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JANUARY 1944
SURVEY OF
CURRENT
BUSINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
Survey of
CURRENT
BUSINESS
JANUARY 1944
VOLUME 24, No. 1
Statutory Functions "The Bureau of
Foreign and Domestic Commerce . • . to
foster9 promote, and develop the foreign
and domestic commerce of the United
States" [Late creating the Bureau, Aug.
23, 1912 {37 Stat. 408\.\
Contents
Page
Department of Commerce
Field Service
Atlanta 3, Ga., 603 Rhodes Bldg.
Boston 9, Mass., 1800 Customhouse.
Buffalo 3, N. Y., 242 Federal Bldg.
Charleston 3, S. C , Chamber of Commerce
Bldg.
Chicago 4, 111., 357 U. S. Courthouse.
Cincinnati 2, Ohio, Chamber of Commerce.
Cleveland 14, Ohio, 750 Union Commerce
Bldg.
Dallas 2, Tex., Chamber of Commerce Bldg.
Denver 2, Colo., 566 Customhouse.
Detroit 26, Mich., 371 New Federal Bldg.
Houston 14, Tex., 603 Federal Office Bldg.
Jacksonville 1, Fla., 425 Federal Bldg.
Kansas City 6, Mo., 724 Dwight Bldg.
Los Angeles 12, Calif., 1540 U. S. Post Office
and Courthouse.
Memphis 3, Tenn., 229 Federal Bldg.
Minneapolis 1, Minn., 201 Federal Bldg.
New Orleans 12, La., 408 Maritime Bldg.
New York 18, N. Y., Room 1950, 500 Fifth
Ave.
Philadelphia 2, Pa., 1510 Chestnut St.
Pittsburgh 19, Pa.. 1013 New Federal Bldg.
Portland 4, Oreg., Room 313, 520 S. W. Morrison St.
Richmond 19, Va., 601 Atlantic Life Bldg.
St. Louis 1, Mo., 107 New Federal Bldg.
San Francisco 11, Calif., 307 Customhouse.
Savannah, Ga., 403 U. S. Post Office and
Courthouse Bldg.
Seattle 4, Wash., 809 Federal Office Bldg.
THE AMERICAN ECONOMY IN 1943
Manpower
Raw Materials
Plant and Equipment
Industrial Production
Manufacturers' Shipments
Trade
Business Inventories
Electric Power
New Construction
Transportation
Foreign Trade
Commodity Prices and Price Controls
Income Payments and Savings
Corporate Earnings
Finance
1
2
3
4
4
5
6
8
10
10
12
13
14
16
17
17
STATISTICAL DATA:
Monthly Business Statistics
General Index
S-l
Inside back cover
Published by the Department of Commerce, JESSE H. JONES, Secretary* and issued through the Bureau of Foreign
and Domestic Commerce, Amos E. Taylor, Director. Subscription price of the monthly SURVEY OF CURRENT
BUSINESS, $1.75; Foreign, $2.50 a year. Single copy, 15 cents. Price of the 1942 Supplement is 50 cents. Make
remittances only to Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C.
SURVEY OF CUREENT BUSINESS
January 1944
The American Economy in 1943 1
T HE most notable feature
lion dollars in 1942 and only 97 billion
in 1940. The gain in output over the
1942 total was, therefore, not less than
the expansion which occurred in the
previous war years, despite the fact that
it proceeded from a position of relatively
full utilization of resources by peacetime
standards.
Of course the rise in the value of the
gross national product from 1940 to 1943
is partly accounted for by the rising
trend of prices during this period. Nonetheless, the expansion of real output was
quite impressive; it is estimated that
more than half the gross product gain
over this period represented an expansion in the real flow of goods and services. Although the restrictions that are
implicit in a wartime economy affected
adversely certain types of economic
activity, the vast bulk of our industries
operated at record-breaking levels in
1943.
Though economic activity as a whole
showed as sizable a gain for 1943 as for
1942, there was a fundamental difference between the economic situations in
the 2 years. This difference was the
fact that whereas in 1942 there was a
sharply rising trend in production within
the year, there was in 1943 a decided
leveling off in the basic indicators in
productive activity as the economy as
a whole rapidly approached the limits
of its productive capacity.
For example, gross national product in
1942 increased at an annual rate of
10 billion dollars per quarter; in 1943
the increase was about 6 billion per
quarter and the rise in each succeeding
quarter was less than the preceding one.
among the
economic developments of 1943 was
the attainment of full industrial mobilization for total war.
After but two preparatory years—1941
devoted largely to plans and blueprints,
and 1942, to the expansion and conversion of plant and equipment as well as
to the corraling and training of an
adequate labor force—the economy
moved into high gear on the war production front in 1943. Nineteen million tons
of new ships, eighty-six thousand aircraft, and equally impressive production
feats in combat vehicles, ordnance, small
arms, ammunition, and bombs provided
evidence of this achievement.
The success of the war production effort was highlighted by the shifting of
the initiative to the United Nations
forces on all war fronts during the course
of the year and by the confident announcement at the end of 1943 that the
invasion of Europe from the west was in
immediate prospect.
This success was made possible by an
unparalleled level of total productive
activity for the year as a whole, a substantial expansion of output being piled
on top of the sharply rising trend of production during the three previous years.
As a measure of the degree to which the
productive resources of the Nation were
being pressed into service, the gross national product in 1943 reached the record
total of 186.8 billion dollars.
This compared with less than 152 bil1
All estimates for 1943 given in this review
are preliminary and in most cases based upon
data for the first 10 or 11 months of the
year.
Chart 1.—Gross National Expenditures by Use of Product, Adjusted for
Seasonal Variation, at Annual Rate 1
BILLIONS OF DOLLARS
+ 250
+ 200
H50
+ IOO
-
+ 50
Z PRIVATE GROSS CAPITAL F O R M A T I O N ^
-50
1st
1
2nd
3rd
1939
4th
1st
2nd
1940
3rd
4th
1st
2nd
1941
3rd
4th
1st
2nd
1942
3rd
4th
1st
2nd
1943
3rd
4th
When negative values are shown for "Private gross capital formation," "Gross national expenditures" consists of the positive values shown on the chart minus the negative values. Data for fourth
quarter 1943
are estimated.
Source : U. S. Department of Commerce.
As the level of operations began to
press upon the capacity limits of the
economy it was to be expected that shortages of the two basic economic resources,
materials and manpower, would become
aggravated. This proved to be the case
throughout most of 1943, particularly
with respect to manpower. The reason
was that war production and essential
civilian requirements had to be met in
the face of a large increase of the Nation's armed forces.
Although there was some expansion
in both the flow of materials and the
civilian labor force in 1943, the basic
difficulties of the year with respect to
these resources were met primarily by
improvement of administrative procedures, tightening of controls over the
productive mechanism, better use of labor, and more efficient operation in fields
and factories. In conjunction with
these factors was more precise tailoring
of plans for both production schedules
and facilities expansion to the supply of
our basic resources.
As the war production program approached its peak in the course of 1943,
the pattern of the economy that lay
behind the plans for an all-out war
effort became abundantly clear. The
main outlines of this pattern are contained in table 1 which shows the details
of the gross national product.
Fullest possible utilization of economic
resources coupled with absolute priority
for the requirements of war were the
cardinal elements which shaped our wartime economic structure. The first produced the tremendous expansion in total
economic activity already mentioned, the
second produced the enormous flow of
war material which did so much to turn
the tide of battle. In 1943 this flow
accounted for 45 percent of the value of
gross national product.
The other changes in the economy
were a direct consequence of these two
dominant policies. In essence they
amounted to allowing the civilian economy only what was most essential for its
maintenance or what could not be practicably utilized in the war production
program. As may be seen by table 1, this
meant in practice that the civilian economy received its current requirements of
nondurable goods and services to an extent which hardly seemed possible when
the war production goals were announced 2 years earlier.
On the other hand, durable goods production for the civilian economy was
very largely eliminated. This was the
case with consumers' durable goods and
to an even greater extent with plant and
equipment for nonwar business enterprises. The pattern of these changes
reflects the basic objectives of the extensive wartime controls over the productive process.
Also implicit in this pattern were the
effects of the other large body of wartime controls, those relating to the pricing process. Although stress was placed
upon avoiding the inequities, both dur-
SURVEY OF CURRENT BUSINESS
ing and after the war, that always accompany an inflationary spiral, a basic
objective of these controls was to prevent
the disruptive influence of inflation on
the flow of production during the war itself.
Despite the fact that 1943 witnessed
some intensification of the inflationary
pressure caused by abundant income and
shortages of supplies, the anti-inflation
program proved very effective during the
year in holding the line of prices and
wages. While administrative controls
were the primary implement in the antiinflation program, it was materially aided
by a substantial increase in the amount
of income siphoned off by taxes.
Table 1.—Gross National Product or
Expenditure
January 1944
Chart 2.—Total Labor Force
MILLIONS OF PERSONS
70
60
50
UNEMPLOYMENT
AGRICULTURAL EMPLOYMENT
40
FEDERAL WAR AGENCIES
MUNITIONS AND MUNITIONS
30
FOOD,TEXTILES, CLOTHING,
AND LEATHER
TRANSPORTATION, FUEL,
AND UTILITIES
CONSTRUCTION AND
BUILDING MATERIALS
20
[Billions of dollars]
Item
Gross national product or
expenditure
Government expenditures for goods and
services
Federal Government...
War
Percent war to total
national product _
Other
State and local government
Output available for private use
Private gross capital
formation
Construction
Producers' durable
e q u i p m e n t and
other
Consumers' goods and
services
Durable goods
Nondurable goods
and services
1939 1940 1941 1942
19431
88.6 97.0 119.2 151.7 186.8
16.0 10.7 25.7 61.7 95.3
7.9 8.8 17.8 54.3 88.5
1.4 2.7 12.5 49.3 83.7
10 32 45
3
2
6.5 6.1 5.3 5.0 4.8
.
.
8 1 7 9 7 8 7.4
.
6.9
72.6 80.4 93.5 89.9
91.4
10.9 14.7 19.0 8.0 1.0
3.6 4.3 5.4 2.9 1.6
7 4 10.4 13.5
.
50
.
1
JAN.
1941
61.7 65.7 74.6 82.0 90.5
6.4 7.4 9.1 6.4 6.6
55.3 58.3 65.5 75.6 83.9
Regarding the economic outlook for
1944, there was little prospect for drastic
changes until the end of the European
war. Consequently, the economic situation as of the end of 1943 was bound
to give an approximate picture of the
short-term outlook. This situation may
be summarized as follows:
1. War production had about reached
its peak. Many adjustments were still
in prospect within the war production
program but it seemed unlikely that any
sizable expansion was still in prospect.
2. Both the gross national product and
industrial production were rapidly leveling off and it was evident that the economy was close to capacity operations.
3. Production of civilian goods probably had reached its wartime low. Although a slight expansion of civilian
goods output seemed likely for the
months immediately ahead, there was
little prospect of substantial expansion
until the European war ended.
4. The raw materials situation was
easing rapidly and allocations for the
production of civilian goods were expected to increase moderately.
5. There were definite indications that
the manpower problem as a whole would
not get more serious, easing up in some
areas but still extremely tight in others.
Thus most of the wartime economic
problems had passed their critical stage
by the end of 1943. The one big continu problem was the threat of inflation.
ing
JAN.
!942
JAN.
1944
See footnotes, table 2.
Sources: War Manpower Commission, U. S. Department of Labor, and LT. S. Department of
Commerce.
However, it seemed possible that if the
"hold the line" policy on prices and wage
rates could be substantially maintained
for 6 months or so, that even this problem would have successfully withstood
its most critical period.
unemployment of only 800,000 persons at
the end of the year.
Furthermore, the number of new recruits during 1943 amounted to 1.5 mil-
Manpower
[Millions of persons]
-.6
i Estimates for the year are preliminary.
Source: U. S. Department of Commerce.
TRADE, SERVICE,
AND ALL OTHER
10
The tremendous output of goods a n d
services produced during t h e war period
was in t h e last analysis due to t h e effective mobilization a n d employment of
t h e Nation's labor force.
At t h e time t h e defense program was
initiated i n t h e middle of 1940, there
was a vast reservoir of unutilized m a n power upon which t h e Nation could
draw, both from t h e ranks of t h e unemployed a n d from t h a t p a r t Of t h e popUlation not usually in the labor force. As
the defense program gained momentum
the unemployed were rapidly absorbed
into productive activity while a t t h e
same time t h e total labor force expanded
not only by t h e normal increases but
also by m a n y women, youngsters, a n d
Table 2.—Utilization of the Labor Force1
item
u
Total estimated labor
force
Armed forces 3
Civilian labor force
Emp?oyed?.:;."I."""
Agricultural empioyNon?|ricuTturaY~Tm-"
* payment
M
^tionT s materials*
industries*
Food processing. _
1.0 2.1 7.0 10.41+3.4
50.5 - 1 . 9
53.0 53.2
.8 —. 6
7.7
45.3 48.9 51.0 49.7 —1.3
8.4
8.2
36.9
8.7
8. 7
0
42.31 41.0 - 1 . 3
5.0
1.2
6.5
1.3
9.1
1.3
1.5
2.7
2.9
2.8
2.7
1.5
1.5
4.2
4.5
+.&
+.2
older persons who normally would not
T
be looking for jobs.
T h u s during t h e 3 years from J a n u a r y
1941 to J a n u a r y 1944 t h e total labor
force, including those unemployed.but
seeking work, increased by almost 7 million persons whereas normally t h e additions would have been less t h a n 2 m i l lions Simultaneously, t h e number Of
unemployed was reduced from about 8
million to less t h a n 1 million persons.
I n Other WOrdS, total employment, i n eluding t h e armed forces, increased by
almost 14 million persons in this period.
A • „ J , , ^ , , «^^J r"nTr O mmnnt cf armor!
Federal War agen.5
.2
Transportation;Yuei7
4.1
3.
and utilities
°bu?idintiOmateriais 2.6 2.6
Trade and service**!" 10.5 10.9
10.81 11.9
AH other'
1 All data apply to approximately the tenth day of
{£|Ss?of themonth. t h ° A r m e d f ° r c e S w W c b r e l a t e t 0
2 Estimated by the Bureau of Foreign and Domestic
C m er C e
? ^t s t rength- excludes net attrition due to battle
casualties'or other causes.
4
Includes all metal-using industries, metal mining
coke-oven products, abrasives, selected chemicals, and
As industry and Government stepped
up their manpower requirements, it was
inpvitnhlp t h a t a slowine down in the admevitaDie tnat a Slowing aown 1 1 me du
1
rubber industries.
« Excludes navy yards and manufacturing arsenals
included in the munitions group, as well as off-continent
construction employment of war
a n d force.account
ditions to the employed labor force would
rpsnlr
result
This
mis
situation
Situation
rapidly in 1943.
develODed Very
aeveiupeu veiy
LeSS COUld be drawn
S £
ng
54.0 55.3 59. 41 60.9|+1.5-
2.3 1.4
10.6 19.5
10.5
0
+.3
-.9
-1.6
agencies.
6
g
6r O
7
Includes trade and finance, service and miscellaneous
ups as reported by the Bureau of Labor Statistics.
includes all other manufacturing, all other Govern-
from the dwindling number O Unemf
1 „„* rtTY>i»\y TTTOO voHnrWI Vw cilrnnsr ^
ment, and self-employed and domestic servants after
adjustment for statistical differences in Bureau of the
ployed Which was reduced Dy almost 6
millions during 1942 a n d a further 600,000 during 1943. The result Was a total
census and Bureau of Labor Statistics series.
g o u r c e s . W a r M a n p o w e r commission, u. s. Department of Labor, and U. S. Department of Commerce.
SURVEY OF CURRENT BUSINESS
January 1944
lions whereas the additions in 1942 exceeded 4 millions. Thus while the net
additions to the employed labor force
during 1942 amounted to 7 million persons the increase was only slightly
greater than 2 millions during 1943.
The slowing down in the rate of increase in the employed labor force during 1943 had its repercussions on the
civilian labor front. Since the armed
services took an additional 3.4 million
persons during the year and the net additions to the employed labor force
amounted to only 2.1 million persons,
civilian employment suffered a net decline of 1.3 million persons. Thus, at
the end of 1943, the civilian labor force
reached a wartime low of 50.5 million
persons. It was this situation that led
to the apprehension during most of the
year that civilian labor shortages might
become a serious threat to the war
program.
However, toward the close of the year
there were indications that the general
manpower shortage wa,s not getting
worse primarily because of the leveling
off in industrial activity. Furthermore,
estimates of the War Manpower Commission indicate that if additional manpower were needed a fair sized reserve
still existed in the half million youngsters coming of age each year, and in
the 3.5 million urban housewives without children under 45 years of age. Additional possible sources of supply were
the growing number of persons being released from the armed forces due to injury or illness and the further recruitment of workers from Mexico and
nearby Caribbean areas.
Table 2 shows the pattern of manpower utilization in January of each
year since 1941 and estimates for January 1944. These data clearly reflect
the large transfer of workers from constructure and nonindustrial employment
into the munitions, fuel and transportation industries. Despite the increases
in these latter industries total nonagricultural employment in January 1944
was 1.3 million persons below that of
January 1943.
This situation affected some areas of
the country much more than others. In
fact, critical labor shortages in individual
areas increased rapidly throughout the
year until December when production
cut-backs eased the immediate shortage
Table 3.—Labor Market Areas Classified
According to Labor Supply
Areas of current
Number of acute labor shortage
labor market areas
classified Number Percent
of total
Year and month
1943:
Jan. 1
Feb. 1 . . . .
MarchApr. 15...
May 15...
June 15
Aug. 1.
Sept. 1
Oct. 1
Nov. 1
Dec. 1 . . .
1944:
Jan. 1
-
272
269
271
275
278
291
335
340
349
351
358
31
32
36
35
42
46
55
59
71
77
69
11.4
11.9
13.3
12.7
15.1
15.8
16.4
17.4
20.3
21.9
19.3
358
67
18.7
Source: War Manpower Commission.
in several areas. The number of labor
shortage areas is shown in table 3.
Throughout the year the problem of getting new workers into the labor-deficient
areas was complicated by the fact that
the supply of housing and consumer
services were frequently inadequate although some improvement had been
made by the end of the year.
As might be expected from the increasing scarcity of labor in many producing
areas, there was a substantial rise in the
average number of hours worked per
week. On the basis of available data,
which are summarized in table 4, it appears that manufacturing workers averaged about 2 hours more work per week
in 1943 than in 1942. As these data are
obtained by dividing actual man-hours
for which pay is received by the number
of workers paid, they approximate actual average working time after losses
from such causes as absences, separations, and strikes. Since losses of this
kind were higher than in 1942, it is apparent that average operating time for
plants was higher than the averages
shown for workers.
Table 4.—Average Hours Worked Per
Week in Manufacturing Industries
i
l
l
!
Industry and industry group: 1940
1911 j 1942 | 1943 i
All manufacturing- _ __
Durable goods. __
Nondurable goods
Selected industry groups or
industries: l
Machinery, except electrical
Machine tools _.
Transportation equipment,
except automobiles
Aircraft and parts (excluding engines)
Shipbuilding and boatbuilding
Electrical machinery
Nonferrous metals and products
Automobiles
. _ ..
Iron and steel and their
products
Chemicals and allied products
. _ _ .
Paper and allied products..
Rubber products
Products of petroleum and
coal .
Food and kindred products
Lumber and timber basic
products _
.
Stone, clay, and glass products
Textile-mill products and
other fiber manufacturesLeather and leather products
- .
Apparel and other finished
textile products
38.1
39.3
37.0
40.6
42.1
38.9
42.9
45.1
40.3
45. 0
46.8
42. 7
41.9
48.2
45.9
51.7
49.2
53.4
49.3
50.9
41.0
44.4
47.6
47.1
43.2
45.3
47.0
46.3
39.8
40.4
44 4
43.7
48.0
46.2
47.4
47.0
39.9
37.7
42.4
39.6
44.6
44.4
46.8
46.4
38.6
41.6
43.6
46.4
39.7
39.9
36.9
40.8
42.0
39.5
42.8
42.1
41.6
45.6
45.6
45.3
37.0
37.8
39.6
44.5
39.9
40.4
41.5
44.2
Raw Materials
Perhaps the most difficult problem in
the early months of 1943 was that of assuring an adequate volume of raw materials to meet the requirements of the
war program and at the same time satisfy the essential needs of the civilian
economy. Raw materials allocations and
priority controls were strengthened, and
as industry began to operate under the
controlled materials plan of the War
Production Board after the middle of
the year, these controls in many respects
took final shape. Further decentralization in operating the controls and a host
of refinements in scheduling raw materials and finished product requirements,
were the outstanding development in the
latter half of the year.
The most important changes in materials allocations in 1943 reduced the
flow of raw materials into construction
and combat vehicles and channeled the
materials thus saved into other munitions. Only a few civilian items like
farm machinery, laundry equipment, refrigerators, and various repair parts, received larger allocations.
The year-end pattern of raw material production and use reflected substantial success in achieving a satisfactory balance between supplies of raw
materials, manpower and manufacturing
facilities. In fact in the closing months
of the year indications pointed to the
easing of the position in many industrial
materials.
38.6
39.4
40.8
43.2
37.4
39.0
40.2
42.8
35.7
38.6
40.2
41.6
34.7
38.3
38.8
40.0
33.8
35.8
36.3
38.1
1
The industrial groups are arranged in descending
order of magnitude of hours worked per week in 1943.
Sources: U . S . Department of Labor, except 1943 data
which were estimated by the U. S. Department of
Commerce.
The number of strikes during 1943
was one-fourth greater than in 1942,
while the number of workers involved,
counting the coal miners only once, was
over twice as large and man-days lost
were more than three times as large.
Coal miners accounted for about twothirds of the strike idleness in 1943.
However, the loss in working time was
only a fraction of 1 percent of the Nation's total working time and was not
large in relation to the loss in pre-war
years. Apart from coal the loss of time
through strikes had only a negligible
effect upon production.
Table 5.—Raw Material Supplies
[Indexes, 1935-39=100]
1939 1940 1941 1942
Industrial production:
Lumber
....
Pulp
_......Cement
Industrial chemicals
Minerals, total
Fuels
Coal
Petroleum
Metals, excluding gold
and silver 2
Agricultural production:
For sale and farm consumption, total
Crops
Livestock and livestock
products
106
116
114
120
106
105
100
108
115
147
122
153
117
114
113
116
129
169
154
210
125
122
125
120
130
174
171
286
129
125
139
118
117
148
129
366
132
133
140
129
112
145
168
190
187
106
107
110
107
113
109
125
123
128
112
106
112
115
126
138
» Preliminary.
2
Includes mine production of copper, lead and zinc
plus iron ore shipments for 1939 through 1942 and iron
ore production for 1943.
Sources: Industrial production, Board of Governors of
the Federal Reserve System; agricultural production,
TJ. S. Department of Agriculture.
Although no single over-all indicator
is at hand, available evidence suggests
that total production of raw materials
in 1943 was but little larger than in 1942.
As shown in table 5, sharp declines occurred in the production of lumber,
woodpulp and cement. There was a
slight decline in the ore mining phases
of metal production, but steel output
was up nearly 4 percent and smelting
and refining of nonferrous metals as a
whole were well above 1942 levels. Production of industrial chemicals and
crude petroleum made large gains, while
coal output increased slightly. Supplies
of nearly all imported materials were
larger than in 1942, as might be expected
from the great improvement in shipping
conditions.
SURVEY OF CURRENT BUSINESS
Production of agricultural commodities as a whole was up about 2.4 percent
above 1942, reflecting a 9.5 percent rise
for livestock and products, and a decline
of 8.9 percent for crops. Total farm
food production was 5 percent more than
in 1942, as the result of a 10 percent rise
in food produced from livestock and a
9 percent decline in total food crops.
The rising volume of livestock marketings during the year reflected the
tightening feed situation. Because of
the record livestock numbers, the concentrate feed supply per animal unit in
the 1943-44 season will be 12 percent
lower than last season. Depletion of
the feed grain reserves accumulated during 1937 to 1939 was rapid throughout
the year, as indicated by the 125 million
bushels of corn and 400 million bushels
of wheat which have been sold for livestock feed from Government holdings
since the beginning of 1942.
Over-all developments in livestock
and feed supplies during the year
promised to reduce the supply of red
meat and dairy products that will be
available for civilians in 1944, but supplies of other major farm foods are expected to be about the same as in 1943
or slightly larger. This is assuming no
repetition of the unfavorable crop
weather which prevailed in 1943, and no
greater increases in lend-lease and
European rehabilitation requirements
than are implicit in the 16 million additional acres of crops called for by the
War Food Administration goal of 380
million acres in 1944.
It is interesting to note that 1943 was
a period of rapid development in allocation and priority controls for agricultural products and for farm supplies like
fertilizer, feed, and farm machinery,
while development of these controls for
other raw materials and industrial production equipment entered into more
mature stages.
This observation serves as a reminder
that the bulk of wartime control to be
exercised over the production and
marketing of agricultural raw materials
must be exercised through price control
devices of one sort or another. This is
because the diverse character of agriculture and the large number of small producers, processors, and distributors involved make it impossible to administer
a system of direct controls as employed
for other raw materials. The assurance
of adequate supplies of agricultural raw
materials for the wartime economy,
therefore, hinges partly on the further
development of control devices suitable
for the full mobilization of agricultural
resources.
This prodigious effort went far toward
fulfilling war needs and as a result there
occurred a steady slackening of activity
in the industrial construction field during 1943. Total outlays in the past 12
months were 40 percent below 1942, and
in the last 3 months of 1943, Government
outlays for industrial plant expansion
were 75 percent below the expenditures
in the last quarter of 1942. Indeed, by
the end of 1943, as the necessary capital
facilities for the war effort had been acquired, industrial directives stressed
more efficient utilization of present plant
capacity in contrast to continued expansion of plant facilities.
Additions to privately owned plant facilities were small and declining during
the past 2 years. Private plant construction, which was only 8 percent of
total plant construction in 1942, fell to
slightly less than 5 percent in 1943, reflecting not only the inability of private
capital to incur the risks involved in the
war facilities program but also the severe
curtailment of materials allocations to
nonwar construction.
A complete picture of the extent to
which new facilities supplemented the
capacity obtained by converting existing plants requires discussion of the new
industrial equipment added during this
period. While available information is
not as complete on this point as one
would wish, the indications are that new
machinery installations kept pace with
plant expansion.
The value of Government financed industrial equipment delivered is estimated
at about 3 billion dollars in 1942 and
slightly less in 1943. The small decline
in 1943 reflects a sharply falling trend in
the past 12 months as is evident from the
fact that the fourth quarter total for
1943 was more than 50 percent below the
value of new machinery acquisitions in
the similar 3-month period in 1942.
January 1944
Available data on the new capital
equipment situation as a whole (including both public and private outlays) reveal the same pattern of declining trends.
In this connection it is noted that while
the value of machine tool shipments
declined on an annual basis from 1,320
million dollars in 1942 to 1,200 million
last year, the shipments of 230 million
dollars for the fourth quarter represented
only 60 percent of the value of shipments
in the corresponding quarter of 1942.
While the decline in industrial construction over the past year was perhaps the outstanding development in this
field of activity, it must not be forgotten
that the additions to the industrial facilities in 1943 were still of considerable
magnitude. For example, public and
private plant construction in 1943 was
but 200 million dollars short of the total
spent for that purpose in the 18 months
preceding Pearl Harbor. Even if allowance is made for the higher construction
costs in 1943, it is evident that the physical facilities of industry were substantially enlarged during the year.
Industrial Production
The record-breaking rise in industrial
production which began with the inauguration of the defense program in
June 1940 continued in 1943. Since June
1940, output, as measured by the Federal Reserve index, 1935-39=100, rose
from 123 to about 248 in December
1943. The average of 239 for the year
1943 represented a gain of 20 percent
over the previous year and 48 percent
over 1941.
The bulk of the gain in total production in 1943 occurred in the durable
goods industries, which include the major war industries. This group registered an increase of 29 percent from
1942 in contrast to a rise of only 11 per-
Chart 3.—Industrial Production, Adjusted for Seasonal Variation
I N DEX, 1935-39 = 100
400
300
TOTAL
INDUSTRIAL
DURABLE MANUFACTURES
PRODUCTION
200
Plant and Equipment
Since Pearl Harbor this Nation has witnessed an unparalleled expansion of industrial facilities. Impelled by Government demand for war production facilities, the industrial building program
attained its maximum momentum in
1942. In that year the Federal Government spent about 31/2 billion dollars for
new industrial plant construction—an
outlay which was as great as the expenditures from Government and private
sources for this item during the 5 years
preceding Pearl Harbor.
I 00
0
I IIIIII M IIIIIIIIIIIIIIIIIIIIIIII1 III IIIIIIIIII II IIIIIIIIII I
1939
1940
1941
Source : Board of Governors of the Federal Reserve System.
1942
1943
January 1944
cent in the nondurable goods group. It
is significant, too, that the increase in
the production of nondurable goods resulted largely from gains in the chemicals and rubber products industries,
generally classified as war industries.
The sharp advance in manufacturing
output for the year was accompanied
by only a 2 percent rise in minerals
output. With coal production showing
only a slight rise, the gain of more
than 9 percent in crude petroleum output was largely offset by the decline in
the production of metallic minerals.
It should be noted that the gain in
total industrial output was at a much
slower rate than in the preceding 2
years, indicating that production was
approaching a wartime peak. Since the
fourth quarter of 1942, which registered
an improvement of 16 points from the
previous quarter, there has been a consistent decline in the rate of gain—12
points from the fourth quarter of 1942
to the first quarter of last year; 6 points
from the first to the second quarter of
1943; 5 points from the second to the
third quarter; and 4 points from the
third to the fourth quarter.
As in 1942, the industries in the durable
goods group showing the greatest gains
were those which were heavily favored
with war contracts. As chart 4 indicates
the transportation equipment group,
which largely reflects activity in aircraft,
shipbuilding, and automobile plants,
again headed the list with an overall increase of 58 percent, superimposed on a
gain of 89 percent in 1942.
With greatly enlarged facilities, aircraft production reached the unprecedented level of approximately 86,000
SURVEY OF CURRENT BUSINESS
planes of all types, compared with about
48,000 planes of much lighter weight produced in 1942. Volume of ship construction likewise showed a phenomenal gain,
from 8,000,000 deadweight tons in 1942
to approximately 19,000,000 deadweight
tons in 1943. The converted automobile
industry, producing war materials almost
exclusively, hit full stride during the year
and accounted for a large proportion of
the advance in the total transportation
equipment index.
Substantial increases were also shown
by the machinery and nonf errous metals
groups but only modest advances were
recorded in iron and steel and stone, clay
and glass products. Production of steel
ingots, which amounted to about 89,300,000 tons or 10 percent more than in
1942, was, nevertheless, somewhat less
than earlier expectations due to delays in
the scheduled completion of new plant
facilities. Lumber production, acutely
affected by manpower difficulties, declined 10 percent.
In the nondurable goods group sizable
gains were shown by chemicals and rubber products which were heavily engaged
in the production of war goods. Smaller
increases were attained by the petroleum
refining and food products industries.
Moderate losses as compared with 1942
output occurred in textiles, paper products, and printing and publishing. In
the textile group, cotton consumption
and woolen and worsted cloth production declined while rayon consumption
increased. The manpower problem appeared to be the principal bottleneck in
cotton-mill activity.
As may be seen in table 7, it is estimated that about two-thirds of total
Chart 4.—Production of Selected Durable Manufactures, Adjusted for
Seasonal Variation
RATIO SCALE
INDEX, 1 T QUARTER 1939 = 100
S
1OOO
900
Table 6.—Indexes of Industrial
Production
[1935-39=100]
Item
Total index
Manufactures
Durable goods,...
Nondurable goods
Minerals
Durable manufactures:
Pig iron
Open hearth and Bessemer steel
Electric steel
Machinery
Transportation equipment
Automobiles
Nonferrous metals and
products
Lumber and products
Lumber
Furniture
Stone, clay, and glass
products
Cement
Nondurable manufactures:
Textiles and products
Cotton consumption,..
Rayon deliveries
Woolen and worsted
cloth
Leather and products
Shoes
Manufactured food products
Manufactured dairy
products
Meat packing
Other manufactured
foods i
Alcoholic beverages
Tobacco products
Paper and paper products
Paper
Printing and publishing..
Newsprint consumption
__
_
Printing paper
Petroleum and coal products
Gasoline
Coke
Chemicals
Rubber products
Minerals:
Bituminous coal
Anthracite
Crude petroleum
Metals, excluding gold
and silver
1939 1940 1941 1942 1943
109
109
109
109
106
125 162
126 168
139 201
115 142
117 125
199
212
279
158
129
239
258
360
176
132
114 151 180 193
113 143 175 179
128 212 357 495
104 136 221 340
185
583
442
103
94
145 245 464
118 152 155
735
220
113
106
106
107
139 191 214
116 134 134
115 129 130
118 145 142
270
128
117
148
114
114
124
122
162
154
168
171
173
129
112 114
110 120
128 138
152
158
166
157
171
173
155
161
182
112
105
105
162
123
123
178
122
119
174
114
114
108 113 127 134
143
105
98
100
108
112
114
125
131
129
108
98
106
112
101
109
114
113
106
128
117
120
145
148
134
118
131
140
168
143
118
133
123
120
112
150
145
127
142
138
115
139
136
112
99
112
103
121
107
147
103
127
100
124
110
112
105
112
113
120
112
135
130
123
135 147
126 110
152 164
176 278
163 172
183
111
167
387
227
99
101
108
116
101
116
129
110
120
145
117
118
146
119
129
112 145 168 190
187
i Other than wheat flour and cane sugar meltings in
addition to the two food industries shown separately
above.
Source: Board of Governors of the Federal Reserve
System, except data for 1943 which were estimated by
the U. S. Department of Commerce.
industrial production in 1943 represented
war production. This constituted a substantial gain from the war portion of
55 percent estimated for 1942, and almost five times as great as the war portion of 1941. The civilian portion of the
index, on the other hand, declined not
only as a proportion of the total but in
absolute terms, the 1943 volume being
9 percent below 1942 and 35 percent below 1941.
Manufacturers' Shipments
NONFERROUS METALS
AND PRODUCTS
80
1939
1940
1941
1942
1943
Sources:
Digitized for quarter 1939 as 100 Governors of the Federal Reserve System ; S. Department of Commerce. first
FRASER Board of and fourth quarter of 1943 estimated by U. index was recomputed with
The record levels of industrial production in 1943 resulted in corresponding
record sales of manufacturers. On the
basis of reports of manufacturing firms
to the Industry Survey of the Department of Commerce, the total value of
manufacturers' shipments in 1943
amounted to 147 billion dollars, 21.3 percent above 1942. It may be noted that
this is the same as the increase in manufacturing production (physical volume),
exclusive of Government manufacturing.
These results conform with the fact that
6
SURVEY OF CURRENT BUSINESS
Chart 5.—Production of Selected Nondurable Manufactures, Adjusted for
Seasonal Variation
RATIO SCALE
INDEX, 1 T QUARTER 1939 = 100
S
500
400
300
200
January 1944
Trade
As a result of an increasing share of
manufacturers' output going for war
purposes, a smaller proportion of manufactured goods has been passing
through wholesale and retail channels.
This is clearly seen in chart 6 which
shows that while sales of manufacturers
continued to increase at substantial
rates after June 1942, wholesale and retail sales were far from bouyant.
Nevertheless, the dollar volume of
sales of wholesalers and retailers were
at record levels in 1943. In the face of
the reduction in production of civilian
goods mentioned previously, this was due
to (1) somewhat higher prices in 1943
from 1942, (2) the drawing down of inventories, and (3) shifting from the
production of low-priced items to the
more expensive lines.
Table 8.—Manufacturers' Shipments *
[Billions of dollars]
100
90
1939 S 1940 1941 1942 19432
80
1941
1942
1943
1939
1940
Sources : Board of Governors of the Federal Reserve System ; index was recomputed with first
quarter 1939 as 100 and fourth quarter of 1943 estimated by U. S. Department of Commerce.
average wholesale prices of all commodities other than farm products increased
only by about 2 percent from 1942 to 1943.
It is apparent from chart 6 that, just
as in the case of physical production,
sales increases tapered off during 1943.
Deliveries of manufacturers were at near
maximum rates in the latter months of
the year as additions to existing industrial capacity were drastically curtailed
and full utilization of existing resources
was approached.
Sales of durable goods industries no
longer showed the expansion that was so
characteristic of preceding years. Despite the rise of 21 billion dollars from
1942 to 1943, the trend in deliveries was
leveling off in the latter year.
The electrical machinery and transTable 7.—Estimated Portions of the
Federal Reserve Industrial Production
Index Represented by War and Civilian
Production 1
[1935-39=100]
portation equipment industries were the
only two to show any marked expansion
during the year. Shipments of the iron
and steel industry have been fairly stable
since the middle of 1942. Shipments of
the machinery industry (other than
electrical), in contrast to the sharp rise
in 1942, slackened off during 1943, largely
because of the curtailment of deliveries
of the machine tool industry.
Nondurable goods industries did not
increase shipments much above the 1942
level, although new records were made
in 1943. The 1943 gain was only 5.1
billion dollars as compared with an increase of 9.8 billion from 1941 to 1942.
BILLIONS OF DOLLARS
160
140
1942 1943*
109 I 125
199
107
92
55
239
155
84
66
120
109
126
212
118
94
56
258
170
88
66
100
109
139
279
206
73
74
360
292
68
81
109
115
158
47
111
30
176
76
100
43
129
52
77
40
132
65
65
50
106
117
I
* Estimates of the war portion are based on data obtained from numerous government sources and represent
government purchases for direct military use, lend-lease
and other exports.
? Preliminary.
Source: IT. S. Department of Commerce.
56.9| 66.0 94.1 121. 31147. 2
Durable goods industries,,, 24. 91 31.71 49.0 66. 31 87.4
Iron and steel and their
I
j
products
I 6.6| 8.3i 12.8 14.3: 15.1
Nonferrous metals and !
their products
I 2.6! 3.2 4.6 5.8' 6.S
Machinery
5.01 6.5 10. 2| 14. 9j 19.8
Transportation equipment (incl. automobiles)
I
, 4.9! 6.8 11.1 18.' 31.2
14.4
All other durable goods..1 5.8j 6.9 10.2
Nondurable goods industries
32.0 34.3
54.9 59.8
Food and kindred products
10.6 11.2 14.3 18.5 20.0
Textile-mill products
3. 9 4.2 6.4 7.8 7.9
Chemicals and allied
products
3.8 4.3 5.8
8.0
All other nondurable I
goods
I 13.7 14.6 18.6 21.9 23.9
1 Data represent the aggregate dollar shipments and
are not adjusted for the number of working days.
2 Preliminary.
Source:U. S. r Department of Commerce.
Chart 6.—Sales of Manufacturers, Wholesalers, and Retailers, Adjusted for
Seasonal Variation, at Annual Rate
1939 I 1940 1941
Industrial production.
Total index
War portion
Civilian portion...
Percent war...
Manufactures:
Total index
War portion
Civilian portion
Percent war
Durable manufactures:
Total index
War portion. _
Civilian portion
Percent war
Nondurable manufactures:
Total index
War portion..
Civilian portion
Percent w a r . . .
Minerals:
Total index
War portion
Civilian portion
Percent war....
Total, all industries..
60
40
20
1939
1940
Source : U. S. Department of Commerce.
1941
1942
1943
January 1944
Sales of Wholesalers.
Primarily as a result of the rise in
prices, sales of wholesalers rose by 6 percent in 1943 to a total of 99 billion dollars. This increase was due entirely to
the 15 percent increase in the nondurable segment which more than offset the
decrease in durable goods sales. Chart
7 illustrates the wide divergence between
the sales of these types of establishments.
Wholesalers dealing primarily in nondurable commodities recorded sales of
over 78 billion dollars, all types of establishments showing gains from 1942
with the single exception of petroleum
products dealers. Among wholesalers
handling final consumption goods, the
increases ranged from 11 to 20 percent
with alcoholic beverages recording the
largest and clothing and furnishings the
smallest gains.
Pood, tobacco products, and drugs and
sundries were all up about 14 percent
from 1942. Wholesalers' sales of nondurable commodities used primarily in
production recorded advances of 32 percent in the farm products-raw materials
group, and slightly under 10 percent in
the coal and paper products group.
Sales of dealers in petroleum products
were slightly below the 1942 level.
Sales of durable goods wholesalers
shrunk to 21 billion dollars, a decline
of 15 percent from the previous year.
The most striking decreases were evidenced in the electrical goods line (22
percent) and machinery and metals (20
percent). The rapidly falling volume of
construction activity was reflected in the
12 percent slump in lumber and construction materials sales and the 3 percent decline in hardware volume.
Furniture and housefurnishings were
off almost 12 percent from the preceding
year with a rapidly declining trend while
automotive dealers' sales were down 5
percent from the almost irreducible level
of 1942. The only exception to the downward trend among the durables was the
SURVEY OF CURRENT BUSINESS
Table 9.—Sales of Wholesalers by Kinds of Business
[Millions of dollars]
Kind of business
1939
Total, all wholesalers .
1943 i
55, 268
61,755 j
83,601 j
93,231 |
99,266
15,104
6,123
2,908
2,543
1,780
694
674
382
18. 324
7, 477
3,727
3,042
2,156
790
717
415
27.800
12, 576
4,609
4,367
3, 489
1,125
1,079
555
25, 054
12,042
1,973
4,791
3,316
1,212
1,159
561
21, 172
9,667
1,871
4,228
2, 573
1,171
1,026
636
Nondurable goods establishments
Food
Farm products, raw materials
Petroleum and its products
Dry goods
Tobacco and its products
Clothing and furnishings
Beers, wines, and liquors
Coal and coke
Paper and products
Drugs and sundries
Allother
40,164
13,146
6,399
4,138
3,272
1,849
1, 562
1,686
940
1,039
808
5, 325
43, 431
55.801
13, 881
16, 679
7,016 I 9,637
4,324
5,380
3,497
4,924
1,983
2,206
1,710
2.221
1,817
2,240
1,251
1, 661
1,134
1,549
897
1. 082
5, 921
8. 222
68,177
20, 583
13, 309
5, 253
6, 497
2,484
2,574
2,911
2,110
1,608
1,313
9,535
78,094
23, 437
17, 585
5,238
7, 290
2,838
2,867
3,511
2,270
1,767
1,489
9,802
i Preliminary data based on the first ten months.
Source: U. S. Department of Commerce.
13 percent increase in the trading of
jewelry and optical goods establishments.
Although total wholesale sales were
up somewhat from 1942 to 1943, an examination of the trends during the year
shows a considerable leveling off in the
rate of gain. With wholesalers' inventories at a low level, future sales must
come largely from new productive output. While there is some evidence of
partial relaxation of some of the limitations on consumer goods output and easing up on some of the raw materials on
the critical and strategic list, in the main
nonwar production is not apt to expand
significantly so long as the European
war continues.
Sales of Retailers.
Despite shortages of many civilian
goods, sales of retail outlets in 1943 attained a record total of 62.9 billion dollars, exceeding 1942 sales by about 9
percent. The effect of the restricted
supply of many goods was evident at
BILLIONS OF DOLLARS
100
20
1941
Durable goods establishments
Machinery and metals
Automotive
Lumber and building materials,.
Electrical goods
Hardware
Housefurnishings
Jewelry and optical goods
Chart 7.—Wholesalers' Sales of Durable and Nondurable Goods, Adjusted
for Seasonal Variation, at Annual Rate
1939
1940
Source
U. S. Department of Commerce.
1940
194!
1942
1943
stores handling primarily durable goods
where sales dropped 10 percent from
1942. Sales of nondurable goods stores
increased substantially from 47.7 billion dollars in 1942 to 53.8 billion dollars
in 1943.
A substantial portion of the increase
in dollar sales was the result of price
rises. Nevertheless, after allowing as
far as possible for price changes, it appears that the 1943 total sales in constant dollars were slightly greater than
the 1942 volume but about 7 percent below 1941, the peak year in terms of
physical quantity.
Production restrictions and material
shortages were the main factors which
caused a decline of 42 percent in the
sales of durable goods stores since the
peak year of 1941. Priorities for new
cars and trucks and rationing of tires
and gasoline, introduced in 1942 and intensified in 1943, accounted for the sharp
decrease in the sales of automotive
stores.
This decline occurred in spite of an
advance for auto parts and accessory
stores, which added such new lines of
merchandise as apparel to offset the curtailment in their regular lines. Cessation of production, plus dwindling retail
inventories of radios, appliances, certain
types of furniture, some hardware and
farm implement lines, and many building
materials, were factors in the continued
drop in sales of durable goods stores in
1943.
Jewelry stores, however, did not follow the downward trend of the other durables. Sales rose sharply and reached
an all-time high level of about 1 billion
dollars. This represented an increase of
over one-fourth from 1942 to 1943. Price
increases, large sales of precious stones,
the drawing down of inventories, and
ingenuity in the use of substitute materials and commodities in the face of everincreasing consumer demand were responsible for the striking uptrend in jewelry store sales.
Inasmuch as they were much less affected by shortages of materials, sales
of nondurable goods stores advanced 13
percent from 1942 to 1943. All major
groups of nondurable goods stores participated in the rise except filling sta-
8
SURVEY OF CURRENT BUSINESS
tions, where shortage of supplies resulted
in a 17 percent decline in sales.
Table 10.—Sales of Retail Stores by Kinds
of Business
[Billions of dollars]
Kind of business
1939 1940 1941 1942 19431
42.0
All retailstores
Durable goods stores
10.4
55
Automotive
Building materials and
2.7
hardware
1.7
Home furnishings.
.4
Jewelry
Nondurable goods stores... 31.7
3 3
Apparel
1.6
Drug
Eating and drinking
3.5
Food
10 2
46.4 55.6 57.8
62.9
12.4 15.6 10.1
6.9 8 5 2.8
3 1 39 3 8
2.0 2.6 2.7
.4
.6
.8
34.0 40.0 47.7
3.4 4.2 5.2
1.6 1.9 2.3
3.9 4.8 6.2
10 9 12.6 15 8
2 8 3.0 3.5 3.0
6.5 6.8 7.9 9.0
3.9 4.3 5.2 6.3
All retail stores in 1935-39
dollars
_ _ 42.5 46.2 51.4 47.1
tories declined during 1943, in sharp
contrast to the rapid accumulation during 1941 and 1942, with the 1943 average
value about 4 percent below that of
1942.
The downward trend began in
June 1942 and continued for 12 months,
resulting in a total liquidation of 2.3
billion dollars. In each month since
June 1943, however, the value of stocks
increased successively, recording a total
accumulation of 1 billion dollars in the
4 months ending in October. Nevertheless, total inventories stood at 28 billion dollars at the end of October 1943,
3 percent under a year earlier. Taking
into account the fact that prices in general were higher than in 1942, stocks
held by business firms at the end of
Chart 8.—Sales of Retail Stores
53.8
6.3
2.7
8.0
17.0
2.5
9.9
7.4
47.6
Filling stations
General merchandise
Other retail
9.1
2.5
January 1944
3.2
MILLIONS OF DOLLARS
6500
MILLIONS OF DOLLARS
1200
ALL RETAIL
STORES
2.4
1.0
MILLIONS OF DOLLARS
45 0
BUILDING MATERIALS AND HARDWARE
DEALERS
AUTOMOTIVE
STORES
* Preliminary data based on the first 10 months.
Source: U. S. Department of Commerce.
Eating and drinking places and apparel stores were the two nondurable
groups showing the largest gains, 29 and
21 percent respectively. While these advances were possible only because of relatively easy supply situations, they do
reflect somewhat less effective control of
prices. A marked trend toward trading-up (i. e., substitution of higher for
lower priced lines) was evident in both
these fields and, furthermore, price control for eating and drinking places was
not inaugurated until April 1943.
In the other nondurable goods groups
increases were less marked, though nonetheless substantial. The gain in sales of
food stores from 1942 to 1943 was limited
to 8 percent, partly as a result of price
ceilings and partly because of relative
shortages of some foods. Increases in
the drug, general merchandise, and the
other retail groups reflected prompt replacement with substitutes of some products no longer available and greater
concentration on higher-priced items.
It is interesting to note that retail sales
of nondurable goods have just about kept
pace with the increase in consumer income, after personal tax payments, from
1941 to 1943 despite the fact that durable
goods sales fell well below the pre-war
relationship. While this is indicative of
changes in the basic supply situation, it
is also evidence of the effectiveness of
price control since, in the absence of
control, a substantial spillover of buying
power from the durable to the nondurable areas would undoubtedly have taken
place.
Business Inventories
Changes in business inventories in
1943 clearly reflect the character of the
developing economic situation. On the
one hand, the near attainment of maximum war production and full utilization of industrial capacity meant a
sharp curtailment in the rate of accumulation of manufacturers' inventories. On the other hand, the restricted
supply situation in consumers' goods
relative to available income was reflected in an actual drawing down of
both wholesalers' and retailers' stocks.
On the whole, total business inven-
1943
I I I I I I I I I I I
HOME FURNISHING
STORES
JEWELRY
STORES
APPAREL
STORES
r\
DRUG STORES
300
800
EATING AND
DRINKING PLACES
iiiIiiii i
FOOD STORES
1800
#
250
194
700
£>-^
194.
j f
200
••••••••...
150
1600
J
1400
600
t
K
1200
500
^/942
/
41
IOO
1000
400
94/
••••*^*/94/
50
400
350
300
1 1 11 1 1 1 1
FILLING
STATIONS
1
|
I
300
1600
1400
I
I 1 I I
I I I
GENERAL MERCHANDISE STORES
1200-
800
1
I I I !
1 1 f 1 !
900,
ALL OTHER
800
700
1942
y»/943
250
1000
600
200
800
500
150
600
400
100
400
*i
i
i
JFMAMJ JASON D
JFMAM
Source : U . S. D e p a r t m e n t of Commerce.
i
1 i
J J A S O N D
|
300
—* *
qi
•
*m*^*l94t
1 1 1 i
i
J F M A M J
!
i i
1 I 1
J A S O N D
9
SURVEY OF CURRENT BUSINESS
January 1944
transportation equipment, chemicals and
rubber industries, raw materials and
goods in process inventories continued to
rise although at a slower rate than in
1942. Materials inventories of the "nonwar" industries, on the other hand, continued the decline that began in the
middle of 1942.
Table 12.—Manufacturers' Inventories—
War and Nonwar Industries
Chart 9.—Inventories of Manufacturers, Wholesalers, and Retailers
BILLIONS OF DOLLARS
24
[Millions of dollars]
Nonwar industries
War industries
Raw
Raw
matematerials
Finrials
Finished
and
and
ished
goods goods goods goods
in
in
process
process
E n d of period
1938
1939
19401941
1942:
S 1936
1937
1938
%%
1939
1940
1941
1942
[Millions of dollars]
E n d of period
1938
1939
1940
1941
1942:
January...
February..
March
April
May
June
July
August
September.
October
November.
December _
1943:
January__.
February..
March
April
May
June
July
August
September
October
Manu- Whole- Retailfacers
turers salers
Total
9,994
10,659
11, 920
15, 747
3,319
3,549
3,730
4,697
4,882
5,117
5,549
6,637
18,195
19, 325
21,199
27,081
16, 096
16, 201
16,464
16, 603
16, 939
17,183
17, 317
17, 392
17,439
17, 547
17, 682
17,652
4,833
4,867
4,899
4,812
4,674
4,632
4, 475
4,345
4,245
4,029
3, 956
3,992
6,620
6,700
7,087
7,472
7,565
7,496
7,439
7,357
7,350
7, 275
7,090
6,384
27, 549
17,676
17,440
17, 386
17,433
17, 460
17, 318
17, 391
17, 577
17, 719
17,793
3,991
4,026
4,051
3,994
4,002
3,882
3,828
3,877
3,893
3, 959
6,116
5,945
6,106
5,935
5,947
5,829
5,904
6,125
6,196
6,226
27, 783
27,411
27, 543
27, 362
27,409
27, 029
27,123
27, 579
27,808
27, 978
27, 768
28,450
28,887
29,178
29,311
29,231
29, 094
29, 034
28, 851
28, 728
28, 028
2,727
3,194
4,015
6,157
.
First quarter
Second quarter
Third quarter
Fourth quarter
1943
Source : U. S. Department of Commerce.
Table 11.—Value of Business Inventories
,
"IQ4Q.
iy4:«J.
1942, there was a distinct leveling off
in these inventories in the course of last
year. The primary reason for this trend
was, of course, the rapid approach of
capacity operations. But increased caution with respect to inventory policy,
particularly by firms in war production,
was also a significant influence.
The gap between the inventory accumulations of the "war" and "nonwar"
industries widened in 1943. As chart 10
indicates finish d goods of both groups
remained at about the same level as in
1942, but the differences were quite
marked in raw materials and goods in
process. In the "war" industries, consisting of the iron and steel, nonferrous
metals and their products, machinery,
First quarter
Second quarter
Third quarter
1,798
1,725
1,918
1,844
2,917
3,210
3,385
4,879
2,552
2,530
2,602
2,867
6,402
6,810
7,281
7,803
2,011
2,156
2,088
1,970
5,298
5,365
5,237
5,252
2,753
2,852
2,833
2,627
7,847
7,958
8,130
1,964
1,943
1,887
5,114
5,019
5,180
2,461
2,398
2,522
Source: U. S. Department of Commerce.
As chart 11 suggests, the slower rate
of inventory accumulation was probably
drawing the inventory level closer to
production requirements. This contrasts
sharply with the situation in 1942 when
inventories were far in excess of shipments, due not only to the requirements
of expanding output but to anticipation
of growing shortages.
Inventories of wholesalers, under the
impact of increased orders from both retailers and producers, began to decline as
early as March 1942 and continued down-
Chart 10.—Manufacturers' Inventories at End of Quarter
BILLIONS OF DOLLARS
RAW MATERIALS AND GOODS IN PROCESS
Source: U. S. Department of Commerce.
1943 were well below the levels prevailing at the time of our entry into the
war.
As shown in chart 9 inventories of
manufacturers maintained a somewhat
higher position in 1943 than in 1942, although there was an irregular downward movement in the first 6 months
which resulted in a drop of 300 million
dollars. Successive increases in each
month since June, raised total stocks
at the end of October to 17.8 billion dollars, an all-time peak. This increase, especially apparent in nondurable goods,
accounted for about one-half the rise in
the total of all business inventories since
the middle of the year and reflected a
movement to cover expected heavier demands from wholesale and retail merchants whose stocks had been greatly
depleted.
Although stocks of durable goods manufacturers were higher in 1943 than in
564314—44
2
2
-
1939
1940
Source : U. S. Department of Commerce.
1941
1942
1943
SURVEY OF CURRENT BUSINESS
10
Chart 11.—Relationship Between Manufacturers' x Inventories and Shipments, for "War" Industries
January 1944
Table 13.—Supply and Utilization of
Electric Energy1
[Billions of kilowatt-hours]
I!
1939
I943\
§
LJL
o
CO
/
I 9
1942K.
7
UJ
1/
o
Z
z
z
e?
CD
tn
t9 4 0 ^
1939^
; *
14
L
5
6
7
2
3
4
SHIPMENTS, AVERAGE FOR QUARTER (BILLIONS OF DOLLARS)
1
Data include iron and steel and their products, machinery, nonferrous metals and their products,
Transportation equipment, chemicals, and rubber. Regression line was fitted to date from 1939
through the third quarter of 1941.
Source : U. S. Department of Commerce.
ward for the rest of the year. Although
a slight increase took place after the
middle of 1943, the volume of wholesalers' stocks throughout last year remained at exceptionally low levels.
Inventories of durable goods establishments decreased appreciably, especially
in lines where civilian production had
been restricted, as in household appliances. Such increases as were recorded
came from inventories of foods and drugs
which registered a large increase in the
last few months of the year.
At the end of 1943 the value of wholesale inventories was below that of 1941,
while in terms of physical volume stocks
were below the level of 1939. This indicates that inventories cannot be reduced significantly in relation to current
sales if wholesalers are to perform their
customary functions.
Retail inventories began to decline in
June 1942 and the downward trend continued through June 1943. Despite an
increase of some 400 million dollars since
the middle of the year, inventories in the
closing months of the year were approximately 1 billion dollars below those of
the same months of 1942. Contributing
factors to the decline were the record
volume of sales and the restricted production on goods for civilian use.
Apparel inventories declined during
the first half of 1943 as a result of a buying scare induced by shoe rationing, but
since midyear apparel accounted for
most of the increase in total retail inventories. One of the chief reasons for the
increase since June was the large accumulation in August and September in anticipation of early Christmas buying.
The general pattern of movement in
the durable and nondurable goods was
the same as in the wholesale inventories;
durable goods continued to decline while
nondurable goods stocks provided the
increase.
Electric Power
The ability of electric power supply to
keep pace with the economy's rapidly expanding needs has been an outstanding
feature among war production achievements. It is noteworthy that this industry was perhaps the only one confronted
with tremendous war demands which
was able to continue giving adequate civilian service. Facilities adequate at the
start were kept so on the whole by careful expansion and correlated action to
improve their utilization. Chief actions
of this kind were the well-known ones
relating to the location of new plants,
inter-connections b e t w e e n systems,
maintenance of adequate fuel stocks, and
improved load factors. The situation
Total utilization
166.0
Industrial
84.9
Commercial
._ 20.7
23.0
Domestic
Traction
. ... 5.8
4.5
Government
3
Other
-- 27.1
Total supply . . . _ 166. 0
_
163. 2
Production
2.8
Imports - --
1940
1941
1942 1943 2
185. 3 213. 5 238.9
98.9 120.4 136.9
22.4 24.6 27 2
25.3 27.5 29.8
5.9
6.1
6.6
4.8
5.2
6.3
28.0 29.7 32.0
274. 0
156.9
29.0
32.0
7.4
11.0
37.7
185.3 213.5 238.9
183.2 211.2 236. 5
2.4
2.1
2.3
274.0
271.5
2.5
1 Based on data compiled by Federal Power Commission and Edison Electric Institute.
2 Estimated by U. S. Department of Commerce.
s Includes energy produced and consumed by electric
railways, municipal street lighting companies, utilities,
other producers, and losses and unaccounted for.
was aided considerably by multiple-shift
operations of many war plants.
Net additions to electric power generating capacity in 1943 were close to
3 million kilowatts, compared to 2.5 million kilowatts in 1942. Over-all electric
energy consumption was up 15 percent
and reached 274 billion kilowatt-hours.
The largest increases in consumption
were by manufacturers of chemicals and
transportation equipment who used
about one-third more power than in 1942.
Manufacturers of machinery, nonferrous metals and rubber products increased their consumption about onefifth. Consumption by railways and all
manufacturers was up about 12 percent,
while the steel industry and domestic
and commercial users consumed about 7
percent more than in 1942. Small declines were registered by a few industries,
such as leather, lumber, paper, and
ceramic products.
An interesting development during the
war period was the ever-increasing divergence between electric power production and industrial output. Chart 12
illustrates the fact that power output
which usually follows industrial production very closely failed to keep up during
the last three years. This was due to
the fact that the major increases in industrial production were in industries
engaged in processing which are on the
whole low consumers of power. Producers of raw materials, such as pulp, stone,
clay, and glass, and the mineral-extractive industries, normally high consumers
of power, showed little gain in output
throughout 1943.
New Construction
In 1943 the nation put the finishing
touches on the most ambitious program
of new construction ever undertaken in
building a war machine. Most of the
groundwork was completed in 1942 when
construction projects valued at 13.5 billion dollars and equal to 9 percent of
the national product were added to the
economic potential of the country. Indeed, so rapidly was this program carried out, that by the end of the third
quarter of 1942 men and materials were
being shifted from this preparatory form
of war production to the more direct
forging of the implements of war.
This shifting of resources continued at
a rapid pace during the last twelve
months with the result that total new
January 1944
SURVEY OF CURRENT BUSINESS
Chart 12.—Electric Power and Industrial Production, Without Adjustment
for Seasonal Variation
INDEX, 1935-39 = 100
275
25 0
—
225
200
175
11
struction, and even 1941, when expanding Government war preparations resulted in larger and larger claims on
construction manpower and materials,
new privately financed residential building continued to expand.
With Pearl Harbor, this trend was
brought to a halt; from the third quarter high of almost 1 billion dollars in
1941, the value of new residences
financed by private means declined 65
percent to 325 million a year later. The
restrictions which were primarily responsible for this decline continued in
effect this past year, and as a result activity in 1943 was lower than the level
Table 14.—New Construction Activity i
[Millions of dollars]
150
Item
1939 ; 1940 1941
1942 I 1943
125
Total
100
75
1939
1940
i94l
1942
1943
Sources : Index of electric power production computed from data of the Federal Power Commission ;
index of industrial production, Board of Governors of the Federal Reserve System.
construction was 43 percent below the
level of the previous year. The 7.7 billion dollars thus spent represented but a
4 percent share of the national product,
the lowest percentage for this sector of
the economy since the outbreak of the
war in Europe. Rather than being a
cause for concern, however, this situation is clear evidence of the rapid
progress achieved in mobilizing the
economy.
Publicly financed construction—primarily of a war nature — declined
sharply from 10.7 billion dollars in 1942
to 6.1 billion dollars last year. Just as
military and naval building featured the
rapid expansion, so also did it lead the
decline. The drop from 5.2 billion dollars in 1942 to 2.7 billion dollars in 1943
was the largest of the major components,
and indicated the practical completion
of the vast building program required
to house a ten-million-man army, float
a 2-ocean navy and put into the air the
largest air force in history.
The abrupt curtailment of public construction was more than matched, on a
percent basis, by the drastic fall in privately financed building. The full significance of this fact is best appreciated
by considering the recent record of this
class of construction.
In 1941, 5.3 billion dollars of construction, 47 percent of the total, was on private account. In 1942, when construction activity was at its all-time peak,
privately financed projects were cut almost to half the 1941 volume. Yet in
1943, the level of private construction
was still further reduced to a point where
it represented but 30 percent of the 1941
high, and by the end of the year was at
the lowest figure in the last decade.
There was some variance in the degree
to which the various types of construction shared in the general decline.
While military, naval and industrial construction declined at a more rapid rate
than the total, such classes as highway
and public utility construction fell to a
lesser extent. One of the most wellsustained types of activity was residential construction, both public and private, in which the decline was only about
a quarter from the 1942 level.
The less drastic slackening of residential construction was a result of the continued upward trend of public housing,
which partially offset the falling off of
privately financed work. In the years
immediately prior to the entry of the
United States into the world conflict,
private residential construction grew
rapidly.
In 1939 and 1940, this sector constituted a growing proportion of total con-
. 6.045:6,986! 11,145 13,549 : , 748
Private, total
3, 53014, 232 5,261 2,877 1,620
Residential building
(nonfarm) 2
% 046J2, 359 2,881 1,460 805
No presidential building;, except farm
and pub. utility
732 982i 1,306
176
Industrial
227; 423| 678! 315| 102
559I 628| 212| 74
All other
505 246! 300
195| 147
Farm construction
2261
114
176
Residential
64
1301 100
124
Nonresidential
81
83
96! 645
774
695 492
Public utility
526
2,51512.754, 5,884 10,672 6,129
Public, total
76! 205| 47
Residential
600 680
3
Military and naval _. - 119! 510 2,059 5, 206 2, 743
1,671 3, 723 2,138
i 762|
Nonresidential
1,400 3, 585; 2,089
Industrial
271
138! 49
Other
884
1,013
667! 397
Highway
476 170
662
Other public
674
1 Data relate to continental United States; work-relief
construction is not included. Estimates for 1943 are preliminary.
2 Prepared by the Bureau of Labor Statistics, U. S.
Department of Labor.
3
Includes cantonments, aeronautical facilities, navy
yards and docks, army and navy hospitals, etc. Beginning 1941, data are based on statistics prepared by the
War Production Board.
Source: U S. Department of Commerce, except as
noted.
x
Chart 13.—New Construction Activity, by Type of Ownership
BILLIONS OF DOLLARS
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943
1
Data relate to Continental United States ; work-relief construction is not included.
Sources : U. S. Department of Commerce, War Production Board, and U. S. Department of Labor.
12
SURVEY OF CURRENT BUSINESS
of construction in any year back as far
as 1935.
This situation was reversed in the field
of public housing. There, the expansion during each of the war years was
repeated in 1943. While total construction was being severely reduced in 1943,
public construction of new houses increased by about 13 percent from a 600million-dollar valuation in 1942 to 680
million the following year.
The considerably enhanced governmental participation in the residential
construction field is simply a reflection
of the nature of the new housing demands being met by the Government.
While residential construction in general is definitely of the nonessential class,
some facilities had to be added in warexpanded areas to house the new workers in those districts.
In view of the potentially temporary
nature of this housing demand, privately
developed projects would have been at
best risky undertakings unless additional
compensation was allowed. This would
have entailed raising of rents, which
would have greatly reduced the stimulus to movement into the war centers.
Also, the risk involved was distinctly a
war-engendered one. Therefore the only
alternative was the development of lowcost housing facilities by the Government.
In the latter part of 1943, there were
indications that the trends in public and
private housing were being reversed.
Public residential construction in the last
half of the year was lower than in the
first half, while private projects picked
up after the middle of the year, once
again assuming the ascendency over
public activity in the residential field.
In considering the construction situation, two points need to be borne in
mind. In the first place, this review has
been confined to construction activity in
the continental United States, and hence
Chart 15.—Volume of Transportation
INDEX, DAILY AVERAGE 1935-39 = 100
300
i
MONTHLY DATA, ADJUSTED FOR
SEASONAL VARIATION
MONTHLY AVERAGE
FOR THE YEAR
250
200
w
150
TC
ion
1 1 1 1 1 1 1 1 1
50
11111111111
1
i i i ii 11 111 i 1111! 11111 i . M i l m . i
•
250
200
150
COMMOL11
100
>ENGEft ^
1 1 1 1 II
50
11 1
\\ 111111 it i 111M111111 1111111M11 11111111111 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1
1 1 |
1929 '30'3l'32'33'34'35'36'37'38
1940
1
See note 1, table 15.
Source: TJ. S. Department of Commerce.
it overlooks the fairly substantial building operations undertaken outside the
Nation's boundaries.
Secondly, some of the rise in dollar
values represented an increase in construction costs rather than additional
physical capacity. While available data
do not adequately reflect construction
costs, they indicate that the rise in costs
has been of substantial magnitude.
On the whole new construction, par-
BILLIONS OF DOLLARS
5
TOTAL NEW CONSTRUCTION
3rd
Qu.
1939
4th
Qu.
1st
Qu.
2nd
Qu.
1940
3rd
Qu.
4 th
Qu.
1st
Qu.
2nd
Qu.
1941
1 1 ] 11 1 1 11 1 1 1 1 1 11 1
II111
300
Chart 14.—New Construction Activity, by Classes 1
1st 2nd
Qu. Qu.
January 1944
3rd
Qu.
4 th
Qu.
1 st 2 n d
Qu. Qu.
1942
3 rd
Qu.
4th
Qu.
1 st 2 n d
Qu. Qu.
1943
3rd
Qu.
4 th
Qu.
1
Data relate to Continental United States ; work-relief construction is not included. Data for
fourth quarter of 1943 are preliminary estimates.
Sources : U. S. Department of Commerce, War Production Board, and U. S. Department of Labor.
1941
1942
1943
1944
ticularly privately financed building, was
one of the most deflated sectors of the
economy in 1943. That its volume was
not lower, seems to have been due primarily to the carry-over from the vast
program undertaken in 1942. For this
reason the rate of activity at the year's
close gives a closer approximation of the
place which construction will have for
the duration of the European war than
does the total for the year.
Transportation
An outstanding performance in 1943
was made by the American transportation system in moving the greatest output of goods and mass movement of
troops and civilians on record. Although
faced with such obstacles as critical
shortages of manpower and replacement
parts, and with only a very slight net
increase in equipment, transportation
volume increased 20 percent from the already phenomenal 1942 traffic. The Department of Commerce index of the combined volume of passenger and freight
traffic more than doubled between 1939
and 1943.
Despite a sharp decrease in domestic
water-borne commerce, due to lack of
shipping for the intercoastal and coastal
lanes and to an unusually short shipping
season on the Great Lakes, the gains
made by all other types of freight carriers brought the over-all ton-mile index
to 13 percent above the previous year.
Class I railroads, with increases in
serviceable cars and locomotives of only
1 and 2 percent respectively, moved a
record volume of goods a greater distance than ever before. The result was a
14 percent gain above the previous year.
Common and contract motor carriers
13
SURVEY OF CURRENT BUSINESS
January 1944
Chart 16.—Exports, Including Reexports, and General Imports
MILLIONS OF DOLLARS
1400
1200
1000
EXPORTS, INCLUDING REEXPORTS
800
nearly 30 percent in the early part of
the year, was pared to less than 15 percent by the latter half of 1943. In fact,
by the end of the year the two major
carriers of merchandise, railroads and
trucks, were operating at only a little
higher rate than in December 1942.
Near the close of the year a threatened
strike by some railroad workers was forestalled by the action of the President
who placed the railroads under the temporary control of the Government on December 26, 1943. This step emphasizes
the importance of our transportation system to the war effort and the need for
the speedy solution of the many problems facing the industry.
Foreign Trade
600
400
200
1939
1941
1940
1942
1943
Source: U. S. Department of Commerce.
Table 15.—Volume of Transportation 1
[Index, daily average 1935-39=100]
Item
Commodity and passenger,
total
Total, excluding local
transit
Commodity, total
Railroad
Air
Intercity motor truck
Oil and gas pipelines
Domestic water-borne...
Passenger, total . ._
Total, excluding local
transit
Railroad
Air
Intercity motor bus__.
Local transit-.
1939 1940 1941 1942 1943
105
115
142
179
?14
106
107
104
132
114
110
113
102
117
118
115
156
130
112
121
107
146
147
146
205
172
130
124
125
185
178
194
353
190
149
68
184
??0
201
221
568
205
192
59
256
105
103
148
104
100
113
108
226
110
102
143
133
294
143
110
236
244
291
214
140
396
310
284
173
aw
i Indexes for commodity and passenger traffic (except
local transit) are based upon ton-miles and passengermiles, respectively; index for local transit is based upon
number of passengers. All 1943 data are partially
estimated.
Source: U. S. Department of Commerce.
overcame their severe manpower and
parts shortages by greatly increasing
their efficiency through "joint action"
plans and by a more intensive use of their
aging rolling stock.
While the ton-mile index increased 8
percent from 1942 to 1943, the last quarter of the year showed virtually no
change from the corresponding 1942 period. The vastly increased pipe-line construction program in 1943 was reflected
in a ton-mile increase of almost 30 percent by this type of transport. The
largest increase in commodity transport
was the 61 percent gain from 1942 recorded by commercial airlines with air
mail and express pound-miles flown increasing by 71 and 26 percent respectively.
Again in 1943 as in the previous year,
Digitizedthe FRASER
for most substantial gains were made in
the passenger transport field. The movement of our continental armed forces
both on official duty and on furlough was
enormous. It required more than 30
percent of the coach facilities, 50 percent
of the Pullman accommodations afforded
by the railroads, and a large share of
the services offered by other types of
carriers.
Civilian travel continued the sharp upward trend caused by the continued migration of war workers, and the reduction in the use of private passenger automobiles and increased incomes. As a
matter of fact, the only deterrents to
this almost unlimited demand were the
capacity of the transport system, the discomforts of wartime travel, and the appeals of the Government and the carriers themselves. The Department's
over-all passenger-mile index in 1943
soared to 256 (1935-39 daily average=
100), an increase of 39 percent from the
preceding year.
The major contributing factor to this
phenomenal rise was the 62 percent increase in rail passenger-miles. The railroads achieved seating capacities and
load factors which most railroad men
hardly thought possible a short time ago.
Intercity motor carriers of passengers
and the local transit lines, although faced
with serious equipment and manpower
problems, increased their output by 33
and 24 percent respectively, while the
airlines, with only a few aircraft returned
to them by the armed forces, maintained
seating capacities of well over 90 percent
to register a 7 percent gain from 1942.
That the upward trend of the past
few years cannot be continued in 1944
can be seen by a glance at the monthly
movement during 1943. (See chart 15.)
The rate of gain above 1942, which was
The dollar value of United States export shipments in 1943, including lendlease far surpassed all previous records.
Exports for the first 10 months of 1943
amounted to 10.4 billion dollars, or more
than 2 billion greater than the 12-month
total for the previous high year 1920.
For the full year 1943 the value of
exports are estimated to have been almost 13 billion dollars, about 60 percent
more than the 1942 total. It is to be
noted that the exports data do not include shipments to our armed forces.
Imports showed no such spectacular
increase, but the estimated 1943 dollar
total of 3.4 billion dollars nevertheless
surpassed the highest levels since 1929.
This was no small achievement in view
of the severance of trade with areas
formerly furnishing almost half of our
total imports and in view of the shipping
shortages in the early part of the year.
The rise in both export and import dollar totals was attributable, in part, to
further price increases in 1943, but represented chiefly an expansion in the actual quantities of goods shipped.
The most striking feature in total exports since 1940, and a key factor in
computing the export surplus, was the
increasing predominance of lend-lease
shipments. These shipments constituted about 14 percent of the total value
of exports in 1941. They rose to 60 percent of the total in 1942, to 75 percent
in the first quarter of 1943 and to more
than 80 percent toward the end of the
year. They amounted to 4.9 billion dollars in 1942, a total which was exceeded
in the first 7 months of 1943.
In view of the fact that these exports
amounted to almost 1 billion dollars a
month in the latter part of the year the
total for the year is estimated to have
Table 16.—United States Exports and
Imports
[Millions of dollars]
1939 1940 1941 1942 19431
General imports
2,318 2,625 3,345 2,742 3,400
Total exports including
3,177 4, 021 5,147 8,036 12, 700
reexports
0
0 741 4,892 10,
Lend-lease shipments
1,000
Cash exports (nonlendExcess of cash exports
over general imports
3,177 4,021 4, 406 3,144 2,700
859 1
1,396 1, 061
402 2-700
1 November and December data estimated by Bureau
of Foreign and Domestic Commerce.
2 Excess of general imports over cash exports.
Source: U. S. Department of Commerce.
14
SURVEY OF CURRENT BUSINESS
approximated 10 billion dollars. It is
important to point out that exports to
places outside the Western Hemisphere
consisted very largely of lend-lease
goods, whereas hemispheric exports were
predominantly noniend-lease or "cashpurchase" goods.
Exports for cash were on the average
about 14 percent lower in 1943 than in
1942. This came about, however, entirely as a result of the displacement of
commercial exports by lend-lease shipments to countries outside the Western
Hemisphere. Cash exports to Latin
America and Canada in 1943 were not
only larger than in 1942 but were also
substantially above peacetime levels.
Table 17.—Net Balance of United States
Trade With Latin American Republics
{Millions of dollars; export balance ( + ) , import balance (—).]
Merchandise,
gold and silver
_ . -..
.-.
Jan.Sept.
1943
Jan.Sept.
1942
-312
Total
Mexico
Cuba
Argentina
Bolivia _
Brazil
Chile
Colombia
Peru
Uruguay
Venezuela
Allother
Merchandise
Jan.Sept.
1942
Country
-404
-222
-33
-32
-66
-10
-52
-64
-48
-6
-20
+19
-14
-104
-32
-66
-10
-52
-62
-37
-104
+ 16
-12
-73
-11
-51
-82
-43
—5
-27
+19
-8
+5
+20
0)
Jan.Sept,
1943
-371
-73
-9
-51
-78
-43
+4
27
+21
+2
1
Less than half a million dollars.
Source: U. S. Department of Commerce.
Finished manufactures made up the
largest single class of exports and at the
same time constituted a larger share of
the total in 1943 as compared with 1942.
This was in large part due to the rising
flow of military goods—aircraft, tanks,
explosives, firearms, and other war implements—to members of the United
Nations.
Data on imports for the first 9 months
of the year indicate that almost half of
the increase in the dollar volume of imports from 1942 to 1943 was in foodstuffs,
a class which constituted almost 30 percent of the total imports for the period.
The importation of many essential
metals and minerals also expanded to
a significant degree in the year just
past. The greater amounts of foodstuffs
and strategic metals imported in 1943
were of vital importance to the United
States in its expanding military efforts.
One aspect of movement in our foreign economic relations is not reflected
in the usually presented data, that is,
reverse lend-lease. As the size of our
army on foreign soil grew and as the
conditions of our Allies improved, the
United States received increasing material help from reverse lend-lease
operations. So far the only published
data cover the situation with respect to
the British Commonwealth of Nations.
The British Commonwealth reported
that expenditures for reverse lend-lease
aid to the United States totaled 1.2
billion dollars up to June 30, 1943. The
United Kingdom's contribution was 871
million dollars of which 331 million was
January 1944
spent for goods and services, 169 million for shipping, and 371 million for
airports, barracks, hospitals, and other
construction. In the first 6 months of
1943, the British Commonwealth was
spending for these purposes at an annual rate of iy 4 billion dollars.
The extent to which the Latin American Republics helped supply needed materials may be deduced in some degree
from table 17 which presents a comparison of the trade balances of these countries with the United States for the first
three quarters of 1942 and 1943.
Excess of merchandise imports from
these countries over exports to them increased almost 70 percent from 222 million dollars in the first 9 months of 1942
to 371 million in the similar 1943 period.
After allowing for changes in prices of
imports relative to exports and knowing
that United States exports to these countries rose from 1942 to 1943, it is clear
that these Nations were supplying this
country with a significantly enlarged
volume of needed goods in 1943.
The majority of the Latin-American
Republics contributed to the increase in
the merchandise import balance. Those
showing the greatest increases were
Cuba, Mexico, Uruguay, and Chile. In
the process of expanding their trade with
the United States these countries added
considerably to their dollar balances and
hence built up substantial reserves for
financing their imports when world conditions are more favorable for such a
development.
The main trends of foreign trade appeared to have become stabilized during
the latter part of 1943. Lend-lease shipments ranged around 1 billion dollars
a month, nonlend-lease exports slightly
over 200 million, and imports about 300
million. With the domestic economy
approaching full use of productive capacity, with most available sources of
imports already tapped, and with a considerable rigidity observable in our import and export programs, our foreign
trade appeared to have reached levels
by the end of 1943 which would remain
fairly stable until further major changes
occurred in the world political situation.
Commodity Prices and Price
Controls
The extensive price control mechanism initiated in 1942 and supplemented
to some degree in the following year held
prices on a remarkably even keel during
the past year of economic mobilization
for total war. This is evidenced by the
fact that the wholesale price index
averaged only 2 percent higher in 1943
than in 1942 while the cost-of-living index rose only about 6 percent.
Within the year 1943 the increases in
both indexes were of even smaller
magnitudes. The upward trend was
limited to the period between January
and May, after which there was even
a slight decline in the two indexes.
Aside from a 4 percent gain for petroleum products, the only significant
gains in wholesale prices during 1943
were for foods, farm, and forest products. As indicated by table 19, lumber
prices moved up about 8 percent from
January to November, grains about 15
percent, and fruits and vegetables about
16 percent.
As these advances and minor increases
for a few other products were offset by
declines of 8 percent for meats, 6 percent
for hides, and 2 percent for dairy products, the November index for all commodities stood at 103 (1926=100), or only
one point higher than in January. In
contrast the increase in wholesale prices
during 1941 and 1942 was 17 percent
and 8 percent, respectively.
Chart 17,—Wholesale Prices
INDEX, 1926 = 100
140
ALL COMMODITIES OTHER THAN
FARM PRODUCTS AND FOODS
80
60
1939
1940
S o u r c e : U. S. Department of Labor.
1941
1942
1943
SURVEY OF CURRENT BUSINESS
January 1944
Chart 18.—Cost of Living of Wage Earners and Lower-Salaried Workers in
Large Cities
INDEX, 1935- 39 = !00
150
INDEX , 1935-39 = 1 00
50
ALL ITEMS
40
30
120
O
CLOTHING^
HOUSE FURNISHINGS
M M I M I M J ,
M M I M I M I M I M I M M I I
I I M M I
M M . I M M I I M I M I I M M I I M M I M . M I M I M I
9 0
100
90
1940
1941
1942
1943
1940
1941
1942
1943
Data are for the last month of each quarter through September 19-10 and monthly thereafter.
Source: U. S. Department of Labor.
90
1
Table 18.—Cost of Living Indexes
[1935-39=100]
Sept
1941 1942
*
Jan
* Nov.
1942
All items
Clothing
Food
Fuel, electricity, and
ice
Housefurnishings
Rent
Miscellaneous
100. 2 105. 2 116. 5 117.8 120.7 124.1
101.7 106.3 124.2
96.6 105.5 123.
125. 8 126. 0 133. 0
126.6 133. 0 137. 3
99. 7 102. 2 105. 4
100.5 107.3 122.2
104. 6 106. 2 108. 5
i.
101.1 104. 0 110.9
106.2 107. 3 108. 0
123.6
126. 5
108.0 108. 0 108.0
111.4 113. 2 117
Source: U. S. Department of Labor,
The rise in the cost of living was also
moderate during 1943 as shown by table
18. Clothing prices moved up about 6
percent, food about 3 percent, the miscellaneous group about 4 percent, and
other items by smaller amounts. These
increases brought the November combined index to 124, only about 3 percent
higher than in January. Over the entire
war period from August 1939 to November 1943 the cost-of-living index rose
26 percent.
The chief development relating to
price control regulations was the provision of dollar and cent ceilings for many
products formerly covered by base period
formula ceilings as in the General Maximum Price Regulation. Dollar-andcent ceilings were also applied to many
farm products as their prices reached
levels making them subject to control.
Margin-type ceilings were frequently applied where dollar-and-cent ceilings were
not practicable.
These moves toward more specific pricing were necessary for ceiling simplification and enforcement purposes, but they
greatly increased the burden of formulating and revising price control regulations because they involved more differential pricing. For example, the new
regulations aimed to designate uniform
15
dollar-and-cent ceilings for all stores of
the same general class within each community. So it was necessary to establish a series of community ceiling prices
with differentials calculated to yield the
normal profit margin after due allowance for differences in transportation
costs, volume of business, trade practices, etc.
To aid in this overhauling of price
regulations, and to meet its growing need
for more trade and public support, the
Office of Price Administration strengthened its Industry Advisory Committees
to more than 3,000 members and its local
community Price Panels to about 50,000
members. All these members were volunteer workers.
The outstanding event in supplementary aids to price control was the growth
in war subsidy payments, which reached
an annual rate of 1,143 million dollars
for all commodities involved as of October 15, 1943. About 73 percent of the
war subsidy payments were for foods and
livestock feeds, 12 percent for metals and
metal ores, 9 percent for transportation
of petroleum products, and 6 percent for
coal transportation, jewel bearings, Chilean nitrate of soda, automobile tires,
and several miscellaneous commodities.
Although these subsidies were an important factor in preventing substantial
price rises during the year, continuance
of most of the food and feedstuffs subsidies became increasingly uncertain due
to the lack of agreement concerning the
need for them.
It is clear from these data that the
most significant price advances during
1943 were for farm products or goods
made from them. Although these advances were small, they were important
because when piled on top of previous
price increases they exerted pressures
against price-wage relationships already
under strain from rising living costs.
Major price and wage stabilization activities in 1943 were focused on extending
and supplementing the controls begun in
1942 under the original Price Control Act,
the General Maximum Price Regulation,
and the October 1942 amendment to the
first Price Control Act. Coordinated
largely by the Director of Economic Stabilization, other agencies executed and
implemented the policies set forth in
these instruments and in the "hold the
line" Executive Order of April 1943.
Activities to shield the cost of living
from further rises in consumer food
prices were administered partly by the
War Food Administration and the Department of Agriculture. They sought to
increase food output enough so that essential civilan needs would be met after
setting aside about 25 percent of the total
production for lend-lease and the armed
forces. Another part of these activities
was administered by the Office of Price
Administration through price control
and rationing regulations and related enforcement mechanisms.
As jointly determined by the War Food
Administration and the Office of Price
Administration, still another part was
administered by the Commodity Credit
Corporation and the Reconstruction Finance Corporation. The former carried
out an enlarged program of commodity
price-support loans or purchases. The
16
SURVEY OF CURRENT BUSINESS
Table 19.—Indexes of Wholesale Prices
[1926=100]
Annu al average
September 1942
Class or group
1941
1940
All commodities
Economic classes:
Raw materials 2
_.__
Semimanufactured anticles
Manufactured produet's l
Special groups:
Commodities other than farm products !
All commodities other than farm products and foods V
.
Farm products
Grains
Livestock and poultry
Foods
Cereal products
Dairy products
Fruits and vegetables _
_.
Meats
Building materials
Lumber
_ _. _- _ _
_
_
_.
Chemicals and allied products
Chemicals -Oils and fats
Fuels and lighting materials *
__
Petroleum products
Hides and leather products
Hides and skins
Housefurnishing goods
Metals and metal products l
. _
Iron and steel
Nonferrous metals
-Textile products
Cotton goods
Rayon
Woolen and worsted goods
Miscellaneous
- -
January
1943
1942
November 1943
78.6
87.3
98.8
99.6
101.9
102.9
71.9
79.1
81.6
83. 5
86.9
89.1
100.6
92.6
98.6
102.2
92.9
99.2
108.2
92.8
100.1
111.3
92.9
100.2
80.8
83.0
67.7
68.0
69.2
71.3
78.3
77.6
63.1
73.3
94.8
102.9
77.0
85.1
44.3
71.7
50.0
100.8
91.9
88.5
95.8
95.1
81.3
73.8
71.4
29.5
85.7
77.3
88.3
89.0
82.4
76.9
91.6
82.7
80.7
87.3
67.5
90.4
103.2
122.5
84.6
87.2
77.6
76.2
57.0
108.3
108.4
94.3
99.4
96.4
84.4
84.8
94.2
29.7
96.6
82.0
97.0
95.5
105.9
92.9
117.8
99.6
89.2
100.0
95.5
111.8
110.2
132.8
97.1
96.2
105.1
78.5
59.8
117.7
117.6
102.4
103.8
97.2
85.7
96.9
112.4
30.3
110.4
89.7
97.7
95.5
107.8
93.6
122.1
102.4
89.1
105.5
97.5
116.0
110.4
133.2
96.2
96.3
101.5
79.0
60.6
118.1
118.0
102.5
103.8
97.2
86.0
97.1
112.7
30.3
111.7
88.8
98.5
96.0
117.0
107.3
129.2
105.2
90.6
113.4
102.6
115.5
109.8
133.3
100.2
96.9
101.5
79.3
60.8
117.8
116.0
102.5
103.8
97.2
86.0
97.3
112.5
30.3
112.4
90.7
98.8
97.4
121.4
123.2
120.5
105.8
94.7
110.9
118.5
106.3
113.1
143.9
100.3
96.3
102.0
81.2
63.5
116.5
108.5
102.8
103.8
97.1
86.0
97.7
112.9
30.3
112.5
93.2
i Index for November 1943 is preliminary.
Source: U. S. Department of Labor.
latter administered other forms of subsidies including those involved in the
meat and butter price roll-backs and
most of the nonagricultural subsidies.
In the field of wage rate control the
War Labor Board sought to stop wage
increases at the September 1942 level,
designated as the general price-wage relationships to be preserved. The general criterion, with exceptions based on
hardship and war needs, was the "Little
Steel" formula which permitted a 15
percent advance over January 1941 wage
rates to compensate for increases in the
cost of living.
Part of the difficulty in holding to this
15 percent figure is indicated by the fact
that the actual rise in the cost-of-living
index from January 1941 to November
1943 was about 23 percent. Also, the
cost of living in some areas had increased
more than indicated by these figures
which represent the general average in
57 large cities. Although increased
earnings from more continuous employment and longer hours were sufficient to
absorb the differential in most cases, a
number of wage rate increases were
granted in coal mining, aircraft production, and other industries.
While the economy's overall price wage relationships were preserved fairly
well in 1943 there was uncertainty at
the end of the year regarding further
rises in the cost of living and increasing pressure for higher wage rates in
other important industries such as railroad transportation.
salaries of employed persons, including
those in the armed forces, accounted
for more than 21 billion dollars of this
rise. Net farm income, which increased
32 percent over the 1942 total, was responsible for another 3 billion dollars of
the rise. The bulk of the remainder
came from gains in the net income of
nonagricultural proprietors and in Government allowances to soldiers' dependents.
Wages and salaries of workers in manufacturing industries increased about 7
January 1944
billion dollars, nearly 30 percent above
the 1942 level. This rise reflected the
combined effect of an 11 percent increase
in number of workers, a 12 percent gain
in average hourly earnings, and an average increase of two hours in the length
of the work week.
While average earnings of employees
in trade, service, and other industries
appear to have increased on about the
same scale as in manufacturing, the
number of such employees declined. The
marked shift of workers from low-wage
and short-hour industries into highwage and long-hour industries was an
important factor in the growth of overall wages and salaries, since there was no
significant change in the aggregate number of employed workers.
The 32 percent increase in net farm
income came largely from the higher
prices received for farm products, though
the 2.4 percent gain in total farm output
and the shift in farm output toward
relatively high-value products were of
some influence.
Even though a larger portion of the
income of individuals was siphoned off by
taxes in 1943 than in any previous period,
personal tax payments rising from 6.6
billion dollars in 1942 to almost 18 billion
dollars the following year, individuals
were left with a new high aggregate of
income after taxes. Disposable income
of individuals reached about 124 billion
dollars, 14 percent above 1942.
As a consequence of this record flow
of disposable income there was continuous pressure on the level of consumers'
expenditures, despite the tightness of
the supply situation. Consumer outlays
for goods and services advanced 10 percent from the 1942 total, amounting to
almost 91 billion dollars, rising prices
being the dominant factor in the increase.
Although losses in consumer satisfaction due to substitute goods and re-
Chart 19.—Income Payments, Adjusted for Seasonal Variation
BILLIONS OF DOLLARS
14
SALARIES
AND WAGES
Income Payments and Savings
The expansion of economic activity
from 1942 to 1943 resulted in a 26 billion
dollar rise in income payments to individuals, which reached a new high of
142 billion dollars in 1943. Wages and
jjj|
1939
1940
1941
1942
Data for the last three months of 1943 are preliminary estimates.
Source: U. S. Department of Commerce.
1
1943
Chart 20.—Disposition of Income Payments to Individuals, Adjusted for
Seasonal Variation, at Annual Rate 1
BILLiONS OF DOLLARS
175
150
125
100
CONSUMERS' EXPENDITURES
FOR GOODS AND SERVICES
25
2nd
1942
1
Data for the fourth quarter of 1943 are preliminary estimates.
Source : U. S. Department of Commerce.
stricted services must be taken into
account, all the available statistical evidence points to the fact that "real" consumption by the American people in 1943
was approximately equal to that of any
year since the present war began and
considerably above pre-war levels. It is
thus evident that consumption has been
surprisingly well maintained and now
stands little chance of suffering more
serious restrictions in the future, except
possibly in the available food supply.
Furthermore, the war experience has
thrown a great deal of light on the consumption patterns needed to utilize the
vast industrial potential of the American
economy. Both business and Government may well be challenged by the war
records of production and civilian consumption in the years to come.
In spite of the increases in both consumers' expenditures and personal taxes
in 1943, the rise in income was large
enough to allow a further advance in individual savings. The 1943 total
amounted to about 34 billion dollars as
compared with savings of 27.0 billion
dollars in 1942 and only 6.0 billion dollars
in 1939.
The exceptionally high relation between savings and disposable income that
prevailed in both 1942 and 1943 cannot
Table 20.—Income Payments to Individuals *
[Billions of dollars]
1939 1940 1941 1942 1943
Total
17
SURVEY OF CURRENT BUSINESS
January 1944
70.8 76. 5. 92.2 115. 5 141.9
45.7 49.8
Salaries and wages
Direct and other relief
1.1 1.1!
Social Security benefits and
other labor income
1.8 2.0
Dividends and interest
8.9 9.2
Entrepreneurial income,
net rents, and royalties— 13.4 14.5,
61.4 79.9 100. 6
1.1 1.1
.9
1.9
9.7
2.1
9.3
2.8
9.8
18.1 23.1 27.8
1
Detail will not necessarily add to totals due to rounding; estimates for 1943 are preliminary.
Source: U. S.
Department of Commerce.
564314—44
3
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
be explained by any single influence.
Patriotic motives and consumer resistance to high wartime prices and quality
deterioration, particularly with respect
to goods whose purchase could readily
be postponed, were undoubtedly significant factors. But more important, perhaps, was the absolute lack of many
goods that stand high in the consumer's
preference scale and the fact that price
control was very largely effective in restricting the amount necessary to spend
for the available supplies.
Table 21.—Disposition of Income Payments *
billion dollars in 1939, an effective rate
of less than 23 percent, compared to
provision for taxes amounting to nearly
65 percent of profits before taxes in
1943.
Net dividend payments during the war
period failed to keep pace with increased corporate profits, reflecting the cautious attitude of business management.
In 1939 net dividends paid amounted to
95 percent of profits after taxes whereas
in 1943 this ratio was cut to under 50
percent. During 1942 and 1943 corporations were establishing reserves to finance reconversion and to tide them over
any dislocations which may arise with
the return of peace but in addition to
such reserves undistributed profits rose
appreciably.
Most of the increase in corporate
profits, both before and after taxes, from
1942 to 1943, occurred in manufacturing
industry. Heavier excess profits taxes
resulted in a drop ^ in manufacturing
profits after taxes in 1942 despite a large
increase in earnings before taxes. However, continued expansion in production
and no change in tax rates allowed an
increase in profits after taxes in 1943
although they appeared to be still slightly below the 1941 peak.
Profits of the transportation industry
continued to rise but with indications
of leveling off as capacity of our transport facilities was approached. Both
the trade and public utilities groups
showed increases in profits after taxes
in 1943, returning to approximately the
1941 levels after moderate declines in
1942.
Table 22.—Estimated Corporate Profits
Before and After Taxes
[Millions of dollars]
1939 1940 1941
[Billions of dollars]
Profits before taxes
1939 1940 1941 1942 1943
Income payments to individuals
Less: Personal taxes and
nontax payments
Federal
State and local
Equals: Disposable income of individuals
Less: Consumer expenditures
Equals: Net savings of
individuals
70.8 76.5 92.2 115.5 141.9
3.1
1.3
1.9
3.5
1.4
1.9
4.0
2.0
67.7 73.2
17.8
4.7 15.8
1.9 2.0
Total
Mining
Manufacturing
Trade
Transportation.
Public utilities.
Other
Total
7.5 13.7 26.!
33.6
1 Detail will not necessarily add to totals due to
rounding.
2 Preliminary.
Source: U. S. Department of Commerce.
Corporate Earnings
Corporate earnings, after provision for
Federal income and excess profits taxes,
continued to increase in 1943 with a
gain of 11 percent over the previous
year's total. The estimated total of 8.2
billion dollars was twice that of 1939
and moderately above the previous peak
reached in 1929.
Though the increase in profits before
taxes has been much more striking
throughout the war period, it was in
large part offset by increased Federal
income and excess profits taxes. Corporate income tax liability was only 1.2
5, 320 7, 390 14,443 19.037 22,800
91 161
325
378
3, 213 4, 944
936 12, 543
" ~ 1,
760 .,035 2, 022 2,463
109 259
715i 1,615
752 907 1, 074 1,267
81
395
371
771
400
14,750
3,050
2,150
1, 450
1,000
Profits after taxes
2 108. 8 124.1
61.7 65.7 74.6 82.0 90.5
6.0
1942 1943
Industrial group
Mining
Manufacturing
Trade
Transportation
Public utilities.
Other
4,088 4,847 7,277 7,376 8,200
54 92 181 202 200
2,579 3,410 4,990 4,664 4,950
593 734 1 158 If 052 1,150
36 124 409 781 900
611 677 678 599 700
215 -190 -139
78 300
1
Preliminary, based on reports for first three quarters
for a limited number of corporations.
Source: U. S. Department of Commerce.
Finance
Under the continuing all-pervasive
influence of war expenditures, government fiscal and private financial developments were even more striking in
1943 than in the previous war years.
Federal Government budgetary expenditures in 1943 amounted to 88 billion dollars, 32 billion more than outlays in
1942. While nonwar expenditures exhibited little change over the year, war
18
SURVEY OF CURRENT BUSINESS
Chart 21.—Corporate Profits Before arid After Taxes
BILLIONS OF DOLLARS
25
FEDERAL INCOME
AND EXCESS
PROFITS TAXES
15
CORPORATE
PROFITS
BEFORE
TAXES
10
RETAINED
EARNINGS
•
1
• « * ; • « « • " " •SSZB
1929
1939
!9<0
1941
1942
T
CORPORATE
PROFITS
AFTER TAXES
NET DIVIDENDS
PAID
!943J/
Estimates are based upon corporate profits reports for the first three quarters of 1943.
Source : U. S. Department of Commerce.
spending rose not only absolutely but
also in proportion to the total.
Whereas in 1942, 50 billion dollars or
89 percent of all budget expenditures
was spent for war purposes, 82 billion
dollars or 93 percent of the total was
classed as war outlays in this past year.
The vastness of these magnitudes is one
of the clearest indicators of the tremendous claims which total war was
making on the economy.
The spectacular aspects of the Gov-
ernment expenditures picture may lead
one to under-emphasize events almost as
striking in the revenue field. In 1943
net budgetary receipts of 34.6 billion
dollars were over double the collections made in the previous year. While
all major classes of receipts were higher
in 1943, income taxes furnished the bulk
of the additional revenue. These rose
from 11 billion dollars in 1942 to almost
27 billion in the 12 months of 1943. This
January 194 4
increase was only in part due to higher
rates and lower exemptions.
Perhaps equally as important in explaining the rise was the change in the
law relating to taxes on individual incomes. The withholding provisions of
the Current Tax Payments Act of 1943,
in placing payments on a current basis
for most individuals during the second
half of last year, allowed the Treasury to
tap incomes which were on the whole
considerably higher than incomes in
1941 and 1942.
A combination of these factors—
higher incomes, increased rates, and
lower exemptions—resulted in individual income tax collections of over 12 billion dollars, three times as large as the
total collected in the previous year.
These greater taxes represented about 8 V2
percent of income payments to individuals in 1943, in contrast with the 3V2
percent share which individual income
taxes represented a year earlier.
Corporate income and profits tax collections also rose markedly from 7 billion
dollars in 1942 to about 14 billion in 1943.
In addition to these corporate taxes, the
United States Treasury received a substantial sum of money as a result of the
renegotiation of war contracts. Much
of the rise in the item marked "other
receipts" in table 23 resulted from collections from this source.
The doubling of receipts, striking as
it was in itself, proved inadequate in the
face of the huge cash requirements of the
Federal Government. Consequently, the
deficit continued to climb. The budget
deficit for 1943, totalling 53 V2 billion
dollars, was 35 percent greater than in
1942 and five times as large as the deficit
Chart 22.—Budget Expenditures of the Federal Government
Table 23.—Budget Expenditures
Receipts, Calendar Years 1
and
BILLIONS OF DOLLARS
10
[Millions of dollars]
1939 1940
1941
1942
1943
EXPENDITURES
1,358 2,77r8 12, 705 49, 860 81,
War activities
152
2,181 1,813 1,5131 764
Unemployment relief
Agricultural adjustment
832
728
740
967 1,015
program
Transfers to trust ac479
479
249
385
counts
Interest on the public
debt
1,076 1,145 1,452 2,191
100
144
Debt retirement
28 (2)
Allother
3, 210 2, 728 2, 577 2,724 2,570
Total
Total less debt
retirement
8,941 9,803 19,153 56, 048 88, 084
TOTAL EXPENDITURES
(INCLUDING
8,888 9,
DEBT
RETIREMENT)
19, 053 56, 020 88, 084
EECEIPTS
Income taxes
E mployment taxes
Miscellaneous internal
revenue
Customs
0 ther receipts
253
1,851 2,366 4,2,' 11,068 26, 549
1,043 1,339 1,644
'84
Total
Less: Net appropriation to Fed. old-age
and survivors insurance fund
6,416 9,612 17, 387 35, 764
Net receipts..
2, 308 2, 585
333
209
566
582
438
526
4,350 4,946
395
323
307 2,230
763
1,210
4,919 5,834 8,849 16,403 34,554
1 General and special accounts. Classifications are
those currently published in the Survey of Cuirrent
ites
Business. For detailed explanation, see footnote for
page 75 of the 1942 Supplement.
2 Less than $500,000.
Source: Daily Statement of the U. S. Treasury.
1940
1941
Source: U. S. Treasury Department.
1942
1943
19
SURVEY OF CURRENT BUSINESS
January 1944
in 1941. The extra money needed to
finance this excess was obtained by borrowing, with the result that the direct
Federal debt, which had increased during 1942 from 58 billion dollars to 108
billion reached 166 billion at the end of
1943.
Continuing its policy of raising as
much of the required funds as possible
in short concentrated drives, the Treasury conducted two war bond campaigns
in April and September, which brought
in 37.5 billion dollars of the 58 billion
raised in the whole year. The latter o?
these drives differed in one important
respect from previous ones in that commercial banks were excluded from participation. Yet, in spite of this, the
Treasury sold 18.9 billion dollars of securities in the September campaign, as
compared with 18.6 billion sales in the
April drive during which commercial
banks had taken 5.1 billion of the new
offerings.
Because of this increased emphasis on
noninflationary sources of fund, the
share of the Government debt held by individuals, institutional owners, and business rose markedly from 33 percent
at the end of 1942 to 36 percent shortly
after the completion of the second warloan drive. While other classes of owners
also increased their holdings of public
issues, their shares in the total were
somewhat smaller in the latter part of the
year as compared with the end of 1942.
The drift to greater relative holdings
by individuals, corporations and partnerships was highlighted by the large purchases of savings bonds made in the last
12 months. The amount of these issues
outstanding rose in this period from 15
billion dollars to 27 billions.
This represented a considerable increase in sales, over one billion dollars
worth of savings bonds a month in 1943 as
compared with the 750 million dollars average monthly sales in the preceding
year. The new sales of Series "E" bonds
which are held entirely by individuals,
accounted for almost 75 percent of the
12.3 billions of savings bonds sold in 1943.
A large proportion of all savings bonds
bought in 1943 was purchased by individuals through pay-roll deduction plans.
In the latter part of the year approximately 26 Vz million workers were having
435 million dollars or 9 percent of their
pay deducted each month for the purchase of savings bonds. This is a notable
improvement over the previous year
when 23 million participants turned over
325 million dollars or 8 percent of their
pay each month for such purposes.
There was, however, a disturbing increased rate of redemptions of these
bonds as the year progressed. In the
latter part of 1942, an average of 43
million dollars out of monthly receipts
amounting to 860 million dollars was
returned to the public for savings bonds
redeemed. During this period the total
outstanding value of savings bonds averaged about 14 billion dollars.
Late in 1943, funds were received from
the sale of defense bonds at a monthly
rate of 1,300 million dollars, while redemptions averaged 170 million dollars
a month. During this latter period, the
average level of savings bonds outstanding was 26 billion. In other words,
whereas in the closing months of 1942
redemptions amounted to approximately
$3.00 for every thousand dollars of savings bonds in the hands of the public,
toward the end of 1943 this rate rose to
about $6.50 per thousand.
Whatever the cause of this phenomenon—increased cost of living, higher
taxes, greater reluctance to save in this
manner, an increased desire to spend on
consumption or a change in attitude as
the war situation improved—the main
fact is clear; the trend in redemptions
was impairing the Government's effort
to avoid inflationary methods of raising
the money needed.
While in 1943 considerable success was
Chart 23.—Budget Receipts and Expenditures of the Federal Government
by Calendar Years
0
20
BILLIONS OF DOLLARS
40
60
80
1OO
INCOME TAX RECEIPTS
1940
OTHER RECEIPTS, NET
NET BORROWING THROUGH
SAVINGS B O N D S i /
OTHER BORROWING REQUIRED
1941
TO MEET EXPENDITURES^/
1942
1943
-BUDGET RECEIPTS, NET
>\<
EXCESS OF EXPENDITURES OVER RECEIPTS -
BUDGET EXPENDITURES EXCLUDING PUBLIC DEBT RETIREMENT
1
D a t a include Series A t h r o u g h G.
Residual figure a n d n o t t h e precise a m o u n t of o t h e r borrowing which took place d u r i n g t h e year.
Source:
TJ. S. T r e a s u r y D e p a r t m e n t .
2
Table 24.—Public Debt of the United
States, Direct and Guaranteed
[Millions of dollars]
December 31—
1941
Direct public debt, total l
Interest-bearing debt, total.
Public issues:
Bonds, total..
_.
U. S. Savings bonds 2.
Allother
Notes, total
_
_
Regular and national
defense series _..
Tax and savings
series
Certificates of indebtedness. _ _ . .
_
Bills
Special issues
Noninterest-bearing debt
Guaranteed obligations not
owned by the Treasury
Total direct and guaranteed
debt
..
1942
1943
57,938 108,170
57,451 107,308
165,877
163,508
40, 000 64,868
6,140 15,050
33,860 49,818
16, 247
8,468
9,863
5,997
6,384
2,471
10, 534
2,002
6,627
6,982
9,032
862
487
96,128
27,363
68,766
19,761
6,327
11,175
s 8, 586
22,843
13,072
12,703
1,370
4, 301
4,230
64, 265 112,471
170,108
1 Includes 1,278 million dollars as of Dec. 31,1941, 5,201
million as of Dec. 31,1942, and 7,853 million as of Dec. 31,
1943, advanced to Government agencies for which their
obligations are owned by the Treasury.
2
At current redemption values except Series G which
is 3
stated at par.
Of this total, 8,302 million dollars represents savings
notes.
Source: Daily Statement of the TJ. S. Treasury.
achieved by the Government in borrowing from noninflationary sources, commercial banks did increase their holding of the public debt from 41.3 billion
dollars as of December 31. 1942, to an
estimated 63.2 billion on October 18,1943.
It is true that some part of these additions represented merely a shift in the
asset holdings of the commercial banks,
and hence did not add to the inflationary potential.
It appears nevertheless that most of
the purchases of Government securities
by the commercial banking system made
available more spending power in the
community. It is worth pointing out in
this connection, however, that the commercial bank purchases of Federal debt
in 1943 were not much greater than in
1942, although the Government's need
of borrowed funds, as measured by the
budgetary deficit, was markedly more
acute in the latter year.
One of the concomitants of the war
financing in this last year was the continued rapid growth of liquid assets held
by the people of the United States. Deposits and currency which in 1942 had
grown by 21 billion dollars continued to
expand to an even greater extent in 1943.
Indeed, by the end of the year they had
reached a level of almost 125 billion, 25
percent greater than the size of consummer holdings at the end of 1942. In
view of the great increase in Government
bond purchases which were also made in
this last year, it is clear that the public
at large has accumulated liquid assets to
an extent never before approached in
the history of the country.
From the point of view of the present
inflationary potentialities, the increase
in demand deposits and currency in circulation is of particular moment. The
total of these at the end of 1943
amounted to slightly over 82 billion dollars, an increase of almost 30 percent
over the amount outstanding at the be-
20
SURVEY OF CURRENT BUSINESS
ginning of the year. This percent increase was about the same as that which
took place in the previous 12 months.
The significance of these increases depends on the relative share held by individuals and by business.
Insofar as business is concerned, the
nonavailability of spending outlets coupled with direct restrictions placed on
purchases by the control authorities have
fairly well sterilized its excess liquid
funds. In the case of individuals, the
situation is somewhat different. Control
of the extent and direction of their
spending is only partial with much
greater reliance placed on voluntary
restraints. Any general move to spend,
which could be induced by a variety of
events, would inevitably result in a
serious breach of the anti-inflationary
line.
This, then, was the picture in finance.
While the Government encountered no
major difficulties in raising money
needed for the largest military program
in history, it left the people with a tremendous fund of liquid assets. Part of
this fund is sufficiently volatile to be
a distinct inflationary threat at the moTable 25.—Ownership of U. S. Government Interest Bearing Securities, Direct and Fully Guaranteed
[Billions of dollars]
December
31—
Oct.
18,
19431
1941
U. S. Government agencies and
trust funds
Federal Reserve banks
Commercial banks
Mutual savings banks
Insurance companies _
Other private owners
Total interest bearing securities
1942
9.5
2.3
21.8
3.7
8.0
18.5
12.2
6.2
41.3
4.6
11.0
36.3
15.8
8.8
63.2
6.0
14.4
59.5
63.8 111.6
167.6
i Preliminary estimates by the compiling agency,
except for holdings of mutual savings banks, insurance
companies and other private owners, which are estimated by the Department of Commerce.
Source: Board of Governors of the Federal Reserve
System.
January 1944
Chart 24.—Deposits in All Banks and Currency in Circulation at End of
June and December
BILLIONS OF DOLLARS
60
50
DEMAND DEPOSITS, ADJUSTED-^-
CURRENCY IN CIRCULATION
U.S. GOVERNMENT DEPOSITS
(DEMANDAND TIME)
1942
1943
1
Data are partly estimated; exclude interbank and U. S. Government deposits. Demand deposits,
adjusted, also exclude cash items in process of collection (float). Time deposits include deposits in
Postal Savings System and in Mutual Savings Banks.
Sources : Bank deposits, Board of Governors of the Federal Reserve System; currency in circulation, U. S. Treasury Department.
ment. It may constitute a problem of
major magnitude in the immediate postwar period.
Bank deposits have risen to such an extent that in the face of steady reserve
balances, excess reserves have rapidly
declined in many instances even to the
disappearing point. The excess reserves of members of the Federal Reserve System dropped from about 2.6
billion dollars on November 1,1942 to 1.1
billion twelve months later.
That they were maintained at even
this level, the lowest in the last 6 years,
was attributable to Federal Reserve
Board action increasing Federal Reserve
holdings of Government securities from
4.7 billion dollars at the beginning of
November 1942 to 9.4 billion by last November. The credit thus extended not
only helped member banks to offset the
steady loss of reserves involved in the
great increase of money in circulation
but also enabled them to lend to the
Government some of the funds which
were not obtained from current savings.
From the low level of excess reserves,
it is evident that if the Treasury is compelled to sell any considerable amount of
new securities to the commercial banks,
the Federal Reserve must continue to
expand its credit to member banks-
S-l
SURVEY OF CURRENT BUSINESS
January 1944
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That
volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it
also provides a description of each series and references to sources of monthly figures prior to 1938. Series added or revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where
historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate [index numbers refer
to adjustment of monthly figures for seasonal variation.
Data subsequent to November for selected series will be found in the Weekly Supplement to the Survey.
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1943
November
1942
O
ber
1943
November
December
January
February
March
April
May
June
July
August
S
te
Xr VeT
BUSINESS INDEXES
INCOME PAYMENTS f
Indexes, adjusted:
183.0
Total income payments
1935-39=100.. p 221.4
Salaries and wages
do
p 248.1
201.7
p 216. 3
Total nonagricultural income
do
178.9
Total
mil. of doL. T> 12, 420 10,836
Salaries and wages:
7,396
Total §
d o . . . . v 8,886
3,528
Commodity-producing industries_do
p 4,144
Q
Work-relief wages
do
26
Direct and other relief
do
P79
85
Social-security benefits and other labor inP268
come
mil. of doL.
175
Dividends and interest
do
752
P531
Entrepreneurial income and net rents and
2,428
royalties
mil. of doL. p 2,656
Total nonagricultural income
do
p 10,703
9,266
189.2
208.8
184.2
10,680
193.4
213.9
187.9
11,608
196.5
218.6
191.9
10,819
200.6
222.4
194.8
10,499
204.4
225.0
197.0
11,261
207.3
228.6
200.1
11,240
208.7
230.7
201.9
11,138
211.3
234.6
204.9
12,161
213.1
237.3
207.0
11,748
215.5
239.2
208.6
11, 677
215.6
241.7
210.8
12, 538
r 218.0
' 244.3
' 213.1
• 12, 741
7,568
3,598
24
7,748
3,627
23
8,127
3,803
8,245
3,875
8,405
3,938
2
8,367
3,974
8,466
4,018
8,676
4,065
'8,810
' 4,119
Q
Q
0
84
7,845
3,665
15
81
8,001
3,743
84
7,725
3,598
19
83
78
77
76
77
77
77
78
174
522
195
781
199
442
210
907
215
753
224
486
231
1,419
1,354
234
855
240
466
248
991
252
'813
2,332
9,243
2,177
10,354
2,035
9,733
1,932
9,514
2,065
10,143
2,068
10,120
2,107
9,964
2,094
10,984
2,215
10,440
2,428
10,159
2,545
10,904
r 2,788
• 10,868
180
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings
1935-39=100..
Crops
do
Livestock and products
do
Indexes, adjusted:
Total farm marketings.
...do
Crops
do
Livestock and products
do
Cash farm income, total, including Government payments*
.mil. of doL.
Income from marketings*
do
Indexes of cash income from marketings: f
Crops and livestock, combined index:
Unadjusted
1935-39-100-.
Adjusted
...do
Crops
do
Livestock and products
.
do
Dairy products
do
Meat animals
do
Poultry and eggs
do
P153
P138
P164
178
221
145
157
178
141
144
153
138
117
112
121
102
84
116
115
85
137
114
71
147
121
75
156
116
66
154
132
114
145
149
161
140
158
181
140
180
217
153
p 137
p 114
130
128
132
141
152
133
141
144
139
127
127
127
129
121
134
140
137
141
136
128
141
139
130
147
135
117
149
136
118
150
141
126
152
131
115
143
133
122
142
P
P 2,050
2,012
2,015
1,962
1,825
1,764
1,571
1,499
1,361
1,261
1,205
1,126
1,402
1,310
1,387
1,322
1,440
1,400
1,408
1,384
1.579
1,544
1, 850
1,772
1,992
1,935
r 2, 282
' 2,253
P 303.0
p 255. 5
p 253. 5
P 257.0
P 182.5
p 301.0
p 285.5
295.5
211.0
225.0
201.5
167.5
230.0
194.0
265.5
224.0
248.5
208.0
168.0
239.0
204.0
225.5
226.5
237.5
219.0
177.0
249.5
233.5
190.0
224.0
237.0
215.0
170.0
222.5
286.0
169.5
239. 5
245.5
235.5
183.0
260.0
271.5
197.0
260.5
273.0
252. 5
189.0
274.0
319.5
199.0
261.0
272.0
254.0
202.0
284.0
276.5
210.5
258.0
264.5
253.5
204.5
282.0
275.5
208.5
256.0
248.0
261.5
202.5
299.5
275.5
232.5
255.5
263.0
251.0
202.0
280.0
271.0
266.5
265.5
281.5
255.0
197.0
290.0
277.5
291.0
242.0
252.0
235.5
190.5
255.5
271.5
' 339.0
r 249.0
271.0
' 234.5
' 184.5
' 254.0
282.5
218
233
312
207
140
145
137
380
230
234
222
176
202
151
168
567
177
168
123
317
304
220
236
319
204
130
142
123
392
239
240
238
175
186
150
171
600
185
168
103
331
310
221
239
327
200
120
146
106
407
243
243
242
169
156
149
160
630
191
168
94
346
319
223
242
334
204
112
142
96
417
250
254
241
170
139
139
187
651
198
168
90
354
332
229
247
342
208
119
147
104
426
252
252
253
166
126
137
184
671
203
171
110
362
332
232
251
350
210
123
149
110
436
256
257
255
168
126
136
186
692
204
171
105
372
341
235
255
356
209
130
149
120
441
257
255
262
172
128
138
194
718
206
173
107
384
350
239
258
360
208
136
147
130
443
266
264
271
180
137
136
214
728
211
175
106
389
356
238
259
359
201
135
148
128
441
264
260
275
177
136
137
197
743
2-15
177
127
396
366
241
260
362
203
135
148
128
440
266
262
276
173
131
132
195
756
220
177
126
398
'371
245
263
367
209
137
151
130
'443
273
270
279
179
129
135
210
'763
232
180
122
'400
382
248
267
r372
213
136
149
129
M49
'288
'285
'294
174
130
129
200
'771
••240
'182
138
395
383
'249
'269
'377
214
'133
' 152
'124
'458
'295
'292
'305
'178
124
* 131
218
'782
'249
' 181
132
MOO
' 396
P154
INDUSTRIAL PRODUCTION
(Federal Reserve)
Unadjusted, combined indext—1935-39=100..
Manufactures!
do
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
Stone, clay, and glass products!..do
Cement
do
Clay products*
do
Glass containers!
do
Transportation equipment!
do
Automobiles!
..-do
Nondurable manufactures!
do
Alcoholic beverages !
do
Chemicals!
do
Industrial chemicals*
do
P247
*>268
P378
209
P132
p 154
p 120
P464
P305
P303
P309
P 172
105
P131
206
P788
P254
P 179
P119
p 393
P401
p Preliminary.
' Revised.
§ T h e total includes d a t a for d i s t r i b u t i v e a n d service i n d u s t r i e s a n d g o v e r n m e n t w h i c h h a v e been discontinued as separate series to avoid disclosure of m i l i t a r y p a y rolls.
* N e w series.
F o r a description of t h e indexes of t h e v o l u m e of farm m a r k e t i n g s a n d figures beginning 1929, see p p . 23-32 of t h e April 1943 S u r v e y . D a t a beginning 1913 for t h e
dollar figures on cash farm income are s h o w n on p . 28 of t h e M a y 1943 S u r v e y . D a t a beginning 1939 for t h e n e w series u n d e r i n d u s t r i a l p r o d u c t i o n are s h o w n on p p . 18 a n d 19 of
t h e D e c e m b e r 1943 issue.
! R e v i s e d series. D a t a on income p a y m e n t s revised beginning J a n u a r y 1939; for figures for 1939-41, see p . 27, t a b l e 1, of t h e M a r c h 1943 Survey; t h e 1942 figures for m o s t i t e m s were
revised in t h e A u g u s t 1943 S u r v e y ; see n o t e m a r k e d "f" on p . S-l of t h a t issue for revisions i n figures for t h e first 5 m o n t h s of 1942. T h e indexes of cash income from farm m a r k e t i n g s
h a v e been completely revised; d a t a beginning 1913 are s h o w n on p . 28 of t h e M a y 1943 S u r v e y . F o r revisions for t h e i n d i c a t e d series on i n d u s t r i a l p r o d u c t i o n , see table 12 or p p .
18-20 of t h e D e c e m b e r 1943 issue.
SURVEY OF CURRENT BUSINESS
S-2
M o n t h l y statistics through D e c e m b e r
1941, together with explanatory notes
a n d references to the sources of the
data, m a y be found in the 1942 S u p plement to the Survey
1942
1943
November
October
January 1944
1943
Novem- December
ber
January
February
March
April
May
June
July
SepAugust tember
October
BUSINESS INDEXES—Continued
i
INDUSTRIAL PRODUCTION—Con.
Unadjusted—Continued.
Manufactures—Continued.
Nondurable manufactures—Continued.
Leather and products!
1935-39=100.
Leather tanning*
_do_..
Shoes
do...
Manufaetured food products!
do__.
Dairy products!
do...
Meat packing
do...
Processed fruits and vegetables*-do_._
Paper and products!-_.do...
Paper and pulpt
do...
Petroleum and coal products!
do...
Coke
do...
Petroleum refining!
..-do-..
Printing and publishing!-.
do
Rubber products!
do...
Textiles and products!
-do...
Cotton consumption
_
-do
Rayon deliveries
do...
Wool textile production
do
Tobacco products
.do...
Minerals!
do__.
Fuels!
do_._
Anthracite!
do___
Bituminous coal!
-do
Crude petroleum...
do...
Metals
do...
Adjusted, combined index!
do....
Manufactures
do...
Durable manufactures,do...
Lumber and products
do...
Lumber
do...
Nonferrous metals
do
Stone, clay, and glass products...do...
Cement
do
Clay products*
-do
Glass containers
-do...
Nondurable manufactures
do...
Alcoholic beverages
do...
C hero icals
do
Leather and products
do...
Leather tanning*
do...
Manufactured food products
do...
Dairy products
do...
Meat packing
do...
Processed fruits and vegetables*.do. -.
Paper and products
do...
Paper and pulp
-do...
Petroleum and coal products
do...
Petroleum refining.
.do.-.
Printing and publishing
do-..
Textiles and products
do...
Tobacco products
do _ -.
Minerals
do.-.
Metals
do...
»148
v 103
"163
P217
pill
*>238
v 151
153
191
P131
v 133
»"102
p 131
p 138
P247
»268
^378
p 134
M25
204
v 179
v 141
P391
P 106
P146
p 158
v 185
P118
P210
P217
P 107
v 151
148
p 132
p 122
120
127
115
147
126
146
157
138
139
154
166
153
120
191
159
172
174
160
149
134
127
117
145
121
176
119
130
111
141
107
166
112
137
137
157
166
155
121
200
159
171
177
161
141
132
130
124
154
121
143
116
125
110
139
95
186
95
132
132
156
166
155
114
212
157
163
178
163
137
119
126
105
143
121
123
130
118
131
87
171
79
135
135
158
166
157
111
215
158
171
180
154
132
119
124
102
145
118
126
137
119
127
99
147
76
140
140
165
169
164
115
218
162
171
181
166
122
125
131
129
157
121
90
117
119
115
128
115
140
67
141
139
166
169
166
114
222
158
166
181
163
123
127
133
128
161
122
90
118
121
117
128
143
136
75
141
139
171
169
171
116
222
157
166
181
157
125
127
131
129
151
124
105
118
122
115
135
171
162
79
142
140
173
166
174
114
224
159
169
185
158
123
132
129
124
143
125
148
113
112
114
141
203
158
91
140
137
177
157
180
111
230
155
160
183
160
128
121
115
74
103
124
159
110
105
112
152
206
170
148
134
132
182
162
185
104
229
148
153
183
146
138
140
136
129
155
128
163
215
230
311
133
127
230
167
174
143
163
165
123
314
119
126
137
152
145
123
138
139
154
153
117
159
140
129
140
220
236
319
132
126
239
170
172
144
170
168
121
330
117
125
140
164
149
122
137
137
157
155
116
159
138
130
133
223
240
328
130
122
242
173
171
144
172
169
111
344
117
126
143
145
156
122
133
132
156
155
111
157
146
127
133
227
245
336
123
113
250
180
171
145
191
171
105
355
123
130
141
131
143
121
135
135
158
157
115
158
132
125
130
232
250
344
127
117
252
178
166
144
189
174
121
361
123
127
141
134
154
121
140
139
165
164
116
162
128
131
131
235
253
351
129
119
256
175
154
142
185
174
112
370
117
120
142
137
151
122
141
139
166
166
112
158
129
133
131
237
256
356
130
121
257
175
135
142
194
175
104
382
119
122
141
137
147
124
141
138
171
171
113
157
132
131
130
238
258
359
133
126
266
175
130
136
200
176
96
389
118
122
141
129
162
121
142
140
173
174
112
159
123
129
129
236
258
358
128
118
264
175
127
139
199
177
106
399
114
114
141
139
159
119
140
136
177
180
112
155
124
117
128
240
259
361
128
118
266
173
119
132
203
176
106
402
112
111
144
143
186
114
135
133
182
185
111
148
134
134
128
10
1
105
114
••159
179
154
'214
'143
140
193
170
••196
' 110
227
145
147
177
150
140
140
137
128
153
131
161
242
261
365
130
119
273
173
114
132
202
177
111
'404
111
106
144
140
182
126
143
141
193
196
115
145
136
135
123
' 110
'103
' 114
'161
153
'160
259
143
140
'202
171
'206
112
231
150
156
181
151
141
143
140
129
155
136
' 159
'245
'264
'370
129
'118
'288
168
112
125
196
'177
135
395
110
105
'141
146
'178
120
143
140
'202
'206
111
150
134
138
'124
BUSINESS INVENTORIES, ORDERS,
AND SHIPMENTS
Estimated value of business inventories:*
28,028
27,411
27,409
28,728
27, 543 27,362
27,808
27, 783
27,029
27,123
28,851
27, 579
Total
mil. of dol..
17,433
17, 652
17,676
17, 460
17, 719
17,682
17, 440 17,386
17,318
17,391
17,547
M anufacturers
do...
17, 577
5,935
7,275
6,116
6,384
5,947
7,090
5,945
6,106
5,829
6,196
5,904
6,125
Retailers
do.._
3,994
3,991
4,002
3,992
3,882
3,893
4,029
3,956
4,026
4,051
3,828
Wholesalers
do....
3,877
Indexes of manufacturers' orders, shipments,
and inventories:
279
284
280
267
255
275
266
247
306
281
272
275
New orders, total
-Jan. 1939=100.409
361
364
421
387
415
405
433
389
484
420
406
Durable goods
do_._
301
233
258
315
383
312
223
264
312
341
306
311
Iron and steel and their prod
do...
406
353
346
542
413
586
437
319
341
943
496
486
Electrical machinery
do...
362
361
387
381
315
315
363
330
294
370
408
333
Other machinery
.do...
629
574
587
626
643
619
617
622
619
626
599
591
Other durable goods
do...
197
187
188
192
172
191
188
191
189
192
176
191
Nondurable goods
do. - _
253
240
226
261
228
232
255
249
247
254
249
258
Shipments, total
avg. month 1939=100.
320
298
337
330
356
289
300
338
343
346
354
Durable goods
do...
240
231
319
207
223
250
238
Automobiles and equipment
do
279
295
318
329
239
205
228
212
214
225
227
224
224
222
229
Iron and steel and their prod
do__.
262
230
260
236
246
262
255
Nonferrous metals and prod.*
do...
259
248
247
249
408
369
450
469
317
351
446
415
426
436
449
453
Electrical machinery.
_
do___
351
322
365
354
Other machinery
do...
333
337
364
354
353
363
353
361
Transportation equipment (except
1,692
2,042
2,063
1,578
1,775
1,797
2,100
2,057
2,068
2,107
2,160
2,181
automobiles)
-do...
204
181
179
197
191
205
Other durable goods!do...
197
201
205
200
201
201
186
178
169
186
Nondurable goods
do...
181
179
192
185
185
177
173
183
211
185
193
182
183
213
Chemicals and allied products
do...
210
210
208
200
199
214
179
184
178
188
Food and kindred products
-do.-.
190
185
200
185
185
172
173
182
159
144
138
161
Paper and allied products
do...
146
143
152
155
163
155
160
160
161
139
135
178
Petroleum refining
_do
138
154
139
148
167
171
162
174
277
222
241
276
Rubber products
-do.
207
214
280
271
292
285
292
270
202
204
191
191
Textile-mill products
.do.
203
202
216
213
205
176
195
192
190
177
166
140
161
170
165
Other nondurable goods
-do
164
173
171
154
146
149
156
r
Revised.
» Preliminary.
*New series. Data beginning 1939 for the new series under industrial production are shown on p. 19 of the December 1943 issue. Data for shipments of nonferrous metals and
their products were included in "other durable goods," as shown in the Survey prior to the May 1943 issue; revised data for the latter series and indexes for nonferrous metals, beginning January 1939, are available on request; for business inventories beginning 1938, see p. 7 of June 1942 Survey.
!Revised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes shown above for the industrial production series, see table 12 on pp. 18-20
of the December 1943 issue. Seasonal adjustment factors for a number of industries included in the industrial production series shown in the Survey have been fixed at 100 beginning
various months from January 1939 to July 1942; data for these industries are shown only in the unadjusted series as the "adjusted" indexes are the same as the unadjusted. Indexes
or "other durable goods" under manufacturers' shipments are shown on a revised basis beginning in the May 1943 Survey; see note marked "*".
S-3
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1941, together with explanatory notes 1943
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August
September
October
BUSINESS INDEXES—Continued
BUSINESS INVENTORIES, ORDERS,
AND SHIPMENTS-Continued
Indexes of manufacturers' orders, shipments,
and inventories—Continued.
Inventories, total
avg. month 1939=100.
Durable goods
do...
Automobiles and equipment
do
Iron and steel and their prod
do
Nonferrous metals and prod.*
do
Electrical machinery
_
do
Other machinery
._do
Transportation equipment (except automobiles)
avg. month 1939=100.
Other durable goodsf-do
Nondurable goods
-_do__.
Chemicals and allied products
do
Food and kindred products
do...
Paper and allied products
do...
Petroleum refining
do
Rubber products
__
do
Textile-mill products
do...
Other nondurable goods
do
176.5
204.1
243.3
135.7
152.6
320.6
210.4
177.9
207.7
244.1
137.4
152.3
326.1
213.0
177.6
210.1
232.9
139.2
151.9
324.1
219.6
177.8
211.3
233.8
135.2
157.3
327.0
221.9
175.5
209.6
237,3
131.9
150.1
331.6
223.4
174.9
210.7
247.3
129.0
149.6
341.9
225.5
175.4
213.5
251.2
130.3
149.2
350.4
227.4
175.7
213.5
245.7
132.1
148.2
354.3
226.8
174.2
212.5
238.1
132.5
150.9
358.5
222.7
175.0
211.4
235.5
134.8
153.8
362.8
218.9
176.8
213.4
230.7
137.2
154.2
366.8
219.8
178.3
214.9
232.1
137.6
151.7
371.2
219.9
179.0
214.0
231.2
138.5
152.3
368.2
218.5
924.2
123.3
152.4
156.5
161.2
149.8
109.3
172.7
155.1
159.1
975.0
123.6
151.8
155.1
160.1
146.5
107.2
174.4
153.1
161.8
1,020.8
122.2
149.2
158.7
156.2
144.0
106.8
174.6
147.2
157.4
1,062.7
119.7
148.6
155.4
152,5
141.4
107.0
172.3
147.0
161.8
1,051.0
117.0
145.6
154.7
147.3
140.7
106.7
175.9
142.2
158.2
1,053.1
116.6
143.6
152.4
145.2
139.3
106.0
181.0
140.0
154.8
1,087.9
115.1
142.1
149.1
146.0
138.6
104.3
185.2
140.2
149.6
1,088.9
113.4
142.6
149.0
149.5
136.9
103.8
188.0
141.8
147.2
1,085.7
112.4
140.8
149.0
149.8
135.4
102.6
180.1
139.4
143.0
1,052.0
110.8
143.1
151.5
160.8
134.9
102.4
175.8
136.5
142.6
1, 079.4
111.2
144.8
153.9
168.9
135.3
102.5
172.8
133.6
142. 2
1,102.0
112.7
146.2
152. 5
174.8
133. 3
102. 3
173.7
131.-9
144.3
1, 084.4
112.6
148.4
153. 6
181.4
129.8
103.8
133.6
144.2
COMMODITY PRICES
COST OF LIVING
National Industrial Conference Board:
Combined index..
1923=100.
Clothing
do
Food
do...
Fuel and light
do...
Housing
do
Sundries
do...
U. S. Department of Labor: t
Combined index...
1935-39=100.
Clothing. __
do...
Food
do...
Fuel, electricity, and ice
-do—
Housefurnisbings.do...
Rent
do...
Miscellaneous
do
88.5
105.3
90.5
90.8
105.3
100.5
88.6
106.4
90.6
90.8
106.2
101.1
88.6
108.2
90.6
90.8
106.2
101.5
88.6
108.8
92.1
90.8
106.4
101.9
88.6
110.0
92.3
90.8
106.5
103.0
88.6
112.8
92.4
90.8
106.5
104.0
88.6
115.4
92.5
90.8
106.5
104.2
88.5
115.8
92.6
90.8
106.7
104.3
88.6
115.8
92.5
90.8
107.1
103.1
88.9
112.4
92.5
90.8
107.2
102.8
89.3
111.4
92.6
90.8
107.3
103.1
89.8
112.0
92.6
90.8
107. 4
103.7
90.6
112.6
92.7
90.8
108.6
119.0
125.9
129.6
106.2
123.6
108.0
111.8
119.8
125.9
131.1
106. 2
123.7
108.0
112.7
120.4
125.9
132.7
106.3
123.7
108.0
112.8
120.7
126.0
133.0
107.3
123.8
108.0
113.2
121.0
126.2
133.6
107.2
124.1
108.0
113.6
122.8
127.6
137.4
107.4
124.5
108.0
114.5
124.1
127.9
140.6
107.5
124.8
108.0
114.9
125.1
127.9
143.0
107.6
125.1
108.0
115.3
124.8
127.9
141.9
107.7
125.4
108.0
115.7
123.9
129.1
139.0
107.6
125.6
108.0
116.1
123.4
129.6
137.2
107.7
125. 9
108.0
116.5
123.9
132.5
137. 4
107.7
126.3
108.0
117.0
124.4
133.0
138.2
107.9
126. 5
169
173
158
165
134
117
200
226
185
169
178
160
171
127
117
197
238
181
178
183
162
175
151
124
196
293
211
182
185
164
177
139
134
205
277
217
178
170
163
179
156
138
214
301
158
182
171
166
180
172
143
218
302
163
185
173
167
180
189
146
218
291
176
187
175
167
179
212
148
214
253
196
190
179
166
178
234
151
211
308
194
188
183
163
178
230
154
206
315
190
193
193
167
181
204
155
206
308
220
193
201
171
185
204
158
207
311
205
192
212
171
187
197
162
203
264
208
127.7
128.8
129.6
130.0
130.4
132.4
133.9
135.0
134.7
133.9
133.9
.134. 7
135. 2
97.0
129.6
105.7
131.2
137.1
131.2
88.9
97.1
131.1
105.7
131.8
141.5
131.9
97.2
132.7
105.8
132.3
146.6
133.2
93.4
97.9
133.0
105.9
134.2
144.1
134.7
93.5
98.4
133.6
106.5
135.9
148.9
136.1
93.4
99.8
137.4
107.0
137.0
164.9
137.3
93.5
100.1
140.6
107.5
137.1
179.5
138.0
93.6
101.4
143.0
107.6
136.9
190.8
138.3
93.5
101.4
141.9
107.5
133.7
187.8
138.3
93.3
101.5
139.0
107.8
133.4
180.5
130.9
93.3
101.6
137.2
108.1
133.4
169.8
129.7
93.3
101.6
137.4
108.2
133.5
167.0
129.9
93.4
101.7
138.2
108.3
133. 5
166.4
130. 6
113.1
113.1
113.1
113.1
113.1
113.1
113.2
113.2
113.0
113.0
113.0
113.1
113.1
113.1
108.1
105.3
113.1
115.5
112.2
108.0
105.3
112.6
115.5
112.2
108.0
105.3
112.5
115.5
112.2
108.1
105.3
112.6
115.5
112.2
108.1
105.3
112.6
115.5
112. 2
108.1
105.3
112.6
115.5
112.2
108.1
105.3
112.7
115.5
112.2
108.1
105.3
112.7
115.5
112.2
108.1
105.3
112.6
115. 5
112. 2
108.1
105.3
112.7
115.5
112.2
108.1
105.3
112.7
115.5
112.2
108.1
105.3
113.0
115.5
112.2
108.1
105.3
113.1
115.5
112.2
108.1
105. 3
113.1
115. 5
112.2
v 102.9
100.0
100.3
101.0
101.9
102.5
103.4
103.7
104.1
103.8
103.2
103.1
103.1
103.0
99.4
103.0
92.7
109.0
91.5
123.4
99.4
103.9
92.6
110.5
92.8
121.3
99.6
106.1
92.5
113.8
100.7
123.9
100.3
109.6
92.9
119.0
108.6
132.8
100.5
112.0
93.0
122.8
112.2
135.7
100.6
112.8
93.1
123.9
112.5
134.0
100.7
114.0
93.0
125.7
113.1
130.5
100.1
114.3
92.8
126.2
113.8
128.6
113.6
92.8
125.0
116.0
127.6
99.7
112.7
92.9
123.5
116.8
129.5
112.4
92.9
123.9
119.7
130.2
100.0
111.9
92.9
122.2
122.5
126.1
117.6
PRICES RECEIVED BY FARMERS §
U . S . Department of Agriculture:
Combined index.
1909-14=100..
Chickens and eggs
.-do
Cotton and cottonseed. _.
do
Dairy products
do
Fruits
do
Grains
do
Meat animals.
do
Truck crops
do
Miscellaneous
do
RETAIL PRICES
U. S. Department of Commerce:
All commodities, index*
1935-39=100
U. S. Department of Labor Indexes:
Anthracite
1923-25=100
Bituminous coal
do
Food, combined index
1935-39=100
Cereals and bakery products*
do
Dairy products*
-do
Fruits and vegetables*
-do
Meats*
do.-._
Fairchild's index:
Combined index
Dec. 31, 1930=100
Apparel:
Infants'.
-do
Men's...
do
Women's
do
Home furnishings
do
Piece goods
do
WHOLESALE PRICES
U. S. Department of Labor indexes:
Combined index (889 series)
1926 = 100
Economic classes:
Manufactured products.
do
Raw materials.
do
Semimanufactured articles
do
Farm products
_ _ _ do.
Grains
do.
Livestock and poultry
..-do_
v 100.2
v 111.3
92.9
121.4
123.2
120.5
100.1
108.2
92.8
117.0
107.3
129.2
p Preliminary.
242.
§Data for Dec. 15,1943: Total, 197; chickens and eggs, 210; cotton and cottonseed, 168; dairy products, 191; fruits, 231; grains, 170; meat animals, 192; truck crops, 245; miscellaneous,
JSee note marked " J " on p. S-3 of the July 1943 Survey in regard to revisions incorporated in the indexes beginning March 1943. Rents, which are subject to control in all cities
covered by monthly reports, vary little in most areas and data are now collected only at quarterly pricing periods.
*New series. Data for inventories of nonferrous metals and their products were included in "other durable goods" as shown in the Survey prior to the May 1943 issue; revised
figures for the latter series and data for nonferrous metals, beginning December 1938, are available on request. For data beginning January 1939 for the Department of Commerce
index of retail prices of all commodities and a description of the series, see p. 28 of the August 1943 Survey. Earlier data for the indexes of retail prices for the food subgroups will
be shown in a subsequent issue; the combined index for foods, which is the same as the food index under cost of living above, includes other food groups not shown separately.
fRevised series. Data shown on a revised basis beginning with the May 1943 Survey. See note marked "*."
S-4
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
January 1944
1943
Novem- December
ber
October
January
February-
March
April
May
June
August
July
September
October
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes—Con.
Commodities other than farm products
1926=100..
Foods...
..do...Cereal products
_do
Dairy products
do
Fruits and vegetables
do
Meats
-do
Commodities other than farm products
and foods...
....1926= 100..
Building materials
do
Brick and tile
do
Cement
do.__.
Lumber
_
do
Paint and paint materials
do
Chemicals and allied products...do
Chemicals
-do
Drugs and Pharmaceuticals
do
Fertilizer materials
__..do
Oils and fats
.do
Fuel and lighting materials
do
Electricity
do
Gas
..do
Petroleum products
do
Hides and leather products
do
Hides and skins
do
Leather
_._do
Shoes.
...do
Housefurnishing goods
do
Furnishings
.do
Furniture.._
-do
Metals and metal products.
-do
Iron and steel
do
Metals, nonferrous
do
Plumbing and heating equipment
1926=100..
Textile products
.do
Clothing
do
Cotton goods
do
Hosiery and underwear
...do
Rayon..
do
Woolen and worsted goods
do
Miscellaneous
do
Automobile tires and tubes
do
Paper and pulp
do
Wholesale prices, actual. (See under respective
commodities.)
P98.8
105.8
94.7
110.9
118.5
106.3
*>97.4
113.1
100.0
93.6
143.9
103.2
100.3
96.3
165.2
81.3
102.0
* 81.2
63.5
116.5
108.5
101. 3
126.4
102.8
107.1
98.4
» 103. 8
97.1
86.0
97.9
103.4
89.3
109.2
98.2
115. 5
97.9
103.5
89. 5
111.2
102.0
112.0
98.1
104.3
89.3
111.8
104.3
113. 6
98 5
105! 2
90.6
113.4
102.6
115. 5
98.7
105.8
92.2
113.3
108.5
115.5
99.0
107.4
93.5
113.2
115.6
115.5
99.1
108.4
93.7
113.3
123.2
115.8
99.2
110.5
93.6
113.1
137.7
115.9
98.7
109.6
93.6
109.5
143.6
111.6
98.3
107.2
93.8
108.9
138.0
105.9
98.5
105.8
93.8
108.9
125.6
106.0
98.6
105.0
94.4
108.9
116.7
106.0
95.5
110.4
98.7
94.2
133.3
101.0
96.2
96.2
128.8
78.3
101.5
79.0
61.9
79.2
60.6
117.8
116.0
101.3
126.4
102. 5
107.3
97.4
103.8
97.2
95.8
110.1
98.6
94.2
133.1
100.7
99.5
96.2
165.4
78.6
101.5
79.1
62.3
78.4
60.7
117.8
116.0
101.3
126.4
102.5
107. 3
97.4
103. 8
97.2
86.0
95.9
110.0
98.7
94.2
133.3
100.3
99.5
96.1
165.4
79.0
101.5
79.2
62.0
76.1
60.7
117.8
116. 0
101.3
126.4
102.5
107.3
97.4
103. 8
97.2
86.0
96.0
109.8
98.7
94.2
133.3
100.6
100.2
96.9
165.4
79.0
101.5
79.3
62.6
73.2
60.8
117.8
116.0
101.3
126.4
102. 5
107. 3
97.4
103.8
97.2
86.0
96.2
110.2
98.6
94.2
134.6
101.2
100. 3
96.9
165. 5
79.0
101.5
79.8
63.0
75.8
61.2
117.8
116.0
101.3
126.4
102.6
107.3
97.7
103. 8
97.2
86.0
96.5
110.4
98.7
94.2
134.6
102.2
100,0
96.4
165.0
79.0
101.5
80.3
60.2
75.6
61.5
117.8
116.0
101.3
126.4
102.6
107.3
97.7
103.8
97.2
86.0
96.6
110.3
98.7
94.2
134.7
102.5
100.1
96.4
165.1
80.0
101.5
80.6
60.6
76.4
62.0
117.8
116.0
101.3
126.4
102.6
107.3
97.7
103.8
97.2
86.0
96.7
110.5
98.9
93.9
135.6
102.2
100.2
96.4
165.1
80.0
102.0
80.8
59.5
77.5
62.5
117.8
116.0
101.3
126.4
102.7
107.3
98.0
103.8
97.2
86.0
96.8
110.6
99.0
93.6
136.3
102.0
100.0
96.4
165.2
78.6
102.9
81.0
58.8
79.1
62.6
117.8
116.0
101.3
126.4
102.8
107.3
98.1
103. 8
97.3
86.0
96.9
110.7
99.0
93.6
137.1
102.0
100.1
96.4
165.2
79.3
102.0
81.0
59.0
77.6
62.8
117.8
116.0
101.3
126.4
102.6
107.1
98.1
103.7
97.1
86.0
97.1
112.2
99.0
93.6
142.0
102.8
100.2
96.5
165.2
80.1
102.0
80.9
57.6
76.3
63.0
117.8
116.0
101.3
126.4
102.6
107.1
98.1
103.7
97.1
86.0
97.2
112.5
99.0
93.6
142.7
102.6
100.3
96.5
165.2
80.6
102.0
81.0
58.1
77.1
63.2
117.8
116.0
101.3
126.4
102. 6
107.1
98.1
103.7
97.1
86.0
93.2
97.1
107.0
112.4
70.5
30.3
111.7
90.1
73.0
98.8
90.4
97.2
107.0
112.4
70.5
30.3
112.1
90.5
73.0
99.0
90.4
97.3
107.0
112.5
70.5
30.3
112. 4
90.7
73.0
100.1
90.4
97.3
107.0
112.6
70.5
30.3
112.4
90.9
73.0
101.1
90.4
97.3
107.0
112.6
70.5
30.3.
112.4
91.4
73.0
102.7
90.4
97.4
107.0
112.6
70.5
30.3
112.5
91.6
73.0
102.9
90.4
97.4
107.0
112.6
70.5
30.3
112.5
91.9
73.0
104.3
90.4
97.4
107.0
112.6
70.5
30.3
112.5
91.8
73.0
104.3
90.4
97.4
107.0
112.6
70.5
30.3
112.5
92.3
73.0
104.3
90,4
97.4
107.0
112.7
70.5
30.3
112.5
92.6
73.0
104.3
90.2
97.5
107.0
112.9
70.5
30.3
112.5
93.0
73.0
105.6
80.2
83.5
76.2
62.2
79.6
83.1
75.3
59.1
78.9
82.9
75.1
57.7
78.5
82.6
74.8
59.1
77.8
81.4
72.7
57.7
77.5
80.6
71.0
56.9
77.3
79.9
69.8
56.2
77.5
80.1
70.4
55.3
77.9
80.7
71.8
55.9
78.1
81.2
72.8
54.4
78.1
80.7
72.7
54.4
91.8
97.7
107.0
112.9
71.7
30.3
112.5
93.2
73.0
105.8
94.1
97.1
107.0
112.4
70.5
30.3
111.7
88.6
73.0
•8.2
80.4
84.0
77.1
62.2
!
PURCHASING POWER OF THE
DOLLAR
As measured b y Wholesale prices
1935-39=100Cost of living
_
do
Retail food prices
,
do
Prices received by farmers...
do
72.7
54.8
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction, total
mil. of dol_.
Private, total
do
Residential (nonfarm)
do
Nonresidential building, except farm and
public utility, total
mil. of doL.
Industrial
do
All other
do
Farm construction, total
do
Residential
do
Nonresidential
_._
do
Public utility
do
Public construction, total
do
Residential
.
do
Military and naval
do
Nonresidential building, total
do
Industrial
do
All other
...
do
Highway
do-..Sewage disposal and water supply..do
All other Federal
do
Miscellaneous public-service enterprises
mil. of dol.J
P448
P144
^30
p 5
1.274
200
92
1,123
168
37
29
8
15
9
6
56
1.074
66
523
389
382
7
62
9
22
31
23
8
10
6
4
47
955
61
497
330
324
6
47
7
11
3
128
65
22
16
6
5
2
3
36
761
63
358
286
282
4
30
5
17
'836
116
54
'765
'107
45
'761
'110
44
'738
'122
52
'737
'138
64
'716
148
73
677
151
78
'634
'155
82
'546
' 152
83
18
12
6
'5
'3
2
'39
'720
r
55
'334
'292
'289
3
24
5
15
10
5
' 7
3
'4
40
'658
'53
'302
'263
'261
2
23
4
11
5
9
4
5
'44
'651
'72
' 285
'252
'250
2
24
4
12
10
6
4
' 16
6
'10
'44
'616
'71
'278
'223
'220
3
29
5
8
12
7
5
'21
'9
' 12
'41
'599
'78
'266
'207
'204
3
35
5
13
8
5
'21
'9
'12
'41
'568
76
'252
185
181
4
40
6
7
14
9
5
'19
8
'11
40
526
63
230
174
170
4
44
6
7
15
9
6
'17
'10
'41
'479
55
'219
'145
'140
'5
46
'6
6
16
9
7
'13
'6
'7
'40
'394
'43
' 174
' 122
'117
5
43
5
5
2
2
7
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes):
63
139
Total, unadjusted
1923-25 = 100..
118
67
175
174
77
66
54
35
Residential, unadjusted
.,_do
36
80
Total, adjusted
...do
145 ,
102
60
59
185
198
175
79
35
Residential, adjusted.
...do
90
83
91
56
36
p
v Preliminary.
Revised.
*New series. The series on new construction are estimates by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce, with the exception of the series
on residential (nonfarm) construction, which is from the U. S. Department of Labor, and the data for military and naval and public industrial construction since January 1941, which
are from the War Production Board. For annual data beginning 1929, see p. 32, table 11, of the June 1943 Survey, and for quarterly estimates for 1939 to 1942, see p. 10, table 7, of the
May 1943 issue. Additional data relating to the derivation of the estimates are shown on pp. 24-26 of the May 1942 issue.
S-5
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
October
1943
Novem- December
ber
August
September
October
13, 779
35,872 38, 797 25, 338 18, 503 16,117 15, 435 14,024 14,846
654,184 708, 716 350, 661 393, 517 339,698 303.371 234,426 229, 599 183,661
591, 940 663, 817 315, 575 363, 852 304, 032 253, 334 192,000 183,167 122,250
62, 244
35,086 29, 665 35, 666 50, 037 42, 426 46,432 61,411
15, 758
413,791
351,361
62, 430
12, 588
175,115
119, 555
55, 560
14, 739
213, 529
157,166
56, 363
12, 281 15,093
6,842
5,090
3,635
52, 615 67, 327 27, 913 37,810 28,310
256, 513 278,091 154,064 187, 242 144,935
January
February
March
April
May
June
July
CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED—Con.
Contract awards, 37 States (F. W. Dodge
Corporation):
Total projects
number.
11,594 35, 934
Total valuation
thous. of doL 184, 399 780, 396
Public ownership
d o . . . 134,710 709,879
Private ownership
.do
49, 689 70,517
Nonresidential buildings:
Projects
number.
2,341
9,945
Floor area
thous. of sq. ft.. 14,190 77, 245
Valuation
thous. of doL. 67, 028 372,991
Residential buildings:
Projects
number..
8,156
22,218
Floor area
thous. of sq. ft.. 13, 733 37, 444
Valuation
thous. of doL. 58, 384 161,206
Public works:
Projects
number.
692
3,035
Valuation
thous. of dol. 30, 436 154, 795
Utilities:
Projects...
number..
405
736
Valuation
thous. of dol_. 28, 551 91, 404
Indexes of building construction (based on
bldg. permits, U. S. Dept. of Labor):f
Number of new dwelling units provided
1935-39=100..
99.0
129.4
Permit valuation:
Total building construction..
.do
55.1
90.1
New residential buildings
do
67.3
109.6
New nonresidential buildings
do
36.7
84.0
Additions, alterations, andrepairs.do
75.2
61.9
Estimated number of new dwelling units in
nonfarm areas (U. S. Dept. of Labor):
Total nonfarm (quarterly)*
number.
Urban, total
do
17,166 22,431
1-family dwellings
do
14.769
17,709
2-family dwellings
_do
1, 309
1,121
1, 088
Multifamily dwellings..
do
3,601
Engineering construction:
Contract awards (E. N . R.)§_thous. of doL. 203, 632 691, 979
21,826 21,302
37,697 38,112
156, 654 159,652
r
3,839
18,835
96, 214
3,455
15,126
75,301
3,056
17,283
94,834
2,109
10,788
61,840
3,203
26, 321
272, 888
2,877
11,437
70, 899
2,736
13,074
80, 304
17,428
24,920
110, 813
12,155
22,188
93,294
10,295
16,990
71,786
10, 440
18, 767
79,434
9,197
15,207
63, 291
10,424
14,060
61,508
10, 506
16, 651
71,836
10, 988
16, 794
67,493
8,189
11,409
54, 080
10, 747
14, 783
69, 739
1,080
94,157
1,386
142,157
38, 254
761
52,856
1,635
62,037
787
41,882
1,010
47,704
978
35, 720
920
28, 400
1,185
32, 755
1, 214
28, 485
903
33, 864
685
146,860
1,016
128,816
386
47, 530
497
60,125
552
60, 940
369
85,841
362
48,130
37, 537
244
21, 585
382
40, 655
308
21, 651
353
29, 622
86.2
94.3
126.2
130.3
102.0
88.7
119.3
82.1
85.3
101.9
79.6
53.7
71.6
40.6
65.7
64.0
75.2
45.3
69.8
76.4
76.0
38.9
66.3
79.4
63.3
44.7
60.1
73.3
52.4
50.2
54.4
62.4
46.1
57.9
56.0
78.8
35.3
58.4
61.9
62.7
56.8
71.2
57.9
67.0
43.4
74.7
59.5
78.1
36.2
78.2.
63.8
60.9
56.8
88.1
'69.5
'81.7
' 55. 0
'79.9
21,877
13,894
22,603
19, 844
588
2,171
118,400
17,684
14,175
1,066
2,443
15,374
11,924
1,369
2,081
20, 684
16,664
1,646
2,374
82,100
14, 230
10, 248
1,686
2,296
14, 798
11, 209
1,408
2,181
17, 662
11,823
1, 934
3, 903
75, 200
13,796
9, 575
1, 535
2, 686
18,170
13, 348
1,802
3, 020
607, 622 373, 622 226, 826 306, 242 305,973
379,068
273,650
274,493
296,188
161, 548
264, 285
193, 379
3,848
2,240
768
840
7,842
5,711
1,346
785
9,010
7,242
1,104
665
7,611
5,588
649
1,374
3,516
2,387
620
508
6, 850
4, 296
1, 385
1,169
4, 509
3,234
551
724
'14,954
'10,814
r
1,215
2,925
89,200
' 16,345
'11,223
' 1,084
'4,038
7,085
r
100. 5
HIGHWAY CONSTRUCTION
Concrete pavement contract awards:t
Total
thous. of sq. y d . .
Airports.._
do
Roads
_
do
Streets and alleys.
do
2,507
1,613
369
525
12, 453
7,600
2,806
2,047
7,077
4,802
927
1,348
9,328
6,093
1,968
1,267
6,237
5,065
541
631
6,872
5,644
649
579
7,324
5,548
927
850
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100
227
225
227
227
American Appraisal Co.:
Average, 30 cities
1913=100
254
251
252
246
247
249
249
248
250
250
250
254
249
254
Atlanta
do
261
249
250
253
253
250
254
256
257
259
254
261
254
261
New York
do
257
251
251
251
251
251
252
252
251
254
255
251
257
257
San Francisco
do
234
229
229
230
230
230
232
233
233
233
232
232
233
233
St. Louis
do
248
242
242
242
242
242
243
243
242
244
246
242
248
248
Associated General Contractors (all types)
218. 2
214.1
217.2
213.5
213.7
217.0
1913=100-.
213.5
213.5
216.0
216.0
214.1
215.0
217.0
217.8
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. av., 1926-29 = 100.. 112.8
107.3
108.2
106.1
107.3
107.3
108.5
107.0
107.2
107.3
107.3
108. 5
107.3
112.6
144.8
New York
do
138.3
138.5
140.0
138.1
139.8
139. 8
140.0
140.0
138.6
138.6
139. 9
140.0
143.8
135.3
San Francisco
do
132.5
132. 5
131.3
132.3
132.3
133.2
132.0
132.0
132.3
132.3
135. 3
135.3
132. 3
132.2
St. Louis
do
131.2
129.6
130.7
131.2
130.6
130.6
130.7
130.7
131.4
131.7
131.7
131.7
130.7
Commercial and factory buildings:
Brick and concrete:
112.6
107.0
107.9
106.7
106.9
107.0
107.0
107.7
112.4
Atlanta
do
106.0
107.0
107.0
107.9
107.0
147.3
141.0
141.0
139.7
139.8
139.8
140.0
141.2
141.2
139.5
141.9
146. 3
New York
_
.do
141.2
141.2
139. 4
134.4
134.4
134.6
135.6
135.8
139.4
135.6
135.6
139.4
San Francisco
.do
135.6
135. 6
135.8
136.1
133.7
133.4
133.4
132.6
133.5
133.4
133.0
133.1
133.4
133.5
133.5
133.0
133. 4
St. Louis
...do
133.5
Brick and steel:
113.3
106. 5
107.2
107.8
108.3
107.6
107.8
107.8
107.9
107.9
107.9
108. 3
112. 1
Atlanta
do
107.8
144.2
137.5
137.6
138.5
138.9
138.9
138.9
136.9
137. 3
137.6
138.2
142.0
138.5
138.9
New York
do
137.6
134.5
135.3
135.7
135.7
135. 7
135.7
136.1
137.6
137.6
135.3
135.7
136.1
136.7
San Francisco
do
131.8
129.4
130.2
130.4
130.4
130.4
129.7
129.7
130.4
130.4
130.2
130.4
130.4
130.0
St. Louis
do
Residences:
Brick:
113.7
111.3
113.7
107.4
109.5
104.1
107.4
107.7
107.7
105.3
106.7
107.4
107.7
111.3
Atlanta
do
147.1
142.2
142.2
145.6
142.3
142.3
139.4
140.8
139.9
142.3
142.8
140.9
140. 9
142.3
New York
do
134.2
134.2
129.6
133.1
129.6
129.6
131.0
129.6
131.0
134. 2
126.8
127.6
127.6
129.6
San Francisco
.do
130. 0
129. 7
127.4
127.4
127.2
127.2
127.4
129.7
129.7
128.3
126.9
126.7
126.7
127.4
St. Louis
do
Frame:
114. 2
112.6
112.6
110.3
114.2
108.0
103.6
105.0
106.8
107.7
107.7
108.0
108.0
Atlanta
do
107.7
147. 5
145. 3
148. 2
144.7
144.7
141.5
142.5
142.5
144.3
144.3
144.3
141.1
142.9
New York
do
144.3
130.4
131.3
131.3
127.4
131.3
122.5
123. 3
123.3
125.6
125.6
125.6
125.6
San Francisco
do
125.6
127.4
128.2
128.3
126.4
128.2
128.2
125.6
125.6
126.5
126.5
126.5
124.9
St. Louis
do
126.5
124.9
124.8
Engineering News Record (all types)
294.1
294. 4
294.3 I
294.5
291.4
289.9
289.9
283.6 I 283.7 I 283.5
283.5
285. 2 I 288.8
1913=100' Revised.
§ Data for October and December 1942 and for April, July, and September 1943 are for 5 weeks; other months, 4 weeks.
JData published currently and in earlier issues of the Survey cover 4- and 5-week periods, except for January and December; beginning 1939 weekly data are combined on the
basis of weeks ended on Saturday within the months unless a week ends on the 1st and 2d of the month when it is included in figures for the preceding month (March and April
1943 are exceptions, as the week ended Apr. 3 is included in figures for March); December figures include awards through Dec. 31 and January figures begin Jan. 1.
*New series. The quarterly estimates of total nonfarm dwelling units include data for urban dwelling units shown above by months and data for rural nonfarm dwelling units
which are compiled only quarterly; for 1940 and 1941 data, see p . S-4 of the November 1942 Survey (revised figures for first half of 1942—1st quarter, 137,300; 2d quarter, 166,600); annual
estimates for 1920-39 are available on request.
t Revised series. Data have been revised for 1940-42; revisions for January-September 1942 are published in the May to December 1943 series of the Survey; revised data for
August to December 1941 are on p. S-4 of the October 1942 issue; earlier revisions are available on request.
564314—44
4
S-6
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together "with explanatory notes
and references to the sources of the
data, m a y be found in the 1942 Supplement to the Survey
1943
1942
1943
November
January 1944
October
Novem- December
ber
January
February
March
April
May
June
July
August September
October
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES-Con.
Federal Home Loan Bank Administration:
Standard 6-room frame house:
Combined index
1935-39=100
Materials . _
- . . _ do . .
Labor
_
_ .
do. _.
129 8
126.8
135. 6
124.5
121.6
130.2
124.4
121.5
130.2
124.5
121.4
130.7
124.7
121.5
130.9
125.5
121.9
132. 5
125. 7
122.0
133.0
125.7
121.8
133 4
126.2
122.2
134. 3
126.8
123.0
134.3
127.3
123.7
134.3
127.1
123.4
134.2
127.6
124.4
133.8
129.1
126.0
135. 0
99,833
73, 768
54, 086
45, 562
53, 725
70,941
74, 226
60, 702
67, 820
73, 563
68, 029
70, 282
66,241
4, 394
4,473
4,555
4,627
4,684
4,747
4,799
4,856
4,917
4,982
5,051
5,118
5, 186
357,083
278, 321
265, 406
228, 283
219,882
269, 419
308, 957
327,092
349,046
351, 516
355,432
380.809
386, 303
91, 672
73, 979
70, 628
57, 856
63, 324
87,185
98,735
100,490
108, 876
111,355
117,389
122,973
115,150
10, 572
56, 528
14,694
3,498
6,380
9,275
43, 984
12,472
3,007
5, 241
8,472
41,440
12, 768
2.199
5, 749
7,173
32,820
11,408
1,667
4,788
4,594
39.084
12, 510
1,953
5,183
8,572
55, 235
14,874
2,377
6,127
9,853
65,088
15,040
2,484
6,270
9,039
67, 826
14, 843
2,606
6,176
8,946
74,885
15,913
2,707
6,425
9,209
77, 555
14, 925
2,807
6,859
10, 616
82, 894
14, 600
2,809
6,470
13,211
86,016
13,799
3,229
6,718
7,452
83, 259
14,025
2,874
7,540
1,863
1,863
1,854
1,844
1,839
1,839
1,847
1,850
1,866
1,871
1,881
1,896
1,909
131
122
129
113
96
79
87
79
90
92
81
130
127
1,603
1,587
1,567
1,548
1,529
1,504
1,482
1,460
1,441
1,419
1,400
1,383
1,368
24 4
22, 621
23.4
24,144
21.9
36, 469
21.0
27, 733
18.8
33,175
17.6
39,214
18.3
34, 241
16.9
29, 297
16 1
26,854
15.9
25,016
14.9
29,193
15.6
26, 488
13 7
29, 661
REAL ESTATE
Fed. Hous. Adrnn. home mortgage insurance:
Gross mortgages accepted for insurance
thous. of dol - _ 70,348
Premium-paying mortgages (cumulative)
5, 256
mil. of dol. _
Estimated total nonfarm mortgages recorded
($20,000 and under)*
...thous. of dol.. 353, 673
Estimated new mortgage loans by all savings
and loan associations, totaL.thous. of dol._ 103, 056
Classified according to purpose:
Mortgage loans on homes:
6,928
Construction
do
Home purchase
do
73 053
Refinancing
do
12 767
Repairs and reconditioning
do
2,638
7,670
Loans for all other purposes
do
Loans outstanding of agencies under the Federal Home Loan Bank Administration:
Federal Savings and Loan Assns., estimated
1,915
mortgages outstanding X-- -mil. of dol..
Fed. Home Loan Bks., outstanding ad116
vances to member institutions..mil. ofdoL.
Home Owners' Loan Corporation, balance of
1,354
loans outstanding
mil of dol
Foreclosures, nonfarm :t
14 3
Index adjusted
1935-39="00
Fire losses
thous. of doL. 31, 647
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined index. 1928-32=100.
Farm papers
do...
Magazines
do.. _
Newspapers
do..
Outdoor
do...
Tide, combined index*
1935-39=100.
Magazines*.
do....
Newspapers*
do...
Radio advertising:
Cost of facilities, total
thous. of dol.
Automobiles and accessories
do...
Clothing
do
Electrical household equipment
do...
Financial
do
Foods, food beverages, confections . d o . . .
Gasoline and oil
do...
House furnishings, etc
do...
Soap, cleansers, etc
do
Smoking materials
do
Toilet goods, medical supplies
do...
All other
do...
Magazine advertising:
Cost, total
do...
Automobiles and accessories
do...
Clothing
do...
Electric household equipment
do.-.
Financial
do...
Foods, food beverages, confections.-do._.
Gasoline and oil
do...
House furnishings, etc
do._.
Soap, cleansers, etc
do
Office furnishings and supplies
do._.
Smoking materials
do...
Toilet goods, medical supplies
do...
All other
do...
Linage, total
thous. of lines.
Newspaper advertising:
Linage, total (52 cities)
do...
Classified
do...
Display, total
do...
Automotive
do
Financial
do
General
do...
Retail
do...
100.8
93.5
117. 7
89.8
68.8
140.5
172.0
107. 3
84.2
69.8
82.0
79.9
65.6
113.3
127.9
95.8
88.4
73.9
91.7
82.1
5r>. 6
117.1
134.4
100-1
96.8
82. /
101.3
87.6
77.5
118.6
146.1
97.1
84.7
64.8
79.8
77.3
77.1
123.1
159.6
103.0
88.8
64.9
83.1
81.9
77.0
120.0
144.9
103.4
87.0
60.5
78.7
80.8
85.0
112.4
125.1
97.3
92.1
75.5
82.9
87.4
69.9
123.1
126.6
108.5
89.9
77.4
88.9
82.3
69.2
123.2
131.1
99.7
96.4
88.1
107. 7
86.6
58.7
135.6
145.8
106. 4
104.7
95.0
129.4
91.1
65.0
152.2
184.8
116.0
109.2
110.7
125.2
96.9
64.5
162.0
212.2
120.6
108.7
102.0
110.7
96.3
93.9
154.9
190.0
117.0
97.7
92 2
111.1
87.5
67.0
143.2
170.4
109.9
10, 332
339
94
53
49
3,027
480
56
853
1,485
3,081
815
10,716
362
115
67
57
3,027
532
54
799
1,497
3,136
1,069
11, 284
361
125
54
60
3,180
609
49
904
1,606
3,275
1,061
11,169
347
61
67
76
2,919
646
60
810
1,604
3,410
1,169
10, 345
348
60
57
62
2,785
572
48
836
1,475
3,078
1,024
11,949
479
97
55
72
3,128
638
48
1,040
1,655
3,491
1,246
11,971
513
92
77
82
3,288
639
50
1,022
1,607
3,319
1,284
12, 346
596
101
96
96
3,277
504
62
977
1,603
3,502
1,531
12, 550
682
99
79
64
3,360
512
50
1,028
1, 638
3,623
1,416
12, 333
692
70
85
60
3,409
514
67
941
1,509
3, 552
1,433
12, 929
800
84
93
84
3,582
549
66
959
1,454
3,678
1,579
13,127
695
135
79
80
3,710
537
63
1,012
1,454
3,762
1,599
14, 264
724
164
100
118
4, 053
576
76
959
1,621
4,023
1,851
24, 441
1,577
1, 761
589
434
3,647
462
843
408
413
1,129
4,612
8, 565
3,342
18,189
1,143
1,381
443
441
2,947
415
882
445
298
831
2,865
6,099
2,528
19,450
979
1,144
522
466
3,377
367
757
479
322
983
3,075
6,979
2, 650
16, 940
607
870
401
336
2,608
187
735
270
328
781
2,682
7,134
2,033
12, 631
651
381
199
340
2,083
146
312
319
166
743
2,166
5,126
2,179
15, 800
721
725
382
350
2,772
273
341
569
207
733
2,940
5,786
2,432
17, 459
956
1,185
351
392
2,722
336
594
661
238
866
3,122
6,036
2,608
18,673
1,033
1,258
450
337
2,906
437
804
592
293
796
3,242
6, 524
2,671
21,351
1,452
1,142
567
457
3,140
492
930
666
353
918
3,650
7, 585
2,788
18,459
1,282
934
514
407
2,772
412
745
476
267
804
3,290
6, 557
2,360
17, 223
1, 565
429
414
371
2,692
407
348
241
139
794
3,034
6,789
2,553
18,530
1,653
1,030
437
314
2,620
443
451
271
279
914
3,069
7,049
2, 965
20, 990
1,588
1,918
496
401
2, 749
425
838
338
363
922
3, 412
7,538
3,185
24, 490
1,739
2,072
663
479
3,453
444
1,062
466
351
1,067
4,303
8,391
3, 447
127,631
27,105
100,526
3,920
1,293
24, 422
70,890
117,442
24,071
93, 371
2,404
1,233
19,781
69, 953
119,063
22,996
96,067
2,787
1,470
21, 775
70,035
120, 332
21, 756
98,575
2, 581
1,467
19.147
75, 381
94, 488
22, 285
72, 204
1,513
1,887
14,674
54,130
95, 607
22, 235
73,372
1,423
1,232
17,836
52,881
113,190
26, 925
86, 265
2.500
1,595
20,262
61, 908
125, 282
29,183
96,099
2,864
1,817
20,801
70,617
120,985
31, 220
89, 765
3,220
1,247
21,179
64,120
114,016
29, 308
84, 709
3,079
1,323
21,099
59,208
103,109
28, 641
74. 468
2,658
1,665
17, 224
52, 921
113,215
31,388
81,827
2,664
1,252
17, 733
60,178
126, 785 134, 704
30, 923 30,244
95,862 104,460
2,947
2, 620
1,583
1, 521
23, 800 27, 301
67,85S
72,692
GOODS IN WAREHOUSES
Space occupied in public-merchandise ware82.1
82.5
83.6
83.4
83.5
85.0
86.1
83.7
houses §
percent of total
82.1
82.5 I
83.6 1
83.4
83.3
83.7!
83.7
83.5
85.0
86.1
85.6
85.3
83.3
83.7
JMinor revisions in the data beginning January 1939; revisions not shown in the August 1942 Survey are available on request.
§ See note marked " § " on p . S-6 of the April 1943 Survey with regard to enlargement of the reporting sample in August 1942.
*New series. The series on nonfarm mortgages recorded is compiled by the Federal Home Loan Bank Administration; for information regarding the basis of the estimates and
data for January 1939 to September 1942 see note marked "*" on p. S-5 of the November 1942 Survey. The new indexes of advertising are compiled by J. K. Lasser & Co. for "Tide"
magazine; the combined index includes radio (network only prior to July 1941 and network and national spot advertising beginning with that month), farm papers, and outdoor advertising, for which separate indexes are computed by the compiling agency, in addition to magazine and newspaper advertising shown above; the component series, with the exception of
newspaper advertising, are based on advertising costs; the newspaper index is based on linage; data beginning 1936 will be published in a subsequent issue.
t The index of nonfarm foreclosures has been revised for 1940 and 1941. Revisions are shown on p . S-6 of the May 1943 Survey.
S-7
SURVEY OF CURRENT BUSINESS
January 1941
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1943
February
March
April
May
June
July
August
September
October
DOMESTIC TRADE—Continued
POSTAL BUSINESS
Air mail, pound-mile performance ..millions.
Money orders:
Domestic, issued (50 cities):
6,137
Number
thousands._
Value
thous. of doL. 101,110
Domestic, paid (50 cities):
Number
.thousands. _ 15, 413
182, 703
Value
.thous. of dol
5,556
6,033
5,729
5,439
5, 983
9,527
7,281
92, 987 178, 211 101, 268
6,923
99,878
7,770
6,006
158, 381 106, 623
5,968
5,478
6, 385
86, 570 116, 970 104, 640
15, 649 18, 376 16, 681 15, 209 21, 350 18, 269 15,011
17,386
180, 535 162,162 196,067 176,866 171,967 338, 616 243,825 174,880
17,636 16, 612
262, 532 237, 398
13, 867 15,118
15, 663
170,463 206, 060 197, 296
4,335
4,338
5,039
4,658
6,022
78, 748
7,748
75, 475
8,201
90, 554
7,632
86,624
4,927
5,398
CONSUMER EXPENDITURES
Estimated expenditures for goods and services:*
Total
mil. of dol.
Goods
do...
Services (including gifts).
do...
Indexes:
Unadjusted, total
1935-39=100.
Goods
do__.
Services (including gifts)
do.. _
Adjusted, total
do...
Goods
do___
Services (including gifts).
do...
5,477
179.6
174.7
7,520
5,179
2,340
7,195
4,820
2,375
8,352
5,976
2,376
6,816
4,406
2,411
6,796
4,404
2,392
7,250
4,826
2,424
7, 438
5,010
2,427
7,441
5,014
2,427
7,590
5,140
2,451
7,454
4, 996
2,458
7,388
4,954
2,434
7,672
5,237
2,434
8,049
' 5, 577
2,472
148.9
159.1
131.1
145.0
153.0
130.9
151.7
161.8
133.9
148.2
156.2
134.2
168.1
188.1
132.9
142.6
148.5
132.2
138.2
140.1
135.0
150.1
159.6
133.4
146.7
152.3
136.9
158.1
171.4
134.7
145.9
151.7
135.7
152.5
161.9
136.1
152.5
161.4
136.9
151.3
160.0
136.1
150.6
158. 9
135.9
149.8
157.0
137.1
156.1
166.3
138.2
155.2
164.6
138.7
148.5
154.6
137.7
154.9
163. 9
139.1
' 150.3
158.2
136.4
155.3
164.8
138.6
159. 3
171.8
137.3
154.9
164. 7
137.6
160. 9
' 173. 7
138.4
156.9
r 167. 7
138.0
RETAIL TRADE
All retail stores, estimated sales, totalt
5,319
5.088
5, 604
4,452
5,184
5,139
4,966
5,430
6,138
4, 459
5,002
5,212
5. 357 ' 5, 718
mil. of doL787
779
'810
864
777
775
749
889
583
582
718
792
805
810
Durable goods storest
do
230
'214
198
208
184
180
167
158
214
230
231
231
226
220
Automotive groupt
do
104
14S
136
150
160
153
130
117
119
112
163
174
170
166
Motor vehicles*
do
67
'66
63
58
53
63
48
46
51
56
61
65
66
67
Parts and accessories*
do
285
' 308
279
349
287
291
280
259
202
199
250
282
283
295
Building materials and hardwaret--do
168
168
215
178
180
r 188
176
142
122
116
143
161
161
171
Building materials*
.do
38
32
47
27
28
24
28
36
40
39
39
32
34
39
Farm implements*
do
80
78
88
77
77
81
77
89
56
55
71
81
82
85
Hardware*
do
195
209
239
210
269
163
170
196
216
218
209
193
190
062
Homefurnishings groupt
do
156
171
182
168
160
204
121
128
152
169
176
167
156
154
Furniture and housefurnishings*_do
39
38
57
37
36
37
Household appliance and radio*__do
50
65
43
42
43
46
42
41
69
68
101
82
75
181
51
54
58
64
73
75
71
74
Jewelry stores*
do
4,360
4,566
4,817
Nondurable goods storest
do
4,216
5,249
3,869
3,877
4,284
4,421
4,380
4,509
4,312
4,582 ' 4. 908
391
537
621
r-619
486
722
414
496
472
572
479
540
424
553
A pparel group t
do
90
123
' 148
154
119
200
98
111
109
130
115
Men's clothing and furnish ings*-.do
136
85
118
179
235
'285
290
213
298
187
246
220
258
211
210
Women's apparel and accessories*.do
214
266
58
76
94
91
73
112
57
68
66
79
69
Family and other apparel*
.do
74
61
78
65
103
82
80
72
71
78
105
84
120
64
91
112
' 95
Shoes*.
_.
..do
231
207
234
'237
198
278
200
193
208
214
225
223
229
226
Drug storest
do
716
596
712
553
583
547
519
599
626
670
682
724
721
'742
Eating and drinking placest-do
1,494
1,486
1,398
1,500
1,341
1,514
1,367
1,287
1,443
1,356
1,418
1,436
1,376
1,417
Food groupt
-do
1,143
1,146
1,040
1,058
1,058
1,000
1,101
1,030
1,074
1,090
1,161
1,136
1,046
1.073
Grocery and combination*
do
351
340
363
301
339
353
311
287
342
327
344
346
330
343
Other food*
do
226
254
221
215
259
187
182
162
191
204
217
221
224
222
Filling stationst
do
700
906
928
867
987
1,266
633
694
752
820
769
792
728
826
General merchandise groupt
do
398
572
651
586
558
800
384
432
464
507
463
479
435
516
Department, incl. mail order*
do
General, including general merchandise,
108
103
105
107
100
122
88
102
114
110
90
104
106
107
with food*
mil. of dol__
Other general merchandise and dry
92
82
69
74
88
83
90
134
93
102
100
80
90
105
goods*
mil. of dol._
111
127
124
122
Variety*
....do
119
211
93
98
106
119
112
113
108
110
603
650
580
662
513
699
526
526
619
630
602
615
607
618
Other retail storest
_._do
177
195
137
202
122
131
121
142
183
194
Feed and farm supply*
do
174
179
177
175
130
133
112
140
104
143
151
128
148
135
125
135
143
146
Fuel and ice*
do
109
112
130
115
99
* 154
101
100
115
114
Liquors*
do
110
106
101
107
186
210
201
'204
188
271
152
156
174
187
194
196
185
Other*
do....
190
All retail stores, indexes of sales:f
166.2
157.4
162.1
159.4
154.0
172.5
161.5
149.1
170.2
160.2
187.9
137.3
177.8
151.3
Unadjusted, combined index. .1935-39*= 100__
96.6
103.9
101. 5
100.0
110.5
74.6
78.6
86.7
99.0
Durable goods stores
do
102.9
101.4
96.5
100.1 r 100.5
172.7
178. 5
202. 7
Nondurable goods stores
do
181.5
213.1
157.8
172.1
172.3
182.7
177.8
187.3
177.2
193.0 ' 196. 0
162.5
154.3
174.1
106. 3
158. 2
153. 9
159. 2
170.4
161.2
159.2
Adjusted, combined index
do
155.3
163.0
163.7
162.7
122.6
122.7
130. 3
124. 1
124.7
120.2
124.2
132.4
122.9
120.0
115.9
122.1
123.5
121.9
Index eliminating price changes*..do
97.8
100.1
99.7
'97.2
98.3
91.9
93.7
95.9
95.1
97.4
93.0
93.8
Durable goods stores
do
98.5
97.1
48.8
48.7
48.5
45.7
42.5
46.1
46.0
48.7
50.5
48.1
47.4
' 50. 8
50.7
52. 3
Automotive
do
131.6
143.6
134.4
139.5
129. 5
128.6
134.5
129. 8
132.2
128.8
131.4
137.2
129.3 ' 131.5
Building materials and hardware-do
158.6
167.1
161.5
148.4
170.2
159.6
161.3
158.1
152.1
152. 6
142.9
147.8
147.3
144.1
Home furnishings
do
335.2
267.8
359.6
336. 0
277.4
270.0
263. 5
302.4
301.9
319.6
301.8
293.3
338.5
348.1
Jewelry
..do
183. 6
171.9
198.3
' 188. 8
177.7
174.1
180.6
194.7
182.7
179.4
175.6
185.6
185.0
184.1
Nondurable goods stores...
do
196.0
170.0
227.2
184.1
185.8
207. 2
278.2
200. 7
197.7
179.9
215.0
208.5
202. 8 ' 203. 3
Apparel
do
187. 6
171.5
205.3
175.1
184.3
176.1
179.2
178.6
185.4
186.0
189.4
188.6
188.4 ' 198. 4
Drug
do
271.3
227.3
297.0
230.3
226.3
240.6
244.7
242.8
251.7
256.4
265.2
258.1
270.8 ' 282. 6
Eating and drinking places
do
178.1
180.3
187.4
185.4
183.8
186.1
183.6
185.0
189.4
175.7
176.2
182.0
175. 4
180.5
Food
do
96.1
116.4
105. 3
101.6
127.5
93.3
102.2
98.3
97.3
98.5
97.9
99.3
99.2
102.7
Filling stations
..do
158.0
148.3
173. 8
157.2
157.7
146.8
158.9
182.8
157.6
154.3
143.8
154.1
163.8
154.9
General merchandise
do
218.3
185.1
224.0
182.8
189.2
193.8
200.7
204.3
210.6
208.6
216.5
224.5
210. 5^ ' 218.8
Other retail stores
do
Chain-store sales, indexes:
Chain-store Age, combined index (20 chains)
178.0
181.0
184.0
187.0
194.0
175.0
171.0
179.0
181.0
175.0
177.0
180.0
187.0
181.0
average same month
1929-31 = 100
224.0
235.0
254.0
218.0
228.0
216.0
243.0
295.0
239.0
228.0
208.0
208.0
238.0
244.0
Apparel chains
do
Drug chain-store sales:
156.4
157.2
151.9
148.4
155.0
141.6
210.3
140.2
151.7
147.5 r 160. 3
149.3
136.0
Unadjusted
.1935-39=100-. P 159. 5
165.0
147.1
158.9
141.0
154.6
146.3
145.5
149.1
156.9
160.3
165.5
159.9
153.6 r 157.9
Adjusted
do
Grocery chain-store sales:
146. 6
157.1
152.9
169.5
166. 4
153.3
154.9
155. 9 r 152. 5
170.9
158.0
165. 5
167.0
157.0
Unadjusted
„
do
156.0
152.7
159.1
170.0
169.5
162.1
162.8
165.6
163.9
148.8
152. 6
154.8
Adjusted
_
do
i 157.0
159.0
r
p
Revised.
Preliminary.
•New series. The dollar figures for consumer expenditures have been shown on a revised basis beginning in the March 1943 Survey and the indexes beginning in the July 1943
issue. Dollar figures for years prior to 1942 are available as follows: 1939-41, p. 7, of the April 1943 Survey; annual figures for years prior to 1939 for the total only, p. 12, table 2, of the
May 1942 issue. All revisions will be published later. A detailed description of the series, as originally compiled, appears on pp. 8-14 of the October 1942 Survey and a subsequent
change in the concepts is outlined in the descriptive notes for table 10, lines 16 to 19, included on p. 24 of the March 1943 issue. Data for 1929, 1933, and 1935-42 for the new series
under sales of retail stores are shown on p. 7, and pp. 11-14, of the November 1943 Survey.
tRevised series. Sales of retail stores have been completely revised; for figures for 1929, 1933, and 1935-42 and a description of the data, see pp. 6-14,19 and 20 of the November
1943 Survey.
S-8
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
October
January 1944
1942
1943
November
December
January
February
March
April
May
September
July
June
October
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Cbain-store sales, indexes—Continued.
Variety-store sales, combined sales, 7 chains:
Unadjusted
1935-39=100Adjusted.
do
Chain-store sales and stores operated:
Variety chains:
S. S. Kresge Co.:
Sales
thous. of dol.Stores operated
number. S. H . Kress & Co.:
Sales
thous. of dol. Stores operated
.number..
McCrory Stores Corp.:
Sales
.thous. of dol. _
Stores operated
number..
O. C. M u r p h y Co.:
Sales
thous. of dol. _
Stores operated
number..
F . W . Woolworth Co.:
Sales
thous. of d o l . .
Stores operated.
number..
Other chains:
W. T . Grant Co.:
Sales
thous. of dol._
Stores operated
number._
J. C. P e n n y Co.:
Sales
thous. of dol. _
Stores operated
number-.
Department stores:
Accounts receivable:
Instalment accounts§..Dec. 31,1939-100. Openaccounts§
do
Ratio of collections to accounts receivable:
Instalment accounts§__
percent..
Open accounts!do
Sales, total U . S. unadjusted__1923-25=100_Atlantaf
1935-39=100..
Boston
....1923-25=100-.
Chicago.—
._ .1935-39=100. .
Clevelandf.
do
Dallas
1923-25=100..
Kansas City
_.
.1925=100..
Minneapolis
1935-39=100..
New Y o r k . . .
1923-25=100...
Philadelphia
.1935-39=100..
Richmond •
do
St. Louis!
1923-25 = 100..
San Francisco
1935-39=100...
160. 7
15(5.1
140. 9
143.2
161.6
157.0
263.0
139.2
106.1
144.6
125.1
157.6
123.6
147.4
139.9
140.0
133.9
138.9
140.0
147.6
134.1
145.5
132.6
151.2
138.1
143.7
• 143.6
• 145.8
17,874
661
17, 237
671
16,610
671
28, 667
671
12, 277
665
13,097
663
14,069
662
16,060
661
14,631
661
15,167
661
14,833
661
14, 588
661
15,385
661
7, 210
661
11,319
244
10,278
245
11,046
245
18,397
244
8,063
244
8,750
244
9,634
244
10,013
244
9,610
244
9,612
245
9,507
245
9,427
245
9, 380
245
1.0, 547
244
6,114
201
5,656
203
5,648
203
10, 464
203
4,323
202
4,671
202
5,163
202
5,631
202
5,192
202
5,188
202
5,172
202
5,176
202
5, 188
202
5, 741)
201
6,802
206
7, 335
207
6,719
207
12, 269
207
5,481
207
5,598
207
6,051
208
7,010
208
6,845
208
6,864
208
6,447
207
6,197
206
6,279
206
6, 998
206
38, 440
2,009
38, 474
2,017
36, 380
2,018
64.240
2,015
29,639
2,012
30,965
2,012
32, 901
2,010
37,317
2,009
34,859
2,008
34, 677
2,009
34, 687
2,008
33,200
2,010
33, 405 J 37, 116
2,010 | 2,008
14,969
493
15,111
493
14,380
493
25,138
9,382
496
10,433
492
11,956
493
13,824
493
13,559
493
13, 720
493
12,171
493
11,897
493
13,635 ! 14,810
493 i
493
47,516
1, 610
54,303
1,611
49,448
1,611
63, 320
1,611
29, 729
1,611
32,890
1,611
35, 517
1,610
40,623
1,610
38,576
1,610
40,988
1,610
34,168
1,610
35,860
1,610
43,041
1,610
65
70
68
91
62
69
58
65
54
65
51
65
48
62
45
64
41
53
40
52
41
62
37
66
p 173
259
132
v 186
212
314
*>189
v 176
163
199
252
p 183
v 256
v 152
Sales, total U . S., adjusted
1923-25=100..
234
Atlanta!
1935-39=100..!
p 170
Chicago
do
193
Cleveland f
do
280
Dallas
1923-25=100..
P 176
Minneapolis
1935-39= 100..
137
NewYorkJ
1923-25=100..
156
Philadelphia
1935-39=100..
215
Richmond •
do
' 156
St. L o u i s !
1923-25 = 100.San Francisco
1935-39=100..
Instalment sales, New England dept. stores
percent of total sales..
Stocks, total U . S., end of month:
113
Unadjusted
1923-25=100..
Adjusted
do
97
Other stores, ratio of collections to accounts
receivable, instalment accounts:*
23
Furniture stores
percent..
24
Household appliance stores.
.do
41
Jewelry stores
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol_. 156, 922
64. 452
Montgomery Ward & Co
do
92, 469
Sears, Roebuck & C o . .
do
Rural sales of general merchandise:
241.5
Total U . S., unadjusted
1920-31 = 100..
242. 5
East-..
do
320. 4
South
do
216.0
Middle West
do
260.3
Far West
do
185.7
Total U. S., adjusted
do
188.2
East
do
233.4
South
.do....'
164. 7
Middle West
do
214.6
Far West
do
50, 582
1,610
29
65
137
183
117
154
165
170
146
150
130
159
211
145
191
29
' 64
157
206
116
168
187
191
147
144
144
r
180
'220
158
219
31
'64
222
286
181
246
252
280
231
219
215
262
304
212
296
28
'60
111
151
89
123
132
155
126
114
97
112
134
117
150
28
61
132
190
90
155
155
205
140
132
112
137
161
143
184
31
62
121
171
101
136
144
160
144
134
104
135
171
124
171
31
63
133
196
107
151
162
192
151
156
116
149
190
136
188
30
63
125
193
101
138
154
11
9
137
135
108
1S
3
11
8
129
180
29
62
124
178
97
143
154
183
148
143
110
13
3
175
132
184
30
62
98
166
74
115
124
163
126
110
91
102
144
108
165
32
62
112
183
77
127
142
" 188
131
133
96
107
156
122
180
33
62
143
224
105
159
166
251
167
166
127
149
201
151
197
65
150
237
r 114
P 162
180
260
180
163
187
171
'212
15(5
^ 219
128
173
147
158
150
137
115
139
170
129
' 183
138
186
153
170
171
144
121
' 141
' 181
135
210
125
166
146
146
162
141
119
140
164
129
173
143
195
155
179
204
143
123
157
197
146
195
168
216
185
194
241
187
138
185
234
166
238
136
182
149
169
172
137
127
154
180
138
196
128
188
144
151
190
147
114
155
181
129
190
125
190
136
152
11
9
136
115
11
4
182
129
187
129
205
147
11
6
206
144
115
140
184
13
4
200
142
233
164
10
7
233
11
5
128
154
205
156
199
142
215
161
165
244
153
126
146
206
163
198
132
210
144
151
226
145
118
138
196
142
189
140
223
p 154
172
235
150
121
150
'191
138
r
21 0
7.6
6.3
6.3
51
.
43
.
57
.
7.0
90
87
92
90
93
98
99
110
110
114
114
110
' 116
' 104
7.8
5.0
128
114
122
105
95
101
92
102
18
15
30
17
15
31
18
15
45
17
16
31
17
16
30
19
18
30
20
18
31
22
20
33
21
21
33
22
21
34
22
21
34
174, 045
76,068
97,977
153, 406
68, 396
85,010
193,412
86, 472
106,941
96,682
39,983
56, 699
99, 300
41,443
57, 857
118, 532
52,192
66, 340
133,981
60, 656
73, 325
120, 845
54, 099
66, 746
121, 285
52,140
69,145
103, 052
41,811
61, 240
111, 041
47, 443
63, 598
250.5
245.4
362.2
210.8
276.2
192.8
190.7
244.4
166.0
230.0
253.6
266.2
334.6
216.5
298.6
194.9
206. 5
243.7
165. 2
246.2
272.7
273.2
325.8
243.0
324. 5
170.5
164.1
216.9
155.8
152. 2
149.7
193.1
136. 0
171.8
200.0
197.0
244.1
177.8
233.7
174.3
164.0
245.8
151.9
192.3
215. 5
200.5
224.1
191.0
259.9
185.6
173.5
239.7
158.9
193.3
211.3
193.2
265.4
179.3
234.9
194.3
198.1
227.3
175.0
215.0
211.4
207.8
258.0
187.3
240.7
160.5
157.1
197.5
141. 5
186.1
174.9
170.7
232.8
149.4
207.0
161.6
152.7
192.3
145.9
205. 7
177.4
166. 3
239.2
154. 5
215.8
125.0
108.0
151.6
111.4
167.9
171.2
151.2
223.2
150.9
204. 8
157.2
148.9
184.5
143.8
188.1
192. 2
186.8
255.9
174.2
204.2
21 I
33 |
22
22
37
j
133,422 '149, 087
60,647
54, 2S0
88, 441
79,142
204.3
184.4 j
291.6 |
178.6 I
219.6
193. 3
187.5
264.1
174. 2
187. 6
225. 5
214.0
322.7
195. 2
244.4
173.6
100. 3
217.7
153. 7
203. 4
' Revised.
* Preliminary.
>
•Indexes for November 1942 and October and November 1943 are on a revised basis; not comparable with figures for other months.
§Minor revisions in the figures prior to November 1941, which have not been published, are available ( n request.
!The index on a 1935-39 base shown in the 1942 Supplement is in process of revision; pending completion of the revision, the index on a 1923-25 base is being continued.
tA few revisions in data for 1938-41, resulting from changes in the seasonal adjustment factors, are shown on p. S-8 of the November 1942 Survey.
*New series. Collection ratios for furniture, jewelry, and household appliance stores represent ratio of collections to accounts receivable at beginning of month; data beginning
February 1941 are on p. S-8 of the April 1942 Survey; data back to January 1940 are available on request; the indexes of instalment accounts outstanding, included in the October 1943
and earlier issues, have been discontinued in the Survey; dollar figures are shown, however, on p. S-16.
tRevised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, tablo 19 of the December 1942 Survey. Revised data beginning 1919 for
the Cleveland district are shown on p. 32 of the April 1943 issue.
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1943
November
S-9
1942
October
Novem- December
ber
1943
January
February
March
April
May
June
July
August
September
October
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force (Bureau of the
Census):*
51. 9
54.5
52.4
52.3
52.1
53.0
54. 9
53.4
52.0
54.6
53. 3
52. 6
55.5
Labor force, total
millions..
.54.0
36.4
36.5
35. 0
38.5
37.9
36.7
36.7
37.3
35. 9
37.1
37.8
36.2
Male
do
39.0
37.5
15.5
17.3
16.7
16.0
15.3
15.6
15.6
15.6
16.3
17.7
16.3
17.4
17.1
Female
do
15.0
51.9
50.9
51.9
53.9
51.2
53. 4
52. 5
54.3
51. 3
52.8
51.0
52.1
52.4
51.0
Employment
do
37.0
35.5
37.2
37.0
37.5
36.3
35.9
36.2
35.3
35.8
36.0
36.7
35.8
38.1
Male*.
..do
14.9
16.4
16.9
17.1
15.0
15.2
15.2
15.9
16.0
15.3
16.7
14.7
16.7
Female
.do
14.3
10.7
12.1
12.0
9.8
11.9
8.9
10.8
11.3
Agricultural
do
10.5
87
.
88
.
90
.
96
.
98
.
41.2
42.2
41.9
41.5
43.0
41.6
41.5
41.2
43.0
42.1
42.0
41.3
41.9
42.3
Nonagricultural.do
.7
.6
1.5
.8
10
.
Unemployment
do
16
.
17
.
14
.
14
.
10
.
.9
.9
12
.
Employees in nonagricultural estab.:f
Unadjusted (U. S. Department of Labor):
38, 245 ••38,227 '38,276
38, 336
38,484
38, 262
38, 364
Total
thousands.- 38, 251 38, 478 38, 533 38, 942 37, 862 37, 958 38,115
10, 235
16, 245
16,179 - 16, 205
15, 743
15,851
15, 958
15, 956
15,911
15,313
16,056
16,136
15,434
15, 684
Manufacturing
do
810
'819
825
830
823
885
Mining
do
867
867
861
850
837
835
902
894
865
1,162
1,386
1,357
1,066
'974
1,470
1,328
1,299
1,277
1,218
Construction
do
2,028
1,896
1,674
3,695
3, 093
3,456
3,475
'3,705
3,708
3,463
3,552
3,587
3,653
3,683
Transportation and pub. utilities_do
3,539
3, 520
3,502
6,218
6, 544
6, 285 r 6 , 419
6,291
6,328
6,423
7,107
6,371
6,331
6,371
6, 290
6,697
6,771
Trade
do
4.331
4,269
4,334
'4,300
4,259
4,270
4,281
4,337
4,349
4, 355
4,359
4,295
4,279
Financial, service, and miscl
.do
4,327
5, 771
5, 835
' 5, 830 '5,854
5,837
5,855
5,689
5,890
5,948
5,937
5,848
5,723
5,811
Government
do
5,672
Adjusted (Federal Reserve):
38, 067 '37,724 '37,944
38,128
38, 656
38, 344
38, 325 ' 38, 742 38, 791
38,821
38, 478
38, 222
38, 261
37,962
Total
•
.do.
16,145
16, 230
16, 029 ' 16,169
15,975
16,043
15,162
15,932
16,025
15, 998
16,138
16,124
15, 349
Manufacturing
do.
15, 687
802
'810
817
825
835
884
Mining
-do.
888
883
870
873
864
858
842
842
1,023
858
957
'910
1,748
1, 564
1,363
1,889
1,843
1,213
1,065
1, 123
Construction
do
1,902
' 1, 904
3, 645
3, 679
3, 641
'3,626
3, 545
3, 551
3,549
3, 572
3,577
3,610
Transportation and pub. utilities.do
3,5^8
3,630
3,406
3, 535
6,335
6,449
' 6, 345
6,248
6,458
6, 424
6,433
6,513
6,357
6,619
6,673
6,373
Trade
do...
6,635
Estimated wage earners in manufacturing in
dustries, total (U. S. Dept. of Labor)*
13,990 '13,938 '13,960
13, 633
13,503
13, 727
13, 735
13,827
thousands.. 13, 986 13,166
13,474
13,700
13, 267
13,911
8, 448
'8,385
'8,324
8, 321
7,998
8,099
8,145
8,159
8, 252
Durable goods
.do.
7,597
7,875
7,464
7,780
8,296
1,744
1,721
' 1, 733
1,718
1,715
1,729
1,726
1,719
1,715
Iron and steel and their products do
1,693
1,718
1,635
1,643
1,676
Blast furnaces, steel works, and rolling
515
512
510
524
523
523
522
51
2
522
mills
thousands518
523
518
'526
745
'734
717
725
Electrical machinery
do...
649
661
676
693
695
695
703
714
610
630
1, 265
1,251
1, 248
' 1, 255
1,220
1,233
1,237
1,251
1,202
1,243
Machinery, except electrical
do...
1,168
1,190
1, 251
1,148
Machinery and machine-shop products
499
497
'490
476
483
487
491
469
493
thousands. _
449
457
465
495
97
106
101
111
Machine tools..
do
122
120
121
123
121
120
119
117
115
'755
769
714
738
694
Automobiles
do
631
642
649
653
660
676
613
572
592
Transportation equipment, except auto'2,314
2,325
2,304
'2,300
2,132
2,221
2,187
2,241
mobiles
thousands..
1,909
1,999
2,067
2,288
2,306
1,836
'422
426
415
417
Nonferrous metals and products
do
405
414
408
412
410
411
410
415
392
398
463
462
482
467
515
484
Lumber and timber basic products..do...
535
526
489
478
479
480
479
482
253
264
256
265
Sawmills
do...
282
266
260
262
262
263
264
295
290
Furniture and finished lumber products
350
'359
362
362
364
364
362
360
356
363
358
thousands. .
368
365
360
168
170
167
Furniture
do.
169
170
173
168
168
170
171
168
167
167
350
350
358
352
Stone, clay, and glass products
do
358
368
362
359
358
359
357
360
368
368
' 5, 575
75,669
'5,614
5,635
5,590
5,541
Nondurable goods
do. _.
5, 538
5,628
5, 575
5,615
5,670
5, 694
5,628
5,702
Textile-mill products and otherfiberman1,204
1,187
1,185
1,254
1,275
1,239
ufactures
thousands^ _ 1,189
1,273
1,270
1,233
1,277
1, 287
1,219
1,275
Cotton manufactures, except small
478
472
471
505
502
497
504
488
484
490
506
510
wares
thousands.
'506
94
95
94
95
99
Silk and rayon goods
do...
100
99
98
98
98
97
96
96
Woolen and worsted manufactures (ex.
162
Kil
160
174
175
171
176
176
170
168
165
177
dyeing and finishing) thousands. .
177
Apparel and other finished textile prod825
822
820
834
897
903
889
853
884
865
833
887
904
ucts
thousands..
222
228
225
221
236
Men's clothing
do
••243
237
240
242
240
234
231
235
232
229
247
248
252
253
249
241
239
234
231
Women's clothing
do
-•251
248
'314
316
330
364
325
315
Leather and leather products
do
357
363
361
359
354
346
337
333
177
184
204
183
178
Boots and shoes
do
199
204
202
201
197
193
187
185
' 1,102 ' 1, 045
1,019
1,009
1,018
1,038
Food and kindred products
do...
1,099
••1,097
965
936
921
910
914
953
258
253
264
251
251
B aking
do. _.
265
263
258
252
254
247
247
251
172
162
114
'248
'235
Canning and preserving
do
191
136
95
90
80
90
92
109
150
161
187
185
177
167
156
154
160
163
159
Slaughtering and meat packing...do
174
176
89
89
90
99
96
94
93
93
90
89
88
88
Tobacco manufactures
do.. _
99
100
316
309
'314
317
315
311
300
304
309
313
313
312
312
316
Paper and allied products
do...
150
151
149
151
150
151
150
150
149
149
150
150
149
Paper and pulp
do...
Printing, publishing, and allied industries
'335
330
334
337
334
342
335
338
330
329
339
331
338
thousands113
112
118
••117
114
113
113
114
114
114
112
112
117
Newspapers and periodicals
do...
133
135
134
133
135
132
128
127
130
134
129
129
133
Printing, book and job
do...
723
' 739
745
702
71
4
730
673
693
715
726
734
744
739
743
Chemicals and allied products
do_._
120
117
112
111
111
111
112
113
113
114
116
118
119
Chemicals
do_. _
12(5
126
126
124
126
125
123
122
122
123
124
125
127
126
Products of petroleum and coal d o . . .
82
82
78
77
77
78
79
80
81
83
82
79
78
Petroleum refining
do...
'195
192
198
180
194
195
169
174
183
185
186
186
186
189
Rubber products
do...
90
80
'74
77
81
82
83
83
83
85
89
91
Rubber tires and inner tubes
do...
Wage earners, all manufacturing, unadjusted
'170.4
166.4
' 170. 8 '170.1
167.6
167.7
167. 2
168.8
169.8
170.7
164.8
161.9
164.5
160.7
(U. S. Dept. of Labor)f
1939=100 .j
'232.2
230.4
221.5
218.1
224.3
225.6
225.9
'230.5
228.5
229. 7
210.4
215.5
206. 7
Durable goods
do j 234. 0
173.3
'174.7
174.1
174.4
169.1
173.0
173.2
172.9
173.6
170.7
173.4
165.7
164.9
Iron and steel and their products.--do
j 175.9
Blast furnaces, steel works, and rolling
131.3
134.9
134.3
134.6
134.2
133.3
131.7
133.4
134.7
134.5
134.5
135.5
132.6
mills
1939=100..
' Revised.
fRevised series. The estimates of employees in nonagricultural establishments and in each of the component groups, with the exception of the trade group and the financial,
service, and miscellaneous group, have been revised beginning 1939 and revisions of the earlier data are in progress; the revised data will be published when revisions are completed
(data beginning August 1941 are in the October 1942 Survey). The indexes of wage-earner employment and of wage-earner pay rolls (p. S-12) in manufacturing industries have been
completely revised; for 1939-41 data for the individual industries, except newspapers and periodicals and printing, book and job, and 1939-40 data for all manufacturing, durable goods,
nondurable goods, and the industry groups, see pp. 23-24 of the December 1942 Survey. Indexes for the totals and the industry groups have been further revised beginning January
1941; data for 1941 are shown on p. 28, table 3, of the March 1943 issue.
*New series. For estimates of civilian labor force, employment, and unemployment beginning April 1940, see p. 30, table 9, of the June 1943 Survey. Data beginning 1939 for
the new series on wage earners in manufacturing industries will be shown in a later issue; data beginning October 1941 for the individual industries, except machine tools, newspapers
and periodicals, and printing, book and job, are available on pp. S-8 and S-9 of the December 1942 Survey; the figures for all manufacturing, durable goods, nondurable goods, and
the industry groups are shown on a revised basis beginning with the March 1943 Survey and figures previously published for these series are not comparable with the current data.
S-10
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, m a y be found in the 1942 Supplement to the Survey
January 1944
1943
March
April
May
June
July
August
September
October
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Wage earners, all mfg., unadj.f— Con.
Durable goods—Con.
260.8
243.0
250.3
255.1
235.3
268.3
267. 4
268.4
Electrical machinery
1939=100..
271.1
275. 5
287. 4
279. 8
' 283. 4
276.7
233. 3
Machinery, except electrical
do
227. 5
217.3
235.2
230.8
234. 1
236.8
225.1
236.7
239.5
221.0
236. 2
236.8
r 237. 6
Machinery and machine-shop products
230.0
235.5
1939=100..
226.0
231.7
222.0
238.7
240.9
242.6
244. 1 |
243. 4
244. 9
246. 4
245.6
331. 4
333.1
334.8
327.6
328.5
324.3
Machine toolsj
do
330.3
318.5
312.8
301.8"
275. 5
266. 0
289.5
159.5
156.7
142.3
161.4
162.3
167.9
Automobiles
do
152.5
164.0
147.1
183. 4
177.5
' 187. 6
191.2
172.6
Transportation equipment, except automobiles
1939=100.. 1, 465.1 1,156.5 1, 202. 8 1, 259. 2 1, 302. 2 1, 343.1 1, 378.1 1, 399. 3 1,412.0 1, 441.6 1, 452. 6 1,451.7 '1,449. 3 •1,457.6
173.5
179.6
176.7
171.2
178.8
Nonferrous metals and products
do
178. 8
179. 2
180.9
178.1
180.6
186.0
180.9
181. 8
r 184.3
113.8
122.5
127.2
114.0
Lumber and timber basic prod
do...
114.0
114. 1
114.8
125.1
116.3
115. 1
109. 9
114.6
110.2
111.0
90.4
97.9
102.5
90.8
91.2
91.1
91.7
Sawmills
do
100.6
92.4
91.8
91.7
88. 9
88.0
Furniture and finished lumber products
112.3
11.05
111.0
110.2
108. 6
109,8
109.1
1939=100..
111.4
109. 8
111.0
10S. 6
' 109. 4
110.4
108.3
105.8
106.6
106. 7
104.9
105. 6
105.1
Furniture
do
105.5
105.9
107.1
104. 9
106.5
105.5
125.2
125.3
125. 4
122.4
121.5
122. 3
122. 5
Stone, clay, and glass products
do
122. 0
123.2
122. 1
119.2
119. 8
121.8
1-119.3
124. 3
124.5
123.8
123. 0
121.0
122.9
122.0
121.7
Nondurable goods
do
122.6
122.9
120. 9
' 123.8
' 122. 5
' 121. 7
Textile-mill products and other fiber man112.5
111.5
111. 5
111.1
ufactures
1939= 100..
111.7
106.5
108.3
109.6
107.8
111.3
103. 9
105. 2
103.6
103.8
Cotton manufactures, except small
123.2
123. 7
wares
.do
127.2
127. 7
128.9
127.5
126.9
125.5
122.3
120.8 |
119.2
118.9
83.2
79.9
Silk and rayon goods
do
80.1
81.6
79.1
82.7
81.7
81.8
80.8
79.3
78.3
78.3
Woolen and worsted manufactures (ex117.4
118.5
118.7
cept dyeing and finishing).. 1939=100..
117.9
116. 9
112. 6
110.5
113.8
114.6
118.1
108.3
107.4
107. 7
Apparel and other finished textile prod112.2
114.5
113.7
ucts
1939=100..
112. 3
105. 6
114.4
108. 0
112.0
109.6
112.6
104. 1 ' 104. 6
105.7
103.9
1C7.8
111.0
109.7
Men's clothing
do
107.6
104.1
110.6
105.6
108.2
106.9
109.7
101.1
101. 6
102. 7
91.1
92.8
Women's clothing
do
91.4
84.4
87.8
91.2
92.5
88.7
91.6
93.2
85. 1
86.1
85.5
104. 9
103. 3
Leather and leather products
do
104.7
95. 0
96.0
104.1
103.0
97.0
99.8
101.9
90.8
93.6
' 90. 5
91.0
r
93.5
93.4
84. 5
92.1
84.9
Boots and shoes
do
92 8
91.3
85.9
88.5
90.5
81.8
'84.0
81.2
119.1
121.5
119. 3 ' 128. 4 ' 129. o ' 122. 3
109.5
111.5
Food and kindred products
do
112.9
128.6
106.9
106.5
107.7
118.1
114.4
114.1
109.7
109.2
108.9
111.6
114.7
107.1
107.1
Baking
do
110.1
30S.fi
109.0
111 7
84.5
101.3
120.3
67.0
81.2
70.5
142.4
68.2
66. 9
Canning and preserving
do
59.5
' 184. 5
' 174. 9
127.8
155. 0
145.8
133. 7
146.8
132.4
153.7
144.6
127. 8
129.3
Slaughtering and meat packing...do
138.4
132. 2
135. 0
132.2
106. 3
106.8
95.1
100.2
95. 7
102.4
106.4
96.3
99.9
Tobacco manufactures
_._do
99.9
96. 6
'•94.8
94.8
'95.5
116.4
114.7
118.9
117.8
119.0
116.6
113.1
117.7
117.7
Paper and allied products
do
118. 0
119. 3
117.2 ' 118.2
118.8
109.6
109.3
109.1
109.3
109.4
110.0
109.5
108.4
108. 4
Paper and pulp
do
108.9
108. 0
109.4
108.0
Printing, publishing, and allied industries
103.1
104.3
102.2
100.9
1939=100..
103.4
100.4
103. 0
101.8
100.6
101.8
103.9
102.9
100. 7 r 102. 3
98.5
99.5
96.3
98.1
Newspapers and periodicals*
do.._.
94.4
95.7
95.4
95.7
95.8
94.9
94.4
94.7
94.9
105. 4
100.3
104.9
101.8
Printing, book and job*
do
100.6
106.9
103.2
106. 6
101.0
104.6
106.1
102. 0
105. 0
240. 3
243 7
Chemicals and allied products
do
218. 0
233.4
256.4
251.9
257. 7
258.6
258. 3
254.8
"250." 9"
257.0
255. 4 ' 256. 4
159.7
160.4
Chemicals
do
159. 8
158. 9
163.2
161.3
166.2
168.2
162.4
161.7
169.3
171.1
173. 1
117.8
117.4
116.0
119.3
Products of petroleum and coal
do
117.3
115.2
118.5
119.1
116.0
115.6
119.7
119.0 r 119. 3
107.0
107.1
106.3
108.4
Petroleum refining
.do
109.7
106.1
111.0
112.6
108.4
107.2
113.4
113.0 j 113.2
143.8
149.0
151. 6
139.9
Rubber products
do
153.9
152.8
156. 4
158. 9
153.8
153.8
160.3
163.6
161. 2 r 161. 3
141.9
147. 4
150.0
136.7
Rubber tires and inner tubes
do
153.9
150.7
157.1
161.7
153. 3
153.0
165. 2
168.6 I
166. 4
161. 5
164. 2
165.8
159.6
Manufacturing, adjusted (Fed. Res.)t_.do
167.9
167.4
169.0
169.7 T 169.6 r 168.3 I r 170. 0
168. 4
168.1
170.7
210.2
215.5
218.6
206.5
Durable goods
do
225.9
222.1
228.3
229.4
225.8
224.7
233. 8
230.0
' 230. 2
* 232. 0
123. 2
123.7
124.1
122.6
Nondurable goods
do
122.2
124.3
122.3
122.6 T 121.9
123.2
123.5
120.9
119. e
' 121. 1
Manufacturing, unadjusted, by States and
cities:
State:
T
274.2
245.8
253.0
244.7
280.2
270.1
261.9
266.4
254.3
269.6
California*
1940=100..
277.7
2^4.7
281. 4
297.7
177.8
169.3
180.8
198.2
179.2
200.8
189.6
183.7
185.9
193.6
Delaware
1923-25=100..
191.7
214.7
212.4
200. 1
142.8
142.9
145.4
146.3
153.5
155.5
150.1
148.9
149. 5
151.2
Illinois
1935-39 = 100..
163.0
156. 4
157.7
159.8
r
178.4
186.2
180.3
190.1
190. 7
192.4
189.7
192.2
' 178. 5
190.0
Maryland
1929-31 = 100..
186. 2
191.5
191.1
186. 4
138.9
144.8
143.1
146.5
140.6
144.5
145. 4
145.0
145.6
146.1
Massachusetts!
1935-39 = 100..
144.1
143.8
143. 2
143.8
161.9
165.9
163.2
164.7
168.2
New Jersey§
..1923-25=100..
152.1
156.0
153.6
159.4
155.8
159.2
159.5
158.4
160.7
160.4
New York
1935-39=100..
160. 2
161. 3
161. 1
161.4
157.5
163.5
159.3
170.2
163.1
170.7
168.8
168.3
165. 9
168.0
Ohio
do
170.6
169. 5
115.5
117.0
119.0
118.1
118. 8
116.8
117.7
'•118.7
118.4
118.3
Pennsylvania!
1923-25=100_.
119. 0 ' 121.9 r 122. 5
122*7
141.1
145.1
149.1
146.9
148.7
143.5
145.1
147.0
146.3
147.0
Wisconsin
1925-27 = 100..
149.3
149. 8
148.4
City or industrial area:
173.4
174.2
182. 5
183. 3
181.8
'172.4
180.1
184.9
185. 2
182.3
182.7
Baltimore
1929-31=100..
182.1
182.1
182. 0
145.8
149.0
146.5
149.7
151.9
152.8
152.5
152.7
154.0
155.7
163.1
Chicago
1935-39=100..
157. 1
156.6
159. 9
171.6
174.5
178.7
178.1
187.8
190.1
193.1
190.2
183.8
192.4
Cleveland
do
192.4
189.2
146.9
149.5
160.8
162.8
165.0
150.3
173.7
169.9
164.1
171.5
176.8
Detroit
1923-25 = 100..
175.5
175.7
177. 0
243.3
251.7
271.3
283.3
286.8
293.2
266.7
287.1
278.2
289.0
293.3
302.4
Los Angeles*
1940=100..
292.1 ' 292. 9
160.3
163.6
165.5
170.3
170.1
174.4
164.3
171.1
168.4
172.7
174.9
Milwaukee
1925-27=100..
174.6
171.1
134.1
134.2
134.0
139.9
139.8
135.6
134.7
137. 7
136. 7
137.4
141.6
138.8
New Yorkf
1935-39 = 100..
140.7
141.0
134. 5 r 137. 0
139.6
143.9
143.2
144.0
137.4
144.0
142.0
145.0
146.1
143. 3
Philadelphia
1923-25=100..
143.9 ' 145. 3
122.5
125.4
128.4
129. 3
131.8
124.0
129.7
127.7
131.7
132.3
132.2
Pittsburgh
do....
131.5
131.9
122.7
292.2
303.8
321.5
321.5
335.2
299.3
336.1
357.2
320.6
317.9
330.1
San Francisco*
1940=100..
349. 6 ' 342. 4
292.8
141.4
146.9
147.8
151.9
161.5
147.2
160.7
154.2
147.2
159.1
St. Louis
1937 = 100..
159.3
143.1
161. 1
165.8
177.8
191.0
184.9
203.1
206.4
174.8
194.3
181.0
198.8
Wilmington
1923-25 = 100..
209. 2
193. 8
' 175. 5
200. 3
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:!
91.8
91.8
83.4
90.9
89.4
89.5
86.2
87.3
86.5
82.9
Anthracite....
1939=100..
'84.9
' 83. 5 r 84.0
115.3
111.8
113.7
109.1
112.7
110.4
102.2
106.2
99.5
102.7
103.8
Bituminous coal
do
101.4
101.0
100. 6
116.5
114.8
113.4
116.3
114.4
108.1
115.8
112.6
104.0
110.5
Metalliferous
do
1.10. 9
105.5
108. 5 ' 106. 4
112.9
98.6
96.3
96.7
98.8
109.5
98.2
91.0
105.9
Quarrying and nonmetallic
do
98.2
98.1
95. 6
' 94. 1
r
81.2
82.3
82.0
82.3
84.4
82.1
80.6
83.6
83.0
Crude petroleum and natural gasf
do
'82.4
81. 7
'80.9
81.7
Public utilities:!
92.9
90.4
88.1
87.4
91.3
86.6
86.4
89.0
84.9
Electric light and power
do
86.5
86.3
85. 5
' 84. 9
86.1
110.0
111.6
115.5
113.2
114.8
110.0
117.1
117.5 i
Street railways and busses
do
118.1
117.7
117.7
'118.0
'118.1
117.6
123.2
122.3
122.4
122.2
122.0
126.8
Telephone and telegraph
..do
122.9
122.8
123.2 !
126.3
124.7
' 126. 9 | r 126. 2
127.5
Services:!
r
123.9
118.8
125.1
113.2 j 116.1
Dyeing and cleaning
do
114.8
128.9
125. 2
115.5
111.8
126. 5
119.4 I
118.7
120.0
117.4
Power laundries
do
121.0
119.2
118.3
118.4
119.2
118.5
118.7 | 113.8 | 110.5
109. 1
118.4 | 119.6
110.2
101.8
Year-round hotels
do
103.3
103.9
103.7
105.1
104.4 i 104. 9
107.6 | 107.8 I 108. 0 r 108. 9
108.5
105.8 ! 106.7
' Revised§ Index is being revised.
l Only figures marked " ' " are comparable with November, 1943.
% For data for December 1941-July 1942, which were not available for publication currently, see note marked " J " on p. S-10 of the November 1943 Survey.
! Revised series. The Department of Labor's indexes of wage-earner employment in manufacturing industries have been completely revised; see note marked " t " on p. S-9.
The seasonally adjusted employment indexes, revised in the April 1943 issue, have been further revised beginning 1941 to more accurately portray changing wartime trends. The
indexes are as yet available only for all manufacturing, durable goods, and nondurable goods, and for all manufacturing and for nondurable goods are preliminary. Earlier data for the
New York City employment index not shown in the July 1942 Survey and subsequent issues andffor the Massachuestts index, shown on a revised basis beginning in the May 1943
Survey, will be published later. The Department of Labor's indexes of employment in nonmanufacturing industries have been revised to a 1939 base, and, in some instances, adjusted
to 1939 Census data; for data beginning 1939, see p. 31 of the June 1943 Survey.
* New series. Indexes beginning 1939 for newspapers and periodicals and printing, book and job, and beginning 1935 for the employment indexes for California and the Los Angeles
and San Francisco industrial areas, will be shown in a later issue.
S-ll
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
October
1943
N ovem- December
ber
January
February
March
April
May
June
July
August
September
94.9
102.5
105.4
95.3
162.1
97.4
104.1
110.6
93.9
170.3
October
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT-Continued
Nonmanufacturing, unadj.—Continued.
Trade:
Retail, totalf
1939=100.
Food*
do...
General merchandisingf
do...
Wholesale!
do.. _
Water transportation*
do_._
Miscellaneous employment data:
Federal and State highways:
Total!
number.
Construction (Fed. and State) d o . . .
Maintenance (State)
do._.
Federal civilian employees:^
United States
thousands.
District of Columbia
do...
Railway employees (class I steam railways) :
Total
thousandsIndexes: Unadjusted!
1935-39 = 100.
Adjusted!
do...
103.3
106.9
128. 7
95.6
184. 2
133.6
132. 5
104.3
112.0
121.8
100.9
90.8
106.6
111.4
132.5
100.1
98.3
117.0
111.2
166.3
99.6
98.4
199.0
107.0
112.3
97.7
100.8
97.3
106.4
108.8
97.6
110.2
98.3
106.1
111.0
97.3
117.0
100.8
106.3
116.4
96.5
124.9
98.5
105.6
112.5
95.1
131.8
105.7
112.7
143.0
96.6
104.2
108.6
96.0
152.5
' 100.6
r
107.2
r 119.2
'94.2
r
176. 7
211, 751 186,942 161,010 147, 915 144, 706 146, 550 154,164 163,446 175,446 180, 228 181,863 175, 939 170, 515
78,031 i. 58, 947 40, 588 33, 655 33, 328 35, 623 42,841
49,175
55, 239 26, 786 59, 547 55, 875 50, 817
105,701 100,898
94,108 88,831
86, 527 87, 052 87, 429 90, 363 95, 645 128, 699 98,090
95, 814 95, 943
2,687
2, 750 i 2,891
2,864
2,945
2,979
3,031
3,006
3,253
3,223 ' 3, 099 3,069
3,064
284
285
285
279
274
283
280
280
270
284
284
287
268
1,348
1,343
1,351
1,346
1,352
1,411
1,340
1,374
1,378
1,418
1,406
1,394
1,400
129.5
129.0
129.6
129.3
129.9
128. 7
132.0
132.3
135.5
136.3
135.1 ' 134. 5
134. 0
125.3
127.9
131.6
134.4
133.2
132.0
134.1
132.9
133.5
133.7
132.4 ' 131. 3
129.7
LABOR CONDITIONS
Average weekly hours per worker in factories:
Natl. Ind. Con. Bd. (25 industries)..hours.
44.5
44.7
43.6
44.2
44.3
44.9
45.3
45.2
45.0
45.1
45. 3
U. S. Dept. of Labor, all manufacturing!
43.6
44.4
hours.
44.0
44.2
44.5
45.2
44.7
45.0
45.1
44.4
45.1
45.4
44.7
46.1
Durable goods*
do...
46.1
45.9
46.2
46.9
46.4
46.8
46.8
46.0
46.8
47.3
46.5
45.8
45.3
Iron and steel and their products*.do
44.8
45.0
45.8
46.4
46.1
46.2
46.4
45.5
'46.6
46.1
47.1
44.3
Blast furnaces, steel works, and rolling
mills*
hours..
40.9
41.7
42.0
44.1
41.9
42.8
43.2
44.2
45.7
43.5
43.9
46.3
45.3
Electrical machinery*
do
46.7
47.0
47.0
47.0
46.9
47.0
47.1
47.0
46.2
46.9
47.3
47.0
46.7
Machinery, except electrical*
do
49.5
49.5
49.6
49.6
49.6
49.4
49.8
48.1
49.7
48.8
49.7
' 48. 6
49.7
Machinery and machine-shop prod49.4
49.0
ucts*
hours. _
49.0
49.6
49.3
49.6
49.6
49.2
48.0
48.4
49.3
'48.2
49.1
53.0
52.5
Machine tools*
do
52.8
52.5
52.0
50.7
51.8
52.0
49.7
51.8
49.5
49.8
51.3
45.5
45.2
Automobiles*
do
45.5
45.7
45.7
46.2
47.1
46.0
45.9
46.3
46.0
45.9
47.6
Transportation equipment, except automobiles*
_. .hours. _
47.1
47.5
47.7
46.9
46.7
47.0
46.8
47.5
47.1
46.8
47.5
'47.2
47.6
Aircraft and parts (excluding engines)*
hours..
46.3
46.9
46.6
46.2
46.5
46.2
47.3
46.1
46.8
46.5
45.5
46.7
46.8
Shipbuilding and boatbuilding*.do
47.6
48.0
46.9
47.1
46.7
47.7
47.7
47.9
47.8
'47.6
47.7
47.7
' 47. 6
45.4
Nonferrous metals and products*.do
46.0
46.6
46.9
46.1
46.0
45.9
46.8
47.1
47.0
46.6
46.1
46.8
42.5
44.4
42.7
Lumber and timber basic prod*.__do
41.7
42.4
39.8
41.9
43.1
43.8
44.2
45.2
41.3
43.5
Furniture and finished lumber products*
42.8
43.7
hours..
42.8
44.0
42.8
43.6
43.9
44.5
44.6
43.6
44.6
43.6
44.9
41.8
Stone, clay, and glass products*..do
41.3
41.4
41.7
41.8
42.1
43.1
42.7
42.9
41.8
'43.4
42.3
43.8
42.1
Nondurable goods*
do
41.3
41.8
42.0
42.3
42.5
42.7
42.2
'42.6
42.7
42.2
40.8
42.8
Textile-mill products and otherfibermanufactures*
hours..
40.4
40.8
41.6
41.3
41.5
41.7
41.5
41.9
41.5
41.3
40.9
41.6
41.0
Apparel and other finished textile products*
hours _ _
37.1
37.0
37.4
38.2
37.4
38.8
39.0
38.4
38.1
37.1
37.8
37.4
37.8
38.9
Leather and leather products*
do
39.0
40.3
40.3
40.2
40.4
40.2
40.1
39.8
39.1
40.0
39.5
39.2
41.6
Food and kindred products*
do
42.4
43.2
43.9
43.4
43.3
44.6
42.9
44.9
44.3
44.0
'44.1
'43.2
40.4
40.6
39.6
42.6
Tobacco manufactures*
do
41.2
39.5
40.0
40.2
41.0
42.1
38.5
41.1
' 41. 3
43.4
44.0
44.2
Paper and allied products*
do
44.9
44.9
45.3
45.6
44.6
44.5
45.7
45.6
45.7
'44.6
Printing and publishing and allied industries*
hours..
39.5
40.2
39.8
39.5
39.8
39.8
39.9
40.2
40.1
40.2
'40.6
40.4
43.6
Chemicals and allied products*...do
43.9
44.7
44.5
44.6
45.0
45.5
45.7
45.3
45.6
46.0
'45.6
45.7
Products of petroleum and coal*..do
40.5
41.8
41.8
41.1
42.4
42.6
43.5
44.5
44.9
44.9
46.0
'46.2
'45.3
Rubber products*
do
43.4
42.7
44.5
44.4
44.6
45.1
45.1
45.4
44.1
46.0
45.4
'44.3
' 44. 9
Average weekly hours per worker in nonmanufacturing industries (U.S. Dept. of Labor) :*
Building construction
hours..
37.9
38.0,
36.3
37.4
37.8
37.1
38.1
38.1
39.0
39.7
39.4
Mining:
Anthracite
do
35.1
35.7
35.9
41.2
36.1
28.2
31.0
41.5
41.3
37.7
'42.3
41.7
40.6
34.2
Bituminous coal
do
34.4
35.7
36.9
28.4
34.7
37.0
38.6
35.2
37.1
'40.3
39.0
'39.4
43.8
44.2
Metalliferous
do
44.0
43.9
45.0
43.3
43.6
43.7
44.3
43.7
46.0
45.1
44.5
45.7
45.6
43.8
46.0
47.3
Quarrying and nonmetallic
do
44.3
44.4
43.8
46.3
46.4
47.7
47.7
' 46. 4
39.8
38.7
40.5
41.2
42.6
39.9
40.6
40.8
Crude petroleum and natural gas
do
43.3
43.2
44.3
41.0
' 44. 5
Public utilities:
40.5
39.8
40.8
40.5
40.5
41.0
40.8
'42.1
Electric light and power
do
41.7
40.8
42.0
42.0
42.3
47.9
49.0
49.9
49.2
49.7
49.4
48.9
49.5
Street railways and busses
do
49.0
49.4
50.9
49.7
49.1
40.6
40.7
40.7
41.1
41.2
41.1
42.1
41.3
42.2
42.2
Telephone and telegraph
do
'42.0
42.7
42.3
Services:
43.5
43.1
43.3
43.6
43.0
43.5
45.7
45.1
44.1
44.2
45.3
Dyeing and cleaning
do
44. 1
45.0
43.3
43.3
44.0
44.1
43.7
44.4
43.8
44.1
44.4
43.9
44.0
44.0
Power laundries
do
44.0
Trade:
40.9
40.8
41.0
41.3
41.1
41.1
40.7
42.1
41.0
41.7
40.9
40.3
39.9
Retail, total
.
do
41.7
41.7
41.4
41.8
41.6
41.8
41.7
42.4
42.9
42.5
41.7
42.7
42.6
Wholesale
do
Industrial disputes (strikes and lockouts):
207
300
144
147
195
210
395
375
260
395
425
335
290
245
Beginning in month
number. .
330
269
169
410
225
240
300
445
370
310
450
460
270
In progress during month
do
172
Workers involved in strikes:
62
500
52
42
72
225
59
90
105
215
650
118
2 975
67
Beginning in month
thousands..
67
510
55
48
62
100
75
230
655
193
115
219
72
2 980
In progress during month
do
244
128
2, 825
450
140
193
230
675
195
690
1, 500
4,750
355
975
Man-days idle during month
do
' Revised.
1 Includes about 80,000 excess temporary Post Office substitutes employed only at Christmas; such employees have been included in data for earlier years.
2
Including two industry-wide coal strikes, with most of the workers involved counted twice. The net number of workers involved was about 575,000.
JTotal includes State engineering, supervisory, and administrative employees not shown separately.
IData beginning June 1943 are not comparable with earlier figures as a result of differences in coverage under a new reporting system. Beginning that month, data include persons
serving without compensation and $1 a year employees, previously unreported, and exclude employees on terminal leave who were formerly included. Data beginning June 1943
include only personnel in 48 States and the District of Columbia; earlier data include some off continent employees. The estimated United States total for June 1943 comparable
with earlier figures is 3,068,000.
!Revised series,
revision in
shifted to E
*New series. Indexes beginning 1939 for retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning 1939
for all series on average hours for the manufacturing and nonmanufacturing industries shown above will be published in a later issue.
S-12
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
October
Novem- December
ber
January 1944
1943
January
February
March
April
May
June
July
August
September
October
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
U\ S. Employment Ser. placement activities:
909
682
862
907
Nonagricultural placements f
thousands-.
608
858
616
648
718
708
659
880
689
834
Unemployment compensation (Soc. Sec. Bd.):
389
1,128
1,228
592
489
Continued claims
thousands-.
1,517
1,130
330
1,059
945
695
610
547
354
Benefit payments:
75
56
222
310
193
227
182
100
91
89
61
209
131
119
Individuals receiving payments • . -do
11,574
12,183
6,382
5, 554
4,433
3, 546
3,540
10,882
5,938
16,895
11, 558
7,355
5,191
Amount of payments
thous. of doL.
10, 750
Labor turn-over in manufacturing establishments:^
'7. 73
8.14
7.83
7.62
7.17
6.92
8.28
6. 51
8.69
8.32
7.18
7.87
7.43
8.40
Accession rate__mo. rate per 100 employees..
r
7.09
6.29
7.91
6.37
7.11
7.04
7.69
7.54
6.57
7.07
7.56
8.16
8. 16
7.02
Separation rate, total
do
.61
.45
.43
.46
.52
.55
.61
.68
67
'. 62
.64
.57
.53
.50
Discharges
do
.70
.78
.65
.74
.70
.54
.52
.64
.45
.50
.50
.46
'.53
.51
Lay-offs
do
4.21
4.45
' 6. 29
5.19
4.40
4.65
5.61
6.30
3.71
4.65
5.36
5.41
4.81
Quits
do
5.20
.51
1.55
1.23
.69
.67
.64
.61
Military 1
__.do
1.29
1.26
.69
.69
1.71
.87
1.12
.14
.08
.32
.25
.08
.08
Miscellaneous ^.__
_
do
.21
.12
.12
.07
.07
.07
.07
.09
PAY ROLLS
Wage-earner pay rolls, a)l manufacturing,
328. 3
333. 4
unadj. (U. S. Dept. of Labor)f. .1939=100.r 322. 2
280. 4290.9
315.6
270.9
287.9
297. 5
313.5
317.1
304.5
309.7
Durable goods
do
r 461 . 2
470.3
382.8
399.8
' 448. 2
366.2
437.1
441.6
439.7
391.6
410.6
421.0
430.4
Iron and steel and their products...do
264.1
270.1
303.5
304.6
308.1
312.8
319. 8
283. 5
291.2
299.6
278.7
297.6
301.7
Blast furnaces, steel works, and rolling
232. 7
234.1
204.1
229.9
mills
1939=100..
200.7
203.8
208.8
217.4
222.2
223.8
223.7
211.8
215.3
Electrical machinery
do
382.7
402.8
415.5
427.4
441.6
458. 9
462.8
475.3
487.7
494. 7
453.7
463.9
454.7
423.9
435.2
441.4
Machinery, except electrical
do
381.5
400.2
427.2
371.5
420.1
392.9
410.0
417.7
422.3
428.0
Machinery a n d machine-shop prodr 440.5
417. 4
429.9
ucts
1939=100-.
402.1
425.5
371.5
381.9
413.4
432. 5
435.1
394.6
421.5
429.3
532. 8
545.3
562.1
526. 3
491.2
470.2
455. 3
455. 8
Machine tools*
do
554. 5
547. 2
557. 7
559.1
555.2
324.2
338. 7
368. 5
Automobiles
do
282.2
314.3
235.1
261.4
277.9
297.1
305.8
255.1
283.9
286.7
Transportation equipment, except autor
mobiles
1939=100..
2,116. 3 2, 275.9 2, 348.0 2, 406.0 2,486. 5 2, 583. 3 2, 692.9 2, 736. 7 2, 768.0 2, 790. 6 '2,805.5 2, 944. 4 2, 944. 8
325.4
336.8
338. 2
321.1
Nonferrous metals and products
do
312.1
308.6
318.5
322.0
325.0
282.7
292.2
303.2
305. 8
Lumber and timber basic products, do
r 198.3
188. 7
166.9
196.1
200.8
193.3
206.0
197. 7
200. 0
179.4
186.2
181.9
173.7
162. I
163. 8
169.0
Sawmills
do
160.4
156.2
151.4
163.8
163.0
152.8
144.4
130.9
143.5
138.7
Furniture and finished lum ber products
191. 0
183.2
185. 5
168.2
178.6
165.0
178.9
181.1
1939=100.170.6
165.9
171.8
174.9
177.9
158. 2
179.2
176. 7
184.4
164.5
159.6
165.6
174.2
Furniture
do
171.5
171.8
163.9
169.5
171. 5
Stone, clay, and glass products:
do
179.2
181.2
178.5
179.2
189.6
184.4
192.3
188.5
194.0
178.9
181.9
187.7
185.3
r 199. 0
198. 3
199.6
194.2
195.4
Nondurable goods
do
192.6
177.7
180.3
186.4
184.5
186.9
190.7
191.7
Textile-mill products and other fiber
172.0
174.4
173.2
175.4
179.6
manufactures
1939=100..
182.4
180.8
181.1
181.2
180.7
178.7
173.0
173.0
Cotton manufactures, except small
205. 1
204.8
203.6
210.6
212.8
217.2
215.8
217.4
211.3
207.0
wares
__
1939=100..
217.1
217.7
216.0
r
131. 5
136.1
133.6
135.3
130.8
Silk and rayon goods
do
132.2
135.4
130.8
131.3
133.7
134.4
133.5
135.0
Woolen and worsted manufactures (ex194.9
197. 6
198.3
198.2
198.2
cept dyeing and finishing).. 1939=100-.
207.2
206.8
201.0
207.5
208.3
205.4
205.0
207.9
Apparel and other finished textile products
163. 4
164.1
164.1
152. 7
1939=100-.
155. 8
157.0
155.9
177.5
164.3
161.7
154.0
167.5
174.8
153.8
153. 8
158.2
Men's clothing
do
148.4
149.6
159.2
151. 3
144.7
162.8
159.1
145.7
168.5
169.7
Women's clothing
do
127.1
123.1
137.2
130.6
125. 3
137.5
136.1
132.1
143. 8
124.0
125.0
148.0
131.0
J47.8
143. 1
143.2
157.4
Leather and leather products
do
145.9
149.2
153.4
159.5
158. 9
158.1
153.0
150.8
155.9
146. 8
134.4
131.4
135.4
131.1
129.8
134.5
137. 4
143.1
Boots and shoes
do
137.3
144.5
143.7
141.0
r
' 187.8
184.8
182.2
167.4
175. 9
164.4
160.5
165.4
155.6
158.5
Food and kindred products
do
150.7
151.3
150.3
151.6
152.5
155.3
159. 0
153. 4
141.5
145.8
147.8
Baking
do
143.4
143.5
144.0
149.3
144.3
* 304. 0
224. 7
137.2
'316.3
162.8
138.2
115.4
112.8
200. 7
Canning and preserving
do
225.9
98.9
114.1
117.0
r
' 202. 6
192. 4
201. 2
200.8
203. 9
180.4
190.5
Slaughtering and meat packing...do
185.1
170.4
176.8
181.3
213.6
202.9
153. 7
157.4
147.8
138.5
144.4
149.3
153. 5
151.1
r 154. 1
160. 2
143.3
Tobacco manufactures
do
159. 6
146.8
181.9
176.6
183.0
180.9
176.3
Paper and allied products.
_.do
158.9
163.5
167.6
168.5
171.3
173.1
175.5
178.0
175.2
168. 4
174. 1
164.8
165.6
168.8
Paper and pulp
do
167.2
170.3
172.9
158.9
161.1
163.6
162.3
Printing, publishing, and allied industries
128.9
131.0
128.8
122.4
126.4
121.8
121.6
126. 5
123.0
127.0
116.3
122.3
121.7
1939=100..
109.4
107.2
110.7
112.0
112.4
112.7
114. 5
114.4
111.3
113.4
108.2
107.3
109.8
Newspapers and periodicals*
do
132.7
134.8
133.1
138.0
131.4
126.1
129.1
127.7
123.9
r 119.2
127.5
132.9
128.0
Printing, book and job*
do
435.8
438. 4
438. 9
432.5
435. 7
425.2
351.4
365. 3
391.2
400.9
409.7
423.6
383.4
Chemicals and allied products
do
274.0
277.0
281.0
285. 5
290.4
265.4
250. 0
255. 4
261.8
230.6
235. 8
240.8
247.2
Chemicals
do
197.1
195.0
197.7
190.3
182.3
187. 5
164.9
166. 8
173.9
160.8
165.4
165.1
162.8
Products of petroleum and coal
do
145.7
150.9
149.3
154.2
170.5
175.2
179.9
184.8
182.4
185. 5
151. 3
151.5
162.8
Petroleum refining
do
250.9
256.1
258. 4
273. 4
278.0
264.0
246.2
248.1
238. 3
201. 9
213.3
228.6
234.6
Rubber products
do
253.8
277.2
279. 3
243.9
256.5
253.3
190.0
205. 3
219.7
226.6
240.2
228.9
239.7
Rubber tires and inner tubes
do
Manufacturing, unadj., by States and cities:
State:
r 524.1
540. 4
539. 2
436. 5
503.2
507.7
533.1
403.7
421.0
466.1
486.2
495.0
430. 3
454. 5
California*
1940 = 100..
362. 9
277.8
294.7
292.8
346.1
355.1
367.9
384.1
394.9
362. 9
288.2
299.2
330.9
316.0
Delaware
1923-25=100..
267.4
273.3
281.2
289. 1
259.8
298.1
244.8
266.3
249.5
255.7
220.4
223.7
233.1
233. 6
Illinois
1935-39=100.396.0
r 397. 6
385.7
376.4
384. 6
409. 5
331.4
< 339. 3
•
335. 0
357.1
391.4
376.4
362.0
359.0
Maryland
1929-31 = 100..
285. 7
287.6
280.7
290.8
282.1
275.4
265.9
271.8
274.7
278.0
244.5
248.0
257. 4
267.3
Massachusettsf
1935-39=100. 269.3
281.0
261. 5
276.3
285.8
New Jersey§
1923-25=100-295.1
299. 7
291.4
284.9
283. 6
287.7
304.3
248. 4
252.8
261.1
264.5
274.6
288.6
285.8
New York-..
.1935-39=100..
338. 5
328.9
326.1
333.9
275.0
285.1
294.9
300.0
317.1
325.3
308.1
320.0
Ohio
do...168. 2
' 175. 2
176.6
188.2
190.9
189. 4
193.9
* 200.4 "r 202.6
184.7
186.5
175.0
181.3
Pennsylvania®
1923-25=100
271.0
259. 4
263. 6
229.2
244.6
265.2
259. 0
236.5
252.6
259.8
244.1
256.8
260.1
Wisconsin
1925-27=100..
City or industrial area:
392. 4
387.0
377.2
329.4
350.9
404.5
' 336.1
333.1
370.2
378.3
355.6
354. 5
384.1
370.8
Baltimore
1929-31 = 100..
232.8
254.6
264.4
270.0
278. 1
285. 3
297.0
218.4
231.9
249.1
258. 2
263.9
223.0
244.7
Chicago
1935-39=100.325.8
339.0
345.2
355. 8
389.2
394.4
404.9
406.6
402.8
413.4
4(18. 2
373.0
Cleveland
do
542. 2 i r 532. 5
443.2
520.6
523.4
537.0
545. 6*
402.5
426.3
454.9
474.4
488.6
523.0
512.0
Los Angeles*
1940=100..
271.3
278.9
297.6
299.9
296.4
300.6
296.6
301.4
301.7 i 309. 2
277.2
260.1
292.3
Milwaukee
1925-27=100-.
242. 8 i 245. 5
203.6
226.2
200.7
208.0
238.0
198.4
220.7
234.9
235.5
226.7
228.7
New Yorkf1935-39=100.- "252." 6"
236.6
254.8
255. 5
263. 2 i r 2R5. 3
217.9
' 227.2
230.8
243.7
.253.8
258.0
275. 7
251.9
248.0
Philadelphia
1923-25=100..
222.8
181.2
186.3
189.0
197.6
205.5
207.1
211.6
215. 5
215.0
223.3
224. 4
r 224.1
177.0
Pittsburgh
do
516. 3
642.7
670. 3 ! ' 6 3 1 . 1
521.5
529. 7
549. 9
582. 5
596. 6
653. 9
481.9
560.4
574.7
611.0
San Francisco*
1940=100.370.6
r 294.2
295. 7
336.8
352. 6
362.3
375.8
383.9
305. 4 ! ' 367. 6
276.9
288.0
301.4
320.1
Wilmington
1923-25=100..
r
Revised.
§ Index is being revised.
JSee note marked " J " on p. S-10.
1 Military separations included in "Miscellaneous" prior to November 1943 Survey.
•Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.
cfRates beginning January 1943 refer to all employees rather than to wage earners only and are theieforc not strictly comparable with earlier data.
<g>See note "f, p. S-10.
tRevised series. The series on placements by the U. S. Employment Service has been revised beginning in the August 1943 Survey to exclude agricultural placements which are
now made only in cooperation with the Department of Agriculture extension service; comparable earlier data are available on request; the series on applications formerly shown in the
Survey have been dropped, as placements are now made, in many instances, without filing formal applications. Indexes of wage-earner pay rolls (or weekly wages) in manufacturing
industries have been completely revised; see note marked "f" on p. S-9. Earlier data for thej revised pay-roll index for New York City not shown in the July 1942 Survey and
subsequent issues, and for the Massachusetts index, shown on a revised basis beginning in the May 1943 Survey, will be published later.
*New series. Data beginning 1939 for the indexes of pay rolls for the newspapers and periodicals and printing, book and job, industries and beginning 1935 for the indexes of pay
rolls for California and the Los Angeles and San Francisco Bay industrial areas will be shown in a later issue.
S-13
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August
September
October
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Nonmanufacturing, unadjusted (U. S. Dept.
of Labor):
Mining:!
Anthracite
1939=100.
Bituminous coal
_.do.__
Metalliferous
do_._
Quarrying and nonmetallic
do
Crude petroleum and natural gasf
do
Public utilities:!
Electric light and power..
do.
Street railways and busses
do.
Telephone and telegraph__
do.
Services :f
Dyeing and cleaning
_do.
Power laundries
do.
Year-round hotels
.do.
Trade:
Retail, totalf
do
Food*
i.
do.
General merchandising!
do.
Wholesale!
.
_do_
Water transportation*.
.
do.
r
123.4
179.0
163.8
179.1
105.1
128.4
183. 7
166.7
160.6
106.8
101.5
178.6
163.8
151.0
103.9
154.9
196.2
166.3
150.3
106.9
J52.7
202.1
165.5
150.2
107.0
150.2
189.9
167.5
162.8
109.6
127.1
176.4
170.2
166.3
111.9
99.3
142.9
172.0
169.5
117.4
133.1
190.0
164.3
168.9
120.3
150. 6
203.8
169.2
174.8
' 119. 7
r 144. 2
203.3
170.6
168.0
r
124. 4
146.5
198.8
169.2
169.4
122.1
110.7
137.1
134.3
108.9
140.7
134.9
109.4
145.7
134.1
107.6
147.3
137.0
106.7
150.6
137.5
105. 8
150.7
136.7
106.4
152. 0
139. 4
106.5
153.8
143.8
107.7
156.0
145.0
110.5
156.1
148.2
111.9
162.1
149.1
111.4
' 157.6
' 149. 9
111.8
158.3
149.0
153.5
143.2
127.1
r
r
125.6
177.7
167.5
172.5
104.3
147.1
142.7
128.0
142.9
144.6
131.8
142.8
147.6
129.8
143.8
145.4
130.6
150.3
145.2
130.4
176.2
150.7
132.1
177.8
153. 8
134.5
182.5
154.6
137.4
170.6
152.4
139.7
164.3
147.3
' 140.8
170.6
146.2
» 143. 7
•
173.4
149.1
147.2
118. 3
128. 2
135. 4
123. 6
203.3
121.6
128.5
145.6
125.8
225.0
131. 5
127. 7
181.7
124.6
225.0
115.3
125.7
129.1
122.3
231.4
114.9
126.4
126.2
124.3
257.8
115.7
125.3
128.0
124.0
271.9
119.0
126.4
133.0
125.1
288.0
117.1
125.8
129.7
124.3
307.7
121.1
130.2
133.3
126. 5
326.7
119.9
131.6
131.4
127.1
345.3
119.7
131.2
127.8
129.5
363.2
119.9
128.7
130.5
127.9
384.4
123.3
130.4
138.7
129.5
393.6
WAGES
Factory average weekly earnings:
r
46.14
46.25 r 47.12
45.92
46.16
Natl. Ind. Con. Bd. (25 industries).dollars..
45.02
44.30
47.50
43.85
42.50
42.98
43.56
42.10
42.76
43.52
43.08
43. 25
44. 43
42.48
44.90
39.78
40.27
U. S. Dept. of Labor, all mfgf.
do
38.89
41.75
41.12
40.62
48.76
49.61
49.25
49.33
51.06
48.67
61. 46
46.27
46. 28
Durable goods!
do
45.31
47.79
47.12
46.68
47.09 ' 48. 32 r 49. 10
47.61
47.84
47.08
49.78
44.20
44.67
Iron and steel and their prod.!__.do
43.45
46.47
45.75
44.91
Blast furnaces, steel works, and rolling
50.01
49.62
51.59
49.12
52.67
47.24
52.99
47.95
45.27
45.15
46.16
46.57
mills!
__
dollars..
43.93
44.81
45.68
45.59
45.64
46.42
46.48
45.17
44.24
44.32
Electrical machinery!
do
43.73
44.93
44. 46
44.70
51.92 r 53.12
51.13
52.31
53.92
52.14
49.64
50.15
Machinery, except electrical!
do
49.34
51. 59
51.09
50.69
52.48
Machinery and machine-shop prod50.30
50.64 ' 52.12
51.21
51.16
50.69
51.13
49.84
48.65
60.15
50.09
ucts!
dollars..
49.28
48.30
52.62
52.49
54.23
55.29
53. 43
55.50
53.18
55.34
Machine tools
do_._.
53.73
52.32
55.09
54.22
54.16
57.41
57.18
57.00
57.10
58.06
54.65
55.77
59.98
Automobiles!
_.
do
54.51
52.97
55.62
55.71
55.85
Transporation equipment, except auto56.35
55.88
56.29
56.00
' 59. 09 58.60
54.48
mobiles!
.dollars..
55.49
55.77
53.80
53.65
54.25
53.34
Aircraft and parts (excluding engines)
49.26
48.82
49.78
49.67
47.29
52.56
dollars.
46.53
52.40
47.12
46.94
45.75
47.08
60.55 r 60. 80 r 63. 68
59.83
60.04
59. 50
60.67
62.00
Shipbuilding and boatbuilding.do
57.54
58. 09
58.46
57.16
57.24
47.39 r 48. 95
47.42
46.79
47.76
46.85
44.15
48.46
Nonferrous metals and products!.do...
43.43
44.99
46.13
45.26
45.31
33.72
32.90
32.28
31.51
30.82
28. 58
34.21
Lumber and timber basic prod.!__do...
33.41
29.52
28.04
29.68
28.79
27.10
32.99 r 32. 67
32.06
31.49
30.50
29.75
27.44
33.39
Sawmills§
do
28.69
26.46
28.31
27.43
25.38
Furniture and finished lumber products!
33.45 r 33. 62
32.48
33.05
32.74
34.84
dollars..
32.13
29.34
30.11
31.39
30.56
29.79
29.33
33.05 r 34.29
33.68
33.14
34.23
FurnitureJ...
_._
__.do
32.86
35.56
31.40
30.56
30.56
32.22
31.66
30.74
35.49
36.38
36.16
37. 06
36. 93
35.57
Stone, clay, and glass products!..do
33.86
38.11
33.52
33. 53
34.86
34.36
31.15
34.01 r 34. 55
34.29
34.07
34.73
33.58
32.08
Nondurable goods!-..
do
30.66
31.25
35.18
33.08
32. 47
32.10
Textile-mill products and other fiber
27.16
27.82
27.56
27.46
27.54
27.68
27.14
26.73
27.36
manufactures!
dollars..
26.17
26.84
26.93
Cotton manufactures, except small
24.33
24.14
24.03 * 24. 58 24.57
24. 54
24.78
24.36
24.19
24.22
23.39
23. 62
23.95
wares!
dollars26.41
26.97 * 26. 79
26.99
27.05
27.85
Silk and rayon goods!
do
25.88
25.31
25.46
26.26
26.07
26.30
26.67
Woolen and worsted manufactures (exc.
33.35
33.97
34.08
33.56
33.39
33.62
31.13
31.53
32.62
32.82
34.24
dyeing and
finishing)!
dollars.
32.84
33.16
Apparel and other finished textile prod26.16
26.63
27.48 * 27.79
26.61
27.44
24.27
27.16
25.71
ucts!
dollars..
24.50
24.17
23.97
27.86
27.56 r 28. 34 r 28. SO
28.64
28.93
29.31
25.56
25.66
25.70
29.34
Men's clothing!
do
29.03
27.79
26.40
31.34 ' 33. 74 ' 33. 95
31.45
31.53
33.31
28.17
27.48
32.92
27.60
Women's clothing!
do
33.65
31.10
28.75
r
29.09
29.95
29.69
29.81
29. 99
27.58
27.79
30.22
30.00
Leather and leather products!
do
29.49
28.94
29.06
27.43 '28.49 r 28. 38
28.24
28.15
27.90
26.03
25.97
28.33
Boots and shoes
.do
27.37
28.07
27.45
27.98
35.40 ' 35.46
35. 55
34.12
36.01
30.97
31.84
35.86
34.60
Food and kindred products!
do
33.41
33.72
33.08
33.22
35.98
35.40
34.42
35.76
31.90
32.32
36.43
36.01
33.46
36.80
Baking
.do
34.20
33.55
33.35
26.38 r 28. 80 ' 26. 41
27.45
27.23
25.34
25. 53
26.95
27.94
25.94
Canning and preserving!
do
26.42
26.79
26.14
42.01 ' 41. 37 r 40.11
41.09
36.40
34.02
34.52
41.94
41.75
38.46
Slaughtering and meat packing.do
36.04
34.91
36.66
27.41
25.29
24.80
24.32
24.82
28.54
26.45
25.26
27.04 ' 27.67
Tobacco manufactures!
do
24.21
23.22
24.27
35. 55
36.21
35.79
33.46
34.01
37.06
36.47
34.62
36.66 r 36.17
Paper and allied products!
do
35.11
34. 75
34.21
39.04
39.58
38.87
36.59
37.18
40.63
39.83
37.83
39.36
40.44
Paper and pulp
do
38.41
37.93
37.19
Printing, publishing, and allied indus40.08 r 40. 68
39.82
40.34
39.32
41.81
38.56
39.08
41.57
38.73
38.35
37.51
39.40
tries!
dollars..
45.62
44.29
44.80
43.79
45.69
42.88
46.27
46.33
42.29
43.36
Newspapers and periodicals*...do
43.52
42.74
42.42
37.27
37.63
38.12
36.81
37.74
36.48
38. 96
35.32
37.66
38. 78
Printing, book and job*
do
36. 71
36.34
37.19
42.13 ' 42. 32 42.91
41.54
42.04
41.00
38.10
42.87
37.74
39 25
Chemicals and allied products!.__do. I.
40.14
39.69
39.43
49.45
48.53
49.23
48.10
44.18
50.34
43.38
44^86
49.94
50.08
Chemicals
do
47.15
46.23
46.15
51.14 ' 52. 53 r 52. 32
49.93
50.65
48.33
45.61
53.04
43.80
45.65
Products of petroleum and coalt~do
46.48
46.30
45.42
r
54.75
53.42
54.03
51.58
48.80
46.56
48.91
55. 96 ' 55. 34 56.10
49.36
49.08
48.38
Petroleum refining.
...do
44.94 ' 44.96 r 47. 46
45.63
47.10
45.01
41.48
48.08
40.39
42.99
Rubber products!
do
44.74
43.57
43.11
52.48
53.15
54.60
52. 54
48.45
56.49
46.55
49.93
51.54
55.18
52.68
50.95
50.53
Rubber tires and inner tubes.-.do
Factory average hourly earnings:
r
1.020
1.009
1.016
1. 036
.982
.970
.987
1.020
1.036
.979
Natl. Ind. Con. Bd. (25 industries)„_do
.963
.953
.959
.944
.905
.907
.965
' 994
.
.989
.893
U. S. Dept. of Labor, all mfg.f—
do
.934
.924
.919
1.050
1.054
1.060
1.040
1.005
1.004
1.060
1.098
1.088
.990
1.030
1.020
1.017
Durable goods!
do
r
1.026
1.031
1.035
1.019
1.037
1.057
.979
1. 065
Iron and steel and their products!,do
1.008
.999
.998
i
Blast furnaces, steel works, and roll1.120
1.122
1.140
1.094
1.099
1.130
1.103
1.109 I
1.164 i 1.144
1.073 i 1.078
1.083
ing mills!
dollars..
r
Revised.
§Rcvisions in 1942 monthly averages shown in the April 1943 Survey: Weekly earnings, $25.58; hourly earnings, $0,635.
{Data beginning November 1942 are not strictly comparable with figures for prior months because of a change in the reporting sample. Figure for November 1942 comparable with
earlier months is $30.10.
! Revised series. For revised data beginning 1939 for the indexes of pay rolls in nonmanufacturing industries, see p. 31 of the June 1943 Survey. The Department of Labor's
series on hourly earnings and hours per week (p. S-ll) in manufacturing industries have been revised and differ from those published prior to the March 1943 Survey owing to the
inclusion of additional data for industries not heretofore covered and extensive corrections, on the basis of Census and Social Security data, in the employment estimates of the Bureau
which are used for weighting purposes. The series of average weekly earnings for all manufacturing, durable goods, nondurable goods, and the industry group averages are now
computed by taking the product of the averages of hourly earnings and hours worked per week. The industry classifications have been revised for all series to agree with definitions
of the 1939 Census of Manufactures and the Standard Industrial Classification Manual; there were no changes, however, in the data for the industries, which do not carry a reference
to this note. Data for years prior to 1942 for all series will be published in a subsequent issue; figures for the early months of 1942 are in the March 1943 Survey.
* New series. Indexes beginning 1939 for retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Earlier data for
average weekly earnings in the newspapers and periodicals and printing, book and job, industries will be published later.
S-14
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may he found in the 1942 Sup- November
plement to the Survey
1942
October
Novem- December
ber
January 1944
1943
January
February
March
April
May
June
July
SepAugust tember
October
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Faetory average hourly earnings—Continued.
U. S. Dept. of Labor, all mfg—Continued.
Durable goods—Continued.
0.942
0.943
0.951
0.948
0.954
0,936
0.961
0.965
0.970
Electrical machineryt
dollars..
0.974
0.970
0.994
0.989
1.022
1.030
1.047
1.056
1.059
Machinery, except electricalf
do.
.997
1.003
1.038
1.063
1.064
1.085
1.011
'1.093
Machinery and machine-shop prod1.003
1.014
1.021
"ollars..
.983
.986
.991
1.028
1.037
1.040
uctsf
do'
1.048
1.045
1.068
'1.079
1.033
1.042
1.067
.998
1.007
1.013
1.055
1.065
1.069
Machine tools
do.
1.064
1.056
1.072
1,080
1.222
1.231
1.172
1.202
1.211
Automobiles f
_
do
1.198
1.215
1.236
1.243
1.219
1.217
1. 265
1. 259
Transportation equipment, except auto1.132
1.163
1.142
1.144
1.152
1.174
1.189
1.164
1.185
1.194
1.199
1.231
mobilesf.__
dollars.Aircraft and parts (excluding engines)
.991
1.002
1.052
1.070
1.115
.997
1.010
1.019
1.063
1.073
1.070
dollars..
1.025
1.125
1.264
1.220
1.246
1.255
1.307
Shipbuilding and boatbuilding..do
1.208
1.210
1.224
* 1. 255
1.264
'1.277 '1.337
1.246
1.014
1.001
1.031
.956
.959
.976
.985
1.015
1.017
Nonferrous metals and products f- -do
1.011
' 1.046
Lumber and timber basic productst
.741
.694
.687
.685
.679
.681
.715
.737
.700
.738
.768
.774
dollars..
.684
.670
.660
.666
.726
.733
.765
.657
.681
. 759
Sawmills!
do
.725
.729
Furniture and finished lumber prod.741
.734
.750
.685
.685
.689
.696
.722
.706
.715
.745
.776
uctsf
dollars.'.771
.761
.708
.752
.771
.708
.705
.711
.720
.740
.765
.793
.797
Furniture
._
do
.733
.812
.810
.844
.822
.843
.849
.854
.870
Stone, clay, and glass products f.do
.810
.819
.833
.873
.828
.762
.773
.803
.824
.751
.756
.811
.768
.790
.823
Nondurable goodst
do
.782
Textile-mill products and other fiber
.639
.642
.664
.665
.644
.652
.654
.664
.675
.675
manufactures!
.dollars..
.664
.657
Cotton manufactures, except small
.586
.576
.577
.579
.582
.591
.593
.584
.588
.590
rarest
dollars..
.599
.586
.644
.647
.615
.619
.619
.642
.639
.627
.637
.643
Silk and rayon goodsf
do
.630
'.655
Woolen and worsted manufactures (exc.
.813
.783
.789
.789
.815
dyeing and finishing)f .dollars..
.789
.795
.801
.821
.799
Apparel and other finished textile
.727
.652
.737
.649
.693
.648
.655
.673
.704
.705
' 743
.
productsf
...dollars..
.700
'. 752
.773
.707
.745
.702
.705
.714
.721
.743
.746
'.768
.738
Men's clothingt
do
.888
.734
.733
'.831
.747
.758
.798
.837
.843
'.888
'.911
.834
Women's cloth ing t---.—do
.765
.719
.713
.721
.720
.739
.749
.744
. 750
' 765
.
.708
.747
.729
Leather and leather productst
do
.733
.691
.694
.691
.709
.718
.714
'.721
' 736
.
.717
.683
.683
.702
Boots and shoes
.do
.815
.761
.769
.771
.788
.802
.799
.804
'.801
.744
.751
.797
.777
Food and kindred productst
do
.811
.758
.764
.768
.787
.801
.804
.802
.818
.793
.740
.775
.749
Baking
.do
.738
.676
.681
.684
.706
.696
.698
.702
.697
.664
.681
'.739
.674
Canning and preserving!
do
-890
.839
.830
.828
.848
.877
.877
'.879
.871
.821
.836
'.884
.823
Slaughtering and meat packing, do
.670
.613
.613
.603
.620
.645
.651
.629
.613
. 658
.602
,611
r.mo
Tobacco manufactures!
do
.811
.771
.774
.781
.790
.798
.797
.794
.782
.804
.771
.772
Paper and allied productst
-do
.811
.860
.829
.842
.851
.851
.845
.838
.831
.859
.828
Paper and pulp__
-do
.861
Printing, publishing, and allied indus1.002
1.035
.973
.971
.976
1.006
.997
1.034
.980
.973
.982
triesf.
dollars. .
1.200
1.215
1.151
1.146
1.187
1.193
1.209
1.153
1.155
1.151
1.168
1.177
1.156
Newspapers and periodicals* do
.905
.947
.903
.948
.886
.920
.895
.894
.882
.886
.898
.912
.896
Printing, book and job*
do
.928
.939
.930
.932
.866
.886
.890
.909
.922
.867
.878
Chemicals and allied productst-..-do
.901
.892
1.071
1.086
1.076
1.076
1.040
1.044
1.019
1.055
1.032
1.064
1.027
Chemicals
.-do
1.053
1.047
'1.137
1.155
1.139
1.153
1.105
1.092
1.122
1.081
1.092
1.128
1.093
Products of petroleum and coalt--do
1.111
1.091
1.208
' 1. 223
1.214
1.222
1.182
1.162
1.196
1.174
1.176
1.202
1.160
Petroleum refining
do
1.183
1.161
1.015
1. 057
1.019
1.059
.971
.977
1.005
1.024
.966
.947
.955
.998
.992
Rubber productst
-.do
1.164
1.222
1.181
1.231
1.139
1.135
1.167
1.115
1.183
1.130
1.125
1.162
1.159
Rubber tires and inner tubes...do
Factory average weekly earnings, by States:
179.6
190. 6
182.7
184.8
163.7
168.4
169.8
179.7
180.5
188. 6
169.9
172.6
183.0
174.4
California*
1940=100..
174.4
182. 6
172.7
174.9
158.1
' 1 59. 7
153.6
157.6
157.9
168.0
176.7
177. 4
172.2
164.6
Delaware
1923-25=100..
177. 9
186.4
163.3
176.8
184.3
163.2
168.0
173.5
175.1
181.5
156.7
159.8
175.0
IHinois
1935-39=100..
170.1
180.2
195. 6
202.2
184.9
183.7
192.9
200.4
176.2
176.7
189.2
190.9
199. 9
190.6
Massachusettst--1935-39=100..
187.0
202.2
204.2
204.8
194.5
198.8
New Jerseycf
1923-25=100..
167.6
181.8
169.6
173.4
180.5
177.8
188.6
179.0
182.9
186.0
163.3
179.9
177.9
164.7
New York
1935-39=100. .
171.6
172.3
175.1
183.2
185.0
190.4
181.4
166.9
180.1
182.8
188.1
' 188.5
169.7
177.6
Pennsylvania
1923-25=100..
168.2
168.6
172.6
178.4
173.8
176.6
177.1
174.7
176.8
174. 8
181.0
162.4
164.9
Wisconsin
1925-27=100..
Nonmanufacturing industries, average hourly
earnings (U. S. Dept. of Labor):*
1.231
1.198
1.235
1.230
1.209
1.240
1.273
1.230
1.242
1.246
1.258
1.240
1.240
Building construction
dollars..
Mining:
1.063
.984
.993
1.060
1.043
1.073
1.064
1.037
1.003
1.007
1.069
1.060
'1.078
Anthracite
__,_do.
1.128
1.124
1.150
1.120
'1.150 ' 1- 170
1.085
1.085
1.070
1.073
1.119
1.161
1.113
Bituminous coal
do.
.962
.984
.982
.986
.983
.913
.931
.941
.949
.926
.995
.994
.947
Metalliferous
do.
.776
.785
.800
.757
.759
.744
.750
.781
.792
.766
'.812
.811
.755
Quarrying and nonmetallic
do
1.069
1.100
1.057
1.059
1.068
1.099
1.113
' 1.103
1.039
1.066
1.130
1.122
1.074
Crude petroleum and natural gas
do.
Public utilities:
1.004
1.038
1.032
1.027
1.034
1.051
1.060
1.023
1.026
1.076
1.020
1.063
1.078
Electrir light and power..
do.
.879
.881
.840
.847
.856
.856
.854
.870
.876
.887
.857
.894
.889
Street railways and busses
.do.
.857
.833
.835
.855
.835
.842
.854
.861
.846
.845
.850
.868
'.866
Telephone and telegraph
do
Services:
.648
.601
.601
.608
.648
.641
.615
.618
.650
'.666
.676
Dyeing and cleaning
_..do
.502
.536
.513
.519
.517
.510
.545
.544
.549
.523
.550
.563
.576
Power laundries
do
Trade:
.627
.631
.657
.614
.645
.663
.675
.650
.650
.678
.687
.688
Retail
do
.879
.893
.923
.934
.926
.944
.911
.952
.957
.884
Wholesale
do
Miscellaneous wage data:
Construction wage rates (E. N. R.):1f
.826
.869
.832
.832
.832
.858
.863
.832
.842
.863
.869
Common labor
_
dol. per hr..
1.61
1.62
1.59
1.60
1.61
1.61
1.61
1.62
1.60
1.61
1.61
1.62
1.62
1.62
Skilled labor
.do.
Farm wages without board (quarterly)
KG OR
67.21
dol. per month..
62.43
76.00
» 71.84
75. 45
.832 I
.843
Railway wages (avg., class I)
dol. per hr
.850
.864 !
.839
.845 \
.850
.842
"."845"
"."857
.854
' Revised.
* Farm wages as of June 1 (data now collected for selected months between quarterly reports).
t Data are not strictly comparable with figures prior to July 1942 published in the Survey, because of a change in the reporting sample.
§ See note marked " § " on p. S-13.
d* Index is being revised.
• Rates as of pec. 1: Construction^-common labor, $0,869; skilled labor, $1.62.
f
t Revised series. For an explanation of the revisions in the XJ. S. Department of Labor's series on hourly earnings in manufacturing industries, see note marked "f" on p. S-13,
The index of weekly earnings in Massachusetts has been revised to a new base; data beginning March 1942 are in the May 1943 Survey; earlier data will be shown later.
* New series. Data beginning 1939 for the Department of Labor's series of hourly earnings in the newspapers and periodicals and printing, book and job, industries and in nonmanufacturing industries will be published later. Data for building construction, the mining industries, dyeing and cleaning plants, and power laundries relate to wage earners only;
for crude petroleum and natural gas, the clerical field force is included; for the public utilities, all employees except corporation officers and executives are included; and for the trade
groups, all employees except corporation officers, executives, and other employees whose duties are mainly supervisory. Data beginning 1935 for the index of factory average weekly
earnings in California will be shown in a subsequent issue.
S-15
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, m a y be found i n the 1942 Sup- Novemplement to t h e Survey
ber
1942
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August
September
Octo
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Miscellaneous wage data—Con.
Road-building wages, common labor:
United States average
dol. per hour._
East North Central
do
East South Central
do
Middle Atlantic
do
Mountain
_
_
do
New England...
do
Pacific
_
_do
South Atlantic.
do
West North Central
do
West South Central..
do
PUBLIC ASSISTANCE
Total public assistance and earnings of persons
employed under Federal work programs §
mil. of doL.
Old-age assistance, and aid to dependent
children and the blind, totaL.mil. of dol_.
Old-age assistance
do
General relief
do
0.74
0.66
0.66
0.67
0.63
0.61
0.62
0.64
0.68
0.71
0.73
.93
.60
.94
.80
.93
.83
.48
.72
.82
.70
.83
.47
.75
.87
.75
.88
.46
.82
.88
.80
.89
.47
.84
.95
.81
.91
.49
.79
.86
.82
.87
.52
.84
.90
.87
.90
.57
.88
.85
.90
.88
.68
.95
.92
.85
.91
.57
.91
.85
.83
.96
.54
.95
.86
.86
1.08
1.04
1.06
1.02
1.03
1.03
1.02
1.04
1.05
1.09
1.05
P79
104
101
101
96
91
88
83
79
77
77
P70
66
51
13
66
52
12
67
52
12
67
52
11
66
52
10
67
52
11
67
53
11
67
53
10
67
53
9
69
55
9
.63
.80
.58
*57
P8
.52
.72
.47
.54
.77
.46
.56
.69
.48
.52
.66
.49
.52
.75
.49
.52
.71
.50
.54
.74
.52
.57
.79
.54
.59
.75
.57
.59
.78
.55
FINANCE
BANKING
Agricultural loans outstanding of agencies
supervised by the Farm Credit A dm.:
2,584
2,659
2,585
2,582
2,566
2,590
2,582
2,528
2,505
TotaJ, excl. joint-stock land bks-.mil. of dol..
2,733
2,696
2,608
2, 475
2,443
1,953
1,927
2,115
1,970
1,868
2,148
2,080
2,057
2,023
1,996
1,833
Farm mortgage loans, total
do
2,179
1,900
1,797
1,472
1,603
1,502
1,489
1,431
1,625
1,579
1,564
1,520
1,406
Federal land banks..
do
1,645
1,540
1,452
1,381
512
468
463
455
523
501
494
475
534
483
437
427
Land Bank Commissioner
do
416
447
113
159
135
114
145
124
119
118
157
155
146
199
Loans to cooperatives, total
do
225
120
Banks for cooperatives, including central
102
102
121
107
145
132
148
130
140
111
106
111
bank
...mil. of dol..
215
189
12
11
11
11
13
12
8
13
13
11
11
8
9
Agr. Mktg. Act revolving fund...do
9
521
382
518
392
384
434
479
409
470
444
Short term credit, total
_.do
509
421
Federal intermediate credit banks, loans
to and discounts for:
Farm Credit Administration agenciescf
284
282
265
279
253
273
267
276
272
268
mil. of dol..
275
285
246
302
41
41
39
39
39
39
38
34
38
38
40
31
Other financing institutions
do
39
32
259
245
257
233
253
234
190
185
197
214
202
185
217
Production credit associations
do
200
56
47
54
32
55
53
3
3
46
5
4
14
Regional agr. credit corporations..do
5
39
123
124
124
124
121
117
113
112
114
113
121
Emergency crop loans
do
117
118
109
42
43
42
43
42
42
44
41
45
44
43
Drought relief loans
do
43
45
41
12
16
14
17
12
11
20
11
23
21
Joint-stock land banks, in liquidation.do
20
124
18
3
58,339
60,423
58, 930 54, 580 68,365
52,160
48,001
61,974
49,549
59,604
Bank debits, total (141 centers)f
..do
51,954
59, 323
58,542
25, 737 25,464
23,976
29,193
27,913
18,512
25, 897 21,437
21,112
23,990
19,823
24,062
21,221
New York City
. . . . d o . . . . 23,327
32,602
34, 959 34,954 33, 359 40,452 35,614
30, 723 28,437
29, 489 36,077
32,131
35, 261 37,683
Outside New York City
do
35,215
Fed. Reserve banks, condition, end of mo.:
28,982 28, 548 29, 599 30,462 31,146
31,354 31,545
Assets, total
_
.mil. of dol._ 32, 488
27,748
29,019
28, 556 28, 515 28,347
26,953
7,576
8,685
6,647
9,384
9,823
6,191
6,846
9,466
5,714
6,679
6,339
6,296
Res. bank credit outstanding, total-.do
4,959
10,763
5
16
26
13
31
12
59
Bills discounted
do
11
14
13
7
6
16
52
7,202
8,187
6,455
6,222
9,354
8,919
United States securities
.do
9,088
5,399
6,189
5,969
5,871
5,919
4,667
10,348
20,344 20,268
Reserves, total..
do
20,799
20,908 20,931
20, 859 20, 785 20, 656 20, 614 20, 582 20, 508 20,389
20, 202 20, 813
20,011
Gold certificates
do
20,071
19,947
20,573
20, 554 20,520 20, 476 20, 413 20, 303 20, 261 20, 224 20,163
19,898 20,569
29,599
28,982 28,548
30,462 31,146
31,354 31, 545
Liabilities, total
do
28,515
28,347
32,488 26, 953 27,748 29,019 28,556
14,022
14,131
14,557
13,459
14, 206 14,160
Deposits, total
do
14,665
14, 534 15,194
14,805
14,308
13,981
14,313
14,387
12, 204 12,031
12,085
12,590 12,855
11,864 12,086
Member bank reserve balances...do
13,067
12,759
13, 208 13,117
13,630
12, 400 12,735
2,315
1,212
1,728
1,268
1,684
1,123
1,102
Excess reserves (estimated)
do
1,925
2,644
2,909
1,988
2,387
1,518
985
13,128
13, 539 13,872
14,364 14,921
15,266
15. 663
12,627
Fed. Reserve notes in circulation...do
11, 756 12,193
12,265
12,758
16,312 11,220
75.8
76.4
70.9
73.8
77.4
69.0
68.0
Reserve ratio
.
percent-.
79.1
77.3
76.3
77.7
65.8
81.5
Fed. Reserve reporting member banks, condition, Wednesday nearest end of month:
Deposits:
28,852 28,257
31,386
33,840 35, 733
29,743 31,305
31,848
30,098
Demand, adjusted
mil. of dol.. 33, 651 28, 639
32,289
31,774
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol._ 33,970 28, 345 28,733 28,709 29, 434 31,162 31, 815 30,112 31, 395 32, 536 33,688 35, 533 30,903 32,039
1,676
1,834
1,852
1,846
1,838
1,888
1,858
1,922
1,867
1,890
1,766
1,947
1,759
1,913
States and political subdivisions.,do
11,833
4,777
7,981
5,652
12,110
2,964
3,092
5, 245
3,072
9,068
8,044
2,696
6,757
United States Government
.do
5,837
5,633
5,467
5,688
5,228
f>, 037
6,106
5,408
5,960 r 5,949
5,527
5,215
5,256
5,479
Time, except interbank, total.
.do
Individuals, partnerships, and corpora5,792 ' 5, 749 5,859
5,677
5,480
5,530
5,102
5,268
5,381
5,333
5,929
5,087
5,130
5,361
tions
.mil. of dol..
118
121
' 119
119
120
123
114
102
100
105
115
100
112
89
States and political subdivisions..do
8,818
8,879
8,593
8,805
8,716
8,817
8 ^^3
9,454
9,509
9,148
8,898
9,141
9,197
9,195
Interbank, domestic.
do
37, 394 36,358 37, 003 37,035
39,196 40,945
40'141 27, 229 28,092 31,148
31,935
35,135
31, 918 31,953
Investments, total
_do
34,334 36, 242
31, 414 32,347 32,282
35, 565 21,879
22,874 25,898
26,740 26, 738 26, 766 29, 917 32,467
U. S. Gov't direct obligations, total.do
4,478
3,524
4,405
4,360
5,636
4,860
3,755
3,918
3,570
4,244
4,840
2,811
3,786
4,476
Bills.,...
do....
7,635
9,270
7,029
8,368
6,883
6,991
9,165
3,429
5,001
6,532
2,945
4,958
5,059
4,993
Certificates^
_
do
16, 659 17, 632
15, 760 15, 685 15, 988 16,250
17,599
13, 394 13,821
14,357
11, 725 11, 634 12, 985 13,117
Bonds
do
4,852
4,935
4,947
4,188
3,878
4,873
4,241
4,099
4,188
4,883
4,088
4,197
4,169
4,398
Notes
do
Obligations guaranteed by U. S. Govern1,876
1,818
1,829
1,881
1,725
1,992
1,919
1,850
1,908
1,776
1,934
1,940
1,907
1,937
ment
mil. of dol..
2,986
2,874
3,063
2,935
2,931
3,226
3,077
3,270
3,296
3,284
3,229
2,800
3,443
3,313
Other securities
do
11,697
9,485
9,479
9, 704 11,802
10, 637
9,788
9,790
10, 295 10, 321
9,517
9,456
10, 320
11,025
Loans, total
do
6,207
6,458
5,542
5,628
5,850
5,735
5,662
6,131
6,440
5,912
6,581
6,304
5,963
6,379
Commerc'l, industi, and agric'lf
do
1,994
1,697
1,014
992
1,652
1,046
1,127
637
700
617
529
850
585
1,447
To brokers and dealers in securities, .do
Other loans for purchasing or carrying
936
358
379
491
424
342
382
344
504
635
389
358
securities.._
mil. of dol..
1,129
1,145
1,135
1,150
1,158
1,157
1,162
1,199
1,184
1,176
1,125
1,217
1,207
1,161
Real estate loans
do
76
79
28
74
94
47
54
57
22
53
46
83
Loans to banks
do
89
46
1,391
1,398
1,319
1,265
1,276
1,345
1,434
1,394
1,367
Other loans..
do
1,537
1,533
1,387
1,350
1,578
* Revised.
p Preliminary.
i Amount estimated for 1 bank.
cf Agricultural credit corporations, production credit associations, and banks for cooperatives; to avoid duplication these loans are excluded from the totals.
§Includes through June 1943 earnings of persons employed under Federal emergency work programs shown separately in the April 1943 and earlier issues; by the end of June
1943 these emergency programs had been liquidated.
!
tRevised series. Bank debits have been revised beginning May 1942 to include additional banks in the 141 centers; see p. S-15 of the September 1943 Survey for revised figures
beginning that month and a comparison of the figures on the new and old basis for the 12-month period ended June 30,1943. The series on commercial, industrial, and agricultural
loans includes open market paper no longer reported separately.
S-16
SURVEY OF CURRENT BUSINESS
Monthly statistics tlirougH December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
January 1944
October
1943
Novem- December
ber
January
February
March
April
May
June
July
SepAugust tember
October
FINANCE—Continued
BANKING—Continued
Money and interest rates :f
Bank rates to customers:
New York City
.percent..
7 other northern and eastern cities..do_
11 southern and western cities
do.
Discount rate (N. Y. F. R. Bank)..__do
Federal land bank loans
_
do.
Fed. intermediate credit bank loans.. _do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers, 90 days
percent..
Com'l paper, prime, 4-6 months__do
Time loans, 90 days (N. Y. S. E.)-do
Average rate:
Call loans, renewal (N.Y.S.E.)--do
XJ. S. Treasury bills, 3-mo_
do
Average yield, U.S. Treas. notes,3-5yrs.:
Taxable*-..percent—
Savings deposits:
Savings banks in New York State:
Amount due depositors
mil. of doL.
U. S. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do.. _.
1.00
4.00
1.50
2.36
2.76
3.24
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
2.09
2.63
1.26
1.00
4.00
1.50
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
.44
.69
1.25
1.00
.375
1.00
.372
1.00
.371
LOO
.363
LOO
.367
LOO
.372
1.00
.373
1.00
.373
1.00
.373
LOO
.374
LOO
.374
1.00
.375
1.00
.375
LOO
.375
1.28
1.34
1.29
1.24
1.33
1.36
1.32
1.30
1.31
1.31
1.29
LOO
4.00
1.50
LOO
4.00
1.50
2.70
2,98
3,38
LOO
4.00
1.50
LOO
4.00
1.50
LOO
4.00
1.50
2.05
2.71
2.73
LOO
4.00
1.50
LOO
4.00
1.50
6,051
5,459
5,492
5,570
5,594
5, 622
5,663
5,677
5,726
5,813
5,867
5,922
5,949
1,753
1,377
18
1,396
17
1,417
16
1,445
14
1,468
14
1,493
13
1,517
12
1,546
12
1,578
12
1,620
11
1,660
11
1,683
10
6,403
3,255
1,704
664
6,169
3,054
1,571
573
6,155
2,922
1,494
482
5, 703
2,660
1,314
404
5,491
2,465
1,190
351
5,353
2,323
1,071
287
5,243
2,226
1,020
260
5,079
2,116
955
235
5,065
2,046
4.844
1,956
838
196
4,770
1,899
807
190
' 4.863
' 1,869
'786
186
4,959
1,836
776
181
270
253
408
154
61
164
1,551
421
247
392
141
61
157
1,483
393
254
391
130
77
160
1,428
370
228
359
116
64
143
1,346
345
210
338
103
56
132
1,275
319
196
322
91
51
124
1,252
312
190
319
81
50
120
1,206
299
178
308
72
48
114
1,161
290
168
301
64
47
108
1,150
287
155
286
55
45
101
1,118
283
149
279
48
44
97
1,092
278
148
272
42
r
44
94
1,083
277
151
269
37
44
94
1,060
'273
109
15
17
152
14
22
145
14
21
141
18
22
132
11
20
126
13
19
127
22
21
122
15
20
118
14
18
118
19
19
114
15
19
112
15
17
113
18
17
111
16
18
165
29
31
222
30
44
211
25
36
202
31
40
193
25
34
185
26
34
184
38
39
179
31
36
174
29
34
174
35
35
170
30
34
168
29
31
169
32
31
167
28
30
355
70
437
59
74
227
92
1,419
1,088
641
428
59
68
215
91
1,386
1,085
644
424
82
86
200
91
1, 513
1,072
648
403
45
66
184
89
1,333
1,058
652
387
50
66
170
88
1,333
1,038
655
387
86
86
155
87
1,343
1,031
656
378
62
71
141
87
1,331
1,029
657
366
58
70
128
85
1,275
1,027
661
371
80
75
114
86
1,338
1,014
667
363
62
70
103
85
1,222
994
672
357
64
70
93
84
1,198
996
677
358
70
69
81
85
1,275
1,038
681
354
67
71
71
84
1,366
1,073
684
106
106
102
102
102
98
5,982
r
1,716
CONSUMER SHORT-TERM CREDIT
Total consumer short-term debt, end of month*
mil. of doL—
Instalment debt, total*
_
.do
Sale debt, total*
do
Automobile dealers*
do
Department stores and mail order
houses*.__
mil. of doL__
Furniture stores*
do
Household appliance stores*do
Jewelry stores*
do
All other*
do
Cash loan debt, total*
do
Commercial banks, debt*
.
do
Credit unions:
Debtt—
_
d o Loans made__
do
Repayments^
do
Industrial banking companies:
Debt
..do....
Loans made
do
Repayments
do
Personal finance companies:
Debt
do
Loans made
.do
Repayments
do
Repair and modernization debt*.-do
Miscellaneous debt*_
__
do
Charge account sale debt*
.do
Single-payment loans, debt*§__
do
Service debt*
do
Indexes of total consumer short-term debt, end
of month:*
Unadjusted
1935-39=100..
Adjusted
do
87
82
82
INDUSTRIAL AND COMMERCIAL
FAILURES
169
203
124
265
227
281
458
410
362
422
673
585
506
Grand total
___number_20
16
31
15
19
7
28
23
28
28
40
27
22
Commercial service, total
_
-do
27
23
33
31
35
18
53
38
41
54
63
47
61
Construction, total
_do
33
43
39
33
67
48
26
79
79
61
98
86
102
Manufacturing and mining, total
do
4
3
3
2
2
2
2
2
2
2
4
2
0
Mining (coal, oil, miscellaneous)
do
2
2
2
5
2
4
4
2
5
3
7
Chemicals and allied products
do
2
4
5
5
3
5
14
8
12
10
11
17
Food and kindred products
do
9
1
5
2
7
3
0
2
4
0
5
4
1
Iron and steel products.
_._do
2
0
0
2
1
0
0
1
1
0
2
3
3
Leather and leather products.
do.
3
8
1
6
1
2
2
11
12
8
18
11
9
Lumber and products
_
do.
3
2
4
1
3
5
7
9
2
4
7
Machinery
do.
7
7
2
9
11
4
14
10
11
16
12
13
Paper, printing, and publishing
do
1
1
1
0
4
4
1
1
4
2
3
4
3
Stone, clay, and glass products
do
3
7
4
4
9
8
2
16
16
10
16
19
20
Textile-mill products and apparel .-do
0
1
2
0
2
1
1
2
1
2
3
0
4
Transportation equipment
.do
5
3
4
5
10
8
4
7
10
15
10
5
18
Miscellaneous. _
do.
81
98
255
120
64
267
156
147
232
352
307
195
405
Retail trade, total
_do.
12
19
34
28
31
23
15
35
45
44
24
65
Whqlesale trade, total
do
3,595
3,785
2,905
7,282
2,550
6,076
5,515
3,523
5,245
4,163
7,181
6,950
Liabilities, grand total
thous. of dol..
300
294
134
325
393
396
579
1,600
267
331
305
525
526
Commercial service, total
do.
159
298
647
477
267
577
717
698
379
903
597
1,189
756
Construction, total
do
2,468
2,017
913
504
1,441
1,823
4,144
1,105
826
2,249
1,342
2,374
1,997
Manufacturing and mining, total
do
172
144
64
78
198
22
28
40
206
69
100
7
0
Mining (coal, oil, miscellaneous) — .do
73
8
25
53
64
66
25
20
34
44
52
12
146
Chemicals and allied products
-do
508
187
84
110
176
396
192
90
469
195
169
195
352
Food and kindred products..
do
468
0
25
297
175
45
50
105
132
97
0
7
120
Iron and steel and products.
do
2
0
0
49
0
0
71
0
52
97
20
21
40
Leather and leather products
do
79
25
185
19
341
117
106
81
139
128
368
272
Lumber and products
do.
p
§Formerly designated "open credit cash debt."
1 For bond yields see p. S-20.
Revised.
{Revisions in 1941 data for credit unions are shown on p. S-15 of the January 1943 Survey.
*New series. Earlier data for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and succeeding issues of the Survey; there were no tax-exempt notes
outstanding within the maturity range after March 15,1942. Earlier figures and a description of the data on consumer credit appear on pp. 9-25 of the November 1942 Survey; sub*
sequent revisions in 1941 data for total short-term debt (dollar figures and indexes), total cash loan debt, and commercial bank debt are shown on p. S-15 of the February 1943 Survey.
There have been additional revisions in the 1941 and early 1942figuresfor the series revised in the July 1943 Survey as indicated by an " r " on the figures in that issue; revisions,
which in most cases are minor, are available on request.
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
S-17
SUEVEY OF CURRENT BUSINESS
January 1944
1943
November
1942
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August
September
October
FINANCE—Continued
INDUSTRIAL, etc., FAILURES—Con.
Liabilities—Continued.
Manufacturing and mining—Con.
Machinery
thous. of doL.
Paper, printing, and publishing
do
Stone, clay, and glass products
do
Textile-mill products and apparel--do
Transportation equipment
do
Miscellaneous
do
Retail trade, total
do
Wholesale trade, total
do
69
580
125
628
170
195
2,660
866
12
132
62
467
17
164
2,009
429
288
77
49
216
525
196
2,392
846
333
498
4
252
42
115
1,800
372
269
107
45
79
54
123
1,782
329
2,441
165
76
162
244
250
1,540
390
1G9
50
150
0
96
1,031
211
15
218
95
76
8
79
756
308
203
76
15
25
174
25
2,334
124
38
808
35
38
0
55
429
202
0
45
0
30
786
435
501
190
387
52
64
1,364
175
21
544
150
28,083
5,225
680
4,545
1,370
2,110
28,236
5,230
675
4,555
1,356
2,092
28,394
5,224
667
4,557
1,308
2,068
28, 572
5,223
661
4, 562
1,302
2,045
28,757
5,213
651
4, 502
1,286
2,024
28,999
5,203
646
4,557
1,262
2,003
29,188
5,201
651
4,550
1,238
1,982
29,340
5,201
653
4,548
1,218
1,962
29, 542
5,197
654
4, 543
1,204
1,942
29, 716
5,214
655
4,559
1,183
1,920
29,868
5,216
655
4,561
1,161
1,901
30, 055
5,208
651
4,557
1,158
1, 884
30, 229
5,205
647
4,558
1,130
1,867
17,904
8,938
7,204
4,434
2,581
1,951
868
604
17,882
8,929
7,196
4,432
2,566
1,955
1,074
602
18,641
9,756
8,060
4,443
2,517
1,925
537
616
18,672
9,797
8,089
4,438
2, 515
1,922
716
614
18,713
9,832
8,163
4,466
2,508
1,907
870
651
18,490
9,575
7,933
4,465
2,525
1,925
1,370
671
19, 740
10,833
9,222
4,467
2,528
1,912
394
633
19,802
10,899
9,258
4,461
2,523
1,919
495
662
19,867
10,998
9,360
4,450
2,515
1,904
618
714
19,883
11,038
9,400
4,441
2,481
1,923
805
711
19,760
10,939
9,324
4,429
2,480
1,912
1,111
719
20,798
12, 014
10, 408
4,414
2,460
1,910
412
595
20, 885
12,115
10,529
4,404
2, 458
1, 908
480
662
679
46
428
204
588,237
78,094
135,727
374,416
262, 368
21, 753
16,073
56,836
167,706
628
72
358
197
584,743
114,180
111,801
358, 762
260,427
22,128
16,857
58,539
162,903
679
165
315
200
817,547
317,373
97,863
402,311
387,033
60, 577
17,775
97,855
210,826
585
54
340
191
576,435
93,818
103,873
378, 744
281,077
33,984
19,312
57,639
170,142
623
42
380
201
593,733
90,690
117,563
385,480
279,445
23, 504
19, 334
59, 376
177, 231
754
75
432
248
750,957
130,390
134,479
486,088
316,139
27,602
18,918
68,170
201,449
719
61
405
253
747,226
124,984
126,688
495, 554
271,638
25,949
19,410
56,736
169,543
722
74
409
239
742,925
154,406
126,333
462,186
274,776
23,405
15,630
57, 341
178,400
700
71
385
243
745,646
143,888
119,505
482, 253
297,643
24, 516
18,610
65,817
188,700
644
45
357
241
722,928
131,599
110,096
481, 233
279,851
29,613
18,324
57,644
174,270
627
54
346
228
651,543
89,168
105,585
456,790
271, 540
25,878
17,513
61,085
167,064
636
61
347
228
684, 608
112, 707
123, 859
448, 042
282,143
22, 527
18, 200
61,173
180,243
697
78
375
245
746, 202
132, 778
134, 335
479, 089
266,369
24, 859
18, 525
58, 414
164,571
189, 326
84,114
22,464
8,053
13,968
27,258
33,469
176,247
80,109
22,132
7,218
12,763
25,880
28,145
244,909
97,826
21,802
7,414
13,192
68,314
36,361
203,604
93,442
25, 777
8,302
17,015
34,377
24,691
187,853 229,883
85, 549 105,836
24,237
30,556
7,135
8,272
12,796
14,135
33,817 40,234
24,319
30,850
205,253
93,508
31,709
7,710
14,016
31,680
26,630
194.285
89,485
27,950
7,255
12,842
30,812
25,941
203,417
92,978
27,489
7,584
14,572
35,650
25,144
192,134 200,094
90,052 107,428
25,388 22,477
7,114
7,280
13,992 13,204
31,723 27,762
23,699 22,109
158,880
64,106
24,368
6,994
13,156
28, 615
21,641
181,138
86, 721
26,106
7,051
13,453
26, 670
21,137
467,814
37, 408
118,351
106,057
47, 518
47, 720
18,867
32, 234
13, 059
46,600
447,749
34, 767
119, 590
100, 774
44,357
45,188
17,410
30, 565
12, 703
42,395
521,524
36, 426
143,961
114, 554
52, 563
50,307
20, 220
38,142
18,069
49,282
77
485,782
39, 396
137, 295
108, 316
46,684
43,661
18,131
34,133
12, 798
45, 368
508, 908 631,863 634,209 605.286 632, 597 632,881 610,607 595,634
36, 761 48,103 50, 757 48, 325 45,838 49, 505 45,328 43, 778
136, 677 166, 717 170,949 155, 785 162, 341 162, 769 151,171 144, 828
117, 268 146,476 140,101 133,426 138,914 136, 557 134,403 129,887
49, 563 60, 335 61, 742 64,615 63, 243 65,077 63,610 62,358
49, 708 62, 379 65,961 61, 797 63, 313 67,621 67,305 65, 230
19, 722 20,192 24,402 24, 316 27,620 25,077 24,259 25, 200
37, 235 44,098 42,887 41,843 46,796 45, 377 42, 319 43, 928
17,808 18,507 18,054
13, 752 17, 803 17, 501 17, 565 20,116
59, 760 59,909 57,614 64,413 63,090 63,705 62, 371
48,222
631,021
46, 283
161,932
140, 318
65,086
64,195
24, 330
40, 720
18, 830
69, 327
LIFE INSURANCE
Association of Life Insurance Presidents:
Assets, admitted, total}
mil. of dol._
Mortgage loans, total
do
Farm
do
Other
do
Real-estate holdings
do
Policy loans and premium notes
do
Bonds and stocks held (book value), total
mil. of doL.
Govt. (domestic and for.), totaL_-do
U. S. Government
do
Public utility
.
do—
Railroad
do
Other...,
do
Cash
do
Other admitted assets
.
do
Insurance written:®
Policies and certificates, total
thous..
Group
.-do
Industrial
do
Ordinarydo
Value, totalf
thous. of doL.
Group
do
Industrial
do
Ordinaryf
do
Premium collections, total®
do
Annuities
do
Group
do
Industrial
do
Ordinary
do
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
thous. of doLDeath claim payments
do
Matured endowments
do
Disability payments
do
Annuity payments
do
Dividends
do
Surrender values, premium Dotes, etc_do
Life Insurance Sales Research Bureau:
Insurance written, 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.
Lapserates...
...1925-26=100..
666
73
338
256
747,358
129, 670
121,566
496,122
645, 275
49, 933
168,647
142,685
65,415
65, 498
23,687
40, 634
19, 567
69, 209
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.298
.298
Argentina
dol. per paper peso..
.298
.298
.298
.298
.298
.298
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
Brazil, officialc?
-dol. per cruzeiro. _
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
British India
dol. per rupee. _
.894
.879
.906
.881
.902
.876
.896
.900
.899
.901
.906
.902
.901
894
Canada, free rate§..dol. per Canadian dol._
.573
.572
.573
.573
.572
.572
.572
.573
.573
.573
.573
.573
.570
.570
Colombia
—dol per peso..
.206
.206
.206
.206
.206
.206
.206
.206
.206
.206
.206
.206
.206
.206
Mexico.
_.
do
4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
United Kingdom, official rate §..dol. per £ . .
4.035
4.035
Gold:
22, 743
22,740
22,683
22, 644 22, 576 22,473
22,726
22,426 22,388 22, 335 22,243
Monetary stock, U. S
mil. of dol _ 22,065
22,175
22,116
Net release from earmark*...thous. of doL. -44,147 -56,440 - 1 0 , 7 5 2 -30,974 -76,063 -63,411 -58,996
101,005 45,122 -51,684 -63, 713 -91,332 - 8 0 , 562 - 4 0 , 576
Production:
78,269
70, 386
68, 374
64,862 63,904 61,871 63, 551 62, 984 v 62,104 9 61, 658 '60,157 9 59, 297 9 59, 945
Reported monthly, totals
do
43,000
41,807 42, 592 39,086
Africa
.do.
41,253
45,460
43,479
41,999 v 41,022 v 41,408 o 40,692 » 40,248 9 40,627
12, 704
11, 708 11,459
13,479
12,801
11, 309 10, 975 11,442 10,246
10,268
12,169
9,802
CanadaV.
do.
6,212
4,654
4,891
3,634
4,121
4,520
3,945
12,015
7.831
4,065
3,945
3,814
3,306
United Statesi-..
._
.do.
15, 410
15, .590 16, 088 16, 250 16, 660 17,114 17,421
17, 955 18,529
18, 844
Currency in circulation, total
mil. of doL. 19, 918
14,210
14, 805
19, 250
Silver:
.448
.448
.448
.448
.448
.448
.448
Price at New York
dol. perfineoz._
.448
.448
.448
.448
.448
.448
.448
Production:
1,870
1,623
1,634
1,606
1,623
Canada
...thous. offineoz,
1,771
1,462
1,673
1,287
1,162
1,380
1,336
United States
do__.
3,673
3,819
3,292
3,807
3,421
3,919
3,753
3,222
3,935
4,026
4,438
2,786
3,055
Stocks, refinery, U. S., end of mo
do
3,150
2,851
2,714
1,988
1,632
3,505
3,128
1,931
2,717
1,115
753
769
1,846
»' Preliminary.
% 36 companies having 82 percent of the total assets of all United States legal reserve companies.
<> 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.
g
• Or increase in earmarked gold (—).
cf Prior to Nov. 1,1942, the official designation of the currency was the "milreis."
§ The free rate for United Kingdom shown in the 1942 Supplement was discontinued after Feb. 1, 1943; the official and free rates (rounded to thousandths) were identical from
January 1942 tc January 1943. The official rate for Canada has been $0,909 since first quoted in March 1940.
5 Data for Mexico, included in the total as published through March 1942, are no longer available. Revised monthly averages for 1941 and 1942 for the total, excluding Mexico
and including certain other revisions, are as follows: 1941,88,452; 1942, 78,176. Revised 1941 and 1942 monthly averages for Canada and the 1942 monthly average for the United States
are as follows: Canada—1941,15,590; 1942.14,121; United States—10,9i4. Monthly revisions for 1941 and January-May 1942 are available on request.
t Revised beginning December 1938; revised figures beginning March 1942 are on p. S-17 of the May 1943 Survey; earlier revisions are available on request.
* New series. The series on payments to policyholders and beneficiaries, compiled by the Institute of Life Insurance, represents total payments in the United States, including
payments by Canadian companies; data are based on reports covering 90 to 95 percent of the total and are adjusted to allow for companies not reporting; data beginning September
1941 are available in the November 1942 Survey; earlier data will be shown in a subsequent issue.
SURVEY OF CURRENT BUSINESS
S-18
(Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
October
January 1944
1943
Novem- December
ber
January
February
March
April
May
June
July
1,026
1,008
1,028
SepAugust tember
October
FINANCE—Continued
BUSINESS INCORPORATIONS
New incorporations (4 States)
number..
1,043
890
1,032
784
810
962
1,031
985
PROFITS AND DIVIDENDS*
Industrial corporations (Federal Reserve):
Net profits, total (629 cos.)
mil. of dol _.
Iron and steel (47 cos.)
-do
Machinery (69 cos.)..-...-do
Automobiles (15 cos.)
do
Other transportation equip. (68 cos.)-do
Nonferrous metals and prod.(77 cos.) do
Other durable goods (75 cos.)
do
Foods, beverages and tobacco (49 cos.).do
Oil producing and refining (45 cos.). .do
Industrial chemicals (30 cos.)
do
Other nondurable goods (80 cos.)...do
Miscellaneous services (74 cos.)
do
Profits and dividends (152 cos.):*
Net profits
do
Dividends:
Preferred
do
Common
_.do
Electric power companies, net income (28 cos.)
(Federal Reserve)*
mil. of dol._.
Railways, class I, net income (I. O. C.)-.do
Telephones, net operating income (Federal
Communications Commission).mil. of dol_.
557
72
49
92
154
36
30
44
49
48
35
47
442
53
39
47
154
34
19
39
36
42
36
42
••442
48
42
49
152
32
22
40
42
41
36
38
452
50
43
52
i 53
32
19
39
49
40
36
41
294
211
221
225
23
158
35
383.
21
127
22
132
34
209.4
29
239.3
21
127
29
236.7
66.2
63.6
63.4
PUBLIC FINANCE (FEDERAL)
United States war program, cumulative totals
from June 1940:*
Program
mil. of dol._ 338,971 237,913 237,659 237,949 238, 398 238,952 246,147 246,116 246,024 275,753 339,854 339, 738 340,167
155, 589 165, 772 173,184 179,174 185, 776 193, 323 202,443 212, 323 222, 207 230, 252 238,375 244, 734
Commitments
..do
55,972 62,084 68,208 74,461
80, 543 87,655 94,945 102,318 110,005 116,751 124, 280 131, 492
Cash expenditures
do
146,391
U. S. Savings bonds:*
19,267 20,507 21,256 22,030 22, 694 24, 478
14,079 15,050 16, 246 17,068 17,891
26, 697 13,381
Amount outstanding
do
1,014
735
1,240
1,470
944
1,335
887
876
814
890
798
1,927
Sales, series E, F, and G
do
802
43
63
131
104
76
103
55
141
40
138
171
155
Redemptions
do
152
166,158 92,904 96,116 108,170 111,069 114,024 115,507 129,849 135,913 136,696 141, 524 144,059 158, 349
Debt, gross, end of month®
do
Interest bearing:
98,276 100,852 103,286 104,284 118,848 124,477 124,509 128,782 130,814 145, 336
152, 504 83,680 86,671
Public issues
do
9,032
9,172
9,795 10,198
8,787
9,565 10,004
10,871
8,585
11,456
12, 278
Special issues §
_
do
11,717
11,907
862
1,206
657
1,045
1,219
1,238
1,173
1,316
639
1,286
1,377
Noninterest bearing
do
1,296
1,338
Obligations fully guaranteed by U. S. Gov't:
Total amount outstanding (unmatured) d*
4,244
4,363
4,350
4,277
4,082
4,092
4,243
4,283
3,782
4,275
mil. of dol..
3,934
4,154
3,964
By agencies: cf
782
749
780
788
779
749
777
483
485
480
607
Commodity Credit Corp
do
484
930
930
930
930
930
930
930
930
930
930
Federal Farm Mortgage Corp
do
930
930
1,533
1,533
1,533
1,533
1,533
1,533
1,533
1,533
1,533
1,533
Home Owners' Loan Corporation.do
1,533
1,533
1,533
971
896
1,011
700
Reconstruction Finance Corp
do
947
850
876
Expenditures and receipts:
6,372
6,363
7,354
7,466
6,501
7,435
7,112
6,119
8,327
5,937
7,839
Treasury expenditures, total.
-do
7,535
7,617
6,042 2 5,825
5,947
6,744 2 6,974
7,092
6,432
5,481
5,770
7,469
7,541
6,952
War activities*
do
7,232
66
86
92
81
103
65
48
70
42
43
96
59
Agricultural adjustment program...do
45
23
21
12
35
29
2 35
6
4
31
9
4
Unemployment relief
do—
4
2 12
2
1
1
1
56
35
344
2
3
2
Transfers to trust accounts!
do
15
25
35
262
42
68
70
47
28
54
609
311
Interest on debt
-do
46
353
(a)
<•)
0
0
0
Debt retirements
do—
0
(a)
(a)
()
•
1
C)
198
148
198
219
206
275
Another*
do
222
215
223
247
223
1,190
830
1,555
2,370
4,569
2,048
5,448
3,005
824
Treasury receipts, total.
do
2,702
5,207
648
1,742
955
601
1,514
2,099
4,569
2,007
5,447
2,721
788
Receipts, net..-do
2,701
5,206
607
1,480
26
23
32
34
34
33
31
39
25
Customs
-.-do
24
32
24
37
784
1,075
1,396
4,211
2,105
1,815
2,602
5,160
724
Internal revenue, total
do
2,649
5,154
603
1,581
199
380
1,000
1,459
3,803
1,255
4,765
306
1,564
Income taxes
-do
1,972
4,732
206
940
248
343
292
50
48
57
53
52
310
Social security taxes
do—
50
50
282
Net expenditures of Government corpora-64
548
186
300
-82
583
-449
17
356
370
726
146
148
tions and credit agencies*
mil. of dol..
Government corporations and credit agencies:
Assets, except interagency, total .mil. of dol_. 27, 788 20,534 20,992 21,715 22,643 23,437 24,151 24,706 24,805 26,708 25,555 26, 435 26, 284
8,746
8,652
8,781
8,779
8,565
8,691
8,241
8,507
8,054
7,951
8,139
Loans and preferred stock, total
do
8,588
8,078
Loans to financial institutions (incl. pre821
953
833
772
957
920
858
949
837
795
797
754
ferred stock)...
mil. of dol..
496
486
430
474
469
462
489
451
497
448
448
448
Loans to railroads
.__
..-do
459
2, 241
2,265
1,840
2,286
2,158
2,219
2,197
2,237
1,937
1,914
1,896
1,878
Home and housing mortgage loans.-.do..
2,141
Farm mortgage and other agricultural
2,912
2,916
2,868
2,878
2,728
2,925
2,871
3,003
2,891
2,813
2,731
2,750
2,790
loans
mil. of dol_2,151
2,124
2,149
2,168
2,196
2,167
2,193
2,194
2,181
2,212
2,193
2,230
2,200
All other
do
U.S. obligations, direct and fully guaran1,222
1,272
1,833
1,284
1,424
1, 565
1,219
1,375
1,510
1,549
1,722
1,638
1,691
teed
.mil. of doL.
1,611
1,001
1,020
1,408
1,041
976
1,359
1,428
1,475
1,674
1,470
1,561
1,966
Business property..
-do—
7,309
6,074
5,187
4,701
5,638
5,883
6,081
6,167
4,710
6,750
7,019
7,234
6,310
Property held for sale
do
9,085
6,681
5,489
6, 232
7,035
7,108
5,989
4,848
7,466
7,682
7,805
8,917
All other assets
do
5,288
« Revised.
•
• Less than $500,000.
» Partly estimated.
§Special issues to government agencies and trust funds.
3
$20,000,000 added to unemployment relief and deducted from war activities for April to adjust for erroneous classification of this amount in December 1C42.
• In addition to data shown above, quarterly estimates of profits of all corporations are published in special tables in the Survey as fullows: January-September 1943, p. 17 of the
December 1943 issue; 1941-42, September 1943 Survey, p. 7; 1939-40, June 1943 Survey, p. 25. The latter includes also, on p. 24, annual data back to 3929.
®Figures are on the basis of Daily Treasury Statements (unrevised).
c?The total includes guaranteed debentures of certain agencies not shown separately.
JFor 1941 revisions see p. S-17 of the November 1942 issue. The June 1943 figure for war activities reflects a nonrecurring bookkeeping adjustment amounting to approximately
$500,000,000; figures for this month and certain other months reflect also large payments by the Federal Surplus Commodity Corporation to the Commodity Credit Corporation in
reimbursement for agricultural commodities purchased in connection with the lend-lease program.
*New series. For data beginning 1929 for profits and dividends of 152 companies, see p. 21, table 10, of the April 1942 Survey. Data beginning 1939 for net income of electric power
companies are available on request. For data beginning July 1940, for the series on the war program, see p. 29, table 7, of the June 1943 issue; commitments were revised in the December 1943 Survey to include for the Army obligations or formal contracts only (commitments include also other transactions on which definite action has been taken toward procurement); see that issue for revised data prior to October 1942; beginning October 1943, a comparatively small amount of intercompany duplication in the figures for the R. F. C. and
its subsidiaries included in the totals for all series was eliminated; the cumulative amounts of such duplication, which were deducted in compiling the October figures above, were
(millions of dollars): Program and commitments, 543; expenditures, 55; see also note marked "J"on Treasury expenditures for war activities in regard to adjustments between accounts
which affected figures for June 1943 and certain other months. The series on war savings bonds is from the Treasury Department; amounts outstanding are at current redemption
values except series G which is stated at par; this item and redemptions cover all savings bonds series, including prewar issues; sales represent funds received during the month from
sales of series E, F, and G, the series issued since April 1941 (for sales beginning May 1941, see p. S-16 of the October 1942 Survey). The series on expenditures of Government corporations and
includes net transactions on
obligations and
Finance Corporation,
Creditcredit agencies and other lending agencies; account of redemptions of theirare not included other net expenditures by the Reconstruction receipts shown above; the Commodity
Corporation,
transactions of these agencies
in Treasury direct budget expenditures and
since October
1941 funds
http://fraser.stlouisfed.org/ for these agencies are provided by the Treasury.
Federal Reserve Bank of St. Louis
S-19
SUKVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
1943
Novem- December
ber
October
January
February
March
April
May
June
SepAugust tember
July
October
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)—Con.
Government corp. and credit agencies—Con.
Liabilities, other than interagency, total
mil. of dol__
Bonds, notes, and debentures:
Guaranteed by the U. S...
do....
Other
do..._
Other liabilities, including reserves, do
Privately owned interests
do
U. S. Government interests
do
Reconstruction Finance Corporation, loans
outstanding, end of months f
Grand total
_.
mil. of dol__
Banks and trust companies, including
receivers.-.
mil. of doL
Other financial institutions
do
Railroads, including receivers
do
Loans to business enterprises, except to aid
in national defense.
mil. of doL.
National defense
do
Other loans and authorizations
do
11,277
9,863
10,268
10,345
10,533
10, 791
10,850
11,386
11,177
11,456
10,969
11, 289
10,915
11, 277
4,180
1,308
5,788
439
16,073
4,265
1,413
4,185
442
10,230
4,264
1,404
4,601
443
10,281
4,301
1,414
4,630
439
10,931
4,291
1,413
4,829
439
11,671
4,332
1,383
5,076
440
12,206
4,365
1,375
5,109
441
12,860
4,372
1,366
5,648
440
12,880
4,092
1,340
5,746
440
13,188
4,101
1,333
6,022
440
14,812
3,936
1,276
5,757
441
14,146
4,046
1,271
5,972
440
14, 706
4,081
1,274
5,560
441
14,929
4,125
1,285
5,867
440
15, 501
8,239
4,848
4,916
5,286
5,579
5,780
6,082
6,368
6,678
6,840
7,214
7,540
7,781
7,973
425
210
396
461
273
462
476
275
461
475
274
450
468
272
453
463
270
439
458
275
434
456
270
427
451
296
424
448
169
416
443
216
413
436
216
413
432
213
413
428
213
396
58
6,415
736
87
2,760
804
86
2,814
805
84
3,206
798
78
3; 511
796
76
3,752
780
72
4,063
779
70
4,372
773
69
4,670
768
67
4,974
766
65
5,322
755
66
5,657
753
65
5,910
749
62
6,135
739
1,035
5,003
786
6,958
1,389
994
1,092
10, 279
1,455
3,733
1,015
936
11,053
3,485
987
152
43
5
5,001
43
3
786
34
0
6,958
34
0
0
1,389
9
0
0
994
49
0
1,078
84
7
8
10, 274
86
4
1,440
68
1
14
3,723
89
8
3
1,001
62
12
3
916
86
12
8
11,048
64
5
0
3,450
96
27
7
200
136
38
26
0
835
798
37
46
7
30
9
0
4,958
4,919
38
35
17
17
0
0
752
735
17
34
3
27
4
0
6,925
6,906
18
9
9
0
0
0
1,380
1,240
49
49
3
39
8
0
945
887
57
98
61
22
15
0
994
944
50
91
28
59
3
83
18
39
14
12
1,371
1,335
37
99
52
1
47
0
3,634
3,583
51
76
41
26
7
2
939
890
49
106
51
46
6
3
830
802
28
69
14
49
4
1
10,984
10,964
21
130
50
51
28
1
3,355
3,334
17
197
45
34
33
8
49
96
81
97
74
103
122
91
31
4
2
2
5
1
4
16
15
1
1
0
1
12
10
2
39
6
32
32
14
18
25
10
15
41
41
29
28
1
17
13
37
34
3
0
0
49
42
1
7
8
49
49
0
0
70
51
134
119
2
2
59
33
15
37
0
(a)
39
2
18
22
1
37
26
3
37
8
8
21
15
5
SECURITIES ISSUED
(Securities and Exchange Commission)]
Estimated gross proceeds, total, .mil. of do\ __
By types of security:
Bonds, notes, and debentures, total, do
Corperate
.-do
Preferred stock
do
Common stock
do
By types of issuers:
Corporate, total
do—
Industrial
do
Public utility
do
Rail
do-.
Other (real estate and financial)..do
Non-corporate total®
do
U. S. Government
do
State and municipal
do
New'eorporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
do
Plant and equipment
do
Working capital
do
Repayment of debt and retirement of
stock, total
rail,
of doL.
Funded debt.
Other debt
do
do
Preferred stock
do
Other purposes
do
Proposed uses by major groups:§
Industrial, total net proceeds
do
New money
do
Repayment of debt and retirement of
stock
mil. of doL
Public utility, total net proceeds..do
New money
..do
Repayment of debt and retirement of
stock
mil. of doL
Railroad, total net proceeds
do
New money
do
Repayment of debt and retirement of
stock
mil. of do!.
75
64
6
5
0
C)
()
•
C)
C)
10,188
10,165
, 23
88
127
15
12
3
C)
3
C)
89
79
8
1
0
49
9
45
50
46
6
6
50
25
23
1
48
2
41
46
0
19
2
122
97
22
4
1
50
28
10
23
(Commercial and Financial Chronicle)
Securities issued, by type of security,total (new
capital and refunding)
thous. of doL.
New capital, total
do
Domestic, total
do
Corporate
do.
Federal agencies
do.
Municipal, State, etc
do.
Foreign
do.
Refunding, total.
.-.
__.do_
Domestic, total
do.
Corporate
do.
Federal agencies
do
Municipal, State, etc
do
Foreign
do—
Domestic issues for productive uses (Moody's)
Total
..mil. of doL.
Corporate
do.
Municipal, State, etc
do.
357,319 115,001
165, 293 28,145
165, 293 28,145
2,434
121,033
0
22,850
21,410 25,711
0
0
192,026 86,856
192,026 86,856
69,862 43,846
106, 720 30,645
15, 444 12,365
0
0
65
57
8
26
1
25
99,871 150,404 176, 420 102,306
31,029 40, 792
6,670 57,900
31,029 40,792
6,670 57,900
6,679 14,717
2,798 11,330
17,125 16,720
0
0
7,225
9,355
3,872 46,570
0
0
0
0
68,842 109,613 169, 750 44,406
68,842 109, 613 79, 750 44,406
13, 531 66,329
1,865
7,517
45,520 34,245 26,805 31,875
9,792
9,039 45,428 10,666
0
0
0
90,000
5
2
3
14
7
7
4
2
2
53
10
43
199,837
89,645
87,395
54,693
0
32,702
2,250
110,192
110,192
38,447
54,830
16,915
0
33
5
28
159, 700 157,362 221,374 169,377 144, 757 109, 470 200, 846
37,677 43, 727 41,333 30, 537 28989
56,897
20,325
37,677 32,070 41,333 30, 537 28,989 20,325
56,897
20,785 28,621 29,999 19,175 22,404
9,875 40,673
3,449
4,025
10,860
6,860
1,140
0
0
0
5,364
7,338
10,032
10,194
6,585 10, 450
0
0
11,658
0
0
0
0
122,023 113,635 180,041 138,839 115, 768 89,146 143,948
122,023 88,780 162,041 138, 839 115,768 89,146 143,948
55,165 86,662
74,902 44,744 77,813 65, 580 79,311
34,505 44,036 43,475 31,105 14,875 23,900 46,060
11,226
0
12,616
40, 753 42,155 21,582 10,081
0
24,855
0
0
18,000
0
0
5
4
1
20
16
4
12
3
9
6
2
4
18
6
12
26
17
9
(Bond Buyer)
State and municipal issues:
Permanent (long term)
thous. of dol._ 34,179
26,143 • 50, 790
36,036
24,188 34,486 61,173 61,336 51,369 24,539 24,119 61,370
55,051
38,140
35, 700
Temporary (short term),..
do.
44,051
79,815
6,905 45,464 145,734 59,482 69,492 22,335 38,013 48,341 121, 710
4,390
40, 747
' Revised.
• Less than $500,000.
^Includes repayments unallocated, pending advices, at end of month.
© Includes for January 1943 a Canadian Government issue of $90,000,000 and, for certain months, small amounts for nonprofit agencies, not shown separately.
§ Small amounts for "other corporate", not shown separately, are included in the total net proceeds, all corporate issues, above.
t Revised series. The classification of Reconstruction Finance Corporation loans has been revised so that figures for each class shown include loans and subscriptions to preferred stock under all acts; figures for banks and trust companies include amounts formerly shown as loans under sec. 5, as amended, and loans and subscriptions to stock under the
Bank Conservation Act, as amended, except subscriptions to stock of export-import banks and purchases of stock of Federal home loan banks which are included in "other loans
and authorizations;" "other financial institutions" includes building and loan associations, insurance companies, mortgage loan companies, and agricultural financing institutions;
"national defense" covers all national defense items including loans to business enterprises to aid in national defense. For an explanation of changes in the data on security issues
compiled by the Securities and Exchange Commission and revised 1941 monthly averages for selected series, see p. S-18 of the April 1943 Survey; data for 1942 published prior to
the August 1943 Survey have also been revised; all revisions are available on request.
S-20
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
January 1944
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August
September
October
FINANCE—Continued
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. members
carrying margin accounts)^
Customers' debit balances (net)...mil. of dol__
Cash on hand and in banks
_.do..__
Money borrowed
_
do
Customers' free credit balances
do
740
510
520
550
610
670
740
740
770
780
320
250
290
280
320
310
350
320
570
330
550
330
761
167
529
334
780
310
250
543
160
378
270
540
600
340
530
340
490
340
770
320
74C
33C
96.11
97.59
65.24
96.70
98.04
66.11
97.47
98.72
68.88
97.79
99.03
70.01
98.24
99.42
70.90
99.88
71.21
99.47
100. 53
71.87
99.64
100. 69
72.26
99.35
100. 37
73.01
99.23
100. 24
72.13
99.37
100. 37
72. 33
99.4a
100.34
72.04
119.5
118.9
119. 5
120.0
119.8
119.9
120.1
120.5
121.1
121.1
120. 8
120. £
103.2
113.8
108,3
87.6
29.6
129.0
109.4
103. 6
115.3
109.1
86.5
29.9
127.8
108.9
105.4
115.7
110. 5
89.9
31.7
127.7
109. 1
106.4
115.9
111.4
92.0
33.5
128.6
109.4
108.0
116.7
112.1
95.3
39.9
128.7
109.1
109.2
116.3
113.4
97.8
44.7
129.1
109. 9
110.0
116.1
113.7
100.1
49.1
130.4
111.4
109.9
116.6
114.4
98.7
47.6
131.5
112.4
110.8
116.6
115.3
100.4
48.1
133.4
112.9
110.4
117.0
115.6
98.6
44.2
134.6
112.7
110.4
117.1
115.7
98.4
46.4
134.4
113.2
117. £
115.4
98. e
49.8
135.2
113. C
260, 794 214, 979 216, 442 164,430
580,038 439, 701 429, 012 284,117
173, 474
319,102
115,776
200, 797
125, 866
229, 324
137, 656
253, 466
197, 276 199, 696 147, 981
412, 821 404,339 262, 596
157, 731
298, 556
104, 055
185, 284
112, 695
212,072
123, 09C
234, is:
169, 301 207, 079 302,817 252, 254 497,869 372, 722 343, 226 236,099
229
253
199
251
257
316
197
400
169, 072 206,880 302, 566 252, 001 497, 672 372, 465 342, 910 235, 699
157, 269 195, 834 290, 890 245, 656 481, 522 360, 470 331,153 227, 205
11, 803 11, 046 11, 676
6,345
16,150 11, 995 11, 757
8,494
275,338
333
275,005
264,115
10, 890
157,440
260
157,180
150, 709
6,471
196, 560
307
196, 253
186, 855
9,398
208,87(
22$
208, 648
201, 371
7,27/
80,879
77,866
3,013
80,352
78,152
2,200
80, 729
77,824
2,904
80,109
78,014
2,095
80, 656
77, 773
2,883
80,150
78,064
2,085
91, 00^
88.12C
2,881
90, 50S
88, 42f
2,07t
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
99.02
96.48
dollars...
98.08
99.91
Domestic
do
63.16
71. 91
Foreign
do
Standard and Poor's Corporation:
Industrial, utilities, and rails:
120.4
High grade(15bonds)..dol.per$100bond.
119. 3
Medinm and lower grade:
111.3
102.1
Composite (50 bonds)
do
118.9
111.2
industrials (10 bonds)
_.do
115.2
107.1
Public utilities (20 bonds)
do
99.8
88.0
Railroads (20 bonds)
do
45.4
30.3
Defaulted (15 bonds)
do
134. 9
128.6
Domestic municipals (15 bonds)t_.do
112.4
109.5
U. S. Treasury bonds
_
.do
Bales (Securities and Exchange Commission):
Total on all registered exchanges:
134, 771
Market value
thous. of dol__
303,128
Face value
do
On New York Stock Exchange:
122,448
Market value
do
285, 683
Face value
do
Exclusive of stopped sales (N. Y. S. E.),
face value, total
thous. of dol.. 187, 631 266,931
420
248
IT. S. Government
do
Other than U. S. Gov., totaL.do.... 187, 211 266, 684
176, 486 258, 361
Domestic
do.
10, 725
8,323
Foreign
_
do_
Value, issues listed on N. Y. S. E.:
67,207
Face value, all issues
mil. of doL. 90, 970
88, 089
64,139
Domestic
do
2,881
3,068
Foreign
_
do
90, 077
64, 844
Market value, all issues
do
88, 005
62, 906
Domestic
do
2,072
1,938
Foreign
_
do
Yields:
Bond Buyer:
1.82
2.13
Domestic municipals (20 cities) ..percent.Moody's:
3.13
Domestic corporate
do._..
3.31
By ratings:
2.71
2.80
Aaa...
do
2.95
Aa
_.
-do
2.84
3.24
A.
do_._3.11
4.24
Baa
do
3.83
By groups:
2.85
2.94
Industrials.
_
do
2.98
3.07
Public utilities
do
3.56
3.92
Railroads
do
Standard and Poor's Corporation:
1.90
2.22
Domestic municipals (15 bonds)
do
U. S. Treasury bonds:
1.85
2.05
Partially tax-exempt
do.
2.32
2.33
Taxable*...
do.
98, 513 114, 943 144,737 134,433
207, 713 233, 873 329, 565 276,381
87, 421 101,549
192, 439 214,320
132, 378 122, 202 243,869
310, 531 259, 290 554,858
67,156
64, 088
3,067
64, 544
62, 543
2,001
72, 993
69, 934
3,059
70, 584
68, 562
2,022
2.16
2.17
2.12
3.31
3.32
2.79
2.94
3.24
4.25
72,880
69, 831
3,049
71, 039
68,939
2,100
no. e
72,962
69, 837
3,125
71,346
69,159
2,188
72, 856
69,835
3,021
71, 575
69,433
2,142
2.01
1.93
1.86
1.83
1.81
1.79
1.6S
3.27
3.23
3.20
3.19
3.16
3.14
3.11
3.10
3.11
3.11
2.81
2.96
3.23
4.28
2.79
2.93
3.20
4.16
2.77
2.89
3.17
4.08
2.76
2.88
3.14
4.01
2.76
2.88
3.14
2.74
2.87
3.13
3.91
2.72
2.85
3.11
3.88
2.69
2.82
3.09
3.81
2.69
2.81
3.08
3.81
2.69
2.82
3.10
3.83
2.7C
2.82
3.1C
3.85
2.93
3.06
3.93
2.94
3.07
3.96
2.90
3.05
3.86
2.88
3.02
3.78
2.87
3.00
3.73
2.87
3.01
3.69
2.86
3.00
3.64
2.84
2.98
3.61
2.80
2.95
3.56
2.79
2.96
3.55
2.82
2.96
3.56
2.82
2.9C
3.51
2.20
2.26
2.27
2.22
2.21
2.20
2.13
2.07
1.97
1.91
1.92
1.8S
2.06
2.34
2.09
2.36
2.06
2.32
2.06
2.32
2.08
2.33
2.02
2.32
1.92
2.30
1.85
2.29
1.82
2.27
1.83
2.28
1.80
2.30
1.81
2.3C
72, 812
69, 794
3,018
71,858
69, 709
2,149
81,479
78,462
3,017
81,049
78,880
2,169
80,999
77,984
3,015
80, 704
78, 525
2,179
Stocks
Cash dividend payments and rates, Moody's:
Total annual payments at current rates (600
companies)
mil. of dol.. 1, 726.71 1,645.97 1,647.36 1,677. 20 1,682.83 1,686.26 1,680.77 1,683.92 1, 694.13 1,683. 55 1,681.19 1,681. 66 1, 684. 70 1, 695. 71
942. 7C
942.70
942.70
938.08 938.08 942.70 942. 70 942.70 942.70 942.70 942.70 942.70
942. 70
Number of shares, adjusted
millions.. 942.70
Dividend rate per share (weighted average)
1.8C
1.79
1.79
1.83
1.76
1.78
1.79
1.79
1.79
1.80
1.75
1.78
1.78
1.78
(600 companies)
dollars.
2.82
2.81
2.81
2.81
2.82
2.82
2.82
2.82
2.82
2.81
2.81
2.82
2.81
Banks (21 cos.)
do...
2.82
1.76
1.69
1.71
1.72
1.71
1.73
1.72
1.71
1.7C
1.70
1.71
1.71
1.71
Industrials (492 cos.)
do...
1.71
2.69
2.69
2.64
2.64
2.64
2.64
2.69
2.64
2.69
2.69
2.69
2.6£
2.69
Insurance (21 cos.)
do...
2.64
1.74
1.75
1.75
1.74
1.74
1.74
1.78
1.73
1.77
1.78
1.74
1.74
1.76
Public utilities (30 cos.)
do...
1.75
1.96
2.12
2.16
2.18
2.13
1.85
2.25
2.18
2.13
2.13
2.1C
2.13
2.13
Railroads (36 cos.)
do...
2.12
Dividend payments, by industry groups:*
413.9
127.5
282.4 ' 142. 2
' 332. 3 r 144. 9 ' 336. 7 ' 305.:
296.8 '128.4 ' 704. 1
330.5
295.9 ' 114.1
Total dividend payments
..mil. of dol..
' 134. (
72.9
91.9
' 196. 7
128.1
202.8
127.0
65.0 ' 237.6 ' 132.2
'74.3 ' 397. 3
'74.4
Manufacturing
do
'61.6
'25.2
4.1
27.0
1.9
23.4
.9
3.1
5.0
3.5
1.7
3.0
1.3
Mining
.
do
.9
55.6
4.7
22.4
3. 6
26.3
14.?
15.4
3.8
16.3
15.1
'25.3
15.8
3.5
Trade
do....
5.9
44.5
19.0
8.3
73.4
7.9
8.8
47.7
46.5
74.3
'48.'
'28.7
'18.5
25.0
28.2
Fin.ance
do
53.9
12.2
3.4
16.7
13.8
13.1
2.7
12.2
17.0
'34.8
13.7
1.3
7.9
7.1
64.2
RaMroads
___do
30.1
33.8
'30.5
37.
36.9
32.1
35.4
35.8
33.8
35.2
41.5
30.3
36.5
47.2
Heat, light, and power
do
12.1
46.0
.2
.2
46.5
46.6
.2
14.2
46.4
13.3
46.'
.1
.1
13.6
Co mmunications.
_. do
8.5
12.4
'6.1
5.3
10.7
2.5
5.0
2.8
2.6
1.6
1.9
'5.3
27.8
2.3
Miscellaneous
do
Prices:
Average price of all listed shares (N. Y. S. E.)
64. (
66.3
64.8
52.6
62.1
62.6
65.6
59.8
51.1
50.6
56.1
59.0
64.0
63.7
Dec. 31, 1924=100..
44.64
48.19
38.37
38.81
38.81
40.73
46. 37
45.89
42.78
48.67
49.71
48.03
48.0
47.16
Dow-Jones & Co. (65 stks.)-dol. per share141.25
142. 90
138.2
117.16
121. 52 127. 40 131.15 134.13 138. 60
138. 90
113. 51 115.31
132. 66
136. 34
Industrials (30 stocks)
do.__
20.13
14.16
14.02
13.35
16.87
17.58
19.00
20.35
21.72
21.54
21.6
15. 57
20.97
20.75
Public utilities (15 stocks)..
__-do__.
36.43
35.84
34. 64
34.9
28.13
26.83
32.47
34.73
36.92
28.65
28.59
34.35
29.80
32.85
Railroads (20 stocks)
.do...
' Revised.
^Complete reports are now collected semiannually; except for June and December, data are estimates based on reports for a small number of large firms.
*New series. The new bond series represents the average yield of taxable Treasury bonds (interest subject to both the normal and surtax rates of the Federal income tax) neither
due nor callable for 12 years; this average started Oct. 20,1941, following the issuance of the second series of such bonds; bonds which may not be held by all classes of investors (the
23^'s of 1962-67, the 2^'s of 1963-68, and the 2^'s of 1964-69) are excluded. The series on dividend payments has been revised because of certain shifts in the industrial classifications,
3^
rincipally a shift of leased railroad lines from "railroads" to the "finance" group. Revised data prior to March 1942 (figures beginning March 1942 are in the May 1943 Survey) will
pri
be published later. For a description of the data see pp. 26-28 of the November 1942 Survey.
fRevised series. The price indexes for domestic municipals are converted from yields to maturity, assuming a 4-percent coupon with 20 years to maturity instead of 324-percent
coupon with 22 years to maturity, as formerly; revised data beginning February 1942 are on p. S-19 of the April 1943 Survey; earlier data will be shown in a later issue.
January 1944
S-21
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes
and. references to the sources of the
data, may be found i n the 1942 Supplement to the Survey
1942
1943
November
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August
September
October
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued;
New York Times (50 stks.)..dol. per shareIndustrials (25 stocks)
.do
Railroads (25 stocks)...
do
Standard and Poor's Corporation:
Combined index (402 stks.) ..1935-39=100..
Industrials (354 stocks)
do
Capital goods (116 stocks)
do
Consumer's goods (191 stocks)..do
Public utilities (28 stocks)
.do
Railroads (20 stocks)
do
Other issues:
Banks, N . Y. C. (19 stocks)
do
Fire and marine insurance (18 stocks)
1935-39=100__
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of dol..
Shares sold
thousands..
On New York Stock Exchange:
Market value
thous. of dol..
Shares sold
..thousands..
Exclusive of odd lot and stopped sales
(N. Y. Times)
.thousands..
Shares listed, N . Y. S. E.:
Market value, all listed shares..mil. of doL.
Number of shares listed
millions..
Yields:
Common stocks (200), Moody's..percent..
Banks (15 stocks.
do
Industrials (125) stocks)
do....
Insurance (10 stocks)...
do
Public utilities (25 stocks)
do....
Railroads (25 stocks).
do
Preferred stocks, high-grade (15 stocks),
Standard and Poor's Corp
percent..
91.06
157.13
24.99
79.06
136. 56
21.55
80.13
139. 23
21.03
81.51
142.86
20.18
84.67
147. 75
21.59
88.18
153. 76
22.61
91.13
157.06
25.21
92.79
158. 43
27.16
96.83
165. 21
28.46
98.78
169.86
27.87
98.80
169.19
28.43
93.65
160.98
26.32
96.01
165/14
26.87
95.25
163.56
26.93
91.4
93.0
85.2
93.8
85.1
86.5
74.2
76.5
77.6
72.7
C3.7
72.7
75.2
77.2
77.3
74.1
66.2
73.0
75.9
78.5
77.7
75.8
65.2
69.3
79.7
82.3
81.1
79.7
69.3
73.7
84.8
87.7
86.1
84.8
73.3
77.5
88.2
90.8
89.0
87.4
76.2
86.4
91.3
93.7
90.1
90.9
79.1
92.8
95.2
97.2
92.5
94.9
84.0
97.5
96.7
99.3
93.3
98.8
84.7
94.3
98.5
100.9
94.0
100.4
87.7
96.6
94.4
96.3
88.8
96.4
85.9
90.5
95.6
97.5
89.4
98.1
87.3
91.3
94.8
96.6
89.0
96.8
86.8
92.0
92.7
75.7
73.1
74.2
77.9
84.7
89.7
93.2
92.3
93.4
95.3
94.8
93.6
93.6
117.0
104.7
104.4
104.9
108.4
111.0
112.7
114.8
115.6
118.9
120.8
119.1
120.4
120.2
465,937
24, 753
411,312
22,053
629,403
33, 651
507, 440
28,067
614,765
38,457
996, 931 1,012,679
63,006
58, 703
970,787
62,040
851,107
44, 248
930, 724
43, 681
597,906
27, 964
558,819
26,321
545,445
25,242
400,475
19, 610
352,283
17,310
536, 509
25,160
432,974
21, 682
527, 643
29,388
861,091
48,026
869,343
44, 673
823,352
44,948
715,329
32, 704
782,864
32,136
21,227
467,087
19,122
453,831
18,087
18,246
15,933
13, 437
19,313
18,032
24,434
36,997
33,554
35, 052
23, 416
26,324
14,252
14,986
13,923
45,102
1,487
37,738
1,471
37,374
1,471
38,812
1,471
41,411
1,470
43, 539
1,470
45, 846
1,469
46,192
1,469
48,438
1,470
48,877
1,469
47, 578
1,479
47, 710
1,489
48,711
1,484
48,178
1,485
5.1
4.0
4.9
4.0
5.7
5.8
5.0
5.5
4.4
7.2
7.0
5.9
5.2
5.5
4.5
7.1
8.0
5.7
5.0
5.3
4.2
7.2
5.4
4.5
5.0
4.1
6.8
7.9
5.1
4.4
4.7
4.1
6.3
7.3
4.8
4.0
4.5
3.9
6.2
4.8
4.1
4.5
3.9
5.8
6.6
4.6
4.0
4.3
3.8
5.5
6.2
4.5
3.9
4.2
3.8
5.4
6.4
4.7
4.1
4.5
3.9
5.5
6.8
4.7
4.0
4.4
3.8
5.5
6.6
4.6
4.0
4.3
3.7
5.5
6.5
4.7
4.0
4.5
3.7
5.5
6.6
4.06
4.23
4.23
4.19
4.17
4.10
4.08
4.07
3.98
3.97
4.00
FOREIGN TRADE
INDEXES*
Exports of U. S. merchandise:
Quantity._.
Value
Unit value
Imports for consumption:
Quantity
Value.
Unit value
1923-25=100.
do...
do
275
233
213
92
.do...
do
do...
97
94
70
74
246
232
94
202
194
203
191
94
272
261
96
264
261
297
289
97
268
268
100
339
334
98
318
320
101
346
327
94
167
128
76
218
210
102
77
75
102
77
75
109
83
76
107
84
78
114
89
78
115
90
79
118
95
81
121
96
79
110
88
80
730,083 719,528
721,958 710,414
228,245 ••233,836
245,626 244,940
973,885
•249,225
263,992
979,837
970,315
•254,558
•266,788
316
VALUEX
Exports, total incl. reexports
thous.
Exports of U. S. merchandise.._
General imports
Imports for consumption..
of dol. 1,036,252 801 382
1,024,517 794,258
do
317,890 199,750
do
do
309,801 223,409
786,860
780,753
168,079
186,715
873,145
864,866
358,787
407,417
1,084,514
1,075,787
••281,016
284, 959
1,001,597
••995,352
r 295, 279
'287,664
1,251,141 1,203,826 1,233,094 1,185,972
1,243,332 1,192,788 1,216,417 1,178.247
'300,369
314,686 280,466 328, 558
••303,561 305,885 279,305 316,699
TRANSPORTATION .A L N D ( COMMUNICATIONS
TR AN SPORTATION
Commodity and Passenger
Unadjusted indexes:*
Combined index, all typest-..1935-39=100._
Excluding local transit linesf. . do
Cr>TnTnnfJit.yt
c\p
204
211
202
207
276
197
204
193
209
284
193
196
182
226
302
188
191
178
221
286
202
206
193
232
304
204
208
194
234
311
208
213
196
246
335
210
216
199
247
341
214
220
197
270
386
222
230
206
274
402
225
234
210
275
407
'225
»"232
212
••269
'388
224
232
213
263
369
Passenger
..
_
_ . _do __
Excluding local transit lines
do
By types of transportation:
395
460
379
351
319
377
Air, combined index
do
419
337
323
471
423
439
469
515
515
523
431
474
445
Commodity
do
604
551
568
438
619
637
576
286
Passenger
do
349
289
319
224
236
362
338
310
270
298
370
365
Intercity motor bus and truck, combined
214
211
234
229
••235
••232
226
222
199
211
index
1935-39—100
221
218
230
192
203
205
211
189
224
214
214
216
201
For-hire truck
„ do
216
201
208
243
277
336
' 299
235
227
232
244
322
283
301
264
240
Motor bus
do
169
171
173
147
162
167
149
175
175
168
171
172
Local transit lines
do
166
184
172
167
177
205
208
180
181
191
181
171
160
178
0 0 and gas pipe linest .do
257
229
252
237
253
234
221
212
211
253
235
240
Railroads, combined index
do
230
231
221
209
215
231
216
222
195
197
212
228
217
230
Commodity
.
do
347
461
314
339
317
435
414
376
432
447
336
296
Passenger..
_.do
372
82
71
64
74
31
31
78
79
43
37
26
Waterborne (domestic), commodity, do
60
'83
Adjusted indexes:*
209
220
205
194
213
212
221
214
197
195
••217
217
196
Combined index, all typest
do
Excluding local transit lines
(]n .
226
225
215
204
'223
223
211
221
202
198
220
217
200
204
206
203
202
201
199
200
192
185
196
204
188
188
Commodity
do
269
252
269
'265
266
224
224
264
240
Passenger
«
do
210
218
248
218
377
'372
295
Excluding local transit lines.
do . .
285
372
356
369
328
347
307
295
295
378
By type of transportation:
455
384
407
409
323
415
426
396
388
Air, combined index
_ do . .
356
348
437
376
421
604
515
637
523
551
520
451
454
481
576
619
Commodity
.
do
568
309
309
332
304
Passenger
do
316
335
292
294
258
293
277
304
306
' Revised.
tFor revised 1941 monthly averages, see note 2 on p. S-20 of the April 1943 Survey; revised monthly data for 1941 and preliminary revisions for the early months of 1942 are available on request.
• New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27, table 5, of the May 1943 Survey (small scattered revisions have been made in the data be series marked "t"; revisions are available on request).
ginning 1941 for the
t See note marked " • " .
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
S-22
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
October
January 1944
1943
Novem- December
ber
January
February
March
April
May
June
July
An st
^
temper
October
TRANSPORTATION AND COMMUNICATIONS—Continued
TRAN SPORTATION—C ontinued
Commodity and Passenger—Continued
Adjusted indexes*—Continued.
Intercity motor bus and truck, combined
index
1935-39=100.
For-hire truck
do-_.
Motor bus
do--Local transit lines
do...
Oil and gas pipe lines
-do—
Railroads
do..Commodity
do—
Passenger.,
do—
Water borne (domestic), commodity f-do
210
209
247
147
163
221
210
307
61
211
208
245
145
165
221
205
340
52
233
225
232
154
165
214
199
328
61
211
199
250
165
169
214
201
318
59
220
206
264
166
170
234
220
345
64
223
212
261
166
173
236
220
364
60
226
212
274
166
176
243
224
388
63
213
192
284
167
176
245
226
396
55
230
212
287
177
188
236
213
416
55
226
205
293
184
190
251
229
416
54
222
181
200
249
226
421
57
224 |
201
r 284 I
176 j
215
244 !
221 '
'421 i
-60 !
221
200
290
173
210
245
221
426
59
Express Operations
13,319
14,306
14, 773
15,363
18,071
14,295
15,803
16,084
16,315
Operating revenue
thous. of dol.
16,469
16, 579 17, 355 17,290
56
153
157
67
78
68
145
53
64
71
64
53
Operating income
-do—
Local Transit Lines
7.8060
7.8060
7.8060
7.8032
7.8060
7.8060
7.8032
7.8060
7. 8004 r 7. 8060
7.8032
7.8004 I 7.8004 7. 8004
Fares, average, cash rate,-.
cents.
1, 252, 3131,152,868 1,100,451 1,254,329 1,239,428 1,147,971 1,254,163 1,220,211 1,247,526 1,259,983 1,241,051 1,213,353 j 1,205,969 1,273,919
Passengers carried§
thousands.
93,600
85,257
81,356
94,248
87, 326
93, 720
92,325
93,371
94,944
96,560
92, 566 j 90, 024 94, 840
Operating Class I Steam Railways of doL
revenues
thous.
Freight carloadings (Fed. Reserve indexes):
150
140
126
130
130
132
132
124
137
146
142
Combined index, unadjusted-1935-39=100151
145
147
138
132
145
144
133
132
139
135
100
146
127
152
Coal
do
145
140
180
186
193
193
189
189
183
179
162
178
186
193
Coke
do-_183
191
158
122
138
117
150
129
133
138
143
145
147
150
156
Forest products
do
144
139
130
142
131
124
123
'124
138
140
172
157
153
158
167
Grains and grain products
do
169
113
98
97
'143
90
92
105
101
86
166
151
111
183
Livestock
do
58
56
58
62
63
62
59
63
63
55
68
64 |
66
66
Merchandise, 1. c.l
do—
323
260
206
59
50
48
56
106
269
297
193
312 |
314
274
Ore
--do....
163
135
137
138
143
145
147
150
132
146
153
154
153
147 |
Miscellaneous
do
141
140
136
135
139
138
136
135
127
135
139
140
137
140
Combined index, adjustedf
do—
138
132
146
139
135
145
144
133
132
100
127
152
140
145 i
Coalf
do....
184
184
184
178
187
186
166
186
184
181
186
195
195
191 I
Cokef
do-.-.
150
149
140
137
130
135
133
138
138
140
150
139
137
148 !
Forest products
do
143
139
126
142
139
145
140
140
138
137
161
137
167
147 |
Grains and grain products!
do
113
110
114
117
113
117
118
112
113
102
132
114
119
117 I
Livestockf
do—
64
56
59
58
57
61
61
62
62
63
67
63
64
63 |
Merchandise, 1. c. 1
do
202
190
189
193
193
163
163
192
190
202
191
209
196
208 !
Oret
do.._.
146
150
144
146
145
145
143
142
145
144
147
143
140
145
M iscellaneous f
do—
Freight carloadings (A. A. R.)."1
4,512
3,073
4,150
3,056
3,136
2,834
3,531
3,151
4,307
' 3, 237
3, 305
4,518
3,554 ! 3, 546
Total cars-..
thousands..
837
612
790
649
705
706
666
792
457
842
580
706
853
705 !
Coal
do.-..
71
57
60
60
59
50
75
71
57
68
56
59
75
58 |
Coke
do—
244
164
148
172
160
164
169
221
176
224
175
179
224
193 |
Forest products
do—
247
203
173
222
176
187
189
168
237
295
214
209
292
226
Grains and grain products
do
118
63
51
52
58
72
78
48
66
65
91
79
128
62
Livestock
do—
460
340
370
389
488
386
356
397
421
484
414
399
522
403
Merchandise, 1. c. 1
do—
373
66
55
63
95
364
230
329
71
444
216
346
395
356
Ore
_do.-_.
2,161
1,371
1,453
1,452
1,519
1,920
1,515
' 1, 535
1,698
1,886
1, 558
1,568
2, 028
1, 551
Miscellaneous
do
30
41
49
35
68
35
53
72
67
17
30
20
18
24
Freight-car surplus, total
_do
17
35
19
15
16
28
21
18
35
4
11
7
4
Box cars
do—
5
9
20
5
34
14
6
20
4
3
7
4
8
Coal cars
do—
Financial operations:
762, 058 745, 584 690,108 702, 995 671, 334 663, 534 756, 251 748,798 759,331 747,365 791,196
776,539 796, 282
Operating revenues, total
thous. of dol 566. 422 587,612 534, 762 531,918
514, 316 513,191 585, 252 570,136 573, 788 549,134 582,497 585, 644 576, 092 594, 560
Freight
do
141, 924 108, 322 108,060 119,151 111,725 107, 224 121,448 127,915 133, 581 147,294 156,628 161,971 146, 727 144, 885
Passenger
do
502, 213 416, 430 406, 389 431,873 424, 201 408, 459 449,440 442,149 454,362 451, 946 466, 658 467, 288 478, 074 513, 571
Operating expenses
do
464
100, 271 141,829 148,942 177,163 179, 590 176,800 185, 764
Taxes, joint facility and equip, rents..do... 153, 381 144, 374 r 134,710 170,851 105, 304 106,133 129,647 127,059 128,169 109, 655 203, 927 208, 384 188, 290 169, 628
96,
184. 780 149,009
120, 611 124, 561 110,175 113, 084
Net railway operating income
do..
82, 980 61,819
135, 538 111,310 137,101
84, 651
82,901
85, 732
70, 626
82, 278 84, 472 69, 978 r 76, 027
Net income
do
Operating results:
'66,021
64, 686
66,528
62, 947
61, 339
68,193
60,464
58, 356
58, 929 58,102
69, 222
68, 950 66, 522
Freight carried 1 mile
mil. of tons..
.914
.946
.939
.967
.934
.943
.956
.966
.924
.948
.921
.900
Revenue per ton-mile..
cents..
5,508
5,668
6,482
6,715
7,008
7,813
5,663
6, 314
7,851
5,914
8,342
8,610
Passengers carried 1 mile..
millions..
Financial operations, adjusted:
660.8
743.7
739.9
722.5
708.4
766.7
783.0
710.4
749.3
737.7
760.9
730.9
778.6
Operating revenues, total
mil. of dol 501.9
560.4
578.4
587.3
557.1
553.5
551.0
576.1
553.8
567.5
545.7
527.1
582.1
Freight
do....
113.0
120.4
117.6
129.5
138. 0
145.6
142.2
140.4
109.2
151.2
107.5
139.7
144.4
Passenger
do
533.3
655.4
615.9
563.2
553. 6
591.0
623.1
623.8
629.3
657. 7
576.6
652.5
663.2
Railway expenses
do
' 127. 6
82.2
159. 3
154.9
152.8
73.1
124.0
159.2
119.9
133.8
143.6
108.4
115.4
Net railway operating income
do
'81.2
'41.0
111.2
81.5
101.5
P 32. 5
120.3
109.3
92.0
118.0
78.0
67.7
74.9
Net income
do
Travel
Operations on scheduled air lines:
Miles
flown
thous. of miles..
7,585
8,127
8,408
7,777
8,288
8,323
7,292
7,508
8,410
8,881
9,303
9,215
9,511
Express carried
-thous. of l b . .
3.619
4.320
4,816
4,549
4,834
3,600
4, 341
3,974
3, 634
5,261
5,335
5,385
5,171
Passengers carried.
..number..
273.162 240, 705 202. 623 208, 380 233, 049 265,175 280, 914 282,103 297, 760 320, 096 338,059 321, 616
Passenger-miles flown. thous. of miles..
128, 329 112,488
96, 308 101,411 110,983 124, 256 132, 985 133, 267 140, 746 150,014 156,873 153, 980
Hotels:
3.79
Average sale per occupied room
dollars..
3.73
3.56
3.66
3.86
3.55
3.70
3.56
3.60
3.66
4.02
4.04
3.96
3.95
Rooms occupied
percent of total..
80
79
74
82
83
83
85
84
81
79
86
86
86
86
Restaurant sales index
1929=100..
135
137
136
140
156
162
174
132
131
171
180
200
167
178
Foreign travel:
U. S. citizens, arrivals
number..
7,474
6,969
7,285
7,902
9,693
6,442
8,995
11,601
12, 709
8,215
6,848
6,803
7,303
U. S. citizens, departures.
do
5,190
5,077
4,879
5, 527
5,178
5,461
5,152
5,361
6.238
5,459
4,326
4,396
4,691
Emigrants
.do
398
463
563
460
480
336
385
336
500
563
382
540
465
Immigrants
_
...do
2.147
1,915
1,504
1,815
1,933
1,837
1,782
2,177
2,152
2,192
2,612
2,320
2,777
Passports issued cf
do
14,667
11,173
12,679
12,178
12, 772
8,247
11,628
10, 334
9,564
9.700
6,711
11, 763
8,162
National parks, visitors.
do
23, 851 76, 659
51,976
13,211
14, 638
17, 751
32, 270
11,865
45, 660
67, 345 135,407 148, 957
97, 667
55, 696
Pullman Co.:
Revenue passenger-miles.
thousands,961,986 1,906,714 1,869,952
1,849,643 2,091,358 2,126,103 2,105,321 2,186,161 2,192,301 12,364,069 2,250,820 '2,292,555
Passenger revenues...
thous. of dol.
10, 444
10,052
10,080 1
10,151
11,511
11,627
11,797
12,132
12,007 I 12, 904 i 12, 338 I 12, 743
'Revised, v Preliminary. §For 1941 figures revised to cover the same companies as for 1942, see note marked "f" on p. S-21 of the April 1943 Survey.
©"Includes passports to American seamen. {Data for October 1942, January, May, July, and October 1943 are for 5 weeks; other months, 4 weeks,
tSeasonal factors revised beginning 1939 or 1941: for coal the seasonal factor was fixed at 100 beginning May 1941; revisions are available on request.
•New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27, table 5, of the May 1943 Survey (small scattered revisions have been made in the index
oil and gas beginning 1941; revisions are available on request).
for
S-23
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1941, together "with explanatory notes
and references to the sources of the
data, may he found in the 1942 Supplement to the Survey
1942
1943
November
October
1943
Novem- December
ber
January
February
March
April
May
June
August
July
September
October
TRANSPORTATION AND COMMUNICATIONS—Continued
COMMUNICATION S
Telephone carriers: 1
Operating revenues
thous. of dol_.
Station revenues
do
Tolls, message
do
Operating expenses
do
Net operating income
...do
Phones in service, end of month
thous..
Telegraph and cable carriers:
Operating revenues, total
thous. of dol..
Telegraph carriers, total
do
Western Union Telegraph Co., revenues
from cable operations.--thous. of doL.
Cable carriers
....do
Operating expenses...
do
Net operating revenues
do
Net income trans, to earned surplus__do
Radiotelegraph carriers, operating revenues
thous. of doL.
'143,218 140,447
f
82,586 81,576
46,566
'48,421
r
89, 579 87,940
r
21,180 24,310
r
22,400
22,359
152, 548
84,501
56,373
97,502
20,758
23,685
146,483
82,891
50,766
97,411
21,588
22, 544
146,688
83,610
50,274
90,310
21,197
22,835
142,578
82,425
48,286
87, 591
21,298
22,947
150,342
85,287
53,122
93,783
21,090
23,124
147,946
84,941
51,144
92,897
21,009
23,285
149,989
84,733
53,089
96,127
20,791
23,408
149,020
85,561
51,841
96,624
20,098
23,510
116,459 116,792 1 16,750
1 15,253 1 15,563 1 15,553
14,956
13,875
14,250
13,151
15,970
14,667
114,253
J 13,138
i 13,663
i 12, 729
1
15,768
1 14,677
1 16,023
1 14,766
1 16,234
1 14,997
819
1,082
12,179
1,336
812
863
1,099
11,625
1,237
658
1,104
1,303
13,182
1,927
947
1894
» 1,115
» 11,762
1535
«*199
1793
1934
1 11,111
1618
d
86
1906
1 1,091
1 12,165
1 1,672
742
1933
11, 257
1 12,101
1 1,951
824
1934
1890
11,206
1 1,237
1 12,409 1 12,673
11,821
11,865
397
<* 1,323
'993
1,007
1,184
1,033
1,094
1,092
152,523
84,426
56,253
98,439
21,240
23,595
1976
1955
1 1,229
1 1,198
1 13,502 1 14,886
1 1,310
1 d 27
364
471
152, 650 155,475
85, 543 86, 772
55, 305 56, 685
98,231
98, 269
21, 386 21,611
23, 777 23,870
116, 585
115,422
116, 472
U5, 233
1951
U, 027
il, 163 11,239
113, 538 U3,185
il, 106 11,435
304
343
1,105
1,103
1,112
1,160
0.63
.28
36,570
0.63
.28
42,022
0.63
.28
42,020
0.63
.28
38, 734
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Methanol, prices, wholesale:
Wood, refined (N. Y.)
dol. per gallon..
0.63
Synthetic, pure, f. 0. b . works...
do
.28
Explosives, shipments
thous. of l b . . 36,149
Sulphur production (quarterly):
Louisiana.
long tons..
Texas
do
Sulfuric acid, price, wholesale, 66°, at works
dol. per short ton..
16.50
0.58
.28
41,407
0.58
.28
41,477
0.58
.28
30,626
0.58
.28
33,392
0.58
.28
35,282
147,850
645,380
0.58
.28
39,337
0.62
.28
38,588
0.63
.28
36,154
0.63
.28
36,853
172,935
491,676
139,505
525,106
189,380
426,052
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
16.50
430
200
221
340
1,006
1,325
1,281
800
387
117
87
140
251
350
1.650
1.650
59,846
1.650
54,855
1.650
67,876
1.650
61,637
1.650
56,586
1.650
64, 616
1.650
61,310
1.650
32, 543
1.650
67,006
1.650
59,250
1.650
57,471
1.650
59,115
1.650
554,067 547,576
,271,890 1,197,472
571,369
573,097 570.858
1,129,912 1,008,719
608, 525
828,750
550,459
602,116
578,679
589,201
578,543
735,590
549,718
806,453
602,644
843,177
'572,768
'887,729
594,786
886,633
3.50
18,922
263,434
3.46
19,432
267,144
3.43
20,108
277, 546
3.50
7,817
276,791
3.48
7,728
265,912
3.57
7,572
251, 799
3.50
13,437
253,134
3.54
17,992
249,087
3.55
19,719
246,127
3.73
17,587
221, 988
4.00
16,748
202,298
3.95
16, 774
189, 392
4.04
11, 943
177, 795
.64
6,474
49, 525
.64
6,047
51,913
. 54
6,806
55,900
54
2,102
57,627
1,105
55,071
.64
1,548
51,321
.64
5,892
54,095
.63
8,035
58,481
.66
10, 508
66,518
.67
15,012
79, 784
.67
9,239
84,851
.66
7,484
89,681
.68
3,427
96, 586
16.50
16.50
16.50
16. 50
FERTILIZERS
Consumption, Southern States
thous. of short tons..
Price, wholesale, nitrate of soda, crude, f. 0. b .
cars, port warehouses*
dol. per cwt—
Potash deliveries..
short tons..
Superphosphate (bulk):f
Production
do_
Stocks, end of month
._
do_
NAVAL STORES
Rosin, gum:
Price, wholesale " H " (Savannah), bulk
dol. per cwt-.
Receipts, net, 3 ports
bbl. (6001b.)..
Stocks, 3 ports, end of month
do
Turpentine, gum, spirits of:
Price, wholesale (Savannah)f__dol. per gal..
Receipts, net, 3 ports
bbl. (50 gal.)
Stocks, 3 ports, end of month
do
4.00
OILS, FATS, AND BYPRODUCTS
Animal, including fish oil:
Animal fats: X
94,700
81,434
95,052 123,033 126, 520
136,624 108,682 114,466 114,315 110,671 118, 521 111, 060 100,668
Consumption, factory
thous. of lb
Production
_do..
223, 747 255,989 290, 597 263,560 237,931 210,021 223,448 276,540 269,652 274,402 256,596 232,288 239,050
Stocks, end of month
do_.
332,372 303,992
289,743 286, 358 306,055 295,350
290,458 308,448 307,190 359,464 375,404
Greasesrf
64, 346
45,419
61,158
57,890
41,333
44, 716
59,857
51,239
49,935
57, 593
68,018
53, 580
Consumption, factory
__
_do-_
61,067
47,851
49,310
47,807
49,873
45, 693
50,942
46,031
45,084
45, 599
45,136
45, 023
44,882
46,047
Production
do._
81, 770
82,475 100,480 101,138
81,186
96,432 104,916 108, 570 107,104
96, 683
87, 460
89,991
86, 383
Stocks, end of month.,
do_Fish oils:*
13,838
16,547
21,965
21, 589
13,164
12,483
15,326
14,496
11, 568
16, 549
15,311
13,890
15, 598
Consumption, factory
do_.
14, 776
24,120
2,637
12, 767
736
1,169
20,895
23,845
15,373
6,420
4,304
45, 916
14,811
Production
do_.
207,131 208,237 215,619 204,804 204,704 197,053 195, 551 177,148 158,764 155,910 148,845 177,759 182,696
Stocks, end of month
do._
Vegetable oils, total:*
261
225
276
293
332
344
313
342
355
362
361
339
300
Consumption, crude, factory
mil. of lb_.
258
274
220
321
433
402
352
270
432
419
416
389
Production
_do.
Stocks, end of month:
734
749
862
922
923
788
759
834
884
914
967
Crude
_.
do.
423
359
445
400
296
354
446
266
299
407
438
287
Refined
..-do.
Coconut or copra oil:
Consumption, factory:*
32,072
22, 654
9,691
21,801
19,177
7,422
18,970
7,639
7,442
6,132
7,308
8,058
7,117
Crude.
,-thous. of lb
9,522
6,231
5,019
8,458
7,725
3,922
3,690
2,151
3,423
2,259
3,900
3,859
Refined
do.
4,885
r
d
Revised.
Deficit.
1 Owing to changes in the accounting system, 1943 figures are not comparable with earlier data above; available datapn the new basis for January-September 1942 are shown in footnotes in the September to December 1943 Surveys; October 1942 figures on the new basis are as follows: Operating revenues—total, 15,277; telegraph carriers, total, 14,181; Western
Union cable operations, 819; cable carriers, 1,097; operating expenses—no comparable data; net operating revenues—2,028; 1942 data shown above for the latter item are "operating
income."
HData for 3 companies operating outside of United States, included in original reports for 1943, are excluded to havo all figures cover the same companies.
•Price of crude sodium nitrate in 100-pound bags, f. 0. b. cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series shown
in the 1942 Supplement; figures for August 1937 to December 1941 are the same as published in the Supplement; for data for 1935-36 and all months of 1937, see note marked " • " on
p. S-23 of the May 1943 Survey. Prices are quoted per ton and have been converted to price per bag.
JData for the indicated series on oils and fats revised for 1941; revisions for fish oils are shown in note marked " t " on p. S-22 of the April 1943 Survey; revisions for all other series
were minor and are available on request.
fRevised series. The turpentine price shown beginning with the April 1943 Survey is the bulk price; data shown in earlier issues represent price for turpentine in barrels and
can be converted to a comparable basis with the current data by deducting 6 cents. Superphosphate is reported on a revised basis beginning September 1942, covering all known
manufacturers of superphosphate, including Tennessee Valley Authority; the new series include all grades, normal, concentrated, and wet base, converted to a basis of 18 percent
available phosphoric acid. Earlier data include normal and concentrated superphosphate as reported by concerns which for 1939 and earlier years accounted for about 95 percent of
the value of superphosphate produced, exclusive of T. V. A. production, according to Biennial Census data; it is estimated that this earlier series represented approximately 94 percent
of the total production, including T. V. A., for 1935, 93 percent for 1937, and 89 percent for 1939. The coverage declined to around 83 percent by the latter part of 1942, on the basis of
comparisons with the new data. Data are shown on an 18-percent A. P . A. basis; data in the Survey prior to the June 1943 issue are on a 16-percent basis and can be converted to
Digitized18,percent by multiplying by 0.8839.
for FRASER
S-24
SURVEY OF CURRENT BUSINESS
Montkly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- November
plement to the Survey
January 1944
1942
1943
Novem- December
ber
October
January
February
March
April
May
June
July
August
September
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS-Con.
oconut or copra oil—Continued.
Production:
Crude}.
thous. of lb_.
Refined....
do
Stocks, end of month:}
Crude
do
Refined—
_
do
Cottonseed:
Consumption (crush).thous. of short tons_.
Receipts at mills
do
Stocks at mills, end of month
do
Cottonseed cake and meal:
Production
short tons__
Stocks at mills, end of month
do
Cottonseed oil, crude:
Production
thous. of lb Stocks, end of month...
do
Cottonseed oil, refined:
Consumption, factory }
do
In oleomargarine
do
Price, wholesale, summer, yellow, prime
(N. Y.)~
dol. per lb_.
Production
thous. of lb._
Stocks, end of month...
do
laxseed:
Duluth:
Receipts
thous. of bu._
Shipments...
do
Stocks
do
Minneapolis:
Receipts
do
Shipments
do
Stocks
do
Oil mills:}
Consumption
.._
do
Stocks, end of month
do
Price, wholesale, No. 1 (Mpls.).-dol. per bu_.
Production (crop estimate)_._thous. of bu..
Linseed cake and meal:
Shipments from Minneapolis..thous. of lb__
Linseed oil:
Consumption, factory}
do
Price, wholesale (N. Y.)_
_.dol. per Reproduction}
thous. of lb_Shipments from Minneapolis
do
Stocks at factory, end of month
.do
Soybeans:
Consumption}
thous. of bu_.
Production (crop estimate)
do
Stocks, end of month
do
Soybean oil:
Consumption, refined}
thous. of lb__
Production:
Crude!..
do
Refined
do
Stocks, end of month:
Crude.„_
„
do
Refinedt
do
Oleomargarine:
Consumption (tax-paid withdrawals) §.do
Price, wholesale, standard, uncolored (Chicago)
-_-_.dol. per lb_
Production!.
-thous. oflb_
Shortenings and compounds:
Production
do
Stocks, end of month}
do
Vegetable price, wholesale, tierces (Chicago)
dol. per lb_
9,111
2,370
5,208
2,684
126, 739
7,243
138,142
7,243
7,472
4,293
8,362
2,675
134, 971 136,684
6,415
5,109
8,924
3,434
17, 712
3,068
14,951
3,454
14,671
3,481
9,078
8,300
6,664
4,211
11, 437
8,952
16, 255
6,955
146, 491 161, 712 174,833
4,732
4,188
4,149
188,423
4,447
182,275
4,908
166,327
4,248
153,142
3,682
151, 234
3,910
332
61
483
213
28
298
147
25
177
92
18
103
61
47
90
133
391
349
506
1,158
1,001
176, 317 146,393
58,800 39,853
93,988
37,431
67,569
36,258
41,642
29,629
28,141
18,593
58,978
29,241
229,598
48, 512
234, 308
133, 595
214,965 200,882 165, 824 123,138 104,833
158, 727 157, 212 153,873 140, 655 116,640
68, 247
89,472
47,231
65,880
30,364
41, 523
19, 768
21,825
40,010 152, 861
32, 588
135, 377
15,612
119, 374 137,469
19,126
21,035
132, 710 145,702
30,050
26,132
112, 241
15,624
93, 763
9,917
82,858
9,736
83, 318 107, 654 105, 893
20,650 23, 852
15,051
.140
167,545
219, 244
.137
169, 397
200, 564
.140
.140
179, 784 185,433
258,821 300,519
.140
151,406
327,618
.140
.140
.140
134, 595 119, 766 89,836
318, 380 318, 303 299,847
.140
65,677
266,557
2,214
2,077
2,646
2,398
2,304
1,695
1,437
887
916
24
0
940
24
2
963
10
0
972
104
173
904
252
329
827
252
547
532
32
515
49
522
145
426
3,173
1,899
1,701
1,683
371
4,196
5,564
554
2,780
1,320
252
2,535
744
110
2,269
581
186
1,865
627
165
1,265
305
871
1,311
113
813
333
412
117
97
632
51
51
801
100
855
3,159
4,445
11,938
2.46
11, 254
2.43
3,817
11,682
2.56
2 41, 053
3,713
9,006
2.76
3,582
6,746
2.97
3,383
4,910
3.17
3,264
3,584
3.21
2,688
2,993
3.16
3,713
2,389
3.05
3,109
3,815
3.05
3,515
10,133
3.02
5,501
13, 967
3.05
47, 240
56, 820
64, 740
60, 660
45,180
44,100
46,320
41, 520
45,180
32,820
40, 980
53,040
652
340
1,401
528
178
1,049
622
674
1,514
743
1,634
1,608
289, 954
65, 353
331,798
133, 515
313,996 291, 922 234,952
117, 440 92,672 75,866
192, 047
135, 493
3.05
i 52, 008
53, 040
.152
~36~780
'707
' 816
'1,715
397
107
759
134,575
25,187
.140
.140
49, 797 35,620
239,462 207,081
44,383
40,198 40,879 37,820 41, 558 46, 320 44,375 44,265 48, 780 43,161
.127
.129
.153
.153
.153
.131
134
.143
.155
.157
73,569
84, 785 77,045
71, 780 69,346 63, 214 62, 298 50, 691 71,316 60,976
25,560
27, 780 26, 280 28, 560 38,100 39,360 40,380 36,060 29,340
24,850
273,101 291, 212 297,244 289,245 278,601 288, 551 263, 561 228, 796 191,855 189,798
.140
.140
27, 839 90,451
139,909 126, 583
46, 247 44,022
.153
.153
67,981 105, 006
27,120 31, 440
177,211 182,352
8,234
12, 215
13,066
14,892
13, 635
12,709
10,580
9,853
35,356
10,058
2187,155
34, 938
12, 293
25, 213
31,353
28, 782
28,325
26, 230
20, 607
17,246
14, 692
9,048
4,763
60,393
49,691
53,608
62,320
80,168
95, 622
89, 614
80,903
93,025
66,462
89,617
74, 419
64,451
55,435
75,393
58,061
122,746
100,182
114,814
109,617
96,314
70,707
91, 238
86, 365
51,364
51,234
62, 268
51,476
92,326 109,704 107,739 115,321 131,833
105,341
65, 414 73,875 89,103
83, 416 99,156 108, 735 126, 507 126,332
57,080 63, 545 69,995 73, 753 84,221
129,161
96,092
107,929
97,481
123,937
93,289
35, 403
39, 371
42,151
53,311
50,984
57, 482
32,363
20, 651
24, 509
31,082
38,144
46, 676
.150
46, 283
.150
47, 635
.150
42,099
.150
61, 984
.163
62, 982
.170
70,045
.165
43,120
.165
30, 775
.165
36,062
.165
43,956
.165
53,950
.165
50, 606
8,145
195,762
.165
130,336
41,142
.165
96, 229 117,915 119, 748 124,958
37,853 42, 648 43, 230 41,285
134, 785 134, 111 122, 568 126,989
38, 272 44, 603 51,920 48, 571
76, 301
77,429
120, 657 104, 518
90, 596 89, 853
93, 535 119, 239 117, 424
55,065 45, 261
53,167
.165
.165
.165
.165
.165
128
45
121
43
157
41
91
34
134
41
100
32
234
590
235
611
266
565
283
497
251
422
414
251
426
46,398
42, 710
19,897
22, 225
4,275
50, 923
46, 221
20,907
25, 313
4,702
51, 435
46, 710
21,830
24,880
4,725
55, 482
50, 282
22, 750
27, 532
5,199
50,107
45,369
21,344
24, 025
4,738
51,059
46,166
22,902
23,264
4,893
49,377
44, 639
21, 639
23, 000
4,738
.165
.165
.165
.165
.165
.165
100
45
190
481
44,122
39,186
17,906
21,280
4,935
77
37
104
33
104
34
123
42
177
456
153
394
114
45
154
360
169
443
38,122
34,315
16,221
18,094
3,807
37,141
33,518
16,905
16, 612
3,623
37, 843
33, 677
16, 221
17, 456
4,166
38,392
34, 530
16, 726
17, 804
3,862
PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines___
-thous. of dol.
Plastic paints
do
Cold-water paints:
In dry form
_
._„
do
In paste form, for interior use
do
Paint, varnish, lacquer, and fillers:
Total
do...
Classified, total
do
Industrial
do
Trade
_do.._
Unclassified
do...
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, total
mil. of kw.-hr.. 19,488
16, 753
16, 459
17, 681
17, 651
16,110
17, 829
17, 238
17,865
18,080
18,668
By source:
11, 244
13,447
10,726
11, 255
11,571
10, 220
Fuel..
do
11, 205
10, 474
11, 599
10, 669
12, 458
6,042
5,509
5,733
6,110
6,396
Water power
do
5,890
6,623
6,764
6,210
7,196
6,481
By type of producer:
Privately and municipally owned electric
14, 282
14,086
utilities
mil. of kw.-hr.. 16, 536
15,237
15,170
13,936
15,377
14,824
15, 521
15, 276
15,999
2,953
2,470
2,373
2,444
2,174
Other producers
do
2,481
2,451
2,414
2,669
2,589
2,558
r
l
Revised.
* Dec. 1 estimate.
Revised estimate.
|For 1941 revisions see note marked *'t" on p. 8-23 of the February
}Small revisions have been made in the data for 1941 for the indicated series on oils and oilseeds; revisions are available on request.
19,206
18,833
13, 315
5,891
13,472
5,361
16, 480
2,726
16, 056
2,776
1943 Survey.
October
S-25
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
1943
Novem* December
ber
October
January
February
March
April
May
June
July
August Septem- October
ber
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Sales to ultimate customers, total (Edison
Electric Institute)
mil. of kw.-hr
Residential or domestic.
__ . . do
Rural (distinct rural rates)
do
Commercial and industrial:
Small light and power.
do . _
Large light and power
do
Street and highway lighting
do
Other public authorities
do _ .
Railways and railroads
_do
Interdepartmentaldo
Revenue from sales to ultimate customers
(Edison Electric Institute)._.thous. of dol_.
13,970
2,223
269
14,097
2,342
197
14, 747
2,522
187
14,881
2,678
174
14,394
2,519
176
14,810
2,385
171
14, 782
2,318
195
14,758
2,240
219
15,240
2,241
299
15,412
2,233
332
15,880
2,219
366
16,122
2,326
328
16, 347
2,358
314
2,272
7,946
185
396
560
118
2,308
7,938
197
402
568
144
2,366
8,188
216
439
671
158
2,470
8,021
202
580
671
85
2,381
7,793
182
655
608
79
2,334
8,369
176
638
653
84
2,349
8,409
160
671
596
84
2,307
8,458
148
732
576
78
2,385
8,801
138
743
555
78
2,460
8,849
143
751
565
79
2,478
9,224
155
802
661
76
2,505
9,339
168
826
552
78
2,432
9,505
186
880
591
81
243,094
246,749
255,711
260, 780
253, 645
250,823
250,156
246,789
251, 566
253,900
254,730
261,045
263,087
10,559
9,722
381
445
34,811
18, 084
3,285
13,160
10, 534
9,696
388
440
38,413
16, 319
8,103
13,665
10, 603
9,754
398
442
45, 947
17,441
13, 577
14, 516
10, 538
9,708
369
453
46, 954
19,082
13,033
14, 437
10, 575
9,735
380
449
45,396
18,647
12,405
13,969
10, 537
9,707
361
457
45,037
18,696
10,803
15,178
10, 523
9,678
378
455
42, 716
17,796
9,060
15, 524
10,581
9,733
386
451
39,175
17,181
7,382
14,308
10, 589
9,755
373
449
35,115
17,925
3,220
13, 711
10, 612
9,794
355
451
32,846
17,248
1,957
13,338
10, 694
9,878
354
451
31,833
16, 574
1,455
13, 569
10, 706
9,884
367
447
33, 412
17,847
1,599
13, 698
33,796
23,454
2,557
7,622
35,681
22, 622
4,744
8,123
39,968
23,377
7,771
8,591
40,990
23,938
8,349
3,479
39,816
22,899
8,304
8,401
39,035
22,814
7,413
8,592
37,027
22, 574
5,656
8,580
35,456
23,041
4,080
8,158
33, 445
23, 273
2,319
7,715
31,976
22,817
1,481
7,544
31,103
22, 205
1,192
7,550
32, 574
23, 327
1,439
7,656
8,379
7,783
594
137, 605
26, 744
108, 240
8,473
7,856
615
156,140
38, 585
114, 556
8,507
7,885
620
180,000
57,334
118,888
8,446
7,842
601
193, 526
69, 577
120, 778
8,448
7,850
596
195,113
68,206
123,048
8,498
7,892
604
190,074
63, 627
122, 497
8,477
7,878
596
168,846
50,589
116, 562
8,493
7,894
596
151, 572
36,150
112,028
8,471
7,891
578
139, 883
26,756
109,605
8,516
7,930
583
135,194
20,772
111, 004
8,498
7,924
572
137, 971
19, 573
114,199
8,538
7,958
578
143, 479
21,080
118,299
41,113
19,218
21, 528
49, 554
25, 582
23. 544
62,181
35, 497
26,127
70,863
42, 659
27, 730
69, 367
41, 204
27, 598
66, 449
38, 783
27,055
57,173
32,133
24,777
48,026
24, 689
22,898
41, 476
19, 656
21, 421
38, 710
16, 602
21, 577
37, 636
15, 360
21,808
38, 611
15,844
22, 313
5,984
5,683
8,705
5,834
6,067
8,215
7,392
7,025
8,295
7,329
7,421
7,893
7,221
7,346
7,348
6,690
7,773
6,641
6,284
7,844
10, 452 11, 389
3,439
733
7,235
7,258
426, 204 419,040
7,838
7,554
412, 620
GAS t
Manufactured gas:
Customers, total _.
_. thousands
Domestic
do
House heating...
...do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. f t . .
Domestic
...do
House heating
do
Industrial and commercial_ ..do
Revenue from sales to consumers, total
thous. of dol_.
Domestic
do
House heating...
_
do
Industrial and commercial
.do
Natural gas:
Customers, total
.
thousands
Domestic
do..
Industrial and commercial
do
Sales to consumers, total
mil of cu ft
Domestic
do
Indl., coml., and elec. generation. __do
Revenue from sales to consumers, total
thous. of dol
Domestic
.
do
IndL, coml., and elec. generation, do
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquor:f
Production
thous. of bbl_.
Tax-paid withdrawals.
._
....do
Stocks, end of month..
do
Distilled spirits:!
Apparent consumption for beverage purposes
..thous. of wine gal..
Production^. _ _
thous. of tax gaL.
Tax-paid withdrawals..
do
Stocks, end of monthf
do
Whisky:
Production
do
Tax-paid withdrawals
do
Stocks, end of month
do
Rectified spirits and wines, production, totalf
thous. of proof gaL.
Whisky
do
Still wines:f
Production
thous. of wine gal.
Tax-paid withdrawals..
do
Stocks, end of month
do
Sparkling wines: f
Production
__do
Tax-paid withdrawals
do
Stocks, end of month
_
do
w
5,758
5,816
7,509
5,833
5,680
r
4, 750
'4, 760
'8,255
4,813
4,699
8,159
4,421
4,236
8,121
5,218
4, 550
8,565
5, 891
5, 547
8,661
4,264
8,078
405,859
26, 766
7,911
16, 575
507, 230
13,440
r 4,192
r
8, 578
499, 360
9,768 10,627
15, 730 12, 217 12, 779 13, 746 11, 942 10,459
1,179
636
423
876
457
811
444
1,571
9,054
10, 273
7,361
7,181
7,092
10,056
10,100
489, 418 479,196 470, 259 461,146 453, 034 445, 915 439, 519 432,651
0
5,572
392,063
1,797
11, 425
487, 550
0
5,656
480, 328
0
0
0
0
0
0
6,649
7,114
6,138
5,774
6,873
4,725
471, 026 461, 686 453, 387 414, 878 437, 398 430,917
5,811
4,987
8,124
7,096
4,982
4,228
85, 753
11, 473
142,851
48, 360
9,963
152, 288
64
121
916
119
854
5,399
4,628
5,177
4,619
5,422
12, 458
9,009
11, 498
141, 403 132,012
75
159
761
11
65
730
4,836
4,238
4,780
5, 536
4,074
4,785
3, 595
5, 327
2,930
8, 311
8,066
8.564
114,214 106, 200
122, 707
77
112
153
62
79
74
736
812
845
4,608
3,917
0
0
0
0
4,779
4,879
4,639
4,756
424, 831 418, 532 412, 294 405,894
4,884
4,898
5,081
5,331
4,134
4,308
4, 551
4,701
1,527
7,053
99,122
2,533
7,059
91,031
3,579
6,589
90,629
8,112
6,997
84,561
136
96
882
126
92
912
76
91
897
5,354
4,328
51,690
6,576
94, 211
122
97
854
0
5,358
399,024
92
102
DAIRY PRODUCTS
Butter, creamery:
1
1
i . 425
* .480 1 .485
1 .423
i .476
i .425
.465
.466
» .476 1.475
.434
.425
Price, wholesale, 92-score (N.Y.).dol. per lb._
.465
i .425
Production (factory) f
thous. of lb-_ 92,965 123,954 106,023 116,103 122, 880 121, 995 140, 075 150,185 190, 535 202.195 181, 335 151,880 126, 485 107,645
45, 937
24,979
16,676
30,190 82, 761 157, 540 210, 546 231, 543 232, 497 211,229
176,045
86, 981
15, 607 12, 327
Stocks, cold storage, end of month
do
Cheese:
Price, wholesale, American Cheddars (Wis.233
.233
.233
.233
.233
.233
.233
.233
.233
.233
.233
.233
.233
.271
consin)
dol. per lb_.
73,170
54,932 60,155 60, 375 74, 345 83, 590 109,410 116,280 106,450 94, 415 83, 590
71, 562 ' 55, 592
Production, total (factory)t
thous. of lb._ 58,430
54, 560
41,020 46, 545 46,945
58, 035 66, 740 87. 560 97,600 87,340
77,185 65, 950
56,884
42, 341
41, 340
American whole milkf
do
77, 615 70. 464 97,327 144,867 182,967 209, 365 218, 270 223,697
202, 639 195, 378 153, 806 131. 398 113, 797 93, 379
Stocks, cold storage, end of month
do
76, 678 64, 890 65,843 80, 495 117,094 150, 245 172, 937 181, 627 193, 396
American whole milk
do
177,110 169,913 134,332 112, 348 97,103
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
5.84
5.84
5.84
5.84
5.83
5.84
5.84
5.84
5.84
5.83
5.84
5.83
5.84
Condensed (sweetened)
dol. per case..
5.84
4.14
4.15
4.15
4.15
1.15
4.15
4.15
3.73
3.85
4.15
Evaporated (unsweetened).
-do
3.75
4.15
4.15
4.15
r
Revised.
i Reflects all types of wholesale trading for cash or short-term credit. Base ceiling price comparable with data prior to January 1943 is $0.46% through June 3 and $0.41*% effective
June 4, 1943; these are maximum prices delivered market; sales in market proper are at permitted markups over these prices.
JNqt including data for unfinished and high-proof spirits, which are not available for publication. For revised data for 1941, see p. S-24 of the February 1943 Survey.
fMinor revisions have been made in data for manufactured and natural gas beginning 1929; revised figures beginning June 1942 are in the August 1943 Survey; earlier revisions are
available on request. Data on alcoholic beverages have been revised as follows: Consumption of distilled spirits for beverage purposes, beginning January 1940; production and stocks
of distilled spirits, January-December 1941 (see note marked "V')J other series, July-December 1941; revised 1941 monthly averages are available in notes marked " V and "f" on
p. S-24 of the April 1943 Survey. Revisions not published, which in most cases are minor, are availablo on request. Data for the utilization of fluid milk in manufactured dairy
products (on p. S-26) have been revised for all years; the revisions resulted from the inclusion of data for dried whole milk and condensed bulk goods and changes in factors used to
compute milk equivalent of the manufactured products; all revisions will be shown later. 1941 revisions for other indicated dairy products series are shown in notes marked "f" on
pp. S-24 and »S-25 of the March 1943 Survey; revisions for the first 4 months of 1942 are shown in the note for dairy products at the bottom of p. S-28 of the July 1943 Survey.
S-26
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, m a y be found in the 1942 Supplement to the Survey
SURVEY OF CURRENT BUSINESS
Januarv 1944
1942
1943
November
October
1943
Novem- December
ber
Jarmary
February
March
ApriJ
May
June
July
September
August
Octo-
FOODSTUFFS AND TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk—Continued.
Production:
Condensed (sweetened):
Bulk goods*
thous. of lb_. 13,334
Case goods!
_do
7,752
Evaporated (unsweetened), rase goods .do
155, 999
Stocks,manufacturers',case goods, end of mo.:
7, 039
Condensed (sweetened)
thous. of lb.
198,595
Evaporated (unsweetened)._
.do
Fluid milk:
3.23
Price, dealers', stand, grade..dol. per 1001b..
Production.
mil. of l b . .
7,980
Utilization in manufactured dairy products!
2,903
mil. oflb_.
Dried skim milk:
Price, wholesale, for human consumption,
.140
U. S. average
dol.perlb..
Production, totalt
thous. of lb_. 18,500
17,675
For human consumption!
do
Stocks, manufacturers', end of month, total
thous. of lb__ 21,639
21,344
For human consumption...
...do
21, 558
5,580
203,114
15, 481
5,168
165,956
20, 288
7,088
178, 333
20,267
8,283
204, 698
19,835
8,500
210, 315
27,411
9,450
252,339
2,445
97,706
2,586
90, 678
4,226
82, 672
5,286
94,071
6,395
89, 499
7,198
77,807
2.85
8,903
2.93
8,172
2.95
8,473
3.00
8,773
3.08
8,380
3,767
3,139
3,385
3,645
.133
39,913
36,853
.132
31,186
28, 809
.134
34, 419
32,134
.137
29,316
27,399
19, 570
17,332
17,833
16, 322
27, 668
26, 329
11,432
32, 690
11,578
7,462
35, 761
12, 407
28, 746 I 38,184
10,500
11,240
288,923 ! 376,015
40, 288
11,500
386,000
32,169
9,204
335,500
26,015
8,931
275,500
23, 463
8,079
232,763
17. 491
9, 151
188. 896
6,739
114, 682
9,121
252, 422
10,736
373, 784
10,949
400, 397
10,736
376, 779
10, 238
329, 364
8. 569
265, 353
3.09
9,759
3.14
10, 245
3.16
11,904
3.18
12,600
3.19
11,765
3.20
10, 571
3.22
9, 255
3. 23
8, 726
4,267
4,655
5,947
6,281
5,621
4,749
4,021 !
3,436
.137
30,882
28,169
.138
41, 500
39, 271
.139
46,940
44,306
.138
60,158
57,142
.139
67,075
63, 675
.137
56,000
53,650
.138
44,100
42,350
. 138
34. 650
33, 250
.138
24, 765
23, 850
28, 543
26, 673
27, 655
24, 995
30,652
29, 884
33,065
32, 352
43,907
42, 984
56, 428
55,005
49,786
48, 543
46,458
45,665
37, 346
30, 624
27, 454
27, 001
3,903
23,663
19,154
4,909
16,549
17, 513
4,787
9,403
21,989
2,823
4,623
18, 436
1,858
1,760
17,464
782
0
14,927
972
0
11, 580
913
0
8,600
172,103
145, 272
124, 392
96,515
107,138
162,034
184, 763
223, %5
243, 547
92, 344
74,821
70, 478
100,066
134,162
165t209
• 190, 243
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of b u . . ! 88,086
5,530
Shipments, carlot
no. of carloads..
Stocks, cold storage, end of mo.thous. of bu_. 25. 095
Citrus fruits, carlot shipments._no. of carloads. 18,087
Frozen fruits, stocks, cold storage, end of
month
thous. of lb_. 239, 413
Frozen vegetables, stocks, cold storage, end of
month
thous. of lb... 194,370
Potatoes, white:
2.975
Price, wholesale (N. Y.)
dol. per 100 lb_.
Production (crop estimate)!- thous. of bu._ 464, 656
Shipments, carlot
no. of carloads.
22, 863
221,727
1.16
1.32
322,187
11,897
22,691
* 10,650
(a)
(a)
115,810
115,845
1.950
2.206
22," 998
" 15," 924
103, 333
2.275
370, 489
15, 846
I
7 j
62,076
56, 689
r
5,670
3,548
7,028 ' 25. 028
fi, 056 r 7,0G3
2.379
2.800
3.394
3.460
4.936
3.865
2.925
2.988
2.781
21, 357
21, 572
23,593
12, 837
18,847
27,124
23. 278
17, 757
25,103
.85
.99
.84
.99
.99
1.08
1.05
1.13
1.08
1.18
1. 15
1.30
1.18
1.35
2.725
r
28, 531
.80
.96
.83
.97
14,963
11,887
.74
.95
2429,167
9,436
9,967
10, 743
12,154
7,725
9,771
7,456
9,000
6,987
8,814
7,224
9,053
8,767
12,603
9,028
15,480
11,611
23,789
17, 548
19,860
20,588
19,721
24,143
11,276
11,175
10,922
11,387
10, 581
11,513
11,167
10,518
9,189
9,243
10,287
10,744
• 10, 773
.77
1.04
.77
.81
1.07
.79
.97
1.09
.92
.97
1.15
1.01
1.20
1.03
1.22
1.03
1.06
1.23
1.04
1.06
1.23
1.04
35,929
37,303
30,568
26,433
22,507
13,032
42,829
48,769
42,326
1,395,112
29,463
24,173
.61
.65
.90
.92
'3,076,15!
28,929
27,835
12,156
39,969
.83
1,143,86'
10,025
18, 626
12,106
10,451
.067
i 70,025
.062
664,387
317,066
383,864
60,150
362, 062
2,978
19, 428
188,041
GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis):
No. 3, straight...
dol. per bu.
No. 2, malting
do...
Production (crop estimate)! .thous. of b u . . .
Receipts, principal markets...
.do
Stocks, commercial, dom., end of mo.do
Cora:
Grindings, wet process
...do...
Prices, wholesale:
No. 3, yellow (Chicago).
dol. per bu.
No. 3, white (Chicago)
do
Weighted avg.,5mkts., all grades. __do
Production (cropestimate)! ..thous. of bu
Receipts, principal markets
do._
Stocks, domestic, end of month:
Commercial
do..
On farms!.
do..
Oats:
Price, wholesale, No. 3, white (Chicago)
dol. per b u . .
Production (crop estimate)!_.. thous. of bu..
Receipts, principal markets
do
Stocks, domestic, end of month:
Commercial
do
On farms!.
do...
Rice:
Price, wholesale, head, clean (New Orleans)
dol. per lb.
Production (crop estimate)!..thous. of bu.
California:
Receipts, domestic, rough.bags (100 lb.).
Shipments from mills, milled r i c e . . . d o . . .
Stocks, rough and cleaned (in terms of
cleaned rice), end of mo..bags (100 lb.)..
Southern States (La., Tex., Ark., Tenn.):
Receipts, rough, at mills
thous. of bbl. (1621b.).
Shipments from mills, milled rice
thous. of pockets (100 lb.).
Stocks, domestic, rough and cleaned (in
terms of cleaned rice), end of month
thous. of pockets'(100 lb.).
Rye:
Price, wholesale, No. 2 (Mpls.)_.dol. per bu.
Production (crop estimate)!--thous. of b u .
Receipts, principal markets
do
Stocks, commercial, dom., end of m o . . d o . . .
128,273
4,823
30, 577
1.08
.85
23,131,518
41,3
40,734
43,407
2,277,332
.47
.50
13,125
6,209
.54
21,349,547
6,783
(a)
()
1.03
1.23
1.04
()
(a)
(o)
1.02
.97
11,681*
21,500
18,891
25,112
6,432
8,649
7, 452
364, 844
9,262
812,692
.59
.60
.64
.67
.65
.71
.71
6,353
7,894
8,568
8,362
10,002
9,172
11,098
24,538
20, 303
16,514
9,534
887,575
7,649
7,608
6,182
508, 208
5,083
8,761
7,746
236,444
7,270
13,100
16,407
941,092
18, 652
.067
.067
2 64, 549
.067
.067
.067
.067
.067
.067
.067
.067
541, 829
111,630
498, 331
383,414
470,922
316,349
541,602
290,039
326,014
395,030
339,188
431,401
401,271
477,897
309,872
325,079
279,345
236, 238
158,880
202, 756
167,186
617,952
272,102
239,993 ' 455,060
395,029
371,477
421,529
416,408
335,955
255,036
248,106
162,164
154,247
115,773
241,643
2,308
1,365
907
541
220
171
125
18
464
1, 605
3, 379
649
455
438
295
1,075 !
1,838
974
661
243
435
1,023
2,734
.87
.94
1.01
.95
1.01
2,334
23,850
1.419
22, 907
2,933
2,708
2,702
1,776
1,950
2,106
1,758
1,101
1,337
792
3,177
1,927
2,792
3,107
2,827
2,685
1,964
1,434
1. 11
i 30, 781
1,011
20, 714
.59
.59
.75
.79
.83
~~3.~ 8 4 6
"1,577
19,761
.70
2 57,673
1,061
19,889
19,295
" " " 8 0 2 " " 1 , 3 4 5 "~27943
19,924 I 19,645
20, 458
.81 j
1,818
21,053
~~3," 909
22,656
" 3 , " 438"
23, 309
"4,130"
23, 318
.81
.067 !
.067
900
21,865
« Revised. • No quotation. 6 For domestic consumption only, excluding grindings for export. 1 Dec. 1 estimate. * Revised estimate.
•
Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats until the crop year begins in July.
!Revised series. For revisions in the indicated dairy products series see note marked " ! " on p. S-25. The indicated grain series above and on p. [S-27 !have been revised as follows: All crop estimates beginning 1929; domestic disappearance of wheat and stocks of wheat in interior mills and elevators beginning 1934; corn, oat, and wheat stocks on farms and
total stocks of United States domestic wheat beginning 1926. Revised 1941 crop estimates and December 1941 stock figures are on pp. S-25 and S-26 of the February 1943 Survey;
revised 1941 quarterly or monthly averages for all series other than crop estimates are given on pp. S-25 and S-26 of the April 1943 issue, in notes marked " ! " . All revisions are available on request.
*New series. Data for January 1939-July 1942 on production of condensed milk bulk goods are available on request; figures for 1918-38 are published on p. 103 of the 1940 Supplement to the Survey; monthly data were not collected currently from October 1939 to August 1942.
3
S-27
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
October
1943
Novem- December
ber
January
February-
Mar ch
April
May
June
July
August
September
October
FOODSTUFFS AND TOBACCO—Continued
1
GRAIN AND GRAIN PRODUCTS—Con.
Wheat:
Disappearance, domesticf
thous. of bu.
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol. per bu_1.55
No. 2, Red Winter (St. Louis)—.do
1.67
No. 2, Hard Winter (K. C.)
do
1.56
Weighted av., 6 mkts., alUgradesdo
1.56
Production (crop est.), totalt thous. of bu_. 1836,298
1
Spring wheat.
do
306, 692
Winter wheat
do
1529, 606
Receipts, principal markets
do
44, 754
1.19
1.38
1.21
1.15
1.32
1.48
1.31
1.28
2
974,176
2
277, 726
2696,450
45,416 "32," 261" 31,811
1.20
1.32
1.23
1.17
Canada (Canadian wheat)
do . . . 337, 395 425,614 435,180
United States, domestic, total^t
do
Commercial .
_ . _ do . . . l47,~994^ "268," 658' "259," 487"
Country mills and elevatorsf
do
Merchant mills
do
On farms!
do
Wheat flour:
Grindings of wheat. _ .
do . . .
47, 703
43, 307
Prices, wholesale:
6.44
6.04
6.09
Standard patents (Mpls.)§..dol. per bbl_.
Winter, straights (Kansas City)§...do
6.52
5.60
5.60
Production (Census):
Flour actual
thous. of bbl
10,497
9.516
67.4
68.8
Operations, percent of capacity
817,014 743.560
Offal
thous. of l b . . . .
Stocks held by mills, end of month
thous. of bbl
1.39
1.54
1.37
1.36
35,398
344, 708
282, 557
258, 862
224,507
1.41
1.55
1.37
1.38
1.44
1.40
1.41
1.40
1.52
1.38
1.39
1.42
1.58
1.38
1.40
36,106
47, 528
36,334
37, 271
438,615
420, 863 409,388 390,802
900,556
230,639" 214,954" 212,131 "194463" "173413"
174, 591
123,455
327, 667
1.37
1.39
1.41
1.66
1.40
1.42
1.41
1.69
1.40
1.41
1.43
1.72
1.46
1.44
56,041
116.989
75,165
50,852
48, 587
387,497 386, 589 369.715 361, 780
617,998
1.109,107
162,150 "22]U287" "220," 348" 199, 583
205. 587
102,446
104,378
131, 695
517, 740
190.034
350, 682
1.41
1.49
1.76
1.52
1.49
447,960
1,159,418
245,150
235,221
139,385
494, 662
447,094
46,069
49, 959
44. 286
47, 927
40,668
35, 482
37,893
40.053
42,82S
45. 565
48. 690
6.18
5.60
6.33
6.12
6.35
6.16
6.38
6.20
6.44
6.11
6.45
6.07
6.43
5.93
6.42
6.02
6.36
6.00
6.42
6.40
6.44
6.52
10,152
67.9
787, 629
11,037
73.8
847,171
9,780
70.7
752, 936
10.569
66.8
818,299
8.973
59.2
693,035
7, 853
54.0
603, 659
8.384
55.4
643,084
8.826
58.7
682. 257
9.406
62.1
736. 985
10, 053
69.3
776, 800
10,737
71.1
832, 679
5.055
4.235
3.925
178. 541
4,949
LIVESTOCK
Cattle and calves:
Receipts, principal markets
thous. of animals..
Shipments, feeder, to 8 corn belt Statest
thous. of animals..
Prices, wholesale:
Beef steers (Chicago)
dol. per 100 lb_.
Steers, stocker and feeder (K. C.)-__do
Calves, vealers (Chicago) . . . . do .
Hogs:
Receipts, principal markets
thous. of animals..
Wholesale, average, all grades (Chicago)
dol. per 100 lb._
Hog-corn ratio t
bu. of corn per cwt. of live hogs..
Sheep and lambs:
Receipts, principal markets
thous. of animals..
Shipments, feeder, to 8 corn belt Statest
thous. of animals..
Lambs, average (Chicago) dol. per 100 lb._
Lambs, feeder, good and choice ( Omaha)
dol. per 1001b..
2,817
2,995
2,535
1,845
1,613
1,541
1,811
1,661
1,597
1,433
1,616
2,178
2,616
382
579
391
223
104
85
138
142
99
81
64
160
400
546
15.10
10.97
13.90
15.21
11.83
13.50
15.30
12.62
13.50
14.85
12.24
13. 50
14.84
12.67
14.25
15.14
13.49
14.63
15.54
14.49
15.00
15.71
14.58
13.88
15.44
14.60
14.40
15.56
14.38
14.63
15.32
12.48
14.63
15.36
12.17
15. 20
15.45
11.81
14.81
15. 30
11.36
13.88
4,681
2,687
3,310
3,431
2,815
3,027
2,844
3,321
3,675
3,467
3,016
2, 841
3,278
13.64
14.98
13.96
14.01
14.78
15.35
15.59
15.13
14.44
13.85
13.56
13.97
14.68
14.63
12.3
18.2
17.7
16.5
16.0
16.2
15.5
14.3
13.4
12.8
12.2
12.6
12.9
13.1
3,208
3,741
2,780
2,379
1,939
1,671
1,738
1,603
2,074
1,784
2,446
3,399
4,248
4,022
558
1,002
465
202
178
191
221
139
194
151
129
432
927
979
13.54
14.30
14.53
15.39
15.86
15.91
16.24
15.98
15.82
15.22
14.49
14.06
13.96
13.75
11.35
12.20
12.35
13.12
13.59
14.26
14.91
14.42
14.07
C)
13.47
12.67
11.81
1,413
1,532
521
72
1,404
1,553
579
73
1,557
1,887
829
86
1,404
1,632
913
81
1,213
1,380
956
84
1,374
1,490
909
79
1,320
1,384
864
86
1,397
1,544
880
94
1,386
1,603
924
100
1,442
1,690
998
116
1,319
1,572
985
113
1,488
1,567
795
106
1,504
1,680
'761
104
675,290
535,969
557,014
546,821
499,481
534,497
475,877
482,234
433,087
493,360
557,347
626, 759
668, 772
.210
686,028
116,892
.210
548, 612
130,454
.216
547,100
127,034
.220
522,960
107,185
.220
489,664
102,246
.220
534,147
97,736
.220
466,858
92,981
.220
459,331
90,060
.212
421, 212
81,744
.200
485,412
88,046
.200
552,554
101,254
.200
.200
628, 439 684, 459
112,300 "•134,694
4,225
3,005
MEATS
T ctal meats (including lard):
Consumption, apparent
mil. of lb_.
2,014
Production (inspected slaughter)
do
837
Stocks, cold storage, end of month
do
113
Miscellaneous meats _
do
Beef and veal:
Consumption, apparent
thous. of lb_.
Price, wholesale, beef, fresh, native steers
.200
(Chicago)
dol per lb
Production (inspected slaughter).thous. of lb... 675,952
183,096
Stocks, beef, cold storage, end of mo do
83,480
84,004
87,404
72,380
76, 839
58,877
52,424
65,380
74,707
90,619
Consumption, apparent
-.
do
56,571
59,279
61,439
94, 356
89,478
98, 228 104, 485
Production (inspected slaughter)
do
90,733
69,941
78,136
82,547
87,881
71,225
63,412
64,101
65,929
64,804
31, 074
17, 704 ' 23, 207
10,284
9,660
13,777
Stocks, cold storage, end of month
do
17,896
11,649
7,808
26,462
34,819
24,885
19,748
12,571
Pork (including lard):
Consumption, apparent
do
653,932 795,162 923, 282 797,985 660,876 783,126 784,700 849, 521 891,267 874,175 678,505 773, 771 744, 242
Production (inspected slaughter)
do . 1,243,399 755,565 922,019 1,251,573 1,037,942 826,672 891,478 853, 259 1,015,157 1,115,854 1,125,954 929,828 840, 251 891,077
Pork:
Prices, wholesale (Chicago):
.258
. 258
.325
.293
.293
.293
.258
Hams, smoked
dol. per lb
.293
.293
293
.293
.293
.258
.258
.284
.284
.256
.256
.311
.284
.284
.284
.284
.270
.256
.284
.256
.256
Fresh loins, 8-10 lb. average . . . . do .
Production (inspected slaughter) .thous. of lb._ 954.017 590,541 721, 781 952, 397 793, 048 638,132 703,700 670,622 771,300 853,729 851,814 703,109 646,802 687, 405
Stocks, cold storage, end of month
do
376,072 257,445 291,841 490,476 588,419 627,399 591,597 524,049 519,798 513,784 544, 297 497,164 363,615 ••341, 432
Lard"
66, 631 108, 432 153,448 125,961 100,203
84,976
50,961 133,976 104, 203
Consumption, apparent
do
72,411 105, 244
58,421 103,087
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
.139
.139
.136
.139
.139
.139
.139
.139
.139
.139
.139
.139
.139
dol. p e r l b . .
.139
.146
.142
.146
.146
.146
.146
.146
.146
.146
.146
.146
.146
Refined (Chicago)
...do
.146
.146
Production (inspected slaughter).thous. of lb._ 210, 948 119,978 145, 578 218,107 178,549 137,304 136,444 132,836 177, 699 191,028 200,072 165,420 140, 997 148, 249
133, 232
57, 547
57,434
Stocks, cold storage, end of month
do
91, 333 111,867 122, 240 128, 264 149,141 166,129 220,831 240,950 ' 260,009 195, 351 ••157,163
l
2
» Revised.
« No quotation.
Dec. 1 estimate.
Revised estimate.
§Prices beginning June 1943 are quoted for sacks of 100 pounds and have been converted to price per barrel of 196 pounds to have figures comparable with earlier data.
jThe total beginning June 1942 includes comparatively small amounts of wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins,
not included in the break-down of stocks. June figures include only old wheat; new wheat not reported in stock figures until crop year begins in July.
fRevised series. For revisions in the indicated grain series see note marked " t " on p. S-26. The hog-corn ratio has been revised beginning 1913. Revisions beginning February
1942 are in the March and April 1943 issues; earlier revisions are available on request. The series for feeder shipments of cattle and calves and sheep and lambs have been revised
beginning January 1941 to include data for Illinois; revisions are shown on pp. S-26 and S-27 of the August 1943 Survey.
S-28
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Supplement to the Survey
1942
1943
November
October
January 1944
1943
Novem- December
ber
January
February-
March
April
May
June
July
August
September
October
FOODSTUFFS AND TOBACCO—Continued
POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago)
dol. per lb.
Receipts, 5 markets
thous. of lb_
Stocks, cold storage, end of month d o . . .
Price, wholesale, fresh firsts (Chicago) t
dol. per doz.
Production
millions.
Stocks, cold storage, end of month:
Shell
thous. of cases.
Frozen
thous. of l b .
0.225
71,117
197,382
0.210
58,910
161,011
0.209
78,661
193,263
0.234
71,137
187,943
0.245
28,484
142,002
0.245
19,009
101,741
0.245
14,290
58,079
0.246
9,452
32, 513
0.250
9,439
20,963
0.250
14, 742
25,379
0.250
24,213
38,851
0.250
29,691
55,315
0.243
42, 562
86,279
.428
2,707
.390
2,753
.390
'2,596
.390
3,006
.384
3,769
.374
6,462
.372
6,732
.379
6,506
.386
5,356
.382
4,632
3,863
.417
3,304
3,117
1,170
180, 329 126,321
273
82, 948
214
59, 781
.355
4,577
974
56, 508
3,236
99,180
6,227
172,279
8,266
251,526
8,966
323,194
8,578
351,169
7,529
343,601
6,018
306,189
716
508
510
1,114
860
1,475
1,070
1,193
985
1,225
1,018
.134
554
591
471
.134
383
144
137
.134
361
414
248
.134
247
615
515
.134
'387
506
378
.134
703
.134
530
.134
646
.134
627
.134
818
.134
1,550
.134
1,374
'2,038
'1,748
1,521
1,324
1,261
2,154
3,070
3,294
3,069
2,660
2,310
1,997
197, 554 217,200
217,409
1,762
173,019
TROPICAL PRODUCTS
Coffee:
Clearances from Brazil, total.thous. of bags..
693
To United States
do....
569
Price, wholesale, Santos, No. 4 (N. Y.)
dol. per lb..
.134
Visible supply, United States, thous. of bags..
1,450
Sugar, raw:
Cuban stocks, end of month§
thous. of Spanish tons..
1,076
United States:
Meltings, 8 ports§
long tons.. 382, 354
Price, wholesale, 96° centrifugal (N. Y.)
dol. per lb_.
.037
Stocks at refineries, end of mo§..long tons.. 253,818
Sugar, refined, granulated:
Price, retail (N. Y.)
dol. per lb._
.066
Price, wholesale (N. Y.)
do....055
732
682
248, 233 256, 731 308,657
.037
.037
.037
.037
.037
73, 471 123, 604 222, 214 226, 557 222,467
298, 342 274,003
.037
.037
204, 332 182,290
.037
221,488
356, 650 388, 262 369, 566 370, 674
.037
.037
242, 334 278,974
.037
261,352
.037
7, 247
.065
.055
.068
.055
.068
.055
.068
.055
.068
.055
.068
.055
.068
.055
.068
.055
.067
.055
.066
.055
.065
.055
.065
.055
35, 665
32, 099
32, 741
28,212
29,676
33,831
32,139
26,997
24, 837
23,098
27,025
38,920
115,128
'28,512
114,198
13,431
105, 343
30,434
21,371
34,133
34,755
56,092
59,162
46, 548
75,438
48, 078 45. 091
93,121 • 98,225
2,217
2,339
2,544
2,014
2,054
2,504
17,532
52,902
2,078
2,147
2,421
25,906
29,782
2,128
2,050
2,666
15, 733
74,949
1,913
1,927
2,490
1,961
1,863
2,519
2,046
2,214
2,352
2,150
2,071
2,431
0)
0)
0)
(0
0)
0)
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers.-thous. of dol.. 37,463
Fish:
Landings, fresh fish, principal ports
thous. of Ib.. 28,201
Stocks, cold storage, end of month^.._do
107,416
Gelatin, edible (7 companies):
Production
do
0)
Shipments
do
0)
Stocks..do
0)
0)
0)
0)
34,?
0)
0)
0)
TOBACCO
Leaf:
31,409
Production (crop estimate)
mil. of lb_. 2 1,403
Stocks, dealers and manufacturers, total, end
2,952
3,329
3,434
of quarter..
...mil. oflb..
Domestic:
Cigar leaf.
do
377
337
337
294
Fire-cured and dark air-cured
do
242
269
2,553
2,222
Flue-cured and light air-cured
do
2,220
2,752
3
2
Miscellaneous domestic.
do
3
Foreign grown:
22
22
Cigar leaf
...do
Cigarette tobacco.
do
77
Manufactured products:
Consumption (tax-paid withdrawals):
19,716 20,370 17,678 20, 612 19,943 18,476 20,894 22,878 23, 682 22, 573
Small cigarettes
.
millions.- 24, 324 23,075 20,447
Large cigars
.thousands._ 428,942 633,350 474,348 685,002 436,744 410, 599 427,836 451,899 441,372 449, 641 427,231 425,363 424,896
26,856 25,135 23,906 23, 246 23,966 25, 821 25,796
30,956 25,882 24,081
25, 297 22,691
Mfd. tobacco and snufl
thous. of l b . . 28,791
Prices, wholesale (list price, composite):
Cigarettes, f. o. b., destination
6.006
6.006
dol. per 1,000..
6.006
5.760
6.006
6.006
6.006
6.006
6.006
6.006
6.006
6.006
6.006
Production, manufactured tobacco:
Total
thous. of 1b..
29,845 28,209 25,636 26,273 24,857 29,266 26,856 25,147 25,467 25,979 27, 752 29,403
348
373
413
356
399
319
422
345
Fine-cut chewing
do.
425
426
429
370
4,684
4,608
5,368
4,878
4,704
4,589
5,059
5,433
Plug
do_
4,686
4,061
5,300
5,036
Scrap, chewing
do.
4,033
3,676
4,151
4,405
4,615
4,519
3,795
4,150
4,279
4,624
3,907
3,927
Smoking
do.
13,357
15,186
14,447 13,145 12,434 12,153
12,386
13,317 11,663
15,980 15,247 13,046
Snuff
do.
3,512
4,344
3,752
3,371
3,403
3,449
3,783
3,681
3,824
3,212
3,252
3,297
525
516
Twist
_
do.
522
503
559
583
551
506
522
526
527
500
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (Federally inspected):
Calves
thous. of animals..
Cattle
do___.
Hogs
...do
Sheep and lambs
.
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per Ib-.
Calfskins, packers', 8 to 15 lb
do
625
1,290
6,972
2?370
578
1,280
4,218
2,344
501
1,018
5,023
2,126
476
982
6,778
2,175
340
928
5,431
1,724
331
854
4,335
1,499
410
923
4,661
1,495
365
796
4,463
1,458
328
774
5,357
1,622
327
708
5,650
1,594
335
845
5,427
1,988
434
988
4,464
2,269
532
1,146
4,174
2,454
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
LEATHER
Production:
1,082
962
Calf and kip
thous. of skins..
969
973
924
874
1,073
1,009
1,045
986
923
761
1,010
1,973
2,416
2,244
1,941
1,869
1,881
2,436
Cattle hide
thous. of hides..
2,647
2,460
2,647
2,401
2,187
2, 451
3,157
2,933
2,984
3,383
2,983
3,212
2,935
2,971
Goat and kid
thous. of skins..
3,597
3,173
2,660
3,169
3,017
r 4, 756
Sheep and lamb..
do
4,462
4,543
4,844
5,023
5,027
4,918
4,991
4,959
4,643
4,860
'5,568
3
' .Revised.
* Temporarily discontinued.
> Dec. 1 estimate.
Revised estimate. ^Prior to January 1943, data are as of the 15th of the month.
JData compiled by the Department of Labor from a trade journal have been substituted, beginning in the May 1943 Survey, for the Department of Agriculture's series formerly
shown, which has been discontinued; except for the difference in source, the series is the same as that published in the 1942 Supplement.
§Data through June 1942 are available in the 1942 Supplement and on p. S-26 of the October 1942 Survey, except for revisions as follows (units as above): Cuban stocks, 1941—
December, 156; 1942—January, 46; February, 1,162; March, 1,943; April, 2,604; May, 2,736; June, 2,563; July, 2,314. Meltings, 8 ports, 1941—December, 331,357; 1942—January, 300,444;
March, 271,526; July, 248,487. Stocks at refineries, 1941—December, 336,541; 1942—July, 125,721.
S-29
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in th« 1942 Sup- Novemplement to the Survey
ber
1942
October
1943
Novem- December
ber
January
February
March
April
May
June
August
September
0.440
0.440
0)
.529
.529
July
October
LEATHER AND PRODUCTS—Continued
LEATHER—Continued
Prices, wholesale:
Sole, oak, bends (Boston)f
dol. per lb._
Chrome, calf, B grade, black, composite
dol. per sq. ft..
Stocks of cattle hides and leather, end of
month:
Total..
..thous. of equiv. hides.
Leather, in process and finished
do
Hides, raw
do
0)
0)
0)
0)
0.440
0.440
0.440
0.440
0.440
0.440
0.440
0.440
0.440
.529
.529
.529
.529
.529
.529
.529
.529
.529
10,702
6,661
4,041
12,597
8,680
3,917
12,429
8,652
3,777
12,225
8,691
3,634
11,964
8,420
3,544
11,827
8,174
3,653
11,590
7,986
3,604
11,197
7,717
3,480
11,087
7,522
3,565
10,714
7,255
3,459
10,265
6,943
3,322
9,985
6,689
3,296
9,827
6,494
3,333
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
6.75
4.60
3.50
475
368
1,007
33,041
3,960
35,247
415
305
901
28,974
3,424
38,501
453
317
1,003
32,351
3,831
37,504
341
899
801
31,992
3,913
37,797
327
1,188
700
31,777
4,002
41,945
367
1,380
738
34,811
4,090
40,657
322
1,624
871
33,503
4,278
36,313
248
1,661
611
29,394
3,995
39,614
157
2,807
655
31,372
4,138
37,445
127
3,122
568
29,304
3,207
39,682 ' 37, 924 37,705
169
175
191
3,140
3,082 ' 3.061
627
674
676
30,627 ' 29,156 28, 564
3,478
3,557 ' 3,627
1,549
2,048
3,259
8,310
13,916
1,164
2,003
2,743
7,119
12,521
1,323
2,101
3,236
7,814
14,047
1,630
2,095
2,773
7,086
14,496
1,481
2,019
2,797
7,235
14,244
1,486
2,283
2,966
7,775
16,211
1,578
2,129
3,061
7,819
14,638
1,468
2,019
2,525
12,487
1,684
2,132
2,710
7,155
13,553
1,792
2,102
2,648
6,816
12,738
1,893
r 2,128
2,554
6,682
7,082
13,182 ' 12,271
1,801
2,177
2,479
6,535
12,094
4,447
647
3,989
664
3,682
2,749
722
3,053
751
3,578
1,071
3,795
542
3,993
405
4,069
554
3,807
516
4,513
593
r 4,447
'463
4,752
399
2,904
592
2,312
549
2,339
3,718
1,134
2,584
2,749
535
2,214
2,791
482
2,309
3,675
1,176
2,499
0.440
10.159
6, 501
3,658
r
| LEATHER MANUFACTURES
Boots, shoes, and slippers:
Prices, wholesale, factory:
Men's black calf blucher
dol. per pair..
Men's black calf oxford, corded tip__do..J
Women's plain, black, kid blucherf-do
Production, boots, shoes, and slippers:
Total
_
thous. of pairs..
Athletic
_
do
All fabric (satin, canvas, etc.)
do
Part fabric and part leather.
do
High and low cut, leather, total..do
Government shoes
do
Civilian shoes:
Boys' and youths'
do
Infants'
do
Misses' and children's.
do
Men's
do
Women's
do
Slippers and moccasins for housewear
thous. of pairs.._
All other footwear
do
1,782
2,135
6.75
4.60
3.50
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
National Lumber Manufacturers Assn.:!
Production, total
mil. bd. ft
Hardwoods
do..
Softwoods
_do_.
Shipments, total
do_.
Hardwoods
do._
Softwoods
do_Stocks, gross, end of month, total
do
Hardwoods
_
do.
Softwoods
__.doFLOORING
Maple, beech, and birch:
Orders, new
.
_M bd. ft__
Orders, unfilled, end of month__
do.
Production
do.
Shipments
_do_
Stocks, end of month
do.
Oak:
Orders, new..
do.
Orders, unfilled, end ofmonthf
do.
Production
_
..do.
Shipments
do.
Stocks, end of m o n t h . . .
do.
3,201
596
2,605
3,358
708
2,650
5,204
1,680
3,524
2,385
481
1,904
2,651
545
2,106
4,764
1,565
3,199
2,156
430
1,726
2,524
584
1,940
4,447
1,455
2,992
2,290
442
1,848
2,574
539
2,035
4,197
1,386
2,811
2,643
507
2,136
2,840
583
2,257
4,024
1,329
2,695
2,754
479
2,275
3,031
606
2,425
3,778
1,221
2,557
2,898
483
2,415
3,022
562
2,460
3,649
1,154
2,495
2,866
507
2,359
2,975
565
2,410
3,615
1,106
2,509
2,883
516
2,367
2,848
541
2,307
1,095
2,591
2,978
558
2,420
2,962
552
2,410
3,704
1,102
2,602
6,000
5,700
6,500
7,500
11,500
19,182
25,346
15,035
16,382
7,654
2,715
526
2,189
2,877
626
2,251
6,068
1,601
3,467
5,850
5,500
6,250
6,300
11,275
6,600
6,150
5,050
5,750
10,650
6,900
6,550
6,500
6,300
9,800
5,850
7,400
4,500
5,050
9,450
5,850
7,000
4,675
5,900
8,350
6,575
8,000
4,150
5,575
6,750
4,850
7,500
3,700
5,150
5,500
4,400
7,500
3,600
4,500
4,500
3,300
7,450
3,550
3,600
4,650
3,850
7,550
3,100
3,550
4,150
4,000
7,575
2,725
3,975
2,900
4,025
8,000
2,925
3,600
2,225
23,249
19,101
20,174
26,779
65, 236
18,626
19,476
18, 400
18, 251
63, 563
17,641
20,053
18,007
17,064
64, 506
15,797
20,824
15,948
15,026
65, 428
29,612
27, 626
15, 535
19,810
51,153
32, 295
33,637
17,806
26, 284
42, 675
31, 584
37,373
17,104
27,848
32,931
24, 572
34, 708
15,994
25, 437
23,065
19,135
31,699
15, 758
22,144
16, 679
16,153
25,900
15, 711
19, 770
11, 352
16, 354
23, 600
15,108
18,085
8,375
14,496
24, 510
14,034
13,586
8,823
12,844
22, 546
14,986
14, 808
9,001
SOFTWOODS
Douglas fir:
Prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
dol. per M bd. ft_. 32.340 32.340 32.340 32.340 32. 340 32. 340 32. 340 32. 340 32.340 32.340 32.340 32. 340 32. 340 32.340
Flooring, B and better, F . G., 1 x 4, R. L.
dol. per M bd. ft.. 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100 44.100
Southern pine:
816
836
910
916
882
843
1,009
830
948
915
816
Orders, newf..mil. bd. ft_.
764
796
843
795
792
830
805
834
813
795
783
Orders, unfilled, end of month!
do
842
778
768
Prices, wholesale:
Boards, No. 2 common, 1 x 8
30.000 30.000 32.000 32.000 32.000 33.000 33.000 33.000 37.000 37.000 37.000
dol. per M bd. ft__ 37.000 30.000 30.000
55.000 55.000
55.000
55.000
55.000
55.000
55.000
55.000 55. 000 55.000 55. 000 55.000
55.000
55.000
Flooring, B and better, F . G., 1 x 4_do
814
796
807
908
962
873
841
834
897
833
826
799
838
Production!
mil. bd. ft.863
836
854
924
977
866
806
910
903
807
855
840
846
Shipments!
..do
496
545
735
782
701
740
747
615
587
585
714
Stocks, end of month!
do
568
Western pine:
495
412
459
474
439
370
397
460
640
517
577
513
540
Orders, new
do
574
565
469
433
542
577
591
565
Orders, unfilled, end of month
do
585
561
566
512
578
Price, wholesale, Ponderosa, boards, No. 3
34.62
31.54
34.67
31.38
31.36
31.47
31.59
32.08
34.52
34.50
32.01
31.83
33.36
common, 1 x 8
dol. per M bd. ft..
34.59
524
475
439
244
578
660
348
246
351
424
Production!
mil. bd. ft..
585
645
635
616
514
448
493
532
624
473
374
Shipments!
do
367
438
565
561
533
590
500
Stocks, end of month!
..do
1,389
1,055
1,443
1,192
1,062
941
853
909
983
1,009
1,065
1,092
777
West coast woods:
711
Orders, new!
.do.
743
553
652
707
582
768
589
785
749
696
715
1,097
Orders, unfilled, end of month
do.
1,127
1,106
1,063
1,018
1,095
1,055
1,105
1,057
1,056
1,111
1,103
1,117
688
722
Production!
_
do.
673
480
665
743
574
743
732
671
681
738
526
717
720
661
521
667
761
601
734
Shipments!
do.
738
730
699
741
613
497
511
644
522
502
635
501
500
Stocks, end of month
_do_
504
505
504
503
557
r Revised.
i No quotation.
! Revised series. The price series for sole oak leather is shown on a revised basis beginning with the October 1942 Survey; revisions beginning July 1933 are available on request.
The shoe price series for plain, black, kid blucher has been substituted beginning in the June 1943 issue for the colored, elk blucher series formerly shown; data beginning 1940 are shown
in footnote marked " ! " on p. S-28 of that issue. Revised 1937-39 figures for total lumber stocks, hardwood stocks and softwood stocks, and revisions for 1941 and, in some instances,
earlier years for the other indicated lumber series are on pp. 27 and 28 of the March 1943 Survey. Total stocks and hardwood and softwood stocks were further revised beginning
January 1940 on the
basis of data collected by the Bureau of the Census and all series have been revised beginning January 1942 to the 1942 Census of Forest Products data; all revisions will be published later; the 1942 Census included many mills in the Eastern States not previously canvassed; this affects the comparability of the statistics for 1942-43 with those
http://fraser.stlouisfed.org/
for earlier years for Southern pine and for total lumber, total softwoods, and total hardwoods.
Federal Reserve Bank of St. Louis
S-30
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, t o g e t h e r w i t h explanatory n o t e s
a n d references t o t h e sources of t h e
d a t a , m a y be f o u n d i n t h e 1942 S u p p l e m e n t t o t h e Survey
1942
1943
November
January 1944
October
1943
Novem- December
ber
January
February
March
April
May
June
July
Sep- ! Octotember i ber
August
LUMBER AND MANUFACTURES—Continued
SOFTWOODS-Continued
Redwood, California:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
58,278
90,997
41,163
51,567
170,197
M bd. ft
do--.
do._
do
do
I
FURNITURE
All districts:
Plant operations.
per cent of normal
Grand Rapids district:
Orders:
Canceled
percent of new orders..
New
no. of days' production,.
Unfilled, end of month
do
Plant operations
percent of normal..
Shipments
no. of days, production..
64.0
14.0
15
69
54.0
17
44,868
91, 542
35, 399
40,979
163,457
38,864
85,128
33, 571
38,830
158,153
74.0
73.0
42,188
88,984
31,946
35, 030
155,145
46,176
96,319
31,198
41, 734
144, 593
67.0
2.0
26
58
58.0
26
8.0
24
54
69.0
26
7.0
22
46
73.0
25
67, 666
110,895
37, 343
51,659
128,152
34,608
93, 040
37,420
48,346
115,857
47,407
90,949
35, 551
47,856
101,246
73,863
118,148
38, 489
42,624
94,881
59,415
137, 297
33,853
39,641
86,487
69.0
69.0
66.0
65.0
64.0
64.0 !
!
8.0 !
17 I
104 !
65.0 j
20
9.0
15
90
55.0
21
67.0 |
2.0 i
56 i
85 !
71.0
21
5.0
25
72.0
21
6.0
23
91
74.0
22
5.0
23
100
74.0
19
4.0
20
108
65.0
17
6.0
21
108
66.0
21
30, 731 | 34,150
126,551 i 121,865
37,013
38, 528
35, 898
40, 212
81,578
82, 315
17.0
12
79
55.0
20
|
i
'
|
METALS AND MANUFACTURES
IRON AND STEEL
I
Iron and Steel Scrap
5,342
3,034
2,308
5,530
1,460
4,070
Consumption, total*
thous. of short tons.
Home scrap*
do
Purchased scrap*
do
Stocks, consumers', end of mo., total*, .do
Home scrap*
do
Purchased scrap*
do
4,930
2,796
2,134
6,078
1, 544
4,534
5,037
2,779
2,258
6,274
1,600
4,674
5,031
2,856
2,175
6,233
1,653
4,580
4,680
2,600
2,080
6,209
1,699
4,510
5,361
3,007
2,354
6,179
1,688
4,491
5,199
2,938
2.261
6, 253
1,682
4,571
5,289
2,990
2,299
6,279
1,670
4,609
5,032
2,855
2,177
6,365
1,715
4,650
5,119
2,919
2,200
6,351
1,727
4,624
5,248
3,036
2,212
6,282
1,726
4,556
5, 215
3,000
2,215
6,131
1, 732
4,399
7,599
11,417
52, 667
45, 883
6,784
7,456
7,582
53, 703
46,552
7,151
7, 759
636
47,424
40, 603
6,821
7,765
0
39. 742
33,815
5,927
7,104
0
32, 743
27,642
5,101
7,723 |
0
25,088
21,150
3,938
7,186
1,955
18,497
15,682
2,815
7,374
10,975
21, 297
18, 520
2,777
6,940
11,864
26,098
23, 273
2,825
7,156
13, 589
32,389
28,650
3,739
7,617
13,977
38,572
33,816
4,756
7,493
12, 743
43, 840
37,859
5,981
70, 907
68, 251
65, 457
74, 080
59, 287
58,484
93, 824
66,177
63,703
73, 524
63, 572
59, 557
87, 728
66, 401
67,895
85, 744
78,143
76, 526
74, 244
72, 559
70,744
77, 768
69,959
69,146
78, 289
69, 111
70, 584
91, 653
66, Oil
67,954
108,505
67, 615
8
99, 911
74, 874
71,869
5,145
4,883
5,001
5,057
4,661
5,219
4,954
5,052
4,748
5,010
5,174
5,120
23.50
24.20
24.00
5,237
23.50
24.20
24.00
5,084
23.50
24.23
24.00
5,201
23.50
24.23
24.00
5,194
23. 50
24.23
24.00
4,766
23.50
24.23
24.00
5,314
23.50
24.23
24.00
5,035
23.50
24.20
24.00
5,178
23.50
24.17
24.00
4,836
23.50
24.17
24.00
5,023
23.50
24.17
24.00
5,316
23.50
24.17
24.00
5,226
Iron Or©
Lake Superior district:
Consumption by furnaees__thous. long tons.
Shipments from upper lake ports
do
Stocks, end of month, total
do
At furnaces
do
On Lake Erie docks
do
7,409
6,941
49,371
42, 977
6,394
Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new, n e t . . .
short t o n s . . 93,159
71,911
Production
do
72, 759
Shipments
do
Pig iron:
Consumption*
thous. of short t o n s . .
Prices, wholesale:
23.50
Basic (valley furnace), .dol. per long t o n . .
24.17
Composite
.'do
24.00
Foundry, No. 2, Neville Island*... do
5,096
Production*
thous. of short t o n s . .
Stocks (consumers' and suppliers'), end of
month*..
thous. of short t o n s . .
Boilers, range, galvanized:
Orders, new, net
number of boilers.. 88, 659
105,779
Orders, unfilled, end of month
do
88,841
Production
do
87, 825
Shipments
do
12, 898
Stocks, end of m o n t h . . .
do
1,266
1,334
1, 425
1,458
1,534
1,512
1,486
1,487
1,539
1,505
1,527
1, 551
43, 829
42, 597
35,681
37, 111
6,402
40,130
45, 737
37, 353
36, 990
6,765
33, 700
36, 474
42,913
42, 963
6,715
55, 239
56, 687
41,266
40, 926
7,259
58, 646
66, 704
47,919
48, 629
6, 549
68, 051
75, 763
60,177
58, 992
7,734
76,198
94, 318
58, 841
57, 643
8,832
64,274
92,137
70,845
66, 455
13, 222
89, 821
99, 679
83, 596
82, 279
14, 539
70,308
99,910
65, 649
70,077
10,111
86,814
97, 047
93, 056
89,667
13, 500
95, 072
97,915
93, 657
94, 204
12, 953
179, 537
7,708
152, 080
13, 979
173, 285
9,385
140, 399
11,133
172,263
15,446
143, 860
10, 785
213,130
23,020
154, 736
11, 440
191,217
17,658
151, 530
12,832
202, 731
34,064
176, 470
17, 777
165, 792
20,461
161,403
17, 467
192, 531
19,951
163, 812
21, 424
171, 774
18, 370
163, 934
22,108
281
637
783
761
200, 634
39,637
158,832
20.883
214,086
66,146
157,818
24, 564
7, 357
7,580
100
7,180
98
7,305
97
7,424
97
'6,824
99
'7,673
100
' 7, 375
99
' 7, 551
98
'7,041
95
'7,416
96
'7,592
98
'7,519
' 101
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
.0265
. 0265
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34.00
.0210
18.75
34. 00
.0210
18.75
1,661
1,788
1,666
1,850
1,686
1,692
1,772
1,631
1,707
1,553
1,661
1,704
1,665
1,215
1,498
1,504
49
1,671
1,388
1,386
49
2,696
1,426
1,419
56
'3,607
'1,344
'1,354
48
'4,254
r
1,639
' 1,660
45
'4,286
'2,069
'2,049
'65
'4,890
' 2. 222
2,201
'89
'5,947
'2,373
'2,371
'88
'7,611
'2,388
'2,413
'63
'9,004
'2,427
'2,422
'67
'13,711
'2,582
'2,583
'65
' 14, 556
' 2, 584
' 2, 578
'69
2,772
1,086
' 1 , 595
'794
2,201
819
557
380
5. 681
1,336
5,049
1,449
Steel, Crude and Semimanufactured
Castings, steel, commercial:
Orders, new, total, net
short t o n s .
Railway specialties
do
Production, total
do...
Railway specialties
do
Steel ingots and steel for castings:
Production
thous. of short tons..
Percent of capacity!
Prices, wholesale:
Composite, finished steel
dol. per l b .
Steel billets, rerolling (Pittsburgh)
dol. per long t o n .
Structural steel (Pittsburgh)
dol. per l b .
Steel scrap (Chicago)
dol. per long t o n .
U. S. Steel Corporation, shipments of finished
steel products
.thous. of short t o n s .
Steel, Manufactured Products
Barrels and drums, steel, heavy t y p e s i
Orders, unfilled, end of m o n t h . . t h o u s a n d s .
Production
do...
Shipments
do...
Stocks, end of month
do...
Boilers, steel, new orders:
Area
thous. of sq. ft.
Quantity
number.
797
722
2,464 i
917 i
595 j
732 i
1,259 |
1,043 i
187,
15,
158,
19,
' 2, 235
'904
3,901 i
1,382 i
883
864
977
' Revised.
§Beginning J u l y 1943, percent of capacity is calculated on annual capacity as of July 1,1943, of 90,877,410 tons of open-hearth, Bessemer, and electric steel ingots and steel for castings; earlier 1943 data are based on capacity as of Jan. 1, 1943 (90,288,860 tons) and 1942 data on capacity as of July 1,1942 (89,194,520 tons).
fDate for 1943 cover practically the entire industry; manufacturers reporting for 1942 accounted for approximately 92 percent of the industry according to 1939 census data.
*New series. For a description of the series on scrap iron and steel and pig-iron consumption and stocks and 1939-40 data, see note marked " * " on p . S-29 of the November
1942 Survey; later data are available on p. S-30 of the April 1942 and subsequent issues. T h e new series on blast furnace production of pig iron, including blast furnace ferro-alloys,
is from the American Iron and Steel Institute and is approximately comparable with data from the Iron Age in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated), b u t include charcoal furnaces; ferro-alloys produced in electric furnaces are not included; for 1941 monthly average from American Iron and Steel
Institute and data beginning J a n u a r y 1942, see p . S-30 of the M a y 1943 Survey. T h e new pig iron price, f. o. b . Neville Island, replaces the Pittsburgh price, delivered, shown in
the
FRASER Survey prior to the April 1943 issue; 1941 average, $24; earlier data will be shown later.
Digitized for
S-31
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August September
October
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products—Con.
Porcelain enameled products, shipments:}:
thous. of dol..
Spring washers, shipments
.do.
Steel products, production for sale: •
Total
thous. of short tons..
Merchant bars...
do
Pipe and t u b e .
do
Plates
....
do
Rails- _
.
.
do
Sheets.
do
Strip:
Cold rolled
__1
..do..
Hot rolled
....do
Structural shapes, heavy
do
Tin plate
do
Wire and wire products
-do
NONFERROUS METALS
Metals
Prices, wholesale:
Aluminum, scrap, castings (N. Y.)
dol. per lb._
Copper, electrolytic (N. Y.)
do
Lead, refined, pig, desilverized (N.Y.)-do—.
Tin, Straits (N. Y.)
do
Zinc, prime, western (St. Louis)
do
Miscellaneous Products
Bearing metal (white-base antifriction), consumption and shipments, total (59 manufacturers)..
thous. of lb_.
Consumption and shipments, 37 mfrs.:
Consumed in own plants
thous. of lb__
Shipments..
do
Sheets,brass,wholesale price, mill.dol. per lb..
2,853
3,195
2,652
2,489
353
2,460
334
2,324
300
2,603
357
2,605
348
2,472
2,377
345
2,416
327
2,637
345
2,548
317
2, 547
5,316
546
1,107
180
775
5,141
494
427
1,062
186
711
1,716
481
410
964
175
679
4,917
493
412
1,016
169
735
5,054
525
437
1,095
180
717
4,781
457
449
1,020
165
704
5,516
580
510
1,127
172
790
5.132
523
512
1,068
155
701
5,156
501
498
1,066
154
5,062
489
488
1,002
162
676
5,069
514
484
1,048
172
684
5,088
510
505
1,032
173
655
5,250
514
508
.,072
201
682
5, 334
526
513
1,113
192
732
117
336
136
380
75
92
417
113
349
77
99
396
101
327
83
115
355
127
356
91
111
345
157
345
83
108
303
152
345
100
124
327
185
397
114
312
169
357
97
111
320
203
359
107
280
220
100
103
298
209
361
100
111
324
205
355
110
113
321
190
388
97
122
345
151
377
. 0575
. 1178
.0650
.5200
. 0825
,0857
.1178
.0650
.5200
.0825
.0812
.1178
.0650
.5200
.0825
.0812
.1178
.0650
.5200
.0825
. 0812
.1178
. 0650
.5200
.0825
.0812
.1178
.0650
.5200
.0825
. 0812
.1178
.0650
. 5200
.0825
.0812
.1178
. 0650
.5200
.0825
.0812
.1178
.0650
.5200
.0738
.1178
.0650
. 5200
.0825
.0725
.1178
.0650
.5200
.0825
.0623
.1178
.0650
.5200
.0825
.0575
.1178
.0650
. 5200
.0825
. 0575
.1178
. 0650
.5200
.0825
4,814
3,459
3,176
3,605
3,453
3,687
4,175
4,351
4,315
4,184
4,097
4,259
4,563
4, 663
736
2,303
.195
744
1, 760
.195
1,623
.195
528
1,970
.195
641
1,526
.195
513
2,013
.195
544
2,262
.195
632
1,961
.195
655
2,058
.195
601
2,037
.195
496
2,180
.195
827
1,982
.195
813
2,084
.195
615
2,412
.195
MACHINERY AND APPARATUS
14,974
10,649
10,685
9,672
Blowers and fans, new orders...thous. of dol..
Electric overhead cranes: §
595
1,024
333
502
1,128
1,005
Orders, new
do
1,228
1,581
2,170
149
551
706
7,336
13,133
19,907
17,134
14,654
30, 872 28,477 25, 705 24,666
21,867
Orders, unfilled, end of month
do
8,505
11,336
1,817
3,185
3,326
2,612
2,545
2,713
Shipment?
___do
3,270
2,518
2,888
3,180
2,504
Foundry equipment:
346.6
390.4
436.6
379.4
348.9
413.6
382.5
562.7
362.7
338.8
429.8
399.5
New orders, net total
1937-39= 100.. 388.0
540,6
268.7
341.0
375.7
328.0
355.6
320.9
274.3
319.8
538.6
297.7
286.1
394.9
348.1
552.2
New equipment
.
do
556.9
621.0
650.9
600.3
609.2
571.3
635.2
558.7
577.0
573.7
497.7
534.9
554.4
505.5
Repairs
.do
Fuel equipment and heating apparatus:
Oil burners:
3,347 ' 3,933
4,432
4,706
3,857
6,787
6,347
5,561
7,285
7,125
7,945
7,910
9,617
10, 761
Orders, new, net..
number..
20, 546 19, 705 r 19, 532
22,111
22,477 20,628
14,906
23,146 24,351
24,160
22,827
Orders, unfilled, end of month
do
20,799 21,138 20,713
4,208 r M,000
4,514
6,421
9,332
5,952
7,361
4,938
6,097
7,606
8,335
7,503
5,920
Shipments
_
_
do
8,392
34, 868 34, 303 33, 433
41, 221 35,429
32, 601 37,416 37,149 36, 513 36, 661
34, 985 45, 745 35,406 35,796
Stocks, end of month...
do
Mechanical stokers, sales: ^
2,297 ' 2, 785
2,779
1,926
2,126
2,558
2,330
1,932
1,994
1,447
1,808
2,183
1,960
5,548
Classes 1, 2, and 3
do
Classes 4 and 5:
495
514
r550
302
485
480
395
588
687
532
510
Number
438
453
682
94,109 74,407 107,859
Horsepower
54, 814 76,208 109, 598 76,087 78, 571 118, 531 126,318 97,953 97, 529 110,477 104,454
3,326
2,733
4,014
5,282
Unit heaters, new orders
thous. of dol..
Warm-air furnaces, winter air-conditioning
systems, and equipment, new orders
4,821
3,313
5,452
2,630
thous. of dol__
71, 543 130,008 120,871 131,960 117,384 114, 593 125, 445 118,024 113, 859 108, 736 97, 541 87,805 85, 842 • 78, 302
Machine tools, shipments*
...do
Pumps and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
38,846 31,185 • 30, 553
7,041
14, 305 18,122
25, 381
28, 668 33,600 32, 739 31,139 31,657
units.. 32, 568 26,192
443
364
343
182
280
161
482
104
67
188
163
159
224
190
Power pumps, horizontal type
do
13, 548 13,491 • 16, 355
11,183
11,745
11, 769
8,106
7,311
9,514
20, 414 19, 792
4,965
8,772
3,393
Water systems, including pumps
do
Pumps, steam, power, centrifugal, and rotary:
3,664
4,620
12, 580
6,091
5,609
4,697
8,229
9,421
6,115
2,946
5,243
8,133
6,043
7,468
Orders, new
thous. of dol—
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement
1,750
1,801
1,914
1,750
1,827
1,532
1,302
1,155
911
1,162
only), number*
thousands.
1,347
Electrical products:!
429.0
420.0
423.0
421.0
411.0
417.0
433.0
421.0
390.0
376.0
388.0
382.0
372.0
Insulating materials, sales billed .1936=100._
464.0
409.0
387.0
401.0
356.0
471.0
639.0
394.0
697.0
653.0
661.0
322.0
Motors and generators, new orders...do
527.0
Transmission and distribution equipment,
108.0
114.0
94.0
152.0
94.0
188.0
125.0
160.0
109.0
106.0
186.0
new orders
1936=100..
Furnaces, electric, industrial, sales:
14, 282 10, 596 22,259
12,647
9,205 10,788
29, 879 10,541
17, 201
16, 265 14,765
20,297 13,321
Unit..
...kilowatts..
2,031
1,407
781
662
1,067
961
1,157
1,357
1,845
1,197
1,534
928
1,287
Value
thous. of dol..
6,364
6, 057
5,904
6,103
5,978
5,742
5,302
5,813
5,850
5,279
5,163
5,015
5,191
Laminated fiber products, shipments...do
6,236
Motors (1-200 hp):
6,128
6, 073
6,420
5,908
7,198
6,982
7,388
8,114
7,965
7,484
8,753
7,079
8,287
Polyphase induction, billings..
do.
8,016
6,705
7,322
8,494
4,597
6,887
7,854
5,586
9,296
6,750
8,608
7,291
Polyphase induction, new orders
do_
6,323
6,053
5,906
6,441
5,876
5,840
6,480
6,892
4,336
4,082
4,433
5,708
5,300
Direct current, billings.
do.
5,972
5,590
7,362
5,313
8,247
11,506
9,214
3,267
3,614
4,794
6,946
Direct current, new orders
......do..
7,880
r
Revised. § Revisions in unfilled orders and shipments for April-July 1942 are available on request; data cover 8 companies beginning March 1943,
• Temporarily discontinued by the compiling agency.
JOf the 99 manufacturers on the reporting list for Jan. 1, 1942, 24 have discontinued shipments of these products for the duration of the war.
• For earlier 1942 data except for April, see the October 1942 and July 1943 Surveys; for April data see note at bottom of p. S-31 in the September 1943 issue.
^Of the 101 firms on the reporting list in 1941, #0 have discontinued the manufacture of stokers; some manufacture stokers only occasionally. The manufacture of class 1 stokers
was discontinued Sept. 30, 1942, by order of the War Production Board; this accounts for the large reduction after that month in figures for classes 1, 2, and 3.
fRevised series. Indexes for electrical products have been completely revised; for 1941 monthly averages see note marked "f" on p. S-30 of the April 1943 Survey and for monthly
data beginning November 1941, see p. S-30 of the January 1943 issue; earlier data are available on request.
*New[series. For ] 940-41 data for machine tool shipments, see p. S-30 of the November 1942 issue. The series on number of automotive replacement batteries shipped represents
estimated industry
totals compiled by Dun & Bradstreet; it has been substituted for the indexes formerly shown; data beginning 1937 will be published later.
S-32
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1941, together with explanatory notes 1943
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
January 1944
1942
October
1943
Novem- December
ber
January
February
March
April
May
Juno
July
August
September
October
METALS AND MANUFACTURES—Continued
ELECTRICAL EQUIPMENT—Continued
Rigid steel conduit and fittings, shipments
short tons.
Vulcanized fiber:
Consumption of fiber paper ..-thous. of lb__
Shipments
thous. of doL.
14,509
4,599
1,368
12,389
12,126
9,102
9,613
9,463
10,602
7,907
7,006
6,459
7,535
6,708
7,118
4,832
1,614
4,314
1,465
4,707
1,595
5,056
1,650
4,551
1,620
5,026
1,852
4,924
1,613
4,969
1,479
4,873
1,441
4,627
1,441
4,884
1,499
4,752
1,374
5,524
1,424
730,518
PAPER AND PRINTING
WOOD PULP
Production :f
Total, all grades
Chemical:
Sulphate, total
Unbleached.
Sulphite, total
Bleached
Soda
_
Groundwood
Stocks, end of monthrf
Total, all grades.
Chemical:
Sulphate, total
Unbleached
Sulphite, total
Bleached
Soda
Groundwood
short tons.. 766,807
_
_
_
370,733
308,153
194,156
119,949
35, 000
143, 855
do
_
do
do
do
do
do
do
73,124
do
.do
do
do
.do
do
15,354
10,671
22,096
12, 390
3,200
29,932
719,634
793,998
770,921
788,486
713,575
770,877
739,822 '778, 533
332, 679
266, 238
208,883
127, 291
34,794
141,909
349, 217
278,534
208, 302
129, 033
36,716
140,500
331,060
271,264
201,685
126, 549
33,810
133,485
367,410
304,363
215,849
138,335
36,545
151,169
355,324
292,973
212,331
136,946
35,000
146,419
368,032 324,889 336,127
303,550 269,430 276,366
217,313 210,708 194, 260
141,756 135,148 124,795
34,947 32,080 33,215
147,799 141,624 130,751
373, 524
308,970
205,441
131,718
35,409
134, 755
359,344
296, 471
194, 790
123, 521
34,187
129, 234
159, 357 149, 299 143,983
129,405
111, 459
97, 595
97,722
103,343
101,743
91,187
84,880
81, 445
46, 464
37, 776
35, 694
22,089
3,398
40, 940
31,589
25,074
30, 336
16,898
3,175
43,048
16, 508
12,432
28, 666
17, 713
2,858
46, 435
14,918
11,074
25,951
16, 367
2,558
51,389
12,687
8,284
28,352
18, 600
2,785
56,785
11,056
8,193
27,903
17,703
2,544
57, 658
9,188
6,518
24,033
14,624
2,641
52,879
11,059
7,974
24,030
14, 012
2,910
44,300
13, 382 ' 12,271
8,867 ' 7, 857
24, 931 ' 24,421
14, 563 'r14, 642
3,206
3,033
37, 200 31, 510
838, 520 763, 414 736, 670 755,069
392, 821
317,980
241, 946
147, 973
144,933
74, 274
67,118
35,745
21, 434
4,392
42, 404
348,313
278,360
216, 902
134, 214
35, 533
143, 421
65, 248
56,480
36,843
20,136
3,717
40, 865
59, 205
50, 250
38,963
21, 382
3,529
39, 624
•373, 050
•310,124
•208,051
131,669
35, 500
138,985
r
73,600
PAPER
Total paper, incl. newsprint and paperboard:
Production
short tons..
Paper, excl. newsprint and paperboard:
Orders, new
short tons..
Production
.do
Shipments
_
do
Fine paper:
Orders, new
.do
Orders, unfilled, end of month
.do
Production
_
.do
Shipments
_
do
Stocks, end of month
do
Printing paper:
Orders, new
do
Orders, unfilled, end of month
do
Production
_
...do
Shipments
do
Stocks, end of month
do
Wrapping paper:
Orders, new...
do
Orders, unfilled, end of month
..do
Production
do
Shipments
_
.do
Stocks, end of month
do
Book paper:
Coated paper:
Orders, new., .percent of stand, capacity..
Production...
.do
Shipments.
_
do
Uncoated paper:
Orders, new
do
Price, wholesale, " B " grade, English finish, white, f. o. b. milL.dol. per 100 lb_.
Production ...percent of stand, capacity..
Shipments
__.
do
Newsprint:
Canada:
Production
short tons..
Shipments from mills.
do
Stocks, at mills, end of month
do
United States:
Consumption by publishers
.do
Price, rolls (N. Y.)
dol. per short tonProduction
short tons..
Shipments from mills
do
Stocks, end of month:
At mills-.
do...
At publishers
...do
In transit to publishers
do
Paperboard:
Orderj, new
do
Orders, unfilled, end of month
.do...
Production
,,-do
Percent of capacity
Waste paper, consumption and stocks:
Consumption
.short tons.
Stocks at mills, end of month
do-..
1,201,944 ,097,445 L,107,547 1,131,925 1,096,530 1,250,818 1,203,257 1,213,177 1,171,480 1,148,026 1,214,945 1,180,183 1,045,613
554, 484 510, 260 497,048 513,361 486,846
510, 302 467, 090 473,162 485, 757 463,535
509, 433 471, 924 490, 217 482,607 469,454
549, 592 498,050
509, 204 484,808
518,986 493,375
488,362
489,209
496,962
495,674
473,451
489,515
491,104 469, 266 ' 475, 503 486,198
467,920 •497,852 ' 478, 339 491,455
478,010 494,631 • 487, 405 509,104
50, 495
49,892
48, 545
49, 578
45,692
195. 864 174,633 174, 515
« 99, 209 111,631 121,551
•
177,162 160,457 157, 532
176,165 164, 263 167, 963
' 91, 453 86, 651 75, 524
56,066
53,132
50, 213
51, 553
42, 616
164,400
119,959
164, 468
165, 938
73, 233
53,109
58,960
47, 373
48, 231
41,851
162, 272
124,841
158,588
156, 641
76, 533
68,826
75,418
52,259
53,481
40, 661
60,130
80,386
50,679
52, 592
38,437
59,524
87,420
52,036
53,345
37,732
57,328
97,727
48,154
50,091
34,958
61,673
107,638
49,015
49,608
36,108
' 48, 843 ' 44, 656
• 103, 313 ' 95, 387
' 52, 537 ' 47, 314
' 52, 357 ' 53, 552
' 36,143 ' 32, 281
180,176
134, 564
172,064
169,413
74,186
161,950
132,096
163, 067
163,601
72, 200
156,322
128,277
159,642
161,496
70,571
164,831
127,773
159,890
164,453
65,085
158,078
126,569
153,123
157,899
60,024
T
179, 799'
166, 202*
165, 274'
168, 7571
104, 312"
200, 667
171,848
182, 732
193, 247
95, 227
183,845
174,557
173,524?
179,717
89,322
183, 022
174,858
180,155
183,026
85,731
179,104
184, 215
162,924
169,917
78,416
182,252
188,325^175,192
178,641
76,078
64,588
44, 983
52, 787
53,935
48, 614
52,106
48,101
48, 274
47,885
49,017
195, 215
116,100
183,488
180, 037
116, 007
187, 773
138, 215
163, 393
164, 521
118, 742
174,198
140, 841
166, 015
172,137
112, 061
190,145
156, 074
173, 517
179,100
107, 581
53.9
56.1
56.1
59.7
51.3
51.8
62.7
50.3
54.0
55.3
52.6
53.0
53.7
54.4
55.9
77.9
105.3
97.5
97.5
7.30
84.6
85.8
7.30
96.3
95.0
7.30
90.7
92.9
7.30
86.1
91.4
7.30
89.6
89.9
256,336 271,555 251,147
260,590 295,625 255,087
56, 879 95, 265 91,325
244,191
243,530
91,986
233,544
215,016
110,514
'167,309
-•137,087
'160,948
'161,782
' 62, 236
160,671
138,310
161, 807
164,678
57,585
177,209
184,106
180,472
181, 564
75, 883
167, 771
178, 992
170,932
172, 871
75, 237
173, 599
172, 692
176,403
180, 509
71,312
154, 381
'125,979
' 165, 707
r
163,327
'63,020
60.8
55.3
59.5
62.6
59.5
59.7
66.5
61.2
59.3
61.0
54.2
58.9
56.6
58.6
58.9
46.0
52.0
53.2
49.9
56.9
59.4
58.0
57.6
60.0
51.6
55.3
57.5
92.6
94.1
89.0
87.7
89.0
80.9
76.5
88.4
77.6
7.30
93.6
90.4
7.30
92.5
92.1
7.30
90.1
90.9
7.30
88.2
89.4
7.30
7.30
82.2
84.6
7.30
86.9
84.5
7.30
88.4
88.8
7.30
86.3
86.3
221,807 246,855
222,383 248,469
109, 938 108,324
229,573
243,813
94,084
254,046
257,756
90,374
257,845
268,990
79,229
262,323
284,216
57,336
259, 612 251,827 259,336
260,792 244, 593 261, 594
63, 390 61,133
56,156
222, 343 254, 349 260, 542 252, 399 226,741 208,143 237, 111 243,281
58.00
50.00
50.00
50.00
50.00
54.00
50.00
54.00
66, 465 84, 217 75,065 74,655 69, 792 64, 358 71,357 68,001
67,490 85, 458 76,207 75, 222 69,691
60,147 71,824 70,368
13, 783 11,310
9,702
10,168
9,601
13,913
13,446
11,079
341, 085 470,852 447, 396 429, 255 391,102 381,466 377,790 361,553
53,110 58, 655 60,108 50,094 66,707 63,166 53,774 57,680
248,255
54.00
68,707
67,138
228,450
54.00
70,274
71,944
212,260
54.00
67,883
68,083
217,054
54.00
68,011
65,255
12,648
339,299
58,820
10,978
347,350
62,197
10,778
377,487
63,767
14, 808
13, 534 14,547
384, 089 365, 2eO 343, 898
44, 009 53, 036 57, 666
616,167 723, 296 686,179 690,364
454, 308 511, 220 525, 287 545,673
568,637 670, 257 650,448 655,261
94
94
672,371
580,683
627, 761
94
644,349 662, 252 647, 413 656,506
571, 705 570, 859 579, 800 587, 324
612, 223 649, 082 637, 516 639, 262
94
94
646,473 660,890
578, 434 272,006
635,118 607,425
81
613,746 615,184 629,900
321,885 379, 573 413,084
555, 290 559,730 576,376
82
77
343,460 316, 454 331,895 344, 388 350,885
424, 451 408,753 394, 527 374,301 355,044
r
731
628
103
21,648
969
821
148
21, 602
842
693
149
23, 229
702
594
108
16, 726
671
602
69
19,196
731
528
203
25, 707
222, 718 235, 511
58.00
58.00
64, 328 63, 470
63, 315 63, 209
i
393, 634 389, 304 | 393,197 397,129 1373, 698 1395,746 1382,686 |i373,884
341, 097 322,678 1291,378 257,578 1245,472 1204,724 1156,000 j 1124,800
PRINTING
Book publication, total
no. of editions.
New books
..do.._
New editions
.
do...
Sales books, new orders §
thous. of books.
53,384
93,486
49, 717
59,182
29, 730
538
130
20,604
693
565
128
18,625
848
701
147
21, 824
679
531
148
22, 804
720
567
153
22, 269
512
421
91
20, 037
!
605
476
129
18,731 ! 17,
827
703
124
E
Revised^
§Beginning September 1942, 3 companies, formerly accounting for about 7 percent of the total, discontinued reporting.
i Computed by carrying forward the March figure on the basis of percentage changes in data for 59 identical companies reporting to the National Paperboard Association.
fWood pulp production statistics have been revised beginning January 1940 and stocks beginning January 1942; for revisions through March 1942, see p. 30, table 8, of the June
Survey.
1943
S-33
SUKVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August September
October
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Prices, composite, chestnut:
Retail
dol. per short ton__
Wholesale
do....
Production
thous. of short tons..
Stocks, end of month:
In producers' storage yards
...do
In selected retail dealers' yards
number of days' supply. .
Bituminous:
Industrial consumption and retail deliveries,
total
thous. of short tons..
Industrial consumption, total
do
Beehive coke ovens
do
Byproduct coke ovens
-do
Cement mills
do
Coal-gas retorts
.do
Electric power utilities
do
Railways (class I)
...do
Steel and rolling mills
do
Other industrial
,
.do
Retail deliveries
_
do___.
Other consumption, coal mine fuel . . . d o
Prices, composite:
Retail (35 cities)
dol. per short t o n . .
Wholesale:
Mine run
...do.
Prepared sizes
.do
Productiont--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
Coal-gas retorts
do
Electric power utilities
do
Railways (class I)
do
Steel and rolling mills
do
Other industrialdo_
Retail dealers, total
do_
13.22
~4~l25
12.49
10.344
5,132
12.49
10.344
4,824
12.49
10.383
4,639
13.13
10.661
4,314
13.14
10.801
5,092
13.13
10.811
5,824
13.14
10.811
5,437
13.16
10.812
5,240
13.14
10.795
3,227
13.12
10. 831
5,331
542
379
216
173
173
186
404
19
15
12
18
14
49,217
38,207
1,055
53,387
41,514
1,186
7,647
552
149
5,965
11,689
1,046
13,280
11,873
273
48,152
38,572
1,080
7,494
468
139
5,493
10,761
45,369
37,449
1,034
7,666
9.68
9.83
9.86
792
64
33
45,500
37,800
1,126
7,542
714
149
5,787
10,279
843
11,360
7,700
247
10.03
798
60
45,407
37,707
1,041
7,334
678
146
5,570
10,271
867
11,800
7,700
229
52,272
41,142
1,071
7,583
645
155
6,159
11,155
1,034
13,340
11,130
234
9.54
9.55
9.56
53,407
41,437
1,044
7,682
571
157
5,981
11,443
1,049
13,510
11,970
228
9.63
547
137
5,370
10,568
1,021
12,540
11,010
237
47,365
37,696
1,126
7,768
136
5,500
10,751
877
10,990
7,920
232
42,771 44,841
35,271 37,161
662
'973
7,491
7,185
475
501
126
128
6,482
6,025
9,853
10,196
824
854
10,121 ' 10, 536
7,500
7,680
168
254
10.01
10.01
10.02
10.03
5.033
5.276
49,900
5.045
5.317
47,855
5.055
5.324
34,650
5.059
5.334
52,540
5.059
5.333
51,700
5.059
5,330
51,840
5.059
5,330
48,740
75,276
68,497
6,811
677
6,779
72,866
67,260
6,591
722
357
18, 722
13,511
940
26, 417
5,606
68,799
63, 619
6,657
702
336
17, 715
12, 559
897
24,753
5,180
937
12,200
9,580
242
495
493
115
6,924
10,382
858
10,030
9,669
250
• 49,122
' 37,780
' 1,123
7,609
••460
116
r
6, 969
' 10,488
865
10,150
11,342
251
51, 040
40,458
1,145
7,707
462
124
7,321
11,145
942
11,612
10, 582
236
4.805
5.097
51,791
4.815
5.131
47,474
4.858
5.177
49,595
4.866
5.180
47,029
4.949
5.208
48,920
5.021
5.239
56,450
89,937
79,057
10,998
1,092
413
20,452
13,663
1,239
31,200
10,880
90,874
79,244
11,151
1,052
435
20,607
13,293
1,206
31,500
11,630
85,889
75,699
10,721
439
19,982
12,579
1,140
29,840
10,190
79,379
71,079
9,958
85i
414
19,276
11,575
1,085
27,920
8,300
76,626
69,366
9,778
818
371
19,056
11,364
1,069
26,910
7,260
77,292
70,412
9,851
817
361
19,204
12,149
1,120
26,910
6,880
78,667
71,927
9,732
782
374
19,703
13,175
1,161
27,000
6,740
79,525
72,485
9,219
755
370
20,009
13,475
1,107
27,550
7,040
74,075
67,225
7,143
659
352
18,821
11,965
991
27,294
6,850
75,570
68,610
6,819
644
350
18, 700
12,575
918
28,604
6.500
6.000
6.000
6.000
6.000
6.375
6.500
6.500
6.500
6.500
6.500
6.500
6.500
6.500
613
5,148
722
5,344
123
667
5,196
122
686
5,373
142
665
5,395
113
672
4,903
755
5,427
5,276
102
659
5,401
105
422
5,062
115
620
5,268
113
716
5,468
122
709
5,343
134
'732
5,440
123
955
651
184
1,646
917
728
198
1,511
882
629
234
816
453
273
1,069
757
312
276
866
636
230
294
953
743
210
310
949
720
229
315
843
602
241
325
570
297
340
1,016
650
366
355
1,095
691
404
357
1,127
709
418
184
43,675
998
339
18,882
13,388
940
27,460
COKE
Price, beehive, Connellsville (furnace)
dol. per short ton..
Production:
Beehive...
thous. of short tons-.
Byproduct
do
Petroleum coke
...do
Stocks, end of month:
Byproduct plants, total
do
At furnace plants...
.do
At merchant plants
do
Petroleum coke
do
PETROLEUM AND PRODUCTS
Crude petroleum:
116,381 112,368 113,342 111, 606 101,935 112,013 111, 945 115,005 115,984 120,689 1126,908 126,088 129,036
Consumption (runs to stills) t-thous. of b b h .
1.110
1.110
Price (Kansas-Okla.) at wells.-dol. per bbl-1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
1.110
120,523 116,230 120,634 117,227 108,399 121,560 119,000 123,854 119,302 127,493 130,633 130,407 136,503
Productiont
thous. of bbl-.
82
82
80
79
82
Refinery operations.
pet. of capacity..
81
79
85
79
91
90
Stocks, end of month:
237,901 3234,635 234,889 234,42? 237,075 242,181 242,934 243,880 240,601 238,346 236,285 236, 287 239, 451
Refinable in U. S.f
thous. of b b L .
43,620 44,213
43,552
44,874
46,426
42,699
48,223
At refineries
do
47,562
48,160
47,639
49,131 49,015
181, 203 178,405 177,904 176,956 179,119 182, 709 182,313 183,074 178,942 177,247 175,215 174,163 176,831
At tank farms and in pipe lines...do
13,531
13,146
13,365
13,254
13,082
13,046
On leases•{•._
do
12,997
13,244
12,876
12,910
12,982
13,605
12,993
10, 724
10,868
10,865
10,394
10,402
10,804
10,064
Heavy in California
.do
10,279
9,748
10,009
8,716
9,674
8,905
765
817
804
638
706
856
Wells completed!-.
number796
720
827
922
957
767
Refined petroleum products:
Gas^and fuel oils:
Consumption:
1,194
1,331
1,281
1,112
1,092
1,108
1,317
1,043
1,305
2,359
1,160
1,465 r 1, 557
Electric power plants
thous. of b b l . .
7,798
8,341
8,382
7,808
7,485
7,802
8,145
7,861
7,784
7,704
Railways (class I)
do
7,700
7,628
.059
.059
.059
.062
.063
.059
.063
.065
.065
.065
.065
Price, fuel oil (Pennsylvania) .dol. per gal_.
.065
.065
.065
Production:
Gas oil and distillate fuel oil
18,858
18,073
17,562
16,240
17,288
17,306
16,690
16,075
15,261
16,073
18,210
thous. of b b l . .
18,523
20, 549
31,239
31,890
31,311
32,544
30,799
32,700
36,624
34,095
33,732
33,510
37,418
Residual fuel oil.
do
34,663
36,610
Stocks, end of month:
49,701
44,940
50,709
39,014
35,298
30,674
31,135
30,665
34,324
36,931
32,467
Gas oil and distillate fuel oil
_do
39,681 44,857
68,873
66,664
61,783
59,657
57,381
57,757
55,879
57,107
56,857
Residual fuel oil
do
54,952
57,977
57,280
Motor fuel:
Prices, gasoline:
.059
.059
.059
.059
.059
.060
.059
.059
.059
.059
.059
.059
Wholesale, refinery (Okla.).dol. per gal..
.060
.060
.161
.161
.161
.161
.161
.161
.161
.161
.161
.161
.161
Wholesale, tank wagon (N. Y.)._.do
.161
.161
.161
.144
.146
.144
.145
.145
.145
.145
.145
.145
Retail, service stations 50 cities.._do
.146
.146
.146
.146
.146
48,959
47,236
43,280
46,653 46,025
Production, totaltf
thous. of b b l . .
51,668 50,176
48,482
51,044
49,230
54,031
54,847
56,816
18,891
19,116
17,309
15,426
16,797
Straight run gasolinej
.do
19,997
15,290
16,777
18,063
17,927
19,378
20,557
19, 723
Cracked gasoline
do
24,905 24,433 23,225
23,391 21,947
23,297
24,264
24,763
25,037
26,433
27,940
27,477
30,099
7,675
Natural gasolinett
do
7,429
7,314
7,360
7,557
6,840
7,371
7,490
7,252
7,487
7,601
7,702
8,034
Natural gasoline blended
do
5,455
4,989
4,929
4,425
4,326
4,907
4,986
5,161
5,493
5,197
5,089
5,613
5,564
•• Revised.
JFigures for the production of natural gasoline include total sales of liquefied petroleum gas as follows (thous. of barrels): 1942—October, 663; November, 687; December, 832. 1943—
similarly,
to in the i
.
„
. _ ...
._
w
x.
June, 137; July, 108; August, 114, September, 133; October, 164; these data are not included in the total for motor fuel.
fRevised series. Production of bituminous coal revised beginning June 1939; see note marked " t " on p . S-32 of the April 1943 Survey. Data for the indicated series of petroleum
products revised for 1941 and 1942; for 1941 revisions, see notes marked " t " on p. S-33 of the March and April 1943 issues. 1942 revisions not shown above are available on request.
See also note marked " { " above.
S-34
SURVEY OF CURRENT BUSINESS
Monthly statistics through December
1943
1941, together with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
October
January 1944
1943
Novem- December
ber
January
February
March
April
May
June
July
August
September
October
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Con.
Refined petroleum products—Con.
Motor fuel—Continued.
Retail distribution
mil. of gaL.
Stocks, gasoline, end of month:
Finished gasoline, total.-.thous. of bbL.
At refineries
do
Unfinished gasoline
do
Natural gasoline
do
Kerosene:
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
dol. per gaLProduction
thous. of bbL.
Stocks, refinery, end of month
.do
Lubricants:
Price, wholesale, cylinder, refinery (Pennsylvania)-..-.
-dol. per gaLProduction
thous. of bbL.
Stocks, refinery, end of month
do
Asphalt:
Production
short tons..
Stocks, refinery, end of month
do
Wax:
Production
thous. oflb_.
Stocks, refinery, end of month
do
Asphalt prepared roofing, shipments:
Total
thous. of squares..
Grit surfaced
do
Ready roofing
do
Shingles, all types
do
2,017
2,074
1,483
67,669
46,158
8,953
5,424
64,224
44,623
8,992
4,996
70,772
49,054
9,354
4,632
.063
5,907
8,599
.063
5,759
8,770
.063
5,351
7,537
.160
3,057
9,421
.160
2,983
9,336
656,900
343,100
r
1,743
1,845
1,924
1,978
1,970
i 1, 859
78,475 " 82,867
61,873
56,617
9,981
10,202
4,996
4,904
84,077
62, 987
10,037
5,462
78,653
58,312
10,923
5,425
73,137
51,393
10, 750
5,407
67,345
45,869
10, 285
5,179
62,791
42,860
10,358
5,028
60, 664
40, 503
10, 395
4,893
59,186
39, 813
10, 033
4,723
59,100
39, 495
9, 945
4,465
.063
5,602
5,146
.063
5, 852
3,996
.066
6,326
3,158
.069
6,299
3,513
6,511
4,478
.070
6,060
5,678
.070
5,769
5,939
.070
5,394
6,293
.070
5,817
6,558
.070
5,977
6,856
.160
3,049
9,424
.160
2,935
9,725
.160
2,780
9,771
.160
3,184
9,689
.160
3,107
9,474
.160
3,281
9,155
.160
3,162
8,695
.160
3,257
8,412
.160
3, 296
8,170
.160
3,236
7,831
.160
3, 635
7,712
549,100
340,200
545,800
411,000
436,000
499,800
390,500
552,700
483,100
671, 700
521,800
704,000
583,100
745,600
639,300
715,300
674,000
641,800
694, 500
562,000
662, 500
469, 300
652,400
445, 500
59,920
86, 520
64,960
85,400
57, 680
84,000
54,600
81,480
65,240
83,440
66,920
84,280
63,840
85,680
60,480
81,480
59,920
76, 720
61,320
73, 640
62,160
77, 560
67,200
81,480
5,774
1,847
2,283
1,644
.160
1,660
75,320
86,240
.070
1,397
4,926
1,555
2,060
1,311
5,400
1,547
2,666
1,187
3,767
1,269
1,733
765
3,516
1,182
1,567
767
3,411
1,221
1,429
762
3,673
1,294
1,347
1,032
3,695
1,270
1,331
1,093
4,149
1,364
1,528
1,257
4,417
1,406
1,561
1,450
4,505
1,427
1,519
1,559
38, 181
123,081
1,390
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth:
Shipments...
.reams..
157, 573 125, 258 119,776
150,497
153,639
10, 293
54
8,656
22,985
4,566
11,392
54
10,107
24,111
4,926
11, 239
55
12,757
22,579
5,312
12,384
59
12,075
22,891
5,574
11, 895
58
12, 702
22, 067
5, 455
12,411
21,542
5,568
11,673
56
12,587
20, 620
5,688
11, 380 11,189
53
56
12, 296 11,288
19, 703 • 19, 573
5,253 r 4, 755
13. 243
13.219
13.260
13.279
13.384
13.433
13.442
13.423
13.427
13.431
7,361
112,8
7,246
491
1,841
41
366
849
796
1,924
551
267
100
7,775
6,672
110.7
7,060
471
1,808
18
386
862
731
1,708
609
217
227
7,288
7,561
111.5
8,154
499
2,144
46
478
952
857
1,906
671
235
334
6,631
7,622
116.8
8,132
499
2,109
33
553
852
817
1,922
702
207
404
5,894
8,104
129.1
8,359
567
2,220
42
584
819
798
1*970
682
194
464
5,583
7,773
119.1
8,262
590
2,227
55
608
783
757
1,891
682
247
398
4,882
7,685
117.7
7,616
661
1,956
34
562
570
676
1,890
614
251
359
4,845
8,272
126.7
7,997
748
2,204
56
449
416
738
1,979
683
281
406
5,022
7,589
120.9
7,619
8,585
131. 5
8,447
2,127
2,502
39
386
419
768
74
386
539
839
1,829
2,221
4,882
4,902
3,837
3,746
7,177
4,475
3,763
7,877
4,190
4,210
7,803
4,284
5,338
6,870
4,227
4,936
6,181
4,929
4,597
6,544
4,550
4,924
6,179
4,800
4,835
6,160
5,090
4,775
6,467
4,519
3,996
6,953
5.181
5,846
6,304
3,744
3,585
3,713
4,760
3,622
2,996
3,402
2,692
2,365
2,168
2,237
6,416
1,096
67.5
6,994
1,296
79.8
7,313
6,746
120,953
126,874
9,218
45
8,405
20, 386
5,181
18,293
87
20,384
10,625
2,733
16,273
80
14,653
12, 248
2,840
14,116
67
8,955
17, 428
3,509
12,560
60
8,641
21, 368
3,771
13. 739
13.213
13.215
13.236
7,813
124.5
7,922
547
2,265
77
400
615
833
2,152
684
250
80
4, 605
6,869
98.3
7,005
511
1,845
49
350
625
1,172
1,662
455
276
29
8,299
6,235
100.4
6,281
450
1,661
39
331
681
820
1,508
520
236
13
8,119
6,299
93.6
6,564
418
1,735
39
362
823
868
1,491
516
272
16
7,774
4,878
4,445
6,745
4,500
4,888
7,837
3,778
3,535
8,076
1,933
4,608
3,909
4,924
960
59.2
4,612
984
60.6
126,
559
157, 290 142, 508 i 134,130
PORTLAND CEMENT
Production
thous. of bbL.
Percent of capacity
Shipments
thous. of bbL.
Stocks, finished, end of month
do
Stocks,clinker, end of month
.do
11,880
56
CLAY PRODUCTS
Common brick, price, wholesale, composite,
f. o. b. plant.
_dol. per thous...
GLASS PRODUCTS
Glass containers:
Production
-thous. of gross..
Percent of capacity
Shipments, total..
thous. of gross..
Narrow neck, food
__do
Wide mouth, food
.do
Pressed food ware
do
Pressure and nonpressure
do
Beer bottles
do
Liquor ware
_do
Medicine and toilet-.
do
General purpose.
do
Milk bottles..
do
Fruit jars and jelly glasses.
-do
Stocks, end of month
do
Other glassware, machine-made:
Tumblers:
Production.
thous. of doz..
Shipments-_
do
Stocks
do
Table, kitchen, and householdware, shipments
thous. of doz. .
Plate glass, polished, production \
thous. of sq. ft,.
Window glass, productiond1..thous. of boxes,.
Percent of capacitycf
7,349
5,001
1.297
79.9
4,910
1,166
71.8
4,775
1,113
5,237
1,249
76.9
5,488
1,005
61.9
5,855
942
58.1
5,898
1,079
66.5
833
582
264
333
GYPSUM AND PRODUCTS
Gypsum, production:
855,028
1,017,131
1,119,863
Crude.__
_
short tons..
675,307
546, 388
Calcined
do
658,053
Gypsum products sold or used:
337,936
388,625
275, 250
Uncalcined.
._.
do
Calcined:
For building uses:
129, 468
143,148
104,262
Base-coat plasters._
..-do
2,258
2,081
1,
Keene's cement
._
do
62,627
60,310
61, 695
All other building plasters
do
144,658
115, 407
159,123
Lath
_
thous. of sq. ft..
2,982
3,161
12,328
Tile
do....
457,576
372,440
408,044
Wallboard©
do
36, 252
Industrial plasters
short tons..
38,301
39,769
'1 Revised.
Excludes Colorado and Oklahoma.
d" Collection of data temporarily discontinued. Production from October 1942 to August 1943 is partly estimated.
§ For revisions for 1941, see p. S-33 of the August 1943 Survey.
1 According to the compiling agency, these data have represented approximately the entire industry since February 1942.
http://fraser.stlouisfed.org/
©Beginning September 1942 includes laminated board reported as component board; this is a new product not produced prior to that month.
Federal Reserve Bank of St. Louis
1,056,379
688, 592
326,458
154,076
2,094
60,105
183,090
2,796
414,173
44,124
779
633
260
192
S-35
SURVEY OF CURRENT BUSINESS
January 1944
Monthly statistics through December
1941, together with explanatory notes
and references to the sources of the
data, m a y be found in the 1942 Supplement to the Survey
1942
1943
November
October
1943
Novem- December
ber
January
February
March
April
May
June
July
August
September
October
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs..
Shipments
_
..do
Stocks, end of month.
do
12, 310
12,493
16,994
12, 650
13,012
21, 736
11,711 j 12,178
12, 441
12,059
21,369
21,100
12,186
12,937
20, 409
12,255
12,975
19,748
13,442
14, 534
18,715
12,618
13,355
18,037
12,211
12,316
17,992
12,966
13,033
17,984
11,527
11,386
18,125
12, 267
12,714
17,677
12,564
12, 879
17,362
12,375
12, 561
17,177
916,785
.197
879,572
.197
997, 422
.199
939,178
.201
902,301
.201
918,433
.200
839,868
.196
842,260
.198
872,109
.202
846,209
.203
.207
.212
.212
.211
.211
.209
.205
.204
.203
107
1,785
5,757
9,061
COTTON
Cotton (exclusive of linters):
Consumption
858,813 973,086
Prices received by farmers
dol. per lb_.
.194
.189
Prices, wholesale, middling 1 Me" average,
10 markets
dol. per lb._
.197
.189
Production:
Oinnings §
thous. of running bales.. 10, 560
9,713
Crop estimate, equivalent 500-lb. bales
thous. of bales.. 2 11,478
Stocks, domestic cotton in the United States,
end of month:}
Warehouses
.thous. of bales.. 12, 896
12,614
1,991
Mills...
do....
2,343
Cotton linters:
116
Consumption...
...do
110
Production
_
do
220
185
Stocks, end of month.
do
596
749
912, 920
.192
935,870
.196
.193
.197
.204
11,535
11,745
12,117
1
12, 438
i 12,820
13,036
2,408
12,315
2,438
11, 432
2,408
10,569
2,347
9,636
2,252
8,521
2,156
7,648
2,056
7,999
1,876
10, 402
1,881
12,226
2,158
113
216
710
13,538
2,458
108
199
813
111
162
871
98
120
899
109
99
105
63
843
44
798
97
29
733
107
20
658
108
40
613
111
150
660
117
186
708
13,604
2,325
877
COTTON MANUFACTURES
Cotton cloth:
Prices, wholesale:
Mill margins..
.cents per lb_.
Denims, 28-inch_...dol. per y d . .
Print cloth, 64 x 60.._.
do
Sheeting, unbleached, 4 x 4 . .
..do
Spindle activity:
Active spindles
thqusands__
Active spindle hours, total
mil. of hr_.
Average per spindle in place
hours..
Operations..
percent of capacity.
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, for knitting (mill)t
-dol. per lb.
Southern, 40s, single, carded (mill)...do
RAYON
Consumption:
Yarn
mil. of lb__
Staple
fiber
do
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per lb_.
Staple fiber, viscose, 1H denier.
do
Stocks, producers', end of month:
Yarn...
mil. of lb._
Staple
fiber.
do
21.12
.192
3.087
5.108
21.85
.192
.090
.108
21.47
.192
.090
.108
21.08
.192
.090
.108
20.32
.192
.090
(«)
20.05
.192
.090
(«)
19.60
.192
.090
(0
19.62
.192
».O87
U08
19.69
.192
3.087
M08
19.69
.192
«.O87
U08
19.94
.192
3.087
U08
20.34
.192
3.087
«.1O8
20.37
.192
3.087
«.1O8
20.47
.192
3.087
6
.108
22, 623
10,179
436
125.3
23,018
11,420
480
137.3
22,978
10, 558
444
133.9
22,923
10,726
451
128.3
22,935
10,825
458
139.8
22,907
10,254
435
135.9
22,925
11,648
495
134.4
22,895
10,928
465
133.2
22,777
10,577
451
134.1
22,769
10,714
458
130.0
22,667
9,888
423
120.0
22, 633
10,091
fe f 431
[122.5
22, 631
10, 325
442
127.5
22, 599
10,070
432
129.5
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
.414
.515
42.8
13.9
41.1
12.6
38.8
12.4
41.0
13.2
37.9
12.7
39.0
12.6
42.8
14.0
41.5
13.2
41.8
12.9
39.6
13.3
40.0
13.2
41.4
13.8
40.2
14.0
""43.9
' 13. 9
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
.550
.250
7.0
2.6
7.7
4.1
8.1
4.4
8.7
3.3
8.9
3.0
7.1
2.5
2.8
6.6
2.3
6.7
2.8
6.5
2.9
6.4
3.2
6.5
3.5
7.8
2.8
'7.6
'2.5
WOOL
Consumption (scoured basis) i
54,800
48,832
47,328
46,216 ' 43, 056 54,285
50,280
58,980
44,388
45, 504 56,160 49,320
45,100
Apparel class
thous. of lb._
3,385
2,052
2,180
2,972
2,132
2,456
2,665
3,610
2,400
3,168
2,944
Carpet class
do
3,240
3,036
Machinery activity (weekly average);}
Looms:
Woolen and worsted:*
2,415
2,520
2,716
2,615
2,654 r 2,455
2,809
2,721
2,711
2,676
2,813
2,703
Broad
thous. of active hours.
2,650
63
55
63
59
61
66
'68
Narrow_.
do
68
63
75
71
67
70
Carpet and rug:»
53
54
48
55
50
67
60
64
63
65
Broad
—-do
35
31
35
35
37
41
40
42
40
42
41
Narrow
do
Spinning spindles:
128,423 125,194 126, 337 124,120 133,482 134,890 129,049 130,201 127,186 115,836 126,341 '120,844 122,735
Woolen^
do
Worsted,
_
do
118, 676 115,344 114, 958 112,922 119, 015 118,835 114,009 118,047 113,716 105,100 108,794 106, 548 115,042
207
203
210
219
205
219
226
219
207
206
218
Worsted combs
do
217
217
Prices, wholesale:
1.205
1.205
1.205
1.205
1.205
1.205
1.205
1.205
1.205
1.205
1.205
1.205
1.205
1.205
Raw, territory, fine, scoured
dol. per lb._
.545
.545
.644
.545
.543
.535
.535
.538
.545
.535
.535
.535
Raw, Ohio and Penn., fleeces.... do
.535
.535
Australian (Sydney), 64~70s, scoured, in
.765
.765
.765
.765
.765
.765
.765
.765
.765
.765
.765
.790
.790
.790
bond (Boston)
dol. p e r l b . .
Women's dress goods, French serge, 64" (at
1.559
1.559
1.559
1.559
1.559
1.559
1.559
1.559
mill).,.
.dol. per yd_.
1.559
1.559
1.559
1.559
(4)
(4)
Worsted yarn, 2^2's, crossbred stock
1.800
1.800
1.800
1.800
1.800
1.800
1.800
1.800
1.800
1.800
(Boston).
dol. per lb_.
1.800
1.800
1.800
1.800
J
'3 Revised.
i Total ginnings of 1942 crop.
December 1 estimate of 1943 crop.
Price of 64 x 56 print cloth; production of 64 x 60 cloth, quoted at $0,090 through June 1943, has been discontinued.
* No quotation.
8
Price of 56 x 56 sheeting. Prices for 1942 are for 56 x 60 sheeting; production of this sheeting has been discontinued.
§ Total ginnings to end of month indicated.
X For revised figures for cotton stocks for August 1941-March 1942, see p. S-34 of the May 1943 Survey. The total stocks of American cotton in the United States on July 31,
1942, including stocks on farms and in transit, was 10,505,000 bales and on July 31,1943,10,569,000 bales; stocks of foreign cotton in the United States on these dates totaled 135,000
bales and 88,000 bales, respectively.
1 Data for January, April, July, and October 1943 are for 5 weeks; other months. 4 weeks.
• Carpet and rug looms converted to the manufacture of blankets and cotton fabrics and woolen and worsted looms operating entirely on cotton yarns have been excluded beginning January 1942 and July 1942. respectively (see note marked " • " on p. S-35 of the October 1943 Survey). October 1942 and 1943 figures for these looms are as follows (thousands
of active hours): Woolen and worsted looms on cotton yarns—1942, broad and narrow, total, 52; 1943, broad, 56; narrow, 8. Carpet and rug looms on blankets, broad—1942, 23; 1943,
36. Carpet and rug looms on cotton fabrics—1942, broad and narrow, total, 191; 1943, broad, 50; narrow, 60. For similar figures for August and September 1942 and 1943 see preceding
issues of the Survey. Total machinery activity can be obtained by adding these data to figures given above.
tRevised series. The yarn price series for Southern, 22/1 cones, has been substituted beginning 1941 for the Northern, mulespun, series formerly shown; for monthly 1941 data,
see p. S-35 of the November 1942 issue (1941 monthly average, $0,355).
S-36
SURVEY OF CURKENT BUSINESS
Monthly statistics through December
1943
1941, together -with explanatory notes
and references to the sources of the
data, may be found in the 1942 Sup- Novemplement to the Survey
ber
1942
October
January 1944
1943
Novem- Decem«
ber
ber
January
February
March
April
May
June
July
August
September
October
TEXTILE PRODUCTS—Continued
WOOL—Continued
Stocks, scoured basis, end of quarter:!
Total
thous. of lb
Wool finer than 40s, total
do
Domestic
do
Foreign
do
Wool 40s and below and carpet
do
265, 535
194,167
95,790
98, 377
71,368
194,066
136, 752
59, 332
77, 420
57,314
296, 514
251, 717
138,459
113, 258
44,797
320, 223
278,407
134 345
144,062
41,816
MISCELLANEOUS PRODUCTS
Fur, sales by dealers.
thous. of dol.. v 2,656
Pyroxylin-coated textiles (cotton fabrics):
Orders, unfilled, end of mo_.thous. lin. yd._ 10, 551
Pyroxylin spread
thous. of lb
4,585
5,897
Shipments, billed
thous. linear y d . .
2,721
' 3,122
4,484
6,918
6,406
8,663
6,004
' 4,938
' 5,712
'3,786
' 3,637
r 2, 808
v 1,438
8,913
4,621
4,950
9,959
3,570
4,248
9,658
3,776
4,510
10,212
3,790
4,320
10,036
3,269
4,323
9,231
3,783
4,766
8,760
3,803
4,678
9,761
4,016
4,760
10,226
4,220
5,330
10, 234
4,159
4,672
9,605
4,193
5,090
11, 429
4,435
5,194
10,688
4,658
5,346
TRANSPORTATION EQUIPMENT
AUTOMOBILES
Indexes of retail financing:
Passenger car financing, volume:f
Total
Jan. 1942=100
New cars
do
Used cars
do
Retail automobile receivables outstanding,
end of month
Dec. 31,1939=100..
Automobile rims, production._thous. of rims. _
32
10
38
32
26
34
26
16
28
20
11
22
17
11
19
21
13
23
36
30
37
41
39
41
39
36
40
40
28
42
37
23
41
40
22
44
38
14
44
33
13
38
14
869
51
547
44
488
37
554
31
567
27
527
22
638
20
653
18
683
16
634
15
648
15
686
14
732
14
746
3,670
2,271
288
288
2,142
1,970
0
0
2,202
1,896
8
1
2,244
1,428
0
0
3,061
1,447
0
0
3,366
1,321
3
0
5,584
1,469
0
0
8,045
1,641
6
0
8,009
1,034
0
0
7,837
1,420
0
0
7,752
2,382
0
0
6,843
2,995
0
0
6,105
3,599
3
0
3, 943
3,058
62
0
1,750
1,737
1,739
1,739
1,740
1,741
1,741
1,740
1,740
1,741
1,742
1,744
1,747
1,749
43
2.5
35,053
23,176
11,877
42
2.4
29,204
22, 419
6,785
45
2.6
27, 308
22,167
5,141
42
2.4
27,061
20, 065
6,996
46
2.6
19, 281
15,069
4,212
45
2.6
19, 329
15, 417
3,912
44
2.6
20, 712
17, 393
3,319
47
2.8
19, 397
16,162
3,235
48
2.8
33, 537
28, 227
5,310
49
2.9
31, 744
27,011
4,733
50
2.9
27, 795
23, 577
4,218
49
2.8
28,133
22,975
5,158
48
2.8
27,696
21,410
6,286
45
2.6
32,892
21,876
11,016
2,109
5.3
387
323
64
2,143
5.5
289
216
73
2,098
5.4
369
279
90
1,932
4.9
355
263
92
1,957
5.0
365
269
96
1,975
5.0
394
312
82
2,081
5.3
416
312
104
2,082
5.3
394
305
89
2,052
5.2
418
340
78
2,051
5.2
506
391
115
2,014
5.1
485
385
100
2,105
5.3
461
371
90
2,070
5.3
468
387
81
2,079
5.3
426
352
74
420
418
2
367
352
15
411
380
31
285
280
5
342
309
33
435
425
10
410
384
26
353
342
11
378
362
16
299
296
3
352
346
6
369
361
8
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
number
Domestic ._ .
_
.do . .
Passenger cars, total
..do
Domestic
do .
Association of American Railroads:
Freight cars, end of month:
Number owned . _
. thousands .
Undergoing or awaiting classified repairs
thousands..
Percent of total on line
Orders, unfilled _ .
_cars .
Equipment manufacturers
do
Railroad shops .
. .
_do _ .
Locomotives, steam, end of month:
Undergoing or awaiting classified repairs
number..
Percent of total on line
Orders unfilled
number
Equipment manufacturers
do
Railroad shops
_.do
INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, totalDomestic .
Exports
number_
do do
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined index!
1935-39=100
Industrial production, combined index f
1935-39=100
Construction!
,
do
Electric power
do
Manufacturing!
do
Forestry! . . .
_
-do
Mining!
- >-do
Distribution, combined indexf
do
Agricultural marketings, adjusted:!
Combined index
..
..do
Grain
do
Livestock
do
Commodity prices:
Cost of living
_ ..do
Wholesale prices
1926=100..
Railways:
Carload ings._
thoui. of cars..
Revenue freight carried 1 mile . mil. of tons.
Passengers carried 1 mile
mil. of pass..
207.2
221.2
225.8
227.3
231.7
236.9
231.8
232.4
236.3
241.0
236.7
239.5
239.3
106.9
137.3
263.4
116.7
192.0
142.7
250.8
101.5
140.1
276.2
124.7
209.6
160.6
254.6
95.0
142.5
279.0
105.6
225.3
166.3
267.8
140.7
141.8
290.8
120.7
236.1
143.3
269.1
90.8
146.5
294.1
124.4
250.6
154.3
274.4
83.7
153.0
296.7
116.0
281.2
159.2
267.8
91.3
161.2
286.5
118.5
285.0
157.2
267.2
73.6
161.6
285.6
132.2
295.5
160.5
270.2
69.5
167.3
284.8
126.6
327.7
166.1
276.8
84.9
163.7
290.8
127.2
337.7
166.9
280.9
77.5
160.5
299.2
127.2
322.4
r
154.0
283.3
82.5
151.3
304.1
114.2
310.9
148.8
106.6
112.9
78.9
119.4
102.4
207.8
238.6
97.8
138.5
262.6
126.7
195.7
142.1
95.4
90.4
117.0
141.7
146.4
121.2
133.5
149.8
62.8
110.3
113.3
97.2
108.8
108.4
110.7
224.9
256.7
86.6
252.7
290.4
88.9
258.3
293.0
107.6
295.2
339.3
104.0
120.5
123.4
108.1
53.4
45.3
88.7
51. C
44.6
78.5
117.8
96.6
118.6
96.9
118.8
97.0
117.1
97.1
116.9
97.5
117.2
98.5
117.6
98.9
118.1
99.2
118.5
99.5
118.8
100.1
119.2
100.4
119.4
101.2
119.3
101.8
303
315
323
5,171
404
291
273
237
247
5,077
385
4,750
652
4,063
411
4,456
388
286
5,083
481
280
284
5,167
519
298
5,460
508
5,611
564
293
5,515
657
302
5,659
662
5,670
573
r
Revised.
» Preliminary.
!Revised series. Wool stocks are compiled on a revised basis beginning 1942 and cover all known stocks of wool in commercial channels, including stocks in the hands of country
dealers and in country warehouses; figures exclude stocks afloat which are no longer available for publication. Stocks of foreign wool held by the Defense Supplies Corporation are
not included. For reference to approximately comparable 1941 data, except for exclusion of country dealer and warehouse stocks, see note marked " ! " on p . S-35 of the May 1943
Survey. The indexes of retail automobile financing shown above on a January 1942 base may be linked to the indexes on a 1939 base shown in the 1942 Supplement by applying the
current series to the January 1942 Index on a 1939 base given in footnote fi to p. 170 of the 1942 Supplement. The revision of the Canadian index of physical volume of business is
due mainly to changes in the weighting and in the list of components, so as to present a picture of the expansion in industries engaged io war production. Revised data were first
shown on p. S~36 of the December 1942 Survey; subsequently the construction index was further revised in the March 1943 Survey; The revised index of grain marketings is based
on receipts at country elevators. For revised monthly average* for 1941 see note marked " ! " on p. S-36 of the April 1943 Survey. Revisions for agricultural marketings beginning
1919 and for other series beginning January 1940 are available on requeit.
V. 3 . GOVERNMENT PRINTING OFFICE: 1944
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S36
Wtontbly
w S-23
U . . S-24
i U - S-25
S28
4 — S-30
icta. S-31
. * _ S-31
^ S-32
US-. S-33
ll,*; s-34
*. S-35
W«i— S-36
#&+*• S-36
CLASSIFICATION, BY INDIVIDUAL SERIES
» . - _
^i..I._..-__._
1
14,15
7, 22
*^'^;*-**.'-.-.^^*--' n, 13,14
^ B ^ ^ ^ ^ ^ .
2 3
^ ^ ^ ^ . . . . . *• 2 ' 2 5
-—•—*.• -P. • - - - 31
23
tl» 13,14, 33
j i ^ 13,14, 35
g«»»«-»«^«;l»-».*.:-V-«««,««-i-«^*.:f»»*»-.--..---- 15, 16
27
^_
, „
1, 2, 25
Bituminoua c o a l . _ . . — — — 2,3,1O» II, 13,14,33
30
20
32
:m#,-t&YpL^%&£
_ _ _ . ,
r
—-
4 7
CneeW.-.w------*-^---**;*--.*.**'^.-.---*.--.--25
Chemicalt. 1,2,3,4,9,10,11,12,13,14,16,18,23,24
Cigar* and d ^ ^ t t o e * ^ - ^ ; * . ^ ^ ^
Ciili
j j f l i ^ ^ ! ^ * - ,
(
t
28
11
y, tc.V___ 1,2,34
u . . . ^ Z M '&%* ppWtli$2,13,14. 35
: ^ . ^ * , ™ ^ * . . ^ ^ ^ ^ ^ ; ^ ^ M/1U 12,14,33
Contracts awarded..,
Consumer t ^ ^ m
Consumer expenditur
C t o e ^
Cotton, fprar* and
Cottxmseed,
Qr^IIZl.
I-"- 16,' 17
4,5
4,5
.-•«-:fcU«
5,6
^ 4 — ^ - ^ — 4,5,11
23,24
26
3,4
T
$»Cl<CBri3,14,35
a » - _ . .
24
it.«:v,W-*5W,iMi 1,24,26,27, 28
2,3,4, 25
Pages marked S
Earnings, weekly and hourly
13, 14
Egga and chickens
1, 3, 28
Electrical equipment
2,3, 6,31,32
Electric power production, sales, revenues
24, 25
Employment, estimated
9
Employment indexes:
Factory, by cities and States
10
Factory, by industries
„
9,10
Nonmanufacturing
10,11
Employment, security operations
12
Emigration and immigration
22
Engineering construction
5
Exchange rates, foreign
17
Expenditures, United States Government
18, 19
Explosives
23
Exports
„
.
21
Factory, employment, pay rolls, hours, wages.
9,
10,11,12,13,14,15
Fairchild's retail price index
3
Farm wages
14
Farm prices, index
3,4
Fats and oils
4, 23, 24
Federal Government,
finance
18
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks
15
Fertilizers
_
4, 23
Fire losses
6
Fish oils, and
fish
23, 28
Flaxseed
24
Flooring
29
Flour, wheat..
27
Food products
_
2,3,
4, 6, 7, 9,10,11,12,13, 14,16, 18, 25, 26, 27, 28
Footwear
2,4,7,9,10,12,13,14,29
Foreclosures, real estate
6
Foundry equipment
31
Freight cars (equipment)
36
Freight carloadings, cars, indexes
22
Freight-car surplus
22
Fruits and vegetables
2,3,4, 26
Fuel equipment and heating apparatus
31
Fuels
_
2,3,4,33
Furniture
1, 4, 9,10,11,12, 13,14, 30
Gas, customers, sales, revenues
25
Gas and fuel oils
33
Gasoline
33,34
Gelatin, edible
28
Glass and glassware (see also Stone, clay, etc.)- 1, 2, 34
Gold
17
Goods in warehouses
6
Grains
_
„
3, 26, 27
Gypsum
34
Hides and skins
4, 28
Highways
4, 5,11
Hogs
i
_
— 27
Home-loan banks, loans outstanding
6
Home mortgages
6
Hosiery. —
_
_
4, 35
Hotels
10,13, 22
Hours per week
11
Housefurnishings
3, 4, 6, 7
Housing..
3,4,5
Illinois, employment, pay rolls, wages
10,12,14
Immigration and emigration
22
Imports
21
Income payments
1
Income-tax receipts
18
Incorporations, business, new
18
Industrial production, indexes
1, 2
Instalment loans
16
Instalment sales, dep artment stores
8
Insurance, life
17
Interest and money rates
16
Inventories, manufacturers* and trade
2,3
Iron and steel, crude, manufactures
2,
3, 4, 9, 11,12, 13,16, 18, 30, 31
Kerosene
34
Labor force
9
Labor, disputes, turn-over
11,12
Lamb and mutton
27
Lard
__. 27
Lead
31
Leather
_ 2, 4, 9, 10,11,12,13,14,16, 28, 29
Linseed oil, cake, and meal
24
Livestock
1,3, 27
Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit)
6, 15, 17,18, 19
Locomotives
36
Looms, woolen, activity
35
Lubricants
34
Lumber
1, 2, 4, 9, 10, 11, 12, 13, 14, 16, 29, 30
Machine activity, cotton, wool
35
Machine tools
9, 10, 11, 12, 13, 14, 31
Machinery
1, 2, 3, 9, 10, 11,12, 13, 14, 16,17, 31
Magazine advertising
6
Manufacturers' orders, shipments, inventories
2,3
Manufacturing production indexes
1,2
Maryland, employment, pay rolls
10, 12
Massachusetts, employment, pay rolls,
wages____
10,12,14
Meats and meat packing. 1, 2,3, 4, 9,10,12,13,14, 27
Metals
1, 2, 4, 9,10,11,12,13, 14,18, 30, 31
Methanol
23
Milk
25, 26
Minerals
2,10,11,13,14
Motors, electrical
31
Naval stores
23
New Jersey, employment, pay rolls, wages
10,
12,14
Newspaper advertising
6
Pages marked S
Newsprint
32
New York, employment, pay rolls, wages. 10,12, 14
New York Stock Exchange
20
Oats
26
Ohio, employment, pay rolls
10,12
Oils and fats
4, 23, 24
Oleomargarine
24
Orders, new, manufacturers'
2
Paint and paint materials
4, 24
Paper and pulp
2, 3, 4, 9,10,11,12,13,14,16,32
Passports issued
22
Pay rolls:
Factory, by cities and States
12
Factory, by industries
12, 13
Nonmanufacturing industries
13
Pennsylvania, employment, pay rolls, wages.. 10,
12,14
Petroleum and products
2,
3, 4, 9,10,11,12,13,14,18, 33, 34
Pig iron
30
Porcelain enameled products
31
Pork
_
_
27
Postal business
7
Postal savings
16
Poultry and eggs
1, 3, 28
Prices (see also individual commodities):
Retail indexes
3
Wholesale indexes
3,4
Printing
2, 9,10,11,12,13,14,16, 32
Profits, corporation
18
Public assistance
15
Public utilities....
4, 5,10,11,13,14,18,19, 20
Pullman Co
22
Pumps
31
Purchasing power of the dollar
4
Radio advertising
6
Railways, operations, equipment, financial
statistics, employment, wages
10,
11,13,14,16,18,19, 20, 21, 22,36
Railways, street (see Street railways, etc.)*
Rayon
2,4,9, 10,12,13,14,35
Receipts, United States Government
18
Reconstruction Finance Corporation, loans
19
Rents (housing), index
3
Retail trade:
All retail stores, sales
7
Chain stores
7, 8
Department stores
7, 8
Mail order
8
Rural, general merchandise
8
Rice
26
Roofing, asphalt
34
Rubber products
2,4, 9,10,11,12,13,14
Savings deposits
16
Sheep and lambs
27
Shipbuilding
11,13,14
Shipments, manufactures
2
Shoes
2, 4, 7, 9,10,12,13,14, 29
Shortenings
24
Silver
17
Skins
28
Slaughtering and meat packing
2,
9,10,12,13,14,27
Soybeans and soybean oil
24
Spindle activity, cotton, wool
35
Steel and iron (see Iron and steel).
Steel, scrap
30
Stocks, department store (see also Manufacturers' inventories)
8
Stocks, issues, prices, sales, yields
20, 21
Stone, clay, and glass products
1,
2, 9, 10, 11, 12, 13,14,16, 17, 34
Street railways and busses
10,11,13, 14
Sugar
28
Sulphur
_.23
Sulfuric acid
_
23
Superphosphate
23
Telephone, telegraph, cable, and radio-telegraph carriers
10, 11, 13, 14,18, 23
Textiles
2, 4, 9, 10,11, 12,13,14,16, 35, 36
Tile
34
Tin
31
Tobacco
2, 9,10,11,12,13,14, 28
Tools, machine
11, 13,31
Trade, retail and wholesaled, 7, 8, 9,11, 13, 14,16, 17
Transit Hne3, local
21
Transportation, commodity and passenger
21, 22
Transportation equipment
1,
2, 3, 9, 10,11,12, 13,14,16,17, 36
Travel
22
Trucks and tractors, industrial, electric
36
Unemployment
9
United States Government bonds
19,20
United States Government,
finance
18
United States Steel Corporation
30
Utilities
_ 4, 5,10, 11,13,14,18,19, 20
Variety stores
7, 8
Vegetable oils
_
— 23
Vegetables and fruits..
2,3,4,26
Wages, factory and miscellaneous
13,14,15
War program and expenditures
18
War Savings bonds
18
Warehouses, space occupied
6
Water transportation, employment, pay rolls. 11,13
Wheat and wheat
flour
27
Wholesale price indexes
3,4
Wisconsin, employment, pay rolls, wages. .10,12,14
Wood pulp
4,32
Wool and wool manufactures
2,
4,9,10,12,13,14,35,36
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