Full text of Survey of Current Business : February 1949
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FEBRUARY
U. S. DEPARTMENT OF COMMERCE
B U R E A U OF F O R E I G N AND DOMESTIC C O M M E R C E
1949
DEPARTMENT OF COMMERCE
FIELD SERVICE
SURVEY
OF CURRENT
BUSINESS
No. 2
FEBRUARY 1949
'eacetime C^conomu
PAGE
National Income and National Product in 1948
Trend of Prices
Industrial Production
Agricultural Production and Income
Construction Activity
Domestic Business Investment
The Business Population
Financial Developments
Retail Trade
Foreign Trade
Employment and Labor Conditions
*
*
3
11
13
16
19
20
22
24
26
28
31
*
STATISTICAL DATA
Statistical Summary for 1948 . . . . Outside Back Cover
Monthly Business Statistics
S-l to S-40
Statistical Index
Inside Back Cover
Published by the Department of Commerce, C H A R L E S SAWYER,
Secretary. Office of Business Economics^ M. JOSEPH MEEHAN,
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-A Review of 1948
BILLIONS
50
•
OF DOLLARS
100
150
2OO
I
I
!
I
\
GROSS NATIONAL PRODUCT
1940
250
300
The Emerging
Peacetime Economy
By the Office of Business Economics
PERSONAL CONSUMPTION EXPENDITURES
1940
I GROSS PRIVATE DOMESTIC INVESTMENT
9940
NET FOREIGN INVESTMENT
I940\
• High reached in fourth
quarter
1946 I
1947 •
1948 I
GOVERNMENT PURCHASES*
1940
1946
'947
1948
* GOODS ANt> $ERVIO£$.
U.$. DEPARTMENT OF COffM£KCBt OFFICE OF BUSINESS ,
822014—49
±HE Nation's economy operated close to capacity in 1948
as the period of postwar recovery attained a mature stage
characterized by peak output, prices, employment, and incomes. Having reached approximately full utilization of
economic resources during 1947, the advances made in 1948
in most sectors of the economy were smaller than in the prior
years of reconversion and postwar adjustments. Much of
the rise in the value of the national product again represented
higher average prices.
Price trends were more divergent in 1948 than in the two
preceding years, and from the beginning of the year to the
end there was not much change in the average of either
wholesale or retail prices. This reflected the attainment of a
better balance in supply-demand relationship in a widening
variety of products. By the end of 1948 the strong sellers'
market which prevailed earlier in many types of goods had
given way to a more competitive situation. During the
latter part of the year a decline in the prices of agricultural
products was accompanied by a general tendency toward a
leveling in industrial prices.
The year was marked by a further advance in the dollar
value of the output of the economy, with the gross national
product reaching 255 billion dollars for the year, and 265
billion at an annual rate in the fourth quarter. Recent
yearly totals of the national product and its major components are shown on the accompanying chart. Goods and services purchased by consumers, by business for investment,
and by government were all substantially higher in 1948 thau
in 1947. Of the major components, only net foreign investment declined.
2
Although the economy operated at a very high level throughout the year the intensity of inflationary pressures varied
considerably. As 1948 opened, prices had been rising uninterruptedly over a period of several months. In February
this wave of optimism was jolted and a sharp decline in
prices occurred. This was accompanied by some hesitation
in buying and by inventory accumulation.
Following this, developments in domestic and international
fields touched off renewed expansion in the second quarter.
The enactment of the European Recovery Program, the
reduction of taxes, and the prospect of increased military
expenditures—all pointed toward an expansion in government contribution to business activity. Wholesale prices
recovered, and consumers' prices renewed their advance.
Earlier hesitation in granting wage increases ended as one
after another of the heavy industries granted a third advance
for the postwar period.
These influences became increasingly effective during the
third quarter, bringing large advances in wages and salaries
SUKVEY OF CURRENT BUSINESS
and in employment. In the final months of 1948 there was
a leveling off in income and demand and in production and
employment at the rate reached at the end of the third, quarter. Thus, the economy at the year end was operating
at or near the postwar highs, a condition reflected in the major
economic measures reviewed in the succeeding chapter.
• Expanded use of productive
resources
Steady expansion in productive resources characterized
the year 1948. The civilian labor force grew by nearly oneand-a-third million persons. This is somewhat more than
the increase attributable to population growth and it reflected the entry of persons formerly not in the labor force,
chiefly women. The productive equipment available for
this work force to use on their jobs also expanded as, for the
third successive year, the purchase and installation of new
plant and equipment continued in very heavy volume.
Finally, there was an improved supply of raw materials and
semifinished goods available for manufacturing as output
rose, exports declined, and imports increased in volume. The
effect of these developments was to eliminate many of the
bottlenecks which had previously limited production.
To this expansion of productive resources there was a small
partial counter-influence in the shortening of the average
workweek and the increased prevalence of paid vacations.
As a result, man-hours worked showed a smaller percentage
increase than the labor force.
Increase in physical
production
Production in all major sectors of the economy increased
in 1948. From 1947 to 1948 industrial output rose about
3 percent on the average, according to the Federal Reserve
index, as the output of both durable and nondurable industries increased. Especially important in this rise in industrial output was the 3.6 million ton expansion in steel ingot
production.
Total new construction measured in physical terms was
from 10 to 15 percent higher in 1948 than a year earlier.
With building-material supplies less of a bottleneck in 1948,
additional workers were drawn into construction, and total
activity as well as prices showed further advance. Output
in other segments of the economy also rose, especially in the
electric and gas utilities whose volume was up nearly 10
percent.
An important development was the expansion of about 9
percent in farm output, although farm commodities available
for sale and home use were only fractionally higher in 1948
than a year earlier. The harvesting of a bumper corn crop
which is used principally for animal feed provided the basis
for the expansion of output of all livestock and livestock
products.
• Private demand less
urgent
The general trend of both consumer and business purchasing continued upward in 1948 with some tendency for
the rate of advance to taper off during the course of the
February 1949
year. A significant development in the trend of consumers'
expenditures in 1948 occurred in the final months of the year
when expenditures on durable goods, which previously in
the postwar period had increased at a faster rate than other
expenditures, actually declined. This decline in the final
quarter consisted of a sharp drop in major household appliances and a smaller decline in furniture, partially counterbalanced by a continued rise in automobile purchasing.
Special influences including consumer-credit regulations
and some seasonal factors may have contributed to the
slackening in demand for these products, but progress in
filling the backlog of demand also appears to have been
important.
• Peak year in investment
Investment spending, which was one of the prime dynamic
factors throughout the entire postwar recovery, continued
strong in 1948. The rise continued throughout the year but
a noteworthy shift occurred in the character of the advance
in the final quarter. Residential construction, which had
reached a high rate in the latter part of 1947, continued at
about the same pace, except for seasonal influences, during
the first three quarters of 1948 but showed some easing during
the final quarter of the year when the number of new houses
started was considerably lower than a year earlier.
Investment in nonfarm business inventories in 1948 was
about the same in current dollars as a year earlier, but somewhat lower in physical volume. A large proportion of the
rise which took place was an accumulation of finished-goods
inventories. This was especially marked during the fourth
quarter when businessmen curtailed orders as customers'
purchases failed to meet expectations.
A strong sector of investment demand in 1948 was that
for new producers' durable equipment. Here backlog demands have been heavy and progress in working them off in
previous years has been limited by material shortages,
particularly steel. Large increases throughout the year
occurred in public utilities and in railroads, where the
expansion programs were facilitated by voluntary agreements covering the allocation of steel.
A significant feature of the business expansion of the last
three years has been the important portion of it arising from
the entry of new business firms into the field. Purchases
by these new firms of plant, equipment, and working inventories have constituted a very sizable part of total business
investment spending. The marked falling off in the rate
of formation of new firms that occurred in 1948 was accompanied by a decline in investment outlays from this source.
• Rise in Government
spending
Meanwhile, as expansion in the private sectors of the
economy was slowing down, an acceleration in government
purchases of goods and services was taking place. A substantial part of this increase is due merely to a shift in the
method of financing exports and is a counterpart of the fall
in net foreign investment. The cut in individual income-tax
rates in the spring of 1948 also had an expansionary effect
on the economy.
The changes in the United States economy highlighted in.
this summary are discussed next within the analytical frame-*
work of the national income and product accounts, and
subsequently in various sections that deal more intensively
with those aspects of the economy which were of particular
significance in shaping the course of events during 1948.
February 1949
SUEVEY OF CURRENT BUSINESS
National Income and National Product in 1948
i^EOSS national product, the market value of the Nation's
output of goods and services, was 255 billion dollars in 1948,
an increase of 10 percent over the 1947 total of 232 billion.
The national income, which measures the Nation's output
in terms of the incomes accruing in production, rose from
202% billion dollars to 224% billion.
Volume of Production Increases
Much of the increase in national income and product
reflected a rise in prices rather than a larger physical volume
of production. Evidence is at present insufficient to calculate the precise relative importance of the two factors. It
appears, however, that there was also a sizable increase in
physical volume button a smaller scale than from 1946 to
1947 when a recovery was made from the dislocations of the
reconversion period.
Only foreign nations received a smaller volume of United
States production in 1948 than in 1947. All other major
user groups received more. Business (including farmers
and homeowners) added more to its tangible capital. The
most striking increases occurred in private residences and in
farm inventories. The increase in the volume of business
investment more narrowly defined showed little change in
real terms.
Government also took a larger volume of goods and services. Total government employment—Federal, State and
local—was higher in 1948 than in 1947. The volume of
public construction was larger. Purchases on account of
national defense increased. Also, under price-support programs, the Government acquired a substantial volume of
agricultural crops.
With respect to consumers the change was least pronounced, but it appears that consumers as a group also
increased their take of national production, especially if such
immeasurable factors as improvements in quality are taken
into account.
Price Pressures Ease
A discussion of the performance of the economy in 1948
in terms of comparisons with 1947 on an annual average
basis is inadequate, mainly because of changes in economic
activity during 1948. This is especially true with regard to
prices. Annual comparisons indicate that average prices
in 1948 were substantially higher than in 1947, but they
fail to show the extent to which the momentum of the
inflationary movement had subsided in the course of 1948.
Thus the average of wholesale prices, as measured by the
Department of Labor, rose 8% percent from 1947 to 1948.
December 1948 prices, however, averaged about the same
as a year earlier. Similarly, the increase in consumer prices
was 7% percent on an annual basis. The December-toDecember change was less than 3 percent.
The course of prices is discussed in greater detail later in
this issue of the SURVEY. Here only certain salient features
are summarized.
If the comparison is made between the year ends, it appears
that increases in the major groups of wholesale prices were
few and moderate. The outstanding increase, approximately
15 percent, occurred in the metals. The remaining groups
that rose—mainly durables—increased much less. All
other industrial commodity groups, which include most
.X0ndurables, were §omewhat lower. Prices of farm products
and of food also showed declines on the average. The fall
in crops and cereals was quite substantial; that in livestock
only moderate from year end to year end, although the drop
from the August high was pronounced.
Consumer prices, which usually lag behind wholesale
prices, did not show so pronounced a shift. The fact that
their year end level was, on the average, only slightly above
a year earlier, was due to the decline of retail food prices.
All other major groups increased, although the December-toDecember rise was much smaller than the annual change.
Price developments during 1948 confirm the impression
conveyed by the year-end comparison, namely, that a rather
impressive shift away from an intensely inflationary position
has occurred. It will be recalled that the year started with
inflationary forces in full effect; and that in February agricultural prices broke. Industrial wholesale prices tapered off
and, in some instances, declined.
Subsequently the price rise was resumed, but it was less
pervasive than the upward movement which had preceded
it, of smaller magnitude, and of short duration. In the
agricultural segment the only sustained upward movement
after February was in livestock and meat prices. A partial
recovery in crops was soon followed by another downward
slide. In the industrial sector increases were moderate
and largely confined to durables. By the end of the third
quarter the upward movement had virtually ceased. In
general, wholesale prices showed little change, either upward or downward, during the rest of the year. Significant
exceptions were livestock and meat and textile products,
which declined in price.
Better Balance Between Supply and Demand
It would seem that an improvement, actual and anticipated, in supplies available for domestic use was the major
factor in the decline of agricultural prices, although it is
possible that a less intensive domestic demand contributed
also. The prospect of excellent domestic crops and of an
improvement in the foreign crop situation was reflected
in lower prices long before increased supplies actually
materialized. The situation is less clear with respect to
livestock. But the expectation that ample feed crops
would eventually lead to more abundant meat supplies
appears to have had a similar effect.
Agricultural prices are a substantial element in the total
price picture, and the decline of these prices was an important factor shaping the course of economic developments
in 1948. However, in a diagnosis of the status of the postwar boom the course of industrial prices is of greater significance, because it is indicative of changes in the basic
conditions that had given rise to that boom.
The inflationary pressures of the postwar period were the
result of the fact that total demand for United States production, including foreign as well as domestic demand, was
extraordinarily high as an aftermath of the war and exceeded current productive capacity. The flattening of
industrial prices in 1948 indicated that this unbalance between total demand and supply was being redressed.
This was evident in the domestic markets for consumers
and capital goqds and in the foreign market, from all of
which the expansionary forces of the postwar period had
emanated.
The easing of inflationary pressures occurred in spite of
counteracting influences arising from changes in the fiscal
position of the Federal Government. In the earlier phases
of the postwar boom, the Federal Government, mainly by a
progressive reduction in its purchases of goods and services,
exercised a restrictive effect, which was salutary in view of
the prevailing inflationary tendencies. During 1948 the
role of the Federal Government was reversed and Federal
Government operations were the main expansionary force
in the economy. The rise in Federal purchases was the
only major autonomous increase in demand (as distinguished
from increases in consumption which were largely income
SURVEY OF CUERENT BUSINESS
induced) and contributed significantly to the strength of
the economic situation.
Other Federal-Government measures were important
also. The reduction of individual income-tax rates in the
spring of 1948 added to the strength of consumer demand at
a time when there was some evidence that this demand was
slackening. The passage of the Foreign Assistance Act
had a favorable effect by removing uncertainty with respect
to export demand and insuring a sustained high level of
exports. Finally, the announcement of an increased defense
program was expansionary both in terms of actual demand
and through its effects on the business outlook.
These changes in the Federal fiscal position were the main
factors responsible for terminating the hesitancy which
characterized the economic scene in the first quarter,
and for initiating the renewed rise in economic activity and
prices in the second quarter of the year. They provided a
favorable setting for the granting of wage increases which
added both to consumer income and to business costs. By
the fourth quarter, however, the upturn had subsided, and
economic expansion seemed increasingly dependent upon
further shifts in the revenue and expenditure position of the
Federal Government.
The following review of the various components of the
income and product flow throws further light on changes
in the economic situation.
The Flow of Production
Changes in tke Use of National Product
The major shifts in the percentage distribution of national
product among broad user groups from 1947 to 1948 were an
increase in the share in the dollar value of production taken
by the government and a decrease in the share going to
foreign nations. There also was a minor increase in the share
of private domestic investment and a decrease in the share
going to consumers.
Table 1 places the current proportions in the use of national product against a broader historical perspective. It
will be seen from this table that for the period for which continuous estimates are available the share of consumption in
total national product was smaller in 1948 than in any other
year of peacetime prosperity except 1941. In 1929, for instance, consumption was 76 percent of national product, as
compared with 70 percent in 1948. Investment absorbed
about the same proportion of national product in both years—
February 1949
between 15 and 16 percent—and the lower share of consumption in 1948 was offset by a corresponding increase in the
share of government.
The distribution of total production among its various
uses has significant implications for economic welfare as well
as for the functioning of the economic mechanism. It may
be well, therefore, to discuss further the nature of the shift
that has occurred. This may be done with the aid of table 2
which shows the percentage distribution of national product
by major types of receipts, as well as the percentage which
personal consumption and saving forms of the total. This
break-down throws light on the mechanism by which the
current proportions among the major uses of the gross
national product are being maintained.
It can be seen from this table that the reduced share of
consumption is not mainly attributable to a tendency of
consumers to spend a lower proportion of their disposable
income and to save the rest. Kather, the primary explanation lies in the fact that consumers' disposable income was
low in relation to total production—75% percent in 1948 as
compared with 79% percent in 1929.
Consumers' disposable income falls short of the total
value of gross national production because gross business
income is not fully distributed to consumers (some of it is
retained in the form of depreciation and kindred reserves
and some in the form of undistributed profits), and because
government absorbs a share of the value of national production in the form of taxes. (It will be noted that government
transfer and interest payments have been deducted from
taxes in order to obtain the net influence of government on
disposable income. These are payments to which no productive services correspond, and hence give rise to income
in excess of the value of national production.) Table 2 indicates that the reduced share of disposable income in national product cannot be traced to extraordinarily large
gross retained business earnings. These amounted to only
9 percent of national product in 1948 as compared with 11
percent in 1929. The main factor which accounts for the
reduced share of disposable income is the large tax revenues
of the Federal Government.
The diminished share which consumption currently forms
of national product is explicable, therefore, in terms of a
shift in the impact of the government rather than in terms of
a change in the relative role of business saving and investment. It should be emphasized that this conclusion does not
imply that the current proportions in the use of national
Table 1.—Percentage Distribution of Gross National Product by Type of Expenditure, 1929—48
1929
Item
100.0
Gross national product
Personal consumption expenditures . 75.9
Gross private domestic in vestment _ 15.2
.7
Net foreign investment
Government purchases of goods and
8.2
services
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
100.0
77.9
11.2
.8
100.0
80.5
7.1
.3
100.0
84.3
1.5
.3
100.0
83.1
2.3
.3
100.0
80.0
4.3
.7
100.0
77.9
8.5
-.1
100.0
75.8
10.1
— .1
100.0
74.4
12.7
.1
100.0
76.2
7.5
1.3
100.0
74.6
10.0
1.0
100.0
71.7
12.9
1.5
100.0
65.6
13.7
.9
100.0
56.9
5.8
-.1
100.0
52.8
2.4
-1.2
100.0
52.5
3.0
-1.0
100.0
57.6
4.3
-.7
100.0
70.4
12.6
2.2
100 0
71.1
13.0
38
100 0
69.7
15.6
.6
10.1
12.1
13.8
14.3
15.0
13.7
14.2
12.8
15.1
14.5
13.9
19.7
37.4
46.0
45.5
38.8
14.7
12.1
14 1
Source: U. 8. Department of Commerce, Office of Business Economics.
Table 2.—Percentage Distribution of Gross National Product by Type of Receipt, 1929-48
Item
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
Gross national product l _
__
Gross business saving2 _
Government receipts
Statistical discrepancy
Disposable persona] income
Personal consumption expenditures
Personal saving
100.0
11.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
11.1
10.8
13.3
12.4
8.6
100.0
11.4
9.3
100.0
12.0
100.0
10.6
13.3
100.0
10.9
16.9
17.9
23.0
21.2
20.7
16.8
77.3
77.6
75.4
73.4
72.8
68.4
68.6
70.0
76.0
18 1
—1.5
75.0
17 0
—1.7
75.6
76.2
74.6
71.7
65.6
56.9
15.9
52.8
15.6
52.5
16.1
57.5
12.5
70.4
71.2
69.7
59
1
2
4.8
8.1
9.9
9.8
-.8
79.5
81.1
82.9
82.0
81.0
79.6
80.3
80.1
13.6
— 1.2
78.8
75.9
77.9
80.5
84.4
-2.4
83.1
-2.1
80.0
77.9
75.8
74.4
3.6
3.2
7.0
8.5
1.6
4.6
9.2
-.1
2.4
2.5
2.2
7.7
1.3
-.4
9.1
-.5
2.4
1.0
4.3
8.8
4.4
9.5
-.1
1.1
9.5
.5
3.0
.7
3.7
.4
7.8
.7
8.2
.4
8.3
1.9
7.4
1.9
6.7
.5
5.6
8.4
3.8
9.1
Includes undistributed corporate profits, corporate inventory valuation adjustment, capital consumption allowances, and excess of wage accruals over disbursements.
Includes contributions for social insurance, personal tax and nontax payments, corporate profits tax liability, indirect business tax and nontax liability, and current surplus of Government enterprises, less subsidies, transfer payments, and net interest paid by Government.
Source: U. S. Department of Commerce, Office of Business Economics.
V
February 1949
SURVEY OF CURRENT BUSINESS
product should be regarded as appropriate from the standpoint of equity or economic stability. For the year 1929,
from which the shift has been measured, was in itself a year
of unbalance which contained the seeds of the subsequent
depression.
The discussion does suggest, however, that changes in the
operations of the private business system over the last two
decades have not been responsible for the decline in the
share of consumption; and that problems which may stem
from the impact of gross retained business earnings on consumption have not been aggravated.
Increased Stability in Consumer Markets
As a result of high incomes generated in production, the
cut in Federal tax rates, wage-rate increases, and a continuing inclination to spend large proportions of disposable income, consumer purchases continued to increase throughout
1948, totaling 178 billion dollars for the year. However,
hesitancy was apparent both in the first and in the final
quarters, and there was evidence that the inflationary pressures that had affected consumer markets during the postwar
period were easing and that a balance was being reached
between supply and demand.
This conclusion applies, of course, only to the supply and
demand for consumer goods and services as a whole; the
situation affecting demand and supply in particular lines
showed wide variations. Major examples of items for which
demand continued to be in excess of supply at existing prices
were automobiles and rental housing accommodations. On
the other hand, supply was running ahead of demand for an
expanding list of durables, nondurables, and also for some
services.
The recent flattening in the upward trend of retail price
indexes indicates that a better balance between supply and
demand was being reached. But the movement of these
indexes does not show the entire shift in the effective price
situation that has occurred. The reappearance of special
sales and discounts is not f ally reflected; nor can these indexes
take adequate account of quality improvements, which in
their economic effects are similar to price reductions.
Additional evidence indicating a shift in the supplydemand position is the increased availability of consumer
goods and a wider range of choice offered to consumers, including the reappearance of cheaper price lines. More
cautious buying policies on the part of business, softening
prices, temporary inventory pile-ups, and cut-backs in production in lines supplying consumer markets also indicate
the disappearance of the "sellers' market" for most consumption goods. While the shift is apparent, it is not easy to
assess the various factors responsible for it, or their relative
weights. The improvement in the supply situation was an
important factor, but, as will be indicated in the following
discussion, it would appear that changes on the demand side
contributed also.
Postwar Rise in Consumption Expenditures
As can be seen from chart 2, there occurred immediately
after the end of the war a large upsurge of consumer expenditures. This constituted one of the main foundations of the
postwar boom. So spectacular was this upsurge that it was
first regarded as temporary by many observers. In retrospect, however, it would appear that a major part of the
postwar increase in consumption represented an adjustment
to levels normally associated with high employment and
production.
However, it is also clear that there were certain temporary
elements in the situation. First, extraordinarily large backlogs of demand had been built up as a consequence of supply
shortages during the war. These unsatisfied backlogs were
primarily in durable goods. But they extended to nondurables also-—clothing, for example—and even the demand for
services was affected. For instance, the fact that vacations
were severely curtailed during the war resulted in an unusual
bunching of demand for recreational services in the postwar
years. The high volume of liquid assets accumulated during
the war and the low volume of consumer debt outstanding
were other special factors. After the abolition of price controls in 1946 there may have been added a temporary willingness to cut into current saving in order to protect living
standards from the inroads of inflation.
Chart 2.—Personal Income and Expenditures
BILLIONS OF DOLLARS
240
TOTAL PERSONAL
INCOME
200
DISPOSABLE
PERSONAL
INCOME
160
PERSONAL
^CONSUMPTION
EXPENDITURES
120
80
40
I
I
1945
I
I
I
1946
I
I
I
1947
i
I
f
!
1948
QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
*
Source of data: TJ. S. Department of Commerce, Office of Business Economics.
These conditions of demand, coupled with an increasing
supply of goods and services, would seem to explain the first
phase in the postwar movement of consumer expenditures, in
which quarterly increases were large and often exceeded the
corresponding increases in disposable income. Mirroring
these movements of consumption and income, personal saving
during this period was falling rapidly both in absolute amount
and as a proportion of income.
Consumption Expenditures Stabilize
These characteristics continue to be descriptive of consumer spending through 1946 and into the year 1947,
when a different pattern began to emerge. Quarterly increases in consumer spending tended to become smaller,
absolutely as well as in relation to increases of disposable
income. Saving first stabilized and, more recently, increased
both in absolute and percentage terms. While recent data
are necessarily less adequate than those referring to prior
years, they are corroborated by independent estimates.
In an interpretation of these developments in consumption
and saving, it should be noted that the fact that consumption
has tended to decline and saving to increase in relation to
disposable income does not necessarily indicate that total
demand for consumers' goods and services has weakened in
the- sense that consumers are less willing to spend on consumption goods and services out of given levels of income.
Incomes have been increasing in the postwar period and some
6
SUKVEY OF CUEEENT BUSINESS
redistribution of income may have taken place. This, in
itself, may account for larger saving, at least in the short run.
A shift of this type, though also serving as a check upon
inflation, is different from an absolute* weakening in consumer demand.
However, it is likely that such a weakening has occurred
also. Expenditures for many items for which backlog demand has existed have declined in relation to disposable
income and in some instances also in absolute terms. Information on changes in liquid asset holdings is incomplete,
but it seems likely that the holdings of those segments of the
population most apt to spend them have been reduced.
Furthermore, the real purchasing power of accumulated
liquid assets has diminished and consequently there has been
an increased incentive to add to these assets by increasing
current savings. The rapid expansion of consumer debt
must also have impaired willingness and ability t& borrow
more. Finally, the prolongation of inflation may have
weakened the determination to maintain and improve standards of living by temporarily reducing current saving.
Some additional interpretations of recent changes in consumption and saving should be mentioned. These are
based upon the indication that most of the recent increase
in personal saying has been in its tangible components—
mainly new residences and a net increase in farm inventories.
From this evidence it has been inferred that increased saving
and the apparent smaller intensity of consumer demand are
attributable to an increased desire, need, or opportunity to
spend income receipts for direct investment, rather than to
a lessening of consumer demand irrespective of spending
alternatives. While available evidence does not contradict
this view, it does not support it either. For there is no
indication in the saving data that the same individuals who
made the increased investment expenditures were also
responsible for the increased saving.
It has also been stated that, since a major part of the
recent increase in personal saving reflects a change in farm
inventories (substantial net reductions in farm inventories
in 1947 were followed by increases in 1948), the increase in
saving relative to consumption should be regarded as a
special and temporary phenomenon pertaining to agricultural developments rather than the result of more general
factors that are relevant to the postwar economy as a whole.
The argument in this connection is that farmers do not
regard inventory change as a component of their effective
income (as they should if they were following business
accounting practices) and that farm income as measured in
national income, which does account for inventory change,
is therefore inappropriate for studying farmers' consumption
and saving. A measure that would exclude inventory
change from farm income and saving would give a better
reflection of basic consumption and saving habits, according
to this view.
However, it is questionable whether farmers really disregard inventory change in planning their consumption and
saving. Moreover, even if the assumption is granted, and
the hypothesis is tested by removing the change of farm
inventories both from disposable income and personal saving,
the same general pattern persists. After a rapid postwar
decline, personal saving stabilized and recently showed a
tendency to increase.
Private Domestic Investment Stable
The market for capital goods also showed greater stability in 1948 than in earlier postwar years. In this instance
also, annual comparisons are inadequate for throwing light
on recent tendencies. The total value of gross private- investment increased from 30 billion dollars in 1947 to 40
billion in 1948, a rise of one-third. The increase during the
February 1949
year was less—one-fifth from the fourth quarter of 1947 to
the fourth quarter of 1948.
The total value of nonfarm residential construction was
7 billion dollars in 1948 as compared with about 5% billion
in 1947. A substantial part of the increase reflected a
genuine increase in volume rather than a rise in prices.
The 1948 total was achieved by maintaining the rates attained in the first quarter rather than by further increases
during the year. In fact, there occurred a small drop in
residential construction in the last Quarter which had been
presaged by the drop in new building starts that had been
in progress since May.
In each of the two previous years residential starts increased until considerably later in the fall, when seasonal
decline set in. The downdrift in residential starts has been
persistent, and since August starts have fallen short of those
in corresponding months in 1947. To some extent the decline may be due to a reestablishment of a more normal
seasonal pattern. This, in itself, would indicate that a
better balance between supply and demand is being reached
in the housing market. Temporary uncertainty with respect to housing legislation may also have been a factor.
But the persistence of the fall, as compared with the level
of starts in 1947, creates the presumption that more basic
forces may also be at work, such as an approaching saturation of demand for some classes of housing at the present
high building costs and prices, accelerated by less favorable
credit conditions and a depletion of liquid funds.
Private construction, other than residential, showed mixed
tendencies. Industrial construction continued the downward trend which had been in evidence since the beginning
of 1947. Commercial, farm, and public utility construction
was higher in 1948 than in 1947 and was maintained, or
increased, during the year.
Various factors accounted for the greater strength in these
types of construction. Commercial construction had been
reduced by the reimposition of controls during part of 1946
and 1947 and showed a rebound from these low rates. The
high level of farm construction was a function of high farm
incomes. The strength of public utility construction was
due to several circumstances, such as the fact that the
period of construction is in general long in public utilities.
Producers' purchases of durable equipment continued to
grow during the year, but the rate of growth was much
smaller than in previous periods. Some of the generalizations that apply to nonresidential private construction by
industrial divisions apply to purchases of producers' durables also.
Business demand for construction and equipment continued to be strong in the aggregate. But areas in which
further expansion is likely are becoming fewer as compared
with those in which declines may occur. The most recent
surveys of planned investment expenditures do not indicate
further expansion in total business expenditures on plant
and equipment.
The net increase in business inventories was about 4
billion
dollars as compared with less than 1 billion in 1947.
On -an annual basis the largest change occurred in agricultural inventories and reflects the improvement in the agricultural supply situation. In 1947 these inventories were
reduced, and supplemented the short corn crop and also
the output of meat animals. In the current year a net
increase in agricultural stocks accompanied the expansion
of farm output. Corn was the largest element in the increase, while on the negative side the net liquidation of live- *
stock inventories slowed down as compared with the previous year.
Nonfarm business inventories increased by 3 billion in
1948, about the same in dollar terms as in 1947. Most of the
increase occurred in the first and fourth quarters, and was
February 1949
SUKVEY OF CUEKENT BUSINESS
concentrated in retail trade and in manufacturers' inventories
of finished goods, the former being more important in the
first quarter and the latter in the fourth. In the second and
third quarters accumulation was moderate.
The composition of the first- and fourth-quarter increases,
as well as the fact that they occurred in a setting in which
inflationary pressures were letting up and consumer expenditures lagging, indicates that accumulation was in part involuntary, reflecting the disappointment of sales expectations.
Foreign Use of American Production Declines
Together with consumer demand and domestic capital
formation, large exports of American production were a major
element in the expansionary phase of the postwar boom. In
turn, the decline in these exports contributed significantly to
the easing of inflationary pressures in 1948.
As can be seen from chart 4, net foreign investment, which
measures the net export of goods and services from the United
States other than those financed by unilateral transfers, such
as government grants and personal gifts, declined sharply
after the second quarter of 1947 and became negative in the
third quarter of 1948.
Net foreign investment is currently only a partial measure
of exports and imports, because a substantial proportion of
total exports from the U. S. is being financed by government
grants and hence appears as a government purchase of national product rather than as net foreign investment. Yet
these exports must be taken into account in a comprehensive
evaluation of international transactions.
Chart 4 shows, in addition to exports and imports that are
reflected in net foreign investment, total exports and imports,
inclusive of those financed by unilateral transfers. It is
apparent that the course of net exports has been similar to
that of net foreign investment, although the extent of the
movement has been different. For instance, the recent
decline has been much sharper in net foreign investment than
in net exports, because an increasing proportion of exports
was being financed by government grants.
Chart 4 also shows that the rise and fall of exports was
the main factor in recent changes in the net foreign use of
American production. The gradual increase of imports over
the past three years was secondary.
While U. S. Government aid in the form of loans and of
grants has been a major factor in the high level of exports
from the United States in recent years, it explains only to a
minor extent the fluctuations which occurred around that
level. The sharp increase of exports in 1947 over 1946 was
based mainly on the liquidation, at increasing rates, of foreign
gold and dollar resources; the rapidity of the subsequent
decline was due to the fact that these resources were being
depleted and that the rate of their liquidation decreased.
By the fourth quarter of 1948 export financing by means of
a net asset liquidation had ceased, and receipts from imports
into the United States and U. S. Government aid had become
the predominant form of financing foreign requirements.
While some further increase in U. S. Government aid was in
prospect, the major part of the increase within the framework of the present foreign aid program had taken place.
Therefore only a moderate increase from the year-end level
of net exports could be expected.
While the major effect of the shift in the foreign position
was to diminish the inflationary pressures upon the American
economy in 1948 as compared with previous years, the final
enactment of the foreign aid program in the spring of 1948
••?,vas a factor in the inflationary interlude between the first
and fourth quarters. Although the scale of the foreign-aid
program as enacted was not in excess of what had been anticipated in previous months and although it did not presage
a level of exports substantially above the rates then current,
the passage of the Foreign Assistance Act did resolve in a
favorable manner an element of uncertainty in the business
outlook by insuring the maintenance of high exports.
Changing Impact of Government
The impact of government operations on the national
economy underwent a major shift in 1948, largely because of
the activities of the Federal Government. Until 1947 changes
in the over-all Federal fiscal position constituted an increasing
check on inflationary tendencies emanating from other
sectors of the economy. In 1948, however, the Federal
Government again emerged as an expansionary force. The
operations of State and local governments had an expansionary effect throughout the postwar period, and 1948 reflected
only the continuation of former tendencies.
Chart 5 traces the combined receipts and expenditures of
Federal and State and local governments, and shows their
Chart 4.—Exports and Imports of Goods and Services and
Net Foreign Investment
BILLIONS OF DOLLARS
30
25
EXPORTS OF GOODS
AND SERVICES
15
10
IMPORTS LESS
UNILATERAL
TRANSFERS^
NET FOREIGN
DISINVESTMENT
I
I
1945
I
I
I
1946
I
t
f
I
1947
f
I
f
1948
- QUARTERLY TOTALS, AT ANNUAL RATES
U S DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
Unilateral transfers deducted from exports consist of aid to foreign countries by the
government and gifts by individuals; unilateral transfers deducted from imports consist of
gifts to the United States, including reverse lend-lease in 1945.
Source of data: U. S. Department of Commerce, Office of Business Economics.
resulting surplus or deficit. It should be noted that these
terms are defined in accordance with the principles of national income accounting and that they differ from other
concepts of receipts, expenditures, and surplus that are
commonly encountered in discussions of the Federal fiscal
position.
Government surplus or deficit may be taken as a convenient summary indicator of the impact of government fiscal
policies upon the flow of income and of production, although
it must be realized that it is a partial indicator only and
that preliminary conclusions drawn from it are subject to
modification. It appears from chart 5 that the combined
surplus of all levels of American government declined progressively during 1948. It was at an annual rate of 2 billion
dollars in the fourth quarter of 1948 as compared with 16
billions in the fourth quarter of 1947.
SURVEY OF CURRENT BUSINESS
8
State'and local governments contributed only about 1
billion to this shift. A rapid increase in purchases of goods
and services (mainly construction and pay-roll expenditures),
only partly offset by an increase in revenues, largely in the
form of indirect business taxes, were the main elements of
change in State and local budgets.
The major part of the 14 billion dollar shift was in the
Federal Government account and reflected mainly increased
purchases of goods and services.
The largest item was grants for foreign aid, which (unlike
U. S. Government loans) are regarded as government purChart 5.—Government Expenditures and Receipts 1
BILLIONS OF DOLLARS
120
100
80
February 1949
The increase in purchases of goods and services was offset
to some extent by a moderate decline in transfer payments to
veterans. On the other hand Federal revenues declined,
reflecting the cut in individual income tax rates in the spring
of 1948.
It has been noted that only a small part of the programed
increased in military expenditures has as yet materialized.
However, the defense program has already had a stimulating
effect on the economy through work actually begun on new
government orders, as well as through production, price, and
investment policies adopted in anticipation of such orders
or of their indirect effects on general business conditions.
The renewal of the price rise in the second quarter of 1948
when the increased military program was first announced,
together with the stabilization of industrial prices in the
fourth quarter when government expenditures for national
defense actually started to increase, would seem to indicate
that a major part of the effect of this program as currently
established has already found its reflection in prices. The
additional expenditures proposed in the recent Budget
message, and the additional taxation proposed to finance
these as well as the increased military expenditures, are of
course not reflected in the price picture as it appeared at the
year-end.
The Flow of Income
Changes in Income Shares
60
RECEIPTS *J
40
20
\
\
1945
\
J
I
I
1946
1947
I
I
1948
QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
U S DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
2
Includes Federal, State, and local governments.
Includes government purchases of goods and services, transfer payments, net interest,
and subsidies minus current surplus of government enterprises.
3 Includes personal tax and nontax payments, corporate profits tax liability, indirect business tax and nontax liability, and contributions for social insurance.
Source of data: TJ. S. Department of Commerce, Office of Business Economics.
chases of national product. It should be noted that from
1947 to 1948 there occurred a shift from foreign aid extended
in the form of loans to grant-financed foreign aid. If these
loans are counted in measuring the impact of government on
the economy, the increase in government purchases of goods
and services, which include grants only, is not a true indicator
of the changing impact of government. An allowance for
loans made to foreign nations significantly affects the comparison of the years 1947 and 1948 as a whole, but does not
change the conclusion that a significant shift in the position
of the Government occurred during 1948.
Substantial net acquisitions of agricultural commodities
under agricultural support programs were another factor
contributing to larger government purchases. So were increased construction expenditures and higher expenditures
for pay rolls (largely the result of the wage rate increases
granted at mid-year to government employees). Purchases
for national defense also expanded in the last quarter, as
the increased armament program was beginning to result
in deliveries to the government.
The distribution of national income by major income shares
showed little change as compared with 1947. In fact, the
outstanding feature of table 3, which shows the percentage
distribution of private national income since 1929, is the
marked stability of relative shares when years having approximately the same position in the business cycle are
compared.
In view of the frequent use that is made of percentage
distributions of national income by income shares, attention
should be drawn to some of the major limitations of the data.
They cannot be used to draw safe inferences as to changes in
the effective distribution of income as it is relevant to
economic welfare, for several reasons. For instance, they
show the distribution of income by major types of income
share rather than by type of recipient. Only the latter
break-down would be strictly germane for studying changes in
economic welfare. Moreover, the statistics do not show the
size distribution of income. Thus, wages and salaries include the compensation of unskilled labor as well as of corporation executives. Furthermore, income is measured before
direct taxes, and the impact of taxes on the distribution of
income is not shown. Similarly, a counterpart, as it were,
to the neglect of taxes, the benefits derived from government services by various groups of the population are not
shown. There are other qualifications which might be
mentioned.
Comparisons of percentage shares are also used to draw
inferences about changes in the working of the economic
mechanism—e. g., its tendency to generate changing proportions of the various types of receipts, expenditures, and
saving. For this purpose also the comparisons can be used
only as a starting point, and the changes which they indicate suggest problems requiring further investigation rather
than answers that have clear-cut significance.
Employee Compensation Leveling Off
The compensation of employees rose from 127% billic^'
dollars in 1947 to 139% billion in 1948, an increase of 9% percent. If the change in pay rolls (exclusive of agricultural and
military pay rolls) is broken down into its major elements—
SURVEY OF CURRENT BUSINESS
February 1949
9
Table 3.—Percentage Distribution of Private National Income, 1929-48*
Item
1929
Total private national income
100.0
\ Compensation of employees
55 9
- Proprietors' and rental income 2 —_ 23.8
Business and professional
10.0
Farm
6.8
Rental income of persons
7.0
Corporate profits and inventory valuation adjustment
12 4
Inventory valuation adjustment..
.6
Corporate profits before tax
11.8
Corporate profits tax liability
1.7
Corporate profits after tax
10.1
Dividends
70
Undistributed profits
3.1
Net interest
7.9
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
100.0
59 6
22.4
10.0
5.6
6.8
100.0
64.2
21.8
9.8
5.3
6.7
100.0
70.8
20.0
8.6
4.6
6.7
100.0
70 6
20.7
8.4
6.5
5.8
100.0
66.2
20.2
9.9
5.4
4.9
100.0
61.3
23.9
9.8
9.6
4.5
100.0
61 6
22.0
10 6
6.7
4.7
100.0
61 1
23.1
99
8.4
4.7
100.0
62 1
23.5
10.6
7.4
5.5
100.0
61 9
22.7
10 4
6.9
5.3
100.0
59 8
22.1
10 5
6.7
4.9
100.0
58 1
22.1
10 1
7.3
4.6
100 0
57 3
23.2
10 0
88
4.4
100.0
58 4
22.6
99
83
4.3
100.0
59 0
22.8
10 3
8.0
4.5
100.0
59 7
24.7
11 5
84
4.8
100.0
60 9
26.4
12 9
9.2
4.2
100.0
59 6
24.8
12 5
84
3.8
100.0
58 9
24.6
12 2
88
3.6
93
4.6
4.7
1.2
3.5
78
-4.3
8.8
3 0 —5 4
4.5
2.8
-1.4 —8.2
.9
1.0
-2.4
-9.2
69
76
-9.9 —16.1
11.0
14.6
—5 7
-6.1
.5
1.5
-1.0
59
—7.0
14.4
26
-1.5
4.0
1.7
2.3
60
-3.8
11.0
59
-.4
6.3
1.9
4.4
57
—1.2
8.9
86
-1.3
99
2.5
74
79
— 5
7.8
9 2
.0
9.3
2.3
7.0
70
0
6.6
72
1.6
5.6
1.7
3.8
53
—1 5
7.2
89
-1.1
10 0
2.3
77
58
19
6.5
12 5
-.2
12 7
3.9
88
55
33
5.6
15 5
-2.8
18 3
8.3
99
47
52
4.4
16 3
-1.1
17 4
9.6
78
35
42
3.2
16 6
-.6
17 2
9.9
73
31
41
24
16 1
-.2
16.3
9.0
7 2
31
41
2.1
13 6
-.4
14 0
8.0
60
32
28
21
10 6
-3.2
13 8
5.7
81
35
46
2.2
13 3
-2.7
16 0
6.3
9 7
37
60
2.3
14 1
-1.4
15 6
6.1
95
38
57
2.4
1
3
National income excluding compensation of Government employees.
Including inventory valuation adjustment.
Source: U. 8. Department of Commerce, Office of Business Economics.
changes in employment, wage rates, and hours worked—it
appears that both higher employment and wage rates contributed to the increase (wage rates being much the more
important factor), while shorter hours constituted a significant offset. Wage-rate increases accounted for more than
10 billion dollars of the growth of total pay rolls.
A large part of the increase in pay rolls during 1948 occurred in the third quarter. In the first half of the year pay
rolls were subject to adverse influences. A general hesitation of economic activity and weather conditions which disrupted the flow of production were important in the first
quarter. Industrial disputes in connection with wage-rate
negotiations were a retarding influence in the second. There
followed a rapid rise of pay rolls, reflecting wage-rate increases as well as higher employment. By the end of the
third quarter, however, the major part of this expansionary
movement had ceased, and the higher level of pay rolls in
the fourth quarter reflected largely rates that had been
achieved at the end of the third. If a comparison is made
between October and December, it is found that in a large
number of industries pay rolls were somewhat lower at the
year-end.
Turn in Farm Income
The net income of farm proprietors rose 17 percent from
1947 to 1948, from 15% billion dollars to over 18 billion. On
an over-all basis, a larger volume of production as well as
higher prices contributed to the increase. It is not possible
to separate precisely the components of net farm income—
e. g., farm income derived from crop production as distinguished from income derived from the production of livestock
and products. It can be said, however, that in the case of
crops only volume constituted a positive factor in explaining
the rise of farm income. Average prices of crops were lower
in 1948 than in 1947. The reverse was true of livestock and
products. Production in 1948 was below that in 1947, and
only the higher level of livestock prices made for an increase
of farm income in 1948.
On a quarterly basis farm income reached its peak in the
second quarter and was lower in the third and fourth. While
this movement reflected broadly the net result of the increase
in farm production and of the fall of farm prices, a warning
against too precise an interpretation of the quarterly data
should be made. The very concept of net farm income on a
less than annual basis is tenuous because of the seasonal
character of farm production. In addition, there are statistical difficulties particularly in measuring on a quarterly basis
the inventory component of farm income.
The fact that the decline of farm incomes in the second half
of the year was moderate is due to the extension of government loans under agricultural price support programs. In
their absence the drop in farm prices and incomes would have
been larger.
Table 4.—Corporate Profits Before and After Taxes, and Corporate Sales: First Three Quarters of 1948 l
[Millions of dollars]
Profits before taxes
Item
All industries, total 2 2
Mining
.
Manufacturing
Metal industries 4
Other manufacturing
_._
Wholesale and retail trade
Finance, insurance, and real estate 2
Transport ation
Communications and public utilities
All other industries 5. __ _ __
First
quarter
.
__
_
__
Third
quarter
First
quarter
Second
quarter
Third
quarter
First
quarter
Second
quarter
Third
quarter
7,065
8,047
8,491
4,655
4,918
5,181
84, 144
87, 471
90,128
253
4,636
1,695
2,941
1,232
542
186
429
327
288
4,807
1,755
3,052
1,289
554
363
378
368
322
5,119
1,977
3,142
1,255
566
492
345
392
178
2, 840
1,003
1,837
727
320
111
261
218
202
2,939
1,040
1,899
761
327
217
230
242
224
3, 120
1,174
1,946
740
334
295
210
258
1,582
47, 752
16, 208
31, 544
24, 707
1,766
48, 685
16, 643
32, 042
26, 642
1,900
49, 600
17,173
32, 427
27, 632
3,951
2,570
3,582
4,082
2,484
3,812
4,299
2,541
4,156
1
The profits estimates above are revisions of previously published figures. (The sales
estimates have not been revised.) . Only the manufacturing division is affected by the revision. Similar quarterly data for 1947 were given in the July 1948 SURVEY, p. 4. Annual
corporate-profits and sales estimates by major industrial groups for 1947, and revised series
*T 1944,1945, and 1946 were published in the July 1948 issue of the SURVEY on pp. 20 and 23.
j-or similar data for the years 1929 through 1943, consult the National Income Supplement to
the2 SURVEY OF CURRENT BUSINESS for July 1947, pp. 30-32, 41.
Sales figures exclude the industrial division of finance, insurance, and real estate. Presentation of sales data for these industries would be misleading in view of the large part of
their receipts which is in the form of property income.
It should be noted that the corporate sales estimates above are gross; that is, they include
822014°
Second
quarter
Corporate sales 2
Profits after taxes
interbusiness transactions and thus to a large extent represent a duplicated count. This is
so since the sales of each firm entering into the corporate total include not only the value added
by it, but also the value of the materials purchased from other firms, which is already included
in3the sales of those other firms.
Total profits for all industries include the adjustment for the net flow from abroad of
dividends
and branch profits.
4
Metal industries comprise iron and steel, nonferrous metals, machinery (except electrical),
electrical machinery, transportation equipment (except automobiles), and automobiles.
5 All other industries comprise agriculture, forestry and fisheries, contract construction,
services, and the international-balance adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.
SUEVEY OF CURRENT BUSINESS
10
Corporate Profits
Information on corporate profits is at present confined to
published reports for the first three quarters of the year;
data for the full year are not yet available. Merely in order
to complete the national income table and not implying an
actual forecast, fourth-quarter profits have been calculated
by averaging the results obtained by holding constant, first,
third-quarter corporate profits before tax plus the inventory
valuation adjustment and, second, third-quarter corporate
profits before tax without that adjustment. It is believed
that the annual figure which is obtained in this manner will
be near enough to the final estimates for general purposes.
Corporate profits before tax rose from about 30 billion
dollars in 1947 to 32 billion in 1948. If the inventory
valuation adjustment is introduced the increase is much
more pronounced. Corporate profits so adjusted are seen to
February 1949
have risen from about 24% billion dollars to 29 billion.
Corporate profits including the inventory valuation adjustment measure the level of corporate profits which would have
obtained if corporations had charged the replacement cost of
inventories used up in production as a cost of sales. Under
accounting practices most generally used, the charge actually
made falls below replacement cost in periods of rising prices,
and explains the fact that unadjusted profits were higher than
adjusted profits both in 1947 and 1948. Owing to the sharper
rise in prices during 1947 than during 1948, the overstatement
of profits in terms of national income concepts was also larger
in the former year—5 billion dollars in 1947 as compared
with 3 billion in 1948.
Taxes took roughly 40 percent of corporate profits in both
years. Dividend disbursements did not keep pace and
consequently the share of undistributed earnings increased.
Table 5.—National Income and Product, 1947 and 1948 l
[Billions of dollars]
Quarterly, 1948
Item
1947
Unadjusted
1948
I
II
Seasonally adjusted at annual rates
III
IV
I
II
III
222.3
136.3
131.3
113.2
3.5
14.6
5.0
51.6
25.3
18.9
7.4
29.6
32.1
12.5
19.6
-2.5
4.8
16.8
228.2
142.4
137.4
118.2
3.5
15.6
5.1
50.6
25.2
18.1
7.4
30.2
34.0
13.3
20.8
-3.9
5.0
17.7
264.9
181.0
22.9
105.1
53.0
42.8
14.7
6.9
7.9
22.7
5.3
4.1
—.4
41.5
25.4
.2
16. a
IV
NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income
Compensation o f employees
_ _ _ _
_ _
Wages and. salaries
Private
Military
Government civilian
Supplements to wages and 3salaries
Proprietors' and rental income
Business and professional
Farm
Rental income of persons
_
Corporate profits and inventory valuation adjustment
Corporate profits before tax
Corporate profits tax liability _
_
Corporate profits after tax
Inventory valuation adjustment _ _ _ _ _ _
Net interest
Addendum* fompetisatiQii of gfineral GovernTnent eiriploy^fis
_ _ _
_
202.5
127.5
122.2
104.7
3.9
13.6
5.3
46.0
23.2
15.6
7.1
24.7
29.8
11.7
18.1
-5.1
4.3
16.8
224.4
139.4
134.4
115.6
3.5
15.2
5.0
50.9
25.2
18.2
7.4
29.2
32.2
12.5
19.7
-3.0
4.9
17.4
53.0
33.0
31.8
27.3
.9
3.6
1.3
12.5
6.2
4.4
1.9
6.3
t.6
3.0
4.7
-1.3
1.2
4.2
55.6
34.1
32.8
28.2
.9
3.7
1.3
12.9
6.3
4.7
1.9
7.4
8.0
3.1
4.9
-.6
1.2
4.3
57.1
35.6
34.4
29.9
.9
3.6
1.3
12.7
6.3
4.5
1.8
7.5
8.5
3.3
5.2
-1.0
1.3
4.1
58.7
36.6
35.4
30.3
.9
4.2
. 1.2
12.8
6.4
4.6
1.9
(33)
(3)
(3)
()
4.7
213.9
134.0
129.1
111.4
3.4
14.2
4.9
49.9
24.8
17.6
7.5
25.3
30.5
11.8
18.7
-5.3
4.7
16.5
231.6
164.8
21.0
96.5
47.3
30.0
11.7
5.3
6.4
17.8
.6
2.7
8.9
28.0
16.9
1.3
12.3
254.9
177.7
22.7
103.6
51.4
39.7
14.6
7.0
7.6
21.4
3.8
3.0
1.5
36.0
21.5
.6
15.1
59.4
41.2
4.9
23.8
12.5
9.7
2.9
1.4
1.5
5.0
1.8
1.9
1.0
7.5
4.5
.3
3.4
61.3
43.5
5.5
25.3
12.7
8.5
3.6
1.7
1.9
5.3
-.3
-.6
.7
8.6
5.0
.2
3.8
64.6
44.1
5.6
25.5
13.0
11.1
4.2
2.1
2.2
5.4
1.5
1.1
—.1
9.4
5.7
.1
3.8
69.6
48.9
6.7
29.1
13.2
10.3
3.8
1.8
2.0
5.7
.8
.5
—.1
10.4
6.3
.1
4.1
244.9
172.5
21.3
101.4
49.8
38.0
14.3
7.0
7.3
19.8
3.9
4.3
3.9
30.5
17.9
1.2
13.7
251.9
177.3
22.8
103.7
50.8
38.0
14.4
6.9
7.4
21.0
2.6
1.7
2.7
33.9
19.8
14! 8
258.1
180.1
23.7
104.3
52.1
40.2
14.8
7.1
7.6
21.9
3.5
2.1
-.3
38.2
22.9
.2
15.5
195.2
21.6
19.7
2.0
173.6
164.8
8.8
213.6
21.0
18.9
2.1
192.6
177.7
14.9
51.1
9.2
8.6
.6
41.8
41.2
.7
52.7
3.9
3.3
.6
48.8
43.5
5.4
53.7
4.2
3.8
.5
49.5
44.1
5.4
56.1
3.6
3.2
.5
52.5
48.9
3.5
207.0
23.0
21.0
2.1
183.9
172.5
11.4
210.8
20.6
18.5
2.1
190.2
177.3
12.9
216.3
20.0
17.9
2.1
196. 2
180.1
16.1
219.6
20.2
18.0
2.2
199.4
181.0
18.4
231.6
13.3
18.5
.6
-3.4
—.1
202.5
24.7
5.6
.0
11.1
4.4
6.9
.6
195.2
254.9
14.4
19.8
.6
-4.4
.0
224.4
29.2
5.1
.0
10.5
4.6
7.8
.6
213.6
59.4
3.5
4.7
.2
-2.0
__ i
61.3
3.6
4.9
.2
-2.9
.0
55.6
7.4
1.3
.0
2.7
1.3
1.7
.2
52.7
64.6
3.6
5.0
.2
-1.3
.1
57.1
7.5
1.3
.0
2.5
1.0
1.8
.2
53.7
69.6
3.7
5.2
.2
1.8
.0
58.7
(3)
1.2
.0
2.6
1.2
3.6
.2
56.1
244.9
14.0
19.1
.6
-2.9
-.2
213.9
25.3
5.0
.1
11.0
4.5
7.4
.6
207.0
251.9
14.3
19.7
.6
-5.2
258.1
14.6
20.0
.6
-5.1
.2
228.2
30.2
5.2
—.1
10.3
4.6
7.7
.6
216.3
264.9
14.9
20.3
.6
-4.0
._?
233.2
(3)
5.1
-.1
9.9
4.6
8.3
.6
219.%
i!s
233.2
144.7
139.6
119.6
3.7
16.2
5.1
51.4
25.6
18.4
7.4
8
()
3
(8)
5! 2
18.4
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expenditures
_
Durable goods
Nondurable goods
Services
Gross private domestic investment
New construction
Residential nonfann__ _
Other
Producers' durable equipment
Change in business inventories, total
Nonfarm only
Net foreign investment
Government purchases of goods and services
Federal
_ ...
Less: Government s^es
State and local
_
__
_
__
1
_ _
._
__
DISPOSITION OF PERSONAL INCOME
Personal income
Less* Personal tax and nontax payments
Federal
State and local
Equals' Disposable personal income
_
Less* Personal consumption expenditures
Equals' Personal saving
_
RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME
Gross national product
Less* Capital consumption allowances
_
_ _ _ _ _ _
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
Plus' Subsidies less current surplus of Government enterprises
Equals' National income
_ _ _
_ ____
Less : C or porate profits and inventory valuation adjustment .
Contributions for social insurance
Excess of wage accruals over disbursements
_
Plus* Government transfer payments
Net interest paid by government
_
_
Dividends
Business transfer payments
Equals: Personal income
__ _
_
_
53! 0
6.3
1.3
.0
2.8
1.1
1.7
.2
51.1
222! 3
29.6
5.0
.1
10.7
4.5
7.4
.6
210.8
1 Detail will not necessarily add to totals because of rounding.
Includes noncorporate inventory valuation adjustment.
Data for estimating fourth-quarter corporate profits are not yet available. In order to arrive at a national income total for the fourth quarter and at national income and its components
for the year, corporate profits for the fourth quarter were obtained arbitrarily through averaging the results derived by holding constant, first, third-quarter corporate profits before tax andsecond, third-quarter corporate profits and inventory valuation adjustment. It is believed that totals calculated on this basis will be sufficiently accurate for general purposes.
NOTE.—Data for prior years are published in the July 1948 SURVEY and in the National Income Supplement to the July 1947 SURVEY.
Source: U. S. Department of Commerce, Office of Business Economics.
2
3
SUKVEY OF CUEEENT BUSINESS
February 1949
11
Trend of Prices
_L HE broad movement of prices, covered in the preceding
section, is given additional perspective by detailed examination of price trends over the postwar period and by analysis
of recent changes within the price structure. Chart 7, which
gives year-end to year-end changes in the average of wholesale and retail prices since 1939, shows the contrast between
the very sharp price advances, amounting at wholesale to
32 percent during 1946 and 16 percent in 1947 and the virtual
absence of average price change from year end to year end
in 1948.
Chart 6.—Wholesale and Consumers' Prices
INDEX, 1935- 39 « 100
250
MONTHLY
DATA
WHOLESALE
(ALL COMMODITIES)
range, as well as by the large number of the falling groups
which declined less than 10 percent.
The divergent movements of the price indexes during the
year tended to reduce the disparate advances since 1939
among the various price groups. In general, price groups
which had risen most since 1939, were most sensitive in
reacting to improved supply-demand relationships in 1948.
Nevertheless, prices of farm products and food—despite declines during the year—continued to outstrip advances made
by industrial prices since the prewar period, as illustrated in
Chart 8. This statement does not imply that the year 1939
was one of balanced price relationships; in that year farm
products and food prices were relatively low. In terms of
the parity formulae, prices received by farmers were 23 percent below parity in 1939.
On the other hand, narrower differences of change relative
to prewar developed among the various groups of industrial
prices. Typically sluggish prices of capital and other industrial
goods which are not sold in highly organized markets of
large numbers of buyers and sellers provided the major area
of advance. For example, at the end of 1948 prices of metals
and metal products has risen 84 percent since 1939, compared
with the average industrial price advance of 88 percent.
However, because of sizable advances in earlier years, prices
in highly competitive areas, such as building materials,
hides and leather, and textiles continued to show a greater
margin of increase relative to the prewar period.
Important Adjustment in Agricultural Prices
1939
1940
U. S. DEPARTMENT OF COMMERCE, OFFICE
1941
1942
1943
OF BUSINESS ECONOMICS.
1944
1948
49-35
Source of data: U. S. Department of Labor, Bureau of Labor Statistics; wholesale price
index was recomputed with 1935-39 as base by U. S. Department of Commerce, Office of
Business Economics.
Dispersion of Price Change
The interruption of the postwar advance in the general
price index reflected a narrowing in the number of price
areas which advanced during the year, as well as the appearance of declining price trends in a growing number of
groups. Although sharp in some instances, price advances
were restricted to the metals and their products, building
materials, housefurnishings, and the fuels. Moreover, for
the first time in the postwar period, prices of farm and food
roducts, and of most of the industrial nondurables were
>wer at the year end than they had been at the beginning of
the year.
After August these declines became sufficiently large and
extensive to cause the over-all wholesale-price index to trend
downward until December. Thus, while there was a small
over-all change in the general index of prices during^!948,
the change reflected considerable variety in the direction of
movement of the various price components. An additional
feature of price developments was the relatively narrow
range of fluctuation of most commodities in advancing and
declining groups.
Table 6 classifies the 48 commodity groups of the Bureau
of Labor Statistics wholesale-price index to disclose the
patterns of price dispersion in the two years. * During 1947,
nearly all of these price groups rose, and two-thirds of the
rising groups advanced more than 10 percent. This pattern
differs sharply from the diversity of price change during
1948, when one-third of the price groups declined. The
narrower range of fluctuation is illustrated by the concentration of the advancing groups into the 0-10 percent increase
E
The restricted nature of the 1948 price downturn, as far
as it had developed, is indicated by the nature of the commodity areas which contributed to the decline. While lower
prices for industrial goods were more widespread than in the
Chart 7.—Percentage Change in Wholesale and Consumers' Prices, December to December Each Year
PERCEINTAGE CHANGE
+ 40
PERCENTAGE CHANGE
+ 40
WHOLESALE
CONSUMERS'
(ALL COMMODITIES)
-
+ 30
-
-
+ 30
\
p
+ 20
k
+ 10
+ 20
*t>
-
1
n
'*
1
-
^
-
a.
Jj
~
+ 10
"
'a
O
_J iHraR i
^llanra
-10
51
R
O
-10
- DECEMBER Of
U. S. DE PARTMENT OF COMMERCE, OFFICE OF BUSINESS ECON 7M/CS.
49-32
Source of data: Basic indexes, U. S. Department of Labor, Bureau of Labor Statistics.
preceding year, the declines were moderate in most cases.
The major area of price adjustment occurred in agricultural
commodities and products derived from them.
As prospects for at least an average food-grain crop in
1948 developed, farm prices, led by grains, broke sharply
in February. As bumper crops began to be marketed, grain
prices declined to approximate loan levels but in the closing
months of the year portions of these commodities were
SUEVEY OF CUKRENT BUSINESS
12
February 1949
marketed below support prices. At the year end grain prices
were one-third below the top January 1948 quotations.
Livestock prices advanced to record highs in the summer
and then declined sharply in the final quarter of 1948, although at the end of the year they had not yet fallen below the position of a year earlier.
was greater than in the preceding year. Iron and steel
prices rose almost a fifth during the year, while nonferrousmetal prices showed a slightly larger advance. For individual metals, the price changes were very sharp, as indicated in the following table:
Mixed Pattern of Industrial Prices
Lead, per pound
Zinc, per pound
Tin, per pound
Copper, per pound
Aluminum, per pound _
Although industrial prices averaged 5 percent higher at
the end of 1948 then a year earlier, diverse changes occurred
among the various price groups as shown in chart 9.
As in 1947, higher costs developed from third-round wage
increases and added freight-rate charges, but unlike the
Table 6.—Distribution of Wholesale Price Changes by Commodity
Groups
Total number o fr i s i n ggroups _ _ _ _ _
Over 40 percent
30-40 percent
20-30 percent
10-20 percent
0-10 percent
29
5
21
14
0
0
2
7
20
__ __
0
4
1
18
_
2
1
1
8
6
3
1
48
48
__ _ _
Total number of stable groups
^Total number of falling groups
0-10 percent
10-20 percent
20-30 percent
30-40 percent
.
Total number of groups..
43. 3
64.0
20.3
9. 3
13.3
+ 10
+20
ALL COMMODITIES
3
1
_
$0. 215
. 182
1.030
.235
. 170
Chart 9.—Wholesale Prices: Percentage Changes 1947 to
1948 and December 1947 to December 1948, by Major
Groups
INDUSTRY GROUP
44
_
_
$0. 150
. Ill
.856
.215
. 150
PERCENTAGE CHANGE
December December
19461947December December
1948
1947
Item
.
.
Percent increase
Average price
December 1947 to
December 1947 December 1948 December 1948
FARM PRODUCTS
COMMODITIES OTHER THAN
FARM PRODUCTS AND FOODS
FUEL AND LIGHTING
MATERIALS
METALS AND METAL
PRODUCTS
BUILDING MATERIALS
Source: Calculated by U. S. Department of Commerce, Office of Business Economics, from
data of U. S. Department of Labor, Bureau of Labor Statistics.
previous year rising raw material prices were important
mainly in metal products. Agricultural raw material prices
such as cotton and fats and oils were generally lower.
Sharp Advance in Primary Metals
The persistence of shortages in some of the durable goods
was a factor in further price advances in this segment.
A 15-percent rise in prices of metals and metal products
HOUSEFURNISHING GOODS
CHEMICALS AND
ALLIED PRODUCTS
TEXTILE PRODUCTS
HIDES AND LEATHER
PRODUCTS
MISCELLANEOUS
II. S. DEPARTMENT OF COMMERCE, OfFICE OF BUSINESS
Chart 8.—Wholesale Prices: Percentage Increase 1939 to
1948, by Major Groups
ECONOMICS.
49-3?
Source of data: Basic indexes, U. S. Department of Labor, Bureau of Labor Statistics.
Downward Price Adjustments
PERCENTAGE INCREASE
INDUSTRY GROUP
°_
5O
100
150
ALL COMMODITIES
FARM PRODUCTS
COMMODITIES OTHER THAN
FARM PRODUCTS AND FOODS
BUILDING MATERIALS
Markets for nearly all industrial soft goods and for some
consumer-durable goods, such as household appliances
(except for refrigerators and electric ranges), weakened in
the course of the year. With backlog demands dwindling,
high output rates reduced the strength of the sellers' position
in competitive markets. The sharpest decline in a major
price group occurred in prices of hides and leather which
declined almost a tenth during the year, although more
substantial price reductions were made in particular areas
such as cotton textiles, fats and oils, and rubber.
TEXTILE PRODUCTS
HIDES AND LEATHER
PRODUCTS
FUEL AND LIGHTING
MATERIALS
CHEMICALS AND
ALLIED PRODUCTS
METALS AND METAL
PRODUCTS
HOUSEFURNISHING GOODS
MISCELLANEOUS
u. s. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: Basic indexes, U. S. Department of Labor, Bureau of Labor Statistics.
Consumer Prices
Prices paid by consumers for goods and services in 1948
generally followed the pattern of wholesale price movements
during the year, although a characteristically narrower
range of fluctuation prevailed. A high point in the consumers'
price index for the postwar period was reached in August
1948, but thereafter retail prices moved steadily downward
and at the end of the year were only 3 percent above December 1947, compared with the advance of 9 percent during
the previous year.
February 1949
SURVEY OF CURRENT BUSINESS
Many of the price reductions at the wholesale level have
not yet been fully reflected at retail, although some consumer costs were lowered in 1948 by factors not reflected in
price indexes, as noted in an earlier section. They include
the reappearance of greater variety and improved qualities
of goods, larger supplies of moderately priced and low-end
items, mark-downs of goods in sales which were more widespread than in any year since prewar, and discounts from
list prices on some types of consumer-durable goods.
At the end of 1948, all major consumer price groups were
higher than in December 1947, except food prices. Although
primary market food prices declined substantially more, retail food prices at the end of 1948 averaged less than 1 percent below the December 1947 level. To some extent, the
time lag that occurs before changes in wholesale prices are
reflected at retail explains the smaller decline of retail prices.
In large part, however, higher processing and marketing
charges were the principal reason for the decline in consumer
food prices being smaller than at the farm level.
The summer peak in meat prices raised the index of food
prices to a postwar high. Thereafter, meat prices declined
sharply, although by December 1948 meat prices were still
5 percent above the preceding December. Price declines
in butter and other fats and oils, eggs, and fresh and dried
vegetables also contributed to the small decline in food
prices during the year.
Nonfood Prices Advance
As in the case at wholesale, divergent trends which developed in the last half of the year limited the advance of aver-
13
Table 7.—Distribution of Change in the Consumers* Price Index
December 1946 to
December 1947
Combined index
.
Weighted
percent
contribution to
total
change
Percent
change
Weighted
percent
contribution to
total
ckange
8.9
100.0
2.6
100.0
11.3
8.3
6.1
10.6
8.1
6.1
62.1
11.2
8.8
5.7
4.5
18.0
-.9
4. 8
3.6
7.8
3.8
6.6
-14.6
22.3
17.3
, 14. 6
6.9
53.8
Item
Food
_._.
.
Apparel
Rent
Fuel, electricity, and ice
TTonsefnrnishings
Miscellaneous
_
December 1947 to
December 1948
Percent
change
NOTE.—Detail may not add to total because of rounding.
Source: Calculated by U. S. Department of Commerce from data of U. S. Department of
Labor, Bureau of Labor Statistics.
age retail prices. As shown in table 7, the contributions of
the various commodity groups to the advance in consumer
prices was different than in the preceding year. Price
advances in automobiles, public transit fares, telephone
•rates, and medical service included in the miscellaneous
index were responsible for more than half of the 3 percent
increase during the year. Apparel price rises were also
important, although cost reductions not reflected in the
index resulted from a greater variety of price lines offered to
consumers than was the case in 1947. The rise in rents was
more than in previous years, but was still low in relation to
the general price advance since prewar.
Industrial Production
over 1947 compares with an advance of 10 percent from 1946
to 1947 when the production curve moved ahead at a rapid
pace coincident with the progress of reconversion.
Aggregate output of both the durable and nondurablegoods industries in 1948 was maintained near the fourth
quarter rate of 1947. Within the year, there was very
little change in the over-all rate of manufacturing activity.
The seasonally adjusted production index varied within a
range of 9 points on a monthly and only 3 points on a quarterly basis (see table 8).
For most industries, production averaged higher than in
1947 but there was considerable variation in individual products. In particular, the largest gains in output were
centered in the durable-goods industries where backlogs were
large—tractors, railroad equipment, automobiles, refrigerators—and in a few npndurables—paper, refined petroleum
Production Pattern More Diverse
products, and industrial chemicals—where the pressure of
The production pattern at the year end reflected an indemand continued strong throughout the year.
creasing degree of diversity. After three years of rising
Output of clothing picked up primarily as a result of a
production, the additions to supplies available for con- ain in women's apparel over the reduced volume of 1947.
sumers were of such magnitude as to effect appreciable
or most other products, changes in output were confined
changes in supply-demand relationships. In a few industries
within narrow limits. The only significant declines occurred
production tended to decline as demand pressures slackened; in cotton and wool consumption, leather tanning, rubber
in others, the rise in output tapered off as supply approached
products, and a few consumer-durable-goods lines, such as
closer to demand; and in still a third group, operations were
vacuum cleaners, radios other than television, and nonelectric
maintained at virtual capacity reflecting large backlogs and
water heaters.
a continued tight supply situation. These particular soften- More Raw Materials
ing tendencies, however, had little effect on total industrial
Supplies of raw materials in 1948 expanded sharply with
output because of the predominant strength of the industries
the
result that by the end of the year there was a tendency
still in rising or stable phases.
toward a generally easier supply situation for an increasing
Relative Stability in 1948
number of products. The enlarged volume of supplies reIndustrial output, as measured by the Federal Reserve
sulted chiefly from a considerable expansion in output from
production index, averaged about 3 percent higher than in
domestic sources, coupled with increased imports and re1947 and more than 50 percent above 1940. The increase
duced foreign shipments.
INDUSTRIAL production was sustained throughout
1948 under the stimulus of high consumer and business
demand. The increase over 1947 in the physical volume of
goods produced was moderate and as the year drew to a
close there was some evidence of easing tendencies in a number of important industries. Not only was output more
than in the previous year, but a larger proportion of it went
into domestic consumption channels as exports declined.
The output rise was primarily the result of an improvement in the flow of raw materials and an increase in capital
equipment and in employment. Despite the larger supplies,
shortages of certain basic materials still persisted and continued to restrict the rate of operations in some of the finished
durable-goods industries, although to a much lesser extent
than in 1947.
f
SURVEY OF CUKEENT BUSINESS
14
The general improvement closed the gap between supply
and demand for many products sooner than seemed likely
a year or so ago. For example, the concern earlier in 1948
over the ability of the petroleum industry to meet the demand
for refined products during the peak consuming season of
1948-49 faded as the year progressed; likewise, concern
over other commodities such as lumber, woodpulp, and quality coking coal similarly disappeared. The number of materials which continued in stringent supply position at the
year end was substantially reduced. Metals continued by
reason of their strategic role in basic manufacturing indusTable 8.—Industrial Production
[Seasonally adjusted indexes, 1935-39=100]
Period
1947:
First quarter
Second quarter .
Third quarter
Fourth quarter
Year
Total
_
1948:
First quarter
Second quarter
Third quarter
Fourth quarter *
Year *
Percent increase:
1947 from 1946
_.
1948 from 1947
Fourth quarter 1948 from fourth
quarter 1947
Durable
goods
Nondurable Minerals
goods
189
185
181
192
187
223
220
212
226
220
176
170
168
176
172
147
147
148
155
149
193
191
190
194
192
228
220
222
229
225
178
178
175
177
177
150
156
156
158
155
10.0
14.6
2.3
4.2
2.9
11.2
40
1.0
1.3
.6
19
2.7
February 1949
was approximately 2.7 million tons higher than the war year.
The higher output of finished steel as compared with 1944
was due to a conversion ratio—the weight of the finished
shapes and forms relative to the weight of the crude steel
from which they were made—which was about 5 percent
above that obtained during the war period.
During the year the rated ingot capacity of steel-producing
facilities increased 1.9 million tons, bringing total capacity on
January 1, 1949 to 96.1 million tons, the highest on record.
Likewise, more than 3 million tons were added to blast
furnace capacity for the production of pig iron.
Supplies of most nonferrous metals from domestic sources
and imports increased only moderately over 1947 despite the
large demand and high prices. Work stoppages in some of
the principal producing mines were important in curtailing
domestic output of copper, lead, and zinc while the worldwide demand for these metals tended to check a larger flow
of imports from surplus producing countries. In the case of
aluminum, increasing demand exceeded the available supply
despite the increase of 25 percent in over-all supplies which in
turn was held down by power shortages chiefly in the Pacific
Northwest.
Coal Output Declining—Petroleum Up
The 5 percent reduction in bituminous coal output as
compared with the record 1947 volume resulted from a drop
of around 20 million tons in exports and from a similar
amount in industrial consumption, mainly in railroad use.
Table 9.—Supplies of Raw and Semifinished Materials
9 Preliminary.
Source: Board of Governors of Federal Reserve System.
tries as the outstanding materials in which relative shortages
still prevailed.
In the aggregate raw material supplies in 1948 were approximately 10 percent above 1947—when they were about as
high as in the war period—and nearly one-fourth above 1941,
a year of stockpiling for defense programs, particularly in
the nonferrous metals group. The changes in new supplies
(domestic production plus imports) and net new supplies
(domestic production plus imports minus exports) in 1948
as compared with 1947 for 21 important industrial materials
are shown in table 9. The year 1941 is also included for
comparison.
It will be seen that in 1948 there were increases in new
supplies and in the quantities available for the domestic
economy for all but two or three of the commodities included
in the table. Some of the more important production increases were in steel, petroleum, cement, brick, cotton, and
rayon. Moreover, the effect of reduced exports added considerably to the supplies available for domestic consumers.
In the case of finished steel products, for example, there was
an increase of 5 million tons whereas the gain in domestic
production was less than 3 million tons. This was also true,
although to a lesser extent, in the case of other important
commodities.
The increase in over-all supplies of materials was accompanied by a corresponding increase in consumption as demand
pressures rapidly absorbed the larger quantities. Total consumption in 1948 exceeded any previous year, including the
war period. With few exceptions—notably certain farm
products—stocks of raw materials in the hands of primary
producers at the year end were generally about the same as a
year earlier.
Finished Steel Shipments at Record Rate
The Nation's steel mills operated at a record rate for
peacetime in 1948, averaging 94 percent of rated capacity.
Output of steel ingots and castings was only about 1 million
tons below the war peak of 1944, but output of finished steel
Commodity
Unit
Total new
supplies i
Net new
supplies *
1941
1947 1948 P 1941
1947 1948*
94.8
55.9
82.8
98.2 107.4
59.2 61.0
84.9 88.5
95.3
59.2
84.9
103.6
61.0
88.5
Iron ore.
Pig iron
Steel ingots and steel for castings^
Steel products *
Copper, refined _
Lead, refined
Zinc, slab
Aluminum, primary
Magnesium, primary
Tin
Mil. Ig. tons
Mil. sh. tons
Mil. sh. tons
Mil sh tons
60.9 63.2 66.0 54.4 56.5
Thous. sh. tons
1,742 1,310 1,359 1,627 1,162
Thous. sh. tons. _ _ 845 616 688 831 615
Thous. sh. tons
862
875 871
773
769
Thous. sh. tons__. 323 587 700 315 525
Thous. sh. tons
16.3 12.3
9.5 14.7 12.0
Thous. Ig. tons
143
58
84
142
57
61.5
1,214
688
801
650
9.4
83
Lumber
Cement
Brick, unglazed a
Kubber, natural, and syntheticWood pulp
Soda ash and sulphuric acid s__
Cotton, raw, crop •
Wool, raw, grease basis
Rayon fiber
Bituminous coal
Crude petroleum
Bil. bd.ft_
Mil. barrels
Bil. std. brick
Thous. Ig. tons
Mil. sh. tons
Mil. sh. tons
Mil. bales
Mil. pounds
Mil pounds
Mil. sh. tons
Mil. barrels
38.2
191
5.9
1,190
14.9
15.5
n. a.
1,037
1,169
546
2,104
92.8
55.3
82.8
34.8 38.0 38.8 34.1 36.6
164
205
187
162
181
n. a.
5.0
5.9 n. a.
5.0
1,037 1,225 1,200 1,031 1,208
11.2 14.3 15.0 10.8 14.1
10.4 15.1 15.5 10.4 15.1
10.8 11.8 14.9
9.7
9.8
1,269
938 1,037 1,269
938
585 1,012 1,184
584
992
514
631
594
562
493
1,454 1,955 2,143 1,420 1,909
v Preliminary.
n. a. Not available.
i Represents domestic production plus imports.
i Represents domestic production plus imports minus exports.
3 Imports and exports of negligible quantity are not included.
*8 Excludes shipments to members of industry for further conversion.
Data represent crop year.
Sources: Domestic production of pig iron, steel ingots, and steel products, American Iron
and Steel Institute; iron ore, coal, crude petroleum, cement, and nonferrous metals, U. S.
Department of the Interior; lumber, National Lumber Manufacturers Association, Inc.;
wood pulp, United States Pulp Producers' Association; cotton and wool, U. S. Department
of Agriculture; rayon fiber, Textile Economics Bureau, Inc.; brick, synthetic rubber, soda ash
and sulphuric acid, and imports and exports of individual commodities, U. S. Department of
Commerce.
In the first eight months of 1948 production averaged well
over 12 million tons per week—except when output was
reduced by strikes or holidays. In the final months, however,
rising stock piles and some tapering off in demand resulted in
a drop in the weekly output rate below 12 million tons.
Industrial stocks at the end of 1948 were equivalent to 44
days' supply as compared with 31 days a year earlier.
As already pointed out, production of crude and refined
petroleum products set new marks in 1948. Domestic output
of crude oil totaled about 2,015 million barrels, a gain of 160
SUEVEY OF CURRENT BUSINESS
February 1949
15
1
Chart 10.—Production of Selected Manufactured Products
MILLIONS
MILLIONS
THOUSANDS
6
\ZV
I2O
MOTOR VEHICLES
TIRES, RUBBER
(PASSENGER CAR
AND TRUCK)
FT7TJ
5
_
m
_
1
i*™"
100
I—
_
3
-
2
I1
3
1
-
1
ASSE NGE•R CA
nn
60 _
^U
%
-
60
n_
:
^|
?s
40
-
20 —
p
^
HI 1
i nn 1
n
MILLIONS
24
1.2
RADIOS-^
_
i
^
20 _
,_
16 _
>\
_
_
TELEVISION
RECEIVEF?s
_
m*
^
_
1
\
* :
, V
-
8 -
—
4 -
1
;?(
12
—
.8 _
<
_
-
.6 -
* \
-
r
*
.4
^F
p^l
R^|
1
H^H^ 1
n ^
s
:
^'
-
—
.2 —
1 \:
^ ^ ^
n
,-'•
V
I/
O
O
O
MILLIONS
MILLIONS
MILLIONS
MILLIONS
MILLIONS
6
6
6
2.4
6
0
REFRIGERATORS,
HOUSEHOLD
(ELECTRIC)
5
!TT
M
3
-
fi
(ELECTRIC AND GAS)
5 ~
4
4
-
3 -
-
2 -
r
TTff
-
3 -
-
2 -
-
1.2 -
I '-
.8 -
*\
^
'•* ;
*
:v
~fm
"~
N*
-.--[
~~
1
—
"
1 ""
'"•
:'*|
,
1941
1946 1947 1948
1941
m
~
• .4 ~
f
.
*\
ELI•CTRIC:|:
-
3 -
-
2
•'\
*—
1
%!
19*46 1947 1948
O
0
1941
£/. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
'Data represent production or shipments.
2
Include radipphonograph combinations.
3
Production in 1941 was negligible.
* Data for 1946 are not strictly comparable with other years.
Sources of data: Motor vehicles, Automobile Manufacturers Association; tires, Rubber
Manufacturers Association; freight cars, American Railway Car Institute; radios and tele-
million barrels compared with 1947, while the volume of
refined petroleum products increased by a like amount. The
larger output coupled with some easing of demand caused
primarily by mild weather in the important consuming
centers of the East permitted the accumulation of stocks of
refined products considerably beyond those of a year ago.
Readjustment in Consumer Durables
Chart 10 shows the postwar production performance of
10 important durable goods. By way of comparison, the
data for 1941, which in general represents either the peak or
near peak in the prewar rate of production, are also shown.
The strong postwar production uptrend continued for six of
the products included in the chart while moderate to sizable
declines occurred for the others.
The divergence in output was most noticeable among the
household appliances where the postwar progress in filling
deferred demands was especially rapid. The high rate of
output in the first two postwar years and the subsequent
adjustment to lower schedules suggest that the most urgent
consumer demand backlogs for a number of the major appliances have been worked off.
In contrast with new production marks for refrigerators,
washing machines, and electric ranges, declines of about 10
percent or more occurred in vacuum cleaners and nonelectric
water heaters. Moreover, the trend of output for these
products during 1948 varied widely, reflecting for the most
part the extent to which supply exceeded demand.
'"\
O
O
0
4
%
71
1
"
%'
»•"!
':
^»
-
WATER HEATERS
5 "
1.6
*
• ?
_ •
K-|
'A
2
RANGES
(ELECTRIC)
2.0 "
•w
,
%;
VACUUM CLEANERS
(FLOOR)
*m
•.v.
4
WASHING MACHINES,
HOUSEHOLD^
5 "
f*~
i/
1.0
OR dc)ME st 1C IJS
20 —
^ ^
^
1
•{•
—
MILLIONS
SSN'
|;
ID FOR EXPORT :
80 _
~
—
ri
60 ~
40 -
f$^
111
100 _
T
:-TRUCKS
4 _
FREIGHT CARS,
RAILWAY
1946 1947 1948
1941
1946 1947 1948
TIB
"1 '
§§S
NON
:«:;
T1
-
II i~
ELECTRIC
1 I
1941
:
t
1946 1947 1948
49-er
vision receivers, Radio Manufacturers Association; refrigerators, electric ranges, and electric
water heaters, National Electrical Manufacturers Association; washing machines, American Washer and Ironer Manufacturers Association; vacuum cleaners, Vacuum Cleaner
Manufacturers Association; data for nonelectric water heaters for 1941, War Production
Board products reports, and for 1946-48, U. S. Department of Commerce, Bureau of the
Census.
Refrigerators and electric ranges were the only appliances
to maintain a generally upward trend in output during the
year. In the case of washing machines, output moved lower
following the second quarter, with manufacturer's shipments
in the final three months—due largely to the reduced volume
in December—about 25 percent below the April-June total.
A similar downtrend, but more pronounced in terms of units,
was experienced for vacuum cleaners and nonelectric water
heaters. Despite the downtrend in these products, output
in the final quarter was still high in comparison with the prewar rate, except for nonelectric water heaters. It should be
noted that some of the production declines, as elsewhere in
the economy, were due to the return of normal seasonal
patterns. However, a part of the drop in the final quarter
may be attributed to retail developments which are discussed
in a later section.
The number of radios produced, excluding television receivers, dropped one-fifth from the 1947 total, but output
was still considerably above the 1941 figure. The bulk of
this decline in unit volume was due to the much lower output of small table sets although it should be noted that a
sizable drop also occurred in the number of console models
produced. However, if the various types of radios were
combined into a weighted production index, the decline from
1947 would be considerably less than one-fifth.
The substantial progress in the manufacture of television
receivers can be noted in the chart. This comparatively new
but rapidly growing industry achieved volume production,
16
SUEVEY OF CURRENT BUSINESS
increasing more than four-fold over 1947—from somewhat
less than 200 thousand to 975 thousand units—with volume
in the final quarter running at a rate of 1.5 million sets.
It is apparent that the marketing of television receivers—
which carry a higher average unit price than either the radio
console or any of the household appliances—represents a
major dollar item in current consumer outlays.
Automobile Output Near 1929 Rate
The important automobile industry completed its second
best production year by assembling nearly 5.3 million cars
and trucks in U. S. plants, about 10 percent above 1947 but
still 80,000 units short of the record number produced in
1929. Passenger car production totaled 3.9 million, or about
680 thousand fewer than in 1929, but this decline was largely
offset by an increase of 600 thousand in the number of trucks
assembled.
Automobile tires represent a typical example of a consumers' durable good where the production of the two previous postwar years was not maintained in 1948. Output of
82 million passenger car and truck castings represented a
drop of nearly 15 percent below the record volume of 1947
but it was still one-third higher than the 1941 total.
Large Output of Railroad Equipment
The expansion in output of railroad equipment continued
in 1948 as deliveries of freight and passenger-train cars and
all types of locomotives reached heights unequalled since the
middle twenties. Freight car builders turned out 114 thousand units, of which all but 1,600 were for domestic use.
In 1947, more than one-fourth of total shipments of 96,000
consisted of the foreign type car which, on the whole, requires
only about one-half the amount of labor and materials needed
for a domestic unit.
Despite the considerable improvement in the monthly rate
of deliveries for domestic use, which averaged 9,400 units, the
government-industry sponsored goal of 10,000 units per
month was exceeded only twice in 1948. During the year,
total backlogs were reduced from 125,000 at the beginning
to 107,000,at the 7end of the year, the latter figure representing
about 10 months production at the December rate.
Manufacturers' Sales up 12 Percent
Manufacturers' dollar sales during 1948 were 12 percent
larger than in 1947. Most of the increase was attributable
to higher prices, as the volume of goods sold was only moderately larger. The value of sales for the year amounted to
211 billion dollars (see table 10).
February 1949
Sales continued their postwar upward trend through the
first three quarters of 1948. During the last quarter—ordinarily the period of greatest rise—sales showed less than the
seasonal increase. Lower prices in some lines as well as
smaller quantities of goods sold contributed to the slowing
in the uptrend of dollar sales.
The value of goods sold by the nondurable-goods industries totaled 126 billion dollars—an increase of 11 percent
over the 1947 aggregate. During the first half of the year
sales expansion was rapid but after mid-year increases became smaller. By the last quarter sales were only moderately
Table 10.—Value of Manufacturers' Sales
[Billions of dollars]
Industry
All manufacturing
Durable-goods industries
Iron and steel and their products
Nonferrous metals and their products
Electrical machinery
Other machinery
Automobiles and equipment
Nondurable-goods industries
Food and allied products
Beverages
Tobacco manufactures
Textile-mill products
Apparel
Leather and leather products
Paper and allied products
Printing and publishing
._
Chemicals and allied products
Products of petroleum and coal
Rubber products
O ther nondurable goo ds industries
1947
61.3
144.2
188.1
211.1
22.5
54.2
14.7
74.4
19.0
85.0
22.0
11.7
13.3
12.9
16.3
6.1
1.7
1.9
3.6
3.6
Transportation equipment (except autos)
Lumber and timber basic products
Furniture and finished lumber products
Stone, clay, and glass products
Other durable goods industries
__
W48*
1946
1939
4.8
4.7
8.9
8.2
6.8
7.3
7.6
8.6
.9
1.2
1.4
1.6
.7
3.0
2.2
2.7
3.2
1.7
4.0
3.3
3.6
3.7
1.7
4.6
3.2
3.7
4.3
1.8
38.9
11.3
90.0
25.7
113.7
34.1
126.1
36.3
10.3
11.9
13.6
1.8
1.3
4.0
3.2
1.3
1.8
2.5
4.3
5.3
1.1
.9
5.2
2.7
7.1
2.8
4.2
5.4
10.8
10.0
o o
2.5
6.0
3.0
9.3
3.6
5.7
6.5
13.8
13.7
3.5
2.7
6.1
3.2
9.5
3.8
6.1
7.1
14.2
18.3
3.5
4.1
*> Preliminary.
.
„
Source: U. S. Department of Commerce, Office of Business Economics.
larger than in the corresponding months of 1947. Dollar
sales of the food, chemicals, and apparel industries in the last
quarter were below a year ago.
During 1948—as in the two previous years—sales of durables increased more rapidly than those of nondurables, with
only a moderate slackening late in the year. Total sales of
durables were 14 percent above 1947 and aggregated 85 billion dollars. Particularly important in the continuing sales
strength of the durables were the iron and steel and automobile industries.
Agricultural Production and Income
AGRICULTURE operated under favorable conditions
during 1948, and farm incomes again moved upward.
During the first half of the year, agriculture was adjusting to
the after-effects of the 1947 feed shortage and unusually high
requirements abroad, whereas from the summer on, the
influence of the record crop output of 1948 with improved
crops in Europe dominated farm planning. Moreover, the
effects in each instance were important for the economy as a
whole—far more significant than the usual influence exerted
by agricultural harvests upon the general business picture.
Farm Income Higher
Farm income was higher again in 1948 than in the preceding
year, reflecting both higher average prices for the year as a
whole and increased output. On the one hand, the producers
of livestock and products benefited from the rise in prices
which accompanied rising consumer incomes and reduced
marketings during the year, while oil the other, cotton
farmers received higher income primarily as a result of
increased production which was marketed at prices which
averaged about the same as a year earlier. A different situation prevailed in the wheat production areas, however,
where lower prices were obtained for about the same volume
of output as in 1947.
An important change which is not reflected in cash income
is the rebuilding of depleted stocks of basic crops and a start
toward increasing foundation herds of livestock. These
adjustments point toward expansion in farm-production
plans and in food supplies but not necessarily toward highe ">
cash farm income.
Increased food production in 1948-—in Europe and in
Australia as well as in North America—has relieved the acute
food crisis of a year earlier. Nevertheless, foreign demand
for United States farm products continues abnormally large
SUKVEY OF CUKRENT BUSINESS
February 1949
both because European food import needs are still large and
because Argentine exports are playing a smaller role than in
previous periods.
In this situation, the ability of European countries to
finance large imports of farm products from the United States
with the aid of ERP funds has sustained farm exports at a
high level. During 1948, total farm exports were in excess
of 3 billion dollars, or only moderately less than in 1947.
High Crop Yields
The volume of farm production in 1948 was higher than in
any other year as crop production rose 10 percent above the
Chart 11.—Production of Crops and Livestock
CROP OUTPUT WAS AT A NEW PEAK IN 1948.
INDEX, 1935-39 = 100
175
17
preceding years (see lower panel of chart 11) but otherwise
was higher than in any other years and about 45 percent
above the average for the years 1935-39.
Livestock Curtailment Halted
Food production from livestock and livestock products was
moderately lower in 1948 principally because of lower meat
production, but output of milk was also lower than in 1947.
Two significant facts stand out about livestock farming in
1948. In the first place, less curtailment took place than
had been anticipated on the basis of the feed shortage in the
early part of the year. In the second place, expansion in
livestock production plans was prompt, beginning well before
the 1948 feed crop was harvested while feed prices were still
high. The combined effect of these two developments had
an important influence in reducing livestock and livestock
product prices about 10 percent during the final quarter of
the year.
Increased Supplies Reduce Farm Prices
ISO
ALL CROPSU
125
\
100
1940
41
42
43
,
44
45
46
47-
48
BUT FOOD PRODUCTION WAS LOWER.
175
FOOD LIVESTOCK
150
TOTAL FOOD
PRODUCTIONS
The year 1948 was one of adjustment in farm prices, with
movements in both directions in the first two quarters of the
year but with declines predominating in both crops and livestock in the final months of the year. The index of prices
received by farmers reached a peak of 307 (1910-14=100) in
January, and then in a sharp reversal, dropped 9 percent
between the middle of January and middle of February.
Following this, a recovery in farm prices lasting until July
brought prices back to within 2 percent of the January high.
Then, in the last 5 months of the year, farm prices declined
on an average of about 2 percent per month as crop prices
fell during the third quarter and livestock and products declined during the fourth quarter. At the year end the
average of all farm prices was at the low point in 1948 and
at about the level which had been reached two years earlier
in the final quarter of 1946. The decline between January
and December was about 13 percent.
Chart 12.—Farm Prices of Selected Commodities as
Percentages of Parity or Comparable Price, December
15, 1948
125
'000 CROPS
PERCENT
PERCENT
1 150
150
BASIC
100
1940
41
42
43
44
45
U. S. DEPARTMENT OF COMMERCE, OFFJ6£ OF BUS/ME$$. SCOttOMIGS.
46
47
COMMODITIES
48
OTHER
COMMODITIES
49*581
1
Includes 22 field crops, 13 fruits, and 18 vegetables; data for 1948 are production estimates
as of December. Index was recomputed with 1935-39 as base by U. S. Department of Commerce,
Office of Business Economics.
2
Weighted average of food livestock and food crops shown separately in chart. Data for
1948 are production estimates as of December and estimated marketings and home consumption of livestock and livestock products for the calendar year 1948.
Source of data: U. S. Department of Agriculture, Bureau of Agricultural Economics.
previous highs in 1946 and 1947. In contrast, production of
livestock and products was lower than in other recent years
reflecting the retrenchment in livestock population that has
been underway since the end of the war, and which was
accelerated by the short feed crop harvested in the fall of
1947.
The expansion in crop production was primarily attributable to higher yields rather than to expansion in acreage in
cultivation. With about the same harvested acreage as in
1947—and less than in some other years—yields rose nearly
one-fifth and were one-tenth higher than the previous best
harvest in 1942.
The largest increases were in the nonfood crops—corn,
cotton, soybeans, flaxseed, and in potatoes—as favorable
weather prevailed in most sections of the Nation. Food crop
production was slightly lower in 1948 than in each of the two
822014°—49
g
LEGAL PRICE
SUPPORT LEVEL
ipo
100
U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUS/NESS
1
Actual
2
ECONOMICS.
support levels vary in some cases from those shown in the chart.
Includes commodities not shown separately in chart, some of which do not have price
support.
' Price support level for the crop year 1949 is fixed at 60 percent of parity.
Source of data: U. S. Department of Agriculture, Bureau of Agricultural Economics.
18
SURVEY OF CURRENT BUSINESS
As the bumper harvests became evident during the year,
crops led the decline in farm prices, falling on the average
20 percent between January and December. At the end of
1948 crop prices were back at the level which prevailed in
June of 1946 before the lifting of price controls, and lower
than in any of the intervening months. By contrast, livestock and product prices, although down 11 percent in December from the third quarter, were higher than in some of
the earlier months of the year, and were nearly 50 percent
higher than in June 1946.
February 1949
Chart 13.—Income and Expenses of Farm Operators 1
BILLIONS OF DOLLARS
40
Supports Check Price Decline
The fall in crop prices has been large enough to bring into
operation the price support program which had been little
used except for potatoes in other recent years. In December
all farm prices averaged 8 percent above parity or comparable price, as shown in chart 12, whereas a year before, they
had averaged 23 percent higher than parity. Among the
basic commodities, corn, peanuts, and wheat all fell below
support level during and immediately after the period in
which they were harvested. Support activity was an important factor in the price of all the basic commodities except rice during 1948 and was also important for flaxseed,
which was supported above parity (at $6 per bushel) and for
potatoes and eggs.
In the last six months of 1948 loans made to farmers by
the Commodity Credit Corporation in order to support
prices aggregated 1.5 billion dollars. In addition, purchase
agreements amounted to 300 million dollars, and some direct
government purchases of farm products were made in order
to support prices. Of the total loans made, cotton and wheat
loans have accounted for about three-fourths, with corn,
peanut, and tobacco loans making up most of the remainder.
Of the 1948 crop of cotton, a total of 14 million bales had
been ginned by the end of January 1949, and 4.5 million
bales or about a third of the total had been placed under
loan. Farmers have until April 30, 1949, to apply for loans
on this crop.
The period in which farmers may obtain loans and purchase agreements on the wheat crop harvested in 1948 ended
on December 31, 1948. By that date farmers had placed
about 235 million bushels under loan and 108 million under
purchase agreements, or a total of about 343 million bushels.
This is 27 percent of the crop.
Farm Income Higher
Cash receipts from marketing of farm products rose almost
1 billion dollars from 1947 to 1948 to reach 31 billion dollars—
nearly 4 times the average cash receipts for the years 1935-39.
However, production expenses of farmers rose slightly more
than cash receipts between 1947 and 1948, so that the net
difference between cash receipts and production expenses
was about 2 percent less in 1948. There was an important
difference in the way the cash was obtained in the two years.
In 1947, more than 2 billion dollars of the cash receipts
represented net sales of inventories of crops and livestock
during the year, and as shown in the accompanying chart,
the money obtained from the liquidation of inventories is
not included in the net income of operators in 1947. In
1948, in addition to the cash receipts obtained from marketings, farmers accumulated inventories from the year's operations of 1 billion dollars net for the year, valued at yearend prices.
10 -
1935-39
40
41
42
43
44
45
46
47
48
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
i Value of inventory changes include all crops and livestock whether held for sale or for
use on the farm.
Source of data: U. S. Department of Agriculture, Bureau of Agricultural Economics.
Net income of farm proprietors, adjusted for change in
inventories rose from 15.6 billion dollars in 1947 to 18.2
billion in 1948, or about 17 percent. The share of farm
proprietors in national income rose slightly from 1947 to
about 8 percent in 1948.
During the past decade of rising farm income, farmers as
a group avoided going into debt and actually reduced their
total indebtedness. They accumulated large liquid assets
and invested heavily ijn modern, efficient farm equipment.
Price Changes Accentuate Fluctuations in Farm Income
Broad price movements bring important income changes
to all sectors of industry but they are particularly significant
to agricultural industry for a double reason. The first is
that agricultural prices typically take the lead and record
the largest changes. The second is that farm inventory
losses or gains are particularly important due to the fact that
farm inventories are roughly four times as high in relation
to sales as the average for manufacturing firms.
For nearly 10 years prior to 1948, both of these influences
operated to swell farm incomes. In 1948, however, these
effects were reversed, and although they were moderated by
price support activity, they were not nullified. As most of
the price decline occurred in the latter part of the year,
farm income for the year was little affected. Nevertheless,
in the year in which farm income reached an all-time peak,
forces were at work which indicated that this unusually
favorable position would not be sustained. Attention was
increasingly focused on government support operations and
on the long-range agricultural program.
February 1949
SURVEY OF CURRENT BUSINESS
19
Construction Activity
A GENERAL expansion in the volume of practically all
major types of construction, a further rise in costs and a substantial increase in selling prices or rental rates of new units
featured the industry in 1948. Building-material prices
showed a greater percentage increase by 1948 over the prewar
year 1939 than any other major commodity group with the
exception of food (see chart 8).
The value of new construction put in place of 17.7 billion
dollars in 1948 was 26 percent more in dollar terms than in
1947. This also represented a substantial increase in physical
volume. As a share of gross national product, new construction increased from 6 percent in 1947 to 7 percent in 1948,
and was an important factor in lifting national income and
employment levels, due both to direct and indirect influences.
However, the share of gross national product accounted for
by total new construction in 1948 was still well below the 9.5
percent share in 1929.
An increase in physical volume of construction from 1947
to 1948 was made possible primarily by increases in employment and in the output of construction materials. At the
peak in August 1948, construction contractors employed just
over 2% million workers, about 150,000 more than were employed in the peak month of September 1947. Registered
apprenticeship programs, now training about 133,000 building tradesmen, are helping to increase the supply of skilled
workers. Production of construction materials has been
increasing steadily and by the end of 1948 supply was in substantial balance with demand for most items, with iron and
steel products and, in some areas, cement, constituting the
principal exceptions.
Despite increased employment and materials output, the
pressure of demand has been sufficient to permit rising costs
to be passed on with increased profits. Wholesale prices of
building materials were up about 11 percent from 1947 to
1948, while average hourly earnings of workers on all types of
private construction projects advanced 12 percent. The
Department of Commerce composite index of construction
costs was up about 12 percent.
Average final price probably increased somewhat less, due
to increased efficiency of operations, largely a result of better
scheduling of materials, elimination of premium prices on
some materials, and other factors arising from better balance
in the industry. By the last quarter of the year, there was
evidence of a slight reduction in average costs, due mainly to
price declines for certain types of lumber.
Trends by Type of Construction
Demand for new construction was relatively strong in all
segments of the economy, with outlays increasing somewhat
more in the public sector than in the private. The continued
rise in construction costs in 1948 does not appear to have
prevented increased volume, except in the industrial component where other factors were also operating to reduce demand by some industries. The relatively cautious policy
pursued by management in plant expansion is in contrast to
continued large-scale expenditures for equipment, prices of
which have risen considerably less relative to prewar levels
than construction costs. By the latter part of the year high
costs seem to have induced some reduction in the volume of
residential construction as caution increased among final
lurchasers and lending institutions. With over a million
units made available in 1948 (including conversions) some of
the more urgent demands were met leaving many of the
remaining potential customers with less incentive to pay
what they felt to be inflated prices, especially in the face of
their declining liquid assets.
The other major segments of private construction showed
greater strength, although the year-end rate of new commitments was not in all instances above the year-end rate of
activity. Construction of warehouses, office and loft buildings was more than 60 percent above 1947 and vacancy ratios
continued low. Store, restaurant, and garage building increased almost 50 percent due to inadequate quarters, lack
of vacancies, and the growth of new neighborhoods.
The pressure of demand for increased services caused
various institutions to disburse accumulated building funds
freely, despite cost considerations. The value of new
churches doubled, and school building increased by about
50 percent. Building of social and recreational facilities
increased by almost 80 percent.
Chart 14.—New Permanent Nonfarm Dwelling Units
Started 1
THOUSANDS
300
THOUSANDS
300
1
MULTI FAMILY &
250
SINGLE FAMILY
250
200
200
ISO
ISO
100
roo
50
50
1925 1939
QUARTERLY
AVERAG.ES
1945
1946
1947
-QUARTERLY TOTALS-
1948^
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
Data represent dwelling units privately and publicly financed and include prefabricated
housing units. Figures exclude temporary units, conversions, dormitory accommodations,
trailers,
and military barracks.
2
Data include units in 1- and 2-family structures with stores and units in multifamily
structures
with stores.
3
Total dwelling units for third and fourth quarters of 1948 are preliminary; components
are estimated.
j
Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
*
Public utilities continued their steady expansion of
facilities to catch up with the secular growth in demand for
their services. Gas and oil pipe lines, telephone facilities,
and electric power plants accounted for the bulk of the
increase. Farm construction increased only moderately, as
agricultural prices and farm income declined from early 1948
levels.
New public construction increased from 3 to 4 billion
dollars, or by about a third, from 1947 to 1948. The
principal item was highway construction, though the largest
percentage gains were recorded by educational, hospital and
other institutional building, construction of public office and
administrative buildings, and conservation and development projects. In contrast, public housing outlays declined
sharply, and, together with a small remnant of public
industrial construction, represented only 2 percent of total
public activity in 1948. If bills now before Congress relating
to public housing are passed, this segment will eventually be
enlarged, although the impact would be slight this year.
Residential Construction
Private nonfarm residential construction expenditures,
amounted to approximately 7 billion dollars in 1948, one-
20
SUEVEY OF CUKRENT BUSINESS
third more than in 1947. Almost half of this increase was
due to higher costs. Over 925,000 dwelling units were
started, of which approximately 15,000 were by various
public authorities. This compares with a peak of 937,000
in 1925.
While construction activity for the year as a whole was
well above 1947, this was the result of the virtual maintenance of the 1947 year-end rate of activity following the
rapid increase in that year, rather than any further gain in
1948. In fact, the value of construction put in place in the
fourth quarter of 1948 declined a little more than seasonally
from the previous quarters.
' The decline in the number of dwelling units, started from
a peak of almost 300,000 in the second quarter of 1948, to
less than 200,000 in the fourth quarter, was considerably
more than a seasonal change. As indicated in chart 14, the
movement of starts during 1948 was in sharp contrast with
the counterseasonal increase in the last half of 1947, following the hesitation in the second quarter of that year. Because of the usual time required to construct these dwellings,
the decline in units started in the last half of 1948 was not
fully reflected in the year-end rate of activity measured by
dollar volume put in place.
While the decline in housing starts since last summer
reflects in part the return of a more normal seasonal pattern, it
also seems likely that demand—particularly for higher-priced
houses—has fallen. Approximately 2% million permanent
dwelling units have been^started since the beginning of 1946,
in addition to conversions and temporary units, and some of
the more urgent demands for housing have been satisfied.
In addition, lenders have become more cautious in view of
the uncertainty over the future course of prices, and house
February 1949
buyers have had to meet more stringent conditions in
financing their purchases.
A further reason for the decline in starts may be attributed
partly to the hiatus in housing legislation following the lapse
of Federal Housing Administration's emergency authority
to insure home mortgages in April and the various changes
enacted in August with the passage of the Housing Act of
1948.
The quantity of rental-type dwelling units started during
1948 was in large measure a function of the history of housing
legislation during the past 12 months. During the first 6
months of the year the number of new multi-family dwelling
units (including 2-family houses), although low relative to
the nineteen-twenties, was larger than at any time during
the postwar period, both in absolute terms and as a percent
of total starts. The spring of 1948 was the first spring since
the prewar period that new rental housing was not subject to
rent controls. In addition many builders made an early
start on rental projects anticipating the lapse of FHA's authority to insure mortgages under the emergency provisions
of section 608 which has been particularly important in the
rental housing field. Approximately 88 thousand multifamily units were started, or almost one-fifth of total starts
in the first half year. The proportion of such units to total
starts during the period from 1925 to 1929 was about twofifths.
During the last half of 1948, the proportion of rental-type
units to the total declined, as indicated in chart 14. This
was due, at least in part, to the lapse of title VI, sec. 608, in
April, relating to rental-type units. By the end of the year,
however, the number of applications for FHA mortgage insurance for rental-type dwellings under the new act had
increased substantially.
Domestic Business Investment
BUSINESS investment continued upward during 1948.
The rate of increase, however, was much less than in the preceding year, and private investment showed signs of leveling
off.
Expenditures for new plant and equipment were 16 percent higher than in 1947 as
compared with a 10-percent rise
in gross national product.1 Most of the increase in private
investment during 1948 reflected the rise in prices. The
momentum of investment activity which characterized the
postwar period appeared to have greatly diminished, and
there was little change in the rate of fixed-capital outlays
after the fourth quarter of 1947.
Inventory accumulation contributed somewhat less in
1948 than in the preceding year to the expansion of business
activity. The increase in book value of nonfarm inventories
was smaller than in 1947, but the volume of goods accumulated was orily slightly lower. The peak rate of accumulation—both in book value and volume but particularly the
latter—was reached in 1946, but after the more urgent needs
for the civilian pipeline depleted during the war had been
filled, there was not the same pressure to add to the stocks.
Inventory movements toward the end of the year, when
viewed in the light of some of the developments already discussed, suggest that some involuntary accumulation was
taking place. Particularly noteworthy was the rapid increase in manufacturers' finished-goods inventories.
Plant and Equipment Expenditures
Expenditures of American business excluding agriculture
on new plant and equipment during 1948 reached 18.8
i These expenditures are exclusive of agriculture, and make no allowance for outlays charged
by business to current account.
Chart 15.—Expenditures for New Plant and Equipment,
by Private Nonagricultural Business
BILLIONS OF DOLLARS
25
BILLIONS OF DOLLARS
25
10 -
5 -§
1939 40 41 42 43 44
YEARLY TOTALS
i
1945
1946
1947
1948^
QUARTERLY TOTALS, AT ANNUAL RATES -.—»-
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
Includes trade, service, finance, and communications.
2
Includes railroad and other transportation, and electric
3
and gas utilities.
Data for the fourth quarter of 1948 are preliminary.
Sources: Data beginning with 1945, U. S. Department of Commerce, Office of Business
Economics and Securities and Exchange Commission; data prior to 1945, Board of Governors of the Federal Eeserve System.
SUEVEY OF CURRENT BUSINESS
February 1949
billion dollars—more than double the dollar volume of fixedcapital investment at the prewar peak of 1929 and about 16
percent above 1947. While higher prices accounted for the
bulk of the difference between 1948 and the preceding year,
the physical volume of fixed capital additions in 1948 was
greater than in any other year on record and the productive
capacity of industry in nearly every segment of the economy
was substantially augmented.
Of importance, however, was the pronounced tendency for
plant and equipment expenditures to level off during 1948,
illustrated in chart 15. Following the partly seasonal decline in the first quarter of the year, the total of fixed-capital
investment moved along a very slightly inclined plateau,
roughly on a par with the peak reached in the final quarter
of 1947—a contrast to the sharp and, except for seasonal
movements, uninterrupted increase of the previous 3 years.
There were several factors limiting the 1948 advance. In
the case of manufacturing and mining, for example, it is
apparent that in general the most urgent postwar expansion
and modernization requirements had been met, and capital
outlays in 1948 in this industrial segment remained below
the peak of the previous year, as the chart shows. In certain
other industries such as the railroads it appeared likely
that fixed-capital investment might have been even greater
than the level actually achieved in 1948 if available supplies
had permitted the completion of programs initially formulated. A further limiting factor to the general advance was
the sharp reduction in the rate of increase of the business
population described on pages 22 and 23, for in previous years
the capital outlays of new businesses represented a powerful
expansionary element.
In this connection it is of interest to note that the investment programs of industry for 1948, as reported one year ago
to the Department of Commerce and the Securities and Exchange Commission, were in general fully realized in the
course of the year. The total anticipated fixed-capital investment as estimated from these reports was within 1
percent of the actual expenditures. It appears that on the
whole industry had formulated programs consistent with a
realistic appraisal of physical and economic possibilities
during the year, and that intervening circumstances did not,
in general, require revisions of significant magnitude.
The slackened rate of increase in capital investment was
evident in every industrial segment but as already suggested
was particularly pronounced in manufacturing and mining.
For this group, new plant and equipment expenditures during the year amounted to 9 billion dollars or 47 percent of
the total fixed-capital investment, against 8.2 billion dollars
or somewhat more than 50 percent of the total in the previous
year. Within manufacturing there were, of course, signifiTable 11.—Business Expenditures for New Plant and Equipment,
1946-48
[Millions of dollars]
Item
All industries 2
Manufacturing and mining, total
Manufacturing
Mining
Transportation and electric and gas utilities, total _ _ _ _ - .
Railroad
Other transportation
_
Electric and gas utilities
Commercial and miscellaneous
_
-
1946
1947
12, 040
16, 180
6,470
8,150
8,950
5,910
560
7,460
690
8,180
770
2,270
3,610
4,610
570
660
1,040
910
800
1,900
1,310
690
2,610
3,300
4,430
5,280
19481
18, 840
1 Preliminary.
2 Excludes agriculture.
NOTE.—Figures are rounded and will not necessarily add to totals.
Sources: Securities and Exchange Commission and U. S. Department of Commerce, Office
of Business Economics.
21
cant differences. The largest increases in plant and equipment outlays in 1948 were in the petroleum, iron and steel,
machinery other than electrical, and food groups.
For railroads, purchases of new plant and equipment
amounted to 1.3 billion dollars in 1948 against 0.9 billion in
1947—the largest relative advance of any major industrial
segment—but even here the rate of increase was less than in
the previous year. As shown in table 11, however, the only
group for which there was an actual decline in capital outlays
from 1947 to 1948 was transportation other than railroads.
This decline was accounted for primarily by the air-transport segment.
In general, about two-thirds of fixed-capital expenditures
were for machinery and other equipment and about onethird for plant. The latter is discussed further, along with
other types of construction, in the section on pages 19
and 20.
Table 12.—Net Increase in Value of Manufacturers' Total and
Finished Goods Inventories by Quarters, 1947-48
[Millions of dollars]
Total
manufacturing
Durable goods
Nondurable
goods
Quarter
Total
Finished
goods
Total
Finished
goods
Total
1,963
1,081
576
965
800
770
89
241
1,064
636
298
204
465
306
73
179
899
445
278
761
335
464
16
62
1,044
663
983
1,086
1,076
487
300
959
231
284
403
522
334
76
—104
352
813
379
580
564
742
411
404
607
Finished
goods
1947
First quarter .
Second quarter
Third quarter
Fourth quarter
_
1948
First quarter
Second quarter
Third quarter
Fourth quarter
Source: U. S. Department of Commerce, Office of Business Economics.
Inventories
During 1948, manufacturers, wholesalers and retailers
continued to expand their investment in inventories. The
increase in book value amounted to 6.0 billion dollars, compared with 8.1 billion in the previous year and 10.7 billion
in 1946. When allowance is made for the part of the rise in
book value attributable to increased replacement charges
and price appreciation, it is estimated that the volume of
goods added to business inventories in 1948 amounted to
2.7 billion dollars—slightly less than the 1947 accumulation,
and well under that in 1946.
The greatest inventory expansion in 1948 occurred during
the first and fourth quarters. The accumulation in the first
quarter was largely in retail stocks. The winter hesitation
in sales and the February break in commodity prices fostered
a more cautious policy, and in the second quarter retail
stocks were reduced while the increases in manufacturing
and wholesale inventories were moderate.
However, business activity continued strong and demand
was bolstered by tax reduction and the European recovery
and armament programs discussed in an earlier section. In
the third quarter both manufacturers and retailers stepped
up their buying for inventory.
Accumulation of goods in inventory continued during the
fourth quarter, and book values advanced substantially, particularly in manufacturers' finished goods. Part of the increase in stocks in this period was seasonal, but part appears
to have been involuntary, with some businessmen anticipating further rises in activity which did not materialize. It
may be noted that during this quarter there was a downturn
in orders placed by businessmen.
22
SUKVEY OF CURRENT BUSINESS
During the year as a whole the heaviest accumulation occurred in retail inventories and in finished goods or shipping7
stocks held by manufacturers. The book value of retailers
inventories rose less in 1948 than in 1947—1.5 billion dollars
as compared with 1.8 billion. However, the volume of goods
added to stocks was greater in 1948.
The expansion of retail stocks occurred primarily in durable goods. Throughout the year the durables continued
their relatively higher rate of increase. Although they constituted only about a third of the book value of retail inventories, they accounted for two-thirds of the rise for the
year. Large increases in stocks held by the lumber, building
material and hardware dealers were important in the durablegoods picture.
For both durable and nondurable goods, retail inventories
increased proportionately more than sales during 1948. In
the previous 2 years, when inventory accumulation was also
heavy, relative gains in sales were greater than in inventories.
The book value of wholesalers' stocks increased slightly
less in 1948 than in 1947. However, the physical increase
was much smaller this year. Changes were minor, and were
closely geared to movements in sales.
February 1949
In manufacturing, the 1948 rise in book value of inventories was 3.8 billion dollars, compared with 4.6 billion in
1947. A much higher proportion of the increase in 1948 was
in nondurables where practically all of the accumulation was
in the form of finished goods. Table 12 indicates the importance of finished-goods stocks in contributing to the
advance in book values.
In 1947, because of supply uncertainties and production
impediments, a high level of working stocks was required.
Rising prices, and their stimulus to forward purchasing,
helped to maintain the upward pressure on these inventories.
With the easing of these conditions in 1948, inventories of
raw materials and goods-in-process grew more slowly. However, stocks of finished goods increased at a faster rate.
Although part of the increase resulted from the failure of
goods to move as quickly as anticipated, the over-all trend
was in the direction of a more normal relationship of shipping
stocks to total inventories.
At the end of the year, inventories generally still did not
appear excessive when gaged by historical relationships with
sales. However, for the most part inventories at the end
of the year were no longer deficient either in size or in composition.
The Business Population
xHE slackening tendency in some segments of the
economy as the boom matured in 1948 was apparent in the
reduced rate of growth of the business population. This
potent source of capital requirements which has represented
an investment of nearly 7 billion dollars in new trade firms
alone since the end of the war has now largely spent its
expansionary force. In the latter half of 1948, the net
growth in the number of firms in operation was small, and
for the year as a whole the increase was less than 100,000
one-half that of 1947 and only one-fourth that of 1946.
At the end of the year the total numbe'r of firms in operation was 3,920,000, compared with a wartime low of 2,840,000
in December 1943 and the prewar high of 3,400,000 in September 1941.
The reduction in the rate of increase in the business population in 1948 was evident in all industrial segments with a
minor exception and—most significant in an economy operating close to the physical limits of its capacity—represented
an increasingly important offset to inflationary tendencies
throughout the year. For in the previous two years the
growth in the number of firms had added substantially to
the Nation's demand for plant, equipment, raw materials,
inventories and labor, and had intensified competition for
supplies just as many established concerns attempted to
expedite postwar plans for reconversion and expansion.1 By
the end of 1948 the net contribution of incoming concerns
to this demand was negligible.
on the basis of its average prewar (1929-40) relationship with
general business activity. Thus, this chart suggests that by
the autumn of 1947 the prewar relationship between the
business population and the level of business activity had
been fully restored as the sharp rise in the number of firms
Chart 16.—Number of Firms in Operation
MILLIONS OF FIRMS
4.5
ANNUAL AVERAGE
4.0
1
For a discussion of the importance of the contribution of new trade firms to the investment
of all trade firms during the 1% years following VJ-day, see Capital Requirements of New
Trade Firms, SURVEY OF CURENT BUSINESS, December 1948.
4.0
CALCULATED^
3.5
3.5
3.0
3.0
2.5
Improved Balance Between Firms and Market
This reduced rate of increase, however, was an expected
reaction to the abnormally high rate of entry which had
prevailed in the two years immediately following the end of
the war. As related in previous issues of the SURVEY, it
reflected an improved equilibrium between the size of the
total business population on the one hand and the requirements of the economy as evidenced in the level of business
activity on the other.
This is illustrated in chart 16 which compares the actual
business population with an hypothetical level, calculated
MILLIONS OF FIRMS
4.5
END OF QUARTER
1 I 1 I I I I I I I I I I i
1930
1935
U. S. DEPARTMENT OF COMMERCE,
1940
2.5
1945
1946
1947
1948 2
OFFICE OF BUSINESS ECONOMICS.
1
For regression equation used to obtain "calculated'' number of firms, see "Industrial
Patterns
of the Business Population", SURVEY OF CURRENT BUSINESS, May 1948.
2
Data for the third and fourth quarters of 1948 are estimated.
Source of data: U. S. Department of Commerce, Office of Business Economics.
following VJ-day filled the principal gaps in the economy
left by the war. During 1948 this relationship was maintained, the moderate rise in the number of firms roughly
balancing the moderate rise in the total output of goods and
services.
This explanation of the recent behavior of the business
population is confirmed as well in the record of business
births and deaths. As chart 17 suggests, it was the decline
SUKVEY OF CURRENT BUSINESS
February 1949
Chart 17.—New and Discontinued Businesses
23
Failures Higher But Still Low
Trends noted in the level of discontinuances which represent business closures of all kinds including those attributable to the retirement or illness of owners, to business
failure or to other reasons, are also evident in the series on
business failures published by Dun and Bradstreet, Inc.,
which is confined primarily to bankruptcies.
The number of business failures thus defined in 1948 was
5,300—about 50 percent more than in the preceding year
but still far below prewar levels. In this series too, there
was an increase in the fourth quarter of the year which may
have reflected the pressure upon new and marginal firms of
the easing of prices and sales volumes apparent in the late
fall and winter, but even in the fourth quarter the failure
rate was less than one-half that of any of the prewar years
1939-41.
THOUSANDS OF FIRMS
800
600
400
200
Table 14.—Percent Distribution, by Size, of Net Number of Businesses Added to the Business Population, 1946-48, and of Number
of Firms in Operation as of September 30, 1939
DISCONTINUED
1940
•«
1941
1942
ANNUAL TOTALS
U. S. DEPARTMENT
OF COMMERCE,
1943
»
OFFICE
J944
1945
1946
1947
1948-17
•«-HALF-YEARLY TOTALS, AT ANNUAL RATES'*-
OF BUSINESS ECONOMICS.
Number of
firms in
operation
Sept. 30,
Size of firm
49-18
1939
Net number of businesses added
1946
1947
1948 i
1
Data for the second half of 1948 are estimated.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Total
in the rate of entry more than the rise in discontinuances
which led to the reduced net rate of increase in the total
number of firms.
Birth Decline Reflects Lessened Opportunities
The number of new businesses started dropped to 340,000
in 1948 as against 400,000 in 1947 and 615,000 in 1946—
a reflection of the more limited opportunities for new enterprise compared with the abnormal situation characteristic
of the immediate postwar period. Much less influential for
the total business population was the rise in number of
discontinuances, which reached 258,000 in 1948, compared
with 218,000 in 1947 and 182,000 in 1946.
This latter advance was apparently the result of the higher
mortality rate typically associated with the many thousands
of relatively new firms now comprising a large part of the
business population and also the higher degree of competition
prevalent in many markets during the year. Nevertheless,
the mortality rate in 1948 remained well below prewar
levels nor was there any pronounced tendency for increase
during the course of the year except for an apparent modest
advance in the fourth quarter, for which final data are not
yet available.
Less than 4 employees
4 to 7 employees
_
8 to 19 employees
20 or more employees. -
-..
_
_ _ _
100
100
100
100
82
9
5
4
87
9
3
1
84
13
3
(2)
78
20
2
(2)
1
Estimated.
2 Less than 0.5 percent.
Source: U. S. Department of Commerce, Office of Business Economics.
Industry Differences More Marked
Differences in trend both in number of firms and in births
and deaths were pronounced among the various industry
groups. In manufacturing and in retail trade the growth of
the business population had come nearly to a halt in 1948,
amounting to less than 1 percent in both cases against
4 percent in the preceding year and more than 10 percent
in 1946. In all other major groups as table 13 shows, the
decline in the rate of growth was more modest and in mining
and quarrying there was a slight increase in the pace of the
advance in 1948, though in the latter industry the rise in
preceding years was much smaller than in most other lines.
For the finer industrial break-downs in manufacturing,
retailing, etc., the record to date indicates further pronounced
differences in behavior, but complete data are not yet available for the full year 1948 for these more refined classifications.
Table 13.—Number of Firms in Operation and Percent Change, by Major Industry Groups, Selected Dates, 1941-48
Number of firms (thousands) l
Percent change
Industry group
All industries
Mining and quarrying _
Contract construction
Manufacturing _
Transportation, communication, and other public
utilities
Wholesale trade
Retail trade
Finance, insurance and real estate
Service industries. _ __
.
1
2
Sept. 1941
Dec. 1943
3, 398. 0
23.4
243.8
225.8
2, 835. 6
26.0
147.1
227.6
209.2
146.2
1, 620. 8
285.0
643.8
187.9
114.0
1, 318. 0
267.5
547.5
Because of rounding, totals do not necessarily equal sum of components.
Estimated.
Source: U. S. Department of Commerce, Office of Business Economics.
1941- Dec. 1943Dec. 19482 Sept.
Dec. 1943 Dec. 1948
Dec. 1945Dec. 1946
Dec. 1946Dec. 1947
-16.6
+11.1
-39.7
+0.8
+38.2
+21.5
+111.8
+40.5
+13.5
+5.7
+30.2
+16.2
+4.9
+5.4
+14.3
+4.0
+2.1
+7.8
+10.6
+0.8
-10.2
-22.0
-18.7
-6.1
-15.0
+24.9
+63.3
+34.9
+14.7
+37.1
+7.9
+17.9
+13.4
+4.1
+12.7
+3.7
+7.6
+4.0
+1.7
+5.4
+1.8
+2.5
+.9
+1.3
+2.4
Dec. 1946
Dec. 1947
3, 224. 1
26.3
189.2
262.5
3, 657. 8
27.8
246.4
305.1
3, 838. 6
29.3
281.6
317.4
3, 919. 4
31.6
311.5
319.8
206.1
143.2
1, 493. 5
286.0
617.3
222.3
168.8
1, 694. 3
297.8
695.4
230.6
181.7
1, 762. 1
303.0
733.0
234.7
186.2
1, 778. 0
306.8
750.7
Dec. 1945
Dec. 1947Dec. 1948
24
SUEVEY OF CURRENT BUSINESS
Small Business Gains
One result of the great increase in number of firms since
the end of the war was to augment the relative proportion
of small concerns in the business population. Virtually all—•
more than 99 percent—of the nearly 1,400,000 new firms
established since December 1945 had less than 20 employees.
In 1948 there were additional gains in the relative number of
small concerns as shown in table 14, though of course they
were at a slower pace than in the immediately preceding
years and there was some shift in relative importance from
the very smallest group with less than four employees to the
next largest with from four to seven employees.
It is important to note that the proportion of small firms
in the total net number added each year is in every case
considerably greater than the proportion of small firms
represented in the business population as a whole before the
war, shown for comparison in the first column of the table.
It is relevant also that this condition held for each of the
major industry groups considered separately as w^ell as for
the aggregate.
February 1949
Such gains would have been impossible in the absence of
a climate favorable to small business growth and prosperity —
a condition typical of virtually all periods of economic expansion—for small business segments are characteristically
more sensitive to the benefits of a boom as well as the adversity of a depression. Accordingly, in 1948 small business
not only increased in number but generally maintained the
highly prosperous level of operations experienced since the
end of the war.
Business mortalities—typically a small business phenomenon—have as already noted remained low. The income of
unincorporated nonfarm business, which consists predominantly of small concerns, rose from 23.2 billion dollars in 1947
to more than 25 billion dollars in 1948, an advance of 270
percent over 1939 compared with a rise of 210 percent in
income for the nation as a whole (see table 5 on page 10).
The gains over the same period in farm income, which
broadly considered represents an important segment of small
business enterprise, were even greater as shown in the same
table and detailed in the section on that subject on pages
16-18.
Financial Developments
(CONTINUING high requirements by business for plant
and equipment expansion and working capital and by consumers for housing and other durable goods swelled the
demand by the private economy for new funds during 1948.
As compared with 1947 a higher proportion of these requirements was financed from internal sources, including retained
profits and personal savings. However, substantial amounts
were still supplied via the money markets, where there was
relatively little change in the low interest rates which
characterized the postwar period. With the economy
operating close to capacity the increased demands made
possible by these added funds augmented the pressure on
prices, but this pressure was diminished by the end of the
year as investment leveled off.
Gross private domestic investment reached a total of some
40 billion dollars last year, an increase of about 10 billion
over 1947. More than half of this 40 billion total was
financed by internal business funds in the form of retained
corporate earnings and reserves for capital consumption.
Another part was financed through the 15 billion dollars in
personal savings, roughly half of which directly or indirectly
financed housing expenditures, the remainder being available
for other business use. With government fiscal operations
bringing about an excess of receipts over expenditures for
the year as a whole, the saving of the Federal government
on balance also served as a substantial offset for private
capital formation. The role of the government in the money
market will be discussed briefly in this section but the general
economic effects of government fiscal operations have been
considered earlier in the section on national accounts.
Although there is relatively little detailed information on
sources and uses of investment funds for the economy as
a whole, detailed estimates for the corporate sector are
presented below. Briefly, business requirements for new
funds continued very high. While there was an increased
need for funds to finance long-term capital expansion, there
was a decrease in requirements for short-term financing. In
addition, the tapering off in the growth of new business firms
brought with it some diminution in the demand for capital
funds, though this factor was of more importance in the
noncorporate sector.
Retained earnings became more significant as a source of
corporate funds while external financing declined in im-
portance. Bond flotations increased, however, as corporations continued to borrow money on favorable terms but the
volume of new equity issues in 1948 was less than in the
previous year.
A feature of the year was the adoption of several fiscal
and monetary measures the objective of which was to reduce
the impact of inflationary forces. Aside from the Treasury
fiscal and debt management operations, interest rates on
short-term government securities were raised along with the
rediscount rates, controls on consumer credit were reimposed, and all member bank reserve requirements were increased in September. The effectiveness of these counterinflationary credit policies was diminished, however, because
of the continued selling of government securities by the
commercial banks to the Federal Reserve, which continued
its policy of maintaining an orderly market for government
securities, and on balance increased its holdings of such obligations over the year. The bond-support program of the
Federal Reserve also made it possible for large nonbank
holders of government securities, such as insurance companies, to supply substantial amounts of cash to individuals
and business, and in this way limited the effectiveness of
credit-control policy.
Long-Term Requirements Greater, Short-Term Less
Requirements of corporate business for new funds during
1948 aggregated some 27 billion dollars, about a billion less
than in 1947 (see table 15). Outlays for plant and equipment were the only major use of funds which increased, rising from 15 billion in 1947 to just over 17 billion in 1948.
Higher new investment in fixed assets was especially marked
among public utilities and railroads. This was one of the
reasons for the large rise in bond flotations, which are particularly prevalent in the utility field.
The book value of corporate inventories rose less last
year than in 1947. The diminished rate of increase in 1948
stemmed largely from the smaller price rise in 1948 as compared with 1947 and was undoubtedly a major factor in the
slackened rate of growth in short-term bank loans and trade
receivables last year.
Internal funds—retained profits, depreciation and depletion, and liquid assets—accounted for about three-fifths of
all corporate investment funds used last year, in contrast
SURVEY OF CURRENT BUSINESS
February 1949
Table 15.—Sources and Uses of Corporate Investment Funds *
[Billions of dollars]
Item
Uses
1947
1948
28.0
15.0
14.3
.7
7.2
5.9
—.1
26.7
16.9
16.7
.2
5.3
4.5
(2)
Sources
_
._
Retained profits 3
Depreciation,
_
Cash and deposits
U . S . Government securities
_ _ _
_ _ _ _ _ _ _ _
Payables
Federal income tax liability _ _ _
__
Other current liabilities
Mortgage loans _
_ _ _ _ _
Bank loans (excluding mortgage loans) _ _ _ _ _
Short-term
Long-term_ _ _ _
Net new issues
Bonds
_ _ _ _ _ _ _ _ _ _ _
_
Stocks
29.0
10.6
4.5
—1.2
1.5
2.4
2.4
.7
.8
2.9
1.6
1.3
4.4
3.1
1.3
26.5
11.3
5.0
-.2
2
()
1.8
.8
.5
.8
.8
.4
.4
5.7
4.5
1.1
Discrepancy (uses less sources)
—1.0
.2
Plant and equipment
New
Used
_
Inventories (book value)
Receivables
_ _ _
Other current assets
_._
^ ^ ,
.
,.,,.,_„
_„
.
_ _
__
25
way of contrast, the money supply increased by 6 billion
during 1947 and by 13 billion in 1946. The chief factors
making for deposit expansion in 1948, namely a 5-billion
increase in bank loans and a billion-and-a-half increase
from the inflow of gold, were more than offset by the contractive force of government fiscal operations, reflected in
decreased total bank holdings of government securities
amounting to about 6.5 billion and increased government
deposits of about a billion.
Loans of commercial banks (excluding mutual savings
banks) increased 4.7 billion dollars in 1948 as against 6.9
billions in 1947. The slackening of the rate of increase was
especially evident in loans to business, but also carried over to
real estate and consumer loans.
Chart 18.—Security Yields and Money Rates
PERCENT
PERCENT
(RIGHT SCALE)
(LEFT SCALE)
1
Excluding banks and insurance companies. Detail will not necessarily add due to
rounding.
2
Less
than $50 million.
3
Includes depletion. 1948 profits are partly estimated.
Source: U. S. Department of Commerce estimates based on Securities and Exchange Commission and other financial data.
DIVIDEND YIELD ON
COMMON STOCKS U
BANK RATES ON
COMMERCIAL LOANS U
to a ratio of just over one-half in 1947. Higher corporate
earnings during the year and the continuation of a conservative dividend policy made it possible for corporations to
retain for their use from current operations 11.3 billion
dollars in 1948 as against 10.6 billion in 1947. Holdings of
liquid assets, in the form of cash on hand and in banks and
government securities, were about unchanged over the year.
PRIME COMMERCIAL
PAPER I/
(4-6 MONTHS)
Bond Flotations Increase, Stocks Decrease
Since internal funds covered only part of total investment
requirements, corporations made further use of outside
financing. Bank loans rose less than a billion dollars in
1948 in contrast to a rise of almost 3 billion in 1947. On
the other hand, corporations in 1948 obtained an even higher
volume of new money from the security markets than in
the previous year. Total issues, less those for retirements
and refunding, were 5.7 billion dollars. Bond flotations at
4.5 billion increased almost 50 percent over 1947. New
stock issues at 1.1 billion declined slightly.
Rates on Bond Financing Continue Favorable
An important reason for the high proportion of bonds
relative to stocks may be found in the continuation of the
low interest rates on borrowed money. Recent trends in
stock and bond yields are illustrated in the left panel of
chart 18. Corporate bond prices averaged lower for the
year and yields rose from about 2.9 percent in 1947 to 3.1
percent in 1948. It will be recalled that prices of corporate
issues dropped at the end of 1947 when the Federal Reserve
lowered the support price for long-term government bonds.
Common stock yields increased relatively more than
bond yields in 1948 and served as an inducement for corporations to finance through bonds rather than through stocks.
Although the series shown on stock yields is not directly
comparable with that on bonds, the chart provides a fairly
good indication of the recent movement.
Money Supply Reduced
For the first time since the prewar period the privately
held money supply contracted during the year. Deposits
in the hands of individuals and business and currency
outside banks fell by approximately 1 billion dollars. By
822014°—49-
U. 5. TREASURY BONDS S/
1946
1947
1948
1946
U. & DEPARTMENT-OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1947
1948
49-3O
* Dividend yields are weighted averages based upon an identical sample of 125 industrial
stocks, 25 public utilities, and 25 railroads. Dividends used in computing yields are at
annual rates and are determined at end of month upon the basis of most recent declarations;
prices used in computing yields are end of month.
2 Average of rates charged customers by banks in 19 large cities, including New York, on
new commercial and industrial loans made in the first 15 days of each quarter.
3 Averages of weekly prevailing open-market rates in New York City.
4
6 Averages of daily yields on 120 domestic issues.
Averages of daily prevailing open-market rates in New York City.
6
7 Averages of daily yields on taxable issues due or callable after 15 years or more.
Averages for new issues offered within the period.
Sources of data: Board of Governors of the Federal Keserve System except dividend
yields on common stocks and corporate bonds, which are from Moody's Investors Service.
Slackened Growth in Consumer Credit
To finance the record outlays for consumption goods, especially durables, and home improvements during 1948,
consumers supplemented their funds from current income
and past savings by a substantial amount of borrowing.
Total consumer credit outstanding increased 2.5 billion
dollars over the year, a smaller rise, however, than the 3.3
billion increase in 1947.
Consumer credit controls were reimposed in mid-September
(after having been previously eliminated in November
1947) and this action helped to slow the rate of advance of
credit outstanding in the final quarter of 1948. Outstandings rose by 1.1 billion in the final quarter of the year as
against 1.7 billion in the same period of 1947.
26
SUEVEY OF CUEKENT BUSINESS
Bank Real Estate Loans Rise Little
The demand for residential real estate credit as seen in
mortgage recordings was about the same in 1948 as in 1947.
More new houses were purchased but turn-over in existing
houses was lower. Real estate loans (covering residential
and nonresidential properties) by commercial banks rose by
1.4 billion dollars, in contrast to the rise of 2.2 billion in 1947
and 2.4 billion in 1946. Other lenders, particularly insurance companies, assumed a more important role in financing
outlays for housing.
Retirement of Bank-Held Debt With Cash Surplus
During the first half of 1948 the substantial excess of
government cash receipts over expenditures was used in
large measure to retire some 4 billion dollars of Federal
Eeserve held debt and to build up Treasury deposits with
the Federal Eeserve by nearly 2 billion dollars. In this way
funds initially drained from the public by the -government
were kept out of commercial bank reserves and could thus
not be used for further credit expansion. ' Private deposits
and currency outside banks declined over 4 billion dollars
during the first six months.
Counter-Inflationary Credit Policies
During the second half of the year deposit growth was
resumed but it was not sufficient to offset the decline during
the first half of 1948. It was during the last six months of
the year particularly that there emerged a number of
Federal Eeserve programs aimed at exerting additional
restraining influence on bank credit expansion through their
effects on bank loans and reserves and on investment policies.
February 1949
In addition to the reimposition of controls on consumer
credit there was an increase in rediscount rates, which followed Treasury action raising interest rates on short-term
government securities. The increase in rediscount rates
was designed to raise the cost of obtaining reserve funds
from the Eeserve Banks. The purpose of the higher interest
rates was to encourage commercial banks and others to hold
short-term securities so that fewer funds would be available
for lending.
Increased Reserve Requirements
A further measure designed to stem the expansion of credit
was legislation permitting a temporary increase in reserve
requirements of member banks, effective in September. Eeserve requirements against demand deposits of New York
and Chicago banks had already been increased in February
and June. The rise in September of 2 percentage points in
the required reserves against net demand deposits had the
effect of draining some 2 billion dollars from member bank
reserves. This drain, however, was more than offset by the
increase in reserve funds which banks obtained during the
second half of the year as a result of the continued inflow
of gold and the sale (by banks and nonbank investors) of
government securities to Eeserve Banks.
At the end of the year commercial banks were still in a
highly liquid position, holding some 62 billion dollars in
overnment securities. This was 7 billion dollars less than
anks held at the beginning of the year but could obviously
provide the basis for a very substantial growth in funds
which could be made available to the private economy. If
there is any weakening in capital investment, it is more
likely to reflect demand rather than supply considerations.
g
Retail Sales
DALES at all retail stores in 1948 amounted to 130 billion
dollars—10 percent higher than in 1947. While the increase
was substantial, the rate of gain was well below the 17-percent
advance in 1947 and 32 percent in 1946.
The slackening in upward movement appeared in both
durable- and nondurable-goods stores. Durable-goods store
sales were up 19 percent and nondurables up 6 percent in
1048, compared to 40 and 11 percent, respectively, in 1947.
The rate of gain in each of these groups was approximately
halved from 1946 to 1947 also.
Much of the increase in dollar sales in 1948 represented
higher 'prices. The average price of goods sold in retail
stores was up about 7 percent for the year, the advances for
durable and nondurable goods being roughly the same.
Consequently, there appeared to be little change from 1947
in the physical quantity of goods sold in nondurable-goods
stores, but there was an appreciable gain in volume for
the durable-goods stores.
The rise in trade activity in 1948 was not uniform throughout the year. The upward trend evident in the previous
years continued through the first half, although at a somewhat slower rate. In the second half, however, gains were
small, and sales fluctuated within a narrow range about the
June figure.
Although dollar sales ended the year at a new high, most
of the forward impetus characterizing the postwar sellers7
market had disappeared.
Chart 19.—Sales of Retail Stores as a Percentage of
Disposable Personal Income
PERCENT
PERCENT
80
180
ALL RETAIL STORES
60
40
NONDURABLE GOODS STORES
DURABLE GOODS STORES
20
Sales at Peak in December
There were some indications of hesitancy in retail buying
during the fall. In several important categories sales fell
below the dollar totals of the previous year. However, sales
recovered in December, and on a seasonally adjusted basis
exceeded slightly the previous high point reached in September.
1929
««
31
33
35
37
39
41
43
45
YEARS
47
1946.. 1947 1948
+•
HALF - YEARS-*'
U S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
Percentages are based upon half-yearly totals, seasonally adjusted.
Source of data: U. S. Department of Commerce, Office of Business Economics.
48-420
February 1949
27
SURVEY OF CUEEENT BUSINESS
Chart 20.—Sales of Nondurable Goods Stores, by Selected Kinds of Business
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
20
8
3.2
4
FOOD GROUP
EATING AND DRINKING
PLACES
DRUG STORES
FILLING STATIONS
m
10
0
3.2
DEPARTMENT STORES
MEN'S CLOTHING AND
FURNISHINGS' STORES
(EXCL. CATALOG SALES OF
MAIL-ORDER HOUSES)
WOMEN'S APPAREL AND
SHOE STORES
ACCESSORIES STORES
2.4
1.2
m
1946
1947
1948
1946
1947
1948
1946
1948
1947
1946
1947
1948
— HALF-YEARLY TOTALS, SEASONALLY ADJUSTED U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Sales Decline Relative to Income
The loss in momentum during 1948 of the upward push
that followed the war may be observed in chart 19. This
shows the ratio of sales at retail stores to disposable personal income for all retail stores and for durable and nondurable-goods stores separately.
Sales rose 10 percent from 1947 to 1948, while income increased slightly more. This contrasts with the two preceding years when sales advanced much more rapidly than
income. The ratio of sales to income declined in 1948 for
the first time since the end of the war, most of the drop,
appearing in the second half of the year.
The change in the movement of sales relative to income
was apparent both for nondurable and durable-goods stores.
Whereas nondurable-store sales had been growing faster
than income through 1947, a small movement in the reverse
direction took place in 1948. In spite of this, the proportion
of income spent in nondurable-goods stores remained well
above the corresponding figures in prewar years.
Durable sales advanced relative to income over the year.
However, the rate of increase slowed perceptibly, and in the
second half of 1948, the sales-income ratio for durable goods
did not change.
Many Nondurables Off From Peaks
Until 1948, practically every kind of nondurable-goods
business showed a steady advance in sales following the end
of the war. However, during this past year a number of
trades reported declines. In some lines, a downward movement in prices accompanied the slowing in demand.
Sales tended downward in apparel stores, except for
women's wear. For men's clothing and for shoe stores, the
latter half of 1947 was the peak 6-month period, and business
declined throughout most of 1948. Women's apparel, in
contrast, was the strongest of the nondurable-goods lines,
and sales continued to rise without any important interruption.
The value of food-store sales pushed upward more slowly
as a drop in retail food prices occurred in the latter half of
Table 16.—Sales of Retail Stores
[Millions of dollars]
1946
Kind of business
All retail stores _
_
Durable-goods stores __
Automotive group
Motor vehicle dealers. ._ __ __ __
Parts and accessories
Building material and hardware group
Building materials
Farm implements
Hardware
Homefurnish ings group
Furniture and housefurnishings.
TTonsehold appliances fvnrj radios
Jewelry
__
Nondurable-goods stores
Apparel group
Men's clothing and furnishings
Women's apparel and accessories
Family and other apparel
__
Shoes
Drugstores
_
Eating and drinking places
Food group
_ _
Grocery and combination
Other food
Filing stations
_
General merchandise group
Department, including mail order
General, including general merchandise with food
Dry goods and other general merchandise
Variety
Other retail stores
_
_
Liquor
All other
1947
1948
100, 787 118, 328
129, 923
21, 761
8,808
_ _ __ 7,145
1,663
6,750
4,137
787
1,826
_ _ 4,860
3,175
1, 685
1,343
___
30, 392
13, 778
12, 100
1,678
9,092
5,695
1,180
2,217
6,213
3,746
2,467
1,309
36, 276
17, 563
15, 780
1,783
10, 834
6,869
1,555
2,410
6,676
3,948
2,728
1,203
79, 026
8,981
2,227
4,033
1,262
1,459
3,520
12, 362
25, 005
19, 144
5,861
4,065
14, 611
9,621
1,676
1,463
1,851
10, 482
__ 1,912
8,570
87, 936
9,413
2,414
4,141
1,325
1
1, 533
3,659
12, 485
29, 584
23, 164
6,420
5,193
16, 003
10, 615
1,858
1,538
1,992
11, 599
1,874
9,725
93, 647
9,867
2,413
4,530
1,387
1,537
3,687
12, 612
31, 857
25, 012
6,845
6,325
16, 992
11, 322
1,938
1,601
2,131
12, 307
1,845
10, 462
Source: U. S. Department of Commerce^ Office of Business Economics.
28
SUEVEY OF CURRENT BUSINESS
the year. Department-store sales also showed narrower
year-to-year changes in the last months of 1948. Sales of
filling stations leveled off in the fall, after a large gain in the
first half. Drug stores and eating and drinking places
reported only small changes from the preceding year.
Among the durable-goods stores the automotive group
again registered a strong advance. Sales for the year were
up about a fourth over 1947. The building material and
hardware stores also reported a big increase in 1948, but in
this group sales in the latter part of the year fell below their
summer peaks.
Furniture and Appliances Lower in Final Quarter
Sales at stores in the homefurnishings group were only
about 7 percent above 1947. Moreover, in the last quarter
of the year there was actually a decline in sales. This decline occurred in both household appliance and radio stores
and furniture and housefurnishings stores. The restoration
of credit restrictions, which apparently led to some anticipation of fourth-quarter buying in September, may have been
partly responsible for the drop.
The drop in appliance sales showed up strongly in the
appliance departments of department stores. Dollar sales of
refrigerators, washing machines, vacuum cleaners, and other
major appliances in the third quarter of 1948 were running 10
percent higher than in the corresponding period of the year
before, but in the fourth quarter they fell about 25 percent
behind 1947. The furniture and the radio departments were
similarly affected, although not so severely. In contrast,
sales in the women's wear departments—except for furs and
some accessories—were well ahead of year-ago figures in
both quarters.
The phenomenal increase in the number of television sets
sold has already been mentioned. Nearly a million sets were
bought—five times as many as in the previous year.
Jewelry-store sales continued the decline which had started
in 1946. However, activity in this line is still far above
prewar. The tendency for downward movement in sales of
luxury goods is underlined by tax reports, which showed
February 1949
significantly lower returns from excise taxes on furs, jewelry,
and cabaret entertainment.
In general, the pattern of retail trade in 1948 implied
growing restraint on the part of consumers. Supply had
caught up with backlogs in most lines, and price and quality
competition was becoming increasingly important. However, the volume of activity was still the highest in history.
Chart 21.—Sales of Durable-Goods Stores, by Kinds of
Business
BILLIONS OF DOLLARS
12
BILLIONS OF DOLLARS
BUILDING MATERIALS
AND HARDWARE
GROUP
AUTOMOTIVE GflOUP
1.2
JEWELRY STORES
HOMEFURNISHINGS
GROUP
.8
.4
1946
-*
1947
1948
1946
HALF-YEARLY TOTALS, SEASONALLY
1947
1948
ADJUSTED
U.S. DEPARTMENT £? COMMERCE,. OFFICE OF BUSINESS ECONOMICS.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Foreign Trade
Jj OREIGN demand on the domestic economy in 1948
was strongly supported by new aid to foreign countries,
particularly under the European Recovery Program. Yet,
while disbursements under that program reached nearly 2
billion dollars, and some other aid programs started in previous years continued, total Government aid to foreign
countries during the year did not reach the amount of dollars
paid out in 1947 when disbursements on the British loan
were nearly 3 billion.
Most foreign countries could not continue to sustain their
demand for American goods and services by drawing upon
their gold and dollar reserves to the extent done in 1947.
The recovery of foreign production further contributed to the
decline in the export surplus from the United States during
1948.
Because of the simultaneous rise of the United States gross
national product, the decline in the share of domestic production going to foreign countries was quite marked, as is
evident in the lead chart.
Net foreign investments (i. e., that portion of the export
surplus not financed by Government or private gifts) fell
sharply in 1948, and registered a small negative figure in the
second half of the year. This came about largely because of
the reduced rate of spending by foreign countries out of
their own reserves, as well as by the supplanting of Government aid through the British and other loans (counted in
net foreign investment) by Government aid in the form of
grants (counted in Government purchases of goods and
services in the gross national product table).
In relation to total output, the drop in the export balances
has resulted mainly from a reduction in exports; imports,
while increasing, were less important in effecting the change.
Foreign demand fpr United States goods and services, in
terms of ability to pay in their own currencies, apparently
continued high, but in nearly all countries was restrained
by import and exchange controls. The latter had been
strengthened in late 1947, following the rapid depletion of
foreign gold and dollar reserves earlier that year, and the
success of these policies can in part be measured by the
decline in the rate of liquidation of foreign reserves, from
4.5 billion dollars in 1947 to about 700 million in 1948.
A part of the decline in exports of goods and services was
accounted for by lower net shipping receipts, which in turn
partly resulted from the lower level of the export tonnage in
relation to imports. Most of the decline, however, can be
attributed to the increased participation of foreign vessels in
U. S. trade; from 39 percent in the first quarter of 1947, the
tonnage carried in foreign bottoms rose steadily to 53 percent
in August 1948, the latest month for which data are available.
In contrast to these developments, income on our foreign
investments rose significantly, from 1.1 billion dollars in 1947
to about 1.3 billion in 1948, largely as a result of improved
SUEVEY OF CUREENT BUSINESS
February 1949
earnings by American petroleum companies operating in the
Caribbean area and the Middle East.
Merchandise imports, discussed in more detail below, were
higher, as were tourist expenditures—the latter primarily
in response to increased trans-Atlantic passenger facilities.
The net reduction in the export surplus on invisible
account from 1947 to 1948, however, was only about a half
billion dollars; while the merchandise balance accounted for
a net change of over 4 billion. The latter reflected principally
a reduction in recorded exports of 2.7 billion and an increase
in imports of 1.3 billion dollars.
Chart 22.—Exports, Imports, and Net Exports of Goods
and Services as Percentages of Gross National Product
29
Countries with no, or mild, import controls tended to reduce
their imports proportionately less-—Switzerland 8 percent,
Cuba 12 percent—or even increase them—South Africa 21
percent, Venezuela 17 percent. It seems likely, therefore,
that even if dollar reserves had not been so seriously depleted, and even if United States Government aid had remained at the 1947 rate, exports would have declined in 1948.
All Classes of Exports Decline
In some cases reduced sales abroad tended to coincide
with reduced domestic requirements; exports of vacuum
cleaners, radios, cotton textiles, and hosiery illustrate this
development. Since these industries—along with machine
tools and bituminous-coal mining, to name but two others—
were producing less than in 1947 during the latter part of
1948, it is evident that lower exports were a factor influencing
cutbacks in production.
Chart 23.—Actual and Calculated Imports for Consumption, by Economic Classes l
^
BILLIONS
OF
DOLLARS
3.0
CRUDE MATERIALS
2.5
CALCULATED
2.0
1.5
1.0
.5
2 -
0'
I
I
I
I J
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I f
2.5
SEMIMANUFACTURES
2.0
1929 31
33
35
37
39
41
43
45
1947
1948
1.5
Source of data: U. S. Department of Commerce, Office of Business Economics.
1.0
.5
Foreign Sales Decline
Although exports to most foreign countries were lower in
1948 than in 1947, the most significant reductions were in
shipments to European countries participating in the
Recovery
Program, which fell by 23 percent or 1.2 billion
dollars.1 It appears that the financing problem may have
been one of the principal causes of the drop in shipments to
this area, since U. S. Government aid was about a billion
dollars below the 1947 figure, and spending out of greatly
depleted gold and dollar reserves was also sharply reduced.
On the other hand, preliminary data indicate that total
imports by European countries—including goods exchanged
among themselves—were up at least 1 billion dollars in 1948,
thus indicating that other sources of supply had been substituted for those in the United States.
Another factor which has undoubtedly enabled Western
Europe to reduce its imports is the continued rise in domestic
industrial production within the area, perhaps by as much
as 10 percent over 1947, based on partial data. Coupled
with about 20-percent higher crop yields than in the 1947
crop year, this enabled Western Europe to increase consumption and domestic investment without a corresponding
increase in its dependence on external sources of supply.
In general, exports to other areas fell less sharply, with
certain notable exceptions. Argentina and Brazil, through
tightened import controls, cut their purchases 43 percent
and 25 percent, respectively, while the reduction in shipments to Australia and New Zealand was over 50 percent.
i Estimates based on 11-month figures.
0
2.5
2.0
FINISHED MANUFACTURES
1.5
1.0
.5
i i
0
i i i i i i i i i i i i i i t i i- i i i
1.5
CRUDE FOODSTUFFS
1.0
.5
0
1.5
MANUFACTURED FOODSTUFFS
1.0
.5
I i i I i i I i I i
1921
23
25
27
29
31
33
35
37
39
41
43
45
47 482/
U, S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
Calculated imports were derived from the relationship between gross national product
and imports for 1921-38; for crude and manufactured foodstuffs, regressions exclude the
years
1934-37 when drought conditions caused abnormally high imports.
2
Calculated imports excluding all silk and 250,000 short tons of rubber representing the
minimum
amount reserved by law for synthetic rubber production.
3
Figures for 1948 are based upon 9 months' data.
Sources of data: Actual imports, U. S. Department of Commerce, Bureau of the Census;
calculated imports, U. S. Department of Commerce, Office of Business Economics.
SUKVEY OF CURRENT BUSINESS
30
For some commodities, however, where the situation
remained relatively tight in spite of enhanced output, reduced exports reinforced the production increase in making
greater supplies available to domestic consumers. Lumber,
steel, automobiles, trucks, and most petroleum products fell
in this category. Agricultural machinery seems to have been
the only major industry whose difficulty in meeting domestic
requirements was intensified by larger export shipments in
1948 than in 1947. It may be mentioned, however, that
only one-third of the increase and one-fifth of the total
export in 1948 went to countries receiving aid under the
European Recovery Program.
Table 17 shows for a selected group of commodities the
change in production from 1947 to the third quarter of 1948,
and the change in the proportion exported.
February 1949
Chart 24.—Actual and Calculated Imports
for Consumption, by Geographic Areas 1
BILLIONS OF DOLLARS
3.0
NORTH AMERICA
2.5
2.0
1.5
1.0
CALCULATED
.5
0
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I I I
!
I
I
I
2.0
SOUTH AMERICA
1.5
Table 17.—Ratios of Production Exported During 1947 and the
Third Quarter of 1948
1.0
Ratio of production exported
0
Commodity
1947
Third
quarter
1948
Electrical machinery and apparatus
19.0
1.9
3.7
7.8
10.5
13.7
1.5
6.1
5.0
7.7
0.2*
.4
1.4
4.1
5.9
7.9
.9
3.7
3.1
4.8
Machine tools
Trucks, motor ._
_
_
JVI otor fuel, including aviation
Passenger cars _ _ _
Petroleum, crude.—
Coal, bituminous _
Coal, anthracite
Oas and fuel oil
Lubricating oil
39.6
20.3
4.3
7.3
2.5
11.1
14.9
4.5
27.2
25.0
14.6
3.4
6.1
2,?
9.9
IS. 3
4.4
33.3
Freight cars
Vacuum cleaners
Lumber
Radios (receiving sets)
Steel, rolled
Cotton cloth, including duck.
Leather boots and shoes
Kerosene
_
_
_ _ _ _ _
_
.
_ __
______
TTosip.ry
_ _ _ _ _ _ _
__
;-__
_
__
___"
_
.
i i i i i i i i i i
3.0
EUROPE
2.5
2.0
1.6
1.0
.5
0
3.0
ASIA AND OCEANIA
2.5
2.0
1.5
NOTE.—Figures are based upon quantity data except for dollar values in the cases of freight
cars, electrical machinery, and machine tools.
Source: U. S. Department of Commerce, Office of Business Economics and Office of International Trade.
Imports Higher
Recorded merchandise imports during 1948 reached 7.1
billion dollars, almost one-fourth above 1947. Measured in
volume terms, imports were well over 10 percent higher than
in 1947, reflecting increases from all areas and in all economic
classes. The additional volume and the increase in prices
apparently were about equally responsible for the rise in
dollar value of imports from 1947 to 1948.
Aside from the continued high domestic demand for most
goods, other major forces influencing the upward movement
of imports into this country during 1948 were the rising levels
of production in many supplying countries and the even
;greater efforts to exchange a larger amount of exports for
scarce dollars. The value of imports from Europe rose by
nearly one-third, and increases from the other four
major
areas (see chart 24) ranged from 17 to 24 percent.1 At the
same time, production in some areas, although greater than
in 1947, remained relatively low, particularly in Asia, and
together with high prices and high exchange rates, continued
to restrict the movement of goods to this country.
Imports Still Relatively Low
Despite their high dollar value and their larger volume as
compared with 1947, commodity imports in 1948 were, in
real terms, only 5 percent above previous high levels reached
- Based on data for the first 11 months.
1.0
.5
0
®SEE FOOTNOTE y
i i i i i i i
i
I
I
I
I
I
I
I
I
I
i
I I
1.0
AFRICA
.5
0
1921 23
25
27
29
31
33
35
37
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
39
43
45
474S2/
49-S3
1 Calculated imports were derived from the relationship between gross national product
and
imports for 1921-38.
2
Calculated imports excluding all silk and 250,000 short tons of rubber representing the
minimum amount reserved by law for synthetic rubber production.
3 Figures for 1948 are based upon 9 months' data.
Sources of data: Actual imports, U. S. Department of Commerce, Bureau of the Census;
calculated imports, U. S. Department of Commerce, Office of Business Economics.
in 1929 and 1937.2 On the basis of the prewar relationship
between domestic economic activity and imports, at least
1.8 billion dollars of additional imports could have been
absorbed here in 1948.
Charts 23 and 24 show actual and calculated imports by
economic classes, and geographic areas derived from the
1921-38 relationship between gross national product and
imports, adjusted for long-term trends. Although actual
imports were somewhat closer to calculated imports in the
first three quarters of 1948 than in 1947, there was still a
large deficiency of imports from Europe and a smaller, though
substantial, lack of imports from Asia. After omitting
from the calculation for Asia imports of raw silk which has
8
Annual rate based on data for the first 11 months.
SUEVEY OF CUEEENT BUSINESS
February 1949
been displaced to a large extent by the use of synthetic fibers,
and 250,000 short tons of rubber, the legal minimum volume
for domestic synthetic rubber production, the apparent
deficiency in imports from Asia and Europe was about 2.5
billion dollars. On the other hand, actual imports from
other areas, particularly North America, were about 0.7
billion dollars in excess of the value projected on the 1921-38
relationship between gross national product and imports
from those continents.
The large discrepancy between actual and calculated imports from Europe was mainly in finished- and semi-manufactured goods, those economic classes of imports which
showed the greatest deficiency (see chart 23). Imports of
these classes would have been even further below normal had
not greatly increased amounts been forthcoming from North
America. Moreover, the increased supplies from North
31
America, in part at least, were not substitutes for commodities
previously imported from Europe. At the same time, the
deficiency in imports from Asia was apparently greatest in
crude materials and manufactured foodstuffs, although for
crude materials as a whole, the deficiency (excluding silk
and 250,000 tons of rubber) was more than compensated for
by increased imports from South America and Africa (see
chart 24).
Such a development indicates that the 1921-38 relationship
for certain economic classes or areas has been somewhat
modified and that imports from the Western Hemisphere
and Africa may well remain higher than the amount calculated on the basis of historical relationships, because of our
increased dependence upon foreign sources for commodities
such as nonferrous metals and petroleum.
Employment and Labor Conditions
STRONG demand for labor continued during 1948 and
favorable job opportunities brought more than the normal
number of entrants into the labor market. Unemployment,
despite this increase in labor supply, was lower than in 1947,
although toward the end of the year reductions in the working
force occurred in some manufacturing industries.
The increase over the already high 1947 employment was
partially offset by reduced hours of work. While there was
some improvement in average output per man-hour the further increase in the aggregate physical volume of output was
limited.
the number of unemployed, although still low, was above
December 1947. While the average number of unemployed
men—and male veterans especially—was well below 1947,
unemployment of women was a little higher.
There was an appreciable reduction of labor turn-over of
production workers in manufacturing as compared with 1947.
The quit rate for the year, however, remained about three
times that of 1939.
s>
Chart 25.—Average Annual Increment to the Total Labor
Force for Selected Periods
Abnormal Growth in Labor Force
An average of approximately 1,140,000 more workers were
at work or seeking work in 1948 than in 1947. As indicated
in table 18, the increase from fourth quarter to fourth quarter
was even larger. More than half of the new entrants were
women, and a substantial number of veterans returned to the
labor market after further schooling. The number and proportion of teen-age and older workers continued to be unusually large measured by prewar standards.
Minimum Unemployment
Taking 1948 as a whole, unemployment was slightly less
than in 1947 despite the growth of the labor force. This
situation, however, was reversed in the fourth quarter when
Table 18.—Selected Data on Labor Force, Employment and Unemployment, 1947 and 1948
[Data in thousands]
Monthly average for year
Item
1948
Number
Percent
Change
1947
1948
Number
61, 608
44, 694
16, 915
62, 747
45, 150
17, 599
1,139
456
683
1.8 61,533
1.0 44, 445
4.0 17, 088
63, 044
45, 141
17, 903
1,511
696
815
2.5
1.6
4.8
Civilian labor force
_
Employed
Men
Women
(Employed but not at
work)
.
60, 168
58, 027
41, 677
16, 349
61, 442
59, 378
42, 428
16, 950
1,274
1,351
751
601
2.1 60,233 61, 625
2.3 58, 582 59, 820
1.8 41, 962 42, 492
3.7 16, 620 17, 328
1,392
1,238
530
708
2.3
2.1
1.3
4.3
2,474
2,751
277
11.2
1,751
1,719
-32
-1.8
8,266
49, 761
7,973
51, 405
-293
1,644
-3.5
3.3
7,856
50, 726
7,988
51, 832
132
1,106
1.7
2.2
2,141
1,595
712
547
2,064
1,430
531
633
-77 -3.6
-165 -10.3
181 25 4
86 15.7
1,650
1,199
509
451
1,805
1,243
435
561
155
44
74
110
9.4
3.7
-14.5
24.4
Unemployed
Men
Veterans
Women
Source: U. S. Department of Commerce, Bureau of the Census.
MEN
1.5
i.o
.5
19291940 I
19461947 •£
19471948
4th Or.
1947-48-^
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
Percent
Total labor force
Men _
Women
Agriculture
Nonagriculture
WOMEN
Monthly average for fourth
quarter
Change
1947
MILLIONS OF PERSONS
2.0
1
Average
2
annual increment over il-year period.
Increase between monthly averages for the respective years or quarters.
Sources: Basic data 1929-40, U. S. Department of Labor, Bureau of Labor Statistics;
basic data 1946-48, U. S...Department of Commerce, Bureau of the Census.
Labor-management disputes caused a number of important
work stoppages during the year, but these were slightly less
costly in terms of man-days lost than in 1947 and about in
line with the prewar average.
Further Increase In Employment
Employment for the year as a whole averaged approximately 1,350,000 above 1947. All of the increase was in
nonagricultural employment, especially in trade, manufacturing, Government and, to a lesser extent, in construction
and the service industries. Employment in agriculture de-
SUKVEY OF CURRENT BUSINESS
32
creased slightly. The rise in the average number of hired
farm workers was more than offset by the smaller number of
self-employed and unpaid family workers.
As indicated in table 19, and in chart 26, the largest proortionate increases occurred in construction and retail trade,
ti manufacturing a seasonally adjusted peak was reached in
early fall and then, in contrast to the preceding year, employment fell off in the last two months of the year to a level in
December about 100,000 below that of a year ago. The yearly
average was about 400,000 above 1947.
f
Table 19."—Employment in Nonagricultural Industries, 1946 and
1947 and Estimated Increase in 1948
February 1949
readjustment as supply catches up with demand. In part, the
decline in hours and the increase in vacations are merely a
continuation of the long-term trend.
While the data are not accurate enough for any precise
calculations, the increase in physical volume of national output was somewhat greater than the input of man-hours. In
other words, there was a modest improvement in output per
man-hour, although the country has not yet caught up with
the prewar trend in this respect.
Chart 26.—Nonagricultural Employment: Percentage
Changes 1946 to 1947 and 1947 to 1948, by Major Industry Divisions
[Data in thousands]
Average for
the year
Group
INDUSTRY
DIVISION
Percent
1946
Total nonagriculture
M anuf acturing
Mining
Construction
Transportation and public utilities. _ _
Trade
Finance
_
Service
Government
_.
__
Estimated increase
1947
42,028 43, 550
14, 527 15, 306
873
937
1,752 2,068
4,114 4,170
9,158 9,481
1.629 1,655
4,200 4,288
5,775 5,645
Number
1947-48 1946-47 1947-48
1,350
400
10
150
10
400
60
120
200
3.6
5.4
7.3
18.0
1.4
3.5
1.6
2.1
-2.3
3.1
2.6
1.1
7.3
.2
4.2
3.6
2.8
3.5
Source: U. S. Department of Commerce, Office of Business Economics.
U
In trade, where the upward trend in 1947 was followed by
a more gradual increase in 1948, the year as a whole also
averaged about 400,000 above 1947. Little change occurred
in employment in mining, transportation and public utilities.
The 1947 downtrend in employment in the Federal Government was reversed; the 1948 increase of 200,000 was about
equally divided between Federal Government, State and
local employees.
The manufacturing industries reported divergent trends,
with continuing strength in some lines, and weakness in
others—especially during the last quarter of 1948. Increases
of over 5 percent from year to year occurred in lumber and
timber basic products, iron and steel, silk and rayon goods
and apparel (especially women's clothing).
Employment dropped over 10 percent in rubber tires and
tubes, and in machine tools, and to a lesser extent in shipbuilding, electrical machinery, and leather. By the fourth
quarter, employment in several other industries had fallen
below the last quarter of 1947, including woolens and
worsteds, furniture, machinery, and cotton textiles, while
employment in the aircraft and aircraft engine industries was
moving upward more rapidly than any other segment.
Shorter Hours
The reduction in average hours worked per week and the
increase in vacations served to offset much of the increase in
employment. Man-hours of labor in 1948 were only nominally
above 1947. In manufacturing, where detailed reports of
hours of work are available, the reduction over the year was
largely in the nondurable-goods industries. In the fourth
quarter, both durable and nondurable groups were well below
the level of the preceding year, a further manifestation of
-5
PERCENT CHANGE
+5
+10
+20
TOTAL NONAGRICULTURAL
(EXCL. DOMESTIC SERVICE)
MANUFACTURING
MINING
CONSTRUCTION
TRANSPORTATION AND
PUBLIC UTILITIES
TRADE
FINANCE
SERVICE
(EXCU DOMESTIC SERVICE)
GOVERNMENT
U. 5L DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Wage Trends
Further rise in wage rates characterized most of 1948. The
typical settlement provided for somewhat smaller wage increases than in 1947. The pattern of wage increases varied
from industry to industry, reflecting in part the extent to
which output had caught up with demand. These trends were
analyzed in some detail in a previous issue of the SURVEY
(November 1948, Components of Wage and Salary Increases,
pages 7-10).
From third quarter to third quarter, the increases were
about in line with the rise in the Consumers' Price Index.
Over the remainder of the year there was some further increase in average hourly earnings and a decline in the Consumers' Price Index. The latter decline, plus the reduced
pressure of demand in some industries, was reflected in wage
negotiations later in the year. In some industries in which
contracts expired during the last quarter —notably apparel,
textiles, and leather—wage agreements were renewed without
increases, but generally with provision for reopening in the
event of further increase in the cost of living.
BUSINESS STATISTICS
J.HE DATA here are a continuation of the statistics published in the 1947 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.
That volume1 contains monthly data for the years 1941 to 1946, and monthly averages for earlier years back to 1935 insofar as available; it also
provides a description of each series and references to sources of monthly figures prior to 1941. Series added or revised since publication of the
1947 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
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
December
1948
j
January
February
March
April
May
June
July
August
September
October
November
December
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCTf
Seasonally adjusted quarterly totals at annual rates:
National income, total
_. _
bil. of dol. _
Compensation of employees, total
do
Wages and salaries, total
do. __
Private
do
Military
do
Government civilian
do
Supplements to wages and salaries _ do. _
Proprietors' and rental income, total
do
Business and professional.
do
Farm
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
bil. of dol._
Corporate profits before tax, total.
do
Corporate profits tax liability
do
Corporate profits after tax
...do
Inventory valuation adjustment
do
Net interest
_.-do
r
r
T
r
212.8
132.2
127.1
109.5
3.6
14.0
5.0
48.6
24.7
16.5
7.4
27.5
32.4
12.7
19.7
—4. 9
4.5
Gross national product, total
do. _.
Personal consumption expenditures,total. _ do
Durable goods
_ do. _
Nondurable goods
do
Services
_ ___
_
_ _ . do_ _
Gross private domestic investment
do
New construction
.
_
do.
Producers' durable equipment
do
Change in business inventories...
do
Net foreign investment
do
Government purchases of goods and services,
total
bil. of dol.
Federal (less Government sales)...
do
State and local
do
243.8
171.1
22.1
100. 2
48.8
35.4
14.0
18.9
2.5
8.2
Personal income, total
do
Less: Personal tax and nontax payments.. _do
Equals: Disposable personal income-.
do
Personal savings!
_ _ . _ do
203.1
22.2
180.9
9.7
T
' 222. 3
' 136 3
'r 131 3
113.2
r
3 5
' 14.6
5 0
'51.6
' 25. 3
18.9
213.9
134 0
129 1
111.4
T
3 4
14.2
4 9
'49.9
r
24 8
' 17.6
7 5
'74
'26.3
' 30 5
' 11.8
'18.7
-5.3
r
47
'29.6
'32. 1
' 12.5
'19.6
244.9
172. 5
21.3
r
r 101 4
r
r
49 8
38. 0
14 3
19 8
r
3. 9
3.9
'T 30.5
16 7
13.7
29.0
15.5
13.5
'
'
'
'
207. 0
'23.0
' r183 9
11.4
233.2
144.7
139.6
119.6
3.7
16.2
5.1
51.4
25.6
18.4
7.4
—2.5
'48
30.2
34 0
13.3
20.8
-3.9
'50
-.4
5.2
' 251. 9
' 177.3
' 22. 8
' 103 7
' 50.8
'38.0
14 4
' 21 0
' 2.6
'2.7
' 258. 1
' 180. 1
'23 7
' 104 3
' 52 1
' 40 2
14.8
' 21 9
'3 5
—.3
264.9
181.0
22.9
105.1
53.0
42.8
14.7
22.7
5.3
4
'33.9
19. 1
' 14.8
'22 7
15.5
41.5
25.2
16.3
' 210.8
'20.6
' 190. 2
'12.9
'216 3
' 20.0
' 196 2
' 16.1
219. 6
20.2
199.4
18.4
T
r
228 2
142 4
137 4
118 2
'3 5
15 6
'51
50.6
25 2
18.2
'74
PERSONAL INCOME BY SOURCEf
Seasonally adjusted, at annual rates:
Total personal income,
bil. of dol. _
Wage and salary receipts, total —
_do
Employer disbursements, total
do
Commodity-producing industries... do. _
Distributive industries.
do
Service industries .
do
Government
do
Less employee contributions for social insurance
bil. of doL.
Other labor income-.
do.
Proprietors' and rental income
. do
Personal interest income and dividends ...do
Total transfer payments
_ . do
Total nonagricultural income
do
207.7
127.4
129.4
59.2
37.4
15.2
17.6
2.0
1.9
51.3
16.2
10.9
184.2
' 208. 8
' 127. 4
' 129. 6
'68.9
37.5
r
15.5
'17.7
2.2
1.9
' 61. 8
16.5
'11.2
' 184. 3
' 206. 4
' 126. 8
' 128. 8
'57.8
37.8
' 16. 6
' 17. 6
' 205. 7
' 126. 6
' 128. 7
' 57.7
'37.6
'16.6
'17.8
' 208. 6
' 126. 8
' 128. 8
'r 57.3
37. 8
' 15.9
'17.8
2.0
2.0
'49.6
16.6
'11.4
2.1
1.9
'48. 4
16.6
'12.2
2.0
2.0
'51.2
16.7
'11.9
184.3
185.1
185.3
' 214. 4
'131.4
' 133. 6
'60.4
' 38. 8
' 16.1
18.3
' 214. 8
' 133. 4
' 135. 6
'60.9
'39.5
' 16.4
18.8
' 216. 7
' 135. 9
' 138. 0
'62.3
'40.0
'16.5
' 19.2
' 217. 3
' 136. 7
' 138. 9
'63.0
. r 40. 0
' 16.4
' 19.5
' 218. 5
' 137. 5
' 139. 6
'63.0
'40.2
'16.6
'19.8
' 219. 9
' 138. 0
' 140. 1
'63.8
'39.7
'16.6
20.0
220.8
137.3
139.5
63.2
39.7
16.5
20.1
2.0
2.0
' 50. 4
16.8
'11.0
2.2
2.0
' 53. 0
16.8
11.1
2.2
2.1
' 51.7
17.0
'11.1
'2.1
2.1
'50.3
17.3
'11.1
'2.2
2.1
'50.4
17.5
'10.6
'2.1
2.1
' 50.7
' 17.8
'10.4
'2.1
2.1
'51.4
'18.1
10.3
2.2
2.1
52.2
18.4
10.8
186.6
189.7
191.3
193.8
195.0
195.6
' 196. 3
197.1
' 209. 2
' 129. 0
'131.0
r
58.5
'38.6
r
15. 9
'18.0
NEW PLANT AND EQUIPMENT EXPENDITURES
4,170
4,820
All industries, total
..mil. of dol._
4, 830
4,940
15,010
1
500
Electric and gas utilities
do
640
690
620
780
1,800
2,140
Manufacturing
do
2,290
2,090
i 2, 160
180
200
Mining
do
210
200
U80
270
310
Railroad
....
do
300
330
1400
180
190
Other transportation
. . _ _ . . _ . . do. _
190
170
1160
1,240
Commercial and miscellaneous
do
1,340
1,340
1,360
1 1. 330
' Revised.
i Estimates based on anticipated capital expenditures of business.
§ Personal savings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
f Revised series. Estimates of national income, gross national product, and personal income have been revised beginning 1944; see pp. 27-29 of the July 1948 Survey for the revised figures.
S-l
822014°—49
5
S-2
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
December
February 1949
1948
January
February
March
April
May
June
July
August
September
October
November
December
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments, totalj
- mil. of dol
From marketings and CCC loans, total
do
Crops
- - -do_ __
Livestock and products, total
do
Dairy products
-do __
Meat animals
_
do
Poultry and eggs
do
Indexes of cash receipts from marketings and C'CC
loans, unadjusted:J
All commodities
_ _. .1935-39= 100. .
Crops
-do
Livestock
- do
Indexes of volume of farm marketings, unadjusted :J
All commodities..
1935-39=100..
Crops
do
Livestock
.
do
2,843
2,826
1,231
1,595
307
977
299
2,571
2,545
1,034
1,511
329
968
206
1,862
1,833
713
1,120
318
593
201
1,932
1,892
629
1,263
373
645
237
2,075
2,006
629
1,377
392
720
250
2,119
2,081
618
1,463
460
725
255
2,437
2,394
781
1,613
468
873
243
2,693
2,683
1,203
1,480
446
744
259
2,722
2,716
1,235
1,481
430
783
246
3,132
3,127
1,583
1,544
367
902
254
3,714
3,707
2, 135
1,572
333
936
282
3,314
3,304
1,725
1,579
296
937
330
2,740
2,730
1,309
1,421
295
816
299
425
431
421
383
362
399
276
250
295
285
220
333
308
235
364
313
216
386
360
274
426
404
421
391
409
433
391
471
554
407
558
747
415
497
604
417
418
470
376
144
136
150
133
128
136
108
100
114
109
82
129
113
76
141
118
76
150
130
98
154
144
153
137
146
163
133
170
215
135
206
236
146
176
•209
150
160
186
140
190
189
190
188
186
192
193
187
194
197
198
195
"189
197
197
197
197
193
197
199
193
200
203
205
201
"196
-do
_do
do
do
do
do
_do _
do
-do _
__do
do
do__ .
do
-do _
do
228
206
140
181
119
288
189
192
183
200
178
172
203
244
206
226
203
138
179
117
285
195
198
188
190
161
166
196
244
206
224
203
137
178
116
284
199
202
190
193
158
160
201
232
192
228
207
143
178
125
283
201
204
193
201
160
169
219
240
202
217
177
144
169
131
275
200
199
203
208
183
168
227
237
197
222
208
144
163
134
273
196
194
203
211
196
171
233
218
179
223
208
148
161
141
277
193
193
193
209
203
175
206
222
185
220
201
151
157
148
269
185
184
187
201
207
168
198
233
202
224
207
158
163
156
271
186
185
190
218
210
180
227
230
198
••227
214
153
165
147
273
192
192
193
'216
213
175
'231
'231
'197
••232
221
154
170
145
277
192
••192
191
220
214
'180
'230
' 240
'206
'229
'223
'142
'169
128
'277
'188
192
'176
'209
211
'179
193
'236
'208
"227
222
"131
"167
" 113
"275
" 185
"186
"183
" 199
192
"177
172
"240
"203
Nondurable manufactures
do
Alcoholic beverages
-do _ _
Chemicals
do
Industrial chemicals
-. -do _
Leather and products
do
Leather tanning
_do _
Shoes
do _ _
Manufactured food products
do
Dairy products
-- ..do
Meat packing
do
Processed fruits and vegetables
__db__
Paper and products
do
Paper and pulp
_ _ ._ __ __do __
Petroleum and coal products
do
Coke
do _ _
Printing and publishing
do
Rubber products
__do _
Textiles and products _
do
Cotton consumption
-do
Hayon deliveries
_
do
Wool textile production
-do
Tobacco products
do
171
146
255
438
113
112
114
154
"88
187
108
157
152
"208
179
150
230
163
131
287
166
139
173
142
253
437
120
117
122
146
"87
175
92
163
157
"214
178
144
223
179
153
300
181
153
176
176
253
434
126
124
127
144
"99
141
91
163
159
"215
179
155
215
179
153
296
185
147
173
172
252
433
114
101
123
141
"119
121
85
167
160
"211
166
153
205
175
147
303
177
155
174
178
251
439
110
105
113
143
"155
116
90
169
163
"213
137
159
200
175
147
298
179
173
177
173
249
436
108
109
107
153
" 201
127
97
170
164
"220
174
159
201
177
147
308
179
163
179
186
253
449
108
105
110
163
"224
151
122
165
160
"220
175
156
205
174
140
313
176
173
171
188
247
433
94
90
96
172
"223
126
184
149
145
"217
170
137
200
154
115
323
137
154
180
184
256
450
112
103
119
174
"198
111
203
165
160
221
178
147
207
166
127
318
168
184
185
195
257
448
118
106
126
188
"158
124
317
165
159
"207
181
155
f
205
168
132
321
166
178
183
203
258
446
114
109
117
173
"122
142
198
172
167
"217
181
167
205
167
129
319
'168
180
]79
212
'257
'447
'104
103
'104
161
95
173
'130
169
163
"226
182
163
'203
164
122
322
'162
173
"172
174
"257
"449
"99
151
162
111
164
166
85
149
160
112
161
165
81
149
161
118
155
167
83
136
146
108
97
169
82
145
149
105
102
171
126
164
168
116
171
172
144
163
164
105
157
173
153
158
160
100
143
172
147
164
166
117
158
174
149
160'
162
119
156
170
148
161
166
118
152
176
'131
'160
167
116
'155
177
'116
"151
"164
"103
"145
"177
"79
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted combined indexed
1935-39 = 100..
Mauufacturescf
-
do
1
Durable manufacturesc? Iron and steeled
Lumber and products
Furniture
Lumber
Machinery
- -Nonferrous metals and products
Fabricating
Smelting and refining
Stone clay and glass products
Cement
Clay products
Glass containers
Transportation equipment
Automobiles (incl. parts).
Minerals
-_
Fuels
Anthracite
Bituminous coal
Crude petroleum
Metals
do
do
do. __
do
do_
do
- _ _ _
tf1
136
192
193
194
191
188
192
192
186
191
192
195
'195
"192
198
201
201
200
195
197
198
192
197
199
202
'201
"198
do
do
-do
do
_do-_
. do
do
__ _do
do_.
230
153
139
189
183
205
196
166
218
229
155
143
195
188
202
199
179
200
226
150
135
199
190
207
208
168
208
229
151
137
201
192
211
196
176
219
217
145
132
200
203
211
193
173
227
221
142
131
196
203
206
187
172
218
222
140
129
194
194
207
190
176
208
219
142
135
185
188
200
188
168
206
223
148
140
186
190
210
186
175
218
••225
143
132
192
193
207
183
169
226
230
147
135
192
191
210
184
'171
'224
'229
145
133
'187
'175
'203
195
'172
191
"229
"143
"131
"185
"182
"204
212
"172
185
do
- --
Durable manufactures cf
Lumber and products.
Lumber
.
Nonferrous metals
Smelting and refining
Stone, clay, and glass products
Cement
Clay products
Glass containers
158
"200
"157
114
317
: -do.
Adjusted combined index^cf
Manufactures
"99
"154
"92
181
"110
153
149
"230
-
178
179
177
178
173
169
177
178
180
177
Nondurable manufactures . - -- do
179
'178
"173
182
167
170
179
191
173
Alcoholic beverages. _
-do
167
198
189
167
186
217
197
249
254
252
256
259
249
250
Chemicals
do
255
251
257
255
256
"256
108
109
113
115
114
119
110
123
96
Leather and products
.
do
'114
120
'103
"99
109
102
105
107
95
105
Leather tanning
do__
113
116
108
116
108
100
159
163
157
158
Manufactured food products
do
158
158
160
156
160
163
161
159
"158
" 151
"152
" 149
"145
"154
Dairy products
. _ __
do
"138
"152
"139
"139
"150
"144
"148
"144
152
125
131
127
135
126
Meat packing
do
160
147
133
150
141
155
154
141
159
155
144
150
107
Processed fruits and vegetables.
_do_.
138
142
147
162
154
'142
"141
165
166
169
165
163
168
Paper and products
.
do
158
163
150
166
172
169
153
164
159
163
153
Paper and pulp.
do
158
146
160
160
157
160
167
163
150
r
Eevised.
" Preliminary.
t Data have been revised beginning January 1946 to incorporate revisions in reports on production and sales of farm products; revised figures for January 1946-June 1947 will be published
later. Annual indexes of volume of farm marketings for 1941 and 1945-46, which supersede monthly averages for these years shown in the 1947 Supplement, are published in the table on the
back cover this issue; these annual indexes include revisions in marketings data, and also for 1945 adjustments to 1945 Census data, which have not been incorporated in the monthly indexes
for these years; data for 1940-44 for all series and also monthly indexes of volume of farm marketings for 1945, are subject to further revisions to adjust the series to Census data.
f Seasonal factors for a number of industries were fixed at 100 beginning various months during 1939-42; data for these industries are shown only in the unadjusted series.
cf Data have been revised beginning January 1947 to eliminate the holiday allowance for Labor Day, previously used in computing the daily average output on which the steel indexes
are based. Kevisions for January-August 1947 are available upon request.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
S-3
January
February
March
April
May
June
July
August
September
October
November
December
*217
164
167
174
158
'112
»226
156
164
170
'161
'123
*230
J>151
J>157
146
*156
"112
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION—Continued
Adjusted^— C ontinued
M anuf ac tures— C ontinued
Nondurable manufactures— C ontinued
Petroleum and coal pr oducts.. .1935-39= 100. Printing and publishing
do
Textiles and products
do __
Tobacco products
. .
do
Minerals
do
Metals
_ do_ __
*208
146
163
149
156
117
*214
148
179
153
154
117
*215
157
179
155
155
120
9211
150
175
164
142
118
*213
154
175
183
147
137
*220
156
177
163
162
128
*220
157
174
166
159
128
»217
147
154
148
153
113
*221
155
166
178
159
115
J>207
154
168
169
156
119
38, 426
17, 523
6,988
10, 535
8,262
2,076
6,186
12, 641
33, 928
16, 552
6,408
10, 144
7,692
1,901
5,791
9,684
32, 294
16, 225
6, 465
9,760
7,121
1,893
5,228
8,948
36, 577
18, 117
7,381
10, 736
7,726
2,176
5, 550
10, 734
35, 586
17, 229
6,865
10. 364
7,652
2,225
5,427
10, 705
34, 948
16, 777
6,613
10, 164
7,389
2,076
5,313
10, 782
36, 511
17, 871
7,184
10, 687
7,766
2,145
5,621
10,874
'34,937
' 16, 403
6,473
' 9, 930
7,796
2.088
5,708
10, 738
37, 004
' 18, 169
7, 159
11,010
8,161
2,254
5,907
10,674
38, 125
18, 781
7,566
11,215
8,286
2,290
5,996
11, 058
' 38, 725 * 37, 248 » 39, 520
18, 807 * 17, 987
18, 163
'7,472
7,750
7,688
' 10, 515 10, 475
11, 057
' 8, 242
8,376
8,191
2,321
' 2, 178
2,129
'6,064
6,055
6,062
' 11, 542 ' 11, 019
13, 166
47, 991
28, 020
13, 335
14, 685
49, 130
28, 501
13, 456
15, 045
50, 278
28, 768
13, 525
15, 243
51, 213
29, 064
13, 566
15, 498
51, 102
29, 161
13, 692
15, 469
51, 230
29, 437
13, 780
15, 657
53,648
30, 710
14, 252
16. 458
r 54, 514
30, 848
14, 334
16, 514
12, 537
7,518
7,965
7,545
2,524
5,021
12, 426
12, 323
7,865
8, 313
7,850
2,594
5,256
12, 779
12, 067
7,858
8,843
7,885
2,664
5,221
13, 625
12, 149
7,874
9,041
7,869
2,751
5,118
14, 280
12, 197
7,882
9,082
7,777
2,803
4,974
14, 164
12, 205
7,918
9,314
7,801
2,810
4,991
13, 992
12, 779
8.103
9,828
8,243
2,853
5,390
14, 695
12, 855
8,064
9,930
r 8, 382
2,881
BUSINESS SALES AND INVENTORIES f
Business sales, total.
__mil. ofdol-.Majnufacturing, total
do __
Durable goods industries
do_ __
Nondurable goods industries
do
Wholesale
do_ __
Durable goods establishments
do
Nondurable goods establishments
_ _ do_ __
Retail
do
Business inventories, book value, end of month,
total
_
_
mil. of dol._
Manufacturing, total
_ _ do _
Durable goods industries
do
Nondurable goods industries
do
By stages of fabrication:
Purchased materials
_
do_ __
Goods in process
do
Finished goods
_ « do
Wholesale
_ _ _
do
Durable goods establishments
do _
Nondurable goods establishments
do
Retail
do _
' 51, 317 ' 51, 664 r 52, 501
' 29, 727 ' 30, 236 ' 30, 429
14, 032
13, 849
13, 967
' 15, 878
16, 269 ' 16, 397
12, 473
7,726
9,528
7,953
2,848
5.105
13,637
12, 735
7,833
••9,650
7,930
2,836
5,094
13, 498
12, 802
7,966
9,633
' 8, 100
2,818
5, 282
13, 972
' 5, 510
15, 284
'
'
'
'
55, 378
31, 225
14, 580
16, 645
54, 001
31, 796
14, 774
17,022
' 12, 885
'8,072
r 10, 268
'8,501
2,957
' 5, 544
r 15, 652
12, 939
8,070
10, 787
8,286
2,980
5,306
13, 919
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— INDEXES OF VALUE f
'352
354
341
342
326
367
328
336
308
330
324
Sales, total
.
average month 1939= 100331
311
'399
398
404
368
333
365
353
395
360
353
369
329
360
Durable goods industries
do
386
393
362
391
341
338
301
345
325
331
325
336
387
Iron, steel and products
- _ do
'503
421
456
487
422
350
410
419
364
415
415
461
423
Nonferrous metals and products
do. _ _
'495
472
414
489
442
452
410
470
440
431
446
507
Electrical machinery and equipment
do
386
'348
359
347
376
381
317
363
350
356
366
304
356
Machinery, except electrical
do. _
347
'503
503
437
486
488
435
401
433
424
424
413
438
383
Automobiles and equipment
do
Transportation equipment, except automo'579
540
553
524
486
540
457
503
514
493
600
446
500
biles
average month 1939—100
'257
259
270
264
226
248
254
275
270
273
290
308
256
Furniture and finished lumber products— do
'285
302
289
293
222
252
263
273
223
274
270
267
236
Stone, clay, and glass products
do
'264
268
282
289
262
272
271
255
261
248
277
243
276
Other durable goods industries
do
r
'324
328
294
314
314
326
312
306
307
317
346
301
311
Nondurable goods industries __
do .
'312
322
315
321
349
304
326
310
305
313
297
299
313
Food and kindred products
do
'375
358
286
311
345
378
251
373
273
294
338
378
268
Beverages
do _
'334
344
342
327
269
340
378
327
301
350
•345
333
300
Textile-mill products, excluding apparel-. do
'277
283
240
256
309
245
318
327
300
266
286
303
268
Leather and products
do
'348
348
342
338
301
312
334
332
314
352
320
333
330
Paper and allied products
do. ._
'316
232
313
266
271
329
300
263
235
271
268
299
269
Printing and publishing
do
'308
322
292
331
341
327
312
327
315
334
386
320
320
Chemicals and allied products
do. __
'353
345
341
322
337
329
337
336
318
373
318
328
340
Petroleum and coal products
do
344
330
351
342
252
339
345
289
312
317
349
Rubber products
. . do _
307
282
'259
232
245
264
251
232
233
249
206
216
218
225
241
Tobacco manufactures
do
344
'338
254
341
341
316
329
326
313
305
353
305
Other nondurable goods industries.
do _
296
'291
274
283
287
261
271
271
281
286
Inventories, book value, end of month, total. do
265
268
296
277
302
291
284
286
297
Durable goods industries
do
277
281
290
279
281
288
296
306
241
236
204
202
226
205
206
213
227
Iron, steel, and products. _
do
205
233
243
218
'287
262
262
287
251
263
271
276
284
Nonferrous metals and products
do
250
249
257
298
'403 i
394
401
372
Electrical machinery and equipment
do
376
384
398
396
370
388
397
400
401
'309
303
298
Machinery, except electrical
do
285
291
293
295
297
297
299
298
301
313
482
'492
472
475
476
Automobiles and equipment
__
do
462
472
447
473
479
476
486
501
Transportation equipment, except automo'654
632
625
632
635
639
629
biles
.average month 1939=100623
633
630
625
642
677
241
242
234
255
'252
239
259
Furniture and finished lumber productstdo
259
260
261
247
252
255
174
179
161
159
Stone, clay, and glass products
do
163
165
163
170
159
166
172
168
184
192
194
Other durable goods industries^
do
213
202
204
183
217
189
189
184
218
187
188
281
262
261
274
279
Nondurable goods industries
do
254
264
248
257
268
278
277
287
244
Food and kindred products _ _
_ do _255
236
238
'249
243
237
250
229
227
240
235
260
Beverages
do
355
359
361
'363
335
356
359
376
357
372
358
364
366
224
256
254
Textile-mill products, excluding apparel- _do
238
249
253
256
281
262
256
255
258
260
241
241
264
244
254
Leather and products
do
223
229
238
251
262
258
250
267
Paper and allied products
do
'315
272
276
276
305
311
317
268
287
292
268
312
316
Printing and publishing
do
362
432
404
361
424
397
383
423
429
433
398
418
401
271
Chemicals and allied products
do
279
286
284
284
282
280
286
273
289
285
278
296
Petroleum and coal products
_do
232
178 *
194
226
178
182
186
200
207
214
177
221
231
257
271
Rubber products. .
do
293
302
295
283
296
287
284
289
288
288
302
Tobacco manufactures
do
234
232
229
229
233
225
227
239
271
'265
237
258
266
332
Other nondurable goods industries
do
301
375
405
293
319
348
405
'393
329
407
412
404
r 254
New orders, total§ _ __
do
251
251
244
257
265
251
252
252
246
249
265
243
Durable goods industries
_
do
291
292
287
314
292
267
290
307
291
287
278
277
303
Iron, steel, and products
do
321
322
320
282
311
371
335
303
325
285
314
'282
300
Machinery, including electrical
do
344
284
312
330
305
302
299
309
296
329
323
,306
318
Other durable goods, excluding transportation equipment
average month 1939=100t_
243
240
220
243
248
239
259
259
260
'258
276
'250
257
Nondurable goods industries
do
'230
228
227
223
228
230
240
219
230
'231
242
'240
214
' Revised. * Preliminary.
\ See note marked "1" on p. S-2.
§ The new orders indexes are being revised.
t Data for 1946-47 published in the May to September 1948 issues have been revised; revisions for January 1946-July 1947 are available upon request.
t Revised series. The series for manufacturers' and wholesalers' sales and inventories, retail inventories, and total sales and inventories have been revised for all years and estimates of
retailil sales beginning 1942. For monthly figures for January 11946-March 1947 and earlier annual figures for manufacturers' sales and inventories (except as indicated in note marked "J") and an
explanation of the revision, see pp. 8. 9, 23, and 24 of the May 1948 Survey. Monthly data for value of manufacturers' sales for 1939-45 are on p. 15 of the January 1949 Survey. Complete
monthly revisions for manufacturers' inventories will be published later. For reference to revised data for the retail series and a break-down of sales and inventories by durable goods^and
nondurable goods stores, see p. S -8 of this issue. Annual data for 1929-47 and data for all months of 1947 for wholesale sales and year-end figures for 1938-47 for wholesale inventories are on pp.
23 and 24 of the August 1948 Survey; revised data for 1941 for total wholesale sales, durable and nondurable, are on the back cover of this issue. Motnhly data 1941 -46 for sales and 1942-47 for
inventories are on pp. 23 and 24 of the September 1948 Survey. Sales and inventories of service and limited-function wholesalers only are published currently on p. S -9.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
1947
February 1949
1948
December
January
February
March
April
May
June
July
August
September
October
November
December
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER
3, 838. 6
281.6
317.4
733.0
1,762 1
181.7
562.9
3, 865. 4
290.2
318.4
739.8
1, 768. 2
183.6
565.3
v 3, 881. 5
»296 9
» 318. 3
f 744. 3
» 1, 771 0
v 184. 6
»> 566. 4
76.2
12.9
6.8
16.2
24 8
5.7
9.9
94.0
17.5
8.8
20.1
29 1
6.9
11.7
*>84.5
*15. 7
»7.9
v 18.1
v 26 1
»6.2
*10. 5
__do
do
do
do
do
do
do
54.2
7.6
7.0
10 1
17.9
37
7.9
67.2
8.9
7.8
13 3
22.9
50
93
*>68 4
*>9.0
v79
v 13 6
»23 3
f 51
*9 4
do
76 6
111 4
Operating businesses, total, end of quarter __thous__
Contract construction
do
Manufacturing
do
Servce industries
_
do
Retail trade
do
Wholesale trade
- - - do
All other
do
New businesses, quarterly, total
Contract construction
_
Manufacturing
Service industries
.
Retail trade
Wholesale trade
All other
.
do
do
do
do
do
_ _ _ do
do
Discontinued businesses, quarterly, total
Contract construction
_
Manufacturing
Service industries
Retail trade
"Wholesale trade
All other
Business transfers quarterly
BUSINESS INCORPORATIONS
New incorporations (4 States)
number
INDUSTRIAL AND COMMERCIAL
FAILURES
Failures, total
_ _ _ _ _ number. .
Commercial service
do
Construction
_ _ _ do
Manufacturing and mining
do
Retail trade
_ _ do
Wholesale trade
_ _ _
do
Liabilities, total
thous. of dol
Commercial service
_
do
Construction
_ _ do
Manufacturing and mining
do
Retail trade
- do
Wholesale trade
_ _ _ _ do_ _
3 160
3 688
2 479
2 995
2 869
2 594
2 762
2 351
2 084
2 199
2,186
2,181
317
23
26
112
123
33
25, 499
1, 232
455
20, 937
1,908
967
356
29
23
108
153
43
12, 965
711
820
6,892
2,837
1,705
417
44
22
151
165
35
25, 619
979
1,987
17, 897
3,410
1,346
477
47
43
136
194
57
17, 481
1,883
957
9r243
3,714
1,684
404
50
30
99
175
50
15, 296
1,472
1,662
7,057
2,476
2,629
426
30
31
135
158
72
13, 814
1,058
588
7,030
2.679
2,459
463
49
36
130
194
54
12, 163
1,317
984
5,147
3,037
1,678
420
37
36
119
166
62
13, 876
1,279
1,163
7,208
2,281
1,946
439
35
40
109
194
61
21, 442
9,034
1,861
5,580
3,036
1,931
398
38
37
98
173
52
20,703
1,032
1,101
12, 165
2,729
3,676
461
52
40
112
188
69
101, 060
77, 709
1,135
14, 160
5,917
2,139
460
31
37
129
208
55
24, 416
1,382
955
15, 933
3,456
2,690
531
36
64
155
217
59
31, 731
924
2,396
21, 980
4,247
2,184
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products!
1909-14= 100. _
Crops
do
Food grain
_
_
do _
Feed grain and hay
do
Tobacco
_ _ - - do
Cotton
do
Fruit
_
do •_
Truck crops
_ _ _
do. __
Oil-bearing crops
_ _ _ _ _ _ _ do. _
Livestock and products
do
Meat animals
_
do_ __
Dairy products
do
Poultry and eggs
do. _
Prices paid:
All commodities. _
1910-14=100.,
Commodities used in living
do _
Commodities used in production
do
All commodities, interest and taxes
do. __
Parity ratio
_ _ _ _ _ do _
301
281
318
305
377
275
149
294
367
320
352
311
262
307
284
' 322
318
377
267
135
320
377
328
379
313
231
279
257
251
261
374
248
136
320
333
300
331
307
218
283
262
260
284
372
256
140
295
339
302
342
298
212
262
268
254
245
123
266
272
259
251
122
263
270
255
248
112
262
267
255
247
115
•
291
276
268
291
371
275
142
340
351
304
347
296
214
289
267
261
282
370
284
141
262
357
309
361
291
211
295
261
249
278
370
284
155
213
364
326
390
291
221
301
253
240
256
370
266
172
213
366
344
417
300
234
293
236
227
235
386
245
183
172
310
344
411
305
247
290
231
223
223
406
250
185
150
282
343
408
302
253
277
227
226
192
418
251
174
176
270
323
373
289
260
271
224
234
181
412
246
157
186
283
313
351
284
268
228
236
184
415
239
164
209
283
305
339
283
260
264
268
258
249
117
265
270
259
250
116
266
271
259
251
118
266
273
258
251
120
266
275
254
251
117
265
275
253
250
116
263
273
249
249
111
'262
262
271
250
248
108
272
r272
249
«-248
••109
RETAIL PRICES
All commodities (U. S. Department of Commerce
195.0
188.4
190.3
192.1
193.5
195 1
190.8
189/0
188.6
192 5
196 2
index)
1935-39=100
196 3
193 4
Coal (U. S. Department of Labor indexes):
131.9
132.1
145.5
130.5
132.4
132.1
134.7
137.1
132.0
144.9
145 4
145.5
145 5
Anthracite
_ 1923-25=100
146.4
r 159. 2
145.7
146.5
150.5
147.4
152.3
144.3
159.2
'159.2
156.7
Bituminous
_ ".
do. __
158.5
"159.2
Consumers' price index (II. S. Dept. of Labor) :
168.8
167.5
167.0
166. 9
170.5
169.3
171.7
174.5
173.7
173.6
174.5
All items
_-- 1935-39=100.
172 2
171 4
195.1
191.2
192.1
197.5
196.9
196.4
196.3
197.1
201.6
201 0
199 7
200 4
Apparel
do
201 4
206.9
210.9
207.9
209.7
204.7
202.3
214.1
211.5
216.8
215.2
216.6
Food
_ _ _ _
do
205 0
207 5
171.1
170.5
172.7
171.8
171. 0
171.2
171. i
171.0
170.0
Cereals and bakery products
do
170.7
170.8
169 9
170 2
204.9
205.7
204.4
205.9
205.8
201.1
204.8
208.7
209.0
203.0
Dairy products
_
do
211 0
199 2
199 5
208. 3
206.9
205.3
213.0
214.9
217.4
218.0
213.4
193.5
Fruits and vegetables
_do __
195.8
199.6
192 3
189 4
237.5
224.8
233.8
227.3
224.7
255. 1
244.2
Meats, poultry and
fish
do
261.8
256.1
265.3
267.0
246.7
241.3
127.8
129.5
130.0
131.8
130.7
130.3
132.6
Fuel, electricity, and refrigeration}: _
do
134.8
137.8
137.3
136.8
137 9
137 8
93.9
92.6
93.2
93.1
93.8
94.1
94.2
94.4
95.4
Gas and electricity.
_
do
94.6
94.5
95.4
95.3
175.4
174.6
178.5
176.1
171.1
175.5
180.6
185.0
191.4
191 0
190 1
Other fuels*
do
191 3
191 6
194.9
191.4 . 192. 3
193.0
193.6
194.7
194.8
198.1
195.9
196.3
198.8
Housefurnishings
___do
198 6
198 7
115. 9
115.4
116.0
116.5
116.3
116.3
117.0
117.3
118.7
118.5
117 7
Rent
do
119 5
118 8
146.4
146.4
147.8
144.4
146.2
147.5
147.5
150.8
152.4
152.7
153.7
Miscellaneous
do
153.9
154.0
r
Revised.
* Preliminary.
JDesignation changed from "fuel, electricity, and ice"; there has been no change in the items included.
§ January 1949 indexes: All farm products, 268; crops, 238; food grain, 232; feed grain and hay, 187; tobacco, 412; cotton, 236; fruit,-180; truck crops, 282; oil-bearing crops, 274; livestock
and products, 295; meat animals, 330; dairy products, 275; poultry and eggs, 240.
*New series. The subgroup "other fuels and ice" shown in the January 1949 Survey and earlier issues has been discontinued by the compiling agency and a separate index is now computed for "other fuels" (shown above) and for "ice" which is not shown here. Data for ice is included, however, in the group total.
NOTE FOE WHOLESALE PRICE INDEXES, p. S-5.—The Department of Labor is currently reviewing and revising the samples of commodities and of reporters for the indexes, subgroup by
subgroup, to reflect postwar changes in production and distribution. As subgroup revisions are completed, the revisions are incorporated in the pertinent group indexes and the all-commodity
index and the subgroup indexes are revised retroactively for the entire period covered by the revision; however, to avoid repeated revisions of the group indexes and the all-commodity index,
these are not revised retroactively more than 2 months. If introduction of a revised subgroup into the calculations changes significantly the levels of the group indexes and the all-commodity
index, the latter indexes computed with the original sample for the first month of the revision will be provided in a footnote. In some instances, it is necessary to correct previously published
indexes because of late reports, incorrect reports, or other errors in prices previously used. Indexes for the latest 2 months are preliminary and are currently revised to incorporate corrections
received in the 2 months following. Any additional corrections received are incorporated in final annual summaries issued in the middle of the year. Indexes for July-December 1947 were
corrected in the September 1948 Survey. Corrected indexes for January-June 1947 are available upon request.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
S-5
1948
December
January
February
March
April
May
June
July
August
September
October
November
December
COMMODITY PRICES—Continued
WHOLESALE PRICES 1
U. S. Department of Labor indexes:J
All commoditiescf
1926=100..
Economic classes:
Manufactured productsc?
do
Raw materials
__do_ __
Semimanufactured articles
do
Farm products
do
Grains
.
do
Livestock and poultry*
do___.
Commodities other than farm productscf-do
Foods
do
Cereal products .
do
Dairy products
- - do
Fruits and vegetables
do
Meats, poultry, and
fish*
. do
Commodities other than farm products and
foodsc?
1926=100.Building materials
do
Brick and tile
do _
Cement
do
Lumber
do
Paint and paint materials
do
Chemicals and allied products
do
Chemicals
do
Drug and pharmaceutical materials. -do
Fertilizer materials
do
Oils and fats
do
Fuel and lighting materials
do_ _
Electricity
do
Gas
do _
Petroleum products
_
do
Hides and leather products
do.
Hides and skins - - . _ do
Leather..
_
___do
Shoes
do
Housefurnishing goods§
do
Furnishings
do. __
Furnituref
_
_ _
do
Metals and metal productscf
- do_ __
Iron and steel
__
do
Metals, nonferrous
do_ _
Plumbing and heating equipment
do
Textile products
- - do_ _.
Clothing.
do
Cotton goods
do
H osier y and underwear
do
Rayon
do
Silk
...
do
Woolen and worsted goods
do
Miscellaneous
.
do. _.
Automobile tires and tubes
do
Paper and pulp
. . do. __
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices...
1935-39=100.Consumers* prices
do. _
Retail food prices
j&o
163.2
165.7
160.9
161.4
162.8
163.9
166.2
168.7
169.5
168.7
165.2
163.9
162.2
154.9
182.0
156.5
196.7
252.7
226.3
155.6
178.4
170.6
183.5
135.4
214.8
157.8
183.9
157.6
199.2
256.3
232.9
158.2
179.9
170.1
183.9
140.7
222.3
154.5
174.9
155.2
185.3
220.0
210.0
155.3
172.4
160.2
184.8
144.5
206.2
155.8
174.7
152.9
186.0
218.0
209.4
155.7
173.8
158.6
179.8
145.7
217.1
157.6
175.5
154.1
186.7
217.9
204.4
157.3
176.7
158.0
181.0
148.6
226.0
158.5
177.6
153.8
189.1
213.5
219.0
158.2
177.4
156.3
176.6
147. 0
233.2
159.6
182.6
154.5
196.0
209.2
239.2
159.4
181.4
155.1
181.3
147.7
241.3
162.6
184.3
155.9
195.2
190.6
250.8
162.6
188.3
154.5
182.9
151.2
263.8
164.6
182.0
159.6
191.0
179.2
250.0
164.6
189.5
154.0
185.1
140.5
273.7
163.9
181.0
158.8
189.9
176.9
244.2
163.8
186.9
153. 3
179.9
139.4
266. 5
160.2
177.0
158.4
183.5
170.4
223.4
161.0
178.2
149.6
174.9
137 1
239 8
158.7
175.2
159.4
180.8
171.1
213.4
159.9
174.3
' 150. 5
170.7
139.6
227.4
157.5
172.1
159.2
177.3
171.1
204.6
158.7
170.2
149.8
171.3
139.8
220.8
145.5
191.0
148.8
121.6
303.2
164.0
135.0
124.1
154.9
114.4
215.9
124.6
66.5
85.4
112.0
203.4
256.9
217.2
190.7
139.4
142.8
136.2
151.5
140.2
143.0
136.1
148.0
137.8
213.7
103.0
40.0
73.3
139.6
121.5
63.4
164.7
148.3
193.3
150.9
126.5
307.3
163.2
138.8
125.8
154.4
115. 7
236.7
130.0
66.4
84.5
120.7
200.3
238.9
209.4
194.3
141.3
143.8
139.1
154.3
144.6
145. 5
138.8
148.4
143.4
214.8
104.4
40.7
46.4
141.9
123.6
63.4
168.1
147.6
192.7
151.1
127.2
303.8
159.6
134.6
126. 5
154.3
115.1
201.5
130.8
66.6
85.8
121.7
192.8
207.2
199.6
194.7
141.8
144.4
139.4
155.3
146.3
146.8
138.7
148.9
144.7
214.9
105.0
40.7
46.4
143.0
120.1
63.4
167.4
147.7
193.1
151.6
127.4
303.8
156.7
136.1
126.8 '
154.4
114.9
211.4
130.9
65.7
88.7
121.8
185.4
186.2
185.9
193.8
142.0
144.7
139.4
155.9
147.7
146.8
138.7
149.8
144.6
218.3
105.4
40.7
46.4
145.7
120. 8
63.4
167.3
148.7
195.0
152.5
127.5
309.2
158.6
136.2
126. 8
153.8
115.2
212.3
131.6
66.1
89.1
121.8
186.1
199.3
183.6
191.7
142.3
145.2
139.6
157.2
149. 4
149.8
138.7
150.3
145. 8
219.2
105.4
40.7
46.4
147. 5
121.8
63.4
167.5
149.1
196.4
152.8
128.2
312.9
158.4
134.7
125.9
153.3
115.0
205.0
132.6
65.4
89.3
122.1
188.4
218.0
188.2
185.6
142.6
145. 8
139.6
157.1
148.9
150.0
143.2
150.2
145.8
217.8
105.4
40.7
46.4
147.5
121.5
63.5
167.4
149.5
196.8
153.3
128.8
313.2
158.7
135.8
126.2
153.7
113.9
212.7
133.1
65.7
90.7
122.1
187.7
215.2
186.9
185.8
143.2
146.7
139.9
158.5
149.4
152.1
145. 3
149.6
145.2
213.1
105.3
40.7
46.4
147.5
121.5
63.5
167.3
151.1
199.9
157.9
132.2
318.1
157.9
134.4
127.8
153.6
115.0
193.2
135.7
66.4
90.4
122.1
189.2
220.3
189.2
186.3
144.5
148.5
140.4
162.2
153.2
153.7
145.3
149.4
148.3
209.3
104.9
40.7
46.4
147.5
120.3
66.2
166.8
153.1
203.6
158. 6
133.2
319.5
158.1
132.0
126.3
153.3
114.9
180.3
136.6
65.5
86.9
122.1
188.4
212.1
186.0
189.4
145.4
149.3
141.6
170.9
163.1
165.9
153. 9
148.9
148.3
205.3
104.9
41.6
46.4
149.4
119.7
66.2
169.0
153. 3
204.0
158. 9
133.2
317. 1
160.2
133.3
126.0
152.7
116.2
188. 6
136. 7
66.3
90.7
122.2
187. £
210.6
181.9
190.0
146.6
151. 5
141.6
172.0
164. 0
166.4
157.0
147.9
148.6
199.8
104.8
41.8
46. 4>
150.0
119.9
66.2
170.9
' 153. 2
203.5
153.3
202.9
' 160. 4
133.7
310.3
161. 6
»• 133. 7
124.8
151.9
119.5
' 193. 7
137.3
152.8
202.0
160.5
133. 5
305.1
161.5
130.5
122.5
151.4
120.1
178.4
137.0
92.6
122.8
186.2
206.0
183.8
188.1
148.2
'153.6
142.8
173.3
165.0
171.4
157.3
146.1
149.2
191.7
104.3
41.8
46.4
150.7
119.2
66.2
169.9
122.0
185. 3
197.2
186.5
188.0
148.4
153.6
143.1
173.8
165.4
172.5
157.3
145.3
148.8
189.2
103.9
41.8
46.4
150.7
118.5
66.2
169.5
49.3
59.9
48.3
48.6
59.2
47.7
50.0
69.7
48.9
49.9
59.9
49.4
49.4
59.1
48.1
49.1
58.7
47.4
48.4
58.2
46.7
47.7
57.6
46.1
47.5
57.3
46.2
47.7
57.3
46.5
48.7
57.6
47.3
49.1
58.1
48.2
49.6
58.3
48.8
r i 552
r
1, 178
600
1 391
1,080
550
••330
312
114
13
205
311
3
10
106
1
80
112
r
160.1
133. 7
314.5
160.4
'134.8
127.5
152. 6
117.2
' 192. 9
137.2
66.5
90.9
122.8
185.5
202.0
180.4
189.7
'r 147. 5
152. 5
142.5
172.4
164.5
167.0
157.3
146.9
148.8
195.0
104.6
41.8
46.4
150.7
119.0
66 2
170.2
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, total
doResidential.
- do
Military and naval
do
Nonresidential building, total
_
_ do _
Industrial
_ do
Highway
do
All other
_
_
.do
1,320
1,097
610
1,157
948
500
1,009
837
400
1,166
940
475
1 311
1,024
525
1 461
1,120
585
1 616
1,235
635
1 715
1,318
680
1 799
1,354
695
1 782
1,332
685
284
134
15
188
223
8
17
52
273
130
14
161
209
9
14
53
1
56
77
265
125
14
158
172
6
11
49
1
41
65
266
120
23
176
226
5
12
65
1
57
87
264
116
37
198
287
6
13
71
2
98
99
277
111
50
208
341
5
13
77
2
136
110
305
110
62
233
381
5
11
79
2
167
119
324
110
81
233
397
5
12
88
2
169
123
332
111
82
245
445
5
13
96
2
200
131
334
113
63
250
450
%
5
13
102
2
190
140
0)
65
81
r
r
1 707
1, 265
650
'333
«• 116
39
243
442
4
12
106
2
180
140
'115
22
226
••374
3
11
••108
1
'126
'126
CONTRACT AWARDS
Construction contracts awarded in 37 States (F. W.
Dodge Corp.):
21, 696
22,125
20, 557
27, 999
37,282
Total projects
number
37, 061
29,761
33, 088
36, 216
33, 801
29,080
25 264
24 143
625, 363 615, 206 681, 967 689, 763 873, 882
Total valuation
thous. of dol
970, 789 r 935, 198 962, 685 854, 091 762, 192
778, 606
611 216
694 023
Public ownership _ .
do
207, 481
196, 530
248, 443
181, 044
298, 213 r 324, 226 334, 501 rr 289, 510 259, 381
236, 330
261, 988
198, 699
278, 147
508, 719 637, 552 672, 576
Private ownership.
do
417, 882 418, 676
433, 524
610, 972 628, 184
564, 581 502, 811
516, 618
412 517
415 876
Nonresidential buildings:
3,295
3,622
3,252
3,205
4,746
4,642
4,907
5,294
Projects
_
number
4,505
4,546
3 529
4,675
3 374
27, 719
25, 671
34, 478
40, 413
33, 088
29,097
33, 802
44,609
Floor area
thous. of sq. ft__
33, 954
28,833
33, 118
25, 077
28, 335
Valuation.
thous. of dol__ 244, 495 240, 544 272, 395 248, 939 337, 603 395, 971 364, 211 395, 104 308, 750 279, 862 316,354
240, 310
266, 399
r
Revised. 1 Less than $500,000. J See note for wholesale prices at the bottom of p. S-4 regarding revisions of the indexes.
§ See note marked "t".
^ For actual wholesale prices of individual commodities, see respective commodities.
d* Current prices of motor vehicles were introduced into the calculations beginning October 1946 while April 1942 prices were carried forward in earlier computations; October 1946-November
1948 indexes using April 1942 motor-vehicle prices are shown in previous issues of the Survey; December 1948 indexes using April 1942 prices are as follows: All commodities, 158.9; manufactured
vember 1948. Revised da ta for meats (other
(made equal to) the former indexes in that month". Earlier data for the two subgroups will be revised when revision of the poultry and fish components are completed.
fRevised series. The index of wholesale prices of furniture has been revised beginning 1943; revisions for 1943-46 will be shown later. The revision has been incorporated in the group index
and other composite indexes beginning November 1947; if this revision had not been made, the November 1947 index for housefurnishing goods would have been 133.2.
SURVEY OF CUERE]ST BUSINESS
S-6
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
February 1949
December
January
February
March
April
May
June
July
August
September
October
November
December
CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS—Continued
Construction contracts awarded in 37 States (F. W.
Dodge Corp.)— Continued
Residential buildings:
Projects. _
number..
Floor area
thous. of sq. ft_.
Valuation
thous. of dol_.
Public works:
Projects
number-Valuation
thous. of dol_.
TJtilities:
Projects
.
-- number. _
Valuation
thous. of dol .
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25=100..
Residential, unadjusted
_ . do. __
Total, adjusted
do •_
Residential, adjusted
do
Engineering construction:
Contract awards (E. N. R.) §
thous. of dol_.
Highway concrete pavement contract awards:cf
Total
thous. of sq. yd__
Airports
do
Roads
do
Streets and allevs
-do
NEW
17, 402
32, 162
226, 796
18, 899
32, 183
238, 098
16, 336
31, 474
232, 250
23, 227
35, 385
276, 541
30, 448
46, 526
351, 604
30, 320
51, 710
369, 780
26, 366
40, 149
355, 296
28, 780
44, 420
349, 699
27, 085
44, 577
337, 550
22,507
35, 610
279, 658
23, 304
37, 159
296, 760
20, 472
33, 563
264,033
19, 529
31,500
256, 746
809
113, 289
718
108, 891
803
143, 033
915
109, 596
1,524
132, 598
1, 659
159, 700
1,813
167, 984
1,763
169,293
1,679
148,856
1,692
158, 597
1,432
125, 251
934
77, 760
956
125, 581
233
40, 783
213
27, 673
213
34, 289
235
54, 687
343
52,077
396
45, 338
363
47, 707
379
48, 589
395
58, 935
376
44, 075
350
40, 241
329
29, 113
284
45, 297
159
137
197
161
156
126
191
152
161
135
187
152
182
156
181
148
206
181
181
154
226
195
188
165
233
194
201
177
224
189
205
187
210
175
201
177
195
165
193
165
175
152
184
157
'169
r
148
r
189
r
154
145
123
180
145
503, 384
441, 955
474, 643
508, 096
777,159
535, 184
596, 332
713, 719
560, 292
665, 417
648, 434
451, 112
843, 544
2,863
124
1,776
963
1,723
6
1,040
677
2,304
10
1.425
869
4,386
361
2, 654
1,371
5, 073
353
2,734
1,986
5,124
10
3,187
1,928
5,205
190
2,128
2,887
4,114
595
1,648
1,870
4,021
341
2,073
1,606
5,099
129
2,753
2,217
2,908
301
1,344
1,263
2, 522
210
1,646
665
5,217
228
2,951
2,038
75, 100
98, 800
99,400
97, 500
93, 500
r
86, 300
81,000
72,000
65,000
56,000
50, 946
50, 861
37, 593
4,092
9,176
r
85
64, 896
64, 427
45, 746
6,991
11, 690
469
53, 621
52, 614
41, 280
3,715
7,619
1,007
' 54, 633
54, 112
42, 106
3, 327
8,679
r
521
47, 833
46, 573
36, 661
2,971
6,941
1,260
r
47, 909
46, 951
35; 894
2,328
8,729
r
958
Ml, 025
39, 443
31, 781
2,837
4,825
r
1, 582
39, 944
38, 403
31, 124
2,393
4,886
1,541
34,462
32, 257
25, 579
1,729
4,949
2,205
28,797
25,700
19, 196
1,995
4,509
3,097
293.4
360.9
484.5
287!2
274.9
372.8
408.6
622.9
253.0
330.1
308.8
375.7
531.8
265.3
311.3
314.6
399.8
555.0
283.8
351.8
275.8
371.5
497.4
283.4
317.3
275.4
370.4
535.4
249.9
312.2
236.0
335.8
425.2
278.6
283.4
230.6
334.2
407.7
296.9
266.0
DWELLING UNITS AND URBAN
BUILDING
New permanent nonfarm dwelling units started
(IT. S. Department of Labor)*
.....number..
Urban building authorized (U. S. Dept. of Labor) :<j
New urban dwelling units total
number
Privately financed, total
.do
Units in 1-family structures
do
Units in 2-family structures
do __
Units in multif am ily structures __ __.do
Publicly financed, total
do
Indexes of urban building authorized:
Number of new dwelling units. ___1935-39=100__
Valuation of building, total
_ _ -do
Now residential building
do
New nonresidential building
_ do
Additions, alterations, and repairs
do
210.2
274.0
345.8
228.6
230.8
49, 600
52,600
58,800
36, 452
36, 088
26,' 596
2,443
7,049
364
r
33, 522
32, 523
23, 704
2,280
6,539
r
999
r
33, 382
32, 236
22, 142
1,863
8,231
r
1, 146
r
r
199.1
' 270. 6
' 355. 3
213.1
r
229. 1
192.3
243. 7
• 309. 7
, 196. 2
218.8
192.0
236.8
315.9
182.2
200.6
472
505
491
435
462
320
475
508
495
436
469
321
478
514
502
437"
470
321
481
515
503
441
471
321
485
523
503
439
470
321
486
524
504
439
475
332
493
522
507
450
477
337
495
523
507
450
477
340
502
531
518
459
489
341
504
531
523
460
495
341
502
529
522
454
493
341
191.3
194.8
211.3
192.2
195.6
212.0
194.5
197.6
215.1
196.8
199.8
216.7
200.2
202.5
219.0
203.2
205.6
221.3
206.2
209.5
223.4
208.7
211.9
225.5
210.0
212.9
225. 8
209.7
212.4
224.6
209.0
211.3
221.1
193.7
192.7
204.5
221.2
178.6
194.7
193.7
205.1
221.9
179.5
197.0
195.3
208.1
225.5
180.6
199.5
197.7
209.8
227.0
182.5
203.3
200.8
212.0
229.0
184.8
206.4
203.2
214.3
230.9
187.0
209.2
208.4
216.1
232.8
195.4
211.7
210.6
219.1
234.5
197.3
213.2
211.6
219.9
234.1
198.2
212.9
211.2
218.9
232.4
198.0
212.5
210.3
216.5
227.1
197.5
211.8
214.7
212.4
215.2
215.6
218.5
217.2
219. 8
219.6
222.1
222.0
224.2
223.8
225.9
225.9
227.6
226.2
227. 5
225.0
226.0
221.4
221.5
335.5
442.7
334.2
443.6
334.6
443.6
333.9
444.9
339.3
455.8
342.4
464.8
355.5
477.1
356.7
478.4
357.1
480.2
355.9
478.3
355.6
477.7
166.1
242.5
296.8
205.0
217.8
CONSTRUCTION COST INDEXES
307
Aberthaw (industrial building)
1914 — 100
American Appraisal Co.:
468
Average 30 cities
1913=100..
501
Atlanta
do
488
New York
do
433
San Francisco
do
459
St. Louis
-do
318
Associated General Contractors (all types). .-do
E. H. Boeckh and Associates, Inc.:*
Average 20 cities:
Apartments, hotels, and office buildings:
190.1
Brick and concrete__lU. S. avg. 1926-29=100.193.5
Brick and steel
do __
210.5
Brick and wood
do
Commercial and factory buildings:
192.2
Brick and concrete
do
191.8
Brick and steel
do
203.5
Brick and wood
do
220.6
Frame
do
177.8
Steel
do
Residences:
211.0
Brick
do. _
213.8
Frame
do
Engineering News-Record:
333.6
Building
1913=100441.7
Construction
- -do
Public Roads Adm.— Highway construction:
' 146.7
Composite standard mile*
1925-29 — 100
325
310
327
155.9
150.5
323
161.0
501
532
520
457
491
341
354.9
477.4
165.3
CONSTRUCTION MATERIALS
Production of selected construction materials, index:*
Unadjusted
1939=100
Adjusted
do
136.5
153.8
131.5
154.0
121.5
147.3
140.3
148.5
143.0
143.9
146.3
138.3
152.5
142.5
153.1
143.9
163.8
144.7
159.9
148.7
164.1
148.1
» 147. 0
v 148. 3
REAL ESTATE
Home mortgages insured by Fed. Hous. Admin.:
186, 859
164, 094 179, 412
129,894
159, 967 r 151, 552 151, 524
212, 085
199, 968
216, 931
138, 587
214, 257
Premium paying mortgages
thous. of dol. _ 124, 512
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
397
475
392
373
374
418
478
493
479
436
486
487
515
to member institutions
_ .mil. of dol__
Home Owners' Loan Corporation, balances of
444
434
424
414
454
475
465
395
486
loans outstanding
mil. ofdoL.
0)
r
Revised.
*> Preliminary.
1 Data now reported quarterly.
§ Data for January, April, July, September, and December 1948 are for 5 weeks; other months, 4 weeks.
cfData for March, June, September, and December 1948 are for 5 weeks; December 1947 covers November 29-December 31; January 1948, January 1-30; other months, 4 weeks; December
data inclu'de some contracts awarded in prior months but not reported.
^The series under building authorized were formerly shown as "urban dwelling units scheduled to be started" and "indexes of building construction based on building permits;" see
also note in July 1948 Survey. Minor revisions in figures for number of dwelling units beginning January 1946 are available upon request.
*New series. The new series for new permanent nonfarm dwelling units started has been substituted beginning January 1941 for the series on "total nonfarm dwelling units scheduled to be
started" shown in the 1947 Supplement; see note marked "*" on p. S-5 of the July 1948 Survey for a brief description of the series; data for January 1941-April 1947 are available upon request;
data prior to 1941 shown in the 1947 Supplement are comparable with the current series. The new 20-city averages of construction costs from E. H. Boeckh and Associates have been substituted
for the series for selected cities shown in the Survey through the August 1948 issue; monthly figures beginning 1934 and earlier annual data will be published later. See note marked "*" on
p. S-6 of the September 1948 Survey for brief descriptions of the index of highway construction costs and the index of production of selected construction materials and source of data through
1946 for the latter series.
SURVEY OF CURRENT BUSINESS
February 1949
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
December
S-7
January
February
March
April
May
June
July
August
September
October
November
December
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE—Continued
New mortgage loans of all savings an£ loan associations, estimated, total _ _ _ _ thous. of dol
310, 201
By purpose of loan:
Home construction _ _
_ _ do __
82, 234
163, 703
Home purchase
do
Refinancing
_ _ _
do
26, 042
Repairs and reconditioning
do
9,806
All other purposes
* do
28, 416
New nonfarm mortgages recorded ($20,000 and
under) estimated, total
thous. of dol 1, 006, 626
6.7
Nonfarm foreclosures, index, adjustedtl935-39=100
68, 361
Fire losses
thous. of dol
273, 202
254, 581
318, 602
336, 947
332, 441
346, 469
331, 893
317, 842
297, 175
287, 336
260, 472
249, 828
70, 274
140, 122
25, 856
8,679
28, 271
66, 894
126, 462
23, 511
8,374
29, 340
97, 325
146, 213
29, 677
11, 519
33, 868
97, 458
156, 701
30, 973
14, 189
37, 626
93, 315
161, 309
29, 400
14, 308
34, 109
100, 149
169, 206
28, 615
14, 349
34,150
101,236
152, 875
26, 876
14, 794
36, 112
92, 132
151. 882
25,324
15, 526
32, 978
85, 233
141, 961
24, 607
14, 989
30 385
89,505
132, 006
23,482
14, 089
28,254
82, 172
117,088
22, 881
12, 270
26, 061
70, Oil
114, 090
23 548
11, 506
30 672
909, 447
826, 874
955, 441
993, 678
999, 456 1,049 591 1, 018, 397 1, 024, 323
63, 010
71, 521
74, 236
63, 751
6.5
6.8
7.0
6.8
6.5
7.4
991 408
977, 830
919 631
938 938
59, 256
54, 706
50, 955
49, 543
49, 945
51, 845
52, 949
69, 397
268
298
279
301
304
342
315
339
300
344
285
320
7.7
7.1
7.7
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined index
1935-39=100..
258
'270
315
291
Magazines!
do _.
r
205
Newspapers
do
198
r
290
Outdoor
- do
228
303
320
Radio
do
253.5
238.2
Tide advertising index, adjustedf
do
Radio advertising:!
17 780
17 544
Cost of facilities total
thous of dol
728
693
Automobiles and accessories
do
92
121
Clothing
do
569
511
Electric household equipment
do
464
450
Financial
do
5,000
Foods, food beverages, confections
__do _.
5,203
504
585
Gasoline and oil
do
254
152
Housefurnishings, etc
_ do
1,647
1,544
Soap cleansers, etc
do
1,848
1,798
Smoking materials
_ _ __
do
4 991
5, 033
Toilet goods medical supplies
do
1,600
1,538
All other
do
Magazine advertising:^
1 126, 436
27, 688
Cost total
- do
2,604
i 7, 308
Automobiles and accessories
do
1 13, 191
1,887
Clothing
do
7,017
1 012
Electric household equipment
do
1,833
585
Financial
-do
1 17, 399
4,517
Foods, food beverages, confections
do_ _
304
1,331
Gasoline and oil
do
9,952
1,117
Housefurnishings, etc
_ do
2,585
613
Soap cleansers, etc
do
2,532
414
Office furnishing and supplies
. do
3,073
918
Smoking materials
do
11 15, 691
3,793
Toilet goods, medical supplies. _
do
44, 524
9,923
All other
do
3,641
3,229
Linage, total
thous. of lines..
Newspaper advertising:
186, 913
155, 428
Linage total (52 cities)
do _
37, 530
39, 600
Classified
do
149, 383
115, 828
Display, total
do
5, 215
5,180
Automotive
do
1,986
2,896
Financial
do
24, 935
20, 404
General
do
117, 247
87, 348
Retail
do
289
321
290
346
16 715
• 717
242
312
319
274.6
133
543
482
4,766
564
232
302
345
299
344
271.6
247
294
314
283.9
256
329
312
274.9
271.0
17 803
17 078
17 327
15 656
227
322
308
699
118
603
511
5,122
536
225
1,452
1,595
4 694
1,535
1,734
1,770
5,031
' 1,456
37, 486
2,771
3,640
1 590
47, 992
3,450
6,121
2,446
294
333
711
121
603
483
4,894
441
177
662
152
651
481
4,861
432
192
1 672
1,718
4 857
1 401
1,775
1,751
4,804
1,567
45 917
3,442
5 004
2 719
52, Oil
4,241
5,152
3,137
715
5,905
848
3, 556
1 270
691
1 019
5,711
15 037
4,391
784
6,657
1,048
4,129
1,532
1,054
1,216
5,702
17, 360
4,288
262
279
300
538
105
642
363
4,223
444
161
1,755
1,711
4, 545
1,169
42, 264
3,667
3,469
2,821
233
288
271
250.1
240
284
299
272.7
262
296
308
287.0
13 282
14 272
15, 650
370
82
656
373
3,446
435
183
425
80
691
400
3,835
453
167
414
115
674
363
278
320
327
276.8
r
18 321
659
156
681
374
4,782
514
213
4,313
441
163
1,923
1,731
4, 677
2,611
948
1,630
1. 556
3,922
1,112
1,920
1,510
4,232
1,506
29, 495
3,068
1, 115
1 476
33, 372
2,856
3, 730
1,246
52, 993
3,922
6,151
3 366
4,651
4,731
1,143
1,495
45,239
3,048
6,554
2,589
665
5,441
872
3,728
1,152
787
1,146
5,004
14, 245
4,462
1,473
1,532
3 783
r
244
285
317
281.4
17 394
1 036
132
668
333
4,673
511
176
1 936
1,684
4 416
1 829
52 330
3,907
4 936
3 080
12 094
4,175
726
6,748
640
2,802
1,104
850
990
6,304
15, 810
4,581
3,171
1,131
4,180
10, 874
3,968
167, 945
40, 048
127, 897
6 181
1,869
25, 477
94 369
189, 555
43, 985
145, 571
6, 394
2,225
28, 106
108, 846
197, 221
45, 848
151, 373
7 047
2 295
30, 475
111, 557
197, 809
47, 643
150, 166
7,557
2,120
31, 092
109, 396
185, 847
43, 999
141, 848
8,814
2,203
28, 365
102, 467
161, 430
43, 081
118, 349
6,714
2,448
22, 790
86, 396
176, 800
46, 467
130, 333
7,066
1,782
23, 001
98, 484
197, 335
45, 810
151, 525
6,921
1,849
30, 097
112, 658
220, 449
46, 861
173, 588
7 453
1,994
38, 251
125, 891
209 199
41 480
167 718
7 467
1 999
34' 880
123 273
666
6,311
381
1,916
1 155
495
883
5,584
629
5,456
972
2,982
1,156
608
1,174
5,375
13, 954
3,160
517
852
926
378
978
4,430
9,962
494
985
950
700
758
7,253
877
4,504
1,780
777
1,287
6,019
16, 299
4,847
237
255
319
253.5
798
6 940
1 013
4 580
1 247
1 049
1 349
5 778
17 652
4,145
3,015
204, 428
37, 624
166, 804
5 843
2,112
25, 703
133, 146
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
Value
- - thousands
thous. of dol
thousands
thous. of dol_.
4,710
91, 655
4, 586
92, 651
4 339
86 412
5,281
106, 540
5 122
95 871
4,470
88,565
4,733
94, 494
4,503
96, 545
5,176
87, 845
4,476
90, 407
5,267
98, 446
5 353
97 114
15 652
214, 581
14 412
201, 299
13 135
186, 247
16, 749
240, 369
15 552
220, 748
14 252
198, 921
15, 267
217, 320
14, 408
206, 027
14 207
208, 527
14, 703
216, 336
15 552
247, 204
20 044
256 791
PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly totals at annual rates :f
2
2
(2)
172. 1
2 176. 5
Goods and services, total __
bil. of dol
171.1
178. 5
21.2
22.6
22 1
23.6
Durable goods, total
do
Automobiles and parts
...do
7.7
7.9
8/7
7.8
10.8
Furniture and household equipment do
9.8
11.0
10.3
3.9
3.8
Other durable goods
do
39
4 0
101.2
Nondurable goods, total
do
100.2
103.2
102.9
19.1
20.5
Clothing and shoes
._
_ do
19.7
20.0
61.2
61.4
6.12
Food and alcoholic beverages
do
59 6
4.0
4.3
Gasoline and oil
do
3.8
4.6
1.9
1.9
1.9
Semidurable house furnishings
do
1.9
4. 1
3.9
4.0
Tobacco
.
do
4.0
11.4
Other nondurable goods
do
11.1
11.0
10.9
r
Revised. * Preliminary.
1 The figures shown in the December columns are totals for October-December; monthly figures not available.
2
See "personal consumption expenditures" under gross national product on p. S -1 for fourth quarter 1948 figures and revised figures for earlier quarters of 1948 for the total, durable goods,
nondurable goods, and services. Revised figures will be shown above when adjustment of the detail to the revised totals is completed.
t Data beginning January 1948 for magazine advertising include advertising in farm magazines and some other magazines which is not included in earlier data and there have been changes
effective January 1948 in the classifications of electric household equipment, housefurnishings, etc., soap, cleaners, etc., and toilet goods in both the radio and magazine series. Inclusion of
advertising in farm magazines in the 1948 data for magazines materially affected the comparability of the figures for automobiles and accessories and, to a lesser extent, the comparability of
data for other classifications. Adjustments of earlier data are under consideration by the compiling agency and more complete information on the changes will be published later.
t Revised series. The index of nonfarm foreclosures has been revised beginning 1938 because of discovery of certain errors in reporting; revisions through April 1947 will be shown later.
There have been minor revisions in Printers' Ink index of magazine advertising to include advertising in farm magazines formerly shown as one of the five major components of the advertising
index; revisions are available upon request. The Tide advertising index has been completely revised and is now based on dollar costs for all media—newspapers, magazines, farm papers,
business papers, radio (network and spot), and outdoor advertising; revised data beginning 1936 will be shown later. Estimates of personal consumption expenditures have been revised beginning 1944; revised figures for the grand total and for total durable and nondurable goods and services are shown as a component of gross national product on p. 28 of the July 1948 survey;
revised figures through the first quarter of 1947 for the subgroups will be shown later; see also note 2, above, regarding a recent revision in the 1948 figures.
SUKVEY OF CUERENT BUSINESS
S-8
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
December
February 1949
1948
January
February
March
April
May
June
July
August
September
October
November
December
DOMESTIC TRADE—Continued
PERSONAL CONSUMPTION EXPENDITURES—Continued
Seasonally adj. quarterly totals at annual ratesf— Con.
Goods and services— Continued
Services
bil of dol
Housing
Personal service
Recreation
Transportation
do __
-do
do
-do
48.8
7.3
15.2
3.2
3.8
4.5
14.8
149.7
7.6
15.5
3.2
3.8
4.6
15.1
1
60 6
7.6
15.8
3.2
3.8
4.7
15.5
151.9
7.7
0)
16.2
3.2
3.9
5.0
16.0
RETAIL TRADE
All types of retail stores :J
r
10, 674
10, 738
10, 782
9,684
8,948
10, 734
10, 705
11,058
12, 641
11, 544
10, 874
Estimated sales totalt
mil. of dol
13, 166
11, 019
r
2,962
3, 292
3.188
2,956
3,171
2,516
3,107
2,350
3,087
3, 221
3,150
Durable goods storest
do
'r 3, 055
3, 308
1,655
1,569
1,498
1,329
1,538
1,195
1,508
1,251
1,257
1,431
1,568
Automotive group t
do
1, 506
1,509
1,402
1,344
1,176
1,389
1,483
1,353
1,088
1,143
1,089
1,259
1,421
Motor vehicles f
do
1,361
1,360
154
rl44
136
153
180
172
114
106
155
162
Parts and accessories
_
do _ _
173
148
149
Building materials and hardware group t
992
1,001
959
987
819
953
986
658
838
730
mil. of dol__
1,030
••880
840
630
654
589
657
654
494
461
510
601
417
656
Building materials
do
'556
483
139
135
139
146
158
123
91
126
106
90
153
Farm implements t
-do
130
109
218
218
203
205
186
198
252
205
151
163
221
Hardware
do
'194
248
579
549
575
520
568
592
566
426
451
719
586
Home furnishings group f
- -do _ '562
-703
341
355
315
332
336
264
251
307
419
350
Furniture and house furnishingsf
do
350
'343
403
224
234
233
232
234
175
213
242
300
187
Household appliances and radios
do _
236
218
300
82
95
78
82
78
85
'85
279
78
71
Jewelry stores
do
103
109
257
7,549
7,382
7,778
7,598
7,820
8,321
7,887
9,554
7,169
6,598
7,724
Nondurable goods storest
do
«• 7, 964
9,857
630
635
910
781
808
604
878
982
1,248
663
801
Apparel group
__do
'901
1,272
154
212
135
181
193
372
188
149
169
230
Men's clothing and furnishings
do
215
226
360
276
307
419
368
371
512
302
426
280
477
Women's apparel and accessories _ do
343
422
539
86
107
125
103
90
122
92
85
190
140
Family and other apparel..
do
105
132
199
114
154
103
128
137
142
174
135
100
90
138
Shoes
- -do
121
174
294
304
307
299
305
299
409
295
287
307
301
Drugstores
do
'296
394
1,064
1,034
1,060
1,091
1,030
1,105
1,072
930
1,115
995
1,066
Eating and drinking places
do
1,085
' 1, 037
2,762
2,716
2,595
2,608
2,576
2,751
2,624
2,648
2,360
2,787
2,613
Food group t
__do
2,626
2,942
2,144
2,187
2,056
2,161
1,862
2,038
2,013
2,055
2,084
2,188
2.033
Grocery and combination!
do
2,051
2,300
552
572
575
563
591
557
593
540
498
598
Other food
__do
'580
575
642
581
523
550
541
495
570
496
479
435
550
552
Filling stations
do
519
531
1,221
1,392
1,343
1,368
1, 265
2,232
1,039
1,447
1,087
1,560
1,364
General merchandise group t
- --do
1,599
2,306
906
765
910
940
830
1,485
690
978
719
1,054
Department, including maif-order_.._do
905
1,100
1,526
General, including general merchandise
176
160
162
122
148
171
194
167
136
172
170
with food
mil. of dol—
161
196
Dry goods and other general merchan125
131
118
116
128
139
104
97
210
152
130
dise
do
217
146
161
149
160
157
164
342
131
177
128
184
160
Variety!
do _ _
368
191
984
1,015
1,051
1,015
947
969
1,347
1,025
943
1,020
1,027
Other retail stores
-do
1,326
985
142
143
144
142
132
142
248
146
130
134
165
Liquor
do
262
165
842
872
873
812
907
816
1,098
827
879
893
855
Other
do
821
1,065
Indexes of sales:
349.1
323.1
332.2
328.9
350. 6
333.1
385.9
324.0
292.9
296.0
' 349. 3
403.5
339.1
Unadjusted, totalt
1935-39=100..
r
' 399.5
395.5
391.2
376.2
408.2
408.7
383.4
312.1
313.9
359.7
411.6
393. 2
396.3
Durable goods storest
_-do
332.6
299.5
312.4
314.2
302.9
290.2
317.8
331.8
286.6
386.7
320.4
' 335. 0
400.8
Nondurable goods storesfdo
'
338.
0
336.9
338.0
340.3
337.9
329.5
324.6
330.7
328.8
324.7
'
334.
2
343.7
337.1
Adjusted, totalt do
'
385.
7
' 389. 5
405.0
386.5
355.3
396.6
361.2
357.4
357.6
376.0
' 382. 5
389.2
376.9
Durable goods storest
do_ _ 354.7
344.8
286.4
347.6
367.0
351.8
347.4
314.0
309.0
308.7
319.6
'
359.
8
364.5
Automotive t
do
439.7
453.8
444.3
464.7
455.9
423.5
422.0
^ 441. 5
424.5
423.3
427.1
456.7
' 429. 3
Building materials and hardwaret -do
405.8
436.9
439.2
452. 7
395.1
424. 6
432.8
391.3
420.0
403.7
432.7
' 384. 8
411.0
Homefurnishingst
do
'
372.
5 ' 379. 3
381.1
400.8
390.4
388.6
391.6
404.7
385.7
410.1
426.3
412.3
388.3
Jewelry
do
322.5
321.1
319.7
316.1
322.0
318.2
314.1
322.0
313.9
316.0
324.1
328.9
Nondurable goods storest
do
' 318. 4
336.6
311.3
305.6
315.2
314.4
315.3
328.3
322.2
319.8
307.8
326.9
' 322. 1
339. 7
Apparel
do
256.9
255.7
255.5 ' 252. 2
254.0
261.5
260.3
255.8
256.2
257.1
255.8
' 254. 4
247.2
Drug
do
416.3
417.2
414.7
406.8
419.9
413.6
408.8
420.1
413.6
417.7
Eating and drinking places
-do
419.5
'420.7
423.0
342.9
333.1
331.1
339.2
344.2
335. 5
341.6
339.3
335.6
331.0
338.8
346.3
351.6
Foodt
-- do
262.2
250.1
257.8
260.3
252.8
233.4
246.2
241.4
258.7
251.7
259.1
Filling stations
do
249.7
249.0
271.1
277.9
277.6
254.1
277.3
257.3
269.8
270. 8
273.0
253.8
275.9
282.2
' 260. 3
General merchandise t
do
344.8
350.9
348.9
354.5
342.8
348.9
341.8
341.8
355.6
361.3
360.3
Other retail stores
-do
' 332. 3
350.7
13. 498
13, 972
14, 695
15, 284
14, 164
13, 992
14, 280
12, 426
12, 779
13, 625
13, 637
Estimated inventories, totalt
mil. of dol—
' 15, 652 13, 919
5,312
4,927
4,937
5,086
4,634
5,011
4,946
4,925
4,358
4,148
4,941
Durable goods stores
do
5,197
' 5, 409
1,262
1,239
1,251
1,219
1,298
1,219
1,219
1,190
1,146
1,099
Automotive group
do
1,297
1,469
' 1, 370
1,974
2,124
2,062
2, 058
1,989
2,048
2,053
1,534
1,639
1,760
1,964
Building materials and hardware group_do
' 2, 050
1,918
1,292
1,477
1,232
1,306
1,271
1,275
1,227
1,275
1,197
1,130
1,263
Homefurnishings group
do
1,425
' 1, 479
442
399
413
475
441
442
437
376
409
385
417
Jewelry stores
do __
385
'510
8,571
9,035
9,972 ' 10, 243
8,421
9,609
8,991
9,269
9,218
9,067
8,278
8,696
Nondurable goods stores
do _
8,722
1,749
1,993
2,014
2,188
1,652
2,064
2,139
2,009
1,887
1,834
1,558
Apparel group
do
2,257
1,792
512
504
511
497
538
542
530
568
533
581
506
Drugstores
do
'594
565
322
341
322
341
339
325
324
310
352
333
Eating and drinking places
do
327
305
'314
1,826
1, 845
1,962
2, 111
1,860
1,851
1,979
1,916
2,000
1, 937
1,841
Food group
do __
1,917
' 2, 098
209
184
168
150
186
203
197
205
226
217
169
Filling stations
do
210
'215
2,802
2,657
2,796
3,004
2,451
2,883
2,705
2,877
3,107
2,344
2,663
General merchandisejgroup
-do
' 3, 218
2,482
1,333
1,379
1,370
1,407
1,466
1,513
1,256
1,313
1,350
1,308
1,356
Other retail stores
do
' 1, 577
1,451
Chain stores and mail-order houses: <?
' 2, 392
3,023
2,524
2,352
2,281
2,200
1,874
2,266
2,355
2,015
2,315
2,869
2,317
Sales estimated totalt
do
263
377
290
195
265
235
253
208
173
170
288
254
358
Apparel group
do
67
48
50
24
42
32
38
26
48
38
30
42
71
Men's wear
do
129
145
179
112
124
103
82
106
130
80
138
161
119
Women's wear
- - -do
'63
69
98
44
53
72
65
70
78
60
94
46
72
Shoes
do
41
'42
60
44
46
54
50
45
28
28
37
50
56
Automotive parts and accessories
do
97
125
'101
113
101
110
118
126
68
81
80
75
117
Building materials
__do
66
80
71
65
68
67
66
69
67
70
66
98
67
Drug
- do
54
'51
56
52
52
54
54
54
53
52
54
51
49
Eating and drinking places
-do
'28
26
36
29
21
22
28
29
26
30
45
27
28
Furniture and hodsefurnishings
do
p. S-9.
' Revised.
» Preliminary.
1 See note 2 p. B-7.
#There haire been rev isions begiiining 1947 in the chain-store seri es and som e earlier re visions; se<5 note mar ked "J" on cr«nr!«
anrl
•fill in rr stations,
ofc
% Estimates of retail sales and indexes of sales, with the exception of data for jewelry stores, filling
general stores, including general mi.
. xxritVi fonrl , an f\ f\ rtr, „
other general merchandise stores, have been revised beginning 1947 and there have been earlier revisions in the series marked with a "t" as follows: Total, durable goods and nondurable
goods stores, motor vehicles, and the automotive group, grocery and combination and the food group, beginning 1942; farm implements and the building materials and hardware group,
beginning 1943; variety and the general merchandise group, beginning 1944; furniture and house furnishings and the home furnishings group, beginning 1945. Revised annual figures through
1947 and an explanation of the revisions are published on p. 22 of the September 1948 Survey. All revisions through June 1947 will be shown later.
tRevised series. See note marked "t" on p. S-7 with regard to revisions in the series on personal consumption expenditures, note marked "i" above regarding revisions in the indicated series under sales of all types of retail stores, and note marked "J" on p. S-9 regarding revisions in data for sales of chain-stores and mail-order houses. Estimates of retail inventories
have been revised for all years and data by kinds of business have been added, year-end figures for 1929,1933, and 1935-46 are on p. 23 of the June 1948 Survey and monthly averages for 1939 and
1940, and monthly data for 1941-47are on p. 31 of the July 1948 Survey.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
S-9
January
February
March
April
May
June
July
September
August
October November December
DOMESTIC TRADE—Continued
1
RETAIL TRADE— Continued
Chain stores and mail-order houses — Continued
Sales, estimated— Continued t
961
General merchandise group t
mil. of dol..
Department, dry goods, and general merchan528
dise
_ _mil. ofdol.131
Mail-order (catalog sales)
do
288
Variety t
do
786
Grocery and combination
do
Indexes of sales :J
379.6
Unadjusted, combined indexf
1935-39=100._
302.2
Adjusted, combined index f
_ __ do _.
325.4
Apparel group
__do
332.8
Men's wear
do
396.2
Women's wear
do
253.9
Shoes
do
243.9
Automotive parts and accessories
do
331.8
Building materials
do
228.7
Drug
do
219.1
Eating and drinking places
do
287.3
Furniture and housefurnishings
do
304.2
General merchandise group tdo
Department dry goods and general mer348.2
chandise
1935-39=100..
291.9
M ail-order
do
245.8
Variety t
- do _ _
337.5
Grocery and combination
do
Department stores:
Accounts, collections, and sales by type of
payment:
Accounts receivable; end of month:
263
Charge accounts
1941 average =100..
136
Installment accounts
do
Ratio of collections to accounts receivable:
54
Charge accounts
percent..
29
Installment accounts
_ do _
Sales by type of payment:
54
Cash sales
percent of total sales..
39
Charge account sales
do
7
Installment sales
do_ __
'486
Sales, unadjusted, total U. S.f.
1935-39=100619
Atlanta
do
419
Boston
_
do
455
Chicago
do
479
Cleveland
do
'634
Dallas
.
do ._
505
Kansas City
do
424
Minneapolis
do
408
New York
do.
460
Philadelphia
__ do _
'548
Richmond
do
516
St. Louis
do
'573
San Franciscof
do
'304
Sales, adjusted, total U. S.f
do
394
Atlanta
do _
239
Bostonf
do
293
Chicago
-- -- -do
309
Cleveland
do
'389
Dallas
_ do
334
Kansas Cityf
do
'276
Minneapolis
__ _ _ _ _ do
'242
New YorkcT
do
277
Philadelphia!
_
do
'330
Richmond
.
do
337
St. Louis
_
do
'362
San Franciscof
do__.
Stocks, total U.S., end of month:
244
Unadjusted
do
'284
Adjusted
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol__ 415, 686
148, 113
Montgomery Ward & Co
do
267, 573
Sears, Roebuck & Co
_ do
Rural sales of general merchandise:
466.6
Total U S , unadjusted
1929-31=100
448.6
East
_
do __
644.9
South
do _
389.9
Middle West
do
568.2
Far West
do
291.8
Total U. S., adjusteddo
269.4
East
do
429.3
South
_do
249.9
.Middle West
_ ._
do
348.1
Far West
do
WHOLESALE TRADE
Service and limited function wholesalers:
Sales, estimated, totalf
mil. of dol._
Durable goods establishments f_ _
do
Nondurable goods establishment t
do
Inventories, estimated, total*
do
Durable goods establishments*
_
do
Nondurable goods establishments*
do
6,178
2,046
4,132
5,832
2,418
3,414
451
434
603
589
591
606
569
588
648
706
706
1, 024
249
84
108
804
230
84
110
725
330
113
149
797
348
103
126
792
357
86
135
844
364
95135
770
342
78
136
824
342
102
132
741
382
116
138
751
414
125
155
839
394
139
161
774
557
144
310
850
259.2
294.9
287.2
278.0
362.9
218.5
214.2
351.3
228.0
220.2
262.1
284.2
269.2
296. 8
298.7
285.5
383.3
223.2
219.7
344.2
234.5
223.0
258.7
284.2
303.5
303.0
311.0
277.9
400.6
242.4
228.3
336.3
231.6
228.6
252.4
292.6
303.9
312.4
316.6
282.2
411.0
239.8
254.2
359.7
225.3
227.5
256.0
311.2
310.8
311.2
319.4
287.5
415.0
243.3
251.5
379.1
227.7
226.8
269.8
295.4
313.1
313.0
321.5
301.2
411.2
245.1
253.5
384.2
228.1
231.6
264.3
311.3
291.3
314.8
' 322. 8
289.6
417.8
246.1
277.6
383.5
235.9
229.5
265.6
314.0
296.0
317.3
325.8
290.9
427.6
242.5
263.6
388.1
232.2
226.9
274.8
320.6
323. 3
316.6
344.4
310.8
454. 8
250.1
242.2
389.6
231.8
227.5
270.3
315.0
325.9
312.3
345.3
300.1
478.6
235.4
223.8
386.0
232.3
221.8
231.1
300.4
'328.3
' 307. 6
' 330. 3
'298.4
' 447. 5
' 231. 0
' 207. 3
' 374. 9
' 225. 0
' 217. 4
' 216. 1
r
300. 3
405.7
319.7
355. 9
321. 5
458.1
274. 6
250. a
366. 5
228. 0
224.1
231.0
325.6
340.5
268.6
208.3
350.1
337.1
267.2
215.1
353.7
347.3
270.3
223.2
359.8
383.2
285.1
218.8
363.3
357.1
280.0
210.9
371.0
377.3
297.0
220.4
357.4
380.7
309.8
216.2
360.9
382.6
329.7
223.3
364.5
381.2
292.9
228.7
359.6
358.2
283.0
223.6
365.4
' 355. 2
' 279. 7
230.3
360.4
378.5
303.4
269. 8
359. 9
205
127
181
124
190
129
191
131
192
134
192
136
168
138
165
144
188
151
206
155
219
160
282
53
24
49
23
53
27
52
25
52
24
52
24
51
23
51
23
53
24
54
24
55
24
56.
25
54
39
7
225
284
170
217
216
316
245
214
192
204
214
239
281
286
355
224
271
284
390
306
286
240
272
288
291
348
53
40
7
238
316
174
225
233
324
254
206
202
216
245
258
295
286
359
226
281
284
368
292
267
241
280
307
307
327
52
41
7
285
387
228
266
284
384
301
263
234
284
317
318
326
'284
368
228
274
270
384
307
278
229
263
303
318
339
51
41
8
288
367
231
283
280
399
320
284
237
262
295
326
333
306
390
243
289
295
448
337
283
255
278
327
343
362
52
41
7
300
375
240
289
304
393
326
294
252
287
311
333
339
311
394
242
289
320
418
336
306
268
284
318
340
365
52
41
7
289
333
242
290
288
345
301
277
246
266
294
311
338
312
397
252
299
306
406
328
291
265
283
327
346
372
54
38
8
243
314
176
243
244
331
270
238
181
207
235
277
311
316
392
255
312
313
436
322
294
266
288
321
355
365
52
39
9
259
354
175
248
268
365
303
261
187
217
260
305
338
'312
402
237
295
308
419
336
292
256
289
319
354
383
50
42
8
319
410
260
305
320
444
343
316
- 257
295
357
366
355
312
402
252
299
316
423
329
291
252
295
'338
362
355
51
42
7
328
424
258
313
338
427
360
343
280
322
359
362
346
306
396
232
292
316
388
343
311
250
307
330
338
336
51
42
7
'357
434
285
345
366
475
'374
334
298
356
388
404
'391
287
362
228
283
293
390
' 319
279
229
269
306
321
'323
53
41
253
289
279
'303
303
'312
308
'308
297
297
278
'285
274
'275
287
268
304
275
318
282
330
304
262
306
230, 794
74, 116
156, 679
215. 575
75, 631
139, 944
301, 627
107, 103
194, 524
319, 342
115, 382
203, 959
297, 939
104, 612
193, 327
308, 843
105, 305
203, 538
284, 626
97, 833
186, 793
302, 716
108 903
193, 813
336, 487
119 706
216, 782
353, 270
221 968
350, 748
124 896
225 852
431, 601
150 960
280 641
273.8
262.8
423.8
224.6
301.4
359.7
345.8
535.7
293.6
410.1
299.8
295.7
462.6
250.5
309.4
370.5
361.5
507.3
315.1
418.1
358.8
370.4
485. 1
309.4
382.3
408.6
412.4
537.2
349. 2
464.5
342.6
343.3
467.7
293.4
375.6
372.8
360.2
530.8
314.2
420.6
322.1
306.9
428.4
277.5
362.7
350.9
333.6
505.1
293.0
403.4
333.6
320.5
433.2
293.6
399.7
366.2
349.1
538.8
311.0
419.4
283.2
245.5
374.0
249.1
356.3
387.9
344.8
550.8
337.5
434.5
352.3
333.1
491.4
299.2
437 4
430.7
418.0
681.6
362.7
474.9
400.7
369.0
602.4
336.0
477.2
379.1
386.7
545.6
327.8
407.9
453 5
431 5
673 7
381 2
457 5
349 1
335 3
454 6
300 2
380 9
479 1
484.8
701.3
403 8
522 8
368 3
376 1
510.8
308 0
430 8
516.1
489.6
706.7
450.8
657.3
322.7
294.0
470.5
289.0
402.8
5,720
1,874
3,846
6,105
2,485
3,620
5,282
1,867
3,415
6,113
2,552
3,561
5,868
2,143
3,725
6,157
2,635
3,522
5,815
2,193
3,622
6,107
2,685
3,422
5,517
2,047
3,470
6,136
2,692
3,444
5,735
2, 114
3,621
6,354
2 728
3,626
5,750
2,057
3,693
6,322
2 716
3,606
6,074
2 222
3,852
6,389
2 699
3,690
6,299
2,259
4,040
6,455
2 733
3,722
6,326
2,289
4,037
'6,547
2 760
'3,787
'6,217
' 2, 148
' 4, 065
' 6, 550
2,832
' 3, 818
6,129
2 101
4,028
6,449
2 854
3,595
*495
635
429
460
491
648
J>500
432
414
478
575
517
*309
405
245
297
317
397
*>331
281
245
286
346
338
«• Revised. * Preliminary. ^Revisions for adjusted index: 1945^June, 167; July, 174; Sept., 167; Oct., 175; 1946—June, 238; July, 233; Sept., 210; Oct., 181.
JThere have been revisions beginning 1947 in the series for chain-stores and mail-order houses and additional revisions back through 1942 for the total and back through 1944 for variety
and the general merchandise group; revisions through June 1947 will be shown later.
*New series. Monthly figures for 1942-47 and year-end figures or monthly averages for 1938-41 for inventories of service and limited-function wholesalers are on p. 24 of the September 1948
Survey.
fRevised series. For revised figures for 1919-40 for the index of department store sales for the San Francisco district, see p. 23 of the April 1948 Survey; there have been further minor
revisions in the indexes beginning October 1940 as published on that page and currently prior to the August 1948 issue. The adjusted index of department store sales for the Boston, Philadelphia, Kansas City; and Richmond districts have been revised beginning April 1940, February 1940, August 1941, and January 1944, respectively; there have been minor revisions in the
indexes for the United States as published prior to the September 1948 issue to incorporate revisions in the district indexes; revised figures through February 1947 for Kansas City, March 1947
for Philadelphia, June 1947 for Boston and the United States and September 1947 for Richmond are available upon request. For sales of service and limited-function wholesalers for 1939-46.
see p. 32 of the September 1948 Survey; earlier annual totals and figures for early months of 1947 are on pp. 23 and 24 of the August 1948 issue; revisions for 1941 are as follows: Total, 34,300; total
nondurable, 22,07?. Data for all wholesalers are published currently on p. S-3. See note marked "J" regarding revisions in chain-store series.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise slated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
February 1949
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment status of noninstitutional population:
Estimated number 14 years of age and over,
108,173 108, 262 108, 346 i 108, 597 108, 660 108, 753 108, 853
108, 948
total
_
thousands __ 107, 918 107, 979 108, 050 108, 124
109, 036
53, 113
53, 204
53, 24i
53, 135
53,190
53, 546
53, 161
53, 275 i 53, 436
53, 461
53, 501
53, 587
53, 624
Male
. __
do
54, 969
54, 805
54, 934
55, 021
55, 307
54, 844
54, 889
£5,071 i 55, 161
55, 199
55, 252
55, 361
Female
.-do
55, 412
63,166
61,005
61,760
61, 660
65, 135
60, 870
60, 455
64, 740
64, 511
63, 578
61, 004
63, 138
62, 828
Total labor force, including armed forces
do
1,236
1,238
1,241
1,236
1,293
1,391
1,414
1,280
1,226
1,261
1,325
1,366
1,453
Armed forces
do. -60,524
59, 214
59, 769
60, 422
63, 842
61, 775
59, 590
63, 479
63, 186
62, 212
61, 724
59, 778
61 375
Civilian labor force total
do
43,369
43, 298
42,892
42,846
43,009
43,851
43, 782
43, 026
44, 794
45, 437
45, 215
44, 101
Male
do. __
43, 573
17, 155
17, 124
16, 698
17, 924
16, 368
16, 760
18, 685
18, 405
17, 942
16, 752
17, 971
18, 111
Female
do
17, 802
58, 330
60, 134
57,947
58,660
61, 296
57, 149
57,139
57, 329
61, 615
61, 245
60, 312
59, 893
59, 434
Employed
__
do
42, 058
41, 801
43, 889
42,763
41, 273
41, 244
43, 420
43, 989
42, 551
41, 653
41,137
42, 850
Male
_
do
42, 162
16, 529
16, 602
16, 294
15, 876
16,085
17, 876
17, 626
17, 371
16, 002
17, 356
17, 342
17, 462
Female
do_ __
17, 272
7,448
7,861
6,962
9,396
9,163
8,444
8,627
6,771
6,847
7,060
7,961
Agricultural employment
do
8,723
7,375
50, 883
50, 800
52, 452
51, 506
51, 899
52, 801
51, 932
50, 985
50, 089
50, 482
50, 368
51 590
Nonagricultural employment
do
52 059
2,193
1,642
1,643
1,761
1,941
2,065
2,639
2,184
2,227
1,831
2,440
1,899
1,941
Unem ployed
do
46, 414
46,602
45,685
47, 119
43,605
43, 462
44,149
47,047
47, 524
45, 810
Not in labor force
__do
47, 046
45, 176
46, 208
Employeesln nonagricultural establishments:}:
Unadjusted (U.S. Department of Labor):
44, 299
44, 626
45,078
45, 618
44,603
44,279
44, 600
45,009
45,478 ' 45, 889 '45,890 ' 45, 741 v 46, 092
Total
thousands..
15,904
15, 950
16, 269
16, 115
16, 158
16, 441 ' 16, 697 ' 16, 598 ' 16, 449 J> 16, 242
16, 354
16, 267
16, 183
Manufacturing
.-do
817
933
924
921
952
941
925
914
950
922
948
'940
Mining
_
do
* 937
r
r
2,052
1,933
1,805
1,978
1,871
1,731
2,253
2,206
2,219
2,239
2,173
2, 161
Construction
- -do
* 2, 109
3,974
4,042
4,032
4,136
4,139
4,090
4,071
4,020
4,019
4,105
4,092
'4,066
^4,069
Transportation and public utilities
do
9,576
9,617
9,889 ' 10, 035 v 10, 387
9,598
10, 288
9,622
9,670
9,646
9,660
9,520
9,733
Trade
do. __
1,704
1,716
1,723
1,676
1,697
1,761
1,726
1, 754
1,732
1,680
' 1, 720 » 1, 726
1,690
Finance
_
do
4,768
4,738
4,688
4,729
'4,654
4,723
4,663
4,622
4,645
4,730
4,647
' 4, 656 * 4, 628
Service
do
5,577
5,624
5,789
5,638
5, 607
5,599
5,546
5,498
5,492
5,650
5,714
5,801
Government
_
do
» 5, 994
Adjusted (Federal Reserve) :f
44,584
44,726
44, 791
44, 800
45, 053
45, 271
45, 312 'r 45, 654 '
45,
682
45,019
44, 755
'
45,
445
Total
do
v
45, 258
r
16, 045
16, 018
16, 266
16, 172
16, 246
16, 302
16, 278
16, 549 ' 16, 408 v ig 155
16, 332
16,208
Manufacturing
do
16, 556
936
820
926
915
947
944
939
927
930
920
945
'939
Mining
do
*938
r
1,972
1,941
2,032
2,018
.2, 110
1,945
2,093
2,056
2,106
j> 2 152
2,093
2, 101
2,119
Construction
do
P
3,995
4,028
4,089
4,069
4,094
4,056
4,078
4,071
4,078
4,075
4 085
Transportation and public utilities
do
4 070
4 087
9,721
9,689
9,679
9,791
9,634
9,694
9,805
9,817
9,664
9,779
9,806
9,783
Trade
_
do
* 9, 775
1,696
1,699
1,693
1,697
1,688
1,698
1,700
1,752
1,737
1,740
1,741
Finance
do
1,737
P! 743
4,768
4,738
4,729
'
4,
654
4,688
4,663
4,645
.
4,
622
4,723
4,730
4,647
Service
do
4,656
* 4, 628
5,567
5,586
5,710
5,441
5,545
5,788
5,524
5,519
5,626
5,727
Government
do
5,781
5,733
*»5 780
Estimated production workers in manufacturing
industries, total (U. S. Dept. of Labor)}
12, 791
12,738
thousands -.
13, 131
13, 263
12,959
12, 987
13, 245 f 13, 488 'r13, 378 ' 13, 234 * 13, 028
13, 150
13, 066
6,683
6,642
6,791
6,662
6,681
6,816
6 711
6 795
6 709
6, 824
Durable goods industries}
do
'6 803
'6 809 P 6 722
1,603
1,600
1,601
1,633
1,634
1,610
1,631
1,634
1,648
1,657
1,628
Iron and steel and their products:};
do
'1 654 D i 642
Blast furnaces, steel works, and rolling mills§
512
518
thousands. _
523
498
509
509
516
527
536
535
535
538
563
548
596
577
547
535
P 550
538
553
588
584
548
Electrical machinery}
do
'557
1,202
1,207
1,235
1,232
1,209
1,231
1,217
1,202
Machinery, except electrical}
do
1,209
1,237
1,208
'1,204
* 1, 196
514
508
519
506
521
502
Machinery and machine shop productsf~do
517
519
512
507
509
506
49
48
48
51
47
47
50
50
48
48
48
M^achine tools§
do
48
r
r
772
772
784
785
787
789
739
763
Automobiles!
- - .-do
720
784
788
v 787
' 779
Transportation equipment, except automo462
438
434
463
465
464
414
472
430
449
439
biles}
thousands. .
'453
J»452
125
137
133
135
136
128
135
130
134
145
Aircraft and parts, excluding engines do
139
150
25
25
25
26
25
26
25
26
22
27
28
Aircraft engines
- do
28
123
116
126
109
126
128
104
133
100
98
97
Shipbuilding and" boatbuildingdo
95
406
398
413
398
413
409
409
388
395
Nonferrous metals and their products}-__do_-_399
403
'404
*398
754
772
799
749
750
829
844
736
831
Lumber and timber basic products}
do
738
843
'821
*775
611
611
628
594
607
655
598
681
692
691
678
Sawmills and logging camps }
do
667
470
458
485
459
487
452
461
489
490
Furniture and finished lumber products}_do
466
470
-•470
*463
256
264
250
263
248
244
265
266
250
253
256
Furniture}
...do
257
451
454
454
452
458
445
461
443
450
464
468
Stone, clay, and" glass products }
do
-467
*459
6,096
r 6 425
6,108
6,355
6,355
6,297
6,447
6,340
6,306
6,536
6,554
6 685
Nondurable goods industries}
do _
P 6 306
Textile-mill products and other fiber manufac1,301
1,293
1, 295
1,312
1,290
1,292
1,243
1,306
1,274
1,249
tures}
thousands. _
1,261
' 1, 245 v 1 242
Cotton manufactures, except small wares }
526
525
529
528
523
524
525
522
511
thousands. 510
517
509
120
120
120
121
116
119
116
122
122
117
122
Silk and rayon goods }
do
122
Woolen and worsted manufactures except
175
173
174
177
178
180
177
168
170
166
dyeing andfinishing} ... . thousands. .
160
158
Apparel and other finished textile products}
1,082
1,165
1,103
1,143
1,095
thousands. _
1,166
1,147
1,070
1,157
1,173
1,175
' 1, 159
v 1, 144
310
314
315
310
311
311
308
319
297
319
320
Men's clothing
do
308
440
428
471
482
435
485
476
437
481
489
'490
Women's clothing
-do
488
359
372
r 363
400
399
396
373
402
375
383
379
376
Leather and leather products} __
do _
P 363
r
254
236
226
255
256
237
258
240
245
239
241
230
Boots and shoes }
do
1,091
1,255
1,049
1,047
1,259
1,191
1,159
1,364
Food and kindred products}
do
1,418
1,537
1,400
' 1, 306 P I, 244
242
242
242
240
239
248
236
Baking}
-- do __
250
251
253
258
256
141
153
166
136
142
187
Canning and preserving }.
do
137
274
292
444
326
197
194
104
125
217
210
200
200
201
197
Slaughtering and meat packing }
do
195
198
205
P g7
88
84
85
86
87
88
87
83
Tobacco manufacturers }
do _
88
86
90
90
389
398
393
389
390
392
395
Paper and allied products }
do
388
394
401
398
' 403
*>401
204
204
203
204
203
203
'204
206
Paper and pulp }
do
207
206
207
207
Printing, publishing, and allied industries }
445
435
432
439
432
thousands-438
433
430
432
436
442
'442
J-441
146
146
145
145
144
144
Newspapers and periodicals }_
do
147
147
149
151
148
151
191
185
183
184
190
184
188
183
Printing; book and job }
do
183
185
189
188
P 595
592
587
580
572
588
574
588
Chemicals and allied products } _
do ._
567
597
586
600
' 597
205
206
207
207
207
205
202
Chemicals} _
do
208
211
211
2io
210
165
165
164
163
164
167
170
Products of petroleum and coal }
do
170
168
170
163
'168
*166
112
114
114
112
113
115
117
Petroleum refining }
do
117
114
116
108
115
r 199
212
204
195
210
208
198
195
Rubber products }
do
191
v 1QA
195
197
198
102
••101
99
96
93
91
92
Rubber tires and inner tubes }
do
9J
91
92
90
91
'Revised. * Preliminary.
i The estimates take account of recently acquired revised information on births and deaths not available when the estimates for earlier months were prepared. The June-July 1948 net
change shown by the figures, therefore, reflects not only the actual monthly increase but also the effect of the incorporation of the revised data.
} The unadjusted estimates of employment in nonagricultural establishments have been revised beginning January 1946 for manufacturing, mining, and government and 1945 for construction, trade, finance and the total, to adjust the series to Federal Security Agency data for 1946; revisions affected the data for transportation and public utilities only beginning January
1947; data for service were not affected. Revisions through April 1947 will be shown later. See note marked "}" on p. S-ll with regard to revisions in the indicated series for production
workers.
t Revised series. The adjusted estimates of employees hi nonagricultural establishments have been revised to incorporate revisions in the unadjusted series referred to in note marked
"}" above and there have been revisions in seasonal adjustments affecting the figures in most cases back to 1939; revisions through April 1947 will be shown later. Estimates of production
workers in the machinery and machine-shop products industry have been revised beginning January 1939 to adjust the series to Federal Security Agency data through 1946- revisions through
1947 are shown on p. 16 of the January 1949 Survey.
§ See note marked "c?" on page S-ll.
SUEVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
3948
1947
December
S-ll
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Production workers, unadjusted index, all manu361.9
155. 5
' 164. 6 r 163. 3
159.5
156.1
161.7
158.5
160.5
158.2
160.3
facturing (U. S. Dept. of Labor)!
1939=100.p 159. 0
«• 161. 5
r
185.1
188. 4
185.8
188.1
185.0
Durable goods industries! __
do
188.8
188.2
183.9
188.6
185.8
184.5
' 189. 0
* 186. 2
161.4
162.4
166.2
164.9
164.8
161.4
164.7
164.2
161.7
r 166. 8
164.5
Iron and steel and their products!
do
*165.6
167.1
Blast furnaces, steel works, and rolling millsc?
132.9
135.5
130.9
134.6
133.3
138. 5
130.4
131.8
137.9
137.7
1939=100.131.0
137.7
222.9
211.6
217.4
r 21 5. 1
211.5
206.6
230.2
225.4
211.1
213.4
207.7
227.0
v 212. 3
Electrical machinery!
_ _ _ _ do_ _
228.5
227.4
230.4
r 227. 9
228.7
233.8
234.0
233.1
227.4
233. 0
228.7
228.8
Machinery, except electrical!
do
p 226. 3
r
243.5
249.8
244.6
247. 7
241.9
Machinery andmachine-shopproductsf-do
249.0
249.7
251. 1
244.0
245.1
243.7
246.5
140.2
128.4
134.5
129.7
131.2
137.6
137.6
130.4
129.7
130.5
127.9
130.0
Machine toolscf
do
r
178.9
190.5
191.9
195.2
195.0
195. 9
195.5
183.6
' 194. 9 r 193. 6
189.7
Automobiles!
do _
196.0
T 195. 7
Transportation equipment, except automo290.9
292.7
276.0
291.6
292.6
270.6
273.7
r 285. 7
276.3
biles! _
1939=100.
297.3
* 284. 8
282.9
260.8
342.9
328.5
315.3
335.8
339.5
341.1
321.5
377.4
336.4
349.2
346.0
366.2
A ircraf t and parts, excluding engines do
276.9
287.4
282.4
291.0
290.8
278.4
315. 0
243.2
300.1
284.0
280.1
A ircraft engines
_ _ do .
309.0
181.5
181. 6
167.6
191.9
184. 4
157.2
176.8
136.5
140.8
149.3
Shipbuilding and boatbuilding
do
140.5
343.7
376.9
169. 2
180.0
173.7
180.3
178.4
178.5
172.4
173.9
173.9
r 176. 1
Nor ferrous metals and their products! do _
p 173. 7
176.0
179.4
183.6
178.4
178.3
200.6
175.6
175.0
190.0
r
195. 4
197.3
200.8
Lumber and timber bssic products!
do
p 184. 3
197.7
194.7
189.4
193.5
200.1
194.8
220.4
190.6
208.7
220.7
217.2
Sawmills and logging camps!
_ _ do_ __
216.2
212.7
149.1
139.7
147.8
148.3
149.2
143.4
142.0
137.8
Furniture and finished lumber productsj-do
139.8
r 143. 1
140.5
143.3
* 141. 0
r
140.3
148.2
141.9
147.8
149.6
144.2
140. 3
137.4
149.0
139.4
144.0
143.6
Furniture ! .
_
do_ _
153.9
150.9
154.7
153.2
154. 7
151.6
153. 7
158. 2
156.0
159.4
Stone, clay, and glass products!
do
«• 158. 9
157.0
p 156. 5
133.1
145.9
140.7
138.4
143.1
138.7
138.7
137.5
133.3
142.7
137.7
Nondurable goods industries!
_ _ do_ _
' 140. 3 p 137. 7
Textile-mill products and other fiber manu114.7
113.0
110.3
108.7
112.7
113.0
114.2
113.2
113.7
109.2
111.4
' 108. 9 f 108. 6
factures!
1939=100.
Cotton manufactures, except small wares!
125.4
125.1
126.6
125.2
126.1
125.8
123.6
121.9
125.6
124.7
122.2
1939= 100_.
121.6
95.0
94.8
94.9
91.8
91.2
94.1
96.5
Silk and rayon goods !
do
96.4
95.9
95.8
96.7
92.0
Woolen and worsted manufactures, except
109.9
113.9
112.4
113.1
112.5
105.2
106.3
110.3
107.7
dyeing and
finishing!
1939=100—
111.0
101.2
100.3
Apparel and other finished textile products!
137. 1
144.8
147.5
135.6
147.7
139.8
145.3
138.6
146.5
148.6
1939=100r 146. 9
p 144. 9
148.8
134. 9
135.2
137. 0
135.0
129.1
134.2
135.5
136.9
134.1
139.5
Men's clothing
___
. do. _
139.0
138.9
149.4
164.4
152.1
153.7
166.4
169.5
168.3
152.7
Women's clothing
do
167.3
170.8
171.3
170.6
103.3
114.1
114.9
107.1
115.3
115.8
107.4
108.1
r 104. 5
110.4
109.3
Leather and leather products!
do
108.3
p 104. 7
r
110.1
97.7
110.6
102.2
111.7
111.0
102.5
104.4
Boots and shoes 1
_
__do
103. 3
99.4
106.0
103.7
146.9
134. 5
127.7
122.6
135.6
Food and kindred products!
. do
139.3
r 152. 9
179.9
147.1
166.0
159.7
163.8
p 145. 6
126.9
127.2
127.2
125.8
124.2
125.4
Baking!_ _ _ _ _
__do_ __
130.2
131.8
133.0
135.5
134.3
131.3
101.9
90.1
110.3
91.0
93.6
Canning and preserving!
do
94.6
194.1
124.3
217.0
131.0
295.7
182.5
92.2
160.8
155.3
148.0
143.3
77.0
149.1
Slaughtering and meat packing!
do
147.8
144.5
146.4
145.7
152.0
90.5
94.4
93.4
92.4
93.9
90.6
93.6
92.5
88.8
Tobacco manufactures!
do_ __
93.9
95.9
P93.4
96.5
149.9
146.5
148.0
146.8
148.6
146.1
148.7
147.8
146.9
Paper and allied products!
do
151.0
149.8
9 151. 3
'151.7
147.2
148.5
147.4
147.0
147.3
147.8
148.2
150.0
149.4
Paper and pulp!
- do
149.5
150. 0
150.0
132.0
132.8
131.1
135.7
134.0
133.5
132.3
131.8
Printing,publishing and allied industries !_do
131.8
133. 0
134.8
v 134. 6
r 134. 7
123.3
122.2
122.7
121.4
122.0
121.0
124.4
125.9
123.7
123.8
127.0
Newspapers and periodicals!
do
127.2
145.3
150.0
143.5
148.6
147.1
144.3
.
144.5
143.4
Printing; book and job!
_ .
do. __
143.5
147.9
145.3
147.1
203. 6
198.4
205.4
204.2
201.4
204.1
199.2
203.3
208.1
Chemicals and allied products!
do
r 207. 1
207.1
196.6
p 206. 5
292.9
296.1
295.6
293.9
293.8
296.3
302.1
296.9
301.6
Chemicals !
___ __
do
300.3
288.9
299.9
157.3
155.5
155.4
154.9
153.9
155.0
Products of petroleum and coal!
do
160.3
159.1
160.7
160.3
153.6
156.6
'1 58. 9
156.7
155.2
153.7
153.1
155.0
153.5
159.2
158. 3
148.1
159.8
Petroleum refining!
do
157.0
155.7
168.9
175.3
173.5
163.8
172.0
161.6
161.1
160.9
r 164. 5
Rubber products!
do
163.5
162.8
157.7
v 161. 8
168.5
187.8
185.5
177.7
170.7
182.4
169.4
Rubber tires and inner tubes!
do
165.9
168.7
168.6
167.6
168.2
Production workers, adjusted index, all manur
r
160.1
156.7
157.1
161.2
159.8
161.1
158.8
160.1
162. 8
163. 3
159.7
facturing (Federal Reserve)!
1939=100—
p 158. 2
' 161. 1
r
184.1
185.5
188.4
188.6
186.4
188.7
184.0
184.9
185.1
Durable goods industries!
do
' 188. 7 r 188. 5
188. 0
p 186. 0
135.1
139.3
139.4
137.7
138.7
138.9
134.7
140.6
Nondurable goods industries!
.
do
142.3
143.8
139.8
' 138. 6
p 136. 3
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Miningrt
91.4
91.6
92.6
91.9
91.6
92.6
92.9
91.1
Anthracite
1939=100—
92.1
91.1
91.7
92.7
108.3
108.0
108.9
79.7
108.7
106.8
109.6
109.7
Bituminous coal
.
__ _ do. _
101.8
108.8
109.7
108.3
99.0
97.0
96.9
97.4
100.2
98.7
98.7
99.1
Metal
do
95.5
99.3
96.5
95.0
116.8
124.2
112.2
122.5
122.6
116.7
126.8
128.2
Quarrying and nonmetallic
_ do _
126.5
128.3
127.3
124.6
112.5
111.1
110.4
110.5
Crude petroleum and natural gas production .do
111.1
116.7
111.2
119.8
119.4
113.5
116.4
114.0
Public utilities:
114.1
110.9
110.3
112. 3
109.8
110.3
111.7
117.1
Electric light and power
do
115.2
116.2
115.8
115.5
128.6
129.2
128.6
128.7
128.5
128.3
128.3
128.1
127.2
Street railways and busses
do _
126.9
126.2
127.9
98.2
97.6
97.2
97.8
96.3
97.9
Telegraph
do
96.0
93.3
95.7
91.6
92.3
90.7
198.4
198.3
195.0
196.2
199.4
197.4
195.0
203.7
Telephone
do_ _
201.9
202.1
202.8
202.3
Services:
156.5
162.9
154.8
160.6
Cleaning and dyeing
do
152.8
159.0
149.3
159.2
154.3
' 153. 7
152.5
150.5
120.9
120.1
117.6
121.5
117.7
119.0
122.1
118.3
Power laundries
do
119.0
118.4
116.7
114.8
118.1
117.2
116.8
117.6
116.4
117.0
116.9
Hotels (year-round)
_
do_ _
116.2
114.6
116.2
115.2
115.7
Trade:
130.2
Retail, total
_
do
113.1
114.4
113.8
111.8
113.6
112.8
111.2
113.4
112.0
119.4
116.0
114.4
113.9
116.7
117.4
Food
do
115.5
116.3
116.1
112.3
113.8
113.8
112.0
113.8
General merchandise. _ ___
_ _.do
175.5
124.5
123.4
129.4
122.9
124.8
123.7
120.8
127.2
121.3
135.3
146.4
114.5
117.1
116.1
115.3
115.3
Wholesale
_
.
do
116.3
114.8
116.2
118.1
117.1
117.0
118.3
Miscellaneous employment data:
Federal and State highways, total§
number-- 218, 587 198, 438 190, 678 202, 090 233, 105 264, 290 286, 258 307, 451 305, 031 298, 569 289, 056
259, 338
65, S36
41, 184
50, 461
Construction (Federal and State)
do
47, 734
117, 968
135, 452
78, 726 105, 647
124, 100
132, 302 128, 869
99, 158
110, 544
108, 224
106, 305 108, 045 109, 522
112, 631 118, 870
Maintenance (State)
do
121, 828
117, 957
122, 274 120, 098
117, 706
Federal civilian employees:
1,766
1,769
1,781
United States
_.
thousands
1,794
1,811
1,826
1,899
1,860
1,895
1,877
1,880
1,896
p 1, 899
196
198
200
201
District of Columbia
do
202
206
203
207
209
208
'212
208
»211
Railway employees (class I steam railways) :
r
1,363
1,340
Total
thousands
1,348
1,391
1,381
1,346
1,350
1,287
1,385
1,380
'1,376
1,376
P 1, 356
Indexes:
130.4
128.5
129.1
132.5
129.5
133.4
Unadjusted
.1935-39=100129.0
123.2
132.3
131.8
* 130. 2
132.8
P 128. 7
132.5
130.0
Adjusted
_ _ _
do
134.2
131.7
130.7
132.3
125.2
129.1
127.5
130.1
130.6
v 129. 1
P 130. 1
' Revised. p Preliminary.
r
!Estimates of production worker employment (p. S-10), anc . employm ent indexes , and pay-i'oil indexes (p. S-12), or all man ufacturing, total dura ble and nc ndurable g oods indue>tries, the
industry groups, and the indicated individual manufa cturing inclustries ha^re been rev ised begimling Janua ry 1946, or 'ound to mjed no revi sion, to ad. ust the ser ies to leva s indicated[ by Federal Security Agency data for 1946; revised employme nt estimat es and em; }loyment i ndexes for January 19 46-April 1 347 for marmfacturing industry groups anc . the totals are on pp 14 of the
January 1949 Survey; corresponding revisions in the pay-roll ind 3xes will be published later. UE[published revisions f 3r the indrridual indiistries will be shown ^ater as fol ows: Furn iture and
chemicals, January 1946-August 1947; and the other i ndividual : ndustries clesignated, January 1946-July It)47. Data for men's slothing an d women's clothing ]have been adjusted t 3 Federal
Security Agency data through 1945. The industries i n the trans portation e quipment group have been adju sted to 193 £) Census o I Manufact ures data c nly.
§Total includes State engineering, supervisory, a nd adminisstrative em ployees no t shown se parately.
t Revised series. Indexes for machinery and mac hine-shop products h ave been r evised beginning 1939 to adjust t he series tc) Federal Security Ag ency data through 1946; revisioris through
1947 are indicated on p. 16 of the January 1949 Survey . Indexes for the mi ning indus tries have also been revised be ginning 19 39 and ha^re been aci justed to Federal St>curity Ag 3ncy data
through 1946; revised figures for 1939-47 will be shown later.
c? Comparison of the series for blast furnaces, stee 1 works and rolling nlills and tl e machine tool indus>try with (lata throu gh 1946 frc m the Fe<leral Secu rity Agenc y indicate d that no
general revision of these series is necessary; therefore Eo revisions have been made in tltie figures f or the two industries as puolist ed in the 1947 Statisttical Supp lement to the Survey
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
December
February 1949
1948
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS
Production-worker pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor) t
1939= 100. _
Durable goods industries!
_
do
Iron and steel and their products t
do
Blast furnaces, steel works, and rolling mills §
1939=100
Electrical machinery t
do_ __
Machinery, except electrical %
do
Machinery and machine-shop products! do
Machine tools§
do
Automobiles!
do _
Transportation equipment, except automobiles t
1939=100.
Aircraft and parts, excluding engines do
Aircraft engines
do
Shipbuilding and boatbuilding
do
Nonferrous metals and their products! do
Lumber and timber basic products!
do
Sawmills and logging camps!
do
Furniture and finished lumber products! do
Furniture!
- do
Stone clay and glass products 1
do
Nondurable goods industries t
do
Textile-mill products and other fiber manufactures!
1939=100
Cotton manufactures, exc small wares! do
Pilk and ravon goods!
do
Woolen and worsted manufactures, except
dyeing and
finishing!
1939=100
Apparel and other finished textile products}:
1939=100
Men's clothing
do
Women's clothing
do
Leather and leather products!
do
Boots and shoes!
do
Food and kindred products t
do
Baking!
_ _ do_ _
Canning and preserving!
do
Sianphterinp arid mflftt packing^
do
Tobacco manufactures t
do
Paper and allied products?
do
Paper and pulp!
do
Printing, publishing, and allied industries!
1939=100
Newspapers and periodicals!
do
Printing; book and job!
do
Chemicals and allied products!
do
Chemicals!
do
Products of petroleum and coalt
do
Petroleum refining!
do
Kubber products!
do
Rubber tires and inner tubes!
do
Nonmanufacturing, unadjusted (U. S. Dept. of
tabor) :
Miningrf
Anthracite
1939-= 100
Bituminous coal
do
Metal
do
uarrying and nonmetallic
do
rude petroleum and natural gas prod_ do
Public utilities:
Electric light and power
do
Street railways and busses
do
Telegraph
do
Telephone
do
Services:
Cleaning and dyeing
do
Power laundries
do
Hotels (year-round)
do
Trade:
Retail, total
_ do
- Food
do
General merchandise
do
Wholesale
do
§
365.7
411.0
345.8
358.7
403.1
341.9
354.1
393.1
337.6
358.4
402.0
340.8
347.1
393.4
329.6
346.7
390.8
334.4
359.0
401.3
340.5
360.0
403.0
336.9
374.7
418.8
360.5
' 382. 2
' 423. 7
365.0
' 382. 1
' 434. 1
376.0
378.1
428.3
373.6
257, 8
481.2
479.9
518.9
262.2
427.7
261.2
471.0
473.8
513.0
250.1
408.7
257.5
465.1
471.9
513. 7
254.4
357.6
260.9
459.1
475.2
514.7
249.2
396.5
253.0
444.3
463.8
511.9
240.2
386.2
265.4
431.6
466.4
509.3
240.7
362.6
268.4
440.0
480.7
519.6
242.9
385.7
269.9
436.3
473.6
507.9
239. 0
423.3
295.8
454.8
482.3
520. 0
246.8
419.1
300.3
' 465. 4
484. 0
523.2
248.3
'425.9
305.0
474.4
491.7
531.5
250.3
r
439. 9
304.7
479. 2
486.9
527.3
248.1
425.5
600.2
668.7
503.5
378.9
377.8
431.8
473.4
355.7
356.2
335.7
321.4
611.2
657.4
482.9
416.7
372.7
413.5
450.3
352. 2
355. 4
322.9
315.3
593.3
667.3
469.4
385.4
372.9
417.2
452.4
350. 2
356.0
321.4
316.0
600.4
675.9
473.9
383.7
377.1
427.6
466.4
349.2
353.4
336.6
315.7
601.4
695.2
481.0
373.6
368.3
433.4
471.0
333.0
336.3
337.9
301.9
566.4
634.2
493.5
345. 7
362.5
461.1
508.4
325.6
328.6
343.4
303.6
561.2
649.2
517.5
321.7
368.2
488.5
543.3
326.0
325. 7
347.1
317.6
' 552. 4
661.1
533.1
304.5
360.6
502.9
563.3
320.4
317.5
334.2
318.0
547.7
698.4
453.7
290.6
379.3
538.8
604.6
337.3
334.8
358.9
331.6
581.8
746.1
570.0
283. 1
386. 3
523. 3
584.4
344.5
344.2
361.2
r
341. 6
613.3
794.9
599.7
291.2
394.2
519.2
575.3
354.9
358.1
372.1
331.2
611.8
830.7
601.3
262.4
391.1
499.7
549.7
349.2
356.7
366.9
329.1
302.0
376.4
266.5
303.0
378.7
271.5
310.6
377.0
282.2
315. 6
385.1
288.0
307.1
374.7
287.6
303.8
369.7
289.0
304.6
365.9
292.2
285.4
342.0
276.9
298.2
357.4
295.2
295.5
354.9
301.3
291.2
350.0
299.4
291.9
348.9
299.1
294.4
292.0
321.1
322.1
308.6
307.9
311.5
295.5
297. 8
286.1
265.7
267.5
327.3
309.5
355.9
259.6
256.0
321.9
251.3
278.2
361.2
219.8
334.0
332.5
337.0
313. 4
374.8
258.7
258. 3
296.6
243.2
239. 3
323.0
210.5
328.0
330.3
345. 2
316.4
387.1
262.5
261.0
288.5
257.2
239. 9
280.6
195.7
328.9
333.8
343.2
324.8
376.4
251.7
249.7
285. 8
249.8
227.0
295.8
204.6
330.8
335.6
306.5
317.1
307.1
227.1
219.5
267.4
250.7
240.8
192.5
205.7
325.7
333.3
297.9
311.5
299.3
215.4
202.8
281.3
259.2
260.4
226.4
201.3
331.1
343.2
303.6
312.9
310.7
233.4
225.3
328.3
270.8
314.8
329.2
205.8
337.8
347.7
303.6
294.1
326.6
236.5
230.6
352.2
273.5
469.2
318.8
205.5
341.7
357.7
342.3
324.0
380.3
248.3
242.9
351.3
273.5
525.4
296.0
218.3
352.1
363.6
348.1
324.7
390.2
' 245. 1
' 238. 7
389.8
282.6
835.0
303.5
214.8
355. 0
362.9
325.0
302.4
351.0
236. 8
' 227. 6
358.2
286.6
544.3
305.4
224. 3
357.4
359.1
335.4
300.1
379.8
223.3
211.3
340.7
28C. 8
317. 9
336. 2
223.5
362.2
364.7
263.1
230.0
297.8
424.1
580.8
313,3
300.4
373.6
365.6
255.3
218.9
295.9
426.7
586.8
318.1
303. 9
354.9
344.4
254.7
224.6
290.9
425.6
584.8
315.4
302.1
337.2
315.4
258.5
229.2
292.5
425. 1
584.3
320.0
306.6
320.6
292.4
259.5
234.6
291.0
422.1
591.1
316.7
310.9
312.8
286.4
262. 2
236. 5
296.7
422.5
589.6
335.8
326.2
318.9
305.7
264.9
238.1
299.3
434.9
613.6
342.2
330.8
330.2
322.0
260.1
235.5
296.0
432.7
600.4
353.4
344.9
329.7
329.8
264.8
240.6
297.6
450.6
629.1
358.2
345.5
347.2
341.0
273.6
253.6
304.8
462.5
641.6
345.6
326.1
344.9
326.2
273. 6
252.2
305.4
460.1
628.6
344. 1
323.6
' 345. 5
318.2
275.4
253. 3
307.9
460.2
634.0
352.7
341.0
'341.9
312.9
239.4
345.8
198.8
295.3
203 2
242.4
350.5
198.9
272.8
215.5
232.8
320.0
201.7
262.0
219.9
255.9
342.0
201.3
272.7
218.3
195.4
167.4
201.7
295.4
213.4
246.2
344.3
206.1
312.5
223.4
246.0
344.2
202.2
329.1
227.1
193.3
293.0
202.2
329.7
240.8
260.3
365.8
210.4
348.5
251.0
260.4
358. 5
224.9
345.2
230.7
227.3
343.1
215.2
329.5
235.3
185.7
226.7
207.8
313.0
187.9
230.1
209.5
315.8
188.2
234.7
212.6
316.3
184.4
232.6
213.0
314.7
188.6
227.1
224.8
317.7
192.1
228.1
231.1
326.1
196.4
231.2
228.5
327.1
202.8
232. 2
233.2
336.1
204.9
240.7
225. 5
331.7
204.3
239.7
220.4
335.4
204.5
242.0
217.4
338.2
205.8
237.4
215.3
349.0
292.8
233.6
233.2
285.6
232.9
230.4
271.9
225. 4
233.2
291.2
227.5
229.0
308.0
231.5
233.4
312.4
232.3
234.6
324.8
238.3
236.3
308.0
240.6
234.4
287.2
228.1
233.7
296.8
232.9
235.3
' 300.0
227.6
238.7
289.3
226.9
237.4
237.6
221.5
314.0
213.9
209.4
219.4
233.0
211.7
208.4
221.5
221.4
214.9
210.4
226.1
225.5
210.8
211.1
225. 5
225.8
211.0
213.8
227.0
229.2
211.8
218.3
231.9
236.5
211.8
218. 6
232.9
233.6
215.3
' 218. 1
229.0
231.8
220.6
219.4
226.0
238.3
220.8
223.5
227.4
252.7
r
222. 5
228.4
229.6
270.3
224.2
40.2
40.5
40.4
40.4
40.9
40.6
40.1
40.5
39.9
39,9
40.1
40.3
40.2
40.5
40.3
39.8
40.0
39.6
40.1
40.7
40.3
39.8
40.0
39.7
39.9
'40.8
40.8
'39.7
'40.3
40.5
39.5
40.4
41.4
39.4
40.3
41.6
38.6
39.9
41.4
39.9
39.6
41.1
39.3
40.0
41.4
38.7
39.4
40.6
39.6
40.0
41.0
39.3
40.0
40.6
40.4
40.2
41.0
40.0
40.4
40.8
41.8
42.3
38.1
41.8
42.3
38.9
41.6
42.0
38.6
41.6
42.0
35.2
41.6
42.0
37.7
40.7
41.4
38.5
41.3
41.6
38.9
40.7
41.6
'37.4
41.3
41.8
••39.0
41.0
41.5
38.0
39.6
40.3
40.5
40.0
39.8
39.2
39.7
'39.5
'40.6
40.0
40.1
40.6
40.3
41.1
42.3
42.0
40.6
40.5
40.2
40.9
42.1
41.6
40.4
40.9
39.4
40.6
42.5
41.3
40.4
40.6
39.2
40.8
42.8
42.6
40.0
40.6
38.8
40.1
41.9
41.7
40.5
41.1
37.7
40.7
43.1
42.9
r
40.6
41.7
37.4
'41.1
42.5
42.2
40.8
41.2
35.0
40.8
41.6
41.3
r
r
247.3
355. 1
211.2
342.4
235.6
r
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor) :
41.2
40.5
All manufacturing
-_ _ _ _ -hours
40.9
41.7
Durable goods industries
do___
41.2
40.6
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
39.5
39.5
mills
hours
41.1
40.5
Electrical machinery
do
42.2
41.8
Machinery except electrical
do
Machinery and machine-shop products
42.7
42.0
hours
43.1
42.0
Machine tools
do
41.4
39.6
Automobiles
do
Transportation equipment, except automo40.8
40.3
biles
hours
Aircraft and parts, excluding engines
39.4
40.6
hours
41.2
40.6
Aircraft engines
do
40.9
40.5
Shipbuilding and boatbuilding
do
41.2
41.8
Nonferrous metals and their products do
42.4
43.2
Lumber and timber basic products
do
42.0
i Sawmills and logging camps _
do
42.8
'Revised. » Preliminary.
§See note marked "c?" on page S-ll.
IRevised beginning January 1946; see note marked "I" on p. S-ll.
fRevised series. Data revised beginning 1939; see note marked "t" on P.
39.9
40.1
38.9
41.2
41.7
41.1
40.7
41.2
36.6
40.8
41.8
41.6
P39.9
*40. 7
SUEVEY OF CURRENT BUSINESS
February 1949
1948
1947
Unless otherwise stnted, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-13
December
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS— Continued
Average weekly hours per worker— Continued
Manufacturing— Continued
Durable goods industries— Continued
Furniture and finished lumber products
hours. _
Furniture
do
Stone, clay, and glass products
do
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
hours
Cotton manufactures, except small wares
hours. _
Silk and rayon goods
do
Woolen and worsted manufactures, except
dyeing and
finishing
hours
Apparel and other finished textile products
hours
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
hours. _
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:
Building construction (private)
do
Mining:
Anthracite .
_do
Bituminous coal
do
Metal
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas production
hours
Public utilities:
Electric light and power
do
Street railways and busses
do
Telegraph _ _ _ . _ _ _ _
do
Telephone
do
Services:
Cleaning and dyeing
do
Power laundries _ _
do
Hotels (year-round)
do
Trade:
Retail
„
do
Wholesale _
do
Industrial disputes (strikes and lock-outs) :
Beginning in month:
Work stoppages
number
Workers involved
_'
thousands
In effect during month :
Work stoppages
_ _ _ _ _
number
Workers involved
thousands
Man-days idle during month ___
do
Percent of available working time
U. S. Employment Service placement activities:
Nonagricultural placements
thousands
Unemployment compensation (Soc. Sec. Admin.):
Initial claims
thousands
Continued claims
_
do
Benefit payments:
Beneficiaries, weekly average
do...
Amount of payments
thous. of dol
Veterans' unemployment allowances:
Initial claims
thousands
Continued claims.
_.
_ _ do
Claims filed during last week of month.. _do_._
Amount of payments
thous. of dol
Labor turn-over in manufacturing establishments:
Accession rate_. .monthly rate per 100 employeesSeparation rate, total
do
Discharges
_
do
Lay-ofis _
_ _
do
Quits
do
Military and miscellaneous. _ __
do
42.7
42.9
41.0
40.8
41.9
42.2
40.0
40.0
41.4
41.9
39.9
39.9
41.8
42.1
40.8
39.9
41.0
41.1
40.7
39.6
40.8
40.8
40.7
39.5
40.7
40.6
40.6
39.8
40.3
40.0
39.4
39.5
. 41.0
40.7
40.9
39.5
40.8
40.7
'40.2
39.6
41.5
41.5
41.0
39.1
40.7
41.0
40.2
'39.1
41.0
40.5
40.2
40.6
39.9
39.6
39.5
38.6
38.5
38.0
37.9
38.0
41.1
42.3
40.7
41.9
40.1
41.8
40.7
42.2
40.1
41.8
39.6
41.8
39.1
41.8
38.0
41.6
37.7
41.3
37.1
41.2
36.9
41.1
37.0
41.1
41.2
40.8
40.8
40.7
39.9
40.1
40.3
39.5
39.6
38.8
37.6
38.1
37.1
37.7
36.2
39.1
38.7
43.3
42.3
37.7
47.7
39.9
43.8
44.9
36.6
37.1
36.0
39.0
38.8
42.0
41.6
37.3
44.8
38.6
43.1
44.4
36.7
37.1
36.1
39.0
38.8
41.7
43.6
38.4
40.7
36.2
43.1
44.5
36.7
37.4
36.1
37.8
37.5
41.6
41.9
36.5
43.6
37.7
43.1
44.5
36.2
37.3
35.1
36.2
35.3
42.4
42.1
37.0
48.1
38.2
42.7
44.1
35.8
36.8
35.1
35.5
34.3
42.5
42.7
36.8
46.7
37.7
42.8
44.6
35.6
36.4
35.0
37.0
36.4
42.8
42.9
38.0
44.1
37.8
42.8
44.1
35.8
36.8
34.9
37.4
37.0
42.6
42.7
39.0
42.9
38.0
42.5
43.9
36.4
36.8
36.0
37.9
37.4
41.0
42.5
36.1
41.2
39.0
43.1
44.4
36.1
36.7
35.6
37.3
'36.8
'42.6
42.8
41.4
42.3
38.0
42.7
43.8
34.7
35.0
33.5
36.3
35.6
'41.8
42.4
39.5
41.9
38.9
42.9
43.8
35.9
35.6
35.7
35.5
34.4
41.4
41.9
35.4
43.1
37.8
42.9
44.0
40.4
39.1
41.1
41.5
41.2
40.8
40.3
40.9
39.5
39.5
37.8
40.7
41.4
41,2
40.7
39.8
39.7
38.2
39.1
38.3
39.8
41.1
41.1
40.8
40.0
38.5
36.0
39.5
38.4
40.3
41.2
41.0
40.6
40.1
37.8
34.8
39.2
38.5
39.9
41.0
41.1
40.3
40.2
37.8
35.3
39.1
38.3
39.8
41.0
41.2
41.2
40.9
39.0
37.4
39.1
38.0
39.7
41.4
41.9
40.7
40.2
39.7
38.8
38.8
37.8
39.7
41.1
41.3
40.8
40.4
39.7
39.3
39.2
38.4
39.8
41.0
41.1
41.2
41.0
40.3
39.5
39.4
'38.9
39.8
41.3
40.9
39.3
38.5
'39.4
37.7
38.9
38.5
39.1
41.4
41.0
40.8
40.3
39.3
37.2
39.1
38.3
39.6
41.3
41.1
40.1
39.8
38.6
36. 2
37.9
37.2
36.7
37.1
37.0
37.1
37.9
37.8
* 37.8
37.5
37.4
36.7
38.4
41.2
42.7
44.4
39.0
40.9
42.5
42.7
36.2
38.7
42.9
42.1
40.3
40.6
42.4
42.9
132.1
127.0
42.1
43.7
39.4
40.3
42.8
44.4
39.4
39.9
42.4
45.0
31.7
34.2
40.6
44.1
38.3
39.4
42.9
45.9
36.6
'37.9
41.4
45.0
38.7
38.6
42.7
45.8
35.3
37. 1
42.3
44.3
39.5
39.9
40.4
39.7
40.0
40.2
39.5
40.1
41.3
39.6
39.7
39.6
41.8
47.0
45.8
39.8
42.1
47.5
45.6
39.4
41.6
46.3
44.8
39.4
41.7
46.5
44.5
39.4
41.8
46.3
44.5
39.4
*39.1
42.2
46.8
43.9
39.0
42.4
46.3
44.4
38.9
42.2
47.7
44.5
38.7
41.6
47.3
44.4
38.7
41.8
46.6
44.1
38.8
41.7
46.8
45.0
39.4
41.8
46.8
45.1
39.5
41.5
42.6
44.1
41.4
42.3
43.9
40.5
41.9
44.6
41.5
42.0
44.0
42.1
42.2
44.2
42.0
41.8
44.2
42.4
41.8
44.1
41.7
42.2
44.0
39.8
41.1
44.9
41.1
41.8
43.9
'41.0
41.3
44.3
40.8
41.5
44.1
39.7
41.6
39.8
41.0
40.0
41.1
39.8
40.9
39.8
41.0
39.9
41.2
40.3
41.1
40.8
41.2
41.3
41.0
41.2
40.2
41.0
39.7
41. 3
39.5
119
32
'215
'245
'88
'265
'493
'315
'174
r330
r!66
'335
165
'365
'220
'350
150
r285
'250
110
200
90
P125
"40
236
57
590
.1
'300
100
1,050
'.2
'355
'485
••621
' 7, 420
'1.0
'535
'347
4,100
.6
'540
'245
' 2, 200
.3
'575
.1
'415
550
' 6, 430
.8
' 2, 750
.3
'575
'250
' 2, 100
•3
425
200
2,000
.3
375
190
1,900
.1
"225
"100
"600
p.l
397
374
344
413
458
482
524
478
509
551
491
422
339
830
3,701
947
4,042
883
4,244
878
4,865
1,046
4,637
1,015
4,259
923
a 4, 614
839
4,294
706
4,001
680
3,591
724
3,306
956
3,953
1, 323
5,175
621
52, 202
• 776
59, 209
849
60, 730
924
76, 573
904
73, 574
899
66, 432
847
71,940
811
67, 630
778
64,562
727
59, 797
702
55, 435
731
62, 151
939
79, 966
398
2,241
443
40, 209
437
2, 553
628
48, 933
374
2,637
651
49, 466
355
2,930
604
55, 782
299
2,323
522
46, 940
244
1,727
390
33, 535
358
1,716
385
30, 676
303
1,720
398
31, 626
302
1,741
396
32, 732
227
1,477
310
29, 435
192
1,017
237
19, 258
256
1,124
'259
20, 088
"381
v 1, 574
"388
» 27, 935
3.6
3.7
.4
.9
2.3
.1
4.6
4.3
.4
1.2
2.6
.1
3.9
4.2
.4
1.7
2.5
.1
4.0
4.5
.4
1.2
2.8
.1
4.0
4.7
.4
1.2
3.0
.1
4.1
4.3
.3
1.1
2.8
.1
5.7
4.5
.4
1.1
2.9
.1
4.7
4.4
.4
1.0
2.9
.1
5.0
5.1
.4
1.2
3.4
.1
5.1
5.4
.4
1.0
3.9
.1
4.5
4.5
.4
1.2
2.8
.1
"3.9
"4.1
P. 4
"1.4
"2.2
*.l
54.05
58.19
60.52
' 54. 19
' 57. 95
' 60. 69
'54.54
' 59. 20
' 62. 18
65.10
57.49
66.02
' 57. 72
67.02
' 58. 21
'77
r 127
'900
r312
160
'500
275
' 2, 500
.3
WAGES
Average weekly earnings (U. S. Dept. of Labor) :
51.79
All manufacturing
dollars
52.69
' 52. 95
51.75
52.07
52.07
52.85
51.86
Durable -roods industries .
do
56. 48
55.25
55.46
54.77
54.96
54.81
56.13
56.21
56.99
Iron and steel and their products
,_do
57.28
56.49
58.13
57.43
57.70
57.71
57.39
Blast furnaces, steel works, and rolling
60.01
59.74
60.58
59.26
58.37
60.37
mills
_
dollars
60.54
59.54
Electrical machinery
do_._
55.34
54.82
54.50
54.41
53.86
54.86
53.70
' 55. 46
'1 Revised, " Preliminary.
Data reflect work stoppages.
2
Partly estimated.
JData beginning May 1947 are not comparable with earlier data; comparable April 1947 figures and April 1947 figures comparable with
Survey.
' 54. 47
' 58. 53
61.73
v 55. 01
p 59. 32
66.20
58.38
earlier data are shown on p. S-12 of the June 1948
SUEVEY OF CUKEENT BUSINESS
S-14
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
February 1949
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Average weekly earnings— Continued
Manufacturing— Continued
Durable goods industries— Continued
61.95
' 62. 27
61.45
59.33
' 61. 31
59. 83
59.30
58.65
59.12
60.50
59.13
59.67
Machinery, except electrical
dollars..
Machinery and machine-shop prod60.73
61.76
61.46
60.42
59.05
58.81
58.57
59.
61
58.11
58.29
58.
33
59.
22
ucts
dollars
63. 31
62.84
62.11
61.09
61.85
60.63
60.29
59.64
60.54
61.75
60.58
61. 34
M^achine tools
do
63.78
54.44
' 62. 74 ' 65. 50
63.48
64.67
59.14
61.30
60.96
59.00
59.81
64.64
Automobiles
do
Transportation equipment, except autor
62.
67
59.30
61.89
59.89
58.95
60.
53
'
60.
74
58.67
59.40
59.56
59.27
59.79
mobiles
dollars
r
57.74
62. 45
63.15
57.75
57.89
59.68
56.13
"61.38
55. .53
56.71
57.99
57.12
Aircraft and parts excluding engines do
67.73
66.61
61.02
64.79
65.11
66.26
60.33
58.29
59.30
59.53
62.14
60.39
Aircraft engines
do
r
60.44
56.16
62.04
60.40
59.49
58.62
58.87
64.05
61. 54
62.07
59.76
61.74
Shipbuilding and boatbuilding
do
r
59.
20
58.69
56.34
54.96
r
58.
73
54.87
57.97
55.06
55.
07
55.23
55.91
55. 53
Nonferrous metals and their products do
' 49. 61
48.29
47.39
48.14
49.22
50.64
45.59
45.32
44.49
45.01
48.43
45.65
Lumber and timber basic products
do
r
'
48.
48
47.08
45.
06
47.29
48.31
43.99
49.90
43.41
43.86
42.94
47.37
44.20
Sawmills and logging camps
do
r
49. 19
48.46
' 48. 16
46.39
46.30
46.34
47.02
47.68
46.68
47.08
47.72
46.54
Furniture and finished lumber products-do
50.44
50.56
49.25
47.64
46.95
47.60
48.47
48.54
48.38
48.58
47.57
49.10
Furniture
do
' 55. 21
54.48
53.98
51.50
51.77
64.07
51.41
52.30
50.10
49.98
52.45
51.00
Stone clay and glass products
do
49.68
'
50. 17
49.79
'
50.
37
v 50. 42
48.65
49.49
48.33
48.45
48.56
48.66
49.37
48.72
Nondurable goods industries
do
Textile-mill products and other fiber
44.94
45.13
45.22
44.15
45.12
45.07
45.46
45.19
45.79
46.32
45.15
45.29
manufactures
dollars
Cotton manufactures, except small wares
41.60
42.64
41.61
41.69
40.63
41.60
43.08
43.98
43.81
43.43
43.64
dollars
42.00
49.13
49.26
48.38
48.85
48.31
47.69
49.62
47.55
47.92
48.53
46.48
Silk and rayon goods „
do
48.47
Woolen and worsted manufactures, except
49.37
52.33
52.31
52.13
51.19
49.80
52.61
48.79
53.49
52. 82
49.12
dyeing and
finishing
dollars.
53.10
Apparel and other finished textile products
37.24
37.61
37.67
38.74
39.45
40.38
40.00
40.09
40.27
40.23
39.00
dollars. _
37.61
43.50
41.07
44.31
43.03
43.81
44.11
41.97
43.98
44.05
44.73
Men's clothing
do
43.11
43.19
44.39
43.27
43.20
48.52
48.05
46.09
49.15
48.10
49.09
49.06
Women's clothing
do
46.76
43.94
r
r
41.
56
39.65
40.34
42.
65
40.79
41.64
42.63
41.87
42.80
' 42. 99
Leather and leather products
do
42.67
41.38
r
39.
15
37.91
38.09
36.79
39.41
41.09
40.21
40.65
41.35
'41.61
Boots and shoes
do
40.87
39.00
r
r
51.
50
51.26
51.82
50.95
49.74
51.76
49.44
49.18
49.36
51.77
Food and kindred products..
do
50.93
52.09
50.41
50.89
49.09
48.00
50.01
' 51. 11
46.77
47.03
47.38
49.30
Baking!
do
47.43
50.03
41.35
45.32
39.02
41.63
41.78
39.50
46.01
41.10
40.77
Canning and preserving. _
do
42.73
41.14
41.16
67.66
57.38
68.51
58.75
57.64
57.12
61.07
55. 71
56.62
51.88
Slaughtering and meat packing
do
61.57
61.24
37.12
' 38. 78
38.51
37.19
' 37. 97
37.97
36.52
38.37
39. 26
35.04
Tobacco manufactures .
do
39.16
37.86
'r 56. 97
54.28
55.97
56. 94
56.98
53.20
53.82
57.38
53.36
Paper and allied products
do
53.61
53.69
55.34
61. 77
62.44
58.02
59.47
61.49
62.32
62.21
57.75
58.50
Paper and pulp
do
58.41
58.21
60.40
Printing, publishing, and allied industries
65.48
64.62
65.06
62.41
65.08
,65. 96
63.97
'r 67. 39 r 66. 50
62.72
67.03
63.37
dollars..
73.26
73.04
72.79
72.39
75.47
68.96
71.32
76.04
73. 69
76. 80
Newspapers and periodicals. _
do
70.36
71.45
62.25
61.92
62.04
61.26
62.06
62.32
60.96
63.02
60.23
62.79
Printing; book and job..
_ do
60.13
60.22
56.64
55.24
'57.60
57.21
54.31
54.15
54.38
54.12
57.86
57.69
58.20
Chemicals and allied products.
.do
53.73
63.17
61.48
64.02
60.97
63.49
60.80
60.82
60.84
65.27
Chemicals
_ . do
64.58
63.80
60.07
67.18
67.16
64.45
69.45
' 68. 72 'r 70. 90
64.47
64.58
64.62
70.24
Products of petroleum and coal..
.do
70.71
63.21
70.96
71.14
75. 23
67.54
74.01
Petroleum refining. _.
_ _
do
68.50
' 72. 09
67.77
67.64
74.76
66.32
75.13
57.14
55.45
53.39
' 59. 31 r 59. 25
Rubber products
do
57.33
53.24
58.32
58.37
54.70
60.47
59.47
63.96
61.15
64.82
56.54
Rubber tires and inner tubes... . do
62.72
55.54
65.27
58.22
62.79
66.30
68.29
65.74
Average hourly earnings (U. S. Dept. of Labor):
1.292
1.301
1.316
1.332
1.285
All manufacturing
dollars..
1.289
1.349
1.362
.287
'1.371
1.278
' 1. 365
* 1. 378
1.366
1.357
1.385
1.355
1.352
.352
1.407
r 1. 448
Durable goods industries.. _
do
1.452
1.431
1.354
1.451
v 1. 459
1.423
1.431
1.414
1. 416
1.412
.409
1.528
Iron and steel and their products _ do
1. 457
1.525
1. 412
1.501
'1.526
Blast furnaces, steel works, and rolling
1.515
1.513
1.515
1.533
1.642
.513
1.510
1. 559
1.679
1.656
1.519
mills.
dollars
1.657
1.357
1.352
1.372
1.350
Electrical machinery _ _
do
.348
1.350
1.407
1.439
••1.443
1.446
1.346
' 1. 448
1.441
1.415
1.421
1.431
1.461
Machinery, except electrical,
_ do
.417
1.473
' 1. 510 ' 1. 518
1.519
1.413
1.498
Machinery and machine-shop products
1.418
.392
1.408
1.389
1.
395
1.444
1.432
1.470
1.391
1.486
1.499
1.495
dollars _.
1.443
.432
1.433
1.437
Machine tools
do
1.420
1.469
1.469
1.424
1.492
1.513
1. 486
1.514
1.548
1.539
1.533
1.538
Automobiles
_
do
.548
1.649
1.624
1.563
1.664
' 1. 676
1.678
'1.678
Transportation equipment, except automo1.481
1.482
1.472
1.478
1.479
1.503
biles
dollars
1.465
' 1. 556 '1.575
1.579
1.527
1.489
Aircraft and parts, excluding engines
1.421
1.428
1.414
1.408
1.449
.406
1. 475
1.406
1.546
' 1. 507
1.436
dollars
' 1. 537
1.494
1.461
.452
1.467
Aircraft engines
_.
do
1. 491
1.594
1.465
1.583
1.609
1.532
1.617
1.623
1. 541
1.531
1.567
.582
1.539
Shipbuilding and boatbuilding _ do
1.532
1.525
1.604
1.611
1.564
1.618
1.525
1.355
1.344
1.336
1.343
.338
1.404
Nonferrous metals and their products. .do
1.327
1.424
' 1.438
1.439
' 1. 439
1.369
1.083
1.050
1.071
1.115
1.080
Lumber and timber basic products
do
1.149
1.161
1.056
1.175
1.178
1.131
1.167
1.095
1.023
1.046
1.057
1.055
Sawmills and logging camps
_.. do
1.032
1.133
1.162
1.162
1.149
1.140
1.113
Furniture and finished lumber products
1.145
1. 122
1.131
1.136
1.126
.127
1.149
1.117
dollars _ _
1.181
1.163
1.184
1.189
1.174
1.167
Furniture
do
1. 151
.155
1.161
1.156
1.176
1.145
1.189
1.226
1.211
1.217
r
1.292
1.253
.255
1.271
1.286
Stone, clay, and glass products
do.
1.260
1.245
1.307
1.322
1. 344
1.355
1.347
1.242
Nondurable goods industries
do
1.220
1.230
1.217
1.252
1.210
1.220
1.196
1.262
1.272
' 1. 282 * 1.288
1.272
Textile-mill products and other fiber manu1.147
1.142
factures
dollars
1.138
1.115
1.139
1.140
1.145
1.100
1.188
1.170
1.189
1.187
Cotton manufactures, except small wares
1.076
1.077
1.083
1.081
1.076
1.078
1.061
dollars.
1.070
1.106
1.125
1.127
1.125
1.159
Silk and rayon goods
do
1.156
1.137
1.147
1.157
1.151
1.100
1.147
1.182
1.206
1.195
1.200
Woolen and worsted manufactures, except
1.320
1.195
dyeing and
finishing
dollars
1.314
1.192
1.303
1.313
1.311
1.327
1.317
1.323
1.315
1.318
Apparel and other finished textile products
1.094
1.055
1.098
1.092
1.052
1.040
1.040
1.081
dollars-1.106
1.087
1.117
1.100
Men's clothing
do
1.178
.176
1.169
1.136
1.173
1.171
1.188
1.160
1.180
1.178
1.173
1.160
.334
1.239
Women's clothing
do
1.327
1.270
1.206
1.201
1.304
1.310
1.321
1.336
1.352
1.302
.102
1.092
1. 095
Leather and leather products
_ do
1.106
1.118
1.116
1. 118
1.114
.128
1.143
'1.145
1.149
.065
1.059
1.074
Boots and shoes
do
1.074
1.071
1. 056
1.080
1.069
.087
1.104
'1.102
1.103
1.177
Food and kindred products
do
1.175
1.201
.181
1.217
1.207
1.187
1.215
.214
1.216
'1.233
1.251
Baking!
._
_
.
do
.132
1. 119
1.138
1. 131
1.131
1.165
1.148
1.168
.169
' 1.191
1.202
'1.197
1.102
Canning and preserving
.do
.118
1.093
1.125
1.130
1.090
1.120
1.083
.105
1.121
1.159
1.115
1.275
.277
1.425
1.424
Slaughtering and meat packing, ... do. .
1.291
1.301
1.383
.351
1.368
1.361
1.367
1.416
r
.984
.968
.983
.984
.968
Tobacco manufactures.
___
do
.973
1.003
1.014
.008
1. 000
'. 998
1.016
1.235
1.245
Paper and allied products
_ do
1.226
1.292
1.269
1.249
1.250
1.317
.320
1.334
'1.329
1.337
1.295
Paper and pulp
do
1.334
1.301
1.313
1.310
1.368
1.313
1.402
1.400
1.419
' 1. 409
1.418
' Revised. * Preliminary.
JData beginning May 1947 are not comparable with earlier data. Comparable figures for April 1947 and April 1947 figures comparable with earlier data are shown on p S-14 of the June
1948 Survey.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through.
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-15
1948
1947
December
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES —Continued
Average hourly earnings— Continued
Manuf acturin g— C on tinued
Nondurable goods industries— Continued
Printing, publishing, and allied industries
dollars
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:
Building construction (private)
do
Mining:
Anthracite
do
Bituminous coal
do
Metal
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas production
dollars
Public utilities:
Electric light and power _ __
__do
Street railways and busses
do
Telegraph
__ ___do
Telephone
do
Services:
Cleaning and dyeing
do
Power laundries
do
Hotels (year-round)
do
Trade:
Retail
do
Wholesale
_
do
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr__
Skilled labor
do
Farm wages without board (quarterly)
dol. per month __
Railway wages (average, class I)
dol. per hr
Road-building wages, common labort
do
r
r
1 901
1.919
r
1.736
1 936
1.427
1 266
1 901
1 967
1 455
1 281
1.897
1. 970
1. 501
1 284
1 636
1 676
1 682
1 711
1 716
1.734
1.455
1 315
1.367
1 232
1.483
1 328
1.379
1 237
1.472
1 327
1 373
1 229
1.490
1 355
1.379
1 250
1.506
1 370
1.380
1 264
1.507
1.376
1.381
1.307
.936
.817
.707
947
823
711
942
.820
714
951
.822
709
1.055
1.346
1.064
1.363
1 070
1 353
1 077
1.365
1 080
1 379
1.283
2.15
1.287
2.17
1.315
2.18
1.352
2.25
1.386
2 29
1.386
2 30
1.279
113. 00
1.279
.95
1.292
1 278
121 00
1 281
1 04
235
284
1.579
.797
.493
.311
.477
.586
.699
1.444
1.646
1.604
1.812
1.528
1.315
1.479
1.581
1.689
1.421
1.613
.621
.843
.528
.315
.483
* .593
.692
.408
1.599
1.646
1.870
1.551
1.327
1.484
1.600
1.704
1.412
1.603
1.663
1.877
1.570
1.347
1.493
1.631
1.740
1.424
1.636
1.774
1.781
1.806
1.805
1.818
1.756
1.826
1.360
1.176
1.764
1.847
1.371
1.187
1.817
1.826
1.370
1.199
1.776
1.842
1.366
1.190
1.543
1.627
1.638
1.414
1.288
1.257
1.229
1.426
1.299
1.257
1.241
1.428
1.295
1. 265
1.238
.921
.797
.693
.924
.807
.695
1.016
1.300
r
r
r
1.712
1. 954
1.595
1.410
1.596
1.748
r
1. 873
1 504
1.732
1.568
1.791
1.479
1.293
1.457
1.551
1.647
1.454
1.658
1.676
1 896
1.579
1 369
1.509
1 650
1.763
1 439
1.651
1.675
1 894
1.576
1.390
1.539
1 703
1.832
1 472
1.684
1.683
1 908
1.578
1.407
1.552
1 716
1.832
1 500
1.730
1.835
1.858
1.890
1 1. 708
i 1. 821
1.373
1.206
1.774
1.841
1.384
1.226
1.749
1 850
1 386
1 228
1.605
1.599
1.646
1.408
1. 295
1.267
1.223
1.427
1.293
1.349
1.225
1.444
1.302
1.381
1.240
.923
.802
.695
.924
.805
.695
.933
.810
.700
1.044
1.309
1.050
1.343
1.044
1.334
1.272
2.14
1.272
2.14
1.272
2.15
1.290
113. 00
1.297
.91
1.326
r
r
1. 710
1. S42
1.600
1 392
1.563
1 737
1.868
1 508
1.734
1.713
1.956
1.602
1.401
1.576
1.754
1.881
1.510
1.735
1. 919
1.937
1.904
1 959
1.502
1 288
1.818
1.951
1.518
1.290
r
.963
.828
.725
970
828
727
.958
.836
.736
1 080
1 381
1.084
1.385
1.401
2.32
1.413
2 33
1.413
2.34
1 295
1 313
118 00
1 314
1.08
1.341
221
309
214
305
221
285
239
287
1 739
943
861
82
278
517
93 511
37 531
55 980
r
r
1 086
1. 378
r
r
1.413
2.35
FINANCE
BANKING
Acceptances and commercial paper outstanding:
Bankers' acceptances
mil. of dol
Commercial paper
do
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
do
Short-term credit
__
do __
Bank debits, total (141 centers)
do
New York City
do
Outside New York City
do
Federal Reserve banks, condition, end of month:
Assets, total
mil. of dol__
Reserve bank credit outstanding, total___do
Discounts and advances
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. of dol__
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol__
States and political subdivisions
_ do
United States Government
do
Time, except interbank, total
do __
Individuals, partnerships, and corporations
mil. of dol__
States and political subdivisions
do
Interbank (demand and time)
do
Tpvpstments, total
do
U. S. Government obligations, direct and
guaranteed, total
mil. of dol
Bills
..
._
do
Certificates
do
Bonds (incl. guaranteed obligations) . _ _do
Notes
do
Other securities
_
do
1
261
287
262
290
253
301
241
311
242
275
256
254
253
270
1,592
973
869
103
281
338
106, 520
46, 225
60, 295
1,602
962
862
100
278
361
93, 970
37, 615
56, 355
1,619
958
860
98
270
391
80, 776
32, 271
48 505
1,640
955
860
95
249
436
96, 487
39, 587
56, 900
1,662
954
861
93
237
473
91, 640
37, 955
53 685
1,678
954
864
90
223
501
87 236
35, 4^9
51 807
1 710
952
864
88
234
524
97 300
40 633
56 667
537
91 804
35 832
55 972
(')
(2)
(«)
262
539
87 149
33 031
54 118
47, 712
23, 181
85
22, 559
21, 497
47, 712
19, 731
17, 899
1,499
24, 820
48.3
47,327
22, 782
327
21, 925
21, 701
47, 327
20, 311
16,919
768
24, 156
48.8
46, 991
22, 109
431
21, 024
21, 776
46, 991
19, 807
17, 062
762
24,045
49.7
46, 589
21,607
430
20,887
21, 878
46, 589
19, 610
16, 639
655
23,768
50.4
45. 499
20, 858
249
20, 340
21 910
45, 499
19, 007
16 944
737
23, 648
51.4
46, 270
21, 576
306
20, 662
22 036
46, 270
19, 761
17 021
848
23,675
50.7
47, 067
21,900
266
21, 366
22 258
47, 067
20, 176
17 389
678
23, 675
50.7
47, 072
22,035
318
21 325
22 407
47 072
20 518
17 696
877
23, 771
50.6
47, 246
22, 107
323
21 577
22 465
47 246
20 462
17 679
837
23, 935
50.6
48, 685
48,833
47, 296
45, 340
46, 671
46,646
46, 414
46, 839
49, 809
3,246
793
14, 609
48, 701
3,264
693
14, 593
47, 134
3,219
1,009
14, 801
45, 445
3,363
1,297
14, 772
46, 418
3,484
1,309
14,790
46, 627
3,478
1 252
14, 877
46, 671
3,517
1 265
15, 016
14, 192
338
11, 643
41, 487
14, 127
391
10, 681
41, 559
14, 256
471
10, 422
40, 055
14, 221
478
9,750
38, 768
14, 222
492
9,701
39,780
14,283
517
9,914
39, 415
37, 227
1,530
3,338
29,505
2,854
4,260
37,323
2,209
3,410
28, 965
2,739
4,236
35, 845
2,048
3,972
27, 266
2,559
4,210
34, 433
1,272
3,745
27, 111
2,305
4.335
35, 475
2,219
3,839
26, 997
2,420
4.305
35 218
1,986
4,880
26, 017
2,335
4.197
Revised. * Preliminary.
i Data reflect work stoppages. 2 Beginning July 1,1948, farm mortgage loan data are reported quarterly.
t Reported quarterly after July 1947 for the week ended nearest the 15th of the indicated month.
§ Rate as of February 1,1949: Common labor, $1.417; skilled labor, $2.35.
(2)
(2)
(2)
2
( )251
(3)
(2)
(22)
()
(2)
301
480
/2\
/2\
(2)
314
449
259
269
1 677
932
857
75
311
*>435
109 908
46 194
63 714
95 582
38 169
57 413
91 569
34, 754
56 815
49, 632
24, 071
325
23 413
22 603
49 632
22 494
19 ggG
1 038
24, 024
49.6
49, 514
23, 875
339
23, 042
22 726
49 514
22, 420
19 736
49, 803
23, 881
337
23, 209
22 889
49 803
22,427
19 894
24, 062
48.9
24,172
49.1
50,043
24, 097
223
23 333
22 966
50 043
22 791
20 479
v i 136
24,161
48.9
47, 056
46 660
46,607
47, 341
47 794
46, 666
3 400
1 259
14 950
46, 919
3 370
1 21T
14, 795
46, 940
3 241
1 704
14 942
47, 474
3 299
1 513
14 944
47,840
3 292
1 264
14 796
48, 214
3 282
1 274
15 028
14, 417
520
10, 203
38 906
14, 337
532
10, 072
39 224
14, 271
539
10, 231
39 136
14,317
541
10, 041
37 006
14,323
536
10, 701
37 502
14, 238
505
10, 472
37 238
14, 403
540
10, 602
37 192
34 666
1,704
4,669
25, 881
2 412
4.240
34 870
2 042
4,420
25, 934
2 474
4.354
34 714
2 148
4 164
25, 802
2 600
4.422
32 559
1 142
3 745
25 230
2 442
4.447
33 268
2 378
4,423
24, 794
1 673
4.234
33 075
2 106
4 458
24 823
1 688
32 987
1 807
4 742
24 594
1 844
4.205
742
r g()9
4.163
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
February 1949
1948
December
January
February
March
April
May
June
August
July
September
October
November
December
FINANCE—Continued
BANKING—Continued
ITed. Res. weekly reporting member banks, condition, Wednesday nearest end of month— Con.
Loans, total§
mil. of doL.
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 :J
Bank rates to customers:
New York City
percent
7 other northern and eastern cities
do
11 southern and western cities
do
Discount rate (N. Y. F. R. Bank)
do
Federal land bank loans
do
Federal intermediate credit bank loans
do
Open market rates, New York City:
Acceptances, prime, bankers', 90 days — do
Commercial paper, prime, 4-6 months
do
Time loans, 90 days (N. Y. S. E.)
do___.
Call loans, renewal (N. Y. S. E.)
do____
Average yield on U. S. Qovt. securities:
3 month bills
do
3_5 year taxable issues
do__ _
Savings deposits, balance to credit of depositors:
New York State savings banks
mil. of dol_ _
U S Postal Savings
do
23, 329
14, 658
784
23,394
14, 727
674
23, 439
14, 540
831
23,453
14, 417
905
23, 160
14, 159
809
23, 521
14, 113
1,058
23,740
14, 345
1,152
23, 859
14, 490
954
24, 095
14, 887
743
24, 899
15, 239
1,043
' 24, 730
' 15, 418
662
25, 092
15, 527
974
25, 559
15, 561
1,323
880
3 460
106
3,431
811
3,516
180
3,486
764
3,569
233
3,502
761
3,615
215
3,540
749
3,669
190
3,584
772
3,755
219
3,604
780
3,825
151
3,729
778
3,858
268
3,752
737
3,920
239
3,813
717
3,961
315
3,870
695
4,021
295
3,887
* 673
4,044
218
3,908
679
4,062
241
3,946
1.25
4.00
1.83
1.25
4.00
1.88
2.10
2 71
3.03
1.25
4.00
1.88
1.25
4.00
1.96
1.50
4.04
1.96
2.26
2 76
3.13
1.50
r
4.04
1.96
1.50
4.04
1.98
2.27
2 82
3.09
1.50
4.04
1.98
1 82
2 27
2 61
1.00
4 00
1.58
1.25
4.00
1.58
1.25
4.00
1.63
2 09
2 52
2 83
1.25
4.00
1.69
1.03
1.19
1.50
1.38
1.06
1.31
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.13
1.44
1.50
1.63
1.19
1.56
1.50
1.63
1.19
1.56
1.50
1.63
1.19
1.56
1.50
1.63
1.19
1.56
1.50
1.63
950
1 54
977
1.63
996
1.63
996
1.60
.997
1.58
.997
1.51
.998
1.49
.997
1.56
1.053
1.65
1.090
1.69
1.120
1.71
1.144
1.69
1.154
U.64
9.802
3,417
9,855
3,432
9,904
3,441
9,959
3,435
9,986
3,415
10, 017
3,395
10, 111
3,379
10, 099
3,368
10, 112
3,356
10, 141
3,348
10, 149
3,342
10, 194
3, 336
10, 326
v 3, 326
13, 426
6 187
2 839
1,151
13, 127
6 221
2 817
1,202
13, 053
6 299
2 841
1,254
13, 539
6, 555
2,992
1,367
13, 762
6,797
3,143
1,468
13, 986
6,993
3,265
1,536
14, 321
7,185
3,372
1,602
14, 354
7,369
3,480
1,689
14, 522
7,578
3,625
1,781
14, 815
7,774
3,774
1,858
' 15, 101
7,817
3,813
1,889
f 15, 339
v 7, 921
f 3, 889
P 1, 922
* 15, 957
T 8, 229
» 4, 128
9 1,963
650
528
52
192
266
3 348
1,435
225
166
134
632
502
52
175
254
3,404
1,462
227
165
137
624
492
52
169
250
3,458
1,482
230
167
140
653
497
54
165
256
3,563
1,530
241
173
143
680
511
60
160
264
3,654
1,570
252
180
146
703
528
65
161
272
3,728
1,597
260
189
147
720
541
68
162
279
r
3,813
1,634
272
194
150
732
545
72
160
282
3,889
1,669
282
199
152
759
560
76
158
291
3,953
1.701
291
203
154
786
586
81
161
302
4,000
1,712
300
206
155
797
583
81
160
303
4,004
1,700
302
204
155
J-812
*588
»81
J>176
?310
v 4, 032
f 1, 701
"304
*204
v 156
*875
*631
P 84
*234
*341
J» 4, 101
v 1, 709
J>312
*204
*>160
568
701
119
3 612
2 707
920
588
705
120
3 240
2,742
924
610
709
120
3 061
2,765
928
633
722
121
3,275
2,783
926
657
727
122
3,259
2,795
934
676
736
123
3,263
2,816
932
693
746
124
3,364
2,839
945
705
757
125
3,185
2.840
960
716
763
125
3,130
2,847
967
730
771
126
3 227
r
2,r 855
959
745
772
126
3 457
2, 868
r
959
*760
J>780
"127
J»3 557
v 2, 893
*968
*768
*>817
*131
v 3, 854
p 2, 902
*972
267
46
33
30
188
248
38
27
26
r
109
221
38
25
25
107
287
48
32
29
r
139
269
50
31
27
121
258
47
31
25
123
275
54
37
27
127
277
52
33
26
130
270
52
32
27
126
4 260
4,246
35
2 769
142
767
547
3 224
972
568
996
688
4,310
4,275
37
3,237
51
656
329
2,879
401
524
1,063
891
4,614
4,336
34
3,159
423
629
369
2,402
142
529
846
885
6,365
6,334
41
5, 165
176
739
243
3,546
608
597
845
1,493
2,881
2,806
35
1,858
83
662
243
3,109
154
582
903
1,469
3,083
2,707
31
1,785
401
673
193
2,604
124
530
930
1,020
5, 119
5,102
33
3,701
142
694
550
7,261
1,508
562
929
4,262
2,300
2,236
31
1,254
67
677
465
3,698
286
788
1,155
1,469
256, 900
254, 205
225 250
28, 955
2,695
256, 574
253, 958
224, 810
29, 148
2,616
254, 605
252, 100
222, 854
29, 246
2,505
252, 990
250, 634
221, 362
29,272
2,356
252, 240
249, 920
220, 718
29, 201
2,320
252, 236
249, 958
220, 636
29, 323
2,278
252, 292
250, 063
219, 852
30, 211
2,229
253, 374
251, 168
220, 381
30, 787
2,206
r
r
1.50
4.04
1.98
r
r
CONSUMER SHORT-TERM CREDIT
Total consumer short-term credit, end of monthf
mil. of dol__
Installment credit totalf
do
Sale credit total
do
Automobile dealers
do
Department stores and mail-order houses
mil. of dol__
Furniture stores
do
Household appliance stores
_._do
Jewelry stores
-- do
All other
do
Cash loans total f
do
Commercial banks _ _ _
do
Credit unionsf
do
Industrial banks
do
Industrial loan companies
do
Insured repair and modernization loans f
mil. of dol__
Small loan companies!
do
Miscellaneous lenders f
do__ _
Charge accounts
do
Single payment loans f
do
Service credit
__
do. __
Consumer installment loans made during the month
by principal lending institutions:
Commercial banks
mil. of dol
Credit unionsf
do
Industrial banks
do
Industrial loan companies _
^do
Small loan companies f
do
r
r
r
254
51
31
26
122
222
44
29
24
116
*237
J>46
»31
*26
*>134
?260
P57
P37
*31
*>180
2,948
2,569
34
1, 568
410
742
195
2,207
114
539
800
754
4 597
4,589
35
3,632
130
676
124
2 915
570
487
715
1,143
2 199
2,140
36
1 180
65
768
149
2 724
212
490
931
1,091
2 941
2,583
33
1 583
384
768
174
2 859
122
618
957
1,161
4 062
4,055
38
3,042
134
702
145
3,644
1,112
555
1,017
961
253, 049
250, 875
219 987
30, 887
2,175
252, 687
250, 518
219 297
31, 221
2,170
252, 460
250, 300
219 077
31, 223
2,161
252, 506
250, 391
218 992
31, 400
2,115
252, 800
250, 579
218 865
31, 714
2,220
r
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:
"Renfiipts, t^t-ftl •
mil. of dnl
Receipts, net*
do
Customs
do
Income taxes
do
Social security taxes
do
Miscellaneous internal revenue
do _
All other receipts • 1
do
Expenditures, totaled *
do
Interest on public debt
__ do
Veterans Administration
do
National defense and related activities
do
All other expenditures a* •
do
Debt, gross:
Public debt (direct), end of month, total do
Interest-bearing, total
do _
Public issues
do
Special issues to trust accounts, etc
do
Noninterest bearing
do
Obligations guaranteed by U. S. Government,
end of month "f
mil of dol
U. S. savings bonds:
Amount outstanding, end of month
do
Sales, series E, F, and Q
do
Redemptions
do
r
81
77
79
78
75
75
73
55
51
50
52
57
55
52, 174
487
434
52, 575
770
454
52, 875
607
364
53, 061
588
462
53, 133
468
452
53, 207
432
428
53, 333
497
465
54,662
1,673
438
54, 756
474
442
54,826
412
407
54,908
415
393
54, 989
419
406
55, 197
540
432
Revised. » Preliminary. «f For bond yields see p. S-20. 1 Beginning December 15, includes only the 2 percent bond of December 15, 1952-54.
d* June 1948 figures include $3,000,000,000 transferred to the "Foreign Economic Cooperation Trust Fund" and considered expended during the fiscal year 1948, as required by the Economic Cooperation Act of 1948; the effect of this transfer is to charge the budget in the fiscal year 1948 for expenditures to be made in the fiscal year 1949. Figures beginning July 1,1948 therefore exclude expenditures from this fund, totaling $1,643,718,000 for July-December 1948.
§ Beginning June 30, 1948, individual loan items are reported gross, i. e., before deduction of valuation reserves, instead of net as previously; data reported on a gross basis for December
31,1947, for items against which reserves are held, are as follows (millions of dollars): Commercial, industrial, and agricultural loans, 14,730; "other loans for purchasing or carrying securities,"
884; real estate loans, 3,472; "other loans," 3,492. Data for January to May 1948 will not be available until figures are reported for the corresponding month of 1949. Total loans are shown
on a net basis for all months.
fRevised series. Credit unions have been revised to exclude real estate mortgage loans beginning 1929, and further revised on basis of year-end figures from Federal Deposit Insurance
Corp. for Federal credit unions and BLS statistics for state-chartered credit unions. Beginning 1934 insured repair and modernization loans have been revised. Beginning 1946 single payment
loans and loans by small loan companies and miscellaneous lenders have been revised. The related totals have been correspondingly revised. Revisions are available upon request.
t Data revised to include matured debt on which interest has ceased, to conform with figures shown in the 1947 Statistical Supplement to the Survey. For comparable figures for January-August 1947 see note t in the November 1948 Survey.
• Beginning July 1948 figures exclude interagency transactions involving payments to the Treasury, principally by wholly owned corporations, for retirement of stocks and disposition
of earnings. Such transactions, which totaled $682,000,000 for July-December 1948, have been excluded from all annual figures for receipts and expenditures shown on the back cover of this
issue.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
9-17
1948
1947
December
January
February
March
April
May
June
July
August
September
October
November
December
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE— Con.
Government corporations and credit agencies:
Assets, except interagency, total
mil. of dol
Loans receivable, total (less reserves)
do
To aid agriculture _ _
.
do
To aid home owners
do
To aid railroads
do
To aid other industries
do
To aid banks
do
To aid other financial institutions
do
Foreign loans
do
All other
_ _
do
Commodities supplies and materials
do
U. S. Government securities
do
Other securities
_ _
do _
Land, structures, and equipment
do
All other assets
do >
Liabilities, except interagency, total
do
Bonds, notes, and debentures:
Guaranteed by the United States
_ do
Other .
_
do _
Other liabilities
+ do
Privately owned interests do _
TJ S Government interests
do
Reconstruction Finance Corporation, loans and investments outstanding, end of month, totalf
mil. of doL _
Industrial and commercial enterprises, including
national dfife/nse
"mil of dol
Financial institutions
do
Railroads, including securities from PWA-.do
States, territories and political subdivisions. _do
United Kingdom and Republic of the Philippines
mil. of doL.
Mortgages purchased
do
Other loans
do
30, 966
9,714
2,299
556
147
272
5
442
5,673
714
822
1,685
3,539
12, 600
2,607
2,808
31, 107
10 134
2,399
623
147
259
5
379
6,093
613
570
1,845
3,526
12, 535
2 496
2,724
20, 120
10 373
2,386
633
147
260
5
481
6 214
611
251
1 684
3,531
2 458
1 824
2 091
20, 687
10, 573
2,660
697 ~~
146
275
5
491
6,079
592
328
1,811
3,525
2,423
2,025
2,303
82
689
2,037
143
28, 015
76
781
1,868
150
28 233
68
836
1 187
154
17 875
52
1,011
1, 239
159
18, 225
1,113
1,106
1,106
1,102
1,096
1,111
1,122
1,154
1,169
1,189
1,213
1,249
1,282
318
153
145
124
320
145
144
122
321
143
144
122
316
140
145
124
302
139
145
128
304
139
145
128
303
137
144
135
291
137
145
134
294
135
145
134
301
133
143
134
305
133
141
134
310
132
141
134
321
129
138
134
238
134
3
235
136
3
234
138
3
230
144
3
226
153
3
225
167
3
215
186
2
214
198
36
213
214
36
209
233
36
207
259
36
204
292
36
194
331
37
LIFE INSURANCE
Assets, admitted:*
All companies (Institute of Life Insurance), estimated total
rm'l, of dol
54, 628
51, 735
55, 383
53 122
52 584
52 866
52 003
53 457
54 041
52 238
53 774
54 892
54 358
49, 541
50, 265
Securities and mortgages...
do
46, 825
47, 771
48, 084
46, 955
48, 320
49, 040
47, 315
48, 579
48, 871
49, 778
49, 165
49 companies (Life Insurance Association of
AiTip,rioa\ total
mil. of dol
48, 806
46, 279
47, 058
47, 522
49 030
47, 304
48 086
46 754
46, 550
47, 869
48 307
48 566
35, 854
34, 926
Bonds and stocks, book value, total
do
35, 359
34, 911
35, 565
35, 497
35, 093
35, 640
35, 727
35, 704
35 899
35 664
17, 671
20, 014
19, 755
Govt. (domestic and foreign) total
do
19, 395
19, 162
19 000
18 530
18 321
19 518
18 787
17 453
18 071
15, 672
18, 277
U. S. Government
_ do
17, 259
17, 658
17, 421
18, 017
16 760
16 350
17, 796
17, 054
15' 444
16 087
7,946
6,650
Public utility
do
7 270
7 148
6 717
7 536
7 637
6 988
6 839
7 390
8 070
7 767
2,821
Railroad
do
2,733
2,741
2, 744
2.776
2 777
2 784
2 810
2 815
2 750
2 835
2 817
7,415
Other
do
5,529
6,232
6,411
5,697
6 851
5,986
6,518
6,679
6,931
7,541
7 008
Cash
do
822
705
684
594
963
656
590
817
695
690
718
822
8,555
Mortgage loans, total
do
7,181
7,697
7,296
7,560
7,422
8 121
7,828
7,977
8,276
8 702
8 404
777
823
Farm
do
728
730
802
750
764
741
790
811
829
816
7 ggg
Other
_
do
6,453
7,732
6,933
6,566
6,810
7,465
7,051
7,186
7,319
6,680
7 873
1,684
1,769
Policy loans and premium notes
do
1,688
1,705
1 715
1 725
1 735
1 742
1 752
1 694
1 779
1 762
903
Real estate holdings
do
750
785
822
770
825
771
847
863
878
910
895
1,021
Other admitted assets
do
916
922
977
964
979
989
956
976
1 021
1 008
1 020
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance) :
1,685
Value, total
_.
_ _ _
mil. of dol
2,201
2,242
1,818
1,862
1,851
1,858
1,648
1,746
1,816
1,707
1 769
1 593
436
182
178
Group.
_ _ _ _ do. _
624
359
225
195
225
201
157
246
248
185
353
Industrial
do
287
309
301
383
369
319
338
347
393
336
345
331
1,478
Ordinary, total
. . _ _ _ _ _ _ do
1,184
1, 150
1,331
1,243
1,115
1,196
1,244
1,318
1,287
1,125
1,176
1 078
91
New England
do
75
81
85
78
85
72
90
81
83
71
78
67
Middle Atlantic
do_ _
346
344
273
301
326
272
287
259
298
289
305
244
282
East North Central
do
318
304
272
249
278
255
289
252
265
256
252
237
259
West North Central
do
153
126
133
118
108
110
112
119
113
120
111
109
108
South Atlantic
_
do
169
141
134
147
138
148
132
121
143
140
131
132
125
East South Central
do
56
51
51
54
41
52
48
51
47
50
46
50
47
West South Central .
do
115
99
99
107
88
100
102
96
89
98
97
93
90
Mountain
. d o
41
57
43
41
38
42
41
47
38
36
40
39
37
Pacific
do
173
135
124
135
140
140
131
158
131
134
122
133
121
Institute of Life Insurance:
Payments to policyholders and beneficiaries,
283, 410 278, 138
250, 600 307, 077 273, 084 244, 544 284, 967
total
thous. of dol
253, 440
247, 279 258 304
248, 330
257 971
142, 339
Death claim payments
_
do
122, 777
109, 455
124, 695 116 083 112 462 122 692
113, 860
123, 590
121, 007
110 837
118 358
35, 496
Matured endowments
do
38, 987
40, 157
36, 706
32, 185
31, 168
32, 986
37, 117
31, 182
30, 378
35, 290
37, 644
8,118
8,356
7,111
Disability payments. _
do
8,723
7,472
7,963
7,711
8,114
7,581
7, 122
7 632
8 212
16, 216
24, 275
18, 014
19, 438
19, 881
Annuity payments
do
18, 164
20 337
19, 512
18 937
13 149
17 581
18 926
52, 452
69, 114
44, 694
Dividends
...
do
55, 083
44, 446
40, 555
40,377 ' 52, 497
41, 976
39, 898
36, 687
38 300
32, 694
31, 425
41, 704
36, 017
40, 498
36, 569
Surrender values c"
do
43, 032
36,090
38 133
43, 811
37, 751
37 345
Life Insurance Association of America:
Premium collections, totalj
thous. of dol_. 540, 554 405, 921 410, 719 481, 627 378, 769 382, 810 432, 885 406, 274 374, 355 412 695 367 335 406, 756
Annuities
_
do
109, 545
62, 296
51, 207
87, 360
48, 791
41, 296
52, 493
74, 411
42 812
42 453
58 814
52 017
35, 849
34, 665
33, 018
36, 062
31, 082
Group
do
29, 056
31 360
34 049
28 400
28 251
29 905
33 487
88, 920
68, 528
76, 236
58, 264
Industrial...
do. __
68, 570
69,319
72, 129
61, 357
68, 239
69, 298
62 415
71 300
Ordinary
do
306, 240 242, 037 254, 922
283, 366
243, 139 276, 903 236, 457
240, 632
233, 845 255, 891 234, 216
249, 798
r
Revised.
cf Surrender values include premium notes and liens voided by lapse.
JExcluding accident and health premiums which were not reported prior to January 1948; these premiums totaled $286,293,000 for January-November 1948. The reporting companies accounted for 84 percent of total premium income of all U. S. legal reserve life insurance companies in 1946; it should be noted that the coverage is now expressed in terms of premium income instead
of in terms of percentage of total business outstanding of all companies. Minor revisions or total collections and industrial for 1946-June 1947 are available upon request.
*New series. The new data measuring assets of all life insurance companies are estimated totals for all legal reserve companies based on reports from about 130 companies accounting for
92 to 95 percent of the total. Annual data back to 1916 and monthly data back to January 1945 are available upon request. The data for 49 companies, based on actual reports, replace the
data formerly shown for 36 companies; the 49 companies accounted for about 90 percent of the total assets of all legal reserve companies at the end of 1946; monthly data back to January 1947
are available upon request. Assets for the accident and health business of life insurance companies are included in the total assets of all companies and of the 49 companies but are only partially
included in the security and mortgage data; accident and health assets amounted to less than 1 percent of total assets of life insurance companies in 1947.
f Revised series. Investment in capital stock of the RFC Mortgage Company and the Federal National Mortgage Association has been eliminated and, in lieu thereof, loans and purchases of the subsidiary corporations are included. Loans made by the Smaller War Plants Corporation prior to its transfer to RFC for liquidation formerly included in figures for business
enterprises beginning March 1946, and loans to U. S. Commercial Company, an RFC subsidiary, and to the Defense Homes Corporation, formerly included under "national defense," have
been omitted. Loans to railroads and to States, etc., and loans to the United Kingdom and the Philippines were formerly included in figures for' 'other loans." * 'Mortgages purchased" includes
mortgages partially guaranteed by the Veterans' Administration and mortgages insured by FHA. RFC equity in mortgage loans of the Defense Homes Corporation, which was transferred
to RFC in July 1948 for liquidation, is included in "other loans" beginning July 1948. Data on the revised basis are available only beginning May 1947.
SUKVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
February 1949
January
February
March
April
May
June
August
September
October
November
December
1 0. 2977
.0228
.0544
.9283
0. 2977
.0228
.0544
.9270
0. 2977
.0228
.0544
.9218
0.2977
.0229
.0544
.9290
0. 2977
.0229
.0544
.9238
0.2977
.0228
.0544
.9225
4.0047
8 . 3017
6.2057
.3765
.2782
4.0314
4.0047
8. 3017
4. 0047
8. 3017
.3762
.2782
4. 0315
.3760
.2782
4. 0315
4. 0047
8. 3017
e. 1444
.3760
.2782
4. 0314
4.0047
8 . 3017
.1449
.3757
.2782
4. 0315
4 . 0047
8 . 3017
.1453
.3762
.2782
4. 0315
23, 725
59,475
47, 353
86, 431
23, 872
98, 137
25, 993
79,283
24,004
970
8,337
129, 908
24, 166
99, 659
21, 097
75, 321
9 24, 243
-45, 945
24,123
132, 420
38, 173
10,689
7,661
37, 817
10, 320
7,388
37, 759
107, 40
6,540
5,306
123
4,973
.736
July
FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
Argentina
. dol. per paper peso__
Belgium
__ __ __
dol. per franc. _
Brazil
dol. per cruzeiro..
Canada, free rate§ .- - -dol. per Canadian dol__
Colombia ...
dol. per peso. _
France
dol. per franc. _
India
dol. per rupee-Mexico
dol. per peso..
Netherlands
dol. per guilder. _
Sweden
dol. per krona..
United Kingdom, free rate...
dol. per £._
Gold and silver:
Gold:
Monetary stock, U. S
. mil. of dol__
Net release from earmark •
thous of dol
Gold exports
do
Gold imports
_
do
Production reported monthly total t
do
Africaf
do
Canada
do
United States
do
Silver:
Exports
do
Imports
do
Price at New York
dol per fine oz
Production:
Canada cT
thous. of fine oz
Mexico
.
do
United States
do
Money supply:
Currencv in circulation
_
mil. of dol. _
Deposits' adjusted, all banks, and currency outside banks, total
mil. of dol_.
Currency outside banks _
__
do
Deposits, adjusted, total, including U. S. deposits
mil. of dol_ _
Demand deposits, adjusted, excl. U. S__do
Time deposits, incl. postal savings
do
Turn-over of demand deposits, except interbank and
U. S. Government, annual rate:
New York City
ratio of debits to deposits. _
Other leading cities
do
0. 2977
.0228
.0544
.9063
.5701
4. 0047
8. 3017
.2058
.3776
.2783
4. 0315
0. 2977
.0228
.0544
.9227
.5701
4. 0047
8. 3017
.2057
.3775
.2783
4. 0312
23,137
23, 169
-63, 376 — 111, 546
27, 385
28,178
262, 334
127, 328
60, 861
59, 507
38, 452
38, 545
10, 013
10, 070
5,650
6,372
23,304
-2, 841
61, 887
213, 214
60, 980
38, 672
10, 047
6,078
0. 2977
.0228
.0544
.8836
.5698
.0084
.3018
.2058
.3770
.2783
4. 0313
0. 2977
.0228
.0544
.9046
.5699
3. 0084
.3017
.2058
.3765
.2783
4. 0307
0. 2977
.0228
.0544
.8906
.5701
4. 0047
.3017
.2058
.3771
.2783
4. 0311
22, 754
-44, 592
2,509
180, 674
60, 433
38, 034
9,614
6,828
22, 935
-14, 859
6,590
241, 568
60, 377
39, 079
9,568
6,214
23,036
-72, 165
2,560
161, 948
57, 211
36, 561
9,156
5,489
352
3,296
.746
1,636
7,222
.746
220
6,196
.746
229
5,331
.746
5,763
5,560
.746
2,564
9,146
.746
42
5,747
.746
278
4,352
.746
13
4,781
.738
52
5,758
.753
61
6,910
.772
1, 000
3,900
3,724
958
3,700
3,938
1,036
3,800
2,070
1,099
3,900
3,383
1,090
3,600
3,216
1,073
3,400
3,253
1,194
4,500
3,085
1,782
3,700
2,721
1,518
3,900
2,327
1,230
3,800
3,466
1,381
4,500
2,957
3,414
28,868
28, 111
28, 019
27, 781
27, 716
27, 812
27,903
27, 866
28, 055
28,118
28,176
'28,331
' 171, 462
26, 476
170, 200
25, 800
168, 900
25, 700
166, 400
25, 600
167, 500
25,400
167, 600
25, 400
167,875 9 168, 600 9 169, 100
25, 638 9 25, 500 9 25, 600
9 169,700 9 170, 300 9 170, 100 9 170, 800
9 25, 700 9 25, 600 P 25, 900 9 25, 680
' 144, 986
87, 123
r
56, 411
144, 400
86, 600
56, 500
143, 200
84, 600
56, 800
140, 800
81, 500
56,900
142, 100
82, 700
56, 900
142, 200
82, 800
57,000
142, 237 9 143, 100 9 143, 500
82, 697 9 83, 400 9 83, 800
57, 360 9 57, 300 9 57, 300
9 144,000 9 144, 600 9 144, 200
9 83, 900 9 85, 000 9 85, 000
9 57, 300 9 57, 300 9 57, 000
26.2
18.7
25.6
18.6
26.4
19.1
26.5
18.6
27.9
18.7
r
29.9
20.0
0. 2977
.0228
.0544
.8928
.5701
4. 0047
.3017
.2058
.3775
.2783
4. 0313
10.2977
.0228
.0544
.9323
2
. 5701
4. 0047
8. 3017
.2057
.3772
.2782
4.0313
23,532
23, 679
81,671 -188, 411
44, 782
2,486
222, 523
269, 178
60,112
38, 308
39, 013
10, 152
10, 367
5,719
6,180
28.0
19.1
26.6
19.1
23.9
18.5
27.5
19.4
r
27.9
19.3
27.8
20.8
666
593
583
433
0
150
10
73
73
16
56
2
0
1,418
4,908
.700
9 28, 224
9 170, 800
9 25, 680
9 145, 120
32.1
21.0
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve) :
Net profits, total (629 cos.) _
mil. of dol
Iron and steel (47 cos.)
do
Machinery (69 cos.)
do
Automobiles (15 cos )
do
Other transportation equip. (68 cos.)
do
Nonferrous metals and prod. (77 cos )
do
Other durable goods (75 cos.)
do
Foods beverages and tobacco (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.)
Railways and telephone cos. (see p. S-23).
do
1 033
112
105
115
746
59
71
108
160
88
90
80
1,029
114
89
129
764
46
64
77
192
91
101
57
501
23
283
160
1,101
110
92
151
769
53
71
86
194
98
100
77
9 1, 178
9 150
529
559
9 610
22
207
186
22
218
156
9 22
9 223
9 143
^
9 163
p 7 68
v 59
9 78
9 91
9 186
9 103
9 107
9 80
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
capital and refunding)
_ mil. of dol
New capital total
do
Domestic, total
_ _ _
do__
Corporate
do
Federal agencies
do
Municipal State etc
do
Foreign
do
Refunding total
do
Domestic, total
_ _
_ _
do
Corporate
do
Federal agencies
- do
Municipal State etc
do
Foreign
do
Securities and Exchange Commission:
Estimated gross proceeds, total f
do
By type of security :J
Bonds and notes, total
do
Corporate
do _
Common stock
__ .
__do
Preferred stock
do
1,160
1,029
1,026
926
0
99
4
130
130
83
45
2
0
541
495
495
365
16
114
0
46
46
3
42
2
0
857
802
801
546
39
217
1
56
56
14
39
3
0
1,409
1,257
1,221
560
31
630
37
152
152
97
54
1
0
936
769
768
562
50
156
2
166
166
50
114
1
652
591
591
374
35
182
0
61
61
4
49
8
0
965
899
888
584
21
283
11
66
66
29
34
3
0
714
630
629
444
67
118
1
85
85
15
68
2
0
856
681
531
259
35
237
150
175
175
2
123
50
0
666
576
574
456
0
118
2
89
89
26
62
1
0
983
902
651
378
0
273
251
81
81
19
56
6
0
2,128
1,376
1,552
2,029
1,407
1,170
1,620
2,507
1,207
1,723
1,809
r
1, 427
1,948
991
107
72
1,324
294
28
24
1,332
393
170
49
1,983
642
21
25
1,297
526
58
51
1,074
310
26
69
1,459
493
50
111
2,463
530
30
14
1,134
171
34
40
1,651
401
61
11
1,723
619
35
52
r
1,375
••457
31
21
1,872
'
1,796
586
64
13
' Revised. 9 Preliminary.
1 June average is based on quotations through June 22, July average on quotations beginning July 15; beginning the latter months rates are those for "regular" products; earlier data are
shown
2 as official rate.
Quotations not available after June 10. 3 Based on quotations through January 23 when franc was devaluated.
4
Official rate. The February figure is based on quotations beginning February 10; the free rate for this period through August is $0.0033, thereafter $0.0032. October figure is based on
quotations through October 15.
88 Excludes Pakistan. « Quotations not available July 22-October 12. 1 Partly estimated.
Less than $500,000. § Official rate since July 4, 1946, is $1.000. • Or increase in earmarked gold (—). {Revisions for January-August 1947 are available upon request.
fRevised series. Beginning in the July 1948 Survey figures for Africa and the total include production in Belgian Congo and the total includes also production in Mexico and revised figures for Australia. Data for Belgian Congo and Mexico were not available currently from May 1940 and March 1942, respectively, until July 1948 and figures reported through May 1940 for
Belgian Congo represented only about 50 percent of production while those previously included for Australia after December 1943 covered Western Australia only. Revised annual figures for
1938-46 and monthly figures for January 1946-April 1947 for the total and Africa are available upon request.
^Revisions for January-November 1947, 833, 973,1,138, 924,1,010,1,178,1,117,1,153,1,004,1,137,1,036.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
December
S-19
1948
January
February
March
April
May
June
July
August
Septem-
October
November
December
663
FINANCE—Continued
SECURITIES ISSUED—Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds^— Continued
By type of issuer:
Corporate, total
_
mil. of dol .
Industrial
do
Public utility
_
do
Railroad
do
Real estate and
financial
do--_..
Non-corporate, total
_ __ _do
Federal agency not guaranteed
do
U. S. Government
__
__ _
do .
State and municipal
do
Foreign governments.
_
do
Nonprofit
do
New corporate security issues :t
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total _
do
Plant and equipment
_
do
Working capital
do
Retirement of debt and stock, total
do
Funded debt
do _ _
Other debt
do
Preferred ^tock
_
_ _ _
do
Other purposes
do
Proposed uses by major groups:
Industrial total
do
New money
do
Retirement of debt and stock
do.- Public utilitv, total
_- _.
do
New money
do
Retirement of debt and stock
do
Railroad, total
do_ __
New money
do
Retirement of debt and stock
doReal estate and financial, total
do
New money
_
-- -do _
Retirement of debt and stock.
_ do_ - _
State and municipal issues (Bond Buyer) :
Long term
thous. of dol _
Short term
- - do.
1,170
601
515
20
34
957
0
854
101
0
1
346
98
167
24
57
1,030
0
913
116
0
0)
613
441
121
35
16
939
0
718
220
0
0
688
126
325
81
157
1,341
0
708
633
0
0)
636
273
269
52
42
771
0
597
174
0
0
405
158
219
24
4
764
0
574
190
0
P)
654
97
410
84
63
966
0
680
286
0
0
574
282
178
69
46
1,933
0
1, 813
120
0
0)
244
127
76
30
11
963
0
526
. 287
150
0)
473
121
265
42
45
1,250
0
1,128
122
0
0
705
385
248
62
9
1,104
0
825
279
0
(0
r509
r!97
231
72
10
918
0
763
152
0
4
128
483
45
6
1,209
0
1,080
129
0
0
1,155
340
594
679
626
395
642
564
238
465
697
r503
652
1,026
905
121
97
51
43
2
33
294
193
101
32
6
26
0
14
546
309
237
47
14
22
12
1
560
343
217
114
83
30
1
6
434
334
100
166
62
104
0
25
356
297
60
21
1
20
0
18
563
449
114
74
4
45
26
5
424
307
117
99
8
91
0)
40
222
164
58
15
4
11
0
1
399
293
106
42
10
28
4
24
666
538
128
28
10
18
0
2
r466
353
r 133
34
0
26
8
3
622
547
75
24
2
19
3
6
593
497
82
510
498
11
20
20
0
33
11
3
95
70
24
164
149
6
23
23
0
57
52
2
425
390
35
119
106
12
34
34
0
16
15
1
123
83
40
320
281
36
80
42
37
157
153
0)
269
154
110
265
233
31
51
32
19
41
15
7
152
120
19
216
209
2
24
24
0
4
3
0)
93
70
19
403
363
40
83
69
14
62
60
C1)
275
168
94
176
149
C1)
68
68
0
45
39
6
123
113
10
75
73
2
30
29
1
10
8
2
118
108
6
262
226
36
41
41
0
43
25
0)
382
361
20
244
236
8
62
62
0
9
8
0)
r 195
r 177
16
228
209
18
71
71
0
9
8
0
125
119
2
475
455
20
45
45
0
6
3
1
101, 195
148, 464
125, 763
77, 416
227, 408
79, 895
639, 938
103, 453
167, 626
94, 387
196, 141
24, 857
307, 848
59, 759
258, 299
104, 759
318, 816
150, 303
119, 039
100, 402
282
424
272
488
291
483
280
454
278
390
260
276
284
279
420
420
471
416
392
301
266
263
381
348
301
337
393
578
612
240
568
622
217
537
596
208
550
592
229
572
614
241
615
619
258
332
619
576
283
608
577
288
573
551
252
570
550
238
580
540
252
551
563
244
349
550
586
257
•
125, 416
283, 325 ' 213, 808
43, 138 ' 81, 747 83,894
COMMODITY MARKETS
Volume of trading in grain futures:
Corn
Wheat
mil of bu
do
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. Members
Carrying Margin Accounts)
Cash on hand and in banks.
Customers' debit balances (net)...
Customers' free credit balances
Money borrowed
__mil. of dol.
do
do ..
do
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.),
total§
dollars-99.84
100. 18
99.62
99.77
100. 19
100. 80
101. 72
99.97
100.04
99.93
99.87
99.79
99.85
Domestic
do
100. 69
100. 27
100.35
100.74
102. 30
100. 11
100. 54
101. 35
100. 47
100. 59
100.40
100.30
100. 37
Foreign
do
68.96
67.61
68.41
65.99
68.77
66.93
66.45
65.20
66.85
66.62
67.65
68.19
67.82
Standard and Poor's Corporation:
Industrial, utility, and railroad:
High grade (12 bonds) f _ _ . dol. per $100 bond-98.9
97.6
99.4
98.1
98.1
99.4
100.2
98.5
99.2
98.3
98.2
97.8
97.9
Medium grade: f
Composite (14 bonds)
do
90.5
90.9
91.2
91.4
92.7
94.4
92.8
90.7
93.2
92.9
94.6
91.9
91.1
Industrial (5 bonds)
do
96.5
94.9
94.3
99.7
94.5
98.1
94.7
98.2
96.8
99.3
97.5
95.7
94.5
Public utility (4 bonds)
do..
96.0
93.6
95.6
94.1
96.0
96.3
96.7
95.0
95.6
94.6
94.4
95.0
93.6
Railroad (5 bonds) _
do
82.1
82.1
82.2
94.7
83.5
82.2
87.2
89.8
89.1
86.8
85.1
86.9
85.8
Domestic municipal (15 bonds)
do
124.5
126.2
122.6
123.1
127.8
125.7
127.8
127.0
126.5
124.4
124.0
124.5
124.9
U. S. Treasury bonds, taxable
do
101. 59
100. 89
100.70
100.84
101.23
100.70
100. 82
100.78
100. 70
101. 20
100. 69
100. 79
100.73
Sales:
Total, excluding U. S. Government bonds:
All registered exchanges:
Market value
thous. of dol__ 145, 181
98, 892
60,126
87, 151
90, 704
67, 055
87, 363
68, 289
51, 238
63, 470
50, 449
57, 711
63,049
Face value
do
134, 381
123, 899
186, 213
132, 534
119, 745
84,508
95, 180
67, 315
89, 347
90,827
67, 313 r 78, 581
88, 261
New York Stock Exchange:
Market value
._ do
93, 971
137, 971
56, 161
62, 799
81,942
83, 047
85,560
64, 672
48, 470
47, 699
54, 179
60, 153
59,386
Face value
do
128, 055
125, 834
178, 255
79, 154
89, 511
113, 325
117, 483
63, 479
86, 380
63, 847
74, 345
83, 409
84, 620
New York Stock Exchange, exclusive of stopped
sales face value total
thous of dol
141, 873
111, 380
104, 021
114, 479
69, 745
108, 954
85, 367
75, 831
55, 967
62, 902
72, 582
74, 537
78, 063
U. S. Government
do
125
185
51
16
79
52"
41
60
306
258
137
21
36
Other than U. S. Government, total§
do
141, 748' 111, 195
69, 729
108, 902
103, 961
85, 288
114,428
75, 525
55, 926
62, 644
72, 445
78, 042
74,501
Domestic
do
131,041
102, 419
63, 511
74, 326
106, 223
96, 286
99, 580
69, 138
51, 100
56, 870
66,631
69, 115
69, 941
Foreign
_
_
do
7,474
8,581
7,013
7,931
8,975
5,846
10, 721
6,198
4,606
5,679
5,713
5,287
8,018
'Revised,
i Less than $500,000.
J Re visions for January- August 1947 are available upon reqilest.
§ Sales figures include bonds of the Internationa Bank for Reconstru ction and 1Developme nt not shown separaltely; these bonds are included a Iso in com puting avei•age price c>f all listed
bonds.
fRevised series. The price series for high grade bonds is based on a verage yie Id of 12 bonds throuirh August 1948 and 11 bonds thereafter, co nverted to a price ba sis by assu ming a 1%
percent bond with 30 years to maturity. The series for mediiim grade t onds are c on verted f rom yields of 14 bone s through August 1948 and 12 I )onds there after (num ber of indiistrial and
railroad bonds each reduced to 4 in September 1948) , assuming a 3-perceiit coupon with 30 ye ars to matiirity; thesej series rep laces the se ries for me dium and lower grad e bonds sh 3wn in the
Survey through the August 1948 issue. Both series are average s of daily 1Igures.
SUEVEY OF CUEEENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
February 1949
January
February
March
April
May
June
July
131, 481
129, 116
2,115
133, 746
132, 085
1,415
131, 593
129, 230
2,113
131, 645
129, 995
1,408
September
October
November
131, 707
129, 345
2,112
131, 610
129, 957
1,412
131, 294
128, 980
2,064
131, 128
129, 491
1,396
131, 226
128, 923
131 426
129, 126
130, 945
129, 304
1,400
131 234
129 600
1, 390
131 068
128 771
2 048
131 306
129 660
1 401
August
December
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds—Continued
Value, issues listed on N. Y. S. E.:
136, 727
134, 347
Domestic
- do
2,130
Foreign
_- -.
do
136, 207
Market value total all issues c?
__do
134, 500
Domestic
-do
1,469
Foreign
do
Yields:
3.12
Domestic corporate (Moody 's)
percent. .
By ratings:
2.86
Aaa
do __
2.94
Aa
do
3.16
A
do
3.52
Baa
do
By groups:
2.92
Industrial
do. _ _
3.02
Public utility
__do __
3.42
Railroad
-do. __
Domestic municipal:
2.35
Bond Buyer (20 cities)
do
2.35
Standard and Poor's Corp. (15 bonds) — do
2.39
TJ S Treasury bonds taxable
do
136, 543
134, 173
2,120
136, 232
134, 537
1,458
136, 531
134, 170
2,111
136, 313
134, 645
1,427
134, 201
131, 835
2,116
134, 167
132, 544
1,379
134, 297
131,931
2,116
134, 546
132, 903
1,396
134, 300
131, 931
2,119
135, 370
133, 714
1,408
3.12
3.12
3.10
3.05
3.02
3.00
3.04
3.09
3.09
3.11
3.12
3.09
2.86
2.94
3.17
3.52
2.85
2.93
3.17
3.53
2.83
2.90
3.13
3.53
2.78
2.87
3.08
3.47
2.76
2.86
3.06
3.38
2.76
2.85
3.03
3.34
2.81
2.89
3.07
3.37
2.84
2.94
3.13
3.44
2.84
2 93
3.13
3.45
2.84
2.94
3.15
3.50
2.84
2.92
3.18
3.53
2
2
3
3
2.91
3.03
3.44
2.90
3.03
3.43
2.89
3.01
3.40
2.85
2.97
3.34
2.82
2.95
3.27
2.80
2.96
3.23
2.84
3.02
3.26
2.89
3.07
3.31
2.88
3.07
3 32
2.90
3.07
3.35
2.89
3.09
3.37
2 gS
3 AC
3 36
2.40
2.45
2.45
2.48
2.55
2.45
2.42
2.52
2.45
2.34
2.38
2.44
2.23
2.31
2.42
2.27
2.26
2.41
2.28
2.33
2.44
2.39
2.45
2.45
2.43
2.46
2 45
2.41
2.45
2.45
2.31
2.42
2.44
9 4J.
527. 8
100.5
224.9
6.6
199.4
33.7
99.3
595.5
34.0
370.0
40.4
456.0
62.9
196.1
6.8
168.9
23.6
93.8
725.6
58.9
653.8
75.6
498.2
105.0
227.0
7.0
207.8
40.1
114.0
2.2
679.3
474.7
206.6
42.8
418 4
81.1
229.4
53.7
50.5
23.7
55.9
12.0
.3
54.3
52.5
30.1
42.1
11.2
.3
3.0
7.6
2.9
14.6
43.5
38.9
40.1
23.7
54.0
44.7
14.0
34.4
12.1
.3
2.2
10.6
56.0
22.4
43.5
18.6
15
39
22
40
18
8
5
6
6
5
2.56
2.58
3.21
1.84
2.32
1.88
43.57
43.20
53.38
30.36
5.88
5.97
6.01
6.06
4.77
3.62
2.59
2.60
3.21
1.94
2.32
1.88
46.53
46.60
53.89
32 96
5.57
5.58
5.96
5.89
4.60
3.40
2.62
2.64
3.22
1.94
2.32
1.88
47.95
48.02
54.89
34.93
5.46
5.50
5 87
5.55
4.50
3.29
2.65
2.68
3.21
1.94
2.33
1.88
50.36
50. 77
56. 78
37.22
5.26
5.28
5.65
5.21
4.43
3.09
2.67
2.69
3.21
1.99
2.33
1.86
50.24
50.77
56.50
37.53
5.31
5.30
5.68
5.30
4.54
3.34
2.69
2.73
3.26
1.99
2.33
1.86
48.45
48.60
56.25
35. 54
5.55
5.62
5.80
5.60
4.72
3.53
2.80
2.84
3 25
2.19
2.33
1.86
2,054
2,050
79
gg
16
53
2 20
2.26
Stocks
Cash dividend payments publicly reported:
Total dividend payments
mil. of dol__ 1,139.6
98.7
Finance
do
726.9
Manufacturing
do
99.9
Mining
do
Public utilities:
13.1
Communications
do
46.0
Ueat light and power
_
do
51.3
Railroad
do
67.3
Trade
do __
36.4
Miscellaneous
do_ _
Dividend rates, prices, yields, and earnings, 200
common stocks, Moody's:
2.55
Dividend rate per share (200 stocks)*
dollars..
2.56
Industrial (125 stocks)
do
3.20
Public utility (25 stocks)
do
1.85
Railroad (25 stocks)
do
2.32
Bank (15 stocks)
do
1.88
Insurance (10 stocks)
do
46.85
Price, per share, end of month (200 stocks)*— do
47.34
Industrial (125 stocks)
- do
53.00
Public utility (25 stocks)
do
32.14
Railroad (25 stocks)
__do
5.44
Yield (200 stocks) f
percent. _
5.41
Industrial (125 stocks)
__do
6.04
Public utility (25 stocks)
do
5.76
Railroad (25 stocks)
__do
4.70
Bank (15 stocks)
- do
3.50
Insurance (10 stocks)
do
Earnings per share, quarterly: *
6 22
Industrial (125 stocks)
dollars
3.33
Public utility (25 stocks)
do
6 03
Railroad (25 stocks)
do
Dividend yields, preferred stocks, high-grade, 15
4.07
stocks (Standard and Poor's Corp.). ..percent..
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924=100..
Dow-Jones & Co. (65 stocks)
dol. per share
Industrial (30 stocks)
do
Public utilitv (15 stocks)do
Railroad (20 'stocks)
._
__do _
Standard and Poor's Corporation:
Industrial, utility, and railroad: §
Combined index (416 stocks).. .1935-39 =100..
Industrial (365 stocks)
-do
Capital goods (121 stocks)
do
Consumers goods (182 stocks)
do
Public utility (31 stocks)
do
Railroad (20 stocks)
do...
Banks N Y C (19 stocks)
do
Fire and marine insurance (18 stocks) _ do
Sales (Securities and Exchange Commission) :
Total on all registered exchanges:
Market value
mil. ofdol__
Shares sold
thousands
On New York Stock Exchange:
Market value
-*
mil. ofdol—
Shares sold
thousandsExclusive of odd lot and stopped sales (N. Y.
Times)
thousands. _
Shares listed, New York s'tock Exchange:
Market value, all listed shares
mil. of doL.
Number of snares listed
-- millions. _
2.56
2.57
3.22
1.84
2.32
1.88
45.58
45.42
54.56
31.87
5.62
5.66
5.90
5.77
4.63
3.49
1.4
37.2
8.2
17.1
2.4
35.3
34.5
6.3
7.5
2.9
2.77
2.82
3.26
2.04
2.33
1.86
48.61
48.60
56.17
36.59
5.70
5.80
5.80
5.58
4.54
3.49
6.75
3.64
7.05
6.32
3.34
2.85
47.05
46.87
55 10
35 02
5.95
6 06
5 90
6 25
4 67
3 40
8.6
25.4
115.1
2.4
1, 334. 4
115 6
845 0
119 2
53.2
46.7
16.2
42.9
10.3
.5
38.8
12.8
8.2
3.4
45 8
69 2
88 0
36 9
2.90
2.97
3.28
2.24
2.33
1.87
3.02
3.12
3.29
2.32
2.33
1.87
3.04
3 14
3 30
2 40
2 34
1 99
67.4
49.87
50. 07
56.55
44.97
44.70
36.12
5.82
5.93
5.80
6.20
4.45
3.16
54 14
31.28
6.72
6 98
6 08
7 42
4 87
3 30
H
7
46.30
46 33
KA
00
o-i o-i
6 57
6 78
7
4
3
A7
74
O.1
*7. 15
"3.80
f 9.60
4.13
4.18
4.12
4.12
4.09
4.04
4.10
14.20
!4.20
24.28
24.21
24.15
76.8
63.66
179. 18
33.04
49.46
73.9
63.61
176. 26
33.06
51.44
70.5
60.91
168. 47
31.95
49.19
75.5
61.75
169. 94
32.24
50.64
78.0
66.03
180. 05
33.75
56.03
82.8
69.11
186. 38
35.16
60.32
82.3
70.61
191. 05
35. 73
61.37
78.2
69.97
187. 05
35.39
62.34
77.7
67.99
181. 77
34.65
60.29
75.0
78.8
180. 33
185. 19
34.74
60.23
35.20
60.62
71.4
64. 90
176. 60
33.34
55.00
73.0
64 24
176 31
33 09
53 27
122.4
129.2
117.5
128.4
94.0
103.9
91.0
116.9
120.1
126.0
115.0
125.1
95.1
106.5
93.9
119.6
114.2
119.2
108.9
117.8
92.6
101.9
91.2
117.7
116.4
121.8
111.4
118.9
93.0
105.2
92.5
119.5
124.6
130.8
119.9
125.6
96.2
115.2
94.2
125.4
130.2
136.9
125.0
131.1
99.2
122.6
97.5
131.1
135.1
142.7
129.8
135.3
100.6
125.6
96.6
132.7
131.9
138.9
126.8
132.0
99.5
124.7
94.3
127.3
127.1
133.5
121.6
128.3
97.3
119.7
95.0
122.8
125.7
131.7
121.1
127.2
97.3
120.4
96.1
125.1
127.8
134.3
123.9
128.0
97.4
120.9
96.0
135.3
120.4
126.4
116 3
122.1
94.2
108.8
92.9
131 0
119.4
125 5
115 9
120.2
105 8
92 9
90 3
135 7
1,178
53, 160
41, 447
1,433
63, 059
1,717
77, 141
1,456
62, 659
1,108
45, 256
746
34, 336
897
40, 123
30, 823
32,322
891
40, 593
1,137
53 415
1 077
49 092
1,003
38, 688
785
659
24,704
759
29,774
1,219
45, 304
1,468
57, 504
1,225
46, 322
32, 877
624
28, 696
21, 758
626
22, 649
747
29, 081
970
39, 345
914
35 534
27, 605
20,218
16, 801
22, 993
34, 613
42, 769
30, 922
24, 585
15, 039
17, 564
20, 434
28, 319
27,963
68, 313
1,907
66, 090
1,923
63, 158
1,928
67, 757
1,933
70, 262
1,938
74, 704
1,962
74, 507
1,977
71, 056
1,991
70, 862
1,998
68,614
2,004
72, 186
65, 466
2,011
67,048
924
777
934
740
67.69
69.00
2,008
2,018
2
' Revised.
* Preliminary.
1 Data based on 14 stocks.
Data based on 11 stocks.
<? Total includes bonds of the International Bank for Reconstruction and Development not shown separately.
§ Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.
*New series. The new series on dividend rates for 200 common stocks, which replace similar data formerly shown for 600 stocks, price per share, and earnings and the revised series for
yields of 200 common stocks are for an identical list of companies. Dividends are at annual rates and are determined at the end of the month on the basis of the most recent declarations.
Yields are obtained by dividing per share dividend's by per share prices. Earnings are net after taxes and contingencies less preferred dividend requirements (whether actually paid or not)
and are quarterly earnings (partly estimated) at annual rate; for utilities only they are for the 12 months ended each quarter. The number of shares used to obtain per share figures represents
number outstanding per companies' balance sheets adjusted for stock splits, etc., so as to be comparable with number outstanding December 31, 1946. A more complete description of the
series and data beginning 1929 will be published later.
t Revised series. The yield series for utility stocks has been revised to include only operating utilities beginning 1946 and earlier data have been revised back through 1942. There have
'been minor revisions in the yield series for industrial and insurance stocks and revisions in the railroad series beginning in 1946. Revisions through April 1947 will be shown later.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-21
1948
1947
December
January
"February
March
April
June
May
July
August
September
October
November
December
FOREIGN TRADE
INDEXES
Exports of U. S. 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
229
312
136
213
290
137
208
289
139
223
304
136
220
298
136
216
293
136
198
269
136
197
272
138
194
263
135
185
246
133
204
271
133
165
218
132
342
143
176
124
140
175
125
141
180
128
154
200
130
126
165
131
132
170
130
145
187
129
134
177
132
141
185
131
139
184
133
143
189
132
133
175
132
221
93
80
86
87
85
104
91
103
80
101
79
99
73
95
88
121
92
93
91
73
98
73
99
85
147
133
134
142
139
175
143
162
133
163
124
146
123
149
148
188
161
148
152
121
155
121
134
120
114
118
123
115
111
107
124
109
86
80
96
99
112
122
93
103
104
113
99
103
102
103
92
85
6,575
4,509
5,796
3,959
5,312
4,173
5,125
5,036
4,780
4,438
7,781
4,682
8,050
5,735
8,060
5,055
8,356
5,336
7,319
5,017
6,885
5,681
1,172
1,046
1,092
925
165
1,086
920
166
1,138
943
197
1,120
936
187
1,103
921
182
1,013
1,022
0)
(0
0)
0)
986
0)
0)
926
0)
1,020
0)
0)
819
0)
0)
68, 967
187, 796
401, 617
138, 327
118. 805
176, 096
62, 374
195, 440
398, 309.
141, 514
113, 746
174, 870
66, 134
190, 628
408, 665
151,301
126, 080
197, 952
78, 626
201, 102
373, 043
150, 817
127, 878
190, 240
63, 908
193, 251
352, 362
171, 622
149, 369
172, 548
64, 596
180, 610
335, 790
178, 846
119, 169
134, 324
68, 022
209, 243
333, 466
155, 105
114, 938
141, 468
66, 998
180, 920
323, 182
169, 158
106, 863
141, 098
59, 489
154, 893
320, 213
168, 453
97, 884
125, 311
61, 022
178, 608
328, 048
179, 959
118, 690
154, 427
46, 339
131, 209
272, 459
175, 114
98, 706
95,564
2,439
38,273
3,058
36, 698
2,862
36, 610
3,455
49, 593
2,314
40, 565
3,322
41, 309
3,319
44, 376
1, 531
45, 578
3, 465
42, 278
2,286
39, 344
2,000
31,885
14, 203
6,733
18, Oil
29, 354
30, 239
6,967
42, 632
9,706
7,962
21, 891
18, 006
37, 888
5,536
43, 584
9,201
6,868
23, 504
18, 489
24, 108
6,248
41, 540
6,446
11,177
31, 364
32, 762
11, 797
8,308
41, 851
8,571
10, 760
35, 494
25, 005
12, 093
7,421
39, 530
6,814
7,913
22, 824
32, 294
18, 060
7,473
36, 857
7,881
7,227
26, 633
26, 519
46, 791
8,557
39, 561
7,778
4,088
18, 968
19,373
40, 172
5, 218
33, 396
5,711
4,899
7,737
31, 161
26, 390
7,425
26, 028
9,813
5,703
9,473
28, 812
27, 449
8,388
38, 153
10, 393
1,598
11, 232
17, 519
18,267
3,839
31, 570
70, 859
62, 015
36, 442
7,479
72, 397
57, 217
61, 209
40, 165
5,175
60, 078
64, 489
91, 174
41, 212
8,176
51, 716
59, 378
88, 641
45, 730
3,981
43, 604
69, 399
61, 516
47, 589
204
45, 726
48, 016
89, 525
25, 022
23
40, 368
37, 495
80, 821
21, 990
412
65, 649
37, 717
80, 966
23, 824
1,178
53, 713
30, 819
57, 779
26, 263
89
54, 617
30, 411
65, 344
29, 438
525
51, 926
30, 006
61, 514
30, 109
43
46,071
136, 707
280, 873
51, 065
45, 779
8,028
19, 078
33, 752
44, 252
35, 359
1,082
139,200
270, 928
48, 249
45, 649
5,909
20, 438
36, 995
37, 121
38, 397
1,076
148, 783
306, 183
48, 865
63, 135
5,662
20, 694
39, 325
45, 597
40, 807
1,128
148, 374
300, 037
46, 512
46, 154
7,136
21, 902
40, 207
47, 132
46, 493
1,110
168,649
303, 961
38, 401
43, 062
5,342
20, 353
50,119
45, 810
48, 719
1,092
176, 503
237, 202
27, 330
20, 012
10, 141
14, 264
32, 858
46, 494
44, 359
1,003
152, 713
240, 228
21, 850
37, 090
6,372
13, 717
30, 911
46, 854
43, 671
1,010
165, 533
232, 818
16, 507
35, 997
8, 028
13, 449
30, 003
37, 491
46, 905
977
165, 981
208, 276
19, 010
33, 115
7,599
12, 005
28, 863
36, 419
36, 776
916
175, 830
255, 431
20, 268
41, 255
13, 822
12, 621
38, 397
41, 725
48, 558
1,010
173, 927
183, 953
14, 942
29, 129
5,899
9,748
32, 772
38, 363
27, 923
812
112, 204
99, 125
118, 126
130, 409
621, 896
108, 651
118, 742
100, 970
120, 846
626, 490
108, 369
104, 258
124, 574
129, 986
663, 347
86, 397
89, 745
128, 697
122, 428
684, 035
125, 954
74, 582
129, 797
121,116
640, 260
115, 550
81, 311
112,872
113, 331
580, 605
130, 592
113, 461
103, 457
115, 231
550, 309
119, 151
139, 029
107, 338
107, 622
506, 303
124, 178
107, 238
97, 297
91.563
495, 819
127, 854
127, 241
92, 560
102, 478
560, 381
146, 733
96, 545
80,547
83, 733
404, 915
281, 774
42, 633
20, 507
147, 420
12, 383
281, 195
33, 620
28, 424
141, 755
14, 429
295, 615
45, 904
35, 084
127, 257
21, 867
274, 579
31, 282
27, 754
132, 856
9,235
272, 097
40, 439
25, 298
131, 062
9,873
238, 301
26, 475
17, 893
136, 600
10, 448
281, 020
28, 673
15, 844
159, 535
11, 608
293, 615
21, 002
16, 307
190,154
11, Oil
265, 869
30, 755
18, 942
143, 296
10, 722
289, 415
43, 769
18, 808
149, 574
9,987
272, 354
74, 789
15, 346
108, 440
8,190
SHIPPING WEIGHT
Water-borne trade:
Exports including reexports thous of long tons
General imports
do
VALUE
Exports, including reexports, total!
mil. of doL_
126
Foreign aid and relief § _
do
By geographic regions:
57, 507
Africa
thous of dol
215, 258
Asia and Oceania!
do
388, 700
Europe!
_
do
152, 054
Northern North America
do
161, 063
Southern North America
do
197, 889
South America
do
Total exports by leading countries:
Africa:
3,514
Egvpt
do
32, 513
Union of South Africa
do
Asia and Oceania:
21, 324
Australia, including New Guinea
do
6,901
British Malaya
do
18, 682
China
do
30, 219
India and Pakistan
do
38, 397
Japan!
do
5,818
Netherlands Indies
do
40, 486
Republic of the Philippines
do
Europe:
56, 049
France
do
41, 761
Germany!
do
32, 308
Italy!
do
15, 137
Union of Soviet Socialist Republics
do...
58, 049
United Kingdom
cJo
North and South America:
146, 956
Canada
do
341, 226
Latin American Republics total
do
56, 811
Argentina
do
55, 316
Brazil
do
9,873
Chile
do
20, 559
Colombia
do
45, 770
Cuba
do
60, 022
Mexico
do
40, 183
Venezuela
do
Exports of U. S. merchandise, total !..mil. of dol.
1, 164
By economic classes:
125, 494
Crude materials!
thous. of dol
118, 375
Crude foodstuffs!
__
do
100, 350
Manufactured foodstuffs and beverages!. .do
' 136, 870
Semimanufactures!
do
r 682, 459
Finished manufactures! _ _
do
By principal commodities:
' 290, 060
Agricultural products, total!
do
Cotton, unmanufactured!
do
37, 467
22, 381
Fruits, vegetables, and preparations! do
Grains and preparations!
do
137, 566
P acking house products !
do
13, 703
0)
1,284
0)
0)
1,272
650, 226
721, 098
794, 656
834, 756
819, 597
685, 828
Nonagricnltural products, total! _
do
873, 489
836, 805
732, 037
540,119
799, 977
765, 097
11, 410
11, 141
13, 613
14, 791
19, 222
10, 651
Aircraft, parts, and accessories
do
12, 937
14, 149
11,052
10, 586
10, 576
10, 591
69, 438
78, 036
74, 898
Automobiles, parts, and accessories. _ do
86, 321
76, 732
83, 819
90, 012
69, 448
47, 279
72, 485
64, 084
83, 931
53, 877
63, 794
68, 132
63, 041
72, 509
58, 072
Chemicals and related products!
do
70, 281
50,932
66, 275
70, 893
63, 415
64, 406
5,904
10, 004
11, 102
Copper and manufactures
do
10,615
10, 384
9,188
12, 755
9, 359
6,176
11, 184
10, 975
7,884
Iron and steel-mill products
do45, 731
61,044
51, 282
75, 126
51, 628
67,058
63, 708
45, 692
36,062
57, 808
51, 322
48, 479
161, 862
215, 336
160, 080
185, 882
213, 963
184, 172
Machinery, total!
_ do
124, 196
201, 581
198, 453
217, 486
201, 307
172, 270
30, 412
32,281
28,564
32, 983
29, 373
28,606
39, 024
33, 267
34, 066
28, 594
25, 901
29, 905
Agricultural
do
31, 792
42, 884
37, 236
46, 159
48, 973
Electrical!
do
47, 692
26, 057
50, 128
47,560
37, 502
34, 345
34. 960
12, 576
11,795
11, 771
16, 615
7,951
13, 352
14.990
15, 980
11, 685
14, 437
11,903
11, 477
Metal working
do.
108, 953
75, 661
94, 427
103, 673
96, 008
104, 170
57,946
101, 772
97, 426
90, 012
86, 194
77, 829
Other industrial
do
56, 255
50, 835
47, 250
44, 168
49,409
58, 845
60, 388
61, 266
Petroleum and products!...
_ _ _ d o 51, 469
43, 332
61, 395
67, 864
87, 005
68,395
81, 522
74, 897
78, 626
62, 292
53, 703
Textiles and manufactures!
do
55, 131
50,477
83. 129
67, 328
77, 457
f
Revised. * Not available; see note marked "!".
§ The series includes UNRRA shipments and shipments under the various foreign aid programs initiated during 1947 (U. S. Foreign Relief, Interim Aid, and Greek-Turkish Aid, Government procured items), the Economic Cooperation Administration Program which began in April 1948, and Army civilian supply shipments (see marked "!")• Separate figures for foreign aid
and relief, other than Army civilian supply shipments, are not available after May 1948; moreover, some goods classified in previous months as commerical exports were subsequently financed
by E. C. A. and Interim-aid authorizations.
! The indexes of exports of agricultural products beginning in the May 1948 Survey, and other indicated export series beginning in the April 1948 issue, include Army civilian supply shipments (with the exception of shipments of petroleum and petroleum products other than asphalt for road building) initiated during the war period to furnish relief to the civilian populations
in occupied areas. These shipments totaled 910 million dollars in 1947; data were not reported prior to 1947. Estimated total Army civilian supply shipments for 1944-46, based on data reported by the Army and Navy, are as follows (millions of dollars): 1944,155; 1945, 724; 1946, 447. These 1944-46 totals include petroleum and petroleum products which are not included in
1947 and 1948 data as indicated above. "Total exports including reexports" includes comparatively small amounts under the lend-lease program which have not been shown separately since the
March 1948 Survey.
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
December
February 1949
1948
January
February
March
April
'May
June
July
August
September
October
November
December
FOREIGN TRADE—Continued
VA LUE—Continued
602, 841 545, 788
General imports, totaL _
. thous.ofdol
By geographic regions:
26, 523
49, 749
Africa
_ _
.
_ do_ _
121, 481 124, 149
Asia and Oceania
do
79, 149
78, 766
Europe
do
105, 839
Northern North America
do. ._ 121, 274
60, 230
94, 359
Southern North America
do
South America
do. __ 137, 213 149, 901
By leading countries:
Africa:
1,797
195
Egypt
do
17, 680
9,608
Union of South Africa
.
do_ _Asia and Oceania:
4, 835
11, 542
Australia, including New Guinea
_do .
32, 504
25, 416
British Malaya
do
6,478
15, 002
China
_ _ «
_
do
22, 915
21, 270
India and Pakistan
do
4,450
2,958
Japan
_
_ . do
2,717
2,345
Netherlands Indies do. _.
20,641
21, 883
Republic of the Philippines
...do
Europe:
4,863
3,053
France
.
.
do
1,078
1,208
Germany
.
do.
6,105
6,036
Italy . .
_do
5,547
5,027
Union of Soviet Socialist Republics
do
21, 863
18, 487
United Kingdom
do
North and South America:
101, 467
117, 260
Canada
_
do
200, 286
220, 940
Latin American Republics, total
do
17, 212
31, 674
Argentina
do
42, 906
48,623
" Brazil
do
12, 675
14,080
Chile
do
27, 794
23, 761
Colombia _.
_ _
.
do
12, 098
42, 708
Cuba
.
do. __
19, 573
23, 832
Mexico
_
_ _
do
18, 822
18, 464
Venezuela
do
' 562, 490 556, 754
Imports for consumption, total
do
By economic classes:
Crude materials
.. .
.
do_ __ ' 156, 480 197, 840
108, 029
125, 748
Crude foodstuffs
do
34, 905
60, 865
Manufactured foodstuffs and beverages do
r
121, 347
131, 536
Sem imanufactures
do
' 87, 861 94,633
Finished manufactures
do
By principal commodities:
r
271, 863 272, 553
Agricultural products total
do
68,656
69, 729
Coffee5
_ _ - _ -_ do
20, 793
12, 390
Hide* and skins
do
25, 739
31, 827
Rubber crude including Guayule
do
143
1,098
Silk unmanufactured
do
6,090
38, 368
Sugar
_ - do_
39, 259
11,107
Wool and mohair unmanufactured
do
290, 469
284, 201
Nonagricultural products total
do
16, 791
12, 001
Furs and manufactures
do
Nonferrous ores, metals, and manufactures,
38, 444
51, 618
total
thous. of dol
12, 425
21 091
9,335
9,927
Tin including ore
do
25, 300
27, 354
Paper base stocks
do
29,
375
34,
721
Newsprint
- _ - do_ _ _
29, 398
28,743
Petroleum and products
do
T
582, Oil
665, 955
527,901
549, 415
615,525
558, 497
598, 396
558, 196
597, 277
45, 513
122, 002
85, 649
101, 552
93, 771
133, 525
44, 454
138, 879
98, 964
128, 806
114, 964
139,887
29, 285
112, 286
80, 725
114, 509
88, 248
102, 770
35, 506
112, 298
83, 549
120, 261
84, 892
112, 902
28,868
137, 669
95,043
129, 274
76,690
148, 008
31, 932
117, 739
87, 588
125, 814
73, 173
122, 259
41, 595
134, 284
89, 572
136, 879
81, 987
114, 079
33, 722
97, 331
94, 384
157, 298
67, 443
108, 017
31, 184
125, 102
102, 205
153, 638
64,774
120, 374
23, 097
95, 519
81, 754
170. 583
55, 729
123, 376
2,486
11, 836
1,980
12, 983
464
9,456
215
12, 182
301
9,978
1,577
12, 580
10, 135
10,837
9,746
10, 056
205
13, 767
206
11, 029
11, 133
20, 304
12, 299
27, 383
4,385
3, 255
18, 912
24, 393
23, Oil
10, 590
22,512
4,643
4,908
23,990
7,287
16, 684
7,778
35, 563
4,019
3,511
16, 942
5,589
20,237
9,133
28, 457
3,787
2,942
17, 632
13, 242
22, 204
10,232
27, 474
5,671
6,038
25, 415
13, 468
23,872
11, 336
22, 317
6,750
5,889
15, 387
16, 938
20, 493
9,940
20,505
5,518
8,910
23,538
6,552
17, 523
8,736
16, 744
4,083
5,502
13, 311
8,914
24,474
10, 971
23, 819
7,130
8,092
13, 945
4,999
14 404
9,315
17, 125
6,214
8,458
11,546*
4,642
2,705
5,721
1,953
20, 184
6,485
1,734
8,414
7, 045 .
25, 578
4,858
1,358
9,127
6,682
23, 871
4,599
1,501
7,210
7,371
20, 725
7,471
1,989
7,214
7,400
26, 314
6,190
3,064
5,937
5,705
24, 209
6,807
2,982
5,863
8,462
24, 078
6,402
4,102
7,478
9,788
21, 903
7,661
3,604
10, 260
5,253
27,007
5,521
3,056
9,103
6,745
19, 462
550, 058
99, 895
212, 731
17, 658
44, 165
17, 142
18, 135
34,681
25, 320
19, 986
573, 674
126, 629
237, 245
19,723
40,684
17, 874
17, 442
47, 195
27, 204
26, 880
638, 748
113, 032
177, 052
12, 520
30, 935
15, 697
8,694
33, 763
24, 227
23, 344
525, 407
116, 194
186, 486
11, 906
35, 984
13, 706
14, 182
38, 990
17, 533
22, 735
543, 603
125, 531
212, 966
17,600
52, 381
18, 004
19, 963
30, 686
17, 051
25, 693
595, 911
122, 346
184, 209
15, 808
36, 216
15, 815
21,145
29, 810
18, 814
20, 158
563, 310
134, 004
182, 426
15, 758
34,909
13,606
18, 737
42, 551
17, 482
20, 435
588, 637
153, 338
163, 575
10, 076
37, 674
12,208
18, 762
32, 787
17, 238
21, 317
587, 873
149, 265
174, 444
10, 352
47, 449
12, 536
19, 954
29, 140
17, 301
21, 498
601,649
165, 863
166, 680
6,908
48, 393
11, 876
22, 840
15, 965
19,623
25, 105
r 657, 192
177, 453
115, 914
55, 917
133, 772
90, 619
195, 293
122, 012
70, 129
140, 922
110, 164
153, 039
85, 284
56, 028
121, 298
109, 555
153, 254
95, 101
63,262
130, 225
101, 761
187, 217
106,830
61, 135
133, 127
107, 371
169, 296
89, 079
57, 206
138, 525
109, 204
177, 410
88,646
74, 738
140, 598
107, 244
183, 065
93, 208
67, 086
138, 871
105, 645
164, 732
105, 931
72, 852
139, 723
118,411
146, 535
116. 094
53, 434
127, 860
113, 269
277, 348
62, 324
12, 592
22, 459
276
30, 796
30, 597
296, 326
18, 355
310, 208
63,435
10,587
29, 639
1,863
40, 808
34, 803
327, 981
11, 996
224, 546
39, 671
8,110
16, 405
828
25, 547
24, 612
300, 636
9,600
237, 036
52, 703
6,961
16,335
982
30, 254
20, 269
306, 516
15, 276
267, 952
67, 489
8,694
26, 688
2,174
22, 164
29,007
327, 895
14, 503
238, 887
50, 357
10, 040
27,233
3,316
22, 470
25, 142
324, 389
10, 104
258, 109
44, 395
6,649
28,365
906
42, 142
26, 948
330, 521
17, 258
261, 761
46. 645
6,878
22, 294
1,034
30, 934
22, 156
326, 112
16, 630
256, 337
55, 306
5, 050
27, 740
1,745
27, 448
19, 893
345, 311
12, 771
231, 972
60, 865
5,064
22, 758
1,091
13, 452
16, 456
325, 220
9,226
47, 138
19, 129
5,692
30, 978
27, 483
30, 368
49, 643
19, 027
7,613
28, 873
37, 367
37, 277
44, 744
15, 376
8,452
22, 347
32, 801
32, 341
48, 989
13, 499
13, 225
28, 967
34, 395
30, 204
50,995
18, 967
13, 947
32, 296
34, 843
34, 612
52, 523
19, 224
7,965
29, 563
33, 093
32, 655
55, 648
15 895
11, 666
27, 271
37, 320
32, 925
54, 325
14, 175
10, 899
23, 612
33, 172
35, 569
63, 892
15, 770
13, 663
22, 857
34. 587
34, 430
55,356
15 888
7,637
20, 974
39, 609
41, 454
721, 421
705, 791
TRANSPORTATION AND COMMUNICATIONS
TR AN SPORTATION
Airlines
Operations on scheduled air lines:
Miles flown, revenue
thousands
Express and freight carried
short tons
Express and freight ton-miles flown thousands
Mail ton-miles
flown
do
Passengers carried revenue
do
Passenger-miles flown revenue
do
24, 599
14, 112
7,993
3,688
853
432, 548
23, 624
11, 754
6,850
2,737
752
393, 637
20, 978
10, 582
6,199
2,618
694
349, 934
24, 849
12, 793
7,817
3,045
881
431, 156
25, 710
12, 422
7,446
2,819
1, 017
473, 950
27, 176
13, 275
8,406
2,923
1,131
527, 924
28,050
13, 069
8,097
2,868
1,187
575, 019
29,444
11, 998
7,296
2,754
1,181
546, 018
29, 427
13, 316
7, 935
2,890
1,206
522, 710
27, 689
15, 952
9,540
3,066
1,176
535, 578
27, 718
16, 575
10, 028
3,321
1,159
522, 007
25, 361
14 973
9 509
3,360
966
440 971
32, 075
75
26, 575
73
25, 910
78
26, 355
5
25, 318
131
21, 877
1
23, 632
25
23, 180
20
22,d712
12
24. 106
*24
23,210
9
23 373
12
8. 3406
1,584
127, 000
8. 4043
1,537
120, 100
8. 4652
1,438
111, 100
8.5234
1,581
121, 800
8. 5816
1,491
119, 500
8.6093
1,487
120, 200
8. 6591
1,437
118, 300
8. 9140
1,356
123, 700
8. 9694
1,342
124, 200
9. 0165
1,369
121, 200
9. 0913
1,439
130, 900
9. 1439
1,392
130, 200
9, 1827
1,478
4,404
992
72
224
200
63
395
544
1,913
3,524
795
58
189
199
42
332
408
1,499
4,183
786
67
246
322
44
408
487
1,823
3,562
746
59
212
223
43
311
420
1,548
3,502
694
58
197
195
58
302
420
1,578
4,574
889
75
243
264
99
346
557
2,100
3 295
642
60
169
207
62
222
Mil
1.523
2 951
621
59
15fr
193
47
78
369
1,428
Express Operations
Operating revenue
Operating income
thous. of dol
do _
Local Transit Lines
Fares average cash rate . _ _ _ _ _ _ _ _
cents
Passengers carried, revenue!
millions. _
Operating revenues
thous. of dol
Class I Steam Railways
Freight carloadings (A. A. R.):l
2,954
2,984
3,824
3,078
3,164
Total cars
thousands
510
714
730
408
916
Coal
_
_
do
53
75
60
40
60
Coke_
do.__
181
205
166
173
168
Forest products
do
141
144
225
153
Grains and grain products.
do
177
35
34
55
49
50
Livestock
do
64
204
56
66
63
Ore
do
434
461
499
432
447
Merchandise, 1. c. 1 _
..do
1,454
1,509
1,495
1,510
1,787
Miscellaneous. _
do
r
Revised. d Deficit.
IData for January, May, July, and October 1948 are for 5 weeks; other months, 4 weeks.
JFigures for January-March 1946 revised; see note marked "f" on p. S-22 of the July 1948 Survey.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-23
1948
1947
December
February
January
March
April
May
June
July
August
September
October
November
December
TRANSPORTATION AND COMMUNICATIONS—Continued
TRAN SPORTATION—Continued
Class I Steam Railways —Continued
Freight carloadings (Federal Reserve indexes) :
Total, unadjusted
1935-39= 100. _
Coal
do
Coke
_
_._
do
Forest products
do _.
Grains and grain products
__.do
Livestock
.
do
Ore
_
_do
Merchandise, 1. c. 1_
do ._
Miscellaneous
do
Total adjusted
do _
Coal
do
Coke
do
Forest products
do
Grains and grain products
do
Livestock
do __
Ore
._do
Merchandise, 1. c. 1
do
Miscellaneous _ do
Freight-car surplus and shortage, daily average:
Car surplus, total- _ . _
number..
Box cars
do
Coal cars§
-do
Car shortage total
do
Box cars
do
Coal cars}
.
do
Financial operations (unadjusted) :
Operating revenues, total _
thons. of dol__
Freight
do
Passenger
_ do
Operating expenses
do
Tax accruals, joint facility and equipment rents
thous. ofdol..
Net railway operating income
do. _
Net incomej
do
Financial operations, adjusted:
Operating revenues total
mil. of dol
Freight
_ do
Passenger
do
Railway expenses
do
Net railway operating income
do
Net income
do
Operating results:
Freight carried 1 mile
mil. of ton-miles
Revenue per ton-mile
cents
Passengers carried 1 mile
millions
139
155
133
155
201
141
192
137
130
92
132
81
60
71
147
149
155
191
158
138
96
192
74
156
45
65
139
145
155
183
153
132
84
180
68
152
5,886
12,013
3,600
712
143
129
150
188
135
101
61
49
69
137
139
150
178
140
103
76
195
71
146
122
98
163
146
100
62
57
73
142
130
98
162
146
109
79
195
72
150
128
105
134
141
108
94
212
70
143
130
105
137
141
123
105
213
70
145
143
163
183
145
113
86
277
69
144
141
163
185
139
129
96
213
69
143
144
153
183
156
147
74
296
66
144
139
153
187
150
144
86
191
66
140
143
144
177
165
189
66
296
63
142
138
144
183
165
158
86
185
64
141
146
153
187
171
156
76
273
67
146
142
153
194
162
144
80
182
66
145
150
149
190
164
142
113
273
70
156
139
149
192
152
127
85
182
66
144
151
147
190
158
150
143
240
71
159
140
147
194
149
150
93
178
68
145
141
138
198
141
152
114
196
68
149
137
138
198
144
155
90
178
66
144
128
131
201
123
138
82
62
60
139
137
131
192
139
147
85
201
62
148
6,657
35, 244
104, 170
14, 515
15, 633
5,392
4,285
109
14
15, 350
1,792
74
253
20, 885
4,473
95, 106
16, 942
1, 736
27, 938
11,339
7,254
3,469
11, 573
1,902
4,781
1,561
791
670
1,817
132
13, 030
934
12, 146
5,643
6,047
8,747
2,888
5,468
' 804, 317
627, 925
f
89, 462
' 631, 370
750, 735
613,361
80, 897
615,856
715, 891
589, 894
'96,278
' 76, 669
60,212
93, 582
41,297
18, 707
805.7
636.9
87.8
722.5
83.2
49.8
766.6
624.1
84.7
707.0
59.6
27.8
57, 332
1.159
3,948
55, 125
1.197
3,654
6,535
2,820
3,715
6,400
2,774
3,625
2,162
1,223
4.91
r
4,922
7,586
2,585
7,783
2,974
4,374
3,459
2,330
1,079
1,058
728,969
776, 616
642, 346
74, 398
618, 759
601, 376
69, 490
585, 625
90, 110
39, 425
17, 798
97, 132
90,239
781.1
760.8
623.3
72,065
586, 356
644.2
77.4
710.5
70.6
38.3
60,724
35, 447
75.5
705.4
53, 104
26, 916
726.1
593.6
72.1
684.4
55.4
22.2
41.7
8.8
53, 579
1.176
3,198
52, 466
1.300
3,271
49, 902
1.284
2,815
3,631
6,446
7,002
2,998
4,005
1,935
1,111
2,098
1,092
5.06
1
5,824
13,282
9,938
385
56
16, 992
5,020
8,279
486
47
19, 095
5,210
12, 985
9,891
10,804
8,908
878, 121
738, 588
75, 316
825, 326
691, 177
74, 220
637, 472
806, 554
648, 028
90, 671
648, 742
93, 150
64, 662
U,539
14, 108
6,262
161
653
1,133
11, 500
2,002
12,637
796, 403
666, 984
71, 786
616, 231
838, 106
690, 838
84, 251
841, 994
685, 426
95, 094
626, 159
868, 089
711, 360
92, 511
637, 362
844, 774
696, 795
620. 993
651,909
87,047
124, 979
94, 071
115, 033
115, 695
85, 510
112, 932
110, 849
82, 657
115, 335
110, 877
84, 486
103, 788
63,715
110, 578
105, 257
76, 474
794.7
665.0
855.6
818.6
836.0
82.8
688.1
84.2
845.0
707.8
87.5
832.9
695.9
89, 993
90, 178
626,080
83,603
710.3
81.6
719.0
136.6
102.5
669.8
842.4
695.2
72.8
701.0
93.7
61.8
726.8
743.6
91.7
57.4
98.7
65.3
98.6
64.9
89.1
'56.3
60,250
58, 231
1.262
57, 995
1.261
61,253
3,043
1.183
3,151
6,826
8,167
737.4
77.2
755.9
84,066
61,760
77 8
751.7
81.2
48.4
1.231
3,961
58, 815
1.256
3,521
62,900
4,094
4,304
9,004
4,407
4,507
8,773
4,478
4,294
7,554
4,461
3,495
4, 059
7,638
4,083
3,554
6,307
3,232
3,075
3,660
1.248
3,101
56, 162
1,300
52, 541
2,990
Waterway Traffic
Clearances, vessels in foreign trade:
Total, U S ports
thous net tons
Foreign
do
United States
do
Panama Canal:
Total
__
thous. of long tons
In United States vessels
do
Travel
Hotels:
Average sale per occupied room
dollars. .
Rooms occupied
__
percent of total
Restaurant sales index, same month ... 1929 =100. _
Foreign travel:
U. S. citizens, arrivals
number
U. S. citizens^ departures
do
Emigrants
do
Immigrants
..
do
Passports issued
do
National parks, visitors
_. _ _
thousands
Pullman Co.:
Revenue passenger-miles
millions
Passenger revenues
thous. of dol
78
86
8,765
3,106
4,063
4,099
2,143
1,165
2,064
1,184
1,990
964
2,125
1,044
1,940
1,117
2,021
1,167
1,954
1,075
1,642
751
1,764
687
1,827
909
5.03
88
211
4.81
89
206
5.35
89
245
4.91
89
246
5.27
89
248
5.12
83
227
5.62
88
236
5.53
90
240
5.60
89
224
5.70
84
225
'5.25
73
204
46, 695
47, 587
44, 722
1,556
14, 567
26, 883
258
41, 823
40, 574
1,750
37, 517
41, 271
1,395
12, 742
27, 304
689
4.5, 627
59, 432
1,707
12, 345
30, 372
1,454
21, 699
2,613
16, 168
2,800
13, 892
1,371
12, 456
616
11, 134
215
12, 669
150
935
9,334
1,028
1,016
9,128
9,240
1,020
1,008
9,183
8,396
243, 779
134, 254
88, 964
192, 228
24, 327
34, 286
244, 659
136, 663
87 153
193, 927
23, 739
34, 518
248, 456
139, 384
89, 102
193, 407
26, 759
15, 403
15,290
14, 842
14, 187
3,720
202
227
37, 411
31, 743
1,566
14, 879
11, 786
38, 380
36, 581
1,300
14, 126
14, 833
171
176
1,193
14, 272
17, 915
208
1,020
9,762
1,202
10, 610
9,328
9,364
8,676
8,254
1,040
9,516
230, 620
127, 132
85, 189
184, 807
22, 010
32, 094
229, 797
129, 809
81, 821
182, 116
21,611
32, 385
225, 584
128, 440
78 490
174, 364
23, 956
237, 939
132, 124
87 003
187, 252
23, 800
32, 934
235, 094
132, 437
83, 653
183, 836
24, 130
33, 186
238, 347
133, 426
85 348
185, 762
25, 250
33, 499
241, 148
135, 379
85, 868
189, 214
24, 702
33, 769
240, 002
133, 533
86, 248
16, 427
14, 633
1,091
15, 192
14, 508
*S09
14, 084
13, 210
16, 055
14, 190
900
15, 014
14, 224
*8S
15, 482
14, 610
* 108
16, 508
14, 759
741
15, 107
15, 091
* 185
2,307
1,872
1,629
1,567
d
1,885
1,843
2,089
125
1,773
1,538
57
* 102
1,787
92
2 012
1,758
60
2 065
1,702
170
2, 108
2,093
1,854
1,812
1,760
1,765
1,817
1,896
1,807
1, 779
1 846
1,857
d
1 931
1,832
12
42,690
1,048
1,045
14,211
25, 110
351
975
922
COMMUNICATIONS
Telephone carriers :J
Operating revenues
thous. ofdol
Station revenues
do
Tolls, message
do
Operating expenses
_
do
Net operating income .
do
Phones in service, end of month _ _ thousands
Telegraph, cable, and radiotelegraph carriers:
Wire-telegraph:
Operating re venues
thous. of dol__
Operating expenses, incl. depreciation do
Net operating revenues
do
Ocean-cable:
Operating revenues
do
Operating expenses, incl. depreciation
do
Net operating revenues
do
Radiotelegraph:
Operating revenues
do
Operating expenses, incl. depreciation
do
Net operating revenues
do
<M
*19
32,628
128
*7S
*140
r
*4S
87
193,785
21, 180
34, 009
14,490
34,760
14, 493
14 069
50
14, 313
164
2 005
1,842
1
1 980
1,724
39
2 076
1,724
157
2 057
1,734
132
1 942
1,709
40
1 869
1,849
1 797
1,819
d
1 838
1,780
1 849
1,791
1 848
1 d850
4759
*54
9t
4 16
463
*29
d
%43
63
Revised. <* Deficit.
§ Data have been revised beginning July 1947 to exclude covered hoppers; prior to that month covered hoppers were not shown separately from other hoppers and are included in the figures
1 Data relate* to Continental United States. ^Revised data for November 1947, $44,494,000.
SURVEY OF CUREENT BUSINESS
S-24
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
February 1949
January
February
March
April
May
June
July
August
September
October
November
December
' 92, 791
«• 93, 923
0)
55,347
99, 303
0)
57, 971
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Ammonia, synthetic anhydrous (commercial)
short tons..
Calcium arsenate (commercial)
thous. of lb__
Calcium carbide (commercial) _ _ short tons..
Carbon dioxide, liquid, gas, and solid
thous. of lb_.
Chlorine
_ short tons.
Hydrochloric acid (100% HC1)
do
Lead arsenate (acid and basic)
.thous. of lb__
Nitric acid (100% HNO3)
_ ._ .short tons..
Oxygen
mil. cu. ft
Phosphoric acid (50% HsPOO
short tons..
Soda ash, ammonia-soda process (98-100% Na 2
Cos)
short tons _
Sodium bichromate and chromate
__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
Sulphuric acid (100% H2SO4):
Production
short tons
Price, wholesale, 66°, tanks, at works
dol. per short ton..
Organic chemicals:
Acetic acid (synthetic and natural), production
thous. of lb__
A cetic anhydride, production
do
Acetyl salicylic acid (aspirin), production. _ do __
Alcohol, denatured:
Production
thous. of wine gal
Consumption (withdrawals)
do
Stocks
__
__do
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
Creosote oil, production
thous. of gal
Ethyl acetate (85%), production
thous. of lb_.
Glycerin, refined (100 % basis):
High gravity and yellow distilled:
Production
thous. of Ib
Consumption
do
Stocks.
_
___
do
Chemically pure:
Production.
__
do
Consumption
do
Stocks
do
Methanol, production:
Natural (100%)
thous. of gal. _
Synthetic (100%)
do
Phthalic anhydride, production
thous. of lb__
97,773
2,190
55, 343
95, 405
2,003
58, 091
90,550
2,433
55, 006
100,142
3,379
61, 489
92, 640
3,910
57, 649
82, 408
3,399
59, 009
81, 364
5,488
54,585
89,642
3,273
53, 375
85, 556
899
57, 443
86, 062
0)
55, 164
57, 996
128, 797
38, 149
59, 304
116, 143
33, 940
3,697
100, 54fi
1,258
90, 601
70,590
132, 668
36, 579
3,654
101, 041
1,361
105, 097
83, 260
126, 992
36, 306
3,814
94, 904
1,362
97, 510
96, 217
130, 926
38, 349
3,127
86, 487
1,370
98, 565
103, 850
133, 231
34, 930
2,097
81, 888
1,288
95, 396
118, 787
129, 445
32, 862
506
92, 594
1,205
96, 864
120, 884
142, 412
35, 782
0
90, 318
1,328
102, 961
101, 358
136, 382
37, 825
0)
95, 570
1,279
106, 304
60,734
71, 125
147, 451
147, 593
38,889
39,863
0)
0)
99,190
91, 348
1,431
1,386
113, 726 «• 104, 433
59, 668
154, 469
39, 237
104, 096
1,251
90, 412
57, 125
123, 319
39,089
3,229
103, 834
1,271
95,331
389, 656
7,983
182, 806
383, 481
7,664
182, 778
360, 437
7,106
173, 693
404, 525
7,971
198, 658
357, 752
8,184
186, 300
360, 110
7,962
186, 265
347, 656
7,916
190, 576
398, 871
7,850
194, 012
394, 215
7,783
203, 274
357, 618
8,200
196. 163
406, 603
8,734
211, 836
398, 158
8,277
212, 494
406, 026
8,328
221, 479
40, 061
37, 529
44, 090
54, 702
38, 773
33, 588
39, 093
38, 230
36, 085
38, 232
38, 617
46, 868
38 049
73, 846
70, 456
64, 182
69, 688
70, 928
73, 510
65, 602
64, 083
67, 293
71, 926
76, 811
73, 721
71 868
967, 235
932, 933
893, 440
956, 957
904, 562
931, 788
838, 982
838, 317
901, 994
866, 168
950,801
944, 268
989 887
16.13
15.00
15.00
15.00
15.00
15. 00
15.00
15.00
15.00
15.00
17.00
17.00
17.00
31, 163
57, 507
615
34, 189
62, 700
979
32, 624
58, 184
985
34, 605
64, 849
1,054
33, 244
60, 103
1,061
39, 091
' 64, 641
559
38, 041
57, 784
649
37,745
63, 246
249
31, 626
63, 004
905
35,437
69, 240
1,043
38, 322
»• 69, 857
1,079
41, 238
73, 450
1,088
17, 700
16 935
1,720
12, 576
12, 432
1,851
11, 051
11, 243
1,653
13, 016
13, 046
1,613
13, 311
13, 206
1,712
13, 754
14, 211
1,245
12, 973
13, 138
1,073
12, 534
12, 492
1,110
14 289
14 124
1,282
15 636
15 573
1,344
15, 962
15, 457
1,982
16,013
16, 185
1,816
15 765
15 266
2 190
26, 625
22, 637
21, 783
854
32 839
4,090
14 263
8,651
17, 396
21, 248
20, 738
510
23 098
2,581
12 835
5,261
20, 951
23, 886
22, 654
1,232
21 151
2, 678
11, 925
5,712
29, 265
29, 808
29, 413
395
23 213
3,237
12, 179
5,850
27, 389
31, 601
31, 032
569
24 899
2,827
12, 884
5,422
29, 852
34, 874
34, 353
521
25 426
2,838
11, 590
5,788
27, 668
38, 273
37, 699
574
23, 445
2,933
10, 654
5,763
23, 833
38, 487
38, 114
373
22, 997
3,024
11, 345
4,972
25, 790
36 098
35, 654
444
26 626
3 432
11 930
5,457
27, 972
31 725
31, 313
412
28 671
3 809
12 483
4,830
29,827
29, 592
28, 738
853
30 116
4,702
11 756
5,008
33,609
31, 999
31, 496
503
29, 217
5,114
13 436
4,904
30 779
34 917
34, 317
601
29 522
3 159
8 752
7 754
17, 341
8 701
7 426
17, 396
7 947
7,098
17, 974
7,699
7,272
18, 197
6,715
7,456
16, 744
6 383*
7,379
15, 221
8,772
7,896
18, 027
4 778
6,953
15, 257
7 045
7 261
14 980
6 886
7 547
13 795
6 551
7 290
13, 376
7 069
6,980
13, 538
7 203
6 652
13 692
9,202
7 511
17 327
10, 437
8 049
18, 306
10, 294
7 376
19, 013
11, 350
7,845
21, 866
8,293
7.116
21,923
7,704
6,776
21,384
9,050
6,730
22, 355
5,557
5 992
21,057
8 991
7 471
20 701
9 484
7 432
20 420
9,530
7 780
20, 586
9,240
7,544
18, 640
10 600
7 551
20 565
257
7,199
12, 893
219
8,806
12, 433
198
9, 161
12, 048
204
10, 944
14, 082
212
10, 489
13, 072
203
12,771
13,632
190
12, 880
11, 606
214
13, 508
12, 133
14, 261
11, 567
Consumption, totalf
..thous. of short tons...
1, 440
1,427
1,130
815
Midwest Statesf
do
257
188
168
181
1,252
Southern Statesf..
__
do
962
634
1,170
Exports, total §
short tons. _ 272, 541 209, 169
152, 851
318, 694
Nitrogenous materials§
_
__
do
169, 457
14, 306
61, 223
88, 927
128, 272
Phosphate materials §
... do
116, 204
189, 251
102, 243
Potash materials§
do
10, 030
10, 735
10, 040
8,000
Imports, total
do
147 828
115 322
158 626
102 099
Nitrogenous materials, total
_. do
126, 802
135, 258
103, 897
78, 092
Nitrate of soda.
do _ _
78,764
99, 494
68 081
24 994
Phosphate materials
do
436
318
10, 449
5,037
Potash materials
_
.do
2,479
8,238
5,227
9,154
Price, wholesale, nitrate of soda, crude, f . o. b. cars,
port warehouses
dol. per short ton..
48. 00
48.00
46.13
48.00
Potash deliveries
__
_
__
short tons _ 112, 214
91, 574
99, 728
97, 029
Superphosphate (bulk):
Production
do
973, 554
883 852 1, 033, 294
926 323
Stocks, end of month
do
994, 464
1, 039, 952 1, 105, 813 1, 081, 544
1,085
202
883
276, 845
68, 429
198, 169
8,563
145 160
116, 875
76, 232
301
12, 861
643
118
525
171, 981
31, 564
133, 078
5,524
163 761
131, 798
89 924
8,594
6,662
382
99
283
202, 191
34, 469
161, 829
3,797
104 306
92, 041
68 049
5,890
2
356
188
168
264, 889
77 029
181,354
5,467
78 688
72 494
30 339
243
359 713
54 897
295 984
8 109
129 587
121 746
64 920
3 481
48.00
99, 135
48.00
80 497
48.00
84 792
48.00
80 338
974 420
965, 480
977 100
1,131,883
r
r
0)
57, 805
r
0)
95, 099
1 409
109, 449
190
191
14, 577
' 12, 288
186
16, 396
«• 13, 254
192
14, 981
15, 921
181
342
142
200
528
73
455
230, 088
79 641
131,712
10,540
66 405
51 974
19 357
3 487
4 914
552
112
440
202, 608
91 321
95, 076
9,845
87 081
74 175
41 840
4,856
768
260
509
o
581
182
399
255 000
57 515
183, 292
11,283
95 906
72 270
34 050
10 208
8 192
50.63
90 806
51.50
96 738
51.50
94 312
51.50
102 160
51.50
102 421
FERTILIZERS
o
o
825 549
741 993
801 926
828 646 r 853 461
839 890
824 957
1,314,000 1 421 300 1 418' 921 1 382 289 1 333 435 1 357 931 1 410 432
NAVAL STORES
Rosin (gum and wood) :
Production
drums (520 lb.)__
Stocks, end of quarter
do
Price, gum, wholesale, "H" grade (Sav.), bulk
dol. per 100 lb__
Turpentine (gum and wood) :
Production
bbl. (50 gal.)_.
Stocks, end of quarter
do
Price, gum, wholesale (Savannah) ...dol. per gal__
382, 720
277, 980
508, 543
339, 269
8.87
159, 665
210, 116
.64
8.83
.63
8.55
7.19
.63
115, 460
195, 350
.64
566, 300
401, 170
7.00
.62
6.80
7.52
.58
183, 240
200, 990
.42
607,805
576, 530
7.29
.39
7.28
7.41
7.62
7.73
7.69
.38
197 640
228, 600
.38
.39
.39
.37
MISCELLANEOUS
Explosives (industrial), shipments:
Black blasting powder
thous. of Ib
2 581
3,233
3,653
3,049
2,739
2 548
2 405
2,415
3,336
2 886
2 168
2 836
2 626
High explosives
do
48 707
45 366
45 799
47 7ftd
46 406
45 302
60 271
58 026
54 684
60 929
58 124
53 175
56 497
Bone black: cf
Production
short tons__
1,033
1,102
1,010
1,017
519
520
607
Stocks
.do
1,254
1,474
1,696
2,004
1,877
1,650
1,526
' Revised.
i Not available for publication.
^Series discontinued by the Bureau of the Census.
t Revised series. Data for fertilizer consumption by midwestern States and the total were revised in the March 1948 Survey to exclude Illinois which has discontinued tag sales; data for
consumption by southern States and the total have been revised beginning in the November 1948 Survey to exclude Louisiana which has discontinued tag sales. Revised data prior to September 1947 for the total and midwestern States, and prior to 1947 for the southern States will be shown later.
§ Beginning in the April 1948 Survey export figures include Army civilian supply shipments; see note marked "t" on p. S-21.
SUEVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
S-25
January
February
March
April
May
June
July
October
August
November
December
CHEMICALS AND ALLIED PRODUCTS—Continued
MISCELLANEOUS—Continued
Gelatin id1
Production, total.
Edible
Stocks, total
Edible
Glue, animal :c?
Production
Stocks
Sulfur:
Production
Stocks
thous. of lb__
do
do
do
_
do
do
__ _
4,415
3,104
6,427
3,300
4,639
3,222
6,387
3,034
4,659
3,425
6,558
3,144
4,336
3,034
7,000
3,464
4,009
2,883
6,889
3,392
4,504
3,103
7,268
3,713
4,584
3,437
7,462
4,060
13, 185
12, 444
14,229
10, 605
13, 131
10, 828
11, 795
10, 957
12, 165
12, 062
11,503
12, 960
11, 771
14,823
412, 680
long tons _ 389, 014
388, 332 402, 832 392, 991 409, 530
438, 527
409, 610
423, 233
391, 214
400,657
393 385
406 220
__do
3, 371, 034 3, 373, 422 3, 348, 462 3, 368, 064 3, 338, 345 3, 297, 705 3, 303, 984 3,340,019 3, 310, 593 3, 313, 777 3, 292, 826 3, 226, 170 3, 225, 014
OIL SEEDS, OILS, FATS, AND
BYPRODUCTS
Animal fats, greases, and oils:
Animal fats:
Production.
thous. of Ib
222, 845
222, 070
238, 278
215, 921
308, 338
258, 924
267, 662
302 208
Consumption, factory _
_
_ . do
116, 571
122, 370
118, 795
107, 826
116, 137
84, 640
126, 774
135, 260
Stocks, end of month
do
323 979
431, 815
449, 291
350 058 369, 460 369, 989 396, 045 414, 980
Greases:
Production
do
45, 153
51,411
46, 815
45, 543
47, 147
51, 131
52 331
48, 097
Consumption, factory
_ __
_ _ do
56,212
54, 205
53, 195
51, 525
46, 433
51, 931
30,009
55, 351
Stocks, fvnfl of month
do
129, 645
129, 997
104 052
122, 608
126, 831
124 582
149 604
119 272
Fish oils:
Production
do
697
766
4,296
13, 345
4,813
17,112
1,000
1 024
Consumption, factory.. _ __ _ _
do
25, 278
20,178
19, 095
15, 721
16, 993
17, 776
13, 979
23 980
Stocks, end of month
do
61, 021
66, 479
74, 569
69, 069
60 879
55 000
78, 276
85 778
Vegetable oils, oilseeds, and byproducts:
Vegetable oils, total:
Production crude
mil. oflb
487
441
408
331
352
310
513
316
Consumption, crude, factory
dp
281
425
385
351
354
469
410
458
Stocks, end of month:
Crude
do
474
496
598
592
555
526
539
465
Refined
_
_ do _
242
305
264
252
292
201
227
247
Exports§
thous. of Ib
37 302
21, 199
14 204
16 319
14 198
25 554
19 750
35 737
25, 931
Imports, total
-. _ do _
32, 646
32, 474
40, 402
29,596
30 256
25 708
34 628
Paint oils
do
15 888
17 008
21 847
10 270
9 266
11 651
10 531
9 697
All other vegetable oils
__
_ do
22, 376
15 465
18 555
10, 043
19 065
22 977
20 991
16 Oil
Copra:
Consumption, factory
short tons
53 135
60, 511
50 194
35 102
23, 530
40 136
31 797
61 796
Stocks, end of month
do. __
36, 471
25,145
41,611
35, 392
22, 659
28 825
37 259
21 868
Imports
do
51, 513
24, 916
85 829
55, 546
27 644
34 349
40 991
56 167
Coconut or copra oil:
Production:
Crude
_
jt _ . _ thous. of Ib
29,945
67, 737
45 362
77,238
64, 280
51, 137
40 456
81 371
33, 225
31, 502
Refined _
do. __
28, 361
27, 771
26, 935
21,890
29 812
37 233
Consumption, factory:
Crude
._
do. _.
69, 523
76, 851
68, 333
40, 259
54, 484
54, 088
57, 539
85 370
29 315
23,342
28, 327
Refined
do
24, 666
16, 255
22, 985
23 575
26 332
Stocks, end of month:
Crude
do
96, 226
69, 654
86, 546
78, 048
98 773
101 254
85 804
75 584
11,837
11, 823
11,561
Refined
.. .
. do
10,500
12, 120
14, 214
12 274
12 616
Imports
do
2,991
5 080
9,598
7 694
3 848
6 428
11 593
6 528
Cottonseed:
Receipts at mills
thous. of short tons..
51
95
M85
74
14
24
22
212
r
Consumption (crush)
_ _ do
65
571
412
326
205
147
522
115
Stocks at mills, end of month
do
503
93
' 1, 423
778
322
188
96
1,116
Cottonseed cake and meal:
60,154
Production
short tons r r264 506
191 325
154 388
95 374
67 944
241 668
54 105
Stocks at mills, end of month
do
74, 760
86, 060
85, 139
83,406
92, 080
100, 037
94, 516
71, 207
Cottonseed oil, crude:
105, 162
67,539
32, 145
Production
thous. of lb._ 175, 731
130, 270
47, 743
38, 023
163, 998
Stocks end of month
do
87 096
22 834
110 827
117 424
58 472
43 054
32 616
121 742
Cottonseed oil, refined:
161 447
35, 627
Production
do
124 877
123 628
90 821
60 035
47 952
140 848
Consumption, factory
do
127, 104
106, 611
46, 449
105, 985
96, 604
91 090
68 170
126 686
In oleomargarine
do
42 779
42 368
38 728
32 114
20, 314
36 180
40 195
46 718
Stocks, end of month
do
152, 986
182, 206
97,549
158, 523
126, 912
168, 750
111 689
152 706
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per lb._
.289
.261
.290
.246
.305
.371
.299
.356
Flaxseed:
1
40, 536
Production (crop estimate)
thous. of bu_
Duluth:
53
45
216
Receipts
do
48
66
50
165
80
1
o
294
Shipments
do
1,764
189
69
459
183
304
Stocks, end of month
do
728
843
794
225
747
683
707
Minneapolis:
723
653
1,384
Receipts
_
do
530
1,360
1 224
870
1 178
298
308
Shipments
._
do
168
318
199
162
196
257
Stocks, end of month.
_
do
3, 099
4,263
5,833
1,888
636
5 114
2.500
967
Oil mills:
Consumption
do
2 319
2 442
2 737
2 595
2 309
3,798
3 156
2 930
Stocks, end of month. _
_
do
3,234
4,879
6,559
3,843
6,112
4,185
5,800
6 290
5
1
2
6
477
332
Imports
do
2
105
6.51
Price, wholesale, No. 1 (Minn.)
dol. per bu_.
6.19
6.04
6.09
7.01
6.08
7.06
6.09
Linseed cake and meal:
Shipments from Minneapolis
thous. oflb. . 49,020
47, 280
49, 740
47, 580
44,520
42,000
50,460
48, 120
Linseed oil:
46 264
48 974
Production
do
45 496
51 663
54 170
63 142
76,965
57 465
Shipments from Minneapolis
do
29,760
37, 440 , 33,720
27, 900
28, 020
29, 940
33,540
32,460
Consumption, factory -__
do
40, 292
38,505
38, 987
40, 871
40, 754
39, 275
39, 008
44, 330
Stocks at factory, end of month
do
141, 504
135, 741
134, 511
126, 499
135, 394
131, 442
137,132
150,118
.292
Price, wholesale (N. Y.)._
__dol. perlb—
.294
.346
.306
.291
.290
.290
.338
Soybeans:
Production (crop estimate)
thous. of bu
i 183, 558
Consumption, factory
_
___do
14. 962
14, 762
14, 185
15, 268
13, 247
16, 481
12,681
12,571
Stocks, end of month _ _
do
36, 857
33.608
15.821
48, 900
47, 824
43. 596
27. 447
23. 042
r
l
2
Revised.
Revised estimate.
December 1 estimate.
cf Series discontinued by the Bureau of the Census.
§ Beginning in the April 1948 Survey export figures include Army civilian supply shipments; see note marked "}" on p. 8-21.
298,192
119, 816
310, 920
340, 957
117, 992
401, 973
47 344
51 547
119 351
50,619
47, 116
112, 915
53, 491
49, 727
100,808
22 332
18, 946
93 2?9
11 344
20 225
97 756
6,529
17, 979
115, 792
5,663
16,209
134, 501
409
367
498
440
'532
'449
532
458
528
152
603
967
028
939
614
211
9,648
31, 329
7,946
23, 382
699
279
189, 987
113, 254
376, 852
185. 865
113, 369
326, 165
221 253
122 063
288 614
43 323
47, 211
142 626
42 192
50,474
129 354
23 379
18, 569
89 878
307
322
463
130
793
184
429
756
r
447
149
11 831
23, 799
7 390
16 409
7
32
14
17
32 503
16 638
41 894
23 553
16, 581
17 757
21 356
14 864
19 049
27, 377
5, 265
19, 557
33 343
26, 359
41 408
28 744
30 003
24, 611
27 554
23 682
35, 185
19, 488
42, 657
21, 203
54, 944
23 916
50,150
21 118
47 098
19 529
43, 827
21,288
47, 369
21 842
70 315
11, 164
5 419
54 892
10, 899
7 024
39 135
11 876
8 569
44,208
8,807
14, 475
52, 180
8,976
373
173
289
1,231
534
985
1,593
707
1,871
975
711
2,129
607
671
2,065
80 566
74, 554
241 993
75,250
318 208
80, 246
322, 572
78, 427
301, 245
81, 615
52, 130
25 601
166, 148
63 285
223, 733
97 778
224, 476
141,085
212, 211
157, 722
43, 586
76, 475
30, 955
60, 695
111,259
103, 281
39 476
59, 241
178
138
45
83
087
828
687
053
167, 559
122, 772
40, 976
120, 774
182 495
117,056
.211
.231
.215
.221
10
40
19
21
168, 081
.199
2 52, 533
242
310
157
5,233
1,253
4 137
4 759
3 133
5 763
8,357
614
1,420
15, 101
2,654
9,748
6 912
1 875
13 286
1,625
1, 311
12, 920
1,491
709
11,957
3 577
6,746
95
6.00
3 675
8, 492
25
6.00
3 098
8 538
1
6.00
2,981
7,076
5
6.01
3,178
6,477
48,840
66, 540
61, 560
52, 140
53, 280
72 234
33, 300
42, 671
165, 273
.290
73 427
35, 160
42,535
180, 175
.290
60, 973
29, 520
39, 347
190, 988
.293
58, 111
26, 340
31, 707
210, 894
.292
62, 645
19,560
31,331
226, 403
.290
10, 742
7,867
16, 276
5.417
13, 849
48.781
600
T
r
2
r
16,154
r
58. 392
220, 201
16, 674
53,414
SUEVEY OF CUKRENT BUSINESS
S-26
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
December
February 1949
January
February
March
April
May
June
July
August
September
October
November
December
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, ETC.— Continued
Vegetable oils, oilseeds, etc.— Continued
Soybean oil:
Production:
Crude
thous. of Ib _
Kenned
do
Consumption, factory, refined
do_
Stocks, end of month:
Crude
>
do
Refined
-do_ __
Price, wholesale, edible (N. Y.)
dol. per lb._
Oleomargarine:
Production
thous. of Ib _
Consumption (tax-paid withdrawals) _ do
Price, wholesale, vegetable, delivered, (Chicago)
dol. perlb_.
Shortenings and compounds:
Production
_'
thous. of lb_.
Stocks end of month
do
r
139, 990
112, 683
108, 985
152, 966
110, 912
110, 777
139, 900
99, 320
94,091
139, 370
108, 829
100, 295
133, 994
116, 152
114, 035
128, 596
112, 696
122, 268
123, 931
112, 433
115, 310
122, 791
84, 615
80,426
105, 282
108, 965
111, 700
104,230
92,790
105, 619
136, 864
91, 632
95, 915
77, 674
64,422
.326
86, 703
63,850
.326
104, 788
71, 561
.262
114, 745
84, 848
.269
98, 493
89, 797
.298
86, 971
87, 992
.322
65, 360
80, 229
.330
77, 615
70,635
.292
54 843
63,756
.278
44,921
51, 294
.294
62, 351
48, 725
.259
' 69, 216
.250
79, Oil
72, 914
87, 934
87, 252
80,418
72, 986
71,817
74, 314
74, 079
75,063
83, 892
79, 959
75, 859
69, 403
52, 554
55, 855
73 335
72,858
80, 434
75, 852
79, 626
78, 319
72, 377
72, 997
154, 757
116, 910
98, 468
160 055
110, 908
97, 934
r
101, 075
86, 576
.237
r
77, 432
.343
.343
.343
.343
.348
.363
.363
.363
.351
.343
.323
.315
.303
131,863
63,464
136, 936
64,493
101, 120
64,144
109,013
69,560
128.033
51, 396
124, 142
56, 751
120,804
75, 915
79,577
72,513
113,663
62 015
123, 615
50,428
125, 517
63,137
134, 629
52,508
129, 341
66,390
68,914
62, 213
29, 688
32, 526
6,700
88, 015
78, 778
31, 743
47, 035
9,237
78, 933
71, 256
30, 159
41,097
7,677
91, 685
82, 403
35, 328
47, 074
9,283
96. 961
87, 715
33, 846
53, 868
9,246
99, 079
89, 534
31, 909
57, 626
9,546
103 706
93, 395
34, 569
58,826
10, 311
88 966
80 408
31,007
49, 401
8,558
94 364
86 002
34' 706
51 296
8 362
91 482
81, 842
34, 464
47, 378
9,640
r
81 781
r
74 070
r
31, 600
' 42, 470
7,711
71,623
65, 133
29,871
35, 262
6,489
1,343
3,830
1,285
4,461
1,321
3,733
1,354
3,960
1,568
3,877
1,071
1,458
3,630
1,066
3,434
27, 662
11, 456
6,739
20,404
7,157
28, 749
10, 226
6,824
19, 554
7,677
26, 701
8,382
6,772
17, 634
7,800
30, 594
12, 718
7,116
19, 037
8,639
26, 356
12, 189
6,561
19, 198
8,219
1,024
20,716
10, 777
20, 337
11, 798
PAINT SALES
Paint, varnish, lacquer, and fillers, total®
thous. of dol
Classified total
do
Industrial
do
Trade
-__do
Unclassified
__do_ _
PLASTICS AND SYNTHETIC RESINS
Shipments and consump*tioncf
Cellulose acetate and mixed ester plastics:
Sheets, rods, and tubes
thous. of Ib
Molding and extrusion materials _ __ ._do
Nitrocellulose, sheets, rods, and tubes
do
Other cellulose plastics
_ do_ _
Phenolic and other tar acid resins
__do
Polystyrene
do
Urea and melamine resins
do
Vinyl resins
do
Miscellaneous resins
_ - __do
842
0)
865
747
930
652
999
769
974
866
0)
15, 946
8,490
794
(i)
0)
15, 188
9,008
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total J
mil. of kw.-hr__
Electric utilities, total $
_ __
do
By fuels J
do
By water power J
__do
Privately and municipally owned utilities J
mil. ofkw.-hr..
Other producers J
do
Industrial establishments J
__
do
By fuels J
do
By water power f
do
Sales to ultimate customers, total (Edison Electric
Institute)
mil. of kw.-hr_.
Commercial and industrial:
Small light and power
do
Large light and power
do-.
Railways and railroads
do Residential or domestic
do
Rural (distinct rural rates)
_ _ ! _ _ _ -do. __
Street and highway lighting
do
Other public authorities
do.Interdepar tmental
-do
Revenue from sales to ultimate customers (Edison
Electric Institute)
thous. of dol__
28,021
23,531
17,111
6,420
28, 443
23, 958
17, 514
6,444
26, 465
22, 194
15, 821
6, 373
27, 966
23, 478
16, 005
7,473
26, 569
22, 296
14 416
7,881
27,035
22,609
14, 925
7,684
27, 161
22, 705
15, 769
6,937
27, 673
23, 282
16 430
6,852
28, 759
24,229
17 494
6,735
28,081
23,635
17 595
6,040
29,006
24, 351
18 386
5,966
28, 748
24, 169
17 588
6, 581
30, 431
25, 688
18 221
7,467
20,305
3,226
4,490
4,136
20,649
3 309
4,485
4,119
18, 996
3,198
4,271
3,902
20,015
3,463
4,488
4,061
18,802
3,494
4,272
3,807
19, 122
3 487
4,427
3,971
19, 446
3,259
4,456
4,034
19, 715
3 567
4,391
4 061
20,631
3 597
4,530
4 188
20, 167
3 468
4,446
4 158
20, 974
3,377
4,654
4,362
20, 802
3 367
4,579
4 247
21,963
3 725
4,743
4 321
19, 617
20,267
19,904
19,969
19,400
19,163
19, 297
19, 367
20, 180
20,539
20, 511
20, 678
3,490
9,934
3,570
9 990
3,518
9 897
3,497
10, 197
3,450
10 014
3,382
10 134
3,482
10, 261
3,653
10 035
3,728
10 648
3,805
10, 721
3,634
10,796
3,651
10, 673
4,329
4 777
4 633
4,391
4 159
3,913
3,815
3 823
3 824
4,018
4,172
4,495
351, 460
362, 163
357, 698
354,600
346, 645
341, 687
344, 779
348, 136
356 619
366, 155
367, 712
375, 038
355
648
379
251
530
56
366
685
384
248
548
66
369
613
429
219
534
59
427
623
458
214
531
59
466
560
463
188
509
57
455
547
452
176
504
55
422
514
510
164
499
53
330
508
637
170
489
53
342
505
732
189
502
52
288
492
733
206
515
50
GAS
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. f t _ _
Residential
do
Industrial and commercial
__ _ _do
Revenue from sales to consumers, total
thous. of dol. _
Residential (incl. house-heating)
do
Industrial and commercial _ ..
_ do_.
Natural gas (quarterly) :
Customers, end of quarter, total. _ _ .thousands
Residential (incl. house-heating)
do
Industrial and commercial
_
do
Sales to consumers, total _
mil. of cu. f t_ _
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 coiriTTiercia,]
do
r
10, 750
10, 048
10, 768
10, 050
10, 553
9,862
10, 462
9,783
148, 034
98, 229
48, 318
205, 843
143, 042
60, 926
138, 358
90,174
47, 076
105, 321
63, 357
41, 124
135, 000
99, 794
34, 284
176, 109
130, 434
44, 490
136, 644
100, 639
35, 203
112,035
81,211
30, 164
10, 808
10, 000
10, 955
10, 129
11,313
10, 505
11, 406
10,601
653, 338
190, 426
.439, 638
839, 675
369, 264
441, 040
653, 824
180, 587
458, 268
579, 384
87, 248
464, 957
222, 929
120, 173
98, 824
324, 553
211, 399
108, 342
221,318
117, 238
101, 472
171,016
68, 535
98, 181
694
800
710
818
683
799
Revised. l Not available for publication. <8>Revised figures for January 1946-February 1947 are shown on p. 24 of the October 1948 Survey,
t Minor revisions for January-October 1947 will be shown later.
cfSeries discontinued by the Bureau of the Census.
672
796
292
530
570
233
526
50
332
532
487
251
540
48
422
SUEVEY OF CUEKENT BUSINESS
February 1949
Jnless otherwise stated, statistics through
1946 and descriptive notes may be found in
tha 1947 Supplement to the Survey
1947
December
S-27
1948
January
February
March
April
May
June
July
August
Septem-
October
Novem-
December
ber
ber
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
'ermented malt liquors:
Production
thous. of bbl
Tax -paid withdrawals
do
Stocks, end of month
do
Mstilled spirits:
Production
thous. of tax gal
Consumption, apparent, for beverage purposes!
thous. of wine gaLTax -paid withdrawals
thous. of tax gal
Stocks, end of month
do
Imports
thous. of proof gal
Whisky:
Production
_ _ _ thous. of tax gal
Tax -paid withdrawals
do
Stocks, end of month
__.
do
Imports
thous of proof gal
Rectified spirits and wines, production, total
thous. of proof gal_.
Whisky
do
(Vines and distilling materials:
Sparkling wines:
Production
_ thous. of wine gal
Tax -paid withdrawals
do
Stocks, end of month
do
Imports
do
Still wines:
Production
do
Tax-paid withdrawals
do
Stocks end of month
do
Imports
do
Distilling materials produced at wineries do
6,110
6,445
9,022
9,062
6,693
6,366
9,064
6,173
7,991
9,611
8,682
8,396
9,488
7,886
8,827
6,666
8,278
6,807
6,567
8,213
22, 995
18, 779
15, 924
20,908
33,337
37,037
28, 225
12, 620
12,235
12,377
7,532
14, 791
16, 499
11, 455
614, 840
1,380
18, 516
12, 154
621, 672
1,524
7,378
635, 674
14,026
6,602
17, 532
3,965
559, 818
13, 484
12, 515
14, 449
13, 376
9,739
8,792
54
127
1,729
51
81
112
1,640
45
63, 936
32,020
195, 069
256
132, 715
48, 148
12, 255
233, 335
250
95, 778
' 77. 255 ' 90, 140 ' 100, 190 ' 133, 100 ' 138, 640 ' 126, 030 ' 117, 265 ' 96, 360
93, 850
4,449
83, 105
97, 624
7,323
18, 638
53, 073
3,482
.719
.786
.756
.836
.828
.801
.803
.802
' 93, 330
' 83, 412
.644
' 79, 190
' 60, 214
.629
6,255
5,475
9,667
7,030
6,740
9,635
7,381
6,977
9,733
7,276
6,763
9,955
8,492
8,917
5, 953
9,167
9,888
4,200
9,492
21, 956
32, 818
28,717
25, 953
18,536
12, 871
12, 139
523, 544
980
545, 365
943
13, 129
7,271
564, 189
1,099
12, 155
10, 345
516, 403
773
13, 140
8,081
513, 899
1,206
580, 824
957
594, 733
1,069
6,731
602, 873
877
655
5,510
456, 363
709
13, 768
4,179
462, 061
892
479, 180
866
20, 863
3,618
495, 017
996
20,041
455, 409
1,059
3, 304
511, 232
863
14, 930
' 3, 127
522, 261
942
3,231
528, 926
809
533, 292
820
537, 441
1,113
541, 715
1,247
547, 534
1,388
13, 506
12, 411
9,442
8,696
9,211
8,429
8,666
7,928
8,143
7,302
8,254
7,320
8,194
7,661
7,362
9,299
8,503
10, 937
10, 130
97
147
1,581
18
101
'65
1,599
26
78
54
1,613
12
144
57
1,685
11
166
50
1,792
25
71
62
1,791
22
121
74
1,823
25
61
57
1,822
16
122
69
1,871
17
68
118
1,813
29
495
799
10, 917
176, 208
214
769
166, 348
183
15, 366
10. 166
136, 806
228
2,688
10, 282
205, 089
139
8,504
r
6,392
4,698
4,049
8,938
668
2,563
20, 638
3,575
8,526
9,469
195, 891
237
6,667
8,804
186, 846
160
1,055
6,784
2,088
2,248
6,295
441
416
158, 212
168
2,610
147, 708
189
995
647
9,952
8,198
8,043
8,465
607, 676
892
10,960
9,540
3,977
565
7,234
139, 827
141
1,342
8,248
131,895
204
2,519
9,304
610, 988
1,234
11,429
4,736
12, 193
6,090
11,294
DAIRY PRODUCTS
Butter, creamery:^
' 76, 584
Production (factory)
thous of Ib
Stocks, cold storage, end of month
do
23,672
Price, wholesale, 92-score (New York) dol. per lb..
.881
Dheese:
Production (factory), totalcT
thous. of lb_. ' 60, 072
' 41, 581
American, whole milkcf
_.do
Stocks, cold storage, end of month, total-.-do
147, 683
American, whole milk
do
128, 188
Imports
do
1,519
Price, wholesale, American, single daisies (Chicago)*
dol. per Ib
.469
Condensed and evaporated milk:
Production: cf
Condensed (sweetened):
Bulk goods
thous. of lb_. ' 14, 172
"11,391
Case goods
_
do
r
E vaporated (unsweetened) , case goods _ _ _ do
160, 727 '
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of Ib
9,362
E vaporated (unsweetened)
do
158, 551
Exports :§
Condensed (sweetened)
.
do
8,831
Evaporated (unsweetened)
do
25, 680
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
8.80
Evaporated (unsweetened)
. do
5.70
Fluid milk:
Production
mil. of Ib
8, 056
r
Utilization in mfd. dairy productstcTdo
2,628
Price, dealers', standard grade
dol. per 100 lb__
5.02
Dry milk:
Production:^
Dry whole milk
thous. of Ib
' 9, 577
r
32, 049
Nonfat dry milk solids (human food)
do
Stocks, manufacturers', end of month:
Dry whole milk
do
12, 496
T
Nonfat dry milk solids (human food)
do
14, 871
Exports: §
Dry whole milk
do
5,072
Nonfat dry milk solids (human food)
do_
28, 515
Price, wholesale, nonfat dry milk solids (human
food), U. S. average
dol. perlb..
.141
FRUITS AND VEGETABLES
' 79, 030
13, 399
.851
- 64, 615 ' 64, 505 ' 80, 590 ' 95, 860
' 45. 515 ' 46, 855 ' 58, 520 ' 73, 160
124, 106
110, 125
105, 263
103, 350
93, 570
91, 907
107, 236
88, 737
1,915
1,369
2,012
1,591
.477
.471
' 128, 650 ' 131, 790 ' 115, 840 ' 106, 730
' 102, 020 ' 106, 040 ' 95, 020 ' 87, 300
217, 819
165. 201
197, 220
123, 507
168, 809
185, 324
106, 712
140, 038
2,010
2,106
1,491
1,210
.474
.443
.423
.489
.520
.493
' 87, 660
' 70, 520
212, 282
182, 449
1,333
.448
' 80, 745 ' 67, 995 72, 325
' 62, 540 ' 51, 025 54, 455
' 195, 470 ' 164, 410 148, 253
' 167, 535 ' 140, 791 126, 664
3,090
3,199
.420
.397
' 15, 660 ' 21, 275 ' 28, 300 ' 47, 300 ' 48, 230 ' 40, 250 r 28, 700
' 19, 500 ' 15, 415 ' 13, 050
' 9, 750 ' 9, 550 ' 11, 400 r ' 13, 700 ' 13, 500 ' 12, 600 ' 11, 800 T 12, 600 ' 10, 300 r 8, 600
' 8, 250
176 , 250 ' 194, 000 ' 270, 800 335, 400 ' 450, 200 ' 450, 000 r 387, 200 ' 360, 100 ' 282, 600 ' 226, 250 " 154, 900
'15,330
8,682
95, 433
9,124
73, 267
7,818
19, 601
16, 073
8.93
5.83
9.12
5.99
8,354
2,782
5.08
8,622
8,219
2, 786
5.10
6,342
33, 486
10, 455
19, 316
4,367
15,836
10.02
6.71
10.02
6.56
9.93
6.26
9.60
5.94
9.60
5.95
10, 557
4, 444
5.29
9,160
' 3, 619
5.32
8,774
' 3, 336
5.30
8,048
'2,724
5.27
8,258
2,856
5.25
' 11, 515 ' 7, 350
' 36, 790 ' 35, 450
9,165
49, 700
14, 275
514, 094
8,830
18, 745
16, 123
30, 555
10, 222
32, 766
12, 145
30, 416
10, 886
21, 650
27, 780
9.12
6.00
9.32
6.08
9.69
6.41
9.71
6.48
9.87
6.61
11, 842
5, 226
5.03
' 5. 344
5.04
3, 384
5.09
10, 002
3, 912
5.07
r
r
12,240
11, 592
' 4, 800
5.16
8,585
r
' 12, 850 ' 12, 200 '15,070
' 22, 950 ' 19, 600 ' 19, 675 r 16, 845 ' 13, 100
' 64, 825 ' 90, 950 ' 91, 040 ' 70, 675 ' 52, 515 ' 38, 020
. 37, 800 '38,100.. r 52, 650
'12,660
12, 147
14, 613
5,802
11, 871
18, 155
12, 325
31, 806
15, 535
40, 293
20, 107
62, 469
23, 005
80, 093
27, 121
90,638
29, 429
97, 774
29, 022
82, 346
30, 712
72, 823
26, 037
7,532
9,572
51,088
19, 710
9,671
6,810
6,304
5,383
13, 554
16, 336
12, 517
9,387
9,674
8,354
8,457
10, 587
8,923
7,061
16, 406
6,319
23. 901
.146
.149
.148
.143
.144
.148
.151
.158
.157
.158
.159
6,388
12, 576
424, 619
14, 824
542, 810
444,015
9,273
12, 795
10, 000
147, 000
13, 408
622, 624
12, 615
337, 507
r
.410
15, 645
621, 948
80, 752
11, 619
177, 715
13, 165
63, 117
6,868
r
8,777
83, 670
33, 506
.645
18, 491
44, 030
.151
Apples:
2
Production (crop estimate)
thous. of bu i 113, 041
90, 288
Shipments, carlotj
no. of carloads
3,917
4,729
4,516
4,175
3,523
687
271
1,720
' 4, 792
608
7,681
3,488
2,497
Stocks, cold storage, end of month.. thous. of bu_.
29, 807
22, 772
16, 567
10, 244
4,896
1,855
392
148
214
4, 902
22, 413 ' 21, 836
17, 661
Citrus fruits, carlot shipments
no. of carloads..
16, 502
16, 695
14, 701
15, 061
14, 233
15, 218
12, 346
8,404
6,431
7,258
8,403
' 9, 579
15, 176
Frozen fruits, stocks, cold storage, end of month
thous. of lb__ 369, 470
343, 539
316, 819
247, 895
281, 762
280, 744
250, 326
371, 565
364, 115
340, 894
362, 423 ' 346, 941 334, 345
Frozen vegetables, stocks, cold storage, end of
month
thous. of Ib
254, 853
291, 752
226, 619
196, 628
176, 118
160, 423
181, 526
214, 096
311, 968 ' 308, 829 282, 371
266,-910 311, 734
Potatoes, white:
Production (crop estimate)
thous. of bu i 389, 048
2 445, 850
Shipments carlot
no. of carloads
22, 092
21, 484
23, 405
16, 040
27, 753
23, 059
33, 052
16, 533
23, 363
30, 932
32, 664
' 23, 919
25, 986
Price, wholesale, U. S. No. 1 (New York)*
5.332
4.393
5.224
5.915
dol. per 100 lb__
5.380
4.723
3.624
3.757
4.165
3.499
3.193
3.302
3.699
1
2
' Revised.
Revised estimate.
December 1 estimate.
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "J" on p. S-21.
*New series. The new price series for cheese has been substituted for the price of twins on the Wisconsin Cheese Exchange; data beginning 1928 will be shown later. The price of U. S.
No. 1 potatoes has been substituted for Long Island No. 1; data are available beginning March 1947 and figures for March-June 1947 are shown on p. S-27 of the September 1948 Survey Prices
through September 1948 are based on quotations as of Tuesday; subsequently as of Monday.
{Consumption of distilled spirits for beverage purposes revised for 1944; revisions are shown on p. S-27 of the November 1948 Survey. Revisions for fluid milk utilization in manufactured
dairy products for 1946 are shown on p. S-27 of the September 1948 Survey; final revisions for 1947 are shown at the bottom of p. S-35.
cf Data revised beginning January 1947; revisions for all months of 1947 are shown in the note for dairy products at the bottom of p. S-35.
SUKVEY OF CUEEENT BUSINESS
S-28
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
February 194
1948
1947
December
January
February
March
April
May
June
July
August
Septem- October
bes
November
December
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and mealt§
thous. of bu__
Barley:
Production (crop estimate)
do
Receipts principal markets
do.
Stocks, domestic, end of month:
Commercial
do
On farms
do
Exports including maltf§
do
Prices, wholesale (Minneapolis) :
No. 2, malting
_
___dol. per bu_.
No 3 straight
- do
Corn:
Production (crop estimate)
mil of bu
Grindings, wet process
thous. of bu_.
Recoipts principal markets
do
Stocks, domestic, end of month:
Commercial
do
On farms
mil of bu
Exports, including mealf§
thous. of bu__
Prices, wholesale:
No. 3. white (Chicago)
_..dol. per bu_.
No 3 yellow (Chicago)
do
Weighted average, 5 markets, all grades. _do
Oats:
Production (crop estimate)
mil. of bu__
Receipts, principal markets
thous. of bu__
Stocks, domestic, end of month:
Commerical
do
On
farms
do
Exports, including oatmealf§
do
Price, wholesale, No. 3, white (Chicago)
dol. per bu_Rice:
Production (crop estimate)
thous. of bu
California:
Receipts, domestic, rough
thous. of lb__
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis) , end
of month
thous. of lb__
Southern States (Ark., La., Tenn., Tex.):
Receipts, rough, at mills, thous. of bbl. (162 lb.)._
Shipments from mills, milled rice., thous. of lb_.
Stocks, domestic, rough and cleaned (cleaned
basis), end of month
thous. of lb_.
Exports §
do
Imports
- -- -do
Price, wholesale, head, clean (N. O.)~dol. per lb__
Rye:
Production (crop estimate)
thous. of bu__
Receipts, principal markets '
do_ __
Stocks, commercial, domestic, end of month.do —
Price, wholesale, No. 2 (Minne.)
dol. perbu..
Wheat:
Production (crop estimate), total
mil. of bu
Spring wheat
do
Winter wheat
- _ - .-do
Receipts, principal markets
-thous. of bu_.
Disappearance domestic
do
Stocks, end of month:
Canada (Canadian wheat)
do
United States domestic total J
do
C ommer cial __
do
Interior .mills, elevators, and warehouses
thous. of bu
Merchant mills
do
On farms
do
Exports total including flour f§
do
W^heat only §
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
dol. per bu__
No. 2, hard winter (Kansas City)
do
No. 2, red winter (St. Louis)
_
do.
Weighted avg., 6 markets, all grades
do
Wheat flour:
Production:^
F'our
thous. of sacks (100 Ib.)
Operations, percent of capacity
Offal
_ _
short tons
Grin diners of wheat +
thous. of bu
Stocks held by mills, end of month
thous of sacks (100 Ib )
Exports§
. _ _
do. _
Prices, wholesale:
Standard patents (Minneapolis)
dol. per sack (lOOlb.)..
Winter, straights (Kansas City)
_
do.
1
r
r
42, 170
48, 493
41,817
36, 787
38,867
35, 147
45, 938
52, 436
63,153
' 52, 752
' 54, 919
41, 992
281, 185
10, 021
8,679
5,773
5,737
5,717
7,270
8,455
8,271
22, 535
13, 926
12, 570
10, 616
26, 581
117, 300
1,370
24, 205
21, 521
7,597
6,537
12,026
18, 740
668
1,106
1,704
4,375
19, 254
208, 979
1,646
18, 847
794
15, 756
68, 696
1,157
10, 879
465
3,467
1,570
2.711
2.510
2.675
2.507
2.359
2.142
2.433
2.243
2.381
2.267
2.354
2.227
2.267
2.099
1.754
1.704
1.486
1.366
1. 410
1.270
1.517
1.419
' 1, 554
1.447
*2 384
9,762
20, 293
10, 180
26, 368
8,386
18, 426
7,999
12, 116
7,804
19, 569
8,408
19, 028
8,962
24,406
8,438
15, 688
8,799
16, 897
9,261
17, 246
10,517
26, 339
11, 197
63,005
13,218
1 506 3
1,084
17, 035
20, 996
r
5,040
999
39,002
399
1,273
587
1,522
114 0
523
4,621
1,312
5,210
423.0
608
1,972
970
9,293
842 6
907
7,520
629
1,225
6,890
2.572
2.611
2.489
2. 692
2.711
2.582
(<)
2.253
2.152
2.442
2.301
2.229
2.390
2.318
2.257
2.388
2.306
2.249
2.445
2.316
2.259
2.280
2.136
2.100
2.250
1.951
1.949
2.210
1.808
1.760
1.477
1.470
1.375
1.449
1.381
1.272
1.443
1 424
1.329
1, 199
8,594
11, 684
5,804
8,411
8,203
8,700
9,046
14,780
27,329
14, 497
9,864
8,861
2 i 492
9,335
1
6,740
' 3 35, 825
812
r
r
r3
9,968
7,077
1,663
18, 405
10, 615
862
1,410
418
18,902
1, 187, 541
1,792
15,031
1,537
1,841
169, 707
2,095
3,821
1,562
3,288
405. 082
1,296
1,937
2,910
3,552
2,530
1.273
1.401
1.273
1.298
1.253
1.170
1.111
.770
.716
.746
.778
.878
r
r3
3 651
9,927
45 269
50 328
2 519 g
11 433
007
78, 259
AQQ
.866
2 gl }7Q
58,208
54,875
82,010
79, 646
72,810
27, 317
102, 109
66,780
63, 423
47,603
38, 635
33, 947
32, 446
26, 491
3,630
17, 818
3,030
3,082
97,925
29, 478
89, 946
28,920
40, 833
42 987
66, 894
52, 698
28,434
48,056
48,963
40, 358
29, 168
22, 528
7,607
6, 395
36, 376
63,368
45 769
935
162, 090
616
130, 523
363
89,254
209
95, 263
167
122, 578
207
82, 400
129
50,220
5
24, 939
1,210
80, 124
3,816
5,182
178, 082 ' 253, 425
2,682
241, 393
1,577
229, 229
414, 010
90,675
209
.122
355, 777
31, 628
267
.127
306, 419
104, 889
647
.134
235, 886
63, 322
1,266
.129
133, 832
93, 137
480
.129
73, 496
14,014
897
.138
38,896
19, 161
454
.159
16,058
7,663
350
.165
61, 195
19,208
350
.162
273, 024
40, 782
150
(4)
587, 650
117, 435
202
.091
532, 386
25, 975
443
4,072
2.769
i 1,387.2
1
299. 1
1
1,068.0
40,678
r
327, 525
126,282
801 612
141,889
r
1,48C
1 346
50, 962
29, 161
1
r
16 457
156* 60C
2
•r 14,037
733 303
2,099
1
2 317 037
11 30C
437
3,636
2.763
367
2,688
2.410
609
1,521
2.562
654
1,286
2.530
657
954
2.412
438
531
2.247
1,053
901
1.783
2,084
4,469
1.503
3,634
2,666
1.598
546, 802
83, 101
150
.100
1,946
3,323
1.645
1,714
5,376
1,731
.103
2 26 388
1 858
4^838
1.676
2 1 Ofift A.
35,022
16,053
115,735
102, 328
124, 041
97, 989
r
r
116, 827
14.967
321, 588
23,209
85,835
480, 101
70, 174
72,082
53, 096
56,694
49, 622
30, 520
50,471
284, 181
150, 846
48, 305
195,
925
3
34, 065
34, 765
r
r3
169, 181
3
30, 579
3
34, 240
r3
28,534
75, 714
336, 064
46,870
160, 812
1, 148, 272
211, 023 219, 111
180, 518
169, 448
206,864
181, 816
85, 359
r
64, 533
2 990 i
30, 397
9Q1 *?9fi
T
166, 144
857, 046
166,348
202, 082
103, 248
381, 667
249, 817
129 233
"• r546, 151
57, 773
48, 790
34 732
40, 260
46, 424
35, 919
31,002
19, 756
428* 666
37, 609
26 421
44, 488
24, 502
38, 396
27, 121
75, 382
73 714
256, 986
32, 784
21, 534
3.160
3.011
3.089
3.110
3.198
3.032
3.120
3.149
2.765
2. 508
2.866
2.684
2.667
2.454
2.538
2.609
2.669
2.445
2.546
2.612
2.625
2.402
2.440
2.596
2.601
2.294
2.325
2.562
2.427
2.193
2.248
2.308
2.319
2.150
2.163
2.218
2.350
2.204
2.245
2.256
2.387
2.226
2. 263
2.282
2.473
2.282
2.359
2.364
2.397
2.287
2.444
2.308
23, 475
78.0
448, 184
53, 734
24, 174
80.0
460, 890
55, 141
21, 002
78.1
401, 960
47, 974
21, 768
69.0
415, 510
49, 631
22, 079
72.6
422, 334
50,288
22, 670
77.7
430, 408
51, 883
22, 827
80.3
438, 162
52, 416
24, 179
80.0
466, 902
55, 664
24,940
82.8
478, 262
57, 352
23,402
80.9
451, 015
53, 771
24, 156
84.2
461, 952
55, 355
22, 887
83.2
434, 261
52, 385
427,310
51,488
5 912
4,954
8,940
5,015
5 031
4,999
6,288
5,806
4 595
7,938
6, 739
7,695
4 802
6,317
4,713
5,038
7.263
6.738
7.175
6.735
6.294
5.736
6.162
5.650
6.075
5.569
5.845
5.415
5.769
5.094
5.662
5.110
5.595
5.181
5.588
5.131
5.775
5.140
5.750
5.194
r HI
T
130
r
35, 238
21, 118
32, 780
19, 707
94, 511
42, 423
24,527
48, 040
32, 748
22, 487
75.5
5,118
5,712
5,231
LIVESTOCK
Cattle and calves:
Slaughter (Federally inspected) :
572
509
614
511
569
586
550
599
633
Calves
thous. of animals.
566
620
577
673
899
1,197
977
1,151
877
1,109
1.086
1,312
986
1,046
1,176
Cattle
_
..do
1,346
1,178
r
l
2
Revised. Revised estimate. December 1 estimate.
3
Includes old crop only; new grain not reported in stock figures until crop year begins in July for barley, oats, and wheat and October for corn. « No quotation.
ITne total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the break-down of stocks.
§Beginning in the April 1948 Survey, export figures include Army civilian supply exports; see note marked "%" on p. S-21.
JData are partly estimated; see note marked "j" on p. S-28 of the October 1948 Survey.
fRevised series. Data included for wheat flour, corn meal, malt, and oatmeal have been revised using new conversion factors supplied by the U. S. Department of Agriculture, which take
into account changes in milling practices. The revisions have been carried back in each case to the earliest year for which the new information is available as follows: Exports of principal grains
and oat exports, 1943; wheat and barley exports, 1944; corn exports, 1946. The new conversion factors are given in the note for grain exports at the bottom of S-29. Revised figures for 1944-46
for barley and through August 1947 for other series will be published later. The new factor for malt has been used in data for barley exports beginning January 1947 published in previous issues.
SUEVEY OF CUKEENT BUSINESS
^ebruary 1949
nless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
December
S-29
1948
January
February
March
April
May
June
July
August
September
October
November
December
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK—Continued
!
attle and calves — Continued
Receipts, principal markets ___thous. of animals..
Shipments, feeder, to 8 corn belt States
do
Prices, wholesale:
Beef steers (Chicago)
dol. per 100 lb__
Steers, stocker and feeder (Kansas City) do
Calves, vealers (Chicago)
do
Cogs:
Slaughter (Federally inspected) ..thous. of animals. _
Receipts, principal markets
do _
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 lb_.
Hog-corn ratio
bu. of corn equal to 100 Ib. of live hog__
heep and lambs:
Slaughter (Federally inspected)
thous. of animals. _
Receipts, principal markets
__do
Shipments, feeder, to 8 corn belt States
do
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 lb_.
Lambs, feeder, good and choice (Omaha) .do
2,233
145
2,028
103
1,485
59
1,680
54
1,878
82
1,898
117
2,127
134
1,887
138
2,318
221
2,517
390
2,722
606
2,511
461
1,851
195
29.08
23.59
26.75
29.16
26.31
29.06
26.43
24.15
27.00
26.71
25.57
25.65
28.43
26.62
25.75
31.33
27.60
28.90
34.72
26.96
27.25
36.37
28.25
27.63
35.22
27.40
28.00
34.03
25.42
28.13
32.05
24.41
26.88
30.71
24.52
0)
26.78
23.26
0)
6,254
3,771
5,223
3,272
3,746
2,305
3,574
2,309
3, 343
2,462
3,562
2,660
4,235
2,863
3,044
2,022
2,440
1,707
2,836
1,842
4,098
2,361
5,425
3,272
6,089
3,522
26.31
26.71
22.25
21.40
19.79
20.15
23.10
25.17
26.89
27.75
25.48
22.68
21.01
10.6
10.9
11.2
10.3
9.4
9.1
10.6
12.8
14.2
15.3
17.8
18.0
17.2
1,451
1,587
131
1,347
1,428
81
1,209
1,255
64
1,175
1,259
65
1,045
1,211
69
978
1,382
106
1,262
1,590
149
1,195
1,409
61
1,264
1,932
229
1,464
2,611
495
1,632
2,512
548
1,444
1,786
367
1,329
1,436
133
24.08
20.53
25.00
21.78
23.00
20.44
21.50
19.47
24.00
21.61
26.75
22.67
29.00
0)
28.50
0)
27.00
25.97
23.88
23.18
22.12
22.12
25.12
23.01
25.12
23.31
1,323
1,168
41
1,299
1,097
69
1,197
990
25
1,228
941
29
1,549
960
32
1,274
860
38
1,149
668
35
1,229
492
38
' 1, 432
449
34
1,691
'612
28
1,890
900
541, 914
178, 541
1,467
563,238
154, 411
9,165
527, 314
120, 898
1,050
503, 226
102, 578
712
615, 696
88,705
913
577, 522
76,408
2,789
599, 674
75, 692
1,777
635, 432
650,370 r 640, 225
80,587
97, 705 «- 126, 287
2,203
447
949
671, 541
172, 026
MEATS
Total meats (including lard) :
Production (inspected slaughter)
mil. of lb__
1,918
1,762
r
Stocks, cold storage, end of month
_ __do
970
1,130
Exports§
do
39
35
Beef and veal:
Production (inspected slaughter) .... thous. of lb__ 709, 306
698, 314
Stocks cold storage, end of month
__do
196, 252
193, 316
Exports §
do
2,360
1,389
Price, wholesale, beef, good" (50CHJ66 lbs.ji (Chicago)*
r
r
dol. per lb_.
.474
.459
L,amb and mutton:
Production (inspected slaughter)
thous. of lb__
61, 943
60, 107
Stocks, cold storage, end of month. _
do
20, 317
19,294
Pork, including lard, production (inspected
slaughter)
.thous. of lb_ _ 1, 147, 168 1, 003, 276
Pork, excluding lard:
Production (inspected slaughter)
do
745, 581
867, 696
527, 159
659, 309
Stocks cold storage end of month
do
Exports§
_ _
__do
2,400
1,756
Prices, wholesale:
Hams, smoked (Chicago)
dol. perlb..
.612
.577
Fresh loins, 8-10 Ib. average (New York)_do
.482
.456
Miscellaneous meats and meat products, stocks, cold
storage, end of month:
71,183
74, 261
Edible offal
thous. of lb_
Canned meats and sausage and sausage room
41, 799
49, 953
products
thous. of Ib-.
Lard:
204, 084
188, 171
Production (inspected slaughter)
do
113, 286
133, 513
Stocks, cold storage, end of month
do
Exports §
do
23,210
23, 143
.292
Price, wholesale, refined (Chicago) dol. per lb,_
.290
POULTRY AND EGGS
Poultry:
Receipts, 5 markets
thous. of lb_.
68, 856
Stocks, cold storage, end of month
do
317, 463
Price, wholesale, live fowls (Chicago). dol. per Ib. .
.240
Eggs:
Production, farm
_ __ .
millions-«• 3, 731
162
Dried egg production
thous. of lb_.
Stocks, cold storage, end of month:
196
Shell
thous. of cases ._
138, 192
Frozen
thous. of Ib.
Price, wholesale, U. S. standards (Chicago)
dol. per doz_.
.517
r
r
.432
'.470
.501
'.541
'.575
'.574
'.561
'.518
'.490
443
55, 859
16, 971
55,049
14, 890
47, 601
9,106
42, 039
7,665
51, 710
7,999
49, 915
8,557
53,389
9,847
61,783
10, 478
67, 469
16,296
61, 663
' 23, 305
58, 337
26, 819
724, 834
680, 771
621, 675
682, 325
881,565
646, 403
496, 236
517, 028
724, 588
531, 423
700, 114
3,216
506, 096
661, 399
3,430
473, 317
606, 827
1,794
514, 718
580, 056
2,804
650, 982
582, 496
2,909
477, 942
508,213
1,649
372, 166
359, 794
2,273
397, 380
234, 909
1,773
752, 254
558, 733
203, 163 «• 310, 706
1,879
1,813
851, 366
487, 145
.538
.471
.561
.523
.569
.536
.576
.545
.610
.535
.644
.624
.658
.682
.669
.675
.586
.595
.570
.456
.579
.415
70, 766
67, 178
56,480
51, 124
55, 760
50, 393
43,843
36, 389
34,690
' 42, 312
57, 609
64,622
69, 854
58, 136
48, 616
43, 787
42,375
38, 993
32, 607
30,270
f 32, 446
29,403
141, 384
137, 416
25,544
.239
127, 736
129, 028
T
47, 345
.238
108, 165
138, 924
16, 328
.250
122, 340
150, 660
20, 929
.243
168, 689
181, 327
13, 725
.245
123, 277
174, 304
20, 747
.240
90,594
139, 751
16, 806
.241
87, 107
96, 587
14, 512
.240
120, 682
66, 526
16, 525
.234
176, 282
' 77, 021
15, 117
.216
225,748
116, 548
28, 083
293, 640
.265
22,385
262, 374
.260
25,275
205, 745
.280
26, 614
153, 424
.298
31, 221
117, 935
.292
32, 736
99,507
.296
32,060
91, 186
.317
31, 520
88, 234
.336
41. 724
108, 368
.332
45, 188
154, 617
.300
63,536
«• 171, 472
.306
54, 511
161, 189
.346
4,338
552
4,723
1,029
6,093
1,781
6,304
3,213
5,992
5,541
5,019
9,081
4,459
9,047
3,922
5,926
3,536
3,692
3,498
••855
4,041
554
269
122, 438
374
120,665
1,165
143, 253
3,091
195, 954
4,903
248, 574
5,669
266, 748
5,525
257, 367
4,608
233, 431
3,290
200, 968
1,685
169, 287
'444
139, 298
157
105, 422
.441
.434
.432
.429
.410
'.416
.444
.442
.456
.419
.412
993, 960 1,159,770
3,534
' 2, 221
r
.494
.195
.482
MISCELLANEOUS FOOD PRODUCTS
77,293
78, 074
66,164
47, 260
34,000
64,926
45, 057
44, 156
54,947
66, 201
72, 171
60,624
63,655
Candy, sales by manufacturers <?
thous. of dol._
Cocoa:
7,935
21, 082
11, 898
13, 958
21, 090
17, 586
24,208
17, 461
32, 147
39, 151
Imports
long tons..
18, 415
31, 858
.442
.402
.391
.404
.317
.332
.416
.446
.354
.394
.436
.430
.436
Price, wholesale, Accra (New York)__dol. per lb__
Coffee:
1,844
1,328
1,827
1,691
1,805
1,294
1,371
1,605
1,413
1,285
1,433
1,220
Clearances from Brazil, total
thous. of bags..
1,550
1,388
943
1,295
1,099
782
733
1, 198
742
1,118
979
1,173
1.089
760
To United States
do
1,103
915
1,259
954
1,082
913
1,044
952
948
1,111
1,369
1,144
1,183
Visible supply, United States
do
1,714
1,851
1,412
1,341
2,098
1,397
1,211
1,605
1,884
2,055
1,884
2,157
Imports
do
Price, wholesale, Santos, No. 4 (New York)
.268
.268
.276
.272
.265
.270
.270
.266
.270
.264
.266
.264
dol. perlb..
.268
Fish:
56, 767
71,885
68,709
68, 746
67,660
47, 208
49, 508
33, 342
21, 537
28, 620
Landings fresh fish 5 portst
thous of Ib
135, 928
146, 505
158, 008
150,974
140, 160
85, 601
127, 474
100, 537
76, 743
68, 268
112, 046
90,491
133, 844
Stocks, cold storage, end of month
do
Sugar:
Cuban stocks, raw, end of month
r
1, 194
919
2,243
409
1,714
2,818
3,176
2,911
3,810
3,134
455
1,645
348
,
thous. of Spanish tons__
T
1
January
19 46 to June 1947 are sh own on p. S-29 of the Septembe r 1948 Sun^ey.
Revised.
No quotation.
televisions for
§Beginning in the April 1948 Survey, export figures include Army civil ian supply shipments ; see note inarked "J' ' on p. S-2
d* This series continues data in the 1942 Supplenaent to the Survey; it was omitt ed from th e 1947 Supr)lement be<3auseofdis co very of iiiconsistenc ies in the d ata. See note on corresponding
item in the January 1949 Survey.
*New series. The series for beef, good (500-600 p ounds), C] licago, has been subst ituted for the series f or beef, fre sh, native steers (600-800 pouncis) shown ] n the January 1949 Survey and
earlier issues; data beginning 1939 will be shown late r.
NOTE FOR GRAIN EXPORTS, P. S-28.— The new fa ctors for c<mverting grrain produ cts to grai n, referred to in note marked "i " on p. S-28, are as ft)llows: Wh eat flour— beginning July 1947,
an average factor is computed each month, weighting the millin g rate for t le types of flour expoi•ted by the quantities shipped; 1 he factor f ar the peric>d beginniiig September 1947 ra nsed from
2.234 to 2.276 bushels of wheat per 100 pounds of flou r; malt— 1 Bushel of b arley per t>ushel of m alt; cornmeal—3.16 b ushels of a:>rn per 100 pounds of meal; oatrneal— 7.6 bushels of o its per 100
pounds of oatmeal.
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
February
January
February
March
April
May
June
July
August
September
October
November
Decem
ber
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—
Continued
Sugar— Continued
United States:
Deliveries and supply (raw basis):
Production and receipts:
Production
__ .short tons, _ 485, 709 144, 172
384, 783
81,968
Entries from off-shore
do
19, 502
44, 647
Hawaii and Puerto Rico*
-_- _do
r
Deliveries, total
- -do
339, 977 343, 020
For domestic consumption
do
'r 328, 644 337, 591
5,429
For export
_do_ __
11, 333
Stocks, raw and refined, end of month
1,808
thous. of short tons.. r 1, 936
Exports, refined sugar§ __ __ __ -short tons. . 20, 151
4,237
Imports:
60,784
Raw sugar total
do
384 959
33,910
From Cuba
do_
341, 283
2,844
Refined sugar total
do
7,497
2.083
7,497
From Cuba
do
Price (New York):
.058
Raw, wholesale
dol. per lb__
.063
Refined:
.098
.098
Retail
do
.080
Wholesale
_ _ _ _ _
___do
.082
7,863
5,429
Tea, imports
_
thous. of lb_.
TOBACCO
Leaf:
Production (crop estimate)
_m il . of lb_ . 1 2, 110
Stocks, dealers and manufacturers, end of quarter,
total
___mil.oflb_3,800
Domestic:
318
Cigar leaf
_
do___
Fire-cured and dark air-cured
do
210
Flue-cured and light air-cured.
do
3,114
3
Miscellaneous domestic
do
Foreign grown:
32
Cigar leaf
- do.
Cigarette tobacco
do
123
46, 014
Exports, including scrap and stems§— thous. of lb__
Imports, including scrap and stems -.
do
4,007
Manufactured products:
Production, manufactured tobacco, total
thous. of lb__
17,283
Fine-cut chewing
do
330
Plug
do
3,221
Scrap, chewing
do
3,200
Smoking
do
6,998
Snuff
_ _.
do
3,130
Twist
do
404
Consumption (withdrawals):
Cigarettes (small) :&
Tax-free
millions.2,997
Tax-paid
do
24, 946
Cigars (large), tax-paid.
thousands. _ 446, 719
Manufactured tobacco and snuff, tax-paid
thous. of lb__
15,683
Exports, cigarettes!
.millions. _
2,140
Price, wholesale (composite), cigarettes, f. o. b.,
6.509
destination
dol. per thous..
68, 262
359, 259
56,003
388, 071
382, 930
5, 141
59, 875
566, 627
148, 444
572, 746
565, 503
7,243
(°)
445, 309
163, 577
562, 391
557, 910
4,481
25,222
512, 510
192, 742
599, 958
595, 614
4,344
46, 339
492, 872
249, 143
818, 181
814, 200
3,981
35,014
489, 168
243, 933
925, 778
921, 497
4,281
42, 368
498, 295
85, 122
901,689
893, 453
8,236
102, 233
594 859
232 575
617,681
608, 967
8 774
505,601
482, 760
238, 358
543, 260
531, 969
11, 291
636, 652
239, 064
18, 865
576, 883
571, 579
5,304
275, 31!
210 06<
79, 99:
566 90
559, 54J
7 35<
1,880
5,544
1,950
9,555
1,843
3,936
1,782
4, 120
1,502
2,890
1,106
2,905
829
4,292
891
7,293
1,266
7,612
1,533
3,300
l,49i
274, 977
251, 187
26, 709
24, 782
384, 684
363, 978
26, 295
25, 711
210, 620
204, 965
51, 232
49, 787
259, 755
228, 443
30, 470
30, 216
195 268
158, 918
37 555
34,204
195 537
177,039
41 617
41, 617
234 854
198, 312
39 396
39, 396
134 306
121, 292
8 330
8 330
.055
.054
.054
.051
.054
.057
.058
.057
.056
.057
.05(
.093
.077
7,105
.093
.076
6,538
.093
.076
13,052
.092
.075
8,500
.091
.074
8,499
.091
.076
7, 360
.092
.076
8,851
092
076
3,871
.092
.076
6,511
092
.076
4,001
095
07(
397
354
40
38
341
566
753
753
283
247
31
31
798
809
801
801
2
3,814
3,444
3,551
352
287
3,016
3
378
265
2,644
2
340
240
2,833
2
1 89£
23,601
7,713
33,601
5,725
30
127
19, 194
7,153
27, 786
7,075
34, 744
6,720
28
127
20,914
7,335
59,006
6,337
44,165
7,943
25
112
47, 855
7,756
36,260
7,713
19,232
363
3,516
3,383
8,017
3,489
464
18,549
334
3,522
3,183
7,791
3,265
454
21,055
322
3,910
3,560
8,910
3,879
473
21, 340
220
4,200
3,377
9,693
3,390
462
19, 536
217
3,415
3,270
9,015
3,176
443
20,937
257
3,704
3,733
9,251
3,511
481
17,889
230
3,591
3,116
7 648
2,950
454
21, 610
251
4 215
3,958
9 390
3,342
454
22, 816
255
4 157
3,780
10 666
3,471
486
23,999
237
4 112
3,924
11 743
3,451
532
3,213
27, 273
461, 398
3,578
23,472
460, 141
3,197
29,252
470,099
2,422
31, 618
449, 504
2,363
29 092
444, 491
3,250
31 269
479, 949
3,068
27 205
430, 210
3,547
34 192
505 228
4 104
29 983
544 856
4,030
31 079
529 971
2 736
29 075
553 755
•P 24 675
440 267
19,587
2,000
18,071
2,365
20,222
2,349
21, 821
1,417
19, 024
1,448
20,280
2,090
17,880
1,947
21,201
2,025
23,157
2,535
23, 816
2,952
19,527
1 674
16, 492
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.862
6 862
6.862
6.862
6.862
22, 689
38
158
2,999
3,529
15 394
23
118
2 710
1,946
15 338
92
91
2 611
3,144
11 091
50
85
3 181
897
12 355
105
127
1 480
2 831
.450
.301
.388
291
.390
289
.381
269
.394
295
21, 711
6 838
LEATHER AND PRODUCTS
HIDES AND SKINS
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) :
Calfskins, packers', 8 to 15 Ib
dol. per lb__
Hides, steer, packers', heavy, native
_ do
31, 447
102
453
3,649
1,203
58,027
310
850
5,640
2,709
26,215
98
187
5,835
2,342
21,242
76
274
4,226
2,246
17,266
86
113
3,510
2,128
17, 878
54
147
2,928
1,404
20,432
48
223
2,420
3,686
.745
.359
.650
.308
.415
.257
.351
.222
.392
.248
.472
.272
.435
.274
r
.410
267
LEATHER
Production:
Calf and kip.
...thous. of skins_.
912
834
937
818
836
818
935
701
938
857
894
905
r
Cattle hide
thous. of hides..
2,258
2,418
2,405
2,175
2,119
2,183
2,330
1,833
2 157
2 186
2 144
2 051
Goat and kid
thous. of skins.3,319
3,407
3,188
3,540
3,408
3,017
3,338
2,815
2 736
2 987
3 108
3 049
Sheep and lamb
do
O 7OQ
2,782
2,934
2,892
2 743
3,001
2,700
2,829
2,890
2,325
3 193
2 850
Exports:
Sole leather:
Bends, backs, and sides
thous. of lb_.
52
32
43
19
25
61
78
53
12
34
44
37
Offal, including belting offal
do
53
72
60
116
118
126
144
191
127
5
50
60
Upper leather
-thous. of sq.ft. .
1,970
1,986
1,789
2,019
2,180
2,289
2,291
2,644
2,159
2,085
2,811
1,714
Prices, wholesale:
Sole, steer, bends, tannery run (Boston)
dol. perlb..
.784
.813
.742
.653
.632
.672
.676
.676
.662
.642
.632
.674
.701
Chrome, calf, black, first commercial grade, com1.324
positej
dol. per sq. ft._
1. 272
1.042
1.165
1.048
1.055
1.075
1.030
1.047
1.026
1.013
1.026
1.046
r
Revised.
* Preliminary.
1 Revised estimate.
2 December 1 estimate.
a
January-April 1948 total, including corrections for months prior to April, 248,372 tons; corrected monthly figures not available,
t Not strictly comparable with data prior to September 1947; see note in November 1948 issue.
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "J" on p. 8-21.
*New series. Data on entries of raw and refined sugar (raw basis) from Puerto Rico and Hawaii, compiled by the U. S. Department of Agriculture, have been substituted for receiDts
of raw and refined sugar from these areas compiled by the U. S. Department of Commerce; collection of data for Hawaii has been discontinued by the latter agency
cfData for January-June 1947 are shown on p. S-30 of the January 1949 Survey.
SUEVEY OF CUKRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
S-31
1948
1947
December
January
February
March
April
May
June
July
August
September
October
November
December
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. of pairs __
Shoes, sandals, and play shoes, except athletic,
total
thous of pairs
By type of uppers :c?
All leather
_ do
Part leather and nonleather
do
By kinds:
Men's
do
Youths' and boys'
_
do __
Women's
do
Misses' and children's _ __
do ._
Infants' and babies'
do
Slippers for housewear
do_ __
Athletic
do
Other footwear
_
do. _
Exports
do
Prices, wholesale, factory:
Men's black calf oxford, plain toe._dol. per pair..
Men's black calf oxford, tip toe .
do _
Women's black kid blucher oxford
do
39, 849
40, 731
40,290
44, 852
39, 412
33, 974
38, 417
31, 957
41, 357
42, 081
' 39, 050
34, 714
35, 788
37, 899
37, 346
41, ,502
36, 306
30, 858
28, 484
86, 406
36 482
r
33, 058
28,667
34, 471
1,331
36, 118
1,816
35, 130
2,126
38, 972
2,603
34,292
2,319
28, 473
2,417
34 587
•
32, 359
2,401
26, 891
1,586
33,995
2,386
33, 933
2,558
31, 288
1,830
27, 127
1,599
9,306
1,556
16, 693
5,004
3, 235
3,539
9,264
1, 397
18, 483
5,350
3,405
2,349
9,088
1,223
18, 371
5,277
3,387
2,464
9,951
1,284
20,372
6,044
3,851
2,801
9,273
1,257
16, 871
5,385
3,520
2,592
7,828
1,252
14, 244
4,532
3 002
2,688
8,898
1,557
15, 972
4,846
3 314
3,374
6,984
1,293
14, 189
3,484
2,534
3, 046
8,838
1,711
18, 367
4, 454
3,036
4,273
9,269
1,853
17, 976
4,348
3,036
4,892
r 8, 625
1,630
'15,812
r
4, 052
' 2, 939
349
167
486
9.457
7.150
4.900
304
179
398
10. 437
7.150
5.700
298
182
519
10. 437
7.150
5.700
365
184
450
10. 437
7.150
5.700
337
177
565
10. 437
7.012
5.562
262
166
510
9.653
6.600
5.150
281
175
379
9.653
6.600
5.150
502
7, 813
1,429
1 2, 874
3,811
2,740
5, 442
321
284
278
9.653
6.750
5.150
9.947
6 750
5.150
10. 143
6 750
5.150
10. 143
6.750
5.150
9.653
6. 750
5.150
264
163
352
379
299
567
r 5, 351
349
396
311
513
'292
9. 653
6. 750
5.150
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products
M bd. ft
Sawed timber
do
Boards, planks, scantlings, etc
_ _ __.do
Imports, total sawmill products
do
National Lumber Manufacturers Association:
Production, total
_
mil. bd. ft__
Hardwoods
do
Softwoods
_
__do
Shipments, total
do. __*
Hardwoods
do
Softwoods _._
__ __
do
Stocks, gross (mill and concentration yards), end
of month, total
mil bd ft
Hardwoods
do
Softwoods
__
__ __ _
do
SOFTWOODS
Douglas fir:
Exports, total sawmill products
M bd. ft._
Sawed timber
do
Boards, planks, scantlings, etc
do
Prices, wholesale:
Dimension, No. 1, common, 2" x 4" x 16'
dol. per M bd. ft_.
Flooring, B and better, F. G., I" x 4", R. L.
dol. per M bd. ft__
Southern pine:
Orders, new
mil. bd. ft
Orders, unfilled, end of month
do
Production
__ _
do
Shipments..
do
Stocks, gross (mill and concentration yards) .do
Exports, total sawmill products
M bd. ft_.
Sawed timber
do
Boards, planks, scantlings, etc
do
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'
dol. per M bd. ft_.
Flooring, B and better, F. G., 1" x 4" x 12-14'
dol. per M bd. ft__
Western pine:f
Orders, new
mil. bd. ft
Orders, unfilled, end of month
. d o __
Production
do
Shipments
do
Stocks, gross, end of month
.
do
Price, wholesale, Ponderosa, boards, No. 3 common, 1" x 8" . .
dol. per M bd. ft
West coast woods :f
Orders, np.w
mil. bd. ft
Orders, unfilled, end of month
do
Production
do
Shipments
do
Stocks, gross, end of month
_
_ do
72, 913
14, 068
51, 172
173, 460
73, 414
15, 432
50, 158
129, 394
57, 359
11, 840
37, 974
142, 761
75, 102
11,390
55, 022
181, 594
56, 858
8,323
41, 669
145, 949
65, 453
10, 331
46,276
139, 146
49,834
4,714
36, 605
164, 863
58,901
7,566
34, 953
188, 131
61 483
11, 399
42,601
184, 106
27, 595
3, 636
16, 418
178, 560
30, 193
2,624
20, 270
151, 073
29, 555
2,930
21, 669
148, 352
2,763
2,203
2,719
682
2,037
2,788
672
2,116
2,480
631
1,849
2,623
697
1,926
3,022
714
2,308
3,020
749
2,271
3,035
703
2,332
2,997
738
2,259
3,089
674
2,415
3,077
752
2,325
3,269
753
2,516
3,125
714
2,411
3,431
814
2,617
3,132
687
2,445
3,614
851
2,762
3,375
786
2,589
3 340
791
2 549
3,074
678
2,396
3,369
837
2,532
3,085
736
2,349
2,929
707
2,222
2,654
682
1,972
2 620
593
2,027
2,38$
534
1, 8491
5, 557
2,018
3,539
5,739
2, 140
3,599
5,601
2,074
3,527
5 604
2,040
3,564
5,773
2,008
3,765
5 805
1,931
3,874
5 942
1 969
3,973
6 313
2 095
4,218
6 606
2 160
4,446
6 866
2 274
4,592
7,200
2,374
4,826
7,431
2,400
5,031
7 680'
2 458
5 222
45, 946
13, 398
32, 548
48, 875
14,015
34, 860
32, 893
10, 403
22,490
47,408
10 262
37, 146
31, 107
7,042
24, 065
33, 451
7,297
26,154
19, 418
3 294
16 124
22, 454
5 870
16, 584
35, 445
9 311
26, 134
5,091
1,565
3,526
6,947
807
6,140
5,427
379
5,048
650
2,113
2,844
641
70.587
67. 815
64.350
64.350
70.042
74. 250
75. 240
75. 240
75.240
75. 240
75. 240
75. 240
70.785-
116. 820
110. 880
104. 940
104.940
116. 078
127.215
132. 462
133. 650
133. 650
133.650
133. 650
133. 650
133. 650
690
797
574
708
724
1,301
6,527
1,402
5, 125
579
522
581
631
1,251
7,585
1,392
6,193
775
508
827
789
1,289
7,209
953
6, 256
778
489
860
797
1,352
8,620
1,147
7,473
790
474
894
805
1,441
10, 903
2,852
8,051
781
447
885
808
1,518
10, 575
1 031
9 544
820
468
876
799
1,595
8,734
1 369
7 365
812
491
806
789
1,612
7,291
1 688
5 603
820
511
774
800
1,586
6,762
1 861
4,901
751
460
797
802
1,581
8,076
1 794
6,282
601
372
724
689
1,616
11, 672
2 532
9 140
605
332
732
645
1, 703
501
755
734
1,317
7,738
783
6,955
78. 316
78.594
77. 728
77. 461
77.007
75. 325
73.204
73.260
73.063
71.869
71. 815
70. 289
69. 927
149. 273
150. 326
150. 326
152. 019
152. 164
152. 164
151. 539
151. 539
151. 906
152. 881
152. 852
152. 764
152. 151
470
526
500
548
1,217
504
561
388
469
1,136
441
576
384
426
1,094
553
648
467
481
1,080
500
654
515
493
1,102
587
685
588
557
1,131
682
702
666
1,186
712
714
795
699
1 282
818
728
827
723
1 386
699
7^5
745
652
1 479
618
592
702
591
1,590
511
611
581
499
1,664
438
638
422
4-11
1 675
61.68
63.55
64.45
66 16
66.36
67.66
68 23
70 42
78 04
72 09
71 03
69 93
69 59
625
720
629
684
479
751
760
732
709
510
680
738
689
675
524
743
673
781
777
528
769
742
633
654
590
660
754
572
634
550
575
745
577
591
530
667
700
649
658
594
705
626
793
760
682
627
587
704
634
746
585
496
699
647
849
460
426
617
522
907
561
444
581
545
958
150, 853
159, 005
31, 509
159,395
153, 017
37, 755
156, 666
155, 878
39 323
185, 716
184, 443
39 879
164, 862
162, 975
40 435
151,364
150 924
40 778
150, 187
149 742
41 425
122, 386
118 426
44 397
174,062
172 313
46 571
181, 567
174, 857
54 082
185, 695
183 816
55 307
174, 243
163 909
64 609
157, 748158 394
64 222
5 975
14, 775
6,150
5,300
3.450
7 575
15,800
6 300
6,600
3.250
6 600
16, 575
6 250
5,925
3.550
7 175
17, 350
6 525
6,575
3.650
6 175
17, 575
6 800
6,225
4.275
5 950
17, 225
6 200
5 925
4.475
6 175
15 975
7 350
6 750
4.925
6 075
16 000
5 800
5 650
4. 975
5 800
15 675
6 275
6 375
4.500
5 050
15 050
6 225
4 900
5. 775
4 250
13 350
6 000
5 800
5.900
3 925
12 000
5 875
4 925
fi. 825
3 925
10 025
5 550
4 700
7. 425
791
SOFTWOOD PLYWOOD
Production
thous. of sq. ft., %" equivalent. _
Shipments.
_do
Stocks, end of month
do
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of month
Production..
Shipments __
Stocks, end of month.
_
r
M bd ft
do
do _
do
.do
Revised. * Preliminary.
fRevised series. Data for orders, production, shipments, and stocks of Western pine and west coast woods have been revised because of changes in the regions coveVed. The revised
figures for Western pine include all production in Wyoming, Utah and Colorado (formerly only parts of these States were included) and only pine production, instead of total production as
formerly, in two counties of Oregon which now produce largely Douglas fir; data for west coast woods have been revised to include fir in these two counties.
cTThe figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by type of uppers; there are further
small differences between the sum of the figures and the totals for shoes, sandals, and play shoes, because the latter, and also the distribution by kinds, include (except for the latest month) r
small revisions not available by type of uppers.
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through
1946 and. descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
February 1949
January
February
March
April
May
June
July
August
September
October
November
December
51, 806
34, 730
67, 849
58, 237
49,230
LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOORING— Continued
Oak:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, mill, end of month
M bd. ft__
do __
do
do
do
48, 397
61,135
57, 886
51, 013
16,086
62,057
54, 455
6J, 152
61, 894
14,605
56, 814
58, 129
57, 955
57, 078
15, 482
59, 988
55, 320
64, 991
62, 797
15,626
64, 784
59, 397
67, 541
65, 226
17, 941
60,293
60, 819
65, 616
63, 449
19,654
65, 579
57,391
70, 213
69,007
20, 860
71, 328
58,134
76, 375
73, 575
22, 565
71, 440
55, 098
76, 290
74, 476
24, 379
67, 943
51, 209
76, 000
71, 831
28, 548
62,568
45, 223
74, 422
70, 951
32, 019
58, 507
41, 161
73, 784
66, 185
39, 618
281, 097
27, 498
119, 605
70,886
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
•
Iron and steel products (excl. advanced mfrs.):
Exports, total cf
short tons__
Scrap
do
Imports, total
_ do
Scrap
do -.
603,562
26, 702
18, 934
3,789
542, 751
. 14,701
21, 323
5,149
486, 956
21, 784
15, 245
4,219
494, 766
22,011
45, 672
19,973
438,560
28, 986
48, 798
15,803
381, 707
19,675
27, 982
11, 509
380, 391
21, 512
55,263
19, 979
366, 188
28,550
50, 754
15, 260
343, 939
10, 844
67, 741
26, 449
326, 208
11, 073
129, 400
72,034
377, 496
19, 181
162, 035
77,598
5,306
2,722
2,584
4,316
1,416
2,901
5,294
2,789
2,505
3,976
1,284
2,692
5,082
2,640
2,442
3,936
1,196
2,740
5,875
2,890
2,985
4,064
1,161
2,903
5,217
2,445
2,772
4,571
1,196
3,375
5,588
2,715
2,873
4,654
1,147
3,507
5,401
2,651
2,750
4,922
1,222
3,700
5,050
2,518
2,532
5,118
1,272
3,846
5,309
2,603
2,706
5,389
1,401
3,988
5,410
2,718
2,692
5,601
1,505
4,096
5,783
2,914
2,869
5,675
1,511
4,164
2,972
1,879
5,528
2,757
1,496
6,790
2,686
1,481
8,009
3,019
1,707
9,186
8,687
9,485
8,388
11, 865
12,537
7,716
12, 578
13, 252
7,049
12, 787
13, 491
6,349
12, 748
12, 492
6,605
11, 942
12, 204
6,353
10,003
11, 150
5 206
0
7,677
4,976
17, 125
15, 172
1,953
11,609
6, 656
22, 058
19, 885
2,173
11, 727
6,577
26,965
24,308
2,657
11, 821
6,479
32, 611
29, 419
3,191
11, 735
7,036
37, 081
33 236
3,845
10, 599
6,965
40 923
36 658
4 265
Iron and Steel Scrap
Consumption, total
thous. of short
Home scrap
Purchased scrap
Stocks, consumers', end of month, total
_
Home scrap
Purchased scrap
tons.do
do _ _
do
do -do
Ore
Iron ore:
All districts:
Production
thous. of long tons
Shipments _
- do.. .
Stocks, end of month
do
Lake Superior district:
Shipments from upper lake ports..
do
Consumption by furnaces
._do
Stocks, end of month, total.
do
At furnaces
do
On Lake Erie docks
do
Imports
.
do
Manganese ore, imports (manganese content)
thous. of long tons..
r
8,577
9,329
4,455
537
0
6,970
36, 095
31, 749
4,346
7,057
29, 081
25, 205
3,877
6,634
16, 022
13, 761
2,262
297
337
6,441
22, 628
19, 412
3,216
269
379
403
441
707
489
950
630
25
83
50
68
47
39
62
46
48
38
55
35
2,808
1,064
2,769
1,024
2,726
1,169
2,691
1, 051
2,602
993
2,587
1,072
2,601
914
2,599
1,051
2,587
1,088
2,523
1 148
2, 407
1 100
0
575
541
10, 029
7, 273
43 883
38 619
5 264
r
7,239
7, 057
45 160
39 470
5 690
r
501
7,351
39,460
34 557
4 903
Pig Iron and Iron Manufactures
Castings, gray iron:
2,782
Unfilled orders for sale
thous. of short tons..
1,066
Shipments, total
do
588
For sale
do.
Castings, malleable iron:
39, 940
Orders, new, for sale
short tons_.
202, 408
Orders, unfilled, for sale
do
77, 757
Shipments, total
do
44 042
For sale
do
Pig iron:
5,177
Production-—
thous. of short tons
Consumption
_
do
5,057
Stocks (consumers' and suppliers'), end of month
838
thous. of short tons..
Prices, wholesale:
36.20
Basic (furnace )O
- dol. per long ton. .
Composite©
_
do
37.53
Foundry, No. 2, f. o. b. Neville IslandO-.do
36.50
584
571
660
585
556
598
490
598
49, 159
205, 759
77, 744
45, 808
46,270
209, 447
75, 194
42 582
43, 921
203, 351
86, 767
50,017
42, 168
199, 578
80, 602
45 941
34, 236
191, 553
76, 079
42, 261
35, 320
178, 760
81, 747
48, 113
36,601
180, 421
64, 995
34, 940
37, 491
176, 824
73, 273
41 088
5,128
5,167
4,780
4,762
5,020
5,049
3,840
3,958
5,077
5,008
4,991
4,973
4,900
4,841
5 255
5,216
794
799
780
688
712
745
38.88
40.28
39.50
39.00
40.63
39.50
39.00
40.63
39.50
39.00
40.63
39.50
39.00
40.97
39.50
39.00
41.29
41.90
148, 124
110, 970
34, 919
141, 068
108, 282
35, 129
142, 434
107, 762
34,800
162, 891
125, 550
41, 876
150, 305
114, 896
36, 079
143, 337
111, 616
39, 275
152, 894
117 794
41, 587
593, 660
495, 947
97, 713
116, 798
86, 911
29, 887
618, 155
517, 307
100, 848
118, 534
89, 677
28, 857
630, 860
523, 319
107, 541
116 676
86, 592
30, 084
641, 110
525, 543
115, 567
131, 111
95, 008
36, 103
628, 123
513, 980
114, 143
114 314
79, 651
34, 663
623, 620
509, 576
114, 044
108, 546
75, 983
32,563
7,376
7,473
6,940
7,608
6,218
7,572
818
616
31
164,
77
43
059
002
824
881
5 208
5 180
642
38
158,
81
44
654
351
761
305
5 520
5*491
2,284
1 111
625
606
30
146,
77
42
312
422
234
241
34
137,
79
43
449
485
871
386
5 399
5 595
913
976
1,049
43 00
45 32
i 45. 70
1 43 00
i 45 44
146.50
i1 45 63
47 00
146.50
i 46 00
i 47 59
146.50
i 46 00
i 47 59
i 46. 50
120, 445
87, 927
28,422
140,223
107 538
35 056
149 222
112* 551
36 457
152 983
114 819
38 833
146 835
110 275
35' 014
157 395
116 285
38 730
640 747
529, 237
111, 510
119 532
83, 366
36 166
627 131
515, 619
111 512
97 455
70, 662
26 793
634
521
112
111
79
31
148
205
943
097
212
885
631 032
520 585
110 447
120' 882
87 075
33 807
604 715
495' 672
109 043
123 161
88 198
34' 963
620 503
508* 339
112 164
123 914
87' 757
36 157
599
493
106
131
94
37
7 256
7 067
7 433
89
93
7 416
7 987
7 779
.0414
1.0414
l . 0414
1
1
1
1
42. 00
43. 26
142.50
1
1
Steel, Crude and Semimanufactures
Steel castings:
Shipments, total _
_ short tons
For sale, total
do
Railway specialties .
do
Steel forgings, for sale:
Orders, unfilled, total
do
Drop and upset _.
do _
Press and open hammer
_
do
Shipments, total
do
Drop and upset
. do
Press and open hammer
do
Steel ingots and steel for castings:
Production
thous. of short tons
Percent of capacity J. . .
__ .
Prices, wholesale:
Composite, finished steel©_._
..-.dol. per lb_.
Steel billets, rerolling (Pittsburgh)©
dol. per long ton__
Structural steel (Pittsburgh)©
dol. per l b _ _
Steel scrap, heavy melting (Pittsburgh) §
dol. per long ton..
95
94
93
95
80
95
94
96
'100
.0368
.0373
.0376
.0376
.0368
.0368
1
. 0386
1.0414
45. 00
.0280
45.00
.0280
47.70
.0293
50.40
.0305
50.40
.0305
50.40
.0300
50.40
.0300
1
1
52. 36
. 0313
i 58. 24
1.0350
i 58. 24
1.0350
i 58. 24
1.0350
i 58. 24
i . 0350
40.00
40.30
40.44
40.25
40.25
40.25
40.25
40.75
42.75
42.75
42.75
42.75
12, 461
2,385
12, 191
2,239
11, 889
2,098
11, 528
2,516
11, 471
2,290
10, 810
2,019
11, 104
2,244
10, 765
2,084
10,204
2 306
9,606
2 165
9,485
2 336
1
7 756
101
.0360
971
042
929
436
407
029
97
. 0414
58. 24
1.0350
42.75
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month
thousands..
Shipments
do
Stocks, end of month
___do
r
21
18
20
34
24
22
20
26
35
25
21
Revised.
i See note marked "©".
cfData for January 1947-August 1948 for total exports of iron and steel products shown in the November 1948 and earlier Surveys should be corrected by subtracting the amount for scrap
exports; the data for scrap exports was incorrectly included twice in the figures for total exports.
t For 1948, percent of capacity is calculated on annual capacity as of January 1,1948, of 94,233,460 tons of steel; 1947 data are based on capacity as of January 1,1947, 91,241,230 tons. .
© The basis of price quotations for pig iron and steel was changed from basing point to f. o. b. mill or shipping point effective July 13,1948. Specifications for the structural steel price series
were revised in February 1948; however, the January price on both the new and old basis was $0.0280.
§ January-June 1947 data for steel scrap are shown on p. S-32 of the November 1948 Survey.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
1948
1947
Decem-
ber
S-33
January
Febru-
ary
March
April
May
June
July
August
Septem-
ber
October
.Novem-
ber
Decem-
ber
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products—Continued
Cans, metal, shipments (in terms of steel consumed) , total
short tons
Food
do
Nonfood
do
Shipments for sale
do
Commercial closures, production
millions
Crowns production
thousand gross
Steel products, net shipments:
Total
thous of short tons
Bars hot rolled carbon
do
Pipe and tubes
do
Plates
_
-do
Rails
do
Sheets
-do
Strip — Cold rolled
do
Hot rolled
-do _
Structural shapes heavy
do
Tin plate and terneplate
-do
Wire and wire products
do
253, 594
169, 103
84, 491
222, 797
829
28,430
216, 508
134, 649
81, 859
182, 425
797
29 459
202, 518
125, 763
76, 755
170, 883
847
28,002
207, 675
134, 396
73 279
170,374
993
32 454
208, 516
143, 112
65 404
165, 845
980
29 356
219, 356
158, 200
61, 156
175, 999
888
28,232
284, 039
207, 227
76 812
239, 408
915
29 400
310, 007
235, 530
74 477
274, 083
847
26 095
394, 582
309, 847
84 735
350, 487
938
29 503
405, 787
320, 616
85, 171
351, 627
893
27 463
296, 226
209, 507
86, 719
258, 390
885
27,613
5 613
521
558
591
211
1,352
134
149
380
370
405
5 410
521
541
530
201
1,384
146
146
334
267
429
5 046
518
519
538
172
1,198
127
136
324
247
396
5 979
560
613
630
206
1,410
158
141
382
393
449
5 096
481
518
528
145
1,310
148
132
302
310
395
5 321
484
547
563
179
1,314
142
127
362
322
409
5 477
525
565
592
189
1,302
152
139
372
334
429
5 230
477
544
565
167
1,333
121
129
354
337
327
5 329
480
563
553
178
1,328
156
130
336
343
389
5 511
523
583
572
184
1,360
150
141
334
334
408
5 952
535
638
641
190
1,463
161
154
392
350
436
47, 589
133, 995
48, 767
217, 602
45, 699
153, 706
51, 874
217 907
53, 277
166, 961
55,450
244, 852
48, 557
192, 524
52, 937
157, 183
54, 953
260, 796
.0670
.0711
.0725
.0725
.0741
.0815
.0884
.1087
.1084
.0996
175 6
37 5
138.1
110.3
.296
177 5
37 9
139.6
109.7
.296
173 9
38.0
136. 0
105. 7
.302
200 9
41 8
159.1
126.7
.302
177.2
38.3
139.0
106.7
.302
167.2
33.9
133.3
101.9
.302
177 6
35.8
141.8
106. 9
.304
160.0
28.9
131.0
99.4
.314
167.3
32.1
135.2
103.2
.338
166.7
35.9
130.8
104.6
.338
74, 344
'74,779
r
5 732
534
614
629
190
1,418
165
146
368
315
417
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production primary*
short tons
Imports bauxite
long tons
Price, wholesale, scrap castings (N. Y.)
dol. per lb__
Aluminum fabricated products, shipments, total
mil of Ibs
Castings
do
Wrought products, total
do
Plate, sheet, and strip
do
Brass sheets, wholesale price, mill
dol. per lb_.
Copper:
Production:
Mine production, recoverable copper •
short tons_.
Crude (mine or smelter, including custom intake) d"
short tons
Refinedc?
do
Deliveries, refined, domesticcf
do
Stocks, refined, end of month & .
do
Exports refined and manufactures
do
Imports total
do
Unrefined including scrap©
do
Refined
do
Price, wholesale, electrolytic (N. Y.).-dol. per lb_Lead:
Ore (lead content) :
Mine production
short tons
Receipts by smelters, domestic ore
do
Refined:
Production, total
do
Primary
__
do
Shipments (domestic)
do
Stocks, end of month
do
Price, wholesale, pig, desilverized (New York)
dol. perlb__
Imports, total, except mfrs. Oead content)
short tons
Tin:*
Production pig
long tons
Consumption pig
do
Stocks pig end of month total
do
Government
do
Industrial
do
Imports:
Ore (tin content)
do
Bars blocks pigs etc
do
Price, wholesale, Straits (N. Y.)
dol. per lb__
Zinc:
Slab zinc:§
Production§
do
Shipments, total §
-_
do
Domestic §
do
Stocks, end of month§
do. __
Price, wholesale, prime Western (St. Louis)
dol. per lb._
Imports, total (zinc content)
short tons
For smelting refining and export
do
For domestic consumption:
Ore (zinc content)
do
Blocks pigs etc
do
r
r
r
r
r
r
r
53, 255
200, 113
r
r
54, 526
231, 097
r
50,696
227, 583
51,962
.0995
.1241
.1325
174. 2
35.5
138.6
109.7
.338
164.3
34.6
129.8
99.2
.341
94.5
.346
69, 639
'68,256
80, 954
108, 816
113, 446
76,035
18 299
54,513
30 863
23,650
.2120
82, 427
102, 314
118, 855
71, 533
18 013
30, 435
13 041
17, 394
.2120
82, 959
93, 588
106, 823
70, 146
18 297
46,638
25 171
21. 467
.2120
83, 909
110, 886
122, 988
68, 582
15 043
48 310
27 337
20 973
.2120
88, 741
104, 044
116, 475
67, 257
23 272
37, 727
18 763
18, 964
.2120
91, 819
104, 524
113, 389
72, 791
19, 861
33, 271
15 673
17, 598
.2120
87, 678
105, 221
112, 677
72,315
21, 079
46, 840
28 914
17, 926
.2120
81, 473
107, 014
108, 277
79, 277
15, 069
46, 689
21 666
25, 023
.2138
89, 165
102, 798
107, 496
79, 579
20, 623
39, 736
17, 922
21,814
.2309
88, 105
102, 976
122, 938
72, 215
12, 085
35,223
13, 854
21, 369
.2320
81, 474
101, 436
112,580
76, 371
17,861
36, 855
14, 885
21,970
.2320
30, 567
34, 797
33, 306
32, 019
32, 407
32, 414
35 802
34, 185
35, 512
35, 362
33, 219
37, 625
34, 090
34, 689
22, 935
24, 597
22, 853
23,141
26, 480
24, 849
49, 337
45, 538
52, 354
21, 787
50, 821
47, 421
51, 958
20, 645
43, 598
40,400
47, 200
17, 034
50, 093
46, 579
52, 287
14,837
49, 652
46, 577
45, 031
19, 453
50, 626
47, 144
47, 652
22, 418
47, 227
44, 846
46, 398
23, 240
40, 458
38, 371
40, 853
22, 846
29,558
27, 923
33, 433
18, 971
37, 105
34, 037
35,067
21, 003
70, 361
73, 150
68, 943
74, 092
75, 596
71, 341
73, 540
51,318
50,668
58, 297
102, 779
r
99, 655
89, 756
11 636
35, 491
18, 210
17, 281
.2320
64,088
96, 117
102, 292
96,080
34, 852
35, 392
35, 337
38, 357
46, 787
43,857
39,875
27,553
47,029
44, 534
40, 289
34, 192
52,315
49, 667
45,856
40,647
. 2150
r
.2320
.1500
.1500
.1500
.1500
.1721
.1750
.1750
.1781
.1950
.1950
.1950
.2150
23 706
15 784
26 718
20 873
21 749
18 627
13,331
30 255
24, 929
33 183
40, 666
32 753
3 211
5,568
38 993
24,555
14 438
3,452
5,604
41 386
27, 674
13 712
3,048
5,004
41 714
27, 086
14, 628
2 836
5,498
41 400
26, 814
14 586
3,208
5,662
42 597
27, 956
14 641
3,576
5,051
47, 136
32, 437
14, 699
3,907
5,629
50, 222
35, 701
14, 521
3,724
5,368
50, 890
37, 118
' 13,772
3,796
5,788
53, 380
39, 911
13, 469
3,118
5, 527
54, 614
41, 575
13, 039
2,597
5,354
57, 978
44, 814
13, 164
3,244
5,179
60,064
46, 454
13, 610
2 566
4,855
.8539
2 201
4,653
.9400
3 668
1,539
.9400
3 595
2 294
.9400
2 137
3,318
.9400
1,335
6,026
.9400
5,194
4,979
1.0300
3,891
2,750
1.0300
4,227
3, 789
1. 0300
2,019
4,280
1.0300
1,928
5,625
1. 0300
2,999
2,433
1. 0300
1. 0300
47 790
48 124
47 612
54 545
53 042
50 974
51 221
46 598
49, 193
52, 231
52 860
70, 996
72, 151
61, 258
68,011
72, 776
86, 000
66, 174
55,423
67, 917
74, 697
63, 592
48, 643
74, 322
77, 334
65, 334
45, 631
71,500
73, 915
64, 801
43, 216
73, 885
72, 848
67, 291
44,253
68, 309
69, 402
61, 195
43, 160
69, 888
67, 377
61, 349
45, 671
68, 180
68, 605
63, 712
45, 246
64, 721
68, 850
60, 990
41, 117
70, 716
67, 402
61,751
44, 431
71, 195
96, 142
66, 211
19, 484
76, 946
75, 582
68, 246
20,848
.1050
33, 415
10 392
.1108
12, 660
121
.1200
22, 617
6 240
.1200
21, 663
2 070
.1200
21, 097
5,717
.1200
24, 696
5,962
.1200
26, 903
3,551
.1246
24, 174
3,016
.1500
24, 373
3,005
.1500
21, 697
2,440
. 1524
24, 904
1,850
.1679
32, 323
2,609
.1750
12, 939
10, 084
7,958
4,581
10, 580
5,797
10, 487
9,106
4,498
10, 882
11,209
7,525
17,306
6,046
13,915
7,243
11, 583
9,785
10, 858
8,399
12, 427
10, 627
17, 073
12,641
28,583
39 749
22, 018
46 774
18, 660
57 443
13, 867
71 262
19, 699
65 676
19, 752
68, 669
15, 953
78 834
18, 005
84 686
33,237
73 791
31, 343
68, 752
35, 353
62, 199
21, 223
64, 465
5,388
2.341
5,181
2,536
5,010
2.664
5,485
3,069
4,794
3.015
5,123
3.064
5,228
3,079
4,115
3.272
5,303
3,268
5, 475
3,551
6,106
3,389
5,191
3,495
HEATING APPARATUS, EXCEPT
ELECTRIC
Boilers, radiators and convectors, cast iron:
Boilers (round and square) :
Shipments
thous of Ib
Stocks end of month
do
Radiation:
Shipments
thous. of sq. ft
Stocks, end of month
do
r
Revised.
<? Data beginning January 1947 as shown in the December 1947 Survey and later issues include copper from all sources; the November 1947 Survey provides January-March 1947 figures
for domestic and duty-free foreign copper only, comparable with earlier data; the excise tax on copper was removed April 1,1947.
§ Beginning January 1948 data include reports from some secondary redistillers not previously reporting; production by these few plants averaged about 1,200 short tons monthly in 1947.
Total shipments of zinc include beginning August 1947 shipments for Government account in addition to shipments to domestic consumers and export and draw-back shipments.
• For January-June 1947 data for the indicated series, see note for aluminum, copper, and tin at the bottom of p. S-35 in the November 1948 Survey.
©Includes data shown in the November 1948 Survey and earlier issues as copper "For smelting, refining, and export;" since removal of excise tax on copper in April 1947, only a part of the
topper for smelting, refining, and export has been reported separately from copper for domestic consumption.
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
February 1949
January
February
March
April
May
June
July
August
September
October November
December
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.—Continued
Boilers, range shipments *
number. _
Oil burners:
Orders new net©
do _
Orders unfilled end of month O
do
Shipments©
-do
Stocks end of month©
do _ _
Stoves and ranges, domestic cooking, exc. electric:
Shipments, total*
number-Coal and wood*
do
Gas (inc bungalow and combination)* do
Kerosene gasoline and fuel oil*
_ do
Stoves domestic heating, shipments, total*__do
Coal and wood*
do _-.'
Gas*
__do
Kerosene gasoline and fuel oil*
do
Warm-air furnaces (forced-air and gravity-air flow),
shipments total
number
Gas
'
do __
Oil
.
do
Solid fuel
do __
^i^ater heaters nonelectric shipments*
do
42,884
51, 722
52, 592
58,908
52, 045
41, 110
40, 294
30,817
52,231
39, 798
43,417
38, 973
6,928 1—24, 136
178, 929 115, 859
38, 945
54, 854
47,031
34, 561
12, 335
103, 978
24, 174
57, 107
9,472
94, 897
18, 219
66,297
6,083
79, 942
21, 745
75,068
9,094
64, 343
25, 396
72, 438
a 26, 512
62, 947
27, 948
70, 017
67, 222
30, 800
61,909
71, 084
50, 082
49, 183
71,052
56,228
44, 449
63,198
59, 351
41,366
57, 154
39, 687
42, 771
285, 575
27, 456
211,078
47, 041
593, 452
88, 026
295, 230
210, 196
288, 203
29, 955
210, 865
47,383
316, 254
44, 825
141,084
130, 345
312, 406
32, 169
223, 756
56,481
261, 925
47, 181
104, 176
110, 568
352, 613
31, 633
252, 036
68, 944
267, 649
46, 316
113, 551
107, 782
326, 149
23, 589
247, 403
55, 157
283, 028
40,065
133, 401
109, 562
317, 531
19, 724
252,929
44, 878
310, 479
51, 072
161, 049
98, 358
319, 642
20,068
259, 675
39, 899
379, 525
69, 013
170, 523
139, 989
256, 618
20,131
201, 532
34, 955
466, 442
101, 408
179, 778
185, 256
304, 914
27,607
248,663
28,644
714, 461
171, 664
277, 492
265, 305
314, 727
27,803
260,508
26, 416
728,004
191, 638
254, 305
282,061
304, 971
25,480
259, 513
19, 978
750, 738
213, 754
271, 543
265, 441
258, 193
20,832
215, 715
21,646
509, 780
147, 042
189, 515
173,223
67,567
15,283
28,311
23, 973
174, 704
46,590
10, 822
16,354
19, 414
176, 736
36, 345
9,313
7,645
19, 387
159, 007
39, 297
9,890
8,105
21,302
173, 291
45, 597
12,454
9,931
23, 212
173, 438
55, 473
13, 617
11,261
30,595
161, 358
64,724
17,269
11,923
35,532
167, 329
57,292
14, 976
12,881
29, 435
160, 415
92, Oil
20,792
23,426
47, 793
208, 855
107, 024
103, 566
24, 862
23, 714
26, 658
26,718
55, 444
53, 194
196, 704 ' 172, 366
77, 498
17,403
19, 981
40, 114
143, 108
r
v
MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly:
Blowers and fans new orders
thous. of dol
TJnit heater group new orders
do
Foundry equipment (new), new orders,
net
1937-39=100—
Machine tools, shipments*
1945-47=100Mechanical stokers, sales:
Classes 1, 2 and 3
number-Classes 4 and 5:
Number
_Horsepower
.
Pumps, steam, power, centrifugal and rotary, new
orders
-..
...thous. of dol__
Scales and balances (except laboratory), shipments,
quarterly
thous. of dol._
ELECTRICAL EQUIPMENT
10, 985
9,677
13,669
11,609
12, 355
6,686
11, 809
6,467
467.8
98.4
380.9
75.3
367.3
87.1
326.2
83.6
412.0
82.0
388.5
82.6
376.8
94.4
456. 3
62.4
324.7
69.8
273.5
84.7
296.0
80.4
284.4
' 76.2
96.9
2,492
2,685
4,316
5,090
4,548
6,314
7,802
8,428
10, 576
13, 755
10, 685
'4,765
2,769
230
50,946
168
64,870
191
68,150
249
78,197
336
92,642
313
74,488
333
70,694
370
88,803
399
78, 391
402
74, 552
391
76,774
'248
' 46, 679
245
63,206
3,480
3,819
3,635
4,703
4,312
3,724
3,512
4,075
4,520
3,474
3,571
3,580
4,263
12,628
13, 126
\
Batteries (automotive replacement only), shipments
thousands..
Domestic electrical appliances, sales billed:
Refrigerators index •
1936= 100
Vacuum cleaners, standard type
number. _
Washers
do
Pinnaces, electric, industrial, new orders:
Unit
-_ ..kilowatts—
Value
thous. of dol.
Insulating materials and related products:
Insulating materials sales billed index 1936— 100
Fiber products:
Laminated fiber products, shipments
thous. of dol—
Vulcanized fiber:
Consumption of fiber paper
thous. of lb__
Shipments of vulcanized products
thous. of dol__
Steel conduit (rigid) and fittings, shipments
short tonsMotors and generators, quarterly:
New orders, index
. 1936=100
Polyphase induction motors, 1-200 h. p.:§
New orders
thous. of dol
Billings
do
Direct current motors and generators, 1-200 h. p.:§
New orders
thous of dol
Billings
do
2,597
2,394
2,254
1,679
1,211
1,027
1,200
1,506
2,519
2,643
2,845
'2,539
1,915
211
373, 254
351, 152
182
304, 273
360, 445
188
311, 448
367,909
246
355, 415
408, 512
221
306,588
402,257
211
276, 657
377,895
247
256,071
392,496
232
229,537
326, 181
186
237,202
362, 169
226
280,084
433, 919
250
281, 573
382,400
245
255, 080
319, 300
274,180
183,700
26, 435
1,831
4,083
550
2,692
310
4,487
776
4,328
436
5,166
528
5,229
538
4,845
383
4,853
390
3,902
363
7,413
599
3,110
273
353
356
351
398
371
344
362
323
354
387
390
391
4,205
4,221
4,162
4,693
4,310
4,118
4,393
4,127
4,286
4,783
4,922
4,966
4,862
4,852
5,065
4,532
5,200
5,317
4,925
4,043
3, 775
5,113
3,632
4,802
4,259
4,328
1,457
1,540
1,461
1, 742
1,686
1,500
1,338
1,430
1,618
1,602
1,597
1,568
1,525
25,319
20,882
22,730
23,194
24,653
22,415
22,704
23,072
19,241
22,456
24,588
27, 650
28,113
2,041
1,895
5,778
'1,658
' 1, 822
' 5, 608
1,706
1,688
5,622
392
295
329
282
29, 534
32. 451
22,871
32,622
25, 841
32,954
21, 674
27,669
5, 068
5,059
6,144
5,078
5,634
4,997
*
5,790
5,834
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts.
thous. of cords (128 cu. ft.)__
Consumption.
.
_
__do
Stocks, end of month
do
Waste paper:
Receipts
short tonsConsumption
do
Stocks, end of month.
do
1,613
1,605
4,566
1,813
1,734
4,646
1,646
1,589
4,698
1,893
1,778
4,790
1,580
1,762
4,607
1,675
1,850
4,421
1,903
1,767
4,543
2,109
1,694
4,956
2,242
1,882
5,311
2,063
1,725
5,641
633, 122
625, 971
521, 019
614, 143
674, 747
458,366
595, 355
618, 324
429, 676
718, 411
704, 677
441,335
687, 267
684, 277
443, 742
658,004
655, 855
445, 216
645, 879
624, 008
461, 744
577, 204
543, 385
496, 475
587, 319
607, 408
474, 378
603, 789
599, 249
477,088
644,603 ' 627, 082 586, 333
629,100 ' 617, 171 566, 153
487, 986 ' 498, 301 516,620
r
Revised. » Preliminary. * Cancellations exceeded new orders.
2 Series discontinued by compiling agency.
§The number of companies reporting beginning 1947 is as follows: Direct current—first quarter 1947, 28; second and third quarters 1947, 30; thereafter, 29; polyphase induction—first quarter
1947,34; second and third quarters 1947, 36; fourth quarter 1947, 35; thereafter, 33.
©Data revised to exclude figures for water heating units; comparable data for January to August 1947 are shown on p. S-34 of the November 1948 Survey. Revised 'figures for 1945 and
1946 will be shown later; previous to 1945 water heating units were not called for on the schedule but were largely reported in data for residential burners shipped separately. Collection of
data on new orders has been discontinued.
• Data for January-June 1947 for refrigerators sales index are shown on p. S-34 of the November 1948 Survey.
*New series. Data on shipments of cooking stoves and ranges, heating stoves, range boilers, and water heaters have been substituted for production data, collection of which has been
discontinued. It should be noted that for range boilers and water heaters, shipments data have been shown in previous issues of the monthly Survey beginning with the March 1947 issue;
however, production data were substituted in the 1947 Supplement because available for a longer period than shipments. Monthly shipments for September 1943-June 1947 for stoves and
ranges and September-December 1945 for range boilers and water heaters are available upon request. The index of machine tool shipments, computed by the National Machine Tool Builders
Association beginning January 1945, has been substituted for estimates of total shipments which have been discontinued by the association; the index is based on reports estimated to account
for about 90 percent of industry shipments.
SURVEY OF CURRENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
December
S-35
January
February
March
April
May
June
July
August
September
October
November
December
PAPER AND PRINTING—Continued
WOOD PULP
Production:
Total all grades
_ thous.
Bleached sulphate
Unbleached sulphate
_
Bleached sulphite
Unbleached sulphite
Soda
-_ _Groundwood
Defibrated, exploded, etc
Stocks, end of month:
Total all grades
Bleached sulphate
Unbleached sulphate
Bleached sulphite
Unbleached sulphite. __ _
Soda
Groundwood
Exports, all grades, total
Imports all grades total
Bleached sulphate
_ _
Unbleached sulphate
Bleached sulphite
_
Unbleached sulphite
Soda
Groundwood
of short tons..
short tons
-do
do
_
do -do
_ _ _do
-do
do
do
do
do -do
do
do
_ _ _ do
do
-do
do -.
do
do -do
do - -
-
r
r
977
91, 569
338, 997
155 379
r
76, 263
41, 668
161, 047
69, 718
1,054
102 641
373, 277
164 244
82, 206
43, 933
161, 067
79, 051
961
95, 088
321, 089
157 233
76, 586
39, 762
153, 488
75,000
1,086
105, 190
390, 188
168, 923
80, 127
42, 598
170, 230
81, 388
1,081
102, 841
384, 106
161, 535
76, 564
43, 119
184, 129
81, 521
1,127
107, 217
412, 959
162, 481
75, 857
44, 385
191, 151
82,366
1,090
104, 269
401, 306
156, 276
73, 867
43, 576
184 684
81, 567
1,019
98, 163
373, 775
147, 566
66, 852
38, 110
173,839
75, 256
1,145
112,015
434, 807
164, 355
71, 223
43, 586
184, 401
82, 615
1,055
104, 289
385, 829
153, 535
70, 195
41, 582
171, 695
81, 139
1,157
116,651
435, 079
163, 846
76, 687
44, 069
184, 393
82,936
'1, 118
116, 910
414, 298
r
159, 849
r
76, 589
42, 476
188, 297
73, 558
1,021
102, 755
369, 104
146, 022
69, 940
41, 248
178,992
65, 663
98 928
4,439
9 815
37, 308
18, 452
2,895
21 615
8,278
210 216
24, 835
42 907
49, 427
65,284
2,293
24, 277
91 271
6 316
11 786
28 933
16, 103
3 020
20 368
11 089
187 293
20 898
38 625
36 541
63 234
1 884
25 053
94, 543
7,558
11 551
30, 525
14, 427
3,454
22 316
11, 807
215 851
19, 886
45 033
42, 375
88 126
1,959
17, 138
89 211
6,464
12 084
22, 543
14, 652
3,363
24 776
4,850
208 180
26,250
38 667
58,216
57 794
2 414
23 385
96 598
7,127
10 553
22, 317
14, 566
3,362
32 460
6,3%
171 010
18,420
26 148
43,502
50 537
1 674
29,532
105, 018
7,665
9,637
23,219
16, 401
3,325
38, 325
9,326
205, 959
27, 089
31, 470
50,574
65,993
1,795
27,864
102, 766
9,044
8,309
21, 167
16, 291
3,318
38 058
10, 309
213 200
32, 847
30 322
52,490
60 443
2,542
33,183
96, 310
7,664
11, 437
18, 217
16, 496
2,829
32, 507
9,606
183, 646
27, 214
26, 007
49,082
56, 706
2,000
21, 795
98, 640
8, 669
13,937
20, 624
16, 652
2,981
28,260
7,733
179, 342
23, 669
27, 159
46, 570
55 711
2,255
23 264
99, 177
9,774
16, 053
19, 920
19, 057
2,967
23, 512
423
154, 783
25, 032
14, 999
49, 396
40, 698
1,899
21,905
103, 265
9,191
16 486
23 872
20, 640
3 241
21 486
1 591
149 272
19 532
21 036
42 542
45 694
2 184
17 467
r
104, 403
11, 192
14, 328
21,721
16, 935
2,880
28, 592
108, 189
11, 125
14, 098
r
27,927
»• 18, 556
3,109
24 692
2,372
144 542
21, 939
16 532
40, 549
43, 530
2,739
18, 297
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:
Paper and paperboard production, total
r
1,812
1,688
1,908
thous. of short tons__
1,743
1,r 742
1,877
•• 1, 856
1,701
1,837
1,866
1,908
1,930
1,925
916
859
960
884
949
923
Paper
.
.
_.do
938
893
939
877
953
958
968
777
703
827
827
758
Paperboard
do
812
789
740
854
718
843
808
841
r
106
122
126
119
109
Building board
do
127
102
112
109
105
117
110
116
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association) :
743, 945 693, 843
694, 795 792 251 749, 143 742, 307
Orders, new
short tons__ 714, 929
712,200
795, 400
704, 920 743, 572 r 744 661 '690 142
552, 535
558, 390
608, 437
Orders, unfilled, end of monthc?1
do
504,663 515,985 •• 483, 472 ' 427, 025 424, 730
605, 763
555, 847
620, 058
575, 897
606,608
742,883 r 781 115 ' 749, 725 723,000
733, 484
782, 537
779, 406
719, 036
776, 262 776, 838 756, 962 690, 363
Production
_- do
757, 527
734, 168 r 732 456 ' 731 841 716, 180
721 572
772 645
772 672 768, 128
728 969
744 754 689,968
752 479
Shipments
do
774 810
295, 490
227, 746
226,645
215, 050
260, 381 267, 410 r 276 590 r 289, 295
223,278
231,688 237, 650
Stocks, end of month c?
--do
249,800 253, 225
Fine paper:
79, 725
83,878 r 85 260 » 76 432
112, 679
89, 977
87,050
Orders, new
_ _ do __
89, 886
76,000
107, 673
94, 818
81,600
92.690
87, 105
Orders, unfilled, end of month
do
58, 520 r 51, 825 ' 44, 870
122, 825
112, 523
125, 073
121, 540
40,500
S5, 425
117, 807 100, 215
71, 455
88,191
Production
do
97, 510 r 96 866 r 89. 566
102, 522
107, 304
97, 654
103,495
80,000
105, 927
104, 393 103, 369
99 455
Shipments
do
87, 618
94 192 r 98 251 r 84 317
97 012
78 000
104 313
108 870
96 009
103 541 104, 156
95 773
97 918
Stocks, end of month
_
do __
64, 230
69,235 r 75 150 ' 81, 125
52, 915
54,234
62 955
54, 385
56,000
55,237
56, 915
66,760
83,000
Printing paper:
278 425 255 960 262, 705 270 285 240, 050
252 172
Orders new
do
280 132
238 218
232 900 269 577 r 253 194 r 232 737
249 500
254, 943
Orders, unfilled, end of month
do
254 602
263 383
249 790 r 234 332 r 201 100
206 000
256 187 246 660 250, 945 252 355 250, 310
230 370
Production _
do __ 257, 843 269, 194
250, 387 267, 467 264, 706 268, 911 267, 238 237, 927
254 259
256 417 r 269 603 ' 261, 219 255,000
Shipments
do
265 557
261 724
263 762
262 263 238, 150
251 898
259 989 263, 590
252 730
349 000
254 285 r 268 295 r 257 205
Stocks, end of month
do _.
84, 560
78, 865
63,745
66, 078
74, 248
87,150
'92,500
68,042
67, 470
87 500
98,000
81,750
89 000
Price, wholesale, book paper, "B" grade, Eng10.80
lish finish, white, f. o. b. mill__.dol. per 100 lb__
10.80
10.80
11.30
10.80
10.80
10.80
10.80
11.30
10.80
11.30
11.30
10.80
Coarse paper :f
Orders, new
_ _
_ short tons_. 245, 517
268, 523
241, 272
268, 636
260, 392 259, 685 254,500 252, 610
264 800
258 303 ' 268 993' 253, 225 261,000
Orders, unfilled, end of month
do
142, 150
134, 250
155, 245
149 956
145 093
150 610
136 000
132 975
134 780
136 635 r 127 900 ' 115 335 114 000
Production
_
do. __ 245, 463
243, 161
242, 667 268,999 265, 314 268, 302
265, 386
257, 059
274 874
257 541 •• 275 623 ' 267, 770 259, 000
Shipments
do
262, 416
245 741 267 015 268 448 265, 065 255 275 242, 912
244, 540
274 745 254 292 r 277 511 '9261, 038 262 000
Stocks, end of month
do_ __
62, 140
62, 595
62,090
59, 931
71, 000
62, 935
63,276
62 925
62,890
58,850
68,000
66 030 r 55' 575
Newsprint:
Canada:
Prod u ction _ _
do
368, 925
397, 330
371,637 844, 645 387 672 385, 606 388, 461 382 937 391, 481 389 148 376 062
385 819
399 788
Shipments from mills
. .
do_ __ 369, 986 346, 870 332, 211 380, 732 380, 848 397, 706 383, 594 379, 695 396 049 387 897
405, 923 406, 678
392 560
Stocks, at mills, end of month
do
95, 351
44, 563
75 250
84, 222
69, 330
81, 764
93, 467
54 391
88 704
83 565
88 450
83 843
76 615
United States:
Consumption by publishers
._ _ _ do . 322, 136 292, 534 307, 967 338. 337 342, 572 348, 823 327 060 291, 647
364,253
363 698
314 045 337 196
381 697
Production _
do
72 659
69 327
64 894
65, 094
58 016
69 371
65, 880
72 355
74 817
72 076
72 571
73 268
68 370
Shipments from mills
do __
68,548
65, 943
69, 199
68, 720
72 371
72, 441
65,037
73 584
59, 019
71, 553
71 966
73 214
69 297
Stocks, end of month:
At mills
do __
7,997
7,713
8,358
6,306
6,478
7,584
7 729
7,218
7,355
8,301
8 602
7 675
8,946
373 590
274 453
At publishers
do
268 665 282 202
292 920 295 052 267 958
344 226
345 423
294 728 337 372
382 849 382 559
In transit to publishers
do .
84, 113
89, 132
92 892
90,864
88, 644
89, 083
80, 667
75, 785
73 363
84 555
76 842
89 884
101 655
Imports
_
do
389, 907 320, 564
293 801 398 283 349 649 368 133 374 845 362 174 389 729
349 476 362 298 416 789
Price, rolls (New York) dol. per short ton_.
100.00
96.00
96.00
96.00
90.00
96.00
96.00
96.00
100.00
96.00
100.00
100.00
100.00
Paperboard (National Paperboard Association) :
Orders, new
short tons
765, 100
826,900
711, 300
894, 300
790, 200
791, 200
706, 100
798,000
807 200 796 °00
809 700
831 100
957 200
Orders, unfilled, end of month
do
457, 100
432,900
423, 500
397, 400
352, 000
381, 100
464,700
359,000
344, 500 375, 900
338, 700
318, 700
365, 900
Production, total
do _
813, 100
824, 200
747, 500
713, 400
861,200
821,800
822 500 953 300
789,200
705,600
792, 900
832 100
774 000
Percent of activity
89
102
102
103
81
100
100
94
94
92
91
96
84
Paper products:
Shipping containers, corrugated and solid fiber,
shipments _ _
mil. sq. ft. surface area
5,185
4,929
5,063
4,527
5,003
5,509
4,976
5 498
5,019
5 301
5 386
5 710
4 878
Folding paper boxes, value:
398.5
467 4
378 6
New orders
1936=100
430 4
415 8
445 0
409 2
394 0
451 2
459 5
435 9
483 7
438 0
456.2
454.8
Shipments
do
476.5
438.5
449.0
417.9
459! 1
370. 7
476.6
500.8
474^4
475. 4
478.0
r
Revised.
d" Data for January-June 1947 for unfilled orders and stocks are shown on p. S-35 of the November 1948 Survey.
tRevised series. The series for coarse paper (bag, wrapping, shipping sack, converting, and glassine, greaseproof and vegetable parchment) represent the series formerly shown as
wrapping paper revised to exclude special industrial paper; data beginning January 1947 are shown on p. S-35 of the May 1948 Survey; earlier data will be published later.
NOTE FOB DAIKY PRODUCTS, p. S-27.—Final revisions for 1947 are as follows (thous. of pounds): Butter—Jan., 98,271; Feb., 94,611; Mar., 111,789; Apr., 117,277; May, 148,386; June, 156,416;
July, 148,066; Aug., 116,612; Sept., 100,272; Oct., 91,745; Nov., 69,649; Dec., 76,584; monthly average, 110,807. Cheese, total—Jan., 73,603; Feb., 77,700; Mar., 99,899; Apr., 113,722; May, 140,143
June, 147,629; July, 132,878; Aug., 103,699; Sept., 87,332; Oct., 80,450; Nov., 60,542; Dec., 60,072; monthly average, 98,139. Cheese, American—Jan., 55,174; Feb., 59,746; Mar., 76,347; Apr.,
<$,546; May, 115,360; June, 122,920; July, 110,913; Aug., 84,564; Sept., 69,614; Oct., 61,864; Nov., 43,272; Dec., 41,581; monthly average, 77,658. Condensed milk, bulk goods—Jan , 37,806; Feb ,
*0,983; Mar., 62,086; Apr., 90,274; May, 114,785; June, 111,452; July, 71,166; Aug., 30,727; Sept., 21,562; Oct., 16,894; Nov., 13,691; Dec., 14,172; monthly average, 52,133. Condensed milk, case
goods—Jan., 9,047; Feb., 7,857; Mar., 9,581; Apr., 11,623; May, 12,952; June, 13,031; July, 16,428; Aug., 19,441; Sept., 21,790; Oct., 18,988; Nov., 12,847; Dec., 11,391; monthly average, 13,748.
Evaporated milk, case goods—Jan., 203,556; Feb., 210,879; Mar., 269,412; Apr., 323,953; May, 416,348; June, 415,841; July, 354,491; Aug., 264,611; Sept., 224,850; Oct., 206,249; Nov., 157,110; Dec.,
160,727; monthly average, 267,336. Utilization of milk in manufactured dairy products—Jan., 3328; Feb., 3,295; Mar., 3,995; Apr., 4,374; May, 5,531; June, 5,780; July, 5,338; Aug., 4,206; Sept.,
3,608; Oct., 3,304; Nov., 2,489; Dec., 2,628; monthly average, 3,990. Dry whole milk—Jan., 13,901; Feb., 12,298; Mar., 11,296; Apr., 11,773; May, 16,715; June, 17,450; July, 17 823; Aug , 15,656;
Sept., 14,421; Oct., 14,361; Nov., 9,617; Dec., 9,577; monthly average, 13,741. Nonfat dry milk solids—Jan., 44,774; Feb., 49,643; Mar., 66,515; Apr., 74,341; May, 88,911; June, 95,472; July, 81,322;
Aug., 51,885; Sept., 41,286; Oct., 31,157; Nov., 20,586; Dec., 32,049; monthly average, 56,495.
SURVEY OF CUEEENT BUSINESS
S-36
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
February 194
1948
1947
December
January
February
March
April
May
June
July
August
September
October
November
Decem
ber
PAPER AND PRINTING—Continued
PRINTING
Book publication, total
New books
New editions
number of editions..
_
do _ _
do
763
612
151
1,110
835
275
805
607
198
890
732
158
819
637
182
918
715
203
627
504
123
689
516
173
549
385
164
618
492
126
1,082
886
196
911
734
177
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Production
thous. of short tons.Stocks in producers' storage yards, end of month
thous. of short tons_.
Exports
.
_ do _.
Prices, composite, chestnut:
Retail^
_ .
__dol. per short ton__
Wholesale
do
Bituminous:
Production
thous. of short tons..
Industrial consumption and retail deliveries, total
thous. of short tons..
Industrial consumption, total
do
Beehive coke ovens
do
Byproduct coke ovens
do
Cement mills
do
Electric power utilities
do_ __
Railways (class I)
do
Steel and rolling mills
do
Other industrial
do
Retail deliveries
do
Consumption on vessels (bunker fuel)
do
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
do_ __
Exports §
.
do
Prices, composite:
Retail K
dol. per short ton...
Wholesale:
Mine run
_
do
Prepared sizes. _
do*. __
COKE
Production:
Beehive
thous. of short tons
Byproduct
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
do
At furance plants
do.
At merchant plants
do
Petroleum coke
do
Exports§
do
Price, beehive, Connellsville (furnace)
dol. per short ton__
4,879
4,921
4,675
4,928
4,438
4,867
4,590
4,365
5,121
5,007
4,961
4,680
4,49*
702
794
511
396
320
412
256
604
153
671
96
628
63
612
51
449
135
691
413
692
703
642
971
470
96-
18.03
14. 803
18.22
14. 896
18.24
14. 912
18.24
*i 15. 022
18.24
1 15. 023
18.29
1 15. 134
18.60
1 15. 325
18.94
1 15. 836
1
20.01
20.09
16. 338 1 16. 388
20.10
20.10
i 16. 391 ' 1 16. 384
r
1
20.li
16. 38!
55, 852
55, 780
49, 711
33, 844
34,600
55, 965
52,463
48,238
. 53,108
51,824
49, 161
38, 315
950
8,425
757
8,450
9, 652
966
2 9, 317
10, 846
93
54, 922
41, 668
963
8,400
709
8,796
9,726
1,104
2 11, 970
13, 254
48
47, 423
35, 746
846
7,917
636
7,904
9,091
996
2 8, 356
11, 677
55
44,502
34, 974
509
8,100
671
.7,801
8,430
1,023
2 8, 440
9,528
55
34, Oil
29, 600
389
6,488
649
6,919
7,044
819
2 7, 292
4,411
88
39, 169
33, 541
908
8,185
692
7,112
7,766
822
2 8, C56
5,628
110
38, 928
32, 985
848
8,036
690
7,520
7,432
798
2 7, 661
5,943
99
38, 748
33, 578
697
8,233
721
7,701
7,408
663
* 8, 155
5,170
102
41, 966
36, 470
960
8,349
719
8,203
7,467
706
2
10, 066
5, 496
111
42. 331
36, 175
922
8,199
679
8,272
7,258
697
2
10, 148
6,156
121
52, 161
50, 124
9,148
1,113
16, 788
6,749
1,012
15, 314
2,037
4,246
49, 576
48, 185
8,671
1,049
15, 792
6,906
943
14, 824
1,391
3,410
48, 613
47, 424
8,807
991
14, 868
7,047
976
14, 735
1,189
3,219
43,585
42, 581
7,435
956
13, 609
5,599
881
14, 101
1,004
2,601
34, 418
33, 576
4,308
776
11, 745
4,864
771
11,112
842
1,030
47, 032
45, 680
7,762
1,001
14, 601
7,208
1,074
14,034
1,352
4,728
58, 010
56, 166
10, 474
1,361
17, 041
8,787
1,269
17,234
1,844
5,627
58, 139
55, 991
8,975
1,364
18, 551
8,388
1, 134
17, 579
2,148
5,168
64, 057
61,385
10,289
1,328
21, 107
8,685
1,166
18, 810
2,672
5,485
67, 592
64, 674
10,968
1,369
22, 751
8,815
1,152
19, 619
2,918
4,574
14.50
14.64
14.70
14.71
14.80
15.11
15.29
15.73
15.92
15.98
15.99
15.99
15. 9<
18.403
19. 199
i 8. 395
i 9. 211
i 8. 73^
1
9. 19]
'610
5, 807
259
6, 06(
53, 192
•• 49, 350
45, 950 ' 43, 959
38, 575 ' 37, 749
974
'954
8,268
8,500
771
751
8,261
8,689
7,655
7,851
793
766
211,044 '• 2 11,047
7,375
6, 210
117
100
68, 696
65, 772
11, 348
1,354
23,875
9,099
1,066
19, 030
2,924
4,202
69, 579
66,500
11, 465
1,377
24, 894
9,153
1,019
18, 592
3,079
3,570
49, 04,
48, 46
39, 56:
99'
8,65,
77'
8, 50«(
7,7H
85'
12, 06'
8.89'
69, 37;
66, 66'
12, 10'
1,29:
24, 81!
9,41:
1,05!
17, 99:
2,70<
7. 575
7.922
7.695
8.031
7.710
8.090
17.684
18.123
i 7. 728
i 8. 146
i 7. 864
18.272
i 7. 882
18.359
i 8. 321
18.806
i 8, 379
i 8. 872
i 8. 403
18.915
603
5,886
210
606
5,865
204
539
6,513
203
324
5,653
242
246
4,491
225
577
5,722
217
540
5,593
256
435
5,713
259
612
5,843
259
588
5,763
246
622
5,966
249
1,040
535
504
69
79
912
554
358
67
60
807
618
190
79
59
716
587
128
66
67
646
533
113
69
37
802
644
158
83
81
856
641
215
91
67
940
652
287
100
51
1,123
716
407
111
82
1,287
819
468
109
73
1,474
986
489
115
46
1,589
1,059
530
r
l!7
46
1,591
1, 10J
12. 250
12.500
12.500
12.500
12.500
12.900
13.000
13.250
14.375
14.500
14.500
14.500
14.50C
r
63*
48*
PETROLEUM AND PRODUCTS
Crude petroleum:
2,153
2,027
1,968
1,959
2,105
1,864
1,860
1,630
1,733
Wells completed
number
1,406
1,416
1,716
163, 037
174, 581
170, 242
172, 886
166, 330
171, 196
170, 574
155, 224
163, 781
Production
thous of bbl
167, 593
164, 509
165 443
92
97
95
96
96
96
96
92
95
97
93
98
Refinery operations
percent of capacity
161, 280
170, 166
173, 429
174, 242
168, 952
174, 546
165 796
175 705
156 014
Consumption (runs to stills)
thous of bbl
167 007
166 198
165 858
Stocks, end of month:
234, 615
240, 083
223 481 223 124 224, 211 228, 401
224 880
223 430
Gasoline-bearing in TJ S total
do
227 408 227 278
223 820
224 929
58,827
60, 629
60, 821
57, 684
57, 872
58, 751
58,790
53, 891
At refineries
do
60 807
54 572
58 989
52 864
162, 885
156, 839
148, 469 148,994 150, 238 153,244
154, 233
153, 378
At tank farms and in pipe lines
do
152, 758
150, 787
148, 890
156, 726
16,330
16, 569
16, 955
16,289
16, 222
On leases
do
16, 258
15, 684
16, 075
15, 339
16, 161
15, 661
16, 179
8,901
9,983
9,357
7,743
7,931
7, 831
6,412
Heavy in California _ _ _ _
do
6,539
5,725
7,228
7,498
6,756
3,362
3,192
3,404
Exports
do
4,078
3,419
3,661
4,039
2,992
3, 138
3,538
3,362
2,626
11, 933
13, 885
11,561
10, 552
10, 804
Imports
do
12, 266
8,622
9 393
9, 144
7,638
9 767
9,339
2.510
2.510
2.510
2.510
2.510
2.510
2.510
Price (Kansas-Oklahoma) at wells. _dol. per bbl._
2.510
2.510
2.510
2.510
2.510
2.410
Refined petroleum products:
Fuel oil: .
Production:
32,434
28, 960
33, 140
32 190
33 539
Distillate fuel oil
thous of bbl
29 930
30 820
30 759
32 548
29 352
30 764
32 688
34, 493
38, 315
Residual fuel oil..
do
39, 313
38, 673
38, 387
39, 177
39, 606
39, 104
39, 746
40,523
40, 732
37, 542
Domestic demand:
20, 364
30, 645
25, 595
Distillate fuel oil
_
do
20,896
18, 305
42, 056
20, 210
33, 779
22, 809
38, 648
40, 426
25, 498
39, 108
38, 807
35, 026
Residual fuel oil
do
38, 255
48, 853
38, 987
45, 565
52, 015
47, 808
39, 819
38,400
42 831
Consumption by type of consumer:
3,566
4, 325
3,269
2,916
Electric power plants
do
3,186
4,287
3,119
4,256
3,601
3,083
4,002
4,433
2,943
5,761
6,171
Railways (class I)
_.
do
5,620
7,141
5,889
6,409
5,995
5,824
5,878
6,026
6,188
6,661
3,734
Vessels (bunker oil)
do
4,181
4,386
5 054
5,775
5,419
5 604
4 651
5,685
4,800
4 510
4 606
Stocks, end of month:
83,909
Distillate fuel oil—
do
82, 920
51, 081
32, 214
34, 514
58, 725
76,320
41, 036
68, 818
40, 781
34,590
48, 352
Residual fuel oil
do
77. 033
68.005
47.091
64. 096
72.363
41.945
43. 301
48.788
52. 465
58.431
43. 156
44.636
r
Revised.
1 The comparability of the data for both anthracite and bituminous coal is slightly affected beginning March 1948 by a substitution for one of the reporting companies; February 1948 figtt ~<
strictly comparable with March for anthracite and bituminous coal, prepared sizes, are $15.011 and $8.122, respectively; for bituminous coal, mine run, there was no change in price betwip =.
February and March on the basis of comparable reports; April and September 1948 figures forbituminous coal, prepared sizes andNovember 1948 figure for bituminous coal, mine run, stricth
comparable in each case with data shown above for the following month are $8.154, $9.196, and $8.744, respectively.
2 Data for coal mine fuel are included in "other industrial."
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments (see note marked "J" on p. S-21).
^The comparability of the series has been affected from time to time by a reduction
in the number of cities or by a change in the sample. Beginning August 1947 data cover 10 cities f o:
n
anthracite and 21 cities for bituminous coal; see note on item in the April
"
'
" the*effect
~ on the
" comparability of the. data
, , of
. changes
. .
iril 1948 and September
1947 -issues
regarding
made in that montland in February 1947.
SUEVEY OF CUEEENT BUSINESS
ebruary 1949
1947
nless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-37
1948
December
January
February
March
May
April
July
June
August
September
October
November
December
PETROLEUM AND COAL PRODUCTS—Continued
ETROLEUM AND PRODUCTS—Continued
efined petroleum products— Continued
Fuel oil— Continued
Exports:
Distillate fuel oil
thous. of bbl
Residual fuel oil
do
Price, wholesale, fuel oil (Pennsylvania)
dol. per gal. _
Kerosene:
Production
thous. of bbl
Domestic demand
do
Stocks end of month
do
Exports
do
Price, wholesale, water white, 47°, refinery
(Pennsylvania).
dol. pergal._
Lubricating oils:
Production
thous. of bbl
Domestic demand
do
Stocks refinery, end of month
do
Exports
-- _-do_ __
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal._
Motor fuel:
All types:
Production, total
thous. of bbl
Gasoline and naphtha from crude petroleum
thous. of bbl
Natural gasoline and allied products do
Sales of 1. p. g. for fuel, etc., and transfers
of cycle products
thous. of bbl
Used at refineries
do
Domestic demand
do
Stocks, gasoline, end of month:
Finished gasoline, total
do
At refineries
do
Unfinished gasoline
__do _ _
Natural gasoline and allied products do
Exports
...do
Prices, gasoline:
Wholesale, refinery (Oklahoma)
dol. per gal__
Wholesale, tank wage a (N. Y.)
do
Retail, service stations, 50 cities
do
Aviation gasoline:
Production, total
thous. of bbl
100 octane and above
do_ _.
Stocks, total
do
100 octane and above
do _ _ _
Asphalt:
Production
__ _
short tons_.
Stocks, refinery, end of month
do
Wax:
Production
thous. of Ib
Stocks, refinery, end of month
__do
Asphalt products, shipments:
Asphalt roofing, total
thous. of squares
Roll roofing and cap sheet:
Smooth-surfaced
do
Mineral-surfaced
do
Shingles, all types
do
Asphalt sidings
do
Saturated felts
short tons_.
842
769
1,585
.102
.110
.110
.110
10 129
10 697
16, 198
11 993
11 030
12, 608
10 287
12, 904
17 722
499
2 323
2 007
2 016
1 238
1,266
1,134
607
2 261
1 058
1,272
689
693
881
642
.110
.110
.110
.110
.110
.110
.110
.110
11 262
10 884
10 464
10 236
7 774
12 795
9 973
6 508
15 711
9 383
6 351
18 480
9 442
6 561
20 958
9 180
6 193
23 564
9,288
6,365
9,663
26, 177
362
333
242
9,411
26, 283
10, 848
10, 928
25, 829
.125
.121
.120
.120
4, 580
3,178
i 9, 306
i 9, 512
972
731
1 222
683
1 649
907
113
216
474
220
.108
.115
.121
.125
.125
.125
.125
4,566
4,287
3 295
3 056
17 892
1,028
4 404
3 231
i 7 961
1 032
4 308
3 096
i g 022
1,139
4 500
2 956
i g 411
l'l42
4 065
3 007
i 8 166
1,979
4 135
2 803
1
8 350
1,134
4 341
2 957
i 8 747
1,160
4,132
3 044
17 829
1,143
969
4,121
2 843
1
8, 884
1,136
.378
.390
.390
.390
.390
.390
.390
.390
.390
.370
.350
.318
75 140
73 812
67 518
72 025
74 219
79 421
78 543
79 948
80 711
74,505
79, 476
78,445
66 770
12, 357
65, 744
12, 047
59 964
11,372
63 608
12, 296
65 834
11, 704
70 501
12 072
69 883
11 550
71 221
66, 522
11, 543
70, 579
69,588
11,871
71 964
12 157
3 987
3 979
3 818
5 695
3 152
6 551
77 186
2 890
5 979
78 044
3 144
6 123
81, 428
3 410
6 5-35
80 348
3 560
5 962
76, 159
3,936
56,487
3 319
6 058
61, 308
3 879
6 187
68, 171
6,617
75, 164
4,059
6,953
72,560
93,290
102, 235
68, 604
101,280
99, 554
61 648
90,310
187
152
258
308
982
83, 969
47, 708
5 622
3 218
87
49
8
6
2
82, 254
46, 982
5 305
3,190
96 221
56 231
8 297
6 077
2 977
87,275
64 553
4 673
1,426
103, 398
68 824
8,551
4 806
2,165
6 287
6,173
2,937
2,444
5,857
2,463
.105
.188
.195
.105
.188
.195
.105
188
.195
.105
188
.196
.105
188
.196
.105
188
.196
.105
188
.196
.105
.188
.196
.105
.188
.197
2,329
3,315
4,088
2,945
7 359
3,603
2,864
6,224
4,287
7 044
5,994
67,285
83, 111
51, 570
9,192
69
6,434
61, 134
4,296
2,882
8,877
4,323
2,075
.099
.183
.194
.105
.188
.194
.105
.188
.195
3,379
3,443
2,385
6,557
1,825
7,186
2,186
6,064
2,422
8,764
3,044
2,964
2,712
269
2,808
88
72,183
8,549
8,998
4
2
6
2
3,266
075
775
790
667
4
2
6
2
51 873
8,529
6 176
3 849
4
2
6
2
115
943
469
614
142
747
520
575
4 476
3 190
6 641
2 913
12,833
8,264
3
2
6
3
8,457
285
562
560
172
.120
•
3,229
49, 580
8,314
6,797
3,309
938, 000
685, 100
i 859, 500
73 640
75 040
155, 120
765,600
98, 000
104, 720
82 320
103, 320
98 280
100, 800
92 960
108, 920
82 600
112, 560
86 240
122 920
74 760
136, 360
74 760
148 680
66 640
151 480
154,560
5,686
5,549
5,121
5 155
4 946
4 636
5 220
4 734
5 259
5 665
5 715
r
1 454
1,366
2 894
r
r
1,736
1,285
2,665
356
37, 470
1,743
1,244
2,562
338
40, 180
1,611
1,132
2 378
1 561
1,208
2 385
1 405
1 056
2 484
1 216
2 423
1 281
1 083
2 856
37, 633
49, 662
55, 316
52, 476
54, 772
329
350
251
998
213
205
1
980, 700 1 062 200 922 200
957 600 i 798 900 i 681 600
1 163
1 028
2 543
1 419
1 271
2 975
199
44,912
1 271
1 153
2 835
234
276
44, 474
45, 330
48 769
128 446
71, 482
KO 9AA
129 622
68, 131
52 131
123 912
50, 556
1
320
44,403
.103
.188
.201
3,143
3,001
96, 320
98, 280
818,400 911 100
1,156 200 11048 000
1
.300
12, 916
587, 500
* 812, 400
551, 800
624, 000
676, 900
925, 800 ll,02Q,7QQ 11,082,900
.120
4,175
638, 500
731, 100
1
.110
297
66
8,624
4
1,042
281
4, 708
3 231
1 286
1 169
r 2 253
T
339
r
39, 384
1 437
935
860
226
29,500
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
long tons
Stocks end of month <$
do_
Imports, including latex and Quayule
do
Price, wholesale, smoked sheets (New York)
dol. per lb__
Chemical (synthetic):
Production
..longtons
Consumption _„ „ .
do
Stocks, end of month®
do
Exports
-__do
Reclaimed rubber:
Production
do
Consumption
do
Stocks, end of month®
do
56 284
129 038
71, 596
58 174
136 227
80, 852
51 012
148 081
54, 418
54 444
130 295
72, 070
50 616
123 248
40, 747
52 022
112 724
40, 709
55 701
119 818
64, 725
.215
.219
.205
.204
.229
.233
.228
.243
.237
.228
38, 134
43, 230
62, 366
413
39, 428
43, 003
60,290
419
39, 025
35, 375
65, 649
464
43, 940
38, 222
72 885
387
40, 846
34, 632
78 722
569
42, 866
35 268
85 734
400
41 207
39 204
89 088
305
41 267
34 511
96 140
278
39 630
39* 339
97 197
37 890
39 215
98 246
25, 123
25, 229
35, 943
25, 634
25,885
36, 307
23, 678
22 374
38, 444
24 089
24 362
38, 313
21 802
22 322
37, 946
21 043
21 975
36 612
22 504
23 786
35' 898
17 712
19 291
34 302
20 255
22 917
32 025
21 805
23 478
30 198
49 617
118 187
r «! 632
r 113 251
61,027
50^613
.222
.197
.189
41 419 r 40 779
38 367 r 37 690
102 842 r 107 297
42 137
35 248
116 094
457
348
23 859
23 512
31 879
r 23 050
r 99 i7n
915
700
114
460
6 750
6 492
2 436
3' 899
6 098
5 592
2 335
3 139
9 353
9 805
113
107
9 905
10 476
6 639
6 917
8 527
6 191
6 200
8 778
6 323
6 061
8 915
5 463
5 123
9 303
' 55
280
669
r 33 378
45 644
140 999
21 396
20 122
34 702
TIRES AND TUBES
Pneumatic casings:
Production
thousands..
7,851
8,050
6,574
6,385
6,930
6,931
6 672
7 584
Shipments, total
do
5,106
6,583
5,919
5 703
7 039
6 254
7 827
7 866
2 379
Original equipment
do
2,338
2,265
2,366
2,330
2 189
2,020
1,818
Replacement equipment
do
4,029
3,433
4,632
2,887
3,183
4,301
5 474
5 357
Export-.
_
do
216
157
154
142
200
135
164
131
Stocks, end of month
do
6,975
8,806
10, 172
11, 364
11,611
10,940
11, 435
10 207
Exports
do
243
195
184
161
166
143
175
144
Iryner tubes:
production
do
6,544
6,226
4,980
5,534
5,702
5,578
6,716
5 750
5,324
5,152
•• Shipments
_ ___
do __
4,505
5,188
5,807
5 419
6 745
6 807
Stocks, end of month
do
9,116
8,088
9,657
9,737
9,930
10, 069
9 939
8 760
134
Exports
do
101
126
117
120
95
127
100 1
r
Revised.
i New basis excluding distributors' stocks in California; comparable figures for December 31,1947: Lubricants, 7,701; asphalt, 685,600.
d Beginning July 1947 data are reported stocks available to industry.
<8>Beginning July 1947 data are reported stocks.
6
7
2
5
963
835
290
409
136
75
6
6
2
4
126
67
156
125
85
118
86
%--
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
February 1949
1948
1947
December
January
February
March
April
May
June
July
August
September
October
November
December
139, 414
122, 239
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments-reams. _
125, 743
111, 889
139, 066
161, 110
160, 918
158,554
171,412
146, 164
191, 199
191, 884
165, 337
16, 123
79
12, 379
9,975
3,605
14, 541
71
9,205
15, 336
4,299
13, 347
70
8,338
20, 340
5,196
14, 502
71
13, 957
20, 886
6,072
16,041
80
19, 047
17, 880
5,930
17, 740
86
19, 544
16, 086
5,650
17, 757
89
21, 426
12, 422
5,032
18, 721
90
20,994
10, 149
4,514
18, 961
91
20,704
8,355
3,916
18,605
93
19, 938
7,061
3,068
19, 349
93
20, 324
6,094
2,824
436, 073
431,130
452, 138
369, 034
335, 438
479, 788
317,619
300, 386
493, 925
392, 440
414, 418
470, 041
445, 263
494, 952
421, 558
498, 171
496, 510
* 420, 241
541, 527
544, 523
413,088
544, 376
546, 235
408,599
571, 713
563, 697
411,560
561, 532 ' 598, 512 523,353
553,625 ' 556, 155 493, 340
0)
0)
(:)
r 23. 203
'23.368
PORTLAND CEMENT
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks clinker, end of month
thous. of bbl
thous. of bbl
do
do
18, 435
92
18, 110
' 6, 399
' 2, 781
17, 403
84
12, 741
11,061
3,756
CLAY PRODUCTS
Brick, unglazed:
Production
•
thous of standard brick
Shipments
do
Stocks end of month
do
Price, wholesale, common, composite, f. o. b. plant
dol. per thous._
Clay sewer pipe, vitrified:
Production
short tons..
Shipments
do
Stocks
do
Structural tile, unglazed:
Production
do
Shipments
do
Stocks
do
20.843
' 21. 836
' 21. 912
'22.066
' 22. 391
' 22. 514 ' 22. 761 '23.032
'23.599
•• 23. 812
120, 892
116, 647
166, 450
118, 720
98, *40
183,694
110, 777
93, 973
200, 385
131, 353
122, 307
209, 313
122, 561
124, 272
207, 527
120, 424
120, 808
207, 105
127, 663
128, 137
206, 505
118,119
129, 417
125, 139 131 131
199, 244 > 197,487
128, 578 r 135, 565
132, 013 ' 135, 123
0)
0)
128, 421
121 625
(i)
97, 369
95, 319
120, 653
84, 678
77, 107
127,576
83, 982
75, 800
134, 959
99, 575
97, 871
136, 014
109, 451
113, 784
130, 818
108,946
113,588
124,522
113, 675
116, 594
118, 786
113, 349
116, 498
113, 378
114, 546
122, 287
106, 031
110, 434 ' 111, 992
111,362 ' 110, 948
(i)
(i)
108 078
103, 958
(i)
7,988
7,603
8,015
7,006
7,320
6,886
8,977
10,399
8,951
7,383
8,820
7,902
8,107
7,385
7,779
7,585
8 934
8,399
23.828
GLASS PRODUCTS
Glass containers:
Production
thous. of gross
Shipments domestic, total do
General use food:
Narrow neck food
_ _
do
Wide mouth food (incl. packers tumblers)
thous. of gross. Beverage
do
Beer bottles
.
.
do
Liquor and wine
do
Medicinal and toilet
_ _
do
Chemical, household and industrial
do
Dairy products
do
Fruit jars and jelly glasses
do
Stocks end of month
__do
Other glassware, machine-made:
Tumblers:
Production. _.
thous. of dozens. .
Shipments
do
Stocks
__do
Table, kitchen, and householdware, shipments
thous. of dozens- _
Plate glass, polished, production.. -thous. of sq. ft..
r
8, 737
' 10, 354
482
532
578
969
549
653
829
899
1,121
1,795
21,745
526
1,271
1,167
1,603
419
384
27
8,057
1,820
419
839
840
1,791
479
247
39
8,380
1,759
692
704
783
1,584
502
244
39
8,488
2,518
1,338
1,055
1,060
2,281
813
272
92
6,724
1,769
«729
605
786
1,861
470
339
275
7,876
1,976
849
692
781
1,638
535
210
568
8,419
1,865
884
641
604
1,465
501
201
395
8,799
2,041
843
729
641
1,413
513
231
276
8,704
2,333
569
571
868
1,807
613
275
244
8,876
' 2, 581
' 3 589
'692
r
l 136
' 2, 307
'764
'338
' 151
r
7, 164
4,944
4,599
8,924
4,539
4,416
8,690
4,325
4,296
8,741
5,223
5,314
8,659
5,422
5,628
8,510
5,278
5,277
8,398
4,357
4,742
8,155
4,036
4 805
7,507
4,618
4 676
7,397
4,636
5 038
6,987
3,793
20,089
3,195
21,958
3,051
21, 751
4,147
23, 572
3,714
23,417
3,847
20,783
3,351
24,208
2,977
17, 484
3.052
24, 475
3,402
20, 774
'9 079
' 8, 170
'823
7 313
6 563
6 765
6,029
560
569
' 2, 161
a 1, 805
' 3 460
248
'422
334
' 1 308 1 265
'2 008
1 595
'648
454
'320
299
23
'20
' 7, 776
8,281
1,731
3 250
332
872
1 567
417
280
H
8 753
5,852
5 427
7,150
5,398
4 873
7,662
4,301
3,225
0)
0)
0)
GYPSUM AND PRODUCTS
Crude gypsum:
Imports
thous. of short tons. _
Production
_
do
Calcined production
do
Gypsum products sold or used:
Uncalcined
short tons- _
Calcined:
For building uses:
Base-coat plasters
do
Keene's cement
do
All other building plasters
__do. _
Lath
thous. of sq. ft
Tile
.do
Wallboardc?
_
_ _ _ _ _ _ _ d o __
Industrial plasters
short tons
644
1,667
1,410
241
1,562
1,385
720
1,773
1,590
1,003
1,882
1 667
519, 395
506,561
523, 688
509, 216
499,480
10,909
116, 881
488, 677
7,233
592, 627
55, 998
410, 518
11,944
107, 121
530, 444
< 7, 273
4
684, 302
50,692
545, 038
13, 812
126, 713
633,137
6,387
659, 878
56,548
573
13
126
689
7
634
58
344
786
359
932
084
689
276
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs. .
Shipments
do
Stocks end of month
_
do. __
12, 548
12, 415
22, 217
13, 405
13, 199
22, 494
13, 365
13, 178
22,682
14, 185
14, 312
22, 557
13, 303
12,850
23, 067
12, 162
• 10 974
24,354
12, 373
11 287
23, 742
10, 099
10 094
23 748
11, 546
12 005
23 290
11,905
12 594
22 601
11 759
12 305
22 055
11 369
11 405
22 019
11 262
9 740
23 534
COTTON
Cotton (exclusive of linters) :
Production:
« 11, 552
Ginnings
thous. of running bales. _ ' 10, 628 ' 11, 385
259
1,473
5, 310
10 433
12 762
13 395
Crop estimate, equivalent 500-lb. bales
8 11, 851
6 14 937
thous. of bales. .
739 139
754, 847 860, 704
785, 677 879, 967
829, 960
Consumption
bales
785, 516
800, 347
627 462
728 732
695 887
685 166
680 670
Stocks in the United States, end of month, total I
7,669
8,581
6,545
9,668
5,572
thous. of bales. 4,611
3,686
3,080
16, 855
15, 938
15, 125
13, 854
12, 646
6,411
8,422
7,529
Domestic cotton, totalj
do
9,496
5,447
3,584
4,500
2 991
16 776
15 815
14 995
13 729
12 531
1,246
951
582
528
2 135
On farms and in transit J. _
do
372
2,007
275
274
13 885
10 515
6 331
3 765
5,053
3,636
2,824
4,430
Public storage and compresses
do
5,438
2,200
1,642
1,308
1,700
4,087
7,272
8,387
8,771
2,123
2,193
Consuming establishments
___do _
2.051
2,148
2,095
1,928
1,667
1,409
1 191
1 213
1 391
1 577
1 575
159
134
172
140
125
Foreign cotton, totalt
.do
111
102
89
79
123
130
125
' Revised. * Data discontinued by compiling agency.
2 jelly glasses included
with
wide
mouth
food
containers.
»Includes
a
small
quantity
of
nonreturnable
containers.
6
* Laminated board included with tile.
Total ginnings of 1947 crop.
fl
December 1 estimate of 1948 crop,
d" Includes laminated board, reported as component board, through the last quarter of 1947 and for the second and third quarters of 1948.
J For revisions for July-December 1946 and data for January-June 1947, see note marked "J"on p. S-38 of the October 1948 Survey.
SURVEY OF CUEKENT BUSINESS
February 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
S-39
1948
December
January
February
March
May
April
• June
July
August
September
October
November
December
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (exclusive of linters)— Continued
Exports §
bales
Imports
_».
do
Prices received by farmers
dol.
per
lb__
1
//
Prices, wholesale, middling, M« » average, 10
markets.dol. per lb_.
Cotton linters:
Consumption
thous. of bales. _
Production
__ _ _ _ _ _
do
Stocks end of month
do
229 553
15, 319
.341
214 098
9,454
.331
163 498
19 014
.307
261 162
10, 398
.318
155 080
14 668
.341
204 811
7 846
.353
132 898
3 090
.352
H8 594
8 078
.330
114 584
9 847
.304
170 911
102 970
.309
246, 161
11, 726
.311
428 132
51
.305
.296
.358
.352
.328
.342
.372
.376
.370
.340
.313
.312
.312
.315
.322
101
M76
474
102
166
510
98
129
516
104
104
522
97
66
500
99
47
459
86
32
361
105
53
318
109
169
356
115
222
437
117
219
527
114
205
609
2,569
102 417
4,161
93 907
82 410
3,461
75 614
80 070
79 ggg
3,813
2 540
73 129
3,' 916
71 937
63 673
2, 197
62 456
1,433
83, 294
58 030
64.70
.338
.283
.239
64.31
.338
.261
.240
63.65
58.26
47.86
45. 58
.338
.177
.195
.338
.172
.186
41.76
.338
.164
.181
37.55
.338
.198
.230
45 34
ooo
.000
183
.208
46.29
.338
.208
.240
51.01
.338
.205
.230
.725
.960
.765
1.019
.804
1.098
.804
1.098
.804
1.098
.804
1.098
.796
1.088
.757
1.044
.715
1.002
.696
.965
22, 786
21, 412
10, 132
427
9, 544
121.3
22, 798
21, 450
23,077
23,042
22, 787
11,318
21,479
22, 675
21, 328
10, 953
461
10, 320
130.9
356
22, 703
21, 352
10, 019
421
22, 686
11,684
101.3
119.6
r
r
95*
36
403
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
production quarterly
mil of linear yards
Exports 5
thous of so yd
Imports
do
Prices, wholesale:
Mill margins
_
.cents per lb_Denims, 28-inch
____.dol. per yd. .
Print cloth, 38^-inch, 64 x 60
do
Sheeting, unbleached, 36-inch, 56 x 60
do
Cotton yarn, Southern, prices, wholesale, mill:
22/1, carded, white, cones
_._dol. per lb__
40/1, twisted, carded, skeins
do
Spindle activity (cotton system spindles) :
Active spindles, last working day, total*.. _thous__
Consuming 100 percent cotton _
do
Spindle hours operated, all fibers, total* _mil. of hr__
Average per spindle in place*
hours__
Consuming 100 percent cotton
mil. of hr__
Operations as percent of capacity!
-
2,308
.338
.239
.240
22,856
2,588
2,364
2,760
2,259
2,670
21, 708
480
10, 802
139.0
21, 489
10, 441
440
9,819
137.6
133.6
475
10, 667
136.1
23, 055
21, 723
10, 693
450
10, 080
134.0
62.1
22.2
68 9
22.7
60 9
20.7
68 1
22 7
68 2
22.9
68 6
22 1
70 7
22 4
7.7
4.0
1,369
8.6
4.8
2,711
4,588
8.8
4.9
9 4
4.8
5,219
4,599
3,975
9 3
4.0
9 2
4 3
5 323
9 3
4 2
4 580
.726
.352
.740
.360
.740
.360
.740
360
.740
.360
.740
.360
.740
360
379
128
397
829
417
470
4.40
2.60
2.60
2.60
2.60
43,830
41,700
42,900
51,680
11,423
492
11,005
21, 694
8,482
7.923
2,604
.338
.157
.178
21,302
9,998
420
9,414
121.0
9,384
2,007
35.34
33.98
.338
.155
.174
.338
.158
.172
.686
.941
.686
.917
.666
.882
22, 483
21, 157
9,521
400
22, 513
21, 231
22, 043
20, 776
9,102
383
8,889
120. 0
9,253
389
8,681
111.9
8,544
104.1
RAYON AND MANUFACTURES AND SILK
Rayon yarn«nd staple fiber:
Consumption:
Filament yarn
mil. of Ib
Staple
fiber
do
Stocks, producers', end of month:
Filament yarn
do
Staple
fiber
__ _ _ do __
Imports
thous. of Ib
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per lb__
Staple fiber viscose, IJ-i denier
do
Rayon broad woven goods, production, quarterly
thous. of linear yards
Silk, raw:
Imports
thous. of Ib
Price, wholesale, raw, Japan, 13/15 (N. Y.)
dol. per lb_-_
WOOL
Consumption (scoured basis) :^
Apparel class
thous. of Ib
Carpet class
do .
Imports
do
Prices, wholesale, Boston:
Raw, territory, 64s, 70s, 80s, scoured. -dol. per lb__
Raw, bright fleece, 56s, greasy. __ _ _ _ .do __
Australian, 64s, 70s, good topmaking, scoured, in
bond.
dol. per lb_.
515, 951
8.7
3.8
1
r
71.8
22.1
69.9
22.0
71.8
21.9
4,775
10.2
4.7
9.9
4.8
4,195
10.1
4.7
1,654
2,822
.740
360
.764
.368
.770
.370
.770
.370
1 349
1 106
352
404
787
510
2.60
2.60
2.60
2.60
2.60
2.60
2.60
33, 988
18, 092
42, 411
38, 840
553 150
72 2
22 2
70.4
21.3
75.0
21.2
12.3
5.4
11.1
4.6
.770
.370
.770
.370
520, 516
546 421
r
T
2.60
29,728
16,636
15, 524
79, 997
20, 265
86, 749
42, 632
17, 024
62, 324
41, 620
16, 972
48, 703
48 120
19, 835
74 307
31 744
11, 284
61 177
38, 824
16, 964
62, 530
45, 210
36,234
15, 948
110, 302
1.255
.510
1.255
.510
1.255
.510
1.255
.510
1.296
.510
1.310
.510
1.446
.550
1.480
.560
11.800
1
i .560
1
1. 800
.560
i 1. 788
i .560
U.750
*. 560
i .560
1.240
1.240
1.370
1.292
1.399
1.652
1.820
1.820
1.820
1.696
1.615
1.615
1.801
103
98
82
82
89
' 2, 224
30
68
2,148
30
16, 175
20,360
54, 464
11.790
WOOL MANUFACTURES
Machinery activity (weekly average) :1
Looms:
Woolen and worsted:
Pile and Jacquard • thous of active hours
Broad
_
do
Narrow
do
Carpet and rug:
Broad
do_ .
Narrow
.
.
.
do
Spinning spindles:
Woolen
do
Worsted
do
Worsted combs
do
Wool yarn*
Production, total J
thous of Ib
Knitting 1
do
Weaving 1
do
Carpet and other ^
do
Price, wholesale, worsted yarn, 2/32s (Boston)
dol. per lb_.
r
79
51
100
2, 495
40
2,497
52
42
91
2,513
37
2,400
62
1,893
30
2,323
35
39
79
2,185
36
132
119
163
146
163
146
163
144
164
141
167
141
166
129
114
90
164
130
164
124
90, 474
117, 489
214
103, 677
132, 418
247
102, 527
132, 666
252
129, 269
250
98,429
99, 272
125, 437
245
98, 572
124, 760
248
95 140
116, 709
239
73 791
87, 804
179
94, 338
109, 204
222
88 432
104, 311
210
71, 705
67, 108
67, 304
82,550
65,876
7,488
15 264
43, 872
15 492
2,256
45
8,785
47,460
15 460
C)
92
2,565
8,084
43,760
0
2,572
7,940
C)
9,610
53, 730
19 210
C)
42, 092
16 296
C)
65, 588
7,512
78 170
16, 408
49 800
19 530
41,668
C)
8,840
C)
48
5
31
10
188
408
912
868
(•)
62, 112
6,896
38 852
16 364
0
74
8
46
20
(•)
475
055
385
035
173
126
r
92, 989
»• 101,r 900
189
r gl 716
r
6,408
38 256
r 17 052
( tf )
166
114
90 630
92, 111
161
57 532
5,908
35 620
16 004
C)
(«)
Revised.
f Preliminary.
« Data not available.
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "§" on p. S-21.
i Data beginning August 1948 are for wool sold on the open market instead of the Commodity Credit Corporation selling price; August price for the territory wool comparable to earlier
sySl.480 per pound; for the bright fleece series, the Commodity Credit Corporation and the open market price were the same in August and September.
• Included in data for broad and narrow looms prior to April 1947. JData for December 1947 and March, June and September 1948 are for 5 weeks; other months, 4 weeks.
*New series. The new series for cotton spindle activity and the revised series for operations as a percent of capacity relate to all cotton system spindles, including data for spindles spinning synthetic and blended fibers as well as those consuming 100 percent cotton. The series designated "100 percent cotton" continue the data on active spindles and spindle hours shown in
the 1947 Supplement and in previous issues of the monthly Survey. The figures for average spindle hours per spindle in place and operations as a percent of capacity for cotton consuming
spindles for August 1945-;January 1948, as shown in the Supplement and in previous issues of the monthly Survey, are not strictly comparable with earlier data because the figures for spindles
in place collected beginning August 1945 and used in the computations include all cotton system spindles while the "in place" figures used in earlier computations related to spindles used
exclusively for spinning cotton. Data for August 1945-June 1947 for the revised series on operations as a percent of capacity and for the new series on spindles and spindle hours are available
in the May and August 1948 issues, p. S-39 and the note for cotton spindle activity at the bottom of p. S-34 in each of those issues.
fRevised series. See note marked "*".
SURVEY OF CUERENT BUSINESS
S-40
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1947
December
February 1949
1948
January
February
March
April
May
June
July
August
September
October j N°b-m-
December
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES— Continued
Woolen and worsted woven goods, except woven
felts:
129, 382
Production, quarterly total
thous of lin yd
114 063
Apparel fabrics total
do
5 659
Government orders t
do
108 404
Other than Government orders totalt do
51, 331
Men's and boys'f
do
48, 020
Women's and children's!
do
9,053
Unclassified!
do
Blanketing
do
6 845
8 474
Other nonapparel fabrics
do
Prices, wholesale, f. o. b. mill:
3.316
Suiting, unfinished worsted, 13 oz.-dol. per yd_.
Women's dress goods, flannel, 8 oz, 54-inch*
2.030
dol. per yd__
131, 978
116, 258
3,141
113, 117
55, 113
49, 384
8,620
5,496
10, 224
130, 428
114 916
2,176
112 740
55, 599
48, 090
9,051
4,924
10, 588
121, 448
106 744
1 948
104 796
47, 765
47,887
9,144
4,975
9,729
3.366
3.440
3.465
3.465
3.465
3.465
3.465
3.564
3.589
3.589
3.589
3.589
2.203
2.203
2.203
2.265
2.326
2.426
2.450
2.450
2.537
2,624
2.624
2.698
5,157
3,082
2,092
4,782
4,980
3,381
1,907
2,516
2,388
1,538
1,327
0)
0)
0)
0)
317
137
MISCELLANEOUS
Fur sales by dealers
thous. of dol
3,831
TRANSPORTATION EQUIPMENT
AIRCRAFT
Shipments total
For U S military services
Civil aircraft
Exports
number
do
do
do
790
288
502
240
607
136
471
116
622
155
467
187
863
278
585
165
931
165
766
229
953
141
812
257
1,186
227
959
333
1,119
199
920
245
(i)
(i)
700
181
(i)
0)
590
134
469, 957
1,449
1,087
366, 939
344, 110
101, 569
85, 971
39,007
21, 362
17,645
3,287
3,121
1,530
1,591
166
405, 663
1,382
1,080
305, 081
285, 373
99,200
83, 893
33,643
19,458
14, 185
3,373
3,196
1,548
1,648
177
383, 002
1,101
763
274, 847
256, 753
107, 054
88,889
30, 366
16, 422
13, 944
3,454
3,239
1,688
1,551
215
492, 034
1,430
1,217
349, 998
327, 198
140,606
118, 572
40, 071
20,493
19, 578
4,137
3,878
2,094
1,784
259
438, 090
1,056
910
308, 071
288, 356
128, 963
111,911
44,854
22, 570
22, 284
4,116
3,898
2,081
1,817
218
338, 538
1,288
1,168
225, 461
209, 591
111, 789
96,909
34, 180
16, 477
17, 703
3,688
3,541
1,876
1,665
147
431, 046
1,068
892
312, 406
293, 582
117, 572
101, 755
29, 514
14, 988
14, 526
4, 047
3,901
2,144
1,757
146
474, 556
1,012
947
356, 764
334, 736
116, 780
98, 249
41, 481
17,879
23, 602
3,437
3,240
1,657
1,583
197
461, 313
771
675
348, 782
328, 194
111, 760
97, 222
33, 462
18, 539
14,923
3,622
3,454
1,866
1,588
168
413 537
1,143
1,051
301, 170
282, 458
111, 224
94, 196
35,042
17, 516
17, 526
3,594
3,457
1,876
1, 581
137
491, 832
724
645
383, 756
361, 868
107 352
91, 279
35, 858
17, 987
17, 871
3,725
3,584
1,982
1,602
141
469, 252
545
460
364, 87(0
346, 999
103, 837
89, 030
20, 116
10, 592
9,524
r
3, 819
r
3, 694
2,444
r
1, 250
125
312, 263
67,690
274, 978
69, 486
249, 781
74, 326
311, 650
94,806
330, 555
108, 168
255, 638
100, 614
246, 926
87, 324
291, 206
94, 036
317, 788
91, 923
296, 339
85, 108
291, 442
84, 284
313, 230
75, 024
10,091
7,914
7,661
2,177
85
71
71
14
9,254
6,866
6,561
2,388
83
57
57
26
8,502
6,345
6,306
2,157
74
54
54
20
9,321
6,959
6,940
2,362
94
74
74
20
9,367
7,041
6,726
2,326
121
107
67
14
9,712
7,171
6,651
2,541
64
64
60
0
1,731
1,735
1,738
1,740
1,743
72
4.3
99, 216
74,635
24, 581
76
4.5
101, 662
74, 008
27, 654
79
4.7
103, 061
75, 482
27, 579
80
4.8
105, 120
80, 772
24, 348
83
4.9
109,567
86, 947
22,620
2,483
7.1
2,581
7.4
2,702
7.8
2,873
8.3
30
20
10
1,196
1,195
1
87
20
67
96
76
20
1,417
1,416
1
150
67
83
108
89
19
1,488
1,487
1
71
12
59
394
317
77
316
270
46
358
258
100
502
117
MOTOR VEHICLES
Factory sales total
number
Coaches total
do
Domestic
do
Passenger cars total
do
Domestic
do
Trucks total
do
Domestic
do
Exports, total
_ _ _ do
Passenger cars
do
Trucks
_
do
Truck trailers, production, total
do __
Complete trailers *
do
Vans
.
_ _ _ _ _ _ do
All other
do
Chassis shipped as such
do
Registrations:
New passenger cars
do
New commercial cars
do
3,424
3,297
1,935
1,362
127
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total ...
numberEquipment manufacturers, total
do
Domestic
_ _ do
Railroad shops, domestic
do
Passenger cars, total*
do
Equipment manufacturers, total
do
Domestic
do
Railroad shops, domestic*
do
Association of American Railroads:
Freight cars, end of month:
Number owned
„ _ _ __ thousands.
Undergoing or awaiting classified repairs
thousands. _
Percent of total on line
Orders, unfilled
number
Equipment manufacturers
_
do
Railroad shops
do
Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
number. _
Percent of total on line
Orders unfilled:
Steam locomotives, total
number
Equipment manufacturers
.
do
Railroad shops
do
Other locomotives, total
_
do
Equipment manufacturers
do
Railroad shops
__
do
Exports of locomotives, total __
_ do
Steam __
do
Other ___
do
r
10, 514
7, 816
7, 721
2, 698
46
46
46
0
8, 763
6,876
6,874
r
1,887
62
62
62
0
1,744
1,747
86
5.1
103, 786
81, 067
22, 719
84
5.0
103, 565
79, 866
23,699
2,879
8.4
2,887
8.5
119
89
30
1,431
1,431
0
153
30
123
117
89
28
1,455
1,454
1
133
28
105
338
288
50
337
318
19
r
T
9, 169
6,806
6,649
r
2, 363
92
81
75
11
' 9, 315
6,997
6,976
r
2, 318
88
69
69
19
9,987
7,384
7,364
2,603
96
83
78
13
1,752
1,754
1,755
1,755
81
4.8
93, 087
65, 751
27, 336
78
4 6
95, 785
61, 438
34 347
79
4.7
90,484
57, 877
32,607
80
4.7
84, 161
53, 118
31, 043
2,792
83
2,713
8. 1
2,646
80
2,600
7.9
2,439
7.5
119
99
20
1,509
1,509
116
99
17
1 510
1,510
72
60
12
1 561
1,561
69
9
60
86
72
14
1 544
1,541
3
133
33
100
78
65
13
1,615
1,615
97
24
73
101
86
15
1 477
1,474
3
101
41
60
259
230
29
275
214
61
256
229
27
239
216
23
209
158
51
10, 414
• 7, 450
7,450
r
2, 964
61
61
61
o
'9,886
7,055
6,978
T
2, 831
65
64
64
1
1,747
1,749
85
5.0
102, 389
75, 220
27, 169
85
50
100, 402
73, 113
27 289
2,803
8.3
2,774
8.2
111
86
25
1,485
1,485
0
135
38
97
123
101
22
1,572
1,572
0
109
28
81
331
286
45
292
243
49
r
r
r
o
o
o
43
15
28
o
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Export
r
_
number
do
do
237
194
43
Revised.
* Not available for publication.
*New series. See note marked "*" on p. S-40 of the September 1948 Survey for January-June 1947 figures for passenger car shipments. The series for flannel dress goods, 8 ounce, 54-55inch, f. o. b. mill, which is compiled by the U.S. Department of Labor, has been substituted for the 7-7^-ounce series shown in the September 1948 Survey and earlier issues which has been
discontinued by the compiling agency; comparable figures beginning April 1938 will be published later.
fRevised series. See note on woolen and worsted apparel fabrics in the May 1948 Survey or in the 1947 Supplement to the Survey for explanation of changes in the classifications in
the second quarter of 1947. A further change was made in the last quarter of 1947. Beginning that quarter the unclassified item consists entirely of fabrics containing 25 percent or more
wool reported by cotton and rayon weavers, and all apparel fabrics produced by woolen and worsted manufacturers are distributed to the separate classifications for men's and boys' and
women's and children's fabrics; for the second and third quarters of 1947, the unclassified item includes also 3,340,000 and 1,489,000 linear yards, respectively, which were reported by woolen
and worsted manufacturers as "all other apparel fabrics." Apparel fabrics produced for Government orders were combined with other production prior to 1947. Blankets produced for
Government orders are not available separately.
•INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40Pages marked S
Abrasive paper and cloth (coated).
38
Acids
24
Advertising
7
Agricultural income and marketings
2
Agricultural wages, loans
15
Air-line operations
22
Aircraft
10,11,12,14,40
Alcohol, denatured, ethyl, and methyl-.
24
Alcoholic beverages
2, 27
Aluminum
33
Animal fats, greases
25
Anthracite
2,4,11,12,13,15, 36
Apparel, wearing
4, 5, 7,8,10,11,12,13,14,38
Armed forces
10
Asphalt and asphalt products
37
Automobiles
- 2,3, 7, 8,10,11,12,14,18, 21
Banking
15,16
Barley
28
Barrels and drums
32
Battery shipments
34
Beef and veal
29
Beverages, alcoholic..
2, 27
Bituminous coal
2,4,11,12,13,15,36
Boilers
33,34
Bonds, issues, prices, sales, yields
19, 20
Bone black___
_
24
Book publication
_
_
36
Brass
_
33
Brick
5,38
Brokers' loans
16,19
Building contracts awarded
5, 6
Building costs
6
Building construction (see Construction).
Building materials, prices, retail trade
5, 6,8,9
Business, orders, sales, inventories
3
Businesses operating and business turn-over—
4
Butter
27
Candy
29
Cans, metal
33
Capital
flotations
18,19
Carloadings
22,23
Cattle and calves
28, 29
Cement
2,5,38
Cereal and bakery products, price
4
Chain-store sales
8, 9
Cheese___
27
Chemicals
2,3, 5,10,11,12,13,14,15,18, 24
Cigars and cigarettes-30
Civil-service employees
.11
Clay products (see also Stone, clay, etc.)
2,38
Clothing
4, 5, 7, 8,10,11,12,13,14,38
Coal
2,4,11,12,13,15,36
Cocoa
_
29
Coffee
_—
22,29
Coke
2,36
Commercial and industrial failures
4
Construction:
New construction, dollar value
5
Contracts awarded
5,6
Costs
-6
Dwelling units started
6
Highway
6,11
Employment, wage rates, earnings, hours _ 10,
Consumer credit
16
Consumer expenditures
1, 7,8
Consumers' price index
4
Copper
_
_
— 21,33
Copra and coconut oil
25
Corn
19, 28
Cost-of-living index (see Consumers' price
index)
4
Cotton, raw, and manufactures
2,
4, 5,10,11,12,13,14, 21,38,39
Cottonseed, cake and meal, oil
25
Crops
~_ 2,4,25,26,28,30
Currency in circulation
18
Dairy products
- 2,4,5,27
Debits, bank
15
Debt, short-term, consumer
16
Debt, United States Government
«
16
Department stores
8,9,16
Deposits, bank
15,16,18
Disputes, industrial
13
Distilled spirits
27
Dividend payments and rates
1, 20
Drug store sales
8, 9
Dwelling] units started
6
Earnings, weekly and hourly
13,14,15
Eggs and poultry
___
2,4,29
Electrical equipment
3,7,8,34
Electric power production, sales, revenues
26
Employment estimates
10,11
Employment indexes
11
Employment security operations
13
Emigration and immigration
23
Engineering construction
6
Exchange rates, foreign
18
Expenditures, United States Government
16
Explosives
24
Exports (see also individual commodities)
21
Express operations
22
Factory, employment, pay rolls, hours, wages. 10,
^ailures, industrial and commercial
4
Farm marketings and income
2
Farm wages
15
Farm products, farm and wholesale prices
2, 4
Fats and oils
_.--.
.__
5,25,26
Federal Government,
finance
16,17
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks
15,16
Fertilizers
-.._ 5, 24
Fiber products
34
Pages marked S
7
25, 29
_
25
31,32
28
2, 3,
4, 5, 7, 8,10,11, 12,13, 14, 27, 28, 29, 30
Footwear
2, 5,8, 9,10,11,12,13,14,31
Foreclosures, real estate
7
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes, and
commodity groups
21, 22
Foundry equipment
34
Freight cars (equipment)
40
Freight car-loadings, cars, indexes
22, 23
Freight-car surplus and shortage
23
Fruits and vegetables
2,4,5,21,27
Fuel equipment and heating apparatus
33, 34
Fuel oil
_
36,37
Fuels
_ 2,5,36,37
Fur
_
22,40
Furnaces
34
Furniture
.._ 2, 5, 7, 8, 9,10,11,12,13,14
Gas, customers, sales, revenues
26
Gasoline
37
Glass and glassware (see also Stone, clay, etc.). 2,38
Gelatin
25
Generators and motors
34
Glue
25
Glycerin
24
Gold
18
Grains
4,19, 21, 28
Gross national product
1
Gypsum
38
Heating and ventilating equipment
33,34
Hides and skins
5, 22,30
Highways
5, 6, 11,15
Hogs
_
29
Home-loan banks, loans outstanding
6
Home mortgages
6,7
Hosiery
5,38
Hotels
11,12,13, 15,23
Hours of work per week
12,13
Housefurnishings
4, 5, 7,8,9
Housing
4,5,6
Immigration and emigration
23
Imports (see also individual commodities)
21,22
Income, personal
1
Income-tax receipts
16
Incorporations, business, new
4
Industrial production indexes
2,3
Instalment loans
16
Instalment sales, department stores
9
Insulating materials
34
Insurance, life
17
Interest and money rates
16
Inventories, manufacturers' and trade
3,8,9
Iron and steel, crude and manufactures
2,3,
5,10,11,12,13,14,18,21, 32,33
Kerosene. ___ _ _ _ _ _ _ - - - - _ - - _ _ _ _ . _ . _ - - _ _ _ _ _ _
37
Labor force
10
Labor disputes, turn-over
13
Lamb and mutton
29
Lard
29
Lead
33
Leather and products. 2,3, 5,10,11,12,13,14, 30,31
Linseed oil, cake, and meal
25
Livestock
—
2,4, 28,29
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
6, 7,15, 16,19
Locomotives
,
40
Looms, woolen, activity
39
Lubricants
37
Lumber
2, 5,10,11,12,14, 31,32
Machine activity, cotton, wool
39
Machine tools
10,11,12,14,34
Machinery
2,3,10,11,12,14,18, 21,34
Magazine advertising
7
Mail-order houses, sales
9
Manufacturers' orders, sales, inventories
3
Manufacturing production indexes
2,3
Meats and meat packing. 2, 4, 5,10,11,12,13,14,29
Metals
2,3, 5,10,11,12,13,14,18,32,33
Methanol
24
Milk
27
Minerals
2,3,10,11,12,13,15
Money supply
18
Mortgage loans
6, 7,15
Motor fuel
_
37
Motor vehicles..
8,40
Motors, electrical..
34
National product and income
1
Newspaper advertising
7
Newsprint
-_-. 22,35
New York Stock Exchange
19, 20
Fire losses
Fish oils and
Flaxseed.-Flooring
Flour, wheat
Food products
fish
___
Oats
28
Oil burners
;
34
Oils and fats..
_
5, 25, 26
Oleomargarine
26
Operating businesses and business turn-over. _
4
Orders, new, manufacturers'
3
Paint and paint materials
5, 26
Paper and pulp
_ 2, 5,10,11,12,13,14, 35
Paper products.
35
Passports issued
23
Pay rolls, indexes
12
Personal income
1
Personal savings and disposable income
1
Petroleum and products
__
2,3,
5,10,11,12,13,14,15,18, 21, 22,36,37
Pig iron..
32
Plant and equipment expenditures
1
Pages marked S
26
Plastics and synthetic resins.
Plywood
._
31
Pork
29
Postal business
.
7
Postal savings
16
Poultry and eggs
2, 4, 29
Prices (see also individual commodities):
Consumers' price index
4
Received and paid by farmers
4
Retail price indexes
4
Wholesale price indexes
5
Printing
2,3, 10, 11, 12, 13, 14, 15,36
Profits, corporation
18
Public utilities
1, 4, 5,11,12,13,15,17,18,19, 20
Pullman Company
23
Pulpwood
34
Pumps
34
Purchasing power of the dollar
5
Radio advertising
7
Railways, operations, equipment, financial
statistics, employment, wages
11,12,13,15,17,18,19, 20, 22,40
Railways, street. (See Street railways, etc.)
Rayon, and rayon manufactures
2,
5,10,11,12,13, 14,39
Real estate
6,7
Receipts, United States Government
16
Reconstruction Finance Corporation, loans
17
Refrigerators
34
Rents (housing), index
4
Retail trade, all retail stores, chain stores,
department stores, mail order, rural sales,
general merchandise
3,4, 7,8,9
Rice.
28
Roofing and siding, asphalt
37
Rosin and turpentine
24
Rubber, natural, synthetic, and reclaimed,
tires, and tubes
22, 36,37
Rubber industry, production index, sales,
inventories, employment, pay rolls, hours,
earnings
2,3,10,11,12,13, 14,15
Rye
_
28
Savings deposits
16
Savings, personal
1
Scales and balances
34
Securities issued
18,19
Service industries employment
10,11
Sewer pipe, clay
38
Sheep and lambs
29
Shipbuilding..
10,11, 12,14
Shoes
2,5,8,9,10,11,12,13, 14,31
Shortenings
26
Silk, imports, prices
5, 22,39
Silver
_
_
18
Skins
5, 22,30
Slaughtering and meat packing
2,
10,11,12, 13,14, 28,29
Soybeans, and soybean oil
25,26
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 Manufacturers' inventories)
9
Stocks, dividends, issues, prices, sales, yields.
20
Stokers, mechanical
34
Stone, clay, and glass products
2,
10,11,12,13, 14,38
Stoves
34
Street railways and busses
11,12, 13,15
Sugar
22, 29,30
Sulphur
25
Sulfuric acid
24
Superphosphate
24
Tea
30
Telephone, telegraph, cable, and radio-telegraph carriers
11,12, 13,15, 23
Textiles
2, 3, 5,10,11,12,13,14,38,39, 40
Tile
38
Tin__
___
33
Tires and inner tubes
5, 37, 38
Tobacco
2, 3, 4, 7,10, 11,12, 13,14, 30
Tools, machine
10, 11,12, 14,34
Trade, retail and wholesale
8,9,10,11, 12,13,15
Transit lines, local
22
Transportation, commodity and passenger
22, 23
Transportation equipment.. 2, 3,10,11,12,14,18, 40
Travel
22, 23
Truck trailers
40
Trucks and tractors
40
Turpentine and rosin
24
Unemployment and unemployment compensation
10,13
United States Government bonds
16, 18,19
United States Government, finance
16,17
Utilities
1,4, 5,10,11,12,13,15,17, 18, 19,20
Vacuum cleaners
34
Variety stores
8,9
Vegetable oils
25,26
Vegetables and fruits
2,4,5, 21,27
Vessels cleared in foreign trade
23
Veterans' unemployment allowances
13
Wages, factory and miscellaneous
13, 14,15
War expenditures
16,17
Washers
34
Water heaters
34
Wax
37
Wheat and wheat flour
19,28
Wholesale price indexes
5
Wholesale trade
_
3,9
Wood pulp
35
Wool and wool manufactures
Zinc
5,10,11,12,13,14,22, 39,40
33
ummaru
for
a
1948
MAJOR BUSINESS INDICATORS, 1939-48
Item
1939
1941
1945
1946
1947
1948>
Gross national product, total (bil.of dol.)Personil consumption expenditures . .
Gross private domestic investment
Net foreign investment
Government purchases of goods and
services
90.4
67.5
9.0
0.9
125.3
82.3
17.2
1.1
213.4
122.8
9.2
-1.4
209.3
147.4
26.5
4.7
231.6
164.8
30.0
8.9
254.9
177.7
39.7
1.5
13.1
24.7
82.8
30.8
28.0
36.0
National income (bil of dol )
Personal Income
Total (bil.of dol.)
Wage and salary receipts total
Total employer disbursements
Commodity producing industries..
Distributive industries
Service industries
-
72.5
103. 8
181.7
179.3
202.5
224.4
72.6
45.1
45.7
17.4
13.3
6.9
8.2
95.3
60/9
61.7
27.5
16.3
7.8
10.2
170.3
115.2
117.5
45.8
24.8
11.5
35.5
178.1
109.8
111.7
46.1
31.2
13.8
20.7
195.2
120.1
122.2
54.6
35.0
15.1
17.4
213.6
132.3
134.4
60.6
38.9
16.1
18.7
0.6
0.5
14.7
9.2
3.0
0.8
0.6
20.8
9.9
3.1
2.3
1.6
36.0
11.4
6.2
2.0
1.6
41.8
13.5
11.4
2.1
1.8
46.0
15.6
11.7
2.1
2.0
50.9
17.3
11.1
66.3
86.1
154.3
159.4
174.9
190.5
5,200
480
1,930
380
560
1,850
8,190
710
3,400
680
900
2,490
6,630
630
3,210
440
870
1,480
12,040
1,040
5,910
560
1,230
3,300
16, 180
1,900
7,460
690
1,710
4,430
18,840
2,610
8,180
770
2,000
5,280
109
111
108
116
113
118
140
127
150
141
135
145
144
144
144
143
148
139
109
109
109
109
106
162
168
201
142
125
203
214
274
166
137
170
177
192
165
134
187
194
220
172
149
192
198
225
177
155
514, 149 577, 617 533, 922 630, 624
1,714
1,734
1,402
1,856
594,000
2,015
208, 306 271, 255 269, 609 307, 400
» 36, 538 28,122 34, 936 36,635
336, 335
36,917
Less employee contributions for social insurance
Other labor income
Proprietors' and rental income
Personal interest income and dividends.
Total transfer payments
_Total nonagricultural income
New Plant and Equipment Expenditures
All industries total (mil. of dol.)
Electric and gas utilities
jM anuf actur ing
Railroad and other transportation
Commercial and miscellaneous
Production
Farm marketings, physical volume, total
(1935-39=* 100) *
Livestock
Minerals
--
(1935-.
-- -
Selected commodities, production:
Coal, bituminous (thous. of short tons). 394, 855
1,265
Crude petroleum (mil. of bbls.)
Electric power, industrial and utility
(mil ofkw. hrs.)
_.
161,
308
3
28,755
Lumber (mil of board feet)
Steel ingots and steel for castings
(thous. of short tons) _
_. 52, 798
Motor vehicles, factory sales, total
3,577
(thous )
2,867
Passenger cars
- 710
Trucks and coaches
Business Sales and Inventories
Business sales, total (mil. of dol.)
133, 439
Manufacturing, totil
61, 340
Durable goods industries
22, 454
Nondurable goods industries
38, 886
30, 057
Wholesale, total
. .
7,191
Durable goods establishments
Nondurable goods establishments
22, 866
42, 042
Retail, total
-- 10, 379
Durable goods stores
31, 663
Nondurable goods stores
Business inventories, book value, year
20,001
end
Manufacturing, total
.
11, 516
5,172
Durable goods industries
6,344
Nondurable goods industries ..
Wholesale, total
_
3,200
962
Durable goods establishments
2,238
Nondurable goods establishments
5,285
Retail total
1,804
Durable goods stores
. 3, 481
Nondurable goods stores
Prices
Prices received by farmers (1909-14-100) .
95
99.4
Consumers' price index (1935-39*100)
Wholesale prices (1926-100):
77.1
All commodities, combined index
65.3
Farm products
70.4
Foods
81.3
All other
By economic classes:
70.2
Kaw materials
- 77.0
Semimanufactures
80.4
Manufactured products
82, 837
79,702
66,603
84,894
88,509
4,841
3,780
1,061
361
70
291
3,090
2,149
941
4,798
3,558
1,239
5,285
3,909
1,376
197, 364 282, 423 318, 681
98, 069 148, 456 144, 241
44,307 69, 147 54, 215
53,762 79, 309 90, 026
43, 805 57, 323 73, 653
12, 416 10, 809 16, 844
31, 389 46, 514 56, 809
55,490 76,644 100, 787
15, 604 11,960 21, 761
39,886 64,684 79,026
394, 031
188, 057
74, 358
113, 699
87,646
22, 637
65,009
118, 328
30, 392
87, 936
435, 403
211, 081
85, 024
126, 057
94,398
25, 676
68, 722
129, 924
36, 276
93,647
28, 437
17,024
8,352
8,672
4,151
1,255
2,896
7,262
2,552
4,710
29, 189
17, 924
8,337
9,587
4,216
1,097
3,119
7,049
1,796
5,253
39, 849
23,435
11, 133
12, 302
5,823
1,769
4,054
10, 591
3,065
7,526
47, 991
28,020
13, 335
14,685
7,545
2,524
5,021
12,426
4,148
8,278
54,001
31,796
14, 774
17,022
8,286
2,980
5,306
13,919
5,197
8,722
124
105.2
202
128.4
233
139.3
278
159.2
287
171.2
87.3
82.4
82.7
89.0
105.8
128,2
106.2
99.7
121.1
148.9
130. 7
109.5
152.1
181.2
168.7
135.2
165.0
188.3
179.1
150.7
83.5
86.9
89.1
116.8
95.9
101.8
134.7
110.8
116.1
165.6
148.5
146.0
178.4
156.6
159. 4
i Data in most cases are preliminary.
* Indexes for 1941 are not entirely comparable with data for other years, see note on item
on p. S-2.
»4 U. S. Forest Service estimates.
Data exclude payments to the Treasury, principally by wholly owned Government
corporations, for retirement of capital stock and for disposition of earnings,,
1939
1941
1945
6,307
3,808
2,114
10,490
5,426
2,765
4,808
2,716
684
785
2,499
65
125
859
867
1,486
5,064
430
1,620
1,584
800
1,014
2,092
71
690
652
386
1946
1947
194%
Construction
National Income and Product
Industrial production, total
39—100)
[Manufactures
Durable manufactures
Item
New construction, total (mil. of dol)
Private, total
Residential (nonfarm) .
Nonresidential, except farm and public utility
Public construction, total
Residential
- _«
Military and naval
Nonresidential building
Highway
._ _
Employment Status of the Noninstitutional Population
•Total 14 years of age and over, monthly
averages (thous of persons)
Labor force, including armed forces,
total
Armed forces
Civilian labor force
Employed, total
Agricultural employment
Nonagricultural employment
Unemployed
Not in labor force, total
Employment and Wages
Employees in nonagricultural establishments, monthly averages, total
(thousands)
.M anuf actur ing
Mining
Construction
Transportation and public utilities
Trade
Finance
Service
_ _
Government
Production-worker employment and pay
rolls, monthly averages (1939— 100):
Employment, all manufacturing
Durable goods industries
_
Nondurable goods industries
Pay rolls, all manufacturing
Durable goods industries
Nondurable goods industries
Average weekly hours per worker:
All manufacturing
..
Durable goods industries
Nondurable goods industries
Average hourly earnings (dollars) :
AH manufacturing
-Durable goods industries
Nondurable goods industries
Finance
Money supply, Dec. 31:
Currency in circulation (mil. of dol.).. _
Deposits, all banks (mil. of dol.):
Demand, adjusted excluding U. S.
deposits
Time, including postal savings
10, 458 13, 977
8,253 10, 893
3,183 5,260
17,6
13,6
6,S
3,131
3,084
182
204
505
1,233
3,6
4,0
1Q1, 370 105, 370 106, 370 107, 458
108,4
3,346
2,205
369
188
325
772
1:1
55,600
370
55,230
45,750
9,610
36,140
9,480
57, 380
1,470
55, 910
50,350
9,100
41,250
5,560
43,990
61,608
1,440
60,168
58,027
8,266
49, 761
2,142
45,850
62,7
1,3
61,4
59,3
7,9
51,4
2,0
45,7
30,287
10,078
845
1,150
2,912
6,705
1,382
3,228
3,987
36,164 40,069 41,494 43,970
12,974 15, 302 14, 515 15,901
852
911
947
826
1,790 1,132 1,661 1,921
3,248 3,872 4,023 4,060
7,567 7,685 8,820 9,450
1,462 1,394 1,586 1,656
3,554
3,891 4,430 4,622
4,622 5,967 5,607 5,449
45,1
16,2
9
2,0
4,0
9,7
1,7
4,6
5,6
65,140 60,820
11,280 3,300
53,860 57,520
52,820 55,250
8,580 8,320
44,240 46, 930
1,040 2,270
40,230 45,550
100.0
100.0
100.0
100.0
100.0
100.0
132.1
153.8
115. 0
167.5
202.3
133.5
151.8
192.5
119.7
293.4
374.7
214.0
143.4
162.5
128.3
269.6
293.3
246.4
157.3
183.8
136.5
332. 1
371.9
293.1
159
186
138
364
410
320
37.7
38.0
37.4
40.6
42.1
38.9
43.4
44.1
42.3
40.4
40.2
40.5
40.3
40.6
40.1
40
40
39
.633
.698
.682
.729
.808
.640
1.023
1.111
.904
1.084
1.156
1.012
1.221
1.292
1.145
1.3
1.4(
1.2
7,598
11,160
28,515
28,952
28,868
28,2
29,793
27,059
38,992
27,729
75, 851 83,314
48, 452 53,960
87,123
56,411
85, 7!
53,91
58,020 278, 115 259, 148 256,900
252, 8(
Federal finance (mil. of dol.):
Debt, gross, Dec. 31
41,961
Budget receipts and expenditures:*
4,919
Receipts, net
1,851
Income taxes
Expenditures, total
•8,888
National defense and related activities
1,358
8,549 46,009 41, 559
4,253 34, 212 29,070
20,310 89,603 44, 071
12,705
78,564
43, 578 43, 6<
29,286 31, 1(
41, 144 «39,8(
24, 151 14, 821
11, (K
Stock prices (1935-39=100):
95.1
Combined index (416 stocks)
124.
80.0 121.5 139.9 123.0
130.
Industrials (365 stocks)
94.8
80.4 123.3 143.4 128.0
Public utilities (31 stocks)
98.6
81.0 106.1 120.2 102.9
97.
Railroads (20 stocks)
74.7
113.
70.6 136.9 143.0 105.3
Foreign Trade
Exports and imports (mil. of dol.):
Exports, including reexports
3,177 5,147 9,806 9,739 H5,340 '12,61
General imports
7,07
2,318 3,345 4,147 4,909 5,733
Indexes (1923-25=100):
Exports of U. S. merchandise:
78
7
201
110
154
192
20
268
Quantity
215
70
112
213
'339
Value
•28
112
64
126
"13
Unit value
73
106
Imports for consumption:
131
108
134
123
125
"14
Quantity
59
125
147
Value
84
106
U8
55
»13
Unit value
-- 87
118
63
96
Transportation
Railroads (class 1) :
Freight carloadings (thous. of cars)
33,911 42, 352 41, 918 41,341 44,502 42 * *
Freight carried 1 mile (mil. of ton-miles). 364,723 514, 229 726,046 632,538 696,833 67t,%>
Passengers carried 1 mile (millions)
22,657 29,360 91,745 64,698 45,936 » 41, 17!
« Excludes net expenditures of wholly owned Government corporations.
• Includes 3 billion
dollar transfer to Foreign Economic Corporation Trust Fund,
note
marked "d1" on p. S-16.
7
Includes
Army
Civilian
Supply shipments; see note marked "J" on p. S-21.
8
Includes estimate for December.
@FedFRASER