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JUNE 1943

SURVEY OF

CURRENT
BUSINESS




UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE




SURVEY OF
CURRENT BUSINESS

JUNE 1943
ECONOMIC HIGHLIGHTS

2

THE BUSINESS SITUATION

3

Corporate Profits

4

Civilian Supply: Inventories

5

Hours of Work

8

STATE INCOME PAYMENTS, 1929-42

10

RECENT TRENDS IN CORPORATE PROFITS

;.

23

STATISTICAL DATA:
United States War Program, Commitments and Expenditures—Table 7

29

Wood Pulp Production and Stocks—Table 8

30

Estimated Labor Force, Employment and Unemployment Table 9

30

Indexes of Employment and Pay Rolls in Nonmanufacturing Industries—Table
10

31

Construction Activity in the Continental United States, 1929-42—Table 11
Monthly Business Statistics
General Index

32
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, O. P. HOPKINS, Acting Director

Volume 23

Number 6
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Superintendent of Documents, U. S. Government Printing Office, Washington, D. C.




SURVEY OF CURRENT BUSINESS

June 1943

Economic Highlights
Inflationary Pressure Continues to Mount

Manufacturers' Output Continues to Rise

Two sidelights on the problem of wartime inflation are evident
in the accompanying chart. Aggregate salaries and wages, the
chief component of consumer income, have advanced steadily
since the inauguration of the defense program in 1940. This
advance is accounted for by rising employment, upgrading of

The aggregate value of shipments of all manufacturing establishments in the United States was more than 12 billion dollars
in April 1943. This value of shipments has risen steadily since
the outbreak of the war, and, as the chart shows, the value of
machine tool shipments has exhibited a roughly similar trend.
BiLLIONS OF DOLLARS
16

BILLIONS OF DOLLARS
20

MILLIONS OF DOLLARS
160

12

120
TOTAL MANUFACTURERS' SHIPMENT
(LEFT SCALE)

80
• MACHINE TOOL SHIPMENTS
(RIGHT SCALE)

40

, I I

1940

1941

1942

1943

1940

1941

I

|

1942

1943
D.D. 43-300

D.O. 43-301

C u r r e n c y i n C i r c u l a t i o n a n d Salaries a n d Wages.

Total Shipments by Manufacturers and Machine Tool Shipments.

workers into better-paying jobs, longer hours, and, in some cases
by actual increases in wage rates. The trend of salaries and wages
is indicative of the growth in purchasing power in the hands of
consumers during a period when civilian production could not
be expanded proportionately, due to the drain on resources
diverted to military purposes. The trend of currency in circulation is related not only to the growth in consumer income but
also to the growth in individuals' cash balances associated with
the restrictions on consumer spending which have been imposed
by goods shortages, price control, rationing, and the voluntary
savings campaign. A substantial part of the increase in individuals' saving during the war period has piled up in the form of
cash balances.

Machine tool shipments are particularly important as an index
of the rate at which retooling for war work has been completed,
and also as an index of the rate at which productive capacity in
manufacturing industries is being expanded. At present the
trend of machine tool shipments is downward, indicating approaching completion of the industrial conversion program and
concentration upon efforts to expand the immediate output of war
supplies. Total manufacturers' shipments, however, will continue to grow in dollar volume as the war program nears its
peak. The dollar series, both on total shipments and machine
tool shipments, reflect price changes and changes in the nature
of manufacturers' output. Hence they both overstate the
increase in real output during the wTar period.

Employment Trends Reflect War Program
The rapid growth in total employment during the war period to have retained nearly intact the pre-war seasonal pattern. This
conclusion must be qualified,
has come, as is well known, prihowever, since the index of service
marily in the armed forces and in RATIO SCALE
RATIO SCALE
MILLIONS OF PERSONS industry employment shown in
OF PERSONS
the manufacturing industries, MILLIONS
15.00
1.50
the chart is by no means complete
particularly
those
industries
in
coverage. Actually it may give
largely engaged in producing war
1.25
an incorrect trend for service inoutput. The total number of
dustries as a whole. Since manuwage earners in manufacturing,
facturing employment this year
which averaged only 8.2 millions 10.00
1.00 must continue to increase if the
during 1939, had grow^n to a figure
scheduled war program is to be
of 13.7 millions in April 1943,
realized, and since general manFurthermore, the seasonal variapower shortages are becoming0.75
7.50
tions apparent in manufacturing
evident, it is obvious that ememployment during peacetime
ployment trends in certain of the
have been virtually eliminated by
less essential occupations, such as
the war program. In sharp consome of the service industries,
may soon be reversed. The protrast to this employment trend in
0.50
gram of the War Manpower Commanufacturing, employment in 5.00
1940
1941
1939
1943
mission is designed to speed these
the service industries appears to
have grow^n only moderately and Estimated Wage Earners in Manufacturing and Service Industries. employment shifts.



June 1943

SURVEY OF CURRENT BUSINESS

The Business Situation

T

HE Nation's civil organization for vvr.r reached
virtual completion last month with the establishment of the Office of War Mobilization. The powers
conferred upon this agency were such as to make it the
chief economic policy making body of the Nation. It
was empowered by the President's directive of May 28:
" (A) To develop unified programs and to establish
policies for the maximum use of the Nation's natural
and industrial resources for military and civilian
needs, for the effective use of the national manpower
not in the armed forces, for the maintenance and
stabilization of the civilian economy, and for the
adjustment of such economy to war needs and conditions ;
" (B) To unify the activities of Federal agencies and
departments engaged in or concerned with production,
procurement, distribution or transportation of military or civilian supplies, materials, and products
and to resolve and determine controversies between
such agencies or departments, except those to be
resolved by the director of economic stabilization under
Section 3, Title IV of Executive Order 9250; and
" (C) To issue such directives on policy or operations
to the Federal agencies and departments as may be
necessary to carry out the programs developed, the
policies established, and the decisions made under
this order. It shall be the duty of all such agencies
and departments to execute these directives, and to
make to the Office of War Mobilization such progress
reports as may be required."
This new agency should perform an important service in eliminating jurisdictional conflicts among existing
war agencies and should thus make possible the attainment of better balance among all phases of the war
effort. This balance is increasingly needed as wre approach nearer to the peak of our war drive.
The Director of War Mobilization and the War
Mobilization Committee were immediately faced by
far-reaching economic problems of the most difficult
sort. These problems were all phases of the pervasive
problem of war—how to mobilize, allocate, and make
the best use of scarce resources of manpower and materials. The inflation aspect of this over-all mobilization
problem grew particularly critical as it embraced the
coal strike wage negotiations, the price control difficulties, and the fiscal problem. The manpower aspect of
war mobilization was also perplexing in the extreme
as the difficulties of establishing the 48-hour week and
of making the job freeze effective became more evident.
The general impression conveyed by economic events
of May is that of a regrouping of forces before the final
drive to the peak of the war effort. Thus while munitions output continued to forge ahead, total industrial



production, as measured by the Federal Reserve adjusted index, continued to lag, advancing only an estimated 1 point from April and only 2 points altogether
since February.
At the same time, employment in nonagricultural
industries in May not only declined by 300,000 from
April but also, for the first time since the defense-war
effort began, stood lower than the corresponding month
of the previous year. This was due chiefly to the
channeling of men into the armed forces. Women
emploj^ed in nonagricultural industries in May 1943
numbered 14.1 millions or 2.3 millions more than in
May 1942, vvhile men employed in those industries
numbered 27.2 millions or 2.4 millions less than in May
1942. May agricultural employment totaled 10.8
millions compared with 10.2 millions 12 months earlier.
Of this current number, 1.8 millions were women—
400,000 more than a year ago. The prospects that
women must provide the bulk of the additions to our
labor force if the requirements of the war program are
to be met remain unchanged.
Table 1.—New Construction Activity, Continental United
States
[Millions of dollars]
1942

1943

Item

Total new construction.
Total private
Residential (nonfarm) 2_
Nonresidential:
Industrial
Allother
Farm construction:
Residential
Nonresidential
Public utility
Total public
Residential
Military and n a v a l 3
Nonresidential:
Industrial3
Allother
Highway
Sewage disposal and water s u p p l y - .
All other Federal
Miscellaneous public-service enterprises

Janu- February
ary March

104
45

12
6

April

720

761
115
54

April i

108
44

116
52

331

7
5

6
4

19
24

1
2
40

2
3
40

3
4
45

4
5
45

10
7
63

690
59
325

657
59
294

614
64
281

604
68
278

757
41
359

264
3
24
5

262
2
23
4
11

225
2
24
4
12

205
3
31
5
12

238
15
57
10
31

1
2 Data for April are preliminary.
3 Preliminary estimates of the Bureau

of Labor Statistics.
Based on data prepared by the Construction Research Section of the Statistics
Division of the War Production Board.
Source: U. S. Department of Commerce.

Other economic developments during May and early
June reflected wartime pressure. Munitions output
continued to rise after the January set-back; Treasury
reports on total war expenditures continued at the level
of the past quarter—approximately 7 billion dollars per
month; construction, apart from seasonal influences,
continued to decline steadily. This trend is evident
from the data in table 1.

SURVEY OF CURRENT BUSINESS
Price problems increased in severity during May.
Retail trade, spurred by steadily increasing income
payments, remained some 13 percent above the corresponding level of a year ago, although down on a seasonally adjusted basis from the all-time high of February.
The February index was 170 while that for April
was only 157. Even sales of durable goods have
remained high particularly in view of the limited and
irreplaceable supply of these products. Independent
stores have, according to new sales indexes constructed
by the Department of Commerce, increased their sales
rapidly over the last year while chain-store sales have
not quite held their former level.
Continuing high consumer demand, together with
rationing and price control which has channeled much
of this demand on to nonrationed goods, had led to
some spectacular price rises. Wholesale food prices
rose 1 percent in April, while retail prices of food
increased 2.3 percent for the latest available month
(mid-March to mid-April). Mainly as a result of
higher food prices, the Bureau of Labor Statistics
cost-of-living index rose from 122.8 to 124.1 over the
March-April period.
In an effort to hold the line against spiralling living
costs, the Office of Price Administration has undertaken an enforcement drive to eliminate black-market
trading and has sponsored a War Meat Board to maintain better control over the distribution of meat to
legitimate consumers. It has also moved toward the
establishment of community-wide price ceilings to
replace varying ceilings for individual stores, and has
turned finally to the use of subsidies to ensure reasonable
prices to consumers for meat, butter, and coffee, while
at the same time making unnecessary a roll-back of
prices to producers.
Enhanced costs of living have led to insistent demands
for upward wage readjustments, not only in the bituminous coal industry but also among rubber and railroad workers. While the coal dispute remained
unsettled, 51,000 rubber workers in Akron went on
strike late in May against the decision of the War Labor
Board to grant only a 3-, instead of an 8-cent hourly
wage increase.
Sharply increased taxes, which many analysts feel
should constitute the chief weapon against wartime
inflation, appeared even more remote in early June as
Congress passed a compromise pay-as-you-go plan of
income tax collection. This compromise bill apparently
reflected a feeling that current collections at last year's
rates plus a payment of one-eighth of 1942's taxes in
1944 and another one-eighth in 1945 will obviate the
necessity of any increase this year. The plan cancels
three-fourths of 1942 taxes (or 1943, if income is lower
this year than last), and places salaried workers and
wage earners on a current basis by a 20-percent deduction from pay after exemptions. It also provides for
current
quarterly payments based on forecasts of income



June 194£

in cases of nonsalaried persons and others not subject
to current pay-roll deductions.
The other direct attack on inflation—sale of war
bonds to individuals—was pushed vigorously in the
April War Loan Drive. With 12 billion dollars the
goal, bonds valued at 18.5 billions were sold. Roughly
80 percent of the total, however, was sold to banks,
insurance companies, and corporations. The change in
outstandings of Series E war savings bonds (the bonds
that normally drain consumer purchasing power)
amounted to only 1,473 million dollars in the 5-week
period April 1 to May 8. This compares with the
March total of 606 millions.
While there are undoubtedly many individual cases
of hardship, the civilian economy has not so far suffered
extreme hardship or been unrewarded for its war effort.
Total income payments to individuals in April were 11.2
billion dollars or at the annual rate of about 140 billions.
First quarter corporate profits after taxes were 18 percent above the corresponding 1942 profits and the
indications are that, unless corporate income tax rates
are revised substantially upward, profits for the entire
year will make a decided gain over those for 1942.
Despite the prevailing opinion that businesses not partaking directly in munitions output were suffering great
difficulties, business failures were the lowest for any
period on record.
Corporate Profits
Elsewhere in this issue there appears an analysis of
corporate earnings during the period 1929 through 1942.
New series are shown measuring corporate profits by
major industrial divisions, both before and after taxes,
for this period. These new statistical data will be of
interest to many analysts as a n indication of the current
trend of corporate earnings.
Upon the basis of first quarter results, reasonable
estimates can now be made of the probable magnitude
of corporate profits during 1943. Although there are
too man/ uncertainties during the war period to make
possible an accurate forecast, the principal factors
which will determine the level of corporate earnings
this year are readily apparent. It is clear that there
will be no dearth of demand for goods and services,
at least for the rest of the year. It is also plain that
every effort will be made to increase to the highest
possible level the output of all industries closely related
to the war program. Thus the chief factors which in
most industries will determine the level of corporate
profits before taxes in 1943 are the trends of selling
prices and wages. Should these be held in check fairly
effectively, the rise in corporate earnings may be
moderate; should wage and price ceilings give way on a
broad scale, the rise in corporate profits before taxes
might become precipitous.

June 1943

SURVEY OF CURRENT BUSINESS

Production as scheduled under the war program
provides a fair basis for estimating the output of
various industries and industry groups. From these
output or sales estimates, and upon the basis of the
assumption that past relationships, such as that of
sales to profits and gross national product to sales,
will not be drastically modified, it is possible to make
rough estimates of total prospective corporate profits in
1943. These indicate that total profits before taxes
will aggregate somewhere between 23 and 25 billion
dollars. It may be noted that first quarter 1943
profits were nearly 20 percent higher than those of the
corresponding 1942 period. Should that same rate of
increase prevail during the remainder of the year, the
result would be between 22 and 23 billion dollars.
A minor question mark in the outlook for corporate
profits is renegotiation of war contracts. As is well
known, many supply contracts, issued originally at
prices based on relatively small quantities of output,
are being revised in light of the substantial reduction
in unit costs which large-scale production of war goods
has demonstrated to be possible. Through January
1943 contracts issued by the War Department had been
renegotiated to a point where 300 million dollars in
cash had been returned to the Government and about
700 million dollars in savings had been realized on items
not yet delivered. Through March 19, 1943, contracts
of the Navy Department had been scaled down to save
158 million dollars and to indicate a further saving of
273 millions on uncompleted projects. Maritime Commission contracts had also been reduced to the extent of
30 million dollars during the period ended March 19,
1943. Renegotiation will undoubtedly continue to be
pressed throughout the year. This should mean considerably larger savings than those already realized or in
prospect. However, it seems unlikely that the effects
of renegotiation will be strong enough to modify appreciably the relationships of profits to sales.
Present indications are that this year's level of
corporate profits after taxes will also be above that
of 1942. It seems likely that no substantial increase in
corporate income tax rates will be put into effect this
year. In estimating corporate tax liabilities, therefore,
the chief uncertainty concerns the amount of corporate
earnings which will be subject to the excess profits levy.
Last year corporate profits before taxes amounted to
almost 18.8 billion dollars. Of this total, nearly 12
billion were taken by taxes, leaving a net of only 6.9
billions for company use. This year, if corporate tax
rates remain substantially unchanged, a figure of 8
billion dollars for corporate profits after taxes would
appear not unlikely.
Civilian Supply: Inventories
The peak year for both civilian output and consumption was 1941. The peak was attained in that year
despite the fact that a growing preparedness program




took approximately 10 percent of the gross value of
all goods and services produced. In the manufacturing and mining industries, it has been estimated that
in 1941 approximately 30 percent of the physical volume of output was used for defense purposes. However,
this represented only a slight drain on the civilian
economy since, in these same industries, total production during 1941 increased more than 20 percent.
Thus not only was the total effect on the civilian supply
relatively slight, but it was not immediately felt, due
to the fact that large inventories existed at almost
every stage in the distributive process.
In 1942, after the outbreak of the war, acceleration
in the rearmament program was very rapid. For the
year as a whole, more than 30 percent of the gross
value of all output was taken for war purposes. As
in the previous year, the military drain on certain
types of output was below this average. Hence it was
accordingly greater on the output of certain other
industries, such as manufacturing and mining. However, once again total production in these industries
expanded to such a degree that, even though an estimated 50 percent of their products were taken for
military purposes, civilian output in manufacturing
and mining was cut only about 30 percent.
The inventory cushion, still relatively large, was able
almost entirely to absorb this production cut. Hence
consumers were able to purchase nearly as large a
volume of products as they had during the previous
peak year. It should be noted however, that the
maintenance of this virtual peak volume of consumption
was accomplished only by a substantial change in the
character of the commodity flow to individuals. The
only durable goods available were those which did not
require large amounts of critical materials. On the
other hand, consumer services increased both absolutely
and relatively.
During 1943 a substantial further growth in the
volume of war output is, of course, scheduled. Fuithermore we are continually drawing nearer to points of
full utilization of resources. This is true not only of
materials, which have consistently been a limiting
factor in the war program, but also of labor. Primarily
as a result of the increasing difficulties in supplying all
our manpower requirements, the rate of expansion in
total production, which was steady during 1941 and
1942, is beginning to slacken off. Thus it is plain that
production for civilians this year will show a substantial
additional decline. The decline should, however, be
relatively smaller than that experienced last year both
(a) because the process of conversion has been virtually
completed and (6) because as the year progresses we
shall be drawing ever closer to the point of minimum
civilian requirements. Beyond this point further cuts
in civilian output would be damaging to the war effort.
Since the size of the inventory cushion between
production and consumption of civilian products is

6

SURVEY OF CURRENT BUSINESS

important in determining the timing of forced reductions in civilian, supply, the inventory probleoi assumes
a special economic significance during the war period.
By comparing relations between inventories and shipments in selected lines of business we are able to trace
the effects of war restrictions directly to their final
incidence on the consumer.
Total inventories of manufacturers have grown steadily in dollar volume since 1939 and this growth has been
roughly proportional to the increase in dollar value
of manufacturers' shipments. There is, however, a
noticeable difference between the inventory-shipment
ratios in manufacturing during 1941 and 1942. In the
former year there is definite evidence that protective
buying in advance of requirements was generally practiced. Thus inventories tended to increase relatively
more rapidly than shipments. This protective buying
of course represented typical business behavior during
a period of expansion. Furthermore, it did not account
entirely for (he total inventory accumulation which
in large part consisted merely of accumulation of goods
in process necessary to the expansion in final output.
However, there is suggestive evidence that inventories
of materials were expanded in certain cases more rapidly
than was required to sustain scheduled rates of output.
This inventory expansion, indicative of a maldistribution
of materials, was possible since methods of Government
control over critical materials had not been fully
perfected.
The difference between inventory-shipment ratios in
1941 and 1942 was particularly noticeable in the durable goods manufacturing industries, where war orders
were concentrated. In the nondurable goods field,
where the increase in the inventory-shipment relationship was less marked, the period of protective inventory accumulation seems to have included roughly the
second half of 1941 and the first half of 1942. Thereafter the change in relationship between inventories
and shipments in nondurable industries was both
marked and sudden. Thus in the second half of 1942,
and apparently also in the first half of 1943, nondurable
manufacturing industries have experienced almost no
increase in the dollar volume of their inventories.
Yet shipments had continued to gain.
In the manufacturing field it is virtually impossible
to follow the trend of civilian inventories since there is
no exact method of separating statistically these stocks
from the inventories of war goods. It may be assumed,
however—and this assumption has some supporting
evidence—that manufacturing inventories are divided
between war and civilian portions in a manner which
corresponds roughly with the division of manufacturing
output. On the basis of this assumption it may be
concluded that civilian supplies are already showing a
marked decline in relation to civilian sales. Furthermore, the decline in the physical volume of manufac


June 1943

turers' inventories of civilian products is considerably
greater than is revealed by the dollar figures.
Wholesale inventories are relatively small. At their
peak they amounted to less than 5 billion dollars. Furthermore, they consist of both war and civilian materials. For example, a substantial part of wholesale inventories represents mill supplies, tools, and equipment
held primarily for sale to manufacturers of durable goods.
In 1942 the movement of wholesale inventories relative
to sales was somewhat erratic. In general, however,
and for the year as a whole, a sharp decline in the wholesale inventory-sales ratio may be noted. This is consistent with the very substantial known drain on the
physical stocks of consumer goods. The movement of
wholesale inventories is to be explained partly by the
cuts in civilian output, partly by protecth e buying of
retailers, and partly by continued growth in the dollar
volume of consumer expenditures despite the cut in
civilian output.
Since retail inventories are particularly important in
determining when restrictions will reach the consumer
and since our knowledge of the composition of these
inventories is much greater than our knowledge of the
composition of either manufacturers7 or wholesalers'
stocks, a special importance attaches to an analysis of
the behavior of retail inventories during the war period.
Chart 1.—Relationship Between Inventories and Sales of
Retail Stores, Adjusted for Seasonal Variation

)»
A/
2

1942 - * \
/

4

>

1940 - ^

?

1943

~

1939
co 5

V

8

10
SALES, TOTAL

12
14
FOR QUARTER (BILLIONS OF DOLLARS)

16

D.O. 43 -299

Source: U. S. Department of Commerce.

The nature of the retail inventory shipment relation
may be seen from chart 1. As this chart shows, surplus
retail inventories to the amount of roughly 1 billion dollars have been liquidated during the half-year period
from last October through March. As the chart also
shows, inventories at retail during the first three-quar-

SURVEY OF CURRENT BUSINESS

June 1943

ters of 1942 expanded considerably more than proportionately to the increases in retail sales. This is explained by several factors such as (a) the natural desire
of retailers to maintain supplies in a market where restrictions are becoming ever more numerous and (6) the
desire to realize inventory profits by buying further
forward than business practice would dictate during a
period when the trends of prices and sales were more
uncertain than they are at present.
Table 2.—Quarterly Sales and Average Inventories of Selected
Types of Retail Stores, Adjusted for Seasonal Variation
[Millions of dollars]
1943

1942

1941

While analysis of dollar inventories is important,
particularly when these inventories are related to sales,
it is perhaps even more important to study the trend of
physical quantity stocks. Unfortunately, the data on
physical stocks are neither complete nor capable of
being compiled into tables which give anything like
complete coverage of the inventory field. However,
the physical quantity inventory data which are available do suggest inferences about the trends of certain
types of supplies. These physical inventory data are
shown in table 3 where they are arranged as nearly as
possible according to their probable use.
Chart 2.—Inventories of Selected Groups of Retail Stores,
End of March

Kind of store
I

,v

III

[I

I

II

III

I

IV

KIND OF BUSINESS

200

MILLIONS OF DOLLARS
4 0 0 6 0 0 800 1000

DEPARTMENT STORES:

All retail stores:
13,024 13
Sales
5,671 5
Inventories
44
Percent of sales.
Department stores:
796 1
Sales
658
Inventories _
83
Percent of sales Variety stores:
220
Sales
177
Inventories
Percent of sales.
80
Drue; stores:
Sales
--- --- 420
2951
Inventories
70
Percent of sales.
Chain men's wear
stores:
46
Sales
30
Inventories
65
Percent of sales_
Chain shoe stores:
65
Sales
71
Inventories
109
Percent of sales.
Other apparel stores:
655
Sales
694
Inventories
106
Percent of sales.

115 1, 107 1 706 1,140
074 1,074 1 461 1,020
755
842
807
974 1, 123 1, 123
641
833
52
95
101
101
49
71
78
60
?74
178
65

277
197

404
204
50

265
208
78

312
227
73

317
215
68

454
184
40

344
192
56

448
64

472
280
59

526
353|
67

482
345
72

534
3331
62

578
339
59

687
339
49

604
336
56

63
34
54

47
45
96

85
47
55

84
48
57

56
61
109

43
66
153

77
52
68

64
43
67

113
6?
55

91
73
80

115
69
60

98
88
90

143
86
60

122
92
75

152
78
51

100
81
81

843 1 13?
722
873
64
104

924
957
104

837
597
71

958 1,477 1,189
923
791
775
998 1 153
108
120
54
65

Source: U. S. Department of Commerce.

Analysis of the composition of retail inventories by
type of store reveals that the drain on retail stocks of all
types is becoming marked. Furthermore this analysis
shows that retail inventories generally have now been
cut down to about their normal pre-war relationships to
sales. If this reduction continues, new restrictions on
civilian supply may reach the consumer before long.
These inventory data are shown in table 2, for the various types of stores for which current series are available.
In interpreting the ratios of inventories to sales, also
shown in table 2, one should remember that they are
not adjusted for seasonal movements and hence show
wide variations from quarter to quarter. The safest
comparison is between corresponding quarters. Since
the inventories are at cost, the ratios do not accurately
measure the actual stock turnover. If the first quarter
of 1943 is compared with the first quarter of the previous
year, the decrease in value of inventories held by all
types of stores is readily apparent. Furthermore since
the inventories at the end of the first quarter of 1943
are valued at higher prices than the stocks held on the
corresponding date a year ago, it is obvious that the
drain on physical stocks has been even more severe
than the dollar figure would imply.



1943
1942 /^#^^^^/Z^^
1941 w$mm%$m&m®!&m%>®%m

545 14,211 13 393 14 ,061 13, 658 14, 219 14 312 15,066
911 6,287 6 538 7 ,075 7, 382 7, 417 6 781 6,526
52
47
43
54
49
50
44
44
OTHER APPAREL
STORES:y

'//////Z&A

1943
1942 V//y/////Zv//////////7Z7/W
194! %&aa%g^&&?88^

DRUG STORES:

1942 Y/////////2,
194!
NEW AUTOMOBILE DEALERS:
1943
1942 ^^^^^S^^^^Z^^^^^U
'/////<%
1941 ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^
VARIETY STORES:
1943
1942
1941
CHAIN SHOE STORES:
1943
1942
1941

222

MEN'S AND BOYS' WEAR
CHAIN STORES:
,943
1942
1941

1 Data do not include men's and boys' wear and shoe chain stores shown separately on chart.
Source: U. S. Department of Commerce.

It is clear from the data in table 3, fragmentary
though they may be, that stocks of foodstuffs have
declined very sharply during the past year. This is
due, of course, largely to the very great expansion in
food requirements, both of the military forces and the
civilian population. The rapid expansion in consumer
income during the war period,has made possible a very
definite improvement in the living standards of many
groups in the population. This improvement in living
standards has not only meant heavier food purchases
but also an appreciable change in the diet of many
working-class people. Despite the fact that food production has been increased all along the line from farms
to consumers, pressure of demand has been such as to
drain stocks despite the rationing regulations. However, since foods stocks are normally small in relation
to consumption, too much significance should not be
attached to even a relatively large inventory decline.
It is also suggested by the data in table 3 that physical
inventories of industrial products have not in general

8

SURVEY OF CURRENT BUSINESS

June 1943

Table 3.—Production and Stocks of Selected Products—Latest Available Month of 1943 and Corresponding Month 1942
Production
Month to
which figures
refer

Product

Foodstuffs, beverages, and tobacco:
Creamery butter
Cheese
Milk, evaporated
Apples
.
Wheat
flour
.
Beef
Lamb and mutton
Pork, fresh and cured
Poultry.
.
Eggs
Shortenings and compounds.. _ _
Whisky
Tobacco, flue-cured and light-air cured
Products for both consumer and industrial use:
Leather, cattle hide
Printing paper
Wrapping paper
Anthracite
_
Bituminous coal
Gasoline
Glass containers
Industrial materials:
Hardwood lumber
Softwood lumber
Iron and steel scrap
Wood pulp
Portland cement

Unit

Percent
Lastest
Latest
CorresPercent
Corresavailable
ponding change 1943 available
ponding change 1943
month 1943 I month 1942 from 1942 month 1943 month 1942 from 1942

+.4

16,700
355, 697
8,445
1.018

-21.1
-20.4
+4.4
+26.2
-17.6
-6.2
+18.1
(2)
+12.0
-62.1
-100.0
+ 16.5

29, 567
79, 719
114,682
4,616
4,235
91, 932
11, 650
522, 290
33, 242
3 10, 803
38, 272
437, 398
2,544

37, 228
208,171
222, 485
3,521
4,002
126,884
7,108
572, 799
96, 716
3 8,894
60, 790
521,485
2,663

2,404
172, 060
182, 732
5, 824
56, 450
45, 001
7,622

2,692
190.813
208,188
5,085
47, 796
50, 652
6,921

-10.7
-9.8
-12.2
+14.5
+18.1
-1.1
+ 10.1

« 7, 733
74,166
95, 227
6 216
" 77, 292
* 84, 077
,\, 894

« 8. 933
81, 563
74, 091
6 656
7 57, 221
e 99,184
9,417

-20.6
-61.7
-48. 5
+31.1
+5.8
-27.5
+63.9
-8.8
-65. e
+21. 5
-37.0
-16.1
-4. 5
-13.4
-9.1
+28. 5
-67. 1
+35.1
-15.2
-37.4

390
2, 062
(2)
771,162
11,239

473
2,298
(2)
942, 373
14,067

-17.5
-10.3
(2)
-18.2
-20.1

1,216
2,423
6,179
97, 860
8
22, 549

1,991
3, 969
3,460
130, 257
» 25,112

-39. 9
-39.0
+78.6
-24.9
-10.2

150,185
83, 590
285, 509
127, 655
10, 569
466, 858
64,101
670, 622
(2)
()
18, 00
134, 85
0
1,186

149, 585
105, 880
358, 443
122, 256
8,378
566, 212
68, 331
567, 754

do
do..
March.
April—4
()

Thous. oflb..
do.
do
Thous. of bu
Thous. of bbl
Thous. of lb._.
do
do
do
Thous. of eases.__
Thous. of lb
Thous. of tax gal.
Mil. oflb

April...
March.
do.
do..
.....do..
do..
April.._

Thous. of hides..
Short tons..
.do..
Thous. short tons.
.....do....
—.
Thous. of bbl
Thous. gross

.do..
.do...
March.
April...
d

M. bd. ft..
do..
Thous. short tons.
Short tons
Thous. of bbl

April...
do_.

do_
0)
March. .
April..
do..

Stocks

(2)

1
2
3
4
6
6
7
8
9

Stock figures are for April; production figures are estimates of total crop in commercial areas for 1941 and 1942.
Not available.
Shell eggs and frozen eggs in case equivalent.
Stock figures are for March; production figures are estimates of total crop of flue-cured and light air-cured types Tor 1941 and 1942.
Leather in process and finished, in thousands of equivalent hides.
In producers' storage yards.
Industrial and retail dealers.
Stocks of finished gasoline.
Stocks of finished cement.
Source: Selected from Statistical Section of Survey of Current Business.

declined. Exceptions must be noted in the case of
those industrial materials which previously were imported in large volume and which accordingly have been
restricted. The industries not dependent on imports
have in most cases either maintained or increased the
level of their material stocks. In many cases, however,
these inventory increases have not been as great as the
increases in output. This signifies that there has been
a better utilization of industrial materials during the
war period.
Chart 3.—Percentage Change in Commercial Domestic Stocks
of Selected Grains, End of April 1943 from April 1942

-40

-60
WHEAT

CORN

OATS

BARLEY

RYE
0.0. 43-306

Source: U. S. Department of Agriculture.

The trend of civilian inventories for the rest of this
year is certain to continue downward in physical terms



and perhaps also in dollar volume unless consumer
expenditures cease expanding. During the first quarter
of 1943 consumer expenditures were at an annual rate
of almost 90 billion dollars. This is clearly far in excess
of the supplies which are available and therefore signifies very severe price pressure in consumer markets.
The first quarter rate in consumer expenditures can
therefore only continue throughout the year if numerous price increases are allowed. The price control
program must be strengthened considerably if the cost
of living is to be held at or near its present level.
Hours of Work
More than 4 months have passed since the President's
Executive Order of February 9. This order, which was
designed to enable the manpower requirements both of
the armed forces and of industry to be met through
fuller utilization of the labor force, established a minimum 48-hour week in selected industries and areas.
The order affected all employers of eight or more
persons in areas of acute labor shortage.1 In addition
to the labor shortage areas, the 48-hour week was also
made mandatory on a Nation-wide scale for the lumber
and nonferrous metal mining industries. On May 1,
1943, the order was amended to cover an important
part of the steel industry, also on a Nation-wide basis.
In the steel industry the 48-hour week will not become effective in all cases until August 1. Time is
i These areas are designated by the War Manpower Commission and change from
time to time in accordance with changing conditions. In April 1943 there were 35,
acute labor shortage areas.

SURVEY OF CURRENT BUSINESS

June 1943

allowed to arrange for the release and transfer of
workers no longer required under the extended workweek. Similar time allowances will undoubtedly be
needed in case of other industries which are brought
under the order.
It should be noted that the Executive Order provided
only for a scheduled workweek of 48 hours. Tn
practice, the average number of hours actually worked
may be considerably less than the scheduled workweek.
The difference is due to such factors as labor turnover,
absenteeism arising from illness, accidents, and other
causes, etc. The Department of Labor has estimated
that a scheduled workweek of 48 hours usually results
in about 46 hours of actual work.
The 48-hour workweek has not as yet had a very
great effect upon average hours worked in all industries
throughout the entire Nation. Furthermore, the
48-hour week will not affect a large number of manufacturing industries, particularly those producing
durable goods. In most cases those industries are
already operating near or above the 46-hour figure.
As may be seen from table 4, average hours worked
during February in such industries as machinery,
transportation equipment, and automobiles were
already well above the standard set by the order.
Chart 4.—Average Hours Worked per Week in Manufacturing
Industries
HOURS
bO

DURABLE-GOO OS
INDUSTRIES

A C

,*-*

f^-ALL
f

/

40

\

/v'

35

1 1 I 1 1 I ! 1 1 1

1

/

v

A

/

#%

* \^

1 1 1 ! 1 1 1 1 1 1

1940

INDUSTRIES /

•

*

1941

1

/

•••• v
NONDURABLE-GC >0DS
INDUSTRIES

i i i i i 1 i i i i i

1942

1 1 1 1 ! I 1 1 1 1

1

1943
a a 43-S3B

Source: U. S. Department of Labor.

It is not yet apparent that this lengthening of the
workweek has resulted in the release of any substantial
number of employees. Even though some workers
have been made unnecessary by the lengthening of
hours, labor immobility has tended to reduce their
availability in other areas and occupations. Furthermore, additional measures will need to be taken to
encourage the transfer of workers from areas of abundant labor supply to areas of an acute labor shortage.
Although wages in shortage areas tend to be unusually
high, the shortage of housing tends to restrict inmigration.
Even though some workers are actually displaced as
a result of lengthening the workweek, many of those




displaced will possess only marginal skills and aptitudesThus a considerable amount of retraining may be
required to adapt them to the war or more essential
civilian industries. In effect then, the order makes
only a slight contribution toward increasing available
manpower supply. Additional measures and more
time will be necessary before the working out of the
48-hour week can substantially ease the labor-supply
situation.
Table 4.-—Average Hours Worked Per Week and Number of
Wage Earners
Average hours
worked per week

N u m b e r of wage earners
(in thousands)

Industry
Jan. Feb. Mar. Mar.
1943 1943111943'

Manufacturing:
All manufacturing
Durable goods
Nondurable goods
Durable goods:
Iron and steel and their
products
Blast furnaces, steel2
works, rolling mills _
Electrical machinery
Machinery except electrical
Transportation equipment, except autos
Automobiles
Nonferrous metals and
their products
Lumber and timber basic
products
Sawmills2 and logging
camps
Planing and plywood
mills 2
Furniture and finished
lumber products
Stone, clay, and glass
products
Nondurable goods:
Textile-mill products and
otherfibermanufactures.
Apparel and other finished
textile products
Leather and leather
products
Food and kindred products
Tobacco manufactures
Paper and allied productsPrinting, publishing, and
allied industries
Chemicals and allied
products
Products of petroleum
and coal
Rubber products
Nonmanufacturing:
Metalliferrous mining
Copper 2
Lead and zinc 2

Jan.
1943

Feb. Mar.
1943 1943

Mar.
1942

44.2 44.5 44.8 42. 7 13, 503 13,
i, 617 13, 709 11 ,21
45. 9 46.2 46.4 45.0 7,875 7,989 8,091 6, 350
41.8 42.0 42.5 40.1 5,628 5,628 5,618 5,471
45.0 45.' 46.0 43.5 1,693 1,706 1,718 1,556
41.9 42.8 43.2 40.2
47.0 46.9 47.1 46.0

524
544
523
511
693
676
49.6 49.6 49.7 1, 2021 1,220 1,233 1,028
522
661

46.9 46.7 46.8 47.9 2,067 2,132 2,187 1,145
421
642
649
631
45.7| 46.0 45.7
412
373
410
46.0 45.9 46.6
408
42.4 40.0

489

478

479

545

38.6 41.2 41.5 39.5

266

260

262

306

83

82

87

39.!

43.7 44.1 45.0 41.6
42.8 43.6 43.9 41.1

362

364

364

397

41.7 42.0 42.4 40.3

362

359

358

374

41.3 41.5 42.1 40.1 1,273 1,272 1,268
38.9 37.5

884

897

903

40.3 40.2 40.5 40.0

361

359

354

392

43.2 43.0 43.4 40.7
39.6 38.6 39.4 36.6
44.2 44.5 44.9 42.3

965
96
309

936
94
313

921
93

890
95
327

39.! 39.' 39.9 38.0

335

338

44.5 45.0 45.2 42.1

715

722

41.1 42.3 42.5 39.0
44.4 44.6
40.8

123
183

44.4
45.3 45.0 45.6
43.2 43. 5 43.6 44.2

101
33
20

122
185
101
33
20

37.4

313
334
727
122
186
100
33
20

959

333
551
124
146
112
33
20

1

Figures on average hours worked for February and March 1943 are preliminary.
Covered by Nation-wide 48-hour week order.
Source* U. S. Department of Labor.

2

Adoption of the 48-hour work schedule raises certain
problems of prices and costs, particularly for those
industries making goods primarily for sale to civilians.
Many of these industries have been operating on work
schedules of no more than 40 hours. Thus they have
paid only very slight amounts of premium wages.
Under the new order their average wage rates per hour
may increase by as much as 8 percent. Although
these wage-rate increases need not in every case be translated into higher labor costs per unit of production,
average costs will undoubtedly rise somewhat. This
{Continued on p. 29)

10

SURVEY OF CURRENT BUSINESS

June 1943

State Income Payments in 1942
By Daniel Creamer and Charles F. Schwartz

T

HE greatly expanded flow of income payments in
1942, amounting on a Nation-wide basis to 114
billion dollars as compared with 92 billions in the prior
year and the peacetime peak of nearly 83 billions in
1929, raised income payments in each State to new
record levels.2 It is significant, however, that the percentage gains from prior years varied widely among the
States. Changes from 1941 to 1942 ranged from 9 to
67 percent, and although most of the State increases
lay between 15 and 50 percent there was little tendency
to cluster about the 24 percent figure for the Nation
as a whole.
Smallest relative gains for the year occurred in the
New England, Middle East, and Central States regions;3
even in these regions, however, the advances were appreciable. Only in 9 States was a rise of less than 20
percent realized. In as many as 32 States the income
1
Estimates of income payments to individuals are distributed among the States
on a where-received basis. Income payments comprise (1) salaries and wages net of
pay-roll deductions for social insurance, (2) other labor income such as pensions, compensation for injuries, direct and work relief and social insurance benefits, (3) net
income of proprietors, including farmers, before owner's withdrawals, and (4) dividends, interest, and net rents and royalties received by individuals. Only payments
made to residents of the Continental United States are included.
Salary and wage estimates are derived in the first instance from reports of the
Bureau of the Census and the Social Security Board, in which establishments, not
employees, are classified by States. Therefore, it sometimes happens—particularly
in States such as New York, New Jersey, Maryland, and Virginia and in the District
of Columbia—that the employee resides in another State from that in which he works.
No adjustment of the total income payments estimates was attempted on this score,
but in the computation of the estimates of per capita income payments the income
figures of certain States were converted to a residence basis corresponding to that of
the population estimates. That is, before the computation of per capita income, a
portion of the total income payments attributed to New York was allocated to New
Jersey, and a portion of that attributed to the District of Columbia was allocated to
Maryland and Virginia. The magnitude of these adjustments is indicated in footnotes to the estimates for the affected States in table 11.
Entrepreneurial income is also distributed by States primarily on the basis of Census reports, but it is unlikely that the disparity between residence of owner and location of his establishment is sufficiently serious to distort these estimates. The items
of capital return—dividends, interest, and net rents and royalties—are distributed
among the States on the basis of the reporting of these items on Federal income tax
returns of individuals. Federal income tax returns are filed, by and large, in the State
of residence, although in several States a discrepancy undoubtedly arises on this
account. In one of these, Delaware, collateral information permits making a downward adjustment of the dividend item necessitated, apparently, by nonresidents of
Delaware filing their Federal returns in that State. The amount of this apparent
overstatement of dividends received by residents of Delaware was distributed among
several East Coast States in proportion to the dividends previously recorded for those
States.
In the case of salaries and wages and entrepreneurial income the basic data permit
an industrial classification of the State estimates. Such is not the case, however,
for the items of capital return, and consequently total income payments cannot be
cross-classified by State and industry.
The total of income payments to individuals differs from national income principally because retained earnings of corporations are excluded from the former aggregate and included in the latter. Another difference—of considerably less magnitudearises from the manner in which social insurance pay-roll deductions and benefits
are handled. Finally, income payments include, and national income excludes,
such transfer items as direct relief, adjusted-service certificates (the Soldiers' Bonus),
and the Government's contribution to the Dependency Benefits paid to the dependents of enlisted personnel in the armed forces.

2 The 1941 total exceeded the 1929 total in all States except Vermont, New York,
Oklahoma, Kansas, and Nebraska.
3
The geographic regions used in this article are adapted from those proposed by
Howard W. Odum in Southern Regions of the United States, University of North
Carolina Press, Chapel Hill, 1936. The States in each region are shown in the
accompanying tables.




payments total for 1942 was up by one-fourth, with 14
of these showing advances of one-third or more.
Clearly, the economic mobilization for war resulted in
an unprecedented flow of money income to individuals
in every State of the country.
Table 1.—Index of Total Income Payments, 1929, 1941, and
1942 and Percent Increase 1941 to 1942, by States
Index , 1939 = 100

Region and Stale
1929

United S tates
New England
Connecticut _
Maine. .
.
- .... ,
Massachusetts
New Hampshire
Rhode Island
Vermont
._
Middle East
Delaware
_.
- .
District of Columbia
Maryland
...
New Jersey.
._.-__
New York
Pennsylvania
.
West Virginia
Southeast
_....-__
. ..
Alabama
Arkansas
Florida
Georgia
Kentucky...
Louisiana
Mississippi North Carolina..
... .
South Carolina
Tennessee. . .
Virginia
Southwest
Arizona
New Mexico
Oklahoma
Texas
Central State*
Illinois
.. ...
Indiana .Iowa
Michigan
Minnesota
Missouri
Ohio .- .
Wisconsin
Northwest
. . ..
Colorado
Idaho _ _ . . . . .
Kpnsas
Montana
Nebraska _
North Dakota
South Dakota,.
Utah
Wyoming
..
.
Far West
.
California
..
..
Nevada. .
Oregon...- .__ _ .
Washington

.

1941

1942

Percent
increase,
1941-42

117.0

130.2

161.5

24.1

118.6
•112. 2
•112.5
121.9
"112.9
120.8
124.6
122.2
107.0
*78.4
="103.0
•114. 3
128.1
126.1

129.6
139.3
130.2
126.4
118.0
132.6
120.5
125.7
140.7
125.9
140.5
130.1
121.4
128.1
130. 2
135.4
148.2
137.0
127.9
135.8
125.2
127.0
143.5
130. 6
136.0
140.2
144.2
127.2
124.5
122.4
122.7
129.1
131.8
128.1
140. 5
131.4
138. 8
120.1
129.9
133. 2
130.7
132.5
121.3
129. S
140. 6
134.0
125. 5
158. 3
132. 0
133. 5
125.0
135.1
133.1
128.9
135.6
145. 5

153. 3
177.5
"166.0
144.3
128.1
154.7
138.9
146.6
•163.1
•161. 8
•181. 7
158. 5
136. 9
149. 4
156. 4
180. 5
•209. 6
*216. 3
166.5
*178. 9

18.3
27.4
* 27.5
14.1
08.6
16.7
15.3
16.6
15.9
28.1
29.4
21.8
12.8
16.6
20.1
33.4
41.5
57.8
30.1
31.8
27.9
30.4
46.2
31.8
37.2
21.8
30.1
37. S
47. 0
28.0
36.4
38.1
21.7
16.8
22.3
29.9
26.5
22.9
22.7
20.7
22.0
37.4
28.3
31.5
4*3.7
16.8
46.7
28.3
42.8
49.6
26.1
34.2
30.1
66.8
41.8
46.8

103.2
117 6
117. 7
*84. 7
106.1
•114.9
104 1
124.9
*88.6
•89.0
lOf, 3
•99.1
110.5
•107. 6
135' 5
•104. 4
120.6
133.2
•111.1
•113. 7
* 116.0
•104.8
120. 6
118.5
122.1
126. 5
112.4
107.5
143 8
•112.7
145. S
126.2
126.4
*111.7
•108.6
104.0
103. 4
*87.9
102.7
109.1

ieo. 1
•165.5
*209.7
172.2
•186. 6
•"170. 8
•187. 7
175.2
•183.1
156. 7
•167. 3
17S.3
160.5
149. 6
171.0
•170 7
175.6
147.6
159,4
160. 7
159.4
182.0
155. 5
•170.8
*206. 3
156.6
* 184.1
'203.1
188. 6
•199.6
157. 6
181.3
•173.1
•215.1
•192. 3
*213. 5

• In second column, the asterisk indicates States in which percent decline between
1929 and 1939 was less than that for the Nation; in column 4, it indicates States in
which percent increase between 1939 and 1942 exceeded that for the Nation.

Possibly more significant than the variation in the
relative gains from the preceding year are changes over
the war period, 1939-42; particularly when the latter
are viewed in the light of trends from 1929 to 1939. In
terms of regional totals, it is clear that the stimulus of
wartime activity tended to accelerate differences in
trends that had been operative during the pre-war
decade. Regions with comparatively small declines

June 1943

between 1929 and 1939 had the larger increases after
1939. Contrariwise, those regions which experienced
greater-than-average declines in income payments during the pre-war decade—Northwest, Middle East,
Central States, and New England—realized, with the
exception of the Northwest, the smallest percentage
gains from 1939 to 1942.
Naturally, the impetus of the war effort operated
with a lesser degree of consistency on a State basis, yet
the relationship to the pre-war trend is sufficiently
strong to warrant the same generalization for States as
for regions. Thus, 23 of the 31 States and the District
of Columbia which had small er-than-average percentage
declines in income payments between 1929 and 1939
realized advances in excess of the Nation-wide average
between 1939 and 1942. Conversely, 17 States sustained percentage decreases in excess of the national
average in the pre-war years. Nine of these also failed
to make as strong a relative showing in the war years
as was made by the country as a whole. It is noteworthy that all remaining 8 of the 17 States in which the
pre-war income trend was reversed—Kansas, Nebraska,
North Dakota, South Dakota, Alabama, Arkansas,
Mississippi, and Oklahoma—are States in which agriculture is an important source of income. Income
from this source is subject to wider fluctuations in both
directions than is income from any other major industrial source. Accordingly, it is to be expected that
most of the exceptions to the general trend would be
concentrated in the important agricultural regions, the
South and Northwest.
Also noteworthy is the fact that all the States, with
the exception of Vermont, that received a declining
share of the national total in both the pre-war and war
periods (greater-than-average relative declines, 1929-39
and small er-than-average gains, 1939-42) were ones in
which many of the country's largest metropolitan areas
are located—Massachusetts, Rhode Island, New York,
Pennsylvania, Illinois, Missouri, Ohio, and Wisconsin.
However, the opposite, i. e., an increasing relative share
of the total in both periods, characterized some of the
other States containing important metropolitan areas,
such as Connecticut, Maryland, Texas, Indiana, Michigan, California, and Washington.
Per Capita Income
On a per capita basis, income payments also moved
up to much higher levels between 1939 and 1942, and
again wide differences were present in the percentage
increases scored in different States. (See table 2.)
Only in the District of Columbia, where wage rates are
peculiarly inflexible, and in seven States did the advances
amount to less than 50 percent. For more than half
the States per capita income gained hy two-thirds or
more and in as many as five, all predominantly agricul


11

SURVEY OF CURRENT BUSINESS

tural, the 1939 figure was at least doubled by 1942.4 In
effect, the adjustment for differences in population
changes implied in the per capita data does not significantly reduce the disparity in the relative gains that
appear in the income totals for the various States. The
average deviations, for example, of the percentage gains
scored in the individual States from the average for all
States are substantially the same: 17.0 on a total income
basis and 16.8 on a per capita basis.
Table 2.—Per Capita Income by States, Selected Years 192942, and Percent Increase, 1939-42
Region and State

Per capita income in dollars
!

•
1929

United States

|

680

New England
!
838
Connecticut
918
Maine
566
Massachusetts
\
897
New Hampshire . _.. • 652
Rhode Island
I
851
Vermont
601
Middle East
926
Delaware
;
919
Dist. of Col
; 1,191
Maryland
'
703
;
New Jersey
992
New York
j 1.111
Pennsylvania
I
767
W e s t Virginia.._--._;
Southeast
\

Alabama
;
Arkansas
i
Florida
I
Georgia-____|
Kentucky
___|
Louisiana.._
J
Mississippi
j
North Carolina
!
South Carolina
j
Tennessee
Virginia
Southwest
Arizona
New Mexico
Oklahoma
Texas
Central
Illinois
Indiana
Iowa
Michigan
Minnesota
Missouri
Ohio
Wisconsin
Northwest
Colorado
Idaho
Kansas
Montana
Nebraska
North Dakota
South Dakota
Utah
Wyoming
Far West
California
Nevada
Oregon
Washington

464
344
305
305

484
329

371
415
273
309
252
349
422
464
573
383
455
465
720
932
583
546
745
566
612

748
634
534
616
518
532
602

557
389

417
537
687
865
946
817
640
713

1933

! 1939

i

| 1940

368 i
514

680

540

764
474

364
553
420
533
351
526
513
806
441
578
631
414
265
195
154
152
272
200
199
222
123
205
167
190
266

247
263
196
226

257
355
431
296
258
348
307
337
386
312
265
336
242
258
290
275
190
172
275
369
465
511
447
337
369

719
548
678

483
709
771
1,031
634
816
804
589 i
378
303
242
246 j
442 i
290

297
354
201
308
261
295
402
386
461
341
340
401
565
671

495
468
591
497
486
603

485
419
505
411
383
515
397
325
351
443
567
692

741
767
544
588

Ii

1941

| Perj cent ini crease
1942 i 1939-42

579

693

852

58.1

729 |
839
503
769
560
715
513
759
923
1,057
707
894
848
635
409
324
266
257
472
317
313
365
205
320
289
319
447
404
473
359
360
419
607
727
537
488
652
514 I
508
647
519
456
530
442
421
584
431
368
378
489
599
754
808
843
579
644

874

1,026
1,296

50.9
69.6
65.8
42.4
31.2
49.9
44.5
46.5
53.8
12.9
69.9
59.8
37.6
51.8
58.2
72.3
98.3
108.9
48.2
71.7
60.5
50.8
102.5
69.8
75.9
66.8
73.4
71.2
80.5
63.6
75.9
68.8
57.7
45.9
67.1
75.9
62.4
53.1
56.8
58.7
62.1
89.0
55.4
84.4
112.5
67.0
95.0
121.8
106.6
91.9
55.7
67.2
57.5
76.3
92.3
98.3

1,038

024
903
649
875
592
891
1,049
1,050

846
1,037

991
760
495
400
349
330
526
387
376
428
284
399
340
406

550
485
563
414
433
503
736
848
685

627
778
607
627
799
630

571
617
558
552
719
517
541
492
583

717
888
928
891
735
819

786

1,024
719
1,016
698
1,039
1,186
1,164
1,077
1,304
1,106
894
598
522
480
514
655
498
477
534
407
523
459
492
697
661
832
558

598
677
891

979
827
823
960
761
762

957
786
792
785
758
814
860

774
721
725
850
883
1» 157
1,167
1»352
1,046
1,166

This is not to imply, of course, that each State had
the same rank whether arrayed by percent increase in
total income payments or by percent increase in per
capita income. (See table 3.) Michigan and California, for example, ranked 19 and 20, respectively, in
relative gains in total income, beginning with the larg* The distribution of the military pay roll, it should be pointed out, has had little
effect on the magnitude of these changes. In those States, however, in which military
persons are concentrated and their per capita income exceeds that of civilians, both
of which apply to the States of the Southeast and Southwest regions, the percent
increase in civilian per capita income is less than the percent increase in per capita
income of the total population.

12

SURVEY OF CURRENT BUSINESS

est gain, but their respective ranks in relative increases
in per capita income were 28 and 34. Industrial expansion in these cases was accompanied by an inflow of
population. Florida, which ranked 27 in increase of
total income, ranked 43 in increase of per capita income. In this instance the gain in population is explained by the presence of military establishments.
The same factor accounts for Louisiana's shift in rank
from 29 to 41. The larger shifts in ranks in the opposite direction (that is, a higher rank in per capita change
than in total income change) occurred in those agricultural States such as Iowa, Montana, Idaho, and New
Mexico, that had a smaller population in 1942 than in
1939.
Table 3.—States Ranked by Percent Increase in Income Payments and Percent Increase in Per Capita Income, 1939-42,
Beginning With Highest
Rank according
to-

Rank according
toState

Percent Percent
increase increase
in income in per
paycapita
ments,
income,
1939-42

Arkansas
Nevada
Washington
Mississippi
Alabama
Kansas
North Dakota
Utah
Oregon
South Dakota
Virginia
South Carolina
Nebraska
Arizona
Maryland
Georgia
Texas
Connecticut
Michigan
California
North Carolina
Indiana
Tennessee
Idaho
Iowa

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

State

1939-42

3
13
6
5
7
2
1
10
9
4
17
16
8
12
19
18
22
21
28
34
20
23
25
11
14

Percent
increase
in income
payments,
1939-42

Percent
increase
in per
capita
income,
.1939-42

Oklahoma
Florida
Maine
Louisiana
Delaware
Dist. of Col
Ohio
Kentucky
Missouri
Wisconsin
New Jersey
Wyoming
New Mexico
Montana
West Virginia
C olorado
Rhode Island
Illinois
Pennsylvania
Minnesota
Massachusetts
Vermont
New York
New Hampshire

* This ranking is based on income paid out; if it were based on income received by
residents, its rank would be 45.

Nonetheless, it is generally true that the two rankings of the various States are very similar. This is
indicated by the fact that the 12 States with the highest
percentage gains in total income are identical with those
in the upper quarter of the array of relative gains in
per capita income. At the other extreme, of the 12
States with the smallest increases in total income, 8 are
to be found in the lower quarter of the per capita
income array.
Despite the disparity in the changes of per capita
income among the States, so great were the pre-war
differences that the ranking of States according to size
of per capita income has been only moderately disturbed. This holds true despite the fact that in many
instances States which realized smaller gains in total
income payments were those with higher per capita



June 1943

income payments. The degree of stability is disclosed
by an array of the States according to their 1929 per
capita income payments, in comparison with similar
arrays for other years. Thus, all 12 States in the lowest
quarter of the 1929 array remain in the same quarter
in 1933. Eleven of these States are in the same quarter
in 1939, and in 1942 all except North and South Dakota
still remain in the lowest quarter. Similar stability is
displayed by States in the highest quarter in 1929.
Twelve of the 13 remained in this quarter in 1933 and
1939 and 10 in 1942.
In general, differences in per capita incomes among
the States were larger in 1942 than in 1939; relative to
national averages in the 2 years, however, these differences declined moderately. Thus the range between
the lowest per capita figure (Mississippi) and the highest
for a large State (New Jersey, i. e., excluding Nevada
and the District of Columbia) was greater in 1942
than in 1939, $895 as compared with $615. Similarly,
tbe average deviation of the State per capita figures
from that for the United States as a whole was $202 in
1942 and $152 in 1939. On a relative basis, however,
the ratio (23.7) of the 1942 average deviation to the 1942
United States per capita was less than the similar ratio
(28.2) lor 1939.
Table 4.—States Ranked by Per Capita Income Payments of
Total Population, Beginning With Highest, 1929, 1933, 1939,
and 1942
Rank in per
capita income

Rank in per
capita income

State

State
1929!1933 1939 1942
Dist. of Col
New York
New Jersey
California
Illinois
Delaware
C onnecticut
Massachusetts
Rhode Island
Nevada
Pennsylvania
Ohio
Michigan
Washington
Maryland
Wyoming
New Hampshire
Oregon
.
Wisconsin
Colorado
Missouri
Montana
Vermont
Indiana
Arizona

lyzy iyoo iyoy

Maine
Minnesota
Nebraska
Iowa
Utah
Kansas
Idaho
Florida
Texas
West Virginia
Oklahoma
Virginia

-

South Dakota
Louisiana
North Dakota
New Mexico
Kentucky
Tennessee
1 Georgia,.
North Carolina
Alabama
.Arkansas
...Mississippi
South Carolina
-.

26
27
28
29
30
31
32
33
34
35
36
37

17
24
28
34
27
33
36
29
35
31
37
30

33
21
34
23
25
35
27
26
29
36
40
28

25
29
27
22
19
23
30
37
36
39
38
35

38
39
40
41
42
43
44
45
46
47
48
49

45
38
43
42
41
44
40
39
47
48
49
46

38
37
41
39
43
44
45
42
48
47
49
46

31
41
32
40
47
45
44
42
46
43
49
48

Consequently, the development of a war economy not
only has not yet substantially altered the relative
ranking of the States with respect to per capita income
but also has not had the effect of reducing significantly
the inequality among States that has characterized per
capita income payments. The effect has been primarily
that of raising very appreciably the level of the per
capita payments.

June 1943

SURVEY OF CURRENT BUSINESS

Supply Contracts and State Distribution of Income Payments.

13

States in which the ratio of the accumulated value of
It is of interest to inquire whether the distribution of supply contracts allocated through December 31, 1942,
supply contracts awarded by the Federal Government to the value of manufactures in 1939 exceeds the ratio
contributed to the unequal distribution of the 1939-42 for the country as a whole. The value of manufactures
gain in income payments by States. That the distribu- is taken to represent the pre-war plant capacity of each
tion of supply contracts may affect the geographic State.
On this basis, 30 States, the District of Columbia
distribution of income cannot be denied, but there are
several reasons for believing that there would not be a excluded, had more than average gains in income but
close and direct relationship. In the first place, the only 11 of these had been allocated a proportionately
only statistics available on the State allocation of sup- large share of contracts. Moreover, 3 States with a
ply contracts relate to the location of the prime con- large fraction of contract awards, Massachusetts, New
tractor. Obviously the raw materials may be purchased Jersey, and Ohio, made less-than-average increases in
from another State and a considerable portion of the income.
processing of a prime contract may be subcontracted to
In 22 instances, therefore, relative change in income
out-of-State establishments. The statistics, moreover, was not in accord with the relative size of supply conrepresent the value of contracts awarded rather than tracts. Manifestly, other factors must be taken into
contracts completed. Clearly, the timing of the comple- account in explaining the differences in income gains.
tion of contracts would differ from State to State, depending on the date of the award and the nature of Changes in the Industrial Source of Income.
the product. Nor would the figures reflect changes in
Wages and salaries originating in manufactures and
income originating in agriculture since food-supply in Government (including the armed forces) together
contracts are excluded from the series. Finally, the with the net income of farm operators account for
derived effects of in creased income would not be restricted most of the rise in income during the war period.6
to the location of the prime contractor.
In each State of the New England and Middle East
regions, for instance, the relatively largest increases
Table 5-—Percent Increase in Income Payments, 1939 to 1942* were in manufactures. (See table 6.) In fact, the
and Ratio of Value of Supply Contracts as of Dec. 31, 1942,
to Value of Manufactures, 1939, by States
amounts paid out by all Government agencies and the
net earnings of farm operators in these two regions conPercent Ratio of
Percent Ratio of
increase supply
increase supply
stituted about the same percent of their total income
in in- contracts
in in- contracts
come
to value
come
Region and State
payments in 1942 as in 1939, with the obvious exception
Region and State
to value
paypayof manof manments ufacturments, ufacturof the District of Columbia.
1939-42 ing, 1939
1939-42 ing, 1939
This is in contrast to the Southeast and Southwest
141.4
61. 5
United States.
regions where all 3 components formed a larger part of
33.1 Iowa
*70.7
•116.3
Arkansas
53.1
the regional total in 1942 than in 1939, with the sharp•G7. 3
•115.1
Nevada
•150.0
Oklahoma
•06. 5
*113.5
•192. 6
Florida
•441. 6
Washington
_.
est increase in Government due to expansion of the
*66.0
*109.7
*204.1
•161.1
Maine
Mississippi
*65. 5
•109. 6
49.7
97.4
Alabama
Louisiana
armed
forces located in those areas. Thus, in 12 of the
•63.1
*106.3
•186.1
•331.7
Kansas
Delaware
•61.8
•103.1
6.3
2.3
North Dakota
Dist. of Col
15
Southern
States Government comprised a substan60.7
*99.6
•143.4
37.1
Utah
Ohio
60.1
*92.3
27.9
136. 4
Kentucky
Oregon
tially
larger
fraction
of the respective 1942 totals than
59.4
*88.6
84.1
2.5
Missouri-, __ __ _.
South Dakota
59.4
*87.7
123.4
114.3
Wisconsin
.
Virginia,
_of
the
1939
totals.
Only
in 5 States, on the other hand,
58.5
•86.6
•189.6
44.0
New Jersey
South Carolina
57.6
•84.1
2.2
89.1
Wyoming
Nebraska
did
manufactures
form
a
relatively larger part of the
56.7
•83.1
4.0
28.6
New Mexico
Arizona
56.6
•81.7
2.0
•214.0
Montana
Maryland
1942
income
total
than
of
the 1939 total, while in
56.4
*78. 9
57.0
58.9
West Virginia .
Georgia.
55.5
•78.3
65.8
134.0
Colorado
Texas
agriculture
this
was
true
in
6
States.
54.7
*77. 5
74.4
*367.9
Rhode Island
Connecticut
49.6
*75.6
93.7
*200. 8
Illinois
Michigan
A still different combination of sources prevailed
49.4
•73.1
97.2
•317.1
Pennsylvania
California
47.6
*72.2
80.6
28.1
Minnesota
North Carolina
in
the Central States. There the major advances were
44.3
•71.9
*158.9
132.0
Massachusetts
Indiana
.
38.9
*70.8
61.2
56.9
Vermont
Tennessee _.
in
manufactures and agriculture with the former gain
36.9
*70.8
115. 2
3.3
New York
. ._
Idaho
28.1
43.0
New Hampshire. _.
being more pronounced and widespread. In the Northwest, the most striking development was the increased
•Indicates those States in which the percentage or ratio exceeds that for the United
States.
importance of agriculture, which characterized each of
the States except Utah. In the Far West, the relative
The general relationship between the allocation of importance of pay rolls in manufactures doubled while
supply contracts and changes in income payments may the Government and agriculture components also
be observed in table 5. Those States which received a increased substantially relative to total income
larger-than-national percentage increase in income payments.
between 1939 and 1942 and/or received more than a
« Wages and salaries in contract construction increased at a very high rate, but the
proportionate share of supply contract awards are indiabsolute amounts are relatively small and for this reason the industry has not been
cated by asterisks. The latter are defined as those singled out for special discussion.



14

SURVEY OF CURRENT BUSINESS

From these relationships, it can be said that while
the greatly augmented income stream was fed chiefly
by the branches of manufactures, agriculture, and
Government, the volume of each branch varied from
region to region, reflecting the varying capacities of
each region to contribute to the war effort.
Table 6.—Pay Rolls in Manufacturing and Government, Net
Income of Farin Operators, and All Other Income Payments as a Percent of Total Income Payments, by States
and Regions, 1939 and 1942
Pay rolls in—
Region and State

| Manufaci turing

Government

Net income of
farm
operators

Total of i All other
selected ! income
indus- i payments
tries

I 1939 | 1942 ! 1939 j 1912 | 1939 : 1942 1939 \ 1942
1939
United States..
New England
Connecticut
Maine
Massachusetts
N . Hampshire. . .
Rhode Island
Vermont
._
Middle East
Delaware
Dist. of Col
Maryland
New Jersey
New York
Pennsylvania
W. Virginia
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana. Mississippi
N . Carolina
S. Carolina
Tennessee
Virginia
Southwest
Arizona.-.
New Mexico
Oklahoma
Texas
Central States
Illinois
Indiana
Iowa
Michigan
Minnesota
Missouri
Ohio
Wisconsin
Northwest
Colorado
Idaho
Kansas
Montana
•_
Nebraska
N . Dakota
S. Dakota
Utah
Wyoming
Far West
California
Nevada
Oregon
Washington

18.7 26.9

\
!
j
j

~l

8.7| 10.4,

5.8

8.6

!

1942

33.2: 45.9! 66.81 54.1

8.9
1.4! 34.4 48.11 65.6' 51.9
1.0| 37. 0 55.7 63. 0] 44.3
4.7
5.8" 35. i 51.7 64.9i 48.3
11.61
.7 32.0 44.2 68.0' 55.8
10.8
2.0 38. 1 45.5 61.9 54.5
8.3
.5
. 3 39. 0 48. 1 61. Oj 51.9
9.2
7.8 8.7 10.1 35.2 45.5 64.8! 54.5
9,9 1.4 1.6 29. 2 40.5 70. 8| 59.5
26. 6 .._. .. 73. 4| 54. 2
6.6 5.2
41.1 52.8 58.9 47.2
50.4i.
30.1 47.7! 69.9 52.23
10.71 2.3
8. 6| 1.1 1.1 35.9 50. 8 64. 1 49.2
8 2' .9 1.2 25.1 34. 1 M. 9 65.9
7.81 1.8 1.9 31.7 43. 81 68.3 58.2
6.5 5.5 4.8 30. 1 32.4 69.9! 67.6
16.2 14.1 16.1 38. 5 49.6 61.5 0.4
14.1 14.5 13.3 41.9 53. 2 53. 1 46. 8
10.21 25. 27. 6 41.7 45. 2 58. 3 51.8
22. 0 6.5 7.6 22. 6 3'«. 9 77.4 61.1
49.1ij 61.7 50.9
19. 6j 13.0 12.4 38.3 4y.
12.1! 14. 18.1 34. 41 43.2! 65.6 58.8
18.2| 10. 6 10.5 31.4 44. 31 68.6 55.7
18.3! 28.9 34.4 48.1 83. 11 51.9 38.9
23.2 23 2 8.5 12.0 17.4 22.0 49.1 57.2! 50.9 42.8
21.4 22.5 9.81 21.8 16.6 16.2 47.8 60. 5 i 52. 21 39.5
" '
17.8 21.0 9.3| 10.6 12.2 16.0 39. 3 47.61 60.7 52.4
15.6! 1.8.8 11.8! 20.0 8.1 9.0 35. 5 47.81 64.5 52.2
14.8 12.0 16.2 29.2 42.0) 70.8 58.0
7.71 11.0
74.6 63.3
4. 41 4. 7 13.8 20. 1 7.2 11.9 25.4 36.
2.21 2.3 13.7 20.4 14.3 17.8 30.2 40.5 69.8 59.5
7.1! 9.2j 10.1 12.6 13.3 20.4 30.1 42.2 69.5 57.8
8.5| 12-7 8.6 14.6 11.8 15.3 28. S 42.6 71.1 57.4
23. 91 33.1 7. 6 7. 0 6.9 10.6 38.4 50.71 61.6 49.3
22.4 29.1 7.11 7.0 4.3 6.5 33.8 42. 61 66.2 57.4
6.4 7.8 11.5 43. 55.2 56.3 44.8
28.5 37.3 T'.4f
10.0 11.5 8.1 5.8 25.7 38.9 43.8 56.2 56. 2 43.8
34.3 49.2 8.1 6.7 3.6 4.6 46.0 60.5 54.0 39.5
11.4 16.3 9.2 7.6 12.7 22.9 33.3 46.8 66.' 53.2
16.0 20.4 7.4 9.3 8.5 13. 3 31.9 43.0 68.1 57.0
27.9 40.4 7.0 6.8 3.9 5.4 38.8 52.6 61.2 47.4
24.2 32.7 8.8 6.9 8.2 13.8 41.2 53.4 58.8 46.6
7.0 9.2 11.6 11.1 13. 26.6 32.0 46.9 68. 0 53.1
8.1 12.1 11.4 13.9 7.0 11.9 26. 5 37.9 73.5 62.1
43.0 64.3 57.0
8.0 8.3 11.2 10.2 16.5 24.5 35. 48.3
8.4 14.2 11.4 8.9 11.9 25.2 31.7 44.4 68.3 51.7
6.5 6.8 12.2 10.4 13.2 27.2 31.9 47.5 68.1 55.6
67.9 52.5
7.2 7.4 11.0 9.1 13.9 31. 0 32.1
63.0 39.1
2.5 1. 11.9 6.5 22.6 52.8 37. C
12.0
60.0
60.4 40.0
9.9 23. 47.0 39.6
4.1 3.1
20.6 9.4 9.5 29.1 40.5 70.9 59.5
8.4 10.4 11.
13.7
44.
65.8] 55.3
16.3 16.2' 24.8 34.2
4.3 3.6
12.21 4.1! 5.9 26. f 43.9! 73.4! 56.1
12.8 25.8 9.
42.
3j
75.4 57.7
25. 2| 9.3| 11.9 3.6! 5.2 24.61
11.
5.4 19.9 21.7 80.1 78.3
1.9 4.8| 13.0 11.5| 5.0
10.41 7.2 9.8 34. 8! 51.7 65.2J 48.3
17.91 31. 51 9.
16.5 27.2! 11.4 14.1 4.9 6.6 32. 8| 47.9 67. 21 52. 1

24.9
29.4
22.4
22.9
25. 5
30.4
17. 51
19. Oj
14.9
2. 9
19.3!
27.0
16.3
22.8
17.2
15.0
18.0
7.61
7.31
16. 8
11. l|
10. 9i
8.9

....

37.8 8.0
50.0 6.21
34.3 8.0!
32.7 8.4
35. 2 i 10.1
38.6 8.1
27.6|
!7. 6 9.0
29.01 8.81
32.4 6.5
2. 4 38.2
34.3 8,5
41.1
24. 7
34.1 7.1
21.1 7. 4
17.3' 9.4
25. 8! 9.4
7.4; 8.7
9.3j 8.8
8.5
13.0 8.8
15.61 9.9
10.4 10.3

!

,Of these three industrial branches, manufactures
and agriculture require more detailed examination
since changes in their character and composition so
largely condition the geographic pattern of income payments, both in the short- and long-run view. In manufactures any alteration in the State distribution can be
analyzed in terms of wages and salaries whereas in
agriculture the discussion must be based on not income
of farm operators.




June 1943

State Distribution of Wages and Salaries
in Manufactures
State distributions of wages and salaries for all
manufactures in relative terms are shown in table 7.
This comparison discloses that by-and-large the pre-war
trends in manufacturing pay rolls have continued to
prevail, though the earlier trends have been accentuated
in some instances. New England's share of manufactures in 1942 was the same as its share in 1939 which
was smaller than its portion of the United States total
in 1929. Connecticut was the only State of the region
that continuously improved its relative standing.
Table 7.—Wages and Salaries in All Manufacturing: United
States Total and Percent Distribution, by States, Selected
Years, 1929-42
Region and State

1929

United States (mil. of dol.) 16, 299

1933

1939

1940

1941

7,709

13,189

15,372

21,503

1942
30, 706

PERCENT DISTRIBUTION

United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont-- _
Middle East.
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
West Virginia
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky..
Louisiana.... 1
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
Southwest
Arizona
New Mexico
Oklahoma
Texas
Central States
Illinois
Indiana
Iowa
Michigan
Minnesota
Missouri
Ohio
Wisconsin
Northwest
Colorado
Idaho
Kansas
Montana
Nebraska
North Dakota
South Dakota. _. .
Utah
Wyoming
Far West
California
Nevada
Oregon
Washington

100.0 1 100.0 I

|
. __|
|

.

i

11.4
2.7
.6
6.0
.6
1.2
.3
34.6
.2
.2
1.2
5.5
15.9
10.8
.8

j
i
!
!
|
|
j

12.5 j
2.9 I
.8 j
6.6
•7
1.3 i
2 !
34.5 j
.2 I
•2 |
1.4 I
5.6 I

15.8
10.3
1.0
9.6
.8
.3
.5
1.5
.7
.7
.2
1.9
.8
1.1
1.1
2.2
.1
0)
.5
1.6
33.4
8.7
3.0
.9
6.1
1.3
2.5
8.3
2.6
2.0
.4
.1
.6
.1
A
.1
.1
.2
0)
5.8
4.1
C1)

.6

1.1

100.0 100.0 !

100.0

10.8
2.9
.7
5.4
.5
1.1

11.1
3.5
5A
.5

32^8
< 2
.2
1.6
5.9
13.9
10.1
.9
9.5
.9
.3
.5
1.1
.7
'.Z

1.9
.8
1.1
1.2
2.2
.1
0)
.4
1.7
36.5
9.0
3.7
.9
8.0
1.2
2.2
8.8
2.7
1.7
.3
.1
.4
.1
.3
.1
.1
.2
.1
6.5
4.5
0)
.8
1.2

10.6
3.1
.7
5.1
.5
1.0
.2
33. 5
.4
6.2
13.7
10.4
.9
9.2
.9
A
I.I
'.7
.3
1.7
.8
1.1
1.2
2.1
.1

(0
1.6
36.4
8.6
3.7
.9
8.5
1.1
2.1
8.8
2.7
1.6
.3
.1
A
.1
.3
0)
'.2
A
6.6
4.6

0)

.8
1.2

33.0 !
.4 j
.1 !
1.8 l
6.1 j
13.2 !
10.6 !
.81
9.0
1.0
.3
.4
1.1

I
:
i
i
!

:l\
.3 |

1.1
1.2
1.9
.1

0)

.3
1.5
36.1
8.2
3.9
.8
8.5
1.0
1.9
9.1
2.7

1.4
.3
.1
.5
.1
.2
0)
'.1
0)
7.5
5.2
1.5

100.0

10.8
3.8
.7
4.8
A
.9
.2
31.6
.4
.1
2.2
6.1
12.3
9.7
.8
8.5
1.2
# 2
A
.9
.6

'.'z

1.4
.7
1.0
1.1
2.3
0)
(0
.4
1.9
34.8
7.5
3.5
.8
8.6
1.1
1.9
8.8
2.6
1.7
.3

.1
.7
.1
.2
.1

0)
.2
0)
10.3
7.2
0)
1.2
1.9

i Less than Mo of 1 percent.

The States of the Middle East in 1929 accounted for
slightly more than one-third of the manufactures pay
roll but in 1939 for slightly less than one-third with a
still smaller share paid out in the region in 1942.
Relative declines in New York and, to a lesser extent,
Pennsylvania, were almost entirely responsible for this

15

SURVEY OF CURRENT BUSINESS

June 1943

Table 8.—Wages and Salaries in Specified Groups of Manufacturing Industries: United States Total and Percent Distribution
by State and Region, 1939 and 1942

Region and State

All manufacturing
industries l

1939

United States (mil. of dol)
PERCENT DISTRIBUTION

United States

United States (mil. of dol.)

products

1939

1942

Tobacco

manufactures

1939

13,189 30,706 1, 582 2, 263

89

1942

Apparel and
and
and Furniture
finished Paper
Textile mill other fin- Lumber
basic andlumber
allied
products ished textile timber
products
products
products

1939

104 1,116

1942
1, 785

1939

1942

880 1, 390 |

Printing,
publishing,
and allied
industries

products

1939
402 |

1942
794 i

1942

1939
397'

610

1942

1939
449

1942

1939

993 1,161

728

i
j
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

New England
10.8
Connecticut.
_.
...
2.9
Maine
.7
Massachusetts
5.4
New Hampshire
.5
Rhode Island
" 1.1
2
Vermont
Middle East . .
32.8
Delaware
.. _ ..
._
.2
District of Columbia
.2
Maryland .
._ ._ __ _
1.6
New Jersey
5.9
New York
_ ______ _
13.9
Pennsylvania
10.1
West Virginia _ .
.9
Southeast
_... .
9.5
9
Alabama
3
Arkansas
Florida
Georgia
1. 1
Kentucky
. .
__
Louisiana
'•\
Mississippi
North C arolina
1.9
South Carolina
.8
Tennessee
1 1
Virginia
1 2
Southwest
2.2
.1
Arizona.- _ _ _
(2)
New Mexico
Oklahoma.- __ ._ _ _ _ _
.4
Texas
1.7
Central States-. _
36.6
Illinois
9 0
Indiana
3.7
q
Iowa _ _ _ _ . . .
Michigan
8b
Minnesota „ _
1.2
Missouri
2.2
Ohio
8 8
Wisconsin
_.
2.8
Northwest
. _. _ 1.5
3
Colorado
1
Idaho
4
Kansas
.
1
Montana,.
3
Nebraska
(2)
North Dakota
.1
South Dakota
.2
Utah
(2)
Wyoming
Far West
6.6
Nevada
_ __ _
Oregon _ _
.8
Washington
1 3
California
4.5 i

Region and State

1942

Food and
kindred

10.8
3.8
4.8
.4
.9
.2
31.6
.4
.1
2.2
6.1
12.3
9.7
.8
8.5
1.2
9
4
.9
.6
3
1.4
.7
1 0
1 1
2.4
.1
(2)

.4
1.9
34.8
7 5
3.5
.8
8 6
1.1
1.9
8 8
2.6
1.6
3
1

7

. l
9

(2)
(2)

.2
(2)

10.3

5.1
.6
.4
3.5
1
.4
1
25.7
.2
.4
1.9
4.0
12.0
6.8
.4
9.1
.5
3
9
1.2
1.4
1.3
3
.8
.4
1 i
9
4.3
1
.9
3.1
37.3
11 5
3.3
29
40
3.5
3.6
5 4
3.1
5.9
1 0
3
1 7
.3
1 4
2
.4
.5
1
12.6

(2)

1.2
1 9
7.2

Products of
petroleum
and coal

1. 1
1 8
9.7

3.8
3.5
4.6
7.1
8.1
25.4 27.8
1.8
3
1.9
2.2
.6
.2
.1
4.0
4.2
:.
.7
.1
.1
.4
2.3
1 9
1.7
1.9
4!
7
3.0
4 7
5 4
.6 11.4 13.1
.1
1
.7
.1
1 4
1.8
(2)
.4
. 2 (2)
6.1
.2
6.1
.1
1
1
5
4
.5
.5
25.0 28.9 32.4 32.5 26.6 63.1 62.3
5.6
5.9
.1 (2)
.1
.1
.3
.3
.2
.3
.1
(2)
.1
.1
.4
2.1
.2
.1
2.4
2.5
.6
.5
1.4
1.4
4
3.7
9.1
.5
74
7.5
7.7
5.6
7 0
3.5
8.1 43.6 41.3
6.4
11.6
1.5
1.9
8.8
6.5 14.8 17.4 14.7 10.9
9.0 10.8
1.5
1.6
.4
1.2
.3
.1
1.4
1 0
1.3
9
9.9 I 5 4 . 1 54. 1 34.1 37.8
7.1 29. 5 30. 4
5.8
3.3 i 3 7
.6
3.4
.2
.4
.2
2.6
I
1
4
1
1
3 7
4 0
Q
(2)
1
.1
(2.
9 0
27
7.9
76
.1
1.5
6.6
1.8
1.3
1.4
2.7
5.6
.6
1.3
1.7
6.6
.3
1.1
.3
.7
6
.4
3.6
2
.5
1.2
.2
3.8
1.0
!9
5
3 9
'3
8
4
3 2
4
.9 24.8 23.3 13. 5 13.8
.5
3.2
.5
3.2
.1
2n
1.3
.4
8.1
2. 1
1.4
6.7
9
10!
13
1 2
1 2
2 3
i «
26
1 4
2 8
.9
2 3
11.2 12 0
2 3
1 0
2 2
20
.9
4.4
.1
.1
1.5
4.6
.7
4.3
1.0
.6
2
.4
.4
1
.3 !
3
(2)
1
.l
.9
.5
4
5
3.2
3.4
.1
.6
1.0
1.4
3.2
38.2 12. 0
6.2 18. 1 17. 9 12.9 11.7
9 7
6.4
12 0
6 3
6 9
1 5
1 5
1 2
1 8
1 4
3.3
1.0
1.8
1.0
1.9
.9
1.0
1.3
1
.3
3
3.6
1.5
1 1
g
-? i
3 8
1 4
29
1 5
9
2 8
o
.1
3.4
.4
.4
3.5
3^4
3^9
.3
.3
1.1
2.6
3. I
3 9
7
9
1 ?
5 1
3 9
3 6
1 1
3 3
3.5
.3
.9
1.2
.6
2.9
.2
2.9
•8
.
1
6.3
4.0
3. 9
1
1
9
2
i
2 6 94
i
1
l
1 9
i-r
.3
.8
1
1
1
1 6
2
2
. 1
.4
(2)
_.
.5
. 1
. 1
(2)
(2)
1
2
1
11.6
3.6
.9
.9
3.8 39.6 40.3
1.8
1.9
. 1
(2)
2 13.2 15.2
.2
.2
.2
1.1
......
1
3
(2)
1 9
3 18 0 17 2
18
3.1
8.6
.6
.7
3.3
7. 7
8.4

Rubber
products

Leather
and leather
products

Stone, clay,
and glass

products

Iron and
steel and
their
products

Transportation
equipment

8.2
.8

8.2
.8
1.3
4 1

1.1

4S
1 0
.2
6
23. 31
. 7|
.11
.9|
3.4>
12. l|
5.81
.31
17.6
.5
9
1 3
1.4
1.8
9

18.5
1.7
4.3
Q fi

1 1

2 0
.2
.4
5
71
24.0 29.3
.4
.1
.1
,1
1.2
1.1
34
4 2
12.6 14.9
6.0
8.2
,7
-3

17.2
.4
8

1 2
1.4
1.8
9
fi

1 1 !

10.0
.8
8

1.0

,1

4.6
7
20
28
2.0
.1

1.39
.7
8
1 9
.8

2
1. 7
39 1
in 5
6.3

.l
.7
34.0
7 4
2.0

73 ! 6 7
1.4
1.8
2. 3
2. 0
7 4
7 3
3 9
3 6
.8
.7
2 1
^

6 2
16
1 7

4.3
2 0
2 7
1.8
.1

i
1
j
i

9

1.5
38 8
10 6
5. 5

15.8
1.8
4.0 !
7 5
1.8

.3
4
30.1 j
.7
.1
1.1
4.4
15.5
7.8
.5
13.1
1.3
6
1.1 !
1.3
.1
2.4
9
1.9
1.4
8
20
1.0
.1
.9
32.3
6 5
1.9
.2
5 ?.
17
1.5

9

7 1

7 fi
7 4

7 8
.5
1

.5
1

1 (2)

2

'2

3

2

1

(2)

2

i

(2)

. 1
1 1 (2)
9.5 j 8.8
!

2. 2
1.6
1 4
1 6
5.7 ! 5.8

(V)

(V)

6.9

.7.2

1.2
3 5
2.2

1.4

3 9
1.9

Nonferrous
metals and
their
products

Electrical
machinery

1939

1939

7.7
1.4
.3
5 1
.31
.51

.11

1939

1942

655 1, 642

100.0 100.0 100.0

. 11

38.4
.1
1.3
1.3
3. 0
24.2
8. 1
.4
6.1
.4
3
7
.8
.7
.6
1
.6
2
'9
.8
3.0
.2

Chemicals
and allied
products

7.7
1.5
.2
5.1
.3
.5

6.2
1.7
1
4.2

.1 C1)

39.8 39.7
.9
.1
1.3
1.4 1 1.5
2. 7 14.1
2<> 1 14.3
5.9
7.9 ;
3.0
.3
5. 7 15. 0
.6
.4
.3
.3
.8
.6
.7
1.5 !
.7
.5
.6
1.1
.l
.6
.5
1.4
2
.4
.9
3.5
4.3
2.3
2.6
.1
.1

.1

.7 |
.0
2. 0
1. 9
34.8 34.8
14 0 14. 4
2. 0
2. 0
1.2
1.0
3. 1
3 4
1. 9
2.1
27
2.8
7 5
7.1
2.2
2.2
2.2
2 5
5
4
1
. I
.6
.5
.2
.2
.6
.1
1
. 1
.1
.2
.2
. 1
.1
7.2
7. 5
(2)
(-)
.6
.6
1.0
1.0
5. 9
5. 6
Machinery
(except
electrical)

5.9
3.2
.1
2.5
.1
36. 8
2.6
(2)
1.8
12. U
10.8
6.3
3.3
13.3
2.4
.3
.4
.8
9

.4
3. 0
4.0

3.4
. 1

(2)

.3
1.9
30. 7
X. 5

.5
5. 8
1.0
3.0
8. 1
1. 1
1.1
9

!. 9
!. 4
32. 7
6.8
4.0
7
4.0
2.9
6.8
6. 7
.8
3 7
2.0

.2

.4
.1
.1

(2)
.1

(2)
1.1

5.0

4.2
.4
.1
.3
3.4

.6

2
A
4.4

Automobiles and
automobile
equipment

1942

1939

1942

1,123 3,747

797

1,874

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

100.0

.6
.1

.4
.1

.4

.2

1939

1942

1939

1942

1939

1942

1939

257

456

229

390

373

580

461

1942

1939

1942

805 1,715 3,990

1939

1942

313 5,071

1942

428 1,010

1942

525 1,352

1939

PERCENT DISTRIBUTION

United States
New England
.
Connecticut
Maine
Massachusetts
New Hampshire

Rhode Island
Vermont
Middle East
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
West Virginia
Southeast. _.
Alabama
Arkansas
Florida
For footnotes see p. 16.




15.9
.3

15.3
4.6
1
8.3
.1
1.9
3
17.9
.5

30.8
.7
4 2
19.7
5.8
.1
3
32.0
.9

1.2
7.4
3.9
3.1

.9
8.9
3. 6
4.0

3.1
.9

2.9
.7

.9
3.7
18.6
7.5
.4
4.3

2.4
.4

1.9
.3

18.4
5.2

1.8

1.4

10 2

.2

.2

3 0

26.8

32.1
(2)

29.4
.6
3 6
19.2
5.8
.1
1
32.9
8
(2)

1.8
12.1
3.7
8.5
7
7.1
.6
(2)

1.4
9.1
7.0
14.1
5
7.4
1.2

00

.8
3.3
19.8
7.6
.6
4.4

4.4
.8
3
1 7
.2
2
1 2
41.0
2
1.4
7.1
9.5
17.0
5.8
8.5
.9
3
.4

6.4
.8
.2
4.0
.2
.5
7
41.4
.1
.1
1.4
7.0
10.3
16.8
5.7
8.9
1.1
.3
.3

8.0
3.7
1
3.3
.1
.7
1
35.2
.2

10.2
5.7
1
3 4
.1
.8
1
36.3
.2

8.5
4.0
1 5
2.9

22.4
14.9

21.8
16.3

12.3
4.5

4 7

3.8

7.2

(2)

,1

2 8

1.7

.6

31.0
4

34.5

30.8
.1

38.4

(2)

(2)

(2)

1.1
8.0
13.2
7.0
1.4
5.2
1.1
.1

.9
12.0
12.8
12.6
1
.7
C2)

2.0
14.1
15.6
12 8
9.
.6

(2)

(_)

44.3
.6

(2)

(2)

2.9
3.4
6.8
19.7
2.2
5.1
2.6
.1

3^1
7.7
21.9
1.5
5.1
2.3
2
(2) i

13.7
5.7
.4
5.5
10 1
.4
6
1.2
(2)
5
44.7 25.5
.1
1

13.8
6.7
1 4
5.7

5.1
13.2
14.2
11.1
.1
6.4
.2

6. 3 1.2
8.7
8.6
9.1 14.9
8.4
6.5
1 1.3
3.2
7/2
.2
1.5
.1

.7

.8

(2)

14.9
4.2

14.8
6.1
.4
5. 7
1.6
.7
23.9
.1

.1

.1

10.2

8.1
(2)

.6
5.3
9.4
10.0
.1
1.7
.1

.8
4.9
9.2
8.8
.1
1.3

.1

.1

.4
2.7
3.9
3.2

.3
1.3
3.6
3.1
.5

1.5
(*)

(*)

.1

(2)

16

SURVEY OF CURRENT BUSINESS

June 1943

Table 8.—Wages and Salaries in Specified Groups of Manufacturing Industries: United States Total and Percent Distribution by State and Region, 1939 and 1942—Continued

Region and State

Southeast— Continued.
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
- Virginia
Southwest
Arizona
New \texico
Oklahoma
Texas
Central States
Illinois

1939

1942

1939

1942

.1
.9
4.6

.1
.8
4.4

.5

.4

(2)

_ _ _ ..

Rubber
products

1
.1

1
.2

(2)

(2)

25.1

21.4

.1
.1

1.3
.2
.1

2
.1
1.3
.2
.2

Leather
Stone, clay,
and leather and glass
products
products
1939

.6
.5

C2)

.3
1.5
1.4
.3

19.2
22.7
7.7
8 2

1
4.4

Transportation
equipment
1939

1942

1939

1942

1939

1942

.4

1.3

1.2

.3

.3

.5
I2)
.4

1.7
1.4
.3

(2)

1
5.8

Iron and
steel and
their
products

.7
1.0
.3
.8
.4
1.3
1.1

.9
.9
.8
.6
.5
1.3

.1

2.3
.1

2.2
(2)

8
1.4

.8
1.4

16.9
20.1

.1

.1
.1

.3

56 0

56 3

31.1

31 1

35 3

32 7

6.8

2.6

1.8

8.0
7
.2

8.1
6
.5

6.4

7.2

.7
.3
.1
(2)

.7

1.0

(V)

.3

.9
.1

.6
(2)

o
.4

46.4
11.0

.9

.3
.8
(2)

.2
.6
42.8
10.4

7.2
5.9
59
48
52 44
60
.l
.4
.4
.8
.9
1.2
Iowa
7.5
6.6
6.5
2.1
6.1
1.7
2.7
Michigan
1.2
1.1
1.8
.5
.5
Minnesota
1.6
.8
.7
.4
1.7
.5
2
1.5
1.3
.4
8.9
.7
.6
9.2
Missouri
3.0
3.0
5.6
4.7 38.1 41.3
4.3 14.4 13.0 16.8 15.1
4.0
Ohio
-_
- 5.6
2.1
2.1
.4
2.2
.8
.5
6.1
.7
.5
Wisconsin
4.5
1.5
.3
1.1
4.1
1.3
1.6
1.0
.4
1.6
Northwest
.1
.4
.2
.5
.2
1.3
1.5
.3
.5
.6
Colorado
Idaho
_ _____
.2
.4
2.3
2.8
.5
.5
Kansas
(2)
(2)
.1
.1
.5
Montana
.5
(2)
(2)
.1
.1
.1
.1
.1
.2
.2
Nebraska
(2)
North Dakota
(2)
(2)
South Dakota
.1
.1
.3
.2
.2
Utah
(2)
.1
.9
.8
Wyoming
- .
.2
3.7
3.7
6.9
1.2
5.2
5.8
1.5
6.9
11.4 13.0
Far West
.1
5.8
3.1
5.2
5.6
3.0
1.0
1.3
California
_ _ - 11.3 12.9
5.8
.1
Nevada
- .1
.1
.2
.1
.2
.3
.2
Oregon
.1
.1
.1
.9
Washington
___
_. _._
.1
(2)
.8
.1
.4
.4
i Includes "miscellaneous industry" group not shown separately in the table.

comparative regional decline. Manufactures in New
Jersey and Maryland, on the other hand, moved
counter to the regional trend.
A similar situation prevailed in the other major
manufacturing region, the Central States, although the
range of the relative movements was smaller than in the
Middle East. The share of the manufactures pay roll
originating in the Central States in 1942 was 34.8 percent of the national total compared with 36.5 and 36.6
percent, respectively, in 1939 and 1929. The largest
part of the relative regional decline occurred in Illinois
with the movement either slightly downward or stable in
all the other States of the region except Michigan.
Manufacturing establishments in that State paid
out an ever-increasing percent of the total, advancing
from 6.7 in 1929 to 8.6 in 1942.
The Southeast during the war years failed to hold
the relative gain achieved over the preceding decade.
This was evident throughout the region with the sole
exception of Alabama. Texas, where most of the
manufactures of the Southwest is located, continued,
like Alabama, to undergo a more rapid industrialization
both in the pre-war decade and in the w^ar years than did
the Nation as a whole. The Northwest, on the other
hand, continued to have a declining share of total
manufactures.
The really striking regional change wrought by wrar
production occurred in the Far West. The gain in
relative standing was particularly sharp during the war
period—from 6.5 to 10.3 percent of total manufactures.
This is to be compared with 5.8 percent in 1929. In



to to to to

Products of
petroleum
and coal

2
4.5
1.1

.1
1.0
16.1
4.4

24

Nonferrous
metals and
their
products

Electrical
machinery

Machinery
(except
electrical)

Automobiles and
automobile
equipment

1942

1939

1939

1939

1942

1939

19429

.1

.1

.1

.5
.1

1.1
.1

4
.3
.1

1
.1

.3

.3

(2)

1.2
.3
.7

1
.5
2.0

1942

1.5
.4

2.1
.3

1.9
.5
(2)
.5
.2
.9
4^2
14 0 31 6
3.1 10.5
25
20

2.1

4.5
.1

.5
1.1
32 7
9.2

2.5
.1

5.7
.5

29
.l
7.9
.3

1.4
4.3

.8
4.6

1.5
8.0

1.1
8.9

.1

1.5
.6

-8
2.2
(2)

.6

2.0
.2

8

.3

2.6
2.9
.4

2.3
2.6
.2

(2)

.3
1.1

1.4
.2

.1

3

3

.4

.3
.2

.3
.1

(2)

.1
(2)
(2)

(»)

.2

.2

(2)

'.1
.3

1

.1

2.4
(2)

.4
1

1.5
.1

.5

.1
.6
(2)

1942

(2)

.2
46 1
15 4
75
2

3.2
8
2.4
14.3
2.3

(3)
2

()

.1

37 4
12 6
72
3

.4
20
52.6
15 3
29
1 8
8.7
1 1

(2)

.21
1.4

1*2

.1

.2

.1

1

1

(2)

(2)

(2)

.9

.8

17.7
14.5

32.6
24.1

3.5
2.6

4.8
3.4

.1
3.1

2.8
5.7

.2

.l

3
.3

.3

54.2 85.6
11 2
19
35 6 8
1 1 (2)
11.8 65.1
3
1 8
1 3 1 5
16.7
6.5
6.8
3.5
.4
(2)
.2
(2)

14.2
A
.1

(21
.1

(2)

69.2
5

84
2.8
.1
.1
(2)

(2)

(2)

2.2
2.2

3.7
3.2

4.0
3.2

1.8
1.7

.2
.2
(2)
.2
.7
1.2
.1
.3
2 Less than Ho of 1 percent.

.3
.5

.1

(2)

1

89.4
14
70

(2)

(2)

2.3
2.2

1
.1

(2)

2.3
9
2.1
9.6
2.4
.1
(2)

1.4

.1

(2)

.2

(2)

(2)

1.2
1.1
(2)
.1

each of the Pacific Coast States the relative changes were
of about equal magnitude.
To summarize, the changes in the relative importance
of manufactures among the several States as measured
by wage and salary payments were in accord with the
trend of the pre-war decade except in the Southeast
region; and those individual States that developed
counter to their regional trend were also following their
pre-war pattern. In the case of the Far West there
has been a significant acceleration of the pre-wxar trend.
The same general impression is obtained from examination of the pre-war and war distributions of 19 subgroups of manufactures in table 8. That is, with a few
important exceptions, any shifts of consequence as
measured by relative changes in wages and salaries paid
have been restricted to shifts among the major producing States. In the production of textile-mill products,
for example, there was a further concentration in the
New England States (Massachusetts and Maine) and
the Southeast (South Carolina and Georgia), with a corresponding relative decline in the Middle East, particularly Pennsylvania. All of these are major textile centers. Similarly, the relative shifts in such industries as
petroleum and coal products, rubber products, iron and
steel, nonferrous metal products, electrical machinery,
machinery other than electrical, and automobiles involved for the most part interchanges among the established centers of production.
In three of the subgroups, however, there is evidence
of shifts to newer areas. The manufacture of paper and
allied products has shifted from New England, notably

June 1943

SURVEY OF CURRENT BUSINESS

Massachusetts, to several States in the Southeast—the
Carolinas, Alabama, and Louisiana—although this shift
had been initiated in the previous decade. In the manufacture of chemicals and allied products, there has
been a relative decline in those States with large metropolitan populations, such as Massachusetts, New York,
New Jersey, Ohio, and Illinois, where the production of
Pharmaceuticals, cosmetics, and other consumers7
chemicals have been concentrated. The relative gains
have occurred in Missouri, Indiana, Delaware, Alabama,
Oklahoma, and Colorado, all producers of industrial
chemicals.
The rapid acceleration in the production of ships and
airplanes in other than the established centers accounted
for the shifts in the transportation equipment industry.
In 1939, 38.5 percent of the industry's wages were paid
out in New York, New Jersey, and Pennsylvania but
in 1942 only 24.2 percent. Although the major gain,
from 14 to 24 percent, occurred in California, long a
leading State in airplane production, there were also
significant increases in newer areas such as Kansas,
Maryland, Alabama, Texas, and Washington. In the
remaining eight manufacturing subgroups there were
no significant shifts among established centers or any
evidence of the development of new centers.
This brief review suggests, therefore, that during
the first year of our participation in the war changes
in geographic pattern of manufactures were exceptional
rather than general. In a period when manufacturing
activity has expanded tremendously and the composition of its products radically altered, this may be an
unexpected result, particularly in view of the geographic
distribution of new manufacturing plant facilities constructed in answer to war needs.6
Unfortunately, the figures on new plant construction by industry and State cannot be published. They
have been made available, however, for analysis. The
relative regional distribution of plant facilities in 1939
for six major industrial groups 7 is assumed to be
represented by the percent distribution by regions of
wages and salaries in manufactures in that year. This
is compared with a similar distribution of the value of
new war plants in place as of December 31, 1942.8
Differences in the magnitude of the two sets of figures
6
These manufacturing facilities cover "commitments, letters-of-intent and contract
awards of $25,000 and over reported to the WPB by the Army, Navy, Maritime Commission, Defense Plant Corporations, Reconstruction Finance Corporations, and the
United Kingdom." Federally financed projects are included as well as those privately financed projects under certificates of necessity, the cost of which may be
amortized over a period of 5 years. To estimate value of project in place as of December 31, 1942, it was assumed that all privatelyfinancedfacilities had been completed
and that a given Federally financed program had reached in each State the same
degree of completion as in all States. In connection with the latter assumption we
were advised that a given program tended to be launched in each area at about the
same time.
7 The six major industrial groups are ordnance and iron and steel products; aircraft,
aircraft engines, ship construction, combat vehicles, etc.; chemicals; petroleum and
coal products; nonferrous metals and products; and metalworking equipment,
machinery and electrical equipment.
s It should be noted that the relative distribution of total plant authorization as of
December 31,1942, is very similar to that for value of plant in place for each industrial
group.
529451—43
3




17

reflect the extent to which the new manufacuring facilities differ in geographic location from the pre-war
distribution of manufacturing capacity in the same
industrial group.
The locational shifts created by the new plant facilities may be high-lighted by comparing the percent of
pre-war facilities and new facilities in the "old manufacturing belt" (New England, Middle East, and Central States). In 1939, seven-eighths of all plant facilities
in these six industry groups were located in the old
manufacturing belt compared with two-thirds of the
new plant facilities that have been constructed in that
region. The fact of a disproportionately small amount
of new facilities in the old manufacturing belt was
equally true of each of the six industrial groups, with
the exception of metalworking equipment, machinery
and electrical equipment. It has been shown, however,
that no such striking regional differences were reflected
in pay rolls originating in manufactures. This can
only mean that the conversion and fuller utilization of
peacetime plant and equipment in the old manufacturing belt kept pace with the construction of new plants
in the South and West.
While the distribution of new plants has not yet had
a noticeable result in effecting a regional redistribution
of income from manufactures, what does it portend for
the post-war years? More relevant to this question is a
distribution of new plant facilities that have a high
probability of being converted to peacetime production.
Even when new plants that are highly specialized for
the production of military goods have been eliminated
from consideration, it seems probable that wartime
expansion will have the effect of accelerating the industrialization of the South and West. Of course,
the effectiveness of these plants in new locations to compete for private orders in peacetime remains to be
demonstrated.
Net Income of Farm Operators
Net income of farm operators,9 as has been mentioned,
was the other important dynamic component of income
» Net income of farm operators measures net returns to farmers from agriculture,
for their labor, unpaid family labor, capital investment, and management. It is
estimated by deducting from farmers' gross income during the calendar year their
total expenses of production. Gross income includes cash income from marketings,
Government payments, the value of products consumed on the farm, and the value
(positive or negative) of change in inventories of crops and livestock. Farm expenses
are estimated by States for 34 separate items.
Data on which the income and expenditures estimates are based are those of the
Bureau of Agricultural Economics of the U. S. Department of Agriculture, together
with Census of Agriculture data for 1929 and 1939. Estimates for 1942 especially are
to be regarded as preliminary, since complete information on the year's operations
is not yet available. As part of its net income parity study, the Bureau of Agricultural Economics is preparing more definitive estimates of agricultural income by
States, which will be released at a later date.
It may be pointed out for the guidance of the reader that the Department of Commerce definition of net income of farm operators, as embodied in national income and
income payments to individuals, differs in two respects from that used by the Department of Agriculture in its annual estimates for the United States. The Commerce estimates exclude, and the Agriculture estimates include, the net (imputed)
rental value of owner-occupied farm dwellings; and the Commerce Department
series, covering the activities of only owner-operators and tenants, defines net rent
accruing to landlords living on farms as a component of total net rents rather than ol
net income of farm operators.

18

SUKVEY OF CUKRENT BUSINESS

payments, whether attention be centered on the
changes from 1941 to 1942 or whether the changes be
viewed against the background of the pre-war years.
The 59-percent increase in net farm income during
1942 to the all-time peak of 9.8 billion dollars resulted
from a 12-percent expansion in the physical volume of
farm production, a 29-percent advance in the general
average of prices received by farmers, and a marked
increase in the ratio of net to gross income occasioned
by the continued lag of farmers' costs behind gross
income.
Table 9.—Percentage Distribution of Net Income of Farm
Operators, Percent Change in Net Income, and Average
Net Income Per Farm, for Selected Years and Periods, by
States and Regions
Percent
Average
change in net
Percentage distribution of net income net
income per income
of farm operators
farm
of all farm
(dollars)
Kegion and State
operators
1929

1933

19391929
1942 194142

1940

United
States L_ 100. 00 100. 00 100. 00 100.00 100. 00 100. 00
New England
1.83 2.77 2.05 1.58
.46
Connecticut. ..54
.36
.29
.46
.37
Maine
.65
.61
.41
.54
Massachusetts.
.72
.34
.08
.16
N . Hampshire.
.28
.15
.03
.06
Rhode Island..
.12
.01
.33
.37
Vermont.
.46
.39
Middle East
7.47 10.77 7.71 7.31
.19
.26
Delaware
.18
Dist. of CoL->.
.63
Maryland
.67
.81
.79
.73
New Jersey.„_.
.58 1.20
New York
2.72 4.21 2.56 2.53
Pennsylvania-. 2.37 2.97 2.55 2.29
.85
.95
W. Virginia
.95 1.39
Southeast.-.27.12 32.24 28.76 26.4^
Alabama
2.84 3.29 2.40 2.20
Arkansas
2.80 2.93 2.95 2.93
Florida.
.51 1.33 1.30 1.
2.97
Georgia
2.97 3.4' 2.
Kentucky
3.14 3.16 2.95 2.75
Louisiana
2.11 i.76 2.13 1.56
Mississippi-... 3.48 2.90 3.06 2.50
N . Carolina.... 2.97 5.73 4.61 3.94
1.54 2.10 1.99 1.90
S. Carolina
2.59 2.93 2.54 2.53
Tennessee
2.17 2.64 1.97 1.
Virginia
12.31 13.33 10.94 11.40
Southwest
.40
.43
.34
.15
Arizona
.62
.71
.69
.45
New Mexico...
3.13 3.25 2.57 2.94
Oklahoma
8.15 9.48 7.35 7.32
Texas
Central States... 30.3' 25.53 33.77 32.54
Illinois
. . . . 4.44 3.32 5.54 4.
2.85 2.92 3.21 2.86
Indiana
6.14 3.45 7.41 6.77
Iowa
2.20 3.00 2.65 2.82
Michigan
3.93 2.79 4.24 4.79
Minnesota
3.77 3.61 3.77 3.62
Missouri
Ohio
„-... 3.57 4.15 3.95 3.43
3.47 2.29 3.00 3.37
Wisconsin
14.67 6.96 10.07 12.64
Northwest
.95 1.03
1.18
.82
Colorado
.86
.98
1.10
.72
Idaho
Kansas
__. 3.80 1.53 2.01 2.73
.93] 1.33
.97
.53
Montana,
3.58 1.85 1.77 2.19
Nebraska
1.25
.52 1.15 1.59
N . Dakota
1.74
.08 1.30 1.47
S. Dakota
.55
.67
.61
.49
Utah
.55
.65
.44
.42
Wyoming
6.23 8.40 6.70 8.06
Far West
3.53 5.28 4.37 5.59
California......
.10
.13
.10
.03
Nevada
1.02 1.12J
1.06 1.2'
Oregon..
Washington.... 1.54 1.82 1.21 1.22

1.24
.25
.25
.39
.07
.03
.25
6.20
.29

1.28
.23
.39
.32
.07
.02
.25
5.31
.23

138.4
62.1 48.3
41.1 18.0
143.3 103.2
30.1 40.1
50.0
1.5
22.2 - 1 2 . 0
58.
60.9
36.3 64.2
25.1 111. 3

.60
.53 41.0 110.1
.62
.49 27.1 49.1
2.13
38.5 73.0
41.1 55.3
1.87
.69
.54 24.9 35.5
24.59 24.93 61.1 106.7
2.31 1.94 33.2 92.2
3.19 2.91 45.1 135.2
1.02 1.06 65.3 95.3
2.27 2.04 42.7 70.4
2.26 2.48 74.5 100.5
1.39 1. 47 68.2 64.5
2. 99 3.21 70.8 150.3
3.82 4.22 75.4 118.0
1.15 1.52 110.4 82.2
2.52 2.37 49.5 122.4
1.67 1.71 62.0 107.0
10.99 10.92 57. 137.7
.51 111. 205.5
.38
.51 41.3 94.5
.57
2.77 2.78 59.1 157.6
7.27 7.12 55.7 130.
34.54 34.92 60.6 146.5
5.58 5.21 48.3 124.1
3.31 3.42 63.9 154.1
7.41 8.02 71. 158.2
2.52 2.49 57.3 124.2
4.48 4.75 68.5 167. 0
3.80 3.95 64.9 149.4
3.67 3.67 58.9 121.9
3.77 3.41 43.4 170.4
14.15 15. 33 72.2 262,9
.94 1.07 80.5 167.1
.91 46.5 153. 4
.99
3.37 3.68 73.6 336. 7
1.53 1.25 29.7 221.0
2.14 3.05 126. U 311.3
2.34 2.29 55.4 374.2
1.68 2.05 94,2 277.2
.47 29.0 100.
.58
.56 53.6 142.5
.58
8.29 7.31 40.1 160.1
5.37 4.62 36.6 152.6
.10 36.1 133. 3
.12
1.20 1.13 49.2 162.9
1.60 1.46 45.4 187.0

1939

852
624
788
893
919
836
482
715
694
550
411
753
829
843
640
812
637
• 979 1.179
836
1,222
914
73'
613
609
641
620
460
623
682
702
596
570
523
565
681
886
1,277
1,185
823
882
1,003
1,110
841
1,531
696
1,137
789
873
1,023
1,211
1,057
1,411
1,223
1,097
1,483
857
1,124
1.208
1,474
1,259
1,394
1,627
1,028
1,162

587
1,254
688
621
395
524
426
560
858
543
480
585
433
681
595
422
463
692
883
748
588
724
830
1,068
715
1,427
581
884
606
695
661
689
762
806
528
911
601
640
737
897
1,518
985
1, 352
1, 175
679
611

i United States totals of net farm income for the years 1929. 1933, and 1939-42, respectively, are as follows (millions of dollars): 5,360; 2,307; 4,113; 4,205; 6,172; and 9,804.

As in 1940 and 1941, the Northwest registered the
largest percentage increase in net farm income, 72 percent. (See table 9.) The Middle East and Far West



June 1943

made the smallest 1941-42 gains, 36 and 40 percent;
respectively, while increases in net returns to farmers
in New England, the two Southern regions, and the
Central States approximated the national average of
59 percent.
The range of percentage increases, of course, was
wider among States, and in several instances regional
changes were not representative of individual States.10
The striking differences in rates of increase, however,
followed a fairly well-defined geographical pattern.
Of the 19 States that had gains in net farm income
of greater-than-average proportions,11 18 were in the
South, the Central States, and the Northwest, where
the more important farm States are concentrated.
The record advance in 1942, together with a comparable gain in 1941, carried farmers' net income to a
level 138 percent above that of 1939—in 32 States it
was more than doubled. There were, however, marked
differences among the States and regions as to rates of
change. Regional increases over the period 1939-42
ranged from 48 percent in New England to 263 percent in the Northwest, with the 5 States scoring the
largest gains—North Dakota, Kansas, Nebraska, South
Dakota, and Montana—all in the Northwest. Net
returns to farmers in these States last year were from
374 to 221 percent above 1939 levels.
In the Far West and Central States, as well as in
the Northwest, the 1939-42 rate of increase in farm
income exceeded the national average. Sixteen of the
19 States registering greater-than-average gains were
in these 3 regions. In the Southwest farm income rose
by about as much as in the Nation as a whole; but in
New England, the Middle East, and the Southeast the
increases were smaller. Of the 23 States comprising
these 3 Eastern areas, only Mississippi registered a
gain that exceeded the national average.12
io This may be illustrated by the slightly greater-than-average increase in New
England and the 143 percent increase in Maine, where there was a doubling of cash
income from potatoes, due to sharply rising prices. This was the largest gain in net
farm income in any State. Other New England States followed the pattern of the
Middle East, and their 1941-42 percentage increases were less than the national
average. Dairy farming is important in these two areas, and increases in cash
income from whole milk and other dairy products in 1942 were less than for most
other commodities.
n These States, together with others that scored large increases in farm income
during 1942 were for the most part areas where crop conditions were most favorable
or where major sources of income were meat animals or specialty crops such as potatoes, soybeans, and tobacco. Thus, the impressive gains in net income last year by
farmers in Nebraska, the two Dakotas, Kansas, and Colorado of the Northwest
region are attributable mainly to sharp increases in income from meat animals.
This was also the case in the Central States of Iowa, Indiana, Illinois, Minnesota,
Missouri, and Ohio—the six largest hog-producing States in the Nation. Of secondary importance were large gains in income from wheat in the Northwest and from
corn and soybeans in the Central States. In the Southeast, on the other hand, the
major factor making for the 61-percent increase in farmers' net returns was income
from crops. North Carolina's 75-percent advance, for example, accrued largely to
tobacco farmers, whose gross cash income rose 68 percent during the year. With
respect to South Carolina's 110-percent income gain, the highest in the Southeast,
it should be noted that drought had greatly restricted marketings in 1941.
12
Greater-than-average increases in net farm income over the period 1939-42,
concentrated in the Central and Western areas, are attributable chiefly to record
gains in income from meat animals, from food and feed grains, and, in the case of
California, from fruits and vegetables. Farm income gains were smallest in areas
where general farming and dairy production are predominant, notably New England
and the Middle East. They were somewhat greater in areas devoted largely to the
production of potatoes, tobacco, cotton, and fruit but nevertheless fell far short of
the spectacular increases in the Central and Western parts of the country.

SURVEY OF CURRENT BUSINESS

June 1943

Shifts in the geographic distribution of farm income
between 1939 and 1942 produced by these broad differential rates of change are measured in table 6. Comparison oi the 1939 and 1942 State and regional
distributions with those for 1929 and 1933 affords a
basis for determining to what extent the 1939-42
shifts accord with trends that were emerging in the
thirties.
The pattern of regional change is clear, and few
States ran counter to their regional trends. The Central
Table 10.—Net Income and Production Expenses as Percentages of Gross Income of Farm Operators, by States
and Regions, 1939 and 1942
Percentage of gross income 1
1939

1942
bJC

p

Region and State

•S

I»

©

S
c
|£

©

©

8
United States..
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Middle East
.._.
Delaware
District of Columbia.
Maryland
New Jersey
New York _. _.
Pennsylvania
West Virginia
Southeast
. __
Alabama
Arkansas
Florida .
Georgia.
Kentucky
._
Louisiana
Mississippi
North Carolina.....
South Carolina
Tennessee _
...
Virginia
Southwest
Arizona
New Mexico
Oklahoma _.
Texas
.
Central States .
Illinois
Indiana
.

__

Iowa__ ._ __ _ ..

Michigan
Minnesota
Missouri..
Ohio
Wisconsin
NTorthwest
Colorado
Idaho
Kansas

_ _

Montana
Nebraska,
North Dakota
South Dakota
Utah
WyomingFar West
California
Nevada
Oregon
Washington . . _.

op

i

O

d

©

©

.a

21.2
15.9
15.4
16.5
15.2
14.7
13.5
18.3
18.4
11.2

9.9
16.4
18.6
12.3
19.4
15.0
18.3
13.8
12.8
9.7

41.5
28.2
29.3
29.7
25.7
24.4
24.0
32.0
33.3
39.5

23.8
43.0
42.5
39.0
43.9
54.2
53.4
39.7
38.0
43.5

15.3
12.2
13.1
11.2
11.8
12.3
10.3
13.6
13.9

32.5
38.7
36.7
35.9
24.0
21.8
23.3
18.0
30.2
24.1
19.2
18.0
19.4
20.4
22.9
20.8
27.7
24.7
29.4
29.2
25.8
23.4
25.9
25.3
26.5
26.0
26.4
22.7
28.0
27.4
25.8
31.2
38.4
25.9
35.7
24.3
36.6
24.0
25.1
26.9
24.6
30.7
31.6
27.6
27.5
29.9

20.1
13.1
19.7
20.1
13.3
12.7
10.6
12.9
11.9
9.9
15.9
12.9
13.5
12.0
9.8
16.2
13.9
18.8
24.3
17.4
20.0
18.0
25.8
29.3
25.5
26.5
22.8
28.0
20.5
22.2
28.1
27.8
22.0
25.0
29.5
26.7
29.7
33.1
30.7
18.7
18.5
21.6
20.9
21.0
22.5
24.0

17.4
18.3
13.7
10.3
7.0
9.8

30.0
29.9
29.9
33.7
55.7
55.7
58.4
60.9
39.3
54.4
57.7
54.8
61.3
60.3
55.0
55.8
45.3
46.5
27.6
42.3
47.3
48.4
41.5
38.9
41.5
42.6
41.4
42,5
45.5
42.5
37.2
32.4
28.1
35. 6
29.2
35.9
27.8
33.2
38.1
44.8
42.5
29 8
28.2
30 4
35.3
32.0

32.6
41.2
39.0
37.7
32.9
17.4
18.1
13.5
26.0
21.6
17.0
16.1
12.8
14.5
17.6
17.0
24.5
22.0
21.1
28.7
23.0
21.1
23.0
23.0
23.7
22.9
22.9
19.3
25.1
24.0
24.1
23.8
32.0
21.6
27 9
18.7
28.2
13.3
18.0
27.4
19.8
25 5
26.4
24 7
23.9
23.8

14.6
10.2
14.0
16.5
10.6
9.9
8.1

7.7

o
p
fcJO

27 A
39.5
36.7
41.5
39.7
45.9
44.2
35.9
35.5
39.6

8.2
18.6
11.6
7.2
14.3
5.8
7.3
12.3
7.2
13.1
10.0
18.7
11.1
6.9
10.2
6.8
6.5
6.5
4.9
9.4
6.8
6.0
7.9
8.9
8.6
11.5
13.5
5.6
13.1
5.9
9.7
6.1
9.6
14.4
17.9
19.3
21 0
14.7
14.1

©

X
©

7.3

10.8
8.4

12.2
12.2
9.3
9.4
8.2
11.4
10.3
13.6
23.1
15.0
12.8
12.9
18.6
24.5
18.4
18.5
17.0
18.4
13.4
17.3
17.4
17.2
16.5
18.4
16.3
15.6
18.7
19.2
16.9
13.7
12.5
15 6
15.3
15 3
14.8
17.0

8.3
15.9
19.1
11.7
18.6
14.7
21.2
12.9
12.8
7.3

52.6
28.9
25.3
38.1
25.7
18.8
15.1
33.8
35.3
41.9

15.1
18.6
14.1
10.5
6.7
8.1
7.0
6.8
15.6
10.7
5.9
13.4
4.4
5.7
13.0
5.6
10.1
8.3
11.5
11.0
5.8
8.6
5.0
4.9
4.4
3.8
6.7
5.1
4.4
5.7
7.1
7.0
12.0
12.6
4.2
11.3
4.2
8.0
4.8
6.9
13.2
17 8
19.4
16 1
13.1
15.9

37.7
30 0
32.9
35. 3
49.8
64.6
66.8
70 4
47.6
59.3
64.9
58.3
73.5
70.4
61.2
66.0
55.1
56.1
44.3
45.3
58.4
57 4
53 4
47.6
53.5
54 8
53.4
57.2
57.1
53.0
51.4
52 0
39.5
47.4
51 6
54.4
48.9
59.5
60.3
52.0
54.5
41 1
38.9
43 9
48.2
43.3

1
Gross income includes cash income from marketings, Government payments,
value of products consumed on the farm, and value (positive or negative) of change
in2inventories of crops and livestock.
Includes feed purchased; livestock purchased; fertilizer and lime expenditures;
cost of operating automobiles, trucks, and tractors; and miscellaneous operating
expenses.
3 Includes maintenance or depreciation of service buildings and machinery and
equipment,
taxes (personal property and real estate), mortgage interest, and rent.
4
Includes both cash wages and the value of perquisites.




19

and Northwest regions were hit hardest by the precipitous Nation-wide drop in farm income between 1929 and
1933, with serious drought conditions an additional factor in several Northwestern States. The share of the
country's total agricultural income received by the
Northwest and Central States therefore declined
sharply. In both the recovery period 1933-39 and the
wrar period 1939-42, however, these two regions steadily
improved their relative positions. Opposite patterns
are manifest in the five other regions, where farm income
dropped less during depression years than in the Central
States and Northwest and rose less in the pre-war upswing and during 1939-42. These five regions, therefore, all received an increasing share of the country's
agricultural income between 1929 and 1933 and a declining share in the recovery and war periods (a partial
exception is the Far West, where the trend after 1939
was somewhat irregular). The relative positions of the
Southwest and Far West, however, did not change
materially from 1939 to 1942, and the largest shifts of
income over the war period were from the three Eastern
areas to the Central and Northwestern States.
It is apparent, then, that the significant shifts in the
geographical distribution of agricultural income that
occurred between 1939 and 1942 were a continuation
and accentuation of pre-war (1933-39) trends. These
shifts, however, are not necessarily indicative of longterm trends for they include the varying effects on
different areas of strong cyclical influences.
Brief mention has been made of the varying importance among States of agricultural income as a source
of total income payments during the war period.
Advancing from 5.8 to 8.6 percent of total income payments for the Nation as a whole between 1939 and 1942,,
net farm income increased as a proportion of total
income in 38 States.
In the Northwest, farmers' net income advanced
over this period from 13 to 27 percent of total income
payments. In North Dakota and South Dakota of
this region it rose from less than one-fourth to one-half
of total income. Returns to farmers accounted for
more than two-fifths of the 1939-42 total increase in
income in the Northwrest and nearly four-fifths in the
two Dakotas. Though less spectacular than these, impressive relative gains in agricultural income were
realized by most States throughout the Northwest, Far
West, Central, and Southern regions. These are in contrast to the comparatively small advances, or even
declines, in the more industrialized States in the
Eastern part of the country.
What do these various geographical shifts in farm
income imply with regard to relative changes in average
income per farm, which is a useful measure of interareal differences in profitableness of farming? While
specific data in terms ol averages are lacking for other
than Census years, this question may be answered
adequately by figures presented in table 9.

20

SURVEY OF CURRENT BUSINESS

These figures indicate, in the first instance, that,
despite considerable shifts in the ranks of several States,
inter-regional differences in average income per farm
were much the same in 1939 as in 1929. Only one important change is to be noted—the lower relative position of the Northwest in 1939 than in 1929. Most of
the considerable relative decline of this region centered
m^Kansas, Nebraska, and Idaho. By 1939 these three
States had only partly recovered from their severe drop
in income during the depression years; and their average income per farm was 56 percent less than in 1929,
as compared with an 18-percent decline for all other
States.
Although estimates of net income per farm cannot be
computed for the years 1940-42, two assumptions may
be made about probable State and regional trends
during this period. One is that, with indications of a
decline in number of farms throughout the country in
the last 2 or 3 years, the striking 1939-42 gains noted
in total net returns to farmers are probably, for most
States, an understatement of relative increases in average net returns. Secondly, it seems likely that average
income differentials among States and regions were
widened considerably after 1939. The largest percentage gains in net farm income between 1939 and 1942
were scored by the Northwest, Far West, Central
States, and Southwest'—the four regions which in 1939
had net incomes per farm that were higher than the
national average. Also, farm income increased the
least from 1939 to 1942 in the three Eastern regions—
which had the lowest average incomes in 1939. These
considerations indicate that the most " profitable"
farming areas increased their relative advantage during
the war period.
A feature of the phenomenal increase in net income of
farm operators between 1939 and 1942 was the markedly
greater increase in net income than in gross income.
As compared with the 138-percent rise in net income the
Nation's gross farm income increased only 88 percent,
from 9.9 billion dollars to 18.6 billions.
The lag of production costs behind gross income and
the consequent sharper rate of increase in net income
may be explained principally by the importance of
''fixed" costs in agricultural production and by the
more rapid rise after 1939 of prices of farm products
than of prices of materials and equipment used in farm
production. Also important is the fact that many of
the farmer's operating expenses are a function of acre-




June 1349

age rather than of production. Thus, while acreage
expanded only 4 percent from 1939 to 1942, the Nation's average crop yields increased 20 percent and
thereby contributed significantly to the lag of costs
behind income.
Variations in net farm income over time are partly
the result of changes in the ratio of expenses to gross
income. The influence of changes in this ratio upon
changes in total net income between 1939 and 1942
may be gauged from data presented in table 10. These
data show by States and regions for these 2 years the
disposition of gross income among groups of expense
items and net income. Also revealed by this table are
the broad inter-State and inter-regional differentials in
the proportion of gross income accruing as net income to
operators. These differentials reflect mainly differences in types of farming, farming practices, and yields.
In almost every State expenses declined and net
income increased as a percentage of gross income
between 1939 and 1942. Increases in the ratio of net
to gross were largest in the Northwest Far West,
Central States, and Southwest. Percentage inci eases
in gross income were also greatest in these regions.
On the other hand, increases in the profit ratio were
smallest in New England, the Middle East, and the
Southeast—where percentage increases in gross income
also were smallest. On a State as well as a regional
basis there was positive correlation between these two
factors in their joint influence upon changes in net
income.
As was to be expected, in every State "fixed" expenses
declined as a percentage of gross income from 1939 to
1942. The fact that fixed expenses constitute a larger
proportion of gross income in the Western and Central
regions than in the three Eastern areas is part explanation of the differential changes in ratio of net to gross
income from 1939 to 1942 noted above. It also is one
reason why during the 1929-33 depression net farm
income held up better in the East than in the Western
and Central parts of the Nation.
An interesting disclosure of this table is that in most
States wages paid to hired laborers formed a smaller
proportion of gross income in 1942 than in 1939.
Despite sharply higher wage rates throughout the
Nation and the employment of about the same number
of hired workers in the 2 years, in no State did labor
costs last year absorb a significantly larger proportion
of gross income than in 1939.

SURVEY OF CURRENT BUSINESS

June 1943

21

Table 11.-— State Income Payments by Type of Payment, Selected Years, 1929-42
[Millions of dollars]

Year

Total

Net salaries
and
wages

Other
labor

income

EntreDivipreneu- dends,
rial
interest,
income
etc.

Total

Net sala- Other
ries
labor
and
wages income

United States
1929
1933
1939
1940
1941
1942

82,617.0
46, 273.0
70,601. 0
76,220.0
91,910.0
114,039.0

52, 436.0
28, 566.0
43,850.0
48,206.0
60,152. 0
78,094.0

1,079.0
2, 347.0
4, 755.0
4, 674.0
4,254. 0
3, 695.0

562.8
287.6
478.0
501.6
655.0
1,033.9

276.1
140.5
219.8
232.5
293.9
554.8

8.6
21.7
42.2
44.4
45.6
32.6

13,816.0
6, 632.0
10,973.0
12,003.0
15, 387.0
20,168.0

15, 286.0
8,728.0
11,023.0
11,337.0
12,117.0
12,082.0

801.5
418.7
681.7
753.5
1,010.1
1,429.0

478.7
242.2
410.4
468.6
653.1
1,015.7

1,459.0
887.7
1,300. 3
1,433.1
1,811.6
2,307. 6

945.8
533.8
833.6
961.8
1,307. 6
1, 796. 2

12.7
28.6
57.1
53.1
42.4
39.5

445.4
248.8
465.7
520.6
638.1
916.0

693.7
423.8
818.7
895. 7
1,047.3
1, 363.0

8.7
25.5
56.3
60.2
61.6
53.4

220.4
98.5
173.7
182.2
268.0
396. 8

57. 7
26.9
42.3
42.5
47.5
49.7

5, 217.3
3,113.2
5,047.0
5, 578.4
6,715.5
8, 734. 9

3,160.1
1,887.3
3,049. 7
3, 376.2
4,253.3
6, 093.1

7,036.4
3,335.6
5, 284. 5
5, 743. 3
6, 769.9
7,907. 7

4,821.1
2, 250.7
3, 460. 9
3,816. 2
4, 598. 9
5, 537. 9

74.2
177.2
330.7
341.8
293.9
273.1

996.3
474.7
692.7
758.8
974.2
1,428.8

534.8
298.4
391.9
406.5
501.6
765.5

16.0
27.3
50.4
52.5
50.5
44.1

127.1
74.1
112.6
121.0
145.3
164.7

373.4
251. 2
297.0
297.2
316.3
307.2

217.7
127.1
203.5
246.5
286.4
332.0

104.0
62.4
101.0
139.8
170.2
209.8

449.7
296.8
399.8
426.0
520.7
663.8

276.3
180.0
247.6
268.6
354.3
474.1

7.8
13.7
25.1
26.8
23.5
20.4

104.7
74.9
133.6
147.9
167.5
216.3

134.9
74.6
163.1
167.0
180.1
177.3

956. 6
597.0
901.5
990.8
1,223.8
1,613.1

3, 543.2
1,640.8
3,053. 9
3,427.2
4, 237. 9
5,361. 4

2,434.3
1,146.0
2,143.1
2, 479.9
3,199. 9
4,188. 7

39.4
93.9
209.9
178.4
150.8
163.4

1, 260.4
501.3
769.6
813.4
879.0
882.6

1,876.0
977.3
1, 688.8
1,839.5
2, 373. 3
2, 902. 6

2,209.6
1,243.6
1,831.6
1,921.9
2, 379.0
2,920. 2

1,414.2
787.9
1,102.4
1,166. 2
1,479. 2
1,860.5

For footnotes see p, 22,



27.8
50.8
124.5
124.9
115.5
99.8

790.6
443.0
750.2
886.5
1,114.7
1,341.1

1,190.3
638.9
896.5
927.7
995.2
1,005.6

634.1
358.7
564.0
595.4
684.0
877. 3

390.3
219.1
327.7
341.2
401.4
544.9

25.9
13.2
25.3
29.5
38.5
44.0

86.1
46.6
70.5
70.3
71.6
72.9

637.4
494.5
812.9
871.8
1,023.1
1,310.5

451.4
347.5
594.4
645.0
776. 4
1,064.1

138.7
62.4
85.4
92.1
102.3
107.9

964.0
535.2
838.9
892.0
1,050. 6
1, 343.4

545.4
302.0
468.3
513.8
620.7
801.5

264.2
131.0
205.1
225.6
265. 2
346.8

79.1
42.1
56.7
56.7
64.8
92.0

86.5
61.0
70.4
73.9
78.1
77.3

1,107.1
720.5
1,074.6
1,206. 7
1, 509.4
1, 952. 9

665.4
414.0
668.8
774.2
1,029. 7
1,449.7

343.2
171.9
298.2
314. 8
445.4
601.7

18.2
35.4
65.1
63.0
61.5
52.1

14.1
29.9
49.4
53.8
48.6
43.1

102.4
64.5
93. 5
96.7
104.1
103. 4

230.1
114.4
213.5
231.9
277.2
364. 6

129.2
68.5
124.4
132.8
153.9
209.6

223.7
117.5
180.1
195.1
211.2
212.5

1, 347. 6
643.8
1,184.8
1, 237. 8
1, 556. 5
2,022.1

691.2
384.2
570.4
596.4
705.0
829.1

634. 7
175.7
341.8
363.3
390.0
386.1

1,443.8
811.8
1, 378.3
1,434.2
1,654.7
2, 034. 4

858.9
508.2
789.0
798.7
911.3
1,106. 3

20.4
42.0
115.0
108.7
103.7
86.2

262.9
119.4
205.7
211.9
255.5
376.2

137.5
78.4
99.8
103. 3
112.9
113.6

862.9
486.9
828.8
862.1
1,052.2
1,371.7

2

528.0
308.2
499.1
545.3
686.3
941.2

339.1
194.4
261.1
268.5
288.8
287.5

324.1
158.4
287.6
326.2
385. 5
450.4

206.6
102.1
169.6
181.7
199.4
237.1

5.7
13.1
27.0
26.0
23.8
18.7

30.3
14.4
26.5
25.4
29.3
30.7

12.2
24.2
55.8
59.1
55.6
47.0

127.5
57.1
102.4
113.0
138.5
197.1

104.1
58.3
78.1
82.1
88.5
88.3

11.9
20.8
42.6
41.9
42.6
32.6

61.7
38.4
57.1
63.6
74.8
85.0

112.4
87.8
118.8
121.3
129.3
128.8

3.0
9.1
18.3
18.1
17.4
13.2

78.8
27.3
56.5
65.1
88.0
122.5

19.1
9.5
14.3
15.9
17.9
19.3

16.6
32.7
63.8
64.4
60.9
52.5

467.2
150.3
428.8
425.0
623.9
961.9

172.6
76.6
121.8
152.0
166.7
178.6

10.5
32.3
56.3
57.2
61.7
50.7

198.2
81.6
162.4
151.6
187.6
261.0

126.2
64.8
111.0
108.0
116.6
118.8

367.6
205.4
279.4
301.4
353.4
382.0

899.1
632.9"
641.5660.1
696.9
681.4

244.5
93.5
168.4
155.7
246.0
388.9

56.7
23.1
37. £
38.2
42.645.6-

271.6
86.5
134.2
159.5
209.4
400.1

104. 7
49.859.968.974.982.2

Massachusetts
161.5
91.4
133.9
155.2
193.3
225.6

266.1
185.2
222.5
223.5
237.8
234.5

3,786.9
2,386.6
3,106. 8
3,320.3
3,928. 2
4,481.6

2,469.4
1,435.4
1, 962.9
2,134.0
2,688. 2
3, 255. 5

50.8
112.9
223.0
224.8
189.7
162.7
Mississippi

362.4
144.9
323.2
364.6
466.5
668.1

202.1
116.7
151.1
162.2
173.2
173.8

544.8
255.0
436.1
448.0
625.8
914.7

237.3
120.5
192.9
215.6
293.9
450.4

6.3
17.9
36.9
38.5
43.3
29.8

Nebraslfe

Montana
428.5
210.5
343.6
362.3
495.5
672.4

42.0
16.7
39.3
44.0
54.8
91.7

Louisiana

Minnesota
434.8
225.2
359.1
405.6
497.2
623.2

5.8
11.9
21.5
21.4
22.0
18.6

Iowa

31.7
55.8
124.5
112.4
98.2
89.2

Maryland

Div
dends,

interest,
etc.

Idaho

Kentucky
306.8
86.6
165.0
207.7
319.8
511.3

Entrepreneurial
income

Distr ct of Columbia i

10.5
26.3
57.6
60.4
58.4
50.3

1, 277. 4
632.1
1,086.0
1, 217. 2
1, 618. 5
1, 999. 2

Missouri
1929
1933
1939
1940
1941
1942

167.0
77.4
140.4
145.2
177. 5
276.0

Indiana
880.7
406.4
723.3
771.9
998.1
1, 214.1

Other
labor
income

Colorado

1.7
4.9
6.7
6.9
6.1
5.3

579. 5
375. 2
545.3
608.1
796.1
1,112.6

Michigan
1929
1933
1939
1940
1941
1942

245.1
120.4
227.7
236.0
283.6
417.0

Georgia

Maine
1929
1933
1939
1940
1941
1942

84.1
39.6
55.9
59.0
63.7
64.8

Delaware

Kansas
1929
1933
1939
1940
1941
1942

229.8
110.6
162. 4
170.2
240.2
309.5

76.3
144.0
350.6
388.0
352.3
295.1

Illinois
1929
1933
1939
1940
1941
1942

Net salaries
and
wages

California

Florida
1929
1933
1939
1940
1941
1942

Total

Arizona

8.9
26.3
53.0
55.7
53.1
39.0

Connecticut
1929
1933
1939
1940
1941
1942

Dividends,
interest,
etc.

Alabama

Arkansas
1929
1933
1939
1940
1941
1942

Entrepreneurial
income

79.0
26.2
66.0
90.2
131.3
163.1

32.8
17.0
25.0
28.3
31.0
31.5

764.0
373.8
524.0
567.2
657.6
964.8

379.2
223.3
289.4
296.5
333.9
452.2

8.5
14.2
40.5
42.3
39.4
30.3

22

SURVEY OF CURRENT BUSINESS

June 1943

Table 11.—State Income Payments by Type of Payment, Selected Years, 1929-42—Continued
[Millions of dollars]

Year

Total

Net salaries
and
wages

Other
labor
income

Entrepreneurial
income

Dividends,
interest,
etc.

Total

73.5
43.4
83.6
92.7
107.8
179.8

49.8
29.8
51.5
56.2
67.0
128.4

1.5
2.1
4.9
5.4
5.2
3.9

12.9
5.3

12.4
15.9
19.2
31.6

9.3
6.2
14.8
15.2
16.4
15.9

302.5
199.6
267.9
275.3
316.0
343.1

New Mexico
160.3
90.0
178.3
191.0
218.3
279.4

1929.
1933.
1939.
1940 _
1941.
1942.

89.5
55.9
98.5
103.2
121.1
167.3

3.0
6.2

16.7
17.9
17.8
13.3

205.1
124.9
170.0
177.3
211.9
239.7

264.0
127.0
209.2
236.1
331.1
424.8

148.5
76.4
101.3
107.0
118.8
134.2

3.3
8.0

21.8
18.6
16.4
12.1

52.8
18.8
44.0
51.5
59.6
77.5

15.0
9.1
19.1
18.4
19.8
21.3

14,479.9
8,910.2
8, 509. 5 4,939. 9
11,300.8
6.964. 8
11, 999. 6 7, 535. 9
13,717.0
8,965.1
15, 467. 9 10,654. 3

_.

602.6
336.9
586.8
631.6
795.8
1,128. 5

394.3
211.7
383.4
412.5
532.4
815.3

11.6
21.1
41.8
41.2
38.0
31.0

93.9
31.2
71.3
94.1
176.2
256.7

18.3
11.4
14.8
16.4
19.7
21.8

4,920.1
2,601.5
4,153.4
4,469. 6
5, 532. 5
6, 675. 6

437.7
299.4
491.8
549. 6
669.0
917.9

266.1
180.7
293.0
343. 7
460.7
631.7

5.3

21.4
39.8
41.4
40.1
29.8

3,416.3
1, 724. 3
2, 748. 2
3,039. 7
3, 930. 9
4, 927. 7

129.8
66.6
108.6
121.7
165.0
220.9

66.9
37.5
53.0
56.2
60.4
61.3

7,338.4
4,026. 4
5, 819.3
6, 284.8
7, 455.3
8, 694.4

4,987.4
2, 593. 5
3, 759. 5
4,171. 9
5, 233.5
6,426.2

2,667.6
1. 550.8
2, 554. 0
2, 688.5
3, 298.3
4,553.8

1,488.1
870.9
1,445.5
1, 540.1
1, 901.4
2,836. 7

25.8
63.6
130.8
138.0
150.4
143.2

131.5
73.1
123. 5
128.3
129.5
216.4

34.8
24.2
35.5
36.2
38.7
40.0

287.5
117.3
227.5
243.1
300.4
429.0

136. 5
78.7
108.1
112.7
124.8
155.2

638.7
986.0
1,105.4

1, 436.1
1,869.0

640.1
412.2
648. 8
733.9
1, 009. 3
1, 371.8

12.2
23.7
48.1
54.4
49.8
40.6

738.6
376.8
584.0
638.1
840.2
1,157.2

415.1
239.5
393.7
372.3
406.3
416.7

270.7
143.8
242.4
268.9
323.5
483.9

176.8
91.1
150.5
166. 5
203.4
345.5

1, 848. 7
937.9
1,514.1
1, 629. 8
1,978.6
2, 413. 2

1,198. 2
598. 6
948.4
1, 022. 4
1, 252.1
1, 576. 6

23.8
65.1
113.6
108.5
95.0
80.8

35.1
21.9
29.4
28.3
33.6
35.8

58.0
45.0
51.9
52.8
56.0
55.1

3,267.6
1, 985.8
2,858.7
3,152.8
3, 720. 5
4, 530.6

180.2
395.0
671.1
648.1
590. 8
534.2

2,170.1
1,220.1
1,876.6
2,149.3
2,650. 7
3, 443.9

82.1
153.1
313. 0
273.3
232. 5
208.3

91.1
201.8
453.3
407.1
336.1
270.2

3.1

11.7
23.3
20.9
18.7
13.3

3.6

11.0
22.0
22.7
24.1
18.7

219.1
118.1
373.2
184.3
234.0
315. 4

115.5
84.7
125.9
132.8
143.0
141.2

1,104. 0
598. 5
1,011.7
1,118. 2
1, 471. 7
2,159. 8

743. 3
384. 1
668. 4
757. 4
1 024. 0
1 607. 4

16.1
37.0
78.6
76.9
80. 8
73.6

Entrepreneurial
income

Dividends,
interest,
etc.

40.7
80.4
167.1
156.7
138.5
124.5

365.3
211.3
288.9
315.0
369.3
408.7

691.5
474.0
526.1
531.8
562.0
553.5

259.6
188.3
275.6
264.4
355.9
553.0

117.2
80.8
116.8
113.3
124.9
128.2

283.4
131.2
195.3
227.1
288.1
425.2

160.6
71.1
100.8
97.7
106.0
110.1

51.4
28.6
39.1
42.4
53.3
58.6

131.5
99.8
99.5
103.5
109.8
107.5

231.3
111.9
184.6
199.0
273.8
367.4

113.4
61.2
89.9
91.4
99.8
99.8

42.3
22.8
32.6
33.1
37.4
46.8

36.8
23.9
27.5
30.5
32.2
31.8

118.4
67.4
98.8
107.7
126.9
151.1

87.1
46.2
68.5
75.1
82.2
82.6

North Carolina
1,894.4
915.2
1, 302. 5
1,446.4
1,662.9
1, 826.6

3,495.1
2,259.4
2, 362. 4
2, 369.2
2, 498.2
2, 452.8

966.0
677.7
1,089. 9
1,144.1
1,423.9
1,876. 6

580.1
382.3
644.1
707.5
887.2
1,150.6

9.1

26.3
53.4
58.9
55.9
44.8
Oklahoma

627.2
319.2
527.5
557.9
729.0
903.3

794.5
404.9
564.7
598.7
640.1
636.3

1, 078.7

537.4
796.3
840.5
976.7
1, 332.4

621.1
301.4
426.3
442.3
509.3
733.9

13.6
33.7
73.9
73.4
73.3
63.2

Ehode Island
807.8
399.9
627.4
704.7
825.0
953.7

1,452.1
831.2
979.1
1,001.1
1, 060. 7
1,044.3

579.6
364.7
479.9
509.8
636.3
742.6

389.2
222.8
310.2
331.3
449.2
554.2

7.5

13.5
31.1
32.6
24.0
22.3
Tennessee

122.0
14.6
79.4
90.9
136.1
237.5

25.9
12.3
16.7
18.6
20.8
23.0

905.8
515.8
851.9
930.6
1,194. 4
1,454.8

546.9
315.8
519.7
575.2
758.5
934.9

14.2
26.9
57.7
65.0
62.3
52.7
Vermont

57.6
23.4
46.3
54.7
69.9
93.7

32.7
18.3
23.6
25.0
26.1
26.0

215. 9
126.5
173.3
184.1
208.8
240.8

133.3
73.9
103.7
110.8
130.7
155.4

Washington

Wisconsin
1929
1933.
1939.
1940.
1941.
1942.

4.3
7.8

16.6
16.9
14.5
12.5

Other
labor
income

New Jersey 3

Utah

Virginia »
1929.
1933.
1939.
1940.
1941.
1942.

Net salaries
and
wages

South Dakota

Texas
1929
1933
1939
1940
1941
1942.

Total

Pennsylvania

South Carolina
1929
1933
1939
1940-- —
1941....
1942
.

Dividends,
interest,
etc.

Ohio

Oregon
1929
1933
1939
1940
1941
1942

Entrepreneurial
income

New York *

North Dakota
1929.
1933.
1939.
1940.
1941.
1942

Other
labor
income

New Hampshire

Nevada
1929
1933
1939
1940
1941.
1942

Net salaries
and
wages

3.5
5.9
9.5
9.7
8.5
6.8

West Virginia
193. 7
104.3
157. 0
170.8
244.6
353. 8

150. 9
73.1
107. 7
113.1
122.3
125.0

35.6
16.6
35.8
42.0
52.8
73.9

13.0
9.7
13.2
14.9
16.1
16.2

794.0
An. 2
713.0
777.7
928.4
1,115.1

575.2
325.6
491.7
541.8
667.1
834.6

13.3
35.0
54.0
53.1
52.2
46.8

Wyoming
351.6
138. 8
269.7
302.0
421.5
546.1

275. 1
135.4
182. 4
196.9
210.0
209.7

153.3
86.3
141.2
150.3
176. 5
222. 6

102.9
55.7
83.1
84.8
100.6
126.8

1.8
4.3
9.1
8.6
7.0

57

* In computing p%r capita income payments shown in table 2 the following amounts (figures in millions of dollars) were deducted from total income payments to adjust
the figures to a residence basis: 1929—62; 1933—55; 1939—143; 1940—171; 1941—229; 1942—328.
2 In computing per capita income payments shown in table 2 the following amounts (figures in millions of dollars) were added to total income payments to adjust the
figures to a residence basis: 1929—30; 1933—27; 1939—70; 1940—80; 1941—107; 1942—153.
3 In computing per capita income payments shown in table 2 the following amounts (figures in millions of dollars) were added to total income payments to adjust the
figures to a residence basis: 1929—676; 1933—375; 1939—527; 1940—56S; 1941—077; 1942—1,082.
* In computing per capita income payments shown in table 2 the following amounts (figures in millions of dollars) were deducted from total income payments to adjust
the figures to a residence basis: 1929—676; 1&33—375; 1939—527; 1940—568; 1941—677; 1942—1,082.
«In computing per capita income payments shown in table 2 the following amounts (figures in millions of dollars) were added to total income payments to adjust the
figures to a residence basis: 1929—32; 1933—28; 1939—73; 1940—91; 1941—122; 1942—175.




SURVEY OF CURRENT BUSINESS

June 1943

23

Recent Trends in Corporate Profits
By Tynan Smith and Robert Sherman

corporate profits after provision for
ESTIMATED
income and excess-profits taxes were slightly higher
in 1942 than in the previous year, the high level of
profits reached in 1941 being maintained despite a
sharp rise in taxes. This is but a slight reflection of
the sizable gain in profits before tax deductions. These
earnings rose from an estimated 13,938 million dollars
in 1941 to 18,784 million in 1942. Taxes absorbed
almost all of this 35-percent increase as profits after
taxes were less than 1 percent above the 1941 total.
The upward trend in corporate earnings received a
fillip during the first quarter of this year, judged by the
18 percent increase in profits after taxes for the first
quarter of 1943 over the first quarter of last year,
according to reports now available. Reported profits
before taxes showed a 19-percent increase for the first
quarter. Most of the corporations issuing first-quarter
reports used 1942 tax rates for computing their tax
liabilities, although some companies allowed for a slight
increase. The estimates presented in this article assume, for the first quarter of 1943, ratios of taxes to
profits before taxes equivalent to the ratios prevailing
in 1942.
The Bureau of Foreign and Domestic Commerce has
prepared a new series measuring estimated corporate
profits before and after Federal income and excessprofits taxes, annually from 1929 to 1942, and quarterly
from 1939 through the first quarter of 1943. These
estimates are designed to correspond conceptually
with corporate profits as reported to the Bureau of
Internal Revenue, after deduction from the latter of
dividends received from domestic corporations.1
Profits in Major Industries.

The very small increase in 1942 corporate profits
after taxes as compared with the 1941 level was the
result of diverse movements in the major industrial
groups. The 130 million dollar increase in the transportation industry and the more moderate gains registered by the communications and miscellaneous groups
counteracted the decline of 106 million dollars from
1941 to 1942 in the profits after taxes of manufacturing
and the less important declines in the other major
groups. The decline in manufacturing occurred notwithstanding a 36-percent increase in profits before
taxes in 1942. However, increased taxes were not
sufficient to absorb all of the 66-percent rise in profits
before taxes of the transportation group.
Of the manufacturing subgroups, transportation
equipment (except autos) was the only one to have a
substantial increase in profits after taxes in 1942 com1 The notes on sources and methods indicate differences between the present series
and the corporate profits estimates carried jis a component of national income.



pared with 1941. The tremendous rise in the output
of airplanes and ships was responsible for this 84-percent gain in profits before taxes. Even though the
impact of excess-profits taxes was particularly heavy
on this industry, the profit remaining after tax deductions still showed an increase of 39 percent over 1941.
Other durable goods producers also had large increases
in profits before taxes, the only exception being the
automobile group, which was held to a slight increase
by the necessary shutdown for conversion during the
first half of 1942.
The rise in profits after taxes for the first quarter of
1943 as compared with the first quarter of last year was
dominated by the increases in manufacturing and transportation, the two industries most directly serving the
war effort. The automobile group led the general increase in manufacturing profits after taxes with a 41percent gain over the first quarter of 1942. This sharp
rise was based on the relatively low figure for the first
quarter of last year when conversion to war production
was in process. Substantial increases were registered
by the other durable goods groups, with the exception of
iron and steel producers.
The uninterrupted increase in the movement of men
and material imposed by the war effort more than
tripled the first-quarter profits of the railroads as compared with the first quarter of 1942. Retail and wholesale trade continued to show gains in earnings after
taxes for the first quarter. The estimates appear in
tables 3 and 4.
Corporate Profits, 1929 and 1942.

The level of corporate profits after taxes in 1942 was
well above that of 1929 for nearly all industrial groups,
with two important exceptions—transportation and
finance. In the case of transportation, the recent increase in railroad revenues was accompanied by heavy
additional costs. Thus, with total receipts in 1942
slightly higher than in 1929, net profit both before and
after taxes was lower. Furthermore, the profits of the
street railway companies, which were an important part
of the total for the other transportation group in 1929,
were negligible in 1942.
For the finance industry the decline in earnings was
not quite so precipitous if reference is made to profits
including dividends received. They were not included
in the all-industry total because, in order to have an
unduplicated total of corporate profits, it is necessary
to deduct dividends received by each industry. Since
these dividend receipts are concentrated in the finance
group, the adjustment gives a biased picture of earnings
in this industry. However, even allowing for dividends
received, the finance group showeda decline of 44 per-

24

SUKVEY OF CUEKENT BUSINESS

June 1943

Table 1.—Estimated Corporate Profits After Taxes, by Industrial ]Divisions, Annually, 1929-42
[Millions of dollars]
Industrial division
Total

.

Mining
Manufacturing
__
..
Food, beverages, and tobacco
Textiles and leather
Paper and printing
Chemicals
Oil refining
1__
. . . . _ . Metal and its products
Iron and steel
Nonferrous metals
Machinery (excluding electrical)
Electrical machinery
Transportation equipment
Automobiles _ . _ _ _ _ . . .
Miscellaneous manufacturing
Trade
Retail
Wholesale
Finance
__. __ . .
-'__
.-Finance, including dividends received
Transportation
- Railroads
Other
- Communications ... __
__ .
_
Power and gas
Miscellaneous
_ . . . _ _.._
... .

1929

1930

1931

7,972

1,279

-3,225

198
3,953
518
167
293
357
428
1,440

-57
880
385
-298
137
218
97
739

-255
-225
-916 -1,827
214
92
-303
-333
10
— 105
124
— 17
-205
-47
-404
-747

50
432
268
639

10
-244
-164
-137

-38
16
-330
-613

1933

1932

1934

1935

1936

1937

1938

1939

1940

1941

- 5 , 462 - 2 , 390

129

1,672

3,898

3,897

1,515

4,088

4,847

6,857

6,884

-179
75
242
107
18
130

-23
111
368
18
86
204
-95
134

-26
1,507
383
83
126
237
-29
400

72
2,576
492
192
180
303
61
757

155
2,550
346
82
177
294
119
939

IS

14
321
256
659

44
296
253
562

27
1,574
59
-94
153
159
272
74

—7
1,568

-26
909
338
-42
76
220
-71
214
-22
32
146
58
6
71
97
239
161
78
156
1,193
-236
-290
54
155
320
-2

54
2,579
500
166
162
382
55
715
223
113
242
137
52
261
286
593
344
249
158
1,246
36
-68
104
197
414
57

92
3,410
471
180
217
415
100
1,155
372
131
439
213
148
381
343
734
417
317
-234
1,124
124
-23
147
195
482
44

246
4,534
567
345
273
440
155
1,542
520,
172
460
390
265
407
540
884
509
375
-225
1, 425
345
105
240
344
580
149

243
4,428
573
330
230
403
134
1,508
486
167
472
383
369
367
514
830
483
347
-200
1, 225
475
202
273
381
524
203

no

-223

j

1,239
2,199
1,005
688
317
275
423
240

1942

-23
23
-126
-118

-8
212

—9
,204
112
341

-345 -1,478 -1,908 -1,733
-1,273
707
-1,411
-694
-302
389
-140
-406
-284
226
-169
-336
29
-18
163
-70
172
98
77
206
205
289
86
121
-296
-200
54
-455

-865
456
-196
-290
94
111
239
-126

-363
1,571
-141
-208
67
141
226
-13

-32
-194
-444
-860

-122
129
168
377
85

Table 2.—-Estimated Corporate Profits Before Taxes, by Industrial Divisions, Annually, 1929-42
[Millions of dollars]
Industrial division
Total
Mining
.
.
.
Manufacturing.
Food, beverages, and tobacco
Textiles and leather
Paper and printing
__ __
__ ._
Chemicals .Oil refining
Metal and its products
__ __ _. .__
Iron and steel
Nonferrous metals. _ _
Machinery (excluding electrical)
Electrical machineryTransportation equipment. __
Automobiles
Miscellaneous manufacturing
Trade
Retail
. .
Wholesale
Finance
Finance, including dividends received
Transportation
Railroads
Other
Communications
Power and gas_ __. _ .
Miscellaneous

1932




1936

1937

1938

1939

1940

1941

1942

2,407

5,089

5,173

2,375

5,320

7,390

13, 938

18, 784

Q

111
3,185
599
245
228
368
85
928

216
3,204
435
119
228
358
154
1,172

245
150
451

20
386
326
834

56
362
320
732

-274
1,660
-89
— 194
105
165
272
20

177
1,724
131
-68
199
192
333
126

139
1,714
84
—94
178
205
454
139

3
1,286
429
-20
106
272
-56
301
1
43
183
74
13
102
139
354
232
122
290
1,327
-183
—272
89
193
392
40

91
3,213
615
216
206
468
75
883
280
138
298
167
67
322
361
760
442
318
290
1,378
109
—36
145
245
507
105

164
4,944
644
266
309
597
147
1,715
579
201
628
307
242
522
502
1,035
588
447
—43
1,315
259
39
220
265
642
124

434
9,612
935
666
549
1 018
256
3,810
1,545
454
1,017
794
714
622
1,042
1,603
899
704
0
1,650
629
223
406
495
847
318

9,153

1, 979 - 2 , 836 - 5 , 1 8 7

-1,969

725

243
4,497
589
208
334
404
479
1,624

-35
1,197
452
-283
165
254
124
825

-247
-218
- 7 5 1 - 1 , 727
136
268
-326
-293
-95
27
1
149
-42
-201
-380
-737

-169
283
300
143
35
161
-65
-197

-1
1,043
438
43
113
242
-88
188

1,865
458
115
159
279
-20
486

58
478
323
747

16
—218
-138
-72

-38
33
-316 "
-566

-32
—194
-438
-828

-23
38
— 109
-56

-8
98
17
308

—244 — 1,431 — 1,880 — 1,698
808
-1,383
-1,238
-647
-378
461
-272
-106
267
— 156
—328
—275
3
194
-50
50
235
198
119
95
339
246
166
127
98
-179
-441
-279

-802
519
-147
-278
131
132
289
-97

cent in profits after taxes from 1929 to 1942. This
reflects the downward trend of interest rates and the
material decline in the volume of bank loans from 1929
to 1942.
The movement of corporate profits after taxes depends not only on the movement of profits before taxes
but also on the trend of corporate income taxes. Percentages of corporate profits remaining after taxes are
summarized in table 5 for 1929 and 1938 through 1942.
In 1942 only 36.6 percent of total corporate profits
remained after tax provisions whereas in 1929 this proportion was 87.1 percent. The sharp drop in the share
of profits left after taxes in 1941 and 1942 might be
considered fictitious to the extent that, had heavy
excess-profits taxes not been imposed, the profits
probably would have been reduced more drastically
through renegotiation of war contracts.

1933

1935

1930

1,453
2,418
1,132
774
358
309
477
295

1931

1934

1929

n

488
13,112
1,277
1,064
643
1 274
301
5,238
2 062
602
1,550
1,024
1,315
6901,312
2,025
1 162
863
50
1,475
1,041
488
555
599
954
515

The range in the proportion of profits remaining
after taxes was much narrower in 1929 than in the last
2 years. In 1929 the percentage ranged from 80.3 for
textiles and leather manufacturing to 90.4 for automobile manufacturing. This is in striking contrast to
1942 when the share remaining after taxes extended
from 23.6 for iron and steel manufacturing to 63.6 for
communications. As would be expected, the industrial
groups having the largest increase in profits before taxes
due to wartime expansion have borne the brunt of
excess-profits taxes and, consequently, show the lowest
proportions of profits remaining after taxes.
Dividend Payments.

Net dividends paid in 1942 declined 10 percent from
the 1941 level. Part of the decrease from 1941 to
1942 was due to the substantial payment of arrearages

25

SURVEY OF CURRENT BUSINESS

June 1943

Table 3.—Estimated Corporate Profits After Taxes, by Industrial Divisions, Quarterly, 1939-43
[Million of dollars]
1939

1940

1941

1942

Industrial division

Total
Mining
Manufacturing
Food, beverages, and tobacco.
Textiles and leather
Paper and printing. _ _ _
Chemicals
Oil refining.
Iron and steel
Nonferrous metals
Machinery (excluding electrical)
_ ._ Electrical machinery
Transportation equipment__
Automobiles
__ Miscellaneous manufacturing
-.
_
.-_ Trade
Retail
- _WholesaleFinance _
-_ Transportation
Railroads. _
_ Other
Communications.
Power and gas
__. _
Miscellaneous

Total

IV

I

II

III

763

769

987 1, 569 4,088

0
485
109
37
20
78
7
26
8

4
516
124
33
31
82
9
25
15

14
624
148
33
37
99
16
53
29

47
26
9
75

45
19
9
70

55
28
16
16

95
64
18
100

43
70
36
34
55
-26
-44
18
48
118
13

54
73
33
40
49
-28
-53
25
49
94
12

94
133
97
36
34
36
5
31
49
88
9

95
317
178
139
20
54
24
30
51
114
23

II

i

III

963 1,049

1,175

IV

Total

1,660 4,847 1,269 1,612

28
673
104
40
45
85
23
53
20

13
751
110
31
60
95
25
62
22

33
18
92
838 1,148 3,410
119
138
471
43
66
180
62
50
217
135
100
415
25
27
100
112
145
372
31
131
58

242
137
52
261

87
41
17
99

108
42
14
101

110
44
48
41

286
593
344
249
158
36
-68
104
197
414
57

59
113
63
50
-43
9
-17
26
43
122
18

81
167
74
93
-62
18
-16
34
43
112
7

103
172
112
60
-68
47
0
47
49
115
4

54
36
954 2, 579
500
119
166
63
162
74
382
123
55
23
119
223
113
61

II

1

III

Total

I

„ [ „,

1,885 2,091 6, 857 1, 549 1,655 1,806

52
63
67
246
64
845 1,090 1,231 1,368 4,534
159
110
160
567
138
101
104
345
57
83
77
93
273
60
'43
88
104
114
134
440
39
22
155
42
52
93
117
169
141
520
35
45
172
41
51

439
213
148
381

83
65
37
113

104
95
52
120

139
101
78
60

343
100
282
734
168
417
114
317
- 6 1 -234
124
50
10 - 2 3
147
40
195
60
133
482
15
44

99
115
58
57
-60
59
17
42
69
162
27

137
181
95
86
-57
83
26
57
83
138
31

164
258
150
108
-55
111
37
74
93
136
44

134
86
69
140

IV

IV

Total

I

1, 874 6, 884

1,821

62
59
61
61
243
990 1,092 1,142 1, 204 4,428
123
133
158
159
573
76
92
81
81
330
70
58
45
57
230
105
96
84
118
403
29
29
39
37
134
109
127
118
132
486
39
40
41
47
167

64
1,166
158
77
69
113
35
112
47

460
390
265
407

101
91
78
70

119
98
100
81

m
105

140
540
884
330
509
206
375
124
- 5 3 -225
345
92
25
105
67
240
99
344
580
144
149
47

107
193
117
76
-51
76
18
58
91
148
40

132
184
89
95
-50
111
46
65
94
121
44

142
223
131
92
-50
145
67
78
95
131
59

134
129
98
114

1943

92
95

131
89
99
121

472
383
369
367

127
120
89
99

133
514
230
830
146
483
84
347
- 4 9 -200
143
475
71
202
273
72
101
381
124
524
203
60

120
219
128
91
-48
124
61
63
102
152
42

Table 4.—Estimated Corporate Profits Before Taxes, by Industrial Divisions, Quarterly, 1939-43
[Millions of dollars]
1939

1942

1941

1940

1943

Industrial division
I

Total
joining
Manufacturing
Food, beverages, and tobacco
._ .
Textiles and leather
Paper and printing
Chemicals _
Oil refining
Iron and steel _
Nonferrous metals._ _
Machinery (excluding
electrical) ..
Electrical machinery _ _.
Transportation equipment
Automobiles..
_ __
Miscellaneous manufacturing
Trade
Retail .
Wholesale,
Finance
Transportation _ ._
Railroads
Other.
_.
Communications __
Power and gas
Miscellaneous

II

III

IV

Total

I

II

III

IV

Total

I

II

III

IV

Total

I

II

III

IV

Total

1,008 1,016 1,285 2,011 5,320 1,473 1,618 1,794 2,505 7,390 2,550 3,263 3,853 4,272 13, 938 4,223 4,584 4,885 5,092 18, 784

I
5,015

164
45
91
23
33
63
111
119
113
970 1,078 1,225 1,671 4,944 1,758 2,283 2,635 2,936

121
122
434
125
120
488
9,612 2,943 3,274 3,351 3,544 13,112

615
216
206
468
75
280
138

142
60
64
122
34
82
31

151
46
85
136
37
96
33

163
63
89
144
37
175
48

188
97
71
195
39
226
• 89

644
266
309
597
147
579
201

180
108
*87
203
36
277
93

229
161
120
240
65
348
108

262
195
155
263
86
419
119

264
202
187
312
69
501
134

935
666
549
1,018
256
1,545
454

272
242
195
305
66
464
142

299
301
163
267
66
538
141

352
261
126
331
86
502
148

354
260
159
371
83
558
171

1,277
1,064
643
1,274
301
2,062
602

,356
257
194
362
78
480
170

117
78
23
124

298
167
67
322

125
59
28
136

154
61
23
138

157
64
78
56

192
123
113
192

628
307
242
522

183
132
99
172

231
194
140
184

307
206
211
92

296
262
264
174

1,017
794
714
622

332
242
278
131

390
263
355
152

397
282
327
178

431
237
353
229

1,550
1,024
1,313
690

429
328
324
192

120
407
230
177
40
81
39
42
63
139
40

361
760
442
318
290
109
-36
145
245
507
105

87
159
89
70
7
35
-4
39
59
162
36

118
236
105
131
0
48
-2
50
58
149
26

151
242
158
84
-30
83
15
68
66
153
22

502
146
398 1,035
588
236
162
447
-43
-20
259
93
30
39
63
220
82
265
642
178
124
40

188
209
102
107
-10
107
37
70
99
235
61

263
330
168
162
-5
153
56
97
119
202
70

320
468
265
203
7
200
76
124
134
199
91

271
596
364
232
8
169
54
115
143
211
96

1,042
1,603
899
704
0
629
223
406
495
847
318

274
470
281
189
11
161
44
117
143
269
101

339
452
214
238
12
242
111
131
148
221
115

361
543
315
228
13
321
163
158
150
238
148

338
560
352
208
14
317
170
147
158
226
151

1,312
2,025
1,162
863
50
1,041
488
553
599
954
515

315
552
318
234
15
273
147
126
160
282
116

7
604

10
641

24
50
91
777 1,191 3,213

134
49
26
96
9
33
10

153
43
39
100
12
32
18

181
42
47
121
22
66
36

147
82
94
151
32
149
74

58
32
11
92

55
23
12
86

68
34
21
20

54
90
46
44
92
-14
-40
26
60
145
24

68
93
42
51
89
-15
-50
35
61
115
22

119
170
124
46
69
57
15
42
61
108
19

132
3,485

on preferred stock dividends during 1941 and the sub- of the intervening years dividend payments exceeded
sequent return to the regular dividend rates on pre- profits after taxes. For example, during the depression
ferred shares in 1942. However, many corporations in years substantial dividend payments were made even
1942 reduced their dividend payments on common though profits for the corporate universe were negative.
stock from the 1941 rates. This was particularly true This does not mean that corporations generally paid
out dividends in excess of net income. With few excepin manufacturing.
The substantial rise in profits after taxes in 1942 tions dividend payments were made only by corporaenabled the transportation industry to increase divi- tions having net income. It was only when the heavy
dend payments during the last year. Nevertheless, net losses of the deficit group were added that total
dividends for this group hi 1942 were still nearly 40 per- corporate income either fell below dividend payments
or became a negative figure. This emphasizes the
cent below the 1929 level.
The percentages of corporate profits after taxes paid caution necessary in generalizing on the basis of aggreout as dividends are given by industrial groups for the gates including both net income and deficit corporations.
The proportion of profits after taxes paid out as
years 1929 and 1938 to 1942 in table 7. During most
529451—43
4



SURVEY OF CURRENT BUSINESS

26

Jane 1943

Table 5.—Estimated Corporate Profits After Taxes as Percentage of Profits Before Taxes, by Industrial Divisions

1938 to 1942. (See table 8.) By the latter year they
exceeded 1929 levels except in the petroleum refining
During the last 5 years
1929 1938 i 1939 j 1940 | 1941 j 1942 and transportation industries.
Industrial division
the ratio was at least doubled in every industry except
87.1 63.8 76.8 i 65.6 ' 49.2 I 36.6
Totalfood, beverages, and tobacco, and power and gas. In
81.5 C 1 ) 59.3 56.1 56.7
Mining
_______
49.8
communications, the ratio rose from 13.3 to 32.6; in
87.9 70.7 80.3 69.0 47.2
33.8
Manufacturing
87.9 78.8 81.3 73.1 60.6
44.9
Food, beveraces, and tobacco
.. iron and steel and electrical machinery it rose from 0.02
80.3 C 1 ) 76.9 67.7 51.8
31.0
Textiles and leather
_
__
87.7 71.7 78.6 70.2 49.7
Paper and printing
35.8
and 4.8 to 16.0 and 19.0, respectively.
88.4 80.9 81.6 69.5 43.2
31.6
Chemicals
89.4 0) 73.3 68.0 60.5
Oil refining
44.5
In general, it can be said that fluctuations in the ratio
88.7 71.1 81.0 67.3 40.5
28.8
Metal and its products
Iron and steel
0) 79.6 64.2 33.7 23.6 of profits before taxes to gross receipts are widest in those
Nonferrous metals
_
74.4 81.9 65.2 37.9
27.7
Machinery (excluding electrical) _
79.8 81.2 69.9 45.2
30.5
industries which have the greatest proportion of fixed to
78.4 82.0 69.4 49.1
Electrical machinery
37.4
86.2 46.2 77.6 61.2 37.1
Transportation equipment
.
28.1
total assets. In such industries, overhead costs, which
81.1 73.0 65.4
90.4
Automobiles
53.2
79.2 68.3 51.8
83.0
Miscellaneous manufacturing
39.2
are relatively stable, constitute a large part of total
85.5 67.5 78.0 70.9 55.1
Trade
.
41.0
69.4 77.8 70.9 56.6
Retail
41.6
costs; therefore, unit costs fall rapidly with any increase
63.9 78.3 70.9 53.3
Wholesale
40.2
Finance
...
85.3 53.8 54.5 (l)
v)
in production and, conversely, unit costs increase
47.9 54.8
45.6
Transportation
(0 33.0
Railroads
0) 0) 0) 47.1 41.4 rapidly with any decline in production.
88.5 60.7 71.7 66.8 59.1
Other
,
49.4
89.0 80.3 80.4 73.6 69.5
Communications
63.6
In contrast to the continued upward movement of
88.7 81.6 81.7 75.1 68.5
Power and gas
54.9
81.4 0) 54.3 35.5 46.9
Miscellaneous
39.4
the ratio of profits before taxes to gross receipts during
1
the past 3 years, the after-tax ratio for manufacturing
Percentages not shown where profits are negative.
and trade declined noticeably in nearly all of the comdividends was lower in 1942 than in 1941, and mate- ponent subgroups. Clearly, this reversal in movement
rially lower in 1942 than in 1929. In accordance with is the result oi increased excess-profits taxes. For the
the procedure of the Bureau of Internal Revenue these industries in which excess-profits taxes were not such
estimates of corporate profits do not allow provision for an important factor, namely, transportation and comcontingency reserves as deductions from income. Had munications, the ratio of profits after taxes to gross
contingency provisions been allowed as deductions, the receipts showed an upward trend as did the before-tax
profits estimates for the last 2 years would have been ratios. In many industries, notably transportation,
lower and the proportion paid out in dividends would, paper and printing, and petroleum refining, the 1929
of course, have been higher, probably equaling, if not ratios were high points in the series relating income
exceeding, the 1929 ratio.
after taxes to gross receipts. Where peaks were reached
Relation of Profits to Sales and Assets.
in the later years, these generally occurred in 1940 or
Analysis of the movement of corporate profits should 1941 rather than in 1942, as was the case in the beforetake account of the relationship of profits to sales and tax ratios.
to investment. These two measures can be approxiAttempts to compare profit rates between industries
mated by the use of gross receipts from operations and on the basis of profits-to-receipts ratios may yield spuritotal assets.
ous results. By the nature of their operations, some
In relation to gross receipts, profits before taxes industries have sales tar in excess of the amount of
generally showed sustained upward movements from invested capital, while others have a low turnover of
Table 6.—Net Dividend Payments, by Industrial Divisions, Annually, 1929-42
[Millions of dollars]

Industrial division
Total
M!ining
Manufacturing
_
_
Food, beverages, and tobacco.Textiles and leather
Paper and printing
__
__
_
Chemicals
_ __ ._
_
Oil refining
Metal and its products
_.
_ _ _
Iron and steel
-_
__ __
Nonferrous metals
Machinery (excluding electrical)
Electrical machinery
Transportation equipment
.__.
Automobiles
Miscellaneous manufacturing
Trade
.
. __
Eetail
Wholesale
Finance
Transportation _
_ _ _ _ _„
Railroads
Other
Communications
_
.
..
Power and gas
Miscellaneous




1929

1930

1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1941

5,778

5,658

4,209

2,652

2,123

2,697

2,951

4,735

4,863

3,375

3,869

4,095

4,440

3, 983

365
2,579
402
216
191
229
257
666

249
2,616
434
168
179
278
323
716

139
1,894
368
126
132
200
259
446

81
1,121
292
75
81
170
110
221

75
1,011
279
76
63
175
121
150

190
1,224
337
114
107
159
9
277

185
1,583
336
114
119
263
51
414

215
2,411
447
176
166
258
195
599

295
2, 435
409
171
170
264
151
731

41
281
296
579

40
235
243
510

25
182
150
394

30
76
86
221

4
73
70
183

27
89
105
345

27
101
158
444

25
284
261
682

39
235
265
639

826
630
287
343
172
414
5.13

618
625
337
288
208
565
267

486
415
211
204
222
506
153

282
214
17
197
192
449
92

123
158
17
141
191
324

-33
283
69
214
191
387
110

-363
383
59
324
201
382
136

268
339
100
239
186
421
213

290
342
108
234
192
458
212

168
176
1, 344
1,842
349
372
108
77
125
102
185
261
71
81
334
471
90
152
34
60
149
161
61
98
16
31
54
175
156
218
381
459
290
256
125
169
365
531
199
228
76
45
152
154
198
186
485
434
120 |
128

240
2,027
366
115
132
266
85
571
175
55
207
134
64
203
225
465
298
167
297
259
113
146
187
482
138

286
2,090
377
119
138
273
86
590
180
58
213
339
66
209
232
554
196
358
445
352
174
178
167
467
79

267
1,760
338
112
109
223
75
533
163
56
196
118
56
133
181
512
183
329
414
387
203
184
165
439
39

j

08

1

1942

27

SURVEY OF CURRENT BUSINESS

June 1943

capital. This relationship between receipts and investment is approximated in the following table showing
ratios of receipts to total assets by selected industry
Ratios of Total Receipts to Total Assets, for Selected Industrial Divisions, 1938-42
[Percent]
Industrial division
Mining
Manufacturing
Food, beverages, and tobacco
Textiles and leather
Paper and printing
Chemicals
Oil refining
Iron and steel...Nonferrous metals
Machinery (excluding electrical)
Electrical machinery
Transportation equipment
Automobiles
.
Miscellaneous manufacturing
Trade
Retail
Wholesale

1939

] 0.34
_ j .91
j 1.62
j 1.37
.79
(

0.37
1.01
1.63
1.53
.85
.86
.67
.82
.98
.81
1.03
.61
1.09
.88
2.20
2.03
2.42

.78
.63
.03
.74
.73
.58
.93
.77
2.09
1.91
2.30

i
I

1940
0.42
1.09
1.63
1.57
.91
.90
.68
.98
1.13
.94
1.25
.70
1.26
.99
2.37
2.13
2.70

1941
0.48
1.35
1.85
1.92
1.22
1.09
.78
1.36
1.42
1.24
1.56
1.21
1.39
1.31
2.65
2.30
3.10

0.52
1.54
2.19
2.24
1.39
1.14
.85
1.39
1.54
1.48
1.64
2.20
1.06
1. 45
2.90
2.53
3.37

groups. With the single exception of the decline for the
automobile industry in 1942, the ratio of receipts to
assets rose without interruption from 1938 to 1942;
that is, there was a continuous increase in the rate of
turnover of assets. The inter-industry variations in the
receipts-to-assets ratios indicate the danger of making
comparisons between industries solely on the basis of
the relationship of profits to receipts. The more desirable basis for such comparisons would be profits-toinvestment ratios.
At the present time it is not feasible to obtian investment data for the period covered. As a substitute,
ratios of profits to total assets for selected industries
(see table 9) were computed. These ratios are not
presented as exact measures of either the rate of return
on invested capital or the degree of fluctuation of such
rates over time. At best, the ratios offer rough approximations of the direction of movement in rates on investment and, to a lesser extent, of relative profitability
among industries.

Table 7.—Net Dividend Payments as Percentage of Corporate
Profits l After Taxes, by Industrial Divisions, 1929 and
1938-42
Industrial division
Total
Mining
Manufacturing
Food, beverages, and tobacco
Textiles and leather
Paper and printing
Chemicals
.
Oil refining
Metal and its products
Iron and steel... . _ . .
Nonferrous metals
Machinery (excluding electrical)
.
Electrical machinery
Transportation equipment
Automobiles.. _.
_.
Miscellaneous manufacturing
Trade
Retail
Wholesale Finance
_.
Transportation
Railroads __
Other
Communications
Power and gas . . . .
. ..
Miscellaneous

1929

1938

72.5

222.8

94.6

84.5

64.8

57.0

184.3
65.2
77.6
129.3
65 2
64.1
60.0
46.3

(2)

325 9
71.4
74.4
65.1
77.2
68.3
147.3
65.9
68.2
53.1

260.9
59.4
77.7
63.9
60.8
64.1
85.0
49.4
47.0
42.0

116. 3
46.1
66.5
34.5
50.5
62.0
55.5
38.3
34.6
33.7

109.9
39.7
59.0
33.9
47.4
55.3
56.0
35.3
33. 5
33.5

66.5
71.5
59.6
67.0
76.2
77.4
84 3
67.9
231.0
633.3

47.2
62.9
43.2
53.3
65.6
63.4
71.5
52.7

46.3
35.6
24.9
51.4
43.0
62.7
38.5
95.5

41.5
30.8
15.2
36.2
35.2
61.7
37.9
94.8

208.9

146. 2
94.4
117.1
224.6

99.3
95.9
100.0
313.6

102.0
165.7
74.2
48.5
80.5
53.0

81.5
100.5
67.4
43.3
83.8
19.2

147.9
103.3
134.2
84.1
156.1
(2)

106.3

82 0
65.0
110.4
90.6
66.7
62.7
41.7
108.2
62.5
97.9
88.8

102.1
105.2
266.7
76.1
160.8
159.4
159 0
160.3
340.4
(2)

285.2
127.7
135.6

1939

1941

1940

1942

1 Percentages in excess of 100 indicate dividend payments exceeding profits after.
taxes.
2
Percentages not shown where profits after taxes are negative.

The ratios of profits to assets are not shown for 1929
because in that year the corporate income tax tabulations include consolidated returns. Thus they are not
comparable with the other years. The generally sustained upward trend from 1938 to 1942 in the ratios of
profits before taxes to total assets for the mining, manufacturing, and trade groups was paralleled by the
movement in the profits-after-tax ratios until 1942. In
that year increased taxes resulted in a decline in the
latter ratios. For the chemicals, machinery, except
electrical, and automobile groups the high point in the
profits-after-tax ratios was reached in 1940, while for
corporations processing food, beverages, and tobacco the
peak occurred in 1939.

Table 8.—Corporate Profits Before and After Taxes as Percentage of Gross Receipts, for Selected Industrial Divisions
Profits after taxes

Profits before taxes
Industrial division
192J
Mining
Manufacturing
_
Food, beverages, and tobacco
Textiles and leather
_
Paper and printing .
Chemicals
Oil refining
Metal and its products
Iron and steel
_
._
Nonferrous metals
Machinery (excluding electrical)
Electrical machinery ._ __.
.
Transportation equipment
Automobiles
Miscellaneous manufacturings. _ .
Trade
Retail
Wholesale
..
Transportation.__
_.
Railroads
Other
Communications-Power and gas
i Less than 5/100 of 1 percent.




6.5

_

6.4
4.1
2.1
7.4
10.0
8.5
9.6

1^38
0.1

2.6
3.4
-.3
2.9
7.5
— 1.1
3.0

0)
8.1
7.8
4.0
1.7
11.6
11.6
11.7
15.2
17.8

3.5
6.2
4.8
2.1
3.5
2.6
.9
1.2
.7
-2.7
-6.9
3.2
13.3
12.1

1939
3.3
5.6
4.7

2. a
5.2

11.1
1.4
6.9
4.7
8.6
8.7
9.1
7.9
9.1
5.9
1.8
2.0
1.5
1.5
-.8
4.9
16.0
14.5

1940
5.3
7.5
4.7
3.3
7.1
12.6
2.7
10.4
7.7
10.2
13.8
12.5
15.5
11.2
7.4
2.2
2.5
1.9
3.3
.8
6.9
17.4
17.4

1941
11.9
10.3
5.4
6.0
8.9
15.7
3.9
14.9
13.3
15.6
14.2
20.5
17.3
10.1
10.6
2.8
3.2
2.4
6.5
3.9
10.1
29.8
21.1

1942
12.3
10.9
5.8
7.6
9.2
17.2
4.0
16.1
16.0
16.7
14.5
19.0
11.1
11.1
11.4
3.1
3.7
2.6

8.3
6.1

12.2
32.6
22.3

1929
5.3

5.6
3.6
1.7
6.5
8.9
7.6
8.5

7.0
7.1
3.4
1.5
10.3
10.3
10.4
13.6
15.8

1938
-1.0
1.8
2.7

1939
2.0

1940
3.0

194]
6.8

1942
6.1

6.1
-1.5
2.1
-.5

4.6
3.8
2.2
4.1
9.0
1.1
5.6
3.8

5.2
3.4
2.3
5.0
8.8
1.8
7.0
5.0

4.9
3.3
3.1
4.4
6.8
2.3
6.0
4.5

2.6
4.9

7.0
7.0

6.6
9.7

5.9
6.4

3.7
1.0
2.4
1.8
.6

7.5
6.1
7.3
4.7
1.4

8.7
9.5
8.2
5.0
1.6

10.1
6.4
6.6
5.5
1.5

.8

1.6

1.8

3.5

-.5
4.6

1.8
6.0

4.6
3.8
4.6
4.4
7.1
3.1
5.9
4.5
1.3
2.5
1.0
3.8
2.5
6.0

12.8
13.0

20.7
14.4

20.7
12.3

2.1

.4
-3.5
-7.3
1.9

10.7
9.9

1.2
.5
— 1.5
12.9.
11.8

1.4
1.6

1.8

1.3
3.6

3.7
2.6
2.4
3.3
5.4
1.8

SURVEY OF CURRENT BUSINESS

2S

Table 9.—Corporate Profits Before and After Taxes as Percentage of Total Assets, for Selected Industrial Divisions
Profits after taxes

Profits before taxes
Industrial division

1938 ! 1939 1940 | 1941 1942 1938 1939 1940 ; 1941 ;1942

Mining
Manufacturing
Food, beverages, and
tobacco
Textiles and leather
Paper and printing
Chemicals
Oil refining
Iron and steel
Nonferrous metals
Machinery (excluding
electrical)
Electrical machinery..Transportation equipment
Automobiles
Miscellaneous manufacturing
Trade
Retail
"Wholesale
1

1.2! 2. 2 5. 7 6. 3 -0.3! 0.7 1.2!
5.7 8.2| 13.9 16.8 1.7 4.5 5.61
7.7| 10.0 12.7 4.3 6.3 s.e!
5.31 11.4 17.0 - . 9
3.6
! 6.5 11.0 12.7
1.7
4.5
4.4! 11.4 17.1 19.6 4.8
7.9'
9.5i 1. 8l 3. 0 3.4 - . 9
1.2|
1.0 7.6j 18.1 22.3
4.9;
3.9
! 8.4 11.5 22.2 25.7
7. 51
9.1 i
4.5 7.0 13.0 17.6 21.5 3.6
10.9
32.0 31.2 3.4
4.3

0)

2.3

1.2
3.3

4.8 10.9 20.9 24.5
14.0 11.
9.8

.6
2.3

2.0
1.9
2.2
1.5

5.2
4.0
4.1
3.7

7.3 13.8 16.5
5.3 7.3 9.0
5.3 7.3 9.2
5.3 7.4 8.6

1.4
1.3
1.6
1.0

Less than ^Koo of 1 percent.

Sources and Methods

6.7|

4.1
3.1
3.2
2.9

3.2 3.2
6.6

6.1
5.9
5.4
7.4
1.8
1.8
6.1

5.3
4.5
6.2
-1.. 5.3

o J

7 l

8.0 6.5
15.7J11.7
7.8

6.9

10.3

9.2 6.3

5.0

6.5
3.7
3.8
3.5

7.2
4.0
4.1
3. 7 3. 9

Hi

3.7j

June 1943

calendar year 1940. The estimates for 1941 and 1942 were based on the application of
percentage changes shown in tabulations of published earnings reports for nearly
2,700 corporations in the mining, manufacturing, trade, minor transportation, and
service groups. Earnings of the railroad, power and gas, and communications groups
were extrapolated on the basis of series for those groups prepared by the Board of
Governors of the Federal Reserve System. The estimates of the construction industry were based upon the movement in construction activity, while cash farm
marketings was used for agriculture. Extrapolation of the recent trend was required
for the finance and miscellaneous groups since no sample data were available. For
1941 the advance tabulation of corporate income tax returns covering the net income
companies filing returns through December 31, 1942, was available. This was used
as a control on the 1941 estimates.
The corporate sample of annual earning is compiled from Moody's "Industrial
Reports." The following items were tabulated:
1. Net income after all charges and taxes.
2. Income and excess-profits taxes including Federal, State and foreign.
3. Net profit before income taxes.
4. Total sales.
5. Total assets.
In tabulating net income, provisions for reserves not allowed as deductions by the
Bureau of Internal Revenue were added back. Such provisions are variously titled
as reserves for "contingencies," "inventory loss," "post-war adjustment," etc.
Provisions for contract renegotiation became significant in the reports of 1942 earnings. If renegotiation had been consummated the amount was deducted from net
income. Where renegotiation had reached the stage of discussion as to the precise
amount, and where the corporation had excluded the estimated renegotiation refund
in computing its tax provisions, this refund was allowed as a deduction from net
income. Only in those cases where renegotiation was prospective or in the preliminary stage were the reserves for refunds added back to net income.

The definition of corporate profits employed is compiled net profit, or net loss, as
tabulated from corporate income tax returns by the Bureau of Internal Revenue, less
Quarterly Estimates.
dividends receivecTfrom domestic corporations. The exclusion of dividend receipts
Quarterly estimates of corporate income were obtained by distributing annual estiis necessary to avoid double counting of that part of _cprporate_ profits which is trans
mates for each industrial group according to the quarterly movements for a sample
ferred as dividend payments to other coporations. For any one corporation dividend
of the corporations in that group. The quarterly profits series in the mining, manureceipts are properly included in net income but an unduplicated total of net income
facturing, trade, and service industries were based on a sample of 416 corporations for
or the corporate universe requires elimination of intercorporate dividend payments.
which quarterly earnings data before taxes were available during the period 1939-42.
This adjustment is of little importance except for the finance group.
The series for the remaining industries were based on quarterly profits and production
The only exception to the above definition occurs in the treatment of net income
data obtained from other sources.
of life insurance companies. The major portion of life insurance business is done by
A detailed explanation of the sources and methods employed in deriving the quar •
the large mutual companies. The net income of these companies accrues to policyterly profits series, including a description of the quarterly sample, was presented in
holders. In the Bureau of Internal Revenue tabulations only the investment income
the June 1942 issue of the Survey of Current Business. One departure from the prefs reported and very substantial credits are allowed for earnings on required reserves.
vious method is the linking of the sample in order to make use of the earnings data for
In recent years allowances for earnings on required reserves have substantially exany company releasing quarterly reports in 2 or more consecutive years. Fewer corceeded actual earnings so that net Income reported for tax purposes has been negative.
porations publish quarterly reports of earnings before taxes than of earnings after
It is preferable, therefore, to remove these companies from the corporate universe.
taxes. Hence it was necessary to make the maximum use of the available data.
For stock life insurance companies, which constitute only a small part of the total, net
The sample series was applied to the annual estimates of corporate profits before
income was assumed to be equal to gross divided payments. This was necessitated
provision for Federal income and excess-profits taxes. The income and excess profits
by the fact that data, other than for dividends paid, were not available separately for
taxes were distributed over the quarters in proportion to net income before taxes in
these companies. Any error introduced b y this variation in method is negligible.
order to obtain estimates of quarterly profits after taxes. This appears to be the only
Comparison With Former Estimates.
reasonable method of allocating taxes since, in general, taxes accrue in proportion to
Comment is required on the differences between the corporate profits estimates
net income before tax, while provisions for taxes made b y the corporations are necespresented herein and those included as a component of national income. Corporate
sarily erratic because of fluctuating business and changing tax laws.
income as defined for national income purposes includes the following adjustments
to compiled net profits as tabulated by the Bureau of Internal Revenue:
Net Dividends Paid.
The annual estimates of net dividends paid were obtained by deducting dividends
1. Deduction of dividends received except for banks in which case they are
received from cash dividends paid as reported in the Bureau of Internal Revenue
assumed to accrue to depositors. Life insurance companies are treated in
tabulations of corporate income tax reports. The deduction of dividends received is
the same manner as in the present series.
dictated by the same reasoning that applies in the case of the deduction of dividends
2. Elimination of capital gains and losses.
received in computing corporate profits, i. e., to obtain an unduplicated total. Again,
3. Use of Interstate Commerce Commission rather than Bureau of Internal
life insurance companies constituted the only exception. T h e dividends received by
Revenue data for railroads and pipe lines.
life insurance companies were not deducted since it is assumed that they accrue to
4. Use of net dividend payments in lieu of compiled net profit for agriculture.
the individual policyholders.
5. Deduction of netflowof dividends to other countries.
Total net dividends paid in 1941 was estimated by extrapolating the 1940 figure on
The reason for the elimination of capital gains and losses is that they represent price
the basis of the Journal of Commerce sample series. The 1941 estimates for manufacchanges and not payment for production of goods and services, hence should not be
turing, power and gas, and communications were based on sample series compiled
included in the national income total. However, they may be considered a part of
by the Board of Governors of the Federal Reserve System. Interstate Commerce
the corporate profits total when that total is to be used as an independent series.
Commission data were used for the railroad estimates. The remainder was distribThe deduction of the net flow of dividends to other countries, again, is required for
uted over the remaining industries in accordance with the 1940 distribution. For
a total of income received in the United States, but should not be eliminatedfromthe
1942 the dividend payments series compiled by the Bureau of Foreign and Domestic
general purpose corporate profits series. The assumption that the dividends received
Commerce was used for extrapolation.
by banks accrue to depositors is tenuous at best.
Total Receipts.
Originally, Interstate Commerce Commission data for railroads and pipe lines were
Total receipts used in computing the ratios shown in table 8 were taken from Bureau
thought to give more complete coverage than Bureau of Internal Revenue data.
of Internal Revenue tabulations of corporate income tax returns from 1929 through
In addition, the Interstate Commerce Commissionfigurespermit an adjustment for
1940. They represent the sum of gross sales and gross receipts from operations.
accrued but unpaid interest. This is a substantial item for railroads. This adjustThe 1941 and 1942 figures were extrapolated on the basis of data from several sources.
ment is pertinent to national income measurement but not to a corporate profits
For manufacturing the 1941 and 1942 estimates were based on manufacturers' shipseries as such. As to the question of coverage, it is problematical whether there is now
ments data released in the "Monthly Industry Survey" of the Bureau of Foreign
any material difference in the coverage of the two alternative sources. Simplicity in
and Domestic Commerce. The extrapolation of total receipts figures for the mining
procedure, therefore, justifies the use of Bureau of Internal Revenue data in the presgroups was on the basis of the indexes of production prepared b y the Federal Reent series. The slight adjustment employed for agriculture will be eliminated in
serve Board adjusted by Bureau of Labor Statistics wholesale price indexes. Census
the corporate income series used as a component of national income in the forthcomcompilations of sales by wholesalers were used for the 1941 and 1942 estimates for
ing general revision.
wholesale trade, while the retail trade extrapolation was based on a combined index
These comments on the differences between the corporate profits series presented
for sales of chain, department, and mail-order stores.
here and the estimates included as a component of national income also apply to the
quarterly profits series presented in the Survey of Current Business, June 1942. The Total Assets.
quarterly estimates prepared a year ago were based on the annual estimates used in
The total assets of corporations in the mining, manufacturing, and trade groups
national income and include the adjustments discussed above.
tabulated from corporate income tax returns for the years 1938-40 were used for the
Annual Estimates.
ratios in table 9. For 1941 and 1942 estimates were obtained by extrapolation on the
basis of the asset figures tabulated from our corporate sample.
 The latest available complete tabulation of corporate income tax returns covers the



29

SURVEY OF CURRENT BUSINESS

June 1943

The Business Situation
(Continued from p. 9)

in turn may cause pressure against established price
ceilings and lead to continued demands for upward
revisions in these price schedules. It is clear from the
data shown in table 4 that the workweek in the
nondurable goods xiannfacturing industries, where
civilian production is relatively more important, is
considerably shorter than in the industries more heavily
engaged in producing war equipment. Furthermore,
these are the industries whose product prices are
subject to more rigid control and which, therefore, are
perhaps less able to absorb increased costs without
impairment of their profit margins.
In March 1943, the first month in which effects of
the 48-hour week order were present, average hours
per week in all manufacturing industries stood at 44.8,
corresponding to a scheduled workweek of less than 47
hours. During the 12 months ended with March 1943
average hours worked have increased approximately
5 percent. From February to March average hours
increased only slightly both in the durable and nondurable goods industries. This is indicative of the
relatively slight effect which the order had during its
first month.

In the industries where a Nation-wide 48-hour week
was ordered the effects will probably also be slight.
The bulk of the nonferrous metal mines have been
operating at or near a 48-hour schedule since the outbreak of the war. Thus the order will serve mainly
to maintain the present schedule, and will have virtually
no effect on output.
In the steel industry the order should have a somewhat greater effect. It is estimated that roughly onefourth of the steel industry is located in labor shortage
areas. Furthermore that part of the steel industry
covered by the order was operating on a work schedule
of only slightly in excess of 45 hours during March.
Thus as many as 50,000 workers may be saved by the
48-hour week. However, if the steel expansion program is completed on schedule, these 50,000 workers
will be required by the industry to operate the additional facilities. It is also estimated that average wage
rates in the steel industry may rise by as much as 8 percent as a result of the premium wage payments necessary under the new work schedule. Like every other
wage increase, it contributes to the total inflationary
pressure.

NEW OR REVISED SERIES
TABLE 7.—UNITED STATES WAR PROGRAM, COMMITMENTS, AND EXPENDITURES—CUMULATIVE TOTALS FROM JUNE 30, 1940, TO END OF MONTH SPECIFIED 1
[Millions of dollars]

Year and month
1940: July
August
September
October __
November
December, _
1941: January . . .
February
March
April
May
June

Program

. _
.
_. .

Com- Expendmitments itures

9,401
9,401
19, 301
21, 294
21, 275
21, 355

4,005
4,767
10, 560
12, 512
13, 462
14, 537

199
423
673
995
1,401
1,911

21, 983
22, 527
31, 420
36,155
37, 560
38,084

16, 056
16, 679
19,181
20, 653
25, 608
29, 212

2,520
3,154
3,963
4,796
5,747
6,655

Year and month
1941: July
August
September
October
_
November
December
1942: January
February
March
April. _ .
May
June.
_

Program

Com- Expendmitments itures

Year and month

Program

Com- Expendmitments iture

49, 412
57, 460
57, 865
64, 331
64, 331
77, 710

31, 681
35, 765
40, 340
45, 598
47, 074
52, 846

7,675
8,965
10,412
12, 266
13, 815
15, 803

1942: July
August
September
October
November _ _
December

220, 237
221,968
221,918
237,913
237, 659
237,949

144, 735
153,052
160,155
168, 313
177, 913
183, 802

39, 62$
44, 791
50, 250*
55, 972
62,084
68, 208-

91, 764
114, 318
146, 744
167, 264
168, 764
175, 599

62, 285
82, 927
99, 497
110, 436
121, 225
133, 853

17, 996
20,397
23, 422
26, 883
30, 707
34, 921

1943: January,_
February
March. .

238, 398
238,952
246,147

190,108
197, 523
204,118

74, 461
80, 54$
87, 655.

.__ _

1
Compiled by the War Production Board. Data as shown above, and on p. S-18 beginning with the May 1943 issue of the Survey, have been revised to cover the United
States war program only, including commitments and expenditures by the U.S. Treasury and the Reconstruction Finance Corporation and its subsidiaries. Data formerly
shown in the Survey included foreign orders placed in the United States since November 1939 and checks issued by foreign purchasing missions.
The series for the war program covers all funds made available for war purposes by the U. S. Government, including cash appropriations, contract and tonnage authorizations (less cash appropriations used to liquidate prior year contracts or tonnage authorizations), and commitments by the Reconstruction Finance Corporation and its
subsidiaries. The major portion of the existing program has been approved since June 11,1940, but some authorizations (particularly portions of the naval expansion program,
the merchant shipbuilding program, and the stock-pile program) were made available earlier. The series on commitments includes contract awards, letters of intent, letter
contracts, orders to Government arsenals, and other actions which legally commit funds. Nonprocurement commitments for the Army are estimated. Expenditures include*
checks paid from the Treasury General Fund (the war activities item under Federal expenditures shown on p. S-18) and net expenditures (on a checks-issued basis) by th©
Reconstruction Finance Corporation and its subsidiaries.




30

SURVEY OF CURRENT BUSINESS

June 1943

TABLE 8.—WOOD-PULP PRODUCTION AND STOCKS
[Short tons]
Chemical
Total,
all

Sulphate

Chemical
Total,
j Groundall
i wood
grades
Soda

Sulphite

grades
Month

Tota!

Vn

bleached

Tota!

Sulphate

Sulphite

| GroundSoda | wood

j

BIeached

Total

bleared!

1940

1941

Production
January
February
March
April
May
June
July
August
September
October
November
December
Total

738, 310
668, 629
701, 264
727, 751
792, 536
752,875
728, 656
760,826
697,808
782,863
770,797
752,727

303, 779
274, 343
279,744
289,606
323, 657
313, 226
311,716
331,941
311,568
348,956
332,138
327,318

258,764
232.192
237,886
246,111
276,479
263,826
263.193
279, 326
259,713
291, 664
278,061
276,163

214, 933
198,943
213,333
211,705
227,934
223,520
218,820
234, 547
209,763
225, 621
219,862

137,169
126, 655
134,573
135,036
142,802
141,076
135,779
144,834
128, 613
136, 705
126,167
122,680

47,116
40,887
42,005
42,804
49, 352
49,725
46, 957
43, 922
38,066
45.146
39, 929
46,478

8,875,042 3, 747, 992 3,163,378 2,607, 789 1,612,089

Monthly average

739, 587

312,333

263,615

810,399
736, 036
829,082
834,096
870.800
826, 661
803.801
849,104
822,771
901,690
890,440
874,120

354,767
322, 920
359,188
354,149
377, 688
366, 615
354,902
384, 910
367, 341
398,904
378, 652
374,302

297,270
269, 099
299,115
293, 844
315, 626
305,886
298,215
323, 955
313,643 |
340,969 I
325,046
325, 638

226, 265
203, 760
238, 724
239,756
245, 213
240,768
240,563
252, 354
245, 559
268,951
261, 848
255,019

135, 578
120,123
140,743
142, 747
146,138
144, 489
139,907
147, 200
141, 986
155,653
143, 444
145,123

44,365

146,902

837,417

366,195 | 309,026

243,232

164,523
149,497
162,811
173,082
176,125
151, 780
138,846
138,275
140,177
159, 578
176,125
171,181

48,385
44. 226
£" I
51, 075
50,229
53,177
52, 051
50,960
54, 781
50, 202
54, 526
53, 788
53, 612

532,387 1, 762,821 10, 049.. 000 4,394,338 13,708,306 2, 918, 781 1,703,131

134, 341

217,316

154, 599
138,734
148,606
167,468
171,699
146,138
130, 978
131, 683
121, 282
144,022
158,125
149,487

617,012

1,902,000

51,418 !

141,928

158,500

1942

Stocks, end of month

Production
January..
February
March.. _

950,010
857,204
976,926

418, 623
383,971
438,596

350,229
318, 730
369,834

274,201
246,747
277,023

155, 637
140,886
157, 666

44, 427
40, 319
44,706

191,039
165, 718
194,063

109,380
110,724
134, 380

16,659 I 11,120
14,952 ' 10,597
19,473 I 14,381

39,720 1
37,907
43,043

23,876
24,615 \
28,218

48, 784
53, 439
67, 504

2,911
3,240
3,061

i Revised series compiled by the U. S. Pulp Producers Association. The monthly production data for 1940 and 1941, with the exception of 1941 data for groundwood and
for semichemical (included in the total for all grades), have been revised to annual totals from the Federal Census of Pulp Mills, 1941 and the Census of Forest Products, 1940
(revised 1940 Censusfiguresfor chemical pulp and original Censusfiguresfor groundwood and semichemical); the 1941 productionfiguresfor groundwood and semichemical
grades and all monthlyfiguresfor 1942 have been revised to the association's estimated industry totals based on reports from all sulphate and sulphite mills, all but one soda
pulp mill and one semichemical mill, and 93 percent of the groundwood mills. The 1941 Census data, andfiguresfor 1940 revised to a comparable basis, include data for several
mills producing a type of pulp not previously classified as wood pulp, which have not been included by the association in their industry totals shown above, in order to maintain comparability of the data with statistics for years prior to 1940. In revising the 1940figuresto Census data, the association has therefore used the original 1940 Census
figures for groundwood and semichemical and miscellaneous pulp, including screenings. Censusfiguresfor these grades and for the total, all grades, for 1941 and revised. 1940,
including the additional mills, are as follows (short tons): 1941—total, 10,200,726; groundwood, 1,925,234; semichemical, screenings and miscellaneous pulp, 345,312; 1940revisedtotal, 8,959,559; groundwood, 1,808,256; semichemical, screenings, and miscellaneous, 263,135. Censusfiguresfor other grades are as given in the table above.
A large revision in the 1942figuresfor bleached sulphate and soda pulp production resulted from a reclassification of data for several mills, formerly reporting their production as soda pulp, which were using a sulphate process in 1942 and reported their production for that year was more correctly classified as bleached sulphate. The mills
involved produce only for their own use and carry only small stocks which are no longer reported; therefore, no adjustment was made in the 1942 figures for bleached sulphate
stocks to include data for these mills; however, the stocks reported for 1942 and previoulsy included in soda pulpfigureswere excluded from these data. The shift of these
mills accounted for the decrease in soda pulp production and stocks from December 1941 to January 1942 and a large part of the increase in bleached sulphate production
included in the total for sulphate.
Data beginning April 1942 are on p. S-31.

TABLE 9.—ESTIMATED LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT

x

[Millions of persons]
1941

1940

Employed

Labor force
FeTotal Male male
January
February._
March
April
May
June
July '"--August
September _
October
November.
December,.

Total

Male

Female

Employed

Labor force

Month
Agricultural

53.9
54.7
56. 2
56.9
56.6
54.9
54.4
53.7
53.4

40.6
41.3
42.3
43.1
42.9
41.5
41.3
41.1
40.9

13.3
13.4
13.9
13.8
13.7
13.4
13.1
12.6
12.5

45.1
46.3
47.6
47.6
47.7
47.9
47.0
46.3
46.3

34.1
35.3
36.4
36.8
36.9
36.7
36.2
35.8
35.7

11.0
11.0
11.2
10.8
10.8
11.2
10.8
10.5
10.6

9.0
10.2
11.0
10.8
10.1
10.4
9.7
8.7
8.7

Monthly average.. j 55.0

41.7

13.3

46.9

36.0

10.9

9.8

Non- Unemagri- ployed
Total
cultural

36.1
36.1
36.6
36.8
37.6
37.5
37.3
37.6
37.6
37.0

9.3
8.9
7.0
7.4
7.4
7.1

Female

Male

53.0
52.9
52.7
53. 5
54.2
56.2
56.6
56.4
54.8
54.1 I
54.1
54.0

40.7
40.6
40.4
40.9
40.9
42.3
42.6
42.4
41.0
40.4
40.3
40.2

54.4

41.1

i
|
!
i!
I
I
I
|
I
!
|
I

Total

Male

12.3
12.3
12.3
12.6
13. 3
13.9
14.0
14.0
13.8
13.7
13.8
13.8

45.
45.
45.
46.
48.
50.
50.
51.
50.
50.
50.
50.

35.1
35.4
35.4
36.2
37.0
38.3
38.9
38.8
38.0
37.9
37.7
37.f>

13.3

4S.S

37.2

Female

11.6

Agricultural

Non- Unemagri- ployed
cultural

8.4
8.4
8.5
9.2
10.0
10.9
10.7
10.2
10.1
9.3
9.0
8.3

36.9
37.3
37.3
37.6
38.5
39.3
40.2
40.8
40.2
40.0
41.2
41.9

9.4

39.3

i
!
!
i
|
i
i
I
'

6.9
6.7
5. 7
6.0
5.7
5.4
4.5
3.9
3.0
3.8
5.6

* Estimates compiled by the U. S. Department of Commerce, Bureau of the Census, beginning September 1942 and by the Work Projects Administration prior thereto. The
data relate to persons 14 years of age and over employed or seeking work, excluding institutional population and the estimated number of persons in the armed forces. Persons
employed on public emergency projects are included with the unemployed. The estimates are based on a monthly survey of a scientifically selected cross section of the population, in personal interviews conducted by trained enumerators. The survey is made during the week including the 15th of the month and the data relate to the preceding
week. The sample consists of 64 counties located in 45 States, chosen on the basis of location, population, and economic characteristics. The original reports include, in
addition to the data shown here, a break-down of the labor force, employment, and unemployment by age groups and hours of work per week for persons employed in agricultural and nonagricultural industries. A detailed description of the method of estimating the labor force is contained in a mimeographed report of the compiling agency,
which is available on request.
Data beginning April 1942 are on p. S-8 of this issue, and January-March 1942figures,with the exception of the break-down by sex for January and February, are on p.
S-8 of the March-May 1943 issues. January and February 1942 figures by sex are as follows (millions of persons): Labor force, male—January, 40.0; February, 40.0; femaleJanuary, 13.2; February, 13.4. Employed, male—January, 37.0; February, 37.2; female—January, 11 9; February, 12.2.



31

SURVEY OF CURRENT BUSINESS

June 1943

TABLE 10.—INDEXES OF EMPLOYMENT AND PAY ROLLS IN NONMANUFACTURING
INDUSTRIES l
[1939-—100; unadjusted for seasonal variation]
Mining

Year and month

Anthracite

QuarBitu- Metal- rying
and
minonnous liferous metalcoal
lic

Public utilities
Services
Crude
petroleum Elec- Street Tele- Byeand
tric
rail- phone m g Power Yearnatu- light ways a n d
and
laun- round
ral gas a n d
and
tele- clean- dries hotels
power busess graph ing

Trade
Water
transportation

Retail

EMPLOYMENT
1039: January..
February
March
April
May.._
June
July
August
September
October
November
December
__
Monthly average,..
1940: January
February
March
April
May.
June....
July
August--September
OctoberNovember
December

.
.

_

Monthly average..
1941: January

February._
March.......
April
...
May
June
July
August
September..
October
November..
December..

Monthly average
1942: January

...

99. 1
98.1
98.2
99.1
100.1
100.9
101.0
101.1
100.9
101.0
100. 5
100. 1
100.0

92.0
90.2
93.7
100. 6
105.5
108.7
105.4
301.7
104.3
104.2
97.0
96.7
100.0

97.1
96.7
96.8
97.5
99.6
102.9
104.2
103. 4
102. 0
100.2
99.8
99.8
100.0

99.8
100.7
100.8
101.3
102.1
100.9
98.2
97.6
99.2
101.0
99.8
98.7
100.0

94.8
94.5
96.7
98.5
98.9
99.7
97.7
96.8
101.1
102.3
103.9
115.1
100.0

97.1
97.9
97.9
98.9
99.6
100.5
100.7
99.5
101.6
101.1
101.7
103.6
100.0

89.6
88.5
92.4
96.0
96.2
96.8
92.2
90.4
99.4
102.3
109.0
147.1
100.0

99.0
98.6
98.0
97.9
97.8
98.8
98.6
99.8
101.5
103.6
103.3
103.4
100.0

100.0

99.7
99.5
98.8
99.0
99.1
99.3
99.1
99.1
99.3
99.5
99.5
99.1

100. 5
100.2
100.3
101.3
102.0
102.7
104.0
104.3
104.2
104.4
104.6
105.2

93.3
93.0
98.8
103.7
107.9
111.8
107.4
105.9
109.2
108.6
105.2
102.5

100.2
100.0
100.4
101.4
103. 5
106.5
107.0
107.3
106.3
104.6
104.1
104.7

99.2
100.1
100.0
100.8
101.5
100.0
98.2
98.2
99.6
101.5
100.3
100.7

97.1
96.3
100.8
99.5
100.9
102.3
98.5
98.0
102.3
104.0
106.3
119.0

100.3
101.0
101.8
101.2
102.3
102.9
101.8
101.2
101.7
101.8
102.6
104.2

89.7
88.3
96.8
93.3
95.6
96.7
90.7
90.5
99.8
103.9
112.0
152.8

101.6
101.1
101.5
100.1
99.7
100.5
100.0
101.0
101.9
102.0
102.9
103.7

99.9
98.9
98.5
98.8
99.4
95.0
97.9
98.5
96.9
97.3
92.4
92.7

100.0

100.0

116.9
116.8
114.2
109.7
108.3
106.7
108.1
110.2
111.7
113.5
114.3
114.7

105.7
105.5
105.1
107.2
109.3
110.9
112.7
112.8
114.2
114.2
114.1
113.7

96.1 , 100.1
86.4 } 95.8
100.2
92.5 j 96.1
100.3
100.5
95.9
101.1
105.9
96.2
101. 8
108.1
97.0
102.4
108.6
96.8
103.6
109.5
96.7
104.5
110.4
95.8
104.1
110.1
94.9
103.7
106.5
93.2
103.1
102.4 * 92.3
102.5

100.7

112.1

110. 5

102. 2 !

95.6

102.3

99.3

102. 8

103.9

103.8

100.0

102.1

101.9

100.8

101.3

97.2

99.9
100.4
99.7
96.8
96.4
97.6
97.8
99.2
99.9
99.7
97.5

114.8
115.3
116.0
30.0
111.9
112.2
114.9
117.9
119.9
121.3
121.1
121.6

114.1
115. 2
116.5
120. 7
119.4
123.2
123.6
124.9
124.0
124.1
123.8
124.7

94.1
95.7
99.8
108.8
115.1
117.2
118.9
121.7
122.4
122.2
118.8
115.0

91.7
91.8
91.5
91.4
91.7
93.5
94.4
94.6
93.9
93.6
92.6
92.9

101.6
101. 2
101.4
102. 5
103.6
105.0
106.3
106.9
106.6
105.7
104.9
104.6

99.0
98.5
98.8
99.0
99.8
100.1
100,7
101.0
101.9
101.9
101.7
102. 3

106.1
106.8
108.0
109. 8
111.7
113. 9
116.6
118.3
119.2
119.6
118.9
118.8

100.2
100.7
103.6
116.3
119.7
121.8
120.8
118.0
120.6
120.3
116.3
112.5

105.8
105.5
107.0
109.5
113.1
116.9
120.9
119. 6
117.9
116.1
113.7
113.2

101.0
102.1
102.4
103.5
104.7
103.3
102.7
102.7
104.0
104.6
104.5
103. 6

100.1
100.3
102.3
108.0
106.3
108.2
107.0
107.2
110.6
111.7
113.8
124.7

100.5
102.8
103.5
104.6
105. 4
106.4
106.7
106.4
107.5
108.4
109.5
111.6

94.1
93.1
96.8
108. 9
103.0
105.6
101.4
103. 5
112.2
117.0
126.5
162. 3

102.3
102.5
102. 9
103.6
103.4
105. 2
105. 6
10.7.4
107. 2
108.0
108. 0
1Q&0

93.6
94.2
96.7
97.4
98.9
97.8
95.6
96.5
95.5
94.4
94.2
94.3

98.7

109.7 | 121.2

112.5

104.2

100.4

114.0 i

114.2 | 113.3 | 103.3 | 108.4

106.1

110.4

105.3

95.8

97.3

121.1 i

125.0

105.7

93.2

119.3 I 109.0 | 113.6 ! 102.4 j 105.5

109.4

105.6

106.4

90.4

94.9
113.4
86.1
109.5
144. 2
91.5
64. 1
85.9
102.2
133.1
107.1
67.9
100.0

111.1
115.6
110.8
25.1
29.1
95.1
92.3
107.0
114.9
139.9
138.1
120.9
100.0

99.2
96.2
96.7
94.2
97.3
96.9
88.5
95.7
98.1
111.6
112.1
113.5
100.0

76.9
75.9
84.9
92.4

88.5
85.2
91.4
99 2
112! 6
114.4
104.9
99.5
106.8
105. 4
96.6
95.3
100.0

95.8
94.6
95.5
96.2
101.0
104.5
105. 9
103.4
101.7
101.0
99.8
100.7
100.0

98.8
102.0
99.9
100.9
101.5
101.0
97.4
97.6
99.0
101.3
100.8
99.9
100.0

95.8
94.6
96.2
98.4
99.0
100.4
98.6
97.0
100.4
103.0
103.5
113.1
100.0

92
90
92
96

100. 8
100. 7
101. 8
101. 8
101. 6
102. 1
102.0
100. 0

98.2
97.9
98.1
98.3
100.1
100.1
101.0
100. 7
101.3
101.6
100.8
101.9
100.0

97 8

105.9
111.2
110.9
118.4
111. 5
101.9
100.0

99.9
102. 8
100.5
99.7
100. 4
102.5
101.5
101.7
99.7
96.4
97.7
97.1
100.0

98.6
97.4
97.6
97.7
97.8
99.0
99.0
99.5
101. 9
104.9
103. 2
103.3
100.0

100.0

134.1
84.0
98.1
92.8
102.2
103.7
93.2
84.4
100.3
82.5
96.0
109.1
98.4

124.8
124.8
112.3
103.6
108.0
106.0
107.9
118.4
119.3
119.9
121.2
131.2
116.5-

110.7
112.0
110.3
110.9
114.0
113.7
110. 7
118.1
120. 5
123.3
120.8
125.8
115.9

76.9
80.1
88.7
99.0
110.0
114.0
113. G
117.5
120.1
121.4
110.0
110.1
105.1

95.8
96.8
95.8
96.8
96.3
96.4
96.9
96.8
95.4
94.5
93.2
91.7
95.5

101. 2
101. 8
101. 9
102. 9
103. 8
104.4
105. 4
107. 7
105. 4
106. 6
106.5
105.6
104. 4

102.9
101. 7
101. 1
105. 2
101. 3

101.9
101.3
102.6
103.2
103.3
104.6
105.9
105. 0
106.5
106.9
107. 9
108.2
104.8

89.4
87.8
99.1
108.6
116. 5
122.2
109.1
107.6
116.7
112. 4
106.2
103.4
106.6

100.4
100.0
101.2
103.0
106.6
111.2
108. 3
108.9
108.2
106.0
104.9
107.4
105.5

99.9
101.9
100.8
102. 5
102.2
101.0
99.2
99.4
100.8
103.7
103.0
103. 6
101.5

98.0
97.0
100.7
101.0
102.5
104.2
101.3
99.9
104.4
105.1
107.0
120.0
103.4

100.7
100.7
101.6
101.1
101.1
102.4
102.3
102.8
105.9
104.8
105. 4
108.9
103.1

104. 5
107.9
108.0
107.9
110.6
108.6
115.1
112.8
110.4
107.9
105. 6
107.0
108.9

115.
108.
62.
85.
130.
88.
130.
126.
125.
106.
91.

126. 0
130. 2
134. 5
22. 2
148.3
153.8
151. 2
168. 3
165. 6
175. 9
166.9
172. 0

121.7
125.1
126.4
136. 5
139. 7
147.0
136. 5
146. 5
146. 5
150. 8
153.1
158.7

95. 9
99. 3
104. 7
122 2
138" 2
144.7
144. 3
154. 2
157.2
159. 9
149.5 |
145.0 ;
131.6 j

91.3 |
94.0 1
92.0 J
94. 8
96. 1
98.2
100. 7
100. 9
105.6
105.6
105. 3
105. 9
99.2 |

101. 7
105. 0
105. 7
107. 2
109. 1
130.9
113. 0
114. 6
114. 5
115. 2
114.7 !
114.7
110.

101. 7
102. 1
104. 3
103. r,
104. 6
109. 6
109. 1
113. 1
112. 4
112. 8
112. 9
115.1
108.4

108. 7
109. 1
111.3
112.2
115.6
118.2
121.0
121. 7
122.7
122.4
123.7
128.5

100.0
101.4
105.3
133.4
131.1
134.3
131. 5
125. 6
135.7
134. 4
126. 8
120. 9

105.1
106. 3
107.1
108.9
110.5
115. 5
114.9
117.3
118.7
120. 2
119. 6
121. 2

123. 4

103.6
106.1
105. 6
107.3
108. 3
107.7
107. 9
108. 6
110.9
113.2
114.8
114.9
109.1

102.5
103.4
105. 5
112.5
112.5
116.9
115.2
115. 6
117.5
119.3
120. 9
132.3

117. 9

108.1
108.0
109.4
115.4
118. 8
123. 3
128. 4
126. 0
126. 6
124. 5
122. 6
123. 4
119. 5

111.1
115.3
121. 7
122.5
125.6
124.0
121.3
122. 4
125. 5
120.5
127. 2
132.1
122.4

104.4
103. 8
101.3
88.5
96.2
98.0
103.1
101.9
101.3

84.7
84.1
89.3
96.1
102.2
106.2
.106. 9
108.4
108.0
108.4
106.4
99.3
100.0

fe8. 2
97.6
97.7
98.5
99.1
100.2
101.1
101.8
10J.8
101.5
101.4
101.2
100.0

99.4
99.5
99.8
99.3
99.8
100.4
100.1
100.3
100.3
100.7
100.4
100.0
100.0

102. 3
102. 5
103. 7
101. 6
102. 8
98.7
100.2
99.0
98.8
98.1
100.0
100.9

301.6

112.6
112.4
111.1
32.9
60.9
100.0
101.0
103. 6
108.7
118.4
120.9
117.9

101.8
100.9
100.6
100.0
100.5
101.8
J02. 3
101.4
98.8
97.7
97.0
97.0
100.0

99.0
97.4
97.6
97.8
98.8
98.7
96.7
97.1
100.0
103.9
105.9
107.0
100.0

C7.6
102. 3

85.3 I

i

103. 3
PAY R O L L S

1939: January
February...
March
April
May..
June
July
August
September,.
October
November..
December..
Monthly average_
1940: January
February.,.
March
April
May
June
July
August
September..
October
November-.
December..
Monthly average.
10 41:" Ja n uary _ _.....
February
March
April
May
June - . ._
July
August
September
October
November
December
Monthly, average .

140.

7

102. 3

107.7

96.9
97 3

97.8
97.9

99. 5

100 7

98.8

99 7
98 4
99. 1
100. 7
99. 8
100. 4
99. 6
102. 4
99. 8
100. 4
100. 0
99. 3

102.9
100. 0

99. 6
99. 6
101. 4
100. 7
101. 3

125. 0 112.7
168. 0 | 159. 5 ! 127.1 | 106. 3 j 114.1
115. g
January,—.
100.7
126. 4 118.0
Digitized for1942:
FRASER
http://fraser.stlouisfed.org/
For footnote see D. 31 for data beginning February 1942, see pp. S-10 and S-12 of this issue and the April and May 1943 issues
Federal Reserve Bank of St. Louis

97.9

97 9

98.6

2
4
0
8
9
9
7
104. 0
100. 0
99
100
101
99
100
100
101

7
3
8
2

96.5

98 2
94 4
91 8

98.8
102.0
106.1

140 1
100 0

100. 8

92.3

101 6

90 1
95 8
94 7
96 5
99. 6
93. 7
91. 9
101. 1

101. 9
101. 8
102. 8
104. 1
103. 7
103. 3
103. 4
103. 3
104. 2
107. 9
103. 2

103.1
109.1
148. 7
101. 4

114. 5

102. 8
104. 7
105. 8
107. 2
108. 5
112. 1
113. 7
113. 5
114. 1
115.0
117. 4
122. 4
111. 4

107.1
111. 6
108. 7
110. 7
118. 9
123.6
131. 3
168. 5
115. 3

115.9

119. 6

118.

96. 9
97. 0
99. 0
110. 4

113. 8
119.9

32

SURVEY OF CURRENT BUSINESS

June 1943

TABLE 11.—CONSTRUCTION ACTIVITY IN THE CONTINENTAL UNITED STATES, 1929-42
[Millions of dollars]
F u n c t i o n or ownership

1932

1933

1934

5,490

i
4,303 J

5,571 j 6,051

8,721

9,186

9,255

3,523

2,416

2,965

3,357

4,904

5, 545

5,248

6,045 j

Total private
Residential (nonfarm) 2___
Nonresidential4 building 3
Industrial i
Commercial
Religious
Educational
Social and recreational.
Hospital and institutional
Miscellaneous nonresidential building _
Farm construction
Residential
Nonresidential
Public utility construction __,Railroad
Street railway
Pipe line
Electric light and powerGas
Telephone
Telegraph

1,729
638
544

1,200
413
417
185
128
25
17
27
15

1,479
591
441
175
149
22
34
31
15

1,908
913
457
157
187
25
37
28
11

2,730
1,368
698
279
244
33
61
49
20

3,507
1,655
1,022
493
350
42
40
59
27

3,162
1,767
683
183
276
48
40
83
34

3, 530
2,046
732
227
296
47
33
83
30

20
125
75
50
245
94
21
7
52
26
41
4

15
140
75
65
307
128
30
12
57
32
43
5

12
200
110
90
338
116
40
20
73
36
48
5

12
200
110
149
45
41
108
54
62
5

11
210
115
95
620
199
39
67
152
58
100
5

19
220
125
95
492
119
41
21
172
47

16
226
130
96
526
138
54
35
162
44
89

Total public
Residential
Military and naval 5 6
Nonresidential building
Industrial *64
Commercial
Public administration
Educational
Social and recreational
Hospital and institutional
Miscellaneous nonresidential
building
Highway
State
A
County
Municipal
Sewage disposal
Water supply
Conservation and development
Bureau of Reclamation
Army Engineers
Tennessee Valley Authority
Other conservation and development
__._
All other Federal
Miscellaneous non-Federal
public
service enterprises 7
___
_

1,794 I 1,216

1,486
1
47
207
9
10
43
82
21
34

1,449
9
37
260
4
8
73
111
25
30

2,174
61
29
546
3
13
129
287
45
60

2,038
93
37
467
4
17
112
225
40
63

2,086
35
62
571
14
21
126
282
40
79

675
424
136
115
34
47
168
26
102
5

8
821
544
163
114
54
62
245
35
142
17

9
622
412
111
99
68
69
317
47
177
28

876
601
150
125
115
93
336
53
192
32

35
4

51
8

65
8

41

59

111

114

578

406

1,130

1,773
2,028
570
700
370
450
200
250
230
235
90
90
140
145
498
559
332
375
47
52
6
8
40
45
17
19
47
51
9
9
378
433
139
185
140
146
99
102
13
12
50
53
34 1
36

2,288
900
580
320
235
90
145
597
404
53
11
48
19
53
9
449
193.
151
105
13
56
38

Total new, work relief, and maintenance

13,899

New construction..

247
49
49
64
32

i
!
j
!
I

26
85
55
30
462
139
29
37
121
50
79

34
408
179
133
20
76
1,248
529
257
462
127
126
86
8
59

1,481
678
297
506
142
201
111
11
75

1, 323
694
278
351
114
156
135
20
81

916
524
183
209
69

87
139
26
81

25
150

209

135

Work relief.
Maintenance
Buildings (nonfarm)
Residential
Nonresidential
Farm
.
Residential
Nonresidential
Public utility
Railroad
Street railway
Pipe line
Electric light and power.
Gas
.
Telephone
Telegraph
Highway
State
County
Municipal
Sewage disposal
Water supply
Rivers and harbors

36
191

3,562
1,290
820
470
450
175
275
1,129
874
89
9
40
22
78
17
587
173
261
153
16
58
32

3,301
1,300
840
460
290
120
170
963
722
82
8
41
21
74
15
634
192
284
158
16
64

2,584
880
570
310
255
105
150
757
548
67
7
43
20
61
11
578
161
262
155
15
64
35

1,967
650
420
230
215
90
125
540
360
52
6
44
18
51
9
458
169
170
119
14
56
34

1935

90
464

2,687
1,170
760
410
235
90
145
682
457
72
10
55
21
57
10
488
228
153
107
14
59

39

6
850
557
139
154
95
79
306
56
176

10,059

10, 914 15, 193

17, 296

6,986 11, 145
4 232 5 261

13, 549

2,881
1,306
678
38S
58
44
66
43

2,877
1,460
527
315
107
27
14
26
19

225
50
117
4

29
300
176
124
774
187
30
76
248
55
173
5

19
195
114
81
695
197
14
59
199
71
150
5

2,515
76
119
762
14
28
162
388
43
108

2,754
205
510
497
144
33
98
130
17
55

5,884
479
2,059
1,671
1,400
24
52
135
16
29

10,672
600
5,206
3,723
3,585
9
30
62
7
22

837
521
130
186
89
90
293
61
157
31

19
884
489
161
234
135
122
312
77
156
32

20
945
543
163
239
86
57
331
85
168

44
15

47
14

40
22

94

2, 359
982
423
334
57
52
62
34
20
246
146
100 I
645 !
167
51

31 I

15
1,013
598
70 !
170
245
68
47
389
91
186
82
30
36

8
667
455
90
58
50
289
70
65
129
25
21

101

122

775

1,202

1,032

805

627

291

2,866
1,240
810
430
250
100
150
731
504
63
13
63
20
58
10
524
241
166
117
15
65
41

2,805
1,225
800
425
270
110
160
654
427

2,982
1,239
810
429
295
125
170
701
474
60
12
65
20
59
11
616
224
230
162
18
65
48

3,123
1, 307
855
452
330
140
190
717
485
55
13
68
20
65
11
633
232
235
166
IS
65
53

3,421
1,384
906
478
400
125
275
832
588
50
14
73
20
75
12
659
247
242
170
19
69
58

3,456
1,371
889
482
255
86
169
1,027
777
42
15
77
21
81
14
650
245
240
165
22
71
60

59

14
63
21
59
11
535
246
170
119
17
61
43

1 Estimates compiled by the U. S. Department of Commerce, Bureau of Foreign and Domestic Commerce, except as noted. For new construction, corresponding quarterly estimates, by major classifications, are shown for 1939-42 on p. 10, table 7, of the May 1943 Survey and are published currently on p. S-4 of the Survey. The data and
methods used in making the estimates are outlined on pp. 24-26 of the May 1942 Survey and a comprehensive description of the annual data, together with annual estimates
for 1915-28 approximately comparable with data above, appear in "Construction Activity in the United States, 1915-37," Domestic Commerce Series No. 99. Since publication of the data in the May 1942 Survey and earlier reports, estimates of farm maintenance construction have been excluded from the new construction data and are now
shown as a separate item under maintenance construction.
2 Estimates of new private nonfarm residential construction prepared by the Bureau of Labor Statistics.
3 Excludes nonresidential building by privately-owned public utilities and nonresidential farm construction.
« Public industrial and commercial building not segregable from private construction in 1929-33.
a Includes cantonments, aeronautical facilities, navy yards and docks, Army and Navy hospitals, etc.
67 Beginning with 1941, based on data prepared by the Construction Research Section of the Statistics Division of the War Production Board.
Includes construction expenditures for such municipal enterprises as electric light and power plants, street railways and other transit systems, gas systems, ports, docks
harbors, ferries, airports, terminals, etc.

Footnotes for table 10, p. 31

i Compiled by the U. S. Department of Labor, Bureau of Labor Statistics. With the exception of the indexes for the food group under retail trade and for water transportation, which have been included in the Survey only beginning with the May 1943 issue, the data represent a revision of the indexes shown in the 1942 Supplement and the
monthly Surveys through the March 1943 issue. The revisions consisted of a recomputation of all series on a 1939 base, the adjustment of the indexes for the mining, trade,
and service industries to data from the 1939 Census of Mineral Industries or 1939 Census of Business; and the weighting of the component series in computing the composite
for metal mining (formerly only the retail trade composite was weighted). Data for the mining industries, dyeing and cleaning plants, power laundries, and year-round
hotels relate to wage earners only. For crude petroleum and natural gas, the clerical field force is included; contract drilling and rig building are not included. Data for the
public utility group include all employees except corporation officers and executives. Reports for retail and wholesale trade include all employees except corporation officers,
executives, and other employees whose duties are mainly supervisory. Additional information relating to the construction of these indexes are given in notes 11 and 12 to
p. 45 and notes 2-4 to p . 46 of the 1942 Supplement, which still apply except for the revisions referred to above and some changes in the size of the reporting samples on which
the indexes are based.
The new series on water transportation are based on estimates prepared by the U. S. Maritime Commission, covering all personnel of active American-flag steam and
motor merchant vessels of 1,000 gross tons and over engaged in deep-sea trade. Pay-roll data represent the estimated total monthly compensation including basic wages, over time payments, war bonuses, and all other cash payments, together with the value of subsistence and lodging.



S-l

SURVEY OF CURRENT BUSINESS

June 1943

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 April 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
April

1943

1942
April

May

June

July

August

September

October

Novem- December
ber

January

Febru- March
ary

BUSINESS INDEXES
INCOME PAYMENTS!
Indexes, adjusted:
Total income payments
1935-39=100..
Salaries and wages
..do
Total nonagricultural income
do
Total
mil. of doL.
Salaries and wages:
Total §
do....
Commodity-producing industries-._do
Work-relief wages
do
Direct and other relief
do
Social-security benefits and other labor income
mil. of dol_.
Dividends and interest
do
Entrepreneurial income and net rents and
royalties
mil. of doL.
Total nonagricultural income
do

7,620
3,497

7,754
3, 567

^ 7, 918
T
3, 650
11
T
78

180

1,419

195
781

199
442

2,350
9,141

2,206
10, 244

2,069
9,637

1,967
9,438

178
221
145

157
178
141

144
153
138

117
112
121

102
84
116

115
85
137

132
130
134

130
128
132

141
152
133

141
144
139

127
127
127

129
121
134

140
137
141

1,435
1,412

1,753
1,726

2,015
1,962

1,825
1,764

1,571
1,499

1,361
1,261

1,205
1,126

1,402
1,310

212.5
204.5
209.5
201.5
164.0
234.0
187.0

260.0
207.5
222.5
197.5
166.0
227.0
181.0

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

197.0
260. 5
273. 0
252. 5
189.0
274. 0
319.5

7,082
3,413
30
85

7,327
3,459
26
85

7,463
3,493
24
84

164
437

176
894

175
752

174
522

1,861
8,677

1,990
8,440

2,216
9,088

2,443

110
64
145

126
118
132

138
154
126

165
211
130

122!
114 j
129 !

124
102
140

129
121
134

127
117
134

1,063
982

1,030 i
993

1,112
1,070

1,249
1,219

148.0
191.0
189.0
192.0
163.0
219.0
175.0

149.5
188.5
193.0
185.0
165.5
203.0
174. 5

161.0
191. 5
166.5
208.0
163.0
251.5
177.0

183.5
192. 5
187.5
196.0
161.0
226.0
180.5

169
773

163
475

164
1,119

v 2, 077
10,049

1,697
8,112

1,682
8,004

1,746
8,906

v 111
v 71
P 141

103
61
135

106
64
138

v 133
p 128
v 136

120
107
130

' 1, 349
' 1, 284
p 193.0
p 255.0
P 272. 0
P 243. 5
° 202. 5
p 201.5

5

7,635
3,514

6,894
3,365

" 215
753

3, 705

' 204. 9
* 224. 3
r
195. 7
' 11,222

6,723
3,234
45

6,390
2,976
58

•P

201.0
221.8
193. 6
10, 443

177.9
195.3
174.0
10, 453

6,182
2,824
68
92

v 8, 038

196.7
217.8
190.6
10,748

176.0
193.3
172.6
9, 571

165.4
179.1
163.3
8,799

v 11,161

193.7
213.1
186.8
11, 524

172.6
189.6
170.3

169.5
185.2
167.5
9,782

163.3
175.6
161.0
8,913

p 206. 9
v 227. 7

P 198. 6

3,112
53
87

35
86

182. 8 189.4
201.4 I 208.4
178.3 183.6
10, 782
10, 593

23
84

19
83

15
81

r
r

210
907

r

2,109
10, 077

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
C rops
d o...
Livestock and products.
do
Dairy products
do
Meat animals
do
Poultry and eggs
do

INDUSTRIAL PRODUCTION

m.r,

(Federal Reserve)
Unadjusted:
197
194
194
p 201
195
177
Combined index
1935-39 = 100..
195
172
17.r
193
180
187
211
208
207
206
185
M anufactures
do
205
181
183 !
/' 215
203
196
189
292
287
283
279
246
276
234
240
Durable manufactures
do
267
251
260
p 300
208
204
200
210
203
198
207
199
200
199
Iron and steel
do
197
196
209
114
107
116
125
' 119
138
135
132
135
135
Lumber and products
do
140
138
p 125
144
139
144
144
139
139
141
142
143
136
Furniture
do
136
137
" 143
r
99
101
118
106
138
91
131
127
131
134
Lumber
...do
141
139
P 116
352
340
359
329
287
320
348
273
279
310
Machinery J
do
299
289
p 362
199
202
197
192
186
200
192
177
180
193 i
Nonferrous metals
do
188
191
* 194
132
139
' 133
157
158
163
138
151
163
163
Stone, clay, and glass products..-do
160
151
p 141
120
156
186
' 126
183
139
202
161
178
200
Cement
do
186
195
128
184
159 !
185
171 |
171
167
187
176
190
166
Glass containers
do
151
194
167 ;
39
39 I
39
37
37
43
35
40
38
Polished plate glass
do
38
32
42
30
547
525
396
507
583
350
372
479
559
425
Transportation equipment
do
p 592
458
Automobile bodies, parts and as158
155
151 I
146
129 i
104
159
sembly..
1935-39=100-135
'141
124 |
107
116
112
r
146
r 144
146
146
143
Nondurable manufactures
do
148
147
138
144
137
139
136
r 151 I
110
r
105
90
94
Alcoholic beverages
do
123
103
113
133
116
120
140
140 I
213
209 !
216
Chemicals
do
206
192
199
167
166
168
166
170
181 I
r
120 I
123
115
114
' 114
117
Leather and products
do
114
116
131
124
115
112 ;
r
119
118 !
111
114
Shoes
do
115
115
114
110
131
123
117
112
9
*140 I
135
134
156
139
Manufactured food products
do
P 156
*150
J»151
123
135
130
165
» 181
"89 I
102
207
210
' 119
Dairy products %..
do
152
141
193
» 143 ! v 109
192
171 !
138
149
147
186
140
166
Meat packing
do...
147
146
134
136
140
132 1
p Preliminary.
' Revised.
§The total includes data for distributive and service industries and government which have been discontinued as separate series to avoid disclosure of military pay rolls.
tScattered revisions in the 1940-41 figures for dairy products, and in the 1941 figures for iron and steel and machinery are available on request
*New series. For a description of the indexes of the volume of farm marketings and figures beginning 1929, see pp. 23-32 of the April 1943 Survey. Data beginning 1913
for the dollar figures on cash farm income are shown on p. 28 of the May 1943 Survey.
tRevised series. Data on income payments revised beginning January 1939, see p. 27, table 1, of the March 1943 Survey. The indexes of cash income from farm marketings have been completely revised; data beginning 1913 are shown on p. 28 of the May 1943 Survey.

4:;

:>




S-2
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1942 Supplement to the Survey

SURVEY OF CURRENT BUSINESS

June 19-13

1942
April

May

June

July

August

1943
September

October

Novem- December
ber

January

Febru- i March
ary I

BUSINESS INDEXES—Continued
INDUSTRIAL PRODUCTION—Con.
Unadjusted—Continued.
M anuf actures—C ontinued.
Nondurable manufactures—Continued.
144
151
133 {
134
138
137
134
137
Paper and products
1935-39•= 100.
122
129
132
130
149
157
131 |
132
138
140
137
Paper and pulp
do
121
139
130
181
135
117
118
122
115
123
120
123
Petroleum and coal products
do
117
121
118
119
116
163
162
166
169
104
166
163
Coke
do
165
166
166
r 169
166
110
111
117
113
108
117
110
Petroleum refining
do
114
116
112
109
110
115
123
120
103
121
96
Printing and publishing
do—
103
'115
109
114
111
114
156
157
156
152
158
154
Textiles and products
do
154
160
156
156
157
157
175
177
172
171
166
169
Cotton consumption
do
169 .
171
172
163
171
166
1(56
169
170
174
177
168
169
181
169
Rayon deliveries
do—
170
178
181
180
150
153
156
lfil
100
151
166
154
Wool textile production
do
155 I
104
163
154
123
119
149
141
131
132
122
Tobacco products
do—
135
144
125
123
137
132
131
126
134
132
131
132
136
137
12-1
'122
124
' 119
' 116
Minerals?-do—
121
121
127
130
121
121
126
129
131
131
133
126
124
Fuels!
_
do
115
122
117
124
122
117
118
129
129
129
12S
105
102
Anthracite!
-do—
147
150
145
154
141
144
140
151
157
150
161
143
145
Bituminous coalj
do
111
109
121
121
112
113
121
121
120
' !22
121
118
Crude petroleum
do
190
155
176
143
192
195
194
'69
184
'79
'68
Metals
__
do—
Adjusted :t
174
173
183
178
187
195
191
f 203
197
Combined index §
do—
1S3
184
182
193
188
197
207
IV I
203
»216
210
Manufactures§
do—
239
' t
244
234
258
249
265
279
275
^300
285
Durable manufactures §
do—
130
131
132
129
[21
133
1_"
125
12S
129
v
125
127
Lumber and products§._
-do—
124
127
127
125
130
122
119
123
v 115
119
Lumber
do—
/ c
180
186
177
191
188
197
193
192
v 194
202
Nonferrous metals
do—
i ,J
155
I
117
154
145
140
153
152
152
P144
148
Stone, clay, and glass products§..do.._.
ir,(«
171
167
177
169
i '.
180
184
182
134
165
Cement§—do....
178
163
176
153
145
169
162
194
163
171
Glass containers
do—
11 ,
138
136
139
140
138
148
' »"1
144
v 148
142
149
Nondurable manufactures§
do—
111
101
111
135
122
122
126
139
111
Alcoholic beverages§
do—
167
172
165
173
2
0
174
197
187
•p
2
1
7
179
205
Chemicals
do—
126
121
130
113
116
117
117
111
117
Leather and products§
_.do—
124
120
130
110
115
116
115
108
116
Shoes§
do...,
134
138
136
143
143
v 152
v 146
*>148
p 158
Manufactured food products §
do
142
138
150
143
143
v
139
ii
p
140
p
110
v
140
Dairy products §
do
v rm
140
153
142
153
146
145
143
159
158
Meat packing
do—
143
134
148
131
125
135
'
35
132
135
132
Paper and products§
do
147
135
154
132
125
137
1 >7
137
133
133
Paper and pulp§
do—
116
115
118
121
118
123
123
119
122
Petroleum and coal products §
do....
1
109
108
111
114
111
117
117
112
'(.
116
Petroleum refining§
do—
r
112
104
117
111
106
v 111
116
118
'111 |
.!/
114
109
Printing and publishing...
.-do—
r
156
152
157
154
154
v 158
]f)f>
J~7
158
150
156
Textiles and products
do—
] 120
122
127
130
126
141
133
136
160
133
Tobacco products!.
do—
126
127
] '\
125
130
126
129
v 131
130
131
Minerals§
do
r 197
157
159
152
152
••133
155
139
P133
133
145
Metals
do—
' 132
BUSINESS INVENTORIES, ORDERS,
AND SHIPMENTS
Estimated value of business inventories:*
29, 034
Total
__-„-_......mil. of doL.
?0, 094
29.231
28, 838
28. 851
29,178
29,311
28,887
28.344
17, 439
Manufacturers
_
do
17, 392
17; 317
17, 547
17, 682
17,183
16, 603
16, 939
17,652
7, 350
0 2't')
Retailers
.
do
7, 357
7, 275
7, 439
7, 200
7,472
7, 565
7, 496
fi. 700 (, 4 Hi
i, I'M
4, 245
Wholesalers
do
4 ( h
4, 345
4,029
4,475
3,956
4, SI 2
4, 632
4,674
3 9P2
Indexes of manufacturers' orders, shipments,
and inventories:
264
New orders, total
Jan. 1939=100..
279
292
256
266
270
314
233
364
390
Durable goods
do....
415
449
H99
387
432
334
545
361
258
250
Iron and steel and their products..do
264
274
254
216
223
222
295
233
346
411
Electrical machinery
^o
586
548
699
648
570
491
413
353
358
315
381
Other machinery
do
467
411
578
669
421
361
387
636
619
677
Other durable goods
do
504
913
(U7
490
377
n74
643
192
192
183
Nondurable goods
do
16C
163
167
167
187
18S
993
226
Shipments, total..average month 1939=100..
232
207
202
200
212
203
2-tO i
2S9
298
D'urable goods
do
239
283
300
264
256
270
254
3-?o !
207
2.93
231
Automobiles and equipment
do
131
194
172
161
184
129
2-10 t
212
205
207
Iron and steel and their products...do
216
214
210
211
215
216
23P !
280
236
201
Nonferrous metals and products*...do
220
217
246
212
228
217
?(V? I
250
317
3n9
Electrical machinery
do
267
249
268
286
351
270
4 ()S \
333
Other machinery
do
311
306
312
322
297
337
322
279
351 i
Transportation equipment (except
automobiles)
do
1,362
1. 692
- . I.'O j
1,579
1, 578
1,266
1,108
1. 486
1, 271
179
Other durable goods
_
do
191
200
193
199
187
191
197
187
Nondurable goods
do
169
179
108
177
102
164
160
181
163
167
178
193
Chemicals and allied products.
do
183
173
187
170
168
171
185
1S2
169
2J0 j
178
Food and kindred products
do
185
159
1S7
164
164
178
184
190
171
138
Paper and allied products
do
143
165
136
154
139
131
144
146
126
135
Petroleum refiningdo
154
132
140
139
130
135
139
138
142
241
Rubber products
.do
214
159
205
171
171
179
222
207
183
391
Textile-mill products
...do
202
213
197
186
189
191
204
203
187
.140
Other nondurable goods....
...do
171
172
1G5
147
158
160
170 !
154
173
146
Inventories, total
do
177.8
174. 2
172. 9
174.
167.0
170.4
176. 5
177. 9
175. 4
177. 6
175.0
Durable goods
_
do
211.3
195.8
193.2
186.6
190. 2
'2HI.
204.1
200. 9
2'J'.'. fi
198.0
210.1
207. 7
233, 8
Automobiles and equipment.
do
226.1
222.7
202. 5
217. 9
237. 3
'217.
229. 9
243. 3
241. 4
232. 9
135.2
Iron and steel and their products._.do
133.' 9
132.3
127.5
130.1
1M.S
137! 4
135. 7
139.2
131.1
rn.o '' 11 ?.S.
157. 3
Nonferrous metals and products*...do
153. 3
152.1
151.1
152.4
152.3
t i) .
151. 9
156. 5
irs.5
S6'
327.0
Electrical machinery
_.do
290. 3
277.8
264.2
270. 0
331.
f>
326.
1
324.1
307.1
299.9
210.4
221.9
Other machinery
do
204. 8
203.1
199.1
202.9
219.6
213. 0
223.4
207. 2
204. 6
Transportation equipment (except automobiles)
average month 1939=100-.
742.8
756. 2
824.8
924.2
802.3
852. 8
675. 0 1,020.8 1,002.7 1,051.0 ' 1 , 0 5 3 . 1
890. 3
Other durable goods
do
135.9
131.4
128.6
123.6
124. 0
122.2 i 119.7
117.0 j ' 116.0
133. 7
126.5
123. 3
'Revised.
v Preliminary.
{Scattered revisions in the 1940-41figuresfor minerals and fuels, the 1939-41 figures for bituminous coal, and the 1941 figures for anthracite, are available on request.
§ Revisions have been made in seasonal adjustment allowances for recent periods; for total industrial production, total manufactures, durable, and nondurable manufactures, the resulting changes in the indexes do not exceed 1 point for any month before December 1941 (shown in March Survey). Revisions are available on request.
fSeasonal adjustment factors for a number of industries for which indexes are included regularly in the Survey have been fixed at 100 beginning various months from
January 1939 to February 1942, as stated in the descriptive note for the industrial production indexes included in the 1942 Supplement and in the note marked "J" on p. S-2
of the April 1943 Survey. Beginning with this issue of the Survey, data for these industries are not shown in the adjusted series above as the "adjusted" indexes are the
same as the unadjusted series.
•New series.% For data beginning December 1938 for the estimates of business inventories, see p. 7, table 2, of the June 1942 Survey. Data for shipments and inventories of nonferrous metals^and their products were formerly included in "other durable goods."




r

7.,: I

S-3

SURVEY OF CURRENT BUSINESS

June 1943
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
April

May

June

July

I August

1943
September

Octo- j Novem- December
ber
ber

January

FebruMarch
ary

BUSINESS INDEXES—Continued
BUSINESS INVENTORIES, ETC.—Con.
Indexes of manufacturers' orders, shipments,
and inventories—Continued.
I n v en tories— C on ti n ued.
Nondurable goods avg. month 1939= 100.._
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

149. 9
157.7
157.9
141.1
114. 5
154. 3
155.8
152.8

155.1
162.7
160.3
149.7
111.5
165.4
165.1
160.7

153.1
159.9
160. 0
145. 9
113.0
161.2
162. 0
157. 3

155.3
163.3
159.8
152.7
110. 3
170.2
165.0
161.3

154.8
164. 4
159.2
154. 6
111.2
174.8
159. 5
161. 3

153.1
161.0
158.0
154. 6
109.6
173. 5
156. 2
160.8

152.4
156. 5
161.2
149.8
109. 3
172. 7
155.1
159.1

151.8
155.1
160.1
146. 5
107. 2
174.4
153.1
161.8

149.2
158.7
156.2
144.0
106.8
174.6
147.2
157.4

148.6
155.4
152. 5
141.4
107.0
172.3
147.0
161.8

145.6
154.7
147.3
140. 7
106.7
175.9
142.2
158.2

143.6
152.4
145. 2
139.3
106.0
181.0
140.0
154.8

COMMODITY PRICES
COST OF LIVING
National Industrial Conference Board: 1
Combined index
1923=100..
Clothing
do
Food
do
Fuel and light
do
Housing
do
Sundries
do
tJ. S. Department of Labor:J
Combined index
1935-39 = 100._
Clothing
do
Food
do
Fuel, electricity, and ice
do
Housefurnishings
do
Rent
do
Miscellaneous
do

' 89. 7
91.0
' 103.9

97.3
88.6
99.0
90.0
91.1
104.3

'97.4
88.1
99. 5
'90.2
91.0
' 104. 3

97.8
88.0
100.1
90.5
90.8
104.7

98.1
88.2
101.1
••89.5
90.8
' 104. 8

' 98. 8
88.4
102.8
90.5
90.8
' 104.6

'99.S
88.5
' 105. 3
90.5
90.8
' 105. 3

' 100.5
88.6
' 106.4
'90.6
90.8
106.2

r 101. 1
88.6
r 108. 2
90.6
90.8
r 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

115.1
126.5
119.6
104.3
121.9
109.2
110.6

116.0
126.2
121.6
104.9
122.2
109.9
110.9

116.4
125.3
123.2
105. 0
122.3
108. 5
110.9

117.0
125.3
124.6
106.3
122.8
108.0
111. 1

117.5
125. 2
126.1
106.2
123.0
108.0
111.1

117. 8
125.8
126.6
106. 2
123.6
108.0
111.4

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

152
134
159
143
131
120
189
152
138

151
137
153
141
148
116
191
169
134

154
145
155
144
131
115
193
200
139

163
156
151
151
126
115
200
256
173

163
166
156
156
129
119
195
191
172

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

88.9
96.1

88.8
96.6

88.8
96.8

88.8
96. 9

88.8
97.0

88.9
97.0

88.9
97.1

88. i
97.5

93.4
97.9

93. 5
98.4

93.4
99.8

PRICES RECEIVED BY FAEMEES§
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
IT. S. Department of Labor indexes:
Anthracite
1923-25= 100.
Bituminous coal
do
Food (see under cost of living above).
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 quotations).. 1926= 100..
Economic classes:
Manufactured products
do
Raw materials
do
Semimanufactured articles
do
Farm products
do
Grains
do
Livestock and poultry
do
Commodities other than farm products
1926=100..
Foods
do....
Cereal products
.do
Dairy products
do !
Fruits and vegetables
do !
Meats
do. —i
Commodities other than farm products znc]
foods
1926=100..
Building materials
do
Brick and tile
do
Cement
do
Lumber
do
Paint and paint materials
do ,
Chemicals and allied products
do
j
Chemicals
.... do
;
Drugs and Pharmaceuticals
do j
Fertilizer materials
do.
Oils and fats
do.
Fuel and lighting materials
do.
Electricity
do.
Gas
do.
Petroleum products
do I
62.0
r
p Preliminary.
Revised.
§Datafor May 15, 1943: Total, 187; chickens and eggs,
miscellaneous, 196.

113. 4

113. 2

113. i

lid. I

1J3. 1

113. 1

113. 1

113. 1

113. 1

113. 1

113.1

113.2

108.6
105.6
113. 2
115. 8
112. 6

108. 3
105.2
113.0
115. 7
112. 2

108. 0
105.1
112.9
115. 6
112.2

108. 0'
105.1
112.8
115. 6
112.3

108.0
105. 2
112.7
115. 5
112.3

108.0
105. 2
112. 7
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.
105.
112.
115.
112.

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

98.7

98.8

98.6

9S.7

99. 2

OP. 6

100.0

100.3

101.0

101.9

98.7
100.0
92.8
104. 5
91.5
118.3

99.0
9P.7
92.9
104.4 |
92.2 i
117.6

P8.6
99.8
92.8
104. 4
88. 8
116. 9

f 8. 6
100.1
92.8
105. 3
89. 1
117.8

98.9
101. 2
92.7
106.1
89.8
122.6

90. 2
102. 2
92.9
107.8
93.6 !
122. 1 !

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. 1
108.2
92.8
117.0
107. 3
129.2

100. 3
109.6
92.9
119.0
108.6
132. 8

*> 100. 5
* 112. 0
93.0
v 122. 8
112. 2
135. 7

97.2
98. 7
90. 2
94. 1
97.7
112.8

97. 4 i
98.9 j
89.0 !
93 5 !
96.7 '
114.8

97. 1
99. 3
87. 2
92. 0
105.4
113.9

97.0
99.2
87.2
96.0
98.5
113.4

97.5
100.8
87.8
100.2
98.0
115. 2

97.7
102.4
89.1
105. 5
97.5
116.0

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

r99.0
107.4
93.5
113.2
115.6
115. 5

95. 6
110. 3
98.7
94.2
133. 0
100. 1
96.2
96.3
129. 0
78.3
101.6
79.0
02.2
80.4
60.7

95.5
110.4
98.7
94 2
133.2
100. 4
96.2
96.3
128.9
78.2
101. 5

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

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

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

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

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. S
61.2

»96.5
110.4
98.7
94.2
134.6
102.2
100.0
96.4
165.0
79.0
101.5
80. 3
64. 2
75. f
61.5

95. 6
110.2
98.0
94. 1
131. 8
100.6
97.1
96.4
126. 7
79.2
108.8
77.7
64.4
78.1
58.4

95.
1.10.1
98.0

94.2
131. 5
100. 6

97.3
96.5
129. 1

79.0
108. 6

78.0
63. 8

79.9
59. 1

!
95.6
110.1
98. 1
94.2
131.7
100. 3
97.2
96.5
129.1
78.4
108. 5
78.4
63. 3
81.2
59.8

95.7

110. 3

98.
94.o
2
132. 9
100. 7
96.7
90.5
129. 1
78.5
104. 2
79 0
62.7
81.4
60.6

!

76.0 I

62.6
81.1
60.6

103.

4

175: cotton and cottonseed, 167; dairy products, 179; fruits, 212; grains. 148; meat animals, 214; truck crops, 253;

in most areas and data are now collected only at quarterly pricing periods.
^Revised to take into account changes in consumer purchasing resulting from rationing and war shortages; 1942 revisions not shown above are as follows: Combined index—
Feb., 95.3; Mar., 96.2; food—Mar., 97.4; fuel and light—Feb. and~Mar., 90.3; sundries—Feb., 103.5; Mar. 103.7.




SURVEY OF CURRENT BUSINESS

S-4
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, niay be found in the
1942 Supplement to the Survey

June 1943

1942

1943
April

May

April

June

1943

August

July

September

Novem- December
ber

October

January

Febru ary

March

COMMODITY PRICES—Continued
WHOLESALE PRICES-Continued

!

U. S. Department of Labor indexes—Con.
j
Commodities other than farm products and i
foods—Continued
Hides and leather products
1926=100-Hides and skins
do
Leather
do
Shoes
do
House-furnishing goods
do
Furnishings
do
Furniture
do
Metals and metal products
do
Iron and steel
do
Metals, nonferrous
do... Plumbing and heating equipment—do..Textile products
do-..
Clothing
.
.do....
Cotton goods
do
Hosiery and underwear
do
Rayon
do
Woolen and worsted goods
.do I
Miscellaneous
do
Automobile tires and tubes
do
|
Paper and pulp
do
j
Wholesale prices, actual. (See under respective i
commodities.)

117. S
116.0
101. 3
126. 4
102. 6
107.3
97. 7
103.8
SO. 0
90. 1
97. 4
107. 0
112.0
70. 5
30. 3
112.5
91.6
73. 0
102. 9

118.2
118.5
101. 3
126.4
102.9
108.1
97.4
103.9
97.2
85.6
98.5
97.6
109.1
112.7
70.0
30.3
111.0
90.2
73.0
101. 6

118.2
118.5
101. 3
126.4
102.8
108.0
97.5
103.8
97.2
85.6
94.1
97.1
107.2
112.7
69.7
30.3
111.0
89.8
73.0
100.5

118.2
118.8
101.3
126.4
102.7
107.9
97.4
103.8
97.2
85.6
94.1
97.3
107.2
112.9
69.7
30.3
111.7
88.9
73.0
98.9

H8.1

107.8
113.8
70.6
:0.3
111.0
90.3
72.5
102.9

118.8
12].4
101.3
126. 6
102.9
108,1
97.5
103.9
97.2
85.6
98.5
98.0
109. 6
112.9
71.9
30.3
111.0
90.5
73.0
102.8

118.0
101.3
126.4
102. 5
107.4
97.4
103.8
97.2
86.0
94.1
97.1
107.0
112.7
69.7
30.3
111.7
88.8
73.0
98.8

117.8
116.0
101.3
126.4
102.5
107.3
97.4
103.8
97.2
86.0
94.1
97.1
107.0
112.4
70.5
30.3
111.7
88.6
73.0
98.8

117.8
116.0
101.3
126.4
102.5
107.3
97.4
103.8
97.2
86.0
93 2
97! 1
107.0
112.4
70.5
30.3
111.7
90.1
73.0
98.8

117.8
116.0
101.3
126.4
102.5
107.3
97.4
103.8
97.2
86.0
90.4
97.2
107.0
112.4
70.5
30.3

81.5
86.9
83. 5
70.1

81.4
86.2
82.1
69.1

81.6
85.9
81.1
69.6

81.5
85.5
80.2
08.2

81.1
85.1
79.2
64.4

80.8
84.8
78.9
64.4

80.4
84.0
77.1
62 2

119.2
123.5
101.3
126.7
102.8
108.0
97.5
103.8
97.1
85.6
98.5

I
i
|
j
!
|
j

97.7 I

90.5
73.0
99.0

117.8
116.0
101.3
126.4
102.5
107.3
97.4
103.8
97.2
86.0
90.4
97.3
107.0
112.5
70.5
30.3
112.4
90.7
73.0
100.1

117.8
116.0
101. 3
126.4
102. 6
107.3
97.7
103. 8
97.2
86. 0
90. 4
97. 3
107.0
112.6
70.5
30.3
112.4
90.9
73.0
101.1

117.8
116.0
101. 3
126. 4
102.6
107. 3
97.7
'• 103. 8
97.2
Sfi. ()
90. 4
97. 3
107 0
112.6
70.5
30.3
112.4
91.4
73.0
102.7

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

1,123
168

889
128
65

'805
«• 115
' 54

31
23
8

22

10
6

5

112.1

PURCHASING POWER OF THE
DOLLAR
As measured b y Wholesale prices
Cost of living
Retail food, prices
Prices received by farmers.,.

1935-39 = 100.. .
do i
do..
do..

80. 6
71.0
56.9

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_.

1,143
290
162

1,211

40
20
20
25
15
10
63
853
43
393
304
290

41

14

71
10

236
100

24
17
33
19
14
62

975
46
491
325
312
13
71
10
27
5

1,403
221
92

1,486
221
98

1,415
215

95

1,274
200
92

41
28
13
27

41
31
10
19

37
29
8
15

12

9

7
60

6

61

41
30
11
22
13
9
50

1,182

1, 265

1,200

56
1,074

48
649
370

56

71
626
403

66
523
389
382

7

6

62
9
22

47
7
11

282
4
30
5
17

3

2

2

15
12

681

417
408

75

72

10
25

10
25

395
8
65
9
22

5

4

4

359
11

9

80

4
47
955
61

497
330
324

18
12

16
6
2
3
36
761
63
358
286

r

6
3
1
2
40
690

59
r 325
-267
'264
' 3

24
5

r

8

r
r

761
104
' 45

'722
r
108
r 44

14
9

3
40
'657
' 59
'294
'264
'262
'2
' 23
4
' 11

3
4
45
'614
64
'281
' 227
'225
T 2
r 24
4
12

2

CONTRACT AWARDS, PERMITS. AKD
DWELLING UNITS PROVIDED
Value of contracts awarded (F. II. indexes):
T
S4
174
162 i
139 i
194 j
181
175
228 I
118
Total, unadjusted
1923-25=100..
80
90 !
83
64
70
77
66
75
Residential, unadjusted
do
r 44
T
193
185
198 !
175
145
182 I
179
158 [
206
Total, adjusted
do
So
r
90
83
91 !
79
76
74
65 I
70
Residential, adjusted
do
42
Contract awards, 37 States (F. W. Dodge
Corporation):
16, 117
18, 503
35, 934
35,872
30,055
30, 558
38,797
25, 338
33,167
40,557
51,863
33,100
Total projects
number..
498, 742 073,517 1,190,264 943, 796 721,028 723,216 780, 396 654,184 708, 716 350, 661 393, 517 339, 698
Total valuation
thous.ofdol..
304,
032
363,
852
315,
575
354, 575 568,988 1,105,414 875,951 G38,183 660,953 709,879 591, 940 663,817
Public ownership
do
35, 660
29, 665
62, 244
35,086
62, 263
44,899
70,517
144,107 104,529
84,850
87,895
87,845
Private ownership
do
Nonresidential buildings:
3, 635
5, 090
6,842
12,281
8,332
14, 372
9,945
15, 093
5, 208
11,093
10,952
10,405
Projects.
number..
28,310
37,810
27, 913
52, 615
51, 281
67, 961 134, 085 113,134
90,774
77, 245
67,327
Floor area
...thous. of sq. ft..
97, 962
234, 939 297, 885 568, 385 489, 066 407, 324 466, 860 372, 991 256,513 278, 091 154,064 187, 242 144. 935
Valuation
thous. of dol._
Residential buildings:
10, 295
12,155
21,826
21, 302
26, 683
33, 002
18,924
22, 218
17,428
17,110
18, 556
28,024
Projects
number. „
16. 990
22,188
37,707
38,112
24, 920
38,341
50,073
33, 634
37,444
29,759
38,147
Floor area
thous. of sq. ft..
20,177
93, 294
71, 786
162, 097 147,964 185,471 127,382 100, 551 126, 708 161,206 156, 654 159, 652 110,813
Valuation
thous. of doL_
Public works:
1,635
761
682
1,080
1,386
1,384
3,035
945
2,739
1,111
3, 4S0
1,900
Projects
number..
62, 037
52, 856
94,157 142,157
38,254
Valuation
thous. of dol_.
58,477 127,107 I 203,341 129,611 111,960
65,811 154, 795
Utilities:
552
497
721 I 1,750 1,123
386
486
736
685
1,016
609
Pro j ects
number..
60, 940
60,125
47,530
63,837
91, 404 146,860 128,816
100,501 ' 233,067 ' 197,737 101,193
Valuation
thous. of doL.
r
Revised.
* Preliminary.
•New; series. The series on new construction are estimated 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
J a n u a r y 1911, w h i c h are from t h e W a r Production Board. For a n n u a l1< da( a beginning 193, seep. 32, table 11, of this issue and for quarterly estimates for 1939 to 1942, see p. 10,
I able 7, of t h e M a y 19-13 issue.




Additional d a t a relating to the (ierivati )ii of the estimates, are shown on p p . 24-20 of t h e M a y 1942 issue.

S-5

SURVEY OF CURRENT BUSINESS

June 1943
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
April

1943
April

May

June

July

August

1943
September

October

Novem- December
ber

January

February

March

CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED—Con.
Indexes of building construction (based on
bldg. permits issued, U. S. Dept. of
Labor) :f
Number of new dwelling units provided
1935-39=100..
192.4
90.5
Permit valuation:
Total building construction
do
52.8
176.5
68.1
New residential buildings
. - do
162.8
38.5
New nonresidential buildings
do
218.9
55.5
Additions, alterations, and repairs do
98.9
Estimated number of new dwelling units in
nonfarm areas (U. S. Dept. of Labor):
167, 500
87,900
Total nonfarm (quarterly)*
number
21,772
Urban, total
do
15, 866 33, 358 26, 356 22,069
17,027
17,048 22,067
12, 232 25,014 23,372
13,961 10, 281 12, 253 11,694
1-family dwellings
do
16,448
1, 353
1,183
2-family dwellings
do
2,970
1,104
1,314
771
1,150
1,133
2,281
5,374
1,801
7,004
5,432
9,223
Multifamily dwellings
do
4,024
4,191
Engineering construction:
Contract awards (E. N. R.)§__.thous. of dol_. 379, 068 S98, 696 1,044,572 968,938 1,201,526 813,077 712, 709 691,979

14, 522
10,671
926
2,925
607,622

85,800
13,157
9,761
1,058
2,338

142.4

102.9

' 90. 8

70.8
83.6
72.2
38.9

53.5
64.5
48.7
41.3

'53.1
'66.4
'44.1
'46.5

24,692
16,492
877
7,323

17, 679
13, 582
588
3, 509

114.700
15, 538
11,881
1,104
2,553

373, 622 226, 826 306, 242 305,973

HIGHWAY CONSTRUCTION
Concrete pavement contract awards:
Total
thous. sq. yd..
Airports
do
Roads
do
Streets and alleys
do
Status of highway and grade crossing projects
administered by Public Roads Admn.:^
Highways:
Approved for construction:
Mileage
no. of miles. _
Federal funds
thous. of dol_.
Under construction:
Mileage
no. of miles..
Federal funds
thous. of doL.
Estimated cost
do
Grade crossings:
Approved for construction:
Federal funds
..-do
Estimated cost
do
Under construction:
Federal funds.
do
Estimated cost
do

3,848
2.240
768
840

8,914
5,416
2,061
1,437

14,462
9,800
3,267
1,394

15, 266
11,038
2,060
2,167

14,947
11,366
1,927
1,655

13,947
10,091
2,653
1,202

20,090
16,935
1,518
1,637

12,453
7,600
2,806
2,047

8,671
5,821
1,406
1,444

7,734
5,074
1,488
1,171

6,237
5,065
541
631

6,872
5, 644
649
579

7,242
5,466
927
850

1,431
24,055

1,455
27,968

1,654
32,808

1,718
36,170

1,606
37,059

1,534
35, 534

1,524
34,968

1, 531
33,435

1,404
29, 634

1,369
29,042

1, 352
27, 808

1,401
26, 655

3,329
2,955
3,714
88,028
98, 230 91,839
165,052 153, 221 143,983

2,807
85,097
139,497

6,672
4,262
5, 483
4,954
6,817
6,071
127,195 127, 511 122,402 114,997 109, 549 102,419
231, 620 228, 535 217, 290 200,868 189,077 174,898
7,806
8,503

8,201
8,893

7,108
7,843

7,' 358

6,665
7,327

6,797
7,458

5,852
6,512

5,904
6,564

34,467
36, 814

33,658
35,838

33,413
35,409

31, 299
33, 279

29, 412
31,296

26, 417
28, 231

24,608
26, 387

23,190
24,835

250
254
251
232
242

238
232
248
221
237

241
233
250
224

242
242
250
228

244
245
250
229
240

245
248
250
229
241

246
249
251

246
249
251
229
242

247
250
251
229
242

248
250
251
230
242

215.0

207.3

207. 3

207.8

209.9

213.3

213.3

213.5

213. 5

213.5

107.3
140.0
132.3
130. 7

105.4
137.7
125.7
124.4

105.6
138.2
126.6
124.8

105.6
138.2
126.6
129.6

106.1
138.2
130.0
129.6

106.1
138.2
130.0
129.6

106.1
138.2
130.0
129.6

106.1
138.5
131.3
129.6

107.0
139.8
132.0
130.6

107.2
139.8
132.0
130.6

107.0
141.2
135.6
133.5

105.7
139.0
126. 7
124. 9

106.0
139.6
127.2
125.3

106.0
139.6
127.2
132.6

106.0
139.6
132.3
132.6

106.0
139.6
132.3
132.6

106.0
139.6
132.3
132.6

106.0
140.0
134.6
132.6

106.7
141.0
134.4
133.4

107.9
138.9
135.7
130.4

106.4
137.1
128.6
124.8

106.5
137.4
130.4
125.3

106.5
137.4
130.4
129.4

106.5
137.4
133.1
129.4

106.5
137.4
133.1
129.4

106.5
137.4
133.1
129.4

106.5
137.5
134.5
129.4

107.7
142.3
129.6
127.4

103.7
139.3
122.3
122.8

103.8
139.7
124.8
123.5

103.8
139.7
124.8
126.9

104.1
139.7
125.8
126.9

104.1
139.7
125.8
126.9

104.1
139.7
125.8
126.9

108.0
144.3
125. 6
126.5

103.2
141.1
119.5
122.5

103.3
141.4
120.2
122.9

103.3
141.4
120 2
124.8

103.6
141.4
122.0
124.8

103.6
141.4
122.0
124.8

289.9

272.3

274.2

277.7

281.6

125.7
121.8
133.4

122.3
120.5
125.9

122.8
121.0
126.4

123.5
121.3
127.8

123.7
121.2
128.5

2, 359
2,176
73, 657 67, 716
109,
824
120,810

6,776
7,439

6,854
7,516

6, 300
6,963

21, 201
22, 797

17, 905
18, 800

15, 307
15,947

249
253
251
230
242

249
253
251
230
242

249
254
251
232
242

214.1

214.1

107.3
140. 0
132.3
130.7

107.3
140.0
132.3
130.7

107.3
140.0
132.3
130.7

106.9
141.0
134.4
133.4

107.0
141.2
135.6
133. 5

107.0
141.2
135.6
133.5

107.0
141.2
135.6
133.5

107.2
138.5
135.3
130.2

107.6
138.5
135.3
130.2

107.8
138.9
135.7
130.4

107.8
138.9
135.7
130.4

107.8
138.9
135.7
130.4

104.1
139.9
126.8
126.9

105.3
140.9
127.6
126.7

106.7
140.9
127.6
126.7

107.4
142.3
129.6
127.4

107.4
142.3
129.6
127.4

107.4
142. 3
129.6
127.4

103.6
141.4
122.0
124.8

103.6
141.5
122.5
124.8

105.0
142.5
123.3
125.6

106.8
142.5
123.3
125.6

107.7
144.3
125.6
126.5

107.7
144.3
125.6
126.5

107.7
144.3
125.6
126.5

281.6

282.4

283.6

283.7

283.5

283.5

285.2

124.0
121.2
129.4

124.4
121.5
130.2

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

6,821
7,484
22, 242
23, 853

CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100
American Appraisal Co.:
Average, 30 cities
1913=100
Atlanta
do
New York
do
San Francisco
do
St. Louis
do
Associated General Contractors (all types)
1913=100-.
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
AtlantaU. S. av., 1926-29= 100_
New York
do
San Francisco
do__.
St. Louis
do
Commercial and factory buildings:
Brick and concrete:
Atlanta
do
New York
do
San Francisco
do
St. Louis
do
Brick and steel:
Atlanta
do._..
New York
do
San Francisco
do
St. Louis
do
Residences:
Brick:
Atlanta
do
New York
do
San Francisco
do
St. Louis.
do
Frame:
Atlanta
do
New York.
do
San Francisco
do
St. Louis
do
Engineering News Record (all types)
1913=100..
Federal Home Loan Bank Administration:
Standard 6-room frame house:
Combined index
1935-39=100-.
Materials.
-do
Labor
_
do

225

223

225

126.1
122.0
' 133.0

»• Revised.

§Data for April, July, October, and December 1942 and for April 1943 are for 5 weeks; other months, 4 weeks.
IMany projects approved for construction and technically under construction are inactive because of suspensions.
*New series. For quarterly estimates of total nonfarm dwelling units for 1940 and January-June 1941, see note marked "*" on p. S-4 of the November 1942 Survey; this
series includes data for urban dwelling units shown above by months and data for rural nonfarm dwelling units which are compiled only quarterly.
fData have been revised beginning January 1940 and further revisions of the indexes for 1942 are in progress. Revisions for the latter year are at present available only
for January-April; January to March 1942 data are available on p. S-5 of the May 1943 Survey.




S-6

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

June 1943

1943
April

1943
April

May

June

July

August

Sep.
tember

October

Novem- December
ber

Janu- I February I ary

March

CONSTRUCTION AND REAL ESTATE—Continued
KEAL ESTATE
Fed. Hous. Admn. borne mortgage insurance:
Gross mortgages accepted for insurance
thous. of doL.
Premium-paying mortgages (cumulative)
thous. of doL.
Estimated total nonfarm mortgages recorded
($20,000 and under)*
thous. of dol_.
Estimated new mortgage loans by all savings
and loan associations, total..thous. of dol__
Classified according to purpose:
Mortgage loans on homes:
Construction
do....
Home purchase..-....----do
Refinancing
do
Repairs and reconditioning
do
Loans for all other purposes
do
Classified according to type of association:
Federal-..
...thous. of dol__
State members
do
Nonmembers
do
Loans outstanding of agencies under the Federal Home Loan Bank Administration:
Federal Savings and Loan Ass'ns., estimated
mortgages outstanding^
thous. of dol~
Fed. Home Loan Bks., outstanding advances
to member institutions
thous. of dol-_
Home Owners' Loan Corporation, balance of
loans outstanding
thous. of doL.
Foreclosures, nonfarm :f
Index, adjusted...
1935-39=100
Fire losses
thous. of dol._

74, 226

69,225

53,488

98,800

109,350

109,660

100,456

99,833

73,768

54,086

45,562

53, 725

70, 9-11

4,798,7£9 3.916,421 3,990,152 4,071,838 4,155,187 t,232,030 4,311,126 4,393,862 4,473,021 4,554,952 4,626,857 4,684,367 14,746,755
308,957

359,968

350,187

342,250

353,511

336,850

345,964

357,083

278,321

265,406

228,283

219,882

269, 419

98, 735

99,047

95,009

94,095

95,797

92, 563

94,055

91,672

73,979

70,628

57,856

63, 324

87, 185

9,853
65,088
15, 040
2, 484
6,270

20,488
52,196
14, 508
4,083
7,772

17,610
53,095
13,607
3,866
6,831

15.930
52,112
15,184
3,566
7,303

17,709
52,190
16,097
3,671
6,130

12,568
55,301
14,019
4,126
6,549

12.449
58,060
14,063
3,804
5,679

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

42,717
44. 461
11,557

38,484
43,937
16,626

36,966
43.005
15,038

35. 279
44,265
14,551

37,007
43, 665
15,125

36,620
41,549
14,394

37,987
42, 249
13,819

35,555
41,937
14,180

28,163
35,441
10, 375

27,381
32, 751
10,496

23. 390
26,910
7,556

26, 566
28, 175
8,583

37, 850
38, 595
10, 740

1,846,536 1,842,422 1,846,790 1,849,400 1,852,972 1,856,269 1,861,062 1,862,593 1,862,796 1,853,868 1,843,714 1,839,245 1,839,302
87,369

185,298

181,165

192,645

173,593

160,201

144,752

131,377

121,886

129,213

113,399

95, 624

78, 607

1,479,845 1,709,064 1,692,197 1,675,888 1,657,256 1,640,119 1,622,087 1,603,106 1,586,709 1,567,367 1,547,994 1,528,815 1,504,368
18.3
34, 241

29.3
27,960

27.3
23,233

S

28.0
22,410

27.9
21,000

24.3
19,680

25.2
20,443

24.4
22, 621

23.4
24,144

21.9
36,469

21.0
27,733

18.8
33,175

17.6
39,214

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...
Ra jicadvertising:
Ccstof facilities, total
_
thous. of dol.
Automobiles and accessories
...do...
Clothing
do...
Electrical household equipment
do
Financial
do
Foods, food beverages, confections
do
Gasoline and oil
do
House furnishings, etc
do._.
Soap, cleansers, etc
do...
Smoking materials
do...
Toilet goods, medical supplies
..do
Allother
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 linesNewspaper advertising:
Linage, total (52 cities)
do...
Classified
_—
.do.._
Display, total
do...
Automotive
,
do-._
Financial
_____
.do...
General
__._
do._.
Retail
do___

123.1
126.6
108.5

79.1
52.6
67.9
74.7
77.7
109.2
100.9
92.8

78.0
53.8
67.9
72.8
78.0
107.9
98.9
88.2

80.9
51.7
77.6
74.2
69.2
112.2
104.6
91.2

88.0
61.9
90.3
79.0
75.9
123.4
126.5
100.5

88.2
63.2
84.2
81.3
72.5
122.6
134.9
101.2

87.6
69.4
81.5
79.4
86.9
122.5
140.0
96.5

84.2
69.8
82.0
77.9
65.6
113.3
127.9
95.8

88.4
73.9
91.7
82.1
55.6
117.1
134.4
100.1

96.8
82.7
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

11, 978
513
92
77
82
3,292
639
50
1,022
1.607
3,323
1, 284

9,372
152
115
45
44
2,785
380
52
1,058
1,293
2,843
605

8,989
265
62
45
41
2,473
367
42
1,050
1,299
2,792
553

8,500
367
55
45
41
2,162
349
42
1,013
1,329
2,571
527

8,186
448
45
57
53
2,051
342
51
928
1,252
2,337
623

8,878
429
70
47
49
2,336
346
43
929
1,347
2,659
622

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

11,171
347
61
67
76
2,919
646
60
810
1,604
3,412
1,169

11, 347
348
60
57
62
2.785
572
48
836
1,475
3,080
1,024

11, 953
479
97
55
72
3,130
638
48
1,040
1,655
3. 494
J, 246

18, 675
1,033
1, 259
452
337
2,906
437
803
592
293
796
3,242
6, 524
2,671

14,848
710
905
244
402
2,466
385
815
593
205
736
2,771
4,615
2,168

9,199
138
108
56
52
2,543
431
52
1,005
1,316
2,856
643
15,421
772
968
161
403
2,352
542
851
640
257
809
2,883
4,783
2,064

13,932
796
735
213
304
2,043
392
536
477
171
732
2,928
4,604
1,769

11,109
631
250
213
257
1,738
306
208
320
170
609
2,406
4,001
1,700

12,415
765
724
126
280
1,785
405
266
378
193
671
2,268
4,554
2,072

15,394
754
1,208
232
425
2,307
422
624
350
275
741
2,463
5,593
2,344

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

12,629
651
381
199
340
2,083
146
'312
318
166
743
2,166
' 5,125
2,179

15, 798
'721
725
382
350
2,772
271
'342
569
207
733
2,940
5,785
2,432

17,443
••956
' 1,187
351
392
2,721
33f>
'597
655
238
866
3, 115
' 6, 030
2,608

125,282 107, 055 107,044
21,649
29,183
22, 326
96. 099 85, 406 84, 718
2,416
2,864
2,334
1,704
1,817
1,248
20, 801 17, 821 16, 529
64,608
70,617 63,464

97,663
20,608
77, 055
2,541
1,370
14,841
58,303

89,411
20,085
69,326
2,316
1,616
13,987
51,407

94,963 104,506 117,442 119,063 120,332
21,931
22,658 24, 071 22,996
21, 756
73, 032 81,847 93, 371 96,067 98, 575
2,146
2,481
2,404
2,787
2,581
1,022
1,099
1,233
1,470
1,467
13,195
15, 572 19, 781 21, 775 19,147
56, 669 62,695
69,953
70, 035 75,381

94,488
22,285
72, 204
1,513
1,887
14,674
54,130

95, 607 113,190
22, 235 26,925
73, 372 86, 265
1,423
2,500
1,232
1, 595
17, 836 20,262
52, 881 61,908

75.5
82,9
87.4

GOODS IN WAREHOUSES
Space occupied in public-merchandise ware85.4
84.1
83.2
82.5
84.5
81.0
82.1
houses .
.
percent of total.
85.2
83.6
83.4
83.3
83.7
r
Revised.
JMinor revisions in the data beginning January 1939; revisions not shown in the September 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; data beginning
1935 will be published in a subsequent issue.
fThe 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

June 1943
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
April

April

May

I June

July

August

1943
September

October

Novem- December
ber

January

February

March

DOMESTIC TRADE—Continued
POSTAL BUSINESS
Air mail, pound-mile performance
millions
Money orders:
Domestic, issued (50 cities):
Number
thousands. _ 7,281
Value
thous. of dol. 101, 268
Domestic, paid (50 cities):
18, 269
Number-.
thousands
Value
thous. of dol. 243, 825

2,996

3,156

3,130

3,443

3,661

3,870

4,335

4,338

5,673
59, 746

5,411
59, 542

6.312
73, 783

5, 573
65, 221

5,495
68, 098

5,952
78, 701

6,022
78, 748

7, 748
75, 475

17, 093
164, 302

15, 256
137, 629

16,865
162, 616

16, 071
152,047

14. 582
142, 851

16, 308
174, 772

17, 386
180, 535

15, 649
162, 162

6,622
4.339
2,282

6,607
4,315
2,291

6,573
4,277
2,296

6,526
4,224
2,301

6, 753
4,442
2,312

7,028
4,698
2,330

7,520
5,179
2,340

7.195
4,820
2, 375

8.325
5,951
2,374

' 6, 793
' 4, 388
' 2,404

6,843
4,462
2,382

7,337
4,919
2,418

137.8
143.1
128.7
138.0
143.9
128.0

137.8
143.4
128.3
138.5
143.9
129.4

136.8
141.2
129.4
137.6
142.1
129.9

133.6
136.4
128.9
141.6
148.3
130.1

138.8
144.3
129.5
145.7
154.0
131.6

147.9
157.6
131.3
144.2
151. 6
131.6

151.7
163.8
131.1
147.6
157.4
130.9

154. 4
166.5
133.9
151.0
160.8
134.2

170.7
192.9
132.9
144.7
152.1
132.2

'141.2
' 145. 0
' 134. 7
' 152. 3
'163.7
'133.0

150.3
158.7
136.0
156.9
170.5
133.8

148.5
156.6
135.1
155.3
166.9
135.6

8,201
90, 554

7, 632 I 5. 983
86, 624 92,987

9, 527
178.211

18, 376 16, 681 15, 209 21, 350
196, 067 176, 866 171, 967 338, 616

CONSUMER EXPENDITURES
Expenditures for goods and services:*
Total
mil. of doL.
p 5, 000
Goods
-.
do
Services (including gifts)
-do
Indexes:
Unadjusted, total
1935-39=100..
p 165. 3
Goods
do
Services (including gifts)
do
Adjusted, total
__
do
Vl63.~0
Goods
do
Services (including gifts)
do

RETAIL TRADE
5,194
4,569
4,434 ' 4, 516 ' 5,080
4,503
4,433
4,592
4,615
5,257
4,843
5,926
All retail stores, total salesf
mil. of dol..
4,840
879
664
'824
651
Durable goods stores
_> do
937
860
856
837
813
846
838
874
772
4,315
4,989
3,783 ' 3, 852 ' 4, 256
Nondurable goods storesf
,.__do
3,733
3,712
3,666
3,620
3,769
4,003
4,384
4,071
By kinds of business:
546
479
363
352
365
406
302
456
702
470
406
528
477
Apparel
-do
294
207
212
208
282
240
247
260
269
247
269
240
211
Automotive
_
-do
218
244
370
354
235
336
351
300
298
Building materials and hardware
do
373
342
336
289
215
193
203
280
209
170
182
181
190
195
207
Drug
..do
194
200
603
524
473
523
468
495
501
540
589
525
446
529
546
Eating and drinkingt
do_.__
1,293
1,257
1,301
407
1,421
Food stores
.-do
1,220
1,237
1,248
1,285
1,274
1,275
1.377
1,277
229
'197
193
222
199
Filling stations
-do
273
288
286
317
280
280
283
277
802
684
621
741
659
583
648
662
1,214
General merchandise-.
...do.--.
700
880
765
846
163
157
191
261
Household furnishings
..do
192
174
162
187
193
219
201
206
565
583
670
801
558
557
532
493
522
558
628
565
Other retail stores!
do
All retail stores, indexes of sales:
160.6
142.8
139.4
142.0
134.5
156.6
181.2
137.7 ' 150. 9 '151.5
Unadjusted, combined indexf--1935-39=100..
140.7
152.5
158.5
110.7
Durable goods stores
_._._.._-do
117.7
82.5
90.2 ' 100. 1
109.7
105.4
108.1
101.2
104.4
108.3
104.7
103.4
176.8
201.8
155. 6 ' 170.6 ' 168. 2
Nondurable goods stores!
do
153.5
150.5
153.0
145.3
152.5
166.9
173.5
176.4
157.2
144.4
157.0
'
170.
6
Adjusted, combined indexf
do
141.9
140.4
141.5
146.2
149.6
146.1
150.2
153.5
160.3
110.9
95.4
103.5
109.9 '' 111.
Durable goods stores
do
100.6
99.5
107.3
103.9
105.1
103.2
100.5
101.2
5
172.2
160.3
174.4
Nondurable goods storesf
- do...
' 190.3 ' 176. 2
155.3
153.7
152.6
160.0
164.1
160.0
166.3
170.5
By kinds of business, adjusted:
146.8
142.3
182.1
163.1
166.3
r
198.
1
185.6
152.5
180.7
163.5
166.0
Apparel....
do.,.
' 260. 8 ' 197.8
47.5
Automotive §
do...
69.3
52.4
'64.4
48.4
56.4
61.2
56.6
61.4
61.5
58.3
54.7
49.8
149.0
Building materials and hardware
do. _.
149.3
176.6 '158.6
163.8
162.0
153.4
175.4
157.0
156.9
153.1
147.0
147.5
Drug
do...
180.5
184.7
176.2 ' 177. 5
176.5
151.7
155.6
146.5
162.2
168.7
163.9
174.0
174.9
207.2
242.1
Eating and drinkingt
.
do.,.
252.8 ' 239. 3
230.4
181.0
181.0
179.0
188.3
190.3
201.0
209.3
208.8
164.2
Food stores..
do...
162.1
173.4 ' 174. 5
172.6
155.8
156.3
153.1
159.3
166. 5
160.4
166.7
167.8
96.8 '112.3 ' 125.8 ' 114. 0
Filling stations
do...
112. 4
129.6
124.6
134.3
141.4
115.3
124.8
128.9
136.3
135.6
147.6
General merchandise
.do._ _
156,4 ' 176.8 '154.8
130.7
127.2
136.2
139.0
147.1
142.0
144.3
155.0
138.6
Household furnishings.
.do.,.
151.6
161.8
159. 2 ' 159.3
132.5
123.4
149.8
136.7
138.2
142.3
145.7
157.6
179.9
216.9
190.9 ' 203. 6 ' 197.1
Other retail storesf—
do...
202.6
200.6
175.8
188.8
189.9
183.6
189.3
182.8
Chain-store sales, indexes:
Chain-store Age, combined index (20 chains)
average same month 1929-31 = 100.- 175.0
170.0
182.0
181.0
175.0
164.0
171.0
177.0
183.0
187.0
177.0
194.0
180. 0
Apparel chains...
do.
216.0
243.0
295.0
239.0
174.0
181.0
172.0
200.0
212.0
220.0
218.0
228.0
228. 0
Drug chain-store sales:
Unadjusted
1935-39=100..
152.1
129.3
129.5
132.3
135.2
149.3
140.2
124.6
210.3
132.7
141.6
136.0 ' 148. 4
Adjusted
. . . . do...
157.3
145.5 ' 149.1
154.6
146.3
128.9
133.4
137.0
138.8
142.3
138.2
147.1
141.0
Grocery chain-store sales:
153.3
175.2
173.4
Unadjusted...
1935-39=100.
170.7
167.3
158.0
170.9
169.5
166.4 ' 165. 5
169.0
168.9
167.0
148.9
Adjusted
do...
162.1
162.8
165.6 r 163.9
170.8
170.1
168.2
172.4
174.3
172.4
170.0
169.5
Variety*store sales, combined sales, 7 chains:
139.9
130.2
129.1
132.2
125.1
123.1
140.9
106.1
Unadjusted
1935-39=100.
124.8
137.8
123. 6
161.6
263.0
Adjusted
.do...
140.0
139.2
144.6
147.4
157.6
127.1
135.1
136.2
143.4
142.3
143.4
143.2
157.0
Chain-store sales and stores operated:
Variety chains:
S. S. Kresge Co.:
Sales
thous. of dol. _ 16, 060 14, 437
14, 536
14, 219
13, 565
17,237
12, 277 13, 097 14.069
14, 781
14,997
16,610
28, 667
Stores operated
number..
661
665
663
662
671
672
673
673
672
671
671
671
671
S. H. Kress & Co.:
8,573
Sales
-thous. of doL. 10,013
9,105
8,733
8,640
9,607
8,063
9,599
10, 278
11,046
18,397
9,634
8, 750
Stores operatednumber..
244
244
244
244
244
244
244
246
246
246
245
245
245
McCrory Stores Corp.:
5,631
4,788
4,749
4,833
4,504
Sales
.
--.thous. of dol..
5,017
5,656
5,023
5,648
10,464
4,323
4,671
5,163
Stores operated
.
number. _
202
202
203
202
202
203
203
203
203
203
203
203
203
G. C. Murphy Co.:
Sales
thous. of dol..
6,136
6,205
7,010
5,934
6,156
6,094
7,335
5,775
12, 269
5,481
6,719
5, 598
6,051
Stores operated
number..
208
207
207
207
207
207
207
207
207
207
207
207
208
F. W. Woolworth Co.:
32, 660
33,025
33, 675
Sales
thous. of dol. _ 37, 317 33,136
33,847
38,475
64, 240 29, 639 30, 965 32, 901
31, 705
36,376
Stores operated
number..
2, 009
2, 015
2,012
2,012
2,010
2,013
2,011
2,011
2,011
2,012
2,015
2,017
2,018
'Revised.
* Preliminary.
^Beginning December 1941, seasonal adjustment factors of 100 are being used for this group.
fRevised series. Data for sales of "eating and drinking places," "other retail stores," and the totals for nondurable goods stores and all retail stores, have been revised
beginning 1935; revised monthly data beginning August 1941 are shown in the October 1942 Survey and revised 1941 monthly averages are in note marked "f" on p. S-7 of the
April 1943 issue; all revisions will be published in a subsequent issue.
*New series. The data on consumer expenditures have been revised beginning 1939 and are not strictly comparable with data shown in the Survey prior to the April
1943 issue; revision of the data prior to 1939 is in progress. A detailed description of the series, as originally compiled, appears oh 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. Revised dollar figures for 1939-41
are shown on p. 7 of the April 1943 Survey. Revised data for January and March 1942 are available on p. S-7 of the May 1943 Survey and revised figures for February 1942
are on p. S-7 of the April 1943 issue.




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

1943

June 1943

1942

April

April

May

June

July

August

1943
September

October

Novem- December
ber

January

February

March

DOMESTIC TRADE—Continued
KETAIL TRADE—Continued
Chain-store sales and stores operated—Con.
Other chains:
W. T . Grant Co.:
Sales
.
thous. of doL. 13,824
Stores operated
number..
493
J. C. Penney Co.:
Sales
thous. of doL. 40, 623
Stores operated
..number..
1, 610
Department stores:
Accounts receivable:
Instalment aecounts§._.Dec. 31, 1939=100..
Open accounts!
do
Collections:
Instalment accounts §
percent of accounts receivable,.
31
Open accounts §
do
63
Sales, total U. S. t unadjusted.. 1923-25=100..
133
A tlantaf._..__.
1935-39=100..
195
Boston
.
1923-25=100..
107
151
Chicago
1935-39=100..
162
Clevelandf....
do
192
Dallas
.
1923-25=100..
150
Kansas City
1925 = 100..
156
Minneapolis
1935-39 = 100..
117
New York
1923-25=100..
148
Philadelphia
1935-39=100..
190
Richmond
do
136
St. Louisi
1923-25 = 100..
San Francisco
. 1935-39=100..
Sales, total U. S., adjusted
1923-25=100..
128
Atlantaf
1935-39=100..
188
Chicago
...
do
144
Clevelandf
do.. .
151
Dallas
1923-25=100..
190
147
Minneapolis
1935-39=100..
115
NewYorkJ
1923-25=100 .
155
Philadelphia. _ .
1935-39=100..
181
Richmond.
do.. .
129
St. Louisi—
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:
v 91
Unadjusted
1923-25 = 100..
v 87
Adjusted..
._
___do
Other stores, instalment accounts and collections:*
Instalment accounts outstanding, end of mo.:
Furniture stores
Dec. 31,1939=100..
Household appliance stores
do
Jewelry stores...
do
Ratio of collections to accounts at beginning
of month:
20
Furniture stores
...percent..
17
Household appliance stores
do
30
Jewelry stores
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol_. 133, 981
60, 656
Montgomery Ward & Co
do
73, 325
Sears, Roebuck & C o .
.do
Rural sales of general merchandise:
194.3
Total U. S., unadjusted
...1929-31=100..
198.1
East
do
227.3
South
-do....
175.0
Middle W e s t .
do....
215.0
Far West
do....
211.4
Total U . S., adjusted
do....
207.8
East
do
258.0
South
do
187.3
Middle West
do....
240.7
Far West
do

12, 358
494

12, 200
493

12,222
494

10,441
494

11,442
494

12, 648
494

15, 111
493

14,382
493

25,138
493

9, 382
496

10. 433
492

11,956
493

36, 542
1,609

37,170
1,609

38, 457
1,609

34, 683
1,610

40, 523
1,611

47, 467
1,611

54, 294
1,611

49, 426
1,611

63, 320
1,611

29, 729
1,611

32. 890
1,611

35, 517
1,610

74
53

71
53

67
63

65
69

65
70

68
91

62
69

54
65

21
47
115
149
93
133
153
127
'119
130
106
132
155
120
149
117
153
'135
151
131
129
110
147
156
120
157

50
108
144
89
124
137
126
101
111
99
128
147
108
142
108
147
123
134
126
112
105
130
147
108
147

56
100
124
85
J21
128
109
98
117
92
116
137
99
137
104
143
125
1M
J2M
117
97
122
144
108
149

23
60
83
116
67
97
105
100
88
94
81
92
120
87
138
121
162
139
143
143
133
114
139
170
126
166

24
59
103
144
75
117
134
127
114
115
94
112
147
114
158
130
169
148
157
165
131
123
152
194
152
172

25
60
133
171
105
155
161
171
133
145
120
143
174
131
184
123
161
141
146
154
126
112
133
170
122
176

29
65
137
183
117
154
165
170
146
156
130
160
211
145
191
128
173
147
158
150
131
115
139
170
129
182

29
63
157
206
116
168
187
191
147
144
144
182
203
158
219
138
186
153
170
171
144
121
142
193
135
210

31
65
222
286
181
246
252
280
231
219
215
262
304
212
296
125
166
146
146
162
141
119
140
164
129
173

28
61
111
151
89
123
132
155
126
134
97
112
134
117
150
143
195
155
179
204
143
123
157
197
146
195

28
61
132
190
90
155
155
205
r 140
132
112
137
161
143
184
r
168
216
185
194
241
»• 1 8 7
138
185
234
166
238

31
62
121
171
'101
136
144
160
144
134
104
135
r 171
124
170
136
182
149
169
172
137
127
154
'180
138
195

8.4

6.9

5.4

6.2

9.1

7.0

7.8

7.8

5.0

7.8

7.6

6.3

122
118

130
127

129
136

126
140

131
137

129
124

127
114

121
105

94
100

91
102

93

92
'91

85
71
73

80
64
69

76
59
65

73
54
63

70
50
62

69
46
81

64
41
67

57
32
54
19
18
29

100
91
93
13
13
19

13
13
20

14
13
22

14
13
22

16
13
25

16
14
26

18
15
30

17
15
31

18
15
45

17
15
30

133,905
57,604
76,301

119,117
50, 762
68, 356

117,597
48,476
69,121

104,118
42, 521
61, 597

113,447
48, 741
64, 706

142,022
61, 495
80, 527

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, If 2
66, 340

175.6
183.3
202.0
155.9
200.1
191.1
192.4
229.3
167.0
224.0

164.8
171.7
188.0
146.6
188.8
179.5
186.6
221.7
154.8
210.0

160.3
162.9
179.4
144.0
203.6
176.0
177.4
223.1
152.5
213.7

137.3
128.1
158.6
118.9
193.8
188.1
179.9
233.5
161.2
236.3

160.8
153.3
178.0
135.5
207.8
196.6
192.4
246.9
164.3
225.6

214.2
201.2
262.8
185.7
272.2
202.6
204.6
238.0
181.1
232.6

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
298.8

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
r
158. P
193.3
211.3
193.2
265.4
' 179.3
234.9

54.5
38.5
16.0
52.8
37.5
15.3
9.8
43.0
1.7

53.4
37.9
15.5
51.9
37.0
14.9
8.9
43.0
1.5

52.4
37.1
15.3
51.0
36.3
14.7
8.7
42.3
1.4

52.3
36.7
15.6
50.9
35.9
15.0
8.8
42.1
1.4

52.0
36.4
15.6
51.0
35.8
15.2
9.0
42.0
1.0

EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Estimated civilian labor force (Bureau of the
Census):*
Labor force, total
millions..
Male
do
Female
do
Employment
do
Male
.do
Female
do
Agricultural
do
Nonagricultural
do
Unemployment
do
f

52.1
36.5
15.6
51.2
36.0
15.2
9.6
41.6
.9

53.7
39.8
13.9
50.7
37.8
12.9
9.3
41.4
3.0

54.2
40.0
14.2
51.6
38.4
13.2
10.2
41.4
2.6

56.1
41.1
15.0
53.3
39.4
13.9
11.5
41.8
2.8

56.8
41.6
15.2
54.0
39.9
14.1
11.7
42.3
2.8

56.2
41.1
15.1
54.0
39.7
14.3
11.2
42.8
2.2

54.1
39.2
14.9
52.4
38.2
14.2
10.2
42.2
1.7

54.0
39.0
15.0
52.4
38.1
14.3
10.5
41.9
1.6

Revised.
» Preliminary.
§Data for 1940-41 revised slightly and rounded to nearest percent; revisions prior to November 1941, which have not been published, are available on request.
IThe 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.
JA 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.
fRevised series. Indexes of department store sales for Atlanta district revised beginning 1935, see p. 22, table 19, of the December 1942 Survey. Revised data beginning
1919 for the Cleveland district are shown on p. 32 of the April 1943 issue.
*New series. Indexes of instalment accounts and collection ratios for furniture, jewelry, and household appliance stores are available beginning February 1941 on p. S-8
of the April 1942 Survey and subsequent issues; earlier data back to January 1940 are available on request (a new series on amount of instalment accounts outstanding is
included on p. S-16.) For estimates of civilian labor force, employment, and unemployment beginning April 1940, see p. 30, table 9, of this issue.




S-9

SURVEY OF CURRENT BUSINESS

June 1943
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
April

April

May

June

July

August

1943
September

October

Novem- December
ber

January

February

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Employees in nonagricultural establishments:f
Unadjusted (U. S. Department of Labor):
36, 665 37, 234 37, 802 38, 348 38, 478 38, 533 38, 942 37, 862 • 37, 958 'r 38,184
Total
thousands.. 38,341
35,908
36,346
14, 302 14, 641 14, 980 15, 233 15,313
Manufacturing
...do
15,963
15, 434 15, 684 15,743
15, 851
15, 958
14,019
14,133
921
918
Mining._.
_.
do.
849
923
894
885
867
910
902
867
'861
929
928
1,991
2,181
Construction
do - _ _ 1,295
2,108
1,896
1,674
1,470
2,185
2,028
1,386
' 1,357
1,771
1,909
3,484
3,533
3.544
3,442
3,519
3, 520
3,502
3,463
3,389
3,542
3,539
' 3, 475
3,456
Transportation and public utilities-do
6,606
6,496
6,422
6,504
6,771
7,107
6,371
6,561
6,697
' 6, 328
6,291
Trade
do —
6, 679
6,667
4,324
4,371
4, 339
4,355
4,295
4,279
4,259
4,397
4,327
' 4, 281
Financial, service, and miscl
do
4, 265
4,309
4,270
5,037
5,323
5,929
5,184
5,723
5,811
5,689 ' 5, 837 ' 5, 924
5,520
5,672
Government
do
4,958
4,856
Adjusted (Federal Reserve):
36, 274
Total
d o — 38, 478
36, 461 37, 051 37, 433 37, 645 37, 962 38, 325 38, 842 • 38,791 • 38, 821 <• 38, 725
36, 063
Manufacturing
do
16, 030
14,382
14, 640 14,819
15, 006 15,162
15, 349 15, 687 ' 15,932 15,975 ' 16, 043
14,081
14, 220
884
Mining
do
856
929
929
918
900
888
883
873
'864
870
938
933
2,004
1, 330
1,791
1,768
1,851
1,916
1, 959
1,902
1,889
1,748 ' 1, 564
Construction
do
1,826
1,843
3,535
3,435
3,562
3,446
3,471
3,490
3,482
3, 466
3,508
3,545 ' 3, 551
3,408
3,549
Transportation and public utilities-do
6,635
6,432
6,695
6,610
6,609
6,607
6, 523
6,619
6,673
6,458 ' 6, 424
6,690
6,513
Trade
do....
Estimated wage earners in manufacturing industries, total (U. S. Dept. of Labor)*
12,282
11,988
12,127
12, 564 12,869
13, 709
13, 079 13,166
13, 267 13,474
thousands.. 13, 713
13, 503 •13,617
6,823
7,003
7,192
7,780
7,313
7,464
7,597
7,875 ' 7, 989 ' 8,091
Durable goods
.do
8,144
6,500
6,649
1,599
1,612
1,693
1,579
1,620
1,621
1,635
1,643
1,676
1,706
Iron and steel and their products
do
1,569
1,716
' 1, 718
Blast furnaces, steel works, and rolling
548
549
525
523
522
540
518
524
mills
thousands-_
546
546
532
523
523
564
630
649
Electrical machinery
..do
520
542
610
661
586
'693
697
528
676
1,058
1,094
1,114
1,168
1,190
1,202 ' 1,220 ' 1, 233
1,048
1,148
Machinery, except electrical
do
1,126
1,241
1,078
Machinery and machine-shop products
409
465
425
449
469
418
435
457
400
483
thousands-.
440
'476
'649
485
534
592
631
642
429
460
513
572
613
Automobiles
do
556
656
Transportation equipment, except automo1, 345
1,673
2,132 ' 2,187
1,443
1,559
1,752
1,836
1,909
2,067
biles
thousands,.
1,250
2,230
405
373
387
378
381
390
392
398
408
412
370
Nonferrous metals and products
do
410
408
515
561
549
551
555
559
546
535
526
489
478
'479
Lumber and timber basic products...do
477
282
313
312
313
303
295
290
266
262
Sawmills
do
308
309
260
Furniture and finished lumber products
384
365
362
381
368
363
364
'364
374
thousands..
387
367
360
169
177
174
170
170
172
170
173
168
171
Furniture..
.do
179
170
376
368
362
359
369
370
368
368
358
Stone, clay, and glass products
..do
378
376
369
359
5,478
5,694
5,459
5,702
Nondurable goods
do
5,488
5,561
5,677
' 5, 628
5,569
' 5, 628
5,670
' 5,618
5,766
Textile-mill products and other fiber manu1,298
1,298
1,272
factures
thousands..
1,293
1,283
1,275
1,287
1,249
1,303
••1,273
1,277
' 1, 268
1,272
Cotton manufactures, except small wares
509
508
505
510
502
509
507
507
thousands..
504
506
500
505
99
105
103
105
106
105
100
Silk and rayon goods
do
Woolen and worsted manufactures (ex183
183
181
177
176
180
183
177
cept dyeing and finishing).-thousands..
180
176
175
174
Apparel and other finished textile products
884
903
952
873
915
887
897
thousands..
934
907
904
242
248
247
235
236
Men's clothing
do
256
241
246
242
236
259
'240
253
229
252
248
247
231
252
253
248
Women's clothing
do
272
263
252
'354
377
367
363
364
374
357
357
••361
381
'359
Leather and leather products
do
386
346
197
214
209
204
204
213
200
199
••201
'201
222
218
Boots and shoes
do
'921
947
1,125
1,038
1,018
1,052
1,210
1,099
965
936
"905
906
Food and kindred products.
..do
893
254
245
258
263
264
254
263
265
239
258
252
Baking
do
237
80
120
248
136
114
191
322
191
'90
95
'95
Canning and preserving
do
92
r
167
174
179
176
187
180
178
174
177
185
Slaughtering and meat packing
do
160
165
93
92
97
100
99
94
98
99
94
96
91
91
93
Tobacco manufactures
do
313
312
298
304
309
302
297
300
313
'309
320
313
Paper and allied products. _
do
326
150
160
152
150
151
155
151
151
150
151
Paper and pulp
do
165
163
Printing, publishing, and allied industries
'334
342
338
335
325
325
328
338
323
331
thousands.330
331
325
702
722
715
'727
600
623
588
693
576
649
673
Chemicals and allied products
do
613
740
112
-•112
113
112
111
'111
111
111
111
Chemicals
do
110
110
111
124
122
122
128
129
123
125
128
126
Products of petroleum and coaL.
do
122
125
126
129
78
78
81
78
78
77
80
Petroleum refining
_
do
79
79
80
79
81
185
'186
158
180
174
146
183
153
169
Rubber products
..do
"185
164
142
141
82
80
62
81
Rubber tires and inner tubes
do
59
73
77
58
70
Wage earners, all manufacturing industries, un' 166. 2 ' 167.3
' 164.8
164.5
149.9
161.9
167.4
146.3
148.0
153.4
157.1
160.7
159.6
adjusted (U. S. Dept. of Labor) f-1939=100..
'221.2 ' 224.1
218.1
215.5
188.9
199.2
210.4
225.5
180.0
184.1
193.9
206.7
202.5
Durable goods
do
172.1 ' 173.3
170.7
169.1
161.3
163.4
165.7
173.1
162.5
163.5
164.9
158.3
159.3
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
134.9
134.7
134.3
134.5
141.3
138.9
135.5
133.4
141.0
140.4
137.0
140.6
mills
_.
1939=100.-.
260.8 ' 267.4
255. 1
250.3
203.6
217.8
235. 3
243.0
268.?
209.1
226.3
200.5
201.7
Electrical machinery
_
do
' 230. 8 ' 233. 3
227.5
225.1
204.0
210.7
217.3
221.0
234.6
200.2
213.0
198.3
207.0
Machinery, except electrical
do
Machinery and machine-shop products
' 235. 5 238.7
231.7
230.0
202.2
206.6
214.9
222.0
226.0
197.9
209.9
217.5
1939 = 100-.
159.5 '161.4
152.5
156.7
147.1
138.2
114.3
120.6
127.4
132.6
142.3
163.0
106.5
Automobiles
do
Transportation equipment, except auto1,
343.1 1,378.1
1,
302.
2
1,
259.
2
1,
202.
8
847.1
909.1
982.5
1,054.
3
1,104.
0
1,156.
5
1,
405.
2
787.4
mobiles
1939=100-.
178.8
179.6
178.1
176.7
173.5
164.9
166.3
169.0
170.3
171.2
177.8
161.6
162.9
Nonferrous metals and products
do
' 114.0
113.8
116.3
122.5
132.0
125.1
133.0
133.5
129.9
127.2
113.4
131.0
130.6
Lumber and timber basic products, .do
90.8
90.4
92.4
108.2
'97.9
100.6
108.7
108.5
105.0
102.5
107.0
107.4
Sawmills
do
Furniture and finished lumber products
110.2
111.0 '111.0
111.4
116.2
112.4
110.5
117.2
112.3
114.0
112.0
109.8
118.1
1939=100..
' 106.6
107.1
' 105. 5
106.7
108.3
105.8
109.6
107.0
111.3
107.9
107.2
112.4
Furniture
do
122.4 '122.0
123.2
125.4
125.2
125.3
122.2
128.2
128.1
125.7
126.1
125.8
128. 8
Stone, clay, and glass products
do
' 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 Survey). The indexes of wage-earner employment and of weekly wages (pp. S-ll and S-12) in manufacturing
industries have been completely revised; for 1939-41 data for the individual industries 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. Data beginning 1939 for the new series on wage earners in manufacturing industries will be shown in a later issue; data for the individual industries beginning October 1941 are available on pp. S-8 and S-9 of the December 1942 Survey; thefiguresfor 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, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the
April
1942 Supplement to the Survey

June 1943

1942
April

May

June

July

August

1943
September

October

Novem- December
ber

January

February

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Wage earners, all mfg., unadj.f—Con.
119.8 |
119.6 I 119.2 i 121.4
123.9
124.5
125.9
123.8
124.3
' 122. 9
Nondurable goods
1939=100..
' 122.9
121.6
Textile-mill products and other fiber manu113.4
111.5
112.2
113.5
113.0
111.7
112.5
114.0
facturers
1939=100..
111.2
111.3
' 111. 3
109.2
'110.8
Cotton manufactures, except small wares
128.1
128.5
128.5
127.7
127.7
128.3
128.0
127.7
128.9
127.2
1939=100..
126. 8
126.2
88.4
87.8
87.9
86.0
81.9
83.2
82.7
82.7
Silk and rayon goods
do...81.6
87.2
81.7
81.8
Woolen and worsted manufacturers (ex122.7
121.3
118.7
122.6
122.5
120.3
118.1
120.9
118.5
117.9
cept dyeing and finishing) _„ 1939=100117.4
116.9
Apparel and ether finished textile products
118.3
110.6
114.5
109.7
115.9
115.0
112.3
120.6
112.2
1939 = 100..
112.0
113.7
114.4
112.3
117.2
113.4
113.1
110.1
111.0
107.6
118.5
112.5
107.8
Men's clothing
..._
do
' 109. 7
110.6
' 108. 2
96.9
84.3
100.0
85.0
92.9
92.1
92.5
91.4
Women's clothing
do..,91.1
92.8
93.2
'91.2
109.8
108.6
105.8
102.8
104.7
111.3
107.7
103.0
Leather and leather products
.
do
104.9
' 103. 3
' 101. 9
f-9.7
' 104.1
99.9
98.2
101.7
97.6
95.6
91.7
93.4
91.3
93.5
Boots and shoes
„—do—..
90.4
'
9
2
.
0
••92.8
106.0
110.8
131.7
121.5
104.5
123.1
141.6
128.6
119.1
Food and kindred products
do
' 107. 7
109.5
"I65."9"
112.9
103.8
106.0
102.9
110.0
111.8
113.6
114.7
114.1
114.4
Baking
.do
110.1
109.2
111.6
89.1
239.7
70.6
142.3
184.5
142.4
101.3
68.6
84.5
Canning and preserving
do
59.1
'67.0
70.2
144.0
136.9
149.1
148.6
147.3
145.8
155. 0
132.6
144.6
Slaughtering and meat packing
do
138.4
' 146.8
153.7
97.2
100.2
99.7
99.0
103.5
105.2
106.4
106.8
106.3
Tobacco manufacturers...
do
97.4
'99.9
100.2
102.4
120.5
113.7
114.7
122.7
117.7
112.3
111.9
113.1
116.4
Paper and allied products
.do
117. 8
'118.0
117.8
116.6
118. 9
112.5
120.2
116.6
110.6
109.7
109.5
109.3
109.6
Paper and pulp
..do
108.9
109.3
UO.O
Printing, publishing, and allied industries
99.3
99.1
98.5
103.1
100.9
99.0
100.9
102.2
104.3
100.0
1939=100100.8
103.0
'101.8
212.8
225.1
240.3
199.7
208.3
216.3
233.4
248.0
243.7
204.1
Chemicals and allied products
do
256.8
250.3
' 252. 2
160. 2
158.1
160.7
158.9
159.2
158.9
159.7
160.4
158.8
' 159. 8
Chemicals
.do
' 161. 3
161.7
121.5
117.8
117.4
118.4
120.7
121.6
120.8
118.7
119.3
116.0
Products of petroleum and coal
do
114.9
'115.6
115.2
110.3
108.4
110.1
110.8
110.3
108.4
107.0
107.1
108.7
106.3
Petroleum refining
...do
106.4
107. 5
126.3
117.0
120.7
116.9
151.6
130.7
135.3
139.9
143. 8
149.0
Rubber products
do.
153.3
' 153. 8
152.8
121.2
106. 5
113.8
141.9
147.4
108.9
125. 5
130.5
136.7
150.0
Rubber tires and inner tubes.—__..do
' 150.7
153.0
153.4
147.1
150.9
149.1
' 167.1
155.1
156.9
158.9
160.9
164.4
Manufacturing, adjusted (Fed. Res.)t
d o . . . . "I68.~2
' 167. 7
' 108. 4
193.9
180.2
188.9
198.5
201.6
215.4
184.2
205.6
209.6
219.3
Durable goods
_
do
' 224.8
225. 8
' 222. 3
121.4
121.0
121.0
121.4
120.9
121.6
122.0
122.5
' 126.1
124.3
Nondurable goods
do
' 123. 9
122.8
' 124. 7
Manufacturing, unadjusted, by States and
cities:
State:
197.5
244.4
188.9
237.9
244.7
245.8
182.7
217.5
253.0
254.3
California*
.....1940=100-.
270.1
266.4
261.9
154.3
147.7
177.8
142.0
158.0
172.1
170.6
169.3
179.2
180.8
Delaware
1923-25=100..
189.7
185.1
182.2
136.0
136.3
136.4
137.5
141.5
141. 2
142.9
142.8
146.3
145.4
Illinois
1935-39=100..
150.1
149.5
148.9
165.3
164.0
178.4
' 161.3
171.6
177.2
175.9
176.5
186.2
180.3
Maryland
1929-31=100..
192.4
' 192. 2
189.7
134.2
134.6
134.8
134.6
135.8
136.6
140.6
144.8
143.1
138.9
Massachusettsf
1935-39=100..
145.4
145.6
145.0
153.1
153.3
161.7
151.6
153.3
158.4
163.2
164.7
165.9
161.9
New Jersey.
. 1923-25=100 .
168.2
139.4
144.0
145.2
142.3
146.4
149.7
152.1
153.6
156.0
155.8
New York....
1935-39=100..
160.4
158.4
160.7
146.2
143.7
142.8
148.4
155.4
151.5
159.3
163.5
157.5
163.1
Ohio
do—.
167.4
' 165.9
113.6
112.2
113.0
114.1
114.7
114.7
116.0
117.0
116.8
115.5
Pennsylvania
1923-25=100..
118.5
'118.4
' 118.9
133.2
131.2
129.6
135.5
145.1
136.9
138.8
143.5
145.1
141.1
Wisconsin
1925-27 = 100..
146.9
147.0
146. 3
City or industrial area:
165.5
174.5
174.8
173.4
172.3
170.4
180.1
174.2
161.2
164.2
Baltimore
1929-31 = 100- 185.2
184.9
183.3
136.1
142.9
138.7
146.5
149.7
149.0
137.6
136.6
142.3
145.8
Chicago-.
1935-39=100..
151.9
152.7
152.5
162.7
165.0
174.5
178.1
178.7
157.3
159.3
167.0
168.7
171.6
Cleveland
_
do...
187.2
' 183. 8
127.1
133.5
160.8
115.7
118.6
137.9
143.1
146.9
149.5
150.3
Detroit
1923-25=100.
162.8
165.0
164.1
208.9
218.4
233.9
271.3
194.5
201.1
229.8
243.3
251.7
266.7
Los Angeles*.
1940=100..
286.8
283.3
278.2
147.8
152.2
165.5
141.8
144.9
155.4
157.6
160.0
163.6
164.3
Milwaukee!.
. . . .1925-27=100..
170.3
170.1
168.4
116.4
119.0
132.0
134.0
131.9
128.1
134.1
134.2
129.3
134.7
NewYorkf
. . . .1935-39 = 100. _
139.8
139.9
136.7
127.1
128.7
139.6
123.8
125.4
131.4
132.5
136.8
137.4
134.5
Philadelphia- _
..........1923-25=100.
143.9
143.0
142.0
119.8
119.9
120.4
125.4
119.4
119.3
122.7
120.4
122.5
124.0
Pittsburgh
_
.do...
130.4
127.7
128.7
212.7
247.2
303.8
187.2
199.2
274.6
291.8
292.2
292.8
299.3
San Francisco*...
_
-1940=100.
321.5
321.5
' 317.9
135.4
139.0
146.9
128.7
132.0
St. Louis..
1937=100..
138.9
138.6
141.4
143.1
147.2
147.9
147.2
137.0
138.1
177.8
130.8
155.0
172.0
162.6
174.8
Wilmington
1923-25=100.. ~I9U) ' 130.0
150.2
' 184. 9
181.0
Nonmanufacturing, unadjusted (U. S. Department of Labor):
Mining:!
90.4
92.5
91.8
91.8
90.9
94.9
95.7
93.0
92.8
'83.4
Anthracite
.1939=100. .
88.6
'89.4
'89.5
118.0
119.0
118.4
118.3
116.6
115.3
113.7
112.7
117.5
111.8
106.2
Bituminous coal.
do.
' 109. 2
110.4
125.7
124.6
123.5
118.5
116.3
115.8
121.4
116.5
125.7
114.8
112.0
Metalliferous
__do_
114.4
'113.4
113.6
116.5
117.2
98.6
116.7
116.3
114.5
112.9
109.5
105.9
98.2
Quarrying and nonmetallic
do. _
96.7
' S6.3
87.4
85.0
84.4
83.6
'81.2
89.4
86.8
83.0
80.5
88.3
86.2
'80.4
Crude petroleum and natural gasf-.-.-do
80.3
Public utilities:!
98.5
94.6
91.3
90.4
97.6
92.9
99.9
96.5
89.0
86.6
87.4
88.1
Electric light and power
do.
107.2
108.4
109.7
110.0
104.5
111.6
105.6
108.7
110.0
113.2
116.7
Street railways and busses
...do.
114.8
'115.5
123.4
120.4
122.1
123.8
123.6
123.2
122.9
122.4
122.3
122.3
121.1
122.3
•
122.1
Telephone and telegraph
_.
do
Services:!
122.1
118.8
120.4
129.2
125.9
123.9
114.8
126.6
122.8
111.8
124.3
113.2
' 116.1
Dyeing and cleaning..
do.
119.8
115.1
124.3
118.7
122.5
121.5
121.0
119.2
118.3
119.2
118.3
118.5
'117.4
Power laundries
_.
do.
103.8
102.1
103.7
103.5
102.6
103.9
103.3
104.5
101.5
101.8
104.
2
'
104.6
105.0
Year-round hotels..
...do.
Trade:
106.6
102.3
101.1
104.3
104.0
103.7
99.5
98.5
117.0
99.0
101.1
98.3
97.3
Retail, total!
do.
112.1
110.9
112.3
112.0
110.0
109.7
112.0
111.4
111.2
107.0
106.0
106.4
' 105.8
Food*
...do.
109.0
112.6
109
1
110.0
104.2
132.5
104.5
121.8
166.3
112.3
117.4
108.8
'111.0
General merchandising!...
do.
101.4
103.9
102.3
100.6
101.1
100.2
100.9
100.1
99.6
96.4
97.7
97.6
'97.3
Wholesale!
....
do
90.4
89.6
90.1
85.7
123.3
84.5
86.9
90.8
98.3
98.4
100.8
110.2
'117.0
Water transportation*
.
____do
Miscellaneous employment data:
CA Q
137.5
124.8
108.1
137.7
142.8
122.5
112.8
116. 5
84.9
96.5
Construction, Ohio...
1935-39=100.
OO. O
Federal and State highways:
236,929
236,102
240,
633
219.047
186,942
238,
722
211,
751
218,037
161,010
144,706
147,915
146,
550
Totalt
number.
72, 420 90,103 89, 999 94,191
90,022
80,836
78,031
58,947
40, 588
33, 655
Construction (Federal and State)..do...
33, 328
35, 623
112,000
114,
361
105,441
107,804
117,972
109,076
105,
701
100,898
94,108
88,831
87,
052
86,
527
Maintenance (State)
.
do...
Federal civilian employees:
2,207
2,328
2,549
2,451
2,687
1,971
2,067
2,750
i 2, 891
2,864
2,991
2,945
United States
..thousands.
268
274
256
District of Columbia
do...
275
281
284
284
284
285
287
287
248
Railway employees (class I steam railways):
1,266
1,319
1,349
1,296
1,343
1,349
1,348
1,340
1,352
1,343
1,346
1, 351
Total
.
thousands.
126.7
121.6
124.5
129.0
129.6
129.6
129.5
129.0
129.3
129.6
Indexes: Unadjusted!
...1935-39=100..
128.7
131.8
129.7
125.0
125.0
126.3
123.6
126.5
133.9
126.9
125.3
131.6
Adjusted!
do.
' 132.0
127.9
134.4
133.0
'Revised, i Includes about 80,000 excess temporary Post Office substitutes employed only at Christmas; such employees have been included in data for earlier years.
{Total includes State engineering, supervisory, and administrative employees not shown separately.
f Revised series. The Department of Labor's indexes of wage-earner employment in manufacturing industries have been completely revised; see note marked " ! " on p.
S-9. Revised seasonally adjusted employment indexes are as yet available only for all manufacturing, durable goods, and nondurable goods; the indexes for all manufacturing
and for nondurable goods are preliminary. Earlier data for the employment index for New York City not shown in the July 1942 and subsequent issues of the Survey and
for the Massachusetts 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; revised data beginning 1939 are shown on p. 31, table 10,
of this issue. The index of railway employees has been shifted to a 1935-39 base and the method of seasonal adjustment revised; earlier data will be published later.
*New series. See note marked "*" on p. S-12.




S-ll

SURVEY OF CURRENT BUSINESS

June 1943
Monthly statistics through December 1041, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplement to the Survey

April

1943

1942

1943
April

May

June

July

August

September

Octo- | Novem- December j ber
ber

January

February

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS
Average weekly hours per worker in factories:
Natl. Ind. Con. Bd. (25 industries)...hours..
U. S. Dept. of Labor, all manufacturing t
hours..
Durable goods*
do
Iron and steel and their products-._do
Blast furnaces, steel works, and rolling
mills
hours..
Electrical machinery
do
Machinery, except electrical-..
.do
Machinery and machine-shop products
hours..
Machine tools
do
Automobiles
do
Transportation equipment, except automobiles
hours..
Aircraft and parts (excluding engines)
hours. _
Shipbuilding and boat building..do
Nonferrous metals and products
do
Lumber and timber basic products-do
Furniture and finished lumber products
hours._
Stone, clay, and glass products
do
Nondurable goods*
do
Textile-mill products and other fiber manufactures
hours..
Apparel and other finished textile products
hours..
Leather and leather products
do
Food and kindred products
do
Tobacco manufactures
do
Paper and allied products
do
Printing and publishing and allied industries
hours. _
Chemicals and allied products
do
Products of petroleum and coal
do
Rubber products
do
Average weekly hours per worker in nonmanufacturing industries (U. S. Dept. of Labor) :*
Building construction
hours..
Mining:
Anthracite
do
Bituminous coal
do
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas ______ do
Public utilities:
Electric light and power
do
Street railways and busses
__.do
Telephone and telegraph
do
Services:
Dyeing and cleaning
do
Power laundries
do.._
Trade:
Retail, total
do
Wholesale
do
Industrial disputes (strikes and lockouts): t
Beginning in month
number _.
In progress during month
do
Workers involved in strikes:
Beginning in month
thousands..
In progress during month
.do
Man-days idle during month
do
Employment security operations (Soc. Sec. Bd.):
Placement activities:
Applications:
Active file
thousands..
New and renewed
do
Placements, total
do
Unemployment compensation activities:
Continued claims
thousands..
Benefit payments:
Individuals receiving payments§__.do
Amount of payments
thous. of dol._
Labor turn-over in manufacturing establishments:J
Accession rate..mo. rate per 100 employees, _
Separation rate, total
do
Discharges
_do
Lay-offs
do
Quits
.
do
Miscellaneous
do
PAY BOLLS
Weekly wages, all manufacturing industries,
unadjusted (U. S. Dept. of Labor) f 1939=100
Durable goods
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
mills
1939=100..

42.8

42.7

42.7

42.6

43.2

43.4

43.6

43.7

44.2

44.3

44.5

42.7
44.9
43.1

42.9
45.2
43.5

42.9
45.2
43.6

42.6
44.8
43.0

43.0
45.3
43.7

42.4
44.6
43.0

43.6
45.8
44.3

44.0
46.1
44.8

44.4
46.1
45.3

44.2
45.9
45.0

44. 5
46.2
45.7

44.8
46.4
46.0

39.6
45.9
49.3

40.0
46.2
49.5

40.0
46.4
49.7

39.2
46.0
48.8

40.2
46.4
49.4

39.9
46.0
48.0

40.9
46.7
49.5

42.0 |
47.0
49.5

41.7
47.0
49.6

41.9
47.0
49.6

42. 8
46.9
49.6

43.2
47.1
49. 6

49.0
53.9
44.7

49.0
54.1
44.3

49.2
53.8
44.4

48.3
52.7
43.8

48.8
52.8
45.1

47.8
51.2
44.1

49.0
52.5
45.2

49.0
52.8
45.5

49.4
53.0
45.5

49.6
52.5
45.7

' 49. 3
52.1
'46.0

49.3
52.2
45. 7

I

48.1

48.0

47.7

47.4

47.3

46.7

47.1

47.7

47.5

46.9

46.7

46.8

47.3
49.0
44.2
40.1

47.7
48.6
44.2
40.8

47.2
48.4
44.6
41.1

46.6
48.2
44.5
41.0

46.7
47.6
44.8
41.8

46.3
47.0
44.1
41.0

46.3
47.6
45.4
42.5

46.6
48.0
46.0
41.7

46.9
47.7
46.1
41.3

46.5
47.1
'46.0
39.8

'46.3
46.7
'45.9
'41.9

46.2
46.9
46. 6
42.4

41.2
40.2
40.0

41.5
40.5
40.1

41.5
40.1
39.9

41.4
39.2
39.8

41.4
40.1
40.2

41.0
39.3
39.7

42.8
41.3
40.8

42.8
41.4
41.3

43.7
41.8
42.1

42.7
41.7
'41.8

43.6
42.0
42.0

43.9
42.4
42.5

40.1

40.3

40.2

39.9

40.3

39.4

40.4

40.8

41.5

41.3

41.5

42.1

37.3
39.3
40.4
37.6
41.7

36.8
38.6
40.9
37.7
41.6

35.4
38.1
41.5
38.5
40.6

35.1
38.1
41.9
38.6
40.2

36.2
38.4
41.3
39.5
41.2

34.9
36.7
41.8
38.6
40.8

37.1
38.9
41.6
40.4
43.4

37.0
39.0
42.4
40.6
44.0

37.4
40.3
43.9
41.2
44.9

'37.4
40.3
43.2
'39.6
44.2

'38.4
40.2
43.0
38.6
44.5

38.9
40.5
43.4
39.4
44.9

38.3
42.5
38.7
40.1

38.1
42.7
39.1
41.4

38.0
42.8
39.0
41.5

38.0
42.8
39.2
41.9

38.0
43.1
39.5
42.3

38.2
42.7
39.5
41.6

38.5
43.6
40.5
42.7

39.5
43.9
41.8
43.4

40.2
44.7
41.8
44.5

39.8
44.5
41.1
r
44.4

'39.7
45.0
42.3
44.6

39.9
45.2
42.5
45.1

36.7

37.2

37.5

37.3

37.8

37.9

38.0

37.8

37.1

36.3

37.4

35.2
»• 33.1
43.7
43.7
38.4

35.4
'33.5
43.8
44.6
39.1

32.3
30.5
42.1
44.7
39.4

34.0
32.1
43.4
44.7
38.8

35.8
33.5
43.2
44.7
39.9

35.1
34.2
43.8
45.7
39.8

35.7
34.4
44.2
45.6
38.7

35.9
35.7
44.0
43.8
40.5

'31.0
'34.7
43.3
'44.3
'39.9

41.5
'37.0
43.6
44.7
40.6

41.2
38.3
43.7
44.0
41.0

40.3
47.3
39.9

40.2
47.8
40.5

40.5
48.0
40.3

40.4
47.8
40.5

40.0
48.5
40.7

40.1
47.4
41.4

40.5
47.9
40.6

49.0
40.7

40.8
49.9
40.7

'40.5
49.3
41.2

'40.5
' 50. 3
40.8

40.8
49.5
41.1

44.5
43.4

44.5
43.6

45.4
43.7

43.2
43.3

42.8
43.2

43.1
43.1

43. 5
43.3

43.1
43.3

43.3
44.0

'43.6
'44.1

43.1
43.7

43.7
43.8

41.6
41.2

41.6
41.4

31.8
41.4

42.0
41.3

42.1
40.9

41.1
41.2

40.9
41.7

40.8
41.7

41.3
41.4

41.1
41.6

41.1
41.7

395
445

277
357

285
373

345
421

388
471

330
430

274
349

207
269

144
172

195
225

210
240

260
300

200
205
675

56
86
367

69
79
322

110
126

100
114
417

92
108
449

88
101
387

62
67
244

52
55
128

'41.0
41.8
147
169
59
62
193

90
100
450

42
48
170

72
75
230

1,154
904

4,398
1,576
606

4,254
1,565
784

4,280
1,841
925

i 3, 254
1,656
1,006

1,403
982

i 2,400
1,213
1,398

1,267
1,531

i 1, 895
1,139
931

1,154
713

1,315
725

i 1, 602
1,280
800

695

3,512

2,970

3,159

3,207

2,576

2,026

1,517

1,128

1,130

i 1,678
1,384
727
1,228

1, 059

'945

36, 311

610
31, 704

553
30,226

575
32,625

543
28, 252

423
22, 395

310
16,895

222
11, 574

193
11, 558

227
12,183

209
10,882

'182
10, 750

7.12
6.12
.35
1.31
3.59
.87

7.29
6.54
.38
1.43
3.77

8.25
6.46
.38
1.21
3.85
1.02

8.28
6.73
.43
1.05
4.02
1.23

7.90
7.06
.42
.87
4.31
1.46

9.15
8.10
.44
.68
5.19
1.79

8.69
7.91
.45
.78
4.65
2.03

8.14
7.09
.43
.65
4.21
1.80

6.92
6.37
.46
.70
3.71
1.50

8.28
7.11
.52
.74
4.45
1.40

7.87
7.04
.50
.54
4.65
1.35

8.32
7.6&
.57
.52
5.36
1.24

221.4
287.2
230.5

228.7
300.0
236.3

234.5
312.1
241.5

242.7
323.9
245.7

254.8
342.0
251.5

261.8
352.4
255.4

270.9
366.2
264.1

280.4
382.8
270.1

287.9
391.6
278.7

290.9
'399.8
283.5

297.2
409. 9
288.9

304.4
420.4
295.9

188.2

191.7

192.9

197.2

196.6

199.7

200.7

204.1

203.8

208.8

211.8

215.3

35.4
30.5
'32.1
43.6
42.6
39.0

131
7,374

' Revised. § Weekly average of number receiving benefits, based on an average of the weeks of unemployment compensated during weeks ended within the month.
1
Not comparable with data prior to July 1942, owing to change in active file definition (see note 1 on p. S-ll of the December 1942 Survey). The July 1942 figure is also
not comparable with figures for later months, as data for July were not completely revised to the new basis.
^Rates beginning January 1943 refer to all employees rather than to wage earners only and are therefore not strictly comparable with earlier data.
f Revised series. For revision in the Department of Labor's series on average weekly hours in all manufacturing industries see note marked " t " on p. S-13. Indexes of
weekly wages (formerly designated pay rolls) in manufacturing industries have been completely revised, see note marked "f" on p. S-9; indexes for April 1943 are not as yet
available; April data will be published in an issue of the Weekly Supplement to the Survey.
* New series. Data beginning January 1942 for average hours in durable goods and nondurable goods manufacturing industries are on p. S-10 of the March 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.
t Data revised for 1942. Revisions not shown above follow: Number of strikes: Beginning in month—Jan., 156; Feb., 181; Mar., 234; monthly average, 247. In progress
during month —Jan., 239; Feb., 255; Mar., 297. Workers involved in strikes (thous.): Beginning in month —Jan., 27: Feb., 58; Mar., 67; monthly average, 70; in progress duringDigitized formonth—Jan.,
FRASER 43; Feb., 76; Mar., 80. Man days idle during month (thous.): Jan., 331; Feb., 357; Mar., 402; monthly average, 349.



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
April

June 1943

April

May

June

July

August

September

October

No vein-1 December j ber

January

1943
February

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Weekly wages, all manufacturing industries,
unadjusted (U. S. Dept. of Labor)t—Con.
Durable goods—Continued.
Electrical machinery
1939=100...
Machinery, except electrical..
..do
Machinery and machine-shop products
1939=100..
Automobiles
do
Transportation equipment, except automobiles
1939=100..
Nonferrous metals and products
do
Lumber and timber basic products., do
Sawmills
do
Furniture and finished lumber products
1939=100..
Furniture
do
Stone, clay, and glass products
do
Nondurable goods
...do
Textile-mill products and other fiber manufactures
1939=100..
Cotton manufactures, except small wares
1939=100-.
Silk and rayon goods
do
Woolen and worsted manufactures
cept dyeing and finishing)_._ 1939=100..
Apparel and other finished textile products
1939=100Men's clothing
...do
Women's clothing
do
Leather and leather products
do...
Boots and shoes
do...
Food and kindred products.
...do...
Baking
do...
Canning and preserving
do...
Slaughtering and meat packing
do...
Tobacco
c manufactures
uctue
do...
Paper and allied products
do
Paper
pe and pulp
do
do
P i i
bh
Printing,
publishing,
and allied industries
1939=100..
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal
do
Petroleum refining
do
Rubber products
.do
Rubber tires and inner tubes
do
Manufacturing, unadjusted, by States and cities:
State:
California*
_.
.1940=100 .
Delaware
1923-25=100
Illinois
1935-39=100..
Maryland
1929-31 = 100..
Massachusetts!
1935-39=100
New Jersey
1923-25=100..
New York
1935-39=100 .
Ohio
do
Pennsylvania
1923-25=100
Wisconsin
1925-27=100..
City or industrial area:
Baltimore
.1929-31=100..
Chicago
1935-39=100..
Cleveland
do
Los Angeles*
1940=100
Milwaukee
1925-27=100-.
New Yorkf
1935-39=100..
Philadelphia
1923-25=100_.
Pittsburgh
.do
San Francisco*
1940=100
Wilmington
1923-25=100..
Nonmanufacturine, unadjusted (IT. S. Dept. of
Labor):
Mining: t
Anthracite
1939=100..
Bituminous coal
do
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas
do
Public utilities:!
Electric light and power
do
Street railways and busses
do
r
Telephone and telegraph
do
Services:!
Dyeing and cleaning
do
Power laundries
do
Year-round hotels
do
Trade:
Retail, totalf
do
Food*
do
General merchandising!
do
Wholesale!
...do
Water transportation*
-do

486.2
329.0
255.7
391.4
274.7
288.6
186.7
260.1
384.1
254.6
512.0
299.9
235.5
251.1
208.6
574.7
336.0

303.6
315.4

310.0
325.8

317.2
337.9

325.7
339.1

343.9
352.6

368.6
352.3

382.7
371.5

402.
381.5

415.5
392.9

427.4
400.2

441.6
' 410. 0

453. 7
417.7

311.1
169.8

321.4
183.2

335.2
193. 4

337.1
202.5

352.1
218.0

354.8
225.2

371.5
235.1

381.9
261.4

394.6
255.1

402.1
277.9

' 413. 4
282.2

421.5
283.9

1,370.7
240.7
170.6
141.1

1,481.3
245.9
177.8
147.9

1, 585. 5 1,753.2
253.0
260.0
190.2
189.4
158. 9
157. 4

1,920.8
268.5
199.1
164.1

161.2
153. 4
165.3
157.0

162.7
156.6
168.9
159.0

161.3
153.1
167.6
158.7

157.1
149.8
163. 2
163.3

159.8
154. 3
169.6
169.5

157.8

160.6

161.1

162.0

190.1
127.2

196.1
127.8

195.9
128.2

193.0
126.2

2,053. 3 2,116.3
273.3
282.7
192.2
198.2
158.4
163.0

2, 275. 9 2, 348. 0 2,406.0 2, 486. 5 2, 583. 3
303.2 ' 305. 8
292.2
308.6
312.1
181.9
188.7
166.9 r 173. 7
179.4
144.4
130.9
152.8
138.7
143.5

158.1
154.1
168.4
173.3

168.2
164.5
178.9
177.7

165.0
158.2
179.2
180.3

166.3

166.8

173.0

202.2
126.9

208.2
126.5

210.6
130.8

170.6
163.9
181.2
186.4

165.9
' 159.6
178.5
184.4

175.4

180.8

' 179. 6

180.7

184.0

212.8
131.3

217.7
133.7

215.8
134.4

216.1
132. 2

222.2
133. 5

171.8
' 165. 6
179.2
' 187. 0

175.2
169. 5
181.9
191.0

177.1

184.0

186.9

200.6

198.1

196.3

198.2

201.0

207.9

207.5

207.2

208.3

156.8
155.9
128.3
154.8
146.1
126.5
119.0
91.8
151.4
124.7
154.3
156.0

150.9
156.6
118.2
151.7
141.2
131.5
123.6
94.7
158.3
124.6
152.7
154.8

132.9
143.6
92.3
148. 3
136. 8
139.7
129.9
123.5
171.8
132.0
149.4
152.8

135.2
138.6
101.2
148.7
136.9
153.7
135.2
213.7
175.4
133.8
144.1
147.1

151.4
146.4
119.6
146.3
134.9
161.6
138.5
266.2
173.4
144.3
147.1
149.7

147.4
142.5
115.8
145.6
134.9
173.2
140.7
373.4
173.0
144.1
147.0
148.5

157.0
148.4
127.1
149.2
134.5
164.4
143.5
225.9
176.8
153.7
158.9
158.9

152.7
144.7
123.1
153.4
137.4
160.5
144.0
162.8
181.3
157. 4
163.5
161.1

154.0
145.7
124.0
159.5
144.5
165.4
149.3
138.2
213.6
159.6
168.5
163.6

155.9
' 149. 6
125.0
' 158. 9
'H2.3
155.6
144.3
' 115. 4
202.9
147.0
167.6
162.3

169.3
' 159. 2
140.3
' 156. 9
' 142. 3
150.7
141.5
T
112.8
' 185.1
138. 5
171.3
164.8

179.5
168.5
150.9
157. 6
143.0
151.3
141.5
98.6
180.4
143.8
173.1
165.6

111.8
282.1
210.6
144.9
131.8
149.9
135.3

111.0
295.6
217.5
147.1
132.7
157.6
143.3

110.2
306.1
221.0
150.0
134.7
164.5
151.1

110.0
317.2
224.6
154.0
137.6
176.3
166.8

110.2
326.4
221.6
156.4
139.9
184.4
172.9

111.2
338.5
222.1
160.5
144.3
189.9
178.6

116.3
351.4
230.6
160.8
145. 7
201.9
190.0

122.4
365.3
235.8
165.4
150.9
213.3
205.3

126.5
383.4
240.8
165.1
151.5
228.6
219.7

121.8
391.2
' 247. 2
162.8
' 149. 3
234.6
226.6

122.5
399.2
' 250.0
165.3
152.2
238.3
' 228.9

121.9
407.6
255. 4
167.7
155.3
246.2
239,7

273.3
202.7
195. 9
' 277. 6
209.7
224.2
218.0
227.4
' 149.0
191.3

294.7
218.9
198.6
279.5
215.5
230.0
219.4
233.5
151.1
197.8

310.1
224.4
200.0
285.3
216.6
230.2
212.0
239.6
154.6
206.4

339.5
239.9
201.2
307.0
223.9
234.3
220.3
251.5
155.2
206.0

376.5
256.9
210.3
310.1
229.4
243.0
229.8
255.3
160.3
216.0

397.5
270.8
210.3
322.3
235.9
255.4
239.9
261.2
161.8
212.3

403.7
277.8
220.4
330.5
244.5
261.5
248.4
275.0
168.2
228.7

421.0
294.7
223.7
339.4
248. 0
269.3
252.8
285.1
172.4
236. 5

430.3
288.2
233.1
335.0
257.4
276.3
261.1
294.9
175.0
244.1

436.5
292.8
233.6
357.1
267.3
281.0
264.5
300.0
176.6
244.6

454.5
' 298. 4
244. S
362.0
265.9
285. 8
274.6
' 308.1
181.3
252. 6

466.1
'314.8
249.5
'359.0
271.8

281.3
192. 5
263.6
296.4
204.4
181.4
' 180.1
159.5
277.0
' 181.5

282. 2
193.5
273.6
318.0
216.2
175. 5
184.6
161.8
307.5
190.3

288.1
196.4
286.2
327.2
222.7
156. 5
190.3
165.4
329.5
196.0

305.1
200.1
295.1
344.0
229.2
165.2
198.2
161.9
379.7
206.6

310.2
206.7
300.9
367.4
244.1
184.3
205.2
168.4
434.7
244.6

320.6
209.0
306.0
378.4
247.0
192.3
212.1
171.5
481.9
255.1

329.4
218.4
325.8
402.5
261.1
198.4
217.9
177.0
481.9
271.3

336. 2
223.0
339.0
426.3
271.3
200.7
226.9
181.2
516.3

333.1
231.9
345. 2
443.2
277.2
203.6
230.8
186.3
521.5
288.0

350.9
232.8
355.8
454.9
278.9
208.0
236. 6
189. 0
529.7
295.7

355. 6
244.7
373.0
474.4
292. 3
220.7
243.7
197.6
549.9
301.4

354. 5
249.1
383.5
488.6
297.6
' 247. 9
' 205. 5
560.4
' 320.1

114.2
169.7
166.3
151.0
103.6

131.6
175.2
168.8
163.8
101.7

142.9
201.3
170.4
169.2
103.2

117.2
161.6
164.5
171.3
102.3

123.0
170.1
168.6
175.2
102.3

128.1
175.3
163.0
175.4
106.4

123.4
179.0
163.8
179.1
105.1

125. 6
177.7
167.5
172. 5
104.3

128.4
183.7
166. 7
160.6
106.8

' 101.5
178.6
163.8
151.0

'154.9
196.2
166.3
150.3
' 106.9

152.7
202.3
165.5
150. 2
107.3

113.0
121.4
127.8

113.1
124.9
130. 7

113.1
128.6
131.0

112, 9
130.9
131.8

112.3
134.9
133. 2

112.0
134.7
136.5

110.7
137.1
134.3

108.9
140.7
134.9

109.4
145.7
134.1

' 106. 7
150.3
138.3

105.8
150.6
137.6

144.2
130.7
115.2

154.3
137.0
117.5

160.5
138.6
119.0

149.0
141.7
118.9

145.1
140.5
119.0

147.1
141.1
121.3

153.5
143.2
127.1

147.1
142.7
128.0

142.9
144.6
131.8

143.8
145.4
131.2

150.3
145.2
130. 9

114.6
121.5
120.5
120.4
157.9

114.9
124.7
120.9
119.8
172.5

114.5
126.7
121.4
118. 9
180.0

112.5
127.7
117.1
119.3
171.3

111.9
126.8
116.8
119.8
172.0

114.4
120. 6
125.2
120.6
189.5

118.4
128.1
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

' 114. 9
126.4
126.2
124.3
257.8

115. 7
125.7
128.0
124.0
271.9

r

103.9

' 107. 6
147.3
137.0
142.8
147.6
129.8
115.3
125.7
129,1
122.3
231.4

285.8
314.8
' 184.8
256.8

234.9

' Revised.
!Revised series. Indexes of weekly wages (formerly designated pay rolls) in manufacturing; industries have been completely revised; see note marked "f" on p. S-9.
Earlier data for the 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. Indexes of pay rolls in nonmanufacturing industries have been revised to a 1939 base and, in some instances,
adjusted to 1939 Census data; revised data beginning 1939 are shown on p. 31 of this issue.
* *New series. Data beginning January 1935 for the indexes of employment and pay rolls for California and the Los Angeles and San Francisco Bay industrial areas will
he shown in a later issue; data beginning 1939 for the new series on employment and pay rolls for retail food establishments and beginning 1940 for water transportation are
shown on p. 31 of this issue.




June 1943

S-13

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1942 Supplement Ho the Survey

1942
April

May

June

July

SepAugust tember

October

Novem- December
ber

January

1943
Febru- March
ary

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES
Factory average weekly earnings:
39.52
' 43.85
38.68
41.79
44.31
42.98
43.56
39.00
Natl. Ind. Con. Bd. (25 industries)..dollars
40.87
39.80
42.10
42.50
40.62
35.82
36.25
35.10
37.38
37.80
38.89
39.78
41.12
41.84
40.27
36.43
U.S. Dept. of Labor, all manufacturing! do
40.95
42.26
43.84
44.45
'
47.12
46.28
46.68
41.81
45.31
47.79
42.51
46.27
Durable goods
do. ..
40.42
' 45. 56
44.91
39.44
40.15
41.56
42.14
40.16
43.45
46. S7
44.20
44.67
Iron and steel and their products..do
Blast furnaces, steel works, and rolling
40.34
46.16
39.71
41.99
43.21
46.57
47.24
45.15
40.30
mills
dollars
43.93
45.57
41.67
40.58
42.32
43.65
' 44.50
44.32
41.21
41.81
44.24
44.70
41.72
43.73
44.89
Electrical machinery
. . . . do
50.69
47.71
49.34
51.09
50.15
45.90
46.98
47.04
47.71
49.64
51.48
48.26
Machinery, except electrical
do
Machinery and machine-shop products
46.44
49.84
45. 20
45.75
47.04
46.95
' 50. 09
49.28
46.09
48.65
dollars
48.30
50.37
50.79
52. 86
53.25
52.24
52.12
50.72
53.73
52.47
51.41
52.32
53.18
54.10
Machine tools..
do
51.52
52.26
51.55
52.72
' 55.71
54.51
51.23
50.98
52.97
54.65
Automobiles
do
55.62
55.85
Transportation equipment, except auto54. 22
50.65
51.02
54.25
50.80
mobiles.
dollars .
53.34
55.49
53.80
54.57
51.86
53.17
53.65
Aircraft and parts (excluding engines)
' 47.17
46.24
46.55
47.08
45. 90
46.22
46.67
46.99
dollars. .
45.75
46.53
46.01
46.94
53.27
52.73
57.54
57.16
58. 09
51.11
Shipbuilding and boat building..do
58.60
60.67
56.82
53.28
58.46
r
40.32
' 57.24
45. 31
45. 26
38.94
40.94
42.16
44.15
46.13
44.99
39.47
41.80
43.43
Nonferrous metals and products do
25.79
28.04
27.96
27.10
29.68
27.00
29.52
26.98
28.30
' 28. 79
24.78
28.58
Lumber and timber basic products.do
26.26
' 25. 38
27.43
23.97
25.05
27.22
27.44
26.14
27.33
28.69
28.30
' 26.46
Sawmills§
. _
do
Furniture andfinishedlumber products
' 29. 79
' 30.56
26.66
27.06
27.37
27.68
29.33
31.39
27.10
26.95
dollars...
29.34
30.11
28.05
27.91
' 30. 74
'31.66
32.22
27.26
Furniture
do.
28.95
28.90
' 31. 40
' 30. 56
' 30. 35
27.84
34.15
30.96
31.52
34.52
35.15
33.86
30.47
30.86
30.54
33.52
31.40
33.53
Stone, clay, and glass products
do
' 32.10
32. 51
33.24
28.12
28.55
28.65
31.25
32.08
28.94
29.36
29.53
30.66
Nondurable goods
. . . do
Textile-mill products and other fiber
23.74
23.84
' 27.14
24.82
24.98
' 26. 93
26.73
23.26
24.02
manufactures
dollars
25.84
26.17
27.70
Cotton manufactures, except small
23.12
24.22
21.05
21.67
21.63
21.32
wares..
dollars
22.37
23.62
25.06
23.39
24.20
' 23. 95
23.24
26.30
23.28
23.62
24.69
26.26
25.31
25.46
26.07
23.40
22.98
Silk and rayon goods
do
25.88
Woolen and worsted manufactures (ex32.84
33.15
32.62
29.43
32.82
28.31
28.97
cept dyeing and finishing).. dollars..
31.43
30.40
31.53
31.59
31.13
Apparel and other finished textile prod22.51
' 24. 50
'26.11
27.23
22.82
21.56
22.95
24.27
23.28
21.76
ucts . .
dollars
24.17
23.97
25.04
24.06
' 26. 40
27.79
29.03
25.70
25.31
23.92
24.70
24.18
25.56
25.66
Men's clothing.. . . . .
do
21.42
30.67
25.09
23.87
26.38
25.67
27.48
32.80
27.60
23.28
28.17
27.77
Women4s clothing
do
'29.06
' 28.90
28.98
26.06
25.83
25.76
27.79
29.52
26.37
25.91
26.23
27.58
Leather and leather products
do
25.21
24.84
24.89
' 27. 65
24.48
25.93
25.97
' 27. 98
28.10
24.71
26.03
' 27. 37
Boots and shoes
do
29.65
29.65
29.89
31.84
' 33. 22
' 33.15
33.75
33.41
28.89
30.17
30.17
30.97
Food and kindred products
do
31.34
31.72
33. 55
33.46
29.52
30.45
31.69
32.32
33.35
34.20
31.90
31.43
Baking. .
do
21.52
22.19
24.88
' 26.14
26.75
21.56
23.14
25.34
' 25. 53
' 26. 79
' 25.94
24.13
Canning and preserving
do
31.49
32.86
32.62
' 36.66
36.11
31.87
32.40
34.02
34.52
' 34. 99
38.46
32.61
Slaughtering and meat packing..do
21.09
22.37
23.04
' 24. 27
21.53
23.42
24.32
24.82
' 23. 28
24.16
25.26
22.43
Tobacco manufactures .
do
29.98
30.13
31.29
34.21
35.11
30.24
31.19
33.46
34.01
34.75
34.62
30.19
Paper and allied products
do
38.41
32.84
33.14
34.10
37.19
32.94
34.18
36.59
37.18
37.93
37.83
33.09
Paper and pulp
do
Printing and publishing and allied indus36.04
39.40
36.21
36.06
tries
dollars
36.06
36.67
37.51
38.56
' 38.73
' 38.63
39.30
36.00
36.12
' 39.96
40.32
39.25
34.98
36.72
37.32
37.76
37.62
37.74
38.10
' 39. 43
Chemicals and allied products
do
' 46. 23
47.15
39.97
41.07
44.86
41.21
42.01
41.73
41.70
43.38
44.18
' 46.15
Chemicals...
do
' 46. 61
47.05
39.55
39.92
45.65
40.05
40.73
41.63
42.98
43.80
45.61
45.42
Products of petroleum and coal... do
49. 51
41.97
42.07
48.91
42.18
43.00
43.58
45.19
46.56
48.80
48.38
50.00
Petroleum refining _ .
do
44.74
42.99
35.93
38.22
39.31
37.76
39.05
39.47
40.39
41.48
' 43. 57
' 43.11
Rubber products
do
44.42
52.68
49.93
42.55
44.05
45.80
' 50.95
46.08
48.45
50.53
46.10
46.55
Rubber tires and inner tubes do
Factory average hourly earnings:
.987
.896
.906
.928
Natl. Ind. Con. Bd. (25 industries)
do
.970
.917
.957
.958
.966
.979
.940
.982
.934
.822
.835
.845
.892
.905
.907
.893
.924
.856
.919
.870
U. S. Dept. of Labor, allmanufacturingtdo--.
r
.925
1.004
.912
.935
1.005
1.030
.969
.997
949
.990
1.017
1.020
Durable goods
do
1.008
.915
.923
.951
.986
.927
.934
.980
.979
.984
.998
'.997
Iron and steel and their products, .do _.Blast furnaces, steel works, and rolling
1.003
1.099
mills
dollars
1 008
1.077
1.007
1.038
1.103
1 086
1 013
1 073
1 081
1 094
.953
.884
.892
.912
.951
.943
.949
.942
'.949
.901
.936
.907
Electrical machinery
do
1.038
.931
.994
1.003
.949
.960
.964
1.022
1.011
.977
.997
1.030
Machinery, except electrical-..
do
Machinery and machine-shop products
1.021
.922
.934
.944
.949
.963
.979
1.014
.991
.983
.986
1.003
dollars
1.036
1.013
.944
.965
.974
975
.990
1.014
1.023
.987
998
1 007
Machine tools .
do
r
1.217
1 185
1 198
1 146
1 172
1 202
1 222
1 211
1 163
1 161
1 169
1 164
Automobiles
do
Transportation equipment, except auto1.053
1.065
1.063
1.094
mobiles
.dollars. .
1.124
1.132
1.163
1.144
1.142
1.152
1 166
1.161
Aircraft and parts (excluding engines)
.983
.993
1.002
.971
dollars
.993
.997
1.010
.991
.991
1.020
1.011
1.027
1.083
1.088
1.193
1.264
1.224
1.220
1.091
1.138
Shipbuilding and boatbuilding...do
1.247
1.208
' 1.210
1.246
Nonferrous metals and products do
.893
.904
.976
.920
.933
.956
.959
.956
'.985
.990
.881
'.986
Lumber and timber basic products
.632
.682
.681
.679
.618
.657
.658
.694
.685
'.687
dollars. .
.677
.700
.606
' 657
.620
'.646
660
.663
.671
684
670
'.666
647
681
Sawmills § _
do
Furniture andfinishedlumber products
.689
.652
.653
.651
.675
.647
.661
.685
'.706
dollars
.685
' .696
715
r
r 705
.673
.667
.677
.682
.700
673
' 720
733
708
' 708
Furniture. . .
do
.758
.762
.772
.779
.799
.812
.810
.786
.810
.819
.822
.829
Stone, clay, and glass products. do
.703
.712
.725
.743
.774
.762
.768
.730
.751
.756
Nondurable goods
do
.718
782
Textile-mill products and other fiber
manufactures..
dollars..
.634
'.652
'.654
.644
.580
.589
.593
.602
.639
.642
.658
.616
Cotton manufactures, except small
wares
dollars..
.575
.514
.528
.528
.528
.549
.582
.583
'.579
.576
.577
.588
Silk and rayon goods..
do
.575
.572
.611
.615
.639
.627
.619
.577
.590
.619
630
.578
Woolen and worsted manufactures (ex.710
.715
.774
.729
.769
cept dyeing and finishing).. dollars
.779
.783
.795
.799
.789
.789
.789
Apparel and other finished textile prod.624
ucts
_
.dollars.. --.
.634
.652
.649
.620
.620
.645
.648
'. 680
.609
'.655
.700
Men's clothing
do
.682
.671
.683
.701
.702
.705
.754
.687
.697
'.721
.707
' . 714
.631
.663
.703
.715
.651
.638
.608
.581
.651
.650
.617
.647
Women's clothing
do
r
Revised.
§ Revisions in 1942 monthly averages shown in the April 1943 Survey: Weekly earnings, $25.58; hourly earnings, $0,635.
t Revised series. The Department of Labor's series on hourly earnings and hours per week (p. S-ll) in manufacturing industries have been revised and, except as indicated,
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 following industry classifications and hourly and weekly earnings published currently for these series are comparable
with data in earlier monthly issues and in the 1942 Supplement: Machine tools; aircraft and parts (excluding engines); ship building and boat building; sawmills; furniture;
boots and shoes; baking; slaughtering and meat packing; paper and pulp; chemicals; petroleum refining; rubber tires and inner tubes. Data for years prior to 1942 for the
revised series will be published in a subsequent issue;figuresfor the early months of 1942 are m the March 1943 Survey.



S-14

SURVEY OF CUEEENT 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

1943

1942

1943
April

June 1943

April

May

June

July

August

September

October

Novem- December
ber

January

February

March

EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Factory average hourly earnings—Continued.
U. S. Dept. of Labor, all mfg.f—Continued.
Nondurable goods—Continued.
Leather and leather products . dollars..
Boots and shoes
do
Food and kindred products
. . do . .
Baking
_ .
_
do
Canning and preserving
do
Slaughtering and meat packing..do
Tobacco manufactures
do
Paper and allied products
do.. .
Paper and pulp
do
Printing and publishing and allied industries
dollars..
Chemicals and allied products.
do
Chemicals
. .
.....do
Products of petroleum and coal
do
Petroleum refining ._ _
do
Rubber products
do
Rubber tires and inner tubes
do
Factory average weekly earnings, by States:
Delaware
1923-25=100 .
Illinois
1935-39 = 100
Massachusetts!
- 1935-39=100 _
New Jersey
1923-25=100..
New York
. 1935-39=100 _
Pennsylvania
1923-25=100..
Wisconsin
1925-27=100 .
Nonmanufacturing industries, average hourly
earnings (U. S. Dept. of Labor):*
Building construction
dollars..
Mining:
Anthracite
._
...-do
Bituminous coal
.
do....
Metalliferous
.. .
.
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas
do
Public utilities:
Electric light and power
do
Street railways and busses
do....
Telephone and telegraph
do
Services:
Dyeing and cleaning.
...do.. .
Power laundries
do
Trade:
Retail
do
Wholesale
do.. .
Miscellaneous wage data:
Construction wage rates (E. N. R.):1
Common labor
.
dol. per hour
Skilled labor
_
..do . . .
Farm wages without board (quarterly)
dol. per month..
Railway wages (avg., class I)_ dol. per hour
Road-building wages, common labor:
United States, average
do
East North Central _
. . do _
East South Central
do....
Middle Atlantic
do _ .
Mountain
do
N e w England

.

Pacific
South Atlantic
West North Central .
West South Central

_ _ _ d o

do
do
___..do
do

' 0. 719
'.689
'.771
.768
.681
'.831
'.603
.781
.836

0.729
.703
.777
.775
.680
.839
.613
.782
.838

'.973
'.888
1.034
1.102
1 175
'.977
' 1.135

.985
.892
1.047
1.107
1.178
.992
1.159

157.6
163.2
184.9
204.2
169.6
172.3
168.6

157.9
168 0
183.7
204 8
173. 4
175.1
172 6

' 164.4
170.1
'186.8

1.230

1.240

1.240

1.243

1.003
1.085
.931
.757
1.057

'1.007
'1.085
.941
'.759
'1.059

1 069
1 113
947
749
1.074

1.065
1.122
949
.755
1.073

'1.026
.852
.840

' 1.032
' 854
844

1.023
857
.845

.601
.513

'. 615
'.519

617
517

629
523

631
.893

r 614
.884

645
' 903

650
911

650
909

.826
1.59

.832
1.60

832
1.60

832
1.61

832
1.61

842
1.61

.839

59.25
.832

.850

.845

62 43
.850

. 864

.842

.61
.76
.43
.66
.77
.65
.97
.50
.60
.46

.63
.77
.46
.64
.74
.66
1.08
.50
.66
.44

.66
.83
.48
.72
.82
.70
1.04
.52
.72
.47

.66
. 83
.47
.75
.87
.75
1.06
.54
.77
.46

.67
.88
.46
.82
.88
.80
1 02
56
.69
.48

.63
.89
.47
84
.95
.81
1 03
52
.66
.49

.61
.91
.49
79
.86
.82
1 03
59
.75
.49

.62
.87
.52
84
.90
.87
1 02
52
.71
.50

120

110

105

104

101

101

96

91

88

65
50
14

65
50
13

65
50
13

66
52
12

67
52
12

67
52
11

66
52
10

67
52
11

0.671
.649
.715
.706
.613
.800
.561
.719
.769

0.675
.650
.725
.717
.617
.800
.571
.727
.777

0.678
.652
.727
.731
.599
.806
.581
.742
.797

0.680
.654
.720
.738
.601
.801
.581
.751
.809

0.683
.657
.718
.732
.611
.807
.593
.757
.814

0.702
.677
.715
.733
.612
.813
.597
.767
.825

0.708
.683
.744
.740
.664
.821
.602
.771
.828

0.713
.683
.751
.749
'.674
.823
.611
.772
.831

0.719
'.691
.761
.758
'.676
.839
.613
.771
.829

' 0.721
'.694
'.769
.764
'.681
'.830
'.613
.774
.828

.940
.823
.974
1.022
1.103
.896
1.084

.946
.846
.990
1.021
1.098
.912
1.096

.953
.858
.990
1.027
1.102
.921
1.103

.949
.872
1.004
1.039
1.114
.932
1.107

.949
.876
1.001
1.054
1.130
.933
1.105

.960
.881
1.014
1.088
1.165
.945
1.114

.973
.866
1.019
1.081
1.160
.947
1.115

.976
.867
1.027
1.093
1.174
.955
1.125

.980
.878
1.032
1.092
1.176
.966
1.130

'.973
'.886
'1.040
1.105
1.182
'.971
1.139

' 137.7
144.0
155.8
177.7
150.1
151.3
147.7

142.0
147.9
160.4
180.5
152.4
153.6
150.8

139.9
148.9
161.7
180.9
152.1
155.4
154.9

146.3
148.4
166.6
184.0
154.8
155.4
152.1

145.0
150.9
169.1
184.7
157.0
159.8
157.8

150.9
151.3
172.9
190.1
160.3
161.9
153.1

157.4
156.7
176.2
194. 5
163.3
166.9
162.0

159.4
159.8
176.7
198.8
164.7
169.7
164.9

153. 6
163.3
180.2
202.2
167.6
171.6
168.2

1.105

1.137

1.136

1.157

1.174

1.201

1.198

1.209

.995
1.058
.868
.693
.982

.991
1.060
.873
.707
.994

.982
1.086
.882
.697
.988

.984
1.053
.891
.709
.995

.992
1.061
.909
.727
1.020

.986
1.065
.906
.738
1.037

.984
1.070
.913
.744
1.039

.993
1.073
.926
.750
1.066

.961
.796
.824

.972
.800
.828

.968
.809
.824

.976
.818
.818

.993
.829
.819

1.005
.836
.829

1.004
.840
.833

1.027
.847
.835

1.023
.856
.835

.559
.478

.570
.486

.572
.481

.572
.482

.580
.487

.588
.496

.601
.502

.608
.510

607
.843

611
.852

613
.850

616
.862

619
.870

.625
.878

627
.879

858
1.61

.788
1.54

.788
1.54

.796
1.55

.803
1.56

.823
1.59

.823
1.59

67 21

50.54
.834

.835

.826

56.97
.825

.828

.64
.90
.57
88
.85
.90
1 04
54
.74
.52

.49
.65
.37
.64
.63
.62
.89
.40
.52
.44

.53
.67
.41
.60
.68
.65
.90
.43
.55
.42

.56
.71
.42
.61
.68
.64
.92
.46
.57
.43

.59
.75
.41
.69
.71
.69
.95
48
.60
.41

150

141

136

64
48
17

64
49
15

64
49
14

167.9
173 5
189.0
179.9
179.7

r

r

r

177.9
' 177.6
174.7

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

66
5113

FINANCE
BANKING
Acceptances and com'l paper outstanding:
Bankers' acceptances, total
mil. of d o l . . . .
177
174
163
156
123
128
139
119
116
118
120
127
130
139
Held by accepting banks, total
do
133
122
119
99
108
97
94
90
93
102
95
101
86
Own bills
_.
do
61
82
78
77
71
64
63
61
60
64
62
60
53
38
Bills bought 0
do
51
44
42
29
37
33
31
34
39
35
38
38
29
Held by others
.
do
41
41
38
26
31
26
25
25
24
29
25
373
Commercial paper outstanding.
do
354
315
305
179
297
282
271
261
230
209
201
220
' Revised.
•None held by Federal Reserve banks.
TRates as of May 1: Common labor, $0,863; skilled labor, $1.61.
{Includes earnings of persons employed under Federal emergency work programs shown separately in the April 1943 and earlier issues; for the most part, these programs
have been liquidated or are in liquidation. The series on earnings on regular Federal construction projects formerly shown along with the public assistance data (though
not included in the total) has been dropped from the Survey: this series was originally included because of the interrelation of employment on emergency projects and on regu-

p. S-13. The index of weekly earnings in Massachusetts has been revised to a new base; earlier data will be shown later.
*New series. Data beginning 1939 for the Department of Labor's series of hourly earnings in nonmanufacturing industries will be published later. Data for building construction, the mining industries, dyeing and cleaning plants, and power laundries relate towage 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.



June 1943
Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1942 Supplement to the Survey

S-15

SURVEY OF CURRENT BUSINESS
1942
April

May

June

July

SepAugust tember

October

Novem- December
ber

January

1943
Febru- March
ary

FINANCE—Continued
BANKING—Continued
Agricultural loans outstanding of agencies
supervised by the Farm Credit Adm.:
2,585
2,887
2,869
Total, excl. joint-stock land bks
mil. of doL
2,288
Farm mortgage loans, total
do
1,996
2,296
1,715
Federal land banks
...do
1,520
1,721
572
Land Bank Commissioner.
do
475
575
114
Loans to cooperatives, total
do
121
119
Banks for cooperatives, including central
99
bank
mil. of dol.
102
106
13
Agr. Mktg. Act revolving fund
do
11
16
Short term credit, total
do—
470
470
Federal intermediate credit banks, loans
to and discounts for:
Regional agricultural credit corps.,
prod, credit ass'ns, and, banks for
257
258
cooperatives o*
.'.mil. of doL
276
45
44
Other financing institutions
do....
39
241
Production credit associations.
do
233
245
4
Regional agr. credit corporations...do
32
4
131
124
130
Emergency crop loans
.
do—
47
43
47
Drought relief loans
.
do
28
17
29
Joint-stock land banks, in liquidation..do
Bank debits, total (141 centers)
do
42, 474 44,226
64, 707
16,023
16, 985
New York City
d o . . . . 27,174
26, 451 27,241
Outside New York City...
do
37,533
Federal Reserve banks, condition, end of mo.:
24, 359 24, 468
Assets, total
...mil. of doL
2,634
2,468
Res. bank credit outstanding, total._.do
3,846
7
7
Bills discounted
_
do
13
2,489
2,357
United States securities
do
6,455
20,824 20, 799
Reserves, total
...do
20, 656
20, 510 20. 522
20,303
Gold certificates
do
24, 359 24,468
28,982
Liabilities, total..
do
14,204
14, 094
14,131
Deposits, total
do
12, 658 12,405
12,204
Member bank reserve balances
do.
2,791
2,486
Excess reserves (estimated)—....do2,315
8,821
9,071
Federal Reserve notes in^circulation .do
13,128
90.4
Reserve ratio
percent75.8
Federal Reserve reporting member banks, condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted
mil. of dol-- 30,098
25, 358 25,483
Demand, except interbank:
Individuals, partnerships, and corporations
..mil. of doL. 30,112 24, 636 24,922
States and political subdivisions. _-do
1,971
1,890
2,096
United States Government.
do._.
1,301
8,044
1,506
Time, except interbank, total
do._.
5,109
5,527
5,128
Individuals, partnerships, and corporations
.
mil. of dol.
4,914
5,381
4.929
States and political subdivisions
do
175
115
189
Interbank, domestic
do.
9,175
9,148
8,687
Investments, total
.
do
20,774
35,135
20,111
U. S. Gov't direct obligations, total..do
14,559
29,917
13,730
Bills
do....
1,281
4,842
1,058
Certificates..
.._.
do
672
6,530
611
Bonds.
do
10,309
14, 358
9,705
Notes
..do
2,297
4,187
2,356
Obligations guaranteed by U. S. Government
_.
mil. of doL.
2,667
1,992
2, 675
Other securities
.do
3,548
3,226
3,706
Loans, total
do.
10, 905
10,637
11,094
Commerc'l, indust'l, and agriculfc'L-.do
6,542
5,645
6,726
Open market paper
_.-.
..do
382
205
409
To brokers and dealers in securities..do
528
1,652
441
Other loans for purchasing or carrying
403
securities
mil. of doL.
504
395
1,243
Real estate loans...
do...
1,246
1,161
28
Loans to banks
-do...
30
83
1,779
Other loans.
do...
1,847
1, 387
Money and interest rates:§
Bank rates to customers:
New York City
percent.
7 other northern and eastern cities do...
11 southern and western cities . . . . _do__.
1.00
1.00
1.00
Discount rate (N". Y. F. R. Bank)
do...
4.00
4.00
4.00
Federal land bank loans
do
1.50
1.50
1.50
Federal intermediate credit bank loans.do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers, 90 days
.44
.44
.44
percent..
.63
.63
Com'l paper, prime, 4-6 months.- .do . . .
.69
1.25
1.25
Time loans, 90 days (N. Y. S. E.)..do..._
1.25
Average rate:.
1.00
1.00
1.00
Call loans, renewal (N. Y. S. E.)___do.._.
.364
.373
.299
U.S. Treasury bills, 3-mo
do....
Average yield, U. S. Treasury notes, 3-5 yrs.:
1.03
1.39
Taxable*
percent
Savings deposits:
Savings banks in New York State:
5,374
5,373
Amount due depositors
mil. of dol..
5,677
U. S. Postal Savings:
1,307
Balance to credit of depositors-___. .do
1,517
1,306
24
Balance on deposits in banks
do.
25
13
r
Revised
1
Amount estimated for 1 bank.
cf To avoid duplication these loans are excluded from the totals.
§For bond yields see p. S-20.
* New series. Earlier data for the series on taxable Treasury notes appear
maturity range after Mar. 15,1942.




2,864
2,274
1,706
568
115

2,846
2,252
1,692
560
117

2,818
2,232
1,679
553
117

101
13
475

104
12
477

104
12
469

260
47
248
4
129
47
27
45, 686
17, 394
28,292

261
47
249
5
130
46
26
45, 615

2,733
2,179
1,645
534
145

2,696
2,148
1,625
523
155

2.659
2,115
1,603
512
159

2,608
2,080
1,579
501
146

2,590
2,057
1,564
494
135

2,582
2,023
1,540
483
124

112
12
443

130
r 13
409

140
13
392

145
13

132
12
382

121
12
398

111
11
434

28, 505

255
47
243
5
128
46
26
44,898
17, 051
27,847

249
43
225
5
124
46
125
48,123
18, 593
29, 530

246
39
202
5
118
45
124
49, 950
18, 323
31, 627

253
38
190
5
114
45
23
46, 056
17,016
29,040

273
39
185
4
113
44
21
59, 483
23, 921
35, 562

265
38
185
3
113
44
20
50,140
19, 877
30, 263

267
39
197
3
117
43
20
47.640
19, 635
28,005

24, 672
2,775
3
2,645
20,830
20, 566
24, 672
13,957
12, 305
2,362
9,376
89.3

25,139
3,245
4
3,153
20,802
20, 546
25,139
14,159
12,492
2,130
9,721
87.1

25, 298
3,565
7
3,426
20, 803
20, 575
25, 298
13, 952
12, 338
2,143
10,157
86.3

25, 754
3,774
8
3,567
20,808
20, 576
25, 754
13, 660
11, 592
1,690
10, 658
85.6

26,953
i 4, 959
11
f 4, 667
20, 813
20, 569
26, 953
14, 313
12, 735
> 2, 644
11, 220
81.5

27, 748
L5, 714
5, 399
20, 799
20, 573
27, 748
14, 534
13, 208
2,909
11, 756
79.1

29,019
6,679
6
6,189
20,908
20, 554
29,019
15,194
13,117
1,988
12,193
76.3

28, 556
6,339
14
5,969
20, 931
20, 520
28, 556
14,805
13, 630
2,387
12, 265
77.3

28, 515
6,298
16
5,871
20,859
20, 476
28, 515
14,308
13,067
1, 925
12, 627
77.4

25,502

26,670

27,217

27,424

28,639

28,852

28,257

29,743

31,305

31,848

25, 343

26,236
1,811
1,782
5,115

26,818
1,806
1,511
5,158

27,344
1,909
2,018
5,285

28,345
1,947
2,696
5,215

28,733
1,867
3,092
5,228

28,709
1,759
6,757
5,256

29,434
1,888
5, 245
5,408

31,162

1,803
1,442
5,112

31, 815
1,913
2,266
5,479

4,955
137
9,090
21,642
16, 200
1,447
1,471
10,383
2,899

4,975
120
8,444
22,816
17, 352
1.921
1,455
11,118
2,858

5,019
115
8,681
24,075
18,493
2,245
2,267
11,228
2,753

5,038
121
8,527
25, 593
19, 948
2,337
3,029
11,257
3,325

5,087
102
8,898
27, 229
21,879
2,811
2,945
11,725
4,398

5,102
100
9,454
28,092
22,874
3,570
3,429
11, 634
4,241

5,130
100
9,141
31,148
25,898
3,786
4,958
12,985
4,169

5,268
112
9.197
31,918
26, 740
4,476
5,059
13,117
4,088

5,361
5,333
89
105
9,509 * 9,195
31, 953 31, 935
26, 738 • 26,766
3,755
4,244
5.001 r 4,993
13,821
13,394
4,197
4,099

2,032
3,410
10, 740
6,469
341
519

2,035
3,429
10,696
6,432
336
569

2,095
3,487
10,382
6,282
313
493

2,106
3,539
10,361
6,270
282
526

1,907
3,443
10, 320
6,316
265
529

1,934
3,284
10, 295
6,192
248
700

1,937
3,313
10, 321
6,065
239
850

1,908
3,270
9,790
5,902
229
637

1,919
3, 296
9, 517
5,736
227
585

1,940
3, 229
9,456
5,695
217
617

393
1,236
36
1,746

407
1,230
29
1,693

381
1,230
26
1,657

381
1,221
65
1,616

369
1,217
46
1,578

389
1,207
22
1,537

382
1,199
53
1,533

358
1,184
46
1,434

342
1,176
57
1,394

344
1,162
54
1,367

1.00
4.00
1.50

1.00
4.00
1.50

2.09
2.63
3.26
1.00
4.00
1.50

1.00
4.00
1.50

1.00
4.00
1.50

2.36
2.76
'3.24
1.00
4.00
1.50

17,110

2,776
2,207
1, 663
544
126

1,858
2,964
5,467

275
40
217
14
121
43
18
57,080
22, 373
• 34, 707
28,347
6,191
13
5,919
20, 785
20,413
28, 347
13,981
12, 759
r 1, 518
12, 758
77.7

T

2.07
2.58
3.34
1.00
4.00
1.50

1.00
4.00
1.50

1.00
4.00
1.50

2.28
2.66
3.25
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

1.00
.363

1.00
.368

1.00
.370

1.00
.370

1.00
.372

1.00
.371

1.00
.363

1.00
.367

1.00
.372

1.00
.373

1.15

1.20

1.25

1.27

1.28

1.28

1.34

1.29

5,422

5,411

5,427

5,449

5,459

5,492

5,570

5,594

5,622

5,663

1,316
24

1,329
21

1,344
20

1,358
19

1,377
18

1,396
17

1,417
16

1,445
14

r 1,468
* 14

1,492
14

on p. S-14 of the April 1942 Survey; there were no tax-exempt notes outstanding within the

S-16

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

1943
April

June 1943
1943

1943
April

May

June

July

August

September

October

Novem- December
ber

January

February

March

FINANCE—Continued
CONSUMER SHORT-TEEM CREDIT
Total consumer short-term debt, end of month*
mil. of dol._
Instalment debt:
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
Allother*
...do....
Cash loan debt, total*
do
Commercial banks, debt*
do
Credit unions:
Debt§____
.do....
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
Open credit cash debt*
do
Service debt*
do
Indexes of total consumer short-term debt, end
of month:*
Unadjusted
....1935-39=100.
Adjusted
...do...

8,334

7,961

7,547

7,096

6,761

6,559

6,337

6,169

6,156

"- 5, 703

' 5, 490

5,351

2,919
1,369

2,706
1,239

2,475
1,120

2,248
1,004

2,032
874

1,862
769

1,704
664

1, 571
573

1,495
482

'1,315
404

' 1,190
351

1,071
287

299

396
561
258
91
244
1,967
586

367
543
240
85
231
1,908
564

332
512
219
79
213
1,858
546

300
475
202
71
196
1,789
521

277
449
183
67
182
1,716
491

261
428
169
63
172
1,642
460

253
408
154
61
164
1,551
421

247
392
141
61
157
1,483
393

254
391
130
78
160
1,428
370

228
359
116
r65
'143
1,346
345

210
338
' 102
'57
rl32
1,275
319

196
322
90
53
123
1,252
312

122
15
20

190
19
25

184
18
24

179
20
25

173
18
24

166
16
23

160
16
22

152
14
22

145
14
21

141
18
22

132
11
20

120
13
19

127
22
21

179
31
36

277
37
42

268
34
43

261
36
43

253
34
42

246
33
40

236
31
41

222
30
44

211
25
36

202
31
40

193
25
34

185
26
34

184
38
39

378
62
71

517
71
75
297
100
1,660
1,171
617

504
58
71
289
99
1,575
1,151
621

493
68
79
281
98
1,466
1,125
623

481
63
75
264
97
1,322
1.112
625

466
60
75
252
95
1,285
1,102
626

452
60
74
240
94
1,336
1,095
628

437
59
74
227
92
1,365
1,088
629

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
651

387
50
66
170
88
1,333
1,038
654

387
86
86155
87
1,343
1,031
654

138
139

132
132

125
125

118
119

112
114

109
110

105
105

102
102

102
98

95
94

91
93

90

938
38
65
146
4
8
36
4
5
15
2
18
3
29
3
19
624
65
9.282
335
1,033
2,953
48
156
936
64
53
263
58
429
98
316
204
328
3,829
1,132

955
42
63
134
7
5
17
3
4
20
5
20
3
20
5
25
647
69
9,839
471
1,175
2,924
234
49
622
95
69
246
63
562
39
623
48
274
4,392
877

804
48
67
135
1
4
23
5
6
18
11
18
7
23
2
17
486
68
9,906
673
945
3,327
222
118
632
99
63
829
300
403
124
180
78
279
3,752
1,209

764
52
63
120
5
5
19
8
3
11
5
20
5
24
1
14
465
64
8, 548
915
584
2,078
85
177
265
161
18
191
156
224
129
486
9
177
3,950
1,021

698
47
66
119
5
5
23
5
4
10
8
12
5
20
2
20
405
61
6,781
538
520
2,249
237
33
421
76
50
207
163
341
53
262
22
384
2,475
999

556
27
54
77
5
4

673
40
61
102
0
7
17
1
3
9
7
13
3
20
4
18
405
65
7,181
525
756
2,374
0
146
352
7
21
81
69
580
125
628
170
195
2,660

585
27
63
98
4
5
10
5
2
18
2
16
3
16
2
15
352
45
5,245
267
717
1,823
198
64
176
297
49
185
12
132
62
467
17
164
2,009
429

506
22
47
86
2
3
11
4
3
11
4
12
4
19
3
10
307
44
6,950
526
1,189
1,997
7
12
195
120
40
272
288
77
49
216
525
196
2,392
846

INDUSTRIAL AND COMMERCIAL
FAILURES
Grand total
number .
Commercial service, total
-.do...
Construction, total
do...
Manufacturing and mining, total.
do.__
Mining (coal, oil, miscellaneous)
do...
Chemicals and allied products
do...
Food and kindred products
do...
Iron and steel products..
do...
Leather and leather products.
do...
Lumber and products
do...
Machinery
..do...
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...
Liabilities, grand total
thous. of dol.
Commercial service, total.
do...
Construction, total...
do...
Manufacturing and mining, total
do...
Mining (coal, oil, miscellaneous)
do...
Chemicals and allied products
do...
Food and kindred products
do...
Iron and steel and products
do...
Leather and leather products.
do...
Lumber and products
do...
Machinery
do...
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..

362
28
54
61
2
2
12
0
0
11
2
10
0
5
195
24
3,523
579
597
1,105
22
20
192
0
0
11
289
169
50
150
0
96
1,031
211

5
2

o
10
5
11
5
15
0
13
355
43
5,473
268
646
1,661
519
28
90
17
29
217
131
110
100
280
0
140
2,276
622

458
28
53
79
2
4
14
2
1
11
5
14
1
16
2
7
267
31
5, 515
396
698
2,249
206
34
469
105
52
139
333
498
4
252
42
115
1,800
372

422
28
38
67
3
2
9
2
3
9
5
9
4
9
2
10
255
34
4,163
331
379
1,342
69
44
195
132
97
128
269
107
45
79
54
123
1,782
329

410
23
41
79
2
4
8
4
1
12
7
10
4
16
1
10
232
35
7,282
305
9034,144
100
52
169
97
20
368
2,441
165
76
162
244
250
1,540
390

LIFE INSURANCE
Association of Life Insurance Presidents:
28, 999
28, 757
29,188
28,572
28,394
28, 083
28, 236
27, 341
27, 725
27, 909
27, 462
27,209
27, 598
Assets, admitted, totalj..
...mil.ofdol.
5,203
5,201
5,225
5, 230
5.224
5,223
5,213
Mortgage loans, total
do
5,105
5,134
5,164
5,194
5,212
5,220
646
651
680
675
667
661
651
688
687
685
Farm
do
681
684
685
4,557
4,550
4, 545
4, 555
4,557
4,562
4,562
4,525
4,535
4,506
Other
do
4,424
4,450
4,479
1,262
1,238
1,302
1,286
1,370
1,356
1,308
1,400
1,392
1,382
Real-estate holdings
do
1,436
1,423
1,410
2003
1,
2,110
2,092
2,045
2,024
2,129
2,068
2,144
2,176
2,202
2,158
Policy loans and premium notes
do.
2,188
Bonds and stocks held (book value), total
18,713
18,490
17, 882
18, 672
19, 740
18, 641
17, 904
17, 905
17, 415
17,843
17, 391
17, 431
16, 944
mil. of doL
9,575
10,833
8, 938
8.929
9,756
9,797
9,832
8,443
8,908
8,453
8,014
8, 453
8,888
Gov't. (domestic and foreign), total.do
7,933
9,222
7,204
7,132
7,196
8,060
8,089
8,163
6,156
6,595
6,587
7,093
6,592
U. S. Government
do.
4,465
4,467
4,434
4, 432
4,443
4,438
4,466
Public utility
do.
4,369
4,378
4,444
4,396
4, 405
4,409
2,525
2,528
2,581
2,623
2,597
2,616
2, 566
2, 517
2,515
2,508
2,659
2,650
2,630
Railroad
do.
1,925
1,912
1,951
1,955
1,925
1,922
1,907
Other
do.
1,902
1,910
1,956
1,952
1,944
1,930
1,370
1,074
870
716
394
537
868
921
876
574
712
Cash
do
597
690
671
602
616
614
651
633
604
555
560
601
608
569
Other admitted assets
do
583
' Revised.
$36 companies having 82 percent of the total assets of all United States legal reserve companies.
§Revisions in 1941 data for credit unions are shown on p. S-15 of the January 1943 Survey.
*New series. Earlier figures and a description of the data appear on pp. 9-25 of the November 1942 Survey; subsequent revisions in 1941 data for total short-term debt
(dollar figures and indexes), total cash loan debt, and commercial banks are shown on p. S-15 of the February 1943 Survey. Minor revisions in the figures prior to December
1941 for service debt are available upon request.




June 1943
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

SURVEY OF CURRENT BUSINESS
1942

1943
April

April

May

June

July

August

1943
September

October

Novem- December
ber

January

FebrU'
ary

March

FIN AN CE—Continued
LIFE INSURANCE-Continued
Association of Life Insurance Presidents—Con.
Insurance written:®
Policies and certificates, total
594
679
719
705
710
630
592
628
679
thousands,.
585
623
721
754
55
46
48
87
66
42
72
165
Group
do
54
42
61
68
75
356
428
461
425
366
364
358
315
340
380
Industrial
...do
405
454
432
184
204
196
198
199
186
197
200
191
201
Ordinary
do
200
253
248
Value, totalf
thous. of doL. 747, 200 >36, 493 593, 839 662,506 635, 789 535, 016 532,294 588, 237 584, 743 817, 547 576, 435 593, 733 752, 561
Group
do
124,984 .24, 823 87, 773 161, 061 151, 344 83, 304 84, 799 78,094 114,180 317, 373 93, 818 90,690 130,390
97,863 103, 873 117, 563 136,083
Industrial
do
126,662 .39, 022 L41, 378 129, 863 112,917 112, 240 111, 795 135, 727 111,801
495, 554 372, 648 364, 688 371, 582 371, 528 339, 472 335, 700 374, 416 358, 762 402,311 378,744 385,480 486,088
Ordinary!
do
271,638 276, 007 270, 516 277,493 278,011 247, 852 253, 735 262,368 260,427 387,033 281, 077 279,445 316,139
Premium collections, total®
do
25, 363 25, 654 30,999
18,935 20, 092 21, 753 22,128 60, 577 33, 984 23, 504 27, 602
23,113
25,949
Annuities
do
14, 496 15, 698 16, 297 14, 291 15, 382 16,073
16,857
17, 775 19, 312 19,334
14,968
19,410
Group
do
18,918
56, 836 58, 539 97, 855 57, 639 59,376 68,170
59,133
64, 014 56, 368 58, 855 58,805
66, 272
Industrial
do
56, 736
Ordinary
do
169, 543 .71,654 171, 524 172,127 174, 347 155, 771 159, 456 167, 706 162,903 210,826 170,142 177,231 201,449
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
thous. of doL_
227, 512 188, 894 203, 882 204, 396 165,866 176,104 189, 326 176, 247 244,909 203, 604 187,853 229,883
97,826 93,442 85, 549 105,836
75, 533 80, 702 89, 707 71, 785 76, 726 84,114
80,109
Death claim payments
do
92, 409
21, 644 22,478 20,444
Matured endowments
do
23, 404
17, 449 20, 283 22,464 22,132 21,802 25, 777 24,237 30,556
7,414
8,360
7,600
8,823
7,218
8,302
Disability payments
do
7,135
7,943
7,930
7,021
8,053
8,272
14,173 14. 549 10, 607 12,978
Annuity payments
do
12,727
13, 694
13, 968 12, 763 13,192 17, 015 12,796
14,135
37, 221 32, 252 24,851
Dividends
do
46, 647
31.187
27, 510 27, 258 25,880 68, 314 34,377 33,817 40,234
**" Surrender values, premium notes, etc.do
43,415
40, 203 40,485 39,084
33, 244 31, 586 33, 469 28,145 36, 361 24, 691 24, 319 30, 850
Life Insurance Sales Research Bureau:
Insurance written, ordinary, total
do.
634,209 462, 761 457, 926 463, 325 459, 499 430, 297 432,679 467,814 447, 749 521, 524 485, 782 508,908 631,863
36, 248 37,029 37.051
New England
do.
34, 983 33, 590 37, 408 34, 767 36,426 39, 396 36, 761 48,103
37, 131
50, 757
Middle Atlantic
do.
170,949 118, 591 114, 230 117, 577 115,844 100,695 101,125 118, 351 119, 590 143,961 137, 295 136,677 166, 717
East North Central
do
96,148 106, 057 100, 774 114, 554 108, 316 117,268 146,476
140,101 106, 487 106, 445 106, 796 105, 599 97,929
West North Central
do
47, 660 46, 746 44,693
45, 203 47, 518 44, 357 52, 563 46, 684 49, 563 60, 335
61, 742 44.931 48,833
44, 679 44, 407 44,696
South Atlantic
do
45,968
44, 285 46, 426 47, 720 45,188 50, 307 43, 661 49, 708 62,379
65,961
17, 758 19,182 18, 549 17, 515 18, 413 18,867 17, 410 20, 220 18,131 19, 722 26,192
East South Central
do
18,950
24, 402
31,825 32, 247 32,199
West South Central
do
32, 604
32, 785 35, 445 32, 234 30, 565 38,142 34,133 37,235 44,098
42,887
12.188 12, 288 13,165
Mountain
do
12,123
12, 390 13,059 12, 703 16,069 12,798 13, 752 17,803
11,998
17, 501
Pacific
do
46,101 45, 720 46,139 45, 650 45, 289 43,939 46,600 42, 395 49,282 45, 368 48, 222 59,760
59,909
Lapse rates
1925-26=100__.
77
MONETARY STATISTICS
Foreign exchange rates:
Argentina
dol. per paper peso..
.298
.298
.298
.298
.298
.298
.298
.298
.298
.298
.298
.298
.061
.061
Brazil, ofncialcf
dol. per cruzeiro..
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.061
.301
.301
British India
dol. per rupee..
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.301
.886
.879
Canada, free rate§
dol. per Canadian doL.
.900
.899
.881
.878
.896
.900
.872
.895
.876
.902
.899
.570
.572
Colombia
dol. per peso..
.570
.571
.570
.571
.572
.572
.570
.572
.570
.573
.572
.206
.206
Mexico
do
.206
.206
.206
.206
.206
.206
.206
.206
.206
.206
.206
4.035
4.035
United Kingdom, official rate§
dol. per £ . .
4.035 . 4. 035 4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
4.035
Gold:
22,714
22,737 22,744
Monetary stock, U. S
mil. of dol.. 22,473
22,726 22,683 22,644 22, 576
22,691
22,756
22,754 22,740 22,743
Net release from earmark*
thous. of doL, -101,001 -20,068 -38,196 -14,792 -24,383 -21,763 -27,759 -56,440 -10,752 -30,974 -76,063 -63,411 -58,996
Production:
80,943
70,269
Reported monthly, totaltdo
79,106 83,202
77,255
v 65,241 v 64,908
80,263
76,692 78,149
61,961
47,347
Africa
do—
46,665 47,460
43,473 ' 42,897 41,968 43,116 139,770
46,052
46,366
45,044 45,459
14,881
14,852
14,864
12,693
12,597
Canadat
do
14,100
11, 708 11,459
14,728
13,212 13,365
11,459
11,164
10,504 12,754
6,209 ' 4,654 ' 4,121
United States
do.-..
10,163
7,828
11,415
11,837
12,013
4,520
12,074
12,383 12,739
15,410
Currency in circulation, total
mil. of dol.. 16, 660
13,200
15,590
16,088 16, 250
11,767
13, 703 14,210
14,805
Silver:
.351
Price at New York
dol. perfineoz..
.351
.351
.351
.448
.351
.448
.448
.448
.448
.448
.448
Production:
1,624
1,537
Canada
thous. of fine oz..
1,623
1,634
1,966
1,505
1,613
1,758
1,870
1,606
1,623
4,948
4,528
United States
do....
3,292
5,048
3,673 ' 3,538 ' 3,172
5,606
4,412
4,561
3,819
3,636
2,685
Stocks, refinery, U. S., end of month...do
3,270
3,128
3,744
2,930
2,922
3,505
3,150
2,851
4,510
2,714
1,931
BUSINESS INCORPORATIONS
New incorporations (4 States)
number..
1,094
784
1,194
1,032
832
818
939
962
988
810
PROFITS AND DIVIDENDS
Industrial corporations (Federal Reserve):
364
'451
'557
Net profits, total (629 cos.)
mil. of doL.
437
52
51
'72
Iron and steel (47 cos.)
do
51
35
36
Machinery (69 cos.)
do
39
'49
25
46
Automobiles (15 cos.)
do
'92
45
148
149
Other transportation equip. (68 cos.)__do
1'54
155
32
34
Nonferrous metals and prod. (77 cos.).do
36
37
18
22
Other durable goods (75 cos.)
do
18
'30
32
42
Foods, beverages, andtobacco(49cos.)_do
41
27
42
Oil producing and refining (45 cos.)
do.. _
37
35
41
Industrial chemicals (30 cos.)
do...
41
27
35
Other nondurable goods (80 cos.)
do...
36
34
Miscellaneous services (74 cos.)
do._.
37
'52
Profits and dividends (152 cos.):*
Net profits
do...
174
213
'211
'294
Dividends:
Preferred
do...
23
21
23
21
C ommon
do
136
126
158
127
Electric power companies, net income (28 cos.)
(Federal Reserve) *
mil. of dol.
25
35
28
36
Railways, class I, net income (I. C. C.)__-.do-..
199.2
284.1
383.9
Telphones, net operating income (Federal
Communications Commission).-.mil. of doL.
66.0
66.8
66.2
' Revised.
» Preliminary.
* Partly estimated.
• Or increase in earmarked gold (—).
<g>39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.
cfPrior 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 to January 1943. The official rate for Canada has been $0,909 since first quoted in March 1940.
JData for Mexico, included in the total through March 1942, are no longer available for inclusion. Revised monthly averages for 1941 and 1942, excluding Mexico and
including certain other revisions, are as follows: 1941, 88,452; 1942, 78,038. Revised 1941 monthly average for Canada, 15,590 (monthly revisions available on request).
tRevised beginning December 1938; revised figures for 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. For data beginning 1929 for profits and dividends for
152 companies, see p. 21, table 10, of the April 1942 Survey. Earlier data for net income of electric power companies will be published in a subsequent issue.




S-18

SUEVEY 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

1943
April

June 1943

1942
April

May

July

June

August

1943
September

October

Novem- December
ber

January

Febru- March
ary

FINANCE—Continued
PUBLIC FINANCE (FEDERAL)
United States war program, cumulative totals
from June 1940: *
Program . . . . .
...mil. of dol._ 246,117
Commitments
_.__.
do..._
Cash expenditures
..
do
94,945
War savings bonds,.sales*-..--..
...do
1,470
Debt, gross, end of month®.
do
129,849
Interest bearing:
Public issues
-do
118,848
Special issues to government agencies and
trust funds
..mil. of dol.. 9, 795
Noninterest bearing
.
do
1,206
Obligations fully guaranteed by U. S. Gov't:
Total amount outstanding (unmatured)cf
mil. of doL.
4, 363
Bv agencies'd"
Commodity Credit Corp
do
777
Federal Farm Mortgage Corp
..do
930
Home Owners' Loan Corporation..do
1, 533
Reconstruction Finance Corp
..do
986
Expenditures, total
......do...7,466
War activities?
—do
6,974
Agricultural adjustment program.._.__do
81
Unemployment relief
.-do
&35
Transfers to trust accountsX
do_>__
38
Interest on debt..
do_...
89
Debt retirements...
_
do
(«)
All otherX
-do
'250
Receipts, total
—
-do
1, 555
Receipts, net
_
do
1,514
Customs
do
32
Internal revenue, total._____
_ do
1,396
Income taxes
do
1,000
Social security taxes
do
50
Government corporations and credit agencies:
Assets, except interagency, totaL.mil of dol_. 24, 706
Loans and preferred stock, total
do
8, 652
Loans to financial institutions (inch preferred stock)
..mil. of dol__
837
Loans to railroads
do....
462
Home and housing mortgage loans do
2,158
Farm mortgage and other agricultural
loans
.mil. of doL. 3, 003
2,193
All other
do
U. S. obligations, direct and fully guaranteed
mil. of doL. 1,510
1,428
Business property.—
do
6,081
Property held for sale
do
7,035
All other assets...
do
Liabilities, other than interagency, total
mil. of doL. 11,386
Bonds, notes, and debentures:
4,372
•Guaranteed by the U. S
._
do
1,366
Other
do
5,648
Other liabilities, including reserves...do
440
Privately owned interests
do
13,
485
U. S. Government interests.._
do
Reconstruction Finance Corporation, loans'outstanding, end of month:<[
Grand total
...thous. of dol.. 6,368.364
693, 233
Section 5, as amended, total.__
-do
Banks and trust companies, including
receivers
thous. of doL. 62,128
3,904
Building and loan associations
do
4R8
Insurance companies
....do
199, 402
Mortgage loan companies
_do
426,
665
Railroads, including receivers
do
646
All other under Section 5
do
Emerg. Rel. and Constr. Act, as amended:
Self-liquidating projects (including financing repairs)
thous. of doL. 16,757
Financing of agricultural commodities
117
thous. of dol._
Loans to business enterprises (including
participations)
thous. of doL _ 107, 541
4,686,ir>9
National defense!
do
676,123
Bank Conservation Act, as amended., do
Drainage, levee, irrigation, etc
. . . d o . . . . 61,477
126, 948
Other loans and authorizations
do

|
167,264
110,436
26, 883
531
65,018

168, 764
121, 225
30 707
634
68, 617

175 599
133 853
34 921
634
72, 495

220,237
144, 735
39,628
901
77,136

221,968
153,052

44,791
734
81,685

221. 918
160,155
50.250
838
86, 483

57,196

60, 637

237, 913 237. 659 237,949
168,313 177,913 183, 802
55, 972 62,084 68, 208
735
1.014
814
92, 904 96,116 108,170

238,398
190,108
74,461
1,240
111,069

238, 952
197, 523
80, 543
887
114,024

246,147
204,118
87, 655
944
115,507

64 156

68, 569

72,982

77, 338

83, 680

86,671

98, 276

100,852

103, 286

104, 284

7,358
464

7,518 !
--- •
402

7,885
•-•
454

8,125
442

8,262
441

8,509
637

8,585
639

8,787
657

9,032
862

9,172
1,045

9, 565
1,773

r 10, 004
1,219

5,666

5,667

4,548

4,551

4,567

4,552

4,243

4,244

4,283

4,277

4,275

4,350

701
930
2,409
1,492
3,755
3,238
66
91
48
77
2
234
732
695
32
684
335
43

701
930
2,409
1,492
3,955
3,560
62
82
19
2
230
764
563
30
708
216
222

701
930
1,563
1,219
4,531
3,829
31
72
1
390
I
206
2,494
2,492
28
2,424
2,086
42

738
930
1,533
1,216
5,162
4,498
47
68
249
35
2
263
794
747
24
742
273
53

754
930
1,533
1,216
5,215
4,884
30
52
19
7

749
930
1, 533
896
5,937
5,481
48
35
56
70

749
930
1,533
896
6,363
6,042
66
31
3
28

224
797
587
22
748
155
232

738
930
1,533
1,216
5,931
5,384
35
40
5
224
a
()
242
2,528
2,527
20
2,476
2,126
43

247
648
607
24
603
206
48

'193
830
601
23
784
199
248

788
930
1,533
890
6, 501
5,825
70
12
25
353
1
215
2,702
2,701
24
2,649
1,972
50

782
930
1,533
896
6,372
5,947
86
29
35
54
(a)
222
824
788
25
724
306
52

930
1,533
896
6,119
5, 770
92
23
2
35
(')
198
1,190
955
26
1,075
380
343

16, 656
9,218

17,343
9,005

17, 962
9,026

18, 482
8,948

19, 401
8,859

19, 974
8,813

20,534
8,781

20,992
8,779

21,715
8,746

22, 643
8,691

23, 437
8,588

24,151
8, 5P.5

1,030
502
2,372

1,020
498
2,352

1,029
498
2,357

1,002
497
2,344

974
497
2,297

964

949
497
2,286

953
496
2,265

957
486
2,241

920
489
2,237

858
474
2,219

833
469
2,197

3,272
2,041

3,092
2,042

3,076
2,067

3,038
2,067

2,994
2,096

2,949
2,117

2,925
2,124

2,916
2,149

2,912
2,151

2,878
2,168

2,871
2,167

' 2, 868
2,196

1, 076
815
2,717
2,830

1,088
833
3,067
3,349

1,097
859
3,512
3,468

1,113
879
3,808
3,735

1,144
924
4,177
4,295

1,197
952
4,287
4,725

1,219
976
4,710
4,848

1,222
1,001
4,701

1,272
1,020
5,187
5,489

1,284
1,041
5,638
5,989

1, 375
1,359
5.883
6,232

1,424
1,408
6,074
6,681

9,776

10,078

9,275

9,482

9,728

10,161

10,345

10, 533

10, 791

10, 850

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
13, 321

5,688
1,431
2,656
436
6,444

(a)

5,687
1,440
2,950
437
6,828

4,568
1,442
3,265
438
8,249

4,592
1,445
3,691
439
9,234

4,581
1,443
3,457
438
8,562

4,574
1,434
4,154
439
9,373

(a)

9,863
4,265
1,413
4,185
442
10, 230

5,288
10,268
4,264'
1,404T
4,601
443
10, 281

4,301
1,414
4,630
439
10,931

779
930
1,533
971
7,354
6,744
103
21
1
262
223
5,207
5,206
32
5,154
4,732
50

3,556,094 3,819,280 4,085,264 4,273,373 4,545,609 4,628,502 4,848,279 4,916,226 5,312,352 5,604,641 5,805,976 6,107,850
733, 596 734, 070 733, 316 735,862 735,093 735,685 735, 209 723,554 723,906 706, 520 706,147
67, 514
6,434
714
196,512
466,182
1,028

66, 420
5,817
702
197, 401
462,316
939

65,803
5,630
686
198,926
462,088
937

65, 575
5,037
669
199, 280
461,826
928

17, 415

17,382

17,310

17,195

368

368

352

67, 449 66, 793
4,574
4,705
659
600
200, 562 199, 737
461, 563 462,470
924
920
17,194
349

349

17,153
349

66, 434 65,711
5,170
5,060
597f
529
200, 522 202,044
462,050 460,968
912
898
17,133
349

17,056
349

65, 082
4,671
529
201,689
450,499
1,085

63,876
4,315
529
200,686
453,432
1,069

63, 362
4,218
522
198, 689
438, 668
1,061

62, 576
3,835
519
204,161
434, 378
678

16,960

16,954

16, 809

16,824

204

157

117

339

139,465 135, 961 134, 278 132, 942 131,349 129,187 126,516 123, 775 117,536 115, 250 111.206
140, 290
1,395,212 1,670,157 1,940,499 2,129,933 2,409,243 2,484,112 3,082,347 3,136,522 3,548,003 3,853,321 4,094,028 4,405,119
702,408 700, 693 699, 708 698, 494 693, 213 690,851 689,429 688, 208 687,421 683,069 079, 830 677,112
64, 444
63, 366
66,832 66, 665
71,168
70,464
70, 359
68, 794
67,115
65, 469
69, 357 69,076
490, 849 487,154 487,004 491, 014 487, 450 500,519 127,034 145,533 145,635 144,181 128, 937 127, 958

SECURITIES ISSUED
(Securities and Exchange Commission) t
Estimated gross proceeds, total
mil. of doL.
By types of security:
Bonds, notes, and debentures, total..do
Corporate.
do
Preferred stock
_
-do
Common stock..
.
do

10, 950

708

2,965

809

3,099

10, 945
86
4
(a)

701
115
4
2

2,952
112
10
3

792
126
9
7

3,099
2,066
52
87
0 |
2

(°)

2,068

!

o

2,531 I 4,975
2,519
50
9
3

I 4,973
i
15
|
3
i (•)

778
27
0

6, 951

994 I

1,092

6,951
26
0
0

994
49
0

1,078
84
7
8
I

'b Revised.
• Less than $500,000.
$20,000,000 added to unemployment relief and deducted from war activities to adjust for erroneous classification of this amount in December 1942.
® Figures beginning July 1942 are on the basis of Daily Treasury Statements (unrevised); earlier figures are on the revised basis as shown in the Public Debt Statement
which was discontinued after June 1942.
cT The total includes guaranteed debentures of certain agencies not shown separately.
JFor revisions beginning July 1941, see p. S-17 of the November 1942 issue.
•[Includes repayments unallocated, pending advices, at end of month.
§Covers all loans for national defense beginning October 1942; prior to October some defense loans are included in "other loans and authorizations."
tSee note marked "f" °° P- S-19.
•New series. The series on the war program has been revised to cover the United States program only; for revised data beginning June 1940, see p. 29, table 7, of this
issue; cumulative totals (preliminary) through March 1943 for the series published in the Survey through the April 1943 issue, including foreign orders placed in the United
States and payments by foreign purchasing missions, are as follows (millions of dollars): Program, 250,287; commitments, 208,158; cash expenditures, 91,397. The series on
war savings bonds is from the Treasury Department and represents funds received during the month from sales of series E, F, and G; for earlier data see p. S-16 of the
October 1942 Survey; the August figure has been revised to include $37,000,000 representing reports for August received during first few days of September.




S-19

SURVEY OF CURRENT BUSINESS

June 1943
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
April

April

June

May

August

July

1943
September

Novem- December
ber

October

January

February

March

FINANCE—Continued
SECURITIES ISSUED—Continued
(Securities and Exchange Commission) t
Estimated gross proceeds—Continued.
By types of issuers:
Corporate, total
mil. of dol.
Industrial
do
Public utility
do
Rail...
„
do
Other
do
Non-corporate total®
do____
U. Government and agencies
.do
State and municipal
..do
New corporate security issues:
Estimated net proceeds, t o t a l . . .
do
Proposed uses of proceeds:
New money, total
..do
Plant and equipment
do
Working capital
do
Repayment of debt and retirement of
stock, t o t a l . . .
_
mil. of dol—
Funded d e b t . . .
do
Other d e b t . . .
do
Preferred stock
do
Other purposes
_—do
Proposed uses of proceeds by major groups:§
Industrial, total net proceeds-mil, of doLNew 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 d o l . . Railroad, total net proceeds
do
New money
do
Repayment of debt and retirement of
stock
mil. of dol._

426

23

121
110
11
0
0
587
531
56

104
21
0
1
2,839
2,809
30

142
63
70
9
1
666
634
32

53
47
3
2
0
3,046
2,998
47

19
68
2
0
1,979
1,932
47

62
16
45
1
0
2, 469
2,444
24

18
6
3
9
0
4,958
4,919
38

27
12
15
0
0
752
735
17

26
3
20
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

88

118

124

139

52

88

60

17

27

26

8

49

9
3
6

70
15
55

59
27
33

72
57
15

14
11
3

39
33
6

23
8
15

2
2
1

2

1
0
1

12
10
2

79
74
3
2
(•)

48
12
36
0

64
11
53
0
1

66
55
5
5
2

37
29
8

37
34
3
0
12

29
26
1
2
8

15
15
0

24
24

8
6
2

49
42
1

27
5

107
59

102
49

61
51

46
9

18
4

15
14

22
58
1

48
11
11

53
21
10

8
69
17

37
3
2

3
68
34

57
3
3

0
0
0

11
0
0

51
9
3

1
2
2

34
2
2

0

0

0

6

0

159,700
37. 677
37, 677
20, 785
6,860
10,032
0
122,023
122,023
74,902
34, 505
12,616

265, 603
158,579
158, 579
97,114
9,720
51,745

181,961
129,500
129,500
103,842
2,715
22,944

201*422
96, 516
96, 516
76, 827
2,060
17,628

142,322
40, 750
40,750
27, 510
2,515
10, 725

91
28
59
3
(a)

10.859
10,837

(a)

(a)

C)

(a)

3
3

17
13

96
39
6
32

60

12
2

8
1

2
2

59
33-

10
15

8
0
0

39
2

18
22
1

C)

(a)

(a)

(a)

M

37
34
3
0
0

C)a
(( a ))

5
2

(a)

44
7

0

2

61
22
15
0
994
944
50

(a)

28
1
1

2
9
0

14
0
0

0
0
0

37
8
8

21
15
5

0

9

0

0

0

10

100,977
45,085
45,085
28,446
0
16, 639
0
55,893
55,393
30,437
18,400
6,556

115,001
28,145
28,145
2,434
0
25, 711
0
86,856
86,856
43,846
30,645
12,365

97,871
29,029
29,029
4,679
17,125
7,225
0
68,842
68,842
13, 531
45, 520
9,792

(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, total
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
Domestic issues for productive uses (Moody's):
Total
.
mil. of dol—
Corporate
do
Municipal, State, etc
do
(Bond Buyer)
State and municipal issues:
Permanent (long term)
thous. of dol—
Temporary (short term)
do
COMMODITY M A R K E T S
Volume of trading in grain futures:
Wheat
mil. of bu._
Corn
.
do

19,373
14,400

144,808 176,420 r 102, 306 199,837
89,64&
36, 696
6,670
57, 900
87, 395.
36,696
6,670
57, 900
56,943
10,621
2,798
11, 330
0
16, 720
0
0
32, 702
9,355
3,872
46, 570
2,250
0
0
0
108,113 169, 750
44,406 110,192
108,113 79, 750 44, 406 110,192
38, 447
64,829
7,517
1,865
54, 830
34,245 26,805
31,875
16, 915
9,039 45,428
10, 666

107,025
107,025
18, 527
80,540
7,958

52, 461
52,461
5,807
38,800
7,855

104,906
104,906
61, 686
28,455
14,766

101, 572
101, 572
32, 719
32,260
36, 593

161, 739
103,133
103,133
58,600
0
44, 533
0
58,606
58, 606
6,018
49,925
2,663

50
10
40

35
20
15

66
55
11

28
18
10

26
17
9

7
4
3

26
1
25

5
2
3

14
7
7

4
2
2

53
10
43

61,308
113, 745

28,759
59, 916

36, 723
75,400

48,096
133, 530

60,862
53,672

28,862
203, 704

36,036
79,815

24,188
6,905

34,486
45,464

'61,172
145, 734

61,336
59, 482

51, 429'
69,492'

188
30

236
Iff

o

o

33
5
28

210
44

249
148

226
126

267
145

390
104

257
141

261
85

190
81

146
94

224
125

212
103

670

515
195
300
247

502
177
300
238

496
180
309
240

491
172
307
238

490

500

510

520

550

610'

310
240

310
250

320
250

543
160
378
270

540

300
240

290
280

320
310

350
340

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
Customers' free credit balances

do
do..~-

410
350

Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
95. 64
96.11
97.79
98.24
95.63
95.76
97.47
dollars-,
96.08
96.18
95.50
96.48
96.70
98.69
99,42
97.75
98.04
Domestic.
do
97.54
97.46
97.28
97.49
97.83
98.08
97.59
98.72
99.03
99.88
66.11
60.29
61.16
61.72
61.68
62.51
68.88
70.01
70.90
65.24
Foreign
.do
62,97
63.16
71.21
Standard and Poor's Corporation:
Industrial, utilities, ana rails:
118.9
117.8
119.5
120.0
High graded5 bonds).-dol. per $100bond-.
117.7
118.9
119.5
119. &
118.7
118.0
119.0
119.3
119.9
Medium and lower grade:
98.9
98.9
103.2
105.4
106.4
99.3
98.1
102.1
108.0
Composite (50 bonds)
.
do
109.2
99.3
103.6
100.7
107.4
108.4
115.9
107.1
115.7
116.7
Industrials (10 bonds)
do
107.7
108.7
115.3
116.3
109.8
111.2
113.8
102.2
111.4
112.1
Public utilities (20 bonds)
do—
113.4
102.3
104.5
104.1
107.1
108.3
109.1
110.5
103.5
105.8
95.3
Rails (20 bonds)
do
85.2
86.5
97.8
88.4
87.1
83.9
86.4
87.6
89.9
92.0
83.0
88.0
26.4
33.5
39.9
Defaulted (15 bonds)
-do—
25.5
27.1
29.9
31.7
26.7
44.7
24.0
29.4
30.3
29.6
128.7
127.6
127.8
129.1
124.5
124.5
125.7
126.7
128.1
128.6
128.6
129.0
127.7
Domestic municipals (15 bonds) t
do
109.1
110.2
109.9
108.9
109.4
109.4
109.9
110.7
U. S. Treasury bonds
do
110.5
110.7
109.8
109.5
109.4
'Revised.
• Less than $500,000.
<g> Includes for January 1943 a Canadian Government issue of $90,000,000 and, for certain months, small amounts for nonprofit agencies not shown separately.
1 Complete reports are now collected semiannually; data for August-November 1942 and beginning 1943 are estimates based on reports fora small number of large firms.
§ Small amounts for "other corporate," not shown separately as formerly, are included in the total net proceeds, all corporate issues, above.
t Revised series. 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; all revisions for years prior to 1942 are available on request. The price indexes for domestic municipals are converted
from yields to maturity, assuming a 4-percent coupon with 20 years to maturity instead of 3%-percent coupon with 22 years to maturity, as formerly; revised data beginningFebruary 1942 are on p. S-19 of the, Anril 1943 Survey; earlier data will be shown in a subsequent issue




S-20
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

SURVEY OF CURRENT BUSINESS
1943
April

June 1943

1942
April

May

June

July

^

^

1943
temb'er

October

Novem- Decem*
ber
ber

January

February

March

FIN AN CE—Continued
SECURITY MARKETS—Continued
Bonds—Continued
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of doL.
Face value
do
On New York Stock Exchange:
Market value
do
Face value
do
Exclusive of stopped sales (N. Y. S. E.),
face value, total
thous. of doL.
U. S. Government
do
Other than U. S. Govt., total, do
Domestic
-do
Foreign
do
Value, issues listed on N. Y. S. E.:
Face value, all issues
mil. of doL.
Domestic
do
Foreign
do
Market value, all issues
do
Domestic
do
Foreign
do
Yields:
Bond Buyer:
Domestic municipals (20 cities) ...percent..
Moody's:
Domestic corporate
do
By ratings:

214,979
439, 701

99,075
202,862

91,838
179, 690

81,804
151,865

80,306
155, 111

83,842
173, 629

124,075
316, 526

134,771
303,128

98, 513
207, 713

114,943
233,873

144,737
329,565

134,433
276, 381

260, 794
580,038

197, 276
412, 821

86,629
186,165

80,772
165, 276

72,623
139,586

71,249
142,932

75,610
162, 734

112,301
300, 306

122,448
285,683

87,421
192,439

101,549
214,320

132,378
310, 531

122, 202
259, 290

243,869
554, 858

372, 722
257
372,465
360, 470
11,995

174,011
545
173,467
162,311
11,156

156,658
953
155, 705
138, 597
17,109

133,776
407
133,369
124, 676
8,694

125,605
299
125,306
119,068
6,238

159,938
449
159,490
152, 418
7,072

276,812
245
276, 567
268, 643
7,924

266,931
248
266, 684
258, 361
8,323

169,301
229
169,072
157,269
11,803

207,079
199
206,880
195,834
11,046

302,817
251
302, 566
290, 890
11, 676

252, 254
253
252,001
245, 658
6,345

497,869
197
497, 672
481, 522
16,150

72, 812
69, 794
3,018
71,858
69, 709
2,149

60, 572
57,466
3,105
57, 924
56,051
1,872

61,956
58,852
3,105
59,258
57, 359
1,899

61, 899
58, 804
3,096
59,112
57, 201
1,911

63,992
60,903
3,089
61,278
59,372
1,905

65, 277
62,198
3,079
62, 720
60, 796
1,924

65, 256
62,182
3,074
62, 766
60, 830
1,936

67, 207
64,139
3,068
64,844
62, 906
1,938

67,156
64,088
3,067
64, 544
62, 543
2,001

72,993
69,934
3,059
70, 584
68, 562
2,022

72,880
69,831
3,049
71, 039
68, 939
2,100

72, 982
69, 837
3,125
71,345
69,159
2,183

72, 855
69, 835
3,021
71, 575
69, 433
2,142

2.01

2.33

2.33

2.21

2.15

2.15

2.16

2.13

2.16

2.17

2.12

2. OS

2.08

3.19

3.34

3.36

3.37

3.35

3.34

3.33

3.31

3.31

3.32

3.27

3.23

3.20

2.76
2.76
do
2.88
Aa
2.88
do--__
3.14
A
3.14
4.01
do
Baa
3.96
By groups:
2.94
2.94
2.88
2.96
2.94
2.95
do
2.97
2.97
2.94
Industrials
2.93
2.90
2.87
2.87
do_.
3.09
3.07
3.09
3.08
3.02
Public utilities
3.13
3.13
3.12
3.07
3.05
3.06
3.00
3.01
4.02
3.92
3.98
3.95
3.97
4.03
3.86
3.78
do_._.
3.95
3.93
3.96
3.73
Rails
3.69
Standard and Poor's Corporation:
2.32
2.22
2.38
2.28
2.44
2.25
2.22
2.45
2.26
Domestic municipals (15 bonds).
do
2.21
2.27
2.20
2.20
U. S. Treasury bonds:
2.02
2 00
2.05
2.09
1.98
1.97
1.97
2.03
2.06
2.06
2.08
2.06
Partially tax-exempt..
.do
2.02
2.34
2.34
2.34
2.35
2.33
2.34
2.33
2.32
2.34
2.32
2.36
2.33
Taxable*
do
2.32
Stocks
Cash dividend payments and rates (Moody's):
Total annual payments at current rates (600
companies)
mil. of dol. 1,683.92 1,805.62 1,701.40 1, 675.01 1, 675.81 1, 646.14 1, 643. 75 1,645.97 1, 647. 36 1, 677.20 1, 682.83 1, 686. 26 1,-680. 77
938.08
938.08
938.08
938.08
938.08
Number of shares, adjusted
millions__ 942. 70
938.08
938.08
942. 70
942. 70
938.08
942.70
942. 70
Dividend rate per share (weighted average)
1.92
1.79
1.75
1.75
1.75
1.79
1.79
(600 companies)—.
dollars..
1.81
1.76
1.78
1.79
1.78
1.79
2.81
2.81
2.81
2.81
2.81
2.81
2.81
2.82
2.81
2.82
2.82
Banks (21 cos.)
do
2.82
2.82
1.75
1.71
1.70
1.70
1.79
1.76
1.93
1.72
1.69
1.71
1.71
1.71
Industrials (492 cos.)----do
1.71
2.69
2.69
2.69
2.69
2.69
2.69
2.64
2.69
2.69
2.64
2.64
2.64
Insurance (21 cos.)
do
2.64
1.75
1.74
1.74
1.73
1.73
1.74
1.75
1.74
1.75
1.75
1.77
1.74
Public utilities (30 cos.)
do
1.74
1.66
1.75
1.75
1.79
1.85
1.66
2.16
1.96
2.12
2.12
2.18
1.77
Rails (36 cos.)
_..
do
2.18
Dividend payments, by industry groups:*
340.5
143.4
118.3
'318.1
296.8
'390.5
' 142.0
312.8
155.7
'282.2
Total dividend payments
mil. of dol_.
'676.8
' 320.4
292.0
66.2
142.9
67.0
'189.5
128.1
135.9
219.5
' 101.6
'370.0
91.9
'61.6
Manufacturing
do
' 198.7
124.5
1.4
25.3
5.0
3.3
3.1
4.7
29.7
3.5
'55.6
1.7
Mining.
do
'23.4
'.8
3.0
3.4
25.4
15.4
16.7
3.2
3.8
25.5
15.7
44.5
16.2
Trade
do
22.1
5.9
14.9
8.5
21.0
47.7
47.3
26.6
8.3
53.9
26.2
74.2
'73.4
Finance.—
do
'16.3
28.1
46.0
1.4
9.3
12.2
12.5
'3.4
8.0
64.2
29.9
11.7
16.7
Railroads
do
'12.2
7.1
17.0
35.4
'27.8
36.9
44.3
32.1
47.2
34.3
'36.7
40.2
33.7
Heat, light, and power
do
'29.8
36.4
34.8
.1
12.5
46.5
46.9
.2
13.6
.1
14.3
46.9
46.0
Communications
do
'9.6
.1
46.6
1.9
7.3
5.0
4.5
2.8
27.8
1.1
8.7
5.6
2.6
Miscellaneous
do
'8.3
5.2
'2.0
Prices:
Average price of all listed shares (N. Y. S. E.)
47.2
48.2
51.1
44.6
46.6
45.3
42.6
50.6
56.1
52.6
62.1
59.0
Dec. 31, 1924=100-62.6
Dow-Jones & Co., Inc. (65 stocks)
35.54
33.12
35.46
38.37
32.92
34.20
36.00
38.81
38.81
40.73
42.78
44.64
dol. per share..
46.37
106.94
98.42
106.08
113.51
97.79
103. 75
107. 41
115.31
117.16
121. 52
127. 40
131.15
Industrials (30 stocks)
do
134.13
11.75
11.68
11.51
13.35
11.06
11.93
11.76
14.16
14.02
15.57
16.87
17.58
Public utilities (15 stocks)
..do
19.00
25. 63
24.29
26.19
28.65
24. 56
23.59
26.76
28.13
26.83
28.59
29.80
32.47
Rails (20 stocks)
do....
34.73
73.26
68.30
73.10
79.06
67.52
71.07
74.40
80.13
81.51
84.67
88.18
91.13
92.79
New York Times (50 stocks)
do
129.42
119.25
126.93
136. 56
117.45
125.05
128.65
139. 23
142.86
147.75
153.76
157.06
158. 43
Industrials (25 stocks)
do
18.71
17.35
19.26
21.55
17.59
17.10
20.16
21.03
20.18
21.59
22.61
25.21
27.16
Railroads (25 stocks)
do
Standard and Poor's Corporation:
6S.
2
74.2
63.2
68.3
69.4
63.3
66.1
75.2
75.9
79.7
84.8
88.2
91.3
Combined index (402 stocks) ,1935-39=100. _
70.6
64.7
70.5
71.6
76.5
68.2
77.2
64.8
78.5
82.3
87.7
90.8
93.7
Industrials (354 stocks)
do
71.5
66.3
71.0
71.8
77.6
69.0
77.3
67.8
77.7
81.1
86.1
89.0
90.1
Capital goods (116 stocks)
do
69.2
62.9
68.9
69.6
67.6
72.7
74.1
75.8
79.7
61.8
84.8
87.4
90.9
Consumer's goods (191 stocks) __.do
58.4
57.2
58.8
59.5
58.8
66.2
63.7
65.2
69.3
56.5
73.3
76.2
79.1
Public utilities (28 stocks)
do
62.9
60.3
65.4
66.7
59.0
73.0
72.7
69.3
73.7
77. 5
86.4
61.1
92.8
Rails (20 stocks)
do
Other issues:
67.9
62.5
70.5
74.1
60.4
66.3
75.7
73.1
74.2
77.9
84.7
89.7
Banks, N. Y. C. (19 stocks)
do....
92.6
Fire and marine insurance (18 stocks)
97.2
98.5
98.5
89.5
90.6
100.6
104.7
104.9
108.4
104.4
112.7
111.0
1935^39= 100 _. 114.8
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of doL. 1,012,679 272,889 265,455 273, 279 302,181 253,211 284,995 465,937 411,312 629,403 507, 440 614, 765 996, 931
12,625
12, 838
14,033
12, 553
15,381
24, 753
13, 613
22,053
33,651
28,067
38, 457
63,006
Sharessold
thousands.. 58, 703
On New York Stock Exchange:
Market value
thous. of doL. 869, 343 226,187 226,102 232, 947 238,535 214, 217 241, 517 400,475 352, 283 536, 509 432, 974 527, 643 861,091
9,932
9,685
10,964
9,489
11,903
10,079
19, 610
21, 682
17,310
25,160
48,026
Shares sold
thousands. . 44, 673
29,388
Exclusive of odd lot and stopped sales
8,374
7,589
7,229
7,466
7,387
15,933
9,450
13,437
18,032
(N. Y. Times).
thousands.- 33, 554
19,313
36,997
23, 434
Shares listed, N. Y. S. E.:
34,872
35, 605
32,914
33,419
34, 444
37,738
31,449
38,812
37,374
Market value, all listed shares
mil. of dol_. 46,192
41,411
45,846
43, 539
1,471
1,469
1,471
1,471
1,471
1,469
1,470
Number of shares listed
millions..
1,471
1,471
1,470
1,469
1,469
1,470
' Revised.
•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 obnds; the 23^-percent bonds of 1962-67, 2^-percent bonds of 1963-68, and 2^-percent bonds of 1964-69 are excluded because of restrictions on their purchase and negotiability. The series on dividend payments has been
revisedd because of certain
c
shifts in the industrial classifications, principally a shift of leased railroad lines from "railroads" to the "finance" group. Revised data for January
1941-February 1942 (March 1942 figures are in the May 1943 Survey) will be published later. For a description of the data see pp. 26-28 of the November 1942 Survey.




2.83
2.98
3.30
4.26

2.85
3.00
3.31
4.27

2.85
3.01
3.31
4.33

2.83
2.99
3.28
4.30

2.81
2.99
3.27
4.28

2.80
2.98
3.26
4.26

2.80
2.95
3.24
4.24

2.79
2.94
3.24
4.25

2.81
2.96
3.23
4.28

2.79
2.93
3.20
4.16

2.77
2.89
3.17
4.03

S-21

SURVEY OF CURRENT BUSINESS

June 1943
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

April

1943

1942

1943
April

May

June

July

August

September

October

Novem- December
ber

January

February

March

FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Yields:
Common stocks (200), Moody's
percent..
Banks (15 stocks)
do
Industrials (125 stocks)
do
Insurance (10 stocks)
do
Public utilities (25 stocks)
do
Rails (25 stocks)
do
Preferred stocks, high-grade (15 stocks),
Standard and Poor's Corp
percent._

4.8
4.1
4 5
3 9
5.8
6 6
4.08

7.8
6.1
7.7
5.3
8.9
8.3

6.9
5.7
6.7
4.9
8.2
7.8

4.52

4.48

6.6
5.6
6.4
4.8
8.4
7.8
4.40

6.4
5.5
6.1
4.7
8.2
7.7
4.32

6.3
5.1
6.0
4.7
8.0
7.5

6.1
4.9
5.8
4.5
7.9
7.3

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
8.6

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
6.8

4.27

4.27

4.23

4.23

4.19

4.17

4.10

4.08

Stockholders (Common Stock)
639,152
5,214
205, 259
1,374
164,039
2,580
24.90

American Tel. & Tel. Co., total
number
Foreign
do
Pennsylvania R R Co total
do
Foreign
'
do
U S. Steel Corporation, total
do
Foreign
do
Shares held by brokers
percent of total

641,301
5,184
205 405
1,367
163,754
2,577
24.88

642,631
5.159
205,965
1,360
163,296
2,577
25.45

645,084
5,150
207, 541
1,354
163, 586
2,573
25.20

FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity
1923-25=100
303
Value
do
Unit value
do
Imports for consumption:
Quantity
do
86
Value . . .
do .
do
Unit value
VALUE!
Exports, total inch reexports
thous. of doL. 1,135,710
Exports of U. S. merchandise_ _.
do __ 1,126.957
265, 856
General imports
do
Imports for consumption
. .
. d o . . . 275, 711

205
185
90

153
139
91

183
165
89

195
168
86

185
P3

215
191
89

225
206
92

?08
200
%

?41
226
Q4

186

180

246

95
70
73

78
58
75

86
63
73

86
66
76

78
57
74

84
62
74

95
70
74

79
59
74

166
127
76

77

77

83

695,355
687,658
234,085
222,819

525,116
519,168
190, 592
186,428

618,092
612,699
214,919
205,024

626,806
621,895
214,384
210, 257

466
124
432
759

718,187
712,135
195,689
199, 221

776,036
768,912
199,392
224,012

226
994
280
345

698, 245
691,975
228,388
245,827

850
?11
293
288

930, 661
916, 541
248, 470
263,171

694,
688
184,
191,

749
743
173,
193,

623
806
745
555

1853
1844
1356
1405,

678
671
234
245

TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Commodity and Passenger*
Unadjusted indexes:
191
174
203201
203
198
185
187
196
180
167
193
Combined index, all types
1935-39=100. _
180
209'
'207
'196
211
203
206
192
172
191
186
201
Excluding local transit lines
do
169
195
193
195
184
175
178
179
Commodity—
_
do
181
202
192
190
160
230
'228
226
209
207
189
168
Passenger
do
217
207
181
202
192
311
'304
286
255
211
233
Excluding local transit lines
do
302
276
284
284
By types of transportation:
'303
'319
302
'376
351
337
343
326
349
Air, combined index
_
..do
381
287
'444
'514
'474
438
349
520'
431
406
303
324
311
Commodity
do
372
332
286
236
301
270
Passenger
..do
224
298
270
263
337
296
Intercity motor bus and truck, combined
222
225
226
'218
207
218
191
176
175
220
201
index
1935-39=100..
217
210
218
165
224
216
216
199
180
174
211
185
For-hire truck
.do
200
207
'244
246
235
240
232
227
183
Motor bus.
_._
do
273
250
227
252
134
165
162
149
162
160
137
134
135
142
147
134
Local transit lines
do
162
152
160
••156
134
128
145
'155
129
135
141
132
Oil and gas pipe lines
do
229
218
197
231
230
221
212
211
202
185
224
209
Railroads, combined index__
.do
215
209
196
216
221
209
197
198
185
195
214
203
Commoditydo
289
205
342
'336
296
314
339
317
234
184
304
256
Passenger
do
84
84
'35
33
'29
86
77
81
85
Waterborne (domestic), commodity..do
77
65
42
Adjusted indexes:
'209
194
194
210
195
184
172
190
195
175
187
Combined index, all types
do
177
218
'216
200
189
178
200
197
202
202
181
192
183
Excluding local transit lines
do
201
200
186
183
174
187
176
185
Commodity
.do
178
187
191
187
237
'236
224
185
163
203
172
218
194
210
218
175
Passenger. _
do
335
'328
303
229
205
271
221
295
248
285
307
Excluding local transit lines
do
219
By type of transportation:
'431
'348
'390
400
313
323
356
287
353
316
261
296
Air, combined index
do
'519
503
'481
'454
421
451
325
308
407
316
372
Commodity
_
do
333'
329
373
236
321
277
258
293
251
225
245
Passenger
do
Intercity motor bus and truck, combined
226
235
239
233
211
196
201
210
183
180
184
index
1935-39=100.
212
219
225
209
208
225
189
196
201
178
165
178
For-hire truck-_
do
271
'289
285
232
247
245
211
216
227
Motor bus
do
198
218
207
154
159
159
156
149
147
145
149
147
Local transit lines
do
129
132
139
148
149
142
154
150
149
151
140
146
132
132
135
Oil and gas pipe lines
do
211
214
214
234
221
221
236'.
208
216
192
201
202
Railroads
_.
...do
205
201
220
220199
210
205
204
206
191
199
199
Commodity
do
264
318
'345
361
328
340
307
238
294
197
216
225
Passenger
do
62
67
'73
69'
'66
64
61
57
84
67
57
Waterborne (domestic), commodity..do
Express Operations
14,295
12, 922 13,319
14, 773
18,071
12,134 12, 312 12,168 12,170
14, 306 15, 363
12,106
Operating revenue
thous. of dol.
68
67
76
61
56
153
157
Operating income
do
78
77
72
Local Transit Lines
7. 8060 7. 8060 7. 8060
7.8060
7. 8060
'. 8060 7.80G0 7. 8060 7. 8060 7. 8060 7. 8060 7. 8060
Fares, average, cash rate
cents
7.8060
Passengers carried§
thousands-. 1,220,211 1,005,945 1,031,013 1,023,544 1,033,348 1,037,054 1,059,727 1,152,868 1,100,451 1,254,329 1,239,428 1,147,971 1,254,163
93, 600 87, 326 93, 720.
72, 668 75, 512 "6,494 77,400
78, 399 78, 782 85, 257
Operating revenues
_.
thous. of dol
81,356
94, 248
' Revised.
i Figures overstated owing to inclusion of an unusually large volume of shipments actually exported and imported in earlier months.
{Data revised for 1941; for revised 1941 monthly averages see note 2 on p. S-20 of the April 1943 Survey. Revised monthly data available on request.
§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.
*New series. For data beginning 1929 for the transportation indexes see pp. 26 and 27, table 5, of the May 1943 issue.




SURVEY OF CURRENT BUSINESS

S-22

Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1942 Supplement to the Survey

June 1943

1943
April

May

July

June

August

1943
September

October

Novem- December
ber

January

FebruMarch
ary

TRANSPORTATION AND COMMUNICATIONS—Continued

I

TRANSPORTATION—Continued
Class I Steam Railways
Freight carloadings (Federal Reserve indexes):
Combined index, unadjusted... 1935-39=100..
Coal
f.
do....
Coke
do
Forest products
.
do
Grains and grain products
do
Livestock
_.
do
Merchandise, 1. c. 1
do
Ore
__do-...
Miscellaneous
do
Combined index, adjusted
do...Coal
do
Coke...
do
Forest products
do
Grains and grain products
do
Livestock
.
do
Merchandise, 1. c. 1
do
Ore
_._
do
Miscellaneous
do
Freight-car loadings (A. A. R.): 1
Total cars
thousands. _
Coal.....
.do
Coke
.do
Forest products
.
do
Grains and grain products
do
Livestock
.
do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
.do
Freight-car surplus, total
.do
Box cars
.
.
do
|
C oa 1 cars
do
j
Financial operations:
i
Operating revenues, total-. ___-thous. of dol.J
Freight
do.. ..I
Passenger
.
do !
Operating expenses
do
Taxes, joint facility and equip, rents... do
Net railway operating income
do
Net income
do
Operating results:
Freight carried 1 mile
mil. of tons..
Revenue per ton-mile
cents..
Passengers carried 1 mile ________ .millions..
Financial operations, adjusted:
Operating revenues, total
mil. of dol. _I
Freight
do
Passenger
_.
do
Railway expenses
__do
Net railway operating Income
.do
Net income
do \
Waterway Traffic
j
Canals, New York State.-thous. of short tons__|
Rivers, Mississippi (Gov. barges only)...do
!
Travel
j
Operations on scheduled air lines:
Miles flown
thous of miles ..
Express carried
thous. of lb__
Passengers carried
number
Passenger-miles
flown
thous. of miles. .
Hotels:
Average sale per occupied room
dollars. .
Rooms occupied
percent of total-.
Restaurant sales index
1929=100-.
Foreign travel:
U. S. citizens, arrivals
number..
U. S. citizens, departures
do
Emigrants
do
Immigrants
do
Passports issuedcf
do
National parks, visitors
do
Pullman Co.:
Revenue passenger-miles
thousands _
enues
thous. of dol._
COMMUNICATIONS
Telephone carriers:J
Operating revenues
thous. of dol..
Station re venues..
do
Tolls, message
do
Operating expenses
do
Net operating income
do
Phones in service, end of month_thousatids 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 .
d

132
133
183
138
124
105
63
106
143
141
158
208
138
145
118
62
205
142

136
135
176
159
100
90
81
218
142
143
160
200
159
117
101
80
289
141

138
139
181
161
62
303
144
143
164
197
155
115
98
62
289
142

I
i
|
i

i
i
j
|

139
135
179
165
111
81
60
318
145
141
160
199
159
113
103
60
183
144

3,136
666
59
169
173
58
397
95
1,519
35
16

3,351
4,171 | 3,386
645
661
830 i
56
57
70 '
196
204
245 j
141
154
174 j
50 j
45
62 i
525 j
492 !
378
235 !
420 I 359
1,503 | 1.878 | 1,528
50
82
70 I
28 i
42 !
55
* 12:
10 i
9
i
j
748, 798 572,530 I 001,002 i623, 687
1
570,136 468,000 487,982 i501,343
127, 915 66.116 I 74,345 i 82, 268
442,149 366,756 I 375,440 378, 472
179, 590 104,278 ! 115.933 126, 484
127.059 101,596 I 109,628 118,731
57, 890 I 63,668 77,691
53.631
58,517
. 937
. 900
3,427 ] 3, 822
584.2
474.8
71.3
471.5
112.7
70.3

! 617.8
i 499. 4
j 81.0
486. 5
j 131. 2
i 87.9

201 '
206 !

11,340
2,884
428,153
158,218

401
251

142
132
177
173
138
76
57 j
325 j
148
142
155
205
172
95
90
57
180
149

I

152
136 !
142
175 !
184
173 I
167
129 i
139
100
135
57
57
304
308 i
162
152 !
136
143 I
135
154 !
188
208 I
154
165 •
126
106 !
102
106 ;
55
57 |
174
176 |
146
152 j
4,351 j 3, 504
3,322
661
825 i
605
69:
56
54
270 :
199
203
228 j
188
194
68 !
71
40
449 !
347
346 |
440 !
336
363 J
2,001 ; 1,617
1,517
59 i
43
71
40
40 I
"4

665,182
533, 086
91,939
390. 477
141,703
1 133, 001
! 89, 032

57,304 i 60,713
.931 i
4,238 j
627.4
508.6
79.4
499.5
127.9
84.2

642, 8
519.4
82.0
518.7
124.0
79.2

462
225

584
257

144 i

150
138
180
158
139
169
58
260
163
133
121
180
149
130
110
56
221
144

!
!
!
!
1
j
1
i
I

140
139
186
138
123
144
59
206
150
134
125
176
140
126
114
58
221 I
144 I

126
132
193
122
130
113
56
59
135
134
116
177
137
143
117
59
210
146

124
135
193
117
138
98
55
50
132
135
119
161
130
157
102
57
202
149

62,405 ! 51,934 I 66 019 60,464
58, 356
.917 ; • 941 I
.946 .939
.967
6,314
5,500
I
5
508
5,663
5,395 i
! 662. 6
660.8 ! 722.5! i 708.4
668.9 I 517. 9
551. 0
501.9 I 553.5
534.2 I 100.4
113.0 1 120.4 ! 109.2
92.3 I 534.7
563.2 ! 553.6
533.3
I
539.3 I 127.9
127.5 j 159.3 ' 154.9
129.5 ! 81.8
80.9 I 120.3 ! 109.3
84.6
544
196

436
222

8,079
8,451
8,099
7,353
10, 847
8,408
3,097
3,927
4,375
3, 534
3,076
4,341
369,776 240, 916 262, 715 283,145 273,022 273,162
144,947 109, 253 116,104 127, 393 125, 327 128,329

3.86
83
156

3.64
71
121

3.26
72
121

3.43
71
128

3.45
69
125

3.74
75
143

12, 772
32, 270

7,298
6,807
462
1,699
7,923
94,192

7,569
11,145
389
1,673
7.880
137,187

7,459
5,147
585
2,593
16,244
221,697

9,263
4,935
419
2,195
15,042
342,043

7,031
5,005
344
1,932
11,635
330,540

10,393
4,400
423
2,336
19,128
210,020

1,380,255 11,445,506 1,496,048 1,471,500
7,784 I 8,092
8,509
8,903

9,638

131, 727 133,076 134,216 135,652 135,328
80,264 80,070 80,078
79,415
78,897
40,207 41,616
42, 379 44,579
44,666
84,372 85,655
86,439
85,542 89,370
21, 596 22, 264 22,167 21,339
22,632
21, 941 22,048
21, 702 21,815
21,888

130
144
189
133
131
92
62
56
138
136
140
182
133
152
117
61
216
141

3,073
3,056
4,512 ! 3,236 I 2,834 ! 3,531
612 I
790 I
649 j
706
705 ,
837 I
57
75 !
57
60
60 i
71 i
148
172
164 i
164
160 :
244 I
176 .
237
168 i
187
203 !
247 I
63 !
66
78 !
52
51 !
118 j
340 I
389
421 I
356 !
370 !
460
66
!
63
71
j
230
i
5
5
;
373 j
2,162 | 1,534 i 1,371 I 1,698 ! 1,453 ! 1,452
68
35
67 j
53 i
41 I
30 !
35 !
15
35 i
28 I
19
17 :
20
!
20
|
14
!
9
5 i

683, 807 ! 697, 792 , 745 534 j 690,108 i 702, 995
671, 334
537,412 j 546,791 587 612 534,762 I 531,918 514, 316
971
119,151 111,725
103,463 ! 104,
104,971
10S 322 108,060 '
399, 292 i399,
399,706
706 410 430 I 406, 389431,873 424, 201
149,250 !143. 455 144,439 134, 770 100, 271 141, 829
135,264 |154,632
148.949 • 170,851 105, 304
184,715
89,243 !105,190 j 135]
62, 980
538 111,310 1 137,101

461
247

130
145
189
129
142
90
58
48
137
141
127
154
135
170
113
61
193 i
153 ;

451 I
140 I

58, 929
.934
5,914

663,534 ;756,251
513,191 i585, 252
107,224 121,448
408,459! 449, 440
148,942 177,163
106,133 129,647
61,819
58,102
.943
5, 668

710.4 i
553.8 '
107.5
576.6
133.8
92.0
r

64, 686

743. 7
576. 1
117. 6
591. 0
152. 8
111. 2

739.9
560.4
129.5
615.9
124.0
82.4

I
7,508
7,585
3,600
3,619
208, 380 233,049
101,411 110,983

8,127
4,320
265,175
124, 256

0!
103

7,777 ! 7,292
3,974 i 3,634
240,705 202,623
112,488 96,308
3.79
79
137

3.56
74
132

3.60
81
131

3.66
82
136

3.56
83
140

7,902
5,190
463
2,147
14,667
76,659

7,474
5,077
563
1,915
11,173
51,976

8 995
5 152
460
1 837
8,247
11 865

6,442
4,879
398
1,782
11,628
13,211

6, 969
5,527
480
1, 504
12, 679
14, 638

7,285
5,178
336
1,815
12,178
17,751

10,169

10,444

306,714 1,869,952
10,052
10 080

11,018

1,849,643
10,151

138,015
80,413
45,680
87,832
22,846
22,146

142,864
82,507
48,161
89,260
20, 337
22, 284

C.70 I 3.73
78 I
80
134 ! 135

140,447 146,483 146,688
81, 576 82,891
83,610
46,566 50,766
50,274
87,940 97,411 90,310
24,310 21,588 21,197
22,400 22, 544 22,835

13,587
12, 553

13,877
12,824

14,398
13,151

14,375
13,296

14,282
13,254

14,617
13,600

14,956
13,875

14,250
13,151

661
1,035
11,188
1,088
572

658
1,053
11,639
905
380

678
1,248
11,718
1,216
787

709
1,080
11,967
958
454

712
1,028
11,932
1,031
501

755
1,018
11,912
1,384
946

819
1,082
12,179
1,336
812

863 I 1,104
1,099 I 1,303
11,625! 13,182
1,237
1,927
947
658

1,032

1,108

1,204

993

961

1,007

15,970 114,253 1 13,663
14, 667 113,138 1 12,729

1,184 I

1894
11,115
111, 762
1 535
-«199

1

793
1934
1 11,111
1618

1,092 1,033

r Revised.
Deficit.
<f Includes passports to American seamen.
JData for May, August, October 1942, and January 1943 are for 5 weeks; other months, 4 weeks.
t1 Data for 3 companies operating outside of United States, included in original reports for 1943, are excluded to have all figures cover the same companies.
Owing to changes in accounting system, 1943 figures are not comparable with earlier data above; available 1942 data on new basis are as follows: Operating revenuestotal, Jan., 13,083; Feb., 11,952; telegraph carriers, Jan., 11,914; Feb., 10,980; Western Union cable operations, Jan., 620; Feb., 565; cable carriers, Jan., 1,169; Feb.. 972: operating
expenses (no comparable data); net operating revenues—Jan., 886; Feb., 667; 1942 data shown above for the latter item are operating income.




S-23

SUKVEY OF CURRENT BUSINESS

June 1943

Monthly statistics through December 1941, to- | 1943
gether with explanatory notes and references to the sources of the data, may be found in the April
1942 Supplement to the Survey

1942
April I May

June

July

Ai^nct
August

1943
Se

P-

tember

October

Novem- December

ber

January

February

March

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Methanol, prices, wholesale:
0.62
Wood, refined (N. Y.)
dol. per gallon..
.28
.28
Synthetic, pure, f. o. b. works
do
41,045
Explosives, shipments
thous. of lb_. 38, 588
Sulph ur production (quarterly):
Louisiana
long tons..
Texas
do
Sulfuric acid, price, wholesale, 66°, at works
16. 50
16.50
dol. per short ton..
FERTILIZERS
Consumption, Southern States
800
thous. of short tons..
Price, wholesale, nitrate of# soda, crude,
1.650
f. o. b. cars, port warehouses ..dol. per cwt__ 1.650
44,994
Potash deliveries
short tons.. 61,310
Superphosphate (bulk):f
431,634
Production
do..-..
Stocks, end of month
do
730,135

0.58
.28
40, 545

0.58
.28
42,101

0.58
.28
40,409

0.58 I
0.58
.28 f
.28
41,709 | 42,571

163,810
774,706
16.50

16. 50

287

148

1.650
29,714

1.650
62,959

440, 685
760,761

453,095
915,172

0.58
.28
41, 407

0.58
0. 58
.28 |
.28
41,477
30, 626

148,570
739,665
16.50

0.58
.28
35, 282

16.50 !

0.58
.28
39, 337
139, 505
525,106

147,850
645,380
16.50

66

0.58
.28
33, 392

16.50

16.50

16.50

200

221

340

1,006

1,325

1,281

1.650 i 1.650
56,439 ! 59,846

1.650
54,855

1.650
67,876

1.650
'61,637

1. 650
56,586

1.650
64, 616

445, 603 501,592 \r 574, 721 -554,067 ' 547, 576 571,360 577,842 577, 281
1,067,747 1,070,785 |-1,296,529 '1,271,890 1,197,472 1,148,688 1,431,446 ,025,992

611,773
843, 764

1.650
59,224

1.650
59,371 |

169

NAVAL STORES
Rosin, gura:
Price, wholesale " H " (Savannah), bulk
3.50
2.89
2.95
2.91
dol. per cwt__
2.82
3.10
3.30
3.50
Receipts, net,3ports
bhl. (5001b.).. 13,437
16,353
21,686
35,415
18,449
26,872
24,713
18,922
253,134 239,817 245,086 237,420 229,436 245,937 250,079 263, 434
Stocks, 3 ports, end of month
____do
Turpentine, gum, spirits of:
.64
.59 !
.55
Price, wholesale (Savannah)t---dol. per gal._
.55
.57
.60
4,550 I
10,421
Receipts, net, 3 ports
bbl. (50 gal.)... 5,892
6,554
8,021 I 11,466
9, 290
6,474
54,
095 17,010 i 17,758 I 22,817 ] 32,164
39, 821 45,705 ! 49,525
Stocks, 3 ports, end of month
do
OILS, FATS, AND BYPRODUCTS
i
Animal, including fish oils:
Animal fats:t
Consumption, factory
thous. of lb__ 111,060
379,256 104,890 120, 265 137,997 ! 136,624
223,448
Production
do
699, 673 247,889 213,963 220,217 223,747
308, 448
Stocks, end of month
do
365, 870 393, 452 3G8,527 311,526 j 289,743
Greases:J
59, 857
Consumption, factory
do
135, 020 39,945 j 46,245
42,549 I 51,239
46, 031
Production
do
141,187
46,259 ! 41,313
42,086 ! 45.084
81,186
Stocks, end of month
do
102,044 106,004 1 107,787 104,028
96. 432
Fish oils:?
15, 326
Consumption, factory
do
i 42, 798
16,067 14, 570 15,319
14,496
1,169
Production
do
i 11, 713
10, 342 27, 575 27,291
20,895
195, 551
Stocks, end of month
do
160,540 162.869 178,219 178, 247 207,131
Vegetable oils, total:J
313
Consumption, crude, factory
mil. of lb_.
i 744
212
266
342
210
321
Production
do
» 710
212
333
214
432
Stocks, end of month:
923
Crude
do
i 761
726
764
729
834
445
Refined
do
i 521
373
312
299
458
Coconut or copra oil:
Consumption, factory:|
Crude
thous. of lb.
i 35, 085 9, 316 10,026 I 7, 352
8, 058
3,690
Refined
do
i 12, 995 3, 294
2, 259
5,218 I 2, 742
Production:
(a)
9,111
i 17, 740
Cru de t
d o _ _ . 14, 951
3,454
i 13,512
4,289 j 1,822 | 2,370
Refined
do
3,715
Stocks, end of month:\
174,833
Crude
do
126,087 129, 703 128, 602 12], 262 126, 739
4,149
Refined
do
i 10,017
6,988
9,325
7,243
8,141
Cottonseed:
213
Consumption (crush)
thous. of short tons..
223
86
143
64
93
529
738
Receipts at mills
do
23
25
26
157
1,085
1,635
28
Stocks at mills, end of month
do
118
296
179
145
701
1,598
82
Cottonseed cake and meal:
Production
short tons.. 93, 988
96,969
38,825
60,675
32, 083 40, 845 224, 921 330,025
37. 431 312,038 286,938 249,452 190,100 133, 495 146; 533 134,136
Stocks at mills, end of month
do
Cottonseed oil, crude:
Production
thous. of lb_. 68, 247
71,931
46,042
27,866
21, 532 28, 233 161, 748 232, 888
89,472
Stocks, end of month
do
105, 456 81,838
49,901
34,460
27, 907 90, 601 133, 726
Cottonseed oil, refined:
112, 241
Consumption, factory J
do
232,482
90,054
99, 522 129, 952 135, 377
In oleomargarine
do
11, 883 10, 235 10, 352 10, 400 11,312
13,487 ' 15, 612
Price, wholesale, summer, yellow, prime
.140
(N. Y.)
dol.perlb.140
.141
.138
.139
.136
.140
.137 I
Production
thous. of l b . . 89, 836
98,801
72,844
53, 735 36,328
32,942
80, 512 169,490
299, 847 399,053 394,533 369, 205 310,191 230, 569 199,396 201,427
Stocks, end of month
do
Flaxseed:
Duluth:
Receipts
thous. of b u . .
104
129
4
56
241
517
2,646
2,438
Shipments
do
173
105
233
455
566
236
2,398
750
Stocks.
do
904
925
527
423
379
2,304
Minneapolis:
Receipts
do
633
490
1,311
585
447
5,438
5,678
5, 564
Shipments
do
113
144
130
90
483
164
465
554
Stocks
do
2,120
835
2,734
1,078
468
868
2,780
826

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

.64
6,047
51,913

.64
6,806
55,900

.64
2,102
57, 627

.63
1,105
55, 071

.64
1, 548
51, 321

108, 682 114,466
255,989 290,597
286, 358 306,055

114,315
263,560
295, 350

110, 671
237, 931
298, 988

118, 521
210,021
290, 458

41, 333 44,716
50,942
45,693
104,916 108,570

49,935
45, 599
107,104

57, 593
45, 136
96, 683

61,067
45, 023
87, 460

11.568
23, 845
208, 237

16,549
15, 373
215,619

13,164
6,420
204, 804

13, 890
4, 304
204, 704

12,483
736
197, 053

355
419

362
416

332
402

339
359

344
352

884
354

914
407

922
438

936
438

967
446

7, 639
2,151

7,442
3,900

6,132
3,922

7,117
3,423

7,422
3,859

5,208
2,684

7,472
4,293

8,362
2,675

8,924
3,434

17,712
3,068

138,142
7,243

134, 971
6, 415

136,684
5,109

146,491
4,732

161,712
4,188

714
833
1,714

652
340
1,401

528
178
1,049

397
107
759

332
61
483

317, 338
117,778

291,922
92,672

234,952
75, 866

176, 317
58, 800

146, 393
39,853

217,103
157, 849

200, 882
157, 212

165, 824
153,873

123,138
140, 655

104, 833
116, 640

119,374
19, 126

137,469
21,035

132, 710
30,050

145, 702
26,132

134, 575
25,187

.140
181, 960
254, 713

.140
185,433
300, 519

.140
151,406
327,618

.140
134, 595
318, 380

.140
119, 766
318,303

828
1,695
1,437

366
887
916

24
0
940

1,320

744
110
2,269

581
186
1,865

1

252
2,535

10
0
972
627
165
If 2

1,265
305
871

1

r
Quarterly data. Data compiled monthly beginning July 1942.
Revised.
° Not available.
•Price of crude sodium nitrate
in 100-pound bags, f. o. b . cars, Atlantic, Gulf, and Pacific port warehouses. This series has been substituted beginning 1935 for the series
J
...,„,„ "
. . .
.
.
,
..
..
, - r data for 1935-36 and all months of 1937, see note

i the April 1943 Survey; revisions for all other
series were minor and are available on request.
tRevised series. The turpentine price shown beginning with the Aprilil 1943 Survey
Sur
is the bulk price; data shown in earlier issues represented price for turpentinie in
barrels and can be converted to a comparable basis with the current data b
d d t i 6 cents. Superphosphate is reported on a revised basis beginning September 1942,
by deducting
1942,
ll k
f t
h h t
iincluding
ldi
T
covering all
known manufacturers
off superphosphate,
Tennessee.ValleyJAuthority;
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, 94 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 earlier Surveys on a 16 percent
basis can be converted to 18 percent by multiplying by 0.8889.




S-24

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
April

June 1943

April

June

May

July

August

1943
September

October

Novem- December
ber

January

February

March

CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Con.
Elaxseed—Continued.
Oil mills:!
Consumption
thous. of bu_.
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, factoryt-do—
Price, wholesale (N. Y.)
dol. per lb_.
Production!
thous. of lb_.
Shipments from Minneapolis
do
Stocks at factory, end of month.
.do
Soybeans:
Consumption!
__.thous. of bu..
Production (crop estimate)
do
Stocks, end of month
do
Soybean oil:
Consumption, refinedf
thous. of lb_.
Price, wholesale, refined, domestic (N. Y.)
dol. per lb_.
Production:
Crudef-.-_.thous. of lb_.
Refined
.do....
Stocks, end of month:
Crude
do....
Refinedf
do....
Oleomargarine:
Consumption (tax-paid withdrawals)t--do
Price, wholesale, standard, uncolored (Chicago)
dol. per lbProductionf
thous. of lb._
Shortenings and compounds:
Production
thous. of lb_.
Stocks, end of monthf
do
Vegetable price, wholesale, tierces (Chicago)
dol. per lb_.

3,264
3, 584
3.21

2.62

46, 320

12, 526
i 3,965
2.54

2.58
25, 840

44, 375
.15:
.141
62, 298
"
237600
39, 360
263, 561

23,440
1

151,183
.139
.141
1241,015
"36"666' 22,100
1225,615

3, 981
4,197
2.46

3,899
5,467
2.40

3,778
10, 347
2.43

4,445
11, 938
2.46

3,993
11, 254
2.43

3, 817
11, 682
2.56
2 40, 660

3,713
9,006
2.76

3,582
6, 746
2.97

3,383
4,910
3.17

31,440

34, 200

54, 640

47, 240

56, 820

64, 740

60, 660

45,180

44, 100

46, 826 44, 407 46, 726 44, 383 40,198 40, 879 37, 820 41, 558 46, 320
.137
.136
.134
.131
.127
.129
.134
.153
143
76, 782 76, 308 72,023 84, 785 77,045 73, 569 71, 780 69, 346 63, 214
27,900
21, 850 22, 750 24, 850 25, 560 27, 780 26, 280 28, 560 38,100
211,087 230, 252 242, 879 273,101 291, 212 297, 244 289, 245 278, 601 288,551

14,892

i 18, 497

6,595

6,218

6,081

12, 215

13., 066

i 11, 624

10, 244

5,931

1,120

25, 213

35, 356

10,058
2 209,559
34, 938

12, 293

26, 230

31, 353

28, 782

28, 325

123, 400

42,629

58, 478

63,940

60, 393

49, 691

53,608

62,320

80,168

95, 622

.135

.135

.135

.137

.138

.138

.138

131,833
105, 341

167,945
147,269

59,843
48,061

57, 413
62, 407

55, 389
60,879

64,451
55, 435

75, 393
58,061

92, 326 109, 704 107, 739 115,321
65,414
96, 989
89,103
73,875

126, 332
84, 221

i 78, 719
i 76,098

78, 350
73,099

68, 896
67, 761

52, 456
55,134

51, 364
51, 234

62, 268
51, 476

83, 416
57,080

99,156 108, 735 126, 507
63, 545 69, 995 73, 753

89, 614
.135

.165

.135

26, 760

23,081

23, 099

22, 535

24, 379

29, 537

35, 403

39, 371

42,151

53,311

50, 984

57, 482

.150
28, 659

.150
27,611

.150
27,143

.150
29, 383

.150
38, 495

.150
39, 604

.150
46,283

.150
47, 635

.150
42,099

.150
61, 984

. 163
62, 982

.170
70,045

1246,304
63,208

95, 477
56,823

125, 918 158,107 130, 336
50,953
43, 583 41,142

134, 111
44, 603
.165

8,145

96, 229 117,915 119, 748 124, 958 134, 785
37,853
42, 648 43, 230 41, 285 38, 272

.170

.170

.165

.165

.165

.165

.165

.165

.165

.165

.165

.165

161
51

193
49

173
32

103
29

117
36

147
33

100
45

77
37

104
33

114
45

261
466

260
594

268
517

235
406

219
385

196
410

177
456

153
394

154
360

123
42
234
590

50, 530
44, 849
19, 009
25, 840
5,681

49, 204
44,141
18,140
26, 000
5, 064

43, 982
39, 513
17, 082
22,430
4,469

42, 221
37, 987
17,173
20, 813
4,234

41,106
36, 935
16, 748
20,187
4,170

43, 028
37, 782
17, 243
20, 540
5,246

190
481
44,122
39,186
17, 906
21, 280
4,935

104
34
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

46, 985
42, 710
19,897
22,812
4,275

PAINT SALES
Calcimines, plastic and cold-water paints:
Calcimines-..
thous. of doLPlastic 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_,
By source:
Fuel
do
Water power
do
By type of producer:
Privately and municipally owned electric
utilities
mil. of kw.-hr-Other producers
do
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 powert
do
Street and highway lighting..
...do
Other public authorities^-do—
Railways and railroads..
do
Interdepartmental
do
Revenue from sales to ultimate customers
(Edison Electric Institute)
thous. of dol..

17, 226

14, 588

14,991

15,182

16, 005

16, 262

16,114

16, 753

16, 459

17, 681

17, 651

16,110

' 17, 829

10,473
6,752

8,979
5,609

9,632
5,360

9,831
5,352

10, 877
5,128

10, 946
5,315

10, 895
5,219

11, 244
5,509

10, 726
5,733

11, 571
6,110

11, 255
6,396

10, 220
5,890

' 11, 205
6,623

14, 824
2,401

12, 949
1,639

13,326
1,665

13, 394
1,788

14, 047
1,958

14,047
2,214

13, 804
2,310

14, 282
2,470

14, 086
2,373

15,237
2,444

15,170
2,481

13, 936
2,174

15, 377
' 2,451

12, 536
2,139
206

12,487
2,047
216

12, 670
2,025
270

13,166
2,053
335

13, 650
2,104
386

13,712
'2,156
355

13,970
'2,223
269

14,097
'2,342
197

14, 747
2,522
187

2,156
'6,977
158
'305
525

2,124
'7,062
143
'305
520

2,160
'7,194
132
'313
509
66

2,247
'7,471
137
'333
522

2,328
'7,716
151
'376
522
66

2,322
'7,724
157
'384
523
92

2,272
'7,946
185
'396
560
118

2,308
'7,938
197
'402
568
144

2,366
8,188
216
439
671
158

227, 610

225, 602

227, 057

232, 460

238,059

240, 253

243,094

246, 749

255, 711

10, 463
9,621
359
470
38,161
16, 875
7,722
13, 280

10, 544
9,694
372
466
34, 873
16, 534
5,296
12,794

10, 542
9,706
359
466
31, 983
17,125
2,604
12,035

10, 608
9,785
344
467
30, 383
16,475
1,719
11, 919

10, 656
9,830
348
466
29, 608
15, 954
1,344
12,105

10, 688
9,850
366
464
31,100
17,191
1,418
12, 267

10, 667
9,819
387
450
34,926
18,152
3,296
13,195

10, 641
9,793
394
445
38,572
16, 387
8,133
13, 725

10, 711
9,852
404
447
46,128
17, 517
13, 635
14, 561

10, 538
9,708
369
453
46,954
19, 082
13,033
14, 437

34, 286
21, 574
4,881
7,649

33,143
22,407
3,083
7,506

31, 245
22, 210
1,918
6,996

30, 202
21, 740
1,332
7,007

29, 656
21, 375
1,119
7,023

31,196
22, 574
1,316
7,178

33, 978
23, 576
2,571
7,667

35, 888
22, 741
4,767
8,188

40,166
23, 504
7,812
8,622

40, 990
23,938
8,349
8,479

GAS

Manufactured gas:
Customers, total
thousands^
Domestic
do__ —
House heating
do
Industrial and commercial
do—
Sales to consumers, total
mil. of cu. ft..
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

° Data not available.
' Revised.
i Quarterly data. Data compiled monthly beginning July 1942. 2 Dec. 1 estimate.
t Small revisions have been made in the data for 1941 for the indicated series on oils and oilseeds. Revisions are available on request.
j Revised data for 1942 not shown above are as follows: Large light and power—Jan., 6,766; Feb., 6,579; Mar., 6,817; other public authorities—Jan., 318; Feb., 317; Mar. 31'




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-25

SURVEY OF CURRENT BUSINESS

June 1943
1943
April

1943

1942
April

May

June

July

August

September

October

Novem- December
ber

January

February

March

ELECTRIC POWER AND GAS—Continued
GAS—Continued
Natural gas:
Customers, total
thousands __
Domestic
do
Industrial and commercial
do
Sales to consumers, total
mil. of cu. ft_.
Domest ic
do
Tndl., coml., and elec. generation
do
Revenue from sales to consumers, total
thous. of dol._
Domestic
do
Indl., coml., and elec. generation
do

8,272
7,656
613
152, 971
46, 305
105, 232

8,286
7,676
607
133,665
33,400
97, 756

8,192
7,615
575
120, 783
23,898
94,151

8,242
7,664
574
119, 940
20,180
97,251

52, 552
30, 084
22. 253

43, 738
23,243
20,135

36,893
18,018
18, 525

34, 909
15,708
18,760

118,
18,
96,

8,268
7,702
564
123,041
19, 558
100, 828

8,340
7,746
591
137,071
26, 637
107, 813

8,630
7,991
637
159,474
39, 721
116,754

8,467
7,804
661
179,419
56,292
119,349

33,
14,
18,

34, 766
14, 993
19, 424

40, 916
19,122
21,428

50,302
26, 017
23,856

61,922
34,887
26,479

5,770
5,626
8,483

4,705
4, 717
8,253

4,813
4,699
8,159

FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:f
|
Production
_thous. of bbl.-j 5,984
5,683
Tax-paid withdrawals
do...
8,705
Stocks, end of month
do...
Distilled spirits:
Apparent consumption for beverage pur*
poses
thous. of wine gal.
Production^
thous. of tax gal..
636
8, 669
Tax-paid withdrawals!
do.
453,034
Stocks, end of month^___
_
_do_
Whisky:f
0
Production
do.
Tax-paid withdrawals
do.
5,774
Stocks, end of month
do
437,398
Rectified spirits and wines, production, totalt
4,780
thous. of proof gal...
Whisky
do.
4,074
Still wines:f
Production
thous. of wine gal_.
Tax-paid withdrawals.
.do.
Stocks, end of month
do.
Sparkling wines:!
Production
do.
Tax-paid withdrawals
do.
Stocks, end of month
do.

4,421
4,236
8,121

5, 218
4, 550
8,565

5, 891
5, 547
8, 661

12,891
7,331
9,212
538,910

15,829 16, 611 19, 284 i 26,421 i 13,195 » 15, 480 i 11,904
876
6,526
1,571
7, 968
4,071
7,528
12,801
15, 380 15,129 16, 596
8, 583 10,100 10, 273
537,737 529,089 521,243 507, 226 499,350 489, 418 479,196

l 12, 568
1,179
9, 054
470, 259

811
10, 056
461,146

6,970
5,848
521,017

6,536
6,324
516, 919

7,039
8,585
515,847

0
7,114
461, 686

0
6,138
453, 387

0
6, 649
444, 878

4, 758
4,029

4,700
3,982

4,478
3,843

6,199

4,836
4,238

5, 536
4,785

1,310
8,131
150,019

1,063
7,027
142, 542

555
7,538
133,195

5,177
5, 399
4,982
4,619
4,628
4,228
5,422
12,458
19,225 85, 753 48,360
9,009
10,747 11,473
9,963 11,498
113, 962 142,851 152, 288 141,403 132, 012

5,327
8, 564
122, 707

3, 595
8,311
114,214

157
32

120
33
978

115
44
1,050

44
54
1,037

55
69
1,019

-.48
150,185
29, 567

.38
149, 585
37,228

.38
203,360
64,720

.37
203,860
117, 111

.38
188,665
148,504

.41
169,620
152,198

.233
83, 590
66, 740
79, 719
64, 945

.202
105,880
88,810
208,171
182, 613

.202
138,620
117,085
227,689
200,460

.202
131,630
110,430
261, 935
228, 478

.217
.205
.210
115,385 104,008 86,100
97,005 87, 225 70,675
296, 763 279, 905 259,078
261, 535 243, 596 224,861

5.84
4.15

5.65
3.55

5.65
3.52

5.65
3.49

5.65
3.49

5.83
3.66

11,500
285, 509

5, 518
358,443

5,051
449,330

6,782
402, 584

6,739
114, 682

8,292
222,485

8,178
294,579

3.14
10, 245

2.75
10,305

4,738

5,778
5,077
8,947

6,157
5,990
8,837

6,212
5,860
8,935

12,984
9,104
9,626
543, 525

12, 762
7,881
9,163
543,095

8,445
6,631
521,485

6,803
6,814
8,651

6,984
6, 864
8,487

6,587
6, 208
8, £93

5,744
4,945
1,797
0
10,144
10, 068 11,439
5,656
507, 493 500,147 487, 550 480,325
7,548
6,652

3,542
3,940
7,916
8,416
124, 765 116,168

7,756
6,753

0
6,873
471,026

7,952
6,926

64
121
916

68
119
854

75
159
761

41
65
730

77
62
736

153
74
812

.44
.47
140,130 126,265
123, 599

.47
107,480
45,937

.47
116,735
24,979

«. 48
122,880
15,607

«.48
121,995
12, 327

«.49
140,075
r 16,676

.271
75,300
58,800
195,378
169,913

.233
57,660
43,170
153,806
134,332

.233
56,650
42,040
131,398
112,348

.233
60,155
46, 545
113,797
97,103

.233
60,375
46, 945
93, 379
76, 678

.233
74, 345
58, 035
77, 615
64, 890

5.83
3.75

5.83
3.73

5.83
3.85

5.84
4.15

5.84
4.14

5.84
4.15

8,970
317,007

7,033
9,832
8, 589
5,506
7,268
277, 969 226, 695 208, 445 163, 648 178,024

8,250
203,786

9,820
207,192

10,004
252, 869

7,445
330,810

6,733
292,911

5,412
211,001

4,124
136,985

2,445
97,706

2,586
90,678

4,226
82,672

5,286
94,071

6,395
89,499

7,198
77, 807

2.75
12,124

2.75
12, 555

2.75
11, 765

2.76
10, 766

2.82
9,498

2.85
8,903

2.93
8,172

2.95
8,473

3.00
8,773

3.08
8,380

3.09
9, 759

5,035

6,700

6,546

5,873

5,279

4,386

3,931

3,238

3,478

3,713

3,705

4,353

.139
47, 500
45, 350

.127
61,435
55,800

.126
78, 230
70,615

.126
79, 745
74,330

.127
61,035
56,330

.129
55,140
51,435

.131
44,025
40,620

.133
36,010
34,010

.132
29,010
27,310

.134
32,000
30,000

.137
30,800
29,000

.137
31, 900
29, 200

.138
42.150
40,150

33, 065
32, 352

47,459
42,378

60, 595
54, 305

61,604
54,855

48,597
42,822

41,160
36, 331

32,017
28,084

19,063
16,847

17,567
16,066

27,060
25, 728

27, 729
26,673

26,164
24, 995

30, 652
29,884

58
93
979

DAIEY PRODUCTS
Butter, creamery:
Price, wholesale, 92-score (N. Y.)-dol. per lb_.
Production (factory) t
thous. of lb_.
Stocks, cold storage, end of month
do
Cheese:
Price, wholesale, American Cheddars (Wisconsin)
_..dol. per R^Production, total (factory) t
thous. of lb_American whole milkf
do_
Stocks, cold storage, end of month
do.
American whole milk
do
Condensed and evaporated milk:
Prices, wholesale, U. S. average:
Condensed (sweetened)
_dol. per case..
Evaporated (unsweetened)__
_._do
Production, case goods:!
Condensed (sweetened)..
thous. of lb._
Evaporated (unsweetened)
-do
Stocks, manufacturers', case goods, end of mo.:
Condensed (sweetened)
thous. of lb_.
Evaporated (unsweetened)
_.do
Fluid milk:
Price, dealers', standard grade.dol. per 100 lb_.
Production
mil. of lb._
Utilization in manufactured dairy products!
mil. of lb._
Dried skim milk:
Price, wholesale, for human consumption,
U. S. average
dol. per lb-_
Production, totalf
thous. of lb__
^ For human consumption!
do
Stocks, manufacturers', end of month, total
thous. oflb._
For human consumption
-do

5.65
3.50

FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu._
127,655
3,840
Shipments, carlot
no. of carloads..
7,294
724
4,744
4, 716
4,812
1,840
783
5,267 11,034
3,315
2,793
Stocks, cold storage, end of mo .thous. of bu_.
16,549 J r 9, 403
1,259
0
0
11,105 32, 706 35, 761 30,577 23, 663
3,521
4,616
0
Citrus fruits, carlot shipments, no. of carloads.. 18, 247
19, 005
17,242 I 21, 725
19,312
8,758 11,476 12, 227
19, 592
12,140
15, 894
9,701
19, 231
Frozen fruits, stocks, cold storage, end of month
172,103 145,272 • • 124, 392
thous. of lb._
101, 810 106. 538 129,334 I 186,003 207, 767 225,104 221, 727 206,396
188,041
Frozen vegetables, stocks, cold storage, end of
92, 344
month
_ _ _thous. of lb _ _ 62, 076
49, 548
74,821 j r 70. 478
53,416
65,358 I 88,248 102,186 117,796 I 115,810 115,845
103, 333
Potatoes, white:
2.379 |
Pricp, wholesale (N. Y.)
dol. per 100 lb._
2.581
2.206 ! 2.275
1.894
2.800
3. 394
2.150
3.460
1.615
1.950
2.919'
371,150 !
Production (crop estimate)!
thous. of bu..
j
15,564 21,048 ~21, 351 j 23,146
Shipments, carlot
no. of carloads.. 12, 684
21,016 I 24,473
19, 827
11,294 I 9,909 I 14,928 i 22,564 I 15,606
l
«a• Revised.
Not including data for Georgia beginning October 1942.
^December 1 estimate.
Reflects all types of wholesale trading for cash or short-term credit; base ceiling price comparable with data prior to January 1943 is $0.47.
^Not including data for unfinished and high-proof spirits, which are not available for publication. Monthly data for 1941, revised to exclude these items, are shown on
p. S-24 of the February 1943 Survey.
•i
fData for the indicated series on alcoholic beverages revised for July-December 1941 (see note marked " 1 " regarding other series); revised 1941 monthly averages are available in note marked " ! " on p. S-24 of the April 1943 Survey. Corresponding monthly revisions, which in most cases are minor, are available on request. Data for the utilization of fluid milk in manufactured dairy products have been revised beginning in the November 1942 Survey to include the milk equivalent of dry whole milk. Revised
1941 monthly average, 4,720; earlier revisions are negligible. 1941 revisions for other indicated dairy products series are shown in notes marked " t " on pp. S-24 and -25 of the
March 1943 Survey. Crop estimates for potatoes have been revised beginning 1929; revised 1941 estimate is 355,602; earlier revisions are available on request.




S-26

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the
April
1942 Supplement to the Survey

June 1943

1942
April

May

June

July

1943
September

August

October

Novem- Deceraber i ber

Janu- | Febru- j
ary j ary |

ar c n

FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Barley:
Prices, wholesale (Minneapolis):
No. 3, straight
_.dol. per bu_.
No. 2, malting
do
Production (crop estimate) t
thous. of bu._
Receipts, principal markets.
do
Stocks, commercial, dom., end of mo_,do
Corn:
Grindings, wet process
do
Prices, wholesale:
No. 3, yellow (Chicago)...._...dol. per bu._
No. 3, white (Chicago)
.
do
Weighted avg., 5 markets, all grades.-do
Production (crop estimate)!
thous of bu._.
Receipts, principal markets...
do
Stocks, domestic, end of month:
Commercial
.__.
do
Onfarmsf
do
Oats:
Price, wholesale, No. 3, white (Chicago)
dol. per bu__
Production (crop estimate)t---thous. of bu_
Receipts, principal markets
do
Stocks, domestic, end of month:
Commercial
do
On farmsf
_..do
Rice:
Price, wholesale, head, clean (New Orleans)
dol. per lb._
Production (crop estimate)t
thous. of bu._
California:
Receipts, domestic, rough
bags (100 lb.) __
Shipments from mills, milled rice
do
Stocks, rough and cleaned (in terms of
cleaned rice), end of mo
bags (1001b.)._
Southern States (La., Tex., Ark., and 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)t
thous. of bu..
Receipts, principal markets
do
Stocks, commercial, dom., end of mo_. do
Wheat:
Disappearance, domestic!
- do
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol. per bu_No. 2, Red Winter (St. Louis)
do
No. 2 Hard Winter (K. C.)
do—
Weighted av., 6 markets, all grades.-do
Production (crop est.), totalf---thous. of bu_Spring wheat
do
Winter wheat
do
Receipts, principal markets .
do
Stocks, end of month:
Canada (Canadian wheat)
do
United States, domestic, total I t - - - - d o
Commercial
do
Country mills and elevatorst
do
Merchant mills...do
On farmst
.--do
Wheat flour:
Grindings of wheat
do
Prices, wholesale:
Standard patents (Mpls.)
dol. per bbl._
Winter, straights (Kansas City)
do.-.Production (Census):
Flour, actual
thous. of bbl-.
Operations, percent of capacity
Offal
thous-of l b Stocks held by mills, end of month
thous. of bbl--

0.71
.88

0.76
.92

0.68
.89

7,224

4,813
6,344

6.064
4,541

6,916
3,600

310, 713

11,023

11,067

1.03
1.22
1.03

.82
.97
.81

26, 433
29, 463

0.85

.67

0.65 !

0.65
.90

4,118
3,015

0.64
.82
18,872
5,691

0.64
.85
15, 566
10, 551

14,963
11,887

0. 74 0.80
.95 I .96
1426,150
9,436
9,967
7,725
12,154
10,743
9,771

10, 752

10,679

10,749

10,642

11, 276

11,175

.85

.85
.96
.84

.86
1.00
.85

.84
1.02

.84
1.06
.85

.77
1.04

.81
1.07
.79

30, 570

25, 755

22,448

23, 578

20,126

22,183

63,363

64,408

57, 012
761, 363

49,747

43, 697

.55

.55

.49

.48

0.61

0.83
.97

0.86

7, 456
9,000

6,987

10,922

11, 387

10, 581

11,513

.97
1.09
.92

.97
1.15
.93

27,835

.89
1.08
.85
13,175,154
41,
389
30, 999

1.01
1.20
.96
30, 568

38, 641
423, 758

39, 969

40, 734

.49

.49

.47

16, 918

17,414

13,125

1

43, 407
2,277,332

.54
1,358,730
6,209
6,783

35, 929

37, 303

42, 829

48, 769

.60

.64

6,353

7,894

8,568

.50

42, 326
1,395,112

~8,~362

~5,~614~

5,813

3,671

6,642

5,083

4,642

3,776

2,109
2192,398

2,191

5,132

10,123
1,132,933

12,106

10,451

9, 534
887, 575

7,649

7,608

6,182
508, 208

.070

.070

.069

.067

.062

.067

.067
i 66, 363

.067

.067

.067

40, 293
69,944

.067

.080

395,030
339,188

499,886
420, 205

437,981
200,430

479, 241 196, 964
398, 201 167, 716

326,825

242,690

299,986

197,938

152,048

107, 281

493 394, 062 531,917
36, 666 60,150 111,630

543,339
383,414

484, 751 541, 602 528,399
319, 526 290,039 326, 014

70, 919 247, 027 457, 565 428, 358 367,863

421.529

416,408

214

198

70

105

14

298

1,295

2,902

2, 717

2,293

1,297

789

1,256

471

253

187

253

781

1,764

1,947

2,091

1,730

1,009

1, 331

1,429

844

439

282

109

158

677

1,908

2,787

3,100

2,769

2,680

1, 954

.81

.72

.69

.60

.61

.59

.65

.59

.59

.75

.79

.83

21,053

566
17,333

1,133
17,240

861
17,034

1,269
17,212

2,508
17,288

2,393
18,477

3,846
19,295

802
19,924

1,345
19, 645

2,943
20, 458

• 178,628
1.40
1.52
1.38
1.39

1.19
1.21
1.15
1.14

36, 334

12,669

409, 388

420,880

194,163

229,407

(a)

1.20
1.20
1.15
1.16

1.14
1.19
1.11
1.11

.70
i 57,341
1,577
1,061
19, 761 19,889

530

'234,957
1.14
1.22
1.08
1.10

1.13
1.26
1.11
1.11

1.19
1.33
1.20
1.18

258, 862
1.19
1.38
1.21
1.15

17,354

1.20
1.32
1.23
1.17

1.32
1.48
1.31
1.28
1981, 327
1278,074
i703,253
32, 261 31,811

1.39
1.54
1.37
1.36

23,416
61,645
38, 951 53,694
45,416
35,398
384, 746 390,572 378,091 386, 956 425, 614 435,180 447,960 447,094
631,970
1,159,418
1,378,224
221,804 224,441 261," 422" 266^149 269, 290 268,658 259,487 245,150 230,639
142, 583
235,221
257,765
96.837
139,385
151,927
1
163,700
494,662
644,146

398,178

1.41
1.55
1.37
1.38

36,106

47, 528

214,954

420, 863
900, 556
212,131
174, 591
123, 455
327, 667
47, 927

36,141

37,842

41,465

40,920

44, 563

47,703

43,307

46,069

49,959

44, 286

5.95
5.40

5.84
5.26

5.51
5.09

5.60
5.01

5.73
5.13

5.95
5.45

6.04
5.60

6.09
5.60

6.18
5.60

6.33
6.12

6.35
6.16

8,058
53.6
641,182

7,903
54.6
628,939

8,968
9,793
59.6
67.9
705, 516 765,128

10,497
67.4
817,014

3,619

11,037
9,516
10,152
67.9
73.8
68.8
743, 560 787, 629 847,171

6.38
6.20

9,780
10, 569
70.7
66.8
752, 936 818, 299

3,925

3,838

1.40
1.41

438,615

36,878

8,279
9,075
60.4
55.0
656, 814 718,093

1.44
(a)

4, 235

LIVESTOCK
Cattle and calves:
Receipts, principal markets
thous. of animals- _
Shipments, feeder, to 7 corn belt States
thous. of animals..
Prices, wholesale:
Beef steers (Chicago)
dol. per 100 lb—
Steers, stocker and feeder (Kan. City)-do
Calves, vealers (Chicago)
do
• No quotation.
f
Revised.
i December 1 estimate.

1,661

1,815

118

126

15.71
14.58
13.88

13.26
11.93
13.13

1,684

13.22
12.00
13.50

1,953

13.11
11.83
13.00

1,831

13.63
11.09
13.13 i

2,605

2,995

2,535

1,845

1,613

173

294

486

314

180

87

14.87
12.05
13.70

14.84
11.64
14.00

15.21
11.83
13.50

15.30
12.62
13.50

14.85
12.24
13.50

14.84
12.67
14.25

1,541

1,811

15.14
13.49
14.63

15. 54
14.49
15. CO

119

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.
tRevised series. The indicated series have been revised as follows: All crop estimates and corn and oat stocks on farms beginning 1929; domestic disappearance of wheat
beginning 1934; wheat stocks 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 " t " . All revisions are available on request.




S-27

SURVEY OF CURRENT BUSINESS

June 1943

Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1942 Supplement to the Survey

1942
April

June

May

July

1943

September

August

October

Novem- December
ber

January

February

March

FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK—Continued
Hogs:
Receipts, principal markets_thous. of animals..
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 1b..
Hog-corn ratiof
bu. of corn per cwt. of live hogs..
Sheep and lambs:
Receipts, principal markets
thous. of animals,.
Shipments, feeder, to 7 corn belt States. _do
Prices, wholesale:
Lambs, average (Chicago)..dol. per 100 lb_.
Lambs, feeder, good and choice (Omaha)
dol. per 1001b..

3, 310

4,225

3,431

2,815

3,027

14.98

13.96

14.01

14.78

15.35

15.59

18.2

17.7

16.5

16.0

16.2

15.5

3, 741
976

1,939
159

1, 671
173

1,738
174

14.30

2,780
452
14. 53

2,379
175

14.60

3,657
720
14.16

15.39

15.86

15.91

16.24

12.94

12. 89

12.20

12.35

13.12

13.59

14.20

14.91

1,406
1,449
519
80

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
r
79

2,844

2, 638

2. 630

2,896

2,452

2, 187

2,529

15.13

14.18

14.07

14.19

14.25

14.37

14.45

14.3

16.9

16.3

16.3

16.6

16.9

16.4

1,603
130

1,806

1,855
163

1,832
105

2,138
135

2,772
387

14.64

14.18

11.76

12.52

15.98
14.42

' 128
12.78
11.24

MEATS

r

i

Total meats (including lard):
Consumption, apparent
mil. of lb.
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
Miscellaneous meats
do
Beef and veal:
Consumption, apparent
thous. of lb..
Price, wholesale, beef, fresh, native steers
(Ctaicago)
d ol. per lb..
Production (inspected slaughter) .thous. of lb_.
Stocks, beef, cold storage, end of mo
do
Lamb and mutton:
Consumption, apparent
do
Production (inspected slaughter)
do
Stocks, cold storage, end of month
do
Pork (including lard):
Consumption, apparent
do
Production (inspected slaughter)
do
Pork:
Prices, wholesale (Chicago):
Hams, smoked
dol. per lb..
Fresh loins, 8-10 lb. average
do
Production (inspected slaughter) _thous. of lb..
Stocks, cold storage, end of month
do
Lard:
Consumption, apparent do
Prices, wholesale:
Prime, contract, in tierces (N. Y.)
dol. per lb.
Refined (Chicago)
do....
Production (inspected slaughter), thous. of lb..
Stocks, cold storage, end of month
do

1,384
861
85

1, 338
1,376
941
108

1,328
1,374
893
110

1,447
1,531
823
112

1,403
1,447
729
109

1,326
1,329
607
94

598,990

562, 214

632, 756

606, 544

614,900

634, 822 675, 290 535,969

557, 014

546, 821

499,481

534, 497

.220
466, 858
92,932

.214
566, 213
126, 884

.213
530, 200
99,075

.210
609, 840
81, 556

.209
606, 516
82, 647

.210
613, 620
83, 288

.210
.216
.210
.210
641, 531 686, 028 548, 612 547,100
95,146 116,892 130, 454 127, 034

.220
522, 960
107,185

.220
489,664
102, 246

.220
534,147
• 97,736

64,101
11, 650

69,433
68,331
7,108

62,497
61,158
5. 711

58, 964
58,899
5,313

66, 734
66, 916
5, 487

70, 790
72, 821
7, 602

58, 877
71, 225
24, 885

52. 424
63,412
19, 748

56, 571
64,804
' 12,571

853,259

669, 803
741, 802

702,864
782, 338

755, 213
861, 804

729, 544
773, 247

640,169
642, 827

687, 628 653, 932 795,162 923, 282 797. 985
720. 437 755, 565 922, 019 1,251,573 1,037,942

660,876
820, 672

783,126
891,478

.293
.284
670, 622
522, 290

.321
.288
567, 754
572, 799

.300
.291
597,129
559, 849

.295
.293
654, 697
522,173

.295
.294
582, 774
433, 547

.303
.298
496, 360
336, 634

.293
.293
.325
.325
.284
.284
.310
.311
557, 953 590, 541 721, 781 952, 397
270, 287 257,445 291, 841 490,476

.293
.284
793, 048
588, 419

.293
.284
638,132
627, 399

.293
.284
703, 700
591,597

103, 281

86, 333

85,093

86, 356

82,097

153, 448

125, 961

100,203

84, 976

.126
.144
126,877
126, 284

.126
.143
135,081
117,995

.127
151,017
102,260

.128
.139
139,042
98, 349

.129
.139
106, 660
85, 274

.139
.139
.129
.136
.146
.146
.139
.142
118, 236 119, 978 145, 578 218,107
91,
333
57,
434
57,
547
62,143

.139
.146
178, 549
111, 867

.139
.146
137,304
122, 240

.139
.146
136,444
128,264

.230
23,123
96, 716

.218
29, 762
80, 242

.206
32,493
79, 200

.209
34, 435
79, 346

.224
37,307
86, 645

.209
.234
.210
.230
46, 666 58, 910 78, 661 64,495
193,
263
115, 505 161,011
187,943

.245
28,484
142, 002

.245
19,009
101,741

.245
14, 290
' 58,079

.293
6,005

.299
5,782

.304
4,745

.316
4,095

.337
3,547

.351
3,019

.374
6,462

4,638
159, 585

6,945
223, 831

7.935
278,499

7,754
290, 529

6,751
272,042

5,421
234,876

.139
.146
132,836
148,442

83.407
86,982
11,260

87,170

84, 404
90, 733
17,896

72, 380
82, 547
26, 462

66, 631 108,432

76, 839
87,881
34, 819

POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago)
dol. per lb_.
.246
Receipts, 5 markets
...
_.thous. of lb_. 9.452
Stocks, cold storage, end of month
do
33, 242
Eggs:
Price, wholesale, fresh firsts (Chicago)t
dol. per doz.
.372
Production
millions6,727
Stocks, cold storage, end of month:
Shell
thous. of cases..
6,214
Frozen
thous. of lb. 172,074
TROPICAL PRODUCTS
Coffee:
Clearances from Brazil, total..thous. of bags.
To United States
,
do
Price, wholesale, Santos, No. 4 (N. Y.)
dol. per 1b.
Visible supply. United States.thous. of bags.
Sugar, United States:
Raw sugar:
Price, wholesale, 96° centrifugal (N. Y.)
dol. per lb.
Refined sugar, granulated:
Price, retail (N. Y.)
do...
Price, wholesale (N. Y.)
do...
MISCELLANEOUS FOOD

.390
2,558

.390
3,006

.384
3,769

. 355
4,577

1,170
3,117
180, 329 126,321

273
82, 948

214
59, 781

974
56, 508

510
384
.134
361

506
378

414
248

732
682

591
471

.134
703

.134
247

.134
554

.134
383

.390
2,725

615
515

1,006
842 j

773
635

453

560
418

269
136

519
366

.134
530

.134 I
852 i

.134
825

.134
1,079

.134
973

.134
795

.134
539

716
508
.134
381

r

' 3, 236
99,180

.037

.037

.037

.037

.037

.037

.037

.037

.037

.037

.037

.066
.055

.065
.055

.066
.055

.066
.055

.066
.055

.068
.055

.068
.055

.068
.055

.068
.055

.068
.055

.068
.055

.068
.055

32,139

27,179

22,830

19,177

20,136

23,962

29, 234

35,665

32,099

32, 741

28, 212

29,676

33, 831

21.227

42, 366
49, 079

48, 682
55,036

49,195
63,411

48,887
81, 496

49, 307
100,088

38, 659 28,449
40,021
109, 428 115,128 114,198

13,370
105, 343

15,733
74, 949

17, 526
52,831

25,906
29, 217

2,164
2,162
3,642

2,116
1,940
3,819

1,860
2,151
3,528

1,962
2.292
3,198

1,715
2,130
2,783

2,014
2,054
2,504

1,913
1,927
2.490

2,078
2,147
2,421

1,961
1,863
2,519

.037

PRODUCTS

C a n d y sales b y m a n u f a c t u r e r s . . -thous. of d o l .
Fish:
Landings, fresh fish, prin. p o r t s . , t h o u s . of l b .
Stocks, cold storage, end of m o n t h s
do...
Gelatin, edible:
M o n t h l y report for 7 companies:
Production
do__.
Sh ipments
do...
Stocks
do...

1,712
1,907
2,588

2,128
2,050
2,666

2,217
2,339
2,544

' Revised.
° No quotation.
X Data compiled by the Department of Labor from a trade journal have been substituted above for the Department of Agriculture's series formerly shown which has
been discontinued. Earlier 1942 figures from the same source, January, $0,329; February, $0,289; March, $0,283; except for the difference in source, the series is the same as
that published in the 1942 Supplement.
1 Prior to January 1943, data are as of the 15th of the month.
+Rejrised series. Data revised beginning 1913. Revisions beginning February 1942 are in the March and April 1943 issues; earlier revisions are available on request.




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

1943

1942

April

SepAugust tember

April

May

July

Jane

June 1943

October

Novem- December
ber

January

1943
Febru- March
ary

FOODSTUFFS AND TOBACCO—Continued
TOBACCO
Leaf:
Production (crop estimate)
mil of lb
Stocks, dealers and manufacturers, toted, end
of Quarter
mil of lb
Domestic:
Cigar leaf
_
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured
do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do i
do
Cigarette tobacco
Manufactured products:
Consumption (tax-paid withdrawals):
Small cigarettes
millions
19, 943
Large cigars
thou sands.. 451,899
Mfd. tobacco and snuff
thous of lb__ 25,135
Prices, wholesale (list price, composite)
Cigarettes, f. o. b., destination, -dol. pe r'1,000.. 6.006
Cigars, delivered
do
Production, manufactured tobacco:
Total
thous oflb
Fine-cut chewing
do
do
Plug
Scrap chewing
do
Smoking
do
Snuff
do
Twist
do

!

3, ?60

'3,434

426

381
249

'337

376
2. 544

280

17, 380
18, 455
503, 536 457, 767
25,181
27, 825
5. 760
5.760
46 592 46.592
27, 745
398
4,347
3,913
14, 782
3,827
478

25, 950
420
4,297
3,768
13, 705
3,302
459

1 417

3,177

3,301
287

212

2, 366

2,519

2, 752

4

3

3

3

22
78

24
85

22
77

22
68

20, 004
532,390
27, 807

20, 875
510,823
27,013

20,941
498, 872
25, 329

21, 978
519, 976
27, 329

23, 075
633, 350
30,958

20, 447
474,348
25,882

19,718
685, 002
24,081

20, 370
436, 744
25, 297

17, 678
410,599
22,691

20, 612
427, 836
26, 856

5.760
46.592

5.760
46.592

5. 760
46.592

5. 760

5 ; 760

6.008

6.008

6.006

6.006

6. 006

28, 207
481
4,878
4,047
14,912
3, 366
522

29.443
446
4. 933
5,243
15,025
3, 264
534

26, 475
437
4, 749
4,724
13. 259
2,799
506

27, 535
437
5,128
4,260
14, 035
3,169
507

29,845
426
5,036
4,624
15, 980
3,252
526

28, 209
425
' 4, 686
4,033
15, 247
3,297
522

25, 636
429
4,061
3.795
13,046
3,783
522

26, 273
413
4,684
3,676
13,317
3, 681
503

LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (Federally inspected):
Calves
thous. of animals.
Cattle
_do_...
Hogs
_do.._
Sheep and lamb
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb.
Calfskins, packers', S to 15 lb
do.._.
LEATHER
Production:
Calf and kip
Cattle h i d e . Goat and Md__
Sheep and lamb
Prices, wholesale:
Sole, oak, bends (Boston)f
Chrome, calf, B grade, black,

thous. of skins..
thous. of hides.
thous. of skins..
do

dol. per lb..
composite
dol. per sq. ft..
Stocks of cattle hides and leather, end of
month:
Total
..thous.ofequiv.hides .
Leather, in process and
finished
do
Hides, raw..
do

365
796
4,463
1,458

502
956
4,196
1,570

471
885
4,320
1, 475

475
1,039
4,554
1,481

461
1,048
3,886
1,705

460
1,103
3,223
1,840

513
1,159
3,843
2,223

578
1,280
4,218
2,344

501
l,0i&
5,023
2,126

476
982
6,778
2,175

340
928

331
854

410
923

5,431
1,724

4, 335
1,499

4,661
1,495

.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

995
2,404
3,383

1,006
2,692
4,327
4,532

989
2,590
3,637
4,989

1,031
2,549
3,498
4,514

1,053
2,616
3,045
4,147

1,093
2,402
2,433
4,287

1,029
2,401
2,735
4,150

1,073
2,647
2,933
4,462

1,009
2,460
2,660
4,860

1,045
2,647
3,169
4,543

969

973

2,451
3,017
4,844

2,436
2,984
' 5, 023

r

1,082
2, 516
3,597
5,027

.440

.440

.440

.440

.440

.440

.440

.440

.440

.440

.440

.440

.440

.529

.529

.529

.529

.529

.529

.529

.529

.529

.529

.529

.529

.529

13, 657
8, 933
4,724

13, 217
8,933
4,284

12, 930
8,951
3,979

12, 485
8,789
3,696

12, 519
8,639
3,880

12, 590
8,623
3,967

12, 597
8,680
3,917

12,429
8,652
3,777

12, 225
8,591
3,634

11,964
8,420
3,544

11,827
8,174
3, 653

11,361
7, 733
3,628

r

11, 590
' 7, 986
r
3, 604

LEATHER MANUFACTURES
Gloves and mittens:
^Production (cut), total
dozen pairs..
296, 553 313, 765 289, 850 295, 243 272, 256 268,191 295, 715 260, 337 274, 695
*"- Dress and semidress
do
183, 210 198, 438 178, 452 177, 707 159, 056 150, 656 166, 831 146, 021 156, 680
"VWork
do
113, 343 115, 327 111, 398 117, 536 113, 200 117, 535 128, 884 114, 316 118, 015
Boots, shoes, and slippers:
Prices, wholesale, factory:
6.75
6.75
6.75
Men's black calf blucher
dol. per pair..
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
6.75
4.60
4.60
4.60
4.60
4.60
Men's black calf oxford, corded tip
do
4.65
4.61
4.60
4.60
4.60
4.60
4.60
4.60
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
Women's plain, black, kid bluchers f.-do
3.50
3.50
3.50
3.50
3.50
Production, boots, shoes, and slippers:
41,712
37,119
38, 501 37, 504 ' 37,797
35, 247
39, 694
41,800
38, 812
b9, 986
Total
thous. of pairs..
45, 816 40, 982
460
453
415
512
492
460
424
475
Athletic
do
620
341
327
367
227
317
305
478
395
147
175
368
899
All fabric (satin, canvas, etc.)
do
535
' 1,188
1,380
727
901
738
892
555
671
613
1,007
801
Part fabric and part leather
do
1,056
1,003
700
31, 092 33, 041
28, 974
33, 411
36, 022
33, 054
High and low cut, leather, total . . . . d o
38, 539 34,196
32, 351 31, 992 '31,777
34, 705
3,333
3,424
3,614
3, 675
3,763
3,879
3,960
Government shoes
do
3,869
3,831
3,913 ' 4, 002
4,090
Civilian shoes:
1,549
1,630
1,502
Boys' and youths'
do
1,422
1,571
1, 379
1,323
1,164
' 1, 481
1,536
1,467
1,401
Infants'
„
do
2,048
2,003
2, 372
2,187
2, 124
2,161
2,079
2,136
2,101
2,095
2,019
2, 283
2, 743
Misses' and children's
do
3,259
3, 751
3,344
3,602
3,080
3,603
3,224
3,236
2. 773 ' 2, 797
2,966
7,119
Men's
do
9, 698
8,310
8, 530
8,263
8,552
7, 561
7,410
7,814
7,086 r 7, 235
7,802
12, 521
Women's
do
14, 280
13, 916
17, 314 15, 098
16, 374
13, 660
14, 047 14, 496 ' 14, 244
15, 003
16, 062
Slippers and moccasins for housewear
3,621
3,516
4,083
4,219
3,682
2,749 r 3, 053
thous. of pairs..
3, 657
3,823
3,989
4,447
3.850
All other footwear
do
1,410
1,283
395
664
1,018
650
647
695
722
'751
1,006
462
r
Revised.
i December 1 estimate.
2 Not available; data are being revised.
f 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 1940 for the colored, elk blucher series formerly shown; data are as follows (dollars
per pair): Jan. 1940 to Sept. 1941, 3.00; Oct. 1941,3.13; Nov. and Dec. 1941, 3.25. 1942—Jan., 3.25; Feb. and Mar., 3.50. Monthly averages—1940, 3.00; 1941, 3.05; 1942, 3. 48.




S-29

SURVEY OF CURRENT BUSINESS

June 1943
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
April

1943

1942
April

May

June

July

August

September

October

Novem-1 December I ber

January

February

March

LUMBER AND MANUFACTURES
LUMBER-ALL TYPES
National Lumber Manufacturers Assn.:f
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—
-do

2,452
390
2,062
2,641
458
2,183
3,639
1,216
2,423

2,771
473
2,298
3,188
470
2,718
5,960
1,991
3,969

2,766
431
2,335
3,035
496
2,539
5,720
1,925
3,795

2,924
423
2,501
3,108
501
2,607
5,536
1,846
3,690

3,051
465
2,586
3,296
538
2,758
5,283
1,773
3,510

2,939
471
2,468
3,060
510
2,550
5,152
1,734
3,418

2,845
451
2,394
2,975
523
2,452
5,048
1,662
3,386

2,794
442
2,352
2,936
541
2,395
4,899
1,563
3,336

2,398
410
1,988
2,564
490
2,074
4,761
1,485
3,276

2,083
381
1,702
2,364
434
1,930
4,413
1,432
2,981

1,900
384
1,516
2,213
465
1,748
4,129
1,350
2,779

1,976
388
1,589
2,222
438
1,784
3,950
1,329
2,621

2,3bO
421
1,959
2,551
464
2,087
3,777
1,284
2,493

M bd. ft..
do
do
do
do...

6,575
8,000
4,150
5,575
6,750

7,300
10,125
7,500
7,700
13,850

7,200
8,750
7,150
8,850
12, 000

7,875
8,950
7,625
7,675
12,100

7,325
8,650
7,500
7,675
12,000

6,950
8,100
6,850
7,500
11,500

5,900
7,200
8,000
6,950
12, 500

6,000
5,700
6,500
7,500
11,500

5,850
5,500
7,250
6,300
11, 275

6,600
6,150
5,050
5, 750
10, 650

6,900
6,550
5,500
6,300
9,800

5,850
7,400
4,500
5,050
9,450

5,850
7,000
4,675
5,900
8,350

do
do
do
do
do

31, 584
37,373
17,104
27,848
32,931

32, 560
42, 673
40, 656
37, 027
63,333

27, 732
37,488
36, 283
32. 917
66, 699

17,911
30, 479
30, 562
24,920
72, 341

17, 616
24, 957
26, 491
21,071
76, 763

22, 720
27, 771
19, 288
18, 906
76, 422

22, 609
22, 631
18, 633
21, 214
73, 841

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

FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
Oak:
Orders, new
Orders, unfilled, end of month
Production, _
Shipments
Stocks, end of rnonth__

SOFTWOODS
Douglas fir:
Prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
dol. per M bd. ft-. 32. 340
Flooring, B and better, F. G., 1 x 4, R. L.
dol. per M bd. ft-. 44.100
Southern pine:
720
Orders, newf
mil. bd. ft-.
Orders, unfilled, end of month
do
748
Prices, wholesale:
Boards, No. 2 common, 1x8
32.00
dol. per M bd. ft..
55.00
Flooring, B and better, F. G., 1 x4._da
715
Productionf
-mil. bd. ft-.
733
Shipments!
..do
645
Stocks, end of month.
do
Western pine:
504
Orders, new
...do
587
Orders, unfilled, end of month
do
Price, wholesale, Ponderosa, boards, No. 3
31.59
common, 1 x8
dol. per M bd. ft..
424
Production f
mil. bd. ft..
482
Shipments f
do
795
Stocks, end of month f._
_
._ _do
West coast woods:
770
Orders, new t-do
1,048
Orders, unfilled, end of month
do
713
Production f
do
724
Shipments t
do
504
Stocks, end of month...
do
Redwood, California:
Orders, new
M bd. ft.. 34, 608
93,040
Orders, unfilled, end of month
do
37,420
Production
do
48,346
Shipments
do
115,857
Stocks, end of month
do
FURNITURE
All districts:
Plant operations
percent of normal _.
Grand Rapids district:
Orders:
Canceled
.percent of new order..
New
no. of days' production..
Unfilled, end of month..
_do
Plant operations
percent of normal..
Shipments
_.no. of days' production..
Prices, wholesale:
Beds, wooden
_
1926=100-.
Dining-room chairs, set of 6
..do
Kitchen cabinets.. 1.
_
do
Living-room davenports
do
Steel furniture (see Iron and Steel Section).

32. 340

32.340

32. 340

32.340

32. 340

32.340

32.340

32.340

32.340

32.340

32. 340

32. 340

44.100

44.100

44.100

44.100

44.100

44.100

44.100

44.100

44.100

44.100

44.100

44.100

957
943

758
887

794
871

826
; 840

731
793

740
794

755
818

600
736

615
726

721
771

653
747

746
771

30.000
55.000
759
954
1,007

30.000
55.000
745
814
938

30.000
55.000
753
810
881

30.000
55.000
*, 807
'857
P . 831

30.000
55.000
706
739
758

30.000
55.000
705
731
732

30.000
55.000
675
682
725

684
614

575
635

664
671

597
626

564
578

586
562

640
578

474
566

439
539

370
512

397
542

460
565

31.04
484
543
1,252

31.35
522
553
1,221

31.51
691
628
1,284

31.36
695
642
1,337

31.53
666
612
1,391

31.53
637
602
1,426

32.01
650
615
1,443

31.38
432
486
1,389

31.83
343
466
1,192

[31.54
244
374
1,062

31.36
246
367
941

31.47
350
438
853

1,062
1,029
819
939
875

977
1,097
825
893
835

867
1,067
806
887
756

1,075
1,171
818
945
622

842
1,145
820
858
572

847
1,150
812
830
578

711
1,095
757
768
578

684
1,106
669
673
596

580
1,057
524
624
497

513
1,063
459
506
474

529
1,045
506
537
463

658
1,006
694
698
463

39,407
66,073
37,960
46, 562
228,068

39,445
64,152
37,397
41,205
220, 602

44, 631
65,359
41,666
43, 307
213,124

60,047
73,137
42,008
46, 673
207, 588

58,135
87,154
38, 790
48,647
195, 721

44,983
88,086
38,462
48, 738
182,697

58, 278
90,997
41,163
51, 567
170,197

44,868
91,542
35,399
40,979
163,457

38,864
85,128
33, 571
38, 830
158,153

42,188
88,984
31,946
35,030
155,145

46,176
96,319
31,198
41,734
144, 593

67,666
110,895
37,343
51,659
128,152

69.0

79.0

78.0

78.0

74.0

72.0

72.0

74.0

73.0

67.0

66.0

67.0

69.0

5.0
23
100
74.0
19

5.0
29
58
79.0
21

10.0
23
53
78.0
22

8.0
21
50
75.0
20

5.0
23
52
73.0
19

4.0
25
55
60.0
18

5.0
30
63
51.0
20

2.0
26
58
58.0
26

8.0
24
54
69.0
26

7.0
22
46
73.0
25

2.0
56
85
71.0
21

5.0
25
89
72.0
21

6.0
23
91
74.0
22

100.9
118.9
102.6

101.0
118.9
102.6
104.2

101.0
118.9
102.6
104.2

101.0
118.9
102.6
104.2

101.0
118.9
102.6
104.2

101.0
118.9
102.6
104.2

101.0
118.9
102.6
104.2

101.0
118.9
102.6
104.2

101.0
118.9
102.6
104.2

101.0
118.9
102.6
104.2

100.9
118.9
102.6
104.2

100.9
118.9
102.6
104.2

100.9
118.9
102.6

0)

30.000
55.000
K 738
• 778
791

30. 000
55.000
640
625
740

30.000
55.000
635
676
699

32. 000
55.000
657
677
679

32.000
55. 000
706
722
663

0)

METALS AND MANUFACTURES
IRON AND STEEL
Iron and Steel Scrap
5,361
4,680
4,955
5,031
5,225
5,006
5,342
4,930
5,037
Consumption, total *
thous. of short tons..
5,156
5,000
5,015
3,007
2,600
2,846
2,932
2,792
3,034
2,796
2,779
2,856
2,919
2,763
2,812
Home scrap *
do
2,354
2,080
2,109
2,293
2,214
2,308
2,134
2,237
2,237
2,203
2,258
2,175
Purchased scrap *
do
6,179
6,209
4,993
3,972
4,579
5,530
6,078
6,274
6,233
3,682
4,297
4,780
Stock, consumers', end of mo., total *
do
1,688
1,699
1,388
1,077
1,286
1,460
1,544
1,105
1,185
1,337
1,600
1,653
Home scrap *
do
4.491
4,510
3,605
2,895
3,293
4,070
4,534
2,577
3,112
3,443
4,674
4,580
Purchased scrap *
do
1
No quotations.
t Lumber statistics for 1941 and 1942 have been revised to data from the 1941 Census of Forest Products. Revisions have been made also in earlier figures for total lumber
stocks, hardwood stocks, and softwood stocks, and new orders, production, and shipments of west coast woods; see pp. 27 and 28 of the March 1943 issue.
* New series. The data on scrap iron and steel above and pig iron consumption and stocks on p. S-30 are estimated industry totals compiled by the U. S. Department
of the Interior, Bureau of Mines. Data for January-October 1941 are shown on p. S-30 of the April 1942 Survey. For available 1939 and 1940 data, see note marked "*" on
p. S-29 of the November 1942 issue.




S-30

SURVEY OF CURRENT BUSINESS

Monthly statistics through December 1941, together with explanatory notes a n d references

to the sources of the data, may be found in the
1942 Supplement to the Survey

1943

1943

April

June 1943

April

May

June

July

1943
September

August

October

Novem- December
ber

January

Febru- March
ary

METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Iron Ore
Lake Superior district:
Consumption by furnaces. _thous. of long tons..
Shipments from upper lake ports
do.
Stocks, end of month, total
do.
At furnaces
do On Lake Erie docks.
.
do_

7,186
1,955
18, 497
15, 682
2,815

7,007
7,857
20,065
17, 536
2,529

7,230
12, 677
25,199
22, 310
2,889

7,034
12, 625
30, 931
27, 664
3,267

7,176
13, 405
37, 327
33, 289
4,038

7,155
13, 236
43,236
38,124
5,112

7,140
11,848
48, 422
42, 548
5,874

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, 604
6,821

7,765
0
39, 743
33, 815
5,927

32, 743
27, 642
5,101

7,723
0
25, 088
21,150
3,938

60, 398
71, 256
68, 459

54, 219
60, 696
61, 783

55, 032
59, 990
59,144

63, 651
61, 434
59,120

63, 978
56, 304
56, 651

87,697
61, 021
58, 977

70, 907
68, 251
65, 457

74, 080
59, 287
58, 484

93, 824
66,177
63, 703

73, 524
63, 572
59, 557

88. 970
66, 401
67,895

87, 809
78, 143
76, 526

7,104

o

Pig Iron and Iron Manufactures
Castings, malleable:
Orders, new, net
short tons..
Production
do
Shipments
do
Pig iron:
Consumption*.
thous. of short tons..
Prices, wholesale:
Basic (valley furnace)....dol. per long ton_.
Composite
do
Foundry, No. 2, Neville Island*
do
Production*
thous. of short tons,.
Stocks (consumers' and suppliers'), end of
month*
thous. of short tons..
Boilers, range, galvanized:
Orders, new, net
number of boilers...
Orders, unfilled, end of month
do
Production
do....
Shipments
.
.
do
Stocks, end of month
do

4,944

5,030

4, 869

4,959

4,935

4,836

5,145

4,883

5,001

5, 057

4,661

5,219

23.50
24.23
24.00
4,975

23.50
24.20
24.00
4,897

23. 50
24.20
24.00
5,074

23. 50
24. 20
24.00
4, 936

23.50
24.20
24.00
5, 051

23.50
24.20
24.00
5,009

23. 50
24.20
24. 00
4,937

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
21.23
24.00
5,211

23. 50
24.23
24.00
4,766

23.50
24. 23
24.00
5,314

1,221

1, 257

76,198
94,318
58, 841
57, 643
8,832

38, 014

1,232

68, 884
42, 427
45, 880
16, 388

30, 481
62,709 | 52, 652
33,627 I 39,171
37,633 ' 40, 538
12, 382 11,015
31, 458

1,296
22,
34.
40;
40,
10,

955
672
181
935
561

1,272

1,284

1,266

1,334

1,425

1,458

1, 534

1,512

46, 025
39, 324
40, 454
41, 373
9,646

41, 779
35, 879
43, 410
45, 224
7,832

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
41,265
40, 926
7, 259

58, 646
66, 704
47,919
48, 629
6,549

68, 051
75, 763
60,177
58,992
7, 734

10, 230 -•188,417
23, 020 T 17, 658
51,645
r 8, 692
11, 440 ' 12,832

198,687
33. 630
172, 858
17,642

Steel, Crude and Semimanufactured
Castings, steel, commercial:
Orders, new, total, net
short tons.
Railway specialties
do. _.
Production, total
.
do.._
Railway specialties
.do..Icclingots and steel for castings:
Production
thous. of short tons.
Percent of capacity §
Vices, wholesaleComposite, finished steel
dol. per lb.
Steel billets, rerolling (Pittsburgh)
dol. per long ton.
Structural steel (Pittsburgh)
dol. per lb.
Steel scrap (Chicago)
dol. per long ton,
U. S. Steel Corporation, shipments of finished steel products
thous. of short tons.

165, 094 191,195 199,619 208, 885 202, 334
26,558
20,126
11,025
11,218
3,610
160, 826 149. 625 131.492 132,053 135, 700
17, 373 45,158
25, 644 21, 658 16,251
7,374
99

7,121

7,383

7,015

7,145
95

141, 239 177, 478 179, 537 173, 285 172, 263
-13,480 13, 546
7,708 ' 9, 385 15, 446
139,184 139,774 152,080 r140, 399 143,860
11,133
12, 988 12,051
13,979
10, 785
7,228
95

7, 058
'96

7,580
100

7,180

7,305
97

7,424
97

6,826
99

7,670
100

.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

1,631

1,759

1,834

1,774

1,766

1,789

1,704

1,788

1,666

1,850

1,686

1,692

1,772

1,797
2,067
113.3
2,046
50

1,551
1,780
97.6
1,796
34

1, 652
1,749
95.9
1,741
42

1,402
1,760
96.5
1,760
42

1,506
1,536
84.2
1,538
40

1,704
1,838
100.7
1,823
56

1,215
1,498
82.1
1,504

1,671
1,388
76.0
1,386
49

2,696
1,426
78.2
1,419

3,448
1,269
65.6
1,279
48

4,139
1,574
81'. 3
1,595
45

4,201
2.005
103. 6
1,990
60

3,663
1,558

3,192
1,308

2,130
1,162

2,298
1,076

1, 812

3,956
2,338

2,772
1,086

1,914
874

2,201
819

2.464
917

••595
' 732

rr 1, 259
1,043

2,551
3,951
4,130

2,817
3,119
4,204

1,203
1,820
2,256

1,707
1,744
1,784

1,278
1,898
1,124

537
1, 456
979

379
1,279
554

443
1,223

583
1,345
460

269
1,254
361

1,587
2,449
392

381
2,318
513

1,418
2,273
1,015

1,606
2,763
1,115

1,459
2,788
1,434

2,385
1,040

i -225
1,565

i -512
935
118

i -379
393
158

74
323
144

52
239
135

86
203
122

42
163
48

63
43
84

5,560
334

4,521
317

4,239
302

4,023
324

3,357
317

3,104
321

3,195
382

2,652
336

2,460
334

2,324
300

2,603

353

.0875
.1178
.0650
.5200
. 0825

. 0875
.1178
.0650
.5200
. 0825

.0875
.1178
.0650
. 5200
.0825

.0875
.1178
.0650
.5200
.0825

. 0875
.0875
.1178 .1178
. 0650
.0650
.5200 j .5200
.0825 | .0825

.0857
.1178
.0650
. 5200
.0825

.0813
.1178
.0650
.5200
.0825

.0813
.1178
.0650
.5200
.0825

.0813
.1178
.0650
.5200
.0825

.0813
.1178
.0650
. 5200
. 0825

.0813
.1178
. 0650
.5200
.0825

Steel, Manufactured Products]
Barrels and drums, steel, heavy types:
Orders, unfilled, end of month
thousandsProduction
do..
Percent of capacity ^
Shipments
thousands.
Stocks, end of month
do...
Boilers, steel, new orders:
Area
..thous. of sq. ft.
Quantity
.
number.
Furniture, and shelving, steel:
Office furniture:
Orders, new, net
thous. of dol.
Orders, unfilled, end of month
....do...
Shipments
do.._
Shelving:
Orders, new, net
do...
Orders, unfilled, end of month
do...
Shipments
do...
Porcelain enameled products, shipments!
thous. of dol.
Spring washers, shipments
. . . .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

548
373

0.813
. 1178
.0650
.5200
.0825

Miscellaneous Products
Bearing metal (white-base antifriction), consumption and shipments, total (59 manufacturers)
thous. of l b . .
Consumption and shipments, 37mfrs.:
Consumed in own plants
do
Shipments
.
do....
Sheets, brass, wholesale price, mill. .dol. per lb...
r

I
4,351

3,578

3,541

3,163

3,605

632
1,961
.195

667
1,484
.195

528
1,711
.195

463
1,646
.195

657
1,826
.195

2,907

3,296

3,459

3,176

3,605

3,453

3, 687

4,175

1,310
.195

699
1,453
.195

744
1,760
.195

596
1, 623
.195!

528
1,970
. 195

641
1,526
.195

513
2,013
.195

544
2,262
.195

Revised.
i Cancelations exceeded new orders by the amount shown above as a negative item.
2 Suspended for the duration.
§ Beginning January 1943, percent of capacity is calculated on annual capacity as of Jan. 1,1943, of 90,288,860 tons of open-hearth, Bessemer, and electric steel ingots and
steel for castings; earlier data are based on capacity as of Jan. 1 or July 1, 1942; see note in October 1942 Survey.
1 Based on 25 working days per month of one 8, 9, or 10-hour shift, whichever is normal in the respective plant. As some plants operate more than one shift, this results
for some months in a ratio of production to capacity in excess of 100 percent.
t Of the 99 manufacturers on the reporting list for Jan. 1,1942, 23 have discontinued shipments of these products for the duration of the war.
• New series. ^ For sources of earlier data on pig iron consumption and stocks and a description of the data see note marked "*" on p. S-29. The 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), but 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 January 1942, see p. S-30 of the May'l943 Survey. The new pig iron price,
f. 0. b. Neville Island, replaces the Pittsburgh price, delivered, shown in the Survey prior to the April 1943 issue; 1941 average, $24.00; earlier data will be shown later




S-31

SURVEY OF CURRENT BUSINESS

June 1943

Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1942 Supplement to the Survey

1942
April

May

June

July

August

1943
September

October

Novem- December
ber

January

February

March

METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS
Blowers and fans, new orders
thous. or d o L .
Electric overhead cranes:
Orders, new
do
Orders, unfilled, end of month
do
Shipments
do
Foundry equipment:
New orders, net total
1937-39=100..
362. 7
297.7
New equipment
do
558. 7
Repairs
do
Fuel equipment and heating apparatus:
Oil burners:
Orders, new, net
number..
Orders, unfilled, end of m o n t h .
_do
Shipments
do
Stocks, end of month
do
Mechanical stokers, sales:!
1, 932
Classes 1, 2, a n d 3
.
do
Classes 4 and 5:
532
Number
Horsepower
97, 953
Unit heaters, new orders .thous. of d o L .
Warm-air furnaces, winter air-conditioning
systems, and equipment, new orders
thous. of dol_._
118,031
Machine tools, shipments *
do
P u m p s and water systems, domestic, shipments:
Pitcher, other hand, and windmill pumps
units..
Power pumps, horizontal type
do
Water systems, including pumps
do....
P u m p s , steam, power, centrifugal, and rotary:
6,101
Orders, new
. . t h o u s . of dol__

22, 500

9,672

10, 685

13, 658

6,378
32, 265
2,561

6,236
34, 471
2,511

2,835
34,190
2,768

4,058
34,958
2,722

3,355
35,072
2,701

1,160
32,883
3,002

2,170
31,436
3,030

1,228
29,118
2,912

551
26,413
3,112

1,581
25,358
2,534

1,033.8
1, 233.7
432.1

653.6
730.2
423.3

774.0
884.4
441.5

800.8
909.1
474.0

510.8
536.7
433.0

446.4
452.4
428.4

540.6
552.2
505.5

338.8
286.1
497.7

382.5
319.8
571.3

10,883
16,334
11, 600
34, 509

10,680
17,843
9,171
41, 277

9,809
19,176
8,441
40,170

8,484
19,000
8,660
39,122

8,100
19,066
8,034
39, 323

8,589
18,430
9,225
36,858

10, 761
20, 799
8. 392
37, 416

7,945
21,138
7,606
37,149

9,573

4,722

11,365

7,040

7,961

8,723

5,548

415
88, 938

331
77, 635

419
98, 027
4,507

428
105, 278

389
90, 344

373
81,991
6,094

438
76,208

5, 463
103,364" " 107," 297* 111,000

113,596

117,342

5,966
119,883

130, 008

429.8
394.9
534.9

502
22, 699
3,131
399.5
348.1
554.4

562.7
538. 6
635. 2

7,910
20, 713
8,335
36, 513

9,617
22,827
7,503
36, 661

7, 285
24,160
5,952
41, 221

6,347
23,146
7,361
35, 429

1,994

1,447

1,764

2,183

1,960

453
109,598

395
76,087
5,282

591
80,071

682
118, 531

'687
126,318
4,014

5,452
120, 871 131,960 ••117,384

114,593

2,630
125,445

42,179
219
27, 989

33,234
97
24, 204

29,958
86
22, 662

42,932
131
22, 459

32,163
126
18, 610

24,148
68
20, 052

26,192
104
19, 792

7,041
67
3,393

14, 305
188
4,965

18,122
163
8,106

25, 381
159
7,311

26, 675
190
9,514

4,334

4,634

5,703

5,797

6,417

5,494

5,243

8,229

9,421

8,318

7,309

5,913

91
169

65
167

66
161

90
155

151
148

205
145

221
142

202
144

211
146

178
152

151
149

132
147

281.9
689.5

285.3
696.6

312.3
779.0

325.9
627.0

330.6
805.4

371.7
366.7

390.0
322.0

376.0
394.0

388.0
697.0

372.0
653.0

382.0
661.0

433.0
639.0

ELECTRICAL E Q U I P M E N T
Battery shipments

(automotive

replacement

Unadjusted
1934-36=100..
Twelve-month moving total
do
Electrical products:!
Insulating materials, sales billed... 1936=100..
Motors and generators, new orders
do
Transmission and distribution equipment,
new orders
1936=100..
Furnaces, electric, industrial, sales:
Unit
kilowatts.
Value
thous. of dol.
Electrical goods, new orders (quarterly)
thous. of dol.
Lammated fiber products, shipments. . . d o
Motors (1-200 hp):
Polyphase induction, billings
do...
Polyphase induction, new orders
do.._
Direct current, billings
do
Direct current, new orders
do...
Power cable, paper insulated, shipments:
Unit
thous. of ft.
Value
thous. of dol.
Rigid steel conduit and fittings, shipments
short tons.
Vulcanized fiber:
Consumption of fiber paper
thous. of Ib_
Shipments
thous. of doL

5,850

4,924
1,613

289.4

236.9

215.3

223.4

198.5

212.8

186.0

160.0

188.0

104.0

' 105.0

138.0

148,556
10,367

34, 210
3,177

70,507
5,100

24,796
2,133

31,310
2,378

26, 528
2,237

20, 297
1,534

13, 321
1,357

29,879
1,845

10,541
928

17, 201
1,287

16,265
1,197

5,163

1,095,565
5,302

5,015

5,191

831,401
5,813

6,982
7,854
4,082
4,794

8,114
8,608
5,708
6,298

3,699 " ~ 3 ~ 722"

1,057,954
4,116

" 4 , 5 5 7 " "~4~ 475"

965,120
5,028 ~~~5~279"

7,604
12, 697
4,418
10,196

7,471
11,174
3,395
12,761

7,855
11,932
3,225
13,494

8,052
10,949
3,413
8,407

7,710
9,272
3,857
10,377

8,088
8,257
4,584
4,341

8,287
7,291
4,433
3,614

7,484.
6,098
5,300
6,946

8,753
9,296
6,892
9,214

7,079
6, 750
4,336
3,267

578
934

576
978

1,375
1,716

1,549
2,050

899
1,123

1,074
1,435

942
1,269

888
978

879

1,256
1,173

26,499

22,987

22,656

21,449

21,420

17,452

14,509

12, 389

12,126

9,102

9, 613

9,463

3,900
1,145

4,228
1,215

4,303
1,378

4,067
1,204

4,219
1,351

4,364
1,581

4,832
1,614

4,314
1,465

4,707
1,595

5,056
1,650

4, 551
1,620

5,026
1,852

PAPER AND PRINTING
WOOD PULP
Production:!
Total, all grades
short tons.. 771,162" 942,373 934,007 861,066 774,014 819,372 774,144 838,520 763,414 736,670 755,069 719,634 793,998
Chemical:
Sulphate, total
d o . . . . 355,224 424,052 440,900 404,112 370,810 398,460 371,796 392,821 348,313 332,679 349,217 331,060 367,410
Unbleached
_do..__ 292,973 357,899 373,608 341,677 309,654 329,413 299,910 317,980 278,360 266,238 278,534 271,264 304,363
Sulphite, total
d o . . . . 212,331 265,126 258.406 251,380 224,179 239,660 226,093 241,946 216,902 208,883 208,302 210,685 215,849
Bleached
d o . . . . 136,946 149,831 147,165 147,651 132,224 144,930 132,724 147,973 134,214 127,291 129,033 126,549 138,335
36,545
36,716 33,810
34,794
38,898
35,533
33,284 33,391
35,000 41,978 40,084 34,946
Soda
__do
31,099
Groundwood
d o . . . . 146,760 189,528 175,166 155,326 131,706 130,761 126,037 144,933 143,421 141,909 140,500 133,485 151,169
Stocks, end of month:f
Total, all grades
.do
97,860 130,257 160,515 166,318 170,104 185,828 175,241 159,357 149,299 143,983 129,405 111,459 '97,595
Chemical:
72,816 74,274 65,248 59,205 46,464 31,589 '16,508
61,576
Sulphate, total
do
39,215
14,990 16,041
22,627 28,521
25,074 '12,432
50,250 37,776
66,067 67,118 56,480
56,988
Unbleached
d o . . . . 11,074 11,890
35,258
16,868 22,190
30,336 '28,666
35,745 36,843 38,963 35,694
Sulphite, total
d o . . . . 25,951
29,589 41,654 39,610 41,492 47,838 41,345
16,898 '17,713
23,263 26,892 31,948 25,969 21,434 20,136 21,382 22,089
Bleached
.
d o . . . . 16,367 16,125 25,631
3,175
2,858
3,529
3,398
4,392
3,717
4,395
4,386
4,064
3,619
2,765
Soda
do.___
2,558
3,933
46,435
39,624 40,940 43,048
54,754 42,404 40,865
70,174
80,536
Groundwood.
...do
51,455
90,752 92,694 84,155
' Revised.
1Of the 101 firms on the reporting list in 1941,19 have discontinued the manufacture of stokers; some manufacture stokers only occasionally.
fRevised series. A new method has been employed in the construction of the indexes for electrical products to overcome a strong upward bias in the two series on orders
received, and, in addition, the number of products composing the individual indexes has been increased. For revised 1941 monthly averages see note marked 'f o n P- S"30
of the April 1943 Survey and for revised monthly data beginning November 1941, see p. S-30 of the January 1843 issue; earlier data will be published in a subsequent issue.
Wood pulp production statistics have been revised beginning January 1940 and stocks beginning Jamaary 1842; for revisions through March 1942, see p. 30, table 8, of this
issue.
*New series. For 1940 and 1941 data for machine tool shipments and a description of the series, see p. S-30 of the November 1942 issue.




S-32

SUEVEY OF CURRENT BUSINESS

Monthly statistics through December 194.1, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1942 Supplement to the Survey

June 1943

1942
April

May

June

July

SepAugust tember

October

Novem- December
ber

January

1943
Febru- March
ary

PAPER AND PRINTING—Continued
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 standard capacityProduction
_do
Shipments
do
Uncoated paper:
Orders, new
do
Price, wholesale, "B" grade, English finish,
white, f. o. b. mill
dol. per 100 1b.
Production ..percent of standard capacityShipments
do._.
Newsprint:
Canada:
Production
short tons.
Shipments from mills
do_._
Stocks, at mills, end of month
do...
United States:
Consumption by publishers
short tons.
Price, rolls (N. Y.)
dol per short ton_
Production
short tons_
Shipments from mills
do...
Stocks, end of month:
At mills
do...
At publishers
_do._.
In transit to publishers
do.-.
Paperboard:
Orders, new
do...
Orders, unfilled, end of month
do...
Production
..do...
Percent of capacity
Waste paper, consumption and stocks:
Consumption
short tons.
Stocks at mills, end of month
do.. .
PRINTING
Book publication, total
no. of editions New books
_
__
do...
New editions
do...
Continuous form stationery, new orders
thous. of sets.
Sales books, new orders. _
thous. of books.

,319,538 ,222,421 1,088,223 990,386 1,076,589 1,067,024 1,205,873 1,097,445 1,107,547 1,130,428 '1,097,431 1,250,471
477,792 434, 419
559,411 532,802
543, 273 514, 568
46,505
79, 757
62,167
59,693
40, 529

40,339
64, 360
58, 953
56, 505
43, 205

423,978 402,993 425,825 452, 683 554,191 510,260
485,029 434,626 463,337 457,365 514, 231 467,090
473, 008 431, 207 437, 946 452, 323 511, 460 471,924
35,479
49,485
52,850
50, 403
46,064

39, 486
40, 782
46, 763
45,071
47,002

42,805
36, 354
45, 917
44, 285
48,775

43, 612
35, 657
45, 360
44, 448
49, 553

64, 588
44, 983
52, 787
53,935
48,614

497, 048 •511,929 • 486,813 549, 111
473,162 •484,322 • 464, 430 508,857
490,217 '481,046 • 469,800 518, 503

52,106
48,101
48,274
47,885
49,017

' 56, 066 ' 53,109
' 53,132 rr 58, 960
47, 373
'50,213
r 51, 553 ' 48, 231
\ 41,851
«• 42, 616
' 162,968 ' 162, 239
119,959 '123,. 507
163, 033 '159,489
164,377 n 50, 987
73, 233 ' 74,199

68, 994
75,876
52, 222
53, 677
40, 344

149, 581 130, 506 137, 689 134, 508
78,511
101, 239 85,432 87,107
183,905 165, 640 141,595 133, 798
173, 237 157, 244 139,881 141,394
91,086 99,299 100,832 92,881

50,495
49,892
48, 545
49, 578
45,692
143, 837 153,122 192, 283 174, 633 174, 515
80, 572 82,249 99,025 111,631 121, 551
143,658 148,520 177, 981 160,457 157, 532
141,885 151,884 175,194 164, 263 167, 963
86, 651 75, 524
94, 650 91, 502 90,829

199, 272
151,056
210, 318
209,120
75, 598

187, 460
131,933
207,863
204, 402
79, 244

167, 470
111, 161
191, 782
187, 537

160,105
100, 290
175, 557
167,497
86, 815

158,618
93,863
182, 836
164,092
102, 317

165,769
99, 334
169,643
161, 266
111,204

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

60. 5
61. 2
59.3

47.9
55.3
55.1

31.8
40.1

30.2
37.0
35.1

32.3
30.7
32.7

36.4
34.0
35.8

47.4
45.2
48.8

59.7
51.3
51.8

62.7
50.3
54.0

55.3
52.6
53.0

53.7
54.4
55.9

60.8
55.3
59.5

.9.0

84.1

74.9

78.6

105.3

97.5

97.5

86.1

92.6

7.30
90.1

7.30
98.2
96.1

7.30
72.7
76.7

7.30
79.2
79.5

7.30
96.3
95.0

7.30
90.7
92.9

7.30
86.1
91.4

7.30
89.6
89.9

7.30
93.6
90.4

7.30
92 5
92.1

244,191 I 233,544
243,530 215,016
91,986 110,514

221,807
222, 383
1C9, 938

246,855
248, 469
107, 324

243, 281 238,493 242, 372 222, 244 210,549 223,189 231, 691 254,349 260, 542 252,399 226, 741 208,143
54.00
50.00
50.00
50.00
50.00
50, QP
50.00
50.00
50. 00
50.00
50.00
50. 00
68,001
82, 669 80,040
79,38-6 76,952
79,885
77,962 84, 217 75,065 74, 655 69, 792 64,358
70,368
81,182 76,612 78,413
76,181
79, 556 83, 560 85,458 76, 207 75, 222 69, 691 60,147

237, 111
54.00
71,357
71, 824

11,079
12,648
361,553 383,384
57, 680 44,843

1&076
17,049
384, 758 402,401
39,025 36,442

13,446
377, 790
53, 774

686,179 611,967
525, 287 371,365
650, 448 677,458
94

528,026 466,173 464, 293 523,648 555, 071 660,89,0 613, 746 615,184
288, 516 223,809 213,443 212,953 236, 208 272,006 321,885 379,573
609, 579 523,808 478,808 529,214 535,850 607,425 555, 290 559,730
68
81
75
76
82
82
77
352,972
283,040 304, 215 312, 279 343,460 316,454 331,895
371,086 414, 775 428,067 422,958 420,465 424,451 408, 753 394,527

7.30
89.4
87.0

7.30
73.9
74.7

7.30
85.3
86.6

229, 573 277, 741 251,831 242, 762 241,178 253, 239 257,618
243,813 238, 346 266, 443 253, 283 243,620 255,563 292,405
94,084 184,021 169, 409 158,888 156, 446 154,122 119,335

411,110
308,963

693
565
128
238, 720
i 18,625

17,820
418,985
35,454

1,036
818
218

637
537
100

709
537
172

206,078 169,904
19,672 18,101

188,437
20,051

150,392
16,450

782
657
125

18,149
430,409
40,270

809
642
167

271,555 251,147
295,625 255,087
95, 265 91,325

179, 799 200,667
160,202 171,848
165, 274 182,732
168.757 193, 247
r
104,312 95, 227

13,913
9,702
9,601
12, 551 11,310 10,168
455, 263 470,852 447, 396 429, 255 391,102 381, 466
52, 538 58,655 60,108 50,094 66, 707 63,166

739
582
157

969
821
148

842
693
149

702
594
108

180,172
134, 534
172, 060
169, 409
74,166

62.6
59.5

629,900
413,084
576,376
86

616,167
454,308
568,637

723, 296
511,220
670, 257
94

344,388
374,301

250,885
355,044

393,634
341,097

671
602

731
528
203

538
130

227,722 238,529 1283,108 1236,362 I 230,646 1209,460 1250,410 '451,613
20,604
17, 235 i 16,047 i 21, 602 i 23, 229 I 16,726 i 19,196 j i 25, 707

PETROLEUM AND COAL. PRODUCTS
COAL
Anthracite:
Prices, composite, chestnut:
12.49
12.29
12.48
12.48
12.48
12.48
12.49
12.49
Retail
__.dol. per short ton..
Wholesale
do_._. 10.811 10.124 10. 314 10.346 10.346 10.344 10.344 10.344 10.344
4,843
5,426
5,153
5,122
5,341
5,180
5,101
4,795
Production
.thous. of short tons.. 5,437
Stocks, end of month:
466
292
472
181
608
173
140
792
In producers' storage yards. _
do
In selected retail dealers' yards
12
28
24
27
35
45
64
number of days' supply._
60
Bituminous:
Industrial consumption and retail deliveries,
total.
thous. of short tons.. 48,160 43, 306 42, 591 40,269 39,856 40, 296 42, 228 45, 500 45,407
34, 526
38,580
34, 501
33 289 34,306
34,686
35,038
Industrial consumption, total
do
37,800
37, 707
1,029
1,099
1,079
l'O59
1,088
Beehive coke ovens
.do
1,080
1,087
1,126
1,041
7,173
7,451
7,229
7,294
Byproduct coke ovens
do
7,496
7,504
7,508
7,542
7,334
571
647
678
Cement mills
do
640
714
468
663
660
678
144
144
Coal-gas retorts..
do
139
149
139
139
137
125
146
5,103
4,717
5,175
Electric power utilities
do
5,672
5,661
5,787
5,497
5,712
5,570
9,398
9,189
8,921
Railways (class I)
do
9,368
9,465
10, 764
9,077
10, 279
10, 271
863
819
766
775
Steel and rolling mills
do
937
758
769
843
867
9,840
9,360
9,940
12, 200
9,390
9,480
Other industrial
do
10,840
11,360
11,800
8,090
6,980
7,190
5,550
5,610
Retail deliveries
do
8,780
9,580
7,700
7,700
256
Other consumption, coal mine fuel
do
260
253
258
242
257
250
247
229
Prices, composite:
9.51
9.43
9.46
9.54
Retail (35 cities)
dol. per short ton. _
9.49
9.52
9.52
9.54
9.55
Wholesale:
4.774
4.782
5.031
Mine run
_.
.do
4.773
4.775
4.805
4.787
4.797
4.815
4.819
5.021
Prepared sizes
...do
5,273
4.939
4.989
5.050
5.097
5.131
4.858
' Revised.
1 Beginning September 1942, 3 companies, formerly accounting for about, 7 percent of the total, discontinued reporting.
2 Discontinued by the reporting source.



12.49
10.383
4,611

13.13
10.661
4,314

13.14
10.801
5,092

13.13
10.811
' 5,824

798

542

379

216

33

21

19

15

52, 272
41,142
1,071
7,583
645
155
6,159
11,155
1,034
13,340
11,130
234

53,407
41,437
1,044
7,682
571
157
5,981
11,443
1,049
13, 510
11,970
228

49, 217
38, 207
1,055

' 53,387
'41,514
' 1,186
7,647
552
149
r 5,965
r10,689
1,046
13,280
r 11,873
273

547
137
5,370
10, 568
1,021
12, 540
11,010
237

9.56

9.63

9.68J

9.82

4.858
5.177

4.866
5.180

4. 949J
5. 208;

5.020
5.238

S-33

SURVEY OF CURRENT BUSINESS

June 1943
Monthly statistics through December 1941, together with explanatory notes and references
to the sources of the data, may be found in the
1942 Supplementtothe Survey

1943

1943
April

April

May

June

July

August

1943
September

October

Novem- December
ber

January

February

March

PETROLEUM AND COAL PRODUCTS—Continued
COAL—Continued
Bituminous coal— Continued.
Production!
thous. of short tons..
Stocks, industrial and retail dealers, end of
month, total
thous. of short tons..
Industrial, total
do
Byproduct coke ovens
do
Cement mills.
do
Coal-gas retorts
-do
Electric power utilities
__do
Railways (class I)
do
Steel and rolling mills
_do
Other industrial__
_.
do
Retail dealers, total
do
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:
Consumption (runs to stills) ...thous. of bbL.
Price (Kansas-Okla.) at wells...dol. per bbL.
Production!
thous. of bbL.
Refinery operations
pet. of capacity..
Stocks, end of month:
Refinable in U. S.f
..thous. of bbL.
At refineries
do
At tank farms and in pipe lines
do
On leases!
do

49,900

48, 332

47,860

48, 220

47,832

47,851

49, 843

51, 791

47,474

49,595

47,029

48,920

56,450

78,665
71,925
9,730
782
374
19, 703
13,175
1,161
27,000
6,740

61,836
55, 746
8,409
813
301
14,767
10,816
1,050
19, 590
6,090

67,418
60, 618
9,179
876
331
15,854
11,479
1,099
21,800
6,800

73, 271
65, 691
9,866
972
369
16,876
12,223
1,145
24,240
7,580

77,583
69,003
9,922
1,040
386
17,339
12,898
1,178
26,240
8,580

73,186
10,238
1,074
402
18,165
13,462
1,235
28,610
9,500

87,311
77.261
10,566
1,081
409
19,872
13, 542
1,251
30,540
10,050

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

75,699
10,721
998
439
19,982
12,579
1,140
29,840
10,190

79,379
71,079
9,958
851
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

6.500

6.000

6.000

6.000

6.000

6.000

6.000

6.000

6.000

6. COO

6.000

6.375

6.500

717
5,272

••687
'5,060
91

5,260
83

5,278
101

692
5,315
111

5,163
108

718
5,339
123

5,191
122

682
6,368
142

'665
5,395
113

672
4,903

748
5,427

953
743
210

1,448
963
485
201

1,432
975
457
191

1,405
969
435
182

1,469
999
470
175

1,564
1,026
539
179

1,614
1,021
593
173

955
651
184

1,646
917
728
198

1,511
882
629
234

1,269
816
453
273

1,069
757
312
276

866
636
230
294

1.110

104,882
1.110
105,053
75

106,883
1.110
110,192
74

105,376
1.110
108,595
77

111, 555 114,135
1.110
1.110
111,782 120,429
80
78

113,474
1.110
115,801

116,381
1.110
120,311
82

113, 342 111,606
1.110
1.110
120, 519 117, 227
80
79

101, 935
1.110
108,399
79

112,013
1.110
121, 560
79

234,423
44, 213
176,956
13, 254
10,804

237,075
44, 874
179,119
13,082
10, 394
638

242,181
46,426
182, 709
13,046
10,402
706

Heavy in California
do
Wells completed!
number..
Refined petroleum products:
Gas and fuel oils:
Consumption:
Electric power plants
thous. of bbL1,055
Railways (class I)
do
Price, fuel oil (Pennsylvania)._dol. per gaL. ~\~063
Production:
Gas oil and distillate fuel oil
thous. of bbLResidualfuel oil
do
Stocks, end of month:
Gas oil and distillate fuel oil
do
Residual fuel oil
do
Motor fuel:
Prices, gasoline:
Wholesale, refinery (Okla.).dol. per gaL.059
Wholesale, tank wagon (N. Y.)
do
.161
Retail, service stations 50 cities
do
.145
Production, total*!
thous. ofbbL_
Straight run gasolinet
do
Cracked gasoline—
do
Natural gasoline! !
do
Natural gasoline blended
do
Retail distribution
mil. of gaL.
Stocks, gasoline, end of month:
Finished gasoline, total
thous. of bbL.
At refineries
do
Unfinished gasoline
do
Natural gasoline
do- _..
Kerosene:
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
dol. per gaL.
.069
Production
thous. of bbL.
Stocks, refinery, end of month
do
Lubricants:
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gaL.
Production
thous. of bbL.
Stocks, refinery, end of month
do
Asphalt:
Production
do
Stocks, refinery, end of month
do
Wax:
Production
thous. of lb..
Stocks, refinery, end of month
do
Asphalt prepared roofing, shipments:
Total
thous. of squares
Grit surfaced
do. -..
Ready roofing
do
Shingles, all types
do....

714
5,100

112,368
1.110
116,101
82

257, 761 254, 577 251,421 245,026 244,125 240,043 237,361 234,100 234,354
49, 525 48.454 47, 551 46,919
46,435 44, 569 43,552 42,699 43,620
195,937 193,334 191,353 185, 797 184, 757 182,825 181,203 178,405 177,904
12, 299 12, 789 12, 517 12,310
12,933
12, 649 12, 606 12,996 12,830
11,434
11,168
10,892
10, 706 10,167 10,868
10, 724
10,865
10,950
825
847
726
745
804
833
765
817
836

1,012
6,399
.057

946
6,624
.058

>,427
.059

1,211
6,747
.059

1,349
6,985
.059

1,431
7,131
.059

1,331
7,798
.059

1,112
7,808
.059

1,281
8,341
.059

1,317
8,145
.059

1,108
7,485
. 062

' 1,194
8,382
.063

14,002
29,440

13,436
30,971

15,210
28,352

16,149
30,096

17,052
30,446

18,062
30,402

18,858
31, 239

17, 562
31,311

18,073
31,890

17, 306
32,544

16, 240
30, 799

17,288
32, 700

28,792
67,658

30,281
68,388

32, 501
66,341

37,729
66,935

42,918
67,613

45,817
69, 264

49,701
68,873

50, 709
66,664

44,940
61, 783

39,014
60,808

35, 298
59, 657

31, 135
57, 280

.054
.157
.144
47,528
18,339
23,504
6,257
4,046
2,015

.055
.161
.144
48,938
19,573
23,130
6,718
4,272
2,092

.056
.166
.154
45,887
17,404
22,423
6,558
4,423
2,079

.058
.186
.153
49,302
19,088
23,946
6,804
4,577
2,202

.059
.166
.144
51,105
19,192
25,387
7,028
4,909
1,998

.059
.161
.144
49,389
19,088
23,882
6,998
5,108
2,038

.059
.161
.144
51,495
19,997
24,905
7,256
5,455
2,056

.059
.161
.144
50,018
19,116
24,433
7,156
4,989
2,112

.161
.145
48,800
18,891
23,225
7,516
4,929
r 1, 481

.059
.161
.145
47,236
17,309
23,391
7,360
4,425
1,376

.059
.161
.145
43, 280
15,426
21,947
6,840
4,326
1,382

.059
.161
. 145
46,653
16,797
23, 297
7, 557
4,907

94,127
67,182
7,695
6,0431

87,461
62,597
7,220

80,080
55,213
7,437
6,571

71,657
48, 585
7,789
6,588

71,403
47,924
8,123
6,405

69,293
46, 736
8,853
6,056

67,669
46,158
8,953
5,424

64,224
44,623
8,992
4,996

70,772
49,054
9,354
4,632

78,475
56,617
10,202
4,904

82, 867
61, 873
9,981
4,990

84,077
62, 987
10,037
5, 462

.063
5,529
5,630

.064
5,302
6,419

.064
4,929
6,940

.063
5,134
7,480

.063
5,340
8,261

.063
5,421
8,203

.063
5,907

.063
5,759
8,770

.063
5,351
7,537

.063
5,602
5,146

.063
5,852
3,996

. 06(>
6,32G
3,158

.160
3,438
8,470

.160
3,439
8,768

.160
3,231
8,756

.160
3,133
8,945

.160
3,141
9,301

.160
2,951
9,278

.160
3,057
9,421

.160
2,983
9,336

.160
3,049
9,424

.160
2,935
9,725

.160
2,780
9,771

.160
3,184
9,689

452,900 500, 500 517,800
719, 400 617,300 513,800

629,300
436,000

619,500
396,500

631,800
366,900

656,900
343,100

549,100
340,200

545,800
411,000

436,000
499,800

390, 500
552, 700

483,100
671, 700

52,080
69, 720

51,800
69,160

57,960
69,720

50,680
68,040

61,040
77,000

57,120
77,840

75,320
86,240

59,920
86,520

64,960
85,400

57,680
84,000

54, 600
81, 480

65, 240
83,440

4,198
1,178
1, 509
1,511

4,391
1,227
1,467
1,697

4,397
1,286
1,528
1,582

4,908
1,726
1,751
1,431

•5,152
1,823
1,918
1,411

5,440
1,802
2,091
1,547

5,774
1,847
2,283
1,644

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

' Revised.
tFigures for the production of natural gasoline include total sales of liquefied petroleum gas as follows (thous. of barrels): 1942—Apr., 572; May, 483; June,
e, 498; July, 536;
Aug. 502; Sept., 579; Oct., 663; Nov., 687; Dec, 832. 1943—Jan., 824; Feb., 829; Mar., 889; these data are not included in the total for motor fuel; similarly salea of liquefied
petroleum gas are included in the total production of natural gasoline but excluded from total motor fuel production in the revised 1941 figures referred to in the note marked
" ! " . Production of straight-run gasoline include? transfers of cycle products as follows: 1943, Feb., 104; Mar., 109; these data are not included in the total for motor fuel
! Revised series. Production of bituminous coal revised beginning June 1939; see note marked "f" on p. S-32 of the April 1943 Survey. Data for the indicated series of
petroleum products revised for 1941; for revisions see notes marked " t " on p. S-33 of the March and April 1943 issues. See also note marked "J" above.




S-34

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

1943
April

June 1943

1942
April

May

June

July

August

1943

September

October

Novem- December
ber

January

Febru- March
ary

STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth:
Shipments

._reams__ 153,639

110,645 I 115,910 I 121,187 j 135,030 j 142,985 | 120,953 ! 126,874

105,808

157,573 125,258

119,776 | 150,497

PORTLAND CEMENT
Production
Percent of capacity
Shipments
Stocks, finished, end of month
Stocks, clinker, end of month

thous. of bbl_.
thous. of bbl_.
do._._
do

11, 239
55
12, 757
22, 596
5,269

14,067
69
14,774
25,112
6,656

16, 349
24, 886
6,241

16, 022
79
18, 250
22, 809
5,809

16, 833
80
20, 501
18,979
5,528

17, 605
85
21, 232
15, 268
4,493

17, 527
87
20,145
12, 697
3,595

18, 258
87
20,345
10,617
2,723

16, 241
80
14, 627
12, 234
2,831

13.279

13. 249

13. 216

13.224

13. 263

13. 265

13. 255

13. 213

13.215

1,983
19, 615

2,680
19, 647

3,682
19,461

3, 711
18, 760

3,682
19,215

7,622
116.8
8,132
499
2,109
33
553
852
817
1,922
702
207
404
5,894

6,921
102.9
6,830
454
1,554
51
479

7,192
111.2
6,997
419
1,489

6,723
99.9
6,356
331
1,405
43
451
1,065
759
1,482
433
272
90
10,008

5,946
88.4
6,333
383
1,577
40
416
837
853
1,379
328
295
195
9,528

6,585
97.9
6,902
546
1,828
33
320
723
1,164
1,253
329
270
401
9,139

6,297
97.3
6,879
815
1,629
31
315
636
1,095
1,286
361
286
395
8,490

6,837
97.9
6,975
505
1,830
49
350
618
1,171
1,662
455
276
29
8,299

6,206
99.9
6,252
449
1,645
39
331
672
816
1, 508
520
236
13
8,119

6,268
93.2
6,528
418
1,715
39
362
814
862
1,491
516
272
16
7,774

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

4,227
4,936
6,181

4,558
' 4,800
9,156

3,779
3,845
9,140

3,183
3,915
8,411

4,498
4,532
8,196

3,880
3,829
8,239

4,500
4,888
7,837

3,778
3,535
8,076

3,837
3,746
7,177

4,475
3,763
7,877

4,190
4,210
7,803

4,284
5,338
6,870

3,622

2,876

2,927

2,494

2,397

3,048

3,606

4,608

3,909

3,744

3,585

3,713

4,760

5,488
i 1,005
61.9

5,570
1,644
101.3

4,310
1,557
95.9

4,726
1,223
75.3

4,194
1,274
78.5

3,863
1,075
66.2

4,741
1,097
67.6

4,924
i960
59.2

4,612
1984
60.6

5,001
i 1, 297
79.9

4,910
i 1,166
71.8

4, 775
l, 113
68.6

5,237
i 1, 249
76.9

16,119
77

14,090
67
8,923
17,428
3,509

12, 560
60
8, 641
21, 368
3,771

10, 293
54
8, 656
22, 985
4,566

11,392
54
10,108
24,058
r 4, 926

13.219

13.260

CLAY PRODUCTS
Common brick, price, wholesale, composite,
f.o. b. plant
_dol. per thous..
Vitrified paving brick:^
Shipments
thous. of brick...
Stocks, end of month
do

13.236

13. 243

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, production
thous. of boxes.
Percent of capacity

1,158
814
1,733
441
259
104

1,757
448
234
125
9,417

4,134
4,315
8,879

l

GYPSUM AND PRODUCTS
Gypsum, production:
Crude
short tons
Calcined
do...
Gypsum products sold or used:
Unealcined
do...
Calcined:
For building uses:
Base-coat plasters
do...
Keene's cement
...do..
All other building plasters
do_..
Lath
.
thous. of sq. ft
Tile
do...
Wallboard
do...
Industrial plasters
short tons

1,234,293
829, 206
399,192

1,213,817
754,911

1,119,863
658,053

855,028
546, 388

384, 730

125

275, 250

252, 860
3,781
80, 320
254, 690
,523
365,166
35, 736

199, 061
2,905
77,483
197,845
11, 577
404,896
36,

129,468
2,258
61, 695
159,123
12, 328
408,044
38, 301

104, 262
1,959
61,310
115,407
3,161
320, 946
36, 252

TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs..
Shipments.
__
do
Stocks, end of month
do

12, 618
13, 355
17, 802

12, 729
13, 533
20, 346

11,913
11, 500
20, 748

12, 033
10, 990
21, 781

12, 067
11, 251
22, 585

11, 982
12,118
22,435

12, 335
12, 649
22,110

12, 650
13, 012
21, 736

11,711
12, 059
21, 369

12,178
12,441
21,100

12,186
12,937
20, 350

12, 255
12, 975
19,630

13, 442
14, 534
18, 538

COTTON
Cotton (exclusive of linters):
,749 957,864 967,523 994, 552 925,089
166,149 972, 490 913,038 935, 511 915, 479 878,154 995, 512
Consumption
bales.. 938,989
.183
Prices received by farmers 15 _.dol. per lb._
.201
.192
.186
.180
.192
.190
.186
196
.197
.197
.199
Prices, wholesale, middling /W, average,
.189
.212
.186
.187
.202
.200
.194
10 markets
dol. per lb_.
.193
197
.212
. 204*"
.207
Production:
49
5,009
Ginnings (running bales)§-_ thous. of bales..
738
9,726
11, 539
12,100
2 12,445
11, 743
Crop estimate, equivalent 500-lb. bales
thous. of bales..
2 12,826
Stocks, domestic cotton in the United States,
end of month\%
12, 624 I 13, 587 ' 13, 539
7,502
9,364
' 8, 419
r 7, 610
9,676
10, 452
, 340
Warehouses
. . . .thous. of bales.. 10,564
13,036
11,438
2,347
1,711
r 2, 342
1,848
2,006 I
2,518
' 2, 477
2,330
2,467
Mills
do....
2,418
,443
2,406
' 2,155
Cotton linters:
115
122
105
132
127
122
116
114
111
131
108
Consumption
.do
98
109
221
62
26
22
27
154
41
215
200
162
120
99
Production
do
67
844
653
810
577
490
505
698
893
I
873
732
Stocks, end of month
.do
588
868
l
2
' Revised.
Partly estimated.
Total ginnings of 1942 crop.
1 Data are being compiled on a revised basis.
§ Total ginnings to end of month indicated.
t For revised figures for August 1941-March 1942. see p. S-34 of the May 1934 Survey. The total stocks of American cotton in the United States on July 31,194?, including
stocks on farms and in transit, was 10,505,000 bales; stocks of foreign cotton in the United States on that date totaled 135,000 bales.




S-35

SURVEY OF CURRENT BUSINESS

June 1943

Monthly statistics through December 1941, to- 1943
gether with explanatory notes and references
to the sources of the data, may be found in the April
1942 Supplement to the Survey

1942
April

June

May

July

August

1943
September

Octo
ber

Novem- Decerri'
ber
ber

January

February

March

TEXTILE PRODUCTS—Continued
COTTON MANUFACTURES
Cotton cloth:
Prices, wholesale:
Mill margins
.
cents per lb_.
Denims, 28-inch
dol. per yd..
Print cloth, 64 x 60
do....
Sheeting, unbleached, 4 x 4
do___.
Finished cotton cloth, production: §
Bleached, plain
thous. of yd..
Dyed, colors
do
Dyed, black
.
do
Printed
do,-..
Spindle activity: t
Active spindles
thousands_.
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

19.62
.192
.090

0)

20.28
.196
.089
.107

20.95
.196
.090
.108

21.82
.196
.090
.108

21.27
.196
.090
.108

22.17
.193
.090
.108

22.03
.192
.090
.108

194,328 192,142 192,091
148,023 145, 423 147,654
5,338
5, 573
5,196
75, 962 72,813 61,287

189,214
150,832
5,730
55,732

178,185
149,159
5,121
60,073

179,363
157,074
5,472
65,606

21.85
.192
.090
.108

21.47
.192
.090
.108

21.08
.192
.090
.108

20.32
.192
.090

182,176 168,349
167, 390 143,165
5,503
5,860
70,935
63,144

182,841
145,133
5,295
84,216

175,919
140,098
4,608
71,033

(0

20.05
.192
.090

0)

19. 60
.192
. 090

0)

22, 894
10, 927
465
133.2

23,102
11,459
476
135.2

23,117
11,197
465
138.5

23,095
11,295
471
133.7

23,110
11,484
479
130.2

22,974
10,981
458
136.4

22,956
11,191
468
134.9

23,012
11,429
478
136.9

22,948
10,558
443
133.4

22,887
10, 734
450
127.9

22,890
10,820
455
138.8

22, 859
10,246
435
135.9

22, 925
11,647
495
134. 4

.414
.515

.420
.516

.421
.515

.421
.515

.421
.515

.421
.515

.420
.515

.414
.515

.414
.515

.414
.515

.414
.515

.414
.515

.414
.515

41.6
13.2

37. 6
13.0

37.6
12.7

39.0
13.7

12.6

38.2
12.7

38.4
12.5

41.1
12.6

38.8
12.4

41.0
13.2

37.9
12.7

39.0
12.6

'42.8
' 14.0

.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

6.6
2.3

5.4
1.7

6.9
2.1

7.0
2.3

6.5
3.1

7.4
3.9

8.0
4.3

7.7
4.1

8.1
4.4

8.7
3.3

8.9
3.0

7.1
2.5

2.8

44, 740
2,544

44, 320

53, 510
4,280

45, 896
3,236

45, 372
2,000

52, 305
3,045

45,100
3,240

44, 388
3,036

45, 504
3,168

56,160
2,665

' 49. 320
r
2, 944

63, 455
3,685

2,754
86

2,789
81

2,668
78
76
53

2,853
70

2,744
70

2, 657
65

2,703
75
69
44

2,650
71

2,711
68

2,676
63

' 2, 813
67

2,819
71

64
42

63
40

65
41

67
41

124,120 ' 133, 482
112, 922 '119,015
206
217

135,856
118,859
218

WOOL
Consumption (scoured basis) :J
Apparel class...
thous. of lb..
Carpet class
do
Machinery activity (weekly average) :f
Looms:
Woolen and worsted: •
Broad
thous. of active hours..
Narrow
do
Carpet and rug: •
Broad
do
Narrow
do
Spinning spindles:
Woolen
do
Worsted
do
Worsted combs
do
Prices, wholesale:
Raw, territory, fine,scoured dol. per lb_.
Raw, Ohio and Penn.,
fleeces
do
Australian (Sydney), 64-70s, scoured, in bond
(Boston)
dol. per lb..
Suiting, unfinished worsted, 13 oz. (at mill)
dol. per yd-.
Women's dress goods, French serge, 54" (at
mill)
dol. per yd..
Worsted yarn, ^2's, crossbred stock (Boston)
dol. per lb-.
Stocks, scoured basis, end of quarter:f
Total
thous. of lb..
Wool finer than 40s, total
do....
Domestic
do
Foreign
do
Wool 40s and below and carpet
do

72
66
40
45
125, 659 125,175 119, 375 127,143 125, 473 121,812
114,464 116, 750 115, 368 122, 324 120, 250 112,150
243
241
239
233
237
217
77
59

1.195
.515

80
64

1.195
.515

1.195
.503

71
59

1.195
.496

1.195

128, 423 125,194 126, 337
118, 676 115, 344 114,958
205
217
207
1.205
.535

1.205
.535

1.205
.535
.790

.790

.790

.765

0)

0)

(0

0)

(0

0)

.790

.790

.790

.790

1.199
.527
.790

0)

2.599

0)

0)

0)

0)

0)

1. 559

1.559

1.559

1.556

1.552

1.552

1.558

1.559

1.559

1.559

1.559

1.559

1. 550

1.800

1.800

1.800

1.800

1.800

1.800

1.800

1.800

1.800

1.800

1.800

1.800

1.800
194,066136, 752
59, 332
77, 42057,314

1. 205
.535
.765

.790

335, 796
254,817
126, 612
128, 205
),979

351, 485
276, 295
141, 409
134, 886
75,189

1.205
.535

1.205
.535

1.205
.535
.765

265, 535
194,167
95, 790
98,377
71, 368

.765

MISCELLANEOUS PRODUCTS
Fur, sales by dealers
thous. of doL.
Pyroxylin-coated textiles (cotton fabrics):
Orders, unfilled, end of mo__thous. linear yd..
Pyroxlin spread
thous. of lb_.
Shipments, billed
thous. linear yd..

8,760
3,767
4,632

4,980

1,460

1,313

1,518

3,197

2,630

2,626

3,096

r 4, 182

' 6,490

5,987

7,684

6,496
5,554
6,384

5, 798
5,371
5,877

5,563
4,605
5,279

4,937
4,430
4,530

4,686
4,275
4,734

5,752
4,855
4,720

8,913
4,621
4,950

9,959
3,570
4,248

9,658
3,776
4,510

10, 212
3,747
4,283

10, 036
3,217
4.260

9,231
3,731
4,686

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..

41
39
41

58
42
62

56
60
55

58
55
60

59
57
60

53
54
54

42
45
42

32
26
34

26
16
28

20
11
22

17
11
19

21
13
23

36
30'
37

20
653

105
665

95
617

86
664

77
573

67
586

59
633

51
547

44
488

37
554

31
567

27
527

22
638

' Revised.
* No quotation.
JFor revised figures for all m o n t h s of the cotton year 1941-42 see p . S-35 of the November 1942 Survey.
HData for J u n e and September 1942 and J a n u a r y and March 1943 are for 5 weeks; other months, 4 weeks.
§Data to bring these series u p to date are not available; moreover, recent figures shown m a y not accurately reflect production in this industry.
• A large portion of carpet and rug looms have been converted to the manufacture of blankets and cotton fabrics, principally the latter; data for these looms have been excluded beginning J a n u a r y 1942; t h e y accounted for less t h a n 2 percent of the total carpet and rug loom activity in t h a t m o n t h and 70 percent of the total (bread, 59 percent;
narrow, 79 percent) in March 1943. Similarly, data for woolen and worsted looms operating entirely on cotton yarns have been excluded beginning July 1942; t h e y accounted
for only 0.4 percent of the woolen and worsted loom activity in t h a t m o n t h and 3.5 percent (broad, 3.1 percent; narrow, 17.4 percent) in March 1943. Revisions for woolen a n d
worsted looms for February 1942: Broad, 2,623; narrow, 95.
fRevised series. T h e yarn price series for Southern, 22/1 cones, has been substituted beginning 1941 for the Northern, mulespun, series formerly shown; for m o n t h l y 1641
data, see p. S-35 of the November 1942 issue (1941 monthly average, $0.355). 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.
For reference to approximately comparable 1941 data, except for exclusion of country dealer and warehouse stocks, see note marked "f" on p . S-35 of the M a y 1943 Survey.
h e FRASER
indexes of retail automobile financing shown above on a January 1942 base m a y be linked to the indexes on a 1939 base shown in the 1942 Supplement b y applying the curDigitized Tfor
rent series to the J a n u a r y 1942 index on a 1939 base given in footnote 5 to p . 170 of the 1942 Supplement.



S-36

SUEVEY OF CUKKENT 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
April

June 1943

April

May

June

July

SepAugust tember

October

Novem- December
ber

January

1943
Febru- March
ary

TRANSPORTATION EQUIPMENT—Continued
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..
E quipment 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
U. S. Bureau of the Census:
Locomotives, railroad:§
Orders, unfilled, end of mo., total
do
Steam
do
Other..
do....
Shipments, total
do
Steam
do
Other
do
Locomotives, mining and industrial:§
Shipments (quarterly), total
do
Electric, total
.do
For mining use
do
Other
do....

8,045
1,641

7,957
7,273
10
10

7,573
5,700
41
41

5,253
2,851
23
23

2,860
1,370
16
16

955
574
10
10

1,575
1,408
0
0

2,142
1,970
0
0

2,202
1,896

2,244
1,428
0
0

3,061
1,447
0
0

3, 365
1,321
3
0

1,740

1,726

1,731

1,736

1,737

1,737

1,737

1,737

1,739

1,739

1,740

1,741

19
2.6
19, 397
16,162
3,235

62
3.6
58,129
39,804
18,325

63
3.7
48,351
31,440
16,911

57
3.3
37,891
25,062
12,829

55
3.2

35, 442
24,974
10,468

53
3.1
34,195
24,626
9,569

46
2.7
35, 637
28,352
7,285

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

2,082
5.3
371
282

3,114
7.9
408
357
51

2,930
7.5
395
348
47

2,747
7.0
350
304
46

2,669
6.8
334
284
50

2,593
6.6
323
256
67

2,381
6.1
314
238
76

2,143
5.5
289
216
73

2,098
5.4
369
356
13

1,932
4.9
355
263
92

1,957
5.0
335
322
13

1,975
5.0
352
270
82

1,425
669
756
132
62
70

1,586
716
870
111
50
61

1,554
658
896
142
59
83

1,720
854
866
132
56
76

1,649
783
866
147
61

1,932
1,065
867
177
83
94

1,839
979
860
177
96
81

1,822
938
884
124
81
43

1,967
1,139
828
146
63
83

2,043
1,249
794
159
104
55

1,973
1,221
752
219
155
64

411
380
31

285
280
5

342
309
33

205
104
102
101

261
136
122
125

116
112
150

INDUSTRIAL ELECTRIC TRUCKS
AND TRACTORS
Shipments, total
Domestic
Exports

number.
do...
do

410
384
26

400

384
373
11

400
391

360
343
17

382
344
38

438
415
23

420
418
2

367
352
15

CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indexf
1935-39=100..
Industrial production, combined indexf
1935-39=100..
Construction f
do
Electric power
do
Manufacturing!
do
Forestry!
do
Miningf
do
Distribution, combined indexf
do
Tons carried*
do
Agricultural marketings, adjusted:!
Combined index
do
Grain
do
Livestock
do
Commodity prices:
Cost of living
do
Wholesale prices
1926=100..
Employment (first of month, unadjusted):
Combined index
do
Construction and maintenance.
.do
Manufacturing
do
Mining
do
Service
do
Trade
do
Transportation
do
Finance:
Bank debits
_.
mil. of doL _
25
Commercial failures.
number..
Life-insurance sales, new paid for ordinary
thous. of doL. 51,104
Railways:
Carloadings
thous. of cars..
Financial results:
Operating revenues
thous. of doL.
Operating expenses
-do
Operating income.
do
Revenue freight carried 1 mile...mil. of tons.
Passengers carried 1 mile
mil. of pass..
P reduction:
Electric power, central stations
mil. of kw.-hr.Pig iron
thous. of long tons..
Steel ingots and castings
do
Wheat flour
.
thous. of bbl. _

198.1

195.5

200.0

203.7

205.7

206.1

207.2

207.8

221.2

225.8

227.3

220.8
143.0
144.3
231.0
137.8
226.9
151.3
189.3

217.3
95.8
146.1
232.5
132.7
211.3
150.2
182.3

222.1
157.1
146.6
235.7
131.2
196.3
153.9
188.1

229.4
118.7
145.8
246.2
128.5
213.3
150.5
176.2

232.5
114.3
142.8
248.8
120.7
216.6
150.4
163.0

235.1
127.8
140.0
253.3
116.2
225.8
145.8
127.1

238.6
97.8
138.5
262.6
126.7
195.7
142.1
127.9

239.3
106.9
137.3
263.4
116.7
192.0
142.7
142.0

250.8
101.5
140.1
276.2
124.7
209.6
160.6
173.4

254.6
95.0
142.5
279.0
105.6
225.3
166.3
155.1

267.8
140.7
141.8
290.8
120.7
226.1
143.3
175.5

84.8
84.2
87.0

83.7
84.3
80.9

88.6
82.8
113.8

237.7
270.9
93.4

99.6
98.8
102.9

43.6
33.9
85.7

106.6
112.9
78.9

95.4
90.4
117.0

141.7
146.4
121.2

133.5
149.8
62.8

110.3
113.3
97.2

115.9
95.0

116.1
95.2

116.7
95.8

117.9
96.1

117.7
95.5

117.4
95.8

117.8
96.6

118.6
97.0

118.8
97.0

117.1
97.1

116.9
97.5

165.2
98.0
199.4
175.0
172.8
153. 0
99.0

167.4
109.3
202.3
173.5
176.3
153.5
104.1

171.7
123.3
205.9
173.1
180.6
153.7
106.4

175.7
137.7
209.5
174.1
184.8
152.8
108. 1

177.8
146.8
212.4
172.3
189.4
152.5
110.4

179.3
146.5
215.6
166.8
188.2
152.3
110.0

181.3
149.6
218.3
164.3
185.1
153.5
111.7

183. 3
154.9
218.6
163.0
182.6
156.5
110.6

186.5
151.3
221.7
162.0
182.0
164.5
109.4

183.7
132.1
219.6
162.4
180.5
169.9
107.8

181.2
125.7
222.1
161.4
179.7
149. 3
105.5

3,733
46

3.791
53

3,767
46

3,704
47

3,480
42

3,516
39

4,073
47

4,967
56

4,195
36

3,900
25

3,712
29

36, 232

40, 336

43, 898

44, 868

39, 963

55, 798

57, 795

52, 042

45, 576

40, 420

40, 420

273

283

287

294

282

290

323

291

273

237

247

50, 597
36, 526
10, 303
4,439
361

53, 036
37, 606
11,510
4,891
375

55, 247
39,419
11, 696
4,807
412

57, 529
42,004
10, 582
4,705
511

58,881
43, 371
10, 753
4,593
532

58, 590
42, 670
11, 803
4,550
452

61, 281
43, 742
15, 424
5,171
404

56,926
41, 885
11,509
5,077
385

63, 593
45, 750
13, 284
4,750
652

50, 679
41,146
6,190
4,063
411

53. 025
41, 721
7,239
4,456
388

3,083
143
237
1, 961

3,175
153
243
1,481

3,043
150
227
1, 335

2,966
154
229
1, 590

2,990
145
222
1,820

2,947
139
219
1,737

3,166
157
242
1,851

3,181
152
242
1 973

3,249
147
241
2,063

3,218
104
185
1,963

2,951
123
219
1,991

§Data discontinued by compiling source for the duration of the war.
fRe vised series. The revision of the index of physical volume of business is due mainly to a change in the weighting and in the list of components, so as to present a picture
of the expansion in industries engaged in 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 index of grain marketings is based on receipts at country elevators instead of receipts at head of Lake and Pacific ports, as
formerly. For revised monthly averages for 1941 see note marked "f" 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 request.
*New series. The index of tons carried has been substituted for the index of carloadings, beginning in the January 1943 Survey; data beginning 1928 are available on request.
Components included in the distribution index other than tons carried are retail sales, wholesale sales, exports, and imports.

U. S. GOVERNMENT PRINTING OFFICEi 1943


INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S36
CLASSIFICATION, BY SECTIONS
Monthly business statistics:
Business indexes
Commodity prices
Construction and real estate
Domestic trade.
Employment conditions and wages.
Finance
Foreign trade
Transportation and communications
Statistics on individual industries:
Chemicals and allied products..
Electric power and gas
Foodstuffs and tobacco
Leather and products
Lumber and manufactures
Metals and manufactures:
Iron ard steel.
Nonferrous metals and products
Machinery and apparatus
Paper and printing
Petroleum and coal products
Stone, clay, and glass products..
Textile products
Transportation equipment
Canadian statistics
,

Page
S-1
S-3
S—4
S-6
S-8
S-14
S-21
S-21
S-23
S-24
S-25
S-28
S-29
S-29
S-30
S-31
S-31
S-3 2
S-34
S-34
S-3 5
S-36

CLASSIFICATION, BY INDIVIDUAL
SERIES
Pages marked S
Abrasive paper and cloth (coated)
34
Acceptances, bankers'
14
Advertising
6
Agricultural income, marketings
1
Agricultural wages, loans
14,15
Air mail and aii-line operations
7, 22
Aircraft
11, 13
Alcohol, methyl.__
23
Alcoholic beverages
1, 2, 25
Aluminum..
30
Animal fats, greases
23
Anthracite
2,3,10,11,12,14,32
Apparel, wearing
3 , 6 , 7 , 9 , 1 0 , 11,12, 13,34,35
Asphalt
. _
33
Automobiles
1, 2, 6, 7, 9,11,12,13,17, 35
Banking
_
14, 15
Barley __
26
Bearing metal
30
Beef and veal
_
27
Beverages, alcoholic
1, 2, 25
Bituminous coal
2, 3, 10,11,12,14, 32, 33
Boilers
30
Bonds, issues, prices, sales, yields
19, 20
Book publication
32
Brass, bronze, and copper products
30
Brick...
_
_
3,34
Brokers' loans
15,19
Building contracts awarded
4, 5
Building costs
5
Building expenditures (indexes)
4,5
Building-materials, prices, retail trade
3, 7
Butter
_
25
California, employment and pay roll*
10, 12
Canadian statistics
17,36
Canal traffic...
_.
22
Candy.
_
_
27
Capital
flotations
18, 19
For productive uses
19
Carloadings
22
Cattle and calves
26
Cement
1,2,3,34
Chain-store sales
7, 8
Cheese.
_
25
Chemicals
1. 2, 3, 9, 10,11,12, 13, 14,16, 17, 23
Cigars and cigarettes
28
Civil-service employees
10
Clay products
1,2,9, 11, 12,13. 16,34
Clothing
3, 6, 7,9, 10, 11, 12,13,34,35
Coal
2,3,10,11,12,14,32,33
Coffee
27
Coke
2,33
Commercial failures
16
Commercial paper
14
Construction:
Construction estimates
4,5
Contracts awarded
4, 5
Costs
5
Highways and grade crossings
5
Wage rates
14
Consumer ciedit
16
Consumer expenditures
7
Copper
30
Copra or coconut oil
23
Corn
26
Cost-of-living index
3,4
Cotton, raw, and manufactures
1,
2, 3, 9, 10, 13, 34, 35
Cottonseed, cake and meal, oil
23
Crops
__._
1, 23, 24, 25, 26, 27
Currency in circulation
17
Dairy products
1, 2,3, 25
Debits, bank
15
Debt, United States Government
18
Delaware, employment* pay rolls, wages. 10,12,14
Department stores, sales, stocks, collections.
8

Deposits,
bank
15
Disputes, industrial
11
http://fraser.stlouisfed.org/

Federal Reserve Bank of St. Louis

Pages marked S
Dividend payments and rates
1,20
Earnings, weekly and hourly
13, 14
Eggs and chickens
1,3, 27
Electrical equipment
2, 6, 31
Electric power production. Bates, revenues.- 24, 25
Employment, estimated
8
Employment indexes:
Factory, by cities and States
10
Factory, by industries
9, 10
Nonmanufacturing
.
10
Employment, security operations
11
Emigration and immigration
22
Engineering construction
5
Exchange rates, foreign
„
17
Expenditures, United States Government - _
18
Explosives
23
Exports
„._„
_
21
Factory, employment, pay rolls, hours, wages.
8,
9,10,11,12,13,14
Fairchild's retail price index
3, 23, 24
Farm wages
14
Farm prices, index
3,4
Fats and oils
3
Federal Government,
finance
___
18
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks. _
15
Fertilizers
3, 23
Fire losses
_
6
Fish oils, and
fish
23, 27
Flaxseed
_
23, 24
Flooring
29
Flour, wheat
26
Food products
1,2,3,4,
6, 7, 9, 10, 11, 12, 13, 14, 16, 17, 24, 25, 26, 27
Footwear
1,2,4,9, 10, 12, 13,14,28
Foreclosures, real estate
6
Foundry equipment
_..
31
Freight cars (equipment)
36
Freight carloadings, cars, indexes
22
Freight car surplus
22
Fruits and vegetables
3, 25
Fuel equipment and heating apparatus
31
Fuels
2,3,32,33
Furniture
1, 4, 9, 11, 12,13, 29, 30
Gas, customers, sales, revenues..
24, 25
Gas ana fuel oils
33
Gasoline
33
Gelatin, edible
27
Glass and glassware
1, 2, 9, 11, 12,13,16, 34
Gloves and mitten8
28
Gold
17
Goods in warehouses
6
Grains
_
3, 19, 26
Gypsum
34
Hides and skins
4, 28
Highways, and grade crossings, Federal aid.
5
Hogs
27
Home-loan banks, loans outstanding
6
Home mortgages
6
Hosiery
_
4, 34
Hotels
10, 12, 22
Hours per week
11
Housefurnisbings
- 3,4, 6, 7
Housing
3,4
Illinois, employment, pay rolls, wages
10,12,14
Immigration and emigration
<
22
Imports
21
Income payments
1
Income-tax receipts
18
Incorporations, business, new
17
Industrial production, indexes
1, 2
Installment loans
16
Installment sales, department stores
8
Insurance, life
16, 17
Interest and money rates
15
Inventories, manufacturers' and trade
2, 3
Iron and steel, crude, manufactures
2, 4,
9, 11,13,16,17, 29, 30
Kerosene
33
Labor force
8
r
Labor, turn-over, disputes
,
11
Lamb and mutton
27
Lard
_
27
Lead___
30
Leather
1, 2, 4, 9, 10,11, 12,13,14 t 16, 28
Linseed oil, cake, and meal
24
Livestock
1,3, 26, 27
Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit)
5, 6,15,18,19
Locomotives
36
Looms, woolen, activity
35
Lubricants
33
Lumber
...
1,2,3,9, 11,12,13,16,29
Machine activity, cotton, wool
35
Machine tools
_-_
11,13, 31
Machinery
. - - - - - - 1. 2» 9 . n » 1 2 . 1 3 » 16> 1 7 » 3 1
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,
3,9,10,12,13,14,27
Metals...
1, 2,4, 9,11,12,13,17, 29
Methanol
23
Milk
—
25
Minerals
2,10,12,14
Naval stores
23
New Jersey, employment, pay rolls, wages.
10,
12,14
Newspaper advertising
6
Newsprint
32

Pages marked S
New York, employment, pay rolls, wages.-lO. 12, t4
New York canal traffic
22
New York Stock Exchange
19, 20
Oats
...
26
Ohio, employment, pay rolls
10,12
Oils and fats..
_
3, 23, 24
Oleomargarine
24
Orders, new, manufacturers'
2
Paint and paint materials
3, 24
Paper and pulp. ..2,4, 9,10, 11,12,13,14,16, 31, 32
Passports issued
22
Pay rolls:
Factory, by cities and States
12
Factory, by industries
11, 12
Nonmanufacturing industries
12
Pennsylvania, employment, pay rolls, wages.
10,

12,14

Petroleum and products
2
3,9,10,11,12,13,14,17,33
Pig iron
30
Porcelain enameled products
30
Pork
__
27
Postal business
7
Postal savings
15
Poultry and eggs..
1,3, 27
Prices (see also individual commodities):
Retail indexes
3
Wholesale indexes
3,4
Printing
2, 9,10,11, 12,13, 14,16, 32
Profits, corporation
17
Public relief
14
Public utilities
4,10,11,12,14, 17,19, 20
Pullman Co
__
_.
22
Pumps
31
Purchasing power of the dollar
4
Radio-advertising
_.
6
Railways, operations, equipment, financial
statistics, employment, wages
10,
11, 12, 14, 16, 17, 18, 19, 20, 21, 22, 36
Railways, street (see Street railways, etc.).
Rayon
2,4,9,10,12,13,35
Receipts, U. S. Government
18
Reconstruction Finance Corporation, loans.
18
Rents (housing), index
3
Retail trade:
All retail stores, sales
7
Chain stores
7,8
Department stores
8
Mail order
8
Rural, general merchandise
8
Rice
„
26
River traffic
22
Roofing, asphalt
_
33
Rubber products
2, 4, 9,10,11,12,13,14
Savings deposits
15
Sheep and lambs
27
Shipbuilding
11,13
Shipments, manufactures
2
Shoes
1, 2, 4, 9, 10, 12, 13, 14, 28
Shortenings
_
24
Silver
17
Skins
_-._
28
Slaughtering and meat packing
1,
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
29
Stockholders
_
21
Stock, department store (see also manufacturers" inventories)
8
Stocks, issues, prices, sales, yields
18,19,20,21
Stone, clay, and glass products
1,
2,9,11,12,13,16,34
Street railways and busses.
10, 11,12,14
Sugar
27
Sulphur
23
Sulphuric acid
23
Superphosphate
.
23
Telephone, telegraph, cable, and radio-telegraph carriers
10, 11, 12, 14.17, 22
Textiles
2,4,9,10, 11,12,13,16,34,35
Tile
_
34
Tin...
_
30
Tobacco
2, 9, 10,11,12,13,14. 28
Tools, machine
11, 13,31
Trade, retail and wholesale. .3, 7, 8, 10,11,12, 14,16
Transit lines, local
21
Transportation, commodity and passenger_. 21,22
Transportation equipment
1,
2,9,11,12,13,16,35,36
Travel
22
Trucks and tractors, industrial, electric
36
Unemployment
8
United Sjtates Government bonds
19, 20
United States Government,
finance
18
United States Steel Corporation
21, 30
Utilities
__ 4, 10,11,12,14,16, 17,19, 20
Variety-store sales index
7,8
Vegetable oils
_
_
23
Vegetables and fruits
3, 25
Wages, factory, and miscellaneous
13, 14
War program and expenditures
18
War Savings bonds
18
Warehouses, space occupied
6
Water transportation, employment, pay
rolls
_
10,12
Waterway traffic
22
Wheat and wheat
flour
26
Wholesale price indexes
3, 4
Wisconsin, employment, pay rolls, wages. 10,12,14
Wood p u l p . . .
4,31
Wool and wool manufactures.. 2, 4, 9,10,12,13, 35
Zinc
30