbleached sulphite...
_
-do
Soda
do....
Groundwood
do
Stocks, end of month :f
Total, all grades
do
Bleached sulphate
do
Unbleached sulphate.
_
do
Bleached sulphite,..
_
do
Unbleached sulphite
do
Soda
do
Groundwood
do
822, 771
74,135
305,130
141,358
67,247
39,154
149, 558
706, 722
64,504
246,570
119,761
59,806
35,925
143,283
727, 224
59,004
230,809
136,813
64,513
39,553
155, 756
720,239
63,011
250,454
127,991
58,989
35,886
143,333
70,693
6,836
7,222
20,326
9,513
2,088
22,897
71,195
3,999
8,894
17,105
9,461
1,933
26, 481
67,026
3,855
7,340
15, 397
9,374
2,041
25, 638
74,295
6,970
6,556
18,561
10,105
2,181
26,253
855,139 849, 772 849,126
78,144 76, 411 78,670
320,300 316,854 307, 975
140,669 141,876 150,015
64,546 62,347 65,563
41,320 41,612 38,631
163,110 164, 589 161,044
74,906
5,203
7,119
17,362
8,786
2,645
29,870
77,173
6,265
7,624
14,834
8,451
2,711
34,089
1.360,616 1,508,961 1,428,745 1,638,097
709,444 782,844 720,336 819,320
'572,241 '629,243 '613,914 •712,334
87,831
96,874 94,495 106,443
1,628,857
813,674
'706,896
108,287
88,429
7,358
8,055
17,515
11,179
2,918
37,983
'2,611
21, 423
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:*
Paper and paperboard production, total..short tons..
Paper
do
Paperboard
do
Building board
do
Paper, excl. building paper, newsprint, and paperboard
(American Paper and Pulp Association):f
Orders, new
short tons__
Production
do
Shipments
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
Wrapping paper:
Orders, new
„
do
Orders, unfilled, end of month
do
Production.
do
Shipments
do
Stocks, end of month
do
Book paper, coated:
Orders, new
percent of stand, capacity..
Production
do
Shipments
do
Book paper, uncoated:
Orders, new
do
Price, wholesale, " B " grade, English finish, white,
f. o. b. mill
_
dol. per 100 lb—
Production
percent of stand. capacityShipments
do
Newsprint:
Canada:
Production
short tons
Shipments from mills
...-do
Stocks, at mills, end of month.
do
United States:
Consumption by publishers
_do
Imports^
do
Price, rolls (N. Y.)._
dol. per short ton..
Production..
.short tons..
Shipments from mills
-_
do.
Stocks, end of month:
At mills
do.
At publishersdo.
In transit to publishers
do.
Faperboard (National Paperboard Association)^
Orders, new
do
Orders, unfilled, end of month
do.
Production
do.
Percent of capacity
Waste paper, consumption and stocks:§
Consumption.
_
short tons..
Stocks at mills, end of month.
do
Paper products:
Shipping containers, corrugated and solid fiber, shipments*..
mil. sq. ft. surface area..
Folding paper boxes, value:*
New orders
1936=100..
Shipments.
..._do.
1,621,346 1
,596,773 1,474,261 1,684,906 1,596,187 1,751,147 1,672,960
823,646 820,090 766,906 864,982 799,698
845,102
'691,129 '677,681 '635,304 '729,445 '687,473 737,648 708, 700
106,571
99,002 72,051
90,479 109,016 125,206 119,158
682, 491 657,053
666,108 672,370
665,605 670,144
553, 553 682,014
580,487 644,266
563,008 653,559
593,256
591,121
592,627
700,693
681,001
682,398
79, 761 101,382
129, 598 135,896
92,351
85,743
79,314 94,431
62,335 55,963
83,681
136,513
84,450
85,596
57,412
104,902 107,677 89,017
149, 408 161, 287 155,066
92, 218 94, 770 97,896
96,129
91,840 97,207
53,721
56,349 57,543
171,937
179,989
191,434
187, 420
64,962
247,377
247,788
219, 785
221,406
57,996
203,25?
250,553
198,199
198,897
56,942
234,395
261,171
227,104
223,972
58,298
227,871
255,855
226,978
228, 219
56,934
216,125
207,920
214, 719
209,993
72,490
231,270
192,175
232,704
238,186
67,047
215,089
190,398
217,692
217,859
68,273
262,247
205,926
262,799
264,054
75,122
247,243 247, 803
199,825 186,017
247,098 252,282
247,587 250,157
71,082 67, 512
254,258
194,966
254,348
256,630
65,970
8.00
8.00
8.00
8.00
62.6
64.7
67.0
92.9
9.30
7.30
96.4
93.5
341,951 276,931
340,125 262,765
87, 774 80,360
294,835
62,088
62,054
108,191
175,437
97,790
99,684
59,500
100,854
187,924
89,320
85,824
56,150
704,694
701,343
681, 582 745,909 649,635
648, 551 725,041 698, 473
632, 877 736, 737 703,538
85,449 101,055 109,332 81,006
161.480 176,288 174,098 155,801
92, 573 '102,908 100,130
103,161
99, 592 88,037 112,537 101, 584
54, 635 53,391
59,081
53,504
202,087
229,328
236, 530
237,857
55,331
234,622
241,498
219,460
213,137
59, 320
254,603
248,257
247,283
249,933
62,013
221,980
225,470
234,707
236,732
53, 251
247, 518 261, 804
197,977
237,498 266,987
237,170 267, 254
65,867 64,162
253, 345
213, 506
248,021
243, 728
72,263
278,773
214,298
276,742
276,005
71, 230
256,649
200, 563
268,461
269,372
67.175
8.55
8.55
214,214 225, 529
252,603 258,456
226,110 206,408
288,049 206,958
63,512 53,225
8
0)
(0
225, 245
259,124
228,291
229,400
55,350
669, 564 659,247
671,335 613,822
677,096 613,441
8.00
8.00
8.55
7.58
0)
0)
328,414 308, 382 334,127 337,862
316,320 285,304 320,351 348,103
92, 454 115, 532 129,308 119,067
225,378 221,054 223,244 267, 711 258,984
232,618 244,469 238,888 269. 795 285,017
67.00
67.00
67.00
67.00
61.00
61, 563 67,819 60, 564 65, 304 67,064
66,102 59,015 67,658 67,698
62,551
359,943 334,207
367,251 322,805
111, 759 123,161
357,027 370,676 330,063 376, 436 364,304
364,591 356, 572 335, 874 387, 294 391,388
115, 597 129, 701 123, 890 113.032 85,948
261,484 259,284 243,072 '257,303 '265,583 292, 205 291, 517
313,270 '276,959 326,399 295,934 293, 228 305,777 323,457
67.00
71.08
74.00 80,00
67.00
73.80
65,927 61, 241 62,742 65,129 61,025
67, 248 64, 739
65,699 61,671
60,249 67, 206 55, 587 66, 966 62,107
6,846
7,252
8,909
8,057
15, 218
6,618
6,416
6,340
219,478 222, 266 221,957 216, 241 198,122 201, 776 210, 276 209, 784 226,577
73,328 44, 078 55,206 60,277 55, 341 56,332 59,257 52,155 61,735
6,832 12, 270 12,552
243,331 240, 602 217,303
64, 331 60, 634 82,167
15,184
217,438
79, 676
684,354
532,773
676,988
92
601, 526 685,788 641,342 754,872 747,907 -•717,331 669, 747 715,696
462,446 516, 776 533, 794 549,929 553,274 567,068 558,129 620,354
583, 569 624,862 614,867 710, 987 716, 274 703,422 675,118 663,229
94
97
100
97
85
397,478
321,434
347,495
199,353
4,828
4,047
4,8001
4,345
4,923
5,078
4,975
4,730
4,763
5,233
4,919
5,512
' 5, 242
421.4
405.9
274.5
260.7
347.7
301.3
324.8
283.1
397.0
322.1
389.5
338.0
379.6
338.4
362.7
331.3
361.0
300.5
381.0
368.3
414.6
351.5
440.2
409.4
363.8
397.0
846
621
225
731
609
122
348
281
67
465
368
97
638
518
120
664
539
125
682
553
129
679
556
123
536
422
114
656
532
124
675
173
863
704
159
397,534
204,736
372,489
193,885
412,718 413,131 408,173 374,295
211, 335 238, 597 259, 832 283,996
729, 066 699, 362 791, 784 690,702
564, 299 569, 409 601,787 545,042
754,177 679, 504 767,091 737,454
100
99
99
369, 803 439, 696 399, 684 420,867 474,317
315,236 313,975 299, 218 309, 990 304,100
PRINTING
Book publication, total.
New books
New editions
_
no. of editions..
do.
do_
510
401
109
'1 Revised.
§See note in April 1946 Survey for basis of data.
JFor revisions for January 1942-March 1943, see note for paperboard at bottom of p. S-36 of July 1944 Survey.
No comparable data available after December 1945.
IData continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
fRevised series. Revised woodpulp production for 1940-43 and sulphite stocks for all months of 1943 are shown on p. 20 of the December 1944 Survey and revised 1942 stock figures
for all series are on pp. 30 and 31 of the June 1943 issue; there have been further revisions in the 1943 data for groundwood and total production shown in the December 1944 Survey
and unpublished revisions in the 1944 production data for these two series; all revisions will be shown later. The data exclude defibrated, exploded and asplund fiber; stock data are
stocks of own production at mills. The paper series from the American Paper and Pulp Association beginning in the August 1944 Survey are estimated industry totals and are not
comparable with data shown in earlier issues; there have been further small revisions in the 1943-44 data as published prior to the June 1945 issue; these revisions and earlier data
will be published later.
*New series. The new paper series are from the Bureau of the Census and cover production of all mills including producers of building paper and building boards; for 1942 monthly
averages and data for the early months of 1943, see p. S-32 of the August 1944 issue. For data beginning 1934 for shipping containers, see p. 20 of the September 1944 Survey. For
data beginning June 1943 for folding paper boxes .see p. S-32 of the August 1944 Survey; earlier data will be published later. Minor revisions in the January-May 1944figuresfor
folding paper boxes and January 1943-May 1944 data for shipping containers are available on request.
SUEVEY OF CUEEENT BUSINESS
S-36
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1946
1945
Decem- December
ber
February 1947
January
February
March
April
August
September
Octo- November
ber
June
May
July
657
764
717
546
16.55
13.614
5,263
83
16.56
13. 588
5,444
94
116.81
13. 596
5,048
132
1 16. 78
13. 593
5,409
200
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Exports §
thous. of short tons..
Prices, composite, chestnut:
Ketail—
dol. per short ton..
Wholesale.—
do
Production
..thous. of short tons..
Stocks, producers' storage yards, end of mo
do
Bituminous:
Exports §
do
Industrial consumption and retail deliveries, total
thous. of short tuns..
Industrial consumption, total
do
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
do
Electric power utilities
do
Kailways (class I)
do
Steel and rolling mills..
do
Other industrial
do
Retail deliveries
do
Other consumption:
Vessels (bunker) §
do
Coal mine fuel
..do
Prices, composite:
Retail (34 cities)
dol. per short ton..
Wholesale:
Mine run
do
Prepared sizes
do
Production!
thous. of short tons..
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons..
Industrial, total
_
do
Byproduct coke ovens..
_
do
Cement mills
_
.do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail dealers, total
._
do
359
317
314
382
387
546
15.08
12.389
15.26
12. 469
4,788
192
15.26
12. 469
5,492
214
15.25
12.469
5,084
176
15.27
12.484
5,469
79
15.28
12. 710
130
15.20
12.454
4,982
157
2,208
i 16.63
13.620
5,080
251
2,813
3,130
3,633
1,744
732
3,245
5,418
5,875
5,070
4,196
43, 627
35, 382
719
7,101
503
5,110
10, 391
815
10, 743
8,245
32,043
28,118
38
5,502
518
5,190
8,246
749
7,875
3,925
28,496
25,030
35
3,654
432
4,585
7,902
546
7,876
3,466
34,012
29,548
571
6,309
575
5,024
8,257
582
8,230
4,464
39, 235
32, 744
716
7,551
632
5,714
8,720
671
8,740
6,491
41, 565
33, 958
788
7,781
675
6,314
9,092
760
8,548
7,607
42,424
34, 041
729
7,578
656
6,280
8,790
725
9,283
8,383
46, 698
36,714
867
7,814
693
6,708
9,571
850
10, 211
9,984
111
122
14
93
222
138
223
146
240
134
224
140
237
45,879
37, 220
595
6,714
676
6,732
9,515
857
12,131
8,659
51, 679
38,446
612
7,333
467
5,804
11,005
921
12,304
13,233
51,826
36, 542
631
5,299
471
5,706
10,976
552
12, 907
15, 284
46,244
31, 281
570
3,744
441
4,929
9,827
683
11,087
14,963
179
103
202
98
237
219
2 11. 22
10.59
10.69
6.048
6.305
42, 320
5.436
5.708
46, 955
5.443
5.709
54,075
5.447
5.709
49,975
47,122
44, 418
5,222
887
13,044
6,959
750
17, 556
2,704
45,665
42,450
4,804
641
14,668
8,985
593
12, 759
3,215
46, 528
44,049
5,661
594
14,378
9,393
626
13,397
2,479
168
160
8.750
7.600
7.500
381
4,769
394
5,208
163
929
571
358
927
'499
'428
158
405
3,800
161
970
666
305
146
249
63
10.70
10.73
10.93
11.23
11.23
2 11.10
2 11. 08
5.454
5.715
19, 790
5.787
6.028
50,350
5. 928
6.167
51, 205
5.962
6.178
54, 450
5.973
6.197
51, 680
5.989
6.200
57,125
61,158
48,047
6,393
608
14,802
11,070
705
14,469
3,111
5.454
5.709
56, 540
58, 531
55, 386
677
15, 705
13, 235
1,005
16, 495
3,145
5.454
5.709
3,434
38,741
36,398
4,117
414
12,044
7,554
607
11,662
2,343
31, 643
29, 937
2,565
289
9,949
6,202
460
10,472
1,706
37,777
35,213
3,630
482
11,430
7,297
624
11,750
2,564
43, 611
40,450
3,871
591
12,594
7,641
642
15, 111
3,161
47,990
44, 567
5,230
768
13,907
8,117
843
15,702
3,423
52, 367
48,965
5,924
891
14, 563
8,800
855
17,932
3,402
54,924
51, 532
6,593
1,046
15, 638
9,274
888
18, 093
3,392
219
162
70
29
82
113
97
93
76
7.500
7.500
7.600
7.500
8.750
8.000
8.750
8.750
462
5,000
167
1,016
814
203
142
24
3,852
181
22
2,574
164
465
292
172
120
460
5,323
168
709
361
348
78
506
5,462
186
807
398
409
72
5,345
190
557
5,512
212
949
503
446
1,120
653
467
10.69
10.69
COKE
Exports §_._
thous. of short tons.
Price, beehive, Connellsville (furnace)
dol. per short ton.
Production:
Beehive
_
thous. of short tons.
Byproduct.
do.-_
Petroleum coke
do...
Stocks, end of month:
Byproduct plants, total
do...
At furnace plants
do
At merchant plants
do...
Petroleum coke
do_-_
7.500
2,632
149
1,161
934
227
147
620
442
178
144
4,418
159
616
360
256
85
PETROLEUM AND PRODUCTS
Crude petroleum:
141, 779 140,130 130,232 144, 488 139,884 148,621 145,069 150,541 150, 550 145,181 146, 816
Consumption (runs to 8tills)t
thous. of bbl_.
4,291
3,687
4,622
1,495
4,602
2,536
2,418
4,272
3,839
3,401
Exports §
do
2,610
7,575
8,255
7,149
7,631
6,578
8,302
7,784
6,789
7,867
Imports§
. . . .
do
6,268
7,102
1.260
1.460
1.460
1.460
1.110
1.210
1.110
1.110
1.190
1.210
Price (Kansas-Okla.) at wells
dol. per bbl_.
1.110
152,586 149,910 143,708 148, 323
138, 495 143,368 132,129 136,835 140,196 148,334 146,890
Production!
thous. of bbl_.
98
94
96
95
95
95
Refinery operations
_pct. of capacity..
92
91
94
Btocks, end of month:
218,763 223,442 227,220 221,400 222, 480 221,592 223,140 224,351 224,157 222,417 222,177
Refinablein U. S.f
thous. of bbl__
51,819 55,430 53,128 54,529 52,988 55,119 53,532 54, 785 53, 894 52, 074
50,276
At refineries
do
153,957 156, 790 157,315 153,419 153,186 153,765 152,786 155,656 154, 501 153,469 155, 434
At tank farms and In pipe lines
do
14,871
15,054
14,669
14,853
14,765 14,839 15,235 15,163
14,833
On leasesfdo...
14,530
14,475
4,968
5,066
5,401
4,913
5,483
4,921
4,528
4,554
4,533
Heavy in California
.do
4,496
4,607
1,241
1,333
1,302
1,425
1,434
1,333
1,396
1,236
1,330
1,291
1,112
Wells completedf
number..
Refined petroleum products:
Gas and fuel oils:
Domestic demand:5
19,804 18,063 15.297 14,850 15,098 13, 828 14, 520 18,131
28,626
29,473
25,341
Gas oil and distillate fuel oil
thous. of bbl___
36,734 37,925
33,509 37,014
42,229 37,911 39,346
45, 726
44,966
39,332
Residual fuel oil
do
Consumption by type of consumer:
2,512
2,914
3,511
2,963
2,851
3,280
2,141
2,157
wer p l a
Electric power plarn"t s ~ f - ~ - " ™ ~
do
5,298
2,570
2,261
1,968
6,903
6,500
6,950
6,729
7,249
6,935
6,859
6,461
Railways (class I)
do
7,804
7,625
6,584
5,547
4,621
5,374
6,999
3,695
5,967
5,436
Vessels (bunker oil){
do
5,579
5,346
6,049
4,874
2,367
Exports:§
2,540
1,992
891
2,715
3,684
1,723
Gas oil and distillate fuel oil.
do.
2,017
2,456
1,797
3,407 ••3,969
730
550
321
324
351
Residual fuel oil
_.
do
.
317
374
363%
569
578
597
.062
.062
.062
.058
.058
.058
Price, fuel oil (Pennsylvania).
dol. per gal..
. 066
.058
.058
.058
.058
.058
Production:
24, 432
Gas oil and distillate fuel oil
thous. of bbl
21,176
24,390
23,047
25,298
23,181 23,348 23,320 24,589 23, 703 23,877
36,060 35,942 34, 512
37, 598 37,407
37,816
Residual fuel oil—
_._do
38,609
37,940
34,791
37,598
33, 777
Stocks, end of month:
67,870
33,885 38,824 46,439 54, 068 62,019
Gas oil and distillate fuel oil.—
do
35,778
28,990
25,511
29,922
32,064
54,012
55, 580
38,932 41,492 45,446 48,186
32, 995 35,206
Residual fuel oil
do
37,158
34,573
34,008
32,995
Motor fuel:
66, 598
66,774 63,221 69,044 66,701
62, 216
Domestic demand§
thous. of bbl..
..
50,129
51,186
47,889
56,801
62,045
2,321
3,604
2,386
2,826
3,620
Exports§
do
4,524
4,949
4,452
5,258
3,248
2,555
Prices, gasoline:
.070
.060
.068
.058
.070
Wholesale, refinery (Okla.)
dol. per g a l .070
.056
.055
.053
.050
.050
.054
.159
.151
.158
.149
.159
Wholesale, tank wagon (N. Y.)
_
do
161
.149
.149
.146
.145
.145
.149
.151
.155
.142
.155
.155
Retail, service stations, B0 cities
do
157
.142
.142
.142
.141
.141
.142
r
Revised.
1 Two cities formerly included in the average were dropped in September 1946 (August figure excluding these cities, $16.54); one city dropped in October and two additional cities
in November but average not materially affected.
2 The average includes only 32 cities for September 1946 and 31 cities beginning October 1946; the August 1946 average excluding the 2 cities dropped in September is $10.93;
September 1946 figures for 31 cities, $11.07.
§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
t Revised series. For source of 1939-41 revisions for bituminous coal production, see note marked' 'f" on p. S-32 of the April 1943 Survey; revisions for 1942-43 are shown on p.
8-33 of the April 1945 issue. For 1941 revisions for the indicated series on petroleum products on this page and p. S-37, see notes marked "f" on p. S-33 of the March and April 1943
issues (correction /or crude petroleum production January 1941, 110,446), and for revised 1942 monthly averages, sec note marked " t " on p. S-33 of the July 1944 issue; 1942 monthly
revisions and revisions for 1943 are available on request.
February 1947
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-37
1946
January
February
March
April
May
June
July
August Septem- October
ber
November
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—Continued.
Motor fuel—Continued.
Production, totalf
thous. of bbl_.
Straight run gasoline
do—
Cracked gasoline
do
Natural gasoline and allied productsjt
do—
Sales of 1. p. g. for fuel and chemicals
do
Transfer of cycle products
_
do—
Used at refineriesf
do....
Retail distribution &
_
mil. of gal..
Stocks, gasoline, end of month:
Finished gasoline, total
thous. of bbl_.
At refineries
.
do—
Unfinished gasoline
do—
Natural gasoline
do—
Kerosene:
Domestic demand§__
do—
Exports§
-do—
Price, wholesale, water white, 47°, refinery (Pennsylvania).__
_
dol. per galProduction
thous. of bbL.
Stocks, refinery, end of month
do—
Lubricants:
Domestic demand§__
do—
Exports!
do—
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal..
Production
_
_
_
thous. of bbL.
Stocks, refinery, end of month
do—
Asphalt:
lmports§short tons..
Production
..
do—
Stocks, refinery, end of month
-do—
Wax:
Production
_
thous. of lb_.
Stocks, refinery, end of month
do
Asphalt prepared roofing, shipments:f
Total..
thous. of squares..
Smooth-surfaced roll roofing and cap sheet—do
Mineral-surfaced roll roofing and cap sheet...do
Shingles, all types
do
66,058
23,885
34,504
9,871
2,115
87
5,317
2,006
62,126
23,234
31,067
10,122
2,217
80
5,037
2,047
55,492
20,915
27,388
9,251
1,973
89
4,448
1,937
61,899
24,385
29,910
9,563
1,866
93
4,619
2,309
61,160
23, 216
30,573
9,223
1,765
87
4,487
2,561
65,191
24,668
32,945
9,529
1,872
64,345
25,260
31,445
9,501
1,752
4,869
2,649
89,360
56,784
8,316
4,322
94,115
63,203
8,279
5,034
96,293
8,543
5,843
95,186
63,532
8,975
6,658
90,444
58,605
8,300
6,982
9,830
423
11,176
9,608
370
8,006
393
9,688
4,666
.070
9,506
4,304
2,689
775
.274
.160
3,395
7,694
69, 707
26,733
35.346
9,821
2,085
108
5,774
2,784
66, 284
25, 384
33,530
9,574
2,082
122
5,390
2,555
67,305
25,155
34,452
10, 275
2,444
133
6,023
2,701
66, 072
24,612
34,024
10,155
2,604
115
6,232
85,801
53,893
8,159
7,004
83,726
50,911
8,245
7,343
79,384
48,077
8,394
7,334
78,833
47.347
7,912
6,943
78,848
47,021
8,173
7,060
77, 628
46, 244
8,324
6,312
79,980
47, 581
8,607
5,487
5,995
655
6,338
782
5,185
1,566
5,339
976
5,284
705
7,502
312
414
.070
9,852
4,981
.070
8,396
6,097
.070
8,887
7,912
.070
8,376
9,063
.071
8,435
10, 490
4,321
767
.074
8,179
12,382
.074
7,825
13,442
.074
8,566
13, 926
.074
7,893
12, 734
2,275
2,562
1,225
3,061
721
2,866
1,131
2,715
1,054
3,049
910
3,236
1,135
3,095
694
' 3,536
706
2,900
906
.160
3,159
7,966
.160
3,786
7,951
,160
7,852
.160
3,722
7,565
.160
3,839
7,635
.160
3,620
7,293
.200
4,096
7,030
.214
4,016
7,244
.248
4,327
7,338
.250
3,857
7,384
9,065
376
665
491,100 459,500 479,300
786,500 889,600
692, 700
.075
4,940
2,619
67,445
26,000
33,921
9,558
1,928
106
5,229
2,856
9,925
540,500
948,400
8,985
447
9,052 18,772 27, 811
8,588
8,253
592,700 711,800 738, 200 851,800 871,300 827,800 806,500
986,200 1,023,100 907,600 819,600 691,800 626,500 577,800
0
670,400
622,200
.066
8,543
6,212
2,606
517
.160
3,312
7,773
79
109
63,840
82,040
5,231
1,691
1,134
2,407
65,520
80,640
64,960
81.480
77,280
85,400
68,040
80,920
67,760
77,280
65,520
81,760
60,480
73,920
69,160
73,360
68,600
83,160
74,480
84,840
79, 240
3,314
892
937
1,484
4,563
1,350
1,226
1,987
4,060
1,229
1,073
1,759
4,680
1,526
1,102
2,052
5,151
1,696
1,224
2,231
5,168
1,746
1,076
2,346
5,045
1,575
1,099
2,371
5,191
1,624
1,098
2,469
5,516
1,837
1,128
2,550
5,264
1,633
1,146
2,486
5,646
1,760
1,237
2,649
' 5,328
r
1, 725
' 1,168
r 2,435
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption^
Imports, including latex and Guayule§
Stocks, end of month^
_
Synthetic rubber:*
Consumption
Exports
_
Production
Stocks, end of month
Reclaimed rubber:^
Consumption
Production__
_
Stocks, end of month
long tons.. 38, 767
do.
_do_
237,502
8,185
14,045
118, 715
10,355
10,131
19, 595 33,008
133,294 167,977
12,792
31,757
180,088
16,914
28,109
182,831
63,770
6,430
61,848
144,427
74,214
17,726
60,363
115,310
70,703
12,931
66,014
101,510
70,914
13,144
66,044
93,447
62,899
5,367
63,388
94,095
20,702
23,187
30,216
22,075
25,136
31,436
22,396
23,930
31,732
22,162
25,322
33,554
21, 725
24,882
35,295
196
17,867 16,466 21,998
6,262
9,545 21,627
170,763 176, 768 169,490
do.
do.
do.
do_
62,647
119, 578
56,112
5,403
46, 593
203,454
_do.
do.
do.
23, 684
25, 297
33, 622
19,590
20,632
28,155
66,993
5,675
56,089
177,051
22,031
24,458
29,099
thousands-do...
do...
do
do...
4,825
4,286
378
3,077
5,973
5,547
576
3,338
111
5,801
5,468
476
3,487
206
6,686
6,621
730
3,392
1,105
3,304
245
7,061
7,032
1,259
3,377
do-._
..do...
do...
do
84
3,955
3,639
3,627
' 4,669
4,286
4,048
' 4, 878
' 4,390
r 4,421
151
5,840
5,649
4,519
160
6,114
6,079
4,190
198
6,463
6,278
4,373
53, 766
28, 405 31,123 35,421 37,323
35, 731 41, 736 46,887 59,266
185,580 199,591 200, 799 218,672
r
54,562 61,486 58,798
3,166
2,188
2,603
63,176 64,300 63,765
101,007 103,076 108,840
60, 729 r 57, 794
487
1,786
62, 086 r« 60,305
•
110, 913 113, 556
21,350
22,619
35,603
24,566
25,798
35,742
23, 715
23,956
35,404
26, 706 24,385
26,322 ' 24, 748
34,261 ' 33,516
235
6,036
6,134
925
3,309
248
5,985
6,247
1,529
2,890
264
7,054
6,825
1,684
3,006
155
7,233
6,943
1,636
3,370
198
8,205
8,433
1,874
3,041
7,579
7,485
1,656
3,026
205
5,710
5,700
4,377
192
5,702
5,959
r
4, 014
7,032
6,931
3,929
109
7,287
6,735
4,435
125
8,087
8,534
4,108
7,643
7,165
4,364
161,631
150,726
166,649
164,733
TIRES AND TUBES
Pneumatic casings:§
Exports.
Production
Shipments
Original equipment
Stocks, end of monthInner tubes:§
Exports
Production__
Shipments
Stocks, end of month
_
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments
reams— 145,383
97,395
115,440
129,204
143,919
161,776
151,292
147,807
140,813
PORTLAND CEMENT
9,772
9,635
9,250
14,489
11,305
12,650
15,420
16,213 16,450
16,410
15,335
Production
thous. of bbl._ 14,557
12,091
50
64
71
73
79
81
55
59
75
83
Percent of capacity
. .
48
78
11,494
6,112
7,853
7,391
12,718
17, 721
14,803
15,369
16,066
14,564
16, 249
17,955
17,153
Shipments
thous. of bbl
10,893
15,972
20,034
16,423
18,653
7,298
18,651
11,064
9,308
8,612
7,830
11,957
11,894
Stocks,finished,end of month.
..
do .
5,304
5,824
3,874
4,463
6,013
6,330
5,111
4,983
3,598 ' 3, 512
4,788
4,580
3,898
Stocks, clinker, end of month
do
' Revised, rf1 See note in April 1946 Survey.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for 1941-45 for tires and tubes are shown on p. 22 of the December 1946 issue
and for imports of natural rubber, on p . 23.
^Includes natural gasoline, cycle products, and liquefied petroleum gases at natural gasoline plants, and benzol. Sales of liquefied petroleum gases for fuel and for chemicals
and transfers of cycle products, shown separately above, are deducted before combining the data with straight run and cracked gasoline to obtain total motor fuel production.
•[Data are from the Civilian Production Administration and continue similar series from the Rubber Manufacturers Association published in the 1942 Supplement; the coverage
is complete. Data for 1941-45 are on p. 23 of the December 1946 issue.
*New series. Exports are from the Bureau of the Census; other series are compiled by the Civilian Production Administration and the coverage is complete. Data for 194345 for exports and 1941-45 for other series are shown on p. 23 of the December 1946 issue.
tSee note marked "f" on p. S-36 regarding revisions in the indicated series for petroleum products. Data for asphalt roofing have been published on a revised basis beginning in
the April 1945 Survey; see note in that issue.
S-38
SURVEY OF CUKKENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
Decem- December
ber
1946
1945
February 1947
1946
January
February
March
April
May
June
July
October
August September
Novem
ber
STONE, CLAY, AND GLASS PRODUCTS—Continued
CLAY PRODUCTS
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
dol. per thous..
Production*
do - .
do .-
17. 081
238,668
216, 658
181,158
17.196
271,639
271, 601
179,875
17.213
279, 265
271, 763
188, 343
17. 328
336,647
335,804
188,346
17. 399
368,587
361,128
196,460
17. 646
356,343
340,033
211,290
17. 932
360, 998
338,154
229,119
18. 074
486,177
452,655
269,036
18. 218
503 451
484,627
290,064
_. short tons
.do . .
do
62,046
61,549
54,429
70,114
75, 298
49, 399
67,059
70, 102
46, 434
84,506
82, 932
46,074
88,610
94,031
40,484
93,758
92,923
41,345
95, 203
91, 343
47, 497
118, 789
117, 603
56, 357
do
do. - .
do
71, 055
62, 329
128,470
84,021
78,084
137, 683
54, 904
50,174
142,248
56,113
54. 267
145,937
64,400
67,941
142,146
90,385
95,641
135,291
91, 486
97, 692
129, 706
8,603
7,968
r 9, 892
' 9,646
8,985
8,847
9,872
9,614
9,555
9,425
8,982
9,235
561
2,534
467
564
1,087
1,773
648
302
34
4,331
'680
3,041
415
801
1,161
2,355
752
353
89
' 4,394
615
2,775
399
801
1, If2
2,052
667
317
67
4,294
725
2,904
524
791
1,156
2,229
772
342
171
4,287
773
2,905
566
546
1,159
2,143
717
347
268
4,140
5,682
6,925
5,281
5,753
5,516
4,882
6,465
6,138
4,879
7,770
7,672
5,007
3,203
429
4,402
4,355
3,681
13,849
4,153
19, 292
19. 095
thOUS. Of ptftnn'ftrd hrifiir
Shipments* __ .
Stocks, end of month*
Unglazed structural tile:*
Production
Shipments
Stocks
Vitrified clay sewer pipe:*
Production
Shipments
Stocks
. ..
.
,-_
18. 551
509 517
479, 799
T
339,129
19. 01C
454 443
424 787
367,339
126 803
124,229
58, 637
116 845 r 128 276
115,474 r 122 157
57, 664 ' 62, 633
123 892
107'688
80, 558
108,621
104, 792
134, 429
108,762
109.166
134,043
99 000 r H e 567
106, 518 r 110, 751
125,491 '131,330
102 857
98,495
134, 560
8,991
8,680
9,426
9,001
10,659
10,406
9,815
9,633
10, 533
10,376
9, 610
9,332
824
2,844
558
389
1,008
2,223
729
315
345
3,643
865
2,502
653
415
1,059
1,899
663
280
346
3,729
962
3 2, 553
595
374
1,146
1,975
676
284
3 437
3,911
1,287
3 3,108
615
417
1,252
2,221
717
332
3 456
3,917
1,309
2,864
529
460
1,216
2,051
582
314
309
3,940
971
3, 204
571
576
1 408
2,491
687
364
4
105
3,906
744
2, 979
517
573
1 372
2,099
658
318
73
3,905
6,935
7,416
4,410
5,978
6,706
3,937
7,389
6,347
4,920
6,070
5,984
4,997
7,891
7,946
4,784
6,711
6,078
5, 352
7, 703
7, 657
5 326
6,848
6,527
5 544
4,100
18, 515
4,513
18,863
3,847
16, 316
3,553
18, 409
4,335
16,803
3,645
21,142
5,000
23, 271
3,168
20, 781
f
18.519
470, 343
442,975
310,814
r
r
GLASS PRODUCTS
Glass containers:t
9, 344
thous. of grossProduction
.
.
9,352
Shipments, domestic, total
do
General use food:
dn
723
Narrow neck food
4
2, 803
Wide mouth, food (incl. packers tumblers) .do
513
Beverage
dn
639
Beer bottles .
_______
_ . _ do .
1,342
Liquor and wine
_ do
2,227
do- Medicinal and toilet
_.
651
General purpose (chem., household, indus.)_.do
331
Dairy products
__ _ .
do
Fruit jars and jelly glasses
do
3, 591
Stocks, end of month
do .
Otherglassware, machine-made:
Tumblers: t
6,470
Production
__. ..thous. of doz_6,242
do_. .
Shipments
_ __ .
do
4,879
Stocks
Table, kitchen, and householdware, shipments t
thous. of doz_. 2,298
Plate glass, polished, production
thous. of sq. ft_. 18, 411
4
GYPSUM AND PRODUCTS
Crude gypsum:
Importscf
Production
short tons
do
233,059
1,087,495
701, 797
42, 721
1,143,238
828, 731
300,815
1,306,845
946, 851
571,871
1 522 455
1 172 746
do
340,697
358,643
408, 263
394, 436
do
do
204, 791
4,596
69,614
206,823
5,047
365,183
35,660
265,675
6,589
85,952
242,917
5,164
408,149
48,668
331,237
8,655
91, 524
281,750
4,055
443, 327
52,320
422 025
8, 392
103 442
295, 620
4 508
557,537
49,941
do
Calcined production
Gypsum products sold or used:
Uncalcined
Calcined:
For building uses:
Base-coat Dlasters
All other buildint. Dlasters
I^ath
Tile
Wallboard©
Industrial plasters
dn
thnns. nf sn. ft
do
do
. short tons .
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.Shipments...
_._
do_
Stocks, end of month
_.do_
12,083
11,925
17, 266
9,999
9,137
14, 355
13.131
12, 751
14,678
12, 235
11,938
14,919
12,976
12,613
15,225
13, 067
12,643
15,592
13, 985
13,344
16,178
12,968
13.118
15, 971
11,968
11,008
16, 932
13, 438
12,086
18,284
13,179
13,511
17,952
14,533
15,089
17,396
COTTON
Cotton (exclusive of linters):
Consumption
_
bales.. 774,177 651,931 811, 218 747,748 804,290 812, 749 871, 470 792, 317 729, 603 855, 511 818, 449 931,229
215,219 293,166 250, 482 318,948 317,633 456,671 409,926 366,510 411, 570 242,177 103, 781
Exportscfdo
42, 852
25,845
27, 694
15,862
39, 609
19,199
35, 899
40,984
35, 530
17,896
30, 767
Imports cf
do
.241
.230
.260
.300
.228
.236
Prices received by farmersf
dol. per lb_.
.336
.353
.377
.224
.227
Prices, wholesale, middling, xty.t>'\ average, 10 markets
.274
.292
.324
.245
.258
.334
.277
dol. per lb_.
.355
.369
.361
.247
.268
Production:
7,728
7,783
162
Ginnings§
thous. of running bales
1
532
2,334
5,725
8,027
8,813
Crop estimate, equivalent 500-lb. bales
19,016
thous. of bales.. 2 8,482
Stocks, domestic cotton In the United States, end of
month:J
9,332
10, 450
6,320
5, 939
9,906
8,547
7,534
6,340
4,414
5,845
3,785
4,280
Warehouses
thous. of bales.
2,179
2,312
2,125
2,295
2,3C6
2,311
2,319
2,179
1,928
2,238
1,983
1,865
Mills
_
do....
Cotton linters:
90
95
90
97
84
94
85
87
Consumption
do
134
129
140
88
71
49
31
16
13
164
26
Production
_
_
do
"•452
475
438
482
480
457
443
398
347
285
350
Stocks, end of month
_
do
2
'Revised.
i Total winnings of 1945 crop.
December 1 estimate of 1946 crop.
« Packers tumblers included with fruit jars and jelly glasses for July and August 1946,
4
Jelly glasses included with wide mouth food containers; shipments for November 1946 were less than 500 gross.
§ Total ginnings to end of month indicated.
c? Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
© Includes laminated board reported as component board; this is a new product not produced prior to September 1942.
X For revised figures for cotton stocks for August 1941-March 1942, see p. S-24 of the May 1943 Survey. The total stocks of American cotton in the United States on July 31,1946,
including stocks on farms and in transit, were 7,522,000 bales, and stocks of foreign cotton in the United States, 153,000 bales.
t Revised series. See note marked " t " on p. S-34 of the July 1944 Survey regarding changes in the data on glass containers and comparable figures for 1940-42; data for JanuaryOctober 1945 were compiled by the War Production Board; subsequent data are from the Bureau of the Census. Data for tumblers have been revised to include data for 8 companies
and for table, kitchen, and household ware to include 6 companies; comparable data beginning January 1944 will be shown later. The farm price of cotton has been revised for August
1937-July 1942; for revisions see note marked " t " on p. S-35 of the June 1944 Survey.
* New series. Data are compiled by the Bureau of the Census and cover all known manufacturers; data beginning September 1942 for brick are shown on p. 24 of the February
1945 issue; and for vitrified sewer pipe on p. 23 of the December 1946 issue; data beginning that month for other series will be published later.
February 1947
SUKVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
Decem- December
ber
1946
1945
S-39
1946
January
February
March
April
May
June
July
August
September
October
November
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURERS
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
2,182
production, quarterly*
mil «f linear vnrris
2,267
2,062
2,299
Cotton goods finished, quarterly:*
1,625
1,734
1,788
do .
1,555
Production, total
786
840
878
do
778
Bleached
478
466
449
do
457
Plain dyed
416
_ _ do
443
390
320
Printed
71,472
59,421
60,474
65,154
41,078
68, 888
73,107
68,306
57, 503
41,313
52,756
59,618
Exports§
_
.thous. of sq. yds_.
4,840
3,551
3,581
2,311
2,459
1,792
7,100
5,176
2,920
Imports§
do
3,131
2,814
4,205
Prices, wholesale:
23.09
22.57
23.73
22.01
25.93
27.40
30.86
40.78
19.49
47.72
• 24.97
cents per lb.
20.68
20.61
Mill margins
.248
.312
.256
.323
.256
.256
.280
.338
.338
.223
.338
...dol. per yd.,
.223
.223
Denims, 28-inch
_
.110
.114
.114
.134
.114
.140
.146
.147
.099
do .
.126
.099
.099
.185
Print cloth, 64 x 56cf
.133
.172
.138
.165
.138
.138
.180
.180
.120
.138
do....
.120
Sheeting, unbleached, 36-inch, 66 x 56©
.120
Spindle activity:!
22,019
21, 639
21, 754
thousands.- 21,688 ' 20, 649 ' 21,621 ' 21,619 ' 21,947 ' 21,964
21,958 ' 21,944 ' 21,984
21, 524
Active spindles _ _
.
9,449
' 9,133
' 8.707
9,037
9,499
9,558
10,143
' 9,147
' 8,007
' 8,493
8, 671
. mil. of hr
' 9, 486
' 7, 740
Active spindle hours, total
'369
424
397
'383
'384
396
379
401
'336
357
362
325
hours.,
399
Average per spindle in place
'115.4
112.4
114.4
116.2
' 114.1
110.5
119.6
95.3
' 113.0
107.8
110.7
' 101. 7
r 109. 9
Operations
pensent of capacity..
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, for knitting (mill)t
.699
.504
.543
.543
.643
.699
.476
.525
.671
dol. perlb.
.599
.699
.470
.470
2
do _
.804
i. 819
.672
.672
.756
.627
.672
.834
.646
.592
.592
Southern, 40s, single, carded (mill)
.592
.819
RAYON AND MANUFACTURES
Yarn and staple fibers:
Consumption:
54.2
51.8
59.4
'58.0
58.3
56.6
66.8
57.3
50.2
Yarn _
.
__ mil. oflb
51.9
50.7
55.7
14.1
' 12.9
16.8
15.9
14.0
15.6
15.1
15.7
14.8
do
13.3
Staple fiber
14.5
14.0
2,423
2,141
3,428
3,369
2,943
thous. of lb
1,887
3,108
3, 708
3,653
1,426
Imports§
. .
1,441
1,492
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
.550
.550
.550
' . 580
.550
.550
.550
.550
.550
.550
filament
dol. per lb_.
.550
.550
.250
.250
.250
.250
'.265
.250
.250
.250
.250
Staple fiber, viscose, \\i denier
do
.250
.250
250
Stocks, producers', end of month:
7.3
8.4
9.2
9.1
9.7
'9.7
9.3
mil. oflb
8.7
8.7
10.0
Yarn
. . .
7.3
8.3
1.9
2.1
1.8
2.2
2.6
'2.5
2.3
2.6
2.3
4.0
Staple fiber
do
3 1
4 1
Rayon goods, production, quarterly:*
439,178
437,388
408,615
Broad woven goods
thous. of linear yards
397,368
454,322
441,627
388,783
Finished total
do
380 194
51.659
42,49S
55,148
White finished
do
43 541
292,862
299,498
269,134
259,718
Plain dyed
. . do
103,165
93,617
77,151
Printed
76 935
do
WOOL
Consumption (scoured basis) A
49,604
60,424
48,252
49,788
61,635
50, 750
49,900 '63,375
48,184
47,708
Apparel class
thous. oflb..
38, 388
53,995
10,352
9,576
10,268
9,916
11,465
9,135
10,308
10,260
13,435
11,476
Carpet class ... .
do
7,436
10 100
do
73,601 103, 311
91, 793
89, 529
70, 226
66,053
85,556
78,567 113, 593 126,519
Imports§
45,988 106, 619
Prices, wholesale:
.995
.995
.995
.995
.995
.995
1.106
1.037
1.025
.995
1.145
1.035
Raw, territory, 64s, 70s, 80s, fine, scoured*..dol. per lb_.
1.035
.465
.465
.465
.465
.490
.465
.465
.480
.465
.480
Raw, bright fleece, 56s, greasy* . . .
do.
.530
.485
.485
Australian, 64-70s, good top making, scoured, in bond
.745
.789
.745
.745
.745
.745
.755
.757
.765
.747
.758
.850
755
(Boston)t
-- — - dol. per lb .
564,438
491,512
594,487
Stocks, scoured basis, end of mo., totalf
thnns. nf lh
483, 019
420, 537
438, 905
377,658
Wool finer than 40s, total
do
360 224
253,214
282,750
221,188
Domestic
do
211,826
167,323
156,155
156,470
Foreign
148 398
do
143, 901
_ do
113,854
155, 582
Wool 40s and below and carpet
122, 795
WOOL MANUFACTURES
Machinery activity (weekly average) :1
Looms:
Woolen and worsted:
Broad...
thous. of active hours..
2,552
2,592
2,486
2,640
2,608
2,582
• 2,687
"
2,586
2,159
2,480
2,175
2,276
Narrow
rin
86
88
86
86
85
85
81
79
68
84
72
78
Carpet and rug:*
Broad _
98
107
110
101
106
105
113
103
do
78
95
79
83
94
94
Narrow
86
93
99
do
101
79
70
68
74
84
67
Spinning spindles:
do. .
Wroolen
105,388 109 462 120,378 122,334 119,955 119,134 123,986
98,191 123,886 120,847 122,605 117,189
Worsted
do
89,145 110,807 112,153 ' 118,212 112,394
97, 801 102, 327 112,677 115, 501 114,045 108,463 114,293
214
220
217
221
226
224
Worsted combs
223
177
'230
220
186
197
Woolen and worsted woven goods (except woven felts):*
154,339
144,591
145,635
Production, quarterly, total...thous. of linear yards.
124,501
133,942
Apparel fabrics
1
do
125,199
125,628
107,163
Men's wear
t\n
58,060
53 791
44 566
54 557
60,853
55,314
56,144
Women's and children's wear
. .
do
49 587
15,029
General use and other fabrics..
15,328
15,693
13,010
do
12,077
12,336
11, 834
Blankets..
11 387
do8,320
Other nonapparel fabrics .
7,671
7,558
do
5,951
Wool yarn:t
74,716
Production, total*
77,948
75, 432
75,910
94,390
77,928
96,200
74,028
77, 300
..thous. oflb
74,204
62 240
82,775
13,764
Knitting*
do..
14,008
15,890
13,704
13,236 ' 16,610
12,492
14,052
17,110
14,775
13,460
10,864
52,832
51,064
52, 425
51,620 r 65, 250
49, 816
Weaving*
.
64,650
53,120
52, 740
60,656
- do
43,581
67,272
rin
Carpet and other*
_ _
11,108
7,595
9,888
11,104
10,576 ' 14,340
10,508
12,630
11, 720
10,088
10,728
7 795
Price, wholesale, worsted yarn, 2/32s (Boston)
1.900
1.900
1.900
1.900
1.900
1.900
1.900
1.900
1.900
1.900
dol. per lb_.
1.900
1.900
1.900
'1 Revised. IData for January, April, July and October 1946 are for 5 weeks; other months, 4 weeks.
Quotations are for cotton yarn twisted, 40/1, carded, and are not comparable with data prior to November 1946; comparable October 1946figure,$0,819.
• Based on cloth prices for July 24, 1946, from "The Textile Apparel Analysis" for first 3 weeks of the month and OPA ceilings for last week.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
d"Data are for 64 x 60 cloth and continue the series for which prices through June 1943 were shown in the October 1943 Survey (this construction was discontinued during the
war period); the price of 64 x 56 cloth was $0,096 for October 1945-February 1946 and $0,107 for March 1946.
©This series was substituted in the November 1943 Survey for the price of 56 x 60 sheeting, production of which was discontinued during the war period.
•Data through August 1945 exclude activity of carpet and rug looms operating on blankets and cotton fabrics.
tRevised series. For 1941 data for the yarn price series, see p. S-35 of the November 1942 issue. Wool stocks have been published on a revised basis beginning 1942 (see p. S-35
of the May 1943 Survey); data include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation.
•New series. For data beginning 1943 for production of cotton cloth and a brief description of the data, see p. S-35 of the August 1944 Survey; earlier data will be shown later.
For earlier data for cotton and rayon goods finishing, see p 23 of the August 1946 issue. Rayon broad woven goods production and wool yarn production are from the Bureau of the
Census and represent virtually complete coverage; data beginning in 1943 will be shown later; the wool yarn figures are for 4- and 5-week periods. Data beginning 1939 for the price
of raw territory wool are shown on p. 24 of the February 1945 Survey. Data beginning 1936 for the price series for Australian wool, which is from the Department of Agriculture, will
be shown later; prices are before payment of duty. For available data for 1937-43 for woolen and worsted goods production, see p. 19 of the May 1945 Survey.
t
JAugust 1945 revisions: Active spindles, thousands, 22,144; active spindle hours, millions, 8,789; average hours per spindle in place, 369; operations, percem of capacity, 100.4.
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise s t a t e d , statistics t h r o u g h 1941
a n d descriptive notes m a y be found i n t h e
1942 S u p p l e m e n t t o t h e Survey
1946
1945
December
December
February 1947
1946
January
February
March
April
May
June
July
August September
October
Novem
ber
TEXTILE PRODUCTS—Continued
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
Pyroxylin-coated fabrics) :§
Orders, unfilled, end of month
Pyroxylin spread
Shipments, billed
-
tbous. of dol__
thous lin. yd—
thous. of lb_..
thous. linear yd—
7,274
6,2C8
U.P09
6.036
6f8f4
IS,164
7,0£8
9,135
12, 786
6,754
8,210
13,137
6,129
7,401
5,300
7,322
7,381
4,236
r3,103
' 4,813
' 7, 553
4,640
13,035
6,301
7,506
13,606
6,811
8,448
13,182
6,814
9,071
13,468
5,748
7,653
13,800
5,651
7,371
13,589
6,972
8,552
13, 281
6,287
7,151
12,914
7,480
9,867
TRANSPORTATION EQUIPMENT
MOTOR VEHICLES
Exports, assembled, total f
Passenger cars 1
Trucks'V—
Production:*
Passenger cars
Trucks and truck tractors, total
Civilian, total
Heavy
Medium
Light
Military
number.
do__.
do__.
._.do__.
do
...do.
do.
do.
do.
do.
8,604
824
7,780
10.266
2,962
7.304
' 12,397
2,350
r
10, 047
18,999
6,312
12, 687
27, 017
8,321
18,696
23,644
7,013
16, 631
23,694
10, 518
13,176
31,803
14,587
17,216
27,401
12,477
14, 924
23,017
11,832
11,185
262,076
101,484
101,484
7,691
51,825
41, 968
0
30,016
29,542
28,792
5,054
11,132
12,606
750
62, 723
54,864
54, 791
6,278
23,956
24, 557
73
47,965
90,045 150, 206
• 28,660 ' 39,320 ' 81, 072
• 28,562 ' 39,309 '81,070
' 4,469
' 2,432
5,802
' 9,849 ' 16,952 ' 43,837
14,244
19,925
31, 431
11
2
152, 948
74,650
74,650
4,823
37,427
32,400
0
142, 313
58,739
58,739
4,066
18,608
36,065
0
220, 321
93,458
93,458
r
5,995
' 49,529
37,934
0
241,302
105,516
105,516
' 4,840
' 57, 062
43,614
0
239,412
92, 014
92,014
' 6,071
' 44, 559
41,384
0
285,606
109, 953
109, 953
8,940
51,175
49,838
0
6,737
2,056
60
60
2,155
1,674
491
491
3,474
2,202
494
494
2,411
1,664
9
9
2,460
2,325
21
21
4,038
3,181
240
240
3,340
2,816
181
181
2,662
2,094
56
56
3,098
2,570
61
61
4,625
4,234
3,915
3,244
69
34
5,957
3,057
45
45
1,740
67
4.0
54, 778
38, 716
16,062
1,760
72
4.3
36,426
30,911
5,515
1,757
71
4.2
36, 471
29,002
7,469
1,757
74
4.4
37, 572
30,345
7,227
1,755
75
4.4
38, 650
29,947
8,703
1,753
76
4.5
38,151
29,687
8,464
1,749
83
4.9
35, 954
28,184
7,770
1,749
78
4.7
36,058
28, 683
7,375
1,748
80
4.7
41,417
34,609
1,748
74
4.4
42,714
35,367
7,347
1,746
73
4.3
53, 727
37, 213
16, 514
1,743
67
4.0
52,817
36, 942
15,875
3,137
8.4
2,555
6.6
2,834
7.3
2,944
7.6
3,075
8.0
3,145
8.2
3,260
8.5
3,179
8.3
3,298
8.7
3,217
8.5
3,195
3,147
8.4
64
57
7
540
540
0
92
64
23
379
369
10
270
160
110
81
57
24
373
363
10
222
156
66
85
57
28
378
368
10
163
125
82
57
25
412
402
10
216
172
44
74
52
22
416
406
10
262
172
90
63
43
20
522
512
10
258
99
159
70
16
529
515
14
286
208
78
76
60
16
528
'514
14
227
174
53
55
14
487
473
14
236
140
159
156
3
146
142
4
148
148
0
154
148
219
211
266
262
4
273
260
13
258
247
11
13,285
4,001
9,284
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
number..
Domestic.
do
Passenger cars, t o t a l j . .
do
Domestict
do
Association of American Railroads:
Freight cars, end of month:
Number owned
thousands..
Undergoing or awaiting classified repairs...do . . .
Percent of total on line
Orders, unfilled—
cars.Equipment manufacturers
do
Railroad shops
do
Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
number..
Percent of total on line
Orders untiled:
Steam locomotives, total
number..
Equipment manufacturers
_
do
Railroad shops
- do
Other locomotives, total*
do
Equipment manufacturers*
do
Railroad shops*..
,
.do
Exports of locomotives, t o t a l !
do
K
Steam V
--—.do
Other %
do
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
number.
...do...
do__.
Shipments, total
Domestic
Exports
85
65
53
12
490
490
0
114
66
48
67
57
10
506
506
0
92
58
34
265
245
20
229
220
311
293
18
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indext
1935-39=100..
Industrial production, combined indexf
do
Constructiont
-- - - -- do __
Electric power
- do
Manufacturingf —
do
Forestry!
- do
Miningf
do _
Distribution, combined indexf
do
Agricultural marketings, adjusted:!
Combined index..
do
Grain
do .
Livestock.. _ _ .
do
Commodity prices:
Cost of living
__
do
Wholesale prices
1926=100..
Railways:
Carloadings.
thoug. of cars..
Revenue freight carried 1 mile
mil. of tons
Passengers carried 1 mile
mil. of passengers.
193.0
194.5
230.2
141.8
206.3
134.5
114.0
189.8
195.4
193.9
252.5
151.8
202.8
138.4
119.7
198.7
181.2
188.2
254.2
152.9
197.9
150.7
98.1
166.7
191.4
199.0
441.1
155.6
190.7
146.9
143,5
175.9
192.8
197.9
426.3
164.1
189.9
144.0
142.0
182.3
184.3
189.6
302.6
166.5
186.9
143.2
155.8
173.4
178.9
179.4
204.0
164.5
181.4
128.0
158.7
178.0
180.3
181.1
237.0
168.2
181.2
143.2
155.3
178.6
178.1
175.5
178.6
164.3
180.6
149.0
158 9
183.4
173.3
172.5
186.9
155.2
179.0
150.9
147.7
175.0
179.0
184.2
284 3
155.3
185.5
156.5
146 1
168.1
181.3
180.5
197 7
154. C
191 I
157 3
138 7
183. e
100.0
82.5
176.1
163.7
168.9
140.9
68.8
52.5
139.2
66.0
54.3
117.0
124.6
129.9
101.4
160.5
177.7
86.0
97.1
92.9
115.4
146.6
148.4
138.7
' 132.8
' 133 2
131 0
97.2
96 5
68.5
106.8
103 2
122.5
121 7
115 1
150 I
120.1
103.9
116.9
104.6
119.9
105.2
120.1
105.6
120.8
108.2
122.0
108.6
123.6
109.1
125.1
109.5
125.6
109.2
125.5
109.1
126.8
110.8
127.1
111.4
272
4,803
465
'287
4,644
424
263
4,215
392
302
4,981
412
282
4,156
367
296
3,983
335
291
4,055
420
'305
4,048
484
325
4,406
501
324
5,142
373
371
34S
5,467
292 - - - - - - - -
' Ke vised;
X Data for October 1945-January 1946, and April 1946, include converted troop kitchens and troop sleepers.
§ Data for several additional companies are included beginning July or August 1945; see note in the April 1946 Survey for July and August 1945 figures excluding these companies and information regarding an earlier revision in the series; data relate to cotton fabrics prior to August 1945.
1 The export series, except data fot total locomotives and other locomotives, continue data formerly published in the Survey but suspended during the war period; "other locomo
tives" has been revised to include internal combustion, carburetor type, Diesel-electric and Diesel in addition to electric locomotives and the total revised accordingly. The series
include railway, mining and industrial locomotives. Data through February 1945 for the revised series and for October 1941-Febraary 1945 for other series will be published later.
•New series. See note in September 1945 Survey for a description of the series on production of trucks and tractors; data beginning 1936 will be published later. Data on passenger
car production are from the Civilian Production Administration and cover the entire industry; there was no production April 1942-June 1945. Data for unfilled orders of "other
locomotives" are for class I railroads and include electric, Diesel-electric, and Diesel; data beginning 1939 will be shown later.
tRevised series. The Canadian index of construction has been shown on a revised basis beginningm the August 1945 Survey, the mining index beginning in the April 1944 issue,
and the other indicated indexes beginning in the December 1942 issue; see note in April 1946 Survey for the periods affected.
U. S . GOVERNMENT PRINTING OFFICE: 1 9 4 7
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40
Pages marked S
Abrasive paper and cloth'(coated)
37
Acids
23
Advertising
.
.
...
6f 7
Agricultural income, marketings
.
1
Agricultural wages, loans
. . . . 14,15
Air mail and air-line operations
7,23
Aircraft
_
2,10,11,12,13,14
Alcohol, denatured, ethyl, and methyl
23,24
Alcoholic beverages
1,2,26,27
Aluminum..
...
...—
33
Animal fats, greases
24,25
Anthracite
2,4,11,12,13,14,36
Apparel, wearing
4,6,7,8,10,11,12,13,14,38,39
Armed forces
9
Asphalt.
_
37
Automobiles
1,2,3,6,7,10,11,12,13,14,17
Banking
.
.
15
Barley
27
Battery shipments
34
Bearing m e t a l . .
33
Beef and veal
29
Beverages, alcoholic
.
1,2,26,27
Bituminous coal
2,4,11,12,13,14,36
Boilers
33
Bonds, issues, prices, sales, yields
18,19
Book publication
35
Brass
_
33
Brick
_
4,38
Brokers' loans
15,19
Building contracts awarded .
..
5
Building costs
5,6
Building construction (see Construction)
Building materials, prices, retail trade
4,7,8,9
Businesses operating and business turn-over
3
Butter
27
Canadian statistics
16,17,40
Candy
_
29
Capital
flotations
18
For productive uses
18
Carloadings
22
Cattle and calves
28
Cellulose plastic products
26
Cement
1,2,4,37
Cereal and bakery products
4
Chain-store sales
8
Cheese
_
27
Chemicals
1,2,3,4,10,11,13,14,17,23,24
Cigars and cigarettes
.
30
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
1,2,38
Clothing
__. 4,6,7,8,10,11,12,13,14,38
Coal
_
_
2,4,11,12,13,14,36
Coffee
29
Coke
__
2,36
Commercial and industrial failures
3
Construction :
New construction, dollar value
5
Contracts awarded
._
5
Costs
.
6
Dwelling units started
5
Highway
_
5,11
Employment, wage rates, earnings, hours. 9,12,14
Consumer credit
15,16
Consumer expenditures
.
7
Copper
33
Copra and coconut oil
...
25
Corn
28
Co«t-of-living index
4
Cotton, raw, and manufactures
2
4,10,12,13,38,39
Cottonseed, cake and meal, oil
25
Cranes, electric overhead.
34
Crops
1,25,27,28
Currency in circulation
.
17
Dairy products
1,2,3,4,27
Debits, bank
_
15
Debt, short-term, consumer
. . 15,16
Debt, United States, Government . . .
17
Department stores, sales, stocks, collections
8,9
Deposits, bank
15,17
Disputes, industrial
12
Distilled spirits
24,26,27
fc
Dividend payments and rates
.
*L*^
Drug store sales
7,8
Dwelling units started
5
Earnings .weekly and hourly
14
Eggs and chicken*
1,3,4,29
Electrical equipment
2,3,7,34
Electric power production, sales, revenues
26
Employment estimates
._ 9,10
Employment indexes:
Factory, by industries
10,11
Nonmanufacturing industries
11
Employment, security operations
12
Emigration and immigration
«.
23
Engineering construction
...
5
Exchange rates, foreign
_.
16
Expenditures, United States Government
.
17
Explosives.
.
24
Exports
20,21
Factory, employment, pay rolls, hours, wages.
9,
10,11,12,13,14
Failures, industrial and commercial..
Fairchild's retail price index
Farm marketings and income
IFarm wages
3
4
1
14
Pages marked 8
Farm products, farm, and wholesale prices...
3,4
Fats and oils
_
_
4,24,25
Federal Government, finance
„ . . . - 17,18
Federal Reserve banks, condition of
.....
IS
Federal Reserve reporting member b a n k s . . . .
15
Fertilizers
. . . . . 4,24
Fire losses
_
.
6
Fish oils and
fish
. . . . . . . 25,29
Flaxseed
25
Flooring
.......
31
Flour, wheat
.........
28
Food products
_
...
2,
3,4,7,10,11,12,13,14,17,27,28,29
Footwear
2,4,7,8,10,12,13,14,31
Foreclosures, real estate
6
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes and
commodity groups
. — — . 20,21
Foundry equipment
........
34
Freight cars (equipment)
. . . . . . . . 40
Freight carloadings, cars, indexes
....
22
Freight-car surplus
......
22
Fruits and vegetables
. . . 2,3,4,27
Fuel equipment and heating a p p a r a t u s . . . . . . .
34
Fuels
2,4,36,37
Furnaces, electric, industrial
....
34
Furniture
1,4,10,11,12,13,32
Gas, customers, sales, revenues.
.
26
Gas and fuel oils
.
36
Gasoline
.
..
37
Glass and glassware (see alto Stone, clay, e t c ) .
38
Gelatin
.
24
Gloves and mittens.
.. ....
30
Glycerine
....
.
24
Gold
16,17
Goods in warehouses
........
7
Grains
. . . . . 3,27,28
Gypsum
38
Heating and ventilating e q u i p m e n t . . . . . . . . . .
34
Hides and skins
_
„ 4,30
Highways
..'
5,11
Hogs
_
29
Home-loan banks, loans outstanding..........
6
Home mortgages
6
Hosiery
i.,
4,38
Hotels
._
. . . » 11,13,23
Hours per week
. . . . . . . . . 11,12
Housefurnishings
. . . . 4,6,7,8
Housing
.
..
4,5
Immigration and emigration
...
...i.
23
Imports
_
20,21
Income payments
~
.........
1
Income-tax receipts
. . ...
17
Incorporations, business, new
.........
3
Industrial production indexes
.
. .1,2
Instalment loans
..—.—.
Instalment sales, department stores . . . . .
16
8,9
Insurance, life
...
....
16
Interest and money rates
........
15
Inventories, manufacturers' and t r a d e . . . . . . .
3,8
Iron and steel, crude, m a n u f a c t u r e s . . . . . . . . . .
2,
3,4,10,11,12,13,17,32,33
Kerosene
........
37
Labor force
.
.......
9
Labor disputes, turn-over
..
12
Lamb and mutton
.......I—
29
Lard.
29
Lead
_
33
Leather
1,2,4,10,11,12,13,30,31
Linseed oil, cake, and meal
.........
25
Livestock
1,3,28,29
Loans, real estate, agricultural, bank, brokers'
(sec also Consumer credit)
.
. . . 6,15,17
Locomotives
........
40
Looms, woolen, activity
..
.
39
Lubricants
...
37
Lumber
_ 1,2,4,10,11,12,13,31,32
Machine activity, cotton, wool . . . . . . . . . . .
39
Machine tools
10,11,12,13,34
Machinery
1,2,3,10,11,12,13,17,34
Magazine advertising
..........
7
Mail order houses, sales
...
8,9
Manufacturers* orders, shipments, inventories.
2,3
Manufacturing production i n d e x e s . . . . . . . . . .
1,2
Meats and meatpacking.. 1,2,3,4,10,12,13,14,29
Metals
1,2,3,4,10,11,12,13,17,32,33
Methanol
.
24
Milk
*
27
Minerals
2,10,11,12,14
Money supply
.
...........
17
Mortgage loans
— . . . 6,15
Motor fuel
36,37
Motor vehicles
,
7,40
Motors, electrical
....
..
34
Munitions production
.
2
Newspaper advertising
.—......
6,7
Newsprint
.
..........
35
New York Stock Exchange
19,20
Oats
28
Oil burners
.
34
Oils and fats
4,24,25
Oleomargarine
...........
25
Operating businesses and business turn-over...
3
Orders, new, manufacturers'
........——«
2
Paint and paint materials
...
. . 4,26
Paper and pulp
2,3,4,10,11,12,13,14,35
Page,
Paper products...
Passports issued
..
Ing^ustries.
5.
.
irked 8
35
...—...
23
f!?!!!!!!.™
12,13
Petroleum and products
.
....—.
2,
_ .
3,4,10,11,12,13,14,17,36,37
Pig iron...—
„_.
32
Plywood.
*
32
Porcelain enameled products..33
Pork
29
Postal business...
.
.....
7
Postal s a v i n g s . . . . — . . . . . . . . . . . . . . . . . . . . .
15
Poultry and eggs
.
. 1,3,29
Prices (see also individual commodities):
Retail indexes
«*..* „
4
Wholesale indexes
.
...
-...—
4
Printing
2,10,11,12,13,14,35
Profits, c o r p o r a t i o n . . . . . . . . . . . . . . . . . . . . . . . .
17
Public assistance
-..*...
14
Public utilities.
4,5,11,12,13,14,17,18,19,20
Pullman Company.
..—......—...i,-;—
23
Pulpwood
«i.j
34
Pumps..
^
^
34
Purchasing power of the dollar...
.......
5
Pyroxylin coated fabrics
.....
40
Radio advertising
.
. . . i . 6,7
Railways, operations, equipment,financialstatistics, employment, w a g e s . . . . . . . . . . . . . . . . ' 11,
12,13,14,17,18,19,20,22,23,40
Railways, street (see Street railways, etc,).
Rayon, and rayon manufactures. 2,4,10, U , 13,14,39
Receipts, United States Government.. .* . . . . . ~ 17
Reconstruction Finance Corporation, loans... • 18
Rents (housing), index
*
f..-;
4
Retail trade, all retail stores, chain stores.
department stores, -matl
general merchandise
. . . . 7,8,9
Rice
...^
28
Roofing, asphalt....
,„
37
Rosin and t u r p e n t i n e . . . . . . . . . . . . . . . . . . . . . . . • 24
Rubber, natural, synthetic and reclaimed, tires, and tubes
...
37
Rubber industry, production index, employ*
ment, pay rolls, hours, earnings.. . . . . . . .
2,
3,4,10,11,13,1*
Savings deposits...
.
. .
..
15
Sewer pipe, c l a y . . . . . . . . .
...........
38
Sheep and lambs
29
Shipbuilding
2,10,11, J2,13,14
Shipments, m a n u f a c t u r e r s ' . . . . . . . . . . . . . . . . .
2
Shoes...
1,4,7,8,10,12,13,14,31
S h o r t e n i n g s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Silver
^
..
17
Skins
30
Slaughtering and meat packing.. 2,10,12,13,14,29
Soybeans, and soybean o i l . . . .
...........
25
Spindle activity, cotton, wool
.
.
39
Steel ingots and steel manufactures (see also
Iron and steel)...
32,33
Steel, scrap...
.
...
32
Stocks, department stores (see also Manufac* .
turers* inventories)
.
......
9
Stocks, issue*, prices, sales, yields
.
19,20
Stokers, mechanical.....
........
34
Stone, clay, and glass products
.....
1,
2,10,11,12,13,14,37,38
Street railways and busses.,.
11,12,14
Sugar
. . . . . . . . . . — — . . . 29,30
Sulphur..................................
24
Suuuric a c i d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Superphosphate
....
; .
24
Telephone, telegraph, cable, and radio-tele*
graph carriers
11,12,14,17,23
Textiles
2,3,4,10,11,12,13* 14,38,39
Tile
..^
38
Tin
......
33
Tires and inner tubes
..................
37
Tobacco
2,11,12,13,14,30
Tools, machine
10,11,12,13,14,34
Trade, retail and wholesale
7,8,9,11,13,14
Transit lines, local
22
Transportation, commodity and passenger—. 22,23
Transportation equipment.... . . . .
...—
1,
2,3,9,10,11,12,13,14,17,40
Travel
.
.-..•
. . . 22,23
Trucks and t r a c t o r s . . . . . . . . . . . . . . . . . . . . . . .
40
Turpentine and r o s i n . . . . . . . . . . . . . . . . . . . . . .
24
Unemployment
.
....
9
United States Government b o n d s . . . . . . . . 17,18,19
United States Government, finance........<•. 17,18
Utilities
4,5,9,12,13,14,17,18,19,20
Variety s t o r e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Vegetable oils
25
Vegetables and fruits
2,3,4,27
Veterans* unemployment a l l o w a n c e s . . . . . . . . .
12
Wages, factory and miscellaneous.——..... 13,14
War program, production and expenditures... 2,17
War Savings B o n d s . . . . . . _ . . . - . - - - . - . - —
17
Warehouses, space o c c u p i e d . . . . . . . . . . . . . .
7
Water transportation, employment, pay rolls.., 11,13
Wheat and wheat
flour.
.
......
28
Wholesale price indexes
....
..
4
Wholesale trade
.
:„
...*9
Wood pulp
. . . . 4,34,35
Wool and wool manufactures.. 2,4,10,12,13,14,39
Zinc......
...........*—*..—...33
Key Business Statistics
Item
1939
1941
1943
1944
Item
1945
National Income and Product
120.2
187.4
197.6
199.2
194.0
16.0
10.9
61.7
26.5
19.1
74.6
93.5
2.5
91.3
97.1
2.0
98.5
83.6
9.1
106.4
34.7
32.1
127.2
Prices received by farmers (190914=100)
Consumers' price index (1935-39=
100), all items
Food.__
Retail prices, all commodities (193539=100) _ „ .
-
National income (bil. of dol.)
70.8
96.9
149.4
160.7
161.0
92,732 143,134 156,794 160, 773
61,374 101,791 111, 734 110,193
165,067
105, 249
16,475
11,906
26,458
14,793
10,783
£127
1,112
9,761
47,453 48,375 42,834
18,394 21,031 22, 573
13,095 14,517 15,604
22,791 27,811 29,182
943
988
11,195 12,223
42,618
26,626
18,142
17,863
1,181
13,718
18,599
1,886
29,737
7,632
34,590
10,329
84,181 137,673 141,098 144,115
145,694
1943
1944
1945
1946 i
165.0
70,829
45,658
1941
Prices
Gross national product or expenditures (bfl. of dol.), total
Government expenditures for
goods and services
Private gross capita] formation...
Consumers' goods and services...
1939
Income payments (mil. of dol.),
total
Salaries and wages, total
Commodity producing indusdustrles
Distributive industries
Service industries
Government...
Public assistance and other relief.
Dividends and interestEntrepreneurial income and net
rents and royalties
Other income payments
Total nonagricultural income
921
6,188
1,071
8,891
64,779
27,161
2,854
28,017
4,905
Production
Firm marketings, volume (193539-100), toUL.
Crops
„•
..-.*
..
Livestock
109
111
106
133
119
144
140
124
152
137
134
140
138
136
140
109
Industrial production (1935-39100)
Manufactures
Durable manufactures...
Nondurable manufactures
115
111
119
162
168
201
142
125
360
176
132
235
252
353
171
140
214
274
166
137
170
177
192
164
134
s
109
106
Selected commodities, production:
Coal, bituminous (thous. snort
tons)...
394,855 514,149 590,177 619,576 577,617 532,000
1,731
Crude petroleum (mil. bbls.)
1,265
1,402 1,506 1,678 1,711
Electric power, industrial and
271,255 269,544
utility (mil. kw. hrs.)
61,308 208,306 267,540 279,525 3
32,938 27,951 8 34,500
Lumber (mil. bd- f t . ) — . .
2$ 756 > 36,538
Steel ingots and steel for castings
89,642 79,702 66,364
(thous. snort tons)
52,798 82,837
Manufacturers' Shipments and
Inventories
100
100
100
261
371
250
274
383
250
246
306
236
221
223
191
176
206
172
408
270
276
436
803
241
373
223
230
253
162
8
8
100
100
100
486
140
154
134
151
135
166
160
2,575
186
200
194
167
160
282
205
2,627
199
210
214
177
189
305
192
1,475
205
212
222
180
187
295
179
523
219
220
240
209
190
271
200
197
109
110
158
176
129
179
213
140
168
192
121
164
171
120
203
220
138
97
143
153
148
136
165
218
187
594
158
291
251
194
200
188
134
2 215
174
100
Inventories, Bee. 3i:
Index (aVg. mo. 1939-100), total.
Durable goods industries.
Iron and steel and products..
Nonferrous metals and products..Machinery, including eleo*
108
124
Automobiles and equipmentTransportation equipment except automobiles
Nondurable goods industries...
Chemicals and allied products
Food and kindred products...
Paper and allied products
Petroleum refining
Rubber products
Textile-mill products
Value (mil. of dol.)
164
198
198
100
100
Shipments (1939-100), total
Durable goods industries
Iron and steel and products
Nonfcrrous metals and products....
.V.....
Machinery t including electrical
AiitoBiobflesand
Transportation equipment except automobiles
......
Nondurable goods industries,--.
Chemicals and allied products..
Food and kindred products
Paper and allied products
Products of petroleum and coaK
Rubber products.
Textile-mill products.
129
106
245
1,086
149
196
193
243
233
837
148
837
189
104
111
108
97
108
107
144
162
135
113
144
147
160
182
125
106
179
128
167
134
110
170
120
165
177
155
112
169
130
10,659
15,747
17,769
16,737
16,288
20,222
6,060 10,584 7,887 4,197 4,597
5,238 1,669 1,746 2,547
3,619
535
670
2,765
650
2,114
208
642
156
801
254 5,346 6,218 2,451 2,050
71
190
685
479
2,441
562
720
1,756 2,423
76
640
748
1,400 2,006
119
18
515,000 715,200 350,000 169,300 246,700
359,000 439,582 209,250 114,799 160,800
10,122
7,868
3,303
1,692
2,254
377
186
81
174
Construction
New construction (mil. Of dol.),
total
Private, total
Residential (nonfarm)
Industrial
Public construction, total
Residential
Military and naval
Industrial
New nonfarm dwelling units.
Urban dwelling units..
* Data in most cases are preliminary.
1
November 30.
< U. S. Forest Service estimates.
792, 200
527,229
Wholesale prices (1926=100):
Combined index, all commodities.
Farm products
Foods
Other commodities
By economic classes:
Manufactured products
Raw materials
Semimanufactured articles-
95
124
192
195
202
233
99.4
95.2
105.2
105.5
123.6
138.0
125.5
136.1
128.4
139.1
139.3
159.6
9.0
108.3
134.0
137.6
141.4
155.2
77.1
65.3
70.4
81.3
87.3
82.4
82.7
89.0
103.1
122.6
106.6
96.9
104.0
123.3
104.9
98.5
105.8
128.2
106.2
99.7
121.1
148.9
130.7
109.5
80.4
70.2
77.0
89.1
83.5
86.9
100.1
112.1
92.9
100.8
113.2
94.1
101.8
116.8
95.9
116.1
134.7
110.8
42,042 55,490 63,680 69,484 76,572
10,379 15,604 9,339 9,967 11,498
31,663 39,886 54,341 69,517 65,074
5,869 5,825
5,117 6,728 5,965
1,627 1,620
1,837 2,511
1,704
4,217 4,261
4,242 4,205
3,280
96.671
18; 959
77,712
8,772
2,904
Trade
Retail trade (mil. of dol.):
Sales, all retail stores-Durable goods stores.
Nondurable goods stores.
Inventories, Dec. 31, t o t a l . . . .
Durable goods stores
Nondurable goods stores.._
Wholesale trade (mil. of dol.):
Sales, service and limited function wholesalers, total __
_ 23,642 34,353 39,922 41,287 43,034
Durable goods establishments-. 7,086 12,289 9,922 10,077 10, 515
Nondurable goods establishments
16,556 22,064 30,000 31,210 32,519
Inventories, Dec. 31, all wholesalers
3,549 4,697 3,965 4,002 4,275
Foreign trade (mil. of dol.):
Exports, incl. reexperts, total 4
Lend-lease exports 4
General imports
3,177
55,137
15,869
5,939
9,806
5,562
4,136
9,738
654
4,934
40,185 39,689 38,144
17,381 17, 111 15,060
891
835
779
1,259
679
834
3,248 3,619 3,761 3,822
7,378 7,030 7,044 7,173
4,438 4,115 4,348 4,589
4,446
5,890 5,911 5,887
38,968
14,088
783
1,722
3,944
7,853
5,144
5,432
5,147 12,965
741 10,440
3,345 3,381
14,259
11,305
3,919
Employment and Wages
Employees in nonagricultural establishments, monthly average, total..
30,353
Manufacturing
10,078
Mining
_
845
1,753
Construction
2,912
Transportation and public utilities6,618
Trade
4,160
Financial, service and misc
Government
_
Production - worker employment
and pay rolls, mo. avg. (1939«
100):
Employment, all manufacturing.. 100.0
Durable goods industries...
100.0
Nondurable goods industries
100.0
Pay rolls, all manufacturing
100.0
Durable goods industries
100.0
Nondurable goods industries
100.0
Average weekly hours per worker:
All manufacturing
*.
Durable goods industries
Nondurable goods industries.—
Average hourly earnings (dollars):
All manufacturing
Durable goods industries
Nondurable goods industries
12,974
947
132.1
153.8
115.0
167.5
202.3
133.5
177.7
241.7
127.4
334.4
469.6
202.3
172.4
235.6
122.7
345.7
482.5
211.9
149.5
188.5
118.8
288.4
366.6
211.9
139.4
166.6
125.8
260.7
280.9
241.0
37.7
38.0
37.4
40.6
42.1
44.9
46.6
42.6
45.2
46.6
43.1
43.4
44.1
42.3
40.4
40.2
40.5
0.633
0.698
0.582
0.729
0.808
0.640
0.961
1.059
0.803
1.019
1.117
0.861
1.023
1.111
0.905
1.083
1.156
1.012
11,160 20,449
25,307
28,515
28,952
60,803 66,930 75,851
27,729 32,748 39,790 48,452
83,000
53,800
41,961
58,020 165,877 230,630 278,115
259,148
1,358
4,919
1,851
97,158 90,552
19,053
78,565
12,705 81,859
8,849 34,554 44,421 46,046
4,253 26,549 34,328 34,212
45,805
24,151
41,601
29,070
121.5
123.3
106.1
136.9
139.9
143.4
120.2
143.0
Finance
Money supply, Dec. 31:
Currency in circulation (mil. of
dol.)
Deposits, all banks (mil. of dol.):
Demand, adjusted, excl. U. S.
deposits
29,793
Time, including postal savings. 27,059
Federal finance (mil. of dol.):
Debt, gross, Dec. 31
Receipts and expenditures (general and special accounts):
Expenditures, total
War and defense activities
Receipts, net.
Income taxes
Stock prices (1935-39=100):
Comoined index (402 stocks)
Industrials (354stocks)...
Public utilities (28 stocks)
Railroads (20 stocks)...
94.2
94.8
98.6
74.7
80.0
80.4
81.0
70.6
91.9
94.1
82.1
99.8
101.7
89.9
101.0
Transportation
Railroads (class 1):
Freight carloadings (thous. cars).. 33,911 42,352 42,440 43,408 41,918 41,341
Freight carried 1 mile (mil. tons). 364,723 514, 229 772,425 r85,112 726,045 632,623
Passengers carried 1 mile (millions) 22,657 29,360 87,843 95, 575 91,745 8 64,964
• See note marked with asterisk on p. S-20 with regard to lend-lease shipments since
the end of the war.
* Includes estimate for December.
@FedFRASER