Full text of Survey of Current Business : February 1951
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEBRUARY 1951
ism
U. S. DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
OFFICE OF BUSINESS ECONOMICS
SURVEY
OF CURRENT
BUSINESS
No. 2
FEBRUARY 1951
cwn^wrvw
PAGE
The Economy Expands Under Pressure of Demand . . . 1
National Income and National Product in 1950 . . . . 4
Price Developments
..............
. . 10
Industrial Production
................
13
Agricultural Production and Income
.........
15
Construction Activity
................
17
Domestic Business Investment
............
19
Retail Trade
....................
21
Foreign Trade
...................
24
Financial Developments
...............
27
Employment and Labor Conditions
..........
29
The Business Population
..............
31
*
*
*
MONTHLY BUSINESS STATISTICS . . . . S-l to S-40
Statistical Index
..........
Inside Back Cover
Published by the U. S. Department of Commerce, C H A R L E S S A W Y E R ,
Secretary. Office of Business Economics, M. JOSEPH ME EH AN,
Director. Subscription price, including weekly statistical supplement, $3 a
year; Foreign $4. This issue, 30 cents. Send remittances to any Department of Commerce Field Office or to the Superintendent of Documents,
United States Government Printing Office, Washington 25, D. C. Special
subscription arrangements, including changes of address, should be made
directly with the Superintendent of Documents. Make checks payable to
Treasurer of the United States.
Contents are not copyrighted and may be freely reprinted.
DEPARTMENT OF C O M M E R C E
FIELD SERVICE
Albuquerque, N. Mex.
203 W. Gold Are.
Memphis 3, Tenn.
229 Federal Bldf.
Atlanta 3, Ga.
50 Whitehall St. SV*
Miami 32, Fla.
36 NE. First St.
Baltimore 2, Md.
103 S. Gay St.
Milwaukee 1, Wis.
517 E. Wisconson Ave$
Boston 9. Mass.
2 India St*
Minneapolis 1, Minn.
2d Ave. S. at 4th St.
Buffalo 3, N. Y.
117 Ellicott St.
Mobile, Ala.
109-13 St. Joseph St.
Butte, Mont.
14 W. Granite St*
New Orleans 12, La.
333 St. Charles Are.
Charleston 3. S. C.
18 Broad St.
New York 4, N. Y.
42 Broadway
Cheyenne, Wyo.
206 Federal Office Bldg;
Oklahoma City 2, OkU.
102 NW. Third St.
Chicago 4, III.
332 S. Michigan AT*
Omaha 2, Nebr.
1319 Farnmm St,
Cincinnati 2, Ohio
105 W. Fourth St.
Philadelphia 6, Pa.
1015 Chestnut St.
Clereland 14, Ohio
925 Euclid Are.
Dallas 2, Tex.
1114 Commerce St*
Denver 2, Colo.
142 New Custom House
Detroit 26, Mich.
230 W. Fort St*
Phoeni:; 8, Aria.
234 N. Central AT*
Pittsburgh 19, Pa.
700 Grant Si,
Portland 4, Oreg.
520 SW. Morrison St*
Proridence 3, R. I.
24 Weybossett St»
El Paso 7, Tex.
206 U. S. Court House
BIdg.
Reno, Nev.
118 W. Second St*
Hartford 1. Conn.
135 High St«
Richmond 19, Va.
801 E. Broad St,
Houston 14, Tex.
602 Federal Office Bldf.
St. Louis 1, Mo.
1114 Market St,
Jacksonville 1, Fla.
311 W. Monroe St.
Salt Lake City 1, Utah
350 S. Main St.
Kansas City 6, Mo.
911 Walnut St.
San Francisco 11, Calif.
555 Battery St*
Los Angeles 12, Calif.
312 North Spring St.
Savannah, Ga.
125-29 Bull St.
Louisville 2, Ky.
631 Federal Bldf.
Seattle 4, Wash.
909 First Are.
For local telephone listing, consult section
devoted to U. S. Government
(7
BILLIONS OF DOLLARS
Dominant
factor in the
economic
situation is the
increase in
Federal
government
expenditures.
150
100
50
I
1950
1951
1952
ACTUAL
ESTIMATED
FISCAL YEAR ENDED JUNE 30
BILLIONS OF DOLLARS
Heavy demand
for investment
goods boosts
unfilled orders
in durable
manufacturing
industries to a
record total.
50
25
i I i i i I I I I I I I i i i i t I i i -i i i
1949
1950
END OF MONTH
INDEX, JAN. 1949=100
130
Rising total
demand and
higher costs
push up
prices.
- 120
-
110
100
1950
SOURCES OF DATA: U.S. TREASURY DEPARTMENT AND BUREAU OF THE BUDGET;
U.S. DEPARTMENT OF COMMERCE, 0. B.E. ; AND BASIC PRICE INDEXES, U.S.
DEPARTMENT OF LABOR, BUREAU OF LABOR STATISTICS.
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
924280°—51
JL HE YEAR 1950 was marked by two clearly defined expansionary movements which lifted business activity at the
end of the year to a new peak rate. In the first half of the
year, the cyclical upswing in business initiated in mid-1949
proceeded steadily, broadly based upon a resurgence of investment activity and the strong consumer demand for durable
goods. This steady advance, which gave promise of continuing throughout the second half of the year, was superseded
beginning in July by an acceleration in business activity
stimulated by a general upsurge in demand which changed
the basic economic pattern to one dominated by inflationary
influences.
The ^altered economic prospect stemmed from the military
aggression against South Korea by Communist forces, an
event which brought major countermeasures by the United
Nations. The mobilization program undertaken by the
United States broadly affected the domestic economic situation. This program has increased the projected Federal
Government expenditure to $72 billion for fiscal 1952, and
includes military expenditure authorizations considerably
beyond the $48 billion military component of that total. The
change in the budget is indicated by the accompanying chart.
The difference between the two half years is reflected not
so much in production trends which continued upward at a
remarkably stable rate throughout the year—varying but
little from quarter to quarter—but in demand and price
trends. Whereas in the earlier period, the rise in output
came with only a minor rise in prices, in the second half it was
accompanied by a price advance at a rate unmatched by any
similar period since World War I except when price controls
were removed in the second half of 1946. Pressures on prices
developed from increased demands from all sources, reflecting in part anticipations of shortages and prospects of higher
prices. The rising demands competed for the gradually
expanding flow of goods.
• Demand and prices increased
SPOT PRIMARY
MARKET PRICES
1949
AREVIEWOF195O
51-23
The change in demand was reflected initially in sharp rises
in prices in primary markets. Such advances spread from
raw materials to finished goods, as higher costs became an
additional important factor in price determination. Higher
finished goods prices at wholesale were passed on in most of
the corresponding retail quotations either simultaneously or
after a lag, thus reinforcing widespread demands for wage
increases.
During this period private buying and Government contracting were the major influences, as actual purchases of
goods and services by the Federal Government declined in
the third quarter. In the final quarter of 1950, Government orders continued to rise while actual purchases of
military goods started a sharp advance. Thus, as the year
came to a close, the spread between total demand and supply
was widening, and prices were continuing their upward climb.
Although the problem of stabilizing prices and wages was
in the forefront in the latter part of 1950, it became clear at
the year-end that—with defense procurement accelerating,
SUEVEY OF CURRENT BUSINESS
with consumer buying strengthening, and with business
purchasing on the uptrend—this problem had reached a
critical stage which required early solution. Action would
have to include substantial curbs on spending, through higher
taxes and extended credit controls, to reinforce the direct
controls of prices and wages necessary to arrest the upward
spiral.
• Large expansion in total output
A controlling factor governing the impact of the defense
effort on the civilian economy is the increase which can be
attained in total output. The progress in production and
consumption expenditures during the last 3 years, expressed
in volume terms, i. e., in 1939 prices, may be seen in the
following tabulation:
[Billions of dollars, 1939 prices]
•
Year:
1941
1948
1949
1950
Percent change in per capita:
1941-50
1949-50
Gross
national
product
Personal
consumption expenditures
115. 5
143. 1
142. 3
153. 0
76. 6
100. 0
102. 0
107. 2
16. 7
5. 6
23. 3
3. 2
In 1950, the total output of the economy was about onesixth above 1941 on a per capita basis. This represents an
average annual rise of slightly less than 2 percent, and is
very similar to the annual rate of increase in per capita real
product from 1929 to 1941, both years of high activity.
Real per capita personal consumption expenditures increased
by more than one-fifth over this period.
The increase in real output was 7 percent in 1950 over
1949. This rise, representing in part a recovery from a
cyclical decline, was considerably larger than the normal
annual rate of growth in production. Such a large advance
in output was made possible partly by the sizable volume of
new plant and equipment put in place by American business,
excepting farms, the expenditures for which totaled over $80
billion in the period 1946 through 1950. Also contributing
to the unusual 1950 rise was the shift to the production of a
larger proportion of durable goods, where output per worker
is above average for industry as a whole. In 1949, the production of durables of all types represented 26 percent of
total gross national product in constant prices, compared to
30 percent in 1950.
The high rate of production in the second half of 1950 was
accomplished by most industries operating at or near capacity volumes. Increases in output were achieved by practically all industries during the year, but particularly those
turning out automobiles, machinery and other durable
goods, as indicated in the detailed analysis of production in
a following section.
In the early part of 1950 there was some slack in the
economy, as reflected by the fact that unemployment in the
first 6 months averaged nearly 4 million. With rising activity, unemployment declined steadily and rapidly during
the year, with the total close to the 2-million mark in the
last few months.
The buying wave in the summer months resulted in some
drawing down of stocks so that part of the advance in output
in the fourth quarter was for purposes of replenishing depleted inventories. While at the year-end inventories in
general were not high in relation to the rate of output or
sales, and in some industries additional inventory building
was in process, they were generally adequate to service current high sales. Accumulation of the basic materials was
limited by the Government regulations which were designed
to prevent excessive inventory increases.
Civilian production was not cut back in 1950 as a result
February 1951
of the defense programs. In fact, total production available
for civilian use increased steadily in each quarter of the year.
However, with defense ordering rising rapidly, thus necessitating the diversion of essential materials to the military,
conservation orders were issued designed to limit the amount
of materials for civilian uses. In most cases these were to
become effective in early 1951.
These orders affected the disposition of such basic materials
as aluminum, copper, cobalt, rubber, and nickel as between
civilian and military uses. Defense order (or "DO") ratings
assure top priority to military orders, although priorities are
permitted to other orders deemed essential to further the
defense effort.
• Additional increase in output
in prospect
It is clear that additions to plant and equipment, and more
intensive use of existing facilities, will make possible another
rise in output in 1951. Additional substantial gains would
come from (1) a further expansion in employment; (2) enlarged plant capacity being brought into production; (3)
increases in production per man-hour in existing plants; (4)
increases in number of shifts of operations and lengthening
the hours of work; and (5) further shifts to products—such
as to munitions—requiring more man-hour application for a
given input of materials.
During 1950, businessmen invested very heavily in new
and more efficient equipment, thus adding substantially to
the capacity to produce. Indeed, recognizing that the defense and civilian requirements would be in excess of total
supplies which would become available with existing capacity,
businessmen programmed a huge expansion in their investment on plant and equipment in 1951. With steel, copper,
aluminum, and other critical materials already in a tight
position in the latter part of 1950, the Government encouraged the expansion of capacity in these critical areas by
financial assistance in the form of loans and accelerated depreciation allowances.
Not all sectors of business could engage in the contemplated
expansion programs, however, since in so doing vital materials would be diverted from defense needs and those requirec
by defense-supporting facilities to the less essential civilian
uses. Hence, in addition to the indirect brake on expansion
provided by the actual shortage of basic materials, the Government moved in with the first series of direct controls in th(
latter part of 1950 on the types of expansion which would b<
permitted.
The problem in 1951 will be to transfer labor to where i
is most needed, and to expand the total working force. Th<
labor participation rates at present are slightly above 194£
but considerably below the wartime rates. With rising
demand, and job opportunities more plentiful, many million!
of persons not now seeking work will be attracted into th<
labor force.
Considering these factors, it is likely that total productioi
will rise by more than the normal annual rate of increase o
3 percent during 1951. The increase in defense productioi
will mean, however, that the total supplies of some basii
materials available for civilian use in 1951 would fall shor
of the high rate of the latter half of 1950. Thus, the civiliai
economy is faced with curtailment of some products, thougl
in the case of others more will be available than in 1950.
• Defense programs major factor
in activity
Dominating the economic scene in the latter half of 1950 am
in early 1951 was the requirement of diverting the necessary
resources from the civilian to the military sector while achieving
February 1951
SURVEY OF CURRENT BUSINESS
stability in the price and wage structures. Defense expenditures in the final quarter of 1950 comprised about 7 percent
of the gross national product, and the estimated defense
expenditures for the fiscal years 1951 and 1952 implied an
annual rate by the end of calendar 1951 equivalent to nearly
one-fifth of the gross national product.
Even with the modest rise during 1950 in the proportion of
national defense to total output, the problem of the impingement of Government procurement on the civilian supply
became of paramount importance. Actions taken to channel
the use of resources into the defense effort were reflected in
the series of conservation orders issued by the National
Production Authority; the credit restrictions imposed on the
purchase of consumer durables and housing; the higher
income tax rates; and the monetary actions of the Federal
Reserve Board. The fundamental purpose was to divert
resources from civilian to military use, but they likewise
had the purpose of aiding the stabilization program.
In 1944, the peak war expenditure year of World War II,
about 42 percent of the total national output was for war
purposes. The defense program now contemplated is projected at something under half of this rate when it is fully
under way.
• Consumer durables production
to be curtailed
Since defense production goals can be met only at the
expense of some types of civilian output, a basic question in
the closing months of 1950 was to what extent the civilian
cuts would have to come out of the consumer sector and
private capital formation not essential for the military program.
Two considerations were involved in the various governmental actions on the civilian front. First, increased investment by business for expanding capacity, although in
the short-run absorbing resources which could otherwise go
into consumption goods, will in the longer run contribute
significantly to the capacity to produce and thus provide a
powerful offset to inflationary pressures. Furthermore, additional investment channeled into defense-supporting facilities and into essential civilian programs would provide the
United States with the basis for an expanded military potential if required. Thus, the cutbacks in selected investment items made in late 1950 and early 1951 were designed
to eliminate some of the less essential programs, but encouragement was given to the expansion of basic facilities.
Second, the consumer sector of the economy was better
off than at any time in the past decade, both with regard to
the current rate of consumption and with regard to the stocks
of physical goods held by consumers. In the fourth quarter
of 1950 the annual rate of real consumption per capita was
nearly one-quarter greater than in 1941, a year of high per
capita consumption. The high and rising production
volumes of all types of consumer durables in the last 5 years
have resulted in record per family holdings of the major items.
To illustrate, from 1946 to 1950, inclusive, the total number
of new nonfarm dwelling units built was close to 5 million;
almost 21 million new passenger cars were produced; 21
million electric refrigerators; 75 million radio sets; 12 million
television sets; more than 17 million washing machines; and
18 million electric and gas ranges were turned out by American factories. Thus, it would appear that even a sizable
curtailment in the flow of the consumer hard goods would
ot for some time result in any real hardship or privation.
In view of the fact that the production of the consumer
durables, including housing, involves the same materials
and labor resources needed for the production of military
"hard" goods, this sector of consumption faces varying
degrees of curtailment in 1951.
• Consumer purclwsing power
expanding
Along with this curtailment, however, was posed the
associated problem of the high and rising purchasing power
which would be pressing upon the limited supplies of the
consumer hard goods and which might be diverted to the
items more readily available, particularly the nondurable
goods and the services. During 1950, disposable personal
income increased substantially, with all major shares of income from productive sources participating in the rise.
These rising incomes were the basis for the high volume of
personal consumption expenditures and, together with the
record holdings of liquid assets by individuals, made possible
the buying waves which occurred in the summer of 1950 and
in the latter part of 1950. In addition, consumers borrowed
freely to supplement their purchasing power from current
incomes.
The consumer credit controls imposed in September and
October of 1950 limited the rise in consumer borrowing which
had increased at an accelerated pace in the first 2 months
after Korea. Even considering the new upsurge in buying of
durables in December and January, it appeared that such
credit restrictions were having some limiting effect on purchases of consumer durables. Fiscal measures were also
taken in the second half of 1950 to pay for the increased
Government expenditures and to siphon some of the excess
purchasing power currently generated. The higher Federal
tax rates which went into effect on individuals' incomes on
October 1, however, were only a partical offset to the large
expansion in incomes before taxes which occurred in the
subsequent months of the year.
With the trend of employment continuing upward throughout 1950; with advances continuing in the rates of pay and
length of hours; with farm and other business incomes rising;
and with dividends reflecting the sharp rise in corporate
profits, the trend of personal income was upward. Thus,
the requirement for a very large increase in taxes to balance
the budget dovetails with stablization requirements. The
tax program placed before the new Congress in January has
as its objective financing through taxes and new expenditures
for defense.
The current prospect
The economy in the last half of 1950 was under the dominant influence of international events. These have set in
motion programs which shape the outlook for 1951. Aggregate demand will exceed that of 1950 and the use of resources will be intensified. As a result, business will be
called upon for a further increase in production. It will
face many difficult tasks, including those of adjustment to
defense work, to short raw-material supplies, and to changing markets.
More jobs will become available, and workers7 aggregate
income will rise as hours are extended and shifts are made to
higher paying industries. Agriculture will be under pressure to expand output, with prospects of increased marketings and continued high farm prices.
The Federal Government's basic concern will be with
mobilizing the Nation's resources to meet military goals,
while at the same time controlling the forces of inflation.
The basic challenge to production is well within the potential
of the economy, a potential that will grow further in 1951.
SUEVEY OF CUREENT BUSINESS
February 1951
National Income and National Product in 1950
The respective contributions of volume and price factors
to the increase in output may be distinguished by means of
the constant-dollar gross national product estimates recently
prepared by the Office of Business Economics (which are
given in Table 1.) The increment in gross national product
last year approximated 7K percent in volume, as compared
with a 9}£ percent rise in its market value. Comparisons
of the changes in volume and in value for each of the major
components of gross national product, as well as for the
total, are illustrated in Chart 2.
The new constant-dollar product estimates also allow a
better-founded basis for ascertaining over-all changes in productivity than has previously been available. Real product
per man-hour in private industries appears to have increased
recovery from the mild recession of 1949. Production was
already rising in response primarily to an upturn in business
buying which reversed the inventory liquidation policy of
1949; a residential building boom was already under way;
and consumer demand, well sustained even in 1949, was being
bolstered by large government payments to veterans.
These factors were soon reinforced by a pick-up in fixed
business investment outlays.
The industrial expansion, confined mainly to durable
manufactures at first, spread gradually to other lines; and
incomes generated by the step-up in production added
further stimulus to consumer purchasing. Before the end
of the second quarter, a business upswing of considerable
breadth and strength was well under way.
It was upon this expansionary situation that the economic
forces unleashed by the Korean invasion were superimposed,
and it was this setting that underscored their inflationary
impact. Production forged ahead at an accelerated pace
under the new pressures, but was outstripped at first by the
tremendous upsurge of commodity buying as both consumers
and business acted in anticipation of impending shortages
and price increases. Industrial prices, already rising moderately during the late spring, were pushed up rapidly after
midyear by this high demand, and consumer prices followed
a similar, if more restrained, course.
Chart 2.—Gross National Product: Change Between 1949
and 1950 in Current and Constant Dollars
Table 1.—Gross National Product or Expenditure in
Constant Dollars, 1944-50 *
G-EOSS national product, expanding in volume and reflecting also the general price rise, increased to $280 billion
in 1950, as compared with $256 billion in 1949. National
income, which may be briefly defined as the sum of earnings
of labor and property arising from production of the Nation's
output, advanced similarly, from $217 billion in 1949 to $236
billion in 1950.
Increase in real volume
[Billions of 1939 dollars]
-
5
BILLIONS OF DOLLARS
5
10
15
1
1
1
0
20
25
Item
GROSS PRIVATE
DOMESTIC INVESTMENT
PERSONAL CONSUMPTION
EXPENDITURES
N$S$$^C$$$W^\\\Vv\\\\\X\\X\NX\\\^^^
7/////f///f///-.
CONSTANT DOLLARS v::::^:/^^^!
1
^^^^^^^^^^^
^^^^^^^^
^••••••••^••••^•:^^:\
1949
1950
138.4
138.6
143. 1
142.3
153.0
86.3
5.3
47.9
33.2
95.7
10.4
50.2
35.2
98.3
12.3
49.5
36.4
100.0
12.6
49.7
37.7
102.0
12.9
50.4
38.8
107.2
15.6
51.4
40.3
Gross private domestic investment
New construction
Producers' durable equipment
Change in business inventories
6.6
2.0
5.1
—.5
8.3
2.6
6.7
—1.0
20.3
6.0
9.9
4.4
19.3
6.9
11.8
.6
22.8
8.0
12.6
2.2
17.7
7.9
11.9
—2. 1
25.3
9.3
13.8
2.2
-2.2
-1.8
2.7
4.8
1.4
.5
-.1
Gross private product
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
__
2
71.3
65.4
6.0
60.6
54.6
6.0
19.6
12.8
6.8
16.1
8.5
7.6
19.0
10.8
8 2
22.0
12.8
9.2
20.6
10.8
9.7
133.0
129.7
125.6
128.8
133.2
132.0
142.5
23.9
23.7
12.8
9.8
9.8
10.3
10.5
1 Data for earlier years are contained in the January 1951 SURVEY OF CURRENT BUSINESS.
Detail
will not necessarliy add to totals because of rounding.
2
Gross national product less compensation of general government employees.
3 Compensation of general government employees.
Source: U. S. Department of Commerce, Office of Business Economics.
NET FOREIGN
INVESTMENT
1
U. S. DEMRTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
51-13
Source of data: U. S. Department of Commerce, Office of Business Economics.
last year at a rate considerably in excess of the long-term
average gain of somewhat more than 2 percent per annum,
as implied by the change from 1929 to 1950.
Features of the 1950 expansion
The increased volume of production in 1950 resulted in
part from the operation of economic forces in evidence at
the beginning of the period, or emerging soon thereafter,
and in part from the dramatic effects of the shift in our military policy after midyear. The year opened on a note of
1948
153.4
Gross government product 3
t
1947
81.1
4.6
44.5
32.0
Government purchases of goods and
Services
Federal
_
__
_ __
State and local
-i-:::i:-::^:::::::-^-::^:^r'
1
1946
156.9
Net foreign investment
:
1
1945
Personal consumption expenditures
Durable goods
_
_ _ _
Nondurable goods
Services
Gross national product
GROSS NATIONAL
PRODUCT
1944
1
Some of the more ephemeral elements of the buying rush
eased off in the fall, but private demand continued extremely
high, and government demand moved upward in the first
stage of the military expansion. Total production continued
to rise steadily, with gross national product reaching an
annual rate of $300 billion in the fourth quarter—$46 billion
higher than in the final quarter of 1949.
Despite the late 1950 advance in government purchases,
the government share of national product for the whole year
was less than in 1949. The net flow of goods and services to
foreign countries also diminished, so that an amount exceeding the entire increment in gross national product was adde ,,
to the portion taken by the private domestic sectors of the
economy. Within those sectors, somewhat more than half
of the increase went into gross private domestic investment,
the remainder into personal consumption. (See Chart 2.)
February 1951
SUKVEY OF CURRENT BUSINESS
These shifts in the use of gross national product in 1950,
however, are now being largely reversed by the increasing
diversion of output to the government for military purposes.
The developments summarized above are traced more
fully in the following detailed review of the product and
income flows.
Private Demand for Gross National Product
Consumer purchases expand
After more than 18 months of marked stability, including
the period of the 1949 business readjustment, consumer
buying advanced moderately in the first half of 1950, then
spurted very sharply after midyear. These increases brought
personal consumption expenditures to $191 billion last year,
$12 billion—or about 7 percent—higher than in 1949.
From year-end to year-end, the rise was greater, as indicated
by the respective fourth-quarter annual rates of $181 billion
arid $196 billion.
Of the 7 percent advance from 1949 to 1950 in the dollar
value of personal consumption, three-fourths represented a
real gain in volume, while one-fourth was attributable to
higher prices. This may seem surprising to consumers
sensitive to the rapid advance of prices in the latter half of
last year, but it should be recalled that consumer prices had
declined throughout 1949 before turning up in 1950, so that
the average for last year as a whole exceeded that of 1949 by
only a small margin. The advance which occurred during
1950, from a low point in February, was several times as
great as the difference in the annual averages.
Factors in expansion
The growth of consumer purchases last year was supported
primarily by the rising incomes stemming from expanding
economic activity and from the effects of the inflationary
trend upon incomes as well as upon expenditures. Total
personal income increased from 1949 to 1950 by $17 billion,
from $206 billion to $223 billion. After allowance for the
rise in personal taxes, there remained an increase of $15
billion in disposable personal income, most of which represented a gain in real purchasing power.
A special factor in this increase was the receipt by veterans
of $2% billion in national service life insurance dividends.
These large and essentially nonrecurrent transfer payments
were concentrated almost entirely in a few months at the
beginning of the year, and the stimulus to consumer spending
which they provided was a factor in the business recovery
just gaining momentum at that time. It is clear, however,
despite the impossibility of tracing their utilization precisely,
that large portions of the dividend payments remained unspent during the first half of the year, and contributed to the
financing of the subsequent upsurge in consumer demand.
While the rise in disposable income was the chief determinant of the change in consumption in 1950, a prominent
feature of the year's spending pattern was the unusual
autonomous spurt in consumer buying during the third
quarter. The prospect of partial mobilization induced not
only a brief outburst of rather indiscriminate buying, but a
more sustained drive by consumers—motivated by fear of
subsequent shortages and of further price increases—to
acquire many types of durable and semidurable goods. The
Intensity of this demand subsided somewhat in the fall, when
Consumption outlays resumed a more normal relationship to
current income; but despite an appreciable drop from the
immediately preceding peak, fourth-quarter purchases of
durable goods remained well above the already high volume
in the first half of 1950.
During most of the year, expanding consumption expenditures were supported by liberal extension of credit; and in the
last 2 quarters, current purchasing power was further supplemented by a drain upon such liquid assets as time deposits
and U. S. savings bonds. In an attempt to reduce inflationary pressures, Federal controls on consumer credit were
imposed in September and substantially tightened in
October.
Demand centered on durables
The expansion of personal consumption expenditures was
disproportionately in durable goods, for which outlays rose
from $24 billion in 1949 to $29 billion in 1950. Virtually
the entire increase was in physical volume, as average prices
for such goods exceeded those of 1949 by only a slight
margin.
Special factors, unrelated to the emergency and somewhat
independent also of the general influences upon consumer
buying summarized above, underlay the market for durables.
The continued high demand for automobiles may be placed
in this category. Postwar output of passenger cars through
1949 had not been nearly so high, relative either to prewar
production or to war-created deficiencies in the stock of goods
in service, as that of other major consumer durables. Autos
were unique among these goods, therefore, in that a substantial abnormal replacement demand persisted into 1950.
This situation, in combination with high and rising incomes,
raised consumer purchases of cars and accessories from
$9K billion in 1949 to over $12 billion last year.
Another significant special factor was the influence of the
extended residential building boom upon demand for furniture and household equipment. These purchases also reflected the rapid growth of the television industry.
Nondurables and services less buoyant
Consumer spending for nondurable goods increased by 3
percent, from $98% billion in 1949 to $10lK billion in 1950.
Price rises were responsible for one-third of this movement,
leaving a gain in physical volume of only 2 percent.
Primarily, this sluggishness reflected the normal inelasticity of demand—especially at a sustained high level of
income—for many staple items predominant in the nondurable group; but in part it also reflected the lower susceptibility of these goods than of durables to the demand
pressures earlier described.
The food component, amounting to about 60 percent of the
total, accounted for nearly $2 billion of the $3 billion rise
in outlays for nondurable merchandise. The greatest proportionate advance, however, was in spending for gasoline
and oil. Clothing expenditures, which had been declining
from late 1948 through the early months of 1950, recovered
considerably in the last 3 quarters, but showed an advance of
less than 1 percent for the year as a whole.
Consumer expenditures for services, at $60 billion in 1950,
were up by $3}£ billion over 1949. The rate of increase in
this area differed little from that prevailing in other recent
years, and continued to reflect primarily the gradually rising
costs of housing and household operation.
Gross private domestic investment
leads expansion
Gross private domestic investment was by far the most
expansionary component of national product in 1950, rising
roughly 50 percent from $33 billion in 1949 to $49 billion in
1950. From the fourth quarter of 1949 to the final quarter of
last year, the increase was still more impressive.
The largest single contribution to the increase came from a
reversal of business inventory movements. This reversal pro-
6
SURVEY OF CURRENT BUSINESS
duced a $7K billion shift—from inventory liquidation of
billion in 1949 to an accumulation of $4 billion last year.
New private construction and business purchases of durable
equipment shared fairly evenly, dollar-wise, in the remaining
growth of domestic capital formation.
Of the $8K billion increase in purchases on fixed capital
account, three-fourths represented a larger physical volume,
while roughly one-fourth reflected higher prices. The price
factor was more important in construction than in equipment,
and in both cases figured more heavily in year-end to year-end
comparisons than in the annual movement.
Housing boom continues
Private construction activity in 1950 was featured by prolongation through most of the year of the residential building
boom. Already well under way in late 1949, this sustained
upsurge was a potent factor in the early stages of the business
recovery last year. Supported not only by high incomes,
but by very liberal mortgage credit, it progressed unabated
into the third quarter, when the rate of homebuilding was
two-thirds again as high as a year earlier.
With the inflationary pressure of this powerful demand
underscored and augmented by the effect of international
developments upon price and supply anticipations, action
was taken by Federal authorities to curb it, and the long uptrend gave way to a moderate decline in the fourth quarter.
Fixed business investment rises
Nonresidential construction, which had not begun to recover from the 1949 downturn until last spring, moved up
only sluggishly until late in 1950, when a fairly marked
advance was led by industrial and commercial building.
These gains were insufficient, however, to bring the annual
total much beyond that for 1949, and some categories, such
as farm and public utility construction, remained below
1949 totals.
In contrast, purchases of producers' durable equipment
rose from $19K billion in 1949 to $23K billion in 1950. Although the previous downdrift of these outlays was reversed
early in the year, most of the increase came in the last 6
months, when new considerations stemming from the defense program were added to the influence of rising sales,
profits, and prices in stimulating accelerated expansion of
facilities. Whether through the expectation of participating
directly or indirectly in a growing volume of defense production, or through fear of impingement by the latter upon
future availability of necessary equipment, most industries
had strong motives for expediting their investment programs.
Shift to inventory accumulation
The inventory accumulation of $4 billion in 1950 contrasted sharply with the liquidation of $3}£ billion during the
previous year. With farm inventories fairly stable, as compared with a $K billion reduction in 1949, almost the entire
swing was in nonfarm stocks.
This shift from substantial reduction to accumulation of
inventories occurred in the first quarter of last year; and
the trend continued strongly upward, although it was violently—if briefly—interrupted in the third quarter by the
heavy wave of business and consumer buying which materialized in that period. The high rate of inventory accumulation recorded in the fourth quarter undoubtedly reflected
an increase in the amount of new work in process on military
orders.
For the year as a whole, manufacturers and retailers, in
roughly similar amounts, absorbed most of the additions to
February 1951
nonfarm stocks, while other groups registered only minor
changes. In the case of manufacturing, increases were
concentrated in holdings of purchased materials and goods
in process, reflecting the accelerating tempo of industrial
production. Faced with exceptionally heavy demand for
their output, manufacturers encountered difficulty in maintaining their stocks of finished goods.
With respect to farm inventories, it should be noted that
the relative stability indicated above does not signify a
correspondingly stable balance between farm production and
the basic demand for agricultural commodities. A substantial excess of production was placed under government
price support in 1949, while an excess of demand in 1950 was
met through reduction of government holdings. If the net
change in government-held inventories of agricultural commodities were included under the present heading, instead of
being treated as a component of Federal purchases, a shift
from accumulation to liquidation totaling nearly $2 billion
would be shown.
Shift to negative foreign investment
Net foreign investment, receding for the third consecutive
year from the abnormal postwar bulge in 1947, dipped to a
negative balance of $2% billion last year—down $3 billion
from the small positive balance of 1949.
By far the greatest part of this change was attributable to
a rise in our merchandise imports. These had been pronouncedly affected by the slackening of business buying
during the 1949 downturn, but responded promptly to its
resumption, and rose strongly with the expansion of domestic business activity in 1950. While most of the increased value of imports stemmed from a larger quantitative
flow of goods, rising prices played an increasingly significant
part as the year progressed. United States exports, other
than those financed directly or indirectly by Government
grants, were slightly lower last year than in 1949.
Role of Government
In reviewing the impact of Government operations upon
the economy last year, a sharp distinction must be drawn
between the record of Government transactions for the full
year and the course of developments during the period.
While the combined Federal, State, and local share of national output dipped from $43 billion in 1949 to $42 billion
in 1950, the actual influence of Government programs was
dramatically in the opposite direction.
In part, this is revealed by reference to the quarterly pattern of Government purchases, which shows a decline, in
terms of seasonally adjusted annual rates, to less than $40
billion in the second quarter of last year, followed by rapid
expansion to $47% billion in the fourth quarter. However,
it must be recognized that the principal impact of the new
military program to date has been of an indirect character.
Effects
of military program
In the first place, there was a major alteration in the whole
climate of the economy beginning almost immediately after
the aggression in Korea and gaining momentum with the
decision to undertake large-scale rearmament. As has been
shown, anticipatory reactions of business and consumers to
this sequence of events dominated the economic scene after
midyear. Also, the large volume of orders being placed to
implement military procurement plans gave more concrete
embodiment to a wide range of business anticipation;
although production necessarily lagged far behind ordering.
In addition, it may be observed that even of the increase
which did occur in production for defense purposes, a substantial portion was not immediately reflected in the Govern-
February 1951
SUEVEY OF CURRENT BUSINESS
ment component of gross national product. Work in process
on Government contracts first appears as private investment—i. e., as part of the change in business inventories—
and affects Government purchases only after a considerable
lag, when deliveries are made.
National-defense purchases (broadly defined to include,
in addition to strictly military programs, such related activities as stockpiling, atomic energy, and Mutual Defense
Assistance), rose from an annual rate of $12% billion in the
first half of 1950 to nearly $20 billion in the fourth quarter.
This accelerating expansion should be gauged in the perspective of a planned defense spending rate of $48 billion
for the fiscal year beginning next July, according to the
President's January Budget recommendations.
Despite the military expansion, total Federal purchases of
goods and services in 1950 fell temporarily below those of
1949, owing to declines in the nonmilitary foreign aid and
farm price-support programs.
Increased rates of taxation
Closely following the initial new military spending authorizations last year came the first series of revenue measures
aimed at balancing their inflationary impact upon the
economy. The Revenue Act of 1950, passed in September,
increased tax rates applicable to both individual and corporate incomes in 1950 and made further increases applicable
to 1951 earnings in both cases. An excess profits tax partially applicable to 1950 incomes and fully effective this
year, together with an additional increase of two percentage
points in the regular corporate income tax rate for 1951,
was subsequently enacted.
In terms of the national income accounts, it should be
noted that while the introduction of higher withholding
rates in October made an appreciable dent in disposable
personal income for the fourth quarter, and while profits tax
accruals reflected the retroactive features of the new statutes,
rate changes were in both cases outweighed by the influence
of rising incomes as far as 1950 Government receipts were
concerned.
Government share of output
One of the salient economic problems of the immediate
future is the development of additional revenue measures
adequate, in combination with various direct and indirect
controls of other types, to keep effective private demand
within the limit of civilian supplies remaining after diversion
of productive resources to military use.
Announced military spending plans imply that the proportion of the national output bought by the Federal Government for all purposes may soon be increased to about onefifth. If this is to be accomplished without deficit financing,
a higher over-all rate of taxation than that prevailing at the
height of World War II will be required, as indicated by the
data presented in Table 2.
This table shows, for the last 2 years and for a pair of
war years, two interrelated breakdowns of gross national
product. The distribution by type of expenditure indicates
the percentage share of total output used by each major
sector of the economy. The percentage breakdown of gross
national product by type of receipt reflects broadly the
corresponding distribution of currently generated purchasing power, exclusive of borrowing transactions.
It should be noted that Government receipts are here shown
viet of funds transferred to other sectors rather than used for
purchases by the recipient Government. In other words,
Government expenditures other than purchases of goods and
services—such as interest and veterans' benefits—have been
deducted from tax and nontax receipts in deriving the net
receipts figure. Consequently, the difference between the
respective shares of national product accounted for by
Government purchases of goods and services and by net
Government receipts is equal to the Government surplus or
deficit on income and product account, expressed as a percentage of gross national product.
Table 2.—Percent Distributions of Gross National Product, Selected
Years
Item
1943
1944
1949
1950
100.0
100.0
100.0
100.0
52.6
2.9
-1.2
52.2
3.6
-1.0
70.0
12.9
.2
68.2
17.7
-.9
3.8
41.8
3.5
41.7
7.0
9.9
6.9
8.1
100.0
100 0
100.0
100.0
68.1
8.4
.5
68.8
8.2
1.9
73.3
11.8
-.7
72.4
10.2
—.4
5.1
17.9
4.8
16.4
6.5
9. 1
6.6
11.2
By type of expenditure
Total
Personal consumption expenditures
Gross private domestic investment
Net foreign investment
Government purchases of goods and services:
State and local
Federal
_
By type of receipt
Total
Disposable personal income
Gross business saving l
Statistical discrepancy.
Net government receipts:
State and local 2 _
Federal 3
_
_.
_
._ __ __
1
Consists of undistributed coi porate profits and corporate inventory valuation adjustment,
capital
consumption allowances, and excess of wage accruals over disbursements.
2
Consists of personal tax and nontax receipts, corporate profits tax accruals, indirect business tax and nontax accruals, contributions for social insurance, current surplus of G overnment
enterprises,
and Federal grants-in-aid, less transfer payments and net interest paid.
3
Consists of personal tax and nontax receipts, corporate profits tax accruals, indirect business tax and nontax accruals, contributions for social insurance, and current surplus of government enterprises, less subsidies, transfer payments, net interest paid, and grants to State
and local governments.
Source: U. S. Department of Commerce, Office of Business Economics.
It may be seen from the table that in 1943 and 1944, when
the Federal Government was buying over 40 percent of the
Nation's output, its net receipts did not exceed 18 percent
of gross national product. Inflationary borrowing was required to make up the difference.
During the past 2 years, net Federal receipts have averaged
about one-tenth of total output—a proportion in line with
the share bought by the Federal Government, and in fact
sufficient to permit a surplus on income and product account.
The full effects of recently enacted revenue legislation will
raise the ratio of net Federal receipts to gross national product
by several percentage points, but will leave it below the
wartime figure; and even the latter proportion is less than the
one-fifth share of total output to be purchased by the Federal
Government under announced mobilization plans. It is
thus apparent that further substantial increases in taxation,
carrying the over-all rate beyond that of World War II, will
be required to maintain a balance between receipts and
expenditures.
National Income by Industries
Accompanying the strong expansion of the national income
from 1949 to 1950, there were significant shifts in its distribution by industrial origin. In a majority of the major industrial divisions, with the notable exception of agriculture,
these recent shifts tended to reverse those which had occurred
during the 1949 recession.
As shown in table 3, there was a marked increase in income originating in manufacturing, and gains somewhat
greater than average were also registered in communications
and public utilities, mining, and contract construction. All
other nonfarm industries showed advances roughly within
a 5 to 7 percent range. Agricultural income, although moving
up markedly in the latter part of 1950, averaged out about
the same as in 1949, a year of declining farm prices.
SUEVEY OF CURRENT BUSINESS
8
Large advance in manufacturing
The magnitude of the increase in manufacturing—which
since the war has been accounting for about 30 percent of
total national income, but which accounted for fully one-half
of its growth in 1950—was a function not only of developments peculiar to last year, but of the relatively poor showing
of this industrial division in 1949.
The resumption of business buying which initiated the
recovery movement under way early last year would, of itself, have tended to induce proportionately large gains,
growing as the industrial expansion progressed, in income
accruing from manufacturing. This tendency was reinforced during the second half of the year by the impact of
the extraordinarily heavy consumer, business, and Government demand for goods—and particularly manufactured
goods—which emerged in the second half of the year. Since
the major requirements of the defense program are for such
heavy munitions as aircraft, combat vehicles, and related
ordnance items, substantial further increases in the relative
importance of manufacturing are to be expected as mobilization accelerates.
Table 3.—National Income by Major Industrial Divisions, 1948,1949,
and 1950 *
[Billions of dollars]
Item
1950
1948
1949
223.5
216.8 2 235. 6
Absolute Percentage
change, change,
1949-50
1949-50
18.8
8.7
Agriculture, forestry, and fisheries
Mining
Contract construction.. _
21.8
53
10.5
17.4
4 4
10.4
17.1
4.9
11.5
—.2
.5
1.1
-1.4
11.2
10.4
Manufacturing _ __
Wholesale and retail trade
Finance, insurance, and real estate
67.3
42.9
17.2
62.9
42.7
17.7
72.5
45.5
18.5
9.7
2.9
.9
15.4
6.7
4.9
Transportation
Communications and public utilities
Services
_. __
12.8
5.9
19.8
12.0
6 6
20.5
12.6
7.2
21.7
.6
.6
1.2
4.8
9.6
5.9
Government and Government enterprises
Rest of the world
19.6
.4
21.8
.5
23.5
.5
1.7
.0
7.6
.4
All industries, total
1 Components will not necessarily add to totals because of rounding.
2 See footnote 2 to table 4.
Source: U. S. Department of Commerce. Office of Business Economics.
Less rise in other nonfarm industries
Various factors underlay the advances in other industries
showing relatively large gains. In communications and
public utilities, they were of about the same size as in 1949,
and represented an extension of a trend which has proceeded
without interruption since the war. In mining, the increase
was closely associated with that in manufacturing, while
income originating in contract construction rose under the
influence both of the housing boom and of a higher rate of
public-works activity.
The expansion of income earned in other private nonagricultural industries was more moderate, in most cases
because of their relative insensitivity to special pressures of
demand focused last year primarily upon commodities. Of
these industries, wholesale and retail trade made the best
showing, largely as a result of the intensified sales activity
which occurred during the last 6 months.
Income originating in Government, which is measured by
compensation of Government employees, rose appreciably
less than in 1949, despite the growing importance of Federal
military and defense agency payrolls in the latter half of 1950.
Decline in agriculture
Agriculture was the sole major industry in which income
did not advance last year. The explanation of this contrast
is to be found primarily in the length and timing of the pro-
February 1951
duction cycle in agriculture. The decline may be traced to
reduced crop production, which, in turn, derived from decisions taken before the course of economic developments in
1950—especially those stemming from military considerations—could be foreseen.
The lower volume of crop production was partly counterbalanced, in its effects upon farm income, by the rapid rise in
prices during the latter half of 1950. This rise carried the
average of last 7year's crop prices somewhat above that of
1949. Farmers receipts from sales of livestock remained
stable in 1950, with neither the physical volume of marketings
nor livestock prices showing much change for the year as a
whole. Prices, however, like those of crops, were advancing
rapidly in the second half of the period.
Distributive Shares of National Income
The accelerating tempo of economic activity in 1950, together with the industrial shifts described above, produced
alterations in the composition of the national income in terms
of distributive shares.
Increase in employee compensation
Compensation of employees rose to $152 billion last year,
$11X billion above the 1949 figure. Earnings of employees
thus advanced less markedly than some of the other income
shares, as is characteristic of a period of rapid industrial
expansion.
Private wages and salaries increased from $113^ billion in
1949 to $122X billion in 1950. Roughly one-half of this increment stemmed from higher hourly earnings, with most of
the remainder attributable to the growth of employment,
although lengthening of the average workweek was also
a factor.
Both the industrial composition and the quarterly movement of private payrolls mirrored the major economic forces
operative during the year. Close to three-fifths of the
increment in the private total appeared in wages and salaries
of manufacturing industries, and the next largest -relative
increases were in construction and mining.
In early 1950, significant payroll advances were confined
primarily to durable-goods manufacturing plants. As the
industrial expansion broadened and accelerated in the second
and third quarters, wages and salaries in nondurable-goods
factories also shared in very sizable quarterly advances of
manufacturing payrolls; and still further gains, although of a
somewhat lesser magnitude in the nondurable sector, were
registered in the final quarter.
There was a noticeable spurt in retail and wholesale trade
payrolls during the September quarter in response to the
intensification of sales activity which characterized that
period; but otherwise they advanced at a steady, moderate
rate throughout the year, as did, in general, payrolls of other
distributive and service industries.
Government wages and salaries, after stablizing in the
first half of last year at a rate reached in the final quarter of
1949, rose quite sharply during the last 6 months. Chiefly,
of course, this reflected expansion of the armed forces and of
related Federal payrolls; but minor increments at the State
and local level also contributed.
Mixed trends in proprietors9 incomes
The movement of total proprietors7 and rental income,
rising only from $4IX billion in 1949 to $43Yi billion last year,
was dampened by the relative stability of two of its three
major components. Net rental income of persons advancecr
little; and earnings of farm proprietors—uniquely among the
principal income shares—fell slightly below their 1949 total.
Reasons for the latter behavior have been outlined elsewhere. Quarterly trends, however, indicated an appreciable
recovery by year end from the postwar low of the June
quarter.
9
SUEVEY OF CUKEENT BUSINESS
February 1951
Table 4.—National Income and Product, 1948, 1949, and 1950
l
[Billions of Dollars]
Quarterly, 1950
Item
1948
1949
Seasonally adjusted at annual rates
Unadjusted
1950
I
III
II
IV
I
II
III
IV
216.9
229.1
244.0
142.3
135.2
114.3
4.5
16.4
7.1
147.9
140.6
119.5
4.5
16.6
7.3
155.3
147.8
125. 3
87.4
(3)
162.7
155.1
130.3
3
(3)
()
7.6
NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income
Compensation of employees
_
Wages and salaries _ _
Private
Military
Government civilian.
_ -____.__.
Supplements to wages and salaries
__
4
Proprietors' and rental income
Business a n d professional
_ _ _ _ _ _ _
Farm
Rental income o f 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: Compensation of general Government employees
2 235. 6
53.7
57.2
61.1
140.6
134.2
113.7
4.3
16.1
6.4
152.2
144.9
122.6
(33)
()
7.3
35.0
33.2
27.9
1.1
4.2
1.8
36.9
35.1
29.7
1.1
4.3
1.9
39.0
37.1
31.9
(3)
(3)
1.8
(3)
41.2
39.5
33.2
3
()
(3)
1.8
47.3
22.1
17.7
7.5
41.7
21.0
13.4
7.3
43.6
23.2
13.1
7.4
10.4
5.4
3.2
1.8
10.3
5.6
2.9
1.8
11.4
6.2
3.4
1.8
11.6
6.1
3.6
1.9
41.5
21.4
12.8
7.3
41.2
22.3
11.7
7.1
45.5
24.6
13.5
7.4
46.3
24.3
14.4
7.6
31.8
33.9
13.0
20.9
-2.0
29.9
27.6
10.6
17.0
2.2
234.8
239.8
217.7
2 22.1
-5.1
7.1
7.3
3.3
4.0
-.3
8.7
9.3
4.1
5.2
-.6
9.5
11.4
5.1
6.4
-2.1
(33)
(3)
()
(3)
-2.1
28.1
29.2
13.2
16.0
-1.0
35.0
37.4
16.5
20.9
-2.4
38.1
46.4
20.6
25.8
-8.3
(33)
(3)
()
(3)
-8.5
4.1
17.5
4.7
19.5
5.0
21.1
1.2
5.1
1.3
5.1
1.3
5.0
1.3
5.9
5.0
19.7
5.0
19.8
5.0
21.2
5.1
23.4
259.1
255.6
279.8
63.4
66.0
71.6
78.7
263.3
271.6
283.9
300.3
46.0
6.5
24.6
15.0
49.1
8.6
25.5
15.0
52.5
8.3
28.9
15.3
182.6
26.4
97.9
58.3
185.8
26.5
99.9
59.5
198.9
34.0
104.5
60.4
195. 8
30.0
104.3
61.5
10.3
5.4
3.1
2.3
5.6
-.7
-.7
13.3
6.5
3.9
2.6
6.4
.5
.4
15.0
5.9
3.3
2.5
6.6
2.6
2.5
41.8
20.0
11.2
8.9
19.5
2.3
2.7
47.7
21.5
12.4
9.1
21.8
4.4
4.3
47.8
23.0
13.6
9.4
26.3
-1.5
-1.7
60.2
22.9
12.9
10.0
26.1
11.2
11.0
223.5
216.8
140.2
134.4
115.7
4.0
14.7
5.8
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
Personal consumption expenditures
Durable goods.
Nondurable goods
Services
_
__
__ __
Gross private domestic investment
New construction . _
.__
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories, total
Nonfarm only
Net foreign investment
Government purchases of goods and services
Federal _
Less: Go vernment sales _
State and local
_
177.4
22.9
100.9
53.7
178. 8
23.8
98.5
56.4
190.8
29.2
101.6
59.9
43.2
5.9
22.7
14.7
43. 1
17.7
8.6
9.1
19.9
5.5
4.4
33.0
17.3
8.3
9.0
19.5
-3.7
-3.1
49.4
21.8
12.5
9.3
23. 4
4.1
4.1
10.8
4.1
2.2
1.9
4.8
1.8
1.9
1.9
.4
-2.5
-.4
-.4
-.9
-.7
-1.7
-1.7
-3.3
-3.4
36.6
21.5
.5
15.6
43.3
25.7
.4
18.0
42.1
22.9
.2
19.4
9.9
5.5
.1
4.4
10.2
5.3
.1
4.9
10.2
5.3
.1
4.9
11.9
6.8
.1
5.2
40.5
22.1
.3
18.7
39.9
21.4
.3
18.8
40.4
21.1
.2
19.5
47.6
27.1
.2
20.8
209. 5
206.1
223.2
53.4
53.8
56.1
60.0
216.4
215.1
224.9
234.9
21.2
19.0
2.2
188.4
177.4
10.9
18.7
16.2
2.5
187.4
178.8
8.6
20.5
17.8
2.8
202.7
190.8
11.9
7.0
6.2
.8
46.4
43.2
3.2
3.9
3.2
.7
49.9
46.0
3.9
4.8
4.2
.7
51.3
49.1
2.2
4.8
4.2
.6
55.2
52.5
2.7
19.0
16.3
2.7
197.4
182.6
14.8
19.5
16.8
2.7
195.6
185.8
9.8
20.3
17.5
2.8
204.6
198.9
5.7
23.3
20.4
2.8
211.6
195.8
15.8
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
259.1
255.6
279.8
63.4
66.0
71.6
78.7
263.3
271.6
283.9
300.3
Less: Capital consumption allowances. _
Indirect business tax and nontax liability.
Business transfer payments.. _
Statistical discrepancy
Plus: Subdidies less current surplus of Government enterprises
17.4
20.4
.7
-2.9
.0
18.8
21.3
.7
-1.9
.1
20.8
23.7
.7
-1.0
.1
4.9
5.3
.2
-.8
.0
5.1
5.7
.2
-2.1
.1
5.3
6.4
.2
-1.4
-.1
5.4
6.2
.2
19.7
22.0
.7
4.1
.2
20.5
23.2
.7
-1.3
.5
21.3
25.3
.7
-7.6
—.3
21.7
24.3
.7
Equals: National income
223.5
216.8
2 235. 6
53.7
57.2
61.1
216.9
229.1
244.0
(3)
1.6
.0
2.8
1.2
3.4
.2
28.1
6.7
.0
20.9
4.7
8.1
.7
35.0
6.8
.0
14.2
4.7
8.2
.7
38.1
6.9
.0
11.2
4.8
9.3
.7
(3)
60.0
216.4
215.1
224.9
Less: Corporate 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
31.8
5.2
.0
10.6
4.5
7.5
.7
29.9
5.7
.0
11.6
4.7
7.8
.7
234.8
6.8
.0
14.3
4.8
9.4
.7
7.1
1.8
.0
5.3
1.1
1.9
.2
8.7
1.8
.0
3.5
1.4
1.9
.2
9.5
1.7
.0
2.7
1.1
2.2
.2
209.5
206.1
223. 2
53.4
53.8
56.1
(3)
.0
(3)
3
()
(3)
7.2
.0
11.2
4.8
11.5
.7
234.9
1 Detail will not necessarily add to totals because of rounding.
2 Data for estimating fourth-quarter profits are not yet available. In order to arrive at national income and corporate profits for the year, fourth quarter corporate profits before tax were
assumed to be the same as in the third quarter.
34 Not available.
Includes noncorporate inventory valuation adjustment.
NOTE: Data for prior years are published in the July 1950 SURVEY OF CURRENT BUSINESS and in the National Income Supplement to the July 1947 SURVEY.
Source: U. S. Department of Commerce, Office of Business Economics.
924280°—51-
10
SUKVEY OF CUEEENT BUSINESS
Business and professional proprietors' income advanced
steadily throughout 1950, except for a bulge in the third
quarter. The total for the year was up by more than 10
percent, to $23 billion. Increases pervaded nearly all nonfarm industries, but were concentrated in wholesale and retail trade establishments, whose proprietors were prime
beneficiaries of the expanding volume of consumer purchases.
Corporate profits rise sharply
Information on corporate profits in 1950 is at present confined to published reports for the first 3 quarters of the year,
as reviewed in last month's issue of the SURVEY OF CURRENT
BUSINESS. However, by adding to these data an assumption about fourth-quarter profits, as described in footnote 2
to table 4, a fairly satisfactory basis for preliminary comparisons with 1949 is provided.
The corporate profits component of national income, inclusive of the inventory valuation adjustment, rose from $30
billion in 1949 to $35 billion last year—a relatively larger
gain than in any other distributive share. This swing in
profits, like that in the opposite direction in 1949, was
typical of the wider cyclical fluctuations in this series than
in other income shares. A greatly enlarged volume of corporate sales, coupled with increased profit margins, was
responsible for the 1950 advance.
Eeported profits before inventory valuation adjustment,
and before tax, showed a decidedly more pronounced in-
February 1951
crease, with the 1950 total of $40 billion more than 40 percent
larger than that of the previous year. This movement,
however, reflected to a large extent the predominant corporate practice of charging inventories to cost-of-sales in
terms of book values representing prior-period costs, rather
than in terms of current replacement costs. The result of
this practice has been to include in reported profits before
tax in 1950, when inventory replacement costs were rising
rapidly, very large amounts of inventory profits, in contrast
to the substantial inventory losses included in 1949 under
the opposite condition of falling replacement prices. It is
this inventory profit or loss which is eliminated by addition
of the inventory valuation adjustment to reported profits
in order to secure a measure of earnings from current production appropriate for inclusion in national income.
While the adjusted figure is more meaningful from the
standpoint of national income measurement, corporate
income tax liabilities are based on profits as reported under
generally prevailing inventory accounting practices. In
addition to a large increase associated with the movement of
book profits, tax liabilities for 1950 reflected the higher rates
imposed retroactively by the Eevenue Act of 1950 and the
subsequent Excess Profits Tax Act. Altogether, these
factors raised corporate income tax liabilities from $10%
billion in 1949 to $17% billion last year. Profits after tax
thus mounted much less impressively than on a before-tax
basis.
Price Developments
DEVELOPMENTS during the second half of the year
resulted in the emergence of an inflationary trend throughout the economy which was mirrored in a rapid and widespread upturn of prices. Cost inflation was reenforcing
demand inflation so that at the year end it was apparent
that more extensive moves would be required on both fronts
to arrest this spiral. It was clear that the indirect controls
—taxes and credit restrictions—would have to be increased
in size and scope. While these fundamental correctives
were being extensively developed to apply to the basic
causes of the inflation, direct controls of prices and wages
were instituted soon after the }^ear ended.
The price increase during the first half of the year was
moderate—reflecting the recovery of industrial production
and business purchasing from the 1949 setback—but the
11 percent rise in wholesale prices during the second half of
1950 was the sharpest for any 6 months since World War I
except for the period following price decontrol in 1946 (see
chart 3). Over all, wholesale prices advanced 16 percent
from the end of 1949, accompanied by an unusually swift
although typically smaller advance of 6.5 percent in consumers' prices which, at the year end, were moving ahead at
a fast rate.
The price advance which developed after June was particularly noteworthy, since the Korean crisis affected prices
before materially affecting the flow of incomes, production,
and supplies. The prospective shift of resources to defense
needs stimulated a burst of spending for commodities likely
to be short or higher in price. This was promptly reflected
in an increase in the average monthly rate of advance in
wholesale prices from less than .7 percent per month during
the first half of the year to 2.6 per month in the third quarter.
As some let-up occurred in the consumer buying wave of
midsummer, the pace of the price advance moderated slightly
in October and November. Inflationary pressures were
maintained, however, by continued high spending by consumers, expanded investment programs of business, larger
demand from foreign countries, and the augmented scale of
Government orders for stockpiling and for materials required in armaments and other armed forces supplies.
On the supply side, quotations were moved upward to
reflect increased costs resulting from spreading wage increases
and from rising prices of industrial raw materials, especially
of commodities traded in international markets. The
worsening of the Korean crisis in November with the Chinese
attack intensified demand and cost pressures and was
accompanied by a renewed acceleration in the rate of price
advance, which raised the wholesale price index at the end
of the year 3 percent above the previous 1948 postwar peak.
Pervasiveness of price advance
The period of price advance since June 1950 was characterized both by the swift reaction made to the emerging inflationary forces and by the widespread nature of the increases
made in nearly all segments of the price structure. These
developments were in basic contrast to the differentiated and
moderate price changes in process earlier in the year which
typified advances made in an upward swing of a business
cycle. By comparison to other periods, the broad participation of the price groups in the rise, and the rapidity in price
change during the second half of 1950, as shown in chart \,
reflected an upward adjustment more like that registered
during the defense preparation year of 1941. Price increases in 1950 were sharper, however, than in 1941 reflecting
the more complete utilization of economic resources before
military demands were imposed.
As fears spread that supplies would be cut off and users
tried to secure increasing quantities for current and future
use, prices of internationally traded commodities like rubber,
SURVEY OF CUEEENT BUSINESS
February 1951
tin, and wool after June 24, 1950, increased more than threefourths. Very sharp advances were also made by the
nonferrous metals, sugar, cotton, and fats and oils, fiigher
material prices reinforced the desire to replenish and expand
stocks which spread to nearly all commodity areas—including finished goods. Against this background, increased
material and labor costs resulted in a fundamental upward
realignment throughout the price structure.
11
Chart 4.—Percentage Change in Wholesale Prices, by
Selected Groups of Commodities, December 1949 to
June 1950, and June 1950 to December 1950
PERCENT CHANGE
-20
-10
0
-HO
+20
+ 30
+ 40
ALL COMMODITIES-^
Chart 3.—Wholesale Prices, by Major Groups
OILS a
RATIO SCALE
INDEX, 1926 = 100
RATIO SCALE
INDEX, 1926 = 100
200
200
HIDES a SKINS
OTHER THAN FARM
PRODUCTS AND FOODS
1950^
ALL COMMODITIES
1948^
COTTON GOODS
WOOLEN a WORSTED GOODS
150
150
FATS
TIRES a TUBES
NONFERROUS METALS
90
PAPER a PULP
100
100
/94/
-
DAIRY
90
80
80
I
70
t
I I I I t I I I I
250
PRODUCTS
W0%%0000k
1941
LEATHER
70
PLUMBING a
HEATING
250
FARM PRODUCTS
FOODS
1948
200
HOUSE FURNISHINGS
200
CHEMICALS
FURNITURE (HOUSE 8 OFFICE)
150
SHOES
150
PAINT a PAINT
MATERIALS
BRICK a TILE
100
100
90
90
CLOTHING
LUMBER
I94L
80
80
I
70
J
F
M
A
M
J
J
A
I I I I
S
O
N
O
IRON a STEEL
I
70
J
F
I I I I
M
A
M
J
J
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
A
S
O
N
AGRICULTURAL MACHINERY
a EQUIPMENT
D
S/-27
GRAINS
Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
Thus, of the 48 commodity groupings included in the
Bureau of Labor Statistics' wholesale price index, more than
95 percent increased from June to December 1950. More
than two-fifths of the groups increased up to 10 percent,
about one-half rose 10 percent or more, while close to onethird rose 20 percent or more. Only two of the price groups
declined—in both cases less than 5 percent. The accelerated
price advance during the second half of 1950 becomes very
striking in comparison with the distribution of price change
in the first half of the year, when the typical price advance
was not more than 5 percent.
The broad character of the advance, which included manufactured-goods prices as well as raw and semi-processed
goods, farm as well as nonfarm, is placed in closer focus by
the distribution of the percent changes of 815 commodities
FERTILIZER MATERIALS
LIVESTOCK
PETROLEUM a PRODUCTS
MOTOR VEHICLES
FRUITS a
VEGETABLES
U . S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1
Total includes some groups not shown separately.
Source of basic data: U. S. Department of Labor, Bureau of Labor Statistics.
51-31
SUKVEY OF CURRENT BUSINESS
12
included in the BLS wholesale price index shown in chart 5.
From May to November, prices of 644 commodities, or more
than three-fourths of the items increased, 103 commodities
or 13 percent remained unchanged, while 68 commodities or
8 percent declined—primarily because of seasonal changes.
December data show an acceleration of the general rise
affecting all major categories of goods, partly reflecting the
speeding up of adjustments to the new demand and cost
picture in view of the imminence of a "price freeze" by
Federal authorities.
Chart 5.—Frequency Distribution of Percentage Change
in Wholesale Prices of 815 Commodities, May to November 1950
PERCENT OF TOTAL
25
spread between these advances over a 6-month period was
the largest for the postwar period. As the year closed, however, higher material and wage costs were accompanied by
spreading increases in manufactured-goods prices.
An additional significant shift in the internal price structure
was reflected in the greater increase in agricultural prices
than of other goods during 1950. The 21-percent rise in
farm product prices—compared with a 15-percent rise in
industrial goods—brought a substantial improvement in
their relative position during the year. The greater increase
in farm product prices reflected for the most part their
typically greater sensitivity to expanding incomes and, on the
supply side, a small decline in the volume of farm marketings.
Prices of raw fibers and oil-bearing crops led the advance
although large rises also characterized prices of livestock and
feed grains. Lower export demand and the influence of
reserve stocks limited the rise in prices of food grains.
Consumer Prices
A moderate increase in living costs during the first half
of 1950—mainly reflecting higher food prices—was followed
by rather general advances in both food and nonfood retail
prices after June, which raised the December consumers'
price index 2 percent above the previous 1948 high. Subsequent to the Korean developments, especially after October,
the emergence of a strong sellers' market meant that markdown sales and other price-reducing stimulants to spending
were less prevalent. The over-all increase in the consumers'
price index during the year was 6.5 percent, with higher food
prices responsible for more than half of the total advance,
as shown in the accompanying table:
10 -
5
February 1951
-
Percent increase
-20.0
AND
UNDER
-19.9 -14.9
TO
TO
-15.0 -lO.t
-9.9
TO
-5.0
-4.9
NO
O.I
TO CHANGE TO
-O.I
4.9
5.0
TO
9.9
10.0
TO
14.9
15.0
TO
19.9
20.0
AND
OVER
Item
PERCENT CHANGE MAY TO NOVEMBER 1950
Percent contribution to
total increase
December
1948 to
December
1950
December
1949 to
December
1950
December
1948 to
December
1950
5.1
-2.0
5.3
4.6
3.1
5.2
4.1
9.2
5.7
2.9
3.1
10.5
4.2
6.5
48.8
-4.9
17.1
4.9
2.5
31.7
100.0
December
1949 to
December
1950
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
Sources of data: U. S. Department of Commerce, Office of Business Economics, based
upon data of the U. S. Department of Labor, Bureau of Labor Statistics.
At the end of 1950, approximately two-thirds of the BLS
commodity price groups were at new postwar highs. These
included the more sensitive prices such as hides and skins,
cotton goods, nonferrous metals and lumber; manufactured
goods prices such as woolen and worsted, tires and tubes as
well as generally slower moving prices of iron and steel, farm
machinery, housefurnishings and furniture.
The largest increases in commodities reaching new peaks
were typically made by prices of commodities such as hides
and cotton goods, which had fallen sharply during 1949, and
had recovered only slightly in early 1950.
Prices of commodities which had generally remained stable
during 1949, or increased slightly during the first half of 1950,
rose moderately to reach new highs. Among these groups
were prices of iron and steel, motor vehicles, cement, anthracite and coke as well as prices of such commodities as rayon
and nylon, which over a long period of years have advanced
considerably less than the general price level.
Shifts in internal structure
Significant alterations in the internal structure of prices
developed after June 1950. Relationships between prices of
a number of industrial raw materials and of corresponding
manufactured goods were particularly affected. Overall,
prices of materials, excluding foods, increased one-fourth
during the second half of 1950 as compared with an advance
of little more than one-tenth in wholesale prices of finished
industrial goods. Though prices of raw materials typically
fluctuate more widely than manufactured goods prices, the
Food
Apparel
Rent
Fuel, electricity, and refrigeration
Housefurnishings
.._- _
Miscellaneous
Combined index
57.2
10.4
5.9
2.6
7.3
16.6
100.0
Rising meat prices resulting from expanding consumer
incomes was the principal influence in the slight rise in retail
prices during the first half. Foods—along with rents—were
the only major groups which were higher in June 1950 than
at the end of 1949. In the second half of the year, seasonal
declines limited the rise in meat prices, but large increases
developed in prices of fats and oils, dairy products, eggs and
beverages, especially in the closing weeks of 1950. Food
prices increased 2.8 percent from November to December
alone, bringing the total advance during the last half of the
year to more than 5 percent.
The swift adjustment to higher wholesale costs which
characterized retail food prices was also evident on a reduced
scale in the major nonfood groups, especially prices of apparel
and housefurnishings. As worldwide demand for wool increased sharply, higher wool prices were reflected in large
price rises in commodities such as rugs, blankets, and woolen
apparel. In cotton goods, declining prices due to lagging
expenditures in the first half of the year were followed by substantial increases in prices of cotton clothing and household
textiles, particularly bed sheets for which there was considerable forward buying. Large increases in the nonfood
groups also developed in prices of items in the miscellaneous
group—including consumer services such as transportation,
medical and personal care, and household operation. At the
end of 1950, all major nonfood price groups were close to or
above previous records.
SURVEY OF CURRENT BUSINESS
February 1951
13
Industrial Production
INDUSTRIAL production followed the same genera]
pattern that has been outlined in preceding sections for the
economy as a whole. The rise in output was the largest
year-to-year advance in the postwar period, averaging
nearly 15 percent above 1949, according to the Federal
Reserve production index, and the flow of industrial products
to consuming markets was the greatest in any peacetime year.
This was made possible by a substantial increase in supplies
of raw materials, expanded plant capacity, increased employment, and longer working hours. Although work completed
on defense contracts was still small in relation to total
industrial output at the year end, it was forming an increasing
share as military procurement programs enlarged.
Record supplies of raw materials
Supplies of raw materials were produced in record volume
and provided the basis for the substantial expansion in industrial output achieved in 1950. The high rate of consumption,
however, quickly absorbed the enlarged volume as over-all
demand exceeded available supply. Furthermore, anticipations of shortages engendered large-scale forward buying after
June which made the materials problem more stringent than
in any other postwar year. On the whole, actual consumption
of raw materials on defense orders in the last half of 1950 was
not as yet sufficiently large to disrupt appreciably the flow of
materials for civilian production.
Controls affecting
basic materials
To pave the way for larger defense production implied in
the increase in military orders, the Government took two
principal types of action. The first of these consisted of a
series of limitation orders designed to channel essential materials into the defense effort. These restrictions were initially
applicable to metals and then were extended to other basic
materials. The second provided for the expansion of basic
facilities and the reactivation of Government-owned plants
for the production of synthetic rubber and magnesium as well
as finished military products. To encourage plant expansion
by private industry, a 5-year amortization tax period was provided for facilities needed for defense production.
Larger capacity is scheduled for such important basic materials as steel, aluminum, paper, chemicals and rayon.
Measures to stimulate domestic output of copper, lead, zinc
and other metals in short supply are also being developed.
The extent to which additions to present capacity for producing selected basic materials are planned under the present
Government-industry plant expansion and reactivation programs is indicated as follows:
r,
,
.
,
-,
,
f
\In thousands of short tons]
Indicated capacity as of—
July 1,1950 Jan. 1, 1951 Jan. 1, 1952 Jan. 1,1953
Steel ingots and steel for
castings
100,564
Pig iron
71,498
Aluminum
720
Magnesium
18
Rubber, synthetic
588
104,230
72,472
750
23
925
1,000
123
945
117,500
79,300
1,245
127
945
The large increase in steel capacity is especially striking.
During 1950, nearly 5 million tons were added to steel-making
facilities, of which 3.7 million were made available in the last
6 months. The net increase in 1950 was the largest year-to'. year gain since 1916. By the end of 1952, an additional 13
million tons are expected to be in operation, according to the
American Iron and Steel Institute. The present rated capacity figure compares with 99.4 million on January 1, 1950, and
95.5 million on January 1, 1945, the peak war year.
The high volume of raw materials consumed in a period of
expanding markets can be seen in chart 6 which also presents the domestic consumption in the war and postwar
periods of 12 important industrial materials. Stockpiling
for defense purposes, however, accounted for a significant
part of the increase in over-all consumption in 1950.
New consumption highs were recorded for 6 of the 12 commodities included in the chart. The increases in consumption
generally averaged 10 percent above the wartime peak
and one-fifth higher than the 1941 volume, with the notable
exceptions of coal, raw cotton, and wool. Aluminum and
lumber virtually matched the wartime peak and copper was
only moderately below. The figures shown in the chart for
lumber for the years 1948-1950 appear to be on the high
side on the basis of comprehensive industry data recently
compiled.
A striking feature in the postwar consumption pattern of
basic materials was the downtrend in the industrial use of
coal. In 1950, consumption represented only three-fourths
of the wartime tonnage and was about 7 percent below 1941.
On the other hand, output of crude petroleum, to some extent a competing fuel, generally rose slowly but steadily
throughout the period. A somewhat similar development
as in coal, although less pronounced in terms of volume, is
shown for both cotton and wool which share the market with
the rapidly growing synthetic fibers, such as rayon and nylon.
The increased flow of materials available in 1950 resulted
from an expansion in output from domestic sources, as well
as a substantial increase in imports and reduced foreign
shipments. In general, producers of basic materials maintained operations at or close to capacity levels throughout
most of the year but the increases in output while large in
many cases were nevertheless limited by existing capacity.
With few exceptions, stocks of raw materials held by primary
producers at the year end were lower than in any previous
year, including the war period.
In the steel industry, a combination of increasing plant
facilities and the maintenance of near capacity operations
throughout the year made possible the record production of
nearly 97 million tons of steel ingots and castings, equivalent
to about 72 million tons of steel products. This represented
an increase in ingot production of 19 million tons over the
reduced volume of 1949 and 7 million more than the best
wartime year.
Output of finished goods at record rate
The expansion in the output of finished durable goods in
1940 was markedly greater than that in nondurable lines.
Although manufacturing output generally responded to the
cyclical upturn in early 1950, an added feature of the durable
industries was the speed-up in capital replacement and
expansion after June. New orders for machinery received
by manufacturers in the last half of 1950 increased 50 percent over the first 6 months, and backlogs at the end of the
year equalled 4 months' shipments
at the December rate as
compared with 2% months7 in June.
Likewise, monthly average shipments of total machinery
during the July-December period were about one-fourth
higher than in the first 6 months. Shipments from industries
directly involved in defense work—aircraft and shipbuilding—also moved upward.
An indication of the rising activity in some of the metal
fabricating industries is reflected in the increase in new
orders for machine tools. These orders in the last 6 months
of 1950 were three times as large as those received in the
first half, and almost five times the volume of the same
14
SURVEY OF CUEEENT BUSINESS
February 1951
Chart 6.—Domestic Consumption of Selected Raw Materials
MILLIONS OF
SHORT TONS
100
STEEL
PRODUCTS u
75
;-v";
MILLIONS OF
SHORT TONS
MILLIONS OF
SHORT TONS
MILLIONS OF
SHORT TONS
MILLIONS OF
SHORT TONS
4
2.0
2.0
2.0
COPPER *
3 -
LEAD 2 /
1.5 -
ZINC, SLAB
ALUMINUM ^
1.5 -
1.5 -
1.0
1.0
J
50
25
X
2 '^"
>
" ^\/
1 1 1 1 1 1 1 1 i
-— •N/V
1 1 1 1 1 1 1 1 1
0
0
1
1
1
1
1
1
1
1
1
45
yw
V~W
.5
.5
1
0
1.0
1 1 1 1 1 11 11
0
MILLIONS OF
RUNNING BALES
MILLIONS OF
POUNDS
800
4
2.0
20
800
(RUNS TO STILLS)
3
600
1.5
/^\^\
2
400
- ^ ~ *
RUBBER
1.0
/\f
v-
COTTON, RAW
600
15
1
0
1 1 1 1 f 1 1 1 1
1941 43 45 47 49
.5
-
0
1
1 I 1 1 1 1 1 1
0
1941 43 45 47 49
1 1 1 1 1 i 1 1 1
1941 43 45 47 49
5
WOOD PULP
/
S
400
-
200
-
0
1
1 1 1 1 1 1 1 II
O
1 1 1 i 11 1 11
15
~~^*^^\
/s
*-^v
10
0
MILLIONS OF
SHORT TONS
20
WOOL (SCOURED
BASIS, APPAREL
(EXCLUDING
LINTERS)
V
200 -
30
i iiiiii ii
0
MILLIONS OF
LONG TONS
(CRUDE, SYNTHETIC
AND RECLAIMED)
7
15
BILLIONS OF
BARRELS
PETROLEUM,
CRUDE
A
.5
MILLIONS OF
SHORT TONS
COAL,
BITUMINOUS
BILLIONS OF
BOARD FEET
60
LUMBER ^
1941 43 45 47 49
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
\
10
-
5
1 1 1 1 1 1 1 I
0
1941 43 45 47 49
1 1 1 1 1 II
11
1941 43 45 47 49
.
51-22
1
Represents net shipments (excluding shipments to members of the industry for conversion
into further finished products or for resale).
2 Data include primary and secondary.
3 Data for 1948-50 are preliminary.
Sources of data: Steel, American Iron and Steel Institute; copper, lead, zinc, aluminum, coal,
and petroleum, U. S. Department of the Interior, Bureau of Mines; lumber, Lumber Survey
Committee; rubber, Rubber Manufacturers Association; cotton and wool, U. S. Department
of Commerce, Bureau of the Census; wood pulp, United States Pulp Producers Association,
Inc.
period in 1949. December orders were the highest since
July 1942 when heavy buying for war tooling was under way.
Shipments also moved upward but lagged far behind the rate
of incoming business, with the result that backlogs on December 31 equalled a year's output at current delivery rates.
Exceptions to the general picture of recovery among finished durable goods were railroad freight cars and tractors.
The lower activity in carbuilding reflected primarily the
reduced backlogs on the books of carbuilders at the beginning of 1950. However, a sharp pickup in new orders beginning early in the year built up backlogs from the low of
12,000 units on January 1, 1950 to 125,000 on December
31. As a result, the downtrend in deliveries of freight cars
in early 1950 was followed by a gradual recovery, with shipments in December totalling 5,700 units, or more than five
times the low April volume, although the December rate was
still far below the goal of 10,000 per month set for the first
quarter of 1951.
In contrast, activity in locomotive shops was sustained
throughout the year as new installations of locomotives by
Class I railroads of nearly 2,400 units represented the
highest total in 27 years; unfilled orders at the end of the
year were about half again as large as a year ago.
In the case of tractors, output was limited by reduced
demand in the early months of the year and subsequently by
extended work stoppages in the industry.
sumer demand for durable goods—passenger cars, household equipment, radios and television sets—is reflected in
the size of the production increases in 1950 for these products. With the exception of washing machines, vacuum
cleaners, and radios, last year's output represented new
peaks.
Table 5.—Output of Selected Durable and Nondurable
Finished Products
Product
Durable goods:
Motor vehicles
Refrigerators, electric
Washing machines
Vacuum cleaners...
Ranges, electric
Radios
Television sets
Freight cars, railroad
Tractors, wheel type
Nondurable goods:
Tires, rubber
Suits, men's
Dresses, women's
Hosiery
Shoes and slippers
Cigarettes, small
Refined petroleum products. ..
Paper
The rise in output for other important segments of manufacturing is evident in the accompanying table which presents the production totals for the past 2 years for 18 important finished products. The sustained high rate of co
Thousands
dodo
_.
do
dodo
_
do
Number
Thousands
do
do
Millions
Mill. doz. prs _.
Mill, prs
Billions
Mill, bbls
Thous sh tons
1949
1950
Percent
change
1949 to
1950
6,254
4,450
3,033
2,887
1,056
10 500
3,000
95, 172
570
8,003
6,200
4,290
3,529
1,830
14 590
7,464
44, 209
532
+28 0
+39.3
+41.4
+22.2
+73.3
+39 0
+148. 8
—53 5
—6 7
92 700
23, 200
2 185
159
1
492
392
2-008
1
24 300
+21 4
+20 7
—8 9
+9.9
+4 0
+1 8
+7 2
+19 5
76, 369
19, 220
2203
145
473
385
1 874
20 330
1
1 Totals include estimates for December.
Data represent totals for 9 months.
Source: Motor vehicles, Automobile Manufacturers Association; refrigerators and ranges
National Electrical Manufacturers Association; washing machines, American Washer and
Ironer Manufacturers Association; vacuum cleaners, Vacuum Cleaners Manufacturers
Association; radios and television sets, Radio Manufacturers Association; freight cars,
American Railway Car Institute; tractors, Implement and Tractor; tires, Rubber Manufacturers Association; suits, dresses shoes, paper, U. S. Department of Commerce, Bureau
of Census; cigarettes, U. S. Treasury, Bureau of Internal Revenue; refined petroleum
products, U. S. Department of the Interior, Bureau of Mines; hosiery, National Association
of Hosiery Manufacturers.
2
Large gains in consumer durables
Unit
SUKVEY OF CURRENT BUSINESS
February 1951
Table 6.—Value of Manufacturers' Sales
[Millions of dollars]
Industry
1939
All manufacturing
1948
1949
61, 340 213, 732 199, 993
Durable-goods industries, total
Iron, steel, and products
Nonferrous metals and products
Electrical machinery and equipment
Machinery, except electrical _ _
Automobiles and equipment __
_
22, 454
._ _ 6,079
1,726
1,861
3,571
3, 578
Transportation equipment, except automobiles- _
Lumber and timber basic products
Furniture and finished lumber products
Stone, clav, and glass products
Other durable-goods industries
Nondurable-goods industries, total
Food and kindred products __ _
Beverages
Tobacco manufactures
Textile-mill products
Apparel and related products.
Leather and products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products. __ _ _ __ _
Rubber products
Other nondurable-goods industries
.
1950
234 953
88, 900
22, 390
6,106
9,002
15, 540
13, 894
83, 518
20, 194
5,010
8, 523
14, 027
15, 238
103, 945
26, 050
6,481
11,416
16, 407
17, 607
3,900
5,374
4,316
4,519
3,859
3,791
4,917
3,753
4, 534
3,530
4,151
6,880
4,757
5,693
4,503
38 886 124, 832 116 475
11, 253 34, 670 32, 831
5,633
1,842
5 714
1,334
3,117
3,181
4,020 13, 301 11, 142
3,202 11, 089 10, 068
1 318 3,385 3 142
131,010
35, 609
5 773
3,277
13, 709
10, 478
3 606
865
1, 154
1,385
1,563
672
1 785 6,066
2,512
6,876
4 339 14, 763
5,266 19, 687
1,072
3,400
2,844
943
5 511
6,941
13 793
18, 231
3 070
2,851
6 769
7,274
16 604
20, 332
4,379
3,201
Source: U. S. Department of Commerce, Office of Business Economics.
The outstanding performance in 1950 in terms of units and
value was in the automobile industry which assembled 8
million cars and trucks in U. S. plants, an increase of 1.7
million over the high number produced in 1949. The year's
total consisted of about 6.7 million passenger cars and 1.3
15
million trucks, the latter figure virtually matching the 1948
record volume.
The largest percentage gain occurred in the television
industry which more than doubled its market in each of the
past 2 years. Among the consumer durables, the value of
retail sales of television sets now exceeds that of any other
household appliance. The pickup in radio production
reflects both the growth in the sale of auto radios and the
increase in the number of homes having more than one set.
Small gains in the nondurables
In general, the increases in output in the nondurable
industries during 1950 were more limited than for the
durable goods. Total output of clothing was higher for the
year as a whole as the gains in most segments of the industry,
particularly in men's suits, more than offset the drop in the
important dress lines. The large increase in output of
rubber tires reflected the strong replacement demand and
the record volume of automobile production. In other
soft-goods lines—shoes and cigarettes—output was typically
stable.
Large increase in manufacturers' sales
The over-all picture of expansion in output is reflected in
table 6 which shows shipments for 20 major industry groups.
The total value of manufacturers' sales during 1950 was up 18
percent from 1949. A large part of the increase in shipments
was attributable to higher prices, but the volume of goods
sold was also substantially higher. Total sales of durable
goods increased one-fourth as compared with an advance of
12 percent for the nondurable-goods industries.
Agricultural Production and Income
Jt1 ARM production was a little lower in 1950 than in 1949,
chiefly because of a large drop in cotton production, but
food output remained about the same as in the preceding
year. The downward trend in farm income and prices which
had been important since the summer of 1948 was reversed
during 1950.
Agricultural prices rose throughout the year, and averaged
about 3 percent higher for 1950 than a year earlier. Because
of a substantial drop in the volume of farm marketings, cash
farm income was about the same as in 1949, as a decline in
the first half of the year was about counterbalanced by an
advance in the fourth quarter. Farm proprietors' net income rose rapidly as prices advanced in the latter part of
the year, but the aggregate for the year of $13.1 billion was
lower than in 1949.
The small differences between annual averages of farm
prices and income tend to obscure the profound change in the
demand for farm products which occurred during the past
year. Between December 1949 and December 1950, prices
received by farmers rose 23 percent, recovering most of the
decline from the postwar high to which they rose in 1948
under the stimulus of large-scale temporary needs for food
abroad resulting from war disruption and severe drought.
Despite a substantial rise in prices paid by farmers during the
year, the ratio of prices received to prices paid rose from
95 percent of the 1910-14 average to 108 percent in the
12-month period.
Whereas toward the end of 1949, crop controls were being
reactivated and generally tightened in order to restrict production and limit the heavy price support expenditures of
the past two seasons, toward the end of 1950 production
controls on the principal crops were being removed and large
output goals were being established.
Chart 7.—Farm Proprietors' Income and Prices Received
by Farmers
BILLIONS OF DOLLARS
INDEXJ910-I4 = 100
20
400
1
FARM PROPRIETORS9
INCOME If
(LEFT SCALE)
15
PRICES RECEIVED
BY FARMERS
(RIGHT SCALE)
10
300
200
100
J_
J_
1948
I
J_
J_
1949
_L
j_
1950
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
0
51-32
i Data are quarterly totals, seasonally adjusted, at annual rates.
Sources of data: Income, U. S. Department of Commerce, Office of Business Economics;
prices, U. S. Department of Agriculture, Bureau of Agricultural Economics.
SUKVEY OF CUEEENT BUSINESS
16
Cut in price support activity
As farm prices rose during the year, support expenditures
declined and the stocks of commodities which had been accumulating in the hands of. the Commodity Credit Corporation
were drawn down to meet rising demands. During the course
of the year total price support investment of the CCC, including both inventories and crops pledged for loans, declined
by $750 million as compared with a rise of $1,640 million in
1949.
The biggest reduction in CCC stocks occurred in the case
of cotton, as nearly 4 million bales were sold and another
2 million bales pledged for loans were redeemed. (See table
7.) The remaining wool inventory was also sold. Among
the perishable commodities the surplus stocks of butter and
cheese, which had continued to accumulate rather rapidly
in the first half of the year were likewise disposed of before
the end of the year. For the latter products, however, a
large portion was donated to school lunch programs and
welfare organizations or exported at reduced prices through
nontrade channels.
Stocks of corn held by or pledged to CCC continued to rise,
but the price of corn approached the support level soon after
the harvest season, and the heavy rate of disappearance
presaged the withdrawal of corn during the present feeding
season. Wheat inventories held by CCC also continued to
rise during 1950, but support operations on the 1950 crop
at the end of the year were only about half as large as those
for the preceding crop at the end of 1949.
Table 7.—Price Support Inventories and Commodities Pledged for
Loans, Commodity Credit Corporation
[Quantities in millions of units specified; value in millions of dollars]
Inventories as of December 31
Commodity
Unit
Quantity
1949
Corn
Cotton, Upland .
Tobacco
Wheat
Wool
Eggs, dried
Flaxseed
Grain sorghum __
Linseed oil
Total 2
Value
1950
Bushels _ _ 76.1 398.9
Bales
3.7
0)
23
Pounds
162.1 271.0
Bushels
Pounds _ _ 69.4
0)
do
69.0 102.6
7.2
Bushels __ 13.9
6.2
25.0
Cwt
Pounds _ . 394.8 523.3
Loans as of December 31
Quantity
1950
1949
1950
1949
1950
116.8
617.7
617.1 434.6
17.4
2.3
.7 367.3
653.0 303.1
0)
107.1
31.1
8.0
68.3
21.9
149.4
200.0
0)
283.2
183.7
596.3
337.4
151.9
597.9
272.0
1.3
128.7
365.1
1.2
27.5
29.7
47.2
3.7
53.3
1, 920. 1
964.2
1, 725. 1 1, 925. 5
1 Less than 0.5.
Includes commodities not listed separately.
Source of data: U. S. Department of Agriculture, Production and Marketing Adminis"
tration.
2
The change in demand was not sufficiently large to reduce
support operations for a few commodities which were produced in larger volume in 1950 than in 1949. These include
potatoes and grain sorghum, prices of which remained below
support levels.
Smaller crop production
Total farm production in 1950 is estimated at about 2 percent less than in 1949. The principal change was in crops,
reflecting a decline in harvested acreage of about 4 percent
from 1949. The reduction in acreage as well as in production was most marked for cotton, wheat, and corn—all of
which were subject to allotment programs. Partially offsetting increases occurred in soybeans and feed crops other
than corn. Growing conditions were on the whole slightly
less favorable in 1950 than a year earlier, leading to greater
abandonment of planted crops, but yields per harvested acre
averaged the same as in 1949.
Livestock and products output was a little higher in 1950
than in 1949 reflecting increases in milk, poultry, and eggs.
Towards the end of 1950, however, milk production fell below
the corresponding period of 1949; a larger portion of the milk
supply was going into fluid milk consumption, resulting in a
sharp curtailment in manufactured dairy products, especially
butter. There was also some tapering off in egg production
in the late months of 1950. At the end of the year, the
Department of Agriculture discontinued the egg support
program which had absorbed about 7 percent of total farm
output in the first half of 1950.
Table 8.—Index Numbers of Volume of Production for Sale and
Home Consumption
[1935-39=100]
Commodity group
1940
1945
1946
1947
1948
1949
1950 i
118
105
112
147
119
170
145
119
160
145
117
157
134
114
153
139
117
169
137
119
180
112
141
138
137
130
136
138
110
114
95
111
101
101
110
171
104
155
144
68
142
110
137
113
291
94
164
172
66
152
128
160
133
277
103
197
131
91
140
107
145
126
300
110
189
207
115
143
124
136
115
367
91
164
185
125
144
117
136
122
336
93
146
186
76
147
118
140
122
380
114
107
122
134
135
152
146
135
111
139
140
140
134
137
138
Non- food production
105
113
122
119
156
152
133
All commodities
110
134
137
136
138
140
137
Livestock and products:
Meat animals
Dairy products...
Poultry and eggs
All livestock
Crops:
Food grains
Feed crops. ...
._
Cotton (lint and seed)
Truck crops .
Other vegetables
Tobacco
Fruits and tree nuts
Oil-bearing crops
Sugar crops
_ _._
.__ _
All crops
Food production _
_
i Production estimates are based on cropestimates as of December 1 and estimated marketings and home consumption of livestock and livestock products.
Source: U. S. Department of Agriculture, Bureau of Agricultural Economics.
Value
1949
398.8
53.5
89.3
88.3
17.3
111.3
February 1951
Meat animal production was about the same in 1950 as a
year earlier. The principal changes were a rise in pork production and a decline in calf slaughter. The number of cattle
slaughtered was slightly lower, but because of higher marketing weights, beef production was up somewhat.
The situation toward the end of 1950 pointed toward some
increase in meat production. The number of cattle on feed
at the end of 1950 was 5 percent larger than a year earlier,
and the reduction in calf slaughter in 1950 suggested a continued rise in the total number of beef cattle on farms. The
1950 fall pig crop was 9 percent larger than a year earlier
and farmers reported that they planned a larger 1951 spring
pig crop than that farrowed in the spring of 1950.
Supply changes important
Although the dominant influence affecting prices of agricultural commodities was from the demand side, the small
reduction in farm output in 1950 also played a role in the
advance in farm prices. In contrast to the substantial rise
in industrial production, farm output declined about 4 percent per capita from the high rate attained in 1949. Over a
long period of years such changes in per capita output—aside
from the influence of changes in income—have been associated with somewhat larger changes in the opposite direction
in farm prices.
The advance in prices during 1950 was considerably
greater for those products whose output declined than for
those whose output rose. Of 33 principal farm commodities,
10 rose by at least 30 percent between December 1949 and
December 1950, and of these 7 were produced in smaller
volume in 1950. At the other end of the scale, 10 either
February 1951
SURVEY OF CUEKENT BUSINESS
declined in price or rose less than 5 percent during the same
period, and of these 8 were in larger supply in 1950.
Outlook for farming
The effect upon farm real estate prices of the new demands
arising in 1950 illustrates the change which occurred in farm
prospects. In the year ending November 1, 1950, land values
rose an average of 7 percent for the country as a whole,
attaining a new high of 179 percent of the 1912-14 average.
The accelerated rise during the 4 months between July and
November was more rapid than during the comparable
17
period of any preceding year for which records are available,
as increases occurred in all of the 48 States. Mortgage
recordings were likewise at the highest rate in many years.
Dealer reports to the Department of Agriculture indicate
that a substantial part of the increase in demand for farm
real estate was attributable to businessmen and investors
seeking the better farms as an investment hedge against
inflation as well as to farmers who already own land and
who wish to invest surplus cash in real assets and at the
same time take advantage of the expected higher returns
from farming.
Construction Activity
Opurred by an increase of over 50 percent in residential
building, expenditures for all new construction activity
reached record proportions during 1950. The expansion
was marked by an all-time high in contract construction employment, and sharply increased prices for building materials
despite stepped-up production.
A total of $27.7 billion was spent for new construction—
$5 billion more than in 1949. Private expenditures increased
more rapidly than public outlays, rising to almost threefourths of total construction. This represented a sharp reversal of the situation that prevailed during 1949 when a
rise in public expenditures more than offset a decline in
private spending.
Estimates of physical volume put in place indicate that in
spite of substantial increases in costs, construction work exceeded the previous peak of 1927 by about 10 percent.
units were placed under construction followed by monthly
totals exceeding 140,000 for June, July and August. The
boom appeared to be diminishing, however, during the latter
part of the year when there appeared to be larger than
seasonal declines in starts, although by normal standards
even these months represented high activity.
Chart 8.—New Permanent Nonfarm Dwelling
Started, by Type and Financing 1
THOUSANDS OF UNITS
500
•j PUBLIC, ALL TYPES
Ip3 PRIVATE, TWO AND MULTIFAMILY-S/
V$A
House building important early in year
The rise in residential building was manifest long before
he outbreak of hostilities in Korea late in June. This type
of construction had already given evidence of recovery during
1949 and at the beginning of 1950 was well above the mark of
12 months previous.
Starts increased rapidly during the spring of 1950 and an
all-time record was established in May when almost 150,000
N
924280°—51
3
P
PRIVATE, ONE-FAMILY
"
400
Residential building dominates construction
Although other segments of private construction increased
substantially over last year, residential building was clearly
the most dynamic segment during 1950. The upsurge which
was apparent at the close of 1949 carried through the third
quarter of 1950. For the year as a whole, residential construction accounted for 45 percent of all public and private
activity. This is substantially above any other postwar
year and about equal to the proportion during the middle
twenties at the time of the previous housing boom.
There was a considerable difference, however, in the composition of residential construction. During the earlier
period only 60 percent of all newly constructed units were in
single family houses, whereas in 1950 such houses represented about 85 percent of the total privately financed units.
This preponderance of single-unit structures in 1950 reflected a continuation of the postwar trend towards this type
of residence. It was encouraged by the easy credit available
during most of the year for the purchase of new houses and
by the fact that in many cases monthly carrying charges on
new houses compared favorably with comparable units in
newly developed rental projects. Out of a record total of
almost 1.4 million new units placed under construction in
1950, over 1.1 million were privately financed individual units.
Units
P
300
S?
~
200
—
100
-
0
1925
W/,
'jfy
?
•
v/& —
^
:•:•:
I
_
ti*t
I
'/, y
*
\ I i1 ! i
:-^
I
PI
—
^
%
^'<6
J^ —
^
\
-
-
1
4 8
4 9
501/
QUARTERLY AVERAGES
1
2
3
4
1
2
3
4
1949
I950^/
QUARTERLY TOTALS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
51-17
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
Data for total dwelling units started for the fourth quarter of 1950 are preliminary; components are estimated.
Sources of data: U.S. Department of Labor, Bureau of Labor Statistics, except components
for fourth quarter of 1950, which were estimated by the U. S. Department of Commerce,
Office of Business Economics.
Mortgage curbs imposed
In order to restrict the inflationary pressures and to free
materials for more essential uses, Government restrictions
upon the issuance of mortgage credit were announced during
July and further strengthened in October. These orders,
combined with the uncertainties associated with supplies of
materials, increased costs, and difficulties in obtaining interim
SURVEY OF CURRENT BUSINESS
18
February 1951
Table 9.—New Construction Activity and Percent Distribution, 1949 and 19501
Dollar expenditures (billions)
Percent distribution
1950
1950
Type
1949
1950
Seasonally adjusted at annual rates
I
Total new construction
Total private
Residential nonfarm
Nonresidential building
Industrial
Warehouse office and loft building.
Stores, restaurants and garages
Other nonresidential building
Farm construction __ _
Public utility
All other private
Total public
Residential
Nonresidential building
Military and Naval
Sewer and water _
Highway
All other public
._ _
__ .
_
__ _ .
---
II
III
1919
1950
Seasonally adjusted at annual
rates
I
IV
II
III
IV
22.6
27.7
25.6
27.1
28.6
29.6
100
100
100
100
100
100
16.2
8.3
3.2
1.0
.3
.7
1.2
1.3
33
.1
20.6
12.5
3.8
1.1
.4
.9
1.4
1.1
3.2
.1
18.9
11.2
3.3
.8
.4
.7
1.4
1.1
3.2
.1
20.2
12.4
3.5
.9
.3
.8
1.4
1.1
3.2
.1
21.8
13.6
3.8
1.1
.4
.9
1.4
1.1
3.2
.1
21.7
12.9
4.5
1.3
.5
1.1
1.5
1.0
3.1
.1
72
37
14
4
1
3
5
6
15
(2)
75
45
14
4
1
3
5
4
12
(2)
74
44
13
3
1
3
5
4
12
1
75
46
13
3
1
3
5
4
12
1
76
47
13
4
1
3
5
4
11
73
44
15
4
2
4
5
4
11
6.4
.4
2.1
.1
.6
2.1
1.1
7.1
.3
2.3
.2
.7
2.4
1.2
6.7
.4
2.2
.1
.7
2.2
1.1
6.8
.3
2.2
.1
.6
2.3
1.3
6.8
.3
2.2
.2
.6
2.4
1.2
7.9
.4
2.7
.3
.7
2.8
1.1
28
2
9
1
3
9
5
25
1
8
1
2
9
4
26
2
8
1
3
9
4
25
1
8
2
()
2
9
5
(2)
24
1
8
1
2
8
4
(2)
27
1
9
1
2
9
4
1 Excludes oil well drilling activity
2 Less than 0.5 percent.
NOTE—Detail will not necessarily add to totals because of rounding; percent distribution calculated from unrounded data.
Sources: U. S. Department of Commerce, National Production Authority and U. S. Department of Labor, Bureau of Labor Statistics.
construction financing, were largely responsible for the
decline in housing starts during the latter part of the year.
At the time credit restrictions were imposed the Government announced that the goal in 1951 would be approximately 850,000 new units. This would represent a cut of 40
percent from the number started in 1950 but would still be
in excess of most past years. It was further announced that
credit restrictions would be modified if necessary to facilitate
achieving this goal.
educational facilities. Both of these categories, however,
are still in need of large expenditures to cope with increased
postwar requirements. During 1950 more than one-third
of all public construction activity was for highways.
The largest percentage increase in outlays was recorded
for military and naval installations. Although only a minor
item in public spending, this increase is indicative of the
acceleration during the past year in defense planning.
Nonresidential construction up moderately
New
Private nonresidential construction increased only moderately from 1949 with certain types such as utilities—particularly the railroads and telephone and telegraph companies
cutting their outlays noticeably.
The construction of stores, restaurants, etc., usually considered auxiliary to residential construction, while rising substantially, did not keep pace with the increase in residential
construction. The total for 1950 was about one-quarter
more than 1949 compared to an increase of more than onehalf in residential building. Although there is usually some
lag between residential construction and this type, the
discrepancy between them at this time seems large.
Investment in industrial construction was 9 percent higher
in 1950 reversing the downward trend in expenditures during
the previous year. This increase was the result of a fairly
steady increase through 1950 (see table 9) which was given
greater impetus at the end of the year as a result of defense
capacity requirements. Because of these needs the Government has actively encouraged continued expansion in vital
defense production construction.
Among the various types of private nonresidential buildings, religious, educational, and hospital building reached
peak rates during 1950. The increase in hospitals was
especially large, rising almost 70 percent above 1949 as a
result of the Federal grant program. Social and recreational
construction declined about 6 percent from 1949.
Although construction during 1950 as a whole was notable
chiefly because of the tremendous expansion registered in
residential building, a significant shift away from this type
of construction became apparent in the closing quarter of
the year. This was due primarily to the acceleration of the
defense program both with respect to materials and the need
for economic stabilization.
The 1949-50 uptrend in residential building was made
possible in large measure by the credit policy of the Federal
Government which was designed to facilitate the extension
of easy mortgage credit—particularly to veterans—and to a
lesser extent to nonveterans. Partly as a result of this
stimulation, the quantity of housing construction rose from
an already high proportion of total construction in the first
quarter, 44 percent, to over 47 percent in the third quarter.
(See table 9.)
During the past summer the credit policy was sharply
modified so that after July 19, except
for certain exemptions,
the popular "no down payment77 terms for veterans were
discontinued and down payments generally were increased.
The restrictions were further tightened effective October 12
when Regulation X, and its related orders,
was issued by
the Federal Reserve System, Veterans7 Administration, and
the Housing and Home Finance Agency.
While the outstanding commitments still permitted a large
number of units to be sold at prerestriction terms, some immediate effects of the regulation were noted during the
latter part of 1950 and these regulations will become increasingly effective in 1951.
Because of the decline in units started discussed previously,
residential building activity declined in the fourth quarter
Public construction
Public construction rose about 11 percent in 1950 adding
to the increased private demand. Chief among the increased
categories of expenditures were those for highways and public
pattern of construction emerges at year-end
February 1951
SURVEY OF CURRENT BUSINESS
of 1950, and comprised about the same proportion of total
construction as in the first quarter. Accompanying the decline in residential building were indications that capital investment in nonresidential construction was increasing. Industrial construction jumped 18 percent at seasonally adjusted rates from the third quarter to the fourth.
The new pattern for the coming year will be determined
by defense requirements. For example, steel, electric power
19
and other basic capacity will be expanded to accommodate
the additional demands of defense industry. At the present
time all commercial, social, and recreational building requires
a license to be started while much of the latter will be banned
entirely. The whole pattern of construction will be determined as the detailed picture of the country's military and
related needs becomes more clearly defined.
Domestic Business Investment
JLhe upward postwar trend in nonagricultural domestic
business investment, after a brief interruption in 1949, was
resumed in the first half of 1950. The increase in spending on
plant and equipment by business and the shift from inventory
liquidation to accumulation accounted for about 45 percent
of the change in total output from 1949 to 1950. As noted
earlier, the increase in total gross private domestic investment
(including agriculture and residential construction) accounted for two-thirds of the change in output.
The net change in the rate of inventory investment contributed considerably more to the expansion of national product
in 1950 than did business purchases of fixed assets. As 1950
drew to a close, inventories generally appeared to be in line
with prewar relationships to sales.
Current surveys indicate that businessmen plan to add
greatly to their fixed investment during 1951, but Government policies will to some extent limit the expenditures
in some segments.1 Expansion of the rate of investment,
either in fixed assets or inventories, wiU of course contribute
to demand pressures.
Plant and Equipment Expenditures
The year 1950 marked another very high period of industrial facilities expansion. Business expenditures for new
plant and equipment amounted to more than $18 billion—
slightly higher than in 1949 and about 5 percent below the
1948 peak. By the fourth quarter of 1950, the annual rate
of outlays in both physical volume and current dollar terms
exceeded that of 1948.
The expanded demand for producers' durables during the
first half of 1950, associated with the improved sales and
profits outlook, was further stimulated in the second half
as business firms expanded programs to increase capacity.
Projects under way were rushed to completion and new ones
were undertaken ahead of schedule in anticipation of increased sales, construction restrictions or material shortages,
increases in the costs of capital goods and the need for cost
reductions through increased efficiency. Primarily as a
result of these factors, 1950 outlays by every major industry
exceeded the investment programs reported in the annual
survey early that year.
Expenditures for new plant and equipment, after allowance
for seasonal influences, rose approximately 30 percent from
the first quarter of 1950 to a peak rate of over $20.5 billion
in the final quarter of the year. Although capital goods
costs rose throughout the year and are reflected in these
figures, roughly three-fourths of the advance in capital
expenditures during this period was attributable to physical
additions to fixed assets.
1
See "Business Capital Expenditures Programs in 1951," SURVEY OF CURRENT BUSINESS,
January 1951.
Industrial trends
Every major industry shared in the upward movement of
both plant and equipment outlays during 1950. Increases
in fixed investment from the first to the second half of that
year ranged from somewhat over 10 percent in railroads and
the commercial and miscellaneous group to 35 and 50 percent, respectively, in manufacturing and nonrail transport
(table 10). Furthermore, business programs for 1951 indicate an acceleration in the 1950 rate of industrial expansion.
Expenditures for industrial facilities by manufacturers,
which had accounted for most of the cutback in fixed investment in 1949, showed the largest relative gain in 1950.
Within manufacturing there were wide differences in 1950
investment activity as compared with the previous year.
Very large increases were reported by the automobile,
electrical machinery, and stone, clay and glass industries.
Sizable gains were made in chemicals, food, and nonelectrical
machinery while little change occurred in iron and steel,
petroleum, paper, and textiles and apparel. The only substantial declines were in nonferrous metals and transportation
equipment, excluding automobiles. It is of interest to note
that investment plans of these two industries for the calendar
year 1951 indicated rates of increase higher than that programed by any other manufacturing group.
For railroads, construction and equipment outlays
amounted to $1.1 billion in 1950 or a decline of about 15
percent from the previous year. As a result of a very sharp
reduction in freight car installations during 1950, equipment
purchases fell considerably more than did expenditures on
road. This reflects, in part, the effects of increasing outlays
for freight cars and diesel locomotives by insurance companies
on a "lease-back" arrangement with several roads.
Capital investment by the electric and gas utilities expanded slightly in 1950, rising about $100 million to $3.2
billion. As indicated in table 10, this industrial group has
maintained an unbroken record of annual increases in the
postwar period, although outlays in the first half of 1950 fell
slightly below those in the corresponding period of 1949.
Confronted by the sharp increases in both current and future
demand resulting from the changed international situation at
mid year, however, the utilities quickly initiated new programs. After adjustment for seasonal influences, expenditures in the last half of 1950 were approximately one-fifth
greater than in the previous 6-month period.
Inventories
The book value of inventories in the hands of manufacturers, wholesalers and retailers totaled about $61 billion
at the end of 1950—almost $10 billion more than at the beginning of the year. About three-fifths of this increase reflected higher replacement costs.
The movements in book values during 1950 were quite
similar in manufacturing, retail and wholesale trade. Inven-
SURVEY OF CURRENT BUSINESS
20
February 1951
Table 10.—Business Expenditures on New Plant and Equipment, 1948-511
[Millions of dollars]
1950
19 49
1948
Industry
All industries
-
Manufacturing
Mining
_. _
Railroads
Other transportation
Electric and gas utilities
. _
Commercial and miscellaneous *_ _ .
1949
19502
19513
JanuaryMarch
AprilJune
JulyAugust
September- JanuaryMarch
December
AprilJune
JulyAugust
SeptemberDecember 2
19, 230
18, 120
18, 130
21, 880
4,460
4,660
4,370
4,630
3,700
4,330
4,690
5,410
8,340
800
1,320
700
2,680
5.390
7,250
740
1,350
520
3,140
5,120
7,950
690
1,140
430
3,220
4,700
10, 570
820
1,360
620
3,440
5,070
1,850
190
360
130
680
1,260
1,880
190
380
140
780
1,290
1,690
180
310
140
790
1,260
1,830
180
300
120
890
1,320
1,520
150
230
80
650
1,060
1,860
160
300
90
760
1,160
2,050
180
280
120
820
1,230
2,520
200
320
140
990
1,240
1 Data exclude expenditures of agricultural business and outlays charged to current account.
.
2 Anticipated expenditures for the fourth quarter of 1950 were reported by business between mid-October and mid-November.
3 Anticipated expenditures reported by business in December 1950.
* Data include trade, service, communications, construction and finance.
Source: U. S. Department of Commerce, Office of Business Economics, and Securities and Exchange Commission.
9), represented a somewhat smaller accumulation in volume
terms than in both earlier years. Current ratios of inventories to sales for the heavy-goods industries are running
somewhat lower than in the 1939-41 and 1946-49 periods.
The 1950 inventory accumulation by durable-goods producers was about equally divided between purchased mateManufacturing inventories
rials and goods-in-process. The rise brought working stocks
The uptrend in manufacturers' inventories during 1950 to their previous high, while a slight decline occurred in the
added $5.1 billion to book values and raised the year-end book values of finished goods. The increase in shipping
stocks which durable-goods manufacturers were able to
total to $34 billion. After adjustment for higher prices,
build up during the first half year was wiped out by the buythe increase amounted to almost $2 billion. This movement
ing rush of the third quarter.
contrasts with the liquidation which characterized most of
1949 and which had reduced book values by $3.4 billion.
Chart 9.—Manufacturers9 Inventories, by Stages of
Stocks of both finished goods and goods-in-process rose
moderately during the first half of 1950—with purchased
Fabrication
materials showing little movement. In the July-August
period, the drawing down of finished-goods stocks in the face
BILLIONS OF DOLLARS
of heavy buying was almost fully offset by increases in both
20
raw materials and goods-in-process. In the last 4 months
DURABLE-GOODS
of 1950, inventories rose at an. average rate of $1 billion a
INDUSTRIES
month, with purchased materials contributing more heavily
15
than did stocks at other stages of fabrication.
As a result, manufacturers' stock-sales ratios rose sharply
FINISHED GOODS
in the latter part of 1950. The increase was not sufficient,
1.0
however, to offset the generally declining trend during the
first 8 months.
The trends just described occurred in both durable and
nondurable goods. Among the "soft goods" industries,
PURCHASED MATERIALS AND
however, the ratio declined somewhat less as inventories
GOODS-IN-PROCESS
began to rise somewhat earlier than among the durables and
increased more rapidly during each quarter of the year. As
25
shown in the right-hand panel of chart 9, increases amountNONDURABLE-GOODS
ing to $2.9 billion raised total book values of inventories held
INDUSTRIES
by the nondurable-goods industries to a point well above
20
their previous high.
The expansion in total inventories of the non-durablegoods industries during the year stemmed primarily from
15
the growth of working stocks—i. e., purchased materials and
goods-in-process. The former accounted for almost 70
percent of the change in nondurable-goods stocks during
10
1950, although goods-in-process increased as much in relative terms. Little change occurred in the value of finished
goods on hand and, at the year-end, finished goods constituted a smaller proportion of total nondurable-goods stocks
than was true of the 1939-41 and 1947-49 periods. For all
nondurable-goods inventories current stock-sales ratios are
somewhat lower than in the 1939-41 period but higher than
1939 41
43
45
47
49
1949
1950
in most postwar years.
BOOK VALUE, END OF PERIOD
Inventory stocking by the heavy-goods industries was conU. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
siderable during 1950. The $2.2 billion rise, while about the
same dollarwise as in 1941 and larger than in 1948 (see chart
Source of data: U. S. Department of Commerce, Office of Business Economics.
tories at each distributive point generally moved higher
throughout the year—with the few weeks immediately following the Korean outbreak being the only period of liquidation. Despite this initial liquidation, the major part of the
annual accumulation occurred in the second half of the year.
SURVEY OF CURRENT BUSINESS
February 1951
Finished-goods stocks rose slowly during the last 3 months
of the year. At the year-end, finished goods as a proportion
of total inventory was about the same as at the end of 1941
and slightly lower than in 1948.
Trade inventories
Except for the abnormal consumer buying period in July,
the book values of both retail and wholesale trade inventories
rose sharply and at an increasing rate throughout 1950. By
the year-end trade stocks were up $4.5 billion from the
previous year—an annual change exceeded only in 1946.
Increases occurred in each major line of trade during 1950, in
sharp contrast to 1949 when all but a few lines reduced their
holdings.
The relative changes in trade book values during 1950 were
considerably larger than those which occurred during 1948
and considerably smaller than those in 1946. After allowance for the differential rates of price rise during these
periods, however, the 1950 accumulation of physical inventories was not very different from 1948—although still
somewhat below 1946.
Table 11.—Book Value of Business Inventories, End of Period,
1949-50
[Seasonally adjusted; billions of dollars]
1949
Total
Manufacturing
Wholesale trade
Retail trade
_ __
1950
Mar.
June
Sept.
Dec.
Mar.
June
56.4
54.4
52.9
51.6
52.5
54.2
56.4
61.6
32.4
9.3
14.7
31.2
9.0
14.2
29.3
9.2
14.4
28.9
9.0
13.7
29.1
9.1
14.3
30.0
9.5
14.7
30.7
9.9
15.8
34.0
10.8
16.8
Sept. Dec.
Source: U. S. Department of Commerce, Office of Business Economics.
During the first half of last year, trade stocks generally moved
upward in line with sales so that stock-sales ratios showed
little variation. After the July-August period—when the
sudden buying splurge sharply reduced these ratios—stocksales ratios rose rapidly as consumers' purchases fell below
August levels while deliveries to dealers were maintained.
Inventories during a mobilization period
Since the Government has taken action on price controls
and to a lesser extent on inventory controls, it may be worth
while to review the effect of such controls on inventories
during the last war. It is worthy of note that both retail
and wholesale stock-sales ratios at the end of 1950 were
quite close to their 1940 rates. In addition, durable- and
21
nondurable-goods inventories in 1950 at both distributive
levels were generally in line with their prewar relationships
to sales. This was also true of nondurable goods held by
manufacturers—while the relative position of manufacturers'
durable goods is less clear.
The rate of inventory accumulation, which had been
relatively slow in 1939 and early 1940, picked up sharply
after the proclamation of a national emergency in mid-1940.
Faced by rising sales, rising prices, and impending shortages,
businessmen generally added to their inventories.
Trade inventory accumulation was halted abruptly in the
second quarter of 1942 by a combination of Government
orders and supply shortages (primarily in automobiles and
building materials). In April 1942, both price controls and
limited inventory controls were instituted. The inventory
order affected only industrial supplies of manufacturers and
wholesalers. As a result of the earlier control of wholesale
inventories, these reached a peak several months earlier than
did retail stocks. However, as a result of the growing
scarcities of supplies and the deterrent effect of price controls,
both retail and wholesale inventories declined steadily during
the second half of 1942.
The rate of decline was quickened in early 1943 by the
imposition of inventory controls on consumers' goods in
December 1942. This order limited stock-sales ratios to
their 1939-41 average. Immediately following the tightening of price controls by the "hold-the-line" orders of MayJune 1943, trade inventories reached a plateau which was
maintained until the end of World War II.
The trend in manufacturers' nondurable-goods stocks was
similar to that in the trade except that liquidation was of
lesser proportions and did not take place until after September 1942. Durable-goods inventories, under the impact of
increasing war orders, reached a wartime high in December
1943, fell slowly during 1944 and then held steady until
VJ-Day. During the war years, finished-goods inventories
were the first to stabilize or taper off, followed by raw
materials, and finally by goods-in-process.
While it is not possible to quantify the influence of the
various factors affecting the physical volume of aggregate
inventories during the 1941-45 period, it is clear that the
supply factor played a major role. Government controls,
however, made an important contribution toward more
orderly inventory policies and the more equitable distribution
of goods, insuring that demand for inventories did not add
unduly to inflationary pressures or to the diversion of goods
from necessary channels. It is interesting to note that after
the institution of price and inventory controls businessmen
were able to support an increasing volume of sales with a
declining volume of inventories.
Retail Trade
oALES at retail stores reached a total of $140 billion in
1950, compared with $128 billion in 1949 and the previous
high of $130 billion in 1948. The physical volume of business
in retail channels rose substantially in 1950, though the
rapid price rise after mid-year was a major development of
the year.
After the moderate decline which had occurred in 1949,
retail sales picked up early in 1950. This upward trend
reflected the general improvement in economic activity
which had begun in the latter part of 1949 and continued
into 1950. The flow of national service life insurance
dividends to veterans and the expansion of installment credit
also added to consumers' purchasing power. During the
first half of the year, seasonally adjusted dollar sales exceeded the 1948 high point.
Even though sales were already advancing at a fairly
rapid pace, the initial impact of the developments in Korea
led to a sharp rise in consumer purchasing. Prospects of
increased spending by the Government and fears of increasing prices and impending shortages of civilian goods led to
a burst of anticipatory buying. As a result, retail sales in
the third quarter were about 18 percent above the corresponding quarter of the previous year, compared to a 6
percent year-to-year gain in the second quarter.
Buying receded somewhat thereafter, reflecting largely the
abatement of initial fears as to shortages and a necessary
SUKVEY OF CURKENT BUSINESS
22
readjustment from the excessive buying of the third quarter,
but also the effect of higher income taxes, credit curbs, and
the drop in passenger car assemblies. In the closing weeks
of the year there were renewed indications of forward buying—influenced by, as well as contributing to, rising prices.
Greatest advances in durables
In the period prior to 1950, durable-goods sales played an
important role in expanded postwar sales (see chart 10). In
this sector the automotive group was outstanding. It was
one of the few groups which had not evidenced signs of
weakness in 1949.
With the beginning of 1950, purchasing at most durablegoods stores increased, the automotive and building material and hardware groups leading all the others. Factors
in these advances included the record volume of residential
construction with its impact on the sales of building material, hardware products, and home furnishings; the continued backlog of demand for automobiles; and easier credit
terms.
Chart 10.—Sales of Selected Groups of Durable-Goods
Stores
RATIO SCALE
BILLIONS OF DOLLARS
20
RATIO SCALE
BILLIONS OF DOLLARS
20
TOTAL DURABLEGOODS STORES^
15 —
15
~~ 1950
.^1949
10 — r
X „••••••*•••••••* —
9 ~ ^fm^^!948
~
8
7 -
-
6 —
—
_
10 —
_
9 8 ^x**\w
7 - ^^/I949\^ ~
6
\"
/
i
4
—
~
^XX.
/^
AUTOMOTIVE
GROUP
i . r
1
4
1
February 1951
The entire pattern of buying was sharply altered at the
start of the summer. The anticipation of shortages together
with the flexibility of consumers' demand for durables contributed to concentrated buying. In home furnishings stores,
for example, where the summer period is generally one of retarded activity, sales moved very sharply upward in the
third quarter. The pressure of demand for autos increased
once more.
This flurry abated somewhat by the end of August, with
some tendency apparent for a return to more normal personal
saving rates. Contributing to the abatement of buying pressures were restrictions on installment buying, and curbs on
mortgage lending which led to a drop in residential construction and thus to lowered demand for furniture, appliances,
and building materials. Model change-overs contributed to
a decline in new passenger-car shipments and retail sales.
But, as indicated above, consumer buying was again on the
upsurge by the end of the year, with no evidence of the usual
post-Christmas lull.
Food sales higher
Sales of stores handling principally nondurable commodities had stabilized during the latter part of 1949; they
began to advance slowly in the early months of 1950. Buying in this sector after mid year reflected, though in lesser
degree, the same factors influencing the abnormal spending
rate for durables. However, except for a short period when
some consumers endeavored to stock up on certain nonperishable food items such as sugar and canned goods, on
nylon hosiery, etc., sales of nondurables did not show any
marked response to the strained international situation.
The substantial increase in the dollar sales of food stores in
the third quarter may be accounted for in large part by the
rise in prices, which rise in prices, however, did not lessen
the willingness of consumers to maintain their real volume
of consumption.
In this connection, it should be pointed out that many
stores classified in the nondurable categories sell durable
1
Table 12.—Sales of Retail Stores, by Kinds of Business, 1948-50
5
5
BUILDING MATERIALS
4 -AND HARDWARE
GROUP
HOMEFURNISHINGS
4 -GROUP
3 1-
3 _
9
^^•••^^
1
Durable-goods stores
I95O
^1949
2
2
\
\
\
1st Or. 2nd Or. 3rd Or. 4th Or.
1
^^^
" ^§^'~
1
1
1st Or. 2nd Or. 3rd Or. 4th Or.
51-34
i Total includes sales of jewelry stores not shown separately.
Source of data: U. S. Department of Commerce, Office of Business Economics.
This upward trend was not equally and consistently strong
for all lines of trade throughout the first half of the year.
In the home furnishings group, after substantial increases in
sales in the fourth quarter of 1949 and the first quarter of
1950, there was a perceptible slackening in the demand for
television receivers and some home furnishings items in the
second quarter.
__ _ __
Automotive group
Motor vehicle dealers
Parts and accessories
Building material and hardware group
Building materials
Farm implements
Hardware
Home furnishings group
Furniture and house furnishings
Household appliances and radios__
Jewelry
Nondurable-goods stores
1
y. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1948
Kind of business
All retail stores
fl948^?*":.
jjLf
[Millions of dollars]
_ ---
_
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
Fillmg stations
General merchandise group
Department, including mail orderGeneral, including general merchandise with food
Dry goods and other general merchandise
Variety
Other retail stores
- Liquor
._
All other
1949
1950
130, 042
128, 183
140, 248
38, 008
39,874
48, 671
19, 309
17, 530
1,779
10, 710
6,801
1,555
2, 354
6,725
4,045
2,680
1,264
22, 728
21, 085
1, 643
9,509
6,020
1,401
2,088
6,537
3, 744
2,793
1,100
28, 316
26, 208
2,108
11, 591
7,790
1,539
2,262
7,625
4, 132
3,493
1,139
92, 034
88, 309
91, 577
9,865
2,412
4,530
1,386
1,537
3,687
12, 112
30, 506
24, 111
6,395
6,325
17,015
11, 337
1,938
1,609
2, 131
12, 524
1,854
10, 670
9,175
2,223
4,193
1,281
1,478
3,605
11, 240
30,298
24, 154
6,144
6,363
16, 019
10, 618
1,769
1, 509
2,123
11, 609
1,760
9, 849
9,303
2,265
4,214
1,310
1,514
3,640
11,107
31, 622
25, 438
6,184
6,771
16, 769
11, 228
1, 786
1,572
2,183
12, 365
1,783
10, 582
Source: U. S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
February 1951
Chart 11.—Sales of Selected Groups of Nondurable-Goods
Stores
23
Table 13.—Percent Distribution of Retail Sales by Kinds of Business
1950
Kind of business
RATIO SCALE
BILLJONS OF DOLLARS
50
TOTAL NONDURABLE40 -GOQDS STORES-^ _
30
~
10
9
8
'^^c^Jgtf*
1949
""
'950
^^
1948
7
5 —
10
\
\
\
10
9 -GENERAL8 -MERCHANDISE
7
-
J5ROUP
1
1
APPAREL GROUP
4 —
—
•
3
I95O
5
-.&*>? '
_ ^
J/
1948
*
1949
1st
qtr.
2d
qtr.
3d
qtr.
28.1 15.4
29.2
31.1 33.4
34.4
36.8
33.8
15.4
14.0
1.4
5.0
3.8
1.2
14.8 17.7 19.6 20.2
13.5 16.4 18.3 18.8
1.4 1.3 1.4 1.4
21.4
19.7
1.7
19.4
17.8
1.6
7.0
4.4
.9
1.6
4.7
5.4
4.3
.8
1.5
3.6
8.2
5.2
1.2
1.8
5.2
7.4
4.7
1.1
1.6
5.1
7.5
5.0
1.0
1.5
5.5
8.4
5.7
1.1
1.6
5.0
8.6
5.8
1.2
1.6
5.9
8.2
5.4
1.1
1.7
5.3
3.2
2.8
3.1
2.9
3.1
2.8
3.1
2.9
1.5
1.1
.7
1.4
2.1
1.0
2.2
.9
2.4
.8
2.2
.8
2.9
.8
2.4
.8
71.9
84.6
70.8
68.9
66.6
65.6
63.2
66.2
Apparel group
7.5
Men's clothing and furnishings
2.0
Women's apparel and accessories ___ _ _
_ _ ___
3.0
Family and other apparel
1.1
Shoes ._
1.4
Drug stores
3.3
Eating and drinking places _ _
8.6
Food group
_
_ 22.7
Grocery and combination
17.3
Other food. __
_
5.4
Filling stations
6.2
General merchandise group _ . _ 14.3
Other retail stores
9.3
10.0
7.6
7.2
6.7
6.7
6.2
6.7
2.4
1.9
1.7
1.7
1.6
1.5
1.6
3.5 3.3 3.0 3.1 2.8
1.1 1.0 1.0 1.0
.9
1.2 1.2 1.1 1.1 1.0
2.8 2.8 2.8 2.7 2.4
9.3 8.8 8.3 8.1 7.4
23.5 23.6 23.2 22.7 21.6
18.5 18.8 18.6 18.3 17.4
4.9 4.8 4.6 4.4 4.2
4.9 5.0 4.9 4.8 4.7
13.1 12.5 11.7 11.9 12.2
9.6 9.1 8.9 8.8 8.7
3.1
.9
1.1
2.6
8.0
23.0
18.5
4.5
4.9
11.9
9.0
Automotive group
Mot or- vehicle dealers _ _
Parts and accessories. __ _
Building material and hardware
group
_ _ _ _
Building materials
Farm implements
Hardware
_
Home furnishings group.
Furniture and house furnishingsHousehold appliances and
radios _
Jewelry
_
_ _
Source: U.S. Department of Commerce, Office of Business Economics.
1950
_
1949
Chart 12.—Relationship Between Sales of Durable and
Nondurable Goods, Retail Stores and Disposable
Personal Income
2
I
1949
100
2
\
4.6
1.4
1.6
4.1
13.2
26.1
19.9
6.2
3.8
15.8
11.7
4th
qtr.
^r/
1948
3
1
5
6
4
_
4
1948
Nondurable-goods stores _ _
1949
6
1944
Durable-goods stores
"
1950
20
RATIO SCALE
BILL.IONS OF DOLLARS
20
FOOD GROUP
1941
\
\
1st Or. 2nd Or. 3rd Or. 4th Or
\
1
1st Qr.
\
\
~
I
I
90
® QUARTERLY TOTALS, SEASONALLY
ADJUSTED, AT ANNUAL RATES.
51-33
i Total includes sales of drug stores, eating and drinking places, filling stations, and "other"
retail stores not shown separately.
Source of data: U. S. Department of Commerce, Office of Business Economics.
commodities as well, and that these played an important
role in this period. For example, at filling stations the rise
in the third quarter was attributable in large part to augmented sales of tires and auto accessories; at department
stores the sharpest increases were in the hard-goods departments, although some of the soft-goods departments, such
as women's hosiery, linens and towels, and muslins and
sheetings, also experienced heavy purchasing.
While total dollar sales reached a new high in 1950, there
were a number of trade groups in which sales did not recover
to previous peak totals. Outstanding among these were
eating and drinking places and jewelry stores. In the former
group, for example, sales in 1950 were still slightly below 1949
and about 8 percent below the top registered in 1948, while
jewelry-store sales were about 15 percent less than their 1946
high. At apparel and general-merchandise stores also, where
sales in 1950 exceeded 1949, they were still below 1948.
Changing patterns* of retail trade
The behavior of sales of durable- and non-durable-goods
stores relative to income affords one means of evaluating the
current position of retail trade. As may be seen from chart
12, in 1950 durable-goods sales rose substantially relative to
income while those of nondurables showed little change.
~
NOTE:-LINES OF REGRESSION WERE FITTED
TO DATA FOR 1929, 1933, AND 1935-41.
2nd Or. 3rd Or. 4th Or.
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
I
70
40
10
40
I
I
60
80
I
100
I
120
DISPOSABLE PERSONAL INCOME
I
140
I
160
I
180
200
220
(BILLIONS OF DOLLARS)
Source of data: U. S. Department of Commerce, Office of Business Economics.
Retail sales have changed greatly in value and in composition in recent years, so that extrapolation to the present
period of results obtained by correlation procedures based
on prewar years are subject to qualification. Nevertheless
SURVEY OF CURRENT BUSINESS
24
it is of interest to note that throughout the postwar period,
nondurable-goods sales did not fall below the level derived
from the prewar relationship between sales and income indicated in the chart. On the whole, these sales have continued
higher throughout the postwar period—relative to income—
than was the case in prewar periods. Durable goods-store
sales, as noted, rose rapidly in the postwar years as supplies
gradually were replenished, and in 1949 reached the prewar
line of relationship. They also were above this line in 1950.
Automotive sales absorb record output
The changing character of retail activity may also be
analyzed in terms of the relative importance of the different
types of stores in the retail structure. Reflecting the results
previously discussed, it may be noted (table 13), that the
share of the retail dollar going to durable-goods stores has
been steadily rising in recent years and, consequently, that
the portion going to the nondurable-goods groups has de-
February 1951
clined. For the year 1950, the durable-goods share went up
to 35 percent, the highest on record.
The major factor operating to raise this proportion was the
advance in sales of motor vehicle dealers. In 1950 sales in
this group accounted for 19 percent of total sales compared
to 14 percent in 1941. In the past year heavy sales in the
other durable groups have also served to raise their share of
the retail dollar above the 1941 level.
It may be expected that the change to a defense economy
will produce a marked effect upon the structure of retail
distribution. Comparison with the pattern of retail sales
during the war (see chart 12), gives an indication of the
direction of change. In 1944-, the durables group accounted
for only 15 percent of total sales, and autos for less than 5
percent compared to 35 and 20 percent, respectively, in 1950.
It is clear, however, that the proportion of the production
effort going to defense in a period of partial mobilization is
substantially smaller than occurred during the war. Accordingly, the impact of defense requirements on the pattern of
consumer spending should be much less drastic.
Foreign Trade
DURING the 3 months ending November 1950, imports
reached a record annual rate of $10.5 billion, or 57 percent
higher than during the same period a year earlier. The
increased dollar earnings of foreign countries permitted also
a rise in the effective foreign demand for United States goods,
which, during the earlier months of 1950, was at the lowest
point of the postwar period. (See chart 13.) During the
3-months period from September to November 1950, United
States merchandise exports rose to a rate of $11.2 billion,
the highest recorded since the 3-months period ending
August 1949.
Chart 13.—United States Foreign Trade
BILLIONS OF DOLLARS
201
EXPORTS-^
16
(INCLUDING REEXPORTS)
12
GENERAL IMPORTS
1936-38
I I I
1947
ANNUAL AVERAGE
I I I
1948
I I I
1949
I I I
1950-^
QUARTERLY TOTALS, AT
ANNUAL RATES
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
51-19
1 Include civilian supplies shipped to occupied countries in Europe and Asia.
2 Data for the fourth quarter are totals of October and November, raised to, annual rates.
Source of basic data: U. S. Department of Commerce, Bureau of the Census.
Export surplus disappears
The rise in imports began earlier than the increase in
exports and exceeded it in magnitude. The slower rise in
exports was due to the desire of foreign countries to raise
their depleted gold and dollar reserves or to pay off their
short-term dollar liabilities, and to the declining trend in
Government-financed exports. Consequently, at least temporarily, a balance between United States exports and imports was reached during the third quarter of 1950.
Chart 14 indicates that the narrowing of the trade gap
during 1950 was largely the result of an increasing trade
deficit with Latin America, Asia and Oceania, and Africa.
Trade with Canada came approximately into balance.
Europe was the only major area with which we continued to
have a merchandise export surplus. Even there, however,
the export surplus was reduced to $ 1 billion at an annual rate
during the second half of 1950 as compared to nearly $5
billion in 1947.
As compared to 1947, the rise in imports was nearly as
important as the drop in exports in eliminating this country's
merchandise export surplus which at that time amounted to
$9.6 billion, a surplus only possible by reason of the large
grants and loans by the United States and by the heavy
liquidation of foreign reserves. The rise in imports, most of
which occurred in 1950, resulted primarily from the increase
in United States demands for raw materials which accompanied the rise in industrial production. Higher United
States consumer incomes also enlarged the market for
imported consumer-type items, many of which became available in greater quantities and at more attractive prices after
the foreign currency devaluations in the fall of 1949.
Chart 15 indicates that there was a substantial expansion,
late in 1949 and early in 1950, in values recorded for imports
in all economic classes. The large rise in the value of imports
other than foodstuffs was due mainly to the growth in volume
of imports although price increases for crude materials also
contributed to the higher value of imports in that group. On
the other hand, rising prices (particularly for coffee) were
primarily responsible for the increasing value of imports of
foodstuffs.
The contraction of the foreign demand for United States
goods since 1947 was even slightly more important than the
rise in imports in eliminating the trade gap. Some contraction was inevitable as a result of the satisfaction of the special
demands created by the war, the steady expansion in foreign
production (especially in Europe and the Far East) and consequently some decline in United States Government aid.
SUEVEY OF CUKEENT BUSINESS
February 1951
Another factor was the greater competition encountered by
United States exports as a result of the more realistic prices
assigned to most foreign currencies in September of 1949.
Part of the decline in United States exports since 1947 may be
ascribed, however, to the tightening of import restrictions in
practically all major United States export markets.
Chart 14.—United States Foreign Trade, by Areas
BILLIONS OF DOLLARS
CANADA
EXPORTS
(INCLUDING REEXPORTS)
IMPORTS
I
, ,
. I
. ,
OTHER WESTERN
HEMISPHERE
EUROPE-^
25
corresponding decrease in volume since export prices (particularly for surplus food items) continued to fall through mid1950. Prices for some other types of exports, especially
crude materials, began to rise moderately after the first
months of 1950.
Developments which occurred before June indicated that
it was becoming feasible for a number of countries to liberalize some of their import and exchange restrictions and
hence to increase their purchases here. It is true that our
exports to Europe, Asia and Oceania, and Africa continued
to fall after the end of 1949. But at the same time, Canada
and some Latin American countries were slowly increasing
their imports from the United States (see chart 14). A further recovery in our export shipments to other Western
Hemisphere countries, was in prospect, moreover, as a result
of their progress, during 1950, in liquidating dollar indebtedness and accumulating substantial dollar reserves.
Even at the end of the first half of 1950 it appeared likely
that the rate of industrial production and consumer spending
in the United States would have led to a further liberalization
of international trade. It does not seem unreasonable to
assume that a number of countries, especially those in the
sterling area which had been able to improve their financial
position considerably would have gradually expanded their
dollar imports, just as some Western Hemisphere countries
had done earlier.
The extent to which continental Western Europe would
have been able to relax dollar import restrictions, is, of course,
more questionable. True, these countries made substantial
rogress during 1950 in lifting restrictions governing trade
etween themselves and in accumulating dollar reserves—
mainly by reducing their dollar deficits below United States
Government aid receipts (even though such aid was substantially reduced as compared to 1949). But despite the
improvement in their competitive trading positions after
devaluation, they were not yet able to acquire, through
exports to countries having a trade surplus with the United
States (particularly Latin America) sufficient dollars to
finance their deficit with this country. Nevertheless, on an
over-all basis, it appears that before the aggression in Korea,
there was a strong tendency for both our merchandise exports
and imports to increase and to move gradually toward
balance at rising values.
E
•**•••..
•**
tmt/t
i i i i I i i i I i i i I i i i
ASIA AND
OCEANIA 4
Rearmaments accelerate previous trends in trade
AFRICA
1936-38
ANNUAL AVERAGE
1947
1948
1949
1950^
QUARTERLY TOTALS, AT
ANNUAL RATES
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
51 -SO
1
Exports include civilian supplies shipped to occupied countries in Europe and Asia.
2 Data for the third and fourth quarters exclude "special-category" exports (mainly military
end-use items and some related materials and equipment); data for the fourth quarter are
totals of October and November, raised to annual rates.
Source of basic data: U. S. Department of Commerce, Bureau of the Census.
While the resulting drop in exports from 1947 to 1949 was
chiefly in shipments of foodstuffs, semimanufactures, and
finished goods the decline during the earlier months of 1950
is explained mainly by the lower exports of foodstuffs.
Chart 15 shows, however, that the more recent reduction in
the value of foodstuffs exports was relatively greater than the
924280°—51
4
After June, imports rose at a greatly increased rate. In
the United States, demands for raw materials, producers
goods, foodstuffs, and other consumer goods, rose rapidly
in anticipation of larger industrial requirements and possible
future shortages. At the same time a number of other
countries became anxious to increase their imports of items
which they feared would not be available later.
However, since a large-scale armament program was
undertaken more quickly and extensively in this country,
demands rose relatively much faster here than abroad.
The heavy current and anticipated demands in the United
States and the threat to major sources for vital imports were
reflected in soaring prices for such raw materials as rubber
and tin. Greater supplies of other commodities such as
sugar were needed to rebuild inventories depleted by consumer "scare" buying. Foreign countries, especially European, found a much more favorable market for industrial
materials and consumer items supplementing supplies
produced in the domestic economy.
The high value of all groups of United States imports in
the last months of 1950 resulted from substantial increases
in both prices and quantities (see chart 15). In the months
immediately ahead, further increases in the value of imports
may be expected since, through November, recorded import
SUEVEY OF CUEEENT BUSINESS
26
values did not yet fully reflect the rise in prices and purchases which has taken place since June. There is also
little doubt that for the duration of the armament program,
at least, our purchases of many raw materials will tend to
be limited only by the availability of supplies.
Their rising concern to obtain, as early as possible, goods
which later may become comparatively scarce, supported by
their rising dollar receipts, induced many foreign countries
to relax their restrictions on imports from the United States
earlier than could otherwise be expected. Although the
effective demand of foreign countries for American merchandise is rising, it must compete with the growing demands
Chart 15.—United States Foreign Trade, by Economic
Classes: Current and 1936-38 Dollars
BILLIONS OF DOLLARS
4
DOMESTIC EXPORTS ^
BILLIONS OF DOLLARS
CRUDE MATERIALS
12
CURRENT
FINISHED
MANUFACTURES
10
FOODSTUFFS
'••....«
IM.IM.I...IM.
SEMIMANUFACTURES
x'' "•'•"..
.X**^
*<-*••••
<
I . . . I . M IM . 1 . . .
IMPORTS FOR CONSUMPTION
4
CRUDE MATERIALS
SEMIMANUFACTURES
FOODSTUFFS
FINISHED
MANUFACTURES
©^
ANNUAL
AVERAGE
1947 48 49
50^
QUARTERLY TOTALS,
AT ANNUAL RATES
1936-38
ANNUAL
AVERAGE
1947 48 49
50^/
QUARTERLY TOTALS,
AT ANNUAL RATES
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
2
51-21
Include civilian supplies shipped to occupied countries in Europe and Asia.
Data for the fourth quarter are totals of October and November, raised to annual rates.
Source of basic data: U. S. Department of Commerce, Bureau of the Census, and Office
of International Trade.
of domestic purchasers. Furthermore, the supplies of civilian
goods available to meet these demands are shrinking as
productive facilities and materials are converted to the
output of armaments. Foreign demand for civilian goods
is therefore facing increasing obstacles and is unlikely to be
fully met by actual exports.
Thus, our import surplus with the raw-material-producing
countries is likely to show a continued rise. Trade with
Western Europe will be greatly affected by the shipments
of goods furnished under the mutual defense assistance
program. The rise in exports of these goods may easily
offset the decline in other exports so that a rising surplus
on merchandise trade with Europe can be expected; nevertheless, since the military equipment is being given to these
countries, the exports of such goods do not involve a corresponding flow to the United States in payment. Imports
from European countries will depend upon their ability to
export to us as they, too, will have to devote an increasing
share of their output to military preparedness.
New trade pattern resembles that of World War II
1936-38'. DOLLARS^^ , , | ,
1936-38
February 1951
During 1939 and 1940 the United States had a moderate
export surplus with Latin America. In 1941 United States
imports from that area rose relatively much faster than our
exports, and we developed a sizable commercial import
surplus which grew much greater during the subsequent
war years when non-lend-lease exports fell and imports continued to rise. That part of Asia which was not under
enemy control likewise maintained its traditional commercial export surplus to the United States. As early as 1941
we had shifted to a sizable cash import balance with Australia, and by 1943, United States imports from Africa were
also far in excess of our commercial exports to that continent.
Although lend-lease exports raised the value of total exports
far above that of imports, we nevertheless had a deficit in
that part of the trade which had to be paid for. At the
end of 1950 the trends in international trade were pointing
toward a similar pattern.
In contrast to the earlier postwar years which were
characterized by a demand for goods from the United States
far in excess of the ability of foreign countries to finance
through sales in this country, it appeared that at the end of
1950 our demand for foreign goods is rising faster than our
ability to meet the foreign demand for our goods. Later on
as a result of their own rearmament, the countries of Western
Europe can also be expected to raise their import demands
above their ability to increase exports. Thus, they may not
be able to maintain their improved position although some
will continue to benefit from the greatly increased exports of
their overseas territories and dominions.
While the postwar reconstruction abroad resulted in a
large surplus in the trade of the United States and a large
deficit in the trade of most of the countries in Western
Europe the rearmament effort appears to create a similar
pattern of trade (excluding shipments of military goods) both
here and in Europe. Raw material producing countries, on
the other hand, are likely to increase their trade surplus.
SUEVEY OF CURRENT BUSINESS
February 1951
27
Financial Developments
r inancial developments in 1950 featured an expansion of
gross private investment which exceeded the rise in gross
private savings, and contributed in large measure to the
inflationary pressure which emerged during the year.
In the Government sector of the economy, the moderate
deficit on income and product accounts in 1949 was replaced
by a sizable surplus in 1950 as receipts paid or owed to the
Federal Government expanded
rapidly in response to higher
incomes and tax rates.1 While Government outlays in 1950
were relatively stable and receipts were raised, increased
placement of Government orders and expectation of still
higher defense demands in the period ahead actually meant
that the Go vernment sector of the economy also added to the
mounting pressures on prices.
One of the features of 1950 financial developments was the
increased use of borrowed funds to finance private capital
expansion. The rise in corporate business borrowing which
characterized the greater part of the postwar period was
brought to a virtual standstill in 1949, but was renewed on a
large scale in 1950 to help finance expanded investment
programs of business.
Consumer indebtedness has moved continuously upward
throughout the postwar period reflecting the greater availability of consumer goods usually purchased on credit and
a general liberalizing of terms of consumer borrowing. During the past year consumer debt financing was accelerated,
and combined with the expansion of business borrowing contributed in considerable degree to the upward pressure on
prices.
In an effort to contain these inflationary developments
and to prevent diversion of scarce resources from the expanding defense requirements, the Government moved to tighten
Table 14.—Sources and Uses of Corporate Funds, 1949-50 1
the terms of consumer borrowing on housing and durablegoods purchases and in December the Board of Governors
of the Federal Reserve System announced an increase in
bank reserve requirements as an additional step in the direction of limiting bank lending generally.
Throughout the year, the cost of borrowing remained close
to levels which had generally prevailed over the postwar
period. While rates on short term Government securities
moved upward in the latter part of the year in response to
actions taken by the monetary authorities, long term interest
rates remained generally stable.
The cost of equity funds, on the other hand, moved downward in the early part of the year reflecting the strong upward
movement of stock prices which began in mid-1949. While
stock-price trends continued generally upward in late 1950,
net corporate earnings advanced even more sharply with the
result that the earlier trend in costs of equity financing as
measured by the ratio of earnings to stock prices was reversed
and by the year-end was again close to the postwar peak.
Dividend yields on common stocks were, however, maintained in 1950 at rates somewhat lower than in 1949 but
above yields of preceding years.
Corporate Financing
Capital requirements of corporate business reached a new
peak in 1950, with total expenditures or uses of funds amounting to $38 billion, $8 billion above the previous high in 1947
and more than two-and-one half times total uses in 1949 when
moderately recessionary tendencies prevailed in the economy
(table 14). The general trends in corporate financing were
covered in some detail in the January issue of the SURVEY
and, therefore, only a brief summary of recent developments
is presented below.1
[Billions of dollars]
Item
Uses:
Plant and equipment
Inventories (book vaues)
Receivables
From business
From consumers
From government
Cash and deposits
U.S. Government securities
Other current assets
__
1949
_
.
Total
Sources :
Retained profits 3
Depreciation
__ _._
Payables (trade). _.
Federal income tax liability
Other current liabilities
______
__
_
Bank loans (excluding mortgage loans)
Short-term
Long-term..
Mortgage loans.
_
Net new issues
Stocks
Bonds
_
__
...
Total
Discrepancy
_
_ _
Rise in working capital
19502
16.1
-4.6
5
—1 3
.9
.3
1.0
2.0
-2
17 0
7.5
6 5
4 5
1.5
.5
2.5
4.0
5
13 8
38 5
8.6
6.7
-2.2
—2.4
—.1
—1.8
— 8
-1.1
.7
5.4
16
3.8
13 0
7.0
3.5
7 0
1.0
2.5
30
-.5
1.0
4 1
16
2.5
14 9
38 5
—1 1
o
1 Excluding banks and insurance companies.
2 Preliminary. Estimates for 1950, based on incomplete data, are rounded to the nearest
$0.5 billion for the major components. Total sources and uses derived from unrounded figures.
s Including depletion.
Source: U. S. Department of Commerce, based on Securities and Exchange Commission and
other financial data.
1
Government receipts and expenditures on income and product accounts differ in a number
of respects from the regular or cash budget accounts. For example, Federal receipts on income and product accounts include corporate profits tax liabilities rather than actual corporate
profits tax payments which appear in regular budget accounts. In such a period as 1950, when
tax rates were increased and profits were higher, receipts on income and product account will
exceed receipts as shown in the regular budget, which in 1950 represent payments of tax liabilities incurred on the lower 1949 profits.
While fixed capital outlays in 1950 remained relatively
steady the demand for working capital rose rapidly in 1950
(table 14 and chart 16). Nineteen billion dollars of the
$24 billion increase in uses of funds between 1949 and 1950
was accounted for by the shift from reduction of inventories
and customer financing in 1949 to renewed expansion in these
items in 1950.
The accumulation of liquid resources by corporations was
accelerated in 1950 as $6.5 billion was added to cash and
U. S. Government security holdings. While the rapid rise
in 1950 Federal tax liabilities was undoubtedly a factor in
the expansion of liquid assets, continued additions to liquid
resources appear to have been in part based on precautionary
motives, including the need to provide for anticipated capital
expansion.
Internal financing dominant
New capital requirements of corporations in 1950 continued to be met largely from funds retained from current
operations, principally retained earnings and depreciation
allowances, which together accounted for $20 billion, or more
than half of total uses of funds. It may be noted that despite
a sharp increase in tax liabilities, and continued expansion
of dividends, earnings realized in the latter part of 1950
actually permitted a higher rate of retention of profits
than in 1948, the previous peak for retained earnings.
1
See "Current Financial Position of Corporations," SURVEY OF CURRENT BUSINESS,
January 1951.
SURVEY OF CURRENT BUSINESS
28
February 1951
Bank loans expand; net security issues lower
Year-end financial position of corporations
The greatly increased demand for capital funds this past
year was associated with a renewed expansion of bank borrowing. During 1949, a reduction of working capital requirements had permitted moderate repayment of corporate indebtedness to banks, but after a period of relative stability in
the first half of 1950 corporate bank borrowing was expanded
at a pace almost equal to that of the inflationary period of
1946-47 when, as in the most recent period, business activity
and prices were moving upward.
The volume of funds raised in the securities markets was
reduced somewhat in 1950, the net proceeds amounting to
about $4 billion as compared with $5}£ billion in 1949 and
almost $6 billion in the peak year 1948. Stock financing in
1950, largely concentrated in the first half of the year, accounted for the same volume of funds as in 1949 when $1.6
billion of net new stock issues were sold. Public utilities,
mainly gas and electric companies, were especially active in
stock financing this past year with net proceeds from new
issues substantially above those in 1949. With respect to
bond financing, on the other hand, all major industry groups
reduced their net sales in 1950. On an over-all basis the proportion of equity to total funds raised in the securities
markets in 1950 was higher than in any postwar year with
the exception of 1946. However, for manufacturing corporations, outside equity financing was as low as at any time
in the postwar period both absolutely and in relation to
total external financing.
Despite the substantial expansion of corporate debt required by 1950 financial programs—corporations generally
ended the year in a favorable financial position. As in
previous postwar years, current assets were about twice
current liabilities, a ratio substantially above prewar.
Liquid assets holdings alone amounted to about 70 percent
of total current liabilities, equalling the peak proportion
achieved in the postwar period and well above the prewar
ratio when cash and U. S. Government securities amounted
to less than half total current liabilities.
Chart 16.—Uses and Sources of Corporate Funds 1
BILLIONS OF DOLLARS
5
10
USES:
PLANT a EQUIPMENT
CHANGE IN
INVENTORIES
Consumer Financing
Capital requirements in the noncorporate sector of the
economy were also greatly expanded this past year, reflecting
primarily a substantial rise in purchases by consumers of
housing and other durable goods and renewed inventory
accumulation by unincorporated business. In addition
holdings of liquid assets were increased at a considerably
faster pace than in 1949. While the expanded capital requirements were financed in large part from current incomes
or operating receipts, the use of borrowed funds was particularly important in 1950.
Expansion of physical assets
Consumers and unincorporated business increased their
capital assets—both physical and financial—by more than
$35 billion in 1950 compared with an expansion of less than
$25 billion in 1949. Total expenditures for physical asset
expansion of individuals amounted to almost $25 billion in
1950, over $10 billion more than in the preceding year. One
of the major developments in the general expansion of private investment demand in 1950 was the increased purchasing
of housing by consumers. The rise which took place until
the summer of the year was facilitated by the easy terms of
mortgage credit.
Liquid asssets increased
(BOOK VALUE)
Substantial additions were also made in the liquid asset
holdings of individuals. At the end of the year, cash resources, including deposits in banks and shares in savings
and loan associations, were $145 billion, $5 billion higher
than at the end of the preceding year. In both 1948 and
1949, there had been almost no change in these cash holdings.
Net purchases of securities by individuals amounted to
about $3 billion in 1950, a somewhat smaller increase than in
1949. While additions continued to be made to Government
security holdings, there was an increase in individuals'
purchases of private issues, principally stocks. Holdings
of United States Series E savings bonds were actually
reduced in the latter part of 1950 as sales declined and redemptions increased.
As in previous years, consumers continued to add to their
equity in private insurance, the expansion in 1950 amounting
to about $4 billion.
CHANGE IN
RECEIVABLES &
INCREASE IN
LIQUID ASSETS^
SOURCES:
RETAINED PROFITS^
DEPRECIATION
OTHER INTERNAL $/
EXTERNAL
FINANCING.*/
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
Sharp rise in consumer debt
51-24
1
Excluding banks and insurance companies. Data are preliminary; estimates for 1950 are
based
upon incomplete data.
2
Includes
changes in current assets not shown separately.
3
Includes
changes in cash and deposits, and United States Government securities.
4
Includes
depletion.
6
Represents
net changes in current liabilities other than short-term bank loans.
6
Represents net new securities issues and increases in bank loans and mortage loans.
Sources of data: U. S. Department of Commerce, Office of Business Economics, based upon
Securities and Exchange Commission and other financial data.
The principal sources of funds to finance the capital
requirements of individuals in 1950 were savings from current income gross of depreciation allowances. Net savings
of individuals amounted to about $11 billion in 1950, an
increase of $3 billion from 1949. The rate of individual
savings in the third quarter of 1950 was substantially reduced as consumers not only spent a larger share of their
current incomes but also liquidated some of their current
assets and accelerated their use of credit in the buying wave
February
1951
SURVEY OF CURRENT BUSINESS
following the outbreak of hostilities in Korea. However,
savings in the fourth quarter had returned to the rate prevailing earlier in the year.
The use of borrowed funds was particularly noteworthy in
1950. Mortgage indebtedness of individuals on nonfarm
residences expanded by almost $6 billion, compared with an
annual rise of from $3 to $4 billion in previous postwar years.
Short-term installment debt of consumers was increased by
$2.5 billion, a major share of the rise occurring during the
buying wave in the third quarter of the year.
29
ing in the summer months, credit expansion tapered off in
the final part of the year. The relatively minor change in
installment debt in the fourth quarter was a result not only
of the reimposed credit controls but also of the considerable
volume of forward buying in the preceding quarter and some
reduction in current output, notably new passenger cars in
which model changes were made. It may be noted that
consumers were again engaged in heavy purchasing of
durable goods in the final weeks of the year.
Current financial position of consumers
Credit controls imposed
In the face of mounting inflationary pressures and the need
to conserve scarce resources for the stepped-up defense requirements, the Government moved to tighten terms of
mortgage and installment credit lending. Shortly after midyear, Government lending agencies were instructed to increase
moderately down payments on mortgage credit, and the later
introduction of Regulation X raised still further initial cash
requirements and reduced maturity schedules.
In September, Regulation "W" was reintroduced to restrict credit buying in the consumer durables field. Terms
of borrowing under the regulation were further tightened in
October. While the new terms were somewhat less restrictive than in the later war period, they were substantially
stricter than those which generally prevailed earlier in the
year. Following the accelerated pace of consumer borrow-
Despite the sharp postwar rise in consumer indebtedness,
the financial position of consumers at the end of 1950 compared favorably with other periods of peacetime prosperity.
Not only were disposable incomes the highest on record, but
these incomes were buttressed by large over-all holdings of
liquid assets. While servicing charges on the enlarged debt
have been increased, they are still low in relation to the total
disposable income. Moreover the new controls on consumer borrowing may be expected to restrict additions to
indebtedness in the period ahead.
In view of high current income and the prospective
limitations on the availability of civilian supplies—for both
consumption and investment purposes—it would appear
likely that under the full impact of the enlarged defense
program, the tendencies will be in the direction of increased
liquidity for both business and consumers.
Employment and Labor Conditions
1 HE advance in business activity during 1950 was accompanied by one of the most rapid increases in nonagricultural
employment on record, resulting in the attainment of virtually full employment of the labor force by the year-end.
Although there were increasing evidences of a tightening of
the labor market in the closing months of the year, the labor
supply was sufficient for a further increase in production.
Additional manpower resources can be used to meet the higher
production goals of 1951 through a more intense utilization
of the existing labor force and by drawing in "extra" persons
into the labor market. During the year the hours worked
per week were lengthened moderately, but the average was
still considerably below that of the World War II period.
age, and the remainder largely veterans of World War II
who had terminated their schooling.
Unemployment declines sharply
Unemployment averaged 3.1 million in 1950, or 5 percent
of the civilian labor force. This average, however, conceals the rapid decrease which took place during the course
Chart 17.—Employees in Nonagricultural
Establishments 1
MILLIONS
OF PERSONS
50
Civilian employment at all-time peak
Total civilian employment in 1950 averaged 60 million,
more than 1.2 million over 1949, and almost 600 thousand
over the previous peak in 1948. Also civilian employment
exceeded the top war year of 1944 by almost 6 million persons.
The gains in nonagricultural employment from 1949 to 1950
were sufficiently great to more than offset the loss of nearly
half a million persons engaged in agriculture—a loss partly
associated with the continuation of the declining trend of
employment in this industry. In December 1950, nonagricultural employment was 2.3 million above December 1949.
The total labor force averaged 64.6 million in 1950, about
1 million above the 1949 average. The 1950 labor force
comprised 58.5 percent of the noninstitutional population
14 years and over, slightly higher than in 1947 and 1948,
but well below the 63 percent achieved in 1944, when 12
million persons were in the armed forces.
The striking employment gains from 1949 to 1950 were
made possible not only by the substantial new additions to
the labor force, but also by a reduction in average number
unemployed of about 250,"000. About 600,000 of the net
new entrants were women, for the most part over 35 years oi
40
m
30 -
20 -
m
XNONDURABLE-GOODS MANUFACTURING
10
1941
44
48
1949
1950
SEASONALLY ADJUSTED
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1
Data include all full- and part-time employees who worked during, or received pay for,
the pay period ending nearest the 15th of the month. Proprietors, self-empbyed persons,
domestic servants, unpaid family workers, and members of the armed forces are excluded.
Sources of data: Seasonally adjusted monthly data, Board of Governors of the Federal
Reserve System; yearly data, U. S. Department of Labor, Bureau of Labor Statistics.
SURVEY OF CURRENT BUSINESS
30
of the year. From February 1950, when unemployment
reached a seasonal peak of 4.7 million, the number of jobless
steadily dwindled, and by October had fallen to less than 2
million for the first time since 1948. The slight increase in
unemployment in November and December reflected primarily seasonal curtailment of outdoor work. At the year's end,
unemployment was 1.3 million below that of December 1949.
With the reduction in unemployment which took place
during 1950, and with the steady growth of the armed forces,
the surplus labor areas were reduced. By November 1950,
no major labor market area reported any substantial labor surplus in contrast to eight a year before. Over the same period
the areas indicating a balanced labor supply—or
in some
cases a tight supply—increased from 5 to 56.l Even so,
there was no evidence that occupational shortages were actually impeding production. Increased utilization of certain
skilled workers was obtained by selective lengthening of the
workweek, especially in metal-working establishments.
Manufacturing employment up most
The number of employees in nonagricultural establishments averaged 44.1 million in 1950, about 1.2 million above
the 1949 average and close to the 1948 postwar peak. Most
of the gain occurred in manufacturing industries which
accounted for two-thirds of the total increase. During the
1948-49 recession, employment in manufacturing declined
more than in any other major group, and in the subsequent
cyclical upswing the recovery was much more rapid by this
industr}".
Within manufacturing, the particularly strong demand for
durable goods of all types during 1950 was reflected in a rapid
increase in employment in the industries producing these
goods, especially the metal-working groups. Construction
also showed a significant rise in employment, associated with
the boom in activity in this industry. Relatively slight gains
in employment were made by trade and government.
Rapid increase in manufacturing work week
Average weekly hours in manufacturing increased from
39.8 in December 1949 to 41.6 in December 1950, a gain of
1.8 hours, reaching the highest level for that month since
1945. With the upsurge in new business during the second
half of the year, the durable goods industries extended the
work week more rapidly than other industries. In December
the average hours worked per week in the durable goods
group was about 2.4 hours above a year before, in contrast
to the 1 hour increase in the nondurable goods industries.
The following tabulation indicates the striking increase
in average working hours in durable-goods manufacturing,
especially in the metal working and machinery fields.2
[Average hours worked per week]
All data for October
Increase
1949
1950
1949-50
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Machinery (except electrical) _
Electrical machinery
Transportation equipment
Nondurable goods
Textile mill products
Apparel
Chemicals and allied products.
39.7
39. 9
37.5
40. 1
39. 2
40. 4
39. 1
39. 6
39. 4
36. 5
41. 7
41.3
42. 1
41. 8
42. 3
43.0
42. 0
41. 2
40. 3
40. 6
37.4
42. 1
1. 6
2.2
4. 3
2.2
3.8
1. 6
2. 1
.7
1. 2
.9
.4
1
Not exactly comparable, however, since 152 major areas were classified by the Bureau of
Employment
Security in November 1950, and only 139 areas in November 1949.
2
October was selected because the effect of the Armistice day-week and work stoppages
obscure the trend in November and December.
February 195]
Despite the marked rise in average weekly hours in manufacturing during successive quarters of 1950, the average foi
all nonagricultural industries was only slightly higher in 195C
than in 1949 and below the 1948 average. In the nonmanufacturing industries average weekly hours were generally
lengthened during 1950, but to a lesser extent than in manufacturing. Bituminous coal mining hours were up 1.3 hours
from 1949 to 1950. Hours in building construction were
down slightly, while the further decrease of almost 3 hours
on steam railroads reflected the establishment of the basic
40-hour week in that industry. Hours in the retail and
wholesale trades remained about the same.
Weekly earnings rise rapidly
In contrast to 1949 when average weekly earnings in manufacturing remained relatively stable, the combined effect of
longer working hours and increased wage rates brought average weekly earnings to successive new peaks with accelerating
rapidity, especially after April. By December average
weekly earnings in manufacturing exceeded $64—about $8
over a year ago. Overtime payments contributed significantly to this rise, although still amounting to little more than
half their relative importance in 1944. On October 1950
nearly 4 percent of the manufacturing payroll was represented by premium pay for overtime in contrast to more than
7 percent in 1944.
Despite the increased cost of living, the buying power of
workers7 wages in manufacturing industries increased substantially during the year. The increase in average weekly
earnings in constant dollars from December 1949 to December 1950 was 7.5 percent.
The trend of hourly earnings continued upward
Increases in average hourly earnings by major segments
of nonagricultural industries ranged from 3 to 5 percent
from 1949 to 1950, except for railroads where the 9 percent
rise reflected the establishment of the standard 40-hour
work week. The pattern and magnitude of these advances
in hourly earnings was not materially different from that
which occurred from 1948 to 1949, although the frequency
and extent of the increases were greatly accelerated after
mid-year.
The following tabulation indicates the average hourly
earnings for selected major segments of the economy and
the percent change in monthly averages for the last 3 years:
Latest.
average
hourly J
ear nings
1947-48
1041-49
1949-50 2
Manufacturing
$1 542
Durable
615
Nondurable
446
Building construction.
100
Wholesale trade
518
Retail trade
196
+ 9. 1
+ 9. 1
+ 9. 1
+ 9. 9
+ 7.2
+ 7. 8
+ 3. 8
+ 4.2
+ 3. 7
+ 4. 7
+ 4. 0
+ 4. 5
+ 4. 4
+ 4.4
+ 3. 9
+ 4.2
+ 4.2
+ 3. 4
Percent change
Oct. 1949Oct. 195
+ 7.8
+ 8. 2
+ 6. 1
+ 7.2
+ 4. 7
+ 5.0
1 Preliminary data for manufacturing and components for December, all other industries
for2 November, except railroads which are for October.
The 1950 data are preliminary.
Changes in wage rates in manufacturing are indicated
approximately by straight-time hourly earnings which exclude premium pay for overtime. When compared with
changes in the consumers' price index, they provide an
indication of the relative movement of real wage rates.
Considering the year 1947 as a base, straight-time hourly
earnings in manufacturing advanced 20.4 percent through
October 1950 while the consumers' price index increased by
less than 10 percent, thus implying an annual average
advance in real wage rates of about 3 percent. The increase
in real wage rates during 1950 was also about 3 percent.
Differing from the nonfarm economy, rates of pay of average
February 1951
SUEVEY OF CUEEENT BUSINESS
farm labor in 1950, as reported by the Bureau of Agricultural
Economics, declined slightly—by 0.7 percent—from their
1949 average.
Wage issues again predominant
Coincident with the upturn in employment during the
spring of 1950, wage rates supplanted pensions and other
fringe items as the major objective of collective bargaining
negotiations. Late in May the extension and liberalization
of the agreement for 5 years with a major automobile producer, which included the cost of living adjustments and
annual improvement raises, provided a considerable impetus
to this type of agreement.
31
After June, wage rate increases gained considerable
momentum, and by the end of the year a large fraction of the
Nation's nonagricultural wage earners had received some
wage increase.
Although work stoppages reached a postwar low in the first
quarter and tended to be of relative short duration thereafter,
several work stoppages of national significance occurred
during the year affecting the coal, automobile, railroad, and
farm machinery industries.
The average number of workers involved and the man-days
lost through work stoppages in 1950 were substantially below
1949 while the number of disputes, largely stoppages of short
duration involving wage issues, was up from 1949.
The Business Population
IN 1950 the business population recouped the losses of a
year earlier and went on to reach a new high mark under
the stimulus of the mobilization program. The number of
firms in operation at the close of the year is estimated at
approximately 4 million, an increase of about 50,000 over the
year-end figure in 1949, and an increase of more than 625,000
firms, or 19 percent, over the business population a decade
ago.
Although the year-end figure was not very different from
the previous peak reached in mid-1948, it should be borne
in mind that the business population is affected by seasonal
influences. Firms in operation are generally at a seasonal
high point at mid-year, and at a low point at the end of
December. At the close of 1950 the number of business
enterprises on an adjusted basis was clearly at an all-time
high.
More new firms, fewer closings
The high rate of spending throughout the economy during
the year fostered conditions which were especially favorable
to small concerns, as evidenced by the 10 percent rise in nonfarm proprietors' income over 1949. The improvement in
profit opportunities gave rise to an increase in new firm formation and a diminution in the number of business discontinuances. Almost 400,000 new businesses were established in 1950, 11 percent more than in 1949 and almost as
many as in 1948; business discontinuances at approximately
350,000 were 10 percent below the 1949 figure and were the
lowest since 1947.
Not only were discontinuances lower for the year but
business failures as reported by Dun & Bradstreet also
levelled off, halting the rising postwar trend. During the
year the movement of failures was downward following the
trend of business activity in the usual inverse fashion. As
noted in previous issues, failures as measured by Dun &
Bradstreet are confined to bankruptcies to a large extent.
Business discontinuances cover not only bankruptcies but
also failures in the broader sense and closings due to retirement, death of the owner, etc.
Restrictions not yet felt
Although comprehensive detailed information on the last
few months of the year is not yet available, there are no
indications that the various government restrictions which
were introduced late in the year had any appreciable effect
on the number of business discontinuances, which showed a
decreasing movement through the year. On the other hand,
there is some suggestion that the outbreak of the fighting in
Korea and the subsequent uncertainties damped somewhat
the rate of new firm formation in the last 2 quarters of 1950.
All industries share in advance
The widespread character of the boom was reflected in
population increases in most of the major industry divisions
over the year; however, advances were comparatively small,
according to preliminary information. Increases appeared
somewhat larger in those areas most directly affected by
the heavy spending on capital goods, namely, construction,
transportation and durable-goods manufacturing.
A record year in construction activity, particularly in
private residential construction, where the small contractor is
important, was primarily responsible for the 25,000 net increase in the number of construction firms. At most it
would appear that the war in Korea and the credit restrictions which were instituted in the summer and fall acted
as a brake on the establishment of new businesses.
The continued heavy demand for houses through the end
of the year kept discontinuances at about the same level of
the two preceding years. Throughout the postwar period,
the construction industry has contributed heavily to the
growth in the business population. From the wartime low
point at the end of 1943 to date, contract construction has
accounted for 22 percent of the net increase in total firms;
its relative importance has increased from less than 5 percent
at that time to 9 percent of the total number of firms at
present.
Manufacturing reverses downward trend
With the marked expansion in production in 1950 there
was a reversal of the downward trend in the manufacturing
population which had begun early in 1948. In 1948, the
small decrease which occurred was essentially a readjustment
to the heavy influx of new firms which had sprung up after
the end of hostilities. In 1949, on the other hand, it was
the reduced demand for manufacturing output which caused
the increased number of discontinuances and the decline in
new business formation, with the resultant 6.5 percent
decline in the number of manufacturing companies over the
year.
It may be seen from table 15 that this decrease was more
heavily concentrated in the durable-goods industries; similarly it is apparent that the recovery in manufacturing during 1950 was concentrated in the durable-goods line, the
population in the soft-goods fields being not much different
from or slightly lower than at the beginning of the year.
Relationship with volume of output
Previous issues of the SURVEY have demonstrated the close
relationship between the business population and business
activity, as measured by deflated private nonfarm gross
SURVEY OF CURRENT BUSINESS
32
national product and a time trend. The present formulation
of this relationship, based on the years 1929-40 and 1948-49
(and embodying the recently published data on deflated
GNP) 1 is illustrated in chart" 18. The chart brings out the
February 1951
wartime created "deficit" in the number of operating firms,
caused largely by rstrictions common to a war economy,
and the disappearance of this "deficit" in the 2 years following the end of the fighting.
Table 15.—Number of Firms in Operation, and Percent Change, by Major Industry Divisions, Selected Years, 1940-50
Number of firms in operation, end of year
(thousands)
Percent change
Industry
1940
All industries
Mining a n d quarrying- _ . .
_ _ . _ . _ . _ .
__
Contract construction
__ .
_
, ... _
Manufacturing
Durable
._ __ _
_
Nondurable
Transportation, communication and other public utilitiesWholesale trade
Retail trade
_ _.
Finance insurance and real estate
Service industries
- _-
_ _ _ . - _
_. _
-
_ - _ . _ . . _ _ .
_
_ . _ _
.
.. _
_
_.
--
.
_ __
- ..
_
-
- -.
.. _ .
- -- -
1941
1948
1949
3, 369. 9
3, 396. 1
3, 986. 1
3, 953. 3
38.1
194. 6
230. 2
87.2
143. 0
146.7
' 150. 7
1,591.0
312.0
706. 7
38. 6
187. 2
23S. 3
92. 5
1 45. 8
148. 0
161.3
1, 6( 0. 2
310. 3
712 3
35. 4
327. 8
323. 3
153. 1
170.2
189. 1
2(>3. 1
1,701.3
346. 0
855. 0
34.1
339. 5
302. 4
139. 1
163. 3
1S9. 9
202. 9
1, 687. 5
344. 3
852. 6
195()p
1940-41
1948-49
1949-50
4, 000. 0
+0.8
-0.7
+ 1.2
+18.7
310
361.0
306. 0
146. 0
160. 0
196. 0
205. 0
1. 690.0
3 !S. 0
857. 0
+1.3
- .3
+7.2
+1.2
+5.0
-2.0
+3.2
+1.0
+ -1
+1.1
+ -5
-10.8
+87. 0
+32. 9
+67. 4
+ 11.9
+33. 6
+36.0
+ 6.2
+11.5
+21.3
+3'. 5
+6.1
+2.0
+ -9
+7.0
+ .6
+ 's
+3.6
-6.5
-9.1
-4.1
+ .4
- .1
- '.3
1940-50
p Preliminary.
Source: U. S. Department of Commerce, Office of Business Economics.
Even though the number of firms in operation rose during
1950, it may be seen from the chart that the actual figure fell
somewhat short of the hypothetical value—by approximately
3 percent. The high level of profits had the effect of minimizChart 18.—Firms in Operation: Actual and Calculated
MILLIONS OF FIRMS
4.5
tionally rapid, and a close, short-run correlation would not
necessarily be expected on such a move.
It may also be noted that in 1941 the actual number of
firms rose over the year but nonetheless averaged some 6 percent less than the calculated value. Like 1950, the year 1941
saw the development of controls designed to limit the use of
resources in nonmilitary fields.
There are a number of reasons why the relative deficit in
firms in operation was larger in 1941 than in 1950. The
draft was relatively more important a decade ago, not only
because of the number of men involved but also because the
higher draft age limits in the earlier period brought relatively
more proprietors into service. Second, with the current high
level of profits, the prospect of a lucrative job as a wage or
salary earner in a defense plant has probably been less attractive to borderline entrepreneurs than was true in 1941.
Growth fosters demand for capital
2.0
I
I
1929
I
I
31
I
I
33
I
I
35
I
I
37
I
I
39
I
I
41
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
I
I
43
I
I
45
I
I
47
I
I
49
i
1
Calculated from a linear least squares regression equation for the years 1929-40, 1948, and
1949, Y=2,302+11.79X+6.89t, where Y=number of firms (thousands); X = private nonfarm
gross national product (billions of 1939 dollars); and t=time in 6-month intervals centered at
December 31, 1934.
Source of data: U. S. Department of Commerce, Office of Business Economics.
ing business discontinuances, but the uncertainties brought
about by the outbreak of fighting in Korea—the prospective
difficulties in obtaining labor and materials—probably had a
dampening effect on new business formation. However, it
should be noted that the post-Korea rise in GNP was excep1
"Estimates of Gross National Product in Constant Dollars, 1929-49," SURVEY OF
CURRENT BUSINESS, January 1951.
Just as the decline in the number of firms contributed to
the reduced demand for plant and equipment outlays in
1949, so the increase last year was a contributing factor in the
record outlays for capital in 1950. As earlier articles in the
SURVEY have indicated, firm growth has constituted a significant source of demand for such expenditures—better than
10 percent, for example, in the year 1946 when the business
population was increasing rapidly.
The current mobilization period is likely to be one of
comparative stability in the business population, with the
defense program at its present size. On the demand side,
conditions are extremely favorable for prospective concerns
and for the many thousands of small businesses which were
established in the postwar period. Limiting factors are more
likely to appear on the supply side, in terms of shortages of
labor and materials in specific lines and areas most directly
affected by the military program. Moreover, job opportunities in defense work will probably become increasingly
attractive as production for the armed forces is stepped up.
Relative stability in the business population will minimize
the inflationary effects growing out of large excess of business
births over discontinuances.
BUSINESS STATISTICS
A HE DATA here are a continuation of the statistics published in the 1949 Statistical Supplement to the SUEVEY OF CURRENT BUSINESS.
That volume (price $1.25) contains monthly data for the years 1945 to 1948, and monthly averages for earlier years back to 1935 insofar as available; it also provides a description of each series and references to sources el monthly figures prior to 1945. Series added or revised since publication of the 1949 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical
data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers and dollar values refer to
adjustment of monthly figures for seasonal variation.
Monthly averages for 1949 are shown in the March 1950 issue of the Survey of Current Business.
for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
Data subsequent to December 1950
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
Washes and salaries, total
do
Private
do
Militarv
do
Government civilian
do
Supplements to wages and salaries
do
Proprietors' and rental income, total c?
do
Business and professional of
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
214.2
140.2
133. 6
112.7
4 6
16.4
6.6
40.7
20.6
12.8
7.3
216. 9
142.3
135. 2
114.3
4 5
16.4
7.1
41.5
21.4
12.8
7.3
229.1
147.9
140.6
119.5
4 5
16 6
7.4
7.6
46.3
24.3
14.4
7.6
28.4
27.6
10.6
16.9
.8
'28.1
35.0
37 4
16. 5
20 9
'-2.4
5.0
'38.1
46.4
20.6
25 8
'-8.3
5.0
-8.5
5.1
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
Chance 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
253.8
180. 6
25. 3
97.9
57.4
31.2
18.2
18.7
—5.7
7
' 263 3
' r182. 6
26 4
••97.9
' 53 3
' 41.8
' 20 0
' T19 5
2 3
-1.7
271 6
185 8
26 5
'99.9
r
59 5
'r 47 7
21 5
* 21 8
r 283 9
42.8
24.3
18 5
MO. 5
' 21 8
18 7
'39.9
Personal income tot^l
do
Less: Personal tax and nontax payments__.do
Equals: Disposable personal income
do
Personal saving§
do
205.4
18.7
186.8
6.2
216 4
19.0
' 197. 4
' 14 8
215.1
19.5
195.6
'9 8
7.3
r
41.2
22.3
11.7
7.1
29.2
13.2
16.0
-1.0
5 0
4.8
' 244. 0
• 155 3
' 147. 8
* 125 3
r
r
' 7.4
45 5
r 24. 6
r
13 5
300.3
195. 8
30.0
104.3
61. 5
60.2
22.9
26.1
11.2
-3.4
r 198. 9
r
'34 0
' 104. 5
'60.4
r
47. 8
r 23 0
'26.3
—1 5
-3.3
r 4 4
r
162. 7
155. 1
130.3
— 1.7
'40.4
r
20 9
' 19. 5
' 21 1
18.8
47.6
26.9
20.8
r 224 9
r
20 3
' 204. 6
'5.7
234.9
23.3
211.6
15.8
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
208.4
132.9
135. 1
57.0
39.3
17.8
21.0
214.6
132.2
135.0
56.7
39.5
17.9
20.9
215.4
131.5
134.2
55.8
39.3
18.1
21.0
219.3
133.6
136. 4
57.7
39.6
18.1
21.0
213.8
135.3
138.1
59.1
39.7
18.2
21.1
214.5
137.7
140.5
60.9
40.1
18.5
21.0
217.1
140. 2
143.2
62.7
40.7
18.6
21.2
220.7
141.7
144. 5
63.3
40.9
18.7
21.6
225.4
145.5
148. 5
65.6
41.7
18.8
22.4
228.7
147.8
150.6
66.5
41.6
18.8
23.7
231.1
150.7
153.8
68.6
41.9
19.2
24.1
r 232. 9
' 152.' 1
' 155. 1
'69.1
'41.9
'19.3
'24.8
240.7
153. 5
156.4
69.9
41.8
19.3
25.4
2.2
3.1
40.6
18.9
12.9
2.8
3.0
43.5
17.5
18.4
2.7
3.0
41.0
17.7
22.2
2.8
3.3
40.2
18.0
24.2
2.8
3.3
39.8
18.2
17.2
2.8
3.4
41.5
17.8
14.1
3.0
3.4
42.3
17.8
13.4
2.8
3.4
45.5
17.8
12.3
3.0
3.4
46.1
18.4
12.0
2.8
3.4
45.0
21.1
11.4
3.1
3.4
45.7
19. 2
12'.1
3.0
3.4
'46.2
'19.4
11.8
2.9
3.4
46.9
25.3
11.6
191.1
195.2
199.0
203.7
198.7
198.4
200.7
202.7
207.3
211.2
212.7
r 213. 9
221.5
NEW PLANT AND EQUIPMENT
EXPENDITURES
Ali industries, quarterly total
Manufacturing
Mining
Railroad
Other transportation
Electric and gas utilities
Commercial and miscellaneous
mil of dol
do
do
do
do
do
do ___
4,630
1,830
180
300
120
890
1,320
3,700
1,520
150
230
80
650
1,060
4,330
1,860
160
300
90
760
1,160
i 5, 410
i 2 520
i 200
1320
i 140
!990
i 1, 240
4,690
2, 050
180
280
120
820
1, 230
' Revised.
* Estimates based on anticipated capital expenditures of business; those for 1951 are shown on p. 4 of the January 1951 SURVEY.
tRevised series. Quarterly estimates of national income, gross national product, and personal income and monthly estimates of personal income have been revised beginning 1946: see
pp. 28-35 of the July 1950 SURVEY for the revised figures.
cf Includes inventory valuation adjustment.
§Personal saving is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
924280—51-
S-l
QF CURRENT
S-2
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
BUSINESS
February 1051
1950
1949
December
March
Janu
April
May
June
July
August
September
October
November
December
GENERAL HI Si NESS INDICATORS—Continued
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments total t
mil. o f d o l _ _
Farm marketings and CCC loans, total
do
Crops
do
Livestock and products total
do
Dairy products
do
Moat animals
do
Poultry and eggs
do
Indexes of cash receipts from marketings and CCC
loans, unadjusted:^
All commodities
1935-39=100.Crops
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted :t
All commodities
1935-39= 100. .
Crops
do
Livestock and products
-do
274
646
273
2,254
2,238
1,099
1,139
290
676
165
1,015
276
574
156
371
441
318
337
385
301
240
203
268
24,
165
187
149
154
168
143
109
92
123
1935-39=100 .
178
_ _ ._ do _ -
186
Durable manufactures
do
Iron and steel _
do
Lumber and products .
..
do . _
Furniture
do
Lumber
do
Machinery. _ _ _
_
_
do_ _
Nonferrous metals and products
do
Fabricating
_
_ _ _ __ . do .
Smelting and refining
do
201
201
145
170
132
227
206
203
130
166
111
229
2, 473
2, 464
1,258
1,206
1 . 674
1.642
47*
1, 164
315
1,594
1,544
436
1,108
313
579
202
' 1,819
' 1,778
r 444
1,334
358
744
208
1,859
1,825
557
1,268
368
667
203
2, 356
2,343
1,058
1,285
351
701
214
2, 551
2, 543
1,182
1,361
323
792
229
2,913
2,906
1, 452
1,454
305
883
248
3,584
3,572
2, 038
1,534
301
950
268
3,277
3, 261
1,781
1,480
276
870
319
167
307
232
153
293
266
152
352
275
195
335
353
371
339
383
414
359
437
509
384
538
715
405
484
608
391
M02
P426
P384
112
72
142
104
5.0
139
117
61
159
120
77
153
143
144
142
154
170
142
167
194
147
201
259
158
172
192
157
p 149
P 146
P151
179
183
188
195
200
198
212
216
'220
'215
P215
189
191
197
203
209
207
221
'224
' 229
'225
P227
210
205
147
176
133
243
201
197
208
221
222
158
175
150
251
198
194
207
232
226
162
175
155
258
197
192
208
238
231
166
178
160
262
206
202
218
237
228
161
174
155
265
202
199
207
249
236
177
192
170
279
212
212
212
'253
245
179
195
170
' 283
216
219
209
'263
253
' 176
198
173
'302
223
225
217
260
247
168
'197
153
'310
'227
'229
221
P266
253
P159
p 197
P 140
P321
P227
230
P219
I.<i] 4
1. 596
639
.'00
p
p
p
p
2, 692
2, 672
1,216
1, 456
P282
P827
P329
INDUSTRIAL PRODUCTION
Federal Reserve 'Index
Unadjusted, combined index
Manufactures __
Stone, clay, and glass products
Cement
Clay products
Glass containers ..
Transportation equipment
Automobiles (incl. parts).
191
181
187
154
177
211
181
179
168
147
202
242
224
179
160
150
201
210
182
180
157
151
201
214
189
197
207
154
222
226
204
209
221
160
238
262
249
212
229
160
232
277
268
214
229
162
234
272
262
221
242
172
223
287
273
'223
239
175
229
284
264
240
249
177
269
'293
273
'232
231
' 182
249
'279
'251
P220
175
151
249
422
101
99
103
156
96
186
103
175
143
249
419
108
96
116
149
95
183
92
176
143
250
424
118
109
124
146
107
144
86
177
162
250
428
115
97
128
148
128
148
83
178
168
253
434
110
101
115
150
159
145
90
180
177
255
443
101
94
106
157
199
144
98
184
202
258
451
104
100
107
164
226
146
122
182
219
259
453
99
87
107
178
223
141
191
198
237
265
458
119
106
128
191
217
134
254
201
217
272
465
123
109
133
192
173
152
'276
' 201
205
282
488
115
107
121
' 175
132
158
' 196
'197
' 195
283
'493
111
111
110
'164
103
184
'137
p 195
189
P284
P497
114
do
do
do
do
do
do
do
_do
do
do
do
167
160
219
158
162
193
173
134
350
151
138
178
171
211
154
157
194
178
144
355
154
162
179
172
205
124
166
195
179
144
357
159
154
179
173
207
146
172
197
173
138
350
152
167
182
175
206
174
174
203
174
139
348
154
152
181
173
216
175
169
213
175
140
347
157
168
185
178
222
177
169
221
173
132
348
161
176
172
166
229
176
150
222
165
123
361
134
160
191
181
238
176
161
236
189
155
366
172
204
194
184
243
178
172
' 244
191
152
380
171
181
202
193
' 251
183
183
' 251
197
162
374
' 180
170
201
191
'250
178
182
253
' 192
158
' 380
164
174
197
189
P258
p 179
180
P253
pl92
158
do
do
do
do
do
do
128
136
63
103
157
81
125
133
69
96
154
80
113
118
65
38
155
81
139
148
108
149
152
83
138
147
83
143
155
87
147
148
97
131
160
140
155
155
96
136
168
155
149
148
68
109
171
158
163
162
97
142
177
170
168
167
92
144
184
'171
169
170
102
151
184
'161
159
165
84
138
184
' 124
P153
P163
80
143
P179
»217
.- .do
do
_
do
do
do
do
Nondurable manufactures
Alcoholic beverages
_
Chemical products.
Industrial chemicals
Leather and products __ _
Leather tanning
Shoes
Manufactured food products
Dairy products
Meat packing
Processed fruits and vegetables
Paper and products
Paper and pulp
._
Petroleum and coal products
Coke _
Printing and publishing
Rubber products
Textiles and products
Cotton consumption
Rayon deliveries _
Wool textiles
Tobacco products
Minerals.
Fuels
Anthracite
Bituminous coal.. .
Crude petroleum
Metals __
Adjusted, combined index d"
Manufactures
Durable manufactures
Lumber and products
.
Lumber
Nonferrous metals
Srnelting and refining
Stone, clay, and glass products
Cement
Clay products
Glass containers _
175
204
201
138
173
119
236
190
184
202
_ _
do
do
do
do
do
do
do
do
do
do
do_.
167
163
180
176
P179
P295
P264
P158
99
203
plOl
142
do
179
183
187
190
195
199
196
209
211
' 216
' 214
do
188
192
192
194
199
204
208
206
218
220
' 225
'224
^228
do
do
do
do.__
do
do...
do
do
do
203
159
153
166
174
187
206
150
190
209
144
132
180
191
190
207
158
206
207
150
138
190
202
192
211
157
207
211
156
145
200
208
188
192
158
201
222
159
150
198
207
200
218
158
222
231
158
149
197
208
203
210
160
223
237
155
144
207
219
210
214
161
234
235
151
140
202
208
212
208
161
244
247
165
151
212
212
212
214
167
215
251
166
150
216
209
215
206
168
225
• 261
' 166
157
223
217
' 229
214
168
262
260
'169
156
226
220
'227
214
' 175
247
P268
P 174
p 162
P226
P227
P 174
176
179
180
181
Nondurable manufactures
do
180
184
181
194
181
195
196
' 195
P 195
169
159
175
169
173
Alcoholic beverages
..
do _
172
184
206
203
248
182
'207
208
245
Chemical products
do
248
247
247
256
252
261
263
269
271
277
'279
115
116
Leather and products _
_ _
do
110
101
108
101
105
101
124
120
115
P 110
99
Leather tanning
do
95
102
95
101
98
91
102
108
111
106
r
161
165
161
Manufactured food products
do
164
160
164
164
168
167
167
164
161
p 161
149
Dairy products
do
154
148
153
148
150
152
153
150
148
145
143
143
151
Meat packing
do
157
154
151
160
144
157
147
155
168
158
165
p 173
132
136
15?
142
Processed fruits and vegetables
do
148
150
134
158
147
142
'152
'149
p 130
r
Revised.
v Preliminary.
JData for 1947-49 were revised to incorporate changes in reports on production and sales of farm products. Revised figures for 1947 appear on p. 23 of the April 1950 SURVEY- those for
1948-49, on p. 24 of the January 1951 issue.
cf Seasonal factors for a number of industries were fixed at 100 during 1939-42; data for these industries are shown only in the unadjusted series.
SUEVEY OF CUKRENT BUSINESS
February 1951
19 50
1949
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
December
S-3
January
February
March
April
May
June
July
August
September
October
November
December
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION—Continued
AdjustedcT— Continued
Manufactures— Continued
Nondurable manufactures— Continued
Paper and products __
1935-39=100Paper and pulp
do
Printing and publishing
_ _
do
Tobacco products
do
167
160
159
149
179
171
163
162
178
171
168
162
179
172
169
176
181
174
169
161
180
173
166
168
185
177
170
170
173
166
162
154
191
181
169
197
194
185
172
172
202
193
179
165
201
191
174
171
198
190
176
153
132
106
130
117
118
118
144
119
140
98
145
125
151
130
144
124
159
136
164
143
166
143
160
"•130
"158
v 126
33.6
15.8
34.2
16.2
6.8
9.4
7.2
1.6
5.6
10.9
3.6
7.3
35.3
16.9
7.1
9.8
7.3
1.7
5.6
11.1
3.7
7.4
36.6
17.8
7.8
10.2
7.7
1.9
5.8
11.1
3.7
7.4
35.6
17.2
7.5
9.7
7.4
1.8
5.6
11.1
3.7
7.4
38.7
19.3
8.6
10.7
8.0
2.1
5.9
11.3
3.9
7.4
39 9
19 8
9.0
10 8
8.4
2 3
6.1
11.7
4 2
7.5
42.0
20.3
8.7
11.6
9.0
2.6
6.5
12.7
4.7
8.0
45 3
23.0
10.1
12.9
9.6
2 9
6.7
12.7
4.7
8.0
42.1
21.2
9.4
11.8
8.9
2.6
6.3
12.1
4.4
7.7
41.8
21.2
9.7
11.6
8.8
2.5
6.3
11.8
4.2
7.6
'41.3
'21.1
'9.7
'11.4
'8.8
'2.4
'6.4
11.4
3.7
7.7
42.8
21.3
9.7
11.6
9.3
2.5
6.8
12.2
4.1
8.1
51.6
28.9
13.4
15.5
9.0
2.9
6.1
13.7
5.1
8.6
52.0
29.0
13.4
15.6
9.0
3.0
6.0
14.0
5.4
8.6
51.8
29.0
13. 5
15. 5
9 0
3.0
6.0
13.8
5.2
8.6
52.5
29.1
13.5
15. 6
9.1
3.0
6.1
14.3
5.3
9.0
52.9
29.4
13.7
15.7
9.4
3.1
6.3
14.1
5.3
8.9
53.6
29.7
13.8
15.9
9.5
3.2
6.3
14.4
5.4
9.0
54 2
30 0
13.9
16. 1
9.5
3 3
6.2
14 7
5.6
9.1
53.2
29.8
13.9
15.9
9.3
3.2
6.1
14.1
5.1
9.0
54.5
29.9
13.9
16.0
9.6
3.0
6.5
15.1
5.5
9.6
56.4
30.7
14.1
16.7
9.9
3.1
6.8
15.8
5.8
10.0
'58.7
31.8
14.4
17.3
'10.2
3.3
6.9
'16.7
'6.5
10.2
'60.3
'33.0
'15.0
17.9
'10.5
3.5
7.0
'16.8
'6.6
10.2
61.5
34.0
15.6
18.3
10.8
3.6
7.2
16.8
6.7
10.1
16, 083
6, 715
9,369
16, 005
6, 664
9,341
16, 243
6,790
9, 453
18, 531
8, 064
10, 467
17, 184
7, 644
9,540
18, 649
8,413
10, 236
19 426
9 007
10, 418
18, 682
7,951
10, 731
22, 802
9,929
12, 872
21, 514
9,536
11,979
' 22, 832 ' 21, 277
10, 339
' 9, 586
' 12, 493 ' 11, 692
21, 809
10, 022
11, 788
Value (adjusted), total
do
Durable-goods industries, total
do
Iron, steel, and products
do
Nonferrous metals and products- __. _ do _
Electrical machinery and equipment do
Machinery, except electrical .
do
Motor vehicles and equipment
do
Transportation equipment, n. e. s
do
Lumber and timber basic products
do
Furniture and finished lumber products-do
Stone, clay, and glass products
do
Other durable-goods industries
do
15, 756
6, 516
1,704
406
676
1,028
994
319
443
309
358
279
16, 216
6,817
1,718
440
738
1, 085
1, 220
284
359
290
380
303
16, 877
7,103
1,801
461
745
1,115
1,211
350
408
310
393
308
17, 797
7, 643
1, 851
464
832
1,254
1,362
297
472
369
405
335
17, 206
7,488
1,884
432
773
1, 223
1, 333
307
485
360
375
315
19, 309
8,605
2,126
523
878
1, 352
1, 600
319
570
401
480
356
19, 838
9, 030
2,191
566
955
1, 385
1,710
310
652
404
481
374
20, 269
8,670
2,178
558
924
1,374
1,459
315
603
409
469
382
22, 956
10, 060
2,471
606
1,129
1,554
1,716
410
695
485
540
454
21, 154
9,392
2,345
591
1,116
1,458
1,449
379
656
433
513
451
' 21, 246
9,671
2,414
599
1,131
1,512
1,547
401
673
437
542
415
' 21, 134
' 9, 730
' 2, 448
'610
' 1, 108
' 1, 544
' 1, 501
'402
'683
'449
'566
'419
21, 341
9,725
2,608
630
1,059
1,525
1,505
399
663
429
528
380
Nondurable-goods industries, total
do
Food and kindred products
_ -do. _
Beverages
do
Tobacco manufactures
_ do. _
Textile-mill products
do
Apparel and related products
do
Leather and products
_
do
Paper and allied products
do
Printing and publishing
_ _ do
Chemicals and allied products
do
Petroleum and coal products. _ _ _ do
Rubber products
do
Other nondurable-goods industries
do
9,240
2,496
439
248
965
743
228
474
597
1,063
1,518
245
226
9,399
2,637
390
271
926
804
242
485
600
1,104
1, 436
265
240
9,774
2,772
393
263
956
835
273
495
654
1, 130
1,479
273
250
10, 154
2,772
473
272
963
851
285
510
649
1,250
1, 550
293
287
9,718
2,753
471
246
896
753
264
468
582
1,189
1, 565
288
244
10, 704
3, 150
542
274
1,012
748
290
513
606
1, 334
1, 624
321
290
10, 809
3,136
582
277
1, 062
663
317
538
602
1, 383
1,668
350
231
11,599
3,245
573
287
1,206
962
349
528
596
1,442
1, 738
454
221
12,896
3,257
649
299
1,544
1,256
381
633
615
1, 667
1,859
457
280
11, 762
3, 038
448
261
1,354
955
335
620
633
1, 583
1,853
404
280
' 11, 574
2,972
434
271
1,293
976
324
656
581
1,550
1,834
' 405
278
' 11, 404
' 2, 949
'390
'282
' 1, 290
'839
'287
'668
'576
1,529
' 1, 870
419
'304
11, 616
3,223
439
269
1,250
821
268
660
595
1,480
1,871
do
do
do
29, 002
13, 329
15, 674
29, 270
13, 396
15, 874
29, 180
13, 493
15, 687
29, 188
13, 584
15, 604
29, 232
13, 704
15, 528
29, 507
13,883
15, 624
29 814
13, 974
15, 840
29, 796
13, 928
15, 868
29,742
13, 847
15, 894
30, 418
14, 050
16, 368
' 31, 562 ' 32, 902
' 14, 997
14, 386
' 17, 905
17, 176
34, 127
15, 533
18, 593
_ do
do
do
11,282
6, 380
11, 341
11, 261
6, 549
11, 460
11, 226
6, 588
11, 365
11,156
6, 676
11,357
11,049
6, 778
11,405
11,092
6, 851
11, 564
11,201
6, 828
11,785
11,510
6,998
11, 287
11, 883
7,163
10, 696
12, 380
7,380
10, 658
r
' 13, 804
13, 062
' 7, 668 ' 7, 762
' 10, 833 ' 11, 336
14, 699
7,868
11, 559
28, 879
13,413
2,958
965
1, 521
3,157
1,788
742
552
584
524
622
29, 035
13,422
2,975
948
1, 524
3,124
1,771
730
585
607
522
638
28, 990
13, 477
2, 955
956
1,550
3,145
1,781
705
590
628
523
643
29, 073
13, 500
2,961
960
1,544
3,166
1,791
690
562
636
532
658
29, 384
13, 667
3,012
975
1, 566
3,197
1,832
670
556
654
541
664
29, 659
13, 784
3,056
962
1, 614
3,208
1,833
659
569
671
536
675
30, 028
13,946
3,140
988
1,658
3,225
1, 793
653
588
678
538
685
29, 830
13, 888
3,147
973
1,633
3,208
1,803
660
576
675
542
671
29, 858
13, 858
3,191
965
1,630
3,228
1,773
663
550
664
534
661
30, 732
14, 072
3,228
959
1, 632
3,283
1,839
672
560
677
530
692
' 31, 770
14, 446
3,308
971
1,666
3,368
1,935
687
572
685
541
713
' 33, 004
' 15, 119
' 3, 404
'992
' 1, 751
' 3, 519
'2,111
'754
'583
' 729
550
'727
33, 978
15, 636
3,491
1,018
1,834
3,655
2,137
808
623
763
560
746
Minerals
Metals
_ _ _ d o _._
do
BUSINESS SALES AND INVENTORIES§
Business sales (adjusted), totalf
bil. of dol
Manufacturing, totalf
do
Durable-goods industries f
_.
do
Nondurable-goods industries!
do
Wholesale trade, total
_
do __
Durable-goods establishments
do
Nondurable-goods establishments
do
Retail trade, total-do
Durable-goods stores
do
Nondurable-goods stores.__do __
Business inventories, book value, end of month
(adjusted), total t
bil. of dol
Manufacturing, total f
-_ do
Durable-goods industries!
. do___
Nondurable-goods industriesf
do
Wholesale trade, total
do__ _
Durable-goods establishments
do
Nondurable-goods establishments
do _
Retail trade, total
do
Durable-goods stores
__
do
Nondurable-goods stores
__ do__
6.5
9.2
7.3
1.7
5.6
10.5
3.1
7.4
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf
Sales:
Value (unadjusted), total
Durable-goods industries
Nondurable-goods industries
mil. of dol
do
do
Inventories, end of month:
Book value (unadjusted), total
Durable-goods industries
Nondurable-goods industries _ By stages of fabrication:
Purchased materials
Goods in process
Finished goods
Book value (adjusted), total
do
Durable-goods industries, total
do
Iron, steel, and products
__
- do
Nonferrous metals and products
do
Electrical machinery and equipment--, do
Machinery, except electrical _ do
Motor vehicles and equipment
do
Transportation equipment, n. e. s
do
Lumber and timber basic products
do
Furniture and finished lumber products do
Stone, clay, and glass products
do
Other durable-goods industries _
_ do_ __
r
Revised.
P Preliminary.
cfSee note marked "cf" on p. S-2.
r
291
§The term ''business" here includes only manufacturing and trade. Business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm.
t Revised series. Data on manufacturers' sales, inventories, and new orders have been revised beginning 1946. Revisions for 1946-49 and appropriate explanations appear on pp. 16-23 of
the October 1950 SURVEY.
SUEVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
February 1951
January
February
March
April
May
June
July
August
September
October
November
December
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf— -Continued
Inventories, end of month — Continued
Book value (adjusted) — Continued
Nondurable-goods industries, total.mil. of doL.
Food and kindred products __ . _
do
Beverages
do
Tobacco manufactures
do
Textile-mill products
do
Apparel and related products .
_ do
Leather and products
do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products __ _
do
Petroleum and coal products
do
Other nondurable-goods industries
do
New orders, net (unadjusted), total
Durable-goods industries, total _
Iron, steel, and products
Nonferrous metals and products
Electrical machinery and equipment
Machinery, except electrical
Transportation equipment, except
vehicles
mil.
Other durable-goods industries
Nondurable-goods industries
do
do
do _ .
do
do
do
motor
of dol
do .
do
Unfilled orders (unadjusted), total*
do
Durable-goods industries
do
Iron, steel, and products
_ do Nonferrous metals and products
do
Electrical machinery and equipment
do
Machinery, except electrical
do
Transportation
equipment, except motor
vehicles
mil. of dol
Other durable-goods industries
do
Nondurable-goods industries, __ _ _ _ _ do
15, 466
2,803
986
1, 527
1, 965
1,241
509
687
553
2,059
2,194
531
410
15, 614
2, 861
998
1, 514
1,988
1,282
522
704
595
2,032
2, 161
524
432
15, 513
2,851
1,013
1,480
2,010
1,282
501
701
581
2,022
2,123
526
424
15, 574
2,917
1,034
1,475
2,042
1, 338
509
703
582
1,978
2,049
532
416
15, 716
3,000
1,028
1,484
2, 064
1,348
531
714
592
1,993
2,012
536
416
15, 874
3, 061
1,012
1,490
2,148
1,328
546
706
587
2,014
2,018
540
422
16. 082
3,042
993
1,482
2,244
1,407
557
704
611
2,034
2,018
544
448
15, 942
2, 831
1,037
1,467
2,274
1,448
568
695
601
2,041
2,046
501
433
16, 000
2,820
1,048
1, 562
2,285
1, 455
573
671
593
2,043
2, 050
483
416
16, 660
2,928
1,118
1 680
2 372
1, 520
589
678
625
2,108
2,108
502
432
r 17, 324
3,113
1,095
1,706
2, 616
1, 575
596
690
628
2.187
2,r 162
524
432
•• 17, 885
' 3. 190
16, 009
6,923
1,855
392
706
1,018
17, 032
7,479
1,892
469
793
1,211
16, 861
7,213
1,836
480
726
1,211
18,810
8,508
2,173
488
946
1,392
17,182
7, 857
1,901
474
772
1,316
19, 097
8, 514
2,178
531
884
1,410
20, 666
9, 814
2,493
557
1,035
1,527
22, 223
10, 553
2,724
637
934
1,764
27, 323
13, 863
3,277
814
1,572
2,197
23, 760
11,500
2,989
683
' 1,423
1.948
r 24, 704
12,171
2, 950
666
1, 439
2,016
r 22, 402
167
2,784
9, 086
255
2, 860
9,553
395
2, 566
9,648
266
3. 243
10, 302
333
3, 060
9,325
232
3,279
10, 582
543
3, 660
10,852
1,102
3,392
11,670
1,600
4,404
13, 460
692
3, 765
12, 259
19, 850
16, 767
4,925
382
2, 046
2,666
20, 876
17, 581
5, 111
419
2,131
2,852
21,494
18, 005
5, 252
456
2,129
2.995
21, 773
18, 449
5, 480
451
2,183
3.076
21.770
18, 662
5, 488
481
2, 164
3,147
22 218
18, 763
5, 566
497
2,215
3,194
23, 458
19, 569
5, 866
506
2,308
3,277
26, 998
22, 171
6, 593
679
2, 434
3,758
31, 519
26, 105
7,348
914
2,940
4, 433
3, 086
3, 661
3,083
3, 068
4,000
3,295
3, 140
4, 033
3,489
3,081
4,178
3,324
3,103
4,278
3,109
3,015
4, 276
3,455
3, 21 5
4,398
3,888
4, 030
4,678
4,827
r 1, 145
r
1 717
r 2, 768
' 1,
647
r
608
••699
' 651
' 2, 267
r 2, 180
r
561
452
18, 341
3,321
1,244
1 710
2,814
1,841
621
729
647
2,307
2,121
436
' 1, 935
23,515
11,386
3, 391
568
1,371
2,000
800
4.300
' 12, 534
M83
«• 3, 656
11, 771
642
3,415
12, 129
33, 764
28, 070
7, 923
1.006
3, 250
4,909
35, 636
29, 902
8,286
1,029
3,477
5,363
' 36, 728
r r30, 914
8. 540
r
1.031
'r 3. 594
5, 818
38, 434
32, 279
9,317
930
3,782
6,186
5, 255
5,214
5,414
5, 566
5,414
5,694
5. 971
5,776
5, 734
r
6. 068
' 5, 864
' 5. 814
6,277
5,788
6,155
' 10,631
r 2, 638
r
' 661
1, 257
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER J
Operating businesses, total, end of quarter thous
Contract construction
do
Manufacturing
do
Service industries
do
Retail trade
do
Wholesale trade
do
All other
do
3, 953. 3
339 5
302 4
852 6
1, 687. 5
202.9
568.3
3, 968. 4
350. 4
302 5
854.4
1, 685. 9
203.2
572.0
3, 986. 1
362 4
303 5
854 4
1, 686. 2
203.9
575. 8
New businesses, quarterly total
Contract construction
Manufacturing
Service industries
Retail trade
Wholesale trade
All other
do
do
do
do
do
do
do
80.0
12.7
7.0
16 5
29.8
3.8
10 1
107.5
22.1
10.7
20 2
36.2
4.6
13 6
114.0
22.3
12.2
20 1
40.3
4.6
14 5
Discontinued businesses, quarterly total
Contract construction
Manufacturing
Service industries
Retail trade
Wholesale trade
All other
do
do
do
do
do
do
do
84.0
10.9
10 9
16.1
32.5
4.0
9.6
92.4
11 3
10.6
18.4
37.9
4.3
9.9
96.4
10 4
11 2
20.1
40.0
3 9
10.7
Business transfers, quarterly total
do
71.0
104.6
86.7
BUSINESS INCORPORATIONS
New incorporations (48 States) *
number
7,857
9,070
7,736
9,180
8, 375
9,216
8,861
7,191
7,201
6,277
6,782
6,256
6,780
770
50
80
201
349
90
864
61
65
225
403
110
811
69
73
170
399
100
884
74
86
206
402
116
806
44
76
195
398
93
874
62
80
197
426
109
725
67
61
167
363
67
694
62
65
151
343
73
787
51
91
173
402
70
648
43
75
147
314
69
707
64
91
150
339
63
683
67
87
150
310
69
679
67
62
143
330
77
19, 251
668
1,814
7, 465
6.284
3,020
26, 436
1,829
1,884
10, 928
7,355
4,440
22, 156
1,875
1,824
7, 905
6,386
4, 166
27, 900
1,706
2.777
12, 241
7, 859
3,317
21, 250
819
1, 465
7,980
7,179
3,807
22, 672
1,474
2,129
7,470
8, 650
2, 949
18, 072
1, 572
1,533
7,244
5,154
2,569
19, 538
1,495
1, 619
8. 533
5,251
2,640
18, 448
2 077
1.233
7 225
5, 685
2 228
15, 254
1,450
1,303
5 855
4,775
1 871
16, 649
2,009
2,410
5 949
4,683
1 598
18. 864
1 742
2, 726
8 412
4, 235
1 749
21,044
3 205
4 748
5 352
5 479
2 260
INDUSTRIAL AND COMMERCIAL
FAILURES
Failures, total cf.. _ _ _.
Commercial service cf
Construction. .
_ __
Manufacturing and mining
Retail trade
_
Wholesale trade
_
Liabilities, totaled
Commercial serviced1
Construction
_
Manufacturing and mining
Retail trade
_
Wholesale trade
.
number
do
do
do
do
do
thous. of doL_
do
do
do
do
do
r Revised.
* Preliminary.
fRevised series. See corresponding note on p. S-3.
*New series. For data on unfilled orders beginning 1946, see p. 22 of the October 1950 SURVEY. Data on new incorporations are compiled by Dun & Bradstreet, Inc.; they are available for
the 48 States beginning 1946, and for 47 States (excluding Louisiana) beginning July 1945; figures through 1948 are shown on p. 21 of the May 1950 SURVEY.
{The number of operating businesses has been revised to reflect revisions in the number of new businesses beginning with the fourth quarter of 1947 and in the number of discontinued
businesses beginning with the fourth quarter of 1948. Revisions prior to the third quarter of 1949 will be shown later.
cf Data are from Dun & Bradstreet, Inc. Scattered monthly revisions for the indicated series are shown on p. S-4 of the February 1950 SURVEY,
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
December
S-5
1950
January
February
March
April
May
June
July
August
September
October
November
December
267
239
272
243
268
238
276
250
286
258
253
254
251
255
256
254
257
257
257
COMMODITY PRICES
ED AND PAID BY FARMERS
farm productsf§_. .1910-14 = 100do
__
_
do
hay
do
_
__
do
do
do -.
do
DS
-do _
oducts
do
do
do
gs
do
233
210
219
168
394
223
174
196
225
255
280
261
194
235
219
218
170
382
222
185
261
228
249
286
254
158
237
215
219
171
389
231
186
203
228
257
306
250
155
237
215
224
174
389
236
193
168
230
258
308
243
165
241
225
227
181
389
242
206
205
239
256
312
235
161
247
223
230
190
387
246
195
178
248
269
342
230
154
218
190
388
251
207
182
254
268
342
227
156
_ 1910-14 = 100
sed in living
do
sod in production
do
interest, taxes, and wage rates
1910-14 = 100-
237
239
235
238
238
237
237
238
237
239
239
239
240
239
240
244
242
246
245
243
247
246
' 248
do
95
r
247
225
263
236
226
195
387
278
211
200
267
287
371
232
173
224
193
399
311
200
164
293
292
369
240
191
221
194
428
336
217
126
303
298
372
248
196
247
245
249
248
248
249
252
252
251
219
188
426
327
207
138
300
296
358
261
201
224
192
428
346
194
188
351
299
357
267
209
233
202
436
339
202
211
366
311
360
272
249
248
250
251
254
255
256
258
260
261
263
265
95
96
95
96
97
97
103
103
105
103
105
108
194. 9
198 4
.TAIL PRICES
J. S. Department of Commerce
1935-39 = 100
184.4
183.8
183.3
183.8
184.1
185.7
187.3
190.0
190 8
192.6
193.9
ment of Labor indexes) :
Oct. 1922-Sept. 1925 = 100—
do
148. 4
162. 7
148. 5
164.1
148. 5
164. 5
149.3
166.2
154.2
165.6
147.2
160.9
147. 4
160.2
150. 3
160.5
153.9
162 4
155.8
164.0
157.4
166.6
158.6
167 0
159.7
167 3
167.5
185 8
197.3
169 2
186.2
198.2
223.2
139.7
97. 2
191.6
185. 4
122.2
155. 5
166.9
185.0
196.0
169.0
184.2
204.8
219. 4
140.0
96.7
193.1
184. 7
122.6
155.1
166. 5
184.8
194. 8
169.0
183.6
199.1
221.6
140.3
97.1
193.2
185. 3
122.8
155.1
167.0
185 0
196.0
169 0
182. 4
195.2
227.3
140. 9
97 1
194. 4
185.4
122.9
155.0
167.3
185 1
196.6
169 3
179.3
200. 5
227.9
141.4
97 2
195.6
185.6
123.1
154.8
168.6
185 1
200.3
169 6
177.8
206. 5
239.5
138. 8
97 1
189. 1
185.4
123.5
155 3
170. 2
185 0
204.6
169 6
177.1
217.2
246.7
138. 9
97 0
189.4
185. 2
123.9
155 3
172.5
184 7
210.0
171 3
179. 5
220.8
256.0
139.5
97.0
190.9
186.4
124.3
156.2
173 0
185 9
209 0
175 5
182 7
194 7
257 5
140.9
97 0
194 4
189.3
124.6
158 1
173.8
190 5
208 5
176 5
185.2
184.6
257.8
141.8
97 0
196.5
195.4
124.8
158.8
174 8
193 4
209 0
177 1
190.6
187.0
250.9
143.1
96 8
199 4
199.8
125.0
159 5
175 6
195 0
209 5
177 3
191 5
193 3
248 8
143.7
96 8
200 4
202.3
125. 4
160 5
178 4
196 4
215 4
177 5
193 4
201 9
252 9
144.1
96 8
201 3
204.8
125.8
162 0
175.3
idex (U. S. Dept. of Labor):
1935-39-100
do
do
akerv products
do
ts
.._ _ __ _ _
do
setables
do
-y, and fish _ _ . . .
do
T, and refrigeration
do
ricity
do
do
gs
do
T
LESALE PRICEScf
of Labor indexes:]:
151 . 2
151.5
152.7
152. 7
152.9
155.9
157. 3
162.9
166. 4
169.5
169.1
' 171. 7
do
do
do
do
do
i poultry
_
do
ther than farm products. _do
147.9
159. 5
144.7
154.9
160.9
167. 0
150.1
148.2
159.8
144.8
154.7
160.2
170.5
150.5
149.1
162.4
144.3
159.1
161.3
179.9
151.1
148.9
162 8
144.1
159.4
165.4
180.3
151.0
149.4
162 5
143.9
159.3
169.6
178.0
151.2
152.2
166 3
145.6
164.7
172. 3
194.6
153.7
153.5
167.7
148.4
165.9
169.3
197.5
155.2
158.0
175.8
152.9
176.0
173.5
215.8
159.8
161 2
179 1
159 2
177 6
167 7
217 3
163.7
164.0
181.8
165.7
180.4
166.5
211.3
166.9
163. 5
180 2
169.3
177. 8
165.3
198.7
166.9
T
do
do
do
do
do
155.7
144.6
154. 4
132.4
193.5
154.8
144.3
148.8
134.3
194.5
156.7
144.8
147. 5
138.2
201.6
155.5
145.6
144.8
134.9
200.0
155. 3
145.9
141.1
137.6
200.6
159.9
146.0
138.0
139. 2
217.1
162.1
145.6
135.9
140.5
223.7
171.4
151.2
141.8
137.0
240.7
174
154
148
132
240
6
9
0
0
2
177.2
155.5
154.7
131.0
241.0
172.5
153.8
160 8
129.5
223.7
>ther than farm products and
1926=100__
erials
do
iledo
__
do
do
Daint materials
do
145. 4
190.4
161. 9
134. 5
285 2
139.6
145.8
191.6
163.5
134.8
287 5
139.0
145.9
192.8
163. 2
134.9
292 1
139.0
146.1
194.2
163 3
134.9
295 9
138. 2
146.4
194.8
163 4
134.9
299 4
136.7
147.6
198.1
163 9
134 9
310 8
136.8
148.8
202.1
164 3
134. 9
322 6
137.7
151.5
207.3
167.4
135.3
338 0
138.6
155.5
213 9
167 8
135 5
357 6
142.4
159.2
219.6
168.7
136.3
371 5
145.9
161.5
218.9
178 1
140 2
358 4
145.7
r
r
163. 7
217. 8
178 5
140. 8
r 34.7 6
r
148. 2
166. 6
221 5
179 8
141 2
348 4
155. 3
d allied products
do
do
pharmaceutical materials -do
laterials- .
_ __
do
s _ __
do
115. 2
114 3
121.6
117.9
118.2
115.7
114 7
121.5
117.4
122.7
115. 2
114 7
121.4
116.9
120.9
116.3
115 4
121.9
117.3
125 6
117.1
116 4
122.0
117.4
127 5
116.4
116 5
122. 3
116.8
122 2
114.5
117 3
122.7
108.4
111 9
118.1
119 3
129.1
110.1
125.7
122.5
122 1
135.0
112 1
141 5
128.6
125 4
153.4
111.4
163.9
132.2
131 6
161.1
111 2
160 3
r 135. 6
171 5
139. 6
136 1
175. 1
115 6
180 9
ting materials
do
do
do
do
130.4
69.6
87 2
108.5
131.4
68.9
85 0
109.4
131. 3
69.6
87 4
109.4
131.5
67.9
88 3
108.6
131.2
67.8
86 8
109.5
132.1
66 6
87 2
112.6
132.7
67 0
87 3
113 9
133.4
67.0
88 3
115.5
134
65
88
116
4
5
1
8
135.1
65 6
89 0
117.8
135
65
88
118
4
2
9
0
135 6
135 6
do
do
do
do
179.9
192 8
178.1
184.3
179. 3
189 0
177.6
184.3
179.0
188 2
176.6
184.3
179.6
190 4
177 9
184.3
179.4
187 2
179.1
184.3
181.0
194 4
179 3
185.0
182.6
202 1
180 6
184 8
187.2
219 8
185 3
185.8
195.6
238 2
192 3
191 4
202.9
264 7
196 8
194 8
208.5
r 266 3
201 3
200 3
211.6
r 26Q 3
204
9
T
204 0
218.
277
213
209
do
do
do____
144.2
151.2
137.0
144.7
151 5
137.8
145.2
151 8
138.4
145. 5
152 2
138.6
145.8
152 6
138.8
146.6
154 1
138.9
146.9
154 2
139.4
148.7
156 2
141.0
153 9
162 8
159 2
168 1
149.9
163 8
173 7
r
1 53 5
169 9
180 2
r 1 56. 7
1926=100..
es:
i products
s
tured articles
3ts
_ _
ts
getables _ _ _ _ _ _
"y, and fish
and products
.
_ _
ther products
skins
ing goods.
s
___
r
144 fi
165 1
T 184 5
173 o
183 7
172 1
197 3
' 168. 8
175
154
164
140
223
2
1
1
4
4
r
134 3
163. 8
119 0
90 5
118 1
166 9
176 6
Revised.
|Revised series. Beginning with the February 1950 SURVEY, data have been revised (effective back to 1910) to reflect changes prescribed in the Agricultural Acts of 1948 and 1949;
for 1910-48 are shown on p. 36 of July 1950 SURVEY.
168 9
187 2
178 1
187 5
180 9
204 9
172.3
179
157
164
137
233
1
7
4
8
7
118 0
6
5
8
0
159 2
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
February 1051
1950
1949
December
January
February
March
April
Mav
June
July
August
September
October
November
December
COMMODITY PRICES—Continued
WHOLESALE PRICES^— Continued
U. S. Department of Labor indexes:!— Continued
Commodities other than farm prod., etc. — Con.
Metals and metal products.1926=100..
Iron and steel
do
Nonferrous metals
- do
Plumbing and heating
_
_ _do
Textile products
__
Clothing;
_ _ _ _
Cotton goods
Hosiery and underwear
Rayon and nylon
Silk
Woolen and worsted goods
Miscellaneous
__ .
Tires and tubes
Paper and pulp
_
__
-
167.8
165. 4
129.2
154. 6
168. 4
167.3
128. 6
151.7
168.6
168.8
128.1
148.7
168.5
169. 0
127.2
151.9
168.7
168.9
128.9
154.7
169.7
168.5
136.3
156. 4
171.9
169.4
148. 4
156.3
172.4
169.8
150. 6
156.5
174.3
171.0
156.3
164.6
176.7
172.2
166.1
166.9
178.6
173.2
173.3
177.2
'r 180. 4
174. 0
181.7
182.5
do
_do .
do
do . _
do
do
__do
138.4
144.0
178.4
98.4
39.6
49.9
146.9
138.5
143.9
178.7
98. 5
39.6
50. 1
147.0
138.2
143.1
178.4
98.6
39.9
50. 1
147.2
137.3
143. 5
176.5
98.0
39.9
49.1
146. 3
136.4
144.2
172.8
97.7
39.9
49.1
146. 1
136.1
143.8
172.0
97.7
39.9
49.3
146.2
136.8
143.8
173.8
97.7
39.9
49.3
148.3
142. 6
144.3
190.7
99.2
40.7
60.3
150.9
149.5
145.2
206. 8
101.2
41.3
65.6
157.7
158.3
146.7
221.6
105.3
41.7
64.9
178.7
163.1
147.7
225.7
109.2
42.5
65.3
188.9
r 166. 7
151.4
' 231. 7
'111. 4
'42. 7
69.0
' 192. 5
155.4
236. 1
113.7
43.0
75.0
195.3
.-do
do
do
110.7
64.3
156.0
110.0
64.3
155.9
110.0
64.3
155. 6
110.7
64.3
155. 5
112.6
65.0
155.4
114.7
65.8
155.4
114.7
67.0
155. 6
119.0
68.7
159.9
124.3
75.0
163.9
127.4
77.4
167.1
131.3
78.1
173. 4
137.6
82.3
' 178. 7
140.5
82.4
189.0
53.2
59.7
50.6
53.1
59.9
50.9
52.7
60.1
51.2
52.7
59.9
50.9
52.6
59.8
50.8
51.6
59.3
49.9
51.2
58.8
48.9
49.4
58.0
47.6
48.3
57.8
47.8
47.5
57.5
48.0
47.6
57.2
47.8
' 46.8
56. 9
47.7
45.8
56.1
46.4
184.7
182.8
182. 5
183.6
171.2
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumers' prices
Retail food prices
1935-39=100
do
__do_ -
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITYf
2, 535
1,883
1,171
1,065
92
2,676
1,998
1,253
1,145
93
2,799
2,074
1, 310
1,200
93
2,816
2,072
1,306
1,195
94
2 750
2,006
1,237
1, 135
84
2 554
1,885
1,126
1, 035
73
2 235
1,686
70
2,282
1,689
1, 035
940
82
248
274
306
325
332
352
379
401
392
669
31
221
26
240
67
84
549
28
209
25
155
60
72
New construction, total
mil of dol
Private, total
do
Residential (nonfarm)
_ __ , d o
New dwelling units
do
Additions and alterations
do
Nonresidential building, except farm and public
utility, total.-.
mil. of dol .
Industrial
do
Commercial_
_
,-do _ .
Farm construction
do
Public utility.
do
1 852
1,401
Public, total.-_ -_ . _ _ _.. do __
Residential
do
Nonresidential building,
___ ____do
Military and naval
do
Highway
do
Conservation and development
- ,_do
Other types
do
451
34
158
12
117
60
70
414
35
155
9
90
56
69
34, 704
929, 030
298, 714
630, 316
30, 989
730, 855
200, 541
530, 314
53, 494
35, 715
59, 616
46, 856
60, 658
65, 305
49, 604
50, 284
60, 942
40 168
70, 449
779, 530 1, 300, 201 1, 350, 496 1 347,603 1, 345, 463 1 420 181 1 548 876 1,286 541 1 135 815 1,087,062 1 168 432
480, 972
284, 925
354, 115
364, 298
428, 264
388, 643
320, 426
308, 118
459, 921
381, 330
437, 770
819, 229
494, 605
922, 243
996, 381
766, 636
958, 960
917, 199
787 102
827 697
960 260 1 111 106
3,293
28, 345
303, 205
2,882
22, 297
235, 294
3,017
24, 790
265, 567
4,373
37, 539
500, 658
4 998
43, 071
448, 619
5 204
40 482
408, 543
5 090
45 254
443, 996
5 085
46 580
487,115
5 987
51 741
540, 989
5 094
47, 458
498, 725
4 830
42 583
426, 820
4 868
41,472
434, 894
4 532
40 069
490, 375
6, 632
60, 695
5, 934
60, 635
5,847
58, 329
8,840
88, 575
10, 657
106, 792
10, 419
96, 387
10,673
97, 677
12,220
117 356
14 430
137 850
12, 899
137, 157
10, 550
104, 483
10,009
94,356
9 951
108 882
6,807
64, 829
4,729
37, 678
3,832
27, 876
6. 686
161, 505
10, 984
119, 199
10, 086
83, 696
9,874
69, 291
9, 373
79 780
13, 290
128 821
10, 819
90, 837
12, 932
93, 596
11,067
103, 909
11.188
146 110
29,918
49, 481
419, 051
27, 229
42, 078
343, 501
31,650
46, 235
361, 452
47, 547
71, 543
574, 681
52 568
84, 964
674, 836
57 843
84, 937
674, 604
52 989
77, 850
628, 051
53 268
84, 323
675, 080
62 025
89, 033
754, 106
42 906
65, 069
549, 585
42 960
64, 945
529, 867
40 368
60,810
496, 682
34 152
56, 353
478, 583
1, 185
134, 384
643
86, 300
805
120, 178
1,202
184, 081
1,608
177, 334
1,807
199 239
2,156
221 654
2, 133
208 648
2,020
200 431
1,812
145, 728
1,445
119, 633
1 235
106, 572
1,151
160 227
1 712
1,298
1 618
1, 262
1,750
1,313
1,988
1,482
61
51
51
55
267
257
252
249
806
730
68
86
75
246
742
680
69
79
74
216
717
655
741
675
70
77
75
209
69
77
79
235
356
26
154
9
55
49
63
437
28
170
8
100
62
69
882
800
70
76
88
253
506
28
178
9
145
73
73
73
92
100
267
78
110
108
285
593
28
187
8
210
82
78
652
28
191
10
250
92
81
84
116
113
296
90
114
116
305
101
121
106
301
111
135
88
295
678
24
196
10
275
91
82
725
27
205
16
305
85
87
744
28
214
22
310
82
88
744
30
230
28
290
76
90
119
147
74
277
980
900
62
125
138
66
243
CONTRACT AWARDS
Construction contracts awarded in 37 States (F. W.
Dodge Corp.):
Total projects
_
__
number
Total valuation
thous of dol
Public ownership, __ _.
.. _
_ do
Private ownership
do
Nonresidential buildings, total:
Projects
number
Floor area
thous. of sq. ft
Valuation
thous. of d o l _ _
Commercial buildings:
Floor area
- thous. of sq. ft
Valuation _ _ _
__ _ thous. of dol
Manufacturing buildings:
Floor area
thous. of sq. f t _ _
Valuation
_ . ._ _ thous. of dol
Residential buildings:
Projects
number
Floor area
thous. of sq. f t _ _
Valuation
thous. of dol__
Public works:
Projects
number-.
Valuation
._ - thous. of dol
Utilities:
Projects
number
Valuation _ _
thous. of dol
308
72, 390
235
243
372
442
65, 760
32, 333
40, 781
49, 707
451
423
65 217
51 762
456
417
49 338
53 350
472
92 503
369
59 495
385
48 914
333
39 247
Value of contract awards (F. R. indexes):
r
Total, unadjusted
1923-25=100
279
198
213
325
228
329
276
323
334
256
285
346
351
r 272
243
292
217
203
232
Residential, unadjusted
do
348
285
332
358
358
372
358
r
262
242
Total, adjusted
.
do
275
284
263
274
291
306
299
317
321
334
325
T
255
245
Residential, adjusted
do_ _
278
260
284
298
294
325
287
332
303
369
362
Engineering construction:
915, 475
993, 453
686, 221
Contract awards (E. N. R.)§
thous. of dol__ 863, 561
885, 044
931, 153 1, 253, 720 1, 175, 138 1, 164, 682
959, 530
950, 526 1,012,046 1, 424, 619
Highway concrete pavement contract awards:©
2,322
i 3, 040
3,396
Total
thous. of sq. yd..
5,369
5,032
7,094
3, 084
3,605
4,114
8,351
5,832
6,589
i 55
51
310
425
81
Airports
do
224
460
299
50
477
580
190
1,952
11 1, 907
1,369
Roads
__
_ _ _ _ _ _
_ _ _do 2,684
2 901
2,126
1 314
1 634
3,457
4 604
1 333
2 890
1,134
872
2,635
1, 078
2,481
Streets and alleys
do
2.304
1,471
1,920
3,177
3.509
3.167
2.708
r
l
Revised.
Data include some contracts awarded in prior months but not reported.
cf For actual wholesale prices of individual commodities, see respective commodities.
JSec note marked "}" on p. S-5.
fRevised series. Data cover items not previously included; annual data beginning 1915 and monthly data beginning 1939 are available in the "Statistical Supplement" to the May 1950
Construction and Construction Materials Report.
§Data for December 1949 and March, June, August, and November 1950 are for 5 weeks; other months, 4 weeks.
GData for March, May, August, and November 1950 are for 5 weeks; other months, 4 weeks.
SURVEY OF CURRENT BUSINESS
February 1051
1949
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
December
S-7
1950
January
February
March
April
May
June
July
Au£list
Se
g£m-
October
November
December
CONSTRUCTION AND REAL ESTATE— Continued
NEW DWELLING UNITS AND URBAN
BUILDING
New permanent nonfarm dwelling units started
(U. S Department of Labor)
number _
Urban building authorized (U. S. Dept. of Labor):
New urban dwelling units, totalt
number-Privately financed, total
do
Units in 1-family structures
do
Units in 2-family structures
do
Units in multifamily structures
do _ _
Publicly financed, total
do
Indexes of urban building authorized:
Number of new dwelling units
1935-39=100-.
Valuation of building, total
do
New residential building _
_ _ _ _ _ _ do
New nonresidential building
do
Additions, alterations, and repairs
do
78, 300
78, 700
82, 900
117, 300
133, 400
177
80. 325
79, 190
59, 785
4,237
15, 168
1,135
83, 056
81, 290
63, 484
3,237
14, 569
1,766
305.6
327.1
529.8
201.4
198.1
464.5
488.9
837.4
265.4
285.6
206. 5
208.0
486
506
495
444
474
345
44, 736
43, 365
31, 327
1,996
10, 042
1,371
50, 464
49, 596
36, 026
2,306
11, 264
868
257.8
322.5
434.6
279.0
184.6
288.3
319.1
484.9
214.5
217.8
206.3
307
483
503
493
442
471
149, 100
r
r
144, 300
144, 400
141, 900
120, 600
102, 500
85, 000
r
1r
95, 000
47, 503
44, 563
36. 225
2, 050
6, 288
r
2, 940
54, 854
44, 697
34, 810
1,747
8,140
10, 157
327.7
497.4
664. 3
424.8
311.6
274. 1
404. 4
558. 6
323 4
268. 6
311.4
446.5
633.1
362.2
246.9
224.6
330
224.0
224. 2
225.9
339
513
536
531
478
499
369
515
542
534
479
502
371
514
541
535
475
501
371
517
543
536
477
504
371
' 62, 462 ' 57, 062
58, 308 ' 55, 443
»• r46, 498 r r43, 738
2, 256
2, 347
r 9, 554
' 9, 358
r
' 4, 154
1, 619
92, 086
88, 814
69. 377
3,859
* 15, 578
3,272
83, 447
82, 934
66, 885
2,892
13, 157
513
84, 063
79, 473
64, 586
3,118
11, 769
4,590
rr 83, 207
79, 166
»• 61, 740
3,018
r
14, 408
4,041
477.7
526.3
885.2
306.3
290.4
530.0
607.1
1, 044. 2
333.4
334.6
481.7
577.9
928.4
352. 5
374.8
485.4
606.1
950.7
398.2
371.2
477.1
622.2
964.4
419. 1
380.6
358.1
478.5
713.6
333. 2
327.2
208.6
305
209. 6
214.1
216. 8
311
220.3
224.1
486
506
495
443
474
486
508
495
444
474
488
511
497
447
476
345
346
346
498
518
504
459
485
502
519
514
465
488
346
490
511
497
452
476
208.6
207.9
213.4
209.1
208.6
213.9
210.1
210.1
215.8
210.7
210.8
217. 3
211.3
211.3
218.1
211.6
208.9
210. 9
215.6
194.9
212.0
210.0
211.1
215.9
197.7
212.7
210.9
212.6
218.6
198.5
213.3
211.6
213.7
220.7
198.8
213.8
211.2
214.2
211.6
216.1
214.0
356.2
484.7
356.5
484.9
360.0
488.4
53, 318
53, 141
40, 234
2,375
10, 532
r
r
CONSTRUCTION COST INDEXES
Department of Commerce composite*
1939= 100. _
Aberthaw (industrial building)
1914=100
American Appraisal Company:
Average, 30 cities
1913 = 100
Atlanta
_
.__ do __
New York
do _
San Francisco
do
St. Louis _ _.
_
_.- _ --do
Associated General Contractors (all types)
do
E. H. Boeckh and Associates, Inc.:
Average, 20 cities:
Apartments, hotels, and office buildings:
Brick and concrete. _U. S. avg. 1926-29=100__
Brick and steel
_
__
_ _
- do
Brick and wood
do
Commercial and factory buildings:
Brick and concrete
do
Brick and steel
__do __
Brick and wood
do
Frame
__
do
Steel
do
Residences :
Brick
do
Frame
.
_do _ _
Engineering News- Record :cf
Building.
. 1913=100..
Construction ... _ __
do_
Bu. of Public Roads— Highway construction:
Composite standard mile
1925-29—100
349
357
508
526
522
473
495
366
214.4
214.5
224.4
215.6
215.8
227.2
218.0
218.6
230.8
219.5
220.7
234.6
220.4
221.4
234.3
220.9
221.9
233.2
222.9
223.9
233.7
224.7
226.4
236.9
214.0
212.1
214.4
221.7
199.2
217.1
215.7
219.8
229.1
201.7
218.3
216.9
222.4
232.5
202.3
220.3
219.0
225. 4
236.4
203.8
221.4
220.7
228.4
241.5
205.1
222.3
221.3
228.4
240.7
205.8
222.9
221.5
227.9
238.9
206. 2
224.8
223. 4
229. 3
237.9
208.2
226.3
225.9
232.4
241. 3
211.0
217.6
215.8
218.5
216.7
224.9
223.7
227.7
226.7
231.3
230.5
235.1
235.1
234.8
234.5
233. 7
233.0
234.2
232.7
237.4
236.1
362.8
491.9
364.3
496.6
373.0
506.5
376.9
511.9
383. 1
521.4
392.8
530.4
396.2
534.4
388.9
527.9
390.1
528.7
392.1
530.7
346
140.7
145 3
155 7
146 2
140 0
CONSTRUCTION MATERIALS
Production of selected construction materials, index:
Unadjusted
1939—100
Adjusted
do
135.9
153.7
120.8
141.5
117.3
142.2
140.2
148.4
147.5
148.4
166.7
157.6
171.5
160.3
r 162. 3
»• 192. 2
r 152. 5
r 169. 8
r 179. 3
r 166. 8
r
r
186. 5
168. 3
v 173.4
P 175. 0
REAL ESTATE
Home mortgages insured or guaranteed by —
Fed. Hous. Adm.: New premium paying
183, 559
241, 423
235, 742
172, 453
206, 681
210, 919
232, 950
178, 000
182, 568
217, 594
216,154
thous. of dol- _ 211, 758
234, 070
217, 610
218, 000
221, 416
218, 315
214, 433
143, 605
183, 395
268, 611
258, 401 332, 201 356, 491
Vet. Adm.: Principal amount* __
_
do
Federal Home Loan Banks, outstanding advances
762
315
331
500
724
331
360
437
427
360
626
694
to member institutions
_ _ mil. of dol .
New mortgage loans of all savings and loan associa517, 163
325, 224
414, 783
422, 553
490, 324
527, 967
393, 857
342, 028
300, 906
556, 469
449, 963
tions, estimated total
thous. of dol
467, 585
By purpose of loan:
188, 938
143, 950
151, 627
123, 134
180, 762
189, 363
183, 493
112, 463
94, 916
107, 335
140, 655
145, 422
Home construction
do _
214, 412
161,952
124, 265
128, 398
182, 978
168, 381
197, 761
248, 089
213, 8H8
141, 059
223,617
219, 001
Home purchase
._
__do
38, 887
32, 002
35, 683
32, 041
32, 573
39,717
39, 517
42, 093
43, 410
34,415
33, 358
34, 827
Refinancing
do
21,853
17, 895
20, 014
13, 804
13, 706
22, 890
22, 461
16, 951
14, 384
11, 584
25, 575
Repairs and reconditioning
_.do
20, 220
53, 073
49. 394
41, 939
43, 212
46, 848
50, 433
44, 054
51, 269
38, 100
55, 902
All other purposes
_. .
_do __ 40, 764
48, 115
New nonfarm mortgages recorded ($20,000 and
under), estimated total
thous of dol 1, 125, 200 1, 024, 000 1, 003, 090 1, 221, 644 1,171,148 1, 377, 918 1, 405, 469 1, 470, 812 1, 624, 913 1, 497, 824 1, 544, 410 1, 457, 073
15. 3
14.1
14.5
12.9
14.1
13.7
14.6
13.8
14.1
13.7
Nonfarm foreclosures, adjusted index 1935-39—100
72, 468
61, 605
52, 980
58, 765
57, 116
67, 279
58, 823
58, 340
49, 878
49, 953 r 55, 790
Fire losses
thous. of dol
45, 922
204, 030
350, 366
810
370, 681
117, 079
163, 447
36, 579
13, 693
39, 883
66, 820
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
329
319
311
331
333
377
315
323
318
365
371
«• 293
336
Printers' Ink, combined index
1935-39=100.316
291
324
342
326
328
327
321
341
342
319
330
338
Magazines
do__
306
325
330
307
320
344
' 285
297
317
297
322
338
310
Newspapers
do
334
288
292
318
328
359
372
328
296
290
302
327
360
Outdoor
__
do
291
294
294
273
272
287
300
288
269
282
288
287
278
Radio..
_ _ _ _
_ _.
_ _ _ _.do_ _ _
309.5
309.9
256.2
314.3
311.7
280.0
309. 1
288.3
310.3
317.2
290.1
298.8
308.8
Tide advertising index
do
Radio advertising:
16, 409
15, 383
16, 843
15, 909
15, 146
12, 293
15, 906
17, 083
16, 576
12, 559
13, 931 «• 16, 170
Cost of facilities total
thous of dol
614
407
411
288
357
447
720
498
357
297
325
339
Automotive, incl accessories
do
4,536
4,084
4, 470
4,400
4,557
4,108
4,431
4,193
3, 349
r 4, 649
3,648
3,969
Drugs and toiletries
do
136
145
218
198
181
180
142
148
142
167
136
142
Electric household equipment
do
226
284
249
234
296
256
238
239
216
260
244
228
Financial
do
4,741
4,849
3,513
4, 246
4,366
4,756
4,341
4,736
4,327
4,348
3,371
3,843
Foods, soft drinks, confectionery
do
454
409
545
463
391
409
467
475
452
370
469
505
Gasoline and oil
do
1, 862
1,615
1,947
1,310
1, 860
1, 753
1,637
1, 791
1,431
1, 664
1,811
1,877
Soap, cleansers, etc
do
2,215
1,577
1,781
2, 215
2,165
1,999
2, 068
2,101
1,562
1,831
1, 540
1. 853
Smoking materials
do
1,429
2,014
2,064
2,229
1,826
2, 272
2,116
2,240
1,988
1,387
1,742
2,237
All other§_
_
_
_.
do
r
Revised.
* Preliminary.
1 Data for January 1951, 87,000.
{Minor revisions in number of dwelling units beginning January 1947 are available upon request.
*New series.
Details regarding the Department of Commerce construction cost index and data prior to November 1949 are available in the "Statistical Supplement" to the May 1950 Construction and Construction Materials Report. Data on home mortgages, compiled by the Veterans Administration, represent the amount of home loans closed monthly under the Servicemen's Readjustment
Act; figures prior to August 1949 are available upon request.
cfData reported at the beginning of each month are shown here for the previous month.
§Includes data for apparel and household furnishings, shown separately prior to the October 1950 SURVEY.
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
February
January
February
March
April
May
June
July
August
September
October
November
December
DOMESTIC TRADE—Continued
ADVERTISING— Continued
Magazine advertising^
Cost total
thous. of dol
Apparel and accessories
do
Automotive incl accessories
do
Building materials §
._
_do..
Dru°"S and toiletries
do
Foods soft drinks, confectionery _
_ do
Beer wine liquors §
do
36, 921
2,632
2,684
539
4, 690
5, 271
3,469
" 29, 167
1,517
2, 610
739
4, 470
4,951
1,738
39, 623
2,706
3,347
1,177
5, 863
6,891
2,139
47, 024
4,857
3,934
1.958
6.277
6.338
2,381
52, 094
4,457
4,054
2,675
6,485
7,149
2,416
50, 261
4,237
4.226
2.499
5, 693
6, 582
2,364
42, 488
2,832
3,882
1,719
5, 618
6,846
2,024
32, 754
884
3,832
1,081
4,844
5,874
1,738
33, 577
3,273
3,772
1,128
4,338
5,435
1,476
49, 603
5, 540
4, 255
2,537
5,416
6,724
1, 965
55, 301
4,648
4, 545
2,397
6,463
8,598
2,436
51. 534
3, 705
4,071
1, 491
6, 145
7, 488
2,703
2,502
1,360
1,490
698
1,456
10, 130
739
782
1,259
673
1,201
8,487
1,732
1,358
1, 672
1,081
1, 129
10, 529
3.252
2,359
2,184
1, 189
1,206
11,090
4,337
3, 361
2,341
1,232
1,336
12, 250
4,515
3,282
2,320
1,238
1,327
11,979
3,615
1,715
2, 162
983
1,364
9,729
2.057
697
1,713
884
1, 365
7,784
1, 574
929
1,588
865
1,116
8,083
3, 648
2.767
2,657
1,091
1,497
11, 506
4,435
3,650
2 713
1, 421
1 556
12, 439
3,870
3,079
2 999
1,324
1 419
13, 949
2,838
3,261
3,868
4,270
4,482
3,853
2,974
3,175
3,791
4,505
4, 602
3.958
3,106
207, 865
36, 061
171.805
7.330
2,139
26, 337
135, 999
168, 921
37, 1 57
131,764
10,014
3,237
23, 730
94, 783
170, 738
35, 362
135. 376
7, 668
1,911
29, 473
96, 324
213, 488
41,139
172. 350
9,240
2, 355
35, 691
125, 064
215, 753
43, 326
172, 427
11,290
2,316
35, 645
123, 176
220, 211
45, 576
174, 636
12, 441
2, 469
36, 560
123, 166
209, 093
44, 776
164, 317
11,410
2,237
33, 876
116, 795
173, 092
42, 684
130, 409
9,338
2,683
26, 048
92, 339
186, 524
45, 005
141,518
8, 969
1,832
25, 431
105, 287
207, 305
45, 888
161,417
8,793
2,091
32, 705
117,829
230, 288
47, 678
182, 610
11,314
2, 531
41. 222
127, 542
226, 880
42 944
183 936
11.721
2 267
39, 502
130, 447
217, 856
39 099
178, 757
8,395
2,347
29, 682
138, 334
- _ thousands
thous. of doL.
4,844
90, 046
4,531
89, 403
4,961
88, 510
5,237
107, 778
4,932
92, 858
4,543
90, 363
4,258
84, 983
4,062
83, 459
4,228
88, 172
4,039
91,350
5,474
100, 802
4,413
102. 139
4,662
97, 712
thousands- _
thous. of dol_-
15, 096
209, 721
14, 463
190, 987
12, 694
181, 523
15, 973
225, 619
13, 354
197, 478
14, 055
205, 818
13, 960
202, 790
12, 279
183, 502
13, 842
210, 887
12, 836
206, 145
14,218
222, 331
14 739
225, 332
14, 191
209, 795
Household equipment and supplies §
Household furnishings §
Industrial materials §
Soaps cleansers etc
Smoking materials
All other
Linage total
do
do
<!o
do
do
do
thous. of lines
Newspaper advertising:
Linage total (52 cities)
Classified
Displa^ total
Automotive
Financial
General
Retail
_
- do
do
do ._
do _
do
- do _
do
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities) :
Number
Value
Domestic, paid (50 cities):
Number
Value
_
PERSONAL CONSUMPTION
EXPENDITURES
Seasonally adjusted quarterly totals at annual rates :f
r
180 6
Durable goods total
Automobiles and parts
Furniture and household equipment
do
do
do
Nondurable goods total
Clothing and shoes
Food and alcoholic beverages
Gasoline and oil
Semidurable housefurnishings
Tobacco
Other nondurable "'oods
do
do
do
do
do
do
do
97.9
18. 1
58.3
4.8
18
4.3
10.5
'97.9
57.4
8.5
17. 6
3. 7
3.9
5. 1
18.6
r
Services
Household operation
Housing
Personal service
Recreation
Transportation
Other services
do
do
do
do
do
do
do
r
182. 6
25.3
10.4
11.3
3 7
r 26. 4
r 10. 5
r
12 3
37
r
T
r
58 3
4.9
1. 9
4.3
10 7
r
58. 3
8. 9
18 0
3.7
3 8
5. 1
18.8
r
198. 9
195 8
' 34.0
30 0
12 8
13 1
4 1
r 14.1
T
T
r
^99.9
18.4
59. 1
' 5 2
1 9
r
4.4
r
10 9
r 17.9
r
r
185. 8
r 26. 5
11.0
r
11 8
T
3 7
16.0
3 9
104. 5
'62.0
5.2
r
2.4
r
4.4
' 11.3
104 3
19 4
62 1
5 3
2 0
4 5
11 1
'60.
4
r
9.2
18.7
r
3. 8
3 8
r
5. 2
19.6
61 5
9 7
19 1
38
38
53
19 9
' 19. 2
59. 5
9.2
18 4
3.7
3 9
5. 1
19.2
r
RETAIL TRADE
All types of retail stores :f
Estimated sales (unadjusted), total 9 -mil. of dol__
Durable-goods stores 9
do _
Automotive group 9
do
Motor-vehicle dealers 9
do
Parts and accessories c?
do
Building materials and hardware group cf
mil. of doL_
Building materialscf
do
Farm implements
do .
Hardwared71
do
Homefurnishings grouped
do
Furniture and housefurnishingsc/ 1
do Household appliances and radioscf _ _ - d o
Jewelry stores c?
-__do ._
12, 846
3, 378
1 , 588
1,419
170
9,522
3, 061
1,907
1,799
108
9,281
3,054
1,889
1,783
107
11, 062
3, 736
2,316
2,180
136
11,072
3.758
2,250
2,110
140
11,654
4, 200
2,461
2,294
167
11, 957
4,515
2,698
2,521
177
12.313
4,755
2,881
2, 610
271
12, 737
4, 967
2, 856
2,632
224
12, 498
4,462
2,492
2.308
184
12, 077
4, 243
2 309
2 131
179
780
475
85
220
776
424
352
233
619
414
78
127
472
259
212
64
605
400
79
125
496
267
229
65
779
509
118
152
574
316
258
66
881
569
141
171
554
311
243
72
1,061
715
145
201
597
354
244
81
1,133
769
159
205
595
344
251
89
1,117
745
167
205
685
356
329
72
1,248
874
161
214
778
392
386
85
1, 125
787
133
205
752
385
367
92
1,129
792
135
203
712
365
347
93
' T11,613
3 678
r
1 998
1r 826
172
14, 463
4 243
2 259
2 014
245
'964
930
547
121
262
796
438
358
259
r 6Qg
103
193
r 614
r 345
269
102
r 7 935
9, 468
6,227
7,314
7,454
7,442
6,462
7,326
Nondurable-goods stores 9 _ _ _
_ do
8, 036
7,558
7,770
7 833
10 220
T §71
1,208
536
762
812
756
606
747
Apparel grouped
do
583
641
855
844
1 289
345
169
179
131
165
173
195
134
191
Men's clothing and furnishingsc?
do
140
r 2^3
203
363
507
242
349
261
361
374
Women's apparel and accessories
do
317
304
403
247
400
402
553
187
75
104
104
86
110
Family and other apparelcf
do
101
83
89
116
118
127
197
149
168
94
88
128
130
134
Shoes
_ _
do_ T 19Q
113
114
145
124
176
291
384
272
299
Drug stores
do
286
298
296
293
302
298
306
297
401
954
798
894
928
Eating and drinking: places 9
do
875
893
936
928
986
979
991
913
Q8K
r
Revised.
JComparable data on magazine advertising cost (Publishers' Information Bureau, Inc.) are available back to January 1948 only. Beginning with the October 1949 SURVEY, five new components are shown (marked with "§"); the total of the two components "household equipment, etc." and "household furnishings" covers all items formerly included in "electric household
equipment" and "housefurnishings, etc." Revised data for January 1948-November 1949 are available upon request.
§See note marked "J" above.
f Revised series. Estimates of personal consumption expenditures have been revised beginning 1946; revised figures for the grand total and for total durable and nondurable goods and
tories of all types of retail stores (unadjusted and adjusted series) appear on pp. 21-23 of the October 1949 SURVEY.
9 Revised beginning 1943.
cf Revised beginning 1948.
Data prior to 1946 and unpublished revisions are available upon request.
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
S-9
January
February
March
April
May
June
July
August
September
October
November
December
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All types of retail storesf— Continued
Estimated sales (unadjusted), total— Continued
Nondurable-goods stores 9 —Continued
Food group 9
mil of dol
Grocery and combination 9 -- ..- ~do
Other food 9
do
Filling stations
do_ _
Gei oral-merchandise group§
do
Department, including mail-order§___do
General, including general merchandise
with food
mil. of dol _
Dry goods and other general merchandise cf
mil. of dol__
Variety. _
_
. __ . do__
Other retail storesO
do
LiquorO
..
-do
Other§
do
2,823
2,272
551
540
2, 264
1,500
2, 336
1,855
480
487
986
654
2,300
1,851
449
453
980
647
2,575
2,074
501
512
1,241
844
2, 529
2,047
482
523
1,297
857
2 561
2, 054
507
573
1. 338
893
2 591
2, 090
501
581
1, 320
874
2,819
2,289
530
655
1. 306
855
2 752
2,205
547
629
1,379
924
2,793
2,244
548
582
1,481
1,008
2 620
2,082
538
586
1,442
979
178
112
109
128
141
155
155
166
160
160
149
209
377
1, 296
258
1, 037
92
128
885
125
760
89
135
888
123
766
113
156
1,044
139
905
124
175
968
135
833
129
162
1,001
134
867
129
162
967
130
837
124
161
974
134
840
125
169
1, 083
137
946
136
177
1,045
145
900
136
178
1, 046
149
897
Estimated sales (adjusted), total.
do. _
Durable-goods stores
_ ._
do
Automotive group
do
Motor- vehicle dealers _
__ _ do. . _
Parts and accessories
do
Building materials and hardware group
mil. of dol__
Building materials
do
Hardware
do
Homef urn ishings group ._
do.
Furniture and housefurnishings
do__ _
Household appliances and radios
do
Jewelry stores
do
10, 503
3,145
1, 675
1, 534
141
10, 855
3,558
2,077
1,941
136
11, 101
3,742
2, 206
2, 061
144
11,125
3, 734
2,187
2,038
149
11, 080
3, 679
2, 130
1,982
148
11, 327
3.886
2, 262
2, 105
157
11,699
4,179
2,485
2, 325
160
12, 700
4, 679
2, 763
2,512
251
12, 682
4, 694
2, 690
2,484
206
12, 133
4,417
2,570
2, 389
181
11, 759
4,179
2, 399
2, 225
174
798
524
173
589
334
255
83
800
531
167
592
336
255
89
828
553
168
616
337
278
93
851
572
164
608
337
271
89
880
592
166
576
317
259
93
969
666
176
569
323
247
87
1,026
702
189
576
329
248
92
1,084
723
210
739
397
342
93
1,143
778
210
760
384
376
101
1,015
684
198
727
367
360
104
986
670
192
687
348
339
107
Nondurable-goods stores
do
Apparel group..
do.
Men's clothing and furnishings
do
Women's apparel and accessories
do
Family and other apparel
_ ___do. _
Shoes
do
Drugstores..
do.. .
Eating and drinking places
do
7,358
747
182
342
104
119
290
937
7,297
756
194
331
107
124
305
917
7, 359
735
186
319
104
125
304
930
7,391
740
178
328
105
130
305
912
7,401
753
173
350
107
124
304
915
7,440
765
183
349
108
124
296
906
7,519
770
186
350
109
126
305
929
8,021
778
190
344
113
131
295
911
7,987
788
190
355
110
133
302
929
7,716
768
184
352
108
125
304
938
Food group..
_
do
Grocery and combination
do
Other food
_.
do
Filling stations
. _.
do
General-merchandise group . _
_ do
Department, including mail-order
do
Other retail stores
do
2,519
2,024
495
538
1,356
911
971
2,511
1,994
517
541
1,304
867
965
2,563
2, 052
511
548
1,298
862
982
2,599
2,092
506
540
1,282
848
1,012
2,551
2,058
492
534
1, 330
892
1,014
2,578
2,071
507
546
1,344
892
1,006
2,604
2,107
496
553
1, 376
919
983
2, 754
2,226
528
601
1,605
1,122
1,078
2,728
2,192
536
590
1,523
1,037
1,127
2,640
2,127
514
564
1,445
981
1,056
Estimated inventories (adjusted), total
do
Durable-goods stores
do
Automotive group.
do
Building materials and hardware group
mil. of dol__
Homefurnishings group
do
Jewelry stores _ .
.do
Nondurable-goods stores
do
Apparel group
do
Drugstores
do
Eating and drinking places
do
Food group
do_
Filling stations
do
General-merchandise group
do
Other retail stores..
do.
13, 698
5,112
1,740
13, 998
5,352
1,973
13, 800
5,163
1,776
14, 282
5,259
1,696
14, 138
5,258
1,622
14, 416
5,437
1,763
14, 720
5, 634
1, 948
14, 125
5, 135
1,574
15,076
5,484
1,744
15, 793
5,807
1,781
1,798
1,117
457
8,586
1,768
541
416
1,444
277
2,893
1,247
1,849
1,071
459
8,646
1,746
567
392
1,489
270
2,943
1,239
1,808
1,124
455
8,637
1,776
579
399
1,504
285
2,955
1,139
1,889
1,197
477
9,023
1,856
582
420
1,595
315
3,015
1,240
1,939
1,232
465
8,880
1,835
560
396
1,515
310
2,956
1,308
1,993
1,217
464
8,979
1,842
599
393
1,568
332
2,916
1,329
2,027
1,189
470
9,086
1,859
618
391
1,625
374
2,852
1,367
2,021
1,069
471
8,990
1,835
594
420
1,619
392
2,805
1,325
2,042
1,214
484
9,592
1,989
619
435
1,779
377
2 994
1,399
2,192
1,325
509
9,986
2,038
620
456
1,802
385
3,181
1,504
2,496
186
24
91
56
81
126
66
51
29
652
2 485
196
24
98
58
67
142
66
52
32
656
2,588
262
41
125
75
57
136
66
50
33
692
420
84
136
902
397
105
142
843
427
105
149
878
328.8
354.6
301.8
274.8
381.8
237.8
407.7
442.1
221.2
216.9
314.9
369.2
325.2
347.3
315.4
286.1
393. 5
254.7
339.1
450.7
224.6
220.4
290.2
347.3
341.2
332. 3
316. 4
281.1
409.9
241. 6
308. 6
' 409. 4
227. 8
214. 4
293. 4
32L.5
477.7
339.9
227.3
410.9
437.0
309.7
236.9
402.2
400. 8
269. 2
234. 2
391.2
Chain stores and mail-order housesif
2,334
1,872
2,361
2,380
1,887
2,267
3,068
Sales, estimated, total 9 -.
do
234
162
159
243
263
238
358
Apparel group
do
25
38
34
37
65
30
39
Men's wear
._
do
124
76
119
116
107
168
73
Women's wear
do
70
45
79
68
45
65
96
Shoes
do
58
32
42
45
53
64
31
Automotive parts and accessories
do__
63
109
121
75
88
78
70
Building materials
do__.
64
65
61
66
65
94
63
Drug
__
.do_
50
52
50
52
45
50
50
Eating and drinking places
do
24
26
21
25
28
40
20
Furniture and housefurnishings
do
621
598
610
1,041
431
546
415
General-merchandise group
.do
Department, dry goods, and general mer360
386
235
311
377
570
228
chandise
mil. of dol
73
94
80
86
87
71
140
Mail-order (catalog sales)
do
114
147
136
137
131
108
Variety
do
317
845
833
826
737
755
849
906
Grocery and combination.
_do_
Indexes of sales :f
319.2
314.1
258.9
272.0
295.3
312.0
389.7
Unadjusted, combined index 9 --.1935-39=100..
302. 3
306.0
309.6
313.1
317.7
299. 9
308.1
Adjusted, combined index 9
do
301.4
305.1
303.3
300.9
301.0
299.8
293.6
Apparel group cf
do
251.1
250. 7
252.0
263. 6
265.3
282.3
280.8
Men's wear cT. _
___do__ .
400.9
390.6
387.9
371.3
383. 0
377.4
389.7
Women's wearcf
do
240.2
244.0
239.8
241.8
235. 4
236.5
231. 1
Shoescf
.do.
264. 0
265.6
264.6
291.3
266.7
258.8
257.6
Automotive parts and accessories cf
do
331.1
365.2
396 6
340.1
336.0
330.8
345.5
Building materials cf
_
do
215.9
222 0
220.7
221.3
224.6
218.1
220.9
Drug ...
do__ _
222. 4
212.4
221.7
209.3
217.5
209.0
214.8
Eating and drinking places d" .
do
236.9
244.4
243. 9
256.
5
246.6
240.6
244.9
Furniture and housefurnishingsc?
do.
300.5
310.3
297.0
291.8
290.3
293.0
294.6
General-merchandise grouped
do
Department,
dry goods, and general mer363.8
354.5
370.4
385.7
346.7
350.1
361.9
chandised1
1935-39=100..
248.4
251.9
265.9
269.4
245.2
237.9
252.5
Mail-ordercf
do
1
226.4
228.1
222.3
222.4
224.3
224.0
233.0
Varietyd
do..
378.8
379.1
378.
9
368.3
377.3
361.9
356.0
Grocery and combination
do
f
Revised.
fSee note marked "f" on p. S-8. Revisions for chain stores and mail-order houses for 1943-July 1948 are shown on p. 23 of the
9 Revised beginning 1943.
§Revised beginning 1947.
cf Re vised beginning 1948.
©Revised beginning 1945.
April 1950 SURVEY.
r
r
' 2 661
' 2, 126
534
575
' 1, 569
' 1, 080
157
r
147
' 185
1, 049
164
'886
r 11, 387
3,670
2, 074
1, 910
165
3 086
2, 519
567
615
2,429
1,613
194
228
394
1,414
268
1, 146
12, 194
4, 099
2,389
2,173
216
••925
624
191
' 576
' 318
258
95
988
626
213
625
357
269
97
7,580
771
189
356
106
119
308
933
' 7, 717
'792
'191
8,094
819
195
384
114
126
308
957
2,624
2,096
528
553
1,350
895
1,042
' 2, 718
2, 177
540
579
r
1, 365
' 906
' 1, 025
2,802
2,282
520
613
1,494
1,011
1,101
16, 787
' 6, 576
' 2, 101
16, 768
6,702
2,181
2,296
' 2, 370
' 1, 590 ' 1, 593
503
'512
' 10, 211
10, 215
' 2, 093
2,078
r
596
588
453
'490
r
1,789
1, 672
361
'331
3,340
' 3, 390
' I, 598 ' 1, 647
2,422
1,589
510
10, 066
2,036
566
547
1,621
319
3,391
1,586
2,497
246
40
121
64
49
137
68
52
30
671
2,522
'246
M4
' 118
* 64
'47
' 111
64
49
'27
'733
3,388
381
69
182
98
71
82
96
54
42
1,146
398
112
150
840
423
'Ii3
' 156
'862
642
158
332
1,037
16, 697
' 6, 482
2,093
r
r 366
109
' 126
309
929
r
r
336.0
' 323. 2
305 4
257.5
407. 1
' 231. 7
271.0
' 403. 0
223.4
214.6
' 262. 3
' 300. 1
'
'
'
'
'
'
346. 1
323. 9
309. 5
269. 9
400. 5
242. 5
r
240. 5
r
393. 7
219.9
' 210. 4
' 215.2
' 312. 7
442.4
343.4
328.5
300.0
429.6
244.7
296.0
378.5
224.5
218.1
267.5
332.5
r
'381.7
' 290. 7
' 223. 4
' 399. 5
401.9
308.2
245.0
424.4
r
361. 8
253.2
235.5
394.8
SURVEY OF CURRENT BUSINESS
S-10
Unless other-wise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
February 1951
1950
December
January
February
March
April
May
June
August
July
September
October
November
December
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Department stores:
Accounts receivable, end of month:
Charge accounts _ _ _ _ _ _ 1941 average =100. _
Instalment accounts
do
Ratio of collections to accounts receivable:
Charge accounts
percent. _
Instalment accounts
do
Sales by type of payment:
C ash sales
percent of total sales _ .
Charge account sales
do
Instalment sales
do
Sales, unadjusted, total U. S
Atlanta
_
_
Boston
Chicago
Cleveland
Dallas
Kansas City
Minneapolis
New York
_
Philadelphia
Richmond
_ St Louis
San Francisco t
-
_
1935-39= 100. _
do
do
do
do _ do
do _ _
do
do _ _ _
do
do
do
^
Sales adjusted total U S t
Atlanta^
._
Boston
Chicago^
ClevelandJ
Dallas t
Kansas CityJ
Minneapolis t
- New York|
Philadelphia?
Richmond};
St Louis
San Francisco t
_ __
Stocks, total U. S., end of month:?
Unadjusted
.
Adjusted
do
__do
do
do
do
do
do
do
do
do
do
do
__do
do
do
285
214
222
209
191
207
185
209
190
212
194
217
194
219
184
230
191
241
210
256
216
260
233
259
313
275
52
20
49
18
47
17
53
19
50
17
52
18
51
17
49
17
50
18
51
18
51
18
51
17
18
49
50
42
8
49
41
10
48
41
11
49
41
10
49
42
9
48
43
9
48
43
9
47
41
12
46
42
12
46
42
12
47
43
10
48
43
9
50
42
8
'484
642
418
438
465
662
'502
438
472
••561
504
565
216
285
185
205
215
313
228
188
183
197
218
232
251
224
322
177
204
217
327
244
210
183
207
234
252
273
257
359
207
241
256
362
277
229
208
255
283
285
291
285
389
241
269
290
393
'303
278
225
276
313
316
321
286
378
228
280
296
391
'305
273
221
275
316
323
319
281
345
230
278
281
353
296
272
230
271
307
293
321
283
386
185
271
284
429
'339
276
192
239
285
326
387
281
373
198
278
290
399
326
287
202
239
288
318
352
331
426
'263
320
337
454
363
320
267
313
356
363
374
309
388
239
296
317
405
328
'319
259
299
333
326
345
'355
'453
287
357
313
472
'376
'338
302
363
387
398
'387
*534
*708
436
495
538
711
*556
474
450
*525
585
540
*631
••295
382
239
281
283
404
-•320
293
'242
276
'323
330
339
282
376
244
274
290
396
300
246
229
267
300
282
316
280
383
229
262
271
409
301
284
220
276
299
300
323
274
374
216
265
270
389
298
250
217
262
288
297
321
292
397
244
269
299
401
'306
277
235
281
323
319
333
290
390
231
111
299
403
309
268
226
270
321
330
336
298
392
240
278
299
410
322
283
242
285
333
326
342
362
494
268
330
364
537
414
342
274
331
394
418
454
335
415
268
335
334
449
'354
321
277
319
360
370
374
320
409
255
305
333
420
'345
289
262
310
332
360
368
291
370
216
282
299
375
303
'283
238
279
312
305
343
'290
'391
229
288
251
400
325
' 291
234
273
'312
316
'345
*326
»421
249
318
328
433
J-354
316
266
"307
336
353
"379
244
271
244
272
267
279
290
285
294
286
289
285
267
276
258
269
285
284
322
309
362
329
'371
332
*295
*329
202, &7
61, 458
141, 160
206, 104
63, 805
142, 299
268, 483
85, 639
182, 845
291, 580
94, 751
196, 829
311, 492
97, 705
213, 787
317, 043
96, 389
220, 654
356, 756
104, 957
251,799
339, 478
112, 568
226, 910
357, 438
113, 430
244, 008
335, 351
113, 037
222, 314
369, 150
123, 084
246, 066
499, 058
164, 190
334, 868
212.7
191.8
241.6
203. 0
231.1
281.0
253.0
302.0
270.7
314.0
229.0
207.9
270.7
208. 4
237. 5
273. 6
242.3
294.2
260. 5
317.9
258.7
246. 5
290.2
247.9
269. 2
273. 2
246.5
305. 5
260.9
299.1
264.8
249.0
287.0
248.4
290.9
276.7
250.5
312.6
254.5
311.1
257.6
239. 8
273.8
247.5
278.4
287.2
267. 0
330.3
279.3
310.7
271.1
259.6
283.4
261.7
315.9
305.6
299.1
346.0
285.7
349.1
268.0
231.3
286.3
258. 6
335.3
363.6
346.3
409.6
346.2
410-9
307.2
271.2
327.2
293.4
367.5
335.0
309.2
364.4
316.8
376.9
334.6
301.0
374.3
310.1
390.3
302.5
290.3
328.9
288.2
341.2
346. 8
319.7
402.0
322.3
388.7
290.0
266. 4
314.6
274.3
345.8
422.9
414.7
494.5
399.9
438. 1
326.3
296.9
361.5
304.3
349.4
517.0
481.3
552.3
489.8
601.6
365.1
333.1
399.3
330.1
383.7
5,165
1,457
3,708
6,983
2,849
4,134
5,035
1, 583
3,452
7,054
2,908
4, 146
5,715
1,882
3,833
7,216
3,022
4.194
5,113
1,816
3,297
7, 256
3,094
4,162
5,599
2,052
3,547
7, 263
3, 153
4,110
5,743
2,149
3,594
7,208
3,171
4,037
6,355
2,415
3,940
6,991
2,990
4, 001
7,349
2,866
4,483
7,271
2,878
4,393
6,899
2,581
4,318
' 7, 845
2,911
' 4, 837
7,141
2.703
4,438
' 7, 845
3,060
' 4, 837
6,871
2,455
4,416
' 8, 067
3, 230
' 4, 837
7,038
2,478
4,560
8,224
3,393
4,831
152, 438
152, 668
152, 879
' 108, 739 ' 108, 848 ' 108, 978 ' 109, 096 'r 109, 206 ' 109, 288 r 109, 392 ' 109, 491 ' 109, 587 ' 109, 577 ' 109, 407 r 109, 293
109 193
52', 491
56) 702
' 409
Mail-order and store sales:
434, 472
Total sales 2 companies
thous. of dol
Montgomery Ward & Co
__ _ do _ _ 150, 420
284, 053
Sears, Roebuck & Co
do
Rural sales of general merchandise:
442.1
Total U. S., unadjusted
_ .1935-39= 100. _
408.2
East
do
484.4
South
_ _ _ _
. do. _ _
417.1
Middle West
do
509. 9
Far West
___
. do
312.2
Total U. S , adjusted
do
282.5
East
do
350. 3
South
do
281.1
Middle West
do
325.2
Far West
_ __
_.do
WHOLESALE TRADE
Service and limited-function wholesalers:?
Sales, estimated (unadj.), total
mil. of dol_.
Durable-goods establishments
do
Nondurable-goods establishments _ . _ do _ _ _
Inventories, estimated (unadj.), total
do
Durable-goods establishments
do
Nondurable-goods establishments
do
5,685
1,688
3,997
6,888
2,757
4,131
EMPLOYMENT AND POPULATION
POPULATION
Population, continental United States: §
Total, incl. armed forces overseas
thousands. _
EMPLOYMENT
Employment status of civilian noninstitutional
population:
Estimated number 14 years of age and over,
total
thousands
Male
do
Female
do
Civilian labor force, total
Male
Female
Employed
Male
Female,._ _
Agricultural employment
Nonagricultural employment
Unemployed
do
do
do
do
do
_ _ __do
do
do _
do
150, 397
150, 604
150, 808
150, 998 -•1151,132
' 52, 712 ' 52, 773 ' 52, 850 ' 52, 913 52, 970
' 56, 027 ' 56, 075 ' 56, 128 ' 56, 183 * 56, 236
' 151, 298 '151,483
' 151, 689 ' 151, 939 ' 152, 196
' 53, 010 ' 53, 061 ' 53, 103 ' 53, 113 r 53' 044
r 52, 812 T 52' 643
T
56, 278 ' 56, 331 ' 56, 388 ' 56, 474 ' 56, 533 ' 56, 595 r 5fy 650
62, 045
43, 765
18, 280
61, 427
43, 715
17, 712
61, 637
43, 769
17, 868
61, 675
43, 879
17, 796
62, 183
44, 120
18, 063
62, 788
44, 316
18, 472
64, 866
45, 429
19, 437
64, 427
45, 708
18, 719
64, 867
45, 818
19, 049
63, 567
44, 726
18) 841
63, 704
44, 268
19, 436
63, 512
44, 019
19) 493
62, 538
43 535
19) 003
58, 556
41, 293
17,263
6,773
51, 783
3,489
56, 947
40, 453
16, 494
6,198
50, 749
4,480
56, 953
40, 343
16, 610
6,223
50, 730
4,684
57, 551
40, 877
16, 674
6,675
50, 877
4,123
58, 668
41, 492
17, 176
7,195
51, 473
3,515
59, 731
42, 186
17, 545
8,062
51, 669
3,057
61, 482
43, 229
18, 253
9,046
52, 436
3,384
61, 214
43' 582
17, 632
8,440
52, 774
3,213
62, 367
44,' 154
18, 213
8,160
54, 207
2,500
61 226
43, 244
17 982
7, 811
53, 415
2,341
61 764
43) 096
18,f 668
8 , 491
53, 273
1,940
61 271
42) 710
18 561
7J551
53, 721
2,240
An ^ns
DU,
oUo
42, 076
18 232
6)234
54, 075
2,229
46. 694
47. 420
47. 342
47. 422
47. 024
46. 500
44 MR
4K OfU
AK 709
Not in labor force
do.
A.R DO/
fi^7
44, 718
46, 010
45 704
40,
/o/
40,
' Revised.
v Preliminary.
* See note marked "§" below.
{Revisions in the adjusted indexes of department-store sales for various periods prior to 1949 are shown for the indicated districts (except New York, Richmond arid San Francisco) on
p. 24 of the April 1950 SURVEY; revised data for San Francisco for 1919-48 appear on p. 21 of the May 1950 SURVEY; revisions for New York and Richmond for 1946-January 1949 are available
upon request. Current revisions for Dallas are tentative, pending completion of the revision for earlier periods. Department-store sales and stocks for the U. S. reflect all revisions in data
for the districts and, therefore, are subject to further revision. Figures for wholesale trade have been revised back to 1939; monthly figures for 1946-48 and annual data beginning 1939 are shown
on pp. 18-20 of the October 1949 SURVEY; unpublished revisions are available upon request.
§ Data beginning April 1950 have been adjusted to the decennial census count and are not strictly comparable with preceding figures. Revisions prior to April 1950 will be available later
SUEVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
S-ll
1950
December
January
February
March
May
April
July
June
August
Septem-
October
November
December
EMPLOYMENT AND POPULATION— Continued
EMP LO YM ENT—Continued
Employees in nonagricultural establishments: t
Total, unadjusted (U. S. Dept. of Labor)
thousands..
Manufacturing
.
...do
Durable-goods industries
do
Non durable-goods industries. .
do
Mining, total
do
Metalo*
do
Anthracite
do _
Bituminous coalc?
do
Crude-petroleum and natural-gas production
thousands. _
Nonmetallic mining and quarrying
do
Contract construction
._
do
Transportation and public utilities
do
Interstate railroads
do
Local railways and bus lines
do
Telephone
do
Telegraph
do
Gas and electric utilities
do
Trade
do
Wholesale trade
. do __
Retail trade
do
General-merchandise stores
do ._
Food and liquor.
do
Automotive and accessories dealers. _do
Finance
do
Service.
do
Hotels and lodging places
do
Laundries
do
Cleaning and dyeing plants.
. do
Government
do
Total, adjusted (Federal Reserve)
Manufacturing
...
Mining
Contract construction. ..
.
Transportation and public utilities
Trade
Finance
_ _ _
Service
Government
_
do
do
do
do
do
do
do
do
do
Production workers in manufacturing industries:!
Total (U. S. Dept. of Labor)
thousands..
Durable-goods industries
do
Ordnance and accessories
..do
Lumber and wood products (except furniture)
thousands
Sawmills and planing mills.
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Glass and glass products
do
Primary metal industries.
do
Blast furnaces, steel works, and rolling
mills
thousands
Primary smelting and refining of nonferrous metals.-..
_
thousands
Fabricated metal prod, (except ordnance, machinery, transportation equipment)
thousands..
Heating apparatus (except electrical) and
plumbers' supplies
thousands. _
Machinery (except electrical)
do
Electrical machinery
_ do
Transportation equipment
do
Automobiles
._ do
Aircraft and parts ...
do
Ship and boat building and repairs. ..do ._
Railroad equipment
do
Instruments and related products
do.
Miscellaneous mfg. industries
do
43, 694
14, 031
7,303
6,728
940
97
76
420
42, 125
13, 980
7,342
6,638
861
98
76
348
41, 661
13, 997
7,324
6,673
595
98
76
83
42, 295
14, 103
7,418
6,685
938
98
77
423
42, 926
14, 162
7,548
6,614
939
99
75
419
43, 311
14, 413
7,809
6,604
940
100
76
413
43, 945
14, 666
7,964
6,702
946
102
75
410
44, 096
14, 777
7,978
6,799
922
103
74
382
45, 080
15, 450
8,294
7,156
950
103
'75
408
253
94
2,088
3,930
1,333
154
612
48
513
251
89
1,919
3,869
1,316
153
608
47
512
250
89
1,861
3,841
1,290
152
607
46
611
249
90
1,907
3,873
1,315
151
607
46
512
251
95
2,076
3,928
1,356
150
609
47
513
254
97
2,245
3,885
1,296
149
611
47
516
259
100
2,414
4,023
1,407
147
615
47
522
262
101
2,532
4,062
1,414
148
620
47
530
261
103
2,629
4,120
1,441
146
623
47
532
'259
103
' 2, 626
' 4, 139
1,458
146
622
48
••530
255
102
' 2, 629
' 4, 136
' 1, 462
145
621
48
525
10, 156
2,542
7,614
1,987
1,217
717
1,770
4,738
443
347
143
6,041
9,246
2,511
6,735
1,392
1,187
701
1,772
4,701
428
347
141
5,777
9,152
2,495
6,657
1,360
1,185
700
1,777
4,696
430
345
140
5,742
9,206
2,484
6,722
1,392
1,192
699
1,791
4,708
431
346
141
5,769
9,346
2,477
6, 869
1,466
1,200
706
1,803
4,757
441
347
146
5,915
9,326
2,479
6,847
1,412
1,204
714
1,812
4,790
451
354
150
5,900
9,411
2,502
6,909
1,411
1,205
733
1,827
4,826
482
362
156
5,832
9,390
2,528
6,862
1,372
1,203
746
1,831
4,841
515
363
152
5,741
9,474
2,582
6,892
1,387
1,200
749
1,837
4,827
512
359
147
5,793
'
'
'
'
'
'
'
'
42, 758
13, 946
940
2,131
3,930
9,426
1,788
4,786
5,811
42, 627
14,040
867
2,109
3,901
9,371
1,781
4,773
5,784
42, 283
14, 023
604
2,091
3,874
9,358
1,786
4,768
5,779
42, 752
14, 135
944
2,096
3,906
9,348
1,791
4,756
5,776
43, 212
14, 302
942
2,163
3,948
9,391
1,794
4,757
5,915
43, 578
14, 629
941
2,223
3,888
9,459
1,803
4,766
5,869
44, 010
14, 802
943
2,299
3,995
9,532
1,809
4,778
5,852
44, 259
14, 977
915
2,366
4,021
9,556
1,804
4,769
5,851
44, 914
15, 333
942
2,434
4,073
9,651
1,819
4,779
5,883
11, 504
5, 961
17
11, 449
6,000
17
11, 460
5,982
17
11, 549
6,070
18
11, 597
6,195
18
11,841
6,456
19
12, 066
6,596
19
12, 151
6,597
19
12, 802
6,900
20
13, 016
' 7, 013
22
682
404
289
412
107
955
642
381
289
403
106
963
652
386
297
408
108
978
677
399
301
410
109
982
692
410
303
419
113
1,007
723
430
303
432
116
1,026
741
437
303
441
118
1,050
750
444
303
440
114
1,054
783
465
319
459
122
1,086
'790
'468
327
'458
' 1, 105
507
511
512
507
523
529
538
542
550
41
43
45
45
45
46
46
45
688
693
698
709
722
742
769
111
929
559
896
585
184
69
50
173
361
107
937
561
978
675
184
66
46
172
345
112
960
573
872
567
184
68
45
171
356
114
981
580
879
576
184
67
44
172
361
118
1,003
595
899
595
185
67
44
174
363
119
1,022
606
1,045
736
185
67
48
176
362
122
1,033
615
1,078
765
187
68
49
180
367
' 45, 684 ' 45, 903 ' 45, 850 * 46, 424
' 15, 685 ' 15, 825 ' 15, 742 p 15, 708
' 8, 642 p 8, 676
' 8, 423 ' 8, 615
p 7, 032
' 7, 262 ' 7, 210 ' 7, 100
936
p937
941
946
'102
P103
102
103
74
75
74
'404
407
P407
407
9, 641
2, 605
7, 036
1, 474
1,210
'743
1,827
' 4, 816
'475
'358
150
6,004
9, 755
2, 620
7, 135
1, 537
1,219
'742
4^757
'440
356
151
6,039
254
'102
' 2, 569
' 4, 125
1,465
145
615
48
524
9,899
2,618
7,281
1,651
1,243
'747
1,819
4,723
433
353
149
6,037
p99
P 2, 347
p 4, 130
p 10, 402
P 2, 612
p 7, 790
p 2, 021
p 1, 266
p753
v 1, 825
p 4, 699
* 6, 376
' 45, 196 «• 45, 412 ' 45, 478 p 45, 431
' 15, 444 ' 15, 603 ' 15, 612 p 15, 606
'942
935
939
p937
2,519
' 2, 454 ' 2, 504
2,395
' 4 119 ' 4, 142
4,128
4,130
9,623
'9^650
9,655
' 9, 633
1,837
1,836
1, 843
' 1, 839
' 4, 768
4,747
4,733
4,746
6,077
6,019
5,983
6,119
13, 133
7,181
22
' 13, 622
' 7, 190
'23
v 12, 975
p 7, 210
p24
'784
'462
329
'471
'127
'774
454
'327
'478
129
' 1, 125
P751
552
552
553
46
46
47
46
773
814
837
'851
'850
120
1,032
620
1,070
757
188
68
48
178
358
132
1,060
655
1,118
761
199
79
48
187
399
137
' 1, 050
'673
' 1, 134
'788
209
76
49
199
'418
137
' 1, 105
708
' 1, 152
'796
'220
74
50
'205
'437
135
' 1, 135
'718
'744
234
75
52
'209
'434
p324
P477
P 1,141
P853
p 1, 158
p726
p 1, 124
p212
P420
Nondurable-goods industries
do
5,543
5,449
5,478
5,402
5,479
5,554
5,385
5,902
5,470
' 6, 003
p 5, 765
5,952
Food and kindred products. _
do
1,078
1,139
1,055
1,060
1,065
1,090
1,141
1,331
1,231
' 1, 194 p 1, 136
' 1, 350
1,266
Meat products.
do
244
251
232
228
223
227
236
233
235
244
'236
240
Dairy products
do
96
95
97
103
99
114
108
114
116
100
107
Canning and preserving
do
117
136
110
120
109
127
151
302
223
'324
174
'334
Bakery products
do
190
186
188
191
190
191
192
193
194
194
193
197
Beverages
do
141
135
141
134
139
146
157
164
169
'159
149
150
Tobacco manufactures
do
87
85
76
81
78
76
82
75
75
'89
83
'88
p 78
Textile-mill products
do
1,187
1,177
1,172
1,183
1,183
1,162
1,174
1,224
1,160
' 1, 261
p 1, 252
1,263
Broad-woven fabric mills
do. _ _
574
568
574
573
571
573
571
580
595
606
'606
Knitting mills
do
227
223
221
223
218
209
213
212
227
234
233
236
Apparel and other finished textile products
thousands
1,032
1,040
1,003
1,065
1,058
976
976
979
1,089
' 1, 099
' 1, 060
1,101
p 1, 069
Men's and boys' suits and coats
do
127
130
132
136
135
129
135
127
138
137
139
137
Men's and boys' furnishings and work
clothing
thousands
241
247
244
241
245
239
238
232
252
254
'255
Women's outerwear
do
302
296
315
305
272
254
248
307
266
305
277
297
Paper and allied products
do
385
390
386
391
389
392
399
396
410
418
'426
420
P428
Pulp, paper, and paperboard mills. ..do
200
199
201
200
200
202
205
204
207
210
211
210
Printing, publishing, and allied industries
501
493
thousands. _
495
496
497
498
500
499
504
'510
514
'515
P514
Newspapers __.
do
142
145
145
146
148
149
150
150
150
151
149
150
Commercial printing
do
168
167
165
165
165
164
166
164
165
'167
170
171
' Revised.
v Preliminary.
fRevised series. Beginning with the October 1949 SURVEY, the indicated series on employment, payrolls, and hours and earnings have been revised to incorporate three major changes:
(1) adoption of the current Standard Industrial Classification for manufacturing industries; (2; ^classification of reporting establishments on the basis of major postwar product or activity
(3) adjustment to 1947 bench-mark levels and a revision in estimating production-worker employment. Published revisions are as follows: Employees in nonagricultural establishments by
m a J^ groups-unadjusted series on p. 24 of the November 1949 SURVEY (except for data on trade and service which have been further revised for 1939-46 and are shown on p 22 of the December 1950 issue); adj. series (total, mfg., trade, and service), p. 23 of the December 1950 issue; other components of the adj. series, p. 22 of the May 1950 SURVEY- production workers in mfe —
total and durable-goods industries, pp. 17 and 24 of the September 1950 SURVEY; nondurable-goods industries, pp. 23-24 of the October 1950 issue. Unpublished revisions will be shown later
cf Revisions for metal and bituminous-coal mining for August 1948-June 1949 are shown in note at bottom of p. S-ll of the September 1950 SURVEY
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated, statistics through
1948 and descriptive notes are sho\vn in the
1949 Statistical Supplement to the Survey
1949
December
February
19 50
January
February
March
April
May
June
July
August
September
October
N°™n-
December
EMPLOYMENT AND POPULATION—Continued
EMPLOYMENT— Continued
Production workers in mfg. industries! — Con.
Total (U. S. Dept. of Labor)— Continued
Nondurable-goods industries — Continued
Chemicals and allied products
thousands-Industrial organic chemicals
do
Products of petroleum and coal
do
Petroleum refining _
~do
Rubber products
do __
Tires and inner tubes
__do
Leather and leather products
do
Footwear (except rubber)
do
Manufacturing production-worker employment
index, unadjusted (U. S. Dept. of Labor) f
1939 = 100,.
Manufacturing production -worker employment
index, adjusted (Federal Reserve)!. .--1939=100-.
Miscellaneous employment data:
Federal and State highways, total§ ..number-Construction (Federal and State)
do
Maintenance (State)
do_ __
Federal civilian employees:
United States
_ thousands _ _
Washington, D.C., metropolitan areacf-do
Railway employees (class I steam railways):
Total
thousands-Indexes:
Unadjusted
—
1935-39 = 100-Adjusted
__do
PAYROLLS
Manufacturing production-worker payroll index,
unadjusted (U. S. Dept. of Labor) !__ .1939=100
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor):!
All manufacturing industries
hours
Durable-goods industries
do
Ordnance and accessories
do
Lumber and wood products (except fnniiture)
hours
Sawmills and planing mills
do.-Furniture a n d f i x t u r e s . _ _
do...
Stone clay and glass products
do
Glass and glass products
do
Primary metal industries
do
Blast furnaces, steel works, and rolling
mills
hours
Primary smelting and refining of non ferrous
metals
hours
Fabricated metal prod, (except ordnance, machinery, transportation equipment) hours_ _
Heating apparatus (except electrical) and
plumber's supplies
hours
Machinery (except electrical). . __ . do ..
Electrical machinery
do
Transportation equipment
... do _ _ .
Automobiles
do
Airemft and parts
do
Ship and boat building and repairs do
Railroad equipment
do
Instruments and related products
do
Miscellaneous mfg. industries
do
Nondurable-Foods industries __
Food and kindred products
Meat products
Dairy products
Cannin g and preserving
Bakerv products
Beveraores
Tobacco manufactures
Textile-mill products . .
Broad-woven fabric mills
Knitting mills
-
do
do
do
do
do
do
do
do
do-- .
do
do
Apparel and other finished textile products
hours..
Men's and boys' suits and coats
. do
Men's and boys' furnishings and work
clothing
hours
"W omen's outerwear
do
Paper and allied products
do
Pulp, paper, and paperboard mills - do .
Printing, publishing, and allied industries
hours ._
Newspapers
do
Commercial printing
do
Chemicals and allied products
do
Industrial organic chemicals
do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
do
Tires and inner tubes
do
Leather and leather products... ... _.. do
Footwear (except rubber)
do
r
484
144
185
140
187
82
343
224
480
144
184
145
187
83
348
231
485
144
183
144
188
83
357
235
487
145
182
143
189
83
357
235
490
146
176
136
191
84
341
222
485
148
177
136
194
80
335
218
482
150
181
138
199
88
343
224
479
151
182
138
200
88
351
230
491
155
193
147
208
90
370
237
500
158
189
145
215
92
372
237
140.4
139.8
139.9
141.0
141.6
139.3
140. 5
140.2
141.3
143.2
144. 5
147.3
148.3
156.3
158. 9
147. 1
148.9
150. 9
155. 0
150. 0
240, 059
72. 400
117, 596
220, 000
54, 003
115, 154
217,821
52, 854
114, 714
228, 932
63, 347
114, 891
250, 272
82, 362
116, 980
282, 425
108, 956
121, 802
312, 091
129, 051
128, 470
327, 886
141, 9S3
130, 168
336, 600
149, 185
130, 714
319, 180
137,215
126, 664
1,829
213
1, 801
213
1,801
213
1,940
214
1,939
214
1,851
213
1,819
214
1, 839
215
1,913
218
1,945
219
'523
159
' 190
147
219
92
'368
231
'521
160
' 191
148
221
93
' 300
220
*520
160.3
' 159. 0
v 158. 4
157.7
' 157. 4
P 157. 1
' 317, 566
' 140, 543
123, 493
1,977
222
P 192
P222
P354
2X4. 753
109. 993
122, 6>1
' 2. 005
220
P 2. 024
P228
1,183
1,180
1,154
1,177
1,221
1,163
1,272
1,279
1,302
1,315
1,324
112.7
114.5
112.8
117.3
110.3
113.0
112.5
115.3
116.7
118.6
111.0
111.5
121.6
120.0
122.3
119.7
124.5
121.9
125.8
122.8
' 126. 6
' 122. 5
329.3
329.2
330.0
333. 5
337.2
348.0
362.7
367. 5
394.4
' 403. 2
415. S
414.9
39.8
40. 1
40.7
39.7
40.0
40.2
39.7
40.1
40.4
39.7
40.2
40.6
39.7
40.7
40.6
39.9
40.8
40.7
40.5
41.3
40.7
40.5
41.1
42.6
41.2
41.8
42.6
41.0
41.7
'43.1
41.3
'42. 2
M3. 1
Ml. 2
Ml. 9
' 43. 4
Ml. 6
M2.5
M4.3
41.3
40. F
42.2
40. 3
39.7
39.4
39.2
38.3
41.1
39.8
39.7
39.5
39.8
39.4
41.7
40.0
40.0
39.6
40.4
40.1
41.7
40.1
40.1
38.9
40.7
40.5
41.3
40.4
40.2
40.4
40.7
40.5
41.2
40.8
40.5
40.5
41.fi
41.6
41.8
41.1
40.2
40.8
41. 1
40.9
41.0
40.9
39.5
40.7
42.0
41.9
42.8
41 6
39.8
41. 1
41.2
'f 40. 1
42. 0
Ml. 5
39.0
Ml. 4
'42.1
M2. 2
42.7
42.4
41.5
M2.0
Ml. 2
41.1
' 42. 6
42.2
41.3
41.7
Ml. 6
39.3
39.3
39.3
37.5
40.0
39.7
39.8
39.9
40. 1
MO. 2
'41.0
40.7
40.5
41.3
40.4
40.7
40.8
40.8
40.9
40.3
40.9
41.2
41.3
40.8
40.5
40.3
40.3
40.3
40.7
40.7
41.5
41.1
42.1
'42.1
42.3
'42. 0
40.5
39.7
40.6
38.9
38.2
41.2
38.4
38.7
40.0
40.9
39.7
39.8
40.5
40.5
40.9
40.7
37.8
38.0
39.7
40.2
39.7
40.3
40.4
39.7
39.6
40.7
37.5
39.4
39.9
40.2
40.0
40.6
40.5
40.2
40.4
40.5
38.2
39.2
40.0
40.2
39.9
41.0
40.6
41.3
42.2
40.3
37.9
39.2
40.0
40.2
40.3
41.3
40.8
41.0
41.4
40.8
38.4
39.8
40.4
40.3
40.7
41. 5
40.4
42.0
42.8
40.7
38.3
39.2
40.7
40.5
41.2
41.6
40.6
41.5
42.1
41 2
38.1
39. 1
4C.9
40.3
41.9
42.3
41.0
42.0
42. 3
42.4
39.2
39.5
41.7
41.6
'42.3
'42.4
'41.4
40.9
'40.6
'42.7
'38. 3
40.4
'42.5
'42.1
42.4
M2. 9
M2. 1
41.2
41.4
41.6
38.8
40.0
'42. 8
42.3
41.6
M3 1
' 41. 8
MO. 9
40.7
42.3
39.2
40.1
'42. 7
M2. 4
39.5
41.4
43.4
44.1
36.6
41.3
39.7
38.0
39.8
40.3
37.6
39.4
41.4
42.9
44.5
38.2
41.1
39.7
38.0
39.4
40.0
36.8
39.3
40.7
40.4
43.8
37.7
41.0
40.0
30. 2
39 0
40. 1
37.2
39.2
40-7
40.3
43.7
30.8
41.5
40. 1
30.7
39.2
39.8
37.0
38.5
40.4
39.8
43.9
36.3
41.2
40.7
35. 5
37.8
38.4
35.0
38.9
41.0
40.7
44.3
37.2
41 6
41. 1
36.7
37.9
38.5
35.0
39.5
41.8
41.3
45. 0
38.9
41.9
42.0
38.3
38. 7
39.2
36.2
39.8
42.3
41.8
45. 3
41.4
41.7
42.3
38.4
39.0
39.5
37.0
40.5
41.9
40.7
45.0
40.6
41.8
41.3
39.5
40.5
40.8
39.2
MO. 1
M2. 0
Ml. 7
' 44.7
M4. 1
Ml. 2
Ml. 2
' 39. 2
40.7
41.1
38.9
40.3
'41.5
40.7
44.6
40.4
41.4
MO. 9
'38.2
40.6
40.9
39.3
MO. 3
Ml. 8
43.3
44.5
38.1
41.4
40.8
'37.8
40.7
41.1
38.8
MO. 5
M2.3
35.9
34.7
36.0
35.4
36.7
37.0
36.4
37.5
35.2
35.5
35.7
36.7
35.8
36.7
36.2
36.9
37.6
37.7
'35.7
35.4
'37.3
37.9
' 36. 9
37.9
^36.5
36.8
34.5
42.9
43.6
36. 2
35. 0
42.2
43.0
36.4
35. 9
42.5
43.4
30. 2
35.4
42.6
43.4
35.5
34.5
42.3
43.2
35.9
34.6
42.3
43.2
36.2
33.8
43.0
43.8
36.1
34.7
43.3
44.0
38.0
36.2
44.0
44.6
' 37.4
32.2
M4.0
M4.3
38.2
34.6
44.0
44.5
39.3
38.1
40.3
41.6
40.2
39.9
39.7
39.2
37.3
37.1
36.2
38.5
36. 5
40.0
41.3
4C. 3
40.7
40.7
39.4
38.4
37.7
37.4
38. 2
36.3
39.3
41.1
40.0
39.8
39.6
39.2
38.3
38.1
37.8
38.6
36.8
39.6
41.1
4C.O
39.7
39.6
39.3
37.4
37 9
37.4
38.6
37.1
39.4
41.2
40.1
40.8
40.5
40.0
39.0
35.8
34.7
38.7
37.3
39.8
41.2
40.5
40.6
39.9
41.1
41.1
35.4
34.2
38.7
37.2
39.6
41. 4
40.8
41.1
40.2
41.4
40.6
37.2
36.4
38.5
36.6
39.6
41.2
40.7
41.6
41.0
41.2
40.4
38.1
37.7
38.9
36.5
40.1
41.6
40. 7
40. 0
30 1
41.x
41.8
39.2
40.5
'39.2
'36.9
40.6
41.8
40.8
'41.7
Ml. 2
Ml. 9
MO. 9
38.1
40.3
39.1
37.0
39.9
42.1
40.9
Ml. 7
41.2
42.3
41.0
37.9
40.3
' 1, 322
P 1, 313
P 126. 6
P 125. 5
P 125. 1
v 127. 1
37.7
34.6
M4.2
44.6
' 39. 0
39. 8
M2. 0
40.9
Ml. 3
40. rt
42.0
40.9
'37.4
40.4
P 43. 0
M2. 0
M2. 1
M2. 5
M3.6
P 42. 3
M3. 0
M2.9
Ml. 7
"38.0
MO. 7
M4. 5
"39.9
M2. 1
Ml. 3
Ml. 9
"38.1
Revised.
p Preliminary.
!Reviscd series. See note marked "t" on p. S-ll. The adjusted manufacturing employment index was further revised in the November 1950 SURVEY; revisions for January 1939-August
1949 arc available upon request.
§Total includes State engineering, supervisory, and administrative employees not shown separately.
cf Data beginning December 1949 cover all of Fairfax County, Virginia, and Montgomery and Prince Georges Counties, Maryland.
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
S-13
1950
December
January
February
March
May
April
June
July
September
August
November
October
December
EMPLOYMENT AND POPULATION—Continued
LABOR CONDITIONS—Continued
Average weekly hours per worker, etc.t — Continued
Nonmanufacturing industries:
Mining:
Metal
- hours
Anthracite
do
Bituminous coal
do
Crude-petroleum and natural-gas production:
Petroleum and natural-gas production
hours..
Nonmetallic mining and quarrying,
do
Contract construction
do
Nonbuilding construction _ _
do.
Building construction
do
Transportation and public utilities:
Local railways and bus lines
do
Telephone
do
Telegraph
. do _ _
Gas and electric utilities
do
Trade:
Wholesale trade
-do _.
Retail trade:
General-merchandise stores
do
Food and liquor
-do _ _
Automotive and accessories dealers-__do
Service:
Hotels, year-round
do
Laundries
_do
Cleaning and dyeing plants
do
Industrial disputes (strikes and lock-outs) :
Beginning in month:
Work stoppages
number
Workers involved
_
thousands
In effect during month:
Work stoppages
__
_ _ numberWorkers involved
thousands
Man-days idle during month
-do
Percent of available working time
U. S. Employment Service placement activities:
Nona°Ticuitural placements
thousands
Unemployment compensation:
Initial claims
_
-do _
Continued claims
__
do_ _
Benefit payments:
Beneficiaries, weekly average
__do
Amount of payments
thous. of dol._
Veterans' unemployment allowances:
Initial claims
do
Continued claims
_ _ do
Claims filed during last week of month. _ _ d o
Amount of payments
thous. of dol.
Labor turn-over in manufacturing establishments:
Accession rate --.monthly rate per 100 employees,.
Separation rate, total.. ._ _
_ _ . do
Discharges
•
do
Lay-offs
do. _ _
Quits
-.
do _.
Military and miscellaneous
do_ _ _
r
41.6
22.0
25.4
42.0
23.9
24.5
41.9
20.6
25.4
41.1
41 5
39.2
41.6
29.0
36.0
41.6
34.7
34.1
41.6
32.6
34.7
41.1
34 8
34.6
41.9
33 2
35.5
40.0
42.4
36.4
38.3
35.8
41.8
41.4
35.2
37.4
34.8
40.0
41.4
34.3
37. 8
33.7
39.8
41.6
35.1
38.7
34.5
41.2
43.6
36.6
40.9
35.6
40.0
44.4
37.3
40.7
36. 5
40.0
44.9
38.0
42.0
37.0
41.6
44.6
37.9
41.5
36.9
40.3
45 2
38 6
42 7
37 6
r
40. 5
r
45. 1
r
37 7
r
44.5
38.4
43.7
41.8
44.2
38. 5
44. 1
41.7
44.4
38.6
44.1
41.4
44.4
38 5
44.1
41 2
44.5
38.7
44.6
41.3
44.8
38.9
45.4
41.3
45.3
39 1
44.9
41.5
45.1
33 4
45.0
41 6
44
39
45
41
8
3
0
5
r
1
6
6
6
40.9
40.6
40.3
40.3
40.1
40.4
40.6
40.9
40 9
r
40 7
38. 1
40.3
45.8
36.9
40.0
45.8
36.8
40.1
45.3
36 5
40.0
45.8
36. 1
40. 1
45.8
36.4
40.1
45.9
37.2
40.8
45.9
37 7
41. 5
45.7
37 4
41 5
45.6
r 36 4
43.8
41.2
41.0
43.9
41.5
41.2
43.8
40.8
39.9
43 8
41.0
40.6
44.0
41.0
40.4
44.1
41.7
43.0
43.8
42.0
43.0
43 8
41.5
41.4
44 0
40 6
40 0
170
46
'r 245
170
r
r
r
r
r
r
r
r
323
417
1,350
.19
T
r
365
r
595
2,r 700
.39
r
205
r
56
••355
r
590
8,
600
r
1.40
405
' 156
300
'84
r
450
r
630
' 3,
900
r
.51
r
r
600
r
290
3,T 300
.49
485
r
r
715
T
505
3, 300
' .44
480
r
r
755
r
390
2,r 600
.34
460
r 220
r 271
' 352
r
T
705
r
390
2,r 800
.40
T
42. 2
34 5
35. 5
r
41 5
36 7
r
45
39
44
r 41
••44.2
37.2
36.2
43.7
31 3
36.6
r
40.1
45.0
38 0
41.0
37 3
41.0
'45.9
38.4
r 42.4
37.4
r
45
38
44
41
45 3
r 39 5
44
7
r
41 4
5
0
4
3
41.0
41.0
40 4
'45.6
36 2
40 0
45.8
35 8
39 9
45.8
r 43 g
41 3
r
41 6
43 9
41 0
41 0
43 6
40.8
41 4
620
340
525
275
525
180
250
160
p 200
v 40
r
860
T 430
2,r 600
31
800
460
P400
plOO
» 1 000
p 14
r
800
300
575
275
3, 500
2,450
48
.30
1,750
618
612
515
421
558
720
907
.23
312
305
289
368
406
489
494
486
624
1,630
8,259
1,725
9,000
1,240
8,068
1,294
8,261
1, 543
6,656
1,367
6,702
1,104
5 827
971
5,115
641
4 424
3 293
3, 141
3,520
1 051
3 873
1,889
170, 580
2,078
186, 383
2,027
167, 212
2,098
187, 215
1, 559
138, 969
1,567
138, 778
1 388
119,430
1,158
99, 714
983
806
652
r
734
62, 389
66, 969
29
29
23
89, 681
64, 458
9
5
4
5
5
55
30
24
6
629
25
5
487
6
464
5.2
4.3
'4.0
r
3. 8
P3.1
P3. 6
P 3
p 1.3
289
258
14
66
5,753
63
5, 069
275
14
61
5,474
187
160
58
5, 713
43
3,838
33
3,185
27
2,526
25
2,209
19
1,988
10
1,126
3.2
3.2
3.6
3.1
3.2
3.0
3.6
2.9
3.5
2.8
4.4
3.1
4.8
3.0
4.7
2.9
6.6
4.2
5.7
4.9
2 9
34
2
1.9
1.0
.1
2
1.7
1.1
.1
2
1.7
1.0
.1
2
1.4
1.2
.1
2
1.2
1.3
.1
3
1.1
1.6
.1
18
128
3
.9
1.7
.1
13
112
3
.6
1.8
.2
832
92
280
20
57, 533
4
.6
.4
.3
3
1.1
4
.8
2.7
.4
4
.7
.3
j>\ 7
P. 3
r
r
62 38
66 54
T 70 96
p64 15
p 68 64
P 72 56
' 57. 27
57 25
r
56 83
T
63 55
67 07
r
70. 18
P 57. 32
' 2.1
WAGES
Average weekly earnings (U. S. Department of
Labor) :f
All manufacturing industries
dollars
Durable-goods industries
do -_
Ordnance and accessories
do
Lumber and wood products (except furniture)
dollars _ _
Sawmills and planing millsdo
Furniture and fixtures
_ _ do _ ,
Stone, clay, and glass products
do
Glass and glass products
do
Primary metal industries
_.do
Blast furnaces, steel works, and rolling mills
dollarsPrimary smelting and refining of nonferrous
metals
_
_
_ . _ . dollars
Fabricated metal prod, (except ordnance, machinery, transportation equipment)
dollars-.
Heating apparatus (except electrical) and
plumbers' suppliesdollars, _
Machinery (except electrical)
do
Electrical machinery
_ . do
Transportation equipment
Automobiles
Aircraft and parts
Ship and boat building and repairs
Railroad equipment
._ Instruments and related products
Miscellaneous mfg. industries
T
Revised.
P Preliminary.
do
do
do
do_...
do
do
do
fRe vised series.
56.04
59.19
60.85
56.29
59.40
60. 70
56.37
59.47
60.88
56 53
59.74
61.31
56 93
61.01
61.43
57 54
61.57
61 66
58 85
62.86
61 90
59 21
63.01
64 92
60 32
64.33
66 12
r
60
r
65
r
52 66
52.31
52.50
55.65
58. 16
62.92
48.02
47.38
51.13
55.32
59.31
63.79
50. 55
50. 59
52.29
55.56
59.36
63.48
52.24
51. 85
52. 17
55.70
59 35
62.40
53.36
53. 10
51.67
56.56
59 58
65.00
54. 38
54.19
51.50
57 28
59 78
65.57
56. 28
56. 08
52. 50
58. 12
59 74
66.50
56.27
55.95
52.03
58 57
60 24
66.95
58.30
57 95
54.87
59 43
59 10
67.36
'r 57. 84
57 69
55 42
r
60
88
r
61
31
r
69 10
'r 58. 98
59. 16
64.65
65.83
64.81
61.84
66.08
65.86
66.63
67.83
67.37
r
69. 30
' 69. 13
68.82
59.60
62.07
60.24
61.13
61.61
61.98
62.54
62.83
63.15
r
64 44
r
65. 79
67.03
' 66. 57
v 68. 72
r
67.39
72 15
' 64 20
p 73 68
P 66 07
r
P 78 17
64
14
67 41
r
r
r
61 99
66. 55
68. 57
56.41
r
63T05
r
65 74
' 69. 97
59.66
59.93
59.68
59.64
60.56
60.89
62.87
62.55
64.79
' 65. 72
' 66. 62
60.39
61.30
58.63
59.23
61.57
58.44
59. 59
62.55
58.26
60.20
63.34
58.44
60.76
64.33
58.71
61.30
65.09
59.28
62.11
65.69
58.62
63.28
66.35
59.44
65.53
67.98
60 15
r
r
T
r
65.31
65.44
66.41
62.86
63. 39
56. 84
52.23
68.12
70.14
65. 20
61.46
61.60
56.49
51.78
66.58
67. 64
65.69
61.16
64.89
56.86
51.62
67.46
69.08
65 29
62.53
64.21
57.40
51.82
70.46
73. 77
64.96
62.08
64.52
57.52
51.94
69.62
71.66
65 61
63.21
64.99
58.34
52.47
72.53
75.76
65 32
62.39
64. 56
58.93
52.69
71 71
74.35
66 54
64 20
64.40
58. 98
52.47
72 87
75 21
68 94
64 84
65 29
61.13
54.87
72 39
73 81
71 18
62 89
68 72
r 63. 58
r 64. 04
See note marked "t" on p. S-ll.
r
r
r
r
66. 83
68 94
61 48
67. 97
' 70. 96
r 64 08
' 73 46
75. 76
69 80
63
18
T
6°. 08
' 65. 14
56.98
73 25
75 05
71 53
65 35
69 33
r
65. 67
r 57. 16
v 57 53
p 63 34
v 73. 38
p 66. 80
p 56. 80
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
February 1951
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT AND POPULATION—Continued
WAGES — Continued
Average weekly earnings, etc.f — Continued
All manufacturing industries— Continued
Nondurable-goods industries
dollars _ _
Food and kindred products
- do
M^eat products
do
Canning and preserving
do
Bakery products
do
Beverages
do
Tobacco manufactures
_ do
Textile-mill products _
do. _
Broad-woven fabric mills
do
Knitting mills
do
Apparel and other finished textile products
dollars _ _
Mien's and boys' suits and coats
do
Men's and boys' furnishings and work
clothing
dollars
Women's outerwear
do
Paper and allied products
_ do
Pulp paper, and paperboard mills do
Printing, publishing, and allied industries
dollars ..
Newspapers
do
Commercial printing
do
Chemicals and allied products
do
Industrial organic chemicals
,_ do
Products of petroleum and coal
do
Petroleum refining ___ __
„_ do
Rubber products
do
Tires and inner tubes
_ _ _ do
Leather and leather products
do
Footwear (except rubber)
do
Nonmanufacturmg industries:
Mining:
Metal
do
Anthracite
do
Bituminous coal
do
Crude-petroleum and natural-gas production:
Petroleum and natural-gas production
dollars _.
Nonmetalic mining and quarrying
do
Contract construction
do
Nonbuilding construction
do
Building construction
do
Transportation and public utilities:
Local railways and bus lines
do
Telephone
do
Telegraph
do
Gas and electric utilities
do
Trade:
Wholesale trade
do
Retail trade:
General-merchandise stores
do
Food and liquor _
_
do
Automotive and accessories dealers.-.do
Finance:
Banks and trust companies
_ do
Service:
Hotels, year-round
do
Laundries
do
Cleaning and dyeing plants ___
do
Average hourly earnings (U. S. Department of
Labor) :f
All manufacturing industries,
dollars
Durable-goods industries
do
Ordnance and accessories
do
Lumber and wood products (except furniture) . _ _ _
dollars
Sawmills and planing mills
do
Furniture and
fixtures
..do
Stone, clay, and glass products.
do
Glass and glass products
do
Primary metal industries _ _
_ _ . do
Blast furnaces, steel works, and rolling mills
dollars..
Primary smelting and refinin g of nonferrous
metals
dollars
Fabricated metal prod, (except ordnance, machinery, transportation equipment)
dollars __
Heating apparatus (except electrical) and
plumbers' supplies _.
_
dollars
Machinery (except electrical) ...
do
Electrical machinery
do
Transportation equipment,
do
Automobiles
do
Aircraft and parts
do
Ship and boat building and repairs. _ do
Railroad equipment
do
Instruments and related products
do
Miscellaneous mfg. industries
do
Nondurable-goods industries
Food and kindred products
Meat products
Dairy products
Canning and preservingBakery products
Beverages
^Revised.
v Preliminary.
52.69
54. 57
60.98
54.29
43.26
52.16
63.12
38.76
47.64
48.40
42.34
41.82
46.64
33.82
49.13
58.09
62.09
52.91
54.94
60.19
55.67
45.15
52.07
63.52
39.25
47.36
48.16
41.73
53.06
54.05
55.99
54.88
44.94
52.96
64.52
38.48
47.88
42.70
47.72
44.48
49.88
43.50
33. 63
50.86
57.56
61.62
35.64
52.63
57.80
35.62
49.67
58.06
61.71
70.49
76.43
70.80
60.05
63.63
73.79
70.75
76.38
70.70
59.96
62.64
77.41
48.16
43.38
53.04
54.42
56.14
54.63
44.79
52.75
65.16
39.49
47.39
47.72
43.55
52.17
54.14
55.64
54.79
44.32
52.37
66.38
38. 59
45.51
45.81
40.60
52.83
53.92
54. 90
57.10
55.02
45.01
53.12
66.71
39.67
45.63
45.82
40.67
56.01
58.11
55.85
45.94
53. 21
68.96
41.59
46.75
46.92
41.85
r
54.73
55.65
56. 94
59.31
57.21
47. 73
53.88
70.11
42.12
47.27
47.52
42.77
56.19
57.92
56.57
47.91
54.34
68.39
43.37
49. 33
49.29
45.67
' 55. 30
' 56. 36
' 62. 59
' 56. 81
f 47. 18
f 53. 85
' 67. 86
f 42. 02
' 49. 98
' 49. 90
r 45. 63
r 56. 62
' 56. 52
' 60. 85
57.00
' 48. 88
54.07
' 67. 49
'41. 14
' 52. 58
' 53. 13
' 47. 87
' 57. 77
65.04
57.27
47.05
54. 65
67.36
' 42. 26
' 53. 24
53.68
48.03
43.22
49.22
46. 06
51.08
' 43. 09
' 47. 75
' 45. 69
' 51. 77
' 44. 69
52.38
35.34
49.62
37.43
r 37. 18
54.01
62.74
66.99
r 46. 43
r 63. 10
r 66. 89
38.24
' 50. 83
' 63. 45
' 67. 55
38. 53
48.44
' 65. 11
69.44
73. 17
78.84
72.38
63.48
65.85
73.73
75.29
66.25
76.01
46.49
44.39
r 74. 48
73.61
64.16
f 67. 52
r 76. 77
' 79. 72
r 66. 58
r 75. 46
' 45. 72
43.32
' 74. 45
'81.66
73. 74
' 64. 62
' 67. 85
r 77. 98
'81.04
' 67. 34
' 75. 32
' 45. 12
42.79
' 74. 22 p 76. 93
82.47
72.91
' 65. 39 p 66. 22
68. 63
' 78. 55 " " p79."7i"
81.80
67.66 "~p7Q~22
75.95
' 45. 78 ~~V46.~67~
42.16
'57.19
41.27
41.89
48.92
48.99
35.29
45.57
58.08
35.55
45.87
60.03
61.89
35.00
46.06
58.20
62.42
61.82
64.21
61.36
65.74
72.18
79.88
70.88
60. 56
63.12
73. 85
77.11
61.76
69.23
41.96
39.18
72.64
81.05
71.68
61.18
63.91
73.28
75.73
64. 52
74.60
41. 56
38.48
72.72
80.76
72.30
79.20
71.79
62.39
65.16
74.37
76.82
65.08
74.05
43.60
40.84
71.95
62.99
66.02
76.09
78.93
66.59
75.22
44.73
42.53
63.40
64.94
69.92
63.17
68.59
69.68
64.48
65.77
71.04
' 66. 38
68.45
' 71. 92
' 70. 45
75.59
' 73. 20
70 93
61.50
73.57
71.08
75.59
60.92
74.05
71.01
61.74
75.96
76.48
75.99
r 73. 47
r 62. 51
r 75. 89
f 75. 86
f 75. 86
'
'
'
'
77. 20
64. 26
77. 76
77. 38
77.90
75.43
63.59
77.63
75.03
78.33
68. 16
54.15
64. 25
68.02
50.81
40.80
47.46
72.27
81. 50
71.17
59.78
62.75
71.74
74.83
59.04
64.79
42.03
39.20
60.52
67.70
42.90
40.77
74.84
59.90
67.22
44.08
42.22
72.14
78.42
71.56
60.09
62. 56
71.54
74.88
59.70
65.26
44.15
42.15
62.32
42.22
48.74
64.71
44.60
47.36
62.81
40.23
49.83
61.81
80.01
78.75
62.90
57.25
72.79
63.11
68.81
68.37
71.52
71.88
54.36
66.89
66.94
67.00
70.88
55. 37
68.59
68.34
68. 83
74.41
58.03
70.93
71.41
70.70
70.88
59.45
72.74
68.15
70.26
76.24
53.36
68.01
65.56
68.76
65. 10
52.49
62.23
66.04
65.11
53.13
62.84
66.09
65.22
53.69
62.97
65.08
65.53
52.98
62.93
65.90
53.44
66.56
53.72
64.81
64.13
66.52
66.84
54.71
63.99
65.65
f 67. 42
r 55. 80
65. 38
65.17
67.41
54.19
64.21
65.99
67.47
54.96
64.13
65.17
f 67. 35
' 68. 00
r 56. 37
64.55
' 67. 32
58.20
58.14
58.27
58.56
58.79
59.11
59.93
61.10
60.90
r 60. 93
' 61. 91
62.24
36.12
50.54
58.26
35.68
50.68
58.72
35.44
50.85
35.04
35.49
36.60
50. 76
59.22
50.81
60.50
51.82
62.29
37.32
53.37
57. 76
34. 66
50. 93
60. 36
63.71
37.06
53.04
63.66
' 36. 11
f 52. 12
f 63. 52
' 35. 62
' 51. 76
' 63. 80
34.80
52.27
43.95
45.29
45.52
45.37
45.83
45.54
45.42
46.34
46.36
r 46. 75
47.67
47.96
33.24
34.77
40.47
33.06
35.15
40.75
33. 51
34.39
39.26
33.07
34.56
40.40
33.26
34.85
40.48
33.34
35.74
43.69
33.33
36.33
44.03
33.51
35.61
42.02
33.92
34.83
34.72
40.16
r 34. 30
r 35. 93
f 42. 56
' 35. 83
' 42. 15
34.66
35.82
42.68
1.408
1.476
1.495
1.418
1.485
1.510
1.420
1.483
1.507
1.424
1.486
1.510
1.434
1.499
1.513
1.442
1.509
1.515
1.453
1. 522
1.521
1.462
1.533
1.524
1.464
1.539
1.552
r 1. 479
r 1. 562
' 1. 564
1.501
1. 577
' 1. 591
'1.514
1.275
1.282
1.244
1.381
1.465
1.597
.225
.237
.244
.390
.494
.615
1.270
1.284
1.254
1.389
1.484
1.603
1.293
1.293
1.251
1.389
1.480
1.604
1.311
1.311
1.251
1.400
1.482
1.609
1.336
1.338
1.250
1.404
1.476
1.619
1. 353
1.348
1.256
1.414
1.486
1.630
.369
.368
.269
.432
.523
.645
1.388
' 1. 383
1.282
1.428
1.485
1.639
' 1. 404
' 1. 407
'1.301
' 1. 467
'1.572
' 1. 669
' 1. 401
' 1. 402
' 1.321
r
1. 487
' 1. 584
' 1. 666
' 1. 390
1.393
' 1. 334
' 1. 506
1.624
1.683
1.645
1.675
1.649
1.649
1. 652
1.659
1.674
1.700
1.680
r 1. 724
' 1. 686
1.691
1.479
1.503
1.491
1.502
1.510
1.519
1.529
1.539
1.544
' 1.564
' 1. 593
1.643
55.08
69.75
71.64
71.71
72.93
60.39
73.66
73.75
73.82
73. 70
74.02
'81.11
64.49
" 58. 56
p 59. 64
p 42. 83
p 53. 44
p 46. 21
p 66. 48
63.11
' 1. 588
' 1. 635
p 1. 542
p 1. 615
p 1.638
p 1. 378
p I. 338
p 1. 508
p 1. 743
1.473
1.487
1.481
1.480
1.488
1.496
1.515
1.522
1.539
' 1. 561
' 1. 575
' 1. 585
p 1.617
1.491
1.544
1.444
1.492
1.547
1.443
1.501
1.552
1.442
1.505
1.560
1.443
1. 519
1.569
1.446
1.521
1.576
1.453
1.526
1.583
1.451
1.536
1.595
1.464
1.564
1.607
1.467
' 1. 580
' 1. 626
1.485
' i. 603
' 1. 654
1. 522
1.620
1.674
1.536
p 1. 690
p 1. 562
1.679
1.713
1.612
1.637
1.638
1.421
1.277
1.682
1.715
1.602
1.626
1.621
.423
.288
1.677
1.708
1.614
1.631
1.647
1.425
1.284
1.678
1.710
1.612
1.637
1.638
1.435
1.289
1.706
1.748
1.612
1.638
1.646
1.438
1.292
1.698
1.731
1.608
1.646
1.633
1.444
1.302
1.727
1.770
1.605
1.629
1.647
1.448
1.301
1.728
1.766
1.615
1.685
1.647
1. 442
1.302
1.735
1.778
1.626
1.654
1.653
1.466
1.319
.770
' 1. 783
1.830
' 1. 678
1.645
' 1. 727
' 1. 522
1.347
' 1. 791
1.844
1.691
1. 667
1.729
' 1. 538
' 1. 348
1.353
1.337
1.393
1.250
1.217
1.271
1.625
1.355
1.340
1.398
1.248
1.221
1.271
1.631
1.358
1.339
1.403
1.242
1.210
1.277
1.623
1.365
1.340
1.407
1.241
1.181
1.270
1.642
1.375
1.346
1.419
1.263
1.153
1.292
1.681
1.374
1.341
1.423
1.257
1.180
1.300
1.656
' 1. 405
' 1. 362
' 1. 495
1.278
'1.210
1.306
' 1. 650
' 1.419
'1.382
1. 502
1.287
1. 235
1.320
1.651
1.334
.343
do
1.350
.327
1.328
do
1.318
1.406
.403
1.386
do
1.231
.251
1.253
__ do_
1.182
.182
1.192
do
1.263
.267
1.273
.
do.
1.613
do
1.590
1.600
fRevised series. See note marked "i " on p. S-]LI.
'
.818
' .667
.642
' .701
' .496
'
.331
' 1. 379
' 1. 342
' 1. ^01
' 1. 271
' 1. 148
1.307
r 1. 647
* 1.812
p 1.557
p 1. 362
p 1. 446
v 1. 410
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
S-15
January
February
March
April
May
June
July
August
September
October
November
December
EMPLOYMENT AND POPULATION—Continued
W AGE S — Continued
Average hourly earnings, etc.f — Continued
All manufacturing industries—Continued
Nondurable-goods industries— Continued
Tobacco manufactures
dollars. _
Textile-mill products
do
Broad-woven fabric mills
do
Knitting mills
do
Apparel and other finished textile products
dollars. _
Men's and boys' suits and coats
do
Men's and boys' furnishings and work
clothing
dollars
Women's outerwear
do
Paper and allied products
_ _ _ _ do . .
Pulp, paper, and paperboard mills do
Printing, publishing, and allied industries
dollars..
Newspapers
_
do
Commercial printing_ _ _
do
Chemicals and allied products
do
Industrial organic chemicals
do
Products of petroleum and coal
do
Petroleum refining .
do
Rubber products
do
Tires and inner tubes
do
Leather and leather products
do.. _
Footwear (except rubber)
do
Nonmanufacturing industries:
Mining:
Metal __
_._
_ do __
Anthracite
do
Bituminous coal. _ _ _ _ _ _
_
do
Crude-petroleum and natural-gas production:
Petroleum and natural-gas production
dollars
Nonmetallic mining and quarrying . .do
Contract construction
do
Nonbuilding construction
do
Building construction
do
Transportation and public utilities:
Local railways and bus lines
do
Telephone
_.
do
Telegraph
do
Gas and electric utilities
do
Trade:
Wholesale trade..
do
Retail trade:
General-merchandise stores
__ do
Food and liquor
do
Automotive and accessories dealers.. .do
Service:
Hotels, year-round
do
Laundries
_
__
do
Cleaning and dyeing plants.
__do
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr
Skilled labor
do
Farm wage rates, without board or room (quarterly)*
... _
.dol.perhr
Railway wages (average, class I)
do
Road-building wages, common labor. _ _ do
1.019
1.197
1.201
1.126
1.033
1.202
1.204
1.134
1.063
1.209
1.201
1.166
1.076
1 209
1.199
1.177
1.087
1 204
1 193
1 160
1.081
1 204
1.190
1 162
1.086
1 208
1. 197
1 156
1.095
1.212
1.203
1.156
1.098
1.218
1.208
1.165
' 1. 072
' 1. 228
' 1. 214
' 1 173
r
'
'
'
1.165
1.344
1.186
1.348
1.212
1.348
1.195
1.355
1.159
1.337
1.156
1 333
1.170
1.335
1.194
1.334
1.225
1.355
r 1. 207
.919
1.424
1.354
1.424
.929
1.453
1.364
1.433
.979
1.466
1.360
1.422
.984
1.403
1.363
1.426
986
1 335
1.376
1 445
983
1.317
1.373
1.431
.982
1.357
1.396
1.466
.979
1.430
1.417
1.494
.985
1.492
1.426
1.502
1.839
2.139
1.766
1.437
1.561
1.831
2. 094
1.770
1.454
1.579
1.852
2.104
1.799
1.459
1.566
1.869
2 131
1.807
1 462
1.564
1.870
2. 153
1.799
1 470
1. 574
1.877
2.173
1.801
1.485
1.578
1.879
2.171
1.813
1.507
1.597
1.878
2.164
1.817
1.529
1.622
1.798
1.885
1 506
1. 737
1.133
1.083
1.813
1.902
1 536
1. 763
1.138
1.090
1.800
1.890
1. 528
1. 755
1.157
1.117
1.802
1 891
1 519
1 745
1. 165
1 127
1.810
1 904
1 544
1 775
1.172
1 129
1.805
1.898
1 566
1.815
1.174
1.125
1.814
1.911
1 572
1.824
1.172
1.122
1.498
1.919
1.919
1.517
1.866
1.933
1.499
1.953
1.962
1.504
1 928
2.009
1.512
1 974
2.022
1.517
1.983
2.005
1.788
1.299
1.917
1.777
1.964
1.824
1.289
1.932
1.753
1.976
1.797
.313
.950
.771
.988
1 781
1.331
1 954
.766
995
1 806
1.331
1 938
1.746
1 986
1. 463
1.367
1.424
1.580
1.473
1.380
1.425
1.585
.469
.391
1.428
1.572
476
.376
427
.573
1.423
1.432
1.446
.948
1.254
1.272
.967
1.267
1.282
.963
1.268
1.275
759
.844
.987
753
.847
.989
1.478
2.464
1.572
r
r
1.118
1 308
1.306
1 238
* 1. 127
p 1.313
r 1. 225
' 1. 366
'1.211
1.382
» 1. 266
' 1. 442
r 1.434
' 1. 510
1.001
«• 1. 469
r 1.442
r I. 518
1 022
1.400
' 1. 473
1.557
P 1. 494
1.881
2.160
1.805
1.526
1.618
r 1. 900
r 2. 198
1.813
1.535
' 1. 655
' 1. 904
r 2. 207
1.848
' 1. 535
r 1. 659
1.829
1.925
1.592
1.862
1.174
1.128
1.816
1.911
1 585
1.863
1.186
1.144
' 1. 841
r 1.935
1 589
' 1. 845
' 1. 200
1.152
1.524
1.992
2.015
1.537
1.971
2.014
1.539
1.981
2.001
1.772
1.339
1.950
1.762
1 998
1.777
1.345
1.941
1.756
1.995
1.817
1.366
1.954
1.776
2.006
1 481
1.381
1 438
1.578
1 486
1.381
1 440
1.578
1 488
1.386
1 430
1.590
1.453
1.466
1.463
.960
1 269
1.293
.960
1 270
1.318
.975
1 267
1.318
765
.843
.984
755
843
.995
756
850
1.002
1.485
2. 464
1.485
2.466
1 486
2.469
.75
1.574
1.17
1.601
1.552
f 1. 349
.994
1. 077
1 295
1.299
1 218
r
1.903
2.217
1. 832
1. 557
1.678
* 1. 928
' 1. 870
' 1. 967
r
1 592
' 1.837
r 1. 217
1.166
' 1. 902
2.005
1 611
1.857
' 1. 224
1.171
v 1. 930
' 1. 573
1.984
' 2. 026
' 1. 594
2.032
r 2. 022
1.623
1.965
2.010
1 762
1.366
1 968
1.791
2 021
' 1. 814
r 1.385
r 2. 013
«• 1. 828
r
2. 067
' 1. 883
' 1. 400
r 2. 025
' 1. 825
2 083
1.881
1.413
2 043
1.830
2 100
1.496
1. 395
1.425
1.599
1 492
1 392
1 422
1.603
' 1 495 ' 1 501
' 1. 409 r 1. 427
1 444
1 446
' 1. 619 r 1. 626
1 498
1.425
1 447
1. 647
1.476
1.494
1 489
' 1. 497
1.518
.984
1 270
1.357
.990
1. 286
1.354
991
1 278
1 396
r .992
r 1 290
' 1.393
.984
' 1 294
r 1.393
.972
1 310
1.378
756
857
1.016
761
865
1.024
765
.858
1.015
771
858
1 004
r 783
T
870
r 1. 023
791
r
874
' 1. 028
795
878
1.031
1 493
2.478
1 511
2.485
1 528
2.517
1.538
2.524
1 561
2 544
1 561
2.554
1 568
2.565
1 574
2.571
.70
1.574
1.13
1.558
1 555
.73
1 579
1.20
1 552
1 586
.66
1 566
1.23
1 587
231
250
279
246
335
259
374
286
397
308
383
312
383
325
394
333
246
606
251
606
1,838
988
941
47
269
582
305
546
331
519
1,861
989
946
43
350
522
98 509
38 757
59, 752
r 115 490
50 067
r
65, 423
110 107
44 910
65, 197
r in 974
43 837
' 68, 137
r no 132
43 740
' 66, 392
125 435
52 590
72, 845
43, 804
18, 466
219
17, 969
22 886
43 804
18 139
16 129
595
22, 841
55.8
44, 049
18, 820
82
18, 356
22 389
44 049
17 912
15 989
219
22, 947
54.8
45, 604
20, 340
72
19, 572
22 235
45 604
19 197
16 709
888
22, 997
52.7
44, 826
19, 798
116
19, 252
22 045
44 826
18 398
16 514
'589
23, 075
53.2
45, 448
20, 638
161
19, 693
21 798
45 448
18 682
16 763
r
645
23, 397
51.8
47, 172
22, 216
67
20, 778
21 458
47 172
19 810
17 681
v 1 181
23,587
49.4
r
' 1. 510
r
P 1. 573
p 1 676
p 1. 225
1 574
2.577
a
.79
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)
New York City
Outside New York City
do
do
...do_-_.
272
257
280
258
256
257
245
258
255
540
247
564
1,816
980
931
49
246
589
91 682
37 025
54, 657
100 301
41 463
58, 838
107 113
43 781
63,332
1,712
956
899
57
306
450
294
453
279
476
1,744
969
916
53
265
510
106, 284
45 781
60, 503
95, 359
38 962
56, 397
86, 192
35, 727
50, 565
104, 035
43 112
60, 923
237
257
Federal Reserve banks, condition, end of month:
Assets, total
mil. of dol_.
45. 643
44, 194
44, 097
43, 568
43, 895
44, 284
43, 525
Reserve bank credit outstanding, total. _ .do
19, 499
18, 070
18, 326
18, 226
18, 301
18, 703
17, 935
Discounts and advances
do
145
130
78
225
113
306
43
United States Governmentsecurities___do
18, 885
17, 592
17, 827
18, 331
17, 746
17, 796
17, 389
Gold certificate reserves
__
do
23, 176
22 982
23, 168
23, 120
23, 020
23 035
22 998
Liabilities, total
do
45 643
44 194
43 525
43 895
44 097
43 568
44 284
Deposits, total
do
18 906
18 348
18 064
18 083
17 796
17 655
18 316
Member-bank reserve balances
do
16, 211
16, 568
15, 973
15 657
15 814
15 934
15 878
Excess reserves (estimated)
do
698
583
526
1,018
436
507
676
Federal Reserve notes in circulation
do
22, 926
23, 483
22, 974
22,911
22, 921
22, 880
22, 836
Reserve ratio
percent. _
56.1
56.3
56.2
54.7
56.8
56.6
55.7
'Revised.
" Preliminary.
fRevised series. See note marked "f" on p. S-ll.
« Rate as of January 1, 1951.
§Rates as of January 1,1951: Common labor, $1.585; skilled labor, $2.608.
*New series. Comparable data prior to January
1948 are not available.
SUEVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through.
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
February
1950
1949
December
January
February
March
April
May
June
July
August
September
October
November
December
FINANCE—Continued
BANKING—Continued
Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. ofdol
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_ _
Investments, total
do
U. S Government obligations, direct and
guaranteed, total
mil. ofdol
Bills
.
do
Certificates
do
Bonds and guaranteed obligations
do
Notes
-do. Other securities
do
Loans, total
do
Commercial, industrial, and agricultural. do
To brokers and dealers in securities
do
Other loans for purchasing or carrying securities
mil. of dol__
Real-estate loans
do
Loans of banks
do
Other loans
do
Money and interest rates :d"
Bank rates on business loansrf
T
7
T
11
j.^
tb
thp
d
d
t
fp ri
~~'i~
't'
rl
rl
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
Yield on U. S. Govt. securities:
3-month bills §
do
3 - 5 year taxable issues _ _ _ _ _ _
do
Savings deposits, balance to credit of depositors:
New York State savings banks
mil. of dol__
U. S. postal savings
do
48, 253
47, 767
46, 926
46, 162
46, 928
47, 533
47, 972
48, 264
48, 995
49, 238
49, 471
50, 546
51, 248
48, 857
3, 296
1, 955
15, 288
47, 600
3,456
2,322
15, 333
47, 193
3, 454
2, 302
15,377
45, 848
3,431
2, 691
15,397
46, 672
3, 601
1, 668
15, 472
47, 856
3,571
1,982
15, 496
47, 925
3, 611
2,350
15, 552
48, 555
3,443
1, 946
15,387
49, 368
3,321
2, 390
15, 331
50, 198
3,245
2,338
15, 329
50, 445
3, 362
1,805
15, 292
51, 305
3,371
1,624
15, 242
52, 810
3,480
1,194
15, 386
14, 537
621
10, 729
42, 527
14, 578
627
10, 394
42, 780
14, 647
609
10,415
42, 090
14, 660
617
9,994
41,677
14, 717
633
10, 356
41, 525
14, 738
636
9,930
42, 070
14, 768
652
10, 098
42, 376
14,613
638
10, 345
41, 466
14, 535
663
10. 125
41,317
14, 537
662
10, 285
40, 265
14,513
653
11.032
39, 850
14, 475
642
10, 854
39, 337
14,615
644
12,956
39, 797
37, 469
2,544
6, 856
24. 637
3,432
5, 058
24, 894
13, 904
1,608
37, 595
2, 762
6, 152
24, 796
3, 885
5, 185
24, 486
13, 918
1,364
36, 774
2,212
5,071
24, 862
4, 629
5, 316
24, 741
13, 834
1,529
36, 118
1, 708
4, 638
24, 016
5, 696
5, 559
24, 886
13, 790
1,670
35, 916
1,753
4, 307
24, 080
5, 776
5, 609
25, 009
13, 420
1,813
36, 456
2,125
4,420
24,193
5,718
5, 614
25, 033
13, 359
1,801
36, 638
2, 641
2, 916
24, 433
6, 048
5, 738
25, 584
13, 602
1,717
35, 496
1,831
2, 134
24, 513
7,018
5, 970
26, 381
14, 022
1,934
35. 082
2,297
1, 359
23, 539
7,887
6. 235
27, 253
14. 739
1,427
33, 845
2, 391
1,156
22, 426
7,872
6,420
28, 502
15, 725
1,487
599
4,342
319
4,445
573
4,396
154
4,455
570
4,413
302
4,470
588
4, 465
212
4,540
624
4,522
368
4,644
627
4,595
235
4,800
652
4,682
405
4,912
676
4,815
214
5,111
743
4,938
358
5,439
718
5,035
339
5,590
1.50
4.08
2.00
1.50
4.08
2.00
2.34
2.67
3.22
1.50
4.08
2.00
1.50
4.08
2.00
1.75
4.08
2.00
2.32
2.63
3.13
1.75
4.08
2.00
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.16
1.44
1.63
1.63
1.174
1.47
1.172
1.45
2.38
2.67
3.03
1.50
4.08
2.04
1.50
4.08
2.00
1.50
4.08
2.00
2.29
2.55
3.12
1.50
4.08
2.00
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
1.06
1.31
1.63
1.63
r
33, 535
32, 984
2,481
2,044
1,048
1,124
22, 246
22, 114
7, 760
7,702
6,315
6.353
29, 387
30, 586
' 16, 476 ' 17, 084
1,355
1, 671
728
5, 126
312
5, 786
33, 296
2,470
21,558
9, 268
6,501
31,417
17, 859
1,578
792
' 5,213
377
r
5, 845
750
5,280
510
5,877
1.75
4.08
2.00
1.75
4.08
2.00
2 51
2 87
3 28
1.75
4.08
2.00
1.31
1.66
1.63
1.63
1.31
1.73
1.63
1.63
1.31
1.69
1.63
1.63
1.31
1.72
1.63
1.63
1.211
1.45
1.315
1.55
1.329
1.65
1.364
1.62
1.367
1.64
11, 464
2, 967
11, 525
v 2, 941
11, 646
P 2, 923
r
1. 090
' 1. 125
1.39
1.44
>• 1. 138
1.45
' 1. 159
11.45
r
1.37
11, 087
3,182
11,179
3,183
11, 237
3,177
11,325
3,168
11, 363
3,151
11,411
3,125
11, 512
3,097
11, 476
3,061
11,448
3,021
11,462
2,991
Total consumer credit, end of monthO.mil. ofdol..
Instalment credit, total
._ __
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 retail stores
do
16, 809
10, 890
6,240
3,144
16,368
10, 836
6,174
3,179
16, 159
10, 884
6,213
3,256
16, 338
11,077
6,334
3,355
16, 639
11,322
6,511
3,470
17,077
11, 667
6,733
3,600
17,651
12, 105
6,995
3,790
18, 295
12, 598
7,343
3,994
18, 842
13, 009
7,613
4,107
19,329
13, 344
7,858
4,213
'19,398
7.879
4,227
p 19, 403
v 13, 304
' 7, 805
p 4, 175
p 20, 093
P 13, 478
P 7, 923
P4, 134
975
902
491
958
891
960
899
502
979
913
518
1,011
935
537
1,032
947
561
1,081
976
597
p 1,172
P 1, 003
P702
P 1,243
P 1, 033
P717
fii fi
1,159
1,028
702
756
1,170
1,019
705
fi97
1,123
998
658
707
Cash loans, total
do
Commercial banks
do
Credit unions
do
Industrial banks
_
do
Industrial -loan companies
do
Insured repair and modernization loans
mil. of dol__
Small-loan companies.
do
Miscellaneous lenders
do
4,650
1,951
402
250
175
4,662
1,957
404
251
175
4,671
1,973
r5,510
2,460
524
294
201
* 5, 499
j> 2, 435
v 521
P292
P200
P 5, 555
T 2, 433
p525
P291
*203
801
929
142
801
931
142
792
928
3,909
1,018
992
280
69
41
31
232
r 1. 102
r
1.166
1.45
r
CONSUMER CREDIT
Charge accounts
Single-payment loansO
Service credit
do
do
do
Consumer instalment loans made during the month,
by principal lending institutions:
Commercial banks _
mil. ofdol
Credit unions
do
Industrial banks
___
do
Industrial-loan companies.
__
_ _ do
Small-loan companies
do
1,010
935
500
163 I
488
492
P.O.K
fil 0
CQC
r 13,3^9
n
P796
4,743
2, 026
421
258
176
4,811
2, 066
431
262
178
4,934
2,134
450
267
182
5,110
2,233
474
275
187
5, 255
2,316
495
282
192
5,396
2,401
514
290
197
5, 486
2,462
524
295
201
142
783
936
143
785
945
144
797
959
145
816
978
147
826
995
149
835
1,009
150
844
1,010
M50
••853
1,026
r
152
P861
P 1, 038
f 153
p862
P 1, 084
pl57
3, 506
1,027
999
3, 233
1,034
1,008
3,211
1,045
1,005
3,241
1,067
1,009
3,290
1,092
1,028
3,392
1,116
1,038
3,527
1,133
1,037
3,636
1,157
1,040
3,741
1,197
1,047
3,703
>• 1, 250
1,056
p 3, 739
v 1, 298
v I, 062
P! 326
P! 062
269
59
37
27
131
268
61
34
25
126
336
78
43
31
163
307
70
37
28
154
348
83
43
32
168
379
93
46
34
175
381
84
45
32
166
387
88
46
33
166
356
76
40
32
149
298
66
39
28
149
*257
408
254
174
v 64
"34
v 27
v 165
p288
P72
P37
P29
P234
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:
4,255
3,480
5,622
3,607
2,092
4,776
2,148
Receipts, total
__
mil. ofdol
2,895
3,238
4,842
2,300
3, 184
4 474
3, 366
2,972
4,404
4,191
4,820
1,881
4,605
1,488
2,320
2,860
Receipts, net
do
2 056
2 851
4 211
37
35
43
34
39
35
40
38
52
Customs
_ _
__
do
47
57
54
54
3,214
2,545
2,342
4,429
1,721
3,526
1,028
1,267
3,635
Income and profits taxes
do
1,768
1,105
1, 910
3, 163
67
139
544
362
204
349
93
295
312
340
Employment taxes
do
186
310
375
720
645
714
599
701
704
737
629
775
948
Miscellaneous internal revenue
do
808
746
764
186
147
88
88
69
146
140
138
All other receipts
do
129
73
144
133
117
2
3,722
3,323
2,496
3, 269
2,847
2,962
4,296
3,013
Expenditures, total J
. __ do
2,515
3,520
3,170
3 102
3 742
1,008
636
1,611
463
161
184
271
136
134
646
Interest on public debt
do
229
142
968
489
516
502
588
504
509
465
449
402
Veterans Administration
do
466
460
443
470
r
1,095
1,046
936
1,051
964
1,007
1,024
998
1,149
National defense and related activitiest__do
1,037
1,338
1, 446
p 1, 523
r
1,130
1,298
994
897
1,222
1,190
1,269
1,315
1,435
All other expenditures!
do
1.142
766
1.045
808
r
Preliminary.
1 Series was changed on April 1 to l3/& percent Treasury notes of March 15, 1954 and \% percent Treasury notes of March 15, 1955.
Revised.
2
Data reflect a reduction of $1,746,000, representing net investments of wholly owned Government corporations and agencies in public debt securities which were classified as expendi
tures in July-October.
d"For bond yields see p. S-19.
fRevised series. Annual averages for 1939-48 on the new basis are available upon request.
§Revised to reflect yields on bills issued rather than on bills announced; comparable data for January 1947-November 1949 are available upon request.
{Revisions for total budget expenditures (June 1948-January 1949) are shown at bottom of p. S-14 of the April 1950 SURVEY; those for national defense and all other expenditures (July 1948February 1949), on p. S-17of the September 1950 SURVEY.
O Revised beginning 1929 to exclude nonconsumer single-payment loans; data prior to October 1949 are available upon request.
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
S-17
1950
1949
December
January
February
March
April
May
June
July
257, 357
255, 209
222, 853
32, 356
2,148
257, 541
255, 403
222, 884
32, 518
2,138
August
September
October
November
December
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE— Con.
Debt, gross:
Public debt (direct), end of month, total
mil. of dol_.
Interest-bearing, total
do
Public issues
do
Special issues
do
Noninterest bearing
do
Obligations guaranteed by U. S. Government,
end of month
mil. of dol
U . S . savings bonds:
Amount outstanding, end of month
do __
Sales, series E, F, and G
do
Redemptions
do
Government corporations and credit agencies:
Assets, except interagency, total - - mil. ofdol__
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
257, 130
255, 019
221, 123
33, 896
2,111
256, 865
254, 869
221, 367
33, 502
1,997
256, 368
254, 406
221,535
32, 871
1,962
255, 724
253, 506
221,408
32, 098
2,218
255, 718
253, 516
221,714
31,802
2,202
256, 350
254, 183
222, 315
31, 868
2,167
257, 874
255 764
223, 059
32 705
2,110
257,
254
221
33
2
216
968
572
396
247
29
27
27
24
22
20
20
16
18
20
22
56, 910
57, 108
707
618
57, 345
581
418
57, 446
524
510
57, 534
423
413
57, 576
416
454
57, 629
398
456
57, 655
417
505
57, 451
350
537
57 473
310
475
58, 027
971
497
495
466
23, 733
12, 733
4,362
1,251
114
462
4
442
6,090
484
1, 549
2,047
3,492
2, 962
950
24, 360
13, 350
4, 851
1,324
113
496
3
328
6,101
492
1, 567
2,221
3,488
2,932
801
24,118
12,502
3,773
1,316
113
515
3
451
6,116
485
2,186
2,101
3,483
2,924
923
24, 102
12, 769
3,684
1 387
113
539
2
708
6 103
498
1 739
2,112
3 478
2,931
1 073
Liabilities, except interagency, total
Bonds, notes, and debentures:
Guaranteed by the United States
Other
Other liabilities
do
2,520
2,801
2,238
2 097
do
do
do
28
772
1, 720
21
708
2, 072
18
774
1,446
19
1 108
970
Privately owned interest
U S Goverment interest
do
do
183
21, 030
190
21, 368
201
21, 679
214
21 791
_
_
Reconstruction Finance Corporation, loans and
securities (at cost) outstanding, end of month,
total
mil of dol
Industrial and commercial enterprises, including
national defense _ _ _ _ _ _ _ _
mil. o f d o l Financial institutions
do
Railroads
__
.
_ _
do
States, territories, and political subdivisions do
United Kingdom and Republic of the Philippines
mil. of doL_
Mortgages purchased
_
__.
do
Other loans
_
_ __
___do
256, 937
254 731
221, 191
33 539
2,206
1,874
1,951
1,998
2,043
2,070
2,105
2,085
2,113
481
114
112
29
500
114
111
29
507
113
110
27
516
112
110
27
524
112
111
25
542
110
111
25
518
110
110
25
525
109
110
25
149
951
37
147
1,012
37
145
l,0f!0
37
139
1,102
37
137
1,125
37
133
1,147
37
128
1, 156
37
59, 280
53, 652
59, 781
53, 911
60, 080
54, 252
60, 382
54, 592
60, 660
54, 839
60, 973
55, 034
52, 879
37, 397
15, 921
13, 779
9,314
2.864
9, 298
706
10, 569
978
9,591
1, 934
1,102
1,171
53, 184
37,411
15,881
13, 743
9,320
2,866
9,345
852
10. 691
987
9,704
1,943
1.113
1,173
53, 445
37, 588
15, 853
13, 716
9,473
2,877
9, 386
704
10, 831
1, 006
9,824
1, 952
1, 124
1,246
53, 697
37, 687
15, 834
13, 684
9,503
2, 878
9,472
687
11,016
1,020
9, 996
1,963
1,134
1,210
53, 936
37, 716
15, 790
13, 640
9,551
2,906
9, 468
689
11,181
1,036
10, 144
1,972
1,144
1,234
2,195
504
360
1 331
86
2«9
280
133
156
58
117
52
160
1,745
212
402
1, 131
85
293
239
104
124
44
95
35
111
2,335
706
433
1 196
82
294
253
111
136
48
105
40
127
2,413
443
490
1,480
96
359
307
138
166
65
135
48
165
2,171
382
445
1 344
88
317
277
121
159
60
120
48
154
2 166
1
1 009
1
997
257,
254
221
33
2
077
887
156
732
189
256,
254
220
33
2
708
282
575
707
425
24
24
58 096
436
448
58 248
541
509
1 gqg
i 893
436
103
108
23
535
108
110
25
518
105
111
24
105
111
24
426
103
108
-•23
126
1, 180
36
125
1,227
36
118
i 97
36
113
i 94
36
108
i 93
36
61, 307
55, 311
61, 679
55, 675
61, 988
55, 909
62, 370
56, 224
62, 706
56, 334
63, 022
56 652
54, 196
37, 674
15, 598
13, 453
9, 638
2, 914
9, 524
719
11,379
1,054
10, 325
1.9S3
1,159
1,283
54, 476
37, 679
15, 383
13, 256
9,740
2,949
9,607
794
11,611
1,071
10, 540
1,994
1,176
1,222
54, 811
37, 781
15, 366
13, 242
9,806
2,948
9, 661
726
11,821
1,0*5
10, 736
2,009
1,207
1, 267
55, 078
37, 731
15, 170
13, Oil
9,900
2,961
9, 699
725
12, 064
1,099
10, 965
2,024
1,216
1,317
55, 381
37, 758
15.045
12, 839
9,943
2,973
9,797
712
12, 302
1,110
11, 192
2, 036
1,228
1,346
55. 669
37. 548
14, 687
12, 502
10. 042
2,988
9,831
848
12, 570
1,125
11, 445
2, 047
1, 244
1,412
55 932
37, 522
14, 414
12, 218
10 092
2,987
10 030
799
12 866
1, 136
11 731
2, 056
1,259
1,429
2,273
341
479
1 453
98
336
293
129
179
61
132
53
172
2,280
431
431
1,418
96
324
292
128
168
60
134
50
165
2,304
515
392
1,397
96
312
284
127
175
62
125
51
165
2,519
349
393
1 777
117
361
346
169
239
84
185
64
212
2,384
553
391
1 440
89
294
302
140
177
64
135
55
183
2, 570
700
475
1.395
95
320
299
128
162
65
121
48
158
2 669
881
432
1 356
95
333
293
120
147
60
111
47
150
280, 449
115,933
35, 834
8,542
19, 077
48, 456
52, 607
304, 642
141,539
40, 964
8,282
21. 056
42, 439
50, 362
305, 847
136, 412
40, 493
8,381
21, 253
43, 378
55, 930
1
97
92
36
LIFE INSURANCE
Assets, admitted:
All companies (Institute of Life Insurance), estimated total
mil. of dol__
Securities and mortgages
do
49 companies (Life Insurance Association of
America), total.
mil. of dol
Bonds and stocks, book value, total _ _ do
Govt. (domestic and foreign), total
do
U. S. Government
do
Public utility
_
do
Railroad
_•__
do
Other
do
Cash__ _ _ _ _ _ _ _
do
Mortgage loans, total
do
Farm
_ _
__ _ ; _ _ do
Other
do
Policy loans and premium notes
_do__
Real-estate holdings
_do
Other admitted assets
do
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance):
Value, estimated total
mil. of dol
Group
do
Industrial
_
do
Ordinary total
do
New England
.__
do
Middle Atlantic
do
East North Central
do
West North Central
do__
South Atlantic
__
do
East South Central
_ do__
West South Central
do
Mountain
__ ___
_ do
Pacific
do
Institute of Life Insurance:
Payments to policy holders and beneficiaries,
358, 738
302, 338
327 079
288, 708
295, 802
313, 640
277, 771
339, 057
330, 149
estimated total
thous. of dol
132, 259
152,034
124, 549
128, 731
137, 941
133, 973
117, 588
131, 433
132, 673
Death claim payments
do
48, 070
48, 117
36, 949
38, 190
46, 643
38, 750
40, 216
37, 933
41, 298
Matured endowments
do
7,462
8,583
8,658
8,969
7,800
7,884
8, 354
8,440
8,534
Disability payments
do
21,090
21, 704
21, 568
25, 323
19, 434
19, 888
21, 466
21, 183
17, 097
Annuity payments
do
45, 943
47, 168
65, 460
44, 147
60, 422
46, 463
57, 664
45, 139
Policy dividends
do
83, 640
57, 024
63,116
50, 442
51, 007
52, 620
59, 356
60, 244
Surrender values
do
59, 180
53, 463
r
Revised.
* Excludes holdings of the Federal National Mortgage Association; this agency was transferred to the Housing and Home Finance
Agency on Sept. 7, 1950.
2,954
1 142
370
1 442
94
323
300
146
162
56
129
59
174
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
Decem-
ber
February 1951
January
Febru-
ary
March
April
May
June
July
August
Septem-
October
Novom-
476, 122
38, 796
48, 948
30, 101
75, 080
283, 197
452, 453
46, 545
53, 741
38, 507
64, 925
248, 735
491,850
43, 806
64, 141
37. 849
63, 386
282, 668
ber
ber
Decem-
ber
FINANCE—Continued
LIFE INSURANCE— Continued
Life Insurance Association of America:
Premium income (39 cos ) total
thous of dol
Accident and. health
do
Annuities
do
Group
do
Industrial
do
Ordinary
do
653, 742
42, 178
115. 207
40, 929
108, 014
346, 914
483, 248
32, 284
79, 118
51, 213
72, 425
248, 208
469, 517,
32, 145
64, 435
34, 444
66, 613
271, 880
558, 510
39, 696
67, 701
42, 886
79, 324
328, 903
420, 371
33, 123
51, 566
31, 553
58, 570
245, 559
474, 305
39, 823
52, 132
38,311
70, 648
273, 391
539, 208
38, 584
72, 477
39, 351
75, 220
313, 576
442, 303
34, 505
67, 160
35, 432
61,966
243, 240
447, 976
43, 025
54, 865
42, 113
66, Oil
271, 962
MONETARY STATISTICS
Gold and silver:
Gold:
24, 427
Monetary stock, U. S
mil. of doL .
Net release from earmark§
thous. of dol.. -59, 399
10, 111
Gold exports
do
8, 697
Oold imports
do
63, 653
Production reported monthly total!J!
do
38, 492
Africa
do
13, 058
Canada
do
6,609
United StatesJ
do
Silver:
680
Exports
do
4,060
Imports
do
.733
Price at New York
dol. per fine oz .
Production:
1,718
Canada
thous of fine oz
4,800
M^exico
do
3,193
United States __do __
Money supply:
27, 600
Currency in circulation
mil of dol
Deposits, adjusted, all banks, and currency out173, 030
side banks total O
mil of dol
25, 415
Currency outside banks
do
Deposits, adjusted, total, including U. S. de147,615
positsO
mil. of dol _
85, 750
Demand deposits, adjusted, excl. U. S. _ do
58, 616
Time deposits, incl postal savings
do
Turn -over of demand deposits, except interbank and
U. S. Government, annual rate:
32.5
New York City
ratio of debits to deposits
20.0
Other leading cities
-~
do_ -
24, 395
-93, 162
7,223
46, 201
64, 007
38, 780
12, 399
5,869
24, 345
-50, 411
4,119
4,350
60, 093
36, 456
12, 247
5,506
24, 246
-95, 432
4,338
2,706
66, 407
39, 661
13,417
6,084
24, 247
-59, 175
2,130
55, 419
63, 247
37,615
12, 941
6,717
24, 231
-29, 873
1,553
14, 628
65, 885
39, 930
13, 082
6,819
24, 231
-17,627
2,246
12, 274
38, 940
12, 913
6,645
38, 969
12, 893
7,078
39, 425
13.177
7,890
12, 771
7,846
T
13, 190
8, 170
7,545
47
8, 065
.733
30
4,355
.733
110
6,317
.731
62
3,412
.718
70
8,253
.726
1,219
6,126
.728
375
10, 408
.728
425
8,904
.728
334
17,371
.728
335
12. 350
.751
947
13, 870
.800
1,196
3,700
2, 965
1, 385
4,100
2, 496
1,768
3,800
3,721
1, 454
3,100
4,224
1,751
3,800
3,890
1,968
4,400
2,669
2,286
3.300
4,102
2,278
4,000
3,660
2,278
4,000
4,222
2,747
26, 941
27, 068
27, 042
27, 048
27, 090
27, 156
27, 010
27, 120
27, 161
27, 228
27, 595
p 27, 737
172, 900
24, 500
172, 400
24, 700
171, 400
24, 600
171,600
24, 600
172, 400
24, 700
173, 765
25, 185
* 173, 900 v 174, 800
p 24, 400
P 24, 500
v 175, 300
P 24, 500
p 176, 100
P 24, 600
p 177, 200
p 24, 800
p 180, 000
p 25, 000
148,400
86, 400
58, 700
147,700
84, 500
59, 000
146, 800
83, 200
59, 300
147, 000
84, 300
59, 500
147, 700
85, 000
59, 500
148, 580
85, 040
59, 739
v 149, 500 * 150, 300 P 150, 700
P 86, 500 P 87, 400 p 88, 100
P 59, 400 * 59, 100 P 59, 000
p 151, 500
P 89, 400
P 59, 000
p 152, 400
p 90, 700
p 58, 700
p 155, 000
p 93, 200
p 59, 000
28.6
18.9
29.3
18.9
29.4
19.3
29.7
19.4
29.7
19.2
30.7
20.2
30.7
20.9
31.4
21.7
37.2
23.0
23, 627
24, 136
-89, 969 -431, 378
46, 368
4, 069
4,146
2,556
31.0
20.3
33.8
19.9
23, 483
23, 249
-65, 889 -146,220
108, 448
95, 967
11,998
2,519
34.2
21.5
23, 037
p 22, 706
-35,311 -237,935
146, 748
95 825
3, 117
2,833
2,246
10, 602
.800
PROFITS AND DIVIDENDS (QUARTERLY)
Manufacturing corporations (Federal Reserve):*
Profits after taxes total (200 cos )
mil of dol
Durable goods total (106 cos )
do
Primary metals and products (39 cos ) do
Machinery (27 cos )
do
Automobiles and equipment (15 cos )
do
Nondurable goods total (94 cos )
do
Food and kindred products (28 cos )
do
Chemicals and allied products (26 cos ) do
Petroleum refining (14 cos )
do
Dividends total (200 cos )
do
Durable goods (106 cos )
do
Nondurable goods (94 cos )
do
Electric utilities, profits after taxes (Fed. Res.) 9
mil of dol
Railways and telephone cos. (see p. S-23).
766
424
100
91
200
342
64
115
109
629
380
249
804
496
167
82
215
308
47
117
87
387
220
166
1 048
695
225
94
330
353
57
141
95
393
218
175
v I , 242
p 778
p 255
v 109
p 357
p 464
p 86
P 174
P 131
P 546
P 341
P 205
195
230
212
P 171
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
capital and refunding)
mil. of dol
New capital, total
do
Domestic, total
__ do _Corporate
_
do
Federal agencies
do
Municipal, State, etc
do
Foreign
_
_
do
Refunding, total
do
Domestic, total
do
Corporate
_
do
Federal agencies
do
Municipal, State, etc
do
Securities and Exchange Commission:J
Estimated gross proceeds, total
By type of security:
Bonds and notes, totalCorporate
Common stock
_
Preferred stock
By type of issuer:
Corporate, total
Manufacturing*
_ _ _
Public utilityf
Railroad
Communication*
Real estate and
financial
Noncorporate, total
U. S. Government
State and municipal
731
513
513
315
0
198
0
218
218
105
56
57
1,185
817
817
553
30
233
0
369
269
108
159
1
809
711
708
146
13
550
3
98
83
20
57
6
1,060
769
750
365
21
363
19
292
229
168
58
3
700
540
520
327
23
170
20
160
160
89
65
6
1,061
771
770
427
39
304
1
290
282
237
31
14
1,285
954
949
598
18
334
5
330
330
276
35
20
579
505
505
292
8
204
0
75
75
21
53
1
795
555
529
263
0
265
26
240
190
134
48
8
943
707
687
270
145
272
19
236
219
20
193
6
794
651
646
465
0
181
5
143
77
77
63
3
752
598
584
229
0
356
14
154
154
74
65
14
do
1,842
2,098
1, 631
1,866
1,300
1,678
2,311
1,228
1,544
1,248
1 939
1 368
1 499
do
do
do
do ._
1,684
416
122
36
1,984
500
44
70
1,571
200
47
13
1,772
452
64
30
1,103
293
136
61
1,530
520
76
72
2,055
813
160
96
1,154
241
47
27
1,489
352
18
38
1,170
338
48
30
1 747
328
88
104
1 297
258
23
49
1 396
450
59
43
do
do
do
do
do. ._
do
_ __do
do
do
574
64
305
31
4
85
1,268
1,011
255
614
32
212
94
206
20
1,484
1,118
235
259
64
118
13
547
50
210
108
18
132
1,320
886
366
490
36
239
31
23
87
810
634
176
669
189
317
69
13
32
1,010
689
319
1 069
174
566
75
64
129
1,242
882
359
315
69
48
13
24
31
913
706
205
407
43
229
42
7
39
1, 137
773
299
416
71
167
17
8
28
832
531
279
519
181
216
19
23
43
1 419
1 298
18Q
330
89
169
19
7
21
1 039
655
553
148
0)
24
1,371
810
546
3R4
72
4.
33
946
777
ififi
!
'Revised.
» Preliminary.
Less than $500,000.
§Or increase in earmarked gold (—).
^Revisions for January-May 1948 for United States and total gold production are shown in the August 1949 SURVEY, p. S-18. Revisions for 1948April 1949 for securities issued (SEC data) are available upon request.
OU. S. Government deposits at Federal Reserve banks are not included.
*New series. Data on profits and dividends cover large manufacturing corporations (total assets end of 1946, $10,000,000 and over); quarterly averages for 1939-48 and quarterly data for
1946-March 1948 are shown on p. 23 of the June 1950 SURVEY. Data on securities issued for manufacturing and communication for January 1948-May 1949 are available upon request.
9 Revisions for 1946-48 are available upon request.
fRevised series. Data (covering electric, gas, and water companies) are available beginning January 1948.
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
S-19
1950
1949
December
January
February
March
April
May
June
July
August
September
October
November
December
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commissiont— Continued
New corporate security issues:
Estimated net proceeds, total
mil. of dol__
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 stock __
do
Other purposes
_
__do__ _
Proposed uses by major groups:
Manufacturing, total*
do
New money,
_ do
Retirement of debt and stock
do
Public utility, total t
do
New money
do
Retirement of debt and stock
do
Railroad, total
.__
_
_ do_
New money
do
Retirement of debt and stock
do
Communication, total*
do
New money
do
Retirement of debt and stock
do
Real 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
565
605
255
538
480
658
1,055
311
402
408
508
324
546
331
223
108
453
190
371
344
306
625
211
225
274
228
376
405
48
130
60
242
129
295
49
212
94
306
451
174
104
39
46
30
150
138
126
36
341
164
131
71
381
311
189
36
248
58
168
60
154
132
37
2
83
53
12
48
13
3
18
11
1
17
40
19
64
28
215
61
r
269
107
151
111
76
14
9
137
40
11
65
5
49
20
60
17
6
23
32
5
37
127
27
19
63
49
31
27
63
47
49
38
34
24
186
80
169
109
10
299
3
208
14
116
11
206
7
234
103
312
52
560
68
50
42
20
70
43
177
63
130
148
84
16
47
130
189
111
9
227
113
212
102
31
30
93
32
13
67
107
44
31
199
69
370
22
165
34
115
147
27
4
4
4
27
66
205
202
13
0
85
22
18
18
27
4
23
22
11
17
17
19
7
5
0
132
11
31
60
127
22
14
85
0
23
13
0
24
21
38
4
5
g
2
20
15
40
64
3
111
42
1
86
39
30
13
13
13
13
148
0)
22
61
27
1
92
35
8
43
0)
75
50
3
28
255, 707
126, 144
248, 176
178, 972
568, 839
167, 048
361, 726
100, 279
184, 192
114, 088
355,150
119,129
198
284
154
237
103
230
140
364
142
342
881
633
901
669
953
669
1,018
666
523
493
522
102. 43
102. 89
73. 70
102. 11
102. 56
74.46
122. 5
130.3
104. 36
0)
70
6
0)
0)
6
0)
175
74
0)
3
30
0)
39
o
224
50
85
54
145
72
18
13
11
71
2
25
88
59
146
113
25
167
26
175
119
155
48
19
47
19
20
72
o
19
0
16
56
4
3
4
2
21
1
32
17
23
15
2
18
8
290 006
39 798
229 427
123 887
r 394 581
T
202 771
162 191
175, 770
132
336
143
275
132
253
243
317
227
391
1,208
712
1,231
780
1,284
738
1,360
796
1, 356
890
755
752
751
1,351
771
759
774
745
100. 94
101.37
73.92
101. 25
101 72
71 71
101. 33
101 79
72 56
101.06
101 52
74 05
100. 83
101 27
73 37
100. 82
101 30
71 88
100. 93
101 45
70 41
122.1
131. 5
102. 73
122.0
131.0
102. 42
121.5
131.1
102. 24
122.1
134.8
102. 28
121.7
135 2
101. 90
121.1
136 4
101. 64
121.1
137.0
101. 69
121. 1
137.4
101. 53
77, 916
97, 114
84, 941
96, 720
100, 444
113, 114
106 848
132 672
82 962
100 627
68 654
84 250
77 833
93 748
76 914
94, 709
97 580
120, 019
84, 757
111, 305
75, 161
93, 378
82, 036
92, 926
97, 466
109, 088
103 389
128 381
80, 536
97 044
65 795
80 272
74 681
90 132
74, 646
91, 786
95, 099
116 476
82, 347
105, 474
113, 040
80, 583
76, 484
111, 222
25
1
22
14
21
5
361, 302
79, 256
206 855
136 896
322 795
172 189
190
387
154
370
167
518
1,084
678
1, 175
657
1, 256
673
579
619
750
827
101.95
102. 38
74.80
101. 78
102. 20
75. 48
101. 53
101. 94
75.81
101.43
101.84
75.89
122.7
131.3
104. 16
122.7
131. 7
103. 62
122. 7
131.5
103. 24
122.5
131.2
1C2. 87
84, 642
111, 120
107, 958
144, 088
67, 512
84, 939
88, 494
116, 471
80, 274
105, 909
103, 400
138, 310
63, 443
78, 760
99, 080
119,727
68, 487
COMMODITY MARKETS
Volume of trading in grain futures:
Corn
Wheat
mil of bti
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
306
314
397
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.),
total§
dollars. .
Domestic
do
Foreign
_
do
Standard and Poor's Corporation:
Industrial, utility, and railroad (A1+ issues):
Composite (17 bonds) * _ _ dol. per $100 bond__
Domestic municipal (15 bonds) _
..do U. S. Treasury bonds, taxable
do
Sales:
Total, excluding U. S. Government bonds:
All registered exchanges:
Market value
thous of dol
Face value
__
do
New York Stock Exchange:
Market value _ _.
do
Face value
do
New York Stock Exchange, exclusive of stopped
sales, face value, total § _
thous. of dol
U. S. Government
_
do
Other than U. S. Government, total §
do
Domestic
do
Foreign _
__
do
Value, issues listed on N. Y. S. E.:
Market value, total, all issues§
mil. of doL_
Domestic - _ _ . do
Foreign
do
Face value, total, all issues§ _
do
Domestic
__
do
Foreign
do
Yields:
Domestic corporate (Moody's)
percent. .
By ratings:
Aaa
do
Aa _
--do
A
do
Baa.
do
By groups:
Industrial
do
Public utility
do
Railroad
_
do
Domestic municipal:
Bond Buyer (20 cities)
do
Standard and Poor's Corp. (15 bonds)
do
U. S. Treasury bonds, taxable
do
r
25
72
24
14
10
68, 415
59, 215
9,161
85, 093
76, 453
8,616
82, 333
75, 038
7,261
105, 464
97, 132
8,262
37
12
12
13
23
113, 003
105 879
7,044
80, 571
74 865
5, 688
76, 472
68 717
7,740
83 982
1 636
82, 346
74 340
7 981
87, 260
119,702
108, 323
11, 280
98, 704
\
98, 703
87, 246
11, 420
85, 117
22
99, 058
91, 063
7,938
87, 247
78 641
8,602
111, 199
101 824
9,355
128, 464
126, 755
1,452
125, 410
123, 190
1,970
128, 021
126, 290
1,475
125, 373
123, 142
1,981
127, 777
126, 054
1,469
125, 332
123,119
1,963
125, 846
124,116
1, 476
123, 645
121, 440
1,955
125, 497
123, 766
1,477
123, 610
121,411
1,949
125, 353
123, 633
1,466
123, 581
121, 400
1,931
124, 633
122, 957
1,421
123, 471
121, 298
1,923
125, 209
123, 581
1,375
123, 660
121, 493
1,917
125, 257
123, 607
1,396
123, 612
121, 437
1,924
118, 861
117, 158
1 451
117, 618
115, 409
1,959
118,417
116 802
1 362
117 441
115 334
1 857
118, 507
116, 870
1,385
117, 544
115, 367
1,927
115, 952
1 14, 347
1,354
114, 889
112,716
1,923
2.86
2.83
2.83
2.84
2.84
2.86
2.87
2.90
2.85
2.86
2.88
2.88
2.88
2.58
2.67
2.89
3.31
2.57
2.65
2.85
3.24
2.58
2.65
2.86
3.24
2.58
2.66
2.86
3.24
2.60
2.66
2.86
3.23
2.61
2.69
2.88
3.25
2.62
2.69
2.90
3.28
2.65
2.72
2.92
3.32
2 61
2.67
2.87
3.23
2 64
2.71
2.88
3.21
2 67
2.72
2 91
3.22
2.67
2.72
2.92
3.22
2 67
2.72
2.91
3.20
2.65
2.79
3.14
2.63
2.79
3.07
2.63
2.78
3.08
2.64
2. 78
3.08
2.64
2.79
3.08
2.65
2.81
3.12
2.66
2.81
3.15
2.69
2.83
3.19
2.66
2.80
3.08
2.68
2.84
3.07
2.70
2.85
3.09
2.70
2.86
3.08
2.70
2.87
3.07
2.08
2.13
2.19
2.05
2.08
2.20
2.02
2.06
2.24
2.01
2.07
2.27
2.03
2.08
2.30
1.99
2.07
2.31
2.00
2.09
2.33
1.85
2.09
2.34
1.83
1.90
2.33
1.85
1.88
2.36
1.75
1.82
2.38
1.75
1.79
2.38
1.70
1.77
2.39
Revised.
* Less than $500,000.
^Revisions for 1948-April 1949 are available upon request.
*New series. For S. E. C. data, see corresponding note on p. S-18. Bond prices are averages of weekly data for high-grade corporate issues; monthly data beginning 1900 are available upon
request.
tRevised series. See corresponding note on p. S-18.
§Sales and value figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price
of all listed bonds.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
December
February 1951
1950
January
February
March
April
May
June
July
August
September
October
^ra-
December
N
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks
Cash dividend payments publicly reported:
Total dividend, payments...
mil. of dol-Finance
- do
Manufacturing
---- -- do. -_
M'inin0'
do
Public utilities:
Communications
do ..
Heat light and power
-- --do
Railroad
-...
- do--Trade
do
Miscellaneous
do
Dividend rates, prices, yields, and earnings, 200
common stocks (Moody's):
Dividends per share, annual rate (200 stocks)
dollars-.
Industrial (125 stocks)
do
Public utility (24 stocks) f
do__
Pailroad (25 stocks) _ .
do
Bank (15 stocks)
do _
Insurance (10 stocks)
. _
do
1.482.1
135.3
1,015.5
95.4
530.2
103.3
232.1
4.6
213.2
37.1
103.2
1.5
818.4
54.6
509.9
69.5
483.2
78.4
216.0
5.6
210.6
31.3
120.1
3.0
892.1
73.5
549. 5
64.6
509.4
113.3
224.1
5.2
212.9
42 2
106. 5
3 6
1,152.2
73 4
800.7
80 1
489.4
86.0
221.2
6.0
189.6
27.8
103. 1
1.4
2, 141. 8
199.0
1, 459. 3
146.1
29.6
59.1
51.2
62 5
33 5
60.7
46.3
11.7
58 4
13.1
.5
40.6
11.4
16 7
2.2
28.0
52.6
34.3
48 1
21.4
63.0
49.3
19.4
41 8
9.7
.6
42.0
3.0
7 6
3.0
30.5
60.5
42.4
48 4
22 7
61.1
48.9
9.3
37 1
10.4
.6
41.1
7.0
7 5
4 4
30 3
58.6
30.7
54 1
24 3
59.9
49.3
13.4
44 5
9.1
.4
41.9
3.6
7 9
3.5
29.7
74.5
92.3
90 5
50.4
3.27
3.44
1.68
2.24
2.47
2.34
3.26
3.42
1.69
2.25
2.47
2.40
3.27
3.43
1.70
2.16
2.47
2.40
3.27
3.44
1.70
2.11
2.47
2.40
3.29
3.47
1.71
2.11
2.47
2.41
3.32
3.51
1.74
2.04
2.47
2.41
3.34
3.53
1.74
2.04
2.48
2.41
3.39
3.59
1.78
2.04
2.48
2.43
3. 63
3.91
1.78
2.05
2.48
2.43
3.66
3 95
1.78
2.15
2.50
2.43
3.84
4.17
1.84
2.24
2.50
2.43
4.04
4.40
1.85
2.45
2.60
2.66
4.06
4.44
1.85
2.47
2.61
2.71
Price per share, end of month (200 stocks).. do
Industrial (125 stocks)
do
Public utility (24 stocks) f
_-do ...
Railroad (25 stocks) _
do
51.39
52 ?8
30. 57
30.42
51.94
52 58
31.60
31. 70
52.38
52 88
31.91
31.52
53.07
53 76
32.08
31.30
55. 05
56 17
32.47
31.38
57.32
58 79
33.51
31. 64
54.09
55 56
31.07
29.49
54.98
56 43
29.73
34. 61
56. 80
58 68
30.07
34.25
58.87
61 27
30. 58
35.62
59. 13
61 65
30. 55
35. 03
59.37
61 77
30. 34
35.70
61.80
64 46
30.81
40.95
Yield (200 stocks).
percent..
Industrial (125 stocks)
do _
Public utilitv (24 stocks) f
.do ...
Railroad (25 stocks)
do
Bank (15 stocks)
do
Insurance (10 stocks)
do
Earnings per share (at annual rate), quarterly:
Industrial (125 stocks)
dollars
Public utility (24 stocks)|
do
6.36
6.58
5.50
7.36
4.54
3.18
6.28
6.50
5.35
7.10
4.55
3.37
6.24
6.49
5.33
6.85
4.32
3.28
6.16
6.40
5.30
6.74
4.42
3.30
5.98
6.18
5.27
6.72
4.38
3.44
5.79
5.97
5.19
6.45
4.26
3.29
6.17
6.35
5.60
6.92
4.54
3.41
6.17
6.36
5.99
5.89
4.50
3.74
6.39
6. 66
5.92
5.99
4.50
3.51
6.22
6. 45
5.82
6.04
4.45
3.27
6.49
6.76
6.02
6.39
4.63
3.22
6.80
'7. 12
6.10
6.86
4.61
3.43
6.57
6.89
6.00
6.03
4.71
3.43
Dividend yields, preferred stocks, 11 high-grade
(Standard and Poor's Corp.)
percent-Prices:
Dow-Jones & Co., Inc. (65 stocks) dol. per share. .
Industrial (30 stocks)
do
Public utility (15 stocks)
. . ._ _ do.- _
Railroad (20 stocks)
do
Standard and Poor's Corporation:
Industrial, public utility, and railroad :§
Combined index (416 stocks) -.1935-39 = 100-Industrial, total (365 stocks)
do
Capital goods (121 stocks)
do
Consumers' goods (182 stocks)
.-do
Public
utility
(31
stocks)
do
Rail v oad (20 stocks)
_
_ ._ _ do .
Bank'! N Y C
( 1 9 stocks)
do
Fire and marine insu r ance (18 stocks)
do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
mil of dol
Shares sold
- -thousands. _
On New York Stock Exchange:
Market value..
mil. of dol. _
Shares sold _ _
_ . .. . ... thousands ...
Exclusive of odd lot and stopped sales
(N Y Times)
.
.. . -thousands. _
Shares listed, New York Stock Exchange:
Market value, all listed shares..
mil. of dol._
Number of shares listed
m illions. _
1
7 05
2 36
5 47
1
6 60
2.52
1 37
1
8 50
2 58
5 67
p 9 00
2 53
9 75
3.88
3.83
3.84
3.81
3.82
3.82
3.85
3.92
3.85
3.85
3.88
3.88
3.89
70.35
196. 78
40.55
51.21
72.53
199. 79
41.52
54.68
73.64
203. 46
42. 62
55.16
74.52
206. 30
43. 16
55.48
75. 86
212.67
42. 86
55. 72
77. 68
219. 36
43. 61
56.36
77.37
221.02
43.04
54.96
73. 22
205. 30
38. 69
56.46
77.56
216. 60
38.88
62.48
80.21
223. 21
39. 44
65. 93
82.91
229. 32
40. 63
69.09
82.56
229. 38
40.41
68. 32
84.24
229. 26
39.59
74.04
132.7
140.3
128.6
140.2
104.1
101.0
99.6
168.1
135. 1
142. 6
132.1
143. 4
105. 8
107.8
101.8
168. 5
136. 7
144.4
134. 5
145. 3
107.4
107.2
104. 2
169.0
138.8
146. 5
136. 3
146. 5
109.6
108.5
107.7
170. 6
141.8
150.0
141.4
148. 7
111.0
109. 5
104.5
166. 7
146.9
156. 1
148.9
152.4
112.8
109.7
107.9
166. 4
147. 7
1 57. 6
149.7
154. 6
111.5
107.1
108. 5
171.0
138. 2
147. 3
138. 6
141.8
103.0
109.7
102.2
157.1
147.2
158.0
149.4
149.1
104.2
120. 6
104. 6
159.2
151. 7
163.3
1 53. 2
155.4
104.9
125. 1
105.8
168.7
157.8
170.7
159.3
164.9
106.2
129.2
105. 4
175.1
156. 1
168.8
159.9
160.2
105.0
126.5
104. 6
180.2
158.4
171.2
164. 3
157.8
104. 4
139. 4
105.2
184.2
1,480
68, 535
1,663
73, 807
1,374
59, 240
1,690
67, 872
1,807
86, 339
1,866
81,089
1, 949
73, 396
1,930
72, 026
1,700
65, 977
1,608
63, 712
2,090
84, 451
1,864
66, 685
2,261
93, 209
1,252
52, 028
1, 409
56, 037
1,164
45, 078
1,422
54. 725
1,532
64,018
1,605
62,181
1, 680
57, 257
1,692
57, 074
1,456
50, 038
1,380
48, 009
1. 796
64, 422
1,618
51,231
1,981
72, 737
39, 293
42, 576
33, 406
40,411
48,245
41, 604
45,647
44, 549
34, 473
38, 594
48, 390
43, 085
59. 820
76, 292
2,166
77, 940
2,181
78, 639
2,184
79, 483
2,204
82,415
2,213
85, 625
2,225
80, 652
2, 236
82, 000
2,247
85, 053
2,257
88, 673
2,272
88, 525
2,325
89, 506
2,333
93. 807
2; 353
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES
BALANCE OF PAYMENTS (QUARTERLY)
do
2 664
359
483
3 271
2 448
335
488
3 522
2 604
379
539
3 474
2, 513
425
536
do
do
do
do
2,401
1,830
92
479
2,567
1, 961
77
529
2 711
1,994
125
592
3, 403
2, 516
98
789
Balance on goods and services
do
-f 1,105
+704
+811
+71
Unilateral transfers (net) total
Private
Government
do
do
do
—1 212
—138
—1 074
—1, 130
-109
—1,021
-1,244
-113
-1,131
-987
-95
-892
U S long- and short-term capital (net) total do
Private
do
Government
do
—224
—157
—67
-152
-76
—76
-152
-113
-39
—687
-644
—43
Foreign long- and short-term capital (net)
+225
+248
+638
+844
+165
+203
+29
+740
TV?
,
V
/V
f rl
Income on investments abroad
Imports of goods and services total
Merchandise adjusted
Income on foreign investments in TJ S
Other services
'
lr>
do
Increase (— ) or decrease (+) in TJ. S. gold stock
mil of dol
3 506
+127
-82
+19
-59
Errors and omissions...
do
r
Revised.
*> Preliminary.
1 As reported. The retroactive higher taxes are estimated to reduce full year's earnings to about $8.00.
tRevised series. Data for American Telephone and Telegraph stock (included in figures for 200 stocks) are excluded. Monthly data for 1929-48 are available upon request.
§Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
December
S-21
1950
January
February
March
April
May
June
July
August
September
October
November
December
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES— Continued
FOREIGN TRADE $
Indexes
Exports of TL S. merchandise:^
Quantity
Value
Unit value
Imports for consumption:!
Quantity
Value
Unit value
Agricultural products, quantity:
Exports, domestic, total:
Unadjusted
Adjusted
Total, excluding cotton:
Unadjusted.
Adjusted
Imports for consumption:
Unadjusted
Adjusted
1936-38-100
_
do
do
do
do
do
1924-29=100
do
_do_ _.
do
do
do
214
384
179
168
301
179
176
312
177
199
351
176
187
327
175
194
335
173
203
355
175
178
313
176
174
308
177
201
368
183
196
366
187
211
397
188
133
289
217
138
304
220
129
288
223
143
322
225
123
279
227
141
319
226
143
331
232
143
343
240
161
399
247
156
401
257
170
445
263
152
410
271
116
93
89
85
98
113
103
116
98
124
89
122
103
157
69
104
78
109
88
73
.80
58
86
67
136
122
100
104
103
124
110
125
126
150
102
120
102
124
98
125
101
109
120
98
' 116
' 90
117
101
111
108
112
105
109
105
114
101
104
98
103
105
108
118
113
126
134
146
122
128
126
127
109
114
3, 815
6,058
2,628
6,654
2,676
5,289
3,012
7,196
4,430
6,432
5, 519
6,962
5,586
7,496
5,088
6,883
i 5, 813
7, 468
5,663
8,264
Shipping Weight
Water-borne trade:
Exports, including reexports thous. of long tons
General imports
_-do
15,457
' 7, 941
Value
944
Exports, including reexports, total
mil. of doL_
By geographic regions:
47, 651
Africa
thous. of dol
197, 069
Asia and Oceania.
do
325, 005
Europe
do
r
145, 007
Northern North America
do
'119,011
Southern North America
do
110, 359
South America
do
Total exports by leading countries:
Africa:
2,758
Egypt
do
18, 727
Union of South Africa
do
Asia and Oceania:
13, 333
Australia, including New Guinea
do
2,037
British Malaya
do
3. 250
China
do
17, 431
India and Pakistan
do
38,811
Japan
do
12, 032
Indonesia
do
41, 425
Republic of the Philippines.do
Europe:
30, 719
France
do
r
61, 516
Germany
do
37, 617
Italy
do
122
Union of Soviet Socialist Republics
do
54, 873
United Kingdom
^o
North and South America:
' 145, 002
Canada, incl Newfoundland and Labrador do
214, 939
Latin-American Republics, total
do
8,730
Argentina
do
18, 954
Brazil
do
12, 698
Chile
do
16, 403
Colombia
do
38, 248
Cuba
do
r
38, 370
Mexico
_ - do
36, 721
Venezuela
do
743
770
864
806
828
876
i 774
1761
1911
1904
••1981
24, 253
144,529
237, 259
128, 318
116,416
92, 440
31, 463
148, 683
269, 926
120, 199
99, 885
99, 383
28, 177
168, 631
285, 965
148, 312
125, 191
107, 800
29, 582
131, 977
262, 746
164, 647
111,127
106, 340
29, 625
151, 231
239, 867
191, 369
109, 235
106, 542
36,379
152, 978
278, 195
174, 271
108, 582
125, 648
28, 770
119, 151
175, 053
165, 653
115, 182
100, 712
22, 698
124, 892
184, 146
160. 718
114, 646
109, 076
26, 276
134, 846
246, 642
179, 927
140, 996
124, 163
32, 390
120, 197
240, 155
200, 238
122, 355
113, 676
28, 605
148, 375
246. 493
196, 455
133. 193
141, 201
2,338
6,847
2,160
8,566
1,703
9,187
2,764
11,816
3,411
12, 189
2, 513
16, 654
3,315
9,170
1,680
9,803
2,442
9,695
2, 359
8,345
3,570
9,939
10, 157
1,267
3. 400
16, 786
33, 572
9.608
19, 569
8,024
1,681
8,199
20,413
33, 049
6.382
17,314
10, 330
1,371
4, 323
36. 372
29, 893
6,842
23, 968
10, 437
1,424
838
18, 100
28, 030
7,611
23, 842
6,906
1,586
599
31,473
35, 872
8,148
22, 184
12,151
1,980
4, 096
25, 003
33, 407
5,522
22, 193
5.986
1,703
2, 957
17, 485
33, 552
3, 518
17,151
6,646
1, 369
8,902
11,922
32, 988
4,001
16, 500
8,880
2, 135
1,004
11,491
46, 301
6, 468
16, 990
7,392
2,053
971
15, 552
36, 569
5,887
16, 508
10. 014
2.441
2,854
20, 378
35, 247
7, 223
19. 988
36, 889
34, 028
27, 503
13
29, 134
41, 969
32, 208
31, 322
130
56, 398
33, 370
42, 157
31,337
38
54, 683
20, 060
36, 809
39, 685
292
49,899
25, 690
38, 222
34, 357
77
29, 284
37. 664
57, 199
39, 624
26
24, 389
14, 198
20, 135
17, 662
9
23, 920
14,119
25, 825
18, 479
25
41, 598
24, 890
42, 256
23, 224
3
59, 375
30, 006
33, 471
22, 009
16
58, 266
34, 978
39, 979
21, 785
76
48, 781
128, 346
198, 025
10, 676
18,436
6,823
14, 261
32, 622
41,314
30, 866
120, 192
188, 899
f 15, 588
19, 468
6,264
13, 955
27, 336
34, 690
32, 125
148, 307
215, 205
11, 551
22, 753
6, 712
17, 303
33, 837
39, 463
36, 112
164, 636
206, 069
10, 344
22, 670
5,763
22, 755
32, 983
36, 758
32, 731
191, 302
205, 748
11,818
21, 862
6,096
23, 612
31, 243
36,712
30, 286
174, 220
223, 550
14, 774
27, 696
5,697
28, 681
36, 695
40. 160
34, 713
165, 623
199, 973
8, 963
27, 931
4,333
20, 580
38, 294
39, 645
26, 202
160. 715
213, 742
11, 600
33, 702
4,785
17, 004
41, 116
40, 307
30, 505
179, 909
253, 904
10, 506
39, 524
4, 235
18,621
53, 143
47, 194
34, 923
200, 223
225, 466
11, 440
30, 076
4,527
15, 520
45, 018
45. 227
35, 384
196, 438
263, 412
14, 624
44, 766
6,094
18, 706
42, 745
56, 015
36, 779
935
Exports of U. S. merchandise, total
mil. of doL_
By economic classes:
r
171, 488
Crude materials
thous. of dol
91, 834
Crude foodstuffs
do
T
63, 389
Manufactured foodstuffs and beverages do
r
102.
160
Semimanufactures
- _ do
T
506, 403
Finished manufactures __
___ do_
By principal commodities:
300, 349
Agricultural products, totaldo
106, 050
Cotton, unmanufactured
___
do_
14, 893
Fruits, vegetables, and preparations cf-~ do
104, 866
Grains and preparations
do
14,
322
Packing-house productscf- - -- do_
734
761
855
797
816
865
i 763
1750
1898
1892
<• i 969
121, 553
66. 604
48, 343
77, 866
420, 000
143, 523
68, 450
44, 576
87, 039
417, 039
165, 109
64. 465
47, 155
91, 052
487, 043
145.814
66, 313
52, 462
87, 206
445, 270
168, 1 75
55, 047
48, 192
90, 254
454, 542
192. 497
58, 312
50, 374
93, 561
470, 115
107, 258
54, 151
55, 531
83, 907
462, 282
141, 612
57, 054
43, 406
84, 602
423, 648
175, 627
59, 845
57, 143
102, 954
501, 967
164, 432
66, 010
53, 159
97, 782
510, 286
173, 568
71. 753
53, 544
107, 980
559, 835
224, 326
84, 667
10, 107
80, 425
10, 436
246, 395
105, 389
15, 757
70. 153
13, 984
258, 477
111, 492
14, 523
66, 517
15, 368
233, 022
78. 675
13, 909
69, 218
10, 463
233. 966
90. 277
14, 495
54, 088
10, 036
262, 434
127, 948
16. 377
60, 015
12, 732
177, 666
46, 058
13, 756
70. 734
11, 581
201, 055
65, 954
12. 899
62, 074
13,120
253, 460
75, 704
18, 382
71,994
12, 880
233, 703
60, 389
17, 484
72, 025
14, 013
265, 989
79. 581
14,115
77. 746
12, 840
634, 926
10, 954
42, 147
66, 678
9, 390
48, 907
510. 040
11,386
44. 839
49, 627
4,717
41, 467
514,613
14, 653
47, 409
52, 631
8,130
40, 434
596, 345
12, 457
49, 646
r
61, 565
7,215
39, 868
564, 043
7,987
46, 671
60, 220
6,580
39, 148
602, 425
582, 265
585, 464
9, 150
9, 854
3, 103
55, 049
' 68, 756 62. 927
r 60, 954
65, 181
53, 407
5, 525
4,623
4, 075
r 34, 189
' 40, 639 47, 942
549, 267
1,781
62, 482
57, 396
5, 293
34, 826
644, 076
3,821
62, 175
65, 713
5,339
38, 021
657, 966
2,4SO
59, 045
61, 45?
5, 497
36, 405
700, 692
2,672
71, 390
70, 166
5,884
39, 879
203, 073
7,808
23, 410
37, 697
17, 008
90, 695
40, 497
49, 652
162, 072
6,527
22, 580
27, 472
13, 621
71, 055
32, 650
33, 675
' 159, 887
7, 923
21, 337
30, 818
15, 741
67, 236
37, 329
33, 128
194. 659
10, 669
24, 224
36, 905
20, 743
81, 407
35, 451
44, 638
175, 749
10, 933
21.926
31,420
17,374
74, 543
r
40, 143
44, 701
160, 302
10, 894
18, 227
26, 980
12, 858
' 59, 574
38, 144
38, 983
197, 002
8, 801
16, 370
34,012
19, 604
75, 882
45, 665
45, 123
203, 048
5,934
15, 272
33, 148
19, 690
74. 544
47, 304
51, 414
219, 988
7,845
19, 545
38, 500
16, 325
79, 895
48, 530
52, 344
Nonagricultural products, total
do
Aircraft, parts, and accessories! . . _ do
Automobiles, parts, and accessories cf § do
Chcmicc s and related productscf
do
Copper and manufactures cf
do
Iron and steel-mill products _
do
Machinery total cf§
Agricultural cf
_ . _
Tractors, parts, and accessories* §
Electrical cfi- Metal working
Other industrial cf
Petroleum and products
Textiles and manufactures
do
do_ _
do
do_
do
- do
do
do
173, 933
10, 759
22, 773
29, 695
17,037
75, 382
41, 002
4.1, 742
176.116
10, 022
19. 921
33. 461
16, 729
77, 433
39,
058
r
44, 177
197, 939
9, 696
20,411
27,215
15, 484
73, 031
39, 898
32, 052
1 1, 063
1 1, 050
Revised. 1 Total exports and various component items include M D A P shipments as follows (mil. of dol.): July-December 1950, respectively—47.0; 21.4; 31.2; 52.4; 53.9; 76.3.
Beginning July 1950, certain items classed as "special category" exports, although included in total exports, are excluded from water-borne trade and from area and country data.
{Revisions for various periods in 1947 and 1948 have been made (since publication of the 1949 STATISTICAL SUPPLEMENT) in most of the foreign-trade items and there will be,further changes
beginning 1946 as final data are completed by the Bureau of the Census; moreover, the revaluation of tin imports and the transfer of certain "relief and charity" food items from the nonagricultural exports group to the agricultural group have affected the pertinent series back to 1942. Revisions will be shown later.
f Index base changed beginning with the October 1950 SURVEY. Data prior to August 1949 will be shown later.
cf Data beginning 1948 have been adjusted in accordance with the 1949 commodity classifications. Unpublished revisions (January-July 1948) are available upon request.
§Excludcs "special category" exports not shown separately for security reasons.
*New series. Not separately available prior to 1948; included with agricultural machinery.
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
February 1031
January
February
March
April
May
June
July
August
September
November
October
December
INTERNATIONAL TRANSACTIONS OF THE UNITED STATES—Continued
FOREIGN TRADE §— Continued
Value— Continued
General imports, total
thous. of dol.By geographic regions:
Africa
-do
Asia and Oceania
do
Europe
do . _
Northern North America do
Southern North America
do _
South America
__
_ _
do __
By leading countries:
Africa:
Egypt
do
Union of South Africa
do
Asia and Oceania:
Australia, including New Guinea
__do...
British Malaya
do
China
_
-do ___
India and Pakistan __
do _ _ _
Japan
do
Indonesia
_ _ _ __
do _ _ _
Republic of the Philippines
do
Europe:
France
do
Germany
do
Italy .
do
Union of Soviet Socialist Republics
do _
United Kingdom
do ..
North and South America:
Canada, incl. Newfoundland and Labrador
thous. of dol_Latin-American Republics, total
_ __do.__
Argentina
do
Brazil
do _
Chile
do
Colombia ..
do
Cuba
do. _
Mexico
do
Venezuela.
do _
Imports for consumption, total
. do _.
By economic classes:
Crude materials
do_ _.
Crude foodstuffs
do
Manufactured foodstuffs and beverages, _do
Semimanufactures
do
Finished manufactures
- do
By principal commodities:
Agricultural products, total
do
Coffee
_
__-do
Hides and skins
do
Rubber, crude, including guayule _ do.-_
Silk, unmanufactured _ - do _ . _
Sugar
do
Wool and mohair unmanufactured
do
Nonagricultural products, total
do
Furs and manufactures
do . _
Nonferrous ores, metals, and manufactures,
total
thous. of dol Copper incl ore and manufactures do
Tin, including ore
- -do
Paper base stocks
do
Newsprint
do
Petroleum and products
do
604, 820
623, 284
600, 046
664, 355
583, 196
658, 771
685, 328
708, 840
819. 115
857, 702
922, 000
26, 438
106, 796
127, 661
' 81, 088 89, 254
145, 325
127, 910
69, 699
89, 029
162, 990
167, 506
49, 253
115, 253
79, 389
125, 700
89, 413
141, 046
46, 963
125, 544
98, 253
149, 940
111,774
131, 890
28, 657
139, 713
82, 909
132, 310
81,569
118, 131
37, 447
137 613
94, 594
167, 645
95, 852
125, 612
36, 590
149 525
99, 372
178, 458
87, 396
133, 993
33, 352
150 439
103, 287
163, 136
94 616
164,010
38, 536
160 080
120 645
160, 395
119, 634
219, 824
63 570
167 384
135 462
178, 626
98 032
214, 626
39 318
215 993
162 936
201,005
93 754
207, 956
34, 405
404
r
851, 700
3,290
6,540
9,701
9,010
10, 998
11,727
593
8,252
262
11,000
202
11,878
304
8,773
5,263
12, 225
19 789
15, 543
235
12, 296
355
16 357
11 363
11,638
12, 671
6,732
23, 122
7,013
9,218
10, 175
18, 006
19, 122
8, 655
21, 367
9, 557
8,704
15, 204
13,111
19, 854
6, 940
19, 233
9, 530
5,598
14, 175
7,574
16, 485
10, 182
26, 380
11,859
7,003
16, 268
11,008
17, 588
9,055
26, 644
10, 068
10, 357
19, 362
13, 148
21,771
11,070
20, 355
17, 152
7,085
21, 589
7,421
25, 516
11, 728
22, 418
15, 580
13, 505
20, 420
8,972
23, 932
12, 159
22. OG2
13, 759
10, 285
19, 393
9,885
30 227
11 746
21,333
16, 744
15, 479
20 622
9,593
24 749
14, 639
29. 883
18, 582
13, 875
21,026
5 546
31 709
19' 647
33.022
21 641
21 596
26 043
17 099
39 460
13 767
27, 691
19 792
20, 321
21 347
5,484
4,327
5,789
1,700
21, 202
5,466
4,563
5,121
2,448
18, 204
6,777
4, 076
5,552
4,575
17, 689
8,092
5, 367
9,554
3,446
20, 997
6,002
6,001
7,334
2,827
18, 287
6,542
4,897
5,798
3,558
24. 090
7,703
6,175
7,182
3,017
27, 174
8, 262
6, 268
6,590
4,300
28, 668
12, 593
8,528
9,469
2,182
36, 401
13, 888
10, 967
10, 390
6,420
31, 473
15, 476
15 162
16, 579
2, 130
39, 085
19,283
16 152
13, 904
1, 439
42. 580
144, 973
220, 998
16, 281
80, 747
8,933
21,345
12, 583
23, 478
27, 265
127, 910
235, 623
19, 003
55, 322
9,928
30, 004
19, 025
27, 261
32, 061
125, 700
219, 566
18, 544
41,885
11,887
28, 650
30, 808
22,517
21,868
149, 940
227, 027
18,337
43, 049
10, 020
18, 736
47, 836
23, 708
28, 471
132, 100
185, 138
17, 686
43, 655
8,713
15, 663
29, 650
21, 277
26, 499
167, 500
206, 875
15, 881
45, 072
16, 248
13,301
36,611
26, 598
r
23, 265
178. 177
207, 050
13, 840
37, 912
16, 621
15, 587
29, 078
25, 131
26, 921
163, 008
244, 536
17, 432
64, 995
7,977
26,091
34, 241
22, 251
25, 722
160. 359
321, 791
18, 624
83, 662
15, 070
42, 650
54, 290
26, 507
30, 118
178, 451
297, 866
17,211
85, 320
14, 547
40, 474
42, 976
28, 918
26. 636
200, 804
283, 716
18 138
82, 152
15 613
38, 642
38, 238
27, 671
28, 972
186. 356
230, 466
17 392
68. 662
13 534
22, 675
24, 143
31, 216
25, 078
591, 791
622, 759
589, 925
659, 653
571, 620
653, 636
678, 812
702, 688
818, 088
823, 378
913, 500
840, 943
162, 495
152, 625
r
41, 445
r
131,320
103, 905
183, 495
154, 409
46, 860
138, 523
99, 479
168, 894
139, 891
58, 090
130, 943
92, 226
183. 825
128, 460
80, 124
146, 894
120,315
161,819
109, 378
61, 793
130, 474
108, 184
167, 599
117, 124
75, 971
169, 049
123, 899
183, 807
119,916
75, 144
180, 392
119, 559
183, 212
154, 608
83, 145
162. 627
119,095
223, 159
181. 499
103, 819
184, 140
125, 471
224, 270
179, 770
88. 139
195, 576
135, 623
255, 200
172 030
87, 431
239 033
159, 588
255, Oil
142, 174
73, 251
214, 460
156, 048
292, 931
104, 945
7, 539
19, 837
1, 238
16, 182
37, 061
329, 860
11,368
295, 268
84, 607
7,175
19,218
1,270
27, 614
35,072
294, 626
6, 599
306,281
73, 089
7,973
22, 947
1, 192
43, 344
31,863
353, 363
9,318
262, 592
64, 061
7, 653
29, 598
1, 588
30, 393
27, 925
309, 094
5,792
278, 788
58, 679
8,506
23, 786
1,215
37, 067
31,055
374, 849
8,030
289, 210
56, 374
12, 026
33, 853
1,422
31, 109
31,044
389, 602
5,293
331, 870
105, 153
11,664
29, 994
1,706
34, 213
39, 340
370. 818
8,308
410, 143
130, 836
12,481
39, 824
1,249
53, 309
46, 851
407, 945
6,281
393, 344
128, 662
10, 598
41, 109
2,571
40, 156
36, 757
430, 034
13, 696
404, 906
112,567
12. 968
58, 644
3, 159
35. 033
33. 394
508, 377
14, 279
363. 659
88. 015
11. 418
68, 370
2. 521
17. 494
38, 936
477. 284
9, 313
63, 061
19, 305
17, 360
22, 623
34, 567
54, 332
59, 675
20, 026
15, 340
19, 747
31,708
38, 230
53, 981
14, 825
10, 593
21, 704
35, 600
51,305
43, 866
11,789
6, 955
15, 898
33, 703
47, 675
71,606
23, 283
17, 456
21,438
44, 927
45, 295
80, 160
32, 771
14,911
23, 865
40, 544
47, 054
63, 987
12, 779
21, 230
20, 830
38,410
44, 296
76, 411
14, 598
24, 016
21, 577
34, 066
50, 548
67, 511
16, 649
16, 880
22, 848
38, 933
47, 644
88, 887
29, 633
19, 788
26, 335
42, 000
54, 948
79, 044
19. 744
15. 243
27, 974
37, 142
50, 736
r
272,017
105,315
6,470
22, 631
301
6,827
26, 053
319, 773
7,828
53, 637
19, 151
8,702
20, 868
38, 921
48, 489
862, 100
35 332
215 428
166 036
186, 366
86 252
162, 193
856, 700'
TRANSPORTATION AND COMMUNICATIONS
TR AN SPORT ATION
Airlines
Operations on scheduled airlines:
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
Express Operations
Operating revenues. _
thous. of dol
Operating income
__
_ _ _
_ -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.):d"
Total cars
_
thousands
Coal
_
_ do
Coke
do
Forest products
do
Grain and grain products
do. ._
Livestock.
do
Ore__ _ - _ _
_
do
Merchandise, 1. c. 1
do
Miscellaneous
do
r
26, 014
22, 007
23, 696
14, 529
9.276
3,217
27, 206
18, 121
11, 166
3,493
1,289
617, 914
28, 868
19, 287
12, 418
3,741
1,419
665, 511
28, 591
20, 717
12, 367
3,498
1,539
762, 097
28, 860
18, 134
11,654
3,252
1, 459
723, 803
28, 778
21, 776
' 13, 707
3,775
1,562
749, 845
27, 564
22 452
13, 672
3,762
1,490
719, 494
28, 552
25, 489
15,171
4,245
1,563
735, 180
26. 082
22, 780
13,918
4,112
1.327
620. 156
18, 501
18, 174
17, 226
17, 647
17, 697
176
17,318
189
18, 312
178
941
915
942
464, 170
468, 709
466, 757
26, 001
17, 329
11.443
3,685
1,109
552, 098
23,190
19
19, 566
18, 655
19, 372
18, 304
54
56
67
42
9. 6399
r
1, 280
134, 700
9. 8029
1,236
121, 100
9. 8029
1, 135
114,000
9. 8428
1,274
123, 700
9. 8516
1,191
121,300
3,121
2,393
435
48
126
162
37
46
298
1,241
2,288
259
42
140
157
29
46
320
1,297
3,446
787
56
191
206
37
55
424
1,688
13, 460
4, 952
r
626
59
180
214
48
66
385
1. 542
24, 946
15, 784
9, 714
3,302
2 875
614
56
159
164
34
72
341
1,434
67
*5
9. 9051
1,227
124, 400
9. 9343
1, 152
117, 400
9. 8370
1,048
113, 000
9. 8954
1,099
121, 600
9. 9270
1,094
114, 300
9.9416
1,177
125, 800
10. 0146
1. 116
123, 100
10. 0462
1,183
2,980
572
56
171
159
34
239
325
1,424
3,905
705
73
227
229
36
388
400
1,846
3,018
3,374
617
59
202
215
31
324
352
1,574
4,220
787
75
239
246
62
409
438
1.963
3 531
3, 240
3 629
657
64
191
225
66
301
354
599
63
182
223
50
223
332
742
75
218
256
49
96
380
1.673
1.569
1.814
223
469
58
176
222
26
329
306
1,433
Revised.
<* Deficit.
§See note marked "t" on p. S-21.
{Revision? for January 1947-May 1948 appear in corresponding note on p. S-22 of the August 1949 SURVEY.
cfData for December 1949 and March, June, September, and December 1950 are for 5 weeks; other months, 4 weeks.
194
SURVEY OF CURRENT BUSINESS
February 1051
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
S-23
1950
1949
December
January
February
March
April
May
June
July
August
September
October
November
December
TRANSPORTATION AND COMMUNICATIONS—Continued
THAN SPORTATION—Continued
Class I Steam Railways—Continued
Freight carloadings (Federal Reserve indexes) :
Total unadjusted
1935-39—100
Coal
do
Coke
do _ _
Forest products
_
. do
Grain and grain products
do
Livestock _
_.
do__ _
Ore
do
Merchandise, 1. c. 1
_ -do_ _ _
Miscellaneous
do
Total, adjusted
do ._
Coal
do
Coke
do. _
Forest products
do
Grain 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
Boxcars
_ _do .
Coal cars
do
Financial operations (unadjusted):
Operating revenues, total
thous of dol
Freight
do
Passenger
do
Operating expenses
do
Tax accruals, joint facility and equipment rents
thous. of dol__
Net railway operating income
do
Net income}:
do
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 revenue
millions
107
97
155
119
123
125
119
179
139
112
59
217
51
135
122
119
181
134
127
66
121
51
133
131
116
188
150
133
51
277
52
142
127
116
192
144
130
61
179
52
138
130
105
190
149
162
48
298
51
141
126
105
195
148
135
61
186
51
140
140
126
186
163
150
57
285
56
149
135
126
194
155
139
60
190
56
147
145
135
198
160
143
95
298
57
154
134
135
201
148
128
72
198
55
142
147
135
201
154
159
116
262
56
158
136
135
206
146
159
75
184
54
145
139
126
198
154
162
90
188
54
152
136
126
198
157
166
72
184
53
146
130
129
204
145
148
70
62
50
142
140
129
194
162
158
72
199
52
151
'r18, 358
5, 099
4,559
r 4. 910
* 2, 799
1,810
12, 178
3,189
1,957
6, 663
2,986
3,080
6,625
1,949
513
11, 491
5,845
4,748
8,311
4,346
16
39
38, 064
21, 846
14, 101
3, 583
234
4,389
21, 154
13, 875
6,103
2,405
9
113
35, 135
19, 620
14, 349
4,926
432
386
24, 696
13, 838
10, 245
6,258
956
975
14, 798
8,998
4,989
743, 326
630, 542
59, 555
574, 408
713, 820
601, 801
60, 555
562, 625
745, 406
634, 747
56, 801
580, 567
779, 182
649, 228
71, 660
588, 763
772, 161
639, 729
76, 006
579, 116
889, 796
748, 110
78, 220
626, 265
872
725
71
600
032
014
623
697
925, 383
784, 544
66, 271
635,021
862, 201
710, 808
65, 885
618, 611
68, 574
15, 236
9, 301
93, 211
75, 706
49, 437
88, 978
62, 217
37, 530
97, 808
67, 032
45, 221
100, 372
90, 047
72, 050
109, 134
83, 910
58, 622
141, 467
122, 064
95, 829
148, 712
122 622
98 965
155, 733
134, 629
107, 863
133, 590
110, 001
86, 146
688.6
565. 0
72.8
628.9
59.8
29.1
638.4
522.9
64.1
606.3
32.1
1.3
722.5
607.4
60.2
655.1
67.4
35.8
729.8
613.8
62.7
666. 6
63.2
31.6
715.2
604.6
57.4
660.9
54.3
20.2
791 4
663.4
69.2
691.5
100.0
69.7
771.9
646.1
69.7
685. 9
86.1
54.1
832 5
699'. 2
69 8
744.3
88.2
54.8
857 6
711 1
71 9
749 1
108 5
72 8
884 6
747.2
67.7
776.2
108.4
'74.3
863.0
710.8
68.9
739.8
103.2
P69.2
45 190
1.343
2 912
41 793
1.370
2 730
36 383
1.407
2 215
50, 937
1.318
2,304
49 687
1.289
2 362
51 155
1.314
2 215
51 865
1.326
2 830
51 982
1.305
3 042
59 403
1. 325
3 125
57 940
1 320
2 818
62 017
1.332
2 573
6,458
3,479
2,979
5, 619
3,095
2, 523
5,429
2, 933
2,496
6, 465
3,665
2,800
7,091
3,928
3,163
7,638
4,503
3,135
8,130
4,860
3,271
7,613
4,630
2,983
8 552
5,302
3,249
8 396
5,134
3,262
8,220
5,165
3,055
7,363
4,320
3,044
2,638
1,576
2,508
1.412
2,565
1,588
2,762
1,551
2, 365
1,339
2,606
1,447
2,562
1, 460
2,857
1,668
2,452
1,477
2, 356
1,307
2,478
1,157
2,236
1,074
2,216
1,011
5.25
5.41
5.73
5.26
5.64
5.43
6.13
5.98
107
97
158
106
119
68
42
49
122
117
97
151
118
119
70
169
52
133
96
46
130
115
111
52
39
51
122
104
46
122
119
113
65
156
52
130
120
139
144
123
116
53
39
54
127
127
139
143
123
126
67
134
53
134
110, 945
17, 425
77, 385
165, 541
11, 701
139,311
448
517
224
111
37
569
414
16
76, 055
4, 867
58, 377
5,012
2,749
2,121
710, 830
575, 664
74, 379
568, 292
657, 044
537, 338
69, 725
546, 665
584, 928
481, 965
57, 845
501, 118
73, 229
69, 309
82, 455
77, 622
32, 758
11,016
712 1
584.0
73.0
631.5
80.6
49.1
69
45
50
120
115
97
148
134
131
72
146
52
127
44, 382
8,303
25, 833
1,021
d
122
123
177
129
115
61
63
54
135
126
123
181
129
131
68
121
53
137
8
30
34, 381
19, 444
13, 243
Waterway Traffic
Clearances, vessels in foreign trade:
Total U. S ports
thous of 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
81
83
208
83
84
211
5.43
83
215
5.25
194
230
239
238
40, 723
37, 437
2,395
23, 972
13, 932
188
40. 553
42, 636
1,634
14, 201
22, 069
187
51 , 656
55, 067
1,524
15, 365
30,156
237
59, 457
65, 836
2,122
16, 142
39, 187
304
53, 434
62, 677
1,985
16, 463
36, 607
560
50, 283
60, 413
2,083
19, 974
41,453
886
56, 902
88, 305
3,384
18,215
41,233
1,930
830
7,750
1,026
9,577
8-15
7,881
865
8,069
808
7,555
664
6,229
271 879
159, 895
93, 536
205, 535
32, 729
35, 635
271, 019
161, 650
90,417
200, 786
32, 603
36, 426
262 131
159, 375
84, 093
191, 542
33, 198
36, 605
280, 803
164, 709
97, 096
204, 642
36, 448
36, 813
275, 806
163, 935
92, 636
196, 628
37, 873
30, 999
14 584
13, 363
13, 241
12,d 756
12 636
11,887
d
14, 565
12, 798
13, 755
12, 467
907
1,882
1,660
1,762
1,548
31
1,620
1,584
d
1,901
1,703
38
2,262
1,973
205
1,883
1,790
d
1,784
1,700
d
IS
2,017
1,835
67
80
6.17
6.27
5.78
77
81
84
86
207
231
232
228
79
225
66
208
96 425
61 804
88 614
*44 776
p 17, 877
21, 635
3,271
v 18, 559
18, 037
3,300
P 15 289
13, 827
1,474
12, 734
833
12, 115
326
10,614
242
861
8,009
850
7,826
930
8 444
936
8 513
955
8,658
871
7,905
285, 947
168. 157
98, 504
208, 569
37, 310
37, 158
287, 467
169, 767
98, 275
204, 849
33, 929
37, 304
289 528
169, 124
100, 646
205, 664
41, 489
37, 441
300 617
172, 540
108, 189
211,798
35, 337
37, 620
292 847
173, 265
99, 290
205, 109
39, 584
37 790
303 234
178, 120
104, 346
212, 572
41, 369
37, 987
15, 192
13, 262
1,090
15 378
13, 086
1,469
14, 738
13, 272
671
16, 022
13, 716
1,525
15 041
13, 364
474
940
15 531
13, 358
1,461
15, 251
13, 439
1,135
1, 646
1,568
d
1,902
1,612
1,943
1,552
2,189
1,563
2, 295
1, 581
105
116
207
418
510
2,254
1 553
507
2,265
1,569
494
2,232
1,470
590
1,774
1,742
1,967
1,803
2,055
1,781
175
2,228
1,808
325
2,408
1,795
2,244
1,819
335
2, 331
1,787
2,326
1,804
437
1
78 034
80, 857
1
1
59, 768
36, 058
COMMUNICATIONS
Telephone carriers:!
Operating revenues
thous of dol
Station revenues. _
do
Tolls, message
do
Operating expenses, before taxes
do
N e t operating income _ _ . _ _ _ . . _
do
Phones in service end of month
thousands
Telegraph, cable, and radiotelegraph carriers:
Wire-telegraph :
Operating revenues
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
596
859
20
8S
113
13
83
*71
64
525
453
d
'1 Revised.
» Preliminary.
Deficit.
{Revised data for November 1949, $54,214,000.
Data exclude departures via international land borders; land-border departures during the 12 months ended June 1950 amounted to less than 1 percent of total departures.
t Re vised series. The coverage has been reduced from 100-120 to 56 carriers (except for January 1948-December 1949 when data covered 53 carriers); however, the comparability of the series,
based on annual operating revenues, has been affected by less than 3.0 percent. Also, data are now shown after elimination of intercompany duplications for the Bell System; annual data
prior to 1948 and monthly figures for January-July 1948 on the revised basis will be available later. Data relate to continental United States.
SUKVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
February 1051
1950
1949
December
January
February
March
April
May
June
July
August
September
October
November
December
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Ammonia, synthetic anhydrous (commercial)
124, 079
124, 900
short tons
1, 548
Calcium arsenate (commercial)
thous. of Ib
0)
56, 849
55, 836
Calcium carbide (commercial)
short tons..
Carbon dioxide, liquid, gas, and solidt
69, 671
63, 180
thous. of lb__
158, 202
168, 282
Chlorine, gas
short tons
47, 871
45, 983
Hydrochloric acid (100% HCl)t .
do ...
890
3,217
Lead arsenate (acid and basic)
thous. o f l b _ _
105,
575
99, 925
Nitric acid (100% HNOs)
short tons___
1,329
1,369
Oxygen (high puritv)t
mil. of cu. ft
132, 745
Phosphoric acid (50% HsPOOt
short tons . 120, 815
Soda ash, ammonia-soda process (98-100%
338, 552
NasCos)
short tons . 354, 412
6,726
7. 350
Sodium bichromate and chromate
do
201, 012
187, 201
Sodium hydroxide (100% NaOH)
do
Sodium silicate, soluble silicate glass (anhy41, 794
36,410
drous)
short tons .
Sodium sulfate, Glauber's salt and crude salt
60, 069
56, 158
caket
short tons
Sulphuric acid (100% H 2 S04):
1,051,165 1 , 019, 803
Production^
do
Price, wholesale, 66°, tanks, at works
17.00
17.00
dol. per short ton..
Organic chemicals:
Acetic acid (synthetic and natural), production
39, 824
36, 765
thous. of l b _ _
72, 458
69, 140
Acetic anhydride, production
do
873
829
Acetylsalicylic acid (aspirin), production. .do
Alcohol, denatured:
13, 618
14, 771
Production
thous. of wine gal
15, 066
15, 200
Consumption (withdrawals) .
do
3,899
3,464
Stocks _
_.
do
Alcohol, ethyl:
22, 516
24, 688
Production
thous. of proof gal
33, 949
31. 273
Stocks, total
do _
33, 204
30, 377
In industrial alcohol bonded warehouses, do
745
896
In denaturing plants
do
27,411
24, 907
Withdrawn for denaturing
..do...
2,288
2, 750
Withdrawn tax-paid
do
10, 314
10, 597
Creosote oil production
thous. of gal
6, 456
6,449
Ethyl acetate (85%), production
thous. of l b _ _
Glycerin, refined (100% basis):
High gravity and yellow distilled:
6,834
6,927
Production
thous. of Ib
6,214
5,971
Consumption
do
13, 591
14, 347
Stocks
do
Chemically pure:
12, 335
12, 840
Production
do
7,209
9,174
Consumption. . _ _
do.
22, 411
20, 071
Stocks
do
Methanol, production:
169
171
Natural (100%)
thous. of gal
10, 628
11, 655
Synthetic (100%)
do
18, 075
18. 174
Phthalic anhydride, production
thous. of l b _ _
115,976
(')
51,317
123. 996
1,206
59, 336
134, 452
2,848
54, 837
133, 842
4,898
59, 107
127, 295
9,334
56, 482
125, 027
10, 274
52, 388
124.617
8,920
55, 237
128, 596
2,850
55, 323
136, 736
3,390
57, 436
141,373
3,140
54, 320
59, 120
151,513
43, 315
3,756
101,386
1,253
129, 191
77, 086
167, 091
50, 708
5, 568
98, 906
1,427
128, 987
92, 408
168, 878
51,319
4, 694
114, 629
1,432
135,319
114, 286
177, 269
52. 157
4,406
111,511
1,447
146, 673
131,314
167, 721
50, 635
2, 326
104, 604
1,404
135, 526
139, 130
173.788
51, 288
0)
105, 831
1,400
141,107
133. 728
173,117
51. 521
(')
105. 206
1.512
136, 187
107,708
165, 828
52, 785
2,196
107, 210
1, 529
131,302
94, 156
187, 666
58, 492
2,924
119, 661
1, 666
142, 103
82, 902
185, 537
58, 092
3, 598
124, 376
1. 647
143, 188
319,578
6, 771
180, 945
368. 746
7,835
205, 354
361, 328
7, 452
210, 344
388,169
7,907
219, 641
291, 681
8, 135
200, 836
185, 885
5, 492
(')
180,849
5. 649
0)
170,142
7,418
0)
334, 296
8,424
(')
370. 649
8, 577
' 233, 284
31,416
38, 693
41, 300
45, 588
40, 899
29, 929
32, 278
37, 707
47, 317
55, 544
54, 820
60, 773
59, 096
54, 377
49, 567
54, 725
61, 820
70, 333
77, 157
75, 882
967, 335 1,071,299 1,057,073 1,104,335 1,039,938 1 , 047, 544 1,051,694 1,057,851 1, 137, 367 1,125,893
17.00
17.00
17.75
17. 75
17.75
17. 75
17.75
17.75
19. 33
19.85
31,147
67, 356
824
37, 441
73, 287
934
37, 506
65, 734
796
41,012
75, 183
867
37, 633
74, 992
921
39, 520
80, 743
672
41, 593
83,012
1,080
38, 300
77, 963
1, 116
42, 476
77, 364
1,081
40. 218
78, 221
885
13, 188
13, 205
3,429
16, 539
17. 086
9 cyo
15,402
15, 922
2, 346
15. 994
16, 850
1,487
19, 146
18,517
2, 099
18,719
18. 204
2,611
17. 733
17, 120
3. 199
16. 708
18, 474
1,467
19, 273
18, 727
2,012
16,582
16, 861
1,744
21, 265
19, 888
3, 118
24, 254
28, 384
27, 700
684
24, 044
2, 547
10, 063
6,917
27, 304
24.049
23,512
537
30, 321
3, 846
11.424
6, 899
31,210
25, 729
24, 829
901
28, 855
3, 552
12, 360
6, 159
33.410
28. 502
27. 614
888
29,418
3, 257
12,869
9,746
31,102
23, 248
22, 284
964
35, 468
4,188
12, 769
5, 624
31, 727
21,619
20, 489
1, 130
33, 018
4, 986
10, 929
5, 646
33. 098
24. 580
23, 886
694
27, 870
6,928
11, 510
7,737
37, 391
29, 432
29, 088
344
26, 611
3,660
11,407
7,922
40, 910
36, 597
35, 979
619
31. 151
3,422
11, 756
8,168
35, 256
44 066
42 735
1,331
23 813
3,877
11.747
7,824
34, 763
44.010
43, 251
759
20, 910
4,251
6, 159
6.082
13, 564
8,499
7,794
14, 468
6. 876
7, 668
13,717
8,420
8, 633
14, 302
8,079
7,961
15, 132
4,822
7, 239
13, 518
7,419
8.581
12, 297
7,631
8.007
12, 855
8,222
8, 850
13, 070
8, 821
8,994
14,180
8,829
8. 257
15, 983
12, 228
7. 224
24, 645
12, 553
8, 158
25, 972
10, 880
7, 619
26, 406
10, 865
8, 364
23, 678
9.932
8,011
22, 537
7,430
7,399
18, 444
12, 262
9.007
17, 787
12,098
8,450
18, 172
13, 435
8. 363
19, 368
11,827
8, 246
19,115
12. 968
7, 961
20, 132
145
8, 707
17, 090
197
9, 371
18, 722
166
9. 357
15,436
175
10, 063
15, 675
173
10,417
16, 209
167
11, 125
17, 615
184
11,395
18, 367
183
12, 984
19,031
177
12, 308
19, 902
' 182
13, 474
18, 237
593
1,480
1,840
1.535
1,177
Consumption (14 States) t
thous. of short tons..
262,125
311, 746
368, 792
446. 192
Exports, total
short tons.. 300, 251
61, 925
126, 224
159, 502
148, 988
Nitrogenous materials .__
do .
91,136
161, 543
182. 652
110,806
181, 362
311.684
Phosphate materials
do
4, 562
9,389
11.819
5, 631
3,406
Potash materials
_
do .
223, 808
272, 080
106, 389
142, 225
167, 593
Imports, total
do
139, 175
88, 773
107, 773
Nitrogenous materials, total
do
98, 717
128, 400
50. 661
68, 259
76, 408
33, 163
Nitrate of soda
do
55, 563
5,135
7,824
7, 023
13, 606
Phosphate materials .
.
do
5, 433
115,775
4,738
57, 024
Potash materials
do
26, 159
33, 548
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
51.50
51. 50
port warehouses
dol. per short ton
51. 50
51.50
51.50
Potash deliveries
short tons. _
45, 485
91, 803
116, 035
113,107
27, 896
Superphosphate (bulk) :
854, 292 1,082.523 1,039.177
836 137
802, 943
Production
do
778, 270
Stocks, end of month
do
1, 420, 577 1, 495, 731 1,308,555 1, 006, 718
998
495, 432
129, 204
347, 639
10. 325
214, 918
166, 523
103, 322
13, 659
10, 744
408
450. 744
128, 730
289, 520
7,147
107,888
83. 783
40, 269
11. 255
1,056
325
250, 642
90, 482
141,469
10, 989
50, 974
37, 835
1,110
3,298
2, 518
385
226, 631
83, 193
129, 904
7,095
70, 484
54, 762
7,990
7,153
3,407
551
279, 942
46, OS1
213, 503
12, 741
129, 288
104, 447
51,717
11,496
3, 365
598
189, 531
34, 229
139, 759
11,984
199, 190
147, 304
70, 666
4,542
33, 814
737
206, 658
31,506
148, 979
9,626
154, 905
97, 106
34. 134
5,503
43, 723
852
51. 50
83, 446
51.50
134, 624
51.50
97, 301
51.50
107,656
51.50
114,710
51.50
114, 210
51.50
113, 400
51.50
125.316
r
19.97
FERTILIZERS
852, 505
986, 684
832, 868
940. 072 «• 936. 822
718, 165
866, 484
962, 923
903, 607 1, 178, 262 1,295,803 1,245,447 1, 209, 299 1, 143, 502 1,137,031 1, 191, 573
NAVAL STORES
Rosin (gum and wood):
Production, Quarterly total- . . drums (520 Ib.)
552, 940
370, 480
566. 830
594 250
Stocks, end of quarter
do
929, 960
894, 280
936, 460
873 340
Price, gum, wholesale, "WG" grade (Sav.), bulk*
6.66
6.29
5.71
5.29
6.66
6.40
4.93
5.59
6.11
dol. per 100lb__
7.26
6.61
8.27
8.43
Turpentine (gum and wood):
125, 320
Production, quarterly total
bbl. (50 gal.).. 170, 700
200, 670
194, 050
205, 900
191, 200
Stocks, end of quarterdo
238, 660
151 430
.41
.43
.41 '
.40
.43
Price, gum, wholesale (Savannah). _dol. per gal._
.40
.46
.40
.41
.64
.11
.87 !
.80
r
!
Revised.
Not available for publication.
JFigures are not strictly comparable with those prior to 1948 because of the inclusion of data for additional plants. For January 1948May 1949 revisions including data for these plants, see note at bottom of p. S-25 of the August 1950 S U K V E Y .
tRevised series. Beginning in the January 1950 SURVEY, data for fertilizer consumption in 14 States have been substituted for the 13-States series formerly shown; revised figures prior
to November 1948 will be shown later.
*New series. The series for rosin " WG" (window glass) grade, which is compiled by the U. S. Department of Labor beginning November 1948, and prior to that month by the Oil, Paint,
and Drug Reporter, has been substituted for the "H" grade formerly shown. Data beginning 1935 are shown on p. 24 of the September 1950 SUKVEY.
S-25
SURVEY OF CURRENT BUSINESS
February 1051
1950
1949
Unless other-wise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
December
January
February
March
April
June
May
July
August
September
October
November
December
1,912
60 822
2,057
64, 557
1,626
59, 724
1.955
56 378
CHEMICALS AND ALLIED PRODUCTS—Continued
MISCELLANEOUS
Explosives (industrial), shipments:
Black blasting powder
High explosives
Sulfur:
Production
Stocks
thous. of l b _ _
do
long tons
do
2,212
47. 585
1,999
40, 468
1,803
37, 389
2,213
53, 418
1,464
55, 794
1,407
59 843
1,148
59, 805
1,235
55, 128
1,837
68, 581
392. 655
412, 425
401,232
440, 262
376, 942
389, 305
424, 269
475 694
466, 063
436, 612
435 290
487 845
446 245
3, 099, 305 3 074 562 3, 040, 190 2 988 527 2 885 294 2 875 893 2 956 333 2 975 927 2 935 503 2 853 688 2 822 913 2, 762 527 2 654 530
FATS, OILS, OILSEEDS, AND
BYPRODUCTS
Animal fats, greases, and oils:
Animal fats:
Production
thous of Ib
Consumption, factory
_
do
Stocks, end of month
_ _ do _
Greases:
Production
do
Consumption, factory
do
Stocks, end of month
_ do
Fish oils:
Production
do
Consumption, factory
_ do
Stocks, end of month
_ do
Vegetable oils, oilseeds, and byproducts:
Vegetable oils, total:
Production, crude
mil. of Ib
Consumption, crude, factory
do
Stocks, end of month:
Crude
do
Refined
__
do
Exportsf
thous. of Ib
Imports, total _
do
Paint oils
do
All other vegetable oils
do
Copra:
Consumption, factory
short tons__
Stocks, end of month
do
Imports
do
Coconut or copra oil:
Production:
Crude
thous. of Ib
Refined
__
do
Consumption, factory:
Crude
do
Refined
do
Stocks, end of month:
Crude
do
Refined- _
_. _
do
Imports
do
Cottonseed:
Receipts at mills
thous. of short tons
Consumption (crush)
_ do
Stocks at mills, end of month
do
Cottonseed cake and meal:
Production
short tons
Stocks at mills, end of month
do
Cottonseed oil, crude:
Production
thous of Ib
Stocks, end of month
do
Cottonseed oil, refined:
Production^.
_
_
do
Consumption, factory
do
In oleomargarine
do
Stocks, end of month
do
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per l b _ _
Flaxseed:
Production (crop estimate) _ thous. of bu
Oil mills:
Consumption..
_
_ __
do
Stocks, end of month
do
Imports
do
Price, wholesale, No. 1 (Minn.)
dol. per b u _ _
Linseed oil:
Production. _
_ _
thous. of Ib
Consumption, factory
do
Stocks at factory, end of month
do
Price, wholesale (N. Y.)
dol. per Ib _
Soybeans:
Production (crop estimate)
thous. of bu__
Consumption, factory
do
Stocks, end of month
do
Soybean oil:
Production:
Crude
thous of Ib
Refined. _ _
_ _
do
Consumption, factory, refined
do
Stocks, end of month:
Crude- ... _ _ _
_
do
Refined
do
Price, wholesale, edible (N. Y.)___dol. per lb__
378, 469
96, 214
316, 248
363, 933
111,714
360, 842
288, 055
103, 724
344, 466
317, 265
122, 437
350, 904
287 983
104, 256
375, 930
298 594
101, 937
394, 479
299 189
96, 559
388, 296
255 357 . 272, 295
74, 577
130. 289
297, 756
346, 257
260 795
127 332
240, 930
300, 360
129, 658
221, 073
354 641
119,095
246, 609
393 136
147, 760
274, 271
55, 935
43, 794
111,379
53, 954
42, 005
113, 753
48, 962
40, 593
111,321
53, 289
42, 437
113,951
50, 510
38, 742
123, 683
52, 369
43 595
122,910
53, 266
40 163
122, 920
45, 750
30 615
118, 590
52, 262
46, 388
110, 950
50, 521
50 402
94 200
53, 751
58, 114
86, 676
58, 895
47, 615
82, 816
60, 213
63 567
92, 484
10, 076
14, 777
106, 261
4,833
15, 236
103, 076
493
15, 438
87, 502
524
19, 543
90, 827
481
15, 280
82, 478
3 649
14, 682
69, 944
22, 961
20, 467
68, 503
11 247
17, 025
i 69, 024
553
456
541
475
471
450
478
484
423
406
388
398
354
375
368
330
381
456
431
430
1,042
338
54. 344
22, 024
5, 535
16, 489
1,074
386
60, 199
22,177
1 803
20, 374
1, 058
404
62, 747
25, 344
3, 869
21,475
1 051
398
77, 755
26, 146
6 456
19, 690
1 069
423
56 562
15, 375
11 698
21 491
1 020
392
68 105
43 682
8 883
34 799
i 758
363
38 327
40 639
10 389
30 250
i 787
297
32 421
33 922
9 988
23 934
i 736
214
17 627
52, 839
14 530
38, 309
i 8^6
189
40 406
65 112
19 834
45 277
47
62
15
47
33, 180
22, 328
32, 798
36, 640
23, 784
44, 905
25, 515
17, 725
27, 160
24, 724
21, 074
27, 903
28, 099
18, 042
29 092
28, 757
13, 194
31 976
27, 134
10 342
26 064
21,050
16, 295
36 449
37, 356
14,968
43, 286
40, 929
16 417
52 213
45, 619
17, 740
52 841
35, 393
27, 890
55 996
31,828
27 851
42, 726
24, 304
46, 743
22, 515
32, 381
21, 358
31 179
23, 268
36 169
23 393
36 654
26 247
34 211
22 909
26 668
20 727
48 420
30, 529
53 167
30' 744
60 334
33, 316
46 555
26 559
40 506
25 545
45, 222
22. 344
43, 763
20 617
40, 787
20 708
46, 571
22 592
43 234
21 394
47 923
21 420
39 642
21 673
35 324
17 639
53,311
28 798
52 888
27 246
56, 479
28 553
47 343
23 262
46 850
23 818
141,073
9, 016
6, 015
167, 154
9, 893
11,847
167, 888
8,446
10, 729
165 462
7,899
7 152
167 106
6 889
7 787
170 014
8 997
12 260
0)
7 756
9 724
(i)
7 968
4 767
(i)
6, 286
9 586
i 44 709
6 975
9 390
61 989
8, 962
24 248
i 64 536
10 276
11 536
450
677
1,884
179
654
1,409
262
533
1,137
213
492
858
183
365
676
95
276
495
47
208
334
128
178
285
220
228
276
600
404
472
1 123
621
974
793
564
1 202
369
433
1 138
309, 772
142, 801
289, 039
175 724
235, 130
196 406
220 201
186 446
162 095
182 209
124 140
179 112
93 264
163 360
80 988
136 002
104. 675
121 179
180 934
153 478
276 465
214 226
251 982
207 994
193 620
190 875
217,619
181, 587
210 781
171,922
173 826
146,885
162 217
99 469
120 814
82 539
90 610
65 083
68 051
50 748
57 790
47 667
72 730
43, 033
121 808
63 370
195 045
89 685
182 355
98 408
138 678
100 065
172. 940
133, 830
41, 205
218, 210
175, 927
145,547
47 649
255 630
174,054
158 713
46 604
273, 525
160, 817
174 461
52 837
271 007
116
118
26
285
792
983
039
034
59 523
118 382
2 41 (598
167 553
78, 244
155 135
2 35 496
97 930
85
116
2 26
73
143
112
2 26
107
160
116
2 33
155
122
107
2 30
171
.123
.130
.138
.153
.162
.176
.196
520
392
754
761
.160
98
130
27
251
983
694
086
672
.170
1
17 506
13 990
48, 093
80
114
34
225
1
23 113
14, 401
49, 440
24. 486
18, 145
i 59, 821
1
22 517
18 152
75 917
825
937
052
621
.205
1
560
497
1
1
884
216
330
848
022
827
075
573
749
144
.208
1
571
523
r
538
470
i i 022
297
! 960
269
546
535
406
129
41
46
12
34
1
209
590
460
036
.237
2,937
5 058
0
3.95
2,752
3 928
2
3.88
2,576
2 554
61, 681
30, 518
485, 112
.185
57, 066
32 292
515 697
. 184
53, 469
33,619
531 932
.185
3 230, 897
17, 290
66, 508
16 909
59 398
166, 855
119, 251
104, 727
165 088
130, 317
117, 599
2 946
2 505
2 209
1 384
3.93
2 360
1 055
0
4.00
4.05
4.03
3.84
3.75
50, 939
39 850
548 907
. 180
47 154
38 194
564 035
180
43 697
42 119
539 931
'l82
63 490
44 990
551 263
189
82 216
50 031
569 973
187
15 466
54 214
18 112
47 991
17 198
41 674
16 880
34 735
i§ 913
28 478
153 046
118, 749
111,398
177 518
146 063
139, 881
170 251
131 913
116, 186
169 001
131 848
125, 688
141 705
132 235
120, 525
(5)
o
3 270
2 255
4 119
2 195
Q
Q
3 963
5 in
3 469
6 177
83 938
10 211
009
832
587
591
.237
4
3 43, 946
3,194
5,412
0
3.92
10 006
15 301
72, 207
39 263
3 549
9 362
3 648
9 007
3.26
3.45
68 708
54 657
556 570
170
72 635
51 553
591 636
172
3.87
74 945
49 610
609 867
195
Q
o
57 809
65 721
561 185
188
3.55
77 316
58 402
561 102
186
15 637
19 315
15 416
9 QQ3
13 634
2 484
19 570
57 878
22 799
81 201
287, 010
23 956
77 094
159 261
109 087
100, 548
157 026
166 442
162, 308
137 695
145 546
149, 258
190 723
153 276
156, 275
216 217
170 013
167, 065
228 341
163 893
160, 038
o
o
4
75 971
53 358
90, 116
82, 877
78, 911
87, 228
101 386
91 462
88 338
104 423
65 896
81 162
98 366
71 651
77 528
51 274
54 237
59, 985
66 650
66, 791
64 118
74 809
67 121
73 394
60 116
51 045
.153
.148
.150
.168
.171
.177
.171
.174
.185
!215
.191
.203
.250
r
Revised, i Data for crude palm, coconut, castor, and sperm oil are excluded from the pertinent items for June-August; beginning September 1950, these oils have been restored on a
commercial
stocks
basis.
2
Compiled by the U. 8.4 Department of Commerce,5 Bureau of the Census.
3
Revised estimate.
December 1 estimate.
Less than 500 bushels.
fRevised series. Beginning in the September 1949 SURVEY, data include oleomargarine of vegetable or animal origin.
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
February 1951
1949
December
January
February
March
May
June
July
August
September
October
i 64, 829
16,811
i 74, 234
14, 807
November
CHEMICALS AND ALLIED PRODUCTS—Continued
FATS, OILS, ETC.— Continued
Vegetable oils, oilseeds, etc.— Continued
Oleomargarine:
Production
thous. of Ib
Stocks (factory and warehouse)*
do
Price, wholesale, vegetable, delivered (eastern
U.S.)
,
_ dol. perlb._
Shortenings and compounds:
Production
thous. of Ib
Stocks end of month
do
76, 948
13, 027
84, 237
13,219
81,299
12, 474
95,315
1 7, 561
53,817
15,776
56, 357
12,064
69, 370
24, 247
1
89, 425
12, 193
1
84, 129
21, 383
1
93. 852
12,645
i 89, 959
14, 029
.224
.224
.224
.236
.244
.244
.244
.249
.264
.269
.264
.279
.294
125, 783
81,722
135, 591
71,190
145, 489
66, 407
161,722
71,708
126,516
83, 553
144,761
103, 734
115,440
117,648
101,037
71, 189
180.280
60, 544
156,820
71,852
142,215
85, 962
155. 333
81, 121
144, 092
103, 583
57, 340
51 , 957
23, 481
28, 476
5, 383
75, 936
68, 887
27, 6S4
41,203
7,049
70, 873
64, 640
27,145
37, 495
6, 233
87,169
79, 098
32, 250
46, 847
8,071
87, 605
79, 348
30, 935
48,413
8,257
103, 246
93, 434
35,175
58, 259
9,812
108,910
98, 634
36,719
61,915
10, 276
99, 212
89, 857
33. 008
56, 849
9,354
1 22, 629
111,165
42. 161
69, 004
11,465
103. 323
93. 170
38, 417
54, 753
10, 153
99, 384
90, 366
41, 114
49, 252
9,018
87, 266
79 594
37. 619
41, 975
7,673
1,674
4, 638
485
972
25, 81 1
20, 137
13,389
33, 036
17, 902
8, 086
18,861
1,938
5 387
546
825
27, 499
20, 332
12, 989
33,111
18,825
8, 486
21,096
1,875
5, 399
546
1.168
27, 453
20, 242
12,522
31,429
21,223
8,479
20. 009
1,883
6, 405
650
1,198
32, 334
27 032
13,205
37, 662
25, 624
10,156
20, 759
2.144
6, 301
587
926
29, 978
24, 555
1 1 , 434
35, 946
21,864
9, 138
19,642
1,980
6,518
650
898
31,910
25, 441
14. 581
35, 510
24, 625
9, 809
22, 331
2,072
6, 603
628
817
32,415
25, 170
15, 059
32, 596
25, 539
9, 500
21, 772
2,397
7,240
563
830
25, 901
26, 570
13,505
34. 376
22, 760
9,348
21,567
2, 585
8, 389
798
1.111
38, 128
27,993
17.994
36, 142
25, 806
12, 832
23, 969
2,719
7,248
638
1,150
36, 905
29. 377
16 237
35. 138
25. 718
NX 738
24. 893
2,831
8, 643
711
1,329
' 36, 367
29, 658
16.658
39, 036
26,614
' 12, 087
26, 807
2 659
6. 696
706
1,069
34, 529
30, 110
17.602
33, 731
24, 161
11.6*3
24, 890
PAINT SALES
Paint, varnish, lacquer, and filler, total
thous.
Classified, total
_ __.
Industrial
Trade
Unclassified
of dol__
do
do
do
do
SYNTHETIC PLASTICS AND RESIN
MATERIALS
Production:*
Cellulose acetate and mixed ester plastics:
Sheets, rods, and tubes
thous. of l b _ _
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
Alkyd resins
do
Rosin modifications
do
Miscellaneous resins
do
ELECTRIC POWER AND GAS
ELECTRIC POWER J
Production (utility and industrial), total
mil. of kw.-hr__
Electric utilities, total
_- _do, _
By fuels
do
By water power
do_
Privately and municipally owned utilities
mil. of kw.-hr__
Other producers
do
Industrial establishments, total
.
do By fuels
do
By water power
__
do_.
Sales to ultimate customers, total (Edison Electric
Institute)
mil ofkw.-hr
Commercial and industrial:
Small light and power
do
Large light and power
__ do
Railways and railroads
do
Residential or domestic
. _ _ - ..do...
Rural (distinct rural rates)
do
Street and highway lifrhting
_ _ .__ .do
Other public authorities
do
Interdepartmental _.
_
..
_
-do
Revenue from sales to ultimate customers (Edison
Electric Institute)
_ - _ _ _ _thous. of dol__
31, 162
26, 348
18, 720
7,628
31,677
26, 871
18, 537
8,334
28, 789
24, 270
16, 528
7,741
31 , 864
26, 997
18, 268
8,729
30,191
25, 437
17,140
8,297
31,486
26, 525
18,048
8,477
31, 608
26, 685
18, 701
7,984
31,626
26, 780
19,273
7, 507
33, 874
28, 869
21,338
7,531
32. 650
27, 774
20,231
7,543
34, 307
29, 151
21, 763
7,388
34, 072
29, 006
21,345
7.661
35, 779
30, 632
21, 944
8,689
22, 474
3,874
4,814
4, 353
22, 893
3, 979
4,805
4, 362
461
443
20, 637
3, 632
4, 519
4,082
23, 022
3, 975
4, 867
4, 383
21,838
3, 599
4,754
4,318
22, 739
3, 786
4, 962
4, 503
22, 952
3, 734
4,923
4,484
459
439
22, 914
3, 866
4,846
4,459
24, 780
4,090
5,005
4,647
23, 744
4,030
4,876
4,511
25, 189
3, 962
5, 157
4,781
25, 073
3. 933
5, 066
4, 699
26, 268
4, 365
5, 146
4,748
22, 020
22, 943
22, 203
22, 565
22, 397
22, 394
22, 694
22, 637
23, 646
24, 157
24. 431
24 673
4,047
10, 384
4,181
10, 602
4,076
10, 297
4,002
10, 830
3.986
10,930
3,919
11,300
4. 107
11,547
4,277
11,260
4 340
12, 172
4, 434
12 301
4 321
12, 584
4 332
12 5 "6
4,964
5,256
5,482
5 803
555
5,604
506
291
580
52
409, 942
536
6,276
409
287
602
49
425, 325
437
507
6,017
405
251
597
52
416, 130
483
555
5,782
493
250
596
57
414, 263
436
497
5, 521
605
221
581
55
410, 076
468
5,235
634
206
581
52
407, 411
450
5, 072
694
192
583
49
414, 734
387
437
5,034
818
200
564
46
412, 437
358
453
867
218
587
46
421,090
366
447
836
249
593
42
430, 680
376
476
631
280
613
42
435, 282
367
398
494
522
300
625
41
440 961
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. ft
Residential
do
Industrial and commercial
do
Revenue from sales to consumers, total
thous. of dol
Residential (incl. house-heating)
do
Industrial and commercial _
__ _
do _
Natural gas (quarterly) :
Customers, end of quarter, total
thousands..
Residential (incl. house-heating) _ _ .do ...
Industrial and commercial
do
Sales to consumers, total _ __ _ mil. of cu. ft.
Residential (incl. house-heating)
do
Industrial and commercial
_ do
Revenue from sales to consumers, total
thous. of dol__
Residential (incl. house-heating)
do
Industrial and commercial. . __ _ _ . do
10, 004
9,333
9,763
9,092
9,617
8,960
9,154
8,537
141,005
92, 795
46, 648
184, 390
128,143
54, 506
146, 059
93, 636
51, 194
97 507
55 747
41,040
144, 379
106, 943
36, 405
174, 188
129, 500
43, 505
146, 139
107, 005
38, 225
108 008
77 182
30, 238
13, 210
12, 072
1,128
829, 468
238, 906
555, 867
13,733
12, 562
1,161
1, 080, 316
447, 480
606, 702
13, 941
12, 783
1,143
882, 363
255, 373
601,037
14,490
13 339
1 137
740 818
108 884
597 808
293, 085
160, 525
126, 922
439, 632
278, 828
156, 322
319, 382
175, 734
139, 144
229 031
92 812
130, 304
664
664
649
609
AC.H..I. The data for
its and consumption
a few additional
SUEVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
S-27
January
February
March
April
May
June
July
August
September
October
November
December
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
6,314
Production
thous. of bbl. 6,247
Tax-paid withdrawals
do
Stocks, end of month
do. _ _
8,486
Distilled spirits:
19, 060
Production
thous of tax gal
Consumption, apparent, for beverage purposes
20, 030
thous. of wine gal.
8,351
Tax-paid withdrawals
thous. of tax gal
Stocks, e n d o f month
_ _ _ _ do
676, 021
1,410
Imports
thous. of proof gal
Whisky:
10, 672
Production
thous. of tax gal
5,201
Tax-paid withdrawals
_
do
610, 341
Stocks, end of month
do
1,262
Imports
. thous. of proof gal. .
Rectified spirits and wines, production, total
7,932
thous. of proof gal- 7,107
Whisky
do
Wines and distilling materials:
Sparkling wines:
86
Production
__ _ _ _ thous. of wine gal 159
Tax-paid withdrawals
do
1,425
Stocks, end of month
___
do _86
Imports
do
Still wines:
3,534
Production
do
12, 878
Tax-paid withdrawals
do
192, 047
Stocks, end of month
__ do
335
Imports
do
4,896
Distilling materials produced at wineries., do
6,139
5,597
8,763
5,842
5,523
8,849
7, 562
6,693
10, 155
7,352
6,367
10, 603
8,361
7,616
10, 846
9,368
8, 696
10, 982
9,241
8,511
11, 196
9,040
8,621
11, 078
6,870
6,845
10, 648
6,391
6,913
9,692
6, 166
6,019
9,451
5,893
6 163
8,815
16, 581
14, 137
15, 969
17, 305
20, 490
21 358
21, 695
33 042
41 863
47, 852
38, 254
35 444
11,519
680, 939
890
11,592
6,299
684, 577
857
14, 333
9,219
686, 646
1,076
13, 276
7,319
692, 458
864
13, 783
7,935
700, 420
1,161
13, 615
8,091
708, 562
1,291
18, 757
10, 537
712, 863
1,832
15, 816
20, 281
11, 348
16, 142
720, 296 T 737, 771
1,461
' 1 692
15, 177
10, 128
760, 806
1,706
17, 630
11, 064
780, 654
2,189
12 061
795, 181
11, 069
4, 694
615,424
790
10, 115
4,047
620, 133
778
11, 045
5, 56-2
624, 188
967
11. 922
4,358
630, 678
772
12, 727
4,610
637, 409
1,076
12, 521
5,228
643, 280
1,196
10, 339
6,575
645, 268
1,719
15 072
9,869
647 062
1,534
17, 758
6,455
656, 999
1,322
20, 536
5, 939
670, 213
1, 543
22, 241
6,557
684, 031
1,994
19 244
6,899
694 210
6,632
5, 870
6,104
5,458
9, 532
8,497
7,901
6,775
8,146
6,923
9,109
7,612
10, 233
8,749
16, 230
14 029
11,081
9,741
10, 233
9,037
11,112
10, 177
11, 063
10 153
124
64
1,475
24
38
41
1,456
17
108
60
1,494
29
190
61
1,675
28
86
78
1,614
38
98
78
1, 619
40
44
53
1,605
27
116
87
1 627
41
73
111
1, 579
44
77
148
1,499
68
83
168
1,398
119
1,083
11,984
179, 559
240
1,394
745
10, 071
168, 935
243
1,397
1,144
13,073
157, 058
279
1,280
842
12, 365
145,011
286
734
790
10, 573
134, 871
263
1,300
887
7,588
127, 000
347
216
758
8,236
117, 335
255
1,509
4 250
11 367
109, 347
276
12, 813
41, 610
11, 271
143, 694
331
98, 229
59,214
12, 657
194, 870
459
124, 020
15 253
11, 768
198, 490
562
36, 337
96, 665
113, 993
.631
101,195
103, 657
.624
98, 175
92, 886
.635
122, 195
93, 489
.607
128, 770
109, 020
.599
156, 495
136, 867
.600
166, 080
185, 167
.599
146, 760
230, 063
.603
124, 960
239, 398
.614
103, 035
234,111
.633
91, 930
208, 228
.642
•• 75, 910
' 159, 873
.647
74, 026
51, 852
188, 653
168, 670
5,102
77, 060
54, 180
176, 821
159, 906
3,085
75, 365
53, 410
163. 922
149, 004
6,845
95, 825
69, 820
158, 134
141, 946
3,540
110, 565
84, 110
171, 553
153, 135
2,806
133, 735
105, 695
208, 986
186, 062
2,518
142, 960
114, 970
254, 246
229, 785
4,355
124, 370
99, 180
280, 948
256, 395
3 564
107, 395
84, 395
316, 661
287, 977
8 937
89, 560
67, 900
326, 907
292, 421
6,854
80, 035
58, 095
310, 240
276, 930
5,185
'r 67, 030 67, 925
45, 830
45, 265
«•r 261, 259
214, 176
233, 733
188, 519
4,885
.353
.349
.354
.351
.346
.343
.347
.341
.349
.354
.360
.363
.386
13, 103
4,941
149, 347
15, 700
3,925
169, 800
14, 300
5,250
183, 900
18, 500
6,010
241, 000
22, 100
7,225
258, 000
31,650
5,430
347, 000
30, 750
5,230
348, 800
31, 000
4,850
302, 100
28, 350
6,200
284, 300
21, 200
5,900
232, 600
19, 575
5,325
202, 000
15, 100
4,260
159, 000
18, 350
4,485
156, 300
7,386
243, 491
5,249
151, 401
5,951
101, 470
6,757
86, 216
7,596
116, 999
7,650
222, 300
9,733
343, 988
7,368
340, 962
7,016
349, 397
9,409
388, 620
9,296
383, 173
10, 494
316, 662
6,898
159, 795
2,221
15, 351
2,858
13, 120
2,869
14, 306
2,514
8,694
3,918
16, 275
2,734
18, 965
465
16, 905
2,699
6,291
741
11 741
983
18, 075
1,378
8,199
4,327
8, 225
9.10
5.09
9.10
5.10
9.10
5.10
9.10
5.10
9.10
5.10
9.10
5.10
9.10
5.09
9.10
5.10
9.30
5.29
9.30
5.37
9.50
5.37
8,622
3,144
4.75
9,046
3,321
4.66
8,671
3,263
4.63
9,996
4,116
4.58
10, 612
4,431
4.37
11, 981
5,416
4.31
12, 485
5,749
4.29
11, 827
5,078
4.38
10, 601
4,392
4.52
9,375
3,633
4.62
9,035
3,246
4.79
9,540
61, 662
8,990
64, 600
8,290
66, 150
11, 560
86, 000
10, 050
98, 000
11, 760
113, 700
13, 200
116, 750
11, 550
90, 000
11, 885
60, 950
10, 400
42, 900
11, 105
48, 722
9,710
43, 821
9,187
42, 213
9,719
51, 619
9,799
70,091
10, 307
81, 934
13, 219
92, 873
13,908
82, 621
13, 630
59, 407
5,906
7,326
5,408
8,374
3,654
32, 890
5,974
25, 440
5,088
21, 761
4,300
10, 267
6,118
16, 794
4 643
17, 704
.121
.117
.118
.117
.118
.116
.117
3,832
19, 573
9,760
4,231
12, 502
8,613
3, 326
7,074
9,911
2,598
3,645
8,966
1,521
1,289
10, 579
554
165
9,434
279, 255
265, 204
251, 119
243, 861
287, 445
339, 316
305, 316
269, 980
241, 992
221, 119
19, 900
20, 750
27, 144
25, 291
3.719
3.632
4.473
4.789
r 7, 219
DAIRY PRODUCTS
Butter, creamery:
Production (factory) J
thous. of lb__
Stocks, cold storage, end of month
_ . do
Price, wholesale, 92-score (New York)_dol. per lb__
Cheese:
Production (factory), total t
-thous. of lb_American, whole milkj
__
do
Stocks, cold storage, end of month, total, do .
American, whole milk .
_ do
Imports
_
do
Price, wholesale, American, single daisies (Chicago)
dol. per lb-_
Condensed and evaporated milk:
Production^
Condensed (sweetened) :
Bulk goods
thous. of lb__
Case goods
_
do
Evaporated (unsweetened), case goods do
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb._
Evaporated (unsweetened) ..
do
Exports:
Condensed (sweetened)
do
Evaporated (unsweetened)
do
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
Evaporated (unsweetened)
do
Fluid milk:
Production
___ _ ___mil. o f l b
Utilization in mfd. dairy products
do __.
Price, dealers', standard grade
dol. per 100 lb_.
Dry milk:
Production :J
Dry whole milk
thous. of lb_Nonfat dry milk solids (human food)
do
Stocks, manufacturers', end of month:
Dry whole milk
_ _
do
Nonfat dry milk solids (human food)
do
Exports:
Dry whole milk
do
Nonfat dry milk solids (human food)
do
Price wholesale, nonfat dry milk solids (human
food), U S average
dol per Ib
79, 000
105, 364
.664
9.50
5.39
9.72
5.63
8,376
2, 678
4.84
8,490
2,738
4.88
11. 300
35, 800
9,920
30, 550
9,850
39, 480
12, 503
42, 567
13, 284
31, 528
11, 650
23, 491
10, 156
21, 978
4 711
21, 759
5,966
17, 966
6,047
20,010
5,308
18, 994
.117
118
.119
.121
.124
240
115
7,403
333
102
5,965
1 208
7,321
5,658
6 084
34, 451
4,932
356, 409
414, 557
461, 956
466, 135
497, 878
' 479, 353
446, 377
235, 955
283, 334
361, 366
430, 576
457, 573
' 454, Oil
425, 279
24, 174
24, 117
12, 650
11 618
14 900
15 248
4.221
3.242
2.650
3.485
2.636
2.128
r
r
. 127
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu 1 133, 742
4,061
Shipments, carlot
no. of carloads
Stocks, cold storage, end of month__thous. of bu_.
25, 667
•Citrus fruits, carlot shipments
no. of carloads__
11, 369
Frozen fruits, stocks, cold storage, end of month
thous. of lb__ 300, 409
Frozen vegetables, stocks, cold storage, end of
month....
thous. of lb_. 371, 003
Potatoes, white:
Production (crop estimate)
thous. of bu 1 411, 565
Shipments, carlot
no. of carloads
16, 598
Price, wholesale, U. S. No. 1 (New York)
dol. per 100 lbs__
r
4.134
2
2
Revised.
1 Revised estimate.
December 1 estimate.
^Revisions prior to 1949 are shown on p. 24 of the August 1950 SURVEY ;those for January-October 1949 ,on p. S-27 of the January 1951 issue.
r
5 386
•• r40, 032
6, 515
r
120, 499
3 970
33, 561
14, 000
13, 215
2439 500
13 335
2.515
3.121
SURVEY OF CURRENT BUSINESS
S-28
Unless otherw^ise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
February
January | ™ju-
March
April
June
May
July
August
September
October
November
Decem
ber
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal
42, 726 r 33, 834
thous. of bu
Barley:
1
236, 737
Production (crop estimate)
do
4,349
6,820
Receipts, principal markets
do
Stocks, domestic, end of month:
' 33, 778 30, 282
Commercial
do
r 106 494
On farms
do
2,263
' 810
Exports, including malt
_ _ _ _ _ do
Prices, wholesale (Minneapolis):
1.509
1.546
No. 2, malting
__ _ _
dol. per bu
1.418
1.444
No 3, straight
do
' 29, 218
28, 003
' 28, 185
27, 395
29, 509
33, 944
7,696
7,217
5,894
16, 968
21, 441
13, 503
12, 581
27, 657
26, 228
34, 541
1, 119
r 1, 252
33. 429
180 508
2,582
34, 026
736
25, 924
'30 929
••361
25, 984
250
2,516
3, 599
1. 578
1. &18
1.622
1.538
1.643
1.593
1.687
1.601
1.692
1.649
1.545
1.484
1.529
1.451
1.488
1.394
1. 561
1.476
9,446
17, 006
10, 743
23, 470
10, 371
19, 624
10, 723
24, 065
10, 682
26, 726
11,371
26, 697
12, 096
33, 367
11,973
23, 264
11, 932
24, 371
11,778
52, 010
47, 521
45,319
43,177
39, 768
52, 137
7 393
6 507
10 938
40, 127
486 2
5,317
38, 779
5 907
42, 874
r i 060 4
6 644
39, 434
8 628
47, 400
r i (337 2
6 161
43, 910
10 082
7, 176
10. 355
1.440
1.291
1.249
1.441
1.297
1.261
1.487
1.337
1. 305
(3)
1.426
1.419
(3)
1.481
1.480
(3)
1.489
1.462
(3)
1. 556
1.530
(3)
1.534
1.511
(3)
1. 541
1.498
1.528
1. 521
1.462
1. 760
1. 581
1.500
(3)
1.68(
1. 55'
6,862
4,670
7,660
8,041
8,343
7, 313
9,066
17, 102
11,013
8,977
7,211
2 1, 46!
7, 37(
19, 029
r 824 510
16, 050
13, 130
12, 099
r 484 685
11, 295
11,517
11, 268
r 19? 392
12, 510
18, 275
22, 020
»1, 168,742
20, 381
18, 226
578
268
658
171
450
388
579
1,055
333
257
366
432
.762
.749
.769
.783
.841
.912
.947
.890
.781
.816
.812
.928
Corn:
i 3, 379
Production (crop estimate)
mil of bu
9, 554
Grindings, wet process
thous. of bu-._
33, 364
Receipts, principal markets
do
Stocks, domestic, end of month:
51, 688
Commercial
do
On farms
mil of bu r 2 405 8
13, 470
Exports including meal
thous of bu
Prices, wholesale:
1. 450
No. 3, white (Chicago)
dol. per bu._
1.296
No. 3, yellow (Chicago) _
_
do
1.248
Weighted average, 5 markets, all grades- .do
Oats:
Production (crop estimate)
Receipts, principal markets
Stocks, domestic, end of month:
Commercial
mil of bu
thous. of bu__
do
Exports including oatmeal
do
Price, wholesale, No. 3, white (Chicago)
dol. per bu._
Rice:
California:
Receipts domestic rough
thous of Ib
Shipments from mills, milled rice
do: _ _ _
Stocks, rough and cleaned (cleaned basis) , end
of month|
thous. of Ib
Southern States (Ark., La., Tenn., Tex.):
Receipts, rough, at millsO
thous. of lb._
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of month f
-- --- thous. of Ib
Exportsf
do
Price, wholesale, head, clean (N. O.)__dol. perlb__
Rye:
1 1, 329
7,163
31, 620
31, 684
33, 994
»• 27, 568
5,806
6,738
5,627
550
28, 072
69 9?1
1,677
1.547
1.484
9, 454
24, 678
30, 454
r
28, 593
T
Wheat:
Production (crop estimate) total
Winter wheat
Receipts, principal markets
Disappearance domestic
Stocks, end of month:
Canada (Canadian wheat)
mil of bu
do
thous. of bu_do
do
Commercial
_
do
Interior mills, elevators, and warehouses
thous of bu
On farms
Exports total, including
W^heat only
flour
do
do
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
dol. per b u _ _
No. 2, hard winter (Kansas City)
do _
No 2, red winter (St Louis)
do
Weighted avg., 6 markets, all grades
do
32, 62,
139 33!
1. 56!
1. 51'
2
T
3, 13
10, 86'
42, 7K
59, 361
2 160 i
17. 69*
907 66(
.97',
2
!90 549
65, 207
81, 654
32, 953
31, 183
45, 493
33, 990
83. 503
34, 770
50, 081
29, 175
83, 677
37, 907
111,988
110,244
109, 357
73, 299
65, 702
73, C75
16, 204
11, 100
14, 179
14, 274
163, 842
24, 661
84, 38(
42,17^
58, 09<
58, 484
37, 295
84, 784
73, 728
63, 891
78, 428
75, 125
83, 226
50, 908
47,911
91,714
90, 474
57, 20^
236, 707
243, 272
93, 218
186, 783
63, 919
78, 592
76, 452
94, 348
70, 748
79, 203
72, 536
92, 608
39, 350
142, 501
41,154
126, 695
715, 391
289, 728
145, 146 | 266,891
999, 638
225, 808
402, 280
170, 603
126, 715
167,798
589, 101
200, 905
.082
468, 071
188, 297
.082
430, 249
41,146
.081
384, 497
24, 694
.080
351, 624
29, 925
.081
305, 208
22, 113
.081
188, 747
82, 592
.081
90, 151
197, 343
.085
132, 419
83, 407
.090
328, 120
162, 644
.085
757, 612
107, 336
.089
857, 876
81, 930
.099
776, 126
569
300
263
323
303
722
7,643
1.343
7,321
1.393
6,278
1.395
2,986
7,174
1.382
1,576
7,694
1.388
665
8,280
1.430
1,484
5,786
1.483
887
9, 338
1.457
1,121
5,977
1.443
7, 518
1.369
7,716
1. 463
i 1 141 2
1
246 1
i 895 1
18, 492
r
255, 128
165, 657
r 908 948
219, 038
.098
2
U8 739
Receipts, principal markets
do _ _
Stocks, commercial, domestic, end of month_ do
Price, wholesale, No. 2 (Minn.)
dol. per bu__
2 301 00(
9.82
5,900
1.418
2
18, 385
17,347
152,065
146, 506
199, 613
19, 584
244, 138
17, 856
22, 154
136, 625
r 6f}5 036
180, 659
126, 762
108, 447
189, 447
26, 768
21, 559
2.373
2.306
2.329
2.322
r
>• 237, 424
r H7 739
r
326 94?
26, 094
21, 655
21, 996
18, 055
21, 590
19, 229
190, 923
88 731
r 199 175
23,315
18 838
2.375
2.221
2.200
2.269
2.366
2.223
2.218
2.259
2.328
2.224
2. 158
2.253
2.358
2.272
2.290
2.300
173, 136
169, 293
r
r
38, 820
243, 578
100, 743
423 265
168, 497
82, 214
61,948
45, 302
' 245, 370
48, 301
39, 472
197, 072
212, 742
261, 313
253, 690
99, 169
85, 886
219, 702
256, 411
158,197
l, 205, 052
260, 104
r 319, 150
* 137, 422
' 483, 642
19,112
15, 799
18. 523
15, 432
126, 027
55 934
67, 907
21, 490
17, 635
19, 178
13, 649
15, 494
12, 446
2.453
2.300
2.333
2.365
2.446
2.170
2.160
2.297
2. 530
2.228
2.190
2.300
2.440
2.209
2. 163
2.285
T
r
2.420
2.210
2.144
2.285
22, 977
2,68S
7,871
1.627
1,026.8
2
276. 1
2
750. 7
33, 151
208, 617
221, 548
997, 710
247, 318
279, 914
129 357
335, 670
19,114
16, 487
19, 557
16. 367
2.366
2. 179
2. 127
2.243
2. 385
2.224
2.204
2. 268
2.460
2. 346
2. 329
2. 355
Wheat flour:
Production:!
21, 079
19, 658
18, 811
19, 165
17, 705
17, 675
18, 869
18, 498
18, 584
16, 864
20, 043
18, 360
18, 970
Flour
thous. of sacks (100 Ib.)
79.6
78.4
74.5
75.9
71.3
68.9
85.8
82.3
76.8
81.6
75.4
72.2
Operations, percent of capacity§ _ _
74.7
374, 874
355, 951
422, 168
384, 792
369, 090
353, 333
390, 000
377, 024
382, 753
337, 484
374, 335
402, 001
377, 943
Offal
short tons
49, 099
45, 546
44, 175
41, 172
41, 065
44, 576
43, 719
42, 905 !
39, 178
42, 690
46, 596
43, 807
43, 369
Grindings of wheatf
thous. of bu_.
Stocks held by mills, end of month
4, 931
4,635
5, Oil
4,911
thous of sacks (100 Ib )
4,998
1,422
1, 655
1.369
1,308
1,905
1,692
2,235
1,327
2,373
Exports
.___
__ _ _ _ _ _do __
1,442
1,922
1,127
Prices, wholesale:
Standard patents (Minneapolis)
5.912
5.619
5.605
5.975
5.930
5.669
5.656
5.925
5.730
5. 738
5.688
5.600
5.690
dol. per sack (lOOlb.)..
5.162
5.284
5.165
5.269
5.244
5.115
5.138
5.283
5.002
5.150
Winter, straights (Kansas City)
do
5.188
5.158
5.480
r
2
3
Revised.
i Revised estimate.
December 1 estimate.
No quotation.
fRevised series. Data for rough rice, included in rice exports and stocks, have been revised using a new conversion factor supplied by the U. S. Department of Agriculture; unpublished
revisions for exports (1933-July 1948) and those for stocks (prior to August 1949) are available upon request. Revised data for January 1947-July 1948 for wheat-flour production and grin<t
ings will be published later.
©Prior to the October 1950 SURVEY, data are shown in thousands of barrels of 162 pounds.
cTThe total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the breakdown of stocks.
§Based on a 5-day week beginning with the August 1950 SURVEY (prior thereto, on a 6-day week); data for January-June 1949 are shown on p. S-28 of the September 1950 SURVEY.
SURVEY OF CURRENT BUSINESS
y 1951
tiless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1930
1949
December
S-29
January
F
|b™-
March
April
May
July
June
August
September
October
November
December
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK
attle and calves:
Slaughter (Federally inspected):
Calves
- -thous of animals
Cattle
do
Receipts principal markets
- - -do
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
togs:
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 in value to 100 lb. of live hog-_
heep and lambs:
Slaughter (Federally inspected)
thous. of animals- _
Receipts principal markets
do
Shipments, feeder, to 8 corn-belt S t a t e s _ _ _ _ _ d o
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 lb_Lambs, feeder, good and choice (Omaha) .do
511
465
443
939
586
494
959
496
485
443
484
488
515
505
445
1, 064
1, 676
198
1, 103
1,839
133
1,537
112
1,082
1,715
141
1,590
128
1,075
1,871
130
1, 066
1,704
160
1,070
1,759
152
1,184
2,046
239
1,196
2,311
447
1,169
2,795
763
1,151
2,210
483
1 110
1 694
251
26.47
21.44
27. 25
25.98
22.94
30.40
25.58
24.13
30.88
25.90
25.32
29.06
26.94
25.79
29.19
29.02
27.19
30.35
30.13
27.44
29. 00
30.67
27.48
29.60
30.09
26. 90
32.00
30.57
26.90
32.88
30.49
26.92
31.70
31.41
28. 46
32. 38
33. 03
29. 45
32 38
6,477
3, 813
5,844
3,712
4,191
2, 691
5,020
3,058
4,316
2,593
4,338
2,836
4,154
2,586
3,314
2,234
3,626
2,345
4,137
2, 431
5,102
2, 955
6,144
3, 678
6, 777
3 991
15. 05
15.23
16.55
16.13
16.02
18.41
18.18
20.65
21.55
21.10
19.41
18.04
18.52
13.1
13.1
14.3
13.5
12.4
13.8
13.1
14.9
15.0
14.7
14.0
13.0
12.2
1,058
1, 139
71
1,077
1,206
115
863
931
112
939
979
101
834
1,013
98
941
1,455
157
1,019
1,206
166
960
1,149
153
1,076
1,466
355
1, 063
2,001
576
1,081
1,790
591
969
1,185
238
918
1 048
252
22.38
22.88
24.00
23.64
26.12
25.12
27.62
26.59
26.75
0)
27.12
0)
27.75
0)
27.25
0)
27.12
27.42
27. 62
28.50
28.25
28.90
29. 50
29.32
31.38
30.77
1,356
897
1,585
866
1,397
857
1,488
802
1,501
769
1,366
649
1,449
542
1,478
469
31
1,621
457
42
1,081
r
603
1,948
862
696, 567
79 919
1,831
704, 754
89, 485
1, 829
669, 181
124, 307
650, 935
159 141
MEATS
Total meats (including lard):
1,864
1,793
Production (inspected slaughter).mil. of l b _ 799
943
Siocks cold storage end of month
do
69
54
Exports
- do
Beef and veal:
642, 167
Production (inspected slaughter)-.- -thous. of lb-- 616, 302
143, 599
136, 903
Stocks cold storage end of month
do
2,569
1,068
Exports
. __
- do
Price, wholesale, beef, fresh, steer carcasses, good
.438
.445
(600-700 Ibs.) (New York)-dol. perlb.Lamb and mutton:
48, 992
51, 344
Production (inspected slaughter)-,- -thous. of lb_13,811
14 332
Stocks cold storage end of month
do
Pork, including lard, production
(inspected
slaughter)thous. of lb_. 1, 198, 884 1,099,016
Pork, excluding lard:
880, 945
804, 033
Production (inspected slaughter)
do
473, 741
582, 737
Stocks cold storage end of month
_ _ _ do .
6,576
4, C17
Exports _ _ _ _
_ _ do
Prices, wholesale:
.489
.469
Hams, smoked (Chicago)
dol. per lb_.368
.351
Fresh loins, 8-10 lb. average (New York). do
Miscellaneous meats and meat products, stocks,
cold storage, end of month:
63, 173
62, 163
Edible offal
thous of lb
Canned meats and sausage and sausage-room
45, 984
38, 186
products
thous of lb
Lard:
232, 483
215, 492
Production (inspected slaughter)
do
73, 995
92, 949
Stocks, cold storage, end of month
do
54,311
45, 770
Exports
do
.129
.128
Price, wholesale, refined (Chicago) _ _ _ d o l . per l b _ _
80
554, 425
123, 281
1,078
85
644, 109
110. 022
1,021
46
575, 795
98, 839
1,433
43
50
45
638, 652
78, 844
1, 558
628, 277
67, 291
1,990
626, 299
66, 051
1,578
27
686, 636
103, 894
1, 561
36
r
783
.430
.433
.447
.474
.488
498
.486
.491
.486
493
531
42, 392
13, 062
45, 917
10, 689
39, 949
8,440
43, 184
7, 099
43, 597
6, 681
41, 543
6,079
47, 225
5 998
46, 674
6 486
47, 326
7,994
43, 293
r
9, 416
41,964
10 798
759, 390
894, 965
780, 940
806, 047
829, 338
697, 727
705, 016
726, 906
886, 656 1, 096, 444 1, 255, 175
558, 664
573, 108
4,179
664, 439
548, 640
5,584
573, 780
541, 955
5,145
592, 792
492, 194
4,812
605, 008
469, 361
3,851
514, 916
394, 402
4, 481
519, 370
303, 588
3,572
547, 272
240, 544
3, 284
665, 625
219, 758
3,425
.495
.430
.485
.409
.478
.412
.528
.485
.548
.480
.611
.579
.586
.587
.551
.557
.482
.467
56, 670
54, 246
48, 699
46, 631
43, 875
41, 288
39 744
38, 157
38, 932
r
47, 876
59, 988
r
37, 199
42, 905
200 922
' 57, 794
26, 014
.178
242, 183
70, 862
r
821, 067
32fi, 300
5,504
923, 638
518,042
.498
.408
.536
.414
49, 457
54, 818
51, 381
49, 190
45, 952
34, 893
37, 014
35, 608
34, 162
146, 905
81, 174
69, 966
.129
170, 946
87, 306
74, 145
.132
151.151
108, 105
34, 873
.132
155, 971
128, 467
31, 629
.147
163, 743
136, 258
38, 855
.142
133, 375
106, 613
33, 456
.174
135 697
75, 496
33, 126
.190
131, 253
58, 241
21, 653
.181
161, 749
52, 128
17, 871
.165
34, 859
295, 736
.204
28, 604
260, 523
.223
27, 462
212,058
.239
30, 985
167, 000
.226
36. 928
136, 548
.211
36, 707
122, 328
.208
41, 632
103, 367
.229
39, 168
105, 179
.262
53, 859
140, 352
.239
72, 338
217, 801
.220
87, 741
' 269, 640
.232
82, 807
281,601
.241
4, 527
8, 737
5,147
3 239
5,217
6,257
6,429
10, 082
6, 386
12, 987
6,142
19, 051
5,168
16, 316
4,637
11,098
4,221
5 095
3,894
3,739
4,014
1,984
3,902
1,085
4,276
110
380
735
2,147
155, 108
3,412
179, 732
3,667
188, 476
3, 163
174, 761
2 568
155, 369
1,558
133, 002
502
104, 378
.317
.342
.398
.503
.197
POULTRY AND EGGS
Poultry:
Receipts 5 markets
thous. of lb
Stocks, cold storage, end of month
do
Price, wholesale, live fowls (Chicago) -dol. per l b _ _
Eggs:
Production, farm
millions
Dried egg production
thous. of lb
Stocks, cold storage, end of month:
Shell
thous. of cases
Frozen
thous. of lb
Price, wholesale, extras, large (Chicago) t
dol. per doz_
73, 034
292, 513
.213
r
r
53, 902
55, 052
73, 159
1, 296
116, 546
.381
.323
.327
.358
.344
.412
r
'61
549
26
75, 582
48, 655
.560
.577
.577
61, 906
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers
Cocoa:
thous. of dol_.
Price, wholesale, Accra (New York) _ _dol. per l b _ _
Coffee:
Clearances from Brazil, total
thous. of bags._
To United States
do
Visible supply, United States
do ..
Imports
do
Price, wholesale, Santos, No. 4 (New York)
dol. per l b _ _
Fish:
Landings fresh fish 5 ports
thous of lb
Stocks, cold storaee. end of month
do_ _.
52, 730
51, 675
49, 091
53, 018
42, 945
40, 368
37, 542
33, 788
53, 723
71, 989
75, 588
' 68, 029
30 461
.259
93 512
.272
42 469
.251
24 918
.228
20 053
.240
32 893
.286
35 712
.308
26 475
.356
19 849
.405
13 494
.420
12 830
.372
14 596
.363
.345
1,517
1,170
1,687
1,095
1,721
999
1,684
974
1,251
713
1,350
977
1,804
2,099
1,987
1,729
1,380
1,439
874
1,093
099
779
519
1,286
727
728
596
855
506
2,247
2,070
1,574
1 321
1,130
1,050
992
868
928
949
731
609
1,198
803
609
976
715
719
797
768
750
741
.490
.496
.485
.471
.473
.462
.478
.538
.553
.561
.530
.519
.542
31 238
146. 813
27 205
125. 516
32 953
105, 818
39 328
87, 133
44, 656
79, 027
58 100
97, 773
65 671
116, 897
69, 303
137, 307
70, 140
153, 625
52, 982
158, 473
56, 471
56,471
165, 394
157, 722
r
Revised.
1 No quotation.
fRevised series. U. S. Department of Agriculture data replace the series for U. S. standards published prior to the October 1949 issue of the SURVEY.
ber 1948 arc shown on p. 24 of the June 1950 SURVEY.
Data for September 1944 to Decem-
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
February 10
1950
December
January
February
March
April
May
June
July
August
September
October
ber
Decen
ber
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—Con.
Sugar:
Cuban stocks, raw, end of month
thous. of Spanish tons__
United States:
Deliveries and supply (raw basis) :
Production and receipts:
Production _ _ _ _ _
_ short tons _
Entries from off-shore
do
Hawaii and Puerto' Rico _
do . _
Deliveries total
do
For domestic consumption
do
For export
do
Stocks, raw and refined, end of month
thous. of short tons__
Exports, refined sugar
short tons
Imports:
Raw sugar, total
do
From Cuba
_ __ do _
From Philippine Islands cf
do
Refined sugar, total
__ _ do
From Cuba
do
Price (New York):
Raw, wholesale
dol. perlb__
Refined:
Retail
do
Wholesale
_
do
Tea, imports
thous. of Ib
TOBACCO
Leaf:
Production (crop estimate)
mil. of Ib
Stocks, dealers' and manufacturers', end of quarter, total
mil. of Ib
Domestic:
Cigar leaf
do
Air-cured, fire-cured, flue-cured, and miscellaneous domestic
mil. of Ib
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
Exports, including scrap and stems
thous. of Ib
Imports, including scrap and stems
__do ._.
Manufactured products:
Production, manufactured tobacco, total do
Chewing, plug, and twist-.
_
_do ___
Smoking
do
Snuff
_. _ ...
do
Consumption (withdrawals) :
Cigarettes (small) :
Tax-free
millions
Tax-paid .
_
do_ ..
Cigars (large), tax-paid
thousands
Manufactured tobacco and snuff, tax-paid
thous. of l b _ _
Exports, cigarettes _
. .millions.
Price, wholesale (composite), cigarettes, f. o. b.,
destination
dol. per thous
r
r
'298
423
1,423
2,878
3,438
3,773
418, 627
300, 744
309, 803
525 792
523, 723
2,069
72, 870
404, 682
174, 121
51 1 , 962
508, 537
3.425
31.605
379. 389
119, 554
503, 096
501, 508
1,588
24, 382
584. 423
148,180
620, 674
618, 495
2,179
17. 572
572, 778
243, 296
565 982
565, 226
756
28, 821
593, 854
241, 671
738 858
735, 153
3,705
>• 1, 722
977
1, 625
1,695
1, 525
693
1, 564
5,976
1, 573
64, 433
1,489
83, 235
1,178
56, 021
66, 038
66, Oil
0
50
0
139, 962
125, 411
6, 238
18, 555
18, 544
218, 847
201,313
32, 480
37, 980
37. 789
387. 307
337. 769
49, 504
49, 421
49,111
269, 725
203. 875
65. 850
37. 933
37, 307
309, 350
235, 773
71, 760
55, 147
54, 244
275, 323
216, 334
55, 647
24, 783
22, 998
3,246
2,721
2,176
1,825
1,186
641
2-
45, 324
26, 003
550, 71 1 587, 920
210,870
231, 972
863 123 1 190 084
8GO, 136 1, 188, 091
2,987
1,993
90, 775
731,339
224, 624
948 443
944, 257
4,186
129. 607
628, 737
237, 60S
668 739
659, 850
8,889
594, 565
450. 538
149.352
514 287
503, 801
10, 480
866, 935
320, 519
131,587
522 018
509, 050
12, 968
531. 4<
203 6!
84, 8(
686 &
679, 3!
7 2^
635
7,925
487
1,897
605
2,006
1, 152
1,782
1,768
5 012
l,lt
304, 034
236, 455
66, 443
32, 830
27, 487
449, 594
390, 383
52 413
52, 784
52 267
353, 195
323, 203
25, 087
25, 786
21, 132
306, 359
275, 485
25, 876
12, 109
11,895
163, 462
144, 820
11 103
396
286
.057
.058
.056
. 055
. 055
.057
.058
.060
.093
.079
6,289
1.462
.079
7,628
i. 461
.077
7,943
i. 456
.076
13, 773
i. 455
.076
9,550
1.454
.076
10, 131
i. 454
.076
9,745
i .452
.078
10, 874
.062
. 062
.062
.W.
.489
.081
8,752
i 482
.081
12, 733
i .480
.081
8, 662
i .48
.062
1
.491
.080
8,787
1
31,972
.08
^2,05
3,944
3,880
3,672
3,509
316
402
384
353
3,404
3,371
2,960
3,160
19
141
50, 179
4,758
16, 052
8, 355
19, 049
6,368
19
152
28, 203
7,934
44, 167
6,530
36, 723
8,121
18
148
22, 533
7,571
24, 525
5,720
46, 762
10, 407
18
142
72, 980
8,078
68, 037
7,996
52 679
6, 765
17,119
6, 643
6,971
3,505
18, 982
7, 566
8, 483
2,933
17, 867
7,023
7,919
2,925
22, 031
8,085
10, 199
3,747
18, 099
6,354
8, 391
3,353
19,159
6.568
9,189
3,402
20, 980
7,881
9,333
3,766
16, 578
6, 839
6,911
2,828
23, 069
8,870
10 267
3,932
21,431
7,627
10, 601
3,203
23,417
7,877
11,918
3,622
19 063
6,884
8 894
3,285
2, 432
24, 776
386, 169
1,973
29, 290
424, 088
2,178
25, 645
415,318
2,146
32, 036
453, 631
1,974
25, 829
383, 345
2,395
32, 674
424, 870
2, 594
32,815
471, 152
2,820
27, 374
400, 566
4,009
39, 126
587, 406
3,048
30, 846
503, 738
3,223
29. 738
553, 776
2,837
29, 825
544, 792
24, 83(
374 80(
16, 556
1,893
19, 286
903
17, 354
969
21, 941
1,464
18, 176
1,157
18, 998
1,017
20, 095
1,422
16, 204
1,484
23, 531
1,337
20, 851
1,181
22, 322
1,043
18, 591
1,061
13, 498
.
6.862
6. 862
6. 862
6.862
6.862
6. 862
6.862
6 862
7 056
7 056
7 056
7 056
7 05C
LEATHER AND PRODUCTS
HIDES AND SKINS
Imports, total hides and skins
thous. of Ib
Calf and kio skins. __ _ ...
thous. of piecesCattle 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
18, 503
110
172
3,041
1,811
. 445
.232
23, 838
276
356
2,924
2 335
20, 421
251
162
3,752
1,381
22, 1 J 5
170
186
3,743
2, 040
18, 683
154
122
3, 052
3,013
20, 781
177
1 CO
4, 269
2,348
28, 588
190
245
3, 998
5 333
30,811
348
258
3,479
3,846
36, 447
346
532
3.411
3 276
29 574
411
386
2;816
1 389
33, 641
357
373
3, 934
r
3 169
27 963
382
294
3 4^3
2 359
.450
.425
.207
.440
.213
.431
.208
.450
.220
.484
.245
.485
.278
.560
.309
.575
.331
.575
.322
.605
.346
584
1,698
2,670
1,989
1 052
2, 300
3,260
3 373
930
2.084
2, 862
2 868
962
2,192
3,200
2 856
993
2. 249
3. 313
2 531
43
10
2,271
22
32
2 944
30
43
2 417
38
32
2 283
14
24
2 440
.598
.625
.657
.703
.782
1.154
1.134
* No quotation.
1.166
1.174
1.204
0)
LEATHER
Production:
902
925
885
814
941
829
923
Calf and kip
thous. of skins
1,949
1,880
2,115
1,949
2, 070
Cattle hide __
thous. of hides_.
1, 974
1,853
2, 960
3, 514
2,821
2,794
3, 01 6
3,329
Goat and kid
.
thous. of skins
3, 206
2, 675
2, 566
2,128
2,193
2,625
Sheep and lamb
do
2,720
2 653
Exports:
Sole leather:
5
82
52
Bends, backs, and sides _
_ _ _ t h o u s . of lb_
25
57
79
13
39
21
10
Offal, including beltin? offal
do
31
19
39
27
4,154
3,377
2,840
2,594
3,093
2, 471
2, 726
Upoer leather
_ __
thous. of sq. ft
Prices, wholesale:
.549
Sole, bends, steer, f. o. b. tannery
dol. per l b _ _
.549
.539
.539
.539
.539
.539
Chrome calf, black, B grade, composite
.991
1.034
dol. per sq. f t _ _
.988
.991
1.017
1.027
1.037
r
]
2
3
Revised.
Price for 5 pounds; quotations prior to 1950 are for 1-pound package.
Revised estimate.
December 1
cfSee corresponding note on p. S-30 of the October 1949 SURVEY.
.571
1.080
estimate.
. 662
358
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1949
S-31
1950
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 types of uppers:^
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, Goodyear welt, leather
sole:
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
35, 593
38, 696
39, 259
46, 496
38, 058
38, 485
39, 070
35, 465
48, 770
43, 928
* 44, 083
38, 254
31, 147
35, 822
36, 209
42, 861
34, 204
34, 215
34, 221
30, 954
41, 824
37, 355
<• 36, 720
32 284
33, 170
2,651
33, 264
3,023
38, 629
3, 940
29, 814
3,477
30, 563
3, 493
31, 192
3,127
28, 748
2,141
38, 671
3,011
34, 483
2, 706
33. 942
2,761
29, 971
2, 313
8, 076
1, 289
14, 050
4, 538
3, 194
3, 998
232
216
348
8.148
1,207
17, 974
5,134
3, 359
2,425
220
229
229
7,982
1,203
18, 709
5,109
3,206
2, 569
247
234
319
9,421
1,378
22. 577
5, 762
3,723
3,083
277
275
337
7,842
1,105
17, 468
4,670
3,119
3, 353
277
224
307
8,287
1, 281
17, 105
4,538
3,004
3,708
319
243
257
8,554
1,418
16, 756
4, 632
2, 861
4,242
319
288
233
6,897
1,334
16, 595
3,959
2,169
4,026
263
222
i 193
9,519
1,777
22, 300
5,267
2,961
6,199
355
392
1256
9,155
1,689
18, 810
4,807
2,894
5,783
363
427
1275
' 9, 278
1. 607
17, 677
*•r 4, 941
3, 217
r
6, 630
1333
8,841
1, 317
14, 577
4, 597
2,952
5,362
329
279
!
280
9.555
6.600
5.150
9.555
6.600
5.150
9.555
6. 600
5.150
9.555
6.600
5.150
9.555
6.600
5.150
9.555
6.750
5.150
9.555
6. 750
5. 150
9.678
6.750
5.150
10. 045
7.150
5.150
10. 131
7.225
5.150
10.388
7.350
5.150
10.388
7.750
(2)
T
r 339
r 394
10. 682
7.975
5.150
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products % _
M bd ft
Imports, total sawmill products
_ do __
National Lumber Manufacturers Association:
Production totalO
mil bd ft
Hardwoods
do
SoftwoodsO
_ -_
_ do
Shipments, totalO
_
do
Hardwoods
do
SoftwoodsO_
do ._
Stocks, gross (mill and concentration yards), end
of month totalO
mil bd ft
Hardwoods
do
SoftwoodsO
- do
SOFTWOODS
Douglas fir:
Orders, newO
- - ...do
Orders, unfilled, end of monthO
do
Production©
_____
do
Shipments©
do
Stocks, gross, mill, end of monthO do
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., 1" x 4", R. L.
dol. per M bd. f t _ .
Southern pine:
Orders, new
mil. bd ft
Orders, unfilled, end of month
do
Production
do
Shipmentsdo
Stocks, gross (mill and concentration yards), end
of month
mil. bd. ft
Exports, total sawmill products
M bd. f t _ _
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. f t _ _
Flooring, B and better, F. G., 1" x 4" x 12-14'
dol. per M bd. f t _ .
Western pine:
Orders, new
__ _ mil. bd. ft
Orders, unfilled, end of month
do
Production:}:
do
Shipments}:
do
Stocks, gross, mill, end of month
_ do
Price, wholesale, Ponderosa, boards, No. 3 common, 1" x 8"
dol. per M bd. ft
44, 529
173, 518
33, 691
167, 280
34, 326
166, 228
34, 383
255, 642
40, 277
262, 114
38, 178
275, 384
50, 589
357, 413
44, 852
338, 658
37, 772
339, 051
40, 658
374, 294
39, 397
394, 922
52, 991
259, 024
2,967
656
2,311
2,972
662
2, 310
2,387
633
1,754
2,633
697
1,936
2,463
601
1,862
2,817
689
2,128
3,090
669
2,421
3, 342
739
2,603
3,226
688
2,538
3,220
683
2,537
3,576
752
2,824
3, 683
776
2,907
3,579
754
2, 825
3,600
703
2,897
3,338
761
2,577
3,265
703
2,562
3, 950
829
3,121
3, 758
780
2,978
3,717
848
2,869
3,637
778
2,859
3,687
829
2,858
3, 553
791
2,762
3,356
776
2,580
3,285
743
2,542
3,009
705
2.304
2,878
651
2,227
7,070
2,181
4,889
6,823
2,117
4,706
6,468
2,029
4,439
6,216
1,959
4,257
6,223
1,964
4,259
6,117
1,941
4,176
6,096
1,992
4,104
6,170
2,050
4,120
6, 361
2,099
4,262
6,441
2,168
4,273
6,555
2, 203
4,352
6, 645
2, 237
4,408
6.763
2,291
4,472
776
515
844
831
878
919
798
575
635
817
10, 861
4,437
6,424
796
846
644
748
713
12, 093
5,379
6,714
994
872
921
967
667
14, 600
3,977
10, 623
1,044
988
927
929
665
15, 520
5, 145
10, 375
917
878
994
1,028
632
9,331
2, 125
7,206
905
845
886
938
579
20, 731
4,682
16, 049
889
976
794
757
616
20, 200
6,684
13, 516
989
1,044
1,083
921
778
17, 461
5,324
12, 137
848
896
1,009
996
790
17, 087
6, 796
10, 291
832
754
1,007
974
806
19, 555
6, 661
12, 894
940
734
909
960
766
23, 083
9, 043
14, 040
969
733
860
840
773
3 75. 430
* 82. 389
86. 940
>• 79. 026
78. 090
129. 933 r 130. 458
132. 397
«• 18, 685
3,882
14, 803
63. 210
64. 484
66. 640
67. 620
69. 090
72. 324
104. 860
102. 900
103. 635
105. 840
105. 840
109. 368
627
253
756
678
714
291
703
676
802
397
667
696
749
361
766
785
770
385
758
746
982
488
798
879
840
469
797
859
1,623
7, 925
2, 791
5,134
1,650
9, 104
2, 688
6,416
1,621
8,269
2, 178
6,091
1,602
6,813
1,584
5,229
1,614
8 602
2, 562
6,040
1, 533
8, 866
1,926
6,940
1,471
11, 999
2,866
9,133
3
87. 050
88. 953
126. 063
128. 922
914
576
757
807
844
488
831
932
760
414
790
834
751
391
815
774
624
320
778
695
633
301
709
592
1,421
10, 448
2,683
7,765
1, 320
8,324
2,445
5,879
1,276
5,501
1,544
3,957
1,317
6,976
2,270
4,706
1,400
10, 607
3, 051
7, 556
1,517
111.770 * 119. 539
65. 467
65. 765
65. 618
65. 986
66. 176
69. 342
72. 182
74. 568
81. 773
87. 225
82. 954
79. 027
79. 361
140. 256
141.114
139. 472
139. 410
139. 165
141.892
142. 657
144. 776
148. 405
154. 295
153. 204
153. 204
152. 515
624
767
477
569
1,632
461
757
264
405
1,491
467
755
326
439
1,377
584
763
477
582
1,272
619
783
585
597
1,261
721
719
729
697
1,293
828
758
837
789
1,341
803
778
766
733
1,374
851
823
879
806
1,447
766
804
771
734
1,484
747
786
735
721
1,498
617
765
616
606
1,515
619
770
500
564
1, 451
59.18
60.37
61.26
62.72
64.13
66.22
68.53
70.84
74.69
78.68
81.38
82.52
84.47
192, 454
198, 390
49, 189
175, 484
168, 635
55, 268
177, 577
177, 905
55, 322
235, 291
237, 000
207, 431
206, 840
53, 638
228, 184
224, 383
57, 861
223, 051
230, 444
50, 836
150, 764
146, 607
55, 129
244, 051
237, 558
60, 695
229, 340
233, 608
56, 721
250, 782
249, 789
58, 498
243, 761
243, 149
57, 662
SOFTWOOD PLYWOOD
Production
thous. of sq. ft., %" equivalent- _
Shipments
do
Stocks, end of month
do
r
HARDWOOD FLOORING
Maple, beech, and birch:
5,950
5,475
5,400
4, 700
8,550
5,425
11.650
7,525
5,800
5,275
7,150
4,325
5,400
Orders, new
M bd.ft__
19, 600
19, 675
19, 100
18, 900
12, 475
15, 625
19, 575
12, 675
11,050
9,850
8,250
7,225
5,900
Orders, unfilled, end of month
___ __
do __
5, 375
5,650
5, 900
5. 700
4,500
5,825
5,425
4,025
5,225
4,125
4, 850
4,225
4,450
Production
do
5, 500
6,100
5, 750
5, 125
5,650
7,500
5, 325
6,550
4,625
5, 450
4,225
4,450
4,250
Shipments
_ _ _ _ _ _ d o ._
3,775
3, 425
3, 570
4,250
5, 700
4,075
7,000
8,275
8, 150
9,925
9,650
9,050
10, 025
Stocks, mill, end of month
do
r
2
4
Revised.
1 Excludes "special category" items.
No quotation.
3 Estimated; based on index computed by the Bureau of Labor Statistics.
Data beginning July 1950 represent
a composite of quotations from a larger number of companies.
§Data beginning 1949 have been revised to include reports from additional companies (accounting for about 4 percent of total production in 1949) and, therefore, are not comparable with
earlier figures'; revisions for January-May 1949 will be shown later.
cfThe figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by types 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 small revisions not available
by types of uppers. Data through 1949, shown prior to the August 1950 SURVEY, covered fewer reporting companies (see note "§" above).
{See note at bottom of p. S-38 of the October 1949 SURVEY regarding revisions for exports of sawmill products for 1948 and Western pine for January 1947-March 1948.
O Minor monthly
revisions beginning 1929 for Douglas fir (formerly designated as West Coast woods) and for total lumber production and shipments (beginning 1934) and stocks (1936,1938) are available upon
request. Revisions for January 1948-July 1949 for total lumber and softwoods are shown on p. S-30 of the October 1950 SURVEY.
SUE YE Y OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
February 1051
1950
1949
December
January
February
March
April
May
June
July
September
October
November
December
82, 785
96, 413
91, 059
90, 535
17, 791
71, 035
83, 098
93, 879
93, 131
18, 539
62, 778
68, 884
93, 040
86, 031
25, 548
67, 553
68, 155
81, 885
73, 944
33, 489
086
537
929
140
286, 746
29, 006
251, 274
94, 601
263, 023
21, 122
451,097
123. 831
August
LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOORING— Continued
Oak:d"
Orders new
Orders unfilled end of month
Production
Shipments
Stocks mill end of month
- M bd. f t _ _
_ _ _ do
- do.
do
do
71, 891
61, 488
69, 066
66, 118
47, 149
85, 965
75,816
71,038
71, 637
45, 612
91,090
95, 627
68, 334
71,297
41,201
93, 988
102,330
81,049
87, 285
34, 965
78, 601
102,115
75,243
78, 816
31, 392
92, 625
106, 689
86, 791
88, 051
28, 134
84, 121
95, 723
91, 649
95, 087
24, 696
98, 438
108, 142
83, 300
86,019
21, 977
99. 968
104, 163
99, 237
103, 947
17, 267
252,
12
299
121
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Iron and steel products (excl. advanced mfrs.):
Exports total
short tons
Scrap
do
Imports total
do
Scrap
do
765
189
501
930
298, 496
13 552
69, 136
33 468
282, 076
17, 177
51, 136
3 606
273,017
14 481
97, 848
15 832
258, 084
18 151
102, 857
18 408
290, 000
18 575
136 730
21 090
346, 024
15 719
182, 152
45 220
249, 668
14, 357
182, 520
26, 102
5,320
2,824
2, 496
5,718
1, 642
4, 076
5,495
2, 956
2, 539
5 400
1,548
3,852
5,084
2, 677
2,407
5 154
1, 468
3,686
5,714
2,992
2,722
4 740
1,343
3,397
5,733
2,988
2, 745
4 511
1,315
3,196
5,973
3,115
2,858
4,646
1,371
3,275
5,737
2 956
2,781
5 151
1 499
3,652
5,273
2,760
2,513
5, 553
1, 602
3,951
5,826
3 078
2 748
5 816
1 699
4, 117
5,790
3,026
2,764
5, 767
1,711
4,056
6,320
3,288
3,032
5,805
1,667
4,138
5,929
3 019
2,910
5 475
1, 560
3,914
2,816
1,649
5,575
2,777
1, 524
6,831
2,492
1,245
8, 077
2,496
1,150
9,424
2,999
2,087
10, 337
10, 740
10, 770
10, 306
12, 355
13, 274
9,460
13, 477
14, 238
8,685
14, 478
15,012
8 154
13, 887
14, 514
7,527
12, 999
13,419
7,107
7,401
9,017
5,490
349
11, 380
7,415
39, 711
35, 651
4,059
6,993
6,861
41, 543
36, 919
4,624
373,
18
62,
18
285,
26
467,
128
823
253
063
456
Iron and Steel Scrap
Consumption
total
thous of short tons
Home scvap
do
Purchased scrap
do
Stocks consumers' end of month total
do
Home scrap
do
Purchased scrap
do. _
Ore
Iron ore:
All districts:
Production
- thous oflongtons__
Shipments
do
Stocks at mines end of month
do
Lake Superior district:
Shipments from upper lake ports _
do
Consumption by furnaces
do
Stocks end of month total
do
At furnaces
- _ _ _ _ _ . do
On Lake Erie docks
_ do
Imports
_ _ _
do_ _
Manganese ore, imports (manganese content)
thous of long tons
0
0
6,740
32, 004
26, 710
5,294
5,329
26, 745
22. 103
4,642
5,948
20, 865
16, 829
4,035
7,109
14, 099
11,033
3, 066
9,496
7,362
14, 384
11, 544
2, 840
11, 738
7,249
19, 189
15, 997
3, 192
12, 704
7,579
24, 108
20, 651
3,456
12, 191
7,175
35, 716
31, 388
4,328
871
792
12, 482
7 371
29, 966
26, 084
3,881
852
920
80
47
55
61
68
64
107
88
56
72
67
58
892
862
440
914
913
450
873
804
417
9H2
996
500
922
981
484
978
1,040
1,136
1,287
1, 095
1,670
1,202
1,794
1,159
1,840
1,255
1, 930
1, 161
34, 719
60, 835
57, 379
29, 679
34, 390
62, 307
62, 874
32, 918
35, 991
67, 049
60, 386
31, 249
41, 456
69, 866
66, 259
38, 639
42, 663
76, 250
69, 822
36, 279
5,231
5,215
5,294
5,285
4,173
4,357
4,601
4,779
5, 577
5,548
171
' 6, 788
38, 629
32, 544
6,085
348
601
509
0
579
334
678
964
733
873
7, 289
37, 169
31, 771
5,398
Pig Iron and Iron Manufactures
Castings, gray iron:
Unfilled orders for sale
thous of short tons
Shipments total
do
For sale
do
Castings, malleable iron:
Orders, new, for sale
short tons
Orders, unfilled, for sale
___ _
-do
Shipments, total
_ _
do
For sale
do
Pig iron:
Production
thous of short tons
Consumption
do
Stocks (consumers' and suppliers'), end of month
thous. of short tons
Prices, wholesale:
Composite.
dol. per long ton. .
Basic (furnace)
___ do
Foundry, No. 2, f. o. b. Neville Island
do
613
961
508
43, 256
77, 074
76, 161
42, 432
56, 322
86, 783
82, 345
46, 613
5,855
5,827
5, 633
5,637
573
677
649
55, 715
105, 300
67, 514
37, 198
77, 093
132, 374
86, 021
50, 019
67, 136
152, 583
82, 479
46, 927
57, 852
160, 278
89, 968
50, 157
68. 491
180, 099
85, 163
48, 670
65, 942
194, 950
91, 510
51, 091
5,879
5,620
5 770
5 752
5.697
5,703
5,924
5,845
5 387
5, 395
5 6°»3
701
657
1,499
1,441
1,299
1,138
1,144
1, 168
1,197
1,366
1,427
1,408
1,303
1,465
46.68
46.00
46.50
46.68
46. 00
46.50
46.85
46. 00
46. 50
47.28
46.00
46. 50
47.28
46. 00
46.50
47.28
46.00
46.50
47.28
46. 00
46.50
47.28
46.00
47.25
47.48
46.00
49.50
47.95
46. 75
49.50
49.87
49.00
49.50
50.53
49.00
49. 50
53. 19
51 63
52.50
85, 033
53, 079
9,258
89, 136
57, 996
9,298
92, 240
62, 045
10, 920
112.335
77, 588
15, 281
107, 129
75, 133
17, 406
117, 773
83, 845
20, 552
131, 097
94, 637
27, 065
98, 269
68, 874
15, 734
128,369
94,413
24, 922
134, 574
96, 738
25, 295
149, 558
109, 660
30, 048
145, 929
108, 263
30, 775
155, 258
113 692
34, 061
307, 656
263, 816
43, 840
78, 266
61, 765
16, 501
327, 035
280, 023
47, 012
92, 994
73, 458
19, 536
340, 955
294, 251
46, 704
92, 547
73, 440
19, 107
350, 358
287, 874
62, 484
108, 677
87, 745
20, 932
357, 238
297, 032
60, 206
99, 193
80, 950
18, 243
372, 804
311,811
60, 993
113, 657
93, 459
20, 198
408, 345
342, 535
65, 810
117, 333
96, 061
21,272
445, 567
391, 820
53, 747
94, 929
79, 081
15, 848
547, 552
483 840
63 712
123, 608
99 605
24 003
620, 407
530, 689
89, 718
122, 408
97, 753
24. 655
643, 119
549, 214
93 905
136, 737
107 666
29 071
656,
560
96
130
102
27
673
562
111
127
97
29
7,728
7,930
6,793
7,487
8. 213
8,552
8, 132
8,071
8 230
8,193
8 740
Steel, Crude and Semimanufactures
Steel castings:
Shipments, total
short tons
For sale, total
do
Railway specialtiesdo _ _
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!
_
Prices, wholesale:
Composite, finished steel
dol. per Ib
Steel billets, rerolling (producing point)
dol. per long ton..
Structural steel (Pittsburgh)
dol. perlb..
Steel scrap, heavy melting (Pittsburgh)
dol. per long ton..
95
94
89
89
100
101
99
95
96
99
102
586
354
232
286
511
775
823
239
584
784
786
998
8 012
8 360
97
98
.0427
.0438
.0438
.0438
0438
0438
0438
0438
0438
0438
0438
0438
0532
58.80
.0363
59.36
.0375
59.36
.0375
59.36
.0375
59.36
.0375
59.36
.0375
59.36
.0375
59.36
.0375
59. 36
.0375
59.36
.0375
59. 36
.0375
59.36
.0375
62.72
.0400
31.00
30.00
31.63
31.60
32.88
37.00
43.90
40.50
43.60
44.00
44.00
44.00
46.50
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
4,592
4,863
4,937
Orders, unfilled, end of month
_ thousands
4,745
4,659
4,410
4,856
5,795
7 182
7 138
7 532
8 049
8 881
2 435
2 545
1,956
1,635
1,758
2,095
Shipments
do
1,721
2 588
1,967
2 089
2 128
2 704
2 517
Stocks, end of month
do
49
61
42
31
28
35
36
44
49
36
39
39
9.R
r
Revised.
cf Monthly revisions (1940-46) to incorporate data for prefinished flooring and small quantities of species of hardwood flooring other than oak, included in current data, will be shown
later; scattered monthly revisions (1934-36) are available upon request.
JPercent of capacity is calculated on annual capacity as follows: Data beginning July 1950, on capacity as of July 1 of 100,563,500 tons of steel; January-June 1950 on capacity a" of January
J
1,1950, of 99,392,800 tons; 1949, on 96,120,930 tons.
'
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
S-33
January
February
March
April
June
May
July
August
November
September
October
431, 161
310, 916
120, 245
382, 891
1,451
30, 291
349, 858
230, 772
1,520
28, 758
192. 709
108, 641
265, 628
1,330
29, 260
December
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 and alloy
do
Reinforcing
do
Semimanufactures.
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 terrienlate
do
Wire and wire products ..
do
219, 119
146, 653
72, 466
184, 918
831
16, 767
209, 187
136, 899
72, 288
176, 582
951
21, 365
5,411
606
138
220
653
519
141
1,506
137
164
341
326
419
5,483
198, 279
236, 413
121,128
77,151
138,019
163, 010
908
22, 066
98, 394
192, 993
1,061
26, 281
224, 203
130, 753
93, 450
187, 986
956
25, 353
282, 923
164, 147
356, 117
228, 767
118,776
241,985
127,350
312,661
1,088
30, 531
1,105
33, 036
6,192
693
138
229
807
447
186
1
1 , 735
157
187
361
438
471
396, 681
264, 343
132, 338
364, 504
1,124
33, 836
551, 451
395, 266
5,669
6,326
594
156
250
703
393
152
i 1, 728
115
177
347
420
354
674
169
282
801
454
158
1, 756
170
214
343
467
495
6,145
689
151
269
770
482
154
1
1,697
159
210
355
424
433
6, 504
753
159
307
740
542
147
1
1, 839
172
228
374
388
495
6,051
671
152
280
648
540
131
1 1, 673
170
196
389
376
484
59, 449
213, 408
62. 915
149,449
62, 276
203, 639
156,185
498, 369
1,527
36, 613
620
122
228
671
456
151
1,572
141
176
325
348
424
5,135
602
101
220
633
346
125
1
1,502
141
167
309
329
408
652
116
230
658
441
125
i 1,719
151
182
331
363
464
5, 780
646
122
225
743
438
164
i 1,686
146
179
333
366
429
6, 253
702
138
241
803
467
18S
i 1,768
154
200
364
432
456
41, 161
259, 203
52, 023
232, 796
50, 668
142, 324
58, 747
253. 181
58, 024
248, 354
61, 929
225, 388
167,154
63, 518
182, 954
63, 006
207, 852
1
5,723
1
119,086
313,218
301,350
1,277
26, 807
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary
short tons_.
Imports, bauxite
long tons
Price, wholesale, scrap castings (N. Y.)
dol. p e r l b _ _
Aluminum fabricated products, shipments, total
mil oflbs
Castings
do
Wrought products, total
do
Plate, sheet, and strip
do
Brass sheets, wholesale price, mill
dol. per l b _ _
Copper:
Production:
Mine production, recoverable copper
short tons..
Crude (mine or smelter, including custom intake)
_ _
_
short tons
Refined.
__
__
_
d o .
Deliveries, refined, domestic
.
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. perlb..
Lead:
Ore (lead content) :
Mine production
short tons. Receipts by smelters, domestic ore
do
Refined (primary refineries) :
Production! .
__
do
Shipments (domestic) t
--__-_
do
Stocks, end of monthf
do
Price, wholesale, pig, desilverized (N. Y.)
dol. per lb__
Imports, total, except mfrs. (lead 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, pics, etc
do
Price, wholesale, Straits (N. Y.)cf
dol. per lb_.
Zinc:
Mine production of recoverable zinc. -short tons..
Slab zinc:
Production
do
Shipments, total _ .
_
do
Domestic
do
Stocks, end of month
_
_
do
Price, wholesale, prime Western (St. Louis)
dol. per lb__
Fn sTTipltine refininc and export
For domestic consumption:
Ore (zinc content)
do ~
do
Blocks pigs etc
do
60, 400
65, 897
. 0775
. 0775
.0775
.0746
.0725
.0757
.0864
.0882
.0985
. 1107
.1388
.1541
.1575
119.8
26.8
93.1
61.2
.287
129.5
28.8
100.7
68.5
.287
140.2
28.9
111.3
77.0
.287
184.9
35.8
149.0
107.4
.287
162.7
33.4
129.4
89.4
.292
163.6
36.0
127.5
85.7
.312
175.1
37.6
137.5
92.7
.336
163.8
30.2
133.6
90.3
.342
208.9
207.4
39.9
169.1
113.0
.342
42.1
165.3
110.2
.363
210.1
47.3
162.8
105. 8
.369
197.2
46.8
150.4
99.7
.378
153. 0
101.6
.378
69, 734
'70,915
80, 390
94, 947
107, 662
116,027
25, 049
59, 054
39,211
19, 843
.1820
85, 650
95, 229
111,668
101, 070
12, 165
56, 213
25, 746
30, 467
.1820
36, 047
37, 888
«• 35. 640
35, 031
48, 896
22, 738
70, 424
47,512
41,670
25, 683
76, 529
21, 855
79, 143
r
66, 841
r
r
r
77, 800
81, 957
81, 712
93, 138
108, 465
112, 107
50, 952
12,230
33, 576
8,204
25 372
.2227
86, 678
111, 842
119, 529
58, 748
12, 035
36, 298
8. 625
27, 673
.2290
r
90, 542
110, 435
121, 806
56, 945
11, 925
62, 526
33, 901
28, 625
.2420
' 90, 148
101,410
113,715
51,805
12, 226
38, 823
18, 669
20, 154
.2420
90, 643
109, 464
121, 954
49, 040
* 31. 398
32, 283
* 36, 030
34, 952
r 35, 104
r 35, 731
35, 394
35, 377
34, 069
36, 175
36,912
41, 520
41, 188
67, 809
47, 242
47, 031
67, 495
49, 958
55, 898
61, 042
54, 123
62, 138
50, 854
50, 725
58, 658
40. 910
48, 234
49, 601
35, 619
.1604
.1700
.1700
43,810
61, 002
80, 756
94, 036
112, 773
77, 472
20, 748
61,378
39, 759
21,619
.1820
90, 358
113, 464
123,054
60, 276
19, 021
45, 207
26, 408
18, 799
.1820
83, 782
103, 293
101, 729
57, 028
17, 120
34, 520
15, 658
18, 862
.1864
96, 754
113,961
125, 016
50, 350
11,434
87, 222
39, 903
47,319
.2200
85, 378
96. 758
96. 006
48, 290
9,785
29, 347
13, 112
16, 235
.2220
' 34, 825
36,452
r
' 35, 558 ' 38, 024 r 36, 957
35, 513
39, 099
35,811
83, 286
112,411
113,837
51,043
14,064
66, 117
27, 086
39, 031
.1961
48, 196
33, 751
86, 309
49, 104
22, 358
88, 581
' 72, 582 r 80, 222
44, 490
35, 774
69, 025
48, 989
45, 702
76, 236
. 1063
74, 828
76, 666
' 73, 303
39, 056
38, 457
74, 467
r
75, 698
.1172
.1181
.1166
.1293
54,917
41, 523
35, 646
50, 548
41, 831
2,574
6,571
42, 512
18, 254
22, 780
2 717
8,157
2 43 717
19, 623
21 910
241,442
] 7, 804
22 587
3 653
7,059
42. 020
17, 486
23 660
658
11,621
.8988
4,266
8,254
1.0205
3.882
4,869
1. 0129
1.1335
48, 423
«• 56, 221
r 54, 794
73, 399
79, 365
69, 073
14, 451
71,057
75, 241
70, 656
10, 267
.1500
38 824
o
. 1505
58 549
2 147
30 141
13, 385
20, 467
18, 357
15 349
99, 986
19 386
100, 994
2 025
7,505
3 513
7,821
.1200
.1200
.1200
.1096
27, 426
31, 286
33, 924
26, 197
3 081
4,605
35 777
22, 452
13 325
2 987
4,941
239 827
25, 991
13 145
1, 793
2, 915
.7901
2,549
7,409
.7593
.7435
4,972
.7475
1,392
2,941
.7645
10,434
.7750
43, 606
r 46, 030
r 51, 692
' 49, 183
r 52,111
66, 125
57, 801
94, 221
69, 948
82, 132
69, 020
82, 037
69, 639
84, 257
72, 843
67, 419
77,
85,
74,
59,
946
589
700
776
75, 877
83, 133
73, 389
52, 520
79, 645
90, 346
71, 101
41,819
75, 766
90, 920
68, 214
26, 665
77,
84,
67,
20,
868
116
119
417
.0975
21 294
207
.0976
23 157
60
.0975
30 999
434
.0994
25 530
983
.1066
20 593
178
.1197
27 202
o
.1465
43 662
136
7 106
13, 981
12 491
10 606
15 625
14, 940
13 382
11,165
7,044
13,371
13 309
13, 893
15 025
60, 117
10 595
70, 978
10 534
79, 029
11 144
90' 786
12 573
96, 634
2 §13
5', 688
2 g78
s! 806
2 966
5,655
3 015
6,186
2 440
7,056
46,019
71,327
r
2
2,652
5, 131
43 875
25, 816
17 104
1, 383
8,184
2
3 137
5, 799
43, 890
23, 396
19 673
1,755
32, 787
2
2 743
5, 488
42, 270
23, 488
18, 427
2
r
3 185
6, 120
43 41 7
23, 482
19 230
374
2
2 605
6,478
42 644
20, 623
20 117
2
473
8, 569
.7770
' 50, 625
r
. 1580
3 130
7, 092
r
3,130
6, 357
.2420
1,685
5, 008
1.3768 "" L4478"
' 55, 791
54, 604
55, 127
79, 997
81, 156
71, 596
9,108
79, 226
79, 079
69, 202
9,255
80, 007
80, 300
72, 276
8,962
.1710
32 266
.1750
39 456
6 169
. 1750
34 150
.1750
o
43, 785
12, 617
16, 853
15, 413
20, 446
12, 841
20, 665
13, 485
25 747
87, 568
40, 329
72, 295
40, 153
58, 577
38, 488
48, 885
25, 754
48, 483
4 020
6,531
6,449
4,846
5,714
4,020
5,798
3,200
5,127
2,766
o
HEATING APPARATUS, EXCEPT
ELECTRIC
Boilers, radiators and convectors, cast iron:
Boilers (round and square):
Stocks end of month
Radiation:
Stocks, end of month
r
l
do
_
. _.do__
2
Revised.
Includes data for electrical strip.
Includes small amount not distributed.
tRevised series. Data beginning 1949 have been revised to exclude figures for secondary refineries; revisions prior to 1949 will be published later. The production figures (corresponding
to those formerly designated as primary) include some secondary lead produced by primary refineries.
^Substituted series. Compiled by the American Metal Market; data represent average of daily closing prices (prior series was based on averages for the day).
§Government stocks represent those available for industrial use.
SURVEY OF CURRENT BUSINESS
S-34
It)50
1949
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
February
December
January
February
March
April
May
June
July
August
September
October | *°™- \ ~-
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.— Continued
Boilers, range, shipments
number
Oil burners:
Orders, unfilled, end of month
do
Shipments
_ _
do _
Stocks, e n d o f month
_ _ _ _ _
d o __
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 _. ._
_ d o __
Gas
do
Kerosene, gasoline, and fuel oil
.. d o _ - _
Warm-air furnaces (forced-air and gravity-air flow),
shipments, total
_
number.
Gas
do
Oil
__ __
do .
Solid fuel
do
Water heaters, nonelectric, shipments
do
42, 204
42, 101
54, 523
53, 374
34, 481
33, 563
36, 498
37, 489
43, 552
38, 920
44, 748
40, 689
44, 176
40, 793
39, 068
41, 206
36, 650
40, 040
45, 218
36, 808
42, 152
52, 517
51. 985
43, 744
54, 879
46, 208
51,698
61, 945
64, 001
57, 818
81, 725
80, 562
59, 401
123, 693
98, 656
50, 446
146, 922
138, 587
38, 747
118.930
115, 780
37, 468
82,903
114,041
38, 411
65 496
70, 285
44, 482
204, 390
9,304
181,113
13, 973
192, 107
10, 581
167, 221
14, 305
236, 828
11,933
209, 156
15, 739
299, 019
14, 527
265, 829
18, 663
263, 738
12, 170
239, 706
11, 862
266, 647
8,663
244, 080
13, 904
246, 283
8,783
220, 936
16, 564
281, 870
11,113
256, 075
14, 682
376, 637
21, 045
333, 439
22, 153
323, 636
16, 157
288, 809
18, 670
338, 625
14, 827
309, 846
13, 952
295, 344
11, 187
270, 613
13, 544
185, 609
45, 532
98, 553
41, 524
95, 908
12, 088
48, 215
35, 605
93, 591
6.366
42, 419
44, 806
108, 071
16, 597
59, 334
32, 140
130, 064
21, 376
69, 721
38, 967
190,
34,
101,
54,
317
975
258
084
294, 372
51, 160
137, 945
105, 267
433, 371
74, 704
228, 936
129, 731
785,
172,
321,
291,
350
497
487
366
658, 807
173, 145
277, 940
207, 722
610,
145,
290
174,
464,
109,
243
110,
52, 323
26, 454
17,511
8,358
160, 404
39, 887
20, 353
13, 696
5,838
164, 863
45, 618
24, 582
14, 248
6,788
185, 780
59, 982
36, 304
18, 348
5, 330
210, 074
58, 798
38, 896
15, 465
4,437
213, 754
78, 349
50, 162
21, 286
6,901
237, 837
98, 517
58, 476
30, 867
9,174
255, 072
102, 189
54, 203
35, 380
12, 606
243, 490
145, 512
76, 463
45, 644
23, 405
322, 909
139, 014
74 241
44, 980
19, 793
280, 683
137 915
67 036
51 285
19, 594
286 907
102 001
50 336
36 988
14, 677
257 999
r
766
742
932
092
490
658
948
884
MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly:
Blowers and fans, new orders*
thous. of dol__
Unit heater group, new ordersj
_do
Foundry equipment (new), new orders,
net
1937-39 = 100
Furnaces, industrial, new orders:
Electric
thous. of dol
Fuel-fired (except for hot rolling steel)*
do
Machine tools, shipments
1945-47=100
Mechanical 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 . .
18,619
8,006
15, 905
12, 341
25, 648
9,592
29, 811
16, 368
201.0
159.3
113.1
225. 2
160.6
294.9
622.7
401.8
693.6
483.8
526.8
885 5
526 2
281
719
75.7
473
1,914
52.8
697
616
56.1
753
1,300
75.3
415
837
61.6
982
1,392
82.5
1,328
1,166
91.9
1, 445
2,247
68.3
1.039
3,927
95.7
1,485
1,817
101.6
1,603
2, 306
100.9
2, 157
2, 068
110.9
1 505
2,749
•p 135 7
1,469
1,327
670
692
846
743
1, 450
2,208
4.405
3,521
2 920
1 861
1 679
163
46, 854
106
29, 700
95
28, 564
116
38, 845
115
35, 453
134
34, 960
226
62, 952
244
64, 102
352
87, 404
360
66, 267
259
66, 472
173
38, 223
176
73 142
2,560
2,587
2,938
3,313
3, 376
3,668
4,153
4,080
6.429
5,191
4, 985
5,961
6,720
1,467
1,174
1,191
915
1,196
1,646
2,060
2,839
2,925
' 3, 007
2, 536
2,174
226
249, 150
275, 600
280
263, 515
343, 000
356
361, 014
423, 800
330
292, 664
333, 100
328
278, 645
304, 600
332
250, 190
325, 200
304
279, 967
282, 300
293
341, 232
381, 500
302
327, 524
424 000
236
331,445
439 900
2f>5, 310
379 964
288, 756
377 013
345
356
406
381
446
451
370
466
514
547
T
ELECTRICAL EQUIPMENT
Batteries (automotive replacement only) , shipments
1,694
thousands _ _
Domestic electrical appliances, sales billed:
181
Refrigerators, index
1936 = 100
Vacuum cleaners, standard type
number _ _ 265, 513
237, 591
Washers
do
Insulating materials and related products:
338
Insulating materials, sales billed, index. 1936 =100- ..
Fiber products:
Laminated fiber products, shipments
4,625
thous. of dol_Vulcanized fiber:
3,155
Consumption of fiber paper
thous. of Ib. .
Shipments of vulcanized products
1, 097
thous. of doL_
Steel conduit (rigid) and fittings, shipments
20, 946
short tonsMotors and generators, quarterly:
236
New orders index
1936=100
Polyphase induction motors, 1-200 hp.:cf
18, 521
New orders
thous. of dol_17 912
T$ ill ings
do
Direct current motors and generators, 1-200 hp.:cf
New orders
thous of dol
3 747
3,472
Billings
do
r
4,696
4,788
5,351
5,226
6,069
6,165
5, 164
6,288
7,054
7,332
7,266
7,574
3,632
3, 439
3,988
3, 735
4,319
4.326
3. 831
4,721
4,674
5,048
4,844
4,738
1,965
1,217
1,269
1,566
1,307
1,534
1,523
1,271
1,717
1,794
2.088
2,036
15, 674
16, 100
17, 708
16, 515
17,219
21,645
24, 723
30, 543
29, 123
25, 875
24, 489
338
337
551
28, 236
19,812
25. 436
24, 608
46, 582
29 610
4 692
3, 525
6 106
4,347
7 428
4 163
-
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
4,882
2,875
2,914
4,313
2,749
3, 355
4, 258
'3,379
2,581
4,196
3,862
3, 360
Production _
thous. of short tons. 4,417
Stocks in producers' storage yards, end of month
637
1,416
358
289
878
1. 298
975
658
183
408
1. 268
thous. of short tons__
556
1,035
364
364
275
340
201
461
149
261
318
480
Exports
_
do ,
345
277
Prices, composite, chestnut:
20.62
20.76
21.74
20. 51
20. 51
21.30
20. 33
21.90
Retail
__
dol per short ton
20. 36
21.52
22. 06
20. 49
21. 26
16 692
16 207
16.498
16. 190
16. 577
16. 980
16. 190
16 739
16 886
17 121
16 190
16 356
16 636
Wholesale
do
Bituminous:
r
r
34, 874
44, 792
11,950
53, 104
45, 885
48. 750
36, 335
31, 277
50, 605
46, 526
Production- -thous. of short tons46, 828
45, 0!>7
46,318
Industrial consumption and re tail deliveries, total
r
34, 322
33,819
40, 033
34, 031
36. 957
38. 887
37, 954
40, 033
44, 863
thous. of short tons-- 'r 43, 026 41, 855
36,617
33, 248
r
25 458
30 041
29 651
28, 581
30, 202
32, 902
35 584
30 008
30 836
33 270
Industrial consumption total
do
31 42f>
30 719
28 763
r
r
891
152
392
666
704
795
40
864
1. 006
903
140
1,000
980
Beehive coke ovens
do
8.340
8, 006
5,714
8, 072
8 057
8.480
r 7 949
7, 696
7, 144
8, 091
8,473
8, 367
Byproduct coke ovens
_
- do
8, 1S3
625
749
705
725
565
636
652
787
Cement mills
do
659
579
649
670
631
r
6,797
8.451
6, 397
7, 179
6,900
6, 538
7, 782
8,186
9,024
7, 306
6, 645
7, 456
Electric-power utilities
_ do
6,779
4,750
4 119
5 522
4 926
4 727
5. 329
5 320
5 341
4, 988
4 972
5, 360
5 615
5 665
Railways (class I)
do
539
712
668
622
583
795
722
663
611 !
649
745
558
553
Steel and rolling mills
do
6,735
9, 176
8,874
8, 500
8, 740
8,111
7,738
7,624
9,046
7, 9GO
9,910
Other industrial
__
_ _ do -_
7,609
7,127
5,238
8,864
5, 985
6. 576
4,380
7,118
6.763 !
11,136
10,025
9. 279
Retail deliveries
__
do. _
11,600
6,755
4,485
T
Revised..
*> Preliminary..
tSSee note marked "J" on p^ S-34 of the June 1950 SURVEY regarding revised data.
fThe number of companies reporting is as follows: Polyphase induction — fourth quarter of 1949, 33; (1950) first half, 31; third quarter, 32; direct current— fourth quarter of 1949, 28; first three
quarters of 1950, 29.
'New series. Compiled by the Industrial Furnace Manufacturers Association, representing orders (less cancellations) for metallurgical and other purposes as reported by 24 to 28 companies.
Currently, the combined data for electric and fuel-fired furnaces account for about 80 percent of the industry total. Data prior to 1949 will be shown later.
SUEVEY OF CUERENT BUSINESS
February 1951
1950
1949
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
S-35
December
January
February
March
April
May
June
July
August
September
October
November
December
PETROLEUM, COAL, AND PRODUCTS—Continued
CO A L — Continued
Bituminous — Continued
Consumption on vessels (bunker fuel)
thous. of short tons__
Stocks, industrial and retail dealers', end of month,
total
thous. of short tons. _
Industrial, total
do
Byproduct coke ovens
_do
Cement mills
do
Electric-power utilities
do _ _
Railways (class I)
do
Steel and rolling mills
do _
Other industrial
do
Retail dealers-.
do _
Exports
do
Prices, composite:
Retail
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 furnace plants
___
do__
At merchant plants
do
Petroleum coke
do
Exports
do
Price, beehive, Connellsville (furnace)
dol. per short ton..
39
45, 111
43, 721
9,893
1,063
17, 794
3,849
912
10, 210
1,390
1,415
14
37, 119
36, 038
7,087
877
15, 066
3,010
748
9,250
1,081
557
12
24, 583
24, 118
3,449
528
11,055
2,093
453
6, 540
465
197
19
28, 054
26, 893
4,848
553
11, 167
2,755
500
7,070
1,161
776
45
85
82
88
87
84
83
40
64, 293
61, 836
13, 964
1,181
24, 940
3,646
968
17, 137
2.457
2,923
70, 478
67, 714
15, 666
1,283
26, 668
4! 172
989
18, 936
2,764
3,085
»• 72, 131
r 69, 389
16, 329
1, 361
27. 529
r
4, 513
1,005
18, 652
2,742
2, 582
72, 507
70, 045
16, 776
1, 360
27, 121
5, 105
1,012
18, 671
2,462
78
37, 590
36, 047
7,491
668
13, 820
2,902
695
10, 471
1, 543
2,108
44, 795
42, 840
9,572
771
16, 774
3, 113
841
11,769
1,955
3,072
16.63
16.16
16.09
16.12
16.31
16.47
16.74
16.77
16.80
8. 756
9.456
8.729
9.403
8.707
9.394
8.689
9.380
8.698
9.464
8.699
9. 562
8.713
9. 582
8.735
9. 582
8.741
9.5S2
51, 376
49, 198
11, 280
902
19, 505
3,802
951
12, 758
2,178
2,657
51, 979
49, 751
10, 395
944
20, 581
3,238
891
13, 702
2,228
2,715
58, 964
56, 620
12, 353
1,089
22, 925
3, 746
928
15,579
2,344
2,956
16.32
16.47
16.51
16.67
8.711
9.574
8. 767
9.732
8.795
9. 766
8.861
9.855
'85
' 5, 553
264
104
5, 358
291
26
3,956
259
248
4,979
254
424
5,663
246
449
5,868
296
568
5,657
304
505
5,855
318
644
5, 756
315
587
5,671
283
640
6,006
289
567
5,666
288
626
5,981
••1,717
'992
>"725
140
36
1,281
807
474
149
29
655
448
207
155
24
550
448
102
112
22
700
581
119
117
29
718
611
108
133
32
724
612
111
129
22
816
642
174
125
39
825
599
226
101
34
855
584
271
104
37
984
661
323
85
41
1,102
752
351
74
46
1,106
813
293
13. 250
13. 250
13. 250
13. 850
14. 250
14. 250
14. 250
14. 250
14. 250
14. 250
14. 250
14. 250
14. 625
1,877
155, 754
88
169, 723
1,806
152, 590
86
169, 987
1,671
139, 073
84
148, 837
2, 009
151, 213
85
165, 418
1,826
149, 052
82
155, 797
1,994
159, 441
90
171, 599
2,349
161, 332
88
169, 663
2,135
170,017
91
182, 330
2,315
175, 594
94
188, 078
2,031
176, 636
94
181, 778
1,999
182, 896
94
188, 393
2,213
176, 725
93
182, 539
253, 356
60, 405
177, 049
15, 902
246, 610
61, 195
169, 217
16, 198
243, 750
59, 965
167, 916
15, 869
241, 230
60, 647
164, 663
15, 920
244, 605
62, 647
165, 373
16, 585
239, 877
62, 944
160, 751
16, 182
242, 287
62, 639
162, 506
16, 142
240, 270
62, 845
160, 254
17, 171
237, 393
61, 247
159, 357
16, 789
242, 311
60, 884
164, 303
17, 124
246, 424
61, 993
167, 490
16, 941
250, 016
61,053
171, 834
17, 129
1
r
r
r
PETROLEUM AND PRODUCTS
Crude petroleum:
Wells completed
number
Production
thous. of bbl
Refinery operations
percent of capacity
Consumption (runs to stills)
thous. of bbL.
Stocks, end of month :c?
Gasoline-bearing in TJ S total
do
At refineries
do
At tank farms and in pipelines
do
On leases
do
3,229
2,654
4,033
3,096
2,946
2,153
2,968
3,226
3, 250
2,130
2,328
2,722
Exports
do
15, 496
13, 269
15, 426
14, 533
14, 924
13, 787
13, 731
14, 208
13, 097
16,434
11,891
13, 878
Imports
do
2.570
2.570
2.570
2.570
2.570
2. 570
2.570
2.570
2.570
2.570
2.570
2.570
2.570
Price (Oklahoma-Kansas) at wellsf-dol. per bbl..
Refined petroleum products:
Fuel oil:
Production:
37, 723
36, 530
35, 392
33, 765
30, 920
31,112
32, 253
29, 301
29, 070
32, 489
28, 729
32, 000
Distillate fuel oil
thous of bbl
38, 759
37, 202
35, 343
35, 585
32, 954
32, 058
35, 338
31, 426
37, 491
32, 818
35, 768
37, 283
Residual fuel oil
do
Domestic demand:
r
29,
320
35, 402
24, 864
22, 864
26, 785
28, 806
39, 484
42, 604
25, 123
19, 705
43, 406
44, 759
Distillate fuel oil
do
47, 978
42, 668 «• 45, 980
44, 762
42, 906
39, 055
40, 743
52, 085
41, 955
47, 281
51, 334
Residual fuel oil
do
51, 362
Consumption by type of consumer:
r
6,194
5,899
6,145
5, 324
7,804
6,281
6,043
5, 319
5,673
7, 462
7,868
5,275
Electric-power plants
do
7, 976
4,474
4,284
4,117
3,543
3,833
4,033
4,117
4,029
4,035
3,791
4,333
Railways (class I)
do
4,545
4,772
4,980
5,064
5,422
5,125
5,088
4,713
5,039
4,477
4,384
4,289
4,169
Vessels (bunker oil)
__
do
Stocks, end of month:
2
2
2 86, 113
68, 426
2 78, 270 r2 85, 643
237,530
2 42, 739
2 37, 777
2 53, 679
61, 664
252,206
75, 207 2 63, 932
Distillate fuel oil
do
45. 048
45, 004
40, 979
41, 966
39, 482
39, 979
40, 124
42, 165
47, 828
41, 860
55, 808
60, 193
Residual fuel oil
do
Exports:
1,124
935
714
809
916
863
626
925
1, 036
1,001
649
430
Distillate fuel oil
do
1, 221
632
1,071
802
958
861
644
1,193
1,398
935
843
751
Residual fuel oil
do
Prices, wholesale:
Distillate (New York Harbor, No. 2 fuel)f
.086
.088
.082
.091
.077
.078
.082
.078
.081
.081
.082
.078
.091
dol. per gal..
1. 650
1.650
1.488
1.590
1.650
1.650
1.438
1.625
1.620
1.190
1.388
.950
Residual (Oklahoma, No. 6 fuel)*
do
1.700
Kerosene:
10, 264
9,828
9,091
9,989
10, 255
8,848
9, 790
8,477
11,140
9,469
10, 100
10, 755
Production
thous. of bbl
r
12, 775
7,920
9, 486
12. 939
8, 371
5,700
6,926
7, 035
4,570
13, 906
11,413
14, 978
Domestic demand
do
25, 803
28, 292
25, 526
17, 304
13, 001
13, 383
21,117
16, 126
27, 677
18, 260
23, 151
Stocks end of month
do
20, 888
61
205
136
213
39
71
26
43
89
113
68
97
Exports
do
Price, wholesale, bulk lots (New York Har.096
.092
.092
.089
.089
.090
.093
.093
.098
.101
.090
.088
.101
bor) f
dol. per gal
Lubricants:
4,686
4, 086
4,002
4, 646
3, 645
4,039
4, 151
3,932
3,587
4,987
4,906
Production
thous of bbl
4,100
r
2,544
3, 346
3,822
3, 907
3,271
3,328
3,588
3, 339
2,846
2, 368
3, 511
2,647
Domestic demand
do
7, 145
8,787
7, 736
9,341
6,973
7, 283
8,989
8,280
9,323
6, 950
7,427
Stocks refinery end of month
do
9,219
3
3
3
3
3
1, 101
992
910
1, 281
1, 222
1,110
1,250
1, 160
1, 075
940
1,150
1,291
Exports
do
Price, wholesale, bright stock (midcontinent,
.172
.220
.255
.268
.170
.181
.170
.199
.170
.170
.270
.282
.170
f. o. b. Tulsa)t
dol. per gal__
r
Revised.
1 Comparability of data is slightly affected in April 1950 by substitutions in reporting companies. Price on new basis for March 1950 is $8.916.
23 New basis. Beginning January 1950, coverage was increased to include one East Coast terminal not previously reporting; comparable December 1949 figure, 75,435,000 barrels.
Excludes "special category" exports not shown separately for security reasons,
c? Includes stocks of heavy crude in California.
fRevised series. Beginning in the July 1950 SURVEY, the following price series have been substituted for those previously shown: Crude petroleum, 36°-36.9° gravity (former series, 33°33.9°); distillate fuel oil, New York Harbor, No. 2 fuel, bulk lots, f. o. b. refineries or terminals, excl. all fees and taxes (former series, Pennsylvania, 36°-40° gravity); lubricating oil, bright stock,
conventional, 150-160 viscosity D, 0-10 pour point, midcontinent, excl. all fees and taxes (former series, cylinder, Pennsylvania). Beginning in the April 1950 SURVEY, prices for kerosene (N. Y.
Harbor, No. 1 fuel, f. o. b. refineries or terminals, excl. all fees and taxes) replace those for water white, Pennsylvania. Kerosene prices beginning 1935 are shown on p. 24 of the August 1950
SURVEY; data beginning 1935 for all other series will be available later.
*New series. Compiled by the 17. S. Department of Labor, Bureau of Labor Statistics. Prices are for bulk lots, excluding all fees and taxes (Oklahoma, group 3).
SUEVEY OF CURRENT BUSINESS
S-36
1950
1949
Unless other-wise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
December
February
January
February
March
April
May
June
July
August
September
October
November
December
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
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
TJsed 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
Price, gasoline:
Wholesale, refinery (Oklahoma), group 3
dol. per gal..
Wholesale, tank wagon (N. Y.)t
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 lb._
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..
83, 515
82, 075
73, 549
80, 786
77, 606
84. 801
85, 181
91,017
92, 710
87, 539
74, 286
14, 711
72, 556
15, 116
64, 685
13, 608
71,350
14, 586
68, 254
14, 016
74, 958
14, 246
75. 128
14, 254
80, 365
15, 002
82, 367
15, 449
76, 939
15, 466
f
r
90, 917
87, 322
79, 815
16, 476
76, 808
16, 256
r
5,482
7, 325
75, 553
5.597
7,279
66, 908
4,744
6, 773
63, 366
5, 150
7, 352
78, 739
4,664
6 984
80. 348
4,403
7, 113
89, 033
4,201
7,321
90,170
4,350
7 506
91, 707
5.106
8,510
94, 537
5, 374
4,866
9 302
8 520
86, 766 . * 89, 126
5,742
8 968
82, 815
103. 586
62, 116
7, 857
6, 831
1,611
116, 624
73, 880
8,674
7, 363
1,201
124, 177
81, 457
8,619
8,098
1,575
124, 924
83, 399
8,842
7,708
1,229
119, 584
76, 591
8, 473
7,950
1,921
112, 915
68, 403
8,120
8, 163
1,852
106, 026
61, 771
8,048
8,151
1,431
102, 769
58, 891
8,286
8,730
1
1, 452
99, 423
56. 743
7.644
8.667
i 997
97. 904
55, 676
7,844
8,581
1
1, 853
97, 844
55, 560
7,920
r
8, 226
i 1, 823
100. 995
57, 934
8, 010
7.636
1
1. 486
.096
.137
.199
.095
.137
.197
.095
.138
.200
.098
.142
.201
.101
.142
.202
.102
.145
.205
.103
.147
.203
.104
.147
.201
.104
.147
.199
.104
.147
.202
2, 670
1,834
8,026
3, 316
3.348
2. 335
7, 758
3, 075
3.137
2,728
7, 446
3,252
3,781
2,944
7,138
3,288
3, 954
2,859
6, 593
3,023
4,264
3,320
6,656
3, 226
4,896
4,152
6,133
3,260
5,107
3,929
6, 000
2,970
5, 604
4, 247
6, 579
3,256
5 468
4,198
7,215
3, 802
535, 100
458, 700
530, 200
602, 700
669, 800
929, 300 1, 043, 800 1, 173, 300 1, 246. 000 1, 197, 600 1, 140, 200
894, 200 I, 027, 800 1, 140, 000 1, 238, 700 1, 326, 500 1, 298, 900 1, 155, 300 1,051,500
790, 000
742, 400
670, 200
875, 500
785, 500
.098
.137
.201
4, 086
2, 957
7,444
3. 338
.097
. 137
.200
3, 044
1,806
7,940
3,341
T
r
.101
.147
.207
92, 400
132, 440
87, 920
133, 840
101, 360
144, 760
79, 800
137, 760
102, 200
140, 000
104, 720
151, 760
98, 840
158, 480
96, 320
161, 560
113,960
151, 760
114,800
145, 880
107, 240
135, 240
120. 120
135, 800
3,064
3,538
3,255
3,816
4,447
5, 820
6, 146
5,866
6 934
6 161
6 641
6 208
5 183
767
736
1, 562
175
39, 259
936
834
1,768
189
41, 485
821
779
1,655
169
35, 168
883
860
2,072
158
43, 746
979
962
2, 506
121
45, 880
1,108
1,188
3,524
142
58, 543
1,181
1,242
3,723
137
61, 591
1,127
1, 212
3,527
133
59, 299
1,351
1.471
4,113
172
63, 200
1,311
1,339
3, 510
162
54, 435
1, 528
1,519
3, 595
204
58, 215
1, 535
1, 455
3,218
208
57,613
1,388
1 159
2. 636
167
54, 759
PULP, PAPER, AND PRINTING
PULP WOOD AND WASTE PAPER
Pulpwood:
Receipts
thous. of cords (128 cu. ft.)._
Consumption
do
Stocks, end of month
do
Waste paper:
Receipts
- - short tons
Consumption
do
Stocks end of month
. do
WOOD PULP
Production:
Total, all grades
-thous. of short tons.Bleached sulphate
short tons
Unbleached sulphate
do
Bleached sulphite
do
Unbleached sulphite
do
Soda
do
Groundwood
- - - - do
Defibrated, exploded, etc
do
Stocks, own pulp at pulp mills, end of month:
Total, all grades
_ _
short tons.
B leached sulphate
_ _ _ _ do
Unbleached sulphate
do
Bleached sulphite
_ _ _ _ _ - do
Unbleached sulphite ._ _ _
_
do
Soda
do
Groundwood
-_
do_
Exports, all grades, total
Imports, all grades, total
_ ._
Bleached sulphate
Unbleached sulphate _ _ .
Bleached sulphite
Unbleached sulphite
Soda
Groundwood
-
do
-do _
_ _ _ d o
_ _ _ _ _ _ d o .__
do
do
do
_ - do
r
1,718
1, 726
4,879
1,753
1,884
4,753
1, 662
1,768
4, 675
1,735
1,936
4,473
1,387
1,860
3,999
1,523
1,977
3,542
1,836
1,983
3,392
1,968
1,864
3,491
2,326
2 093
3,724
2,042
1 982
3.780
606, 410
573,516
397, 307
588, 946
589, 046
394, 077
557, 634
572, 188
372, 234
632, 344
651, 142
355, 615
604, 058
598, 526
363, 374
638, 275
640, 671
357, 892
639, 504
639, 505
354, 200
568, 893
560, 469
362, 209
711,910
732, 001
348, 450
688, 843
687, 173
342, 677
r
776, 402
* 756, 727
T
377,351
1,077
117,099
404, 018
162, 468
56, 889
42, 232
168, 344
73, 261
1,181
139,514
465, 558
173, 759
59, 534
45, 120
165, 152
74, 566
1,089
131,186
422, 223
160, 266
57, 025
42, 179
154,439
71,989
1,199
146, 640
453, 072
183, 146
64, 601
46, 096
174,005
76, 188
1, 162
139, 388
450, 022
172,614
57, 232
44, 575
174,672
76, 694
1, 246
145, 529
489, 143
180, 213
59, 257
48, 300
187, 516
72, 943
1,219
146, 624
468, 571
172, 920
57, 643
47, 249
188, 297
79, 535
1,164
144, 132
453 963
160, 826
53, 735
41, 723
174, 729
76, 945
1,314
148 996
512 519
187 933
63 566
47 382
193 498
81 804
1,226
144 773
468 025
171 '788
63 712
43 949
186 878
82 153
1,369
177 000
529 945
192 824
67 324
38 063
204, 512
84 124
98, 480
9,240
7,331
25, 621
15, 104
2,099
29, 490
109, 010
9, 709
8,770
29, 644
15, 259
1,771
33, 984
108,503
10, 470
8, 206
26, 937
17, 203
1 , 456
34, 044
107, 733
9, 926
8,463
25, 808
18, 615
1,414
33, 885
116,491
12, 834
8,587
28, 125
17, 740
1,735
37, 697
112,366
11,824
7, 367
26, 042
18, 555
1 483
37, 509
106, 942
12. 220
7,784
25, 667
13, 552
1 590
36, 325
103, 364
13, 526
8,782
21, 701
13, 313
1,314
35, 614
105, 487
13 696
9 512
24, 558
12, 282
1 830
33 580
93 120
13 595
9 415
18' 21 5
14, 290
90, 331
14 533
9 6?0
19, 446
13, 787
31 077
29, 309
081
494
659
547
854
683
29 842
5, 628
211,534
32, 464
40, 142
58, 106
52, 834
2, 805
24, 572
4,324
235, 996
31,744
64, 496
50, 423
63, 260
2, 566
22, 897
5, 629
183,312
39,615
28, 325
51,531
39, 898
2,683
20, 456
5, 528
202, 574
42, 620
35, 007
58, 575
38, 904
2,983
23, 973
5, 926
150, 290
30, 837
22, 365
48, 353
28, 030
2 333
18, 071
7,331
204, 391
48, 556
30, 980
56 115
41, 189
2 833
24, 002
7 891
224, 302
40 444
48, 899
59 980
43, 849
2 851
25 974
6, 754
177, 749
29, 479
34, 330
47 022
43, 018
2 707
20, 149
7 818
186, 225
35 754
40, 953
46 193
34 465
3 205
24, 891
10 223
190 670
29 312
32 557
58 365
44 997
2 868
2l' 708
6 479
207 456
44 529
36 736
47 779
53 955
3*368
20 080
8 882
208' 867
35 204
28 388
59 107
52' 7?0
2 936
29 675
750
r
2, 083
T
2 160
' 3, 704
500
2, 113
3,704
2, 128
2 023
3,813
751 411
752, 065
r 352 549
736 814
715, 176
385 402
r 2 108
T
r
1,327
168 086
511 043
187 622
68 734
36' 729
199 9068
86' 49
88
14
q
18
12
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:
Paper and paperboard production, total
1,796
2,032
1,881
thous. of short tons.. r 1,r 797
1,900
2,047
2,029
1,813
2,184
2,085
' 2, 233
2,194
2,102
Paper (incl. building paper)
. _ do
936
1,029
959
1,021
900
898
r 1 088
939
1,033
1 062
1 024
1 061
1 042
r
812
Paperboard
__
do
T i 025
859
901
921
810
848
890
784
1 002
946
1 015
945
106
Building board
do
85
86
120
114
' 121
IIS
90
87
101
94
106
115
1
'Revised.
Excludes "special category" exports not shown separately for security reasons.
fRevised series. Beginning with the October 1950 SURVEY, prices have been revised to exclude Federal and State taxes; comparable figures for 1935-49 are shown on p 24 of the
January 1951 SURVEY.
SURVEY OF CURRENT BUSINESS
February 1951
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
S-37
19?JO
1949
December
January
February
March
April
June
May
July
August
September
October
November
December
PULP, PAPER, AND PRINTING—Continued
PAPER AND PAPER PRODUCTS— Con.
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association):!
Orders new
short tons
Orders, unfilled, end of month
do
Production .
_. _
do
Shipments
do
Stocks end of month
do
Fine paper:
Orders, new ..
__
do _
Orders, unfilled, end of month
do____
Production _ __
do
Shipments
do
Stocks, end of month
do _
Printing paper:
Orders, new
do _
Orders unfilled, end of month
do
Production
_ _
do
Shipments
do
Stocks, end of month
do
Price, wholesale, book paper, "B" grade, English finish, white, f. o. b. mill._dol. per 1001b'__
Coarse paper:
Orders, new
short tons
Orders unfilled, end of month
do
Production
do
Shipments
do
Stocks, end of month
_
do
Newsprint:
Canada (incl. Newfoundland) :cf
Production
do
Shipments from mills
do
Stocks, at mills, end of month.. _ do
United States:
Consumption by publishers
do
Production _ __
do
Shipments from mills
do
Stocks, end of month:
At mills
do
At publishers
do
In transit to publishers
_
„ do
Imports
do
Price, rolls (New York)
dol. per short ton._
Paperboard (National Paperboard Association):
Orders, new __
.
short tons _
Orders, unfilled, end of month
do
Production, total. _ _
__
_ do
Percent of activity
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surface area
Folding paper boxes, value:
New orders -.1936=100
Shipments
do
918, 164
760, 260
716, 545
723, 630
330, 944
973, 952
876, 200
836, 936
845, 246
322, 990
852, 625
913, 297
805, 715
815, 574
313, 665
' 870, 578 r 814, 739
r
912, 860 r 875, 930
' 866, 392 ' 846, 608
* 870, 994 r 851, 647
' 305, 900 ' 300, 735
792, 000
862, 300
795. 000
805. 000
290, 620
61,400
135,210
110,200
149, 100
143, 200
103, 702
106, 950
79, 475
83, 785
86, 350
76, 910
111,513
116, 050
74, 115
114, 207
145, 772
106, 968
111, 635
69, 450
' 115, 272 r 102, 065
' 147, 840 ' 138, 300
'•112.411 r 109, 573
r 113, 203 r 111, 590
r
r
68, 655
66, 635
104, 000
133, 300
106, 000
109. 000
63, 635
293, 215
258, 020
273, 049
273, 605
116, 210
311,075
353, 957
387, 500
286, 343
286, 188
116, 335
307, 738
414, 165
280, 260
281, 172
115, 310
r
329, 000
238, 605
239, 675
115, 140
284,
398,
282,
281,
108,
729, 665
486, 860
739, 789
739, 566
328, 508
785, 948
509, 545
775, 846
763, 256
341, 090
747, 742
519, 060
736, 448
738, 634
340, 315
858, 342
532, 895
840, 837
844, 503
336, 644
779, 468
540, 465
774, 868
772, 558
338, 950
810, 402
538, 304
814, 697
812, 556
341, 091
848, 656
56,6U 355
86, 355
39, 300
91,908
90, 322
84, 710
96, 268
41, 525
93, 734
94, 033
84,411
100, 628
50, 200
92, 899
92, 368
86, 350
113, 260
56, 890
104, 613
106, 569
84, 395
95, 020
55, 640
95, 161
96, 270
83, 285
108, 185
56, 225
105, 620
107, 599
81, 305
110, 740
252, 560
209, 880
263, 049
261,078
110, 115
281, 470
232, 255
264, 983
259, 094
116,004
249, 075
234, 200
244, 781
247, 125
113,660
290, 232
238, 735
288, 1 23
285, 697
116,085
259, 798
241, 750
260, 469
257, 445
119,110
274, 241
238, 419
275, 228
277, 572
116, 766
817, 773
822, 024
338, 255
11.30
11.30
11.30
11. 30
11.30
11.30
260, 710
166, 595
254, 841
259, 153
79, 883
267,149
163, 950
275, 762
269, 794
85, 850
262, 560
161,845
264,135
264, 665
85, 320
304, 000
161,610
300, 675
304, 231
81, 764
276, 000
166,560
271, 129
271, 048
81,845
286, 588
167, 945
291, 592
285, 200
88, 235
295,
167,
296,
296,
414, 872
434, 652
121,190
417,011
403, 013
135, 188
399, 247
376. 834
157, 601
451,635
426, 960
182, 276
422, 774
425, 660
179, 390
372, 497
69, 854
72, 255
345, 093
74, 275
76, 080
350, 906
69, 099
70 756
396, 923
80, 571
79 027
10,814
371 131
74, 732
418 496
100. 00
9,009
355 599
86, 039
376 819
100. 00
7 352
328 881
88, 593
347 950
100. 00
801, 200
359, 300
827, 400
860, 300
337, 800
858, 800
83
88
290, 525 r 284, 615
r 406, 900 r 395, 050
' 296, 343 r 290, 449
r 297, 782 r 296. 460
113, 870 r 107, 860
12.15
12.15
12.53
281, 370
r
224. 065
r
292, 323
r
288, 503
r
80, 125
260, 000
217, 000
262, 000
267, 000
75, 125
456. 443
465, 253
128, 331
456, 743
477, 708
107, 366
430, 551
448, 775
89, 142
373, 788
84, 564
83, 962
420, 786
89, 363
90, 837
407, 943
86, 080
83, 241
398, 309
83. 780
86, 201
8,695
9,297
372, 943
94, 271
418 664
100. 00
7, 823
356, 782
88 332
449, 183
100. 00
10,662
376 900
81, 095
367 604
100. 00
334, 783
98, 499
385, 659
106. 00
8.241
328, 018
96, 942
11.65
11.65
11.78
312,314
218, 870
258, 564
260, 790
88,365
86,139
300, 665
227, 570
286, 377
289, 407
81, 352
276, 858
227, 700
273, 620
276, 705
78, 265
' 298, 200
r 231, 200
' 292, 731
r 294, 692
r 76, 305
459, 937
479, 560
159, 767
440 967
440, 777
159, 957
439, 255
463, 339
135, 873
466, 443
417, 589
184, 727
437, 579
485, 165
137, 141
403, 801
82, 564
85, 340
401, 922
89, 719
86, 257
376, 482
88, 420
89 928
336, 759
84, 280
83, 586
346, 795
90, 882
90, 955
8 896
318 036
86. 765
382 399
100. 00
6 120
284 010
91,075
369 560
100. 00
9 582
288 684
94, 187
487 435
100. 00
8 074
303 524
78, 935
441 239
100. 00
8,768
339 424
93, 140
415 424
100. 00
802, 800
314, 600
817, 000
952, 600
371, 800
908, 600
847, 100
343, 700
858, 300
964, 000
395, 500
934, 600
945, 400
394, 100
907, 600
983, 300 1, 204, 500
524, 400
729, 100
816, 900 1, 017, 300
92
91
92
91
11.30
568
350
290
157
94
82
000
000
000
000
860
r
977, 800 1, 039, 000 1, 019, 900
694, 700
722, 000
714, 900
954, 400 1, 023, 400 1, 012, 700
100
96
102
101
106. 00
876, 700
617, 200
940, 500
95
5,230
5,260
5,147
6,112
5, 685
6,081
6,073
5,840
7,401
7,010
7,384
7,064
6,857
412.9
449.3
441.7
449.0
435.2
432.7
529.5
521.6
443.0
456.1
502.6
495.5
536.0
526.3
580 3
725.8
713. 0
614.4
669.4
688.2
422.8
873.5
597.8
662. 3
674.7
665.4
1 4G8
1,114
673
829
846
1 107
892
774
850
766
962
1 138
1 028
1 157
r
PRINTING
Book publication, total
N e w books _ _
New editions
number of editions
_
- d o
do
384
524
149
619
210
671
175
872
9
35
695
197
566
208
650
200
618
148
816
146
877
261
61 402
93 653
62 004
64 297
87 146
72, 703
61 281
87 409
61 153
69 178
83 215
78, 376
811
217
915
242
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
long tons
Stocks, end of month
_
do
Imports, including latex and guayule__ - _ do. _
Price, wholesale, smoked sheets (New York)
dol. per lb_Chemical (synthetic):
Production _
_ _ _ _ _ _ _ _
_ -long tons__
Consumption
__
do
Stocks, end of month
do
Exports
do
Reclaimed rubber:
Production
do
Consumption
do
Stocks, end of month
_ _
__
do
52 919
106, 619
67, 934
59 992
108, 769
58, 261
56 580
104, 477
54, 175
60 859
101, 691
61, 481
57 914
106 124
76, 828
63 813
100 776
60 187
63 333
99 457
77 876
r 51 340
r
81 658
73 393
44 290
87 739
.177
.184
.195
.197
.238
.286
.309
.384
.521
.558
.638
.732
.714
27, 234
31,771
98 042
27, 808
33, 966
92 284
29, 336
31 860
88 381
33, 003
37 647
86 824
34 821
38 075
83 440
37 320
46 398
74 524
38 569
48 608
65 346
43 820
43 687
67 085
43 950
50 379
63 654
44 460
49 550
59 059
44 690
54 507
51 751
48 417
r 48 261
r 51 636
51 999
52 029
54 509
678
650
19 723
18, 210
28 263
19 447
20, 106
27 319
20 424
19, 741
27 256
23 037
22 151
27 602
22 683
21 318
28 352
24 876
24 158
27 837
25 869
25 253
28 470
24 374
22 377
30 371
27 312
26 151
31 793
29 648
29 250
33 395
32 685
32 785
33 530
T 30 171
r 30 260
r 33 960
thousands- _
do
do
___
do
do
do
do
6,272
5,229
2,158
2 940
131
10, 638
120
6,827
5,913
3,094
2 703
116
11,366
124
6,691
6 216
3,247
2 870
7, 314
6 794
2,830
3 858
8,264
12 040
3,884
8 049
8,173
10 610
4,093
6 399
7,816
8 226
3, 814
4 300
8, 659
8 709
3,782
4 774
7,514
7 504
3,213
4 140
12, 355
8,629
8 521
3^119
5 296
' 106
12 367
94
8,469
10 194
4,056
6 024
11, 797
7,583
7 526
2,975
4 438
' 112
12, 341
89
10 749
7 005
173
4 801
i 75
4 423
i 107
4 382
i 108
4 454
i 152
__
__
5,325
4 179
10, 657
5,629
5 312
10, 926
6 285
6 094
11 710
7 089
6 688
I 9 110
7 537
8 459
11 248
6 916
9 629
8 422
7 244
9 209
6 619
7 074
7 556
6 129
33
50
7 988
7 418
6 400
6 713
6 135
6' 963
674
580
596
635
777
646
634
724
631
645
32 005
29 081
34 359
TIRES AND TUBES
Pneumatic casings:
Production- _ _
Shipments, total. _
Original equipment
Replacement equipment _ _
Export
Stocks, end of month
Exports _
-._
Inner tubes:
Production ,
Shipments _
_ . _ _
Stocks, end of month
Exports
__
__
r
__ do
do
do
do
60
49
100
92
5 803
5 610
11 059
50
106
96
6 223
5 733
11 432
51
57
48
114
94
55
107
33
117
113
152
68
151
1 09
Revised.
* Excludes "special category" exports not shown separately for security reasons.
cfData for 1937-48 (incl. Newfoundland) are shown on pp. 22 and 23 of the May 1950 SURVEY. Further revisions for stocks at mills, end of December, are shown at bottom of p S-37 of
the June 1950 SURVEY.
*
fRevised data for 1948 are shown on p. 23 of the May 1950 SURVEY.
SURVEY OF CUKRENT BUSINESS
S-38
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
February 1951
1950
1949
December
January
February
March
April
May
June
July
August
September
October
November
December
155, 823
STONE, CLAY, AND GLASS PRODUCTS
1
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments reams.. _
124.653
145, 157
144, 609
157, 524
154,385
165, 746
165, 781
151, 278
258, 575
206, 809
197, 500
177,371
16, 967
78
11. 628
14, 706
4,587
15, 202
70
9,632
20, 275
6,141
13, 115
67
9,824
23, 583
7,454
14, 301
66
14, 669
23, 216
8,821
18, 134
85
18, 424
22, 936
8,626
19, 941
90
22, 834
20, 050
8,142
20, 001
93
24. 749
15, 298
7,346
20, 709
94
23, 167
12,848
6,388
21, 884
99
25, 144
9,608
4,900
20, 945
98
22,910
7,642
4,029
' 22, 481
102
' 24, 167
' 5, 945
2,852
20, 226
95
19, 791
' 6, 382
' 2, 962
464. 372
407,417
377, 675
345, 485
345, 731
322, 320
397, 905
433,816
448, 513
512, 242
550, 420
592, 472
573, 586
626, 933
560, 839
583, 436
622. 664
652, 581
585, 205
610, 795
635, 594
639, 342
586, 505
577, 088
24. 053
24. 035
24. 103
24. 152
24. 225
24. 475
24. 721
25. 032
25. 208
25. 616
25. 866
119,931
92, 961
108, 580
92, 740
105, 032
85, 668
121, 935
113,060
87, 639
102, 099
126, 921
145, 275
143, 053
156, 376
135 856
150 109
151 853
159, 106
153 180
149, 181
152 525
152, 593
131, 197
128, 038
102, 875
85, 597
97,456
79, 119
91,124
83, 238
100, 988
104, 774
98, 995
111,465
117,313
126, 632
119,300
126, 601
118 089
124, 465
119,119
135, 112
115, 506
120, 173
118, 702
118, 733
106, 627
105, 786
6,963
6,321
7, 952
7,379
7,290
6,748
8,204
8,129
8,420
7,649
9, 377
9, 371
9,125
9,045
8,870
9,141
9,133
11,132
8,673
10, 437
10, 612
8,967
' 9, 451
' 8, 104
PORTLAND CEMENT
Production
Porcent of caoacity
Shipments
"
Storks, finished, end of month
Stocks, clinker, end of month
thous. of bbL.
thous. of bbl__
__do
do _ .
19, 116
87
12, 477
13, 021
4,012
CLAY PRODUCTS
Brick, unglazed:
Production
thous of standard brick
Shipments
do
Price, wholesale, common, composite, f . o. b. plant
dol. per thous..
Clay sewer pipe, vitrified:
Production
short tons
ShiDinent53
do
Structural tile, unglazed:
Production
do
Shipments
do
r
26. 057
26. 347
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 (returnable and nonreturnable)
thous. of gross. .
Beer bottles
do
L/iquor and wine
do
Medicinal and toilet
do
Chemical, household and industrial. _ _ _ r l o _ _ _
Dairy products
do
Fruit jars and jellv 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. _
1
9,357
9,153
775
876
1,274
819
844
1,170
1,572
953
669
786
1, 968
2,111
1,871
2,217
2, 375
* 2, 476
3,204
2,672
i 2, 474
i 2, 145
* 2, 272
231
325
826
2,127
669
256
i 14
9,352
290
263
785
1,809
667
253
133
9,595
479
451
1, 140
2,062
771
277
64
9,454
592
475
964
1, 856
633
228
154
10, 006
841
632
993
2,158
730
272
253
9,714
1,064
715
908
1,849
724
280
312
9, 382
845
700
1,095
1,909
649
290
1
333
8,931
492
669
1, 551
2,501
819
385
342
6,743
305
582
1, 343
2,576
822
369
197
4, 865
340
563
1,275
2,228
779
354
(0
6,123
325
459
1,257
' 2, 235
687
327
0)
'7,079
654
532
1,317
2,397
791
404
0)
6,812
4,853
3,756
8,584
6,125
4, 981
9,825
5,578
5,552
9,820
6,061
6, 251
9,642
6,515
6,168
9,938
6,591
6, 223
10. 237
5,635
5,699
8,719
5,209
5,264
8,667
6,548
7,222
8,091
5,925
6.070
8,118
6,994
5,498
8,877
5,876
6,107
9,593
5,702
5,253
9,887
2,617
2,644
3,179
3,900
3,266
3, 394
3,117
2, 530
3,671
3,356
3,846
3,313
3,218
14, 748
15, 794
23, 892
14, 954
14, 752
24, 093
12, 851
11, 887
25, 058
521
640
1, 694
i 2, 291
228
333
975
1,823
444
304
0)
9,145
680
1
GYPSUM AND PRODUCTS
Crude gypsum, quarterly total:
Imports
thous. of short tons
Production
do
Calcined, production , quarterly total
do
Gypsum products sold or used, quarterly total:
Uncalcined
short tons
Calcined:
For building uses:
Base-coat plasters
do
Keene's cement
do
All other building plasters
do
Lath
thous. of sq. ft
Tile
do
Wallboardd"
do
Industrial plasters
short tons
734
1,821
1,552
414
1,642
1,574
702
1,923
1,768
1 112
2,199
2 047
500, 302
424, 291
546, 147
573 262
464, 022
10, 902
122, 092
568. 165
8,134
719 627
459, 766
13, 066
112, 638
610, 422
8,807
723, 786
584, 766
13, 642
136, 521
659, 876
10, 765
725, 128
693
15
156
761
13
759
57, Oil
55, 154
67 088
948
863
429
573
449
260
66 674
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs
Shipments
do
Stocks, end of month _
_ _. -do
12, 731
11, 593
24, 138
12, 868
12, 408
24, 606
13, 042
12, 950
24, 714
14, 072
14, 126
24, 578
12, 231
11, 480
25, 364
12, 530
11, 125
26,794
12, 573
11, 926
28, 613
10, 090
11, 121
27, 582
15, 592
16, 449
26, 725
13, 779
15, 566
24, 937
COTTON
Cotton (exclusive of linters) :
Production:
3
2 15, 909
14, 776
15, 636
864
Ginnings§
thous. of running bales
283
2,770
6,459
8,793
9, 678
Crop estimate, equivalent 500-lb. bales
4
2 16, 127
thous. of bales
9, 884
739, 482
900, 126
733, 833
729, 738
710, 662
718, 826
Consumption^
bales
841, 868
606, 878 807 840
968, 484 835 155 1,008 872
784 057
Stocks in the United States, end of month,
9,159
11,366
totalf
thous. of bales __ Tr 15, 531 r 14, 289 ' 12, 971 rr 11, 454 'r 10, 287
'r 7, 463
' 6, 846 ' 15, 087 ' 13, 771 ' 12, 681
10, 174
15, 466 ' r 14, 194 ' 12, 869
11,316
10, 153
9,038
7, 355
' 6, 749 ' 15, 001 ' 13 695 • ' 12 613 11,311
Domestic cotton, total
do
10 117
r
1,024
'642
3,
186
2,
401
2,538
On farms and in transit
do
'
1,
149
'988
'
9,
374
1, 512
'
1,
785
350
'
7,
643
'
4,
816
r
T
' 9, 312
6,484
6,984
8, 375
6,651
Public storage and compresses __
_do
10, 675 ' 10, 085
' 7, 490
' 5, 357
' 5, 161
4,545
4,871
6,358
r
1,529
1,789
1, 791
' 1, 676
Consuming establishments
do
'1, 605
1,708
' 1, 772
' 1, 356
1,238
1,082
1,955
1 181
1,439
••102
'121
'139
54
'133
86
Foreign cotton, total
do
'66
108
98
76
57
'94
68
1
'Revised.
Data for wide-mouth food containers include jelly glasses in January, February, and July, and both jelly glasses and fruit jars in December 1949 and beginning
October
1950.
2
3
4
Total ginnings of 1949 crop.
Ginnings to January 16,1951.
December 1 estimate of 1950 crop.
cf Includes laminated board, reported as component board.
§ Total ginnings to end of month indicated.
T Beginning 1950, data for March, June, September, and November cover a 5-week period and for other months, 4 weeks; prior to 1950, calendar months are represented; stock data are for
end of period covered.
SURVEY OF CUEEENT BUSINESS
February 1951
Unless other-wise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
1950
1949
December
S-39
January
February
March
April
May
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
cents
per
lb__
Prices, wholesale, middling, l5/\6", average, 10
markets
cents per Ib
Cotton linters :f
Consumption
thous. of bales
Production
_
do
Stocks, end of month
__
_do _ _ _
656, 897
12, 896
26.5
528, 316
10, 982
26.5
654, 948
70, 575
27.5
685, 775
62, 076
28.1
470, 653
8,456
28.7
539, 105
2,513
29.2
740 533
1,490
29.9
264 982
2 332
33.1
355 975
4, 730
37.0
372 381
22 732
40.0
283 816
11, 889
38.9
371 870
9 118
41.1
40.4
30.3
31.0
32 0
31.9
32 5
32 9
33 8
37 1
38 1
40 7
39 8
42 2
42 6
131
203
559
132
193
576
128
158
580
156
147
561
131
107
580
134
78
546
138
58
610
112
49
436
149
68
340
194
132
337
129
207
409
118
189
461
110
145
518
2,290
36, 503
2,845
34, 970
4,283
2,449
49 266
7,481
52 840
4,952
51 428
5,042
2,401
52 318
4, 596
35 935
1 905
45 633
2,918
2,395
50 959
2,570
51 326
2,796
45 715
4 608
38. 05
30.3
17.0
17.0
37.90
30.3
16.6
17.2
37.52
30.3
16.0
17.4
36. 72
30.3
15.2
17.2
33. 10
30.3
14.0
17.2
31.74
30.3
14. 2
17.2
31.66
31.8
15 1
17.2
35 96
32 6
17 5
18.5
43 58
34.5
19.8
21.8
48.69
36.0
22.4
23.8
49.36
36.4
21.5
24/5
48.39
37.8
21.9
24.8
50.21
38.3
22.5
25.0
.647
.823
.647
.823
.632
.823
.627
.821
.620
.602
.778
.605
.786
671
.776
799
840
925
.833
1.007
.851
1.072
.877
1.147
.887
1.166
21, 476
20, 241
9,781
466
9,206
124.7
21,463
20, 21 7
9,663
496
9,091
133.0
21, 663
20, 417
9,765
496
9,181
133.4
21, 596
20, 340
11, 808
472
11, 130
127.3
21, 301
20 048
9,299
473
8,764
127.8
21, 458
20 229
9,467
473
8,935
128.1
21, 474
20, 221
11,076
452
10, 435
123.0
21, 794
20 525
7,754
408
7 284
110 9
21, 845
20 540
10, 333
517
9,711
140.2
21, 945
20, 609
12, 638
516
11,860
139.7
22, 149
20, 758
10, 713
542
10, 041
146.9
22, 153
20 751
12, 979
530
12, 171
143.2
22, 084
20 730
9,942
523
9,376
141 3
79.7
23.9
r
78. 0
r
71.5
22.5
'•80. 9
25.4
70.2
23.3
76.8
25.5
78.0
24.5
79 7
25 8
85 1
''27.6
79.0
25.5
82.5
25.3
14.6
14.2
r
COTTON MANUFACTURES
Cotton cloth:
Cotton broad-woven goods over 12 inches in width,
production, quarterly
mil. of linear yards
Exports
thous. of sq. yd
Imports
do
Prices, wholesale:
Mill marginsj
cents per Ib
Denims, 28-inch__
_
__
do.
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 Ib .
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 working daycf
do
Consuming 100 percent cotton
_ do _
Operations as percent of capacity
2,313
55, 918
T
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament varn
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 Ib
Staple fiber, viscose, 1^ denier
_
do
Rayon broad-woven goods, production, quarterly
thous. of linear yards
Silk, raw:
Imports
thous. of Ib
Price, wholesale, Japan, white, 13/15 (N. Y.)
dol. perlb__
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 Ib
24.0
10.2
r
79.4
'25.6
2.9
3.3
4.4
5,171
14.4
5.9
7,323
13 1
4 6
6 653
10.5
3.9
7,463
10.0
2.8
8,960
3.4
6,710
15.6
5.5
8,076
4.1
4,016
13.3
3.3
4,969
3.6
4,317
12, 457
12, 958
.710
.350
.710
.350
.710
.350
.710
.350
.710
.350
.710
.350
.710
.350
732
355
.740
.370
.755
.370
760
.370
.760
.370
14.3
544, 104
12.3
.400
570, 600
551, 842
590, 690
11.0
370
539
617
628
669
705
744
1 033
902
1,307
1,500
1,152
2.68
2.72
2.71
2.65
2.65
2.68
2.68
3.05
3.42
3.40
3.51
3.72
35, 144
17, 355
57, 515
31 352
15, 716
77 891
34, 684
15,724
74, 651
41 730
19, 765
66 630
31, 108
16, 652
56 964
32, 468
16, 204
54 879
39, 765
18, 445
55, 249
28 816
9,608
68 773
38, 948
15, 768
74, 833
44,390
18, 360
56, 832
' 38, 004
16, 704
49, 254
38, 670
18, 380
51, 584
1. 562
.552
1.588
.559
1.625
.570
1.625
.570
1.629
.564
1.698
.620
1.760
.678
1.800
.702
2.045
.778
2.481
.892
2.469
.909
2.540
.973
1.375
1.465
1.575
1.575
1.600
1.715
1.775
1.775
1.965
2.725
i 2. 515
i 2. 560
4.11
1
2. 650
i 1. 131
i 2. 600
WOOL MANUFACTURES
Machinery activity (weekly average) :§
Looms:
Woolen and worsted:
105
102
119
106
83
86
86
86
87
Pile and Jacquard
thous of active hours
69
70
77
2,344
2,346
2,502
2,391
2 172
2 096
2 136
2,214
2 175
2 188
1,933
2 122
Broad
do
18
13
17
30
25
27
27
26
28
' 29
27
28
Narrow
do
Carpet and rug:
160
172
172
166
169
159
160
'177
154
170
101
141
Broad
_ __ _ _
do
81
85
92
83
76
51
83
85
82
71
79
87
Narrow
do
Spinning spindles:
87, 513 r 91, 915
78, 132
96, 134
85, 662
79,834
77, 269
79, 582
74, 410
77, 597
85, Oil
77, 497
Woolen
_ _do
115, 284
115,302
120, 695
110, 567
102, 418
104, 027
103, 917
101,863
85, 975
100, 746
95, 935
93, 207
Worsted
do
192
227
233
233
191
187
209
207
167
186
172
185
Worsted combs
do_
Wool yarn:
81, 815 ' 69, 736 76, 560
69, 848
77, 555
51, 064
60,324
74, 610
63, 320
60, 516
67, 365
56, 780
Production total §
thous. of Ib
9,585
8,100
8,384
' 7, 832
8,725
5,964
6,784
6,664
7,835
6,468
6,628
7,357
Knitting^
do
52, 970 r 44, 180
47, 980
44, 796
49, 380
34, 860
46, 495
36, 832
40, 012
42, 795
34 796
37, 908
Weaving§
do
20, 480
19, 260 r 17, 724
16, 668
19, 450
15 752
16, 524
10, 240
17, 216
17 213
15 356
20 280
Carpet and other§
do
Price, wholesale, worsted yarn (Bradford
4.175
3.665
4.125
4.175
2.975
2.975
2.975
2.975
2.975
2.975
2.975
2.975
2.975
weaving system) 2/32s
dol. perlb_.
r
1
Revised.
Nominal price.
^Beginning 1950, data for March, June, September, and November cover a 5-week period and for other months, 4 weeks; prior to 1950, calendar months are represented; stock data and number of active spindles are for end of period covered.
{Scattered monthly revisions beginning 1944 (to incorporate new quotations for two constructions previously included at OPA ceiling prices) are available upon request.
<f Substituted series. See note marked "<?" at bottom of p. S--39 of the July 1950 SURVEY.
§ Data for the third month of each quarter and for November cover a 5-week period; other months, 4 weeks.
SUE YE Y OF CURRENT BUSINESS
S-40
Unless otherwise stated, statistics through
1948 and descriptive notes are shown in the
1949 Statistical Supplement to the Survey
February
1950
1949
Decem-
ber
January
Febru-
March
ary
May
April
June
July
August
Septem-
ber
October
Novem-
ber
Decem-
ber
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES— Continued
Woolen and worsted woven goods, except woven
felts:
Production quarterly total
thous oflin yd
Apparel fn brics total
do
Other than Government orders total do
Men'<5 and boys'
do
Women's and children's
do
Unclassified
do
Blanketing
do
Prices, wholesale, f. o. b. mill:
Suiting, unfinished worsted, 13 oz__dol. per yd._
Women's dress goods, flannel, 8 07., 54-inch
dol. per ycL.
108.149
90. 956
2, 508
88. 448
42, 1 20
40. 737
5, 591
5. 112
12 081
118,318
102, 546
4 123
98, 423
42, 541
49. 621
6 261
6 082
9 690
111,647
92, 890
1,843
91, 047
45, 709
40. 079
5,259
6, 555
12, 202
116, 071
96 732
2 1 269
292 838
40, 821
47 555
4 462
6 321
13 018
1
3.069
3.069
3. 069
2.995
2.970
2.970
3.094
3.255
3.440
4.084
4.306
4. 306
4. 306
2.475
2.475
2. 475
2.475
2. 475
2.475
2.475
2.524
2.624
2.772
2.846
2.846
2.846
321
94
354
48
301
84
204
40
227
54
818, 123
' 722. 842
760, 566
603, 567
640, 674
504 445
490 855
98. 538
80. 832
521, 136
506, 968
118, 874
103, 516
TRANSPORTATION EQUIPMENT
AIRCRAFT
Civil aircraft shipmentsd"
ExportsJ
number
do
116
29
326
52
329
56
377
68
580, 662
559,311
696, 893
225
52
167
39
369
47
MOTOR VEHICLES
Factory sales total
Coaches total
Domestic
passenger cars total
Domestic
Trucks, total
Domestic
__
number
do
_ _ - _clo
do
-do ._
do
do
359, 076
369
353
292, 009
284, 097
66, 698
60, 784
' 581, 362
219
194
475, 465
133
128
385, 361
487, 824
475, 495
377, 185
89, 971
'93,319
' 84, 374 80, 939
r
199
170
268
234
469.618
461. 119
r
110,845
r
99, 811
455, 193
446. 524
103, 850
93, 294
575. 518
563, 119
1 20, 963
108, 997
Exports totalj
Passenger cars
Trucks}
do
do
do
13, 083
7.183
5, 900-
15, 531
8,914
6,617
18, 268
8, 644
9, 624
17. 639
8, 134
9,505
17, 117
6, 758
10, 359
20, 187
8, 631
11, 556
Truck trailers production, total
Complete trailers
Vans
411 other
Chassis shipped as such
Registrations:
New passenger cars
New commercial cars
do
do
do
do
do
3, 043
2, 865
1,696
1, 169
3,083
2, 969
1, 842
1,127
3,493
3,348
2, 123
1, 225
4,395
4. 1 83
2. 523
1, 660
4. 385
4.192
2, 528
1, 664
212
193
4, 867
4, 650
2, 782
1, 868
do
do
414, 579
78, 805
381,562
67, 925
408, 990
71, 698
495, 885
96, 266
471,215
92, 241
3,432
2, 052
1, 950
1,380
2, 395
1, 006
1,006
1, 389
2,051
1.712
1,129
80
75
61
61
64
64
830
830
882
87
178
114
145
r
412
323
856, 615
598
349
r
r
720, 688
702. 935
135, 329
120, 233
24, 850
12, 679
12,171
706,
702
r
397
291
595, 067
581, 069
r
111, 238
r
98, 603
457
374
682, 782
669, 550
134, 884
121, 303
r
r
24, 807
12, 775
12, 032
r
423
345
r
553
502
616, 827
651, 169
602, 423
635, 544
r
105,
592
r
108, 844
r
93, 378 r 97. 116
24, 441
11, 286
13, 155
22, 302
10, 734
11, 568
22, 945
12, 399
10, 546
3 6, 614
3
6, 435
3 3, 735
3r 2, 700
3 179
r
3 6, 770
r 3
6, 533
3
3, 944
r
6,741
6 504
3, 969
2, 535
584
507
664
601
27 452
13 732
13 720
532
337
203
134
J95
33 5, 798
5, 605
33,316
3 2, 289
s 193
488, 363
90, 786
583, 937
91,512
609, 926
117, 040
683 995
126, 533
625, 755
113, 750
580, 373
101, 169
444 193
84. 142
85, 4l3
983
235
223
748
82
2,193
1,211
1,211
4,074
3, 365
3, 165
3,474
2,148
2,148
1,326
5.203
2,787
2,787
2,416
5, 131
2, 395
2, 395
2, 736
5, 501
2,444
2, 444
3, 057
5, 791
3, 352
3, 352
2, 439
5,701
3, 966
3, 965
1, 735
82
82
113
113
106
106
93
93
102
102
63
63
71
71
58
58
54
54
0
0
217
5,
5,
3,
2,
f
3 2, 589
'3237
237
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freisrht cars total
number
Equipment 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 (class T), end of month :§
Number owned
_ thousands. „
Undergoing or awaiting classified repairs
thousands-^
Percent of total ownership O
Orders unfilled
number
Equipment manufacturers
do
Railroad shops
do
Locomotives (class I), end of month:
Steam, undergoing or awaiting classified repairs
number. _
Percent of total on line
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
Steam
Other
INDUSTRIAL
Shipments, total
Domestic
Export
_
do
_do.-_
do
80
0
61
922
917
64
0
0
1,750
1, 745
134
12, 861
2, 447
10, 414
141
48.1
17, 766
4, 550
13, 216
3,204
11.1
13
0
13
885
885
0
87
87
104
70
71
58
54
1
1,733
1,728
1,724
1,722
1,719
1,719
1,717
1,717
1,718
127
7.4
30. 170
13, 766
16, 404
128
7.4
40, 405
24, 338
16. 067
118
6.9
39, 360
21, 936
17, 424
123
7.1
62, 124
37, 342
24, 782
108
6.3
76, 582
48, 220
28, 362
102
5.9
94, 557
63, 485
31, 072
98
5.7
107, 994
76, 279
31.715
93
5.4
110, 781
79 493
31, 288
89
5.2
109, 174
78 137
31, 037
3,407
12.3
3,308
12.1
3,217
11.9
3, 086
11.7
3,166
12.1
3,239
12.4
3,218
12.4
3. 135
12.3
3.111
12 2
3,114
12 3
11
0
11
10
0
10
9
0
9
22
0
22
21
0
21
1,110
1,110
1,367
1,367
20
0
20
1,419
1,419
19
0
19
17
0
17
16
0
16
0
23
0
23
977
977
0
0
0
1,742
1,739
139
8.0
25, 647
8, 455
17, 192
128
7. 4
27,011
1C, 715
16, 296
3,454
12.2
3.498
12.5
12
0
12
12
0
12
1,099
1,099
94
0
0
1, 130
1,130
709
106
0
0
4
982
113
4
1,088
1,088
4
1,101
1,101
1,000
1,000
2
7
0
1 , 504
1,504
1,640
1.640
0
0
107
31
76
102
48
54
48
2
46
107
55
52
54
0
54
81
3
78
48
5
43
69
10
59
53
8
45
61
8
53
56
0
56
32
1
31
232
186
46
199
180
19
183
146
37
229
196
33
204
172
32
203
183
20
268
238
30
199
177
22
237
216
21
263
234
29
290
255
35
242
218
24
0
0
0
0
0
1,628
1,628
0
ELECTRIC TRUCKS AND
TRACTORS
__
r
Revised.
1
_ _ number
do
do
291
271
20
Includes 2,625,000 linear yards, containing from 25 to 50 percent wool, not distributed between government and non-government orders.
2
Not comparable with earlier data; see note 1.
4
3 Beginning July 1950, the industry coverage has been increased by approximately 7 percent.
See note marked O.
c?Publication of data for military shipments and the total, formerly shown here, has been discontinued by the Civil Aeronautics Administration.
JExcludes ''special category" exports not shown separately for security reasons.
§Not including railroad-owned private refrigerator cars.
OData represent freight cars awaiting repairs as a percent of total ownership (revised figures on the new basis for May-October 1949 were published beginning in the July 1950 SURVEY);
figures shown through April 1949 represent freight cars awaiting repairs as a percent of total on line.
u. s. G O V E R N M E N T P R I N T I N G O F F I C E : 1951
-INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40Pages marked S
Abrasive paper and cloth (coated)
38
Acids
24
Advertising
... 7, 8
Agricultural income and marketings
2
Agricultural wages, loans
15
Aircraft
11,12,14,40
Airline operations
22
Alcohol, denatured and ethyl
24
Alcoholic beverages
2,27
Aluminum
33
Animal fats, greases
25
Anthracite
_
2,5, 11,13,14,15,34
Apparel, wearing
4, 5, 8, 9,11, 12, 14, 15, 38
Armed forces
10
Asphalt and asphalt products
36
Automobiles
2, 3, 7, 8, 9, 11,12,13,14,18, 21
Balance of payments
20
Banking
15,16
Barley
_
28
Barrels and drums
32
Battery shipments
34
Beef and veal
29
Beverages, alcoholic
2,8, 27
Bituminous coal
2, 5,11,13,14,15,34,35
Boilers
33,34
Bonds, issues, prices, sales, yields
19
Book publication
37
Brass
33
Brick
5,38
Brokers' loans
16,19
Building construction (see Construction).
Building contracts awarded
6
Building costs
7
Building materials, prices, retail trade
5,7,8,9
Business, orders, sales, inventories
3,4
Businesses operating and business turn-over..
4
Butter
27
Candy
29
Cans, metal
33
Capital
flotations
18,19
Carloadings
22,23
Cattle and calves
29
Cement
2,5,38
Cereal and bakery products, price
5
Chain-store sales
9
Cheese.. _
27
Chemicals
2,3,4, 5,12,14,15,18, 21, 24
Cigars and cigarettes
30
Civil-service employees
12
Clay products (see also Stone, clay, etc.)
2.38
Clothing
_
5, 6, 8, 9,11,12,14,15, 38
Coal
2, 5,11,13,14,15,34, 35
Cocoa
29
Coffee
_
_
22,29
Coke
2,35
Commercial and industrial failures
4
Construction:
Contracts awarded
-6
Costs
_
7
Dwelling units started
7
Employment, wage rates, earnings, hours-- 11,
12,13,14,15
Highway
6,12
New construction, dollar value
6
Consumer credit
16
Consumer expenditures
1,8
Consumers' price index
5
Copper
21,33
Copra and coconut oil
25
Corn
19,28
Cost-of-living index (see Consumers' price
index)
5
Cotton, raw, and manufactures
2, 5, 6, 21, 38, 39
Cottonseed, cake and meal, oil
25
Crops
2, 5, 25, 27, 28, 30, 38
Currency in circulation
18
Dairy products
2, 5, 14, 27
Debits, bank
15
Debt, short-term, consumer
16
Debt, United States Government
17
Department stores
9, 10,16
Deposits, bank
15,16,18
Disputes, industrial
13
Distilled spirits
27
Dividend payments and rates
1,18, 20
Drug-store sales
8,9
Dwelling units started
7
Earnings, weekly and hourly
13,14,15
Eggs and poultry
2, 5, 29
Electric power, production, sales, revenues. _ _
26
Electrical equipment
.
3, 4, 7,34
Employment estimates
10,11,12
Employment indexes
12
Employment security operations
13
Emigration and immigration
23
Engineering construction
6
Expenditures, United States Government
16
Explosives
25
Exports (see also individual commodities)
21
Express operations
22
Factory employment, payrolls, hours, wages . ..
11,
12,13,14,15
Failures, industrial and commercial
4
Farm income and marketings
2
Farm products, and farm price*...
2,5
Farm wages
15
Fats and oils
_
5,25,26
Federal Government,
finance
16,17
Federal Reserve banks, condition of
15,16
Federal Reserve reporting member banks.... 15,16
Fertilizers.._
5,24
Fiber products
34
Fire losses
7
Pages marked S
Fish oils and
fish___
25, 29
Flaxseed
25
Flooring
31,32
Flour, wheat
28
Food products
2,
3,4, 5, 7, 8, 9, 11, 12, 14, 27, 28, 29, 30
Footwear
2, 5,8,9, 12,14, 15,31
Foreclosures, real estate
7
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes, and
commodity groups
21,22
Foundry equipment
34
Freight carloadings, cars, indexes
22, 23
Freight cars (equipment)
40
Freight-car surplus and shortage
23
Fruits and vegetables
2, 5, 21, 27
Fuel equipment and heating apparatus
33,34
Fuel oil
_
__ __ _
35
Fuels
...
2,5,35
Furs
22
Furnaces
34
Furniture
2,5,8,9,11,12,13,14
Gas, customers, sales, revenues
26
Gasoline
36
Glass and glassware (see also Stone, clay, etc.). 2,38
Generators and motors
34
Glycerin
___
24
Gold
18
Grains
_ 5,19, 21, 28
Gross national product
1
Gypsum
38
33,34
Heating and ventilating equipment
Hides and skins
5, 22,30
Highways
.. 6,7
Hogs
29
Home Loan banks, loans outstanding
7
Home mortgages
7
Hosiery
6,38
Hotels
11,13,14, 15,23
Hours of work per week
12,13
Housefurnishings
5,8,9
Housing
5, 6,7,8
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
.
10
Insulating materials
34
Insurance, life
17,18
Interest and money rates
16
International transactions of the U. S
20, 21, 22
Inventories, manufacturers' and trade
3,9,10
Iron and steel, crude and manufactures
2,
3,4, 6, 11, 12, 13, 14, 21, 32, 33
Jewelry, sales, inventories, sale credit
8, 9,16
Kcrosene___
35
Labor disputes, turn-over.
13
10
Labor force
Lamb and mutton
29
29
Lard
Lead_
Leather and products
2, 3, 4, 5, 12, 14; 30, 31
Linseed oil,
_
25
Livestock
2, 5, 29
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
7, 15,16,17,19
Locomotives
40
Looms, woolen, activity
39
Lubricants
35
Lumber
2, 5, 11, 12, 13, 14, 31, 32
Machine activity, cotton, wool
39
Machine tools
34
Machinery
2,3,4, 11, 12, 13, 14, 18, 21,34
Magazine advertising
8
Mail-order houses, sales
10
Manufacturers' sales, inventories, orders
3,4
Manufacturing production indexes
2,3
Meats and meatpacking
2, 5, 11, 12, 14, 29
Metals
2, 3, 4, 6, 11, 12, 13, 14, 15, 18, 32, 33
Methanol
24
Milk
27
Minerals
2,3, 13, 14, 15
Money supply
18
Mortgage loans
7, 15, 16
Motor fuel
36
:
Motor vehicles
3, 8, 9, 40
Motors, electrical
34
National income and product
1
Newspaper advertising
8
Newsprint
__ 22,37
New York Stock Exchange
19,20
Oats
28
Oil burners
34
Oils and fats.
__
5,25,26
Oleomargarine
26
Operating businesses and business turn-over..
4
Orders, new and unfilled, manufacturers'
4
Paint and paint materials
5,26
Paper and pulp
2, 3, 6,11,12,14,36,37
Paper products
2,3,4,36,37
Passports issued
23
Payrolls, indexes
_
12
Personal consumption expenditures
8
Personal income
1
Personal saving and disposable income
1
Petroleum and products
2,
3, 4,5,11,12,13,14, 15, 21, 22,35, 36
Pig iron
32
minium 33
Pages marked 8
Plant and equipment expenditures
1
Plastics and resin materials, synthetic
26
Plywood
31
Population
10
Pork
29
Postal business..
8
Postal savings
16
Poultry and eggs
2,5, 29
Prices (see also individual commodities):
Consumers' price index
5
Received and paid by farmers
5
Retail price indexes
_
5
Wholesale price indexes
5,6
Printing
2,3,4,11,12,15,37
Profits, corporation
18
Public utilities
1, 5, 11, 13, 14,15,17,18,19, 20
Pullman Company
23
Pulpwood
36
Pumps
34
Purchasing power of the dollar
6
Radio advertising
7
Railways, operations, equipment,financialstatistics, employment, wages
1,
11,12,13,14,15,17,18,19, 20, 22,23,40
Railways, street (see Street railways, etc.).
Rayon and rayon manufactures
2, 6, 39
Real estate
7
Receipts, United States Government
16
Reconstruction Finance Corporation, loans
17
Refrigerators
34
Rents (housing), index
5
Retail trade, all retail stores, chain stores, department stores, mail order, rural sales, general merchandise
3,4,8,9,10
Rice
__._._
28
Roofing and siding, asphalt
36
Rosin and turpentine
24
Rubber, natural, synthetic, and reclaimed,
tires and tubes
22,37
Rubber industry, production index, sales, inventories, employment, payrolls, hours,
earnings
2,3,4,12,14,15
Rye
28
Saving, personal
1
Savings deposits
...
16
Securities issued
18,19
Service industries
8, 11
Sewer pipe, clay
38
Sheep and lambs
29
Shipbuilding.
11, 12, 13, 14
Shoes
2, 5, 8, 9, 12,14,15, 31
Shortenings
26
Silk, imports, prices
6,22,39
Silver.
___
_
__
18
Skins
__ 5,22,30
Slaughtering and meat packing
2,
11,12,14,29
Soybeans and soybean oil
25
Spindle activity, cotton, wool
39
Steel ingots and steel manufactures (see also
Iron and steel)
32,33
Steel, scrap
32
Stocks, department stores (see also Manufacturers' inventories)
10
Stocks, dividends, issues, prices, sales, yields, _
20
Stokers, mechanical
34
Stone, clay, and glass products
2,
3,11,12,13,14,38
Stoves
34
Street railways and buses
13,14,15, 22
Sugar
22,30
Sulfur
25
Sulfuric acid__
24
Superphosphate
24
Tea
30
Telephone, telegraph, cable, and radio-telegraph carriers
11, 13, 14, 15, 19, 20, 23
Textiles
2, 3, 4, 6, 11, 12, 14, 15, 21, 38, 39, 40
Tile
38
Tin
22,33
Tires and inner tubes
6, 12, 14, 15,37
Tobacco
2,3,4,5, 7,8, 11, 12, 14, 15,30
Tools, machine
34
Trade, retail and wholesale. 3, 4, 8. 9,10,11, 13,14,15
Transit lines, local
15,22
Transportation, commodity and passenger
22,23
Transportation equipment
2,3,4,11,12,13,14,40
Travel
23
Truck trailers
40
Trucks
40
Turpentine and rosin
24
Unemployment and unemployment compensation
10,13
United States Government bonds
17,18,19
United States Government,
finance
16,17
Utilities
1, 5,11,13, 14,15,17,18,19, 20
Vacuum cleaners
34
Variety stores
9
Vegetable oils
25,26
Vegetables and fruits
_ 2,5,21,27
Vessels cleared in foreign trade
23
Veterans' unemployment allowances
13
Wages, factory and miscellaneous
Washers
Water heaters
Wax.
_
Wheat and wheat
flour
_
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
13,14,15
,
34
34
36
19,28
5, 6
10
36
2, 6, 22,39,40
_
33
or 1950
MAJOR BUSINESS INDICATORS, 1939 and 1946-50
Item
National Income and Product
Gross national product, total (bil. of dol.) _
Personal consumption expenditures >_..
Gross private domestic investment
Net foreign investment.Government purchases of goods and
services
.
National income (bil of dol )
1950 i
1946
1947
1948
1949
91.3
67.5
9.9
.9
211.1
146.9
28.7
4.6
233.3
165.6
30.2
8.9
259.1
177.4
43.1
1.9
255.6
178.8
33.0
.4
279.8
190.8
49.4
-2.5
13.1
72.5
30.9
180.3
28.6
198.7
36.6
223.5
43.3
216.8
42.1
235.6
209.5
132.2
134.3
60.2
38.8
16.6
18.7
206.1
132.0
134.2
57.0
39.4
17.4
20.4
223.2
142.1
145.0
63. 2
40.8
18.6
22.4
2.2
2.8
47.3
16.1
11.2
187.0
2.2
2.9
41.7
17.2
12.3
188.2
2.9
3.3
43.6
19.2
15.0
205.6
19, 230
8,340
800
2,020
2,680
5,390
18,120
7,250
740
1,870
3,140
5,120
18, 130
7,950
690
1,570
3,220
4,700
142
149
136
192
198
225
177
155
151
158
145
176
183
202
168
135
142
136
146
200
209
237
187
148
i99, 518 437, 868
2,020
1,840
506, 000
1,973
136, 809 345, 066
36, 828 232,158
387, 924
39, 378
1939
88, 640
77, 978
1946
1947
1948
1949
8,198
4,389
2,680
12,000
9,638
4,015
16, 627
13, 131
6,310
21, 572
16, 665
8,580
22, 594
16,204
8,290
27,7
20,6
12,5
786
683
3,809
65
970
125
1,381
3,341
1,374
2,362
374
354
188
895
3,142
2,338
3,496
200
599
204
1,514
3,621
3,002
4,907
156
1,301
158
1,856
3,228
3,316
6,390
359
2,056
137
2,129
3,7
3,1
7,0
3
2,3
103, 070 106, 018 107, 176 108, 157
57,520 60, 168 61, 442 62, 105
55, 250 58, 027 59, 378 58, 710
7,973 8,026
8,320 8,266
46, 930 49, 761 51, 405 50, 684
3,395
2,270
2,064
2,142
45,550 45, 850 45, 733 46, 051
109,2
63,0
59,9
7,5
52,4
3,1
46,1
1939
1950
Total 14 years of age and over, monthly
average (thous of persons)
Labor force
_ _
Employed total
Agricultural employment
Unemployed
Not in labor force
133, 400 330, 900 403, 000 t44, 000
61, 340 151, 402 191,010 !13, 732
22, 454 57, 108 77, 618 88,900
38, 886 94, 294 113, 391 24, 832
30, 057 79, 208 93, 054 lOO, 263
7,193 16, 629 22, 322 25, 532
22,864 62, 579 70, 732 74, 731
42, 042 100, 298 118, 908 130, 042
10, 379 22,611 32, 142 38, 008
31, 663 77, 687 86, 766 92, 034
418, 300
199, 993
83, 518
116,475
90, 104
21, 236
68, 868
128, 183
39, 874
88, 309
475, 800
234, 955
103, 945
131, 010
100, 559
26, 911
73, 648
140, 248
48, 671
91, 577
20,000 42,200 50, 500 56,400 51, 300
Manufacturing, total
11, 516 24, 620 29, 032 32, 373 29, 002
5,172 11, 548 13, 804 15, 462 13, 329
ijurauitt goous imiuau t?s__
6,344 13, 072 15, 228 16, 911 15, 674
3,200 6,798 8,768 9,585 9,105
Wholesale total
962
2,650 3,259 2,876
1,976
4,822 6,118 6,326
Nondurable-goods establishments. _. 2,238
6,229
5,285 10, 739 12, 666 14, 402 13, 147
Retail, total
1,804
Durable-goods stores
_
3,280 4,525 5,568 4,948
3,481
Nondurable-goods stores
7,459 8,141 8,834 8,199
Manufacturers' orders (mil. of dol.):
164,323 187, 464 210, 050 193, 229
New, net
-- ...
33,842 30, 296 26,614 19,850
Unfilled, end of year
61, 100
34, 127
15,533
18, 593
10, 848
3,540
7,308
16, 101
6,487
9,614
253, 573
38,434
Prices
95
99.4
234
139.3
275
159.2
285
171.2
249
169.1
256
171. 2
77.1
65.3
70.4
81.3
121.1
148.9
130.7
109.5
152.1
181.2
168.7
135.2
165.1
188.3
179.1
151.0
155.0
165.5
161.4
147.3
161.5
170.5
166.2
153.2
70.2
77.0
80.4
134.7
110.8
116.1
165.6
148.5
146.0
178.4
158.0
159.4
163.9
150.2
151.2
172.5
155.8
156.8
1
Data for most items are preliminary.
»U. S. Forest Service estimates for 1939; U. S. Department of Commerce, Bureau of
Census, for 1949.
65,230
45, 750
9,610
36, 140
9,480
Employment and Wages
Employees in nonagricultural establishments, mo. avg., total (thous.)
Manufacturing
Mining
Construction
Transportation and public utilities
Trade .
Finance
Service
Government
Production and related workers, all
manufacturing:
Employment index, monthly average
(1939=100).
_
Payroll index, monthly average
(1939—100)
Average weekly hours per worker:
All industries
Durable-goods industries
Nondurable-goods industries
Average hourly earnings (dollars) :
All industries. _ _
Durable-goods industries
Nondurable-goods industries
Finance
8,003
6,666
1,337
2,4
Employment Status of the Civilian Noninstitutional Population
Money supply, Dec. 31:
Currency in circulation (mil. of dol.)___
Deposits, adjusted, all banks (mil. of
dol.):
Demand, excluding U. S. deposits _ _ .
Time, including postal savings.
Federal finance (mil. of dol.) :
Debt gross Dec 31
Budget receipts and expenditures:
Receipts net
Income and profits taxes
Expenditures total
National defense and related activities
Bond prices (dollars) :
Average, all listed bonds (N. Y. S. E.)_
Domestic
Foreign
Stock prices (1935-39*100):
Combined index (416 stocks).
Industrials (365 stocks)
„
Public utilities (31 stocks)
Railroads (20 stocks)
6,254
5,119
1,134
New construction, total (mil. of dol.)
Private total
Residential (nonfarm)
Nonresidential, except farm and public utility
Public utilitv
Public, total
Residential
Nonresidential building
Military and naval
Highway
96, 713
5,285
3,909
1,376
Prices received by farmers (1910-14= 100) Consumers' price index (1935-39=100)
Wholesale prices (1926=100):
AH commodities, combined index
Farm products
_.
Foods
All other
_By economic classes:
Raw materials
Semimanufactures
..
Manufactured products
Item
Construction
Personal Income
191.0
177.7
Total (bil. of dol.)
72.6
119.9
109.2
Wage and salary receipts, total
45.1
Total employer disbursements _ _ _
122.0
45.7
111.3
54.3
Commodity producing industries..
17.4
46.1
35.1
30.9
Distributive industries
13.3
15.3
Service industries
._
6.9
13.7
17.2
8.2
20.6
'Government
Less employee contributions for so2.1
cial insurance
.6
2.0
2.4
Other labor income
.5
1.9
42.4
Proprietors' and rental income
42.0
14.7
14.5
9.2
13.2
Personal interest income and dividends.
Total transfer payments
11.8
11.4
3.0
170.8
Total nonagricultural income (bil. of dol.) _ 66.3
158.8
New Plants and Equipment Expenditures
All industries, total (mil. of dol.) 5,200 12,040 16, 180
7,460
Manufacturing
1,930
5,910
690
380
Mining
560
1,710
560
1,230
1,900
1,040
480
Commercial and miscellaneous _ __ _
1,850
3,300 4,430
Production
Farm marketings, physical volume, total
141
(1935-39 ~~ 100)
109
146
111
135
Crops
146
145
Livestock
145
108
Industrial production, total (1935-39= 100) _
109
170
187
109
194
Manufactures
177
Durable manufactures
192
109
220
Nondurable manufactures
165
172
109
149
Minerals
134
106
Selected commodities, production:
Coal, bituminous (thous. of short tons). 394,855 533, 922 630, 624
Crude petroleum (mil. of bbls.)
1,265
1,734
1,857
Electric power, industrial and utility
(mil of kw hrs )
161, 308 269, 609 307, 400
228,755 34, 112 35, 404
Lumber (mil of board feet)
Steel ingots and steel for castings
(thous. of short tons)
52, 798 66, 603 84, 894
Motor vehicles, factory sales, total
4,798
3,577
3,090
(thous.)
3,558
Passenger cars
2,867 2,149
941
Trucks and coaches _
_
1,240
710
Business Sales, Inventories, and Orders
Business sales, total (mil. of dol.)
Manufacturing, total
Durable-goods industries
Nondurable-goods industries.
Wholesale, total
_
Durable-goods establishments
Nondurable-goods establishments
Retail, total
Durable-goods stores
Nondurable-goods stores
Business inventories, book value, end of
i
i
30, 287
10, 078
845
1,150
2,912
6,612
1,382
3,321
3,987
41, 412
14, 461
852
1,661
4,023
8,602
1,586
4,621
5,607
43, 371
15,247
943
1,982
4,122
9,196
1,641
4,786
5,454
44,201
15, 286
981
2,165
4,151
9,491
1,716
4,799
5,613
43,006
14, 146
932
2,156
3,977
9,438
1,763
4,781
5,811
44,1
14, f
S
2,3
4,C
95
M
4,7
5,S
100.0
147.8
156.2
155.2
141.6
14S
100.0
271.7
326.9
351.4
325.3
»336
37.7
38.0
37.4
40.4
40.2
40.5
40.4
40.6
40.1
40.1
40.5
39.6
39.2
39.5
38.8
4C
41
3£
.633
.698
.582
1.084
1.156
1.012
1.237
1.292
1.171
1.350
1.410
1.278
1.401
1.469
1.325
1.4
l.fi
1.3
7,598
28, 952
28, 868
28, 224
27, 600
27,7
29,793
27, 059
83,314
53, 960
87, 121
56, 411
85, 520
57, 520
85, 750
58, 616
93,2
59, C
41,961 259, 148 256, 900 252, 800 257, 130
256,7
4,851
1,851
9,151
38, 810
29, 070
41, 322
41, 010
29, 286
38, 576
41, 450
31, 165
36, 209
38, 122
29, 656
41, 714
37,8
28,4
38,2
1,358
24, 087
14, 541
11,201
12, 848
13,5
91.49
94.92
55.49
103. 60
104. 01
80.34
102. 03
102. 48
73.98
100. 16
100. 70
67.21
101. 23
101. 70
71.83
101.
101.
73.
94.2
94.8
98.6
74.7
139.9
143.4
120.2
143.0
123.0
128.0
102.9
105.3
124.4
130.6
96.3
114.8
121.4
127.6
97.5
96.6
146
156
107
116
Foreign Trade
Exports and imports (mil. of dol.):
Exports, including reexports.
General imports
.
Indexes (1936-38=100):
Exports of U. S. merchandise:
Quantity
Value
Unit value
Imports for consumption:
Quantity
Value
_
__ .
Unit value
3,177
2,318
9,738 * 15, 340 * 12, 651 < 12, 051 <10,2
4,942 5,756
7,124
6,622 <8,8
481
113
107
95
206
325
158
<275
<518
*188
<214
<428
<200
<221
<408
*185
*n
94
92
98
113
196
173
108
230
213
123
288
235
120
268
224
481
483
482
««3
Transportation
Railroads (class 1) :
Freight carloadings (thous. of cars)
33, 911 41, 341 44, 502 42, 719 35,911 38,9
Freight carried 1 mile (mil. of ton-miles). 364, 723 632, 538 696, 833 679, 266 560, 946 652,6
Passengers carried 1 mile (millions)
22, 657 64, 698 45,929 41, 185 35,100 31,6
8
Data are based on 11 months.
< Includes shipments under the Army Civilian Supply Program.
* Includes estimates for December.
@FedFRASER