Full text of Survey of Current Business : June 1948
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JUNE 1948
SURVEY OF
U. S. DEPARTMENT OF COMMERCE
B U R E A U OF FOREIGN
AND DOMESTIC
COMMERCE
DEPARTMENT OF COMMERCE
FIELD SERVICE
SURVEY
OF C U R R E N T
BUSINESS
THE BUSINESS SITUATION
1
Expansion in the Aircraft Industry Resumed
6
International Transactions of the United States During
the First Quarter of 1948
8
FOREIGN GRANTS AND CREDITS OF THE
UNITED STATES GOVERNMENT
11
INVENTORY TURNOVER IN RETAIL TRADE .
16
Miami 32, Fla.
36 NE. First St.
Milwaukee l,Wis.
517 E. Wisconsin Ave.
Minneapolis 1, Minn.
125 S. Third St.
Charleston 3, S. C.
18 Broad St.
Mobile, Ala.
109-13 St. Joseph St.
Charleston, W. Va.
115 Capitol St.
New Orleans 12, La.
333 St. Charles Ave.
Charlotte 2, N. C.
302 S. College St.
New York 1, N. Y.
350 Fifth Ave.
Cheyenne, Wyo.
304 Federal Office Bldg.
Oklahoma City 2, Okla.
102 NW. Third St.
Chicago 4, 111.
332 S. Michigan Avc.
Omaha 2, Nebr.
1319 Farnam St.
Cincinnati 2, Ohio
105 W. Fourth St.
Philadelphia 2, Pa.
42 S. Fifteenth St.
Cleveland 14, Ohio
925 Euclid Ave.
* **
NEW OR REVISED SERIES
22
Revised Estimates of Retail Inventories, 1929-48 .
. . 22
MONTHLY BUSINESS STATISTICS .
. S-l to S-40
* **
Statistical Index
Boston 9, Mass.
2 India St.
Butte, Mont.
14 W. Granite St.
PAGE
Memphis 3, Tenn.
229 Federal Bldg.
Buffalo 3, N. Y.
117 Ellicott St.
tents
Louisville 1, Ky.
601 W. Broadway
Baltimore 2, Md.
103 S. Gay St.
JUNE 1948
Los Angeles 12, Calif.
312 North Spring St.
Atlanta 1, Ga,
50 Whitehall St. SW.
No. 6
Albuquerque, N. Mex.
203 W. Gold Are.
Dallas 2, Tex.
1114 Commerce St.
Denver 2, Colo.
828 Seventeenth St.
Detroit 26, Mich.
230 W. Fort St.
El Paso 7, Tex.
310 San Francisco St.
Inside Back Cover
Fargo, N. Dak.
621 First Ave. N.
Hartford 1, Conn.
135 High St.
Published by the Department of Commerce, C H A R L E S S A W Y E R ,
Secretary.
Office of Business Economics, M. JOSEPH M E E H A N , Acting
Houston 14, Tex.
602 Federal Office Bldg.
Jacksonville 1, Fla.
311 W. Monroe St.
Phoenix 8, Ariz.
234 N. Central Ave.
Pittsburgh 19, Pa.
700 Grant St.
Portland 4, Oreg.
520 SW. Morrison St.
Providence 3, R. I.
24 Weybossett St.
Reno, Nev.
50 Sierra St.
Richmond 19, Va.
801 E. Broad St.
St. Louis 1, Mo.
1114 Market St.
Salt Lake City 1, Utah
350 S. Main St.
San Francisco 11, Calif.
555 Battery St.
year; Foreign $4. Single copies, 25 cents. Send remittances to any Depart-
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ment of Commerce Field Office
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PUBLISHED WITH THE A P P R O V A L OF THE D I R E C T O R OF THE BUDGET (42 J. C. P.)
JUNE 1948
THE
ALL RETAIL STORES
, 1948
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ECONOMIC developments in May and early June reestablished for the time being the greater strength of the
factors of demand relative to those governing supply. Wage
settlements in a number of major industries provided the
basis for an extension of the uptrend in wage rates and,
with employment rising and hours of work steady, for a
further rise in personal incomes.
Consumer purchasing and construction increased and exports are tending to rise as the European Recovery Program
gets under way, so that the large increase in business inventories which featured the first quarter—when both foreign and domestic demand eased—has not continued in the
current quarter.
In response to these and other developments, commodity
markets registered further general advances in prices. Industrial output also rose as work stoppages growing out of
labor-management disputes were settled. Thus, the period
of temporary hesitation in business activity that began
during the first quarter ended with a general increase in
demand which has been reflected in a renewal of the price
advance, and in a firming of production schedules for the
period ahead. The importance of the foreign-aid and
defense programs and the individual-income-tax cut in this
change in expectations and market actions has been considered in previous issues of the SURVEY.
Trading was heavy in securities markets in May and
common stock prices rose to 20-month highs by mid-month.
There also has been some price appreciation in bonds, chiefly
in response to the recent action by the Treasury to hold at
1% percent the rate on one-year certificates of indebtedness,
after a rise from the rate of % percent which prevailed until
the fall of 1947. In the field of bank lending, real estate and
consumer loans have continued to expand and there was a
small increase in commercial and industrial loans in May,
following the decline—partly seasonal—in earlier months of
the year.
Plant and Equipment Programs Remain Firm
JEWELRY
,09
.06
.07
By the Office of Business Economics
110 *<
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A survey made in the opening weeks of 1948 and summarized in the April issue of the SURVEY indicated that business
planned at that time to spend between 18 and 19 billion
dollars for new plant and equipment during the course of the
year, or over 15 percent more than in 1947. This was believed to be a near-maximum amount for such outlays under
the prevailing circumstances and, in terms of physical
volume, a rate of expenditure about equal to that reached in
the second half of 1947. Preliminary results of a more recent
SUEVEY OF CURRENT BUSINESS
survey, covering actual expenditures for new plant and equipment in the first quarter of 1948 and similar outlays anticipated for the second and third quarters, do not reveal substantial modifications of the programs reported earlier in
the year for the major sectors of business.
The latest survey indicates that the actual outlays made
during the first quarter of 1948 were somewhat below the
anticipated amounts, attributable in part to the unusually
severe weather conditions which slowed construction and
equipment deliveries. For the second and third quarters,
however, the preliminary indications of outlays now anticipated for new plant and equipment do not appear to reflect
significant changes in the annual expenditure programs reported earlier.
In the interval since the business programs of capital
outlays for 1948 were first reported, the economic outlook
has been influenced by several major developments, including
on the one hand, the drop in commodity prices in February
and, on the other, the enlarged defense spending, the European Eecovery Program, and tax reduction. These different
developments have apparently balanced out with little
net effect on the earlier plans for capital expansion. The
details of the latest survey will be available in next month's
issue.
Prices Up
In wholesale commodity markets the upward price pressures have been uneven, but the basic trend has been towards
higher quotations. Prices of livestock, meats, and vegetable
oils, among the farm products and foods, have advanced.
Quotations have been raised for various industrial materials
(such as wool tops, coal, and selected building materials)
often as a result of the latest increases in railway freight
rates, and for a wide variety of finished manufactures. The
granting of wage rate advances under the major union contract extensions this spring has affected costs and has been a
factor in the demand situation as well.
By the beginning of June the weekly wholesale price index
of commodities other than farm products and foods was
about 50 percent above the 1926 average and 2 points higher
than in January 1948. The combined wholesale price index
was within 1 percent of its January high, with prices of hides
and leather, paints, and of certain chemicals as the only
commodity price areas outside the immediate farm and food
products areas which were not above their earlier levels.
Prices of farm products were about 4 percent lower than in
mid-January and 7
prices of foods about 2 percent lower.
The Consumers Price Index advanced above the January
high to 169 (1935-1939=100) in April, with retail food
prices, which carry an important weight in the index, about
1 percent lower than in January. Eecent advances have
been broadly distributed among the various price 7
groups.
In comparison with April 1947, the Consumers Price
Index has advanced about 8 percent or less than half as much
as the rapid rise experienced between April 1946 and April
1947, following the ending of price controls. The 1947-48
advance was moderately higher for food prices than for the
over-all index, although the contribution of higher food
prices to the total rise in the index was not so large in 1947-48
as it was in 1946-47. This comparison is shown in table 1.
The largest relative shift in the composition of the price
advance during the 2 years covered by the statistics in the
table has occurred in rents, where the advance during the
war and immediate postwar period was more strictly limited
than in the case of most commodities. Higher residential
rents account for one-tenth of the total rise in the latest
12-month period, even though rents still lagged behind the
general advance of consumer prices.
June 1948
Table 1.—Distribution of Increase in the Consumers' Price Index
April 1946 to April 1947
Group
Combined index
Food
Apparel.
Rent
Fuel, electricity, and ice_
Housefurnishings
Miscellaneous
April 1947 to April 1948
Percent
change
Contribution
to total
change
Percent
distribution of
total
change
Percent
change
Contribution
to total
change
19.1
32.7
19.7
.6
7.2
20.1
9.9
19.1
13.1
2.7
.1
.4
.6
2.1
100.0
68.8
14.0
.5
2.2
3.4
10.8
8.4
10.6
6.2
6.7
10.4
6.7
6.2
Percent
distribution of
total
change
8.4
4.5
.8
1.9
.5
.3
1.3
100.0
53.8
9.6
10.4
6.2
4.0
15.7
NOTE.—Detail may not add to total because of rounding.
Source: Calculated from data of U. S, Department of Labor, Bureau of Labor Statistics.
Broad Advance in Retail Trade
The small declines in various lines of business which were
evident in retail trade in the opening 2 months of the year
gave way to a general pick-up in March which gained momentum in April and May. The Office of Business Economics
index of sales at retail stores, which is adjusted for seasonal
changes, was 336 in April as compared with 328 in March and
about 323 in the preceding 2 months (1935-39 = 100). The
only sales information as yet available for May is the Federal
Reserve department store index which advanced 2 percent
from April, after seasonal correction, and exceeded last
December's high by the same margin.
The recent pick-up in sales was most marked at durablegoods stores, particularly in the home-furnishings, buildingmaterials, and hardware groups. The advances in the
nondurable-goods groups were more moderate, but drug
stores were the only one which failed to record a higher sales
total.
Mixed Pattern as Compared With Sales a Year Ago
As shown in the chart on the opening page, dollar sales
this year are running well ahead of last year's amounts. In
April the margin over a year ago was 13 percent^ for all retail
stores combined. The use of a ratio scale in the chart places
the changes in perspective from the standpoint of the relative importance of the various groups of stores which are
shown.
The year-to-year rates of advance have, of course, been
narrowed over the past year, but the differential behavior
by lines of business has been only slightly modified since the
spring of 1947. The bulk of the advance over sales a year
ago continues to be found in the automotive and buildingmaterials groups and at food stores and gasoline filling stations. These 4 groups accounted for about one-half of total
retail sales volume in the first 4 months of this year and for
about three-fourths of the increase over sales in the same
period of 1947.
At the other extreme are the apparel group (including
shoe stores), jewelry stores, and eating and drinking places,
where sales have been running little if any higher than in
either 1947 or 1946. Women's apparel, while slightly higher
than last year, is still not above 1946; men's wear fell below
last year in March and April. Further evidence of the mixed
pattern of consumer purchases is provided by the Federal
excise tax data discussed below.
Higher Prices a Factor
The price indexes illustrated in chart 2 have a bearing
upon the year-to-year sales comparisons. These indexes
represent the prices of goods sold at retail stores. The "all
SURVEY OF CURRENT BUSINESS
commodities'7 index differs from the Bureau of Labor Statistics Consumers' Price Index because of the exclusion of
rent and other services and the inclusion of building materials, feed, fertilizer, and a few other commodities not considered as cost-of4iving items. The separate price groups
which are illustrated, however, are virtually identical with
the corresponding series in the BLS index.
A similarity between the behavior of prices and retail
sales exists in the case of food and homefurnishings, but not
in the case of apparel where sales trends have lagged behind
the advance in prices since 1946. Limitations on both the
sales and price measures prevent any exact statements about
the physical volume of trade at the different classes of stores,
but corroborative evidence of the slackening in unit sales at
apparel stores, particularly in ladies apparel, is found in production reports.
Chart 2.—Retail Prices of Commodities
ALL COMMODITIES
FOOD
i i i i i
100
300
300
200
S
O
N
D
J
F
M
A
M
J
J
A
S
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
O
N
D
19471
19461
Class of store
1940 1944 &
&
Ss S|
S
Total retail sales
200
100
Table 2.—Percentage Distribution of Total Retail Sales,
by Class of Store
1
RATIO S C A L E
INDEX, 1935-39 - 100
300
RATIO S C A L E
INDEX, 1 9 3 5 - 3 9 - 100
300
1947, and 25 percent in the first quarter of 1948. The data
for 1940 suggest that the growth in the relative position of
durable goods stores may not have run its full course. In
that year these stores accounted for 27 percent of the total.
Because of the existence of sizable demand backlogs, the
relative importance of durables may exceed the 1940 figure
as limitations on production of automobiles and a few other
durables are overcome.
3s
%
£3
^
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^ nd
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&
03
^
%
&
^
&
^F*
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Durable goods stores
28.6
Automotive group
14.8
Motor- vehicle dealers
13.6
Parts and accessories
12
Building-materials
and
hardware group
6.7
Building materials
4.3
Farm implements
.9
Hardware
15
Home-furnishings group
4.4
F u r n i t u r e and house
furnishings
3.0
Household appliances
and radios
_ __
1.4
Jewelry
.9
Nondurable goods stores
Apparel group
Men's clothing and furnishings __
_ _ .
Women's apparel and
accessories
Family and other apparel
Shoes
Drugstores
Eating and drinking places _
Food group
Grocery and combination.
Other food
Filling stations
General merchandise group.
Department (excluding
mail-order)
Mail-order
General, including general merchandise with
food _ _
Other general merchandise and dry goods
Variety
Other retail stores
Feed and farm supply
Fuel and ice
Liquor _
Other
&
0<JD
1948 1 1st quarter
June 1948
14.3 17.9 20.2 21.5 22.8 23.3 23.9 24.7 25.3 25.2
4.2 5.3 7.0 8.3 9.4 9.8 9.9 10.0 10.6 11.1
3.0 3.6 5.3 6.6 7.8 8.3 8.6 8.5 9.2 9.8
1. 2 1.7 1.7 1.6 1.6 1.5 1.5 1.5 1 4 1 3
5.2 6.4
3.1 4.0
.6
.6
1.4 1.8
3.5 4.7
6.6
4.1
.6
1.8
5.2
6.6
4.1
.7
1.8
5.3
6.8
4.3
.7
1.9
5.3
6.9
4.3
.7
1.9
5.5
7.0
4.5
.7
1.8
5.8
7.6
5.0
7
1.9
5.9
7.8
5.2
8
1.9
5.8
7.6
5.0
g
1.8
5.5
2.8
3.4
3.5
3.5
3.4
3.5
3.6
3.8
3.7
3.6
.7
1.4
1.3
1.4
1.7
1.4
1.8
1.3
1.9
1.2
2.0
1.2
2.1
1.2
2.2
1.1
2.1
1.0
1.9
1.0
73.2 85.7 82.1 79.8 78.5 77.2 76.7 76.1 75.3 74.7 74.8
7.4 9.9 9.5 9.3 8.8 8.3 7.9 7.9 7.7 7.6 7.1
1.9
2.3
2.3
2.3
2.3
2.1
2.0
2.0
2.0
1.9
1.8
3.0
4.6
4.4
4.3
3.9
.6
3.4
3.5
3.3
3.4
3.2
1.1
1.4
3.5
8.4
23.5
17.9
5.6
6.4
14.8
1.4
1.5
4.0
13.5
27.3
20.9
6.4
3.7
15.6
1.3
1.5
3.7
13.0
25.9
19.9
6.1
4.0
14.8
1.3
1.5
3.6
12.7
24.8
19.0
5.8
4.0
14.9
1.3
1.4
3.4
12.1
25.3
19.6
5.7
4.1
14.5
1.2
1.4
3.4
11.6
25.9
20.1
5.8
4.1
13.8
1.1
1.3
3.2
11.2
27.0
21.3
5.7
4.0
13.4
1.1
1.3
3.1
10.8
26.7
21.2
5.5
4.3
13.6
1.1
1.3
3.1
10.6
26.3
21.0
5.3
4.7
13.5
1.1
1.3
2.9
10.1
26.7
21.3
5.5
4.6
13.1
1.0
1.2
2.9
10.1
27.6
21.9
5.7
4.8
12.5
8.1
1.1
8.9
.9
8.8
.9
9.0
1.0
8.7
1.0
8.2
.9
8.0
.9
8.1
1.0
8.1
1.0
7.7
1.0
7.5
.9
2.0
2.0
1.7
1.7
1.6
1.6
1.6
1.6
1.6
1.5
1.4
1.4 1.7 1.5 1.5 1.4 1.4
2.2 2.2 1.8 1.8 1.7 1.7
9.3 11.6 11.0 10.5 10.3 10.1
1.9 3.3 3.0 2.8 2.7 2.6
2.5 2.3 2.0 1.5 1.8 1.8
1.4 2.1 2.0 2.0 1.8 1.8
3.6 4.0 4.1 4.2 4.0 3.9
1.3
1.6
9.9
2.6
1.9
1.7
3.8
1.3
1.6
9.7
2.6
1.7
1.6
3.9
1.3
1.5
9.6
2.5
1.6
1.5
3.9
1.3 1.2
1.6 1.5
9.7 9.7
2.4 2.4
2.0 2.2
1.5 1.4
3.8 3.6
4Q-eO9
1
i The "all commodities" index includes some commodity groups not shown separately.
Sources of data: U. S. Department of Commerce, Office of Business Economics, based upon
price information collected by U. S. Departments of Labor and Agriculture and by certain
private agencies.
Sales Pattern Adjusting to Postwar Situation
One method of describing the pattern of retail sales in any
given period is to express the data in terms of percentage
distributions of the total. Table 2 presents the information
in detail insofar as the available data permit. The time
periods shown illustrate the magnitude of the adjustment
from the prewar to the war economy, as well as the gradual
move towards a peacetime pattern in successive quarterly
periods beginning in 1946.
The main outlines of the postwar adjustment in retail
sales can be derived by tracing the changes in the relative
distribution of total sales between durable- and nondurablegoods stores. For example, sales at durable goods stores
moved steadily upward from a wartime low of 14 percent in
1944 to 21 percent in 1946, 23 percent in the first quarter of
Quarterly distributions are computed from seasonally adjusted data.
Source: U. S. Department of Commerce, Office of Business Economics.
The postwar expansion in the durable-goods sector has
carried some of the component groups above their prewar
share of the aggregate retail sales dollar. This is true of
building materials, hardware, furniture and housefurnishings,
and home appliances and radios. The housefurnishings and
appliance groups, however, have tended to lose some ground
since the third quarter of last year. Progress in narrowing
the margin between the postwar and the prewar proportions
has been slowest for sales of motor-vehicle dealers.
The small deficiency in sales of the durable-goods group
as compared with the 1940 is, of course, counterblanced by
the slightly higher position of nondurable-goods stores.
Only two classes of stores in the latter group are appreciably
more important in the total than in 1940: food stores and
eating and drinking places. The others in the group are
either below their prewar proportions—as in the case of
drug and dry-goods stores and mail-order houses—or they
do not show any significant difference.
SUEVEY OF CUERENT BUSINESS
Lower Excise-Tax Yields
The area of spending covered by the Federal retailers'
excise taxes and the admission taxes is small in terms of
dollar volume—aggregating less than 1 billion dollars in the
first quarter of this year—but it is more highly sensitive to
changes in the consumers' budget position than are most
other types of spending. While the taxable classes of spending are not entirely comprised of "luxury" outlays—all
types of handbags and wallets are taxed, for example, even
though some are wholly functional—changes in the amounts
of taxes collected are largely associated with changes in the
amounts of income available to consumers for what is often
called "discretionary" spending.
In chart 3 the trend of collections under four of the
Federal taxes is illustrated in terms of the quarterly movement of the calculated amounts of spending for taxable goods
and services. A 2-month lag in tax collections was assumed
in the computations. As in the case of the sales and price
charts already discussed, a ratio-scale is used in order to
focus attention on the relative changes, rather than on the
absolute amounts of the changes, from one period to another.
A similar presentation in the April 1947 SURVEY (p. 4)
indicated that cabarets and night clubs were among the
Chart 3.—Taxable Expenditures Indicated by Federal
Excise-Tax Collections 1
RATIO SCALE
MILLIONS OF DOLLARS
RATIO SCALE
MILLIONS OF DOLLARS
800
700
600
100
90
1946
500
80
70
400
^1948
60
50
300
ZOO
200
LUGGAGE 2 '
first areas to feel the decline in "free spending" after the end
of the war. It is apparent from the upper right-hand panel
in chart 3 that business did not improve at these establishments during 1947 and that in the first quarter of 1948 it
was the lowest for the period shown. The fact that sales
reports from all classes of eating and drinking places do not
show comparable year-to-year declines is in part accounted
for by shifts of establishments out of the taxable class—which
generally occurs when "live" entertainment is eliminated—
and by shifts in patronage between taxable and nontaxable
places.
Expenditures for general admissions (covering movies,
theaters, concerts, sports events, etc.) have been running
moderately below the preceding year's amounts for a full
12-month period. Purchases of taxable luggage goods were
below 1946 volume throughout 1947, but in the first quarter
of this year they were ahead of a year ago. A similar situation has prevailed in the case of toilet preparations, with
the exception that 1947 purchases generally were lower than
in 1945 as well as in 1946.
In short, the downward adjustment which was first noted
in business at cabarets and night clubs in late 1946 has spread
during the past year to other places of entertainment which
cater to a broad cross-section of the population, and to the
types of spending covered by Federal retailers' excise taxes.
On the whole, these lines of business were favored during the
war and early postwar period when goods were short relative
to the available spending power; consequently, they were
known to be vulnerable in the face of increased competition
for the consumer's dollar.
Lower Proportion of Cash Sales at Department Stores
CABARETS, NIGHT
CLUBS, ETC.
GENERAL
-ADMISSIONS*/
June 1948
TOILET
PREPARATIONS
Another aspect of the adjustment of consumers to the
changed postwar situation—though here the situation has
been influenced by wartime credit controls—is the shift in
the relative proportions of cash and credit sales at retail
stores. The available current statistics on this sub jest are
limited to department stores, but a similar situation undoubtedly prevails at other retail stores.
Charge-account credit has been free of controls since December 1946, so that the rising proportion of charge-account
sales at department stores during the past year and one-half
partly reflects the lifting of controls. It is significant, however, that the proportion in the first quarter of 1948 still
was lower than in 1941, the first year for which comparable
statistics are available. The statistics for department stores
follow:
Percentage distribution of sales
January-March
Cash
100
JOO
1947
90
90
1945
80
80
70
70
•st Or.
2nd Or.
3rd Qr.
4th Qr.
IstQr.
2nd Or.
3rd Qr.
48
50
59
63
63
62
56
53
Charge accounts
9
8
5
4
4
4
6
7
43
42
36
33
33
34
38
40
Source: Board of Governors of the Federal Reserve System.
Personal Income Relatively Steady Through April
4th Or.
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1 Taxable expenditures calculated by dividing amounts of taxes collected by the applicable
tax rates. The quarterly expenditure totals assume a 2-month lag in tax collections. Data
or the first quarter of 1948 are partly estimated.
2 Tax applicable to admissions to movies, theatres, concerts, sports events, etc.
3 Tax applicable to purchases of all types of luggage, purses, handbags, wallets, billfolds, and
similar articles.
Sources of data: U. S. Department of Commerce, Office of Business Economics, based
upon data from the U. S. Treasury Department, Bureau of Internal Revenue.
1941
1942
1943__
1944
1945__
1946
19471948
Installment
As already noted, the upturn in consumer purchasing in
April did not stem from any immediate change in the aggregate personal income flow, although the tax cut which in-creased disposable income was a direct market factor in
May and its effects had been anticipated to some extent a
month ahead. At an annual rate of 209 billion dollars
(seasonally adjusted), personal income in April was about
SUEVEY OF CUEEENT BUSINESS
June 1948
1 billion dollars higher than in March, but was unchanged
from the first quarter average (see chart 4).
The rise in April was due to higher farm income as both
marketings and prices advanced. For the nonagricultural
sector as a whole, income continued unchanged for the
fourth consecutive month. Fractional declines occurred in
wage and salary payments in manufacturing, reflecting both
direct and indirect effects of work stoppages.
Chart 4.—Personal Income
BILLIONS OF DOLLARS
250
TOTAL
CASH TERMINAL ,
LEAVE PAYMENTS^
200
150
IOO
50
Recovery in Production Follows Settlement of Disputes
Industrial production recovered in May, owing chiefly to
increased activity in steel and coal operations following the
settlement of the labor-management dispute in the coal industry. The Federal Keserve production index, after adjustment for seasonal variation, advanced from 187 in April to
190 (preliminary) in May (1935-39=100). This compares
with an average of 193 in the first quarter, before the coalsteel tie-up.
Coal output made a rapid comeback after the miners
returned to the pits in the third week of April and soon
exceeded the prestrike rate. Output of about 55 million
short tons in May was the highest monthly total since
October 1947 when 57 million tons were produced. Steelmill operations likewise advanced, from 91 percent of rated
capacity in the first week of May to 96 percent in the closing
weeks of the month. In terms of tonnage, output is estimated
at 7.5 million net tons of steel ingots and castings, which is
equivalent to an annual rate of 90 million tons. An annual
rate of 91 million tons had been reached in March.
In the other major heavy-goods industries, production
trends in May were generally mixed. Deliveries of freight
cars by car builders and railroad shops were somewhat better
than the monthly production rate of 9,000 units which has
been maintained during the past six months. Motor-vehicle
production, however, skidded sharply as assembly lines of
the "big three" manufacturers were temporarily stalled by
strikes, model changes, and material shortages. Assemblies
of passenger cars and trucks in the United States dropped
from 437,000 in April to 336,000 in May, the lowest monthly
total since September 1946. In the first 5 months of
1948, U. S. factories rolled out more than 2 million units, a
gain of 6 percent over the comparable period last year.
Some Easing in Supplies of Construction Materials
II
Si
1946
1947
1948
SEASONALLY ADJUSTED, AT ANNUAL RATES
U S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
48-105
1 Cash terminal leave payments consist of terminal leave bond redemptions, cash payments
on terminal leave account for amounts less than $25, and payments to members of the armed
forces for leave in excess of 60 days.
2
Includes net income of unincorporated farm enterprises, farm wages, agricultural net
interest, and net dividends paid by agricultural corporations.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Wage Settlements
Wage contracts negotiated in May and June signalized
the extension of the "third round" wage increases to major
segments of the mass-production industries which in previous years established the pattern of wage increases for
many other industries. The agreements generally called
for hourly wage increases of from 11 to 13 cents, or somewhat under 10 percent and below the increases embodied
in last year's pattern. In addition, there are fewer fringe
benefits this year and, in the case of two major contracts,
provisions are made for annual "productivity" wage advances, coupled with quarterly cost of living adjustments
over a 2-year period.
Numerous deviations from this wage pattern can be expected. The experience so far suggests that there has been
less widespread acceptance of a set pattern than in the
previous 2 years.
Data now available for the first quarter of 1948 indicate
that, with few exceptions, production of construction materials is at a rate which is ahead of the increase in the physical
volume of construction activity since last year. To some
extent this is the result of seasonal influences, since construction work gradually rises from a winter low to a peak in the
late summer.
Outstanding among materials registering large increases
in production or shipments are gypsum board, which gained
30 percent over the corresponding quarter last year; gypsum
lath, 50 percent; softwood plywood, 23 percent; cast-iron
radiation, 19 percent; concrete reinforcing bars, 15 percent;
and clay sewer pipe, 10 percent. In some cases, the increases
have been sufficiently large to provide dealers with inventories
for the first time since the end of the war.
For certain other materials, of which lumber is a good
example, output at levels no higher than last year has nevertheless permitted an increase in stocks. Stocks of lumber at
mill and wholesale levels increased from 5.2 billion board
feet in April 1947 to 5.8 billion board feet as of April 30, 1948.
Although the demand-supply situation appears to have
eased for most construction materials, a few shortages of
critical items still persist and exert a retarding effect on all
construction. Conspicuous chiefly for their importance in
home building, cast-iron soil pipe and wire nails are among
the few materials which have lagged behind 1947 production
rates in the first quarter this year.
6
SURVEY OF CURRENT BUSINESS
June 1948
Expansion in the Aircraft Industry Resumed
appropriation of increased funds for aircraft and
other procurement lor the military establishment, voted in
mid-May, along with the enactment of the Foreign Assistance
Act and the tax reduction, has given a new impetus to business
activity. Of these three factors, increased procurement by
the military is quantitatively least important in terms of
immediate magnitudes of added expenditures, though in
indirect influence upon the business situation it undoubtedly
ranks high. Like the tax reduction, it represents an addition
to demand above pre-existing levels.
New obligational authority for aircraft procurement has
been increased to 2.8 billion dollars, against the previous
rate of .9 billion dollars, although the expenditure of these
increased funds will be spread over a considerable period.
An additional amount to cover previous contract obligations raises the total aircraft appropriation for the fiscal
year 1949 to 3.2 billion dollars.
The Office of the Secretary of Defense announced that
new orders for military aircraft procurement totaling 2
billion dollars had been placed by the end of May and that
delivery of finished aircraft under the expanded program is
expected to begin at the end of the year. The magnitude of
the additional pressures upon the economy arising from
the aircraft production program is not large in the over-all,
particularly since the aircraft production industry has
considerable unused capacity, and some of the expansion
will take place where the labor market is not tight. The
impact of new military orders on the aircraft production
industry, however, will affect considerably the volume of
output and the financial condition of the industry.
By the beginning of 1947, more of the airframe manufacturers had completed the design and development required
for new type transport airplanes and were ready to fill the
initial block of booked orders which then totaled about 750
airplanes. However, some of the orders were based upon
optimistic traffic surveys, and performance expectations of
yet unproven transport planes. Cancellation of orders and
the drying up of new orders resulted when these expectations
were not realized, and when increasing financial difficulties
of the airlines made economy essential.
Chart 5.—Production and Employment in the Aircraft
Manufacturing Industry
MILLIONS
THOUSANDS OF PERSONS
L250
OF POUNDS
1,000 t
PRODUCTION-^
(AIRFRAME WEIGHT)
PRODUCTION
WORKERS*/ •*
800 '
1,000
600
750
400
500
200
250
\
1940 41
42 43 44 45 46 47
I
1940 41
J
I
42 43 44 45 46 47
250
Aircraft Production at Fraction of Wartime Volume
The aircraft industry—by reason of its importance in the
war economy—was foremost among those which bore the
brunt of postwar cut-backs of Government orders. Output
of aircraft (chart 5) declined from the peak of nearly one
billion pounds of airframe weight (excluding spares) in 1944
to less than 30 million pounds in 1947.1 Employment at
airframe manufacturers' and airplane engine and propeller
plants fell from nearly one million production workers in
1944 to 163,000 in 1947. In March 1948, industry employment amounted to 161,000 production workers.
Floor area of the airframe producers at the war peak came
to 111 million square feet—with output at almost 10 pounds
of airframe weight per square foot per year. Current floor
area in use by the major airframe manufacturers has dwindled
to under 40 million square feet with output at less than one
pound per square foot per year, thereby creating a condition
of considerable excess capacity in the industry.
Limited Postwar Transport Plane Market
At the end of World War II, the aircraft industry based its
plans on private airline orders, the advance in the demand
for personal aircraft, and a continuation of progress in the
development of military types. However, in contrast to
most other durable-goods industries, the cutback of military
orders for aircraft could not be followed by a commensurate
increase in the volume of civilian demand.
Preparations for the production of civilian-transport aircraft were retarded until war requirements were met. As
orders for transport aircraft began to be placed in large numbers in 1946, only a segment of the industry was prepared to
produce aircraft of civilian design. Consequently only 433
transport aircraft—most of which were on the production
line as military airplanes—amounting to an airframe weight
of 5.5 million pounds were shipped in 1946.
i Airframe weight is the weight of the airplane less the weight of the engine, propeller parts,
wheels, and miscellaneous parts.
PRODUCTION I/
(AIRFRAMC WEIGHT)
200
150
^^ PRODUCTION
WORKERS*/
100
50
1946
1947
1948
1946
1947
1948
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1 Excludes spares and experimental airplanes.
2 Includes workers in plants manufacturing airframes and parts and aircraft engines and
Sources of data: Production, U. S. Department of Commerce, Civil Aeronautics Adminstration; employment, U. S. Department of Labor, Bureau of Labor Statistics.
Heavy expenditures incident to expanding routes and
services, increased costs of labor and materials, and less-thanfully-utilized capacity resulted in operating losses for many
airlines in 1946 and 1947.2 As the financial position of the
air carriers became less favorable, cancellations of orders for
new aircraft increased. In terms of actual numbers, the
output of transport planes in 1947 slipped below the low 1946
mark, although in terms of airframe weight an advance of
one-fifth to 6% million pounds was recorded.
Personal Plane Production
The market for personal airplanes, which had been estimated in 1945 at 400,000 registered aircraft by 19553, proved
to be immediately sizable only in 1946. Reconversion problems in personal aircraft production were quickly overcome,
2 See "Postwar Operating Experience of Domestic Airlines," SURVEY, December 1947.
a See ''Civil Aviation and the National Economy," Civil Aeronautics Administration,
June 1945.
June 1948
SUEVEY OF CURRENT BUSINESS
and the industry achieved an output of almost 35,000 planes
with an airframe weight of 20 million pounds in that year.
The brisk postwar demand for personal aircraft was also
met by the sale of surplus aircraft by the War Assets Administration. However, the market for personal aircraft is
limited because of high purchase and operating costs and
the inadequate number of airports, so that production fell
to 11 million pounds of airframe weight in 1947. This has
compelled aircraft companies which had been dependent on
these orders to adjust their production plans. Several of
the companies specializing in the production of personal
aircraft fell into receivership in 1947, while others attempted
to remain solvent by diversifying the composition of their
output to include nonaviation items.
Export Market Expanded in 1947
Foreign demand for aircraft, which in the prewar period
had provided an important market for the U. S. aircraft
industry, continued to be an important market factor in the
postwar period. Exports in 1946 amounted to 2,300 airplanes, nearly double that of 1939. Despite the sale by the
U. S. Government of surplus planes left in foreign countries,
the 1947 total rose to more than 3,000, with about half of the
value of shipments abroad consisting of transport-type aircraft. Orders currently on the books presage continued
heavy exports, although the total will probably not exceed
more than 15 percent of 1947 airframe weight production.
Operating Losses Incurred
The decline in output of the aircraft industry has naturally
resulted in a change in the financial position of most of the
airframe manufacturers from the unusually favorable results
of the war years. Individual companies have fared quite
differently in this shift, with some continuing to maintain
substantial profits.
In the first full year of peacetime operations, sales of 19
aircraft manufacturing companies reporting to the Securities
and Exchange Commission were 747 million dollars, compared with 5,700 million dollars in 1945 and 8,200 million
in 1944. An operating deficit of 78.6 million was incurred
during 1946 for these companies, although the application
of tax-refund credits raised net profits after income taxes
to 15 million. The operating loss incurred in 1946 resulted
to a large extent from the heavy costs attached to developing
new models of commercial aircraft and from the inability
of the aircraft companies to reduce expenses in line with
the decline in sales. Interim reports from the major producers indicate that aggregate losses were greater in 1947
than in the previous year, while tax credits were no longer
available in most cases to limit the decline of profits after
taxes.
In addition to the factors given above, operating losses in
the past 2 years have resulted from a rise in unit costs
of production, particularly labor costs. Because of the
reduction in orders, aircraft manufacturing has largely
reverted from the assembly-line methods used during the
war to the methods of prewar production. There has
consequently been a marked reduction in output per employee
as compared with the high rate achieved under mass production for military use.
As shown in table 3, output per employee directly engaged
in the industry rose during the war period from 335 pounds in
1941 to a peak of 900 pounds in 1944. The rise was made
possible not only by more efficient use of existing plant and
by assembly line methods, but also by extensive use of subcontractors in airframe assemblage. With the end of the
war, the proportion of employees engaged in design and
development aspects rose, the companies no longer needed
to subcontract, and mass-production techniques were no
longer possible to the same degree. As a result, production
per employee in 1946 fell to 242 pounds, to be followed by
an even lower record in 1947.
Despite operating losses in 1946 and 1947, the aircraft
companies retain much of the vastly improved financial
position built up during the war years. The net-working
capital balance of 15 major producers increased from 64
million dollars in 1939 to more than 600 million dollars in
1945. Although the postwar experience of the companies
was accompanied by some reduction in working-capital
balances, the aircraft producers are in a favorable position
to expand operations. Technological developments have
been rapid, however, and in any expansion of facilities
problems of costs in relation to orders arise, problems which
differ in some cases only in degree from those encountered
during the war when the Government underwrote the
expansion.
Table 3.—Output per Employee in Airframe Manufacturing
Year
1941 _
1942
1943, ...
1944
19454
1946
1947
Airframe production i (million pounds of
airframe
weight)
Employment 2 (in
thousands)
Production
per employee
(in pounds)
81 4
275 9
654.7
962 4
242.9
607 9
1, 106. 6
3 1 070 0
335
454
592
3
899
38 5
29.3
158 7
151.2
243
194
1 Excluding spares and experimental planes.
2
Includes production workers plus other plant employees. Employment estimates for
1941-44 include allowance for subcontracting. Data for 1946 and 1947 do not allow for sub contracting employment, which is estimated at less than 10 percent.
3
Based upon employment estimates for January-August 1944.
4 Data for 1945 are omitted because no estimate is available for employment which includes
an allowance for subcontracting.
Source: Airframe production 1941-44 from Civil Aeronautics Administration, "U. S.
Military Aircraft Acceptances, 1940-45, Aircraft, Engine, and Propeller Production"; 1946-47
production from C. A. A. Employment 1941-44 from U. S. Department of Labor, Bureau of
Labor Statistics, "Wartime Development of the Aircraft Industry", Bulletin No. 800; 1946-47
employment data from U. S. Department of Commerce, Bureau of the Census.
Effect of Increased Military Expenditures
The recent developments have improved the production
outlook for the aircraft-manufacturing industry, though
expansion is a relatively slow process. The tentative,
long-term schedule of delivery of finished military aircraft
under the 70-group air force program calls for steady increases to a rate of 110 million pounds of airframe weight
annually at the level-off period in 1953. The 2-billion dollars
of contracts already awarded provide for about 46 million
pounds. However, because of required developmental
phases, the currently low production rate of finished aircraft
will not be appreciably affected in 1948.
With initial deliveries of aircraft scheduled for early next
year, material and manpower requirements must be filled in
the immediate months ahead. Engineering and technical
organizations will need restaffing and additional numbers of
both skilled and unskilled workers will be required. Estimated manpower needed under the expansion program is not
large in the aggregate, though the kinds of personnel required—particularly engineers, draftsmen, and mechanics—
are in heavy demand in other industries. Reports of the
U. S. Employment Service indicate that aircraft-producing
centers in the West and Southwest, where large facilities
exist, are in a better position to recruit any increased demand
for workers than centers in the Great Lakes and Middle
Atlantic regions, and this will be a factor to be considered
in expanding activities.
As in the case of labor needs, requirements for materials
such as steel and aluminum for the present program are not
large in total. The increase in demand for these materials
serves to emphasize current supply shortages and, in the
case of aluminum—where production has been declining in
recent months—may place some pressures on local electricpower facilities.
SURVEY OF CURRENT BUSINESS
8
June 1948
International Transactions of the United States During
the First Quarter of 1948
J_HE principal development in the international transactions of the United States during the first quarter of 1948
was the decline in the liquidation of foreign gold and dollar
assets, to 368 million dollars (see table 5). This quarterly
figure was the smallest since the third quarter of 1946.
The decline in the liquidation of foreign gold and dollar
assets from the last quarter of 1947 in itself amounted to
nearly 900 million dollars, while foreign purchases of goods
and services in this country were reduced by only 400 million. This was due mainly to the following factors: (a) an
increase of imports by 270 million; (6) of Government grants
by 420 million; and (c) of Government loans by 300 million.
Thus, the liquidation of foreign reserves could be smaller
because other means of financing became available to a
eater extent than during the preceding 3-month period,
owever, foreign countries did not use the enlarged dollar
supply to increase their purchases here.
Anticipation of the passage of the European Recovery
Program may have been partly responsible for this policy.
Some countries participating in the program may have
postponed purchases in the United States until the new
means of financing become available. However, in view of
the fact that our exports to Europe fell from the last quarter
of 1947 to the first quarter of 1948 by only 46 million dollars,
while exports to other countries declined by nearly 300
million, this factor could not have been of major significance
in the decline in the liquidation of foreign gold and dollar
assets.
The countries in the Western Hemisphere, which accounted
for 250 million of the export decline, may have increased
their restrictions on dollar expenditures with the expectation
that these restrictions would be necessary only until their
receipts of dollars from "offshore" purchases under the
European Recovery Program increase again. However, as
was pointed out in the May SURVEY (p. 7), the offshore
purchases under ERP would hardly make more dollars
available to non-participating countries than they had
received from ERP countries in 1947.
The decline in the liquidation of foreign gold and dollar
balances is particularly significant in the case of Argentina,
which reduced its gold reserve from 1,055 million dollars to
319 million dollars during the year 1947, but only by another 25 million in the first 2 months of 1948. The decline
in the rate of liquidation of Argentine reserves can be attributed to the recent intensification of exchange controls and
restrictions upon imports from the United States. The export surplus in our trade with Argentina declined to 79
million dollars in the first quarter of 1948, from 133 million
in the previous quarter.
The situation was somewhat similar in the case of Canada.
Gold and United States dollar holdings declined during 1947
from 1,245 million to 501 million dollars while, in the first
quarter of 1948, Canadian dollar balances increased by about
100 million. This change in the Canadian dollar position
was facilitated by the decline of our export surplus from
206 million in the last quarter of 1947 to 97 million dollars
in the first three months of 1948, and by drawings of 80
million dollars on the Export-Import Bank credit which was
extended in November of last year.
Pressure upon British gold and dollar reserves was somewhat relieved through the use of the last 300 million dollars
of the British loan and of 60 million obtained from the International Monetary Fund, and by the greatly diminished
trade deficit of the sterling area with the United States.
French reserves could be maintained mostly because of the
Interim Aid Program under which a large part of French
S
imports from the United States were financed. This program also included reimbursements for payments made by
France for certain eligible purchases during December of
last year. Dollars were also made available to France from
the remainder of the loans from the International Bank and
the Export-Import Bank and from a 100 million dollar shortterm bank credit.
Since the end of 1945 foreign payments to the United
States from accumulated gold and dollar assets (and to a
relatively minor extent from new gold production) amounted
to 6.9 billion dollars and financed 17 percent of our exports
of goods and services. In the first quarter of 1948 this
share declined to about 8 percent.
Table 4.—International Transactions of the United Statesl
[Millions of dollars]
1948
1947
Item
1946
1945
Total
I
II
III
I
IV
Receipts:
Goods and services:
12, 473 11,874
Goods
.
589
Income on investments820
Other services
3,211 2,272
16, 056
1,074
2,611
3,954
212
650
4,308
243
726
3,875
251
675
3,919
368
560
3,686
217
547
Total goods and services 16, 273 14, 966
19, 741
4,816
5,277
4,801
4,847
4,450
605
213
166
117
109
78
286
303
222
219
88
Unilateral transfers
Long-term capital:
Movements of United
States capital invested
abroad
Movements of foreign
capital invested in the
United States
Total long-term capitalTotal receipts
Payments:
Goods and services:
Goods .
Income on in vestments. ~
Other services..
2,922
362
541
1,181
51
1
58
12
5
5
36
2
1,182
1,088
298
308
227
255
90
19, 787 16, 510
21, 434
5,327
5,751
5,145
5,211
4,618
5,168
216
1,783
6,071
227
2,165
1,507
51
464
1,562
55
532
1,353
47
674
1,649
74
495
1,935
56
494
7,167
2,485
592
5,666
231
4,335
8,463
2,022
2,149
2,074
2,218
10,035
3,239
2,985
802
742
747
694
1,836
4,437
8,665
4,210
1,844
1,944
667
Total goods and services 10, 232
Unilateral transfers
Long-term capital:
Movements of United
States capital invested
abroad-. _ _ _ _ _ _
Movements of foreign
capital invested in
the United States
Total long-term capitalTotal payments
1,030
1,079
869
155
348
164
59
26
68
11
56
1,991
4,785
8,829
4,269
1,870
2,012
678
925
22, 258 15, 191
20, 277
7,093
4,761
4,833
3,590
4,489
Excess of receipts (+) or payments (— ):
Goods and services
+6, 041 +7, 799 +11, 278 +2, 794 +3,128 +2, 727 +2,629 +1, 965
Unilateral transfers
-7, 113 -2, 877 -2, 380 -589 -576 -630 -585 -1,001
Goods and services and
-1,072 +4, 922 +8, 898 +2, 205 +2, 552 +2,097 +2, 044
unilateral transfers
Lon g-term capital _
-1,399 -3, 603 -7, 741 -3, 971 -1, 562 -1, 785 -423
+964
-835
+990
+312 +1, 621
+129
+81
-793
-667
-784
-346
All transactions
-2,471 +1,319 +1, 157 —1, 766
Net flow of funds on gold
and short-term capital
account:
Net increase (— ) or decrease (+) in gold stock. _ +548
Net movement of United
States short-term capital
abroad
-274
Net movement of foreign
short-term capital in the
+2, 189
United States
-6 3 -2, 163
-175
-299
-135
-364
+180
+20
-55
-676
+301 +1, 673
-318
-173
-881
-203
Net inflow (+) or out+2,463 -1, 474 -2, 161 +1,619 -1, 475
flow (-) of funds
Errors and omissions
+8
+155 +1, 004
+147
+485
-660 -1, 645
-604
+24
+475
+348
i Data for 1945 in this and the following tables represent revisions of data appearing in
"International Transactions of the United States During the War, 1940-45" ;data for 1946 and
1947 are revisions of data previously published in the SURVEY.
Source: U.S. Department of Commerce of Business Economics.
SURVEY OF CURRENT BUSINESS
June 1948
Table 5.—Exports of Goods and Services and Means of Financing
[Millions of dollars]
9
foreign merchandise than is currently being received. There
is likewise increasing incentive to divert more of the foreign
efforts to this market to secure more dollar resources.
1948
1947
Table 6.—Merchandise Transactions With Foreign Countries
Total
Exports of goods and services
I
II
III
IV
I
[Millions of dollars]
16 273 14 966 19 741 4 816 5 277 4 801 4 847 4 450
1948
1947
MEANS OF FINANCING
Foreign resources:
United States imports of goods
and services _ _
10 232 7 167 8 463 2 022 2 149 2 074 2 218 2 485
Liquidation of gold and dollar
assets ! _ _
—2 633 1 968 4 514 1 197 1 144 856 1 317 368
Dollar disbursements by:
260
International Monetarv Fund.—
56
148
464
132
International Bank
_
92
142
63
297
103
United States Government aid:
Grants (net)
444
457
492
419
6,640 2,279 1,812
842
Long- and short-term loans
(net) 2_
_
307
1,019 2,774 3,900
854 1,538 1,201
606
United States private sources:
Remittances (net) _ _ w _ _ _ _
473 598
119
138
159
568
145
166
Long- and short-term capital
(net) 3
550 335
727
207
301
98
121
230
Errors and omissions
Q
—155 — 1 004 —147 —485 —348
— 24 —475
1
2
Excluding assets held by the International Bank and the International Monetary Fund.
Excluding the subscriptions to the International Bank and the International Monetary
Fund.
3
Excluding the purchase of debentures issued by the International Bank.
Source: U. S. Department of Commerce, Office of Business Economics.
Government Aid Increases
As far as Government loans and grants are concerned, the
first quarter of 1948 represented the transition between the
various aid and loan programs initiated around the end of
the war, including the British loan, UNRRA, the reconstruction loans by the Export-Import Bank, and the coordinated
approach of the European Recovery Program, which officially
came into effect early in the second quarter of this year.
Net Government aid during the first quarter of 1948
amounted to over 1.4 billion dollars, about twice the amount
disbursed during the last quarter of 1947 (see tables 5, 8, 9).
Disbursements on Government grants, which reached an
annual rate of nearly 3.4 billion (see table 8) were larger than
at any other time since the end of the war. This situation
reflects the economic and political instability of large parts
of the world during that period, as well as the inclusion in the
unilateral aid program of countries which formerly were not
eligible for outright grants.
Sharp Rise of Merchandise Purchases
Several factors influenced the increase, by 300 million
dollars, of United States foreign purchases of merchandise
from the last quarter of 1947 to the first quarter of 1948—
to the annual rate of 7.7 billion (see table 6). The increase
in prices (as reflected in the unit-value indexes computed
by the Department of Commerce) may, however, account
for more than one-third of the total rise in import values.
The larger volume of imparts is partly due to increased
foreign production, particularly in certain far eastern countries such as British Malaya, the Philippines, and to a lesser
extent Japan and the Netherlands East Indies. The same
factor may also account partly for the rise in our imports
from Europe.
Another reason for the rise in U. S. imports is the expansion in production abroad, and the extent to which, with
the increasing stringency of dollar resources abroad, pressure exists to sell an enlarged volume of goods to the United
States. Clearly, in view of existing domestic conditions,
there is a ready market here for a larger volume of some
790693°-48
2
Total
I
II
III
IV
I
Transfers to foreign countries:
Exports, including reexports, recorded by Bureau of the Census _ 9,806 9,739 14, 427 3,586 3,943 3,411 3,487 3,318
Other transfers:
Private, miscellaneous ad4
53
34
-132
28
21
26
justments
128
Government:
-1
-1
-1
1,632
-22 -14
-6
56
Lend-lease ..
7
3
UNRBA
86
155
10
1
Post-UNRRA
5
19
4
25
Civilian supplies for oc249
724
195
179
44
cupied countries
447
800
177
Surplus property includ104
95
ing ship sales
88 1,294
342
93
50
244
Miscellaneous adjusr269
179
mfints (tifit)
81
87
43
346
77
101
Total transfers to for12, 473 11, 874 16, 056 3,954 4,308 3,875 3,919 3,686
eign countries
Transfers from foreign countries:
General imports recorded by
Bureau of the Census
4,136 4,908
Other transfers:
Private, miscellaneous ad144
183
justmens (net)
Government:
11
Reverse lend-lease __ .__ 1,250
421
Military purchases abroad
176
Miscellaneous adjust-285 -110
ments (net) _
Total transfers from
foreign countries
5,666 5,168
5,733 1,412 1,449 1,323 1,549 1,794
105
32
27
22
24
37
122
36
111
27
33
23
30
50
53
-15
46
54
6,071 1,507 1,562 1,353 1,649 1,935
Source: U. S. Department of Commerce, Office of Business Economics.
It may be expected that, even after the dollar stringency
is partly relieved through the ERP and other aid programs,
foreign exports to the United States will remain approximately at the first-quarter rate or even continue to rise.
Programs for the first year of operation of ERP were prepared under the assumption that U. S. imports from these
countries would rise by approximately 40 percent over 1947.
During the first quarter of 1948 the rise amounted to 30
percent. Since the ERP allocations are probably smaller
than estimated requirements, there should be every incentive to supplement the aid through dollars earned by sales
to the United States.
As was pointed out in the May SURVEY, dollars used by
other-than-ERP countries should be expected to be less than
last year, particularly because of the progressive exhaustion
of their gold and dollar reserves. These countries should
be expected, therefore, to keep their sales to the United
States as high as possible. However, a larger flow of foreign
commodities to the United States would not necessarily
speed-up the restoration of a world-wide economic equilibrium, unless the higher imports are obtained from increased
foreign production or reduced nonessential consumption, and
thus do not represent merely a diversion of materials and
resources essential for reconstruction purposes into export
channels to the United States. In the latter case, the objectives of the recovery program would not be met.
In addition to recorded imports, goods purchased abroad
include about 50 million dollars of sugar and some other
commodities which were shipped directly to foreign destinations. Such transactions are of increasing importance, particularly in foreign relief programs.
10
SUKVEY OF CUREENT BUSINESS
Table 7.—Service Transactions With Foreign Countries
[Millions of dollars]
1947
1948
Ttom
Total
Eeceipts:
Transportation
Travel
Miscellaneous services:
Private
Government
Total receipts _ . _
Payments:
Transportation
Travel
Miscellaneous services:
Private
Government
Total payments
1,308 1 375 1 709
334
162 252
453
_ 1,288
I
II
III
IV
I
439
67
481
92
436
106
353
69
333
62
June 1948
lated through the preceding 12-month period. Among the
other service receipts, income from transportation represented the only major reduction. This is due to reduced
exports as well as to a higher proportion of freight carried
by foreign vessels (see table 7).
Transfers of merchandise were only about 6 percent smaller
than during the last quarter 1947. These transfers, however,
included 220 million dollars of surplus property sold against
credit to Germany. They also included the 50 million dollars
of sugar and other relief goods purchased abroad and shipped
from there, gift parcels of an estimated value of 50 million
dollars, and some adjustments for other unrecorded exports
or revaluations.
483
162
504
64
128
16
134
19
120
13
122
16
128
24
3,211 2,272
2,611
650
726
675
560
547
420
309
534
457
701
544
160
93
188
131
192
230
161
90
164
104
153
3,453
185
607
255
665
63
148
66
147
63
189
63
181
75
151
Table 9.—Movements of United States Long-term Capital
4,335 1,783
2, 165
464
532
674
495
494
[Millions of dollars]
Source: U. S. Department of Commerce, Office of Business Economics.
Exports Lowest Since 1946
Total
Total dollar expenditures by foreign countries during the
first quarter of 1948 were not significantly smaller than
during the last quarter of 1947. However, it has not been
possible so far to account for the utilization of nearly 500
million dollars. The reappearance of large net receipts of
funds outside of known transactions may indicate the continuation of international financial uncertainties which were
discussed in the SURVEY for last December (p. 17).
Inflow
[Millions of dollars]
I
II
III
IV
285
980
74
219
96
18
209
2
49
98
I
20
17
145
12
35
342
306
38
215
36
340
85
38
20
2
33
305
101
113
33
58
39
9,515 2,517 2,272
Total payments
Receipts:
Reverse lend-lease and lend206
2,761
38
lease settlements. _
254
114
Other
200
623
584
577
48 8
887
106
73
79
48
19
66
2
67
45
238
460
179
127
85
69
45
Net Government payments. 6,640 2,279
1,812
444
457
492
419
842
Total receipts
Private remittances:
Payments
Receipts
Net private payments - -
2,875
520
47
722
124
713
145
179
34
158
39
170
32
206
40
192
33
473
598
568
145
119
138
166
159
Source: U.S. Department of Commerce, Office of Business Economics.
About 40 percent of the 400-million-dollar decline in
transfers of goods and services took place in the service
accounts, but the reduction of income on foreign investments
by about 150 million is seasonal (see table 4). The larger
receipts during the last quarter of 1947 represented a considerable amount of year-end transfers of earnings accumu-
IV
I
1
1
31
22
61
42
23
206
221
13
170
950 1,300
49
1
100
2
300
2
7,065 3,808 1,467 1,416
2
810
31
945
120
154
796
25
71
280
22
38
249
318
159
159
317
5
600
12
90
2,745 2,745
500
2,850
28
80
174
51
34
374
706
40
49
46
325
660
841 3, 230
6,891 3,757 1,433 1,376
896 1,117
243
1,357
402
377
243
285
293
163
896 1,117
1,600
402
377
528
293
163
442 1,091
856
235
269
182
170
42
26
744
167
108
346
123
121
Inflow
Net outflow of private longterm capital
-
13
15
240
III
Net outflow of Government
long-term capital
Total outflow
543
245
12
II
600
940 3,320
99
I
Private:
Outflow:
Purchase of debentures of the
International Bank
Other
1948
1947
Government:
Payments:
Lend-lease
7,613 209
UNRR'A
589 1,524
Post-UNRRA
Interim aid
Civilian supplies for occupied
871 539
countries
Greek-Turkish program
War damage payments and
other transfers to the Philippine Republic
60
International Refugee Organization
15
225
Aid to China
170
217
Other transfers
Government:
Outflow:
Lend-lease credits
830
Credits on sales of surplus
property __
63
Credits on sales of ships
Export-Import Bank loans. __ ~~~35~
Subscriptions to the:
International Bank
International Monetary
Fund
British loan
Other. .
_. __
12
Total outflow.
Table 8.—Gifts and Other Unilateral Transfers
Total
1948
1947
454
Source: U.S. Department of Commerce, Office of Business Economics.
Total Trade Maintained
As a result of restrictions imposed upon imports, but
also because of higher exports, several important countries
succeeded in balancing their trade or even developing an
export surplus with the United States.
To this group belong Chile, Uruguay, Sweden, Finland,
Spain, India, and Australia. It may be interesting to note
that in comparison with the whole year 1947 the balance of
trade with the two Latin American countries was achieved
with an increase of total trade, while, in the case of the other
5 countries, total trade had to be curtailed. Only for
Sweden, however, did total trade shrink by more than 20
percent.
It may also be noted that in the first quarter of 1948 the
deficit on goods and services of all foreign countries with the
United States had declined to an annual rate of about 7.9
billion dollars—as compared with 11.3 billion in 1947—but
that the total of such transactions during the same period
had shrunk only by about one-half billion dollars (at an
annual rate).
By B, W.
Ruffner
Foreign Grants and Credits
of the U. S. Government
D,URING the postwar period the United States has
C
financed a vast program of aid in the reconstruction of
foreign areas. This has taken the form of grants of essential
goods and services which the countries of the world greatly
needed, and the extension of cash loans and other credits for
the procurement of supplies and equipment essential for
economic recovery. When all these forms of aid provided by
the United States Government from July 1945 through 1947
are aggregated, they amount to the impressive total of
14.6 billion dollars.
Assistance was furnished at a rate of over 5.8 billion
dollars a year in the 2%-year period ended last December.
This compared with an estimated 7.6 billion to be provided
in 1948 under the European Recovery Program, the occupied
areas civilian-supply program of the National Military
Establishment, and through other grants and credits of the
Government.
During the postwar period, credits were more widely
extended than during the war and disbursements on loans
and utilizations of credits overshadowed grants. The latter
type of financing was, of course, dominant during the war.
Loans and property credits, with terms providing for the
repayment of principal with interest, were the primary aid
medium in the postwar period through 1947. Assistance in
the form of credits then constituted 56 percent of the total
aid provided (see table 1). However, because of the near
exhaustion of the gold and dollar resources of certain foreign
governments by December 31, 1947, the pattern of foreign
assistance in 1948 will shift toward that of the war years
when the emphasis was placed on grants rather than credits.
On the basis of current assumption, assistance in the form of
grants will constitute over 70 percent of the total aid provided
to foreign governments in 1948.
„
Government Foreign Aid Over 60 Billions
The large volume of aid made available by the United
States Government in the postwar period brought the cumulative total of goods, services, and cash made available since
1940 to foreign countries to 63.2 billion dollars as of the beginning of 1948. Of that total, 54.2 billion dollars was in
outright grants, including lend-lease, civilian supplies furnished by military agencies in occupied and liberated areas,
other relief supplies and services contributed by the Government to international organizations and directly to foreign
governments, and other grants and financial aid. The
United States received reverse lend-lease, in the form of
goods and services, valued at 7.8 billion dollars.
Cumulative credits of 9.0 billion dollars were largely cash
loans but also included credits for lend-lease goods, surplus
property including merchant ships, and commodities, prinNOTE.—Mr. Ruffner is Director of the Clearing Office for Foreign Transactions, Office of
Business Economics. This article is based upon summary data and material compiled each
quarter by the Clearing Office.
cipally raw cotton. Capital contributions, not included in
these totals, went to the International Bank for Keconstruction and Development and the International Monetary
Fund in the amount of 3.4 billion dollars. To date, these
funds have only partially become available to foreign countries in the form of loans or currency.
In addition to the relief and rehabilitation programs and
credits extended, the U. S. Government has paid to foreign
countries the sum of 15.8 billion dollars for goods and services purchased by this Government. As offsets against these
outlays, the U. S. Government had dollar receipts aggregating 6.1 billion dollars from the sale of goods and services.
Credits Increased in the Postwar Period
The year 1945 witnessed the first of a series of steps designed to correct the dislocations in the world economy
caused by the war. With the current European Recovery
Program these measures are now projected for a considerable
period ahead.
The foreign lending and credit activities of the Government increased rapidly in the immediate postwar period.
The virtual cessation of straight lend-lease in September 1945
intensified pressures for foreign loans which on July 31, 1945
had been partly anticipated by an increase of 2,800 million
dollars in the statutory lending authority of the ExportImport Bank. The 3,750-million-dollar loan to the United
Kingdom, which followed the termination of lend-lease and
Table 1.—Summary Analysis of Foreign Transactions of the U. S.
Government, by Types of Transaction: War and Postwar Periods
[Millions of dollars]
Type of transaction
Grants and credits
July 1, 1940 July 1, 1940 July 1, 1945
through
through
through
Dec. 31, 1947 June 30, 1945 Dec. 31, 1947
63 204
48 608
14 596
Grants _
_.
Lend-lease
Military civilian supplies
Relief
Other grants and financial aid
54, 227
47, 655
2,845
2,961
767
47, 766
46 372
814
148
433
6,461
1 283
2,031
2,813
334
Credits
Lend-lease
Surplus property
Merchant ships
C ommodity programs
Dollar disbursements on loans
8,977
1,392
1,004
169
223
6,189
842
93
749
8,135
1 300
1,004
169
223
5 440
Other dollar outlays
Disbursements for goods and services
Other disbursements
15, 740
11, 216
4,524
11 019
7,957
3,062
4 721
3,259
1,462
Payments to International Bank and Monetary
Fund:
International Bank
___
International Monetary Fund
635
2,750
Dollar receipts
Repayments on loans and credits. _
Lend-lease cash receipts
Cash from surplus property sales _
Cash from other sales
Other cash receipts
6, 102
864
1,150
802
2,315
971
635
2 750
2 419
450
833
3
449
684
3 683
-414
317
799
1,866
286
11
SUEVEY OF CUEEENT BUSINESS
12
Chart 1.—Foreign Grants and Credits of the United
States Government
BILLIONS OF DOLLARS
20
June 1948
devastated countries. A further increase of 500 million
dollars in the lending authority has been requested to provide
loans to the Latin American Republics.
The relative importance of reconstruction loans by the
Export-Import Bank in the postwar period is shown in the
following summary of net credits authorized by the Bank
from July 1, 1945 to March 31, 1948:
[In millions of dollars]
Total
2,745. 1
Reconstruction
Lend-lease
Development
Cotton purchase
Other purposes
1, 183. 6
655. 0
755. 7
133. 0
17. 8
The Export-Import Bank thus has operated on a major
scale since July 1945, and its credits (outstanding plus unutilized commitments) of 3,010 million are nearly six times as
large as they were at the end of the war.
The Foreign Assistance Act of 1948 provides that assistance extended under credit terms shall be made and administered by the Export-Import Bank. Similar provisions for
assistance to China on credit terms appear in the China Aid
Act. In extending credits under these tw6 programs, the
Bank is not limited by its own statutory lending authority.
4 '-
1941
-«
42
43
44
45
46
47
FISCAL YEAR, ENDED JUNE 30 -
48^
48
+~
CALENDAR
YEAR
.l/.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
i Partly estimated. Includes initial European Recovery Program grants.
Source of data: U. S. Department of Commerce, Office of Business Economics.
which was approved by the Congress on July 15, 1946, was a
substantial contribution to the reestablishment of the British
economy, though it was used up at a rate not contemplated at
the time the loan was made. The final phase of lend-lease
brought additional credit commitments of 1,488 million
dollars, covering VJ-day inventories, pipe-line shipments,
and final settlements. Surplus property and other credits
added another 1,770 million dollars.
Bretton Woods Subscriptions
Enactment of the "Bretton Woods Agreements Act" on
July 31, 1945 paved the way for U. S. participation in the
International Monetary Fund and the International Bank
for Reconstruction and Development. The maximum cost
of participation to the U. S. Government is 5,925 million
dollars. The subscription to the Fund amounts to 2,750
million dollars, and has been paid in full; the subscription to
Table 2.—Foreign Credits of the U. S. Government, By Principal
Countries: As of Dec. 31, 1947
[Millions of dollars]
Amount of
outstanding
balance
Amount of
unutilized
commitments
10, 019
Country
8,253
1, 76fi
8,339
7,392
947
7,802
4,604
1,966
498
358
6,977
4,269
1,868
406
237
825
335
98
118
258
513
242
132
139
24
94
102
416
216
93
106
24
156
97
2iy
39
33
24
199
64
130
2
586
305
257
330
2
340
5
214
236
246
300
44
94
Total
Balances Outstanding Exceed 10 Billion
On December 31, 1947, outstanding balances and unutilized commitments for foreign credits exceeded 10 billion
dollars. Geographically, 8.3 billion dollars was concentrated
in Europe, with 7.8 billion in the countries participating in
the European Recovery Program. Table 2 shows the outstanding balances and unutilized commitments of foreign
credits as of December 31, 1947 by principal country.
On June 30, 1945, roughly the end of the war period, total
Government credits were only 1,111 million dollars—with
557 million outstanding and 554 million in unutilized commitments. During the 30-month period ended December
31, 1947, new credit commitments were made to the amount
of 9,347 million dollars. Credit utilizations during this period
amounted to 8.1 billion dollars and 439 million was repaid
on the principal indebtedness. Table 3 presents an analysis
of foreign credits, by agency and by type of credit, showing
balances as of June 30, 1945 and December 31, 1947, and
activity in the postwar period.
Export-Import Bank Advances 2% Billion
The Export-Import Bank has been a substantial factor
in postwar rehabilitation since its lending authority was
increased to 3,500 million dollars for the principal purpose of
meeting the anticipated credit needs of liberated and war
Total
Europe
_ _ __
European recovery program participating
countries and Western Germany
United Kingdom ! _ _
France
__ _
__ _ Belgium, Netherlands, and Luxembourg _
Italy
Greece.
.
_
Other
Nonparticipating countries
U. S. S. R
Finland
Other
Unallocable Europe
Netherlands Indies
Other dependencies of ERP participating countries
American Republics
-Canada
China
Other countries, including unallocable. _
92
120
1
Additional utilization of 100 million dollars on each of the following dates: Jan. 2, Feb. 4.,
and Mar. 1, 1948.
the Bank can reach a maximum of 3,175 million. Only 20
percent—or 635 million dollars—has been called by and
paid to the Bank. The remainder is subject to call to meet
obligations of the Bank arising out of its issues or those guaranteed by it. Consequently, in the absence of such further
calls, U. S. contributions to the Fund and the Bank will total
3,385 million dollars.
SUEVEY OF CUKRENT BUSINESS
June 1948
13
of surplus property abroad on credit terms aggregated 2,476
million dollars during the 2%-year postwar period ended
December 31, 1947. Utilizations during this period were
2,304 million dollars, with principal repayments of 37 million.
Property credits were also extended in order to facilitate
the sale abroad of large surplus merchant ships. This program was initiated late in 1946 and was to be completed by
March 1, 1948. The authority of the Maritime Commission
to operate, sell, and charter Government-owned vessels was
extended until March 1, 1949. However, provision was made
in the act to prevent the sale abroad of surplus Governmentowned vessels after March 1, 1948. Thus, when delivery of
the vessels contracted for prior to March 1,1948 is completed,
the participation of the Maritime Commission in foreigncredit transactions will be ended except for the collection of
principal and interest on the outstanding obligations.
At the end of 1947, net credit commitments on 419 ships
sold or reserved for sale aggregated 212 million dollars.
New credit commitments of 22 million dollars, covering the
sale of 43 ships, had been made by March 1, 1948.
Surplus property located in the United States and held by
the War Assets Administration was not committed for sale
on credit terms to foreign governments until late in 1947.
Credit agreements aggregating 67 million dollars were executed in 1947. However, no deliveries were reported against
contracts under these agreements until 1948. On March 11,
1948, an agreement was executed with France for a line of
credit up to 50 million dollars for the purchase of surplus
property in the United States.
United Kingdom Loan
The Anglo-American financial agreement provided for a
loan of 3,750 million dollars to the United Kingdom. In
connection with the loan, the United Kingdom agreed to
liberalize the use of sterling and remove the discriminations
arising from the Sterling Area dollar pool. Repayment of
the loan is to be made in 50 approximately equal annual
instalments beginning on December 31, 1951. Utilization
of the loan was much more rapid than had been anticipated
and 3,450 million dollars had been drawn by the end of 1947,
leaving an unutilized balance of only 300 million. This
balance was completely disbursed by March 1, 1948.
Property Settlements
Property credits became important in the over-all settlement of lend-lease, in the disposal of surplus war property,
and the settlement of other war accounts.
The final lend-lease agreements usually contained the same
general principles: (1) No payment was asked for lend-lease
or reverse lend-lease goods lost, destroyed, or consumed
prior to VJ-day; (2) all articles or services transferred after
VJ-day, except certain specified military supplies and services, were made under credit or offsetting terms; (3) generally
speaking, claims were settled by offsetting the respective
claims of the United States and the lend-lease country against
each other; (4) credit terms were approved for low interest
rates—typically 2 percent—and amortization over a long
term, ranging from 30 to 50 years; and (5) the settlement
agreements frequently contained provisions for the acquisition by the foreign government of U. S. surplus abroad on
identical credit terms.
A number of property credits have been extended by the
Office of the Foreign Liquidation Commissioner to foreign
governments and a few individuals abroad for the purchase
of surplus property. The surplus property credits are exclusively a postwar development.
Commitments arising from lend-lease activities, including
pipe-line agreements and final settlements, and from the sale
Commodity Programs
Early in 1946 the Army Department initiated several
programs to aid in the rehabilitation of Germany, Japan,
and Korea, pending the return of trade to commercial
channels. One of these programs involved the transfer of
raw materials, largely raw cotton, on credit terms to the
military governments for Germany and Japan for processing and reexport of a portion of the finished goods. The
Table 3.—Foreign Credits of the U. S. Government, By Agency and By Type of Credit: As of June 30, 1945; Postwar Period, July 1, 1945,
Through Dec. 31, 1947; and As of Dec. 31, 1947
[Millions of dollars]
Activity in postwar period, July 1, 1945, through
Dec. 31, 1947
As of June 30, 1945
Agency and type of credit
Total
...
. . .
...
i Less than $500,000.
Net change
in unutilized
commitments
Outstanding
Unutilized
commitments
1,111
557
554
9,347
8,135
1,212
439
10, 019
8,253
1,766
550
214
336
209
2, 616
212
20
208
1,920
169
20
1
696
43
105
156
4
104
3,010
208
20
103
1,978
164
20
1
1,032
43
312
18
277
18
35
70
70
243
1
35
2
2
2
14
104
17
2
15
278
1
2
14
2
2
Total
By agency:
Department of Agriculture
_._ _
Export-Import Bank.
Maritime Commission
National Military Establishment: Army Department _
Reconstruction Finance Corporation:
Proper
Office of Defense Supplies
Office of Rubber Reserve
U S Commercial Company
State Department:
Proper
_ _. .
Office of Foreign Liquidation Commissioner
Treasury Department:
Proper
Lend-lease fiscal operations
War Assets Administration
By type of credit:
Loans
_
._
__
..
Property credits
Surplus property. .
_ __
Lend-lease . _
_ ...
._ _. _
Merchant ships
Commodity programs
_.
___
Cotton
Raw material
_
_
_
...
Operating expenses
Other raw materials
Change in
net commitments
As of Dec. 31, 1947
0)
(')
0)
228
45
183
882
228
511
45
371
183
228
45
183
Utilizations
0)
982
192
3,750
1,212
67
3, 450
1,300
Cr
300
88
67
6,436
2,687
1,264
1,212
212
224
223
209
14
1
5,440
2,472
1,004
1,300
169
223
222
208
14
1
Cr
996
215
260
88
43
1
1
1
1,174
Repayments
0)
14
21
278
41
16
21
4
120
119
105
14
1
Outstanding
Total
0)
1,160
0)
Unutilized
commitments
968
192
3,750
1,420
67
3,450
1,324
300
95
67
7,040
2,875
1,248
1,420
208
104
104
104
5,673
2,477
988
1,324
164
103
103
103
1,367
398
260
95
43
1
1
1
0)
0)
14
SUKVEY OF CUEEENT BUSINESS
Table 4—Foreign Grants of the U. S. Government, By Type:
War and Postwar Periods
[Millions of dollars]
July 1, 1940 July 1, 1940 July 1, 1945
through
through
through
Dec. 31, 1947 June 30, 1945 Dec. 31, 1947
Type of grant
Total
.
64,227
47, 766
6,461
47 655
46 372
1 283
Military civilian supplies
Army and Navy Departments
Special Italian program
2 845
2 710
134
814
814
2,031
1,996
134
Relief
Foreign War Relief (American Red Cross) __
War Refugee Board and Intergovernmental
Committee on Refugees
International Refugee Organization
UNRRAaid
Post-UNRRA aid
Interim aid
_
_ _
2 961
73
148
62
2,813
10
7
17
2,607
245
12
3
83
4
17
2,524
245
12
Lend-Lease
Other grants and financial aid
Chinese stabilization
Philippine rehabilitation
Greek-Turkish aid
Inter- American aid
--
767
500
119
74
73
433
380
52
334
120
119
74
21
goods for export were sold on the world market and the
proceeds were used to pay for the raw materials and other
costs incurred by the United States.
June 1948
dice the successful operation of the established military
governments.
Supplies were purchased from regular appropriations to the
Army and Navy Departments and diverted to civilian use
upon requisition by overseas commanders. In areas of combined Allied operations, distribution was on a joint basis and
supplies received from the contributing countries were pooled
and distributed without regard to source.
The Navy Department conducted civilian-supply activities
only in the areas in which it was primarily responsible for
military operations, primarily islands in the Pacific. Most
of these supplies were not distributed as relief but were sold
through trade goods stores.
The U. S. Army now has combined responsibility with the
United Kingdom for furnishing basic civilian supplies to the
bizone of Germany, and unilaterial responsibility for Japan,
the Ryukyu Islands, and the United States zone of Korea.
From the inception of the civilian-supply program in July
1943, and through December 31,1947, the Army has furnished
civilian supplies overseas having a landed cost value of
approximately 2.7 billion dollars. The overseas civilian
supply activities of the Navy reached approximately 25
million dollars by the end of 1947.
Table 5.—Foreign Grants of the U. S. Government, By Area: War
and Postwar Periods
Grants More Than Two-Fifths of
Total Postwar Aid
[Millions of dollars]
July 1, 1940 July 1, 1940 July 1, 1945
through
through
through
Dec. 31, 1947 June 30, 1945 Dec. 31, 1947
Country
While grants represented a shrinking proportion of the
total in the postwar period prior to 1948, they nevertheless
represented more than two-fifths of the aid made available
and, as earlier stated, this proportion is now again increasing.
During the 2%-year postwar period through 1947, total
grants of 6.5 billion dollars were almost all for civilian relief
and rehabilitation. It was recognized that this large contribution was a necessary aftermath of the war and that
repayment was not possible.
The military forces occupying liberated and enemy territories were faced with the necessity of providing essential
food, clothing, and medical supplies to the civilian population. After withdrawal of the armed forces from liberated
areas, the responsibility for civilian supply was assumed in
some areas by the United Nations Relief and Rehabilitation
Administration. Toward the end of the UNRRA program
it became evident that additional aid would be necessary to
prevent collapse of the economies of several countries. To
forestall this, a series of new relief programs were established.
The column on the right in table 4 presents summary
data by type of grants made by the United States Government during the postwar period, with comparative data
for earlier programs.
The countries—including Western Germany and Triesteparticipating in the European Recovery Program also received the largest share of grants extended by the Government during the postwar period ended December 31, 1947
(see table 5). Their share of 40 percent was less than during
the war period principally because aid to China was stepped
up to a considerably larger share.
Liberated and Occupied Area Programs
As an integral part of their military operations, the U. S.
armed forces provided the minimum essentials of civilian
supplies in liberated and occupied areas during the " military
period/7 acting either independently, or in collaboration
with other nations. Civilian supplies are those commodities
made available to the civilian populace of the occupied or
liberated areas to foster economic rehabilitation and for
the prevention of such disease and unrest as would preju
Total
Europe
54 227
Nonparticipating countries
Albania
Czechoslovakia
Finland
Hungary
Poland
U. S. S. R
Yugoslavia
__
. __
Europe, unallocable
ERP dependencies
Latin- American countries
China,. ._
Japan
Korea (southern)
Netherlands Indies
Philippines
Saudi Arabia
_
All other countries
Unallocable
- _ _
- -
--
3,887
33 059
1
69
(i)
2,571
79
(i)
310
146
37
1
2, 610
238
63
11, 975
20
188
3
2
385
11, 052
325
632
Western Germany
6,461
44, 389
35 669
239
132
(i)
2,646
470
(i)
1,071
172
38
1
2
12
36
30, 107
742
European-recovery program participating
countries and. western Germany and
Trieste
Austria _
Belgium and Luxemburg
Eire
France
Greece
Iceland
Italy
Netherlands
_ _
Norway
Sweden
_
Switzerland
Trieste
..
Turkey
United Kingdom . _._
47, 766
48 276
--
10, 893
17
440
2,431
638
93
8
211
19
48
2,048
17
418
1,230
(i)
74
391
761
26
1
1
2
1.
35
29, 809
297
74 2
1,083
2[>
182
2
2
363
222
292
195
6
1
22
10, 830
33
437
4
53
16
16
1,625
(i)
22
1, 20 1
63S
93
4
158
«)
32
423
i Less than $500,000.
Grants Aggregate 54 Billion
During the over-all 7%-year period through 1947, the
Government contributed abroad on a grant basis, goods,
services, and funds reported at 54.2 billion dollars. Grants
recorded at 47.8 billion dollars during the 5-year war period
from July 1, 1940 through June 30, 1945 were almost all
in the form of lend-lease and consisted largely of military
and other supplies needed for prosecution of the war. Grants
in the form of military civilian supplies, and similar relief
contributed through the American Red Cross and the United
June 1948
SURVEY OF CUEEENT BUSINESS
Nations Relief and Rehabilitation Administration were relatively small throughout this earlier period.
Lend-Lease Was 50 Billions
Lend-lease, authorized by the Act of March 11, 1941, was
generally considered as a war-supply measure to equip Allied
armies with arms and to provide Allied economies with the
foods, materials, and equipment required to help to maximize
their war effort.
A total of 50.2 billion dollars was transferred under the
lend-lease program with the British Commonwealth, U. S.
S. R., France and possessions, and China as the principal
recipients. Approximately 95 percent, or 47.7 billion dollars,
of lend lease aid was rendered on a grant basis; the balance
was about equally divided between cash and credit transactions at a little more than 1 billion dollars each.
The United States in turn received reverse lend-lease aid,
reported at 7.8 billion dollars, from foreign governments.
Approximately 86 percent (6.8 billion dollars) was received
from the British Commonwealth. France and possessions
and Belgium were the other principal contributors. Belgium
was the only country which contributed more aid to the
United States than it received under lend-lease mechanism.
Lend-lease figures presented in tables 1 and 2 reflect the
estimated value of aid furnished on a grant basis. This
estimate is derived by reduction of the gross lend-lease aid
totals by (1) lend-lease aid furnished on a credit basis, including the credit retroactively determined in settlements; (2)
cash received in lend-lease settlements; (3) lend-lease aid
originally furnished on a cash basis; and (4) the military
civilian supply program for Italy, made available from
lend-lease funds, which is included in the military civilian
supplies total.
U. S. Share of UNRRA Activities
The United Nations Relief and Rehabilitation Administration was created by the United Nations to provide for
civilian relief, after the withdrawal of the military forces, in
areas devastated by war. Congress authorized U. S. participation in UNRRA early in 1944. Contributions of the
member nations were set in proportion to their respective
national incomes for 1943 and the resulting U. S. share was
approximately 72 percent of the 3,685-million-dollar total.
Total contributions by the United States were ultimately
set at 2,700 million dollars, of which 2,600 million was appropriated by the Congress to the President and 100 million was
authorized for nonremunerative transfers from excess Army
stocks.
Preliminary reports on U. S. contributions to UNRRA
amounted to 2,607 million dollars and included supplies,
2,265 million; services, 15 million; and cash, 327 million.
Food was by far the largest category of supplies furnished
to UNRRA by the United States. Clothing, textiles, and
footwear; fuel; and communication, transportation, agricultural, and industrial equipment were the other principal
categories. Italy, Poland, China, Yugoslavia, Greece, Czechoslovakia, and the U. S. S. R. were the principal recipients
of supplies furnished to UNRRA by the United States.
In order to provide for essential civilian relief after termination of the UNRRA program, an act approved by Congress
on May 31, 1947 and commonly known as the "post-UNRRA
act" authorized appropriations of 350 million dollars for aid
to Austria, Greece, Hungary, Italy, Poland, Trieste, China,
and for aggregate contributions of 40 million to the International Children's Emergency Fund. These funds were
intended primarily for the procurement of food, medical
supplies, textiles, fuel, fertilizer, pesticides, and seeds.
15
It originally was contemplated that the post-UNRRA
program would be completed in 1947. However, the
original appropriation, which amounted to 332 million dollars, was not approved until July 3p, 1947, and the delivery
of supplies was not completed until early in 1948. An additional 18 million dollars for further aid to China was appropriated on December 23, 1947. Austria, Greece, Italy,
Trieste, and China have received relief under the program;
no shipments have been made to Hungary and Poland.
Through December 31, 1947, shipments of supplies estimated at 230 million dollars and contributions of 15 million
to the ICEF had been made. In order to encourage private
contributions of relief supplies for foreign aid, the PostUNRRA Relief Act authorized up to 5 million dollars for
payment of ocean transportation of supplies shipped by
private American relief agencies.
Foreign Assistance by the United States
About midyear 1947, it became evident that Austria,
China, and Italy would require assistance beyond that provided under the Post-UNRRA Act. In the case of France,
where the United States had had no postwar relief program,
assistance was also determined to be necessary to prevent
economic and financial disintegration. Consequently, in
December 1947, just prior to the termination of the postUNRRA program, Congress enacted the Foreign Aid Act of
1947, authorizing a program of 597 million dollars for assistance to these countries. Under the authority of this act, an
appropriation of 522 million dollars for aid to Austria, France,
and Italy was approved on December 23, 1947, and on
March 31, 1948 an additional appropriation of 55 million
dollars was made for foreign aid to these countries. These
funds were provided to meet urgent needs pending the
assistance proposed under the European Recovery Program.
Through December 31, 1947, foodstuffs having a reported
value of approximately 12 million dollars had been supplied
to France. Since then, large-scale shipments of supplies
have been made to all the designated countries.
One of the first programs of financial aid designed to assist
a particular country was that authorized for China. In
February 1942, the Congress directed that 500 million
dollars be granted to China to assist in prosecuting the war
against Japan and in stabilizing the Chinese economy. The
extent and nature of repayment were not specified, but are
to be included in the ultimate settlement of war accounts.
The Treasury Department disbursed 380 million dollars of
this cash grant in the war period and 120 million in the postwar period.
The Government, early in 1942, through the Coordinator
of Inter-American Affairs, initiated several cooperative
programs with the other American Republics. Under these
programs, projects in the fields of health and sanitation,
food supply, and education were financed partly with fimds
appropriated by the United States Government and partly
with funds contributed by the recipient country. The United
States participation was executed through corporations
organized by the CIAA.
In August 1947 the Institute of Inter-American Affairs
was reincorporated for 3 years to continue the programs not
then in process of liquidation. Appropriations of 5 million
dollars a year were authorized. Since the beginning of the
programs in 1942, the United States have agreed to contribute 81 million dollars; actual contributions have
amounted to 71 million. Participating American Republics
pledged 27 million dollars, with actual contributions of 17
million by the end of 1947. In addition, local governments
and private participants pledged 8 million dollars and
contributed 7 million.
(Continued on p. 24)
By Clement Winston and Marie L. Puglisi
Inventory Turn-Over in
Retail Trade
IE size and movement of retail inventories have been
matters of active attention during the postwar period. The
constant problem of the retailer—whether to keep inventories
down and possibly lose sales, or to let them grow and thereby
increase costs and risks—is always more acute during periods
of high activity, when large stocks are required to keep up
with demand. At this time, it may be helpful to examine
how retail stocks have fluctuated in the past, and what forces
have contributed to their movements.
Since the first World War, the typical retail store has been
reducing the size of its stocks in relation to its sales. The
improved control over inventories has been apparent in all
regions of the country, and has been most marked in those
areas which had formerly lagged behind. Both large and
small stores have shown a downward trend in the ratio of
stocks to sales, but the smaller stores have narrowed the
advantage in efficiency of inventory operations that has
been characteristic of larger stores.
When the different lines of trade or departments are
examined, it is found that many of them do not follow the
trend exhibited by total stocks, and some show an increasing
ratio of stocks to sales. Variations from department to
department, or within the same department at different
periods of time, depend upon differences in the nature of
customers7 requirements and in the conditions of supply.
Currently, though there are considerable differences by
line of trade, retail inventories generally do not appear high
in relation to sales, as compared with the prewar period.
Two qualifications, however, are necessary. First, in the
past year, inventories have been increasing much more
rapidly than sales. Second, if sales were to decrease significantly at any time, in the future, the present level of
inventories might well seem excessive to retailers.
1937-38, when a brief recession followed a spurt in business
activity.
The upturn of the ratio in 1942 resulted from extremely
heavy stocking of goods in anticipation of wartime curtailment of civilian production. As this curtailment took effect,
and replacement items became difficult to obtain, stocks fell
to an extremely low point relative to sales.
It was not until 1947 that retailers found themselves able
to increase inventories in relation to their sales. At the
present time the stock-sales ratio remains below the prewar
Chart 1.—Retail Stocks, Sales, and Stock-Sales Ratios
BILLIONS OF DOLLARS
LOG SCALE
30
BILLIONS OF DOLLARS
LOG SCALE
30
20
20
10
9
8
7
6
5
10
9
8
7
6
5
SALES &
I ! I 1 I I I I I I I I \\L/ I I I I I I I I I I I I I
RATIO
4
RATIO
STOCK-SALES RATIO
Retail Stocks and Sales for the Nation
The year-to-year movements, from 1919 to the present, of
the average value of retail stocks during the year and average
monthly sales are shown in the upper panel of chart 1. The
lower panel of the chart gives the ratio of stocks to sales over
the same period. This ratio indicates the number of months
goods on hand would last at the corresponding rate of sales.
It is the inverse of the turn-over ratio. The chart shows that
the stock-sales ratio has evidenced a downward trend over
the entire period, except for certain interruptions.
From 1919 to 1920, at the high point of the business boom
following the first World War, stocks and sales both rose
sharply, but with stocks outpacing sales. Thereafter, the
ratio drifted moderately downward through the rest of the
twenties. The movement was reversed at the onset of the
depression, but the downtrend was resumed after 1932. The
only subsequent interruption up to Pearl Harbor came in
value. Moreover, even if it is assumed that the forces acting
to lower the ratio continued their effects unabated during
the war, stocks at the present time seem moderately below
the level that would be expected.1 On the other hand, the
ratio has increased appreciably in recent months and is much
closer to the prewar relationship than at any time since the
war ended.
In attempting to account for the fact that a given amount
NOTE.—Mr. Winston and Miss Puglisi are members of the Business Structure Division,
Office of Business Economics.
1
Statements such as this throughout the article have been confirmed by correlation analysis,
using both current and constant dollars.
16
MUM
1920
1925
1930
1935
1940
1945
1947
1948
- ANNUAL DATA
U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1 Data are end of month average for the year or quarter.
2
Data are monthly average for the year or quarter.
Source of data: U. S. Department of Commerce, Office of Business Economics.
SURVEY OF CUEEENT BUSINESS
June 1 4
98
of goods has been able to support an increasing value of sales
over the period studied, it is desirable to study the effects
of geographical location, size of store, and line of trade.
However, much of the data in the necessary detail and for a
period sufficiently long are available only for one sector of
retail trade, namely, department stores. Accordingly, the
detailed analysis is based on department-store data. Because of the diversity of goods handled in these stores, and
the close relation between department-store sales and total
retail sales, conclusions obtained for the department-store
group will have application to retail trade generally.
An important difference to be kept in mind is that total
retail stocks, as treated in the estimates used here, are valued
at cost; department-store stocks, on the other hand, are valued
at selling price. Furthermore, department-store sales and
stocks have a different composition from those of other retail
stores; and even for a particular line of trade, the items
handled by stores generally may differ considerably from
those carried by the corresponding department in department stores. Consequently, the stock-sales ratios of department stores are not comparable as to level with those of retail trade. However, the movements of the ratios for the
two categories are quite similar, not only in aggregate, but
also for most of the specific lines.
One exception to this similarity of movement has occurred
within the past year; in this period, department-store stocks
have risen more rapidly relative to their sales than have stocks
of other stores.
17
There were many factors operating to produce these
changes. Possibly the most important one was the increase
in the efficiency of operations of the smaller stores. This
is brought out in table 2 in which are presented the stocksales ratios by size of store for samples of department stores
for the years 1929-46. These 7 data were obtained from
studies made by the Controllers Congress of the National
Eetail Dry Goods Association.3
The ratio for all stores, regardless of size, tended generally
downward over the period 1929-41, but the drop was much
greater for the smaller stores. Thus, at the beginning of the
period, for stores with sales of less than 2 million dollars
annually, the amount of stocks carried averaged about 4K
months in terms of sales. This value had decreased to about
3% months in the years immediately preceding the war.
For stores with sales ranging from 2 to 5 million dollars, the
decline in the stock-sales ratio over the period was about K
month, while for the very largest stores, the decline shown
was about a quarter of a month. As a result, the range of
the ratios for the various groups of stores decreased from 1.4
in 1929 to 0.5 in 1940.
In other words, the greatest improvement in the efficiency
of inventory utilization was shown by the smaller department stores. This has come about largely through more
conscious use of inventory control. In addition, improvements in distribution and changes in merchandising methods
such as purchasing through centralized offices have enabled
the smaller stores to obtain merchandise more rapidly and
in smaller quantities.
Stocks and Sales by Districts
Improved Position of the West and South
In general, the behavior of the stock-sales relationships
for department stores in each of the 12 Federal Eeserve districts was similar to that shown nationally for all retail trade.
In every district, a general decline in the stock-sales ratio was
shown over the period studied. Examples of the variations
in the relationship are shown in chart 2, which pictures the
stock-sales ratio for five of the districts. The ratios by years
for all of the districts are given in table 1.
The size of the average stocks on hand in terms of average
monthly sales differed considerably for the various districts
in the earlier years. In the New York, Chicago, and Boston
districts, stocks on hand in terms of sales in the period prior
to 1925 were less than 3% months. In five of the districts
comprising the South, West, and North Central States the
ratio ranged between 4 and 4% months.
As indicated, the stock-sales ratio declined in all the
districts in the period 1919-40. The decline was more rapid,
however, for the districts in which the ratio was high in the
early years. As a result the spread in the ratios shown for
the districts also decreased.2
The fact that the other regions of the country have been
overtaking the Northeastern and Great Lakes regions in
efficiency of inventory operation has already been pointed
out. The data just presented indicate one important reason
for this development.
The largest department stores in the country have been
located in the large cities of the East and Midwest. Since
the smaller stores have shown the most pronounced drops
in the ratio of stocks to sales, the western and southern districts have exhibited the downward trend most emphatically.
Moreover, the average size of store has been growing relative
to other areas, in those regions which formerly had the
smaller stores. This also serves to narrow the gaps that
separated the various districts.
Nearness to sources of supply formerly accounted for some
of the advantages of stores in the New York and Chicago
districts, which have always exhibited the smallest stocksales ratios. The effect of this factor has been reduced more
and more in recent years by the migration of industry and
2 In the period 1919-25 the average deviation of the stock-sales ratios for the 12 districts
was about one month while it was only about H month in the period 1935-40.
3
These ratios are not comparable with those of table 1, because they are derived from a
special sample and use different methods of averaging.
Table 1.—- Stock- Sales Ratios for Department Stores in the United States, By Federal Reserve Districts
1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947
District
_ 36
4.0
37
36
36
3 7
36
35
3.5
3,4
33
3.3
3.2
3.4
3.3
3.1
?, 9
?• 7
?9
?, 8
2 7
?, 7
2 8
3.4
2.6
2.4
2.3
2.3
2.5
Boston
_ _ 3 4
New York
3.3
Philadelphia .... _ .
0)
3.6
Cleveland
(i)
Richmond
3.5
Atlanta
(i)
Chicago
St. Louis
0)
Minneapolis
3.9
(i)
Kansas
4.1
Dallas
4.2
San Francisco
3.4
3 9,
3.4
33
3.3
33
3.3
3.6
3?
3.2
3 7
31
3.1
3. 8
30
3.1
36
3,1
3,1
2,8
2.8
3 ?.
?, 8
2.7
2.9
2.7
2.9
2.6
2.6
2.6
2.9
2.8
30
2.7
2.8
2.6
2.5
2.8
2.6
2 8
2.6
2.5
2.4
2.2
2.6
2.6
2.7
3.2
2.8
3 4
30
2.9
33
2,9
3.0
36
2 8
2.9
3 ?,
2,7
3.0
3 7
3. 6
3 7
3 7
?, 9
3.0
3 3
2.9
2.6
2 5
2 5
2.7
2.5
2 4
2 4
2.5
23
2 3
2 3
2.4
2.2
2 3
2 4
2.3
3.8
3.2
35
1.8
2.0
United States -
3.8
0)
3.9
(i)
3.9
(i)
0)
4.2
(i)
4 5
4.5
cn
3.7
(i)
3.9
3.4
0)
3.9
0)
4.4
4.2
0)
3.6
(i)
4.2
3.2
35
4.0
(i)
4 5
4.1
3.5
3.9
4.0
0 0
3.5
4.0
(i)
4.5
3.9
3.8
38
4.1
3.4
4.0
4.2
3.9
4 6
4.0
3.7
3.6
3 7
3.3
3.7
4.0
4.1
4.5
3.8
3.6
3.6
3 7
3.2
3.7
4.0
4.4
3.9
3.7
3.2
3.7
o o
4.3
3.7
3.7
3.5
36
3,7
3.1
35
3.9
4.4
3.4
3.6
3.4
3.4
3.7
3.2
3.2
3.6
4.3
3.4
3.5
3.4
3.3
3.4
3.1
3.4
3.4
3.6
4.1
3.4
3.6
3.4
35
3 4
34
3.5
4.2
3.5
3.5
3.7
3.3
3.4
3.4
3.2
3 7
36
3.8
4.4
3.6
3.7
3.7
4.0
3.5
3.5
33
36
3 ?,
2.9
3 1
3.1
30
2 9
3.0
3 4
3.5
3.3
3.2
3.3
2.9
2.8
2.8
2.7
3.2
3 2
3.1
31
3.0
2.6
2.7
2.7
2.7
2.5
2.6
2.9
31
2.8
2.8
3.1
2.8
2.6
3.2
2.9
2 8
3 4
790693°—48
3
2 7
2.8
2.7
3.2
2.8
2.8
36
2 8
2 7
2 7
2.9
2.9
i Not available.
2 6
2 8
3.0
3.0
2 9
2.7
2.6
26
31
2.8
2 8
2.7
2.6
2.5
31
3.0
Sources: Board of Governors of the Federal Reserve System and U. S. Department of Commerce, Office of Business Economics.
2 8
2.7
2.7
2.5
2.8
2.9
2.8
2.9
2.9
3.1
2.9
3 4
3.3
4 2
32
2 9
3.3
2.1
2
2
3
2
2
7
5
3
5
1
2.5
2.0
2 5
2 4
3 3
2.3
21
2.4
2
2
2
2
2
2
2
8
0
0
2.2
2 2
2.3
2 7
2 2
2 o
2.3
2.5
2 3
2 5
2 6
2.3
2
2
3
2
2
4
6
1
5
5
2.6
SUKVEY OF CURRENT BUSINESS
18
Chart 2.—Department Store Stock-Sales Ratios for the
United States and for Selected Federal Reserve Districts
RATIO
RATIO
6
6
UNITED STATES
I I I I I I I I I I I I I I I II I I I 1 I I I I I I I
June 1948
the stock-sales ratio generally declined over the period
1919-40. Not all lines of trade shared this trend.
In studying the movements of the ratio by line of trade, a
continuous series is available only from 1939 on, with some
additional data for the years in which a Census of Business
was taken. The series which are most useful for studying
trends before the war are the data on department-store stocks
and sales for the New York Federal Reserve district, which,
go back to 1925. In most lines of trade, the movement of the
ratio for all retail stores from 1939 to the present has been
Table 2.—Stock-Sales Ratios for Department Stores in the United
States, by Size of Store *
I I I I I II
NEW YORK
Sales over
10 million
dollars
Year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
I I I I M I I II I I I I I I I I I M I I I I I II
CHICAGO J'
I M I j I II I i I i I II I II M I I I M M I
I IIII II
_
.
..
_ _
.
.--
.
-.
-
-.
Sales 5 to
10 million
dollars
Sales 2 to
5 million
dollars
Sales 1 to
2 million
dollars
3.0
3.5
3.1
3 2
3.2
3.2
2.9
2.7
3.0
3.0
2.9
2.8
28
3.4
2.6
2.5
2.3
2.4
2.8
3.2
3.2
2.9
3.3
3.2
3.1
2.9
2.9
3 2
3.2
3.0
2.9
2.9
3.5
2.6
2.4
2 4
2.5
2.7
3.6
3.6
3.5
36
3.4
3.2
3.0
2.9
3 2
3.2
30
3.0
3 2
3.5
2 7
2.6
26
2.6
2 9
4.4
4.4
4.1
4.1
3.6
3.3
3.4
3.2
3 5
3.3
33
3.2
3 2
o o
29
2.9
2.7
2.7
33
Sales 500
thousand
to 1 million
dollars
4.3
4.6
4.4
41
3.9
3.9
Q O
0
9
34
3.5
34
3.3
33
3.6
30
3.1
2
29
2
2. 8
2
38
1 These data are median ratios for each group.
2
1945 includes department stores under 1 million dollars; 1946 and 1947 include department
and specialty stores under 1 million dollars.
Source: National Retail Dry Goods Association.
ATLANTA
closely parallel to that of the ratio for the corresponding
department of department stores in the New York district.
Accordingly the further analysis employs the latter series.
Movements for department stores in other districts also
appear to follow closely those shown for New York, during
the period when data on a departmental basis have been
available for the other areas.
Table 3 shows for the period 1925-47 the movements of
the stock-sales ratio by departments in department stores
within the New York Federal Reserve district. While for
some departments the ratio shows a definite tendency to decrease, and for others to increase, most of the departments
show no definite trend. Evidence of a decline in the stocksales ratio is exhibited by 17 departments, representing about
36 percent of total sales in the period 1935-39. The ratio
moved upward in 7 departments, with 15 percent of sales,
and stayed more or less level in 22 departments, accounting
for 43 percent of sales.4
I I I I M I
DALLAS
M II IM
SAN FRANCISCO
Factors Influencing Size of Stocks
0 I I I M MM
1920
1925
.^
-*
t I I t 1 I I M I t Ml 1 I Ml I I I M I I M I
1930
1935
I94O
1945
1947 1948
AMMilfti
nATA
ANNUAL DATA
U. S. DEPARTMENT OF COMMERCE
OFFICE OF BUSINESS ECONOMICS.
*L
+»
QUARTERLY DATA,
SEASONALLy
ADJUSTED
48-169
i Data for 1919 and 1920 are not available.
Sources of data: Board of Governors of the Federal Reserve System and U.S. Department
of Commerce, Office of Business Economics.
by improvements in transportation, and here again the
relative positions of the various sections of the country are
now more nearly equalized.
Stocks and Sales by Departments
It has been observed from the over-all picture of retail
operations, as well as for department stores separately, that
Before discussing the relationships between stocks and
sales on a departmental basis, it is desirable to point out
some of the underlying factors that make for variations in
the stock-sales ratio. While special considerations may enter
in the case of specific products, an understanding of these
general factors will help clarify the differences which will be
shown for the various departments.
Some of the elements that tend to fix the level of stocksales operation are connected with the character of the goods
sold. Certain products must be replaced frequently, either
because of the physical perishability of the product or because of rapidly changing style factors, as in the case of
4
These figures do not add to 100 percent because data for some departments are not shown
separately.
SUEVEY OF CUKKENT BUSINESS
June 1948
millinery. For these the stock-sales ratio is necessarily low,
and buying by the dealer is very closely geared to sales,
since any items left over may have to be disposed of at a loss.
In departments offering items in which the varying tastes
or needs of individuals require a large number of varieties
of the product to be kept on hand, the stock-sales ratio
tends to be high. Departments where this effect predominates are shoes, jewelry, and many home furnishings
On the other hand, in a department such as women's dresses,
the effect on the ratio of the rapidly changing styles overrides the contrary effect of the great variety carried.
In other cases, the major determinant of the amount of
goods held in connection with a given level of sales may be
the distribution or supply situation. When an item can be
supplied only erratically, large orders must be made considerably in advance of sales, and the general level of the
stock-sales ratio is high. This is most evident in departments handling imported goods, such as china and glassware.
The operation of inventory control normally works in the
direction of reducing the stock-sales ratio of a department.
If it is necessary to carry relatively large stocks of a line of
goods, the added inventory cost and risk will be justified
to the retailer only if the return is proportionately larger.
A high ratio will be found mainly in departments handling
goods which customarily sell at higher mark-ups—such as
luxury items—or less important, in departments for which
the cost of handling or selling is low.
With any specific item, the stock-sales ratio may be
determined by several of the factors indicated. Moreover,
such factors are not likely to have a constant influence over
time, and the ratio for a given department may fluctuate
sporadically. Particularly when new lines come in, or old
Chart 3.—New York Federal Reserve District: StockSales Ratios for Selected Departments Showing a
Downtrend from 1925 Through 1940
RATIO
RATIO
FURNITURE AND BEDDING
1 1 1 ( 1 1 1 1 1
I
I
I
I
t
I
i
I
I I
I
I
I t
t
I I I
I.I
I
\
CHINA AND GLASSWARE
I
I
I
I I
I
I !
I
I
I
I
HANDBAGS AND SMALL LEATHER GOODS
I
1925
I I I I 1 I I I I I I I I I I I I
1930
1935
1940
-FISCAL YEAR ENDING JANUARY 31-
I I I I
1945
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Sources of data: Federal Reserve Bank of New York and U. S. Department of Commerce,
Office of Business Economics.
19
lines become suddenly much more important, stocks may
vary from their ultimate levels, since there is a tendency to
require stocks of new or rapidly growing items which are
large relative to the temporary volume of sales. Consequently, each department behaves as a special case, and it
will be necessary to examine a number of them individually
in order to see the way in which the general factors here discussed operate to modify the amount of stocks on hand for
a given level of sales.
It is not within the scope of this article to present a detailed analysis of the stock-sales relationship for each of the
many departments of which department stores are composed.
However, the types of relationships involved will be developed by means of specific examples (see charts 3-5). First
will be discussed some lines for which stocks have grown
less than sales.
Furniture
An outstanding example of a department in which the ratio
of stocks to sales has decreased is the furniture department.
As seen in chart 3, furniture stocks held by department stores
in the New York district were equal in value almost to 5
months of average sales in 1925. The value of this ratio
has tended downward over the period so that in the years
immediately preceding the war it amounted to only about
3 months.
Several reasons can be indicated for this downward movement. An important factor was the reduction in the variety
of styles demanded by the consumer. With the trend toward modern furniture, it was no longer essential to carry a
wide selection of period designs. Moreover, a simpler style
of furnishing reduces the variety of items carried, because
fewer pieces of slow-moving expensive items such as elaborate
breakfronts and sideboards are held in stock. The tendency
toward smaller apartments which is in part responsible for
this trend has virtually eliminated many articles of furniture
which once was common.
Furthermore, the individual retailer has tended more and
more to order entire lines from a small number of manufacturers. This acts both to reduce variety and to improve
the flow of supplies.
More efficient methods of distribution have played a role
in permitting furniture departments to operate with less
extensive stocks than were previously required. In particular, greater dispersion of supply sources has reduced the time
required to fill orders.
It is noted in the chart that, as with most consumer goods,
stocks were increased in 1942 to the fullest extent possible.
Although demand for furniture was weakened to some degree during the war period by the break-up of many families,
sales were maintained at a fairly level rate. However, stocks
could not be fully'replaced because of the restrictions on
production for civilian use, and the stock-sales ratio, after
its leap to nearly 5 months in 1942, went back to 3.4 in 1944.
Beginning in the latter part of 1945, stocks of furniture
moved upward, but this was met by even greater increases
in sales as the return of the men from service led to the formation of new households. As a consequence, the ratio continued downward in 1946.
In 1947, stocks increased more rapidly than sales for the
first time since the mid-war period. This was due in part
to rising furniture output as earlier postwar production problems were solved. Also after the initial requirements of the
new families, formed as the military forces demobilized, had
been met, demand eased somewhat. Preliminary figures in
the first few months of 1948 indicate little change in the
stock-sales ratio from 1947, and little difference from prewar
levels.
SUEVEY OF CURRENT BUSINESS
20
June 1948
China and Glassware
Men's Clothing
This is an example of a department in which, in general, a
high stock level is necessary. The designs and varieties of
china and glassware utilized by consumers are very large in
number. Complete sets of many varieties of china and
glassware must be kept in stock. In addition, a large
number of special-use items are shown.
The fact that a considerable amount of china and glassware was imported also operated to keep stocks high. Because of the general difficulties involved in obtaining goods
at the time desired, orders were made far in advance, and
for substantial amounts. The cessation of imports during
the war was one reason for the abrupt drop in the stocksales ratio.
In the mid-twenties, nearly a 7 months' supply of goods
was carried in these departments in the New York district.
While a slight downward movement in the ratio is indicated
in the years 1925-39, the real decline came thereafter. In
1940 and 1941 sales went up sharply, but stocks changed
little from 1939, as shipments from European areas were
virtually cut off. Moreover, American manufacturers were
not ready immediately to fill the gap left by the decline in
imports.
In 1942 stocks increased and sales declined. This decline
in demand could be traced in large part to the break-up of
domestic activities as men went into the armed services and
many women entered the labor market. As a result the ratio
of stocks to sales rose again.
In the years 1943 and 1944 sales went up and stocks were
rapidly depleted as wartime factors slowed production.
Beginning in 1945 production of china and glassware moved
up again, and during that year and the next, stocks kept pace
with the sales increase. In 1947 stocks increased faster than
sales. No significant change is indicated in the early part of
1948, with stocks remaining at a 4-month average, still far
below that which obtained prior to 1940.
This is one of a small group of departments (see chart 4)
for which a somewhat unexpected pattern of behavior is
shown. In a period that seems to be marked, in the main,
by increased efficiency of selling operations, the ratio of
stocks to sales goes upward. That is to say, a proportionately greater amount of stocks is necessary to support a
given volume of sales.
Chart 5.—New York Federal Reserve District: StockSales Ratios for Selected Departments Showing No
Trend From 1925 Through 1940
RA no
4
RATIO
RATIO
6
MEN'S CLOTHING
1
1 I
I
I
1 I
J
I
i
I
I
I
I
i
BOYS' WEAR
BLOUSES, SKIRTS, AND SPORTSWEAR
i i 1.1
1925
\
U. S. DEPARTMENT
1930- F_.S C A L
I
1935.
iAlRY4°l
YEAR ENDING JANUAR
'945
OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
Sources of data: Federal Reserve Bank of New York and U. S. Department of Commerce,
Office of Business Economics.
4
WOMEN'S AND MISSES' COATS AND SUITS
2
2
1
0
1
1
!
1
1
I
I
1
1
I
1
1
1
!
1
1
1
I
1
1
1
0
4
«
WOMEN'S AND MISSES' DRESSES
2
2
!
0
1
I
1
I
1
1
1
1
1
i
1
1
1
1
1
1
1
1
1
1
1
6
0
6
JEWELRY, INCLUDING CLOCKS AND WATCHES-^
4
4
2
2
0
1
1925
u s.
Chart 4.—New York Federal Reserve District: StockSales Ratios for Selected Departments Showing an
Uptrend From 1925 Through 1940
RAIno
1
I
1
1
1
1930
1
1
1
t
t
1935
1
1
I !
I
1940
DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS
1
1
t
1
1
1
0
1945
48-172
i Data for 1925 and 1926 are not available.
Sources of data: Federal Reserve Bank of New York and U. S. Department of Commerce,
Office of Business Economics.
Although the value of stocks on hand in terms of sales in
this department rose from about 3 months at the beginning
of the period to about 4 months in the years 1939-41, the
movement did not have the steady character shown in the
previous cases. In the years 1925-29, sales moved steadily
downward, possibly because patronage was being diverted
to men's-wear stores. Since stocks were increasing in this
period, an upward movement in the ratio resulted. Thereafter, as the downward trend in sales increased, the stores
began clearing their shelves. As a result, the ratio by 1933
was back nearly to its starting position. After 1933, the
upward movement of the ratio was again resumed. Although
a decline was shown after 1937, the average maintained in the
3 years prior to the war was well above that shown in earlier
years.
In the period under discussion, men's-clothing departments tended to increase the variety of goods carried, thereby
raising stocks relative to sales. The greater variety has
come from diversification of style and material, somewhat
greater size specialization, and the increased use of summer
wear.
During 1942, as in most departments, stocks accumulated.
As a result, men's departments had nearly a half year of
stocks on hand in terms of current sales. Thereafter, with
woolens diverted to military uses or to more profitable
women's apparel, stocks went down while sales remained
high, so that by 1944 the ratio had dropped almost to the
1939-41 average.
SURVEY OF CURRENT BUSINESS
June 1948
21
Table 3.—Stock-Sales Ratios by Departments for Department Stores in the New York Federal Reserve District
Fiscal year ending January 31—
Department
1925
Entire store
Main store
_ _ _ _ _ _ _._
Basement store
Women's and misses' wear total, excluding shoes
Outerwear
___ ___
Coats and suits
Dresses _ _ _ - _ _ _ _
Juniors' and girls' wear
Blouses, skirts and sportswear
.__ _
Aprons, housedr esses and
uniforms-- - _
Furs
Millinery
Underwear and infants' wear
Women's and children's hosiery
Lingerie
Corsets and brassieres
Infants' wear
Accessories. ._
Neckwear and scarfs
Handbags and small leather
goods
Women's and children's
gloves
Handkerchiefs _ _
Men's and boys' wear total, excluding
shoes _ . _
_______
Men's clothing
Men's furnishings _ _
Boys' clothing and furnishings- -_
Shoes
_ __
Women's and children's shoes. Men's and boys' shoes
Homefurnishings total- _ _ _ _ _
Furniture and bedding
Housefurnishings
Domestic floor coverings
Oriental rugs
China and glassware
Pictures and mirrors
Housewares ___ __ _
Major appliances and electrical
goods
Lamps and shades. __
Major household appliances __
Radios and musical instruments
Domestics and draperies
Linens and towels
Sheets and pillow cases
Blankets and spreads
Draperies, curtains and upholstery. _
All other:
Yard goods . .
-__.___
Jewelry, including clocks and
watches
Silverware
_ __ _ . _ _
Toilet articles and drug sundries, .
Notions
Laces and trimmings- _ Art needlework _
Umbrellas and canes
Stationery
Books and magazines
Luggage
Sporting goods and cameras
Tovs and games
Groceries and meats
Wines and liquors .
1926
1927
1928
1929
0)
0)
3.4
3.3
0)
0)
3.2
0)
0)
3.1
8
3.1
0)
2.1
1.7
1.5
1.2
1.6
2.0
1.5
1.4
1.2
1.4
2.0
1.5
1.3
1.2
1.5
1.9
1.5
1.3
1.2
1.4
0)
18
1.4
1.3
1.0
1.3
1930
1931
1932
0)
3.1
0)
3.0
0)
0)
0)
0)
C)
0)
18
1.3
1.2
1.1
1.3
1.7
1.2
1.1
1.1
1.2
16
1.2
1.1
1.1
1.3
17
1.4
1.3
1.1
1.4
1933
3.0
3.0
1934
1935
1936
1937
1938
1939
1930
1941
1942
1943
1944
1945
1946
0)
0)
3.0
2.9
2.9
2.3
2.7
2.8
2.1
3.0
3.1
2.3
2.9
3.0
2.1
2.7
2.8
2.0
2.7
2.8
1.9
2.9
3.0
2.2
4.1
4.2
3.3
3.0
3.0
2.6
2.8
2.8
2.4
2.6
2.6
2.4
2.5
2.5
2.3
2.6
2.7
2.0
17
1.3
1.3
10
1.4
17
1.4
1.3
10
1.4
17
1.4
1.3
1i
1.5
19
1.6
1.5
1l
1.7
19
1.5
1.4
1i
1.8
1.7
1.4
1.4
10
1.5
1.8
1.5
1.4
1 i
1.6
2.0
1.6
1.3
1i
1.7
2.7
2.0
2.0
1 2
2.1
2.1
1.9
2.1
13
1.9
2.0
1.9
1.9
1.4
2.0
2.0
1.9
1.8
13
2.2
2.1
2.0
1.7
14
2.4
1.9
1.8
1.6
15
1.9
1947
1.9
1.4
1.4
1.4
1.6
1.4
1.2
1.2
1.3
1.3
1.4
1.5
1.8
1.6
16
1.7
1.9
2.4
2.2
2.2
2.4
2.7
2.0
2.9
4.1
1.3
2.5
2.5
4.2
12
2.3
2.1
4.5
1i
2.3
2.0
4.4
1i
2.2
1.9
4.2
10
2.2
2.0
2.9
9
2.1
1.7
3.4
8
1.9
1.6
3.1
7
1.8
2.1
3.2
7
2.2
2.0
3.1
6
2.1
1.8
2.9
7
2.1
1.7
3.2
7
2.1
1.8
3.9
.7
2.3
1.8
3.6
.7
2.2
1.5
2.6
.7
2. 1
1.5
2.5
.7
2.0
1.6
2.8
.8
2.5
.2.2
3.4
.9
3.7
1.8
3.5
.9
2.4
1.8
3.4
1.0
2.0
1.5
4.1
1.1
1.9
1.6
3.7
1.0
1.9
1.8
2.7
1.0
2.0
2.3
2.7
2.5
2.4
3.0
1.7
2.2
2.5
2.5
2.2
2.7
1.8
2.5
2.3
2.3
2.1
2.9
2.1
2.5
2.1
2.2
2.0
2.7
2.0
2.4
2.3
2.1
1.9
2.7
2.0
2.2
2.1
2.1
2.0
2.8
1.9
2.0
1.9
2.2
1.7
2.7
1.9
1.7
1.8
2.1
1.7
2.4
1.4
1.9
2.3
2.5
2.1
2.1
1.3
1.8
2.2
2.5
2.0
2.2
1.2
1.7
2.2
2.5
2.1
2.3
1.3
1.7
2.2
2.6
2.1
2.2
1.2
1.9
2.4
2.9
2.4
2.5
1.3
1.7
2.3
2.7
2.5
2.5
1.4
1.7
2.0
2.5
2.5
2.2
1.3
1.5
2.1
2.6
2.4
2.2
1.2
2.3
2.4
2.5
2.9
2.7
1.4
3.7
3.3
5.0
3.6
3.0
1.5
2.6
2.1
3.1
2.3
2.4
1.8
1.6
2.0
2.2
2.4
2.5
1.8
1.1
1.5
2.0
2.8
2.5
2.1
1.1
1.6
2.2
2.8
2.6
2.1
1.4
1.9
2.3
2.6
2.2
1.5
2.7
2.7
2.5
2.1
2.3
2.2
1.9
1.8
1.6
1.5
1.5
1.4
1.6
1.6
1.5
1.5
1.8
2.2
2.2
2.3
2.4
2.3
1.9
4.4
3.3
3.5
2.7
3.9
2.9
3.9
2.5
3.6
2.5
4.0
2.8
4.1
3.0
3.7
2.7
3.2
2.8
3.5
2.8
3.8
2.3
3.8
2.0
4.4
2.2
4.5
2.2
3.7
2.3
3.9
2.9
4.9
3.8
5.5
4.8
3.2
3.3
3.3
3.0
3.1
3.4
3.8
3.4
3.7
2.9
3.0
2.9
3.1
3.5
4.8
4.9
4.7
4.1
4.8
4.6
5.1
0)
7.0
0)
3.3
2.8
3.0
2.9
2.4
4.5
4.6
4.0
4.1
4.6
4.5
5.1
0)
7.0
C1)
3.3
3.0
3.2
3.0
2.5
4.6
4.6
4.5
4.1
4.5
4.2
5.0
1.5
6.6
4.8
2.8
2.9
3.5
2.7
2.5
4.5
4.4
4.9
4.0
4.3
4.2
4.7
1.5
6.7
4.5
2.9
2.8
3.6
2.5
2.6
4.1
4.0
5.0
4.0
4.2
4.1
4.6
1.4
6.9
4.3
2.9
2.7
3.4
2.4
2.3
4.0
3.9
4.5
4.1
4.2
4.2
4.9
1.3
6.8
5.2
2.9
2.5
3.3
2.3
2.2
3.7
3.6
4.0
3.8
3.5
4.0
4.5
1.3
7.5
5.2
2.8
2.6
3.4
2.3
2.2
3.7
3.7
4.0
4.2
3.5
4.3
4.7
1.5
7.4
5.4
3.0
2.6
3.1
2.4
2.6
3.7
3.7
3.8
3.9
3.4
4.1
4.8
1.3
6.4
5.7
3.0
2.6
3.3
2.4
2.6
3.9
3.9
3.8
4.3
3.8
4.5
5.6
1.7
6.7
5.5
3.1
2.7
3.4
2.3
2.9
4.0
4.0
3.8
3.8
3.2
4.2
5.1
1.5
6.4
5.2
2.9
2.9
3.8
2.4
3.0
4.3
4.3
4.0
3.6
2.9
3.9
4.6
1.4
6.1
4.5
2.8
3.6
4.5
3.0
3.6
4.9
4.9
5.0
4.0
3.7
4.1
5.1
1.5
6.2
4.7
2.8
3.4
4.3
2.9
3.5
4.6
4.7
4.4
4.0
3.6
4.3
5.5
1.6
6.6
5.0
2.7
3.2
4.0
2.7
3.3
4.3
4.3
4.1
3.6
3.1
4.0
5.1
1.4
6.2
4.9
2.6
3.3
3.8
2.9
3.4
4.2
4.2
4.2
3.5
3.1
3.9
4.9
1.1
5.8
4.9
2.6
5.1
3.7
5.6
4.0
3.4
5.0
5.0
4.0
4.2
4.7
4.1
4.5
4.6 » 5.7
3.4
5.3
4.8
3.0
5.9
3.9
7.3
4.4
1.1
1.4
5.1
6.3
5.6
4.6
3.1
5.1
3.8
4.5
3.3
3.5
4.1
4.0
5.2
3.6
3.5
3.9
3.8
.7
4.4
5.6
4.0
3.7
4.2
3.3
3.9
3.9
3.8
5.0
3.2
3.4
3.4
3.0
1.0
3.3
6.1
3.6
3.0
2.6
2.7
3.9
3.1
3.0
3.8
2.8
3.0
3.1
2.7
.8
3.4
5.8
3.2
2.4
1.7
2.2
3.7
2.6
2.6
2.8
2.7
2.9
3.0
2.2
.9
3.3
6.2
3.2
2.9
2.8
2.6
3.8
3.5
3.4
4.0
3.0
3.3
3.2
2.9
9
4.2
5.1
3.0
0)
0)
0)
(0
0)
3.2
4.1
2.6
2.5
4.0
2.4
2.4
3.8
2.6
2.7
4.1
2.6
2.7
3.8
2.1
3.3
4.0
2.5
3.1
4.1
2.2
3.3
4.3
2.7
2.8
4.0
2.6
2.7
3.5
2.6
3.1
3.8
3.2
3.1
3.9
3.3
3.0
3.6
3.0
2.8
3.3
2.9
3.1
3.8
2.4
6.1
6.6
4.6
4.6
4.9
3.9
4.4
4.5
3.2
3.5
4.4
.9
2.2
4.0
.9
2.6
3.4
1.8
2.8
3.8
4.6
2.3
3.2
1.7
4.0
4.5
2.3
3.2
1.5
1.8
2.1
3.1
2.8
2.6
1.8
0)
4.4
3.3
3.9
4.6
2.2
0)
4.4
4.4
2.1
3.2
5.1
2.1
3.8
4.8
2.2
3.7
5.1
2.5
3.4
4.8
3.3
3.3
5.3
3.8
3.7
4.5
2.9
3.4
1.9
4.1
4.2
3.1
3.6
2.1
4.4
4.6
3.4
4.5
2.0
4.1
4.8
3.1
3.7
2.3
3.6
4.0
2.8
3.1
2.3
3.6
4.1
3.0
3.1
3.2
3.5
3.9
2.8
3.1
6.9
5.1
5.9
4.4
4.8
4.5
3.2
3.6
2.4
3.1
4.4
2.9
3.3
2.0
3.3
3.2
2.5
2.6
1.2
2.3
2.0
2.6
2.9
1.1
2.8
3.2
3.1
3.5
1.9
3.3
4.2
4.6
5.0
5.2
4.8
5.0
5.1
5.2
4.8
4.6
4.8
4.5
4.0
3.9
3.9
5.1
3.4
3.0
3.0
3.1
3.3
3.1
3.0
2.9
2.9
2.9
2.6
2.6
2.7
2.8
2.7
3.0
3.1
3.4
3.4
3.4
3.4
3.6
4.6
3.3
2.8
2.2
2.4
3.1
0)
0)
3.1
3.4
3.3
4.2
0)
0)
• 0)
3.5
0)
0)
(0
0)
0)
0)
3.0
3.0
3.2
4.0
0)
0)
0)
4.1
0)
0)
(0
0)
4.2
4.7
2.7
2.5
2.8
3.8
1.9
2.7
2.4
3.8
3.3
2.6
0)
4.0
4.0
4.2
4.6
2.6
2.8
2.5
2.5
2.9
3.0
3.9
3.9
1.8
1.7
2.6 - 2.7
2.1
2.3
31
30
3.3
3.1
2.6
2.3
4.1
3.9
2.3
2.4
2.7
3.6
2.1
3.0
2-.0
31
2.5
2.1
4.1
3.8
2.1
2.2
2.8
3.6
1.8
2.7
2.0
2.9
2.7
1.9
4.4
4.7
2.2
2.3
2.8
3.5
2.0
2.9
1.9
3.3
2.8
2.1
0)
0)
3.9
4.4
2.0
2.3
2.7
3.2
2.0
2.4
1.8
3.4
3.1
2.5
4.2
5.0
2.2
2.2
2.7
3.1
2.2
2.4
2.0
3.6
3.1
2.5
2.8
2.9
3.9
4.6
2.3
2.1
2.7
3.2
1.9
2.3
1.8
2.9
3.0
2.4
2.3
3.7
3.7
4.4
2.1
2.1
2.3
3.4
1.7
2.3
1.6
2.6
2.5
2.2
2.2
3.3
3.9
4.9
2.2
2.1
2.4
3.7
2.1
2.5
1.8
3.0
2.2
2.5
1.8
3.8
4.0
4.7
2.1
2.2
2.5
3.6
2.1
2.5
2.1
3.2
2.9
2.4
1.9
3.4
3.8
4.3
2.2
2.1
2.5
3.5
2.3
2.4
2.0
3.1
3.3
2.3
1.9
3.7
3.8
3.9
2.2
2.2
2.9
3.3
2.0
2.2
2.3
3.1
3.3
2.3
1.8
3.6
4.0
3.8
2.3
2.4
3.2
3.4
2.9
2.7
2.6
3.6
4.3
2.8
2.2
5.4
4.5
5.3
3.6
3.7
3.4
4.5
2.8
4.5
2.6
4.6
7.5
4.6
3.2
4.7
3.4
4.2
2.7
2.9
3.0
3.4
2.6
2.9
2.0
3.4
4.8
3.0
2.5
5.5
3.3
3.9
2.9
2.8
3.0
3.2
2.3
2.7
2.1
2.9
3.7
2.9
1.8
3.8
3.4
2.9
3.1
2.7
3.0
3.3
1.6
3.0
2.3
2.2
3.2
2.6
1.7
4.8
3.7
3.0
3.0
2.5
2.9
3.7
2.1
3.0
2.5
2.5
3.2
2.2
1.5
5.6
3.3
2.9
3.0
2.2
2.5
3.3
1.6
2.8
2.2
2.4
3.9
2.1
1.4
8.2
2.5
4.1
5.1
2.4
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
0)
1
Not available.
Sources: Federal Reserve Bank of New York and U. S. Department of Commerce, Office of Business Economics.
In 1945 and 1946 sales of men's clothing increased sharply
under the pressure of demand from returning servicemen.
Since clothing production failed to meet this enormous
demand, stocks by 1946 had dropped to less than a 2 months'
supply. Since the beginning of 1947, with the supply situation improving, the ratio has been rising, although it is still
below the level maintained in the years immediately preceding the war.
The war and postwar behavior in this department was
somewhat different from that shown for men's clothing.
Production in this field was more or less sufficient to meet
demand, so that stocks rose parallel with sales and the stocksales ratio was maintained at something under 4 months.
This value was maintained even through 1947, although there
appear to be some indications of a decline in stocks relative
to sales in the first quarter of 1948.
Boys' Wear
Women's Outerwear
The behavior of stocks in relation to sales in the boys'wear department tended to parallel that shown for men's
wear over most of the period covered. From an average of
less than 2% months in the period prior to 1935, the supply
of goods on hand rose to about 3% months in the years 193740, and to 5 months in 1942.
The major departments of this group are women's and
misses' coats and suits, women's and misses' dresses, and
women's blouses, skirts, and sportswear. The blouses,
skirts, and sportswear department, the least important of
these three, is one of the few among the women's-wear
(Continued on p. 24)
New or Revised Series
Revised Estimates of Retail Inventories, 1929—48
THE new estimates of retail inventories presented herewith are part of the Office of Business Economies' current
program of comprehensive revision of data on business inventories and sales. The May SURVEY carried the revised
series on manufacturers' sales and inventories. New measures of wholesale sales and stocks will be released in the
near future.
The new retail inventory estimates embody increased
coverage and the utilization of both additional statistical
material and new methods of estimation. In addition,
application of more refined techniques makes possible the
publication of estimates by detailed lines of trade both
before and after elimination of seasonal fluctuations. In
addition to the annual data shown in table 2, revised monthly
figures since April 1947 appear in the statistical pages of
this issue. Monthly data for earlier periods will be published
in the July SURVEY.
The New and Old Series
The new procedures result in a significant upward revision
of the current estimates of retail inventories. The higher
level to a large extent is due to an adjustment for changes in
the retail-store population and to the addition of inventories
held in chain-store warehouses. As can be seen in the following comparison of the relative changes in both the old
and new series, the largest upward revisions were in 1941
and in the 1945-47 periods—both periods of significant
growth in the number of retail firms. An opposite bias is
noticeable in 1943 when the retail population experienced
its greatest decline.
Revised and Old Series: Percentage Changes
December 81—
1939 to 1940
1940 to 1941
1941
1942
1943
1944
to
to
to
to
1942
1943
1944
1945
Revised
+9. 1
+25.9
-0.
-6.
-0.
+2.
6
0
5
1
Old
+5. 2
+18.6
-1.
-4.
-1.
-0.
9
7
4
8
1945 to 1946
+50.2
+49.8
1946 to 1947
+17.3
+13.3
Readers interested in the present inventory-sales position
relative to the prewar "norm" based on the revised series
are referred to the article on "Inventory Turnover in Retail
Trade" in this issue of the SURVEY.
Classification and Definitions
The classification and definitions used here are identical
with those of the 1939 Census of Business—except that stocks
held by chain-store warehouses, which were shown as a
separate aggregate by the Bureau of the Census, are included
in the appropriate lines of trade presented below. In addition, this series is directly comparable with the retail sales
estimates currently released by the Office of Business
Economics.
Inventories are valued at cost and encompass all merchandise inventories held in retail stores or establishments.
A retail store or establishment is a place of business with
more than one-half its sales at retail. The kind of business
is classified according to the commodity accounting for the
major part of the sales volume. Thus, the series measures
inventory changes by kinds of establishment rather than by
commodities.
22
It should be noted that the present detailed monthly series
differs slightly both in coverage and classification from the
over-all quarterly data used in the national-income and
product statistics. The latter series, which is on a " company" rather than an " establishment'7 classification, utilizes reports to the Bureau of Internal Revenue (released in
Statistics of Income) in determining the annual level of
inventories held by retail corporations and in measuring the
trend in noncorporate inventories.
The use of an " establishment" classification in a trade-bytrade inventory series has a distinct advantage in that the
Census of Business supplies inventory information for many
mor6 lines of trade than are carried in Statistics of Income.
A second consideration is the desirability of maintaining
direct comparability with the published retail sales series.
In addition, although differences in classification preclude the
use of Statistics of Income data as a measure of level, they
can be and are used in the present series as an annual guide
to the trend in inventories.
Methodology
The present series is available by detailed lines of trade
for the year-ends 1929, 1933, and 1935 through 1937, and
monthly from December 1938 to date. Year-end values for
1929, 1933, 1935, and 1939 are from the censuses of business
for those years. The latter census also contained a large
sample which permitted reliable estimates of year-end 1938
inventories. The levels in 1936 and 1937 were estimated
from material given in the Census Survey oj Retail Business:
1937-38.
In general, the year-end totals for 1940 through 1945 were
determined by separate estimates of corporate and noncorporate inventories. The corporate series for broad lines
of trade—except for general merchandise (other than varietystores), jewelry, feed and farm, and a "not elsewhere specified" group—was based on data shown in Statistics of Income.
Noncorporate inventories for the same trades were derived
by applying annual stock-sales ratios to noncorporate sales
series. The sales data were developed by subtracting corporate sales (based on Statistics of Income material) from
total sales. The noncorporate stock-sales ratios in 1939
were extrapolated by 7data contained in the annual surveys
of independent stores sales and inventories (conducted by
the Bureau of the Census).
After 1945, the latest year for which Statistics of Income
data are available, the year-end values were extrapolated
primarily from chain- and independent-store material. The
chain-store series, for most lines of trade, was estimated from
the Bureau of the Census chain-store reports. Independentstore inventory estimates were made by applying stock-sales
ratios, shown in the annual survey of these stores, to independent-store sales. These stock-sales ratios were also
utilized in extrapolating the year-end 1939 levels of retail
cooperatives, outlets of public utilities, and those chain
groups not covered in the chain-store sample.
Through 1945, year-end inventory estimates of chain stores
and independent stores, developed by the methods described
above, were summed and adjusted to the annual totals of
corporate and noncorporate stocks. In those lines of trade
where a systematic bias was found, adjustment factors were
extrapolated after 1945. Exceptions to this general methodology are described below.
Department-store stocks^ both monthly and for year-ends,
SUEVEY OF CUREENT BUSINESS
June 1 4
98
were extrapolated by the Federal Reserve department-store
statistics. It should be noted that, although stocks in the
base period are valued at cost, the extrapolating series is
valued at retail.
Inventories of " monopoly" State liquor stores were
estimated, both for end-of-month and year-end, from a
sample constructed by the Office of Business Economics,
consisting of 13 of the 20 monopoly States. Year-end stocks
of independent general stores with food, dry-goods and
other general-merchandise stores, and feed and farm-supply
stores were derived by applying estimated stock-sales ratios
(from the independent store surveys) to sales of these stores.
In the case of fuel and ice dealers7 stocks, an annual chain
sample was constructed from reports contained in Moody's
Industrials.
Stocks of the "not elsewhere specified" group—consisting
primarily of second-hand stores, book and stationery stores,
florists, orthopedic-appliance stores, and photographic-goods
stores—were assumed to have the same trend as the sum of
all the specified groups.
Monthly chain-store inventories, for most lines of trade,
were estimated by applying month-to-month and year-toyear changes computed from the Census chain-store inventory
samples.
There is little information on the monthly changes in
independent-store stocks—except in the case of department
stores and furniture stores where combined chain- and independent-store sample data are available. In most trades, it
was necessary, therefore, to interpolate year-end levels by
related data on chain stores and specific departments of department stores. The type of data used in the monthly
interpolation of each independent-store series is indicated in
table 1. Straight-line adjustments were applied to the
interpolations to correct for differences in trends between
successive year ends.
In each of the following kinds of stores no segregation of
chain- and independent-store inventories is made on a
monthly basis:
Department stores.—Estimates are made directly from the
Federal Reserve department-store stock index.
Motor-vehicle dealers.—Stocks are interpolated monthly by
a regression with the Federal Reserve monthly index of
wholesale automotive paper outstanding.
Furniture and housefurnishings stores.—Monthly estimates
23
Table 1.—Independent Retail-Store Inventories: Sources of Monthly
Interpolating Data
Interpolation based on—
Line of business
Chainstore
samples
Departmentstore
samples
Wholesale automotive paper outstanding.
Motor vehicle dealers
Automotive parts and accessories.
Lumber and building materialsHardware
Farm implements
Furniture and house-furnishings.
Household appliances and
radios.
Jewelry stores
Men'swear
Women's wear
Family wear
Shoes
Drug stores
Food stores
Eating and drinking places
Filling stations
Department stores and mailorder houses.
General stores with food
X
Dry goods and other general
merchandise.
Variety stores. _
Fueland ice
X
Feed and farm supplies
Liquor
X
Other
Other data
X
X
X
X
Federal Reserve furniture-store statistics.
X
X
X
X
X
X
X
X
X
X
X
X
Interpolated by a stock index derived
by weighting related series, following the break-down in the 1939
Census.
X
Value of retail dealers' stocks of
bituminous coal.
Sample of stocks of "monopoly"
State liquor stores.
Interpolated by inventory changes
of allother groups.
___
are based on inventory changes shown by the Federal
Reserve sample of furniture stores.
Jewelry stores.—This series is interpolated by stock indexes
of jewelry and silverware departments of department stores.
Household-appliance and radio stores.—Inventories are
derived by applying stock-sales ratios based on selected
department-store data to total sales of these stores.
General stores with food.—Monthly stocks are computed by
use of an index which is developed by weighting the inventories in related lines of trade according to their importance,
on a commodity basis, in 1939.
Fuel and ice dealers.—Inventories are interpolated by use
(Continued on p. 2£)
Table 2.—Retail Inventories, Selected Year-Ends, 1929-47
[Millions of dollars]
Kind of business
All retail stores
Durable-goods stores
Automotive group_ __,_ _
Motor vehicles
Parts and accessories
Building-materials and hardware group . _
Building materials
Farm implements
Hardware
Home-furnishings group .
_ -_
Furniture and houspfurnishings
Household appliances and radios. _. _
Jewelry stores
Nondurable-goods stores
Apparel group
Men's clothing and furnishings
Women's apparel and accessories. - - - - - Family and other apparel
Shoes
Drugstores
_
Eatin0" and drinking places
Food group
_Filling stations
General-merchandise group
_ _ _
Department, including mail order _ _ _
General, including general stores with food
Dry goods and other general merchandise .
Variety
Other retail stores
_
__
Liquor _
Other
1929
1933
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
7 298
2 652
'745
3 932
1 214
4 364
1 438
4 833
1 631
5 339
1 934
5 039
1 733
5 285
1 804
7 307
2 268
459
400
60
548
287
79
182
304
234
69
127
511
432
79
619
327
93
199
362
274
88
139
672
581
91
694
367
108
219
400
304
96
168
5 767
2 088
7 262
2 552
239
194
45
532
301
79
152
301
235
66
142
563
475
88
707
389
89
229
371
285
86
163
720
621
99
780
434
99
247
405
308
97
183
901
749
152
840
434
115
291
586
423
163
225
743
625
118
724
390
80
254
575
462
113
228
6 872
l' 795
533
450
83
687
378
86
223
354
271
83
159
3 405
3 306
3 481
3 679
4 710
659
223
688
237
178
118
155
334
88
723
112
871
310
225
147
189
366
129
960
141
5 039
1 007
113
160
317
68
626
95
686
236
171
118
161
321
74
672
99
642
103
942
555
133
254
657
496
161
308
1946
6 906
1 739
7 049
1 796
10 591
3 065
492
378
114
642
356
64
222
431
347
84
230
407
289
118
678
376
67
235
416
328
88
238
419
273
146
645
309
78
258
464
349
115
268
813
554
259
5 077
1 024
'324
5 167
1 024
5 253
1 044
1947
12 42€
4 14£
1 09£
74C
35(
1,53^
84;
14C
54S
539
106
399
852
635
217
356
1 13(
7 526
1 372
8 27*
1 55£
347
542
222
261
539
372
45
51*
24*
34
58
33t
771
35(
38,
2 717
2, 925
3,202
407
217
152
245
381
42
669
84
467
179
109
54
124
286
28
461
65
561
198
138
94
131
279
43
567
74
636
223
159
109
145
294
52
598
84
117
89
90
102
146
21'
1,834
1, 106
1,031
1, 104
1,154
1,067
1, 125
1 165
1 513
1 541
1 534
1 412
1,406
726
465
496
544
573
548
578
615
819
868
862
807
819
572
395
287
242
267
155
260
174
189
239
184
217
2 34^
1, 455
285
33J
126
434
60
374
194
206
204
247
113
371
41
330
201
197
220
242
112
304
4
300
210
178
192
235
141
609
0
609
244
193
2 228
1,417
242
309
131
474
69
405
149
504
75
429
150
569
95
474
232
730
124
606
222
739
140
599
244
704
133
571
178
882
223
659
186
834
177
657
4 640
1 020
688
242
171 *
118
157
309
63
618
95
144
478
70
408
163
353
282
165
207
381
192
1,062
338
159
203
400
224
1, 102
319
360
157
188
414
270
880
197
393
134
156
453
290
1,075
1 288
1,723
1, 93'
260
26,
1, 146
1, 30£
222
924
1, 10(
205
24
SURVEY OF CURRENT BUSINESS
of the Bureau of Mines series on retail dealers' bituminouscoal stocks, and the Bureau of Labor Statistics series of
retail coal prices in 34 cities.
Liquor stores.—Monthly inventories of all liquor stores are
based on a sample of monopoly States' liquor-store stocks.
Adjustments for Seasonal Variations
Seasonal adjustment factors were computed by the "ratioto-modified-moving-average'' method. Because of the relatively short and abnormal period covered by the monthly
data it was necessary to compute separate sets of peacetime
and wartime seasonal factors for many lines of business.
The postwar period presented an especially difficult problem.
Seasonally adjusted values for this period are tentative and
subject to revision when sufficient time has elapsed to make
possible an adequate determination of the seasonal patterns.
Foreign Grants and Credits of the United
States Government
(Continued from p. 15)
The Philippine Rehabilitation Act, approved April 30,
1946, authorized a broad program designed to assist in the
rehabilitation and economic development of the Republic
of the Philippines. Title I authorized appropriations of 400
million dollars for the payment of compensation for loss or
damage to private property in the Philippines as a result of
World War II. Title II authorized the transfer of surplus
property having an aggregate fair value of 100 million dollars
to the Republic of the Philippines for use in repairing and
replacing public property. Title III authorized appropriations of 120 million dollars for public roads and port facilities; for compensation for damage to public property; and
for public health services. Title III also authorized such
additional appropriations as may be needed for improving
interisland commerce, air navigation, weather information,
fisheries, and in making coast and geodetic surveys.
Aid provided to the Philippines under the act totaled 119
million dollars by December 31, 1947, including the transfer
value of surplus property.
A program of economic and military aid to Greece and
Turkey was authorized by Public Law 75 in May 1947.
In July 1947, the sum of 400 million dollars was appropriated
for the program. Of this total, 300 million dollars was
earmarked for Greece and 100 million for Turkey. Under
the original program for Greece, half of the funds provided
for assistance were to be utilized for military aid and the
other half for civilian relief and reconstruction. The program was later amended to provide a larger share of military
aid. Supplies for Turkey are largely military and for
projects of aid to the military forces. Procurement under
these programs amounted to 74 million dollars from the
beginning of American aid to the end of 1947. Of this,
approximately 62 million dollars was supplied from United
States sources, and the balance was procured in the United
Kingdom.
In order to provide a more adequate basis for the economic
recovery and internal security of Europe and China, the
Foreign Assistance Act of 1948 was approved on April 3,
1948. This act provides for the participation of the United
States in a program of foreign assistance by authorizing
6.1 billion dollars for economic and military aid, as follows:
5.3 billion for European recovery during the 12-month
period ending April 3, 1949; 60 million for contributions to
the International Children's Emergency Fund of the United
Nations during the fiscal year ending June 30, 1949; 275
million for economic and military aid to Greece and Turkey;
June 1948
and 463 million for economic and military assistance to
China during the 12-month period ending April 3, 1949.
Inventory Turn-Over in Retail Trade
(Continued from p. 21)
departments in which the supply of goods on hand in terms
of sales showed an upward tendency. Since 1947, stocks of
goods on hand in this as well as many other women's-wear
departments have tended down. With sales moving up,
although at slower rates, the stock-sales ratio has moved
back to the neighborhood of the prewar position.
The growth in stocks maintained in the blouses, skirts, and
sportswear department to meet the sales demand reflects in
part a shift in the character of the demand. In recent years
there has been an increased use by women of sportswear,
particularly slack suits, play suits, and sport jackets. For
such wear, a diversity of styles and sizes has to be carried.
The women's suits and the dresses departments exemplify
lines which have shown no definite trend in the ratio of
stocks to sales over the prewar period (see chart 5). The
departments in which the style factor plays an important
part are, in the main, characterized by little change in the
ratio.
The stock-sales ratio is low for both women's and misses'
coats and suits, and women's and misses' dresses. In general,
prior to the war, stocks and sales moved closely together.
Some differences were shown for the two departments in the
war period. In the case of coats and suits, there was a
sharp rise in the ratio in 1942 and 1943 and a slow decide
thereafter, although it is currently still above the prewar
level. In the case of dresses, no evidence of any stock accumulation in 1942 is noted, but subsequently the ratio has
increased and has continued above that which prevailed
prior to the war.
Jewelry and Other Departments
The stock position changed but slightly in the department
carrying jewelry, clocks, and watches. This department is
characterized by a slow stock turnover, which can be attributed to the fairly wide variety of goods that must be displayed
to meet the varying tastes of consumers.
Stocks and sales moved very closely together throughout
the prewar period. Stock accumulation occurred in 1942
and the stock-sales ratio increased. Because the production
of watches and similar items was diverted into war channels,
stocks did not rise and, with increasing sales, the ratio dipped
below the prewar average after 1942. Currently, with
sales of jewelry tending to lag, stocks are being maintained
at a rather conservative position.
The women's handbags and small leather goods department showed a considerable decline in the ratio before the
war (see chart 3), even though it always had a fairly rapid
turn-over rate. The decline was due chiefly to the increasing
importance of the style factor in bags. However, the
ratio rose during the war, and is currently above the prewar average. Stocks in the shoe department, in contrast,
are now relatively low, although the stock-sales ratio is
well above a year ago.
Household appliances were characterized by a rising ratio
during the thirties. For this department, stocks dropped
to an abnormally low value during the war. Even with
the rapid expansion of production that has taken place
during the last two years, the ratio has not yet recovered
to its prewar value. On the other hand, the ratio for the
radio and musical instrument department is definitely
higher than before the war.
Wlontki
* BUSINESS STATISTICS
I
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.
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
1948
1947
April
May
June
July
November
August
December
January
February
March
April
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT*
Seasonally adjusted quarterly totals at annual rates:
National income.
bil. of dol._
Compensation o f employees _ _ _ _ _ d o _ _
Wages and salaries
_
do
Private
_ _ _ _ _ _
_ do_ _
Military
do
Government civilian
do
Supplements to wages and salaries _ _ do
Proprietors' and rental income
do
Business and professional
do
Farm
do
Rental income of persons
_ _ _ _ do
Corporate profits and inventory valuation adjustment
bil. of dol
Corporate profits before tax
_ _ do_ _
Corporate profits tax liability
do
Corporate profits after tax.
do_ _
Inventory valuation adjustment
_do
N e t interest
__ . _ _
_ » do
199.8
125.6
120.0
102.7
4.1
13.2
5.6
46.7
22.9
16.6
7.2
203.3
128.7
123.6
106.2
3.9
13.5
5.1
47.0
23.5
16.2
7.3
214.3
132.9
127 8
110.3
38
13.7
5.1
51.5
25 4
18 5
7.6
134.6
129 5
111.9
38
13 8
5.1
52 6
25 5
19 3
7.8
23.9
27.8
10.9
16.9
-3.8
3.5
23.9
28.2
11.1
17.1
—4.3
3.7
26 1
32 2
12 6
19 7
—6.1
38
—5.9
38
Gross national product .
do
Personal consumption expenditures
do
Durable goods
_ _ _ do_ _
Nondurable goods
_
do
Services
_ _ do. _
Gross private domestic investment
do
New construction.
_. _
do
Producers' durable equipment
do
Change in business inventories
do
Net foreign investment . _ _
_ _ do.
Government purchases of goods and services
bil of dol
Federal (less Government sales)
do
State and local
do
226.9
162.3
19.3
98.4
44.6
26.1
9.6
17.9
—1.4
10.4
229.4
165.8
20.2
99.9
45.7
27.0
10.4
18.4
—1.7
7.8
240.9
172 5
21 3
104 2
47 0
29 9
12 4
18 8
—1 3
8.2
244 3
173 2
20 7
104 3
48 2
36 0
13 1
18 8
4i
4 2
28.2
16.3
11.9
28.7
16.2
12.5
30 3
16 9
13 3
31 0
17 7
13 3
Personal income. _ _ _ .
do_._
Less: Personal tax and nontax payments do
Equals: Disposable personal income
do
Personal savings §.
do
PERSONAL INCOME*
Seasonally adjusted, at annual rates:
Total personal income - _
bil. of dol
Wage and salary receipts, total
do
Total employer disbursements
do
Commodity-producing industries. do
Distributive industries
do
Service industries
do.
Government _ _ _
do
Less employee contributions for social insurance
bil. of dol_.
Other labor income .
_ _ . do
Proprietors' and rental income
do
Personal interest income and dividends . _ do
Total transfer payments
do
191. 4
21.2
170.1
7.8
189.6
21.6
177.9
12.1
Total nonagricultural income. .
do
NEW PLANT AND EQUIPMENT
EXPENDITURES*
All industries, total
mil. of dol.
Electric and gas utilities
_ _ _ do
Manufacturing and mining
do.
Railroad _ _ _ _
. do
Commercial and miscellaneous
do
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
payments*___
_
mil. of dol..
From marketings and C. C. C. loans*
do
Crops*
do
Livestock and products*...
do
Dairy products* ._ _
do
Meat animals*
do
Poultry and eggs*
_
.do
205
22
183
11
8
1
7
2
209 2
23 o
186 1
12 9
189.4
116.0
118.2
52.8
33.1
14.8
17.5
190.5
117.3
119.4
53.5
33.8
14.9
17.2
194.1
120.1
122.2
54.9
34.9
15.2
17.2
194.9
119.9
122.0
54.4
35.0
15.4
17.2
193.8
121.2
123.3
55.5
35.2
15.2
17.4
209 9
123.2
125.2
56.7
35.8
15.2
17.5
203 2
123 7
125.7
57 2
35.8
15 1
17 6
204 2
126 4
128.4
58 8
36.8
15 2
17 6
210 4
128*1
130.1
60 3
37.1
15 2
17 5
211 4
128 2
130.3
60 1
37.4
15 4
17 4
207 7
127.1
129.2
58.3
37.7
15.5
17.7
r 207 7
r 126 4
•• 128. 5
r 57 9
'37.4
15 5
r
17 7
209 1
125 8
127.9
57 4
37.1
15 6
17 8
2.2
1.7
46.5
14.3
10.9
2.1
1.8
46.5
14.4
10.5
2.1
1.8
47.1
14.6
10.5
2.1
1.8
47.4
14.7
11.1
2.1
1.8
45.5
14.9
10.4
2.0
1.8
48.1
15.6
21.2
2.0
19
50 4
15.4
11.8
2.0
19
49 9
15.5
10.5
2.0
1.9
54 0
15.6
10.8
2.1
19
54 5
15.' 7
11.1
2.1
1.9
51.6
15.8
11.3
2.1
18
51 5
16.0
r
!2.0
2.1
18
53 7
16.1
11.7
168.3
169.7
172.4
173.0
173.8
188.7
180 6
182 3
184 6
184 8
184.1
r 184 8
3,940
450
2, 010
220
1,260
1,974
1,914
594
1,320
345
726
236
2,026
1,989
621
1,368
379
705
261
2,211
2,185
743
1,442
392
782
234
4,140
500
2,050
230
1,360
2,662
2,657
1 205
1,452
382
785
251
2,517
2,505
1 187
1,318
353
711
232
3,060
3,049
1 497
1,552
334
958
244
4,960
620
2 500
310
1,530
3,773
3,759
2 122
1,637
319
1 039
262
3,109
3,096
1 540
1,556
293
970
280
2,927
2,909
1 299
1,610
303
1 019
279
184 6
4 480
510
2 140
340
1.500
2,581
2, 555
1 044
1,511
329
968
206
1,866
1, 837
717
1, 120
318
593
201
2,001
1,961
698
1,263
373
645
237
2,096
2,047
670
1,377
392
720
250
lational product above.
>r 1929-46 for personal incom e are published in the
, for 25 cents; these series are compiled by the U. S.
March 1948 Survey; first quarter of 1948 estimates are
t; see note in September 1947 Survey regarding earlier
larly revised.
S-l
SUKVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS—Con.
Indexes of cash income from marketings and
C. C. C. loans, unadjusted:
All commodities!
1935-39=100.Cropst
-- do
Livestockf
.do
Indexes of volume of farm marketings, unadjusted:
All commodities*
1935-39=100..
Crops*
do
Livestock*
do .
288
208
349
299
217
361
329
260
381
400
422
383
377
416
348
459
524
410
566
743
432
466
539
411
438
455
425
385
366
399
276
.251
295
295
244
333
308
235
364
116
80
143
126
87
156
138
106
161
167
180
156
152
170
138
172
202
150
199
255
157
160
170
153
151
152
150
134
130
136
109
102
114
111
86
129
117
86
141
"185
INDUSTRIAL PRODUCTION
Federal Reserve Index
185
185
185
178
185
191
194
193
189
189
190
188
- do _
Unadjusted, combined index!
193
191
191
184
191
197
200
200
196
197
197
'197
"192
do
do
do
do
do
- do _
do
do
do
do
_.do
do
__do
do
do __
222
195
143
161
134
276
197
195
203
208
166
160
263
237
193
219
197
145
158
138
273
187
183
198
206
148
162
269
225
179
220
193
149
160
143
275
179
176
187
209
183
163
254
233
191
208
181
141
155
133
266
171
167
180
196
181
160
225
217
185
212
188
151
160
147
267
170
167
180
207
193
166
241
213
180
219
195
150
164
143
276
174
171
182
210
198
166
248
227
197
224
204
150
172
138
280
179
180
176
210
202
169
236
232
198
224
202
148
176
133
281
185
188
178
206
192
169
231
234
200
227
205
140
181
119
288
189
192
183
200
178
172
203
244
206
226
203
138
'179
117
287
194
197
187
••190
161
166
196
244
206
'223
203
137
178
116
'284
198
201
189
193
158
160
201
231
192
'228
207
'143
177
'125
'283
200
'203
'192
'201
160
'169
'219
242
'203
"216
"177
"140
"173
" 123
"275
"197
"196
"201
"208
183
"171
228
"236
"198
_ . do
do
do
do _
do
_ __do _
do
_ __do __
do
- do
do
do
do
do
_ .-do _
do
_ do
do
do
do
_ -do
do
do
169
182
253
433
115
118
113
144
"161
139
88
156
150
"179
166
169
167
252
435
113
119
109
149
"202
151
90
161
155
*>184
168
168
178
247
439
106
112
103
154
»229
150
101
160
155
"191
165
164
182
247
438
99
100
97
166
"229
146
173
145
140
"195
161
173
181
245
431
116
114
117
178
"192
127
263
158
152
"201
171
178
206
248
425
121
118
123
182
"156
136
290
159
153
"203
170
181
252
251
427
126
123
128
167
"121
144
173
163
157
"204
177
180
196
252
431
126
126
126
161
"91
189
118
165
160
"205
177
171
146
255
438
113
112
114
154
"88
187
108
157
152
"208
179
173
142
253
437
120
117
'122
146
"87
175
'92
163
157
"214
178
175
176
252
434 '
126
' 124
127
144
"99
141
'91
163
159
"215
179
'173
172
'251
'432
'115
102
'123
'141
"119
121
'85
'167
'160
"212
166
"173
178
"249
"436
"108
144
234
166
154
270
159
151
145
220
164
148
271
161
142
146
216
155
133
263
155
165
130
207
142
118
263
130
162
139
210
154
130
267
156
165
145
217
160
130
278
168
172
156
223
164
139
280
167
181
158
225
172
149
290
172
172
150
230
163
131
287
166
139
144
223
178
153
300
181
153
'155
'215
179
153
'296
185
147
'153
'207
175
147
302
178
155
158
"201
"172
147
297
do
do
do
do_ _
..do
do
139
144
102
127
155
112
153
156
104
365
157
140
152
153
110
147
159
148
145
144
93
117
160
151
155
155
114
151
161
151
158
160
122
161
164
145
158
162
126
163
166
132
155
163
119
169
165
106
151
162
111
164
166
85
149
160
112
161
165
82
149
161
118
155
167
83
'137
'146
108
97
'169
"82
"146
"147
"105
"102
"169
do
187
185
184
176
182
187
190
192
192
193
194
'191
"187
do.
194
191
191
183
188
192
197
199
198
200
201
'200
"194
222
144
135
197
203
211
175
164
263
172
189
251
116
119
158
"154
150
145
156
150
'179
218
142
134
187
198
200
141
162
251
170
162
253
113
119
155
J>152
151
138
161
155
»184
219
142
133
179
188
207
171
164
257
168
159
250
107
114
154
"155
152
132
160
155
"191
207
133
121
171
181
195
164
160
235
163
164
251
101
106
155
"157
156
133
146
140
"195
210
142
133
170
180
199
171
162
231
169
176
249
116
115
157
"147
145
138
158
153
"201
217
140
128
174
182
202
171
160
243
172
198
248
122
120
158
"148
146
149
159
153
"203
223
143
128
179
176
201
174
161
229
176
229
248
126
121
156
"147
142
134
163
157
"204
224
150
137
185
177
201
178
162
229
179
219
251
124
122
158
"140
170
129
165
160
"205
229
153
139
189
183
205
196
166
218
173
167
254
114
113
158
"138
160
138
158
153
"208
229
'155
143
194
187
'202
199
179
200
178
167
255
120
116
'158
"139
150
'141
163
157
"214
226
150
135
198
189
207
208
168
208
180
198
251
123
116
' 160
"139
147
'145
163
'158
"215
229
'151
'137
200
'192
'210
196
'176
'219
'177
191
'249
'115
102
' 158
"145
131
'155
'166
' 160
"212
"216
f 141
"125
P 197
"201
"211
193
" 176
228
"176
182
"248
"108
" 158
"149
125
"146
168
162
"210
141
166
160
142
164
142
146
155
159
139
142
156
145
154
160
144
160
163
152
164
175
152
172
169
146
163
149
148
178
153
157
179
155
'150
175
164
154
"172
184
1936-39 = 100. .
Manufactures!
Durable manufactures!
Iron and steel t
Lumber and products!
Furniture! - Lumber!
Machinery!
Nonferrous metals and products!
Fabricating*
Smelting and refining*
Stone clay, and glass products!
Cement
Clay products*
Glass containers! _
_.
Transportation equipment
Automobiles!!
- Nondurable manufactures!
Alcoholic beverages!
Chemicals!
Industrial chemicals*
Leather and products!
Leather tanning*
_
Shoes
Manufactured food products!
_
Dairy products!
Meat packing
Processed fruits and vegetables*
Paper and products!
Paper and pulp!
_ ._
Petroleum and coal products!
Coke
_
Petroleum reflninKt
Printing and publishing!
Rubber products!
_ ._
Textiles and products!
Cotton consumption
Rayon deliveries
_
Wool textile production
Tobacco products
Minerals!
Fuels!-.
Anthracite!.
.
Bituminous coal!
Crude petroleum...
Metals
.
__
Adjusted, combined index!
Manufactures. _ .
...
Durable manufactures . .
do
Lumber and products
do
Lumber
..do
Nonferrous metals _.
..do
Smelting and refining*
do
Stone, clay, and glass products
do
Cement. . .
_ -do
Clay products*
do
Glass containers
_
do
Nondurable manufactures _
do
Alcoholic beverages .
do
Chemicals
do
Leather and products.
do
Leather tanning*
do
Manufactured food products
do
Dairy products
do. __
Meat packing
do
Processed fruits and vegetables* . do
Paper and products
do
Paper and pulp .
do
Petroleum and coal products...
do
Petroleum refining^
do
Printing and publishing
...do
Textiles and products
do
Tobacco products
do
" 113
"144
"155
116
"89
169
163
"210
173
150
140
156
154
148
153
155
155
155
151
'142
143
Minerals
do
"147
117
122
1]7
'120
111
107
109
117
117
136
124
Metals
do
»118
f
Revised. » Preliminary. {Index is in process of revision.
*New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey. See note in January 1948 Survey for source
of indexes of volume of farm marketings and reference to figures beginning 1929; annual indexes for 1939,1941 and 1944-47 are shown on the back cover of the February 1948 Survey; they include
revisions in marketings data and also, for 1945-46, adjustments to 1945 census data which have not been incorporated in monthly figures; 1940-44 annual indexes and 1940-46 monthly data have
not been adjusted to census data.
!Revised series. For revisions for the indicated unadjusted indexes and all seasonally adjusted indexes for tjhe industrial production series, see pp. 18-20 of December 1943 Survey; seasonal
adjustment factors for a number of industries were fixed at 100 beginning various months during 1929-42; data for these industries are shown only in the unadjusted series. Revisions for January 1945-May 1946 for the indexes of cash income from farm marketings are available on request; see note in September 1947 Survey, p. S-l, regarding earlier data; revisions beginning January
1945 were in part to adjust the series to levels indicated by 1945 census data; 1940-44 data have not yet been similarly revised.
SURVEY OF CURRENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-3
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS f
Sales:
' 15, 398 ' 15, 049
Value, total
_millions of dollars
Durable goods industries
do
6,341
6,158
Nondurable goods industries
do
' 9, 057 ' 8, 891
••283
••290
Index, total
. average month 1939=100
326
316
Durable goods industries
do
305
298
Iron, steel, and products _
do
369
399
Nonferrous metals and products
..do
359
362
Electrical machinery and equipment-. -do
330
336
Machinery, except electrical
do
362
338
Automobiles and equipment ._
do...
454
467
Transportation equipment, exc. autos-do
245
234
Furniture and finished lumber prod ...do
237
228
Stone, clay, and glass products
do
278
281
Other durable goods industries
do
'269
'264
Nondurable goods industries _
do...
'267
'263
Food and kindred products..
do
275
258
Beverages
do
255
277
Textile-mill products, excl. apparel
do
251
257
Leather and products
do
312
317
Paper and allied products
._
do
232
224
Printing and publishing
do
322
305
Chemicals and allied products
_
do
233
242
Petroleum and coal products. _
do. _ .
309
320
Rubber products
do
222
200
Tobacco manufactures
_ do
269
269
Other nondurable goods
do
Inventories, book- value, end of month:
25, 847
26, 435
Value, total
millions of dollars
12, 443
12, 724
Durable goods
_do .
13, 404
13, 711
Nondurable goods
do
241
246
Index, total
average month 1939=100
264
258
Durable goods industries
_
do
185
189
Iron, steel, and products
do
254
255
Nonferrous metals and products
do
372
359
Electrical machinery and equipment. _ -do __
264
268
Machinery, except electrical
do
415
431
Automobiles and equipment
do
607
629
Transportation equipment, exc. autos._do
204
201
Furniture and finished lumber prod
do
156
160
Stone, clay, and glass products.
do.. _
198
198
Other durable goods
do
232
226
Nondurable goods industries
..
..do .
192
200
Food and kindred products
do
304
332
Beverages
do
225
225
Textile-mill products, excl. apparel
do
196
201
Leather and products _
do
213
219
Paper and allied products
do
335
358
Printing and publishing
do
263
269
Chemicals and allied products
..do _.
157
160
Petroleum and coal products
do
279
270
Rubber products
do
219
227
Tobacco manufactures
do
289
289
Other nondurable goods .
do
New orders:
241
235
Index, total
average month 1 939= 100. _
256
279
Durable goods
do
308
273
Iron, steel, and products
_
do _.
294
316
Machinery, including electrical
do
209
219
Other durable goods, excl. trans, equip. .do
222
219
Nondurable goods
do
' 15, 065 ' 14, 362 ' 15, 258 ' 16, 597 ' 18, 081
6,131
5,859
6,395
5,546
7,027
' 8, 934 ' 8, 816 ' 9, 399 ' 10, 202 ' 11, 054
'295
'287
'325
'328
' 270
328
285
301
342
348
306
296
321
267
330
376
327
392
310
386
394
331
349
421
410
339
324
278
295
329
364
326
345
399
410
508
406
483
489
390
203
212
247
274
281
244
249
223
226
255
274
274
262
230
279
'276
'279
'315
'262
'316
'291
'286
'286
'332
'320
292
281
296
356
397
279
235
275
312
319
222
245
277
288
306
315
295
312
288
331
242
251
289
218
291
304
280
287
329
336
254
258
269
257
267
322
298
312
346
348
237
239
223
213
223
257
221
284
336
341
' 16, 556 ' 17, 524 ' 16, 551 ' 16, 209 ' 18, 070
6, 350
6,989
6,407
' 7, 366
'6,449
' 10, 206 ' 10, 535 ' 10, 144
' 9, 760 ' 10, 704
'311
327
'337
'330
'330
353
'365
360
329
'359
325
'345
335
331
336
364
442
'410
423
415
444
470
386
446
'442
304
325
347
363
356
424
383
'435
424
401
514
442
486
469
'501
'269
270
266
267
'303
236
223
222
'252
250
281
293
282
276
277
'306
'328
'328
'301
••314
'297
'313
'335
'313
••305
416
373
'251
268
273
319
301
'345
327
350
251
286
303
'200
327
'333
328
312
320
334
344
271
'268
300
235
'315
328
312
320
327
302
318
328
'322
336
354
282
307
'252
289
226
232
206
218
216
305
296
'341
352
329
17,085
6,813
10, 272
321
350
322
408
425
336
427
494
250
277
259
305
298
257
344
268
333
268
335
335
313
223
327
' 29, 065
' 13, 549
' 15, 516
'271
'281
'205
'257
'384
'295
'473
'619
'231
165
207
'262
'243
'356
'255
'241
276
'398
289
'182
302
'232
'329
29, 138
13, 645
15, 493
271
283
207
263
389
297
462
626
243
163
210
262
233
352
253
251
276
427
284
189
325
230
324
26, 475
12, 829
13, 646
246
266
192
253
374
271
443
630
203
161
195
230
194
334
221
208
229
366
265
162
277
216
293
26, 842
13, Oil
13, 831
250
270
197
258
376
275
444
630
205
161
204
234
208
316
223
213
241
373
262
164
268
211
301
27, 048
13, 128
13, 920
252
272
199
262
375
276
452
644
203
161
206
235
213
327
223
207
253
370
261
169
258
212
297
27, 053
13, 129
13, 924
252
272
200
259
374
277
451
634
201
157
210
235
220
338
220
198
260
368
256
171
246
216
288
27, 395
13, 220
14, 175
255
274
201
259
375
280
449
637
209
162
213
239
238
345
218
195
262
367
253
174
247
225
288
27, 625
13, 224
14, 401
257
274
203
249
373
282
449
621
207
168
219
243
244
336
226
209
265
355
259
176
242
229
290
28, 016
13, 331
14, 685
261
277
204
251
370
285
447
623
228
170
222
248
250
335
224
223
268
361
271
178
257
233
293
28, 485
13, 440
15, 045
265
279
202
249
372
291
462
628
229
168
223
254
255
357
238
229
268
362
273
177
271
237
301
28, 752
13, 509
15, 243
268
280
205
250
376
293
472
627
223
163
218
257
244
355
249
238
272
383
279
178
283
234
319
245
271
304
315
202
230
231
260
271
328
194
213
231
261
286
307
199
213
260
292
312
345
230
240
255
291
308
346
230
234
268
307
348
348
231
244
252
292
322
344
220
228
251
291
325
312
240
227
251
287
321
299
243
'230
'257
'314
'371
'329
'243
'223
245
296
312
328
254
214
356
29
23
108
153
43
12 965
711
820
6 892
2 837
1 705
417
44
22
151
165
35
25, 619
979
1,987
17, 987
3 410
1,346
477
47
43
136
194
57
17 481
1 883
'957
9 243
3 714
1 684
404
50
30
99
175
50
15 296
1 472
1 662
7 057
2? 476
2 629
3 688
2 479
2 995
2 869
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
Operating businesses, total, end of quarter
thousands. .
Contract construction
_ _ _ _ _ _.do
Manufacturing
do. Retail trade
do
Wholesale trade __ _
_.do
Service industries
do
All other
do
New businesses, quarterly
_-do_.~
Discontinued businesses, quarterly
do
Business transfers, quarterly
»._-do
'3,816.6
r
276. 3
'317.6
' 1, 755. 2
'179.8
' 726. 8
' 560. 9
85.1
'54.5
98.4
' 3, 786. 0
268.7
316.4
1,744.7
177.5
720.7
557.9
109.5
'£4.8
102.3
f 3, 848. 3
»284 2
*>318 9
»> 1, 766. 0
*>182 2
J> 733. 1
f 564. 0
J>Sd 8
*>55.0
*>76 6
INDUSTRIAL AND COMMERCIAL
FAILURES
Grand total
Commercial service
Construction
_.
_
Manufacturing and mining
Retail trade
Wholesale trade
Liabilities, grand total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
-
number
_-do_
do_ _
do
_ _ _ _-do_do
thous. of dol
do
do
_ do_ .
do
- -.do_ .
277
23
16
117
1 390
1,407
1 074
2 301
13,337
2 289
2,321
12, 574
1 531
1 198
317
23
26
112
123
33
25 499
1 232
455
20, 937
1 908
967
2,612
3 269
2 767
3 160
378
33
20
283
21
23
299
30
17
287
23
19
292
28
20
336
29
25
313
23
25
101
103
98
129
124
115
10 034
55
21,322
16 345
84
155
119
95
108
107
105
51
99
102
37
36
40
44
16, 080
1,015
17, 326
18, 982
37, 137
19, 863
14, 903
739
321
610
664
247
11,822
1,503
1,493
384
655
176
10, 971
3,037
2,258
14, 22C
1,614
1,874
12, 466
2,280
2,144
10, 426
1,668
1,978
2,996
2,870
2,893
2,695
2,494
40
829
444
5,964
26
505
537
BUSINESS INCORPORATIONS
New incorporations (4 states)
. _ _ _ number.
' Revised. *> Preliminary.
*New series. For data through 1944 for the series on operating business and business turnover, see pp. 21-23 of the May 1946 Survey and p. 10 of the May 1944 Issue.
tRevised series. Description and back data are shown on pp. 8, 9, 23, 24, of the May 1948 Survey.
SUEVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
1948
1947
April
May
June
July
August
September
October
November
December
February
January
March
April
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMER S
Prices received, all farm products!
1909-14= 100. _
Crops _
do .
Food grain
do
Feed grain and hay
do
Tobacco
do
Cotton
do
Fruit
_ .
_.do
Truck crops
do
Oil-bearing crops
_
do _.
Livestock and products
do
Meat animals
do
Dairy products .
do
Poultry and eggs
do
Prices paid:*
All commodities'
1910-14=100.
Commodities used in living
do
Commodities used in production
do
All commodities, interest and taxes . _ . do ._
Parity ratio*
do
276
269
277
223
387
260
223
295
358
282
331
257
204
272
268
276
218
390
270
222
286
326
275
327
241
203
271
262
253
240
390
275
228
215
318
278
338
233
205
276
263
251
253
390
289
215
189
314
286
343
244
220
276
255
246
270
383
267
177
211
308
295
349
258
224
286
254
278
297
352
252
181
179
311
315
367
282
246
289
261
302
284
357
247
166
238
344
313
360
283
251
287
268
312
283
354
257
151
272
349
304
338
293
242
301
281
318
305
377
275
149
294
367
320
352
311
262
307
284
322
318
377
267
135
320
377
328
379
313
231
279
257
243
255
227
229
121
242
254
226
228
119
244
252
233
230
118
244
252
234
230
120
249
256
239
234
118
253
259
246
238
120
254
261
246
239
121
257
264
248
241
119
262
268
254
245
123
266
272
259
251
122
263
270
255
248
112
262
267
255
247
115
177.2
177.1
178.7
179.7
181.4
184.9
184.9
185.9
188.4
190.3
189,0
188. 6
1901 g
121.5
122.5
116.8
123.4
116.8
123.6
119.2
129.5
126.5
139.1
128.3
139.4
129.4
140.5
130.4
143.8
130.5
144.3
131.9
145.7
132; 1
146; 3
132.1
146,4
P132..0» 147. 3
156.2
184.9
188.0
153.4
178.9
200.4
202.6
118.4
92.5
143.8
182.5
109.0
139.2
156.0
185.0
187.6
154.2
171.5
207.0
203.9
117.7
92.4
142.4
181.9
109.2
139.0
157.1
185. 7
190.5
154.6
171.5
205.0
216.9
117.7
91.7
143.0
182.6
109.2
139.1
158.4
184. 7
193.1
155.0
178.8
202.0
220.2
119.5
91.7
146.6
184.3
110.0
139.5
160.3
185.9
196.5
155.7
183.8
199.8
228.4
123.8
92.0
154.8
184.2
111.2
139.8
163. 8
187.6
203.5
157.8
195.2
198.2
240.6
124.6
92.1
156.3
187.5
113.6
140.8
163.8
189.0
201.6
160.3
190.1
196.6
235.5
125.2
92.2
157.4
187.8
114.9
141. 8
164.9
190.2
202.7
167.9
198.4
199.6
227.0
126.9
92.5
160.5
188.9
115. 2
143.0
167.0
191.2
206.9
170.5
204.9
205.3
227.3
127.8
92.6
162.0
191.4
115.4
144.4
168. 8
192.1
209.7
172.7
205.7
208.3
237.5
129.5
93.1 i
167.. 5
195.1
204.7
171.8
204.4
213.0
224, 8
120.0'
93. 2 :
165.9
193.0
116. 0
146. 4
166.9
196.3
202. 3
171.0
201 . T
206'. 9
224.7
130. 3
93.8
166.0
194. 9 1
116.3 i
146. 2
169.3
196.4
207. &
171.0
205.8
217.4
233.8
130.7
93.9
166.7
194.7
H6. 3
147. 8
147.7
147.1
148.0
150.6
153. 6
157.4
158.5
159.7
163.2
165.7
1
160.8
161.4
162.7
141.9
160.1
144.5
177.0
199.8
199.2
141.0
162.4
154.1
148.8
142.2
196.7
141.7
158.6
144.9
175.7
202.4
198.7
140.6
159.8
151.7
138.8
144.3
203.0
141.7
160.2
145.9
177.9
206.0
200.9
140.7
161.8
149.2
140.9
145.2
208.6
144.0
165.3
147.0
181.4
202.3
209.9
143.6
167.1
154.7
152.8
139.7
217.9
147.6
167.0
149.5
181.7
208.8
215.9
147.2
172.3
153.3
164. 3
133.0
234.6
151.6
170.8
152.0
186.4
230.3
224.8
150.8
179.3
158.7
170.6
130.1
244.8
151.1
175.1
154.1
189.7
241.4
224.5
1M. 5
177.8
167.6
167.3
130.8
230.0
152.3
175.5
156.4
187.9
245.5
211.0
153.3
178. 0
172.5
175.9
135.5
217.6
154.7
182.0
157.9
196.7
252.7
226. 3
155.7
178.4
170.6
183.5
135.4
214.8
157.7 !
183.9
157.6
199.2
256.3 !
232.9
158.1
179.9
170.1
183.9
141.1
222.3
'154.5
174. 9
"155.3
185.3
220.0
210.0
155. 2
172.4
160.2
184.8
144.8
2C6.2
"155. 8
174.7
'153.0
186.0
218.0
209.4
' 255. 9
173.8
158.6
179. 8
146.3
217.1
157.5
175.5
153.3
186.7
217.9
204.4
157.2
176.8
158.0
181. 0
149.3
226.0
131.8
178.8
134.5
114.0
273.5
175.5
133.2
119.5
181.0
101.2
220.1
103.4
64.3
84.0
86.3
'171.5
178.1
158.0
172.1
127.4
134.4
127.0
'141.3
' 129. 8
141.0
118.2
131.9
177.0
134.5
114.0
269.4
169.2
127.1
118.7
173.6
102.5
179.9
103.3
64.1
85.0
86.8
170.8
177.7
176.3
172.2
128.8
136.9
129.3
141.4
128. 6
143.9
120.0
131.4
174.4
134.7
114.3
266.1
159.6
120.2
118.7
156.1
101.8
139.2
103.9
64.4
85.8
87.5
173.2
187.1
178.9
172.6
129.2
137.2
129.4
142.6
131.4
142.9
119.1
133. 4
175.7
143.3
114.9
269.0
156.1
118.8
119.9
137.4
103.5
134.8
108.9
65.0
85.5
89.8
178.4
203. 5
187.4
173.2
129.8
138.1
129. 7
143.8
133.3
141.8
123.4
136.0
179.7
144.3
116.9
276.7
154.9
117.5
117.5
136.6
105.5
133.3
112.5
64.5
86.0
92.2
182.1
215.6
190.7
174.9
129.7
138.1
129.3
148.9
139.4
141.8
128.6
138.2
183.3
145.4
119.0
285.7
157.9
122.3
118.2
136. 6
109.8
163.3
114.1
65.2
87.0
93.7
184.8
221.1
197.4
175.2
130.6
138.5
132.1
150.7
140.4
142.0
135.9
140.0
185.8
145. 6
120.1
290.0
161.4
128.6
122.1
137.5
111.3
193.4
115.9
64.9
86.8
96.5
191.7
243.7
204.3
178.0
132.3
139.3
135.0
151.1
140.8
142.0
136.0
142.4
187.5
147.3
120.6
295.6
161.8
135.8
124.3
151.1
112.0
226.7
118.1
66.3
83.6
99.9
202.4
263.4
216.0
187.0
137.7
140.0
135. 6
151.7
141.3
142.2
136.0
145.6
191.0
148. 8
121.6
303.2
164.0
135.0
124.1
154.9
114.4
215.9
124.3
66.5
85.4
112.0
203.1
256.9
216.2
190.7
139.7
142.8
136. 8
152.3
142.2
143.0
136. 1
148.2
193.1
150.9
126.4
307.3
163. 2
138.8
125.8
154.4
115.6
236.7
130.0
f,6.4
84.5
120.7
200.3
238.9
209.2
194.3
141.4
143.9
139.1
154.7
145.5
145.5
137.9
147.5
' 192. 6
151. 1
127.2
303.8
159.6
134,6
126.5
154. 3
114.8
201. 5
130.7
66.6
85.8
121.7
192.8
207.2
199.9
194.7
141.8
144.4
139.4
' 155. 3
' 146. 3
146.8
138.7
147.7
' 193. 1
151.6
127.4
304.0
156.7
136.1
126.8
154.4
114.9
211.4
130.9
148.5
195.2
152.5
127.5
310.4
157.9
135.9
126.8
153.8
115.2
210.3
131.6
88.7
121.8
185.6
186.2
186.9
193.6
142.1
144.9
139.4
'155.9
' 147. 7
146.8
138.7
121.8
186.1
199.3
183.6
191.7
142.4
145.3
139.7
156.7
148.5
149.8
138.7
251
261
374
248
136
320
333
300
331
307
218
283
262
291
276
260
284
372
256
140
295
339
302
342
298
212
268
291
371
275
142
340
351
304
347
296
214
264
268
258
249
117
RETAIL PRICES
All commodities (U. S. Department of Commerce
index)
1935-39=100
Coal (U. S. Department of Labor indexes):
Anthracite
1923-25 = 100.
Bituminous
_ _ _
_ do
Consumers' price index (U. S. Department of
Labor) :§
Combined index
1935-39=100
Apparel
.
.do
Food
do. _
Cereals and bakery products*
_
do
Dairy products*.
do. ..
Fruits and vegetables* ._
do
Meats*
do
Fuel electricity and ice
.
do
Gas and electricitv*
... _ do_ .
Other fuels and ice*
do
Housefurnishings
...
do
Bent
do
Miscellaneous
-. . do
165.. 0
192.3
115.9
146. 4
WHOLESALE PRICES
U.S. Department of Labor indexes:
Combined indexd"
- _
1926=100
Economic classes:
Manufactured products cf_
do _
Raw materials
_ _ _ _ _
do
Semimanufactured articles
do
Farm products
do
Grains
do. _
Livestock and poultry
do
Commodities other than farm productscf__ do
Foods
_
do
Cereal products.
do
Dairy products
_
do
Fruits and vegetables
do
Meats
do
Commodities other than farm products and
foods cf
- 1926=100
Building materials
do
Brick and tile
do
Cement
do
Lumber
do
Paint and paint materials
do
Chemicals and allied productsfdo
Chemicals
do
Drug and pharmaceutical materials!- -do
Fertilizer materials
„ _ . do
Oils and fats
.
do
Fuel and lighting materials
do
Electricity
do
Gas
do
Petroleum products
do
Hides and leather products
do
Hides and skins
_
do
Leather
do
Shoes
.
. do
Housefurnishing goodsf
do
Furnishings
_ _ _ _
do
Furnituref
do
Metals and metal productscf__
. . do
Iron and steel
do
Metals, nonferrous
_
do
Plumbine and heating equipment
do
4
§ In August 1947 the number of foods included in the index was reduced from 61 to 50. Beginning July 1947 a new schedule was adopted for collecting prices of apparel, housefurnishings,
and miscellaneous goods and services; prices for these groups are obtained in 10 key cities each month and in 24 other large cities quarterly; prices are collected for 8 of the 24 quarterly cities
each month; information on rents is obtained at least quarterly in each of the 34 cities; national averages for the indicated groups and for rents are weighted averages of indexes for cities surveyed during the month and estimated changes for other cities in the index. For January-June 1947 rent changes were estimated from a survey of 5 or 6 cities each month.
d* Current prices on motor vehicles werei ntroduced into the calculations beginning October 1946; April 1942 prices were carried forward in earlier computations; see previous issues of the
Survey for explanation and for October 1946-March 1948 indexes using April 1942 prices; March 1948 indexes using April 1942 prices are as follows: All commodities, 160.2; manufactured
products, 153.4, commodities other than farm products, 154.1; commodities other than farm products and foods, 144.5; metals and metal products, 138.6.
* New series. The series on prices paid by farmers and the parity ratio are from the U. S. Department of Agriculture; the latter is the ratio of prices received to prices paid, interest and
taxes; data for 1913-45 will be shown later. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey, and for revised
figures for 1929,1933, and 1935-44, p. 31 of February 1946 Survey. Data for 1923-45 for the indexes of retail prices of the food subgroups are shown on p. 16 of the November 1946 Survey. Data
beginning 1935 for the indexes of retail prices of "gas and electricity" and "other fuels and ice" will be published later.
f Revised series. Indexes of prices received by farmers for 1913-45 are shown on pp. 17-19 of the April 1947 Survey; data for May 15,1948, are as follows: Total 289; crops, 267; food grain,
2ol; feed grain and hay, 282; tobacco, 370; cotton, 284; fruit, 141; truck crops, 262; oil-bearing crops. 357; livestock and products, 309; meat animals, 361; dairy, 291; poultry and eggs, 211. For
revised data for 1941-43 for the indicated series on wholesale prices, except the furniture index, see p. 23 of the November 1945 Survey. The index of wholesale prices of furniture has been revised beginning January 1943; revisions prior to 1947 will be shewn later; the revision has been incorporated in the group index and other composite indexes only beginning November 1947.
SURVEY OF CURRENT BUSINESS
June 3®48
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in Ufa* 1942 Supplement to the Survey
8-5
1948
1947
May
April
June
July
August
September
October
November
December
January
February
March
April
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes— Continued
Commodities other than tan, etc— Con.
Textile products
1926=100..
Clothing
do
Cotton goods
do
Hosiery and under wesr
do
Rayon
- do
Silk
do
Woolen and worsted goods
_ _ _ do
Miscellaneous
- do
Automobile tires and tubesf
- --do
Paper and pulp
do
Wholesale prices, actual. (See respective commodities.)
139.2
133.0
194.7
100.8
37.0
69.4
129.1
115.7
66.7
152.5
138.9
133.9
193.0
100.8
37.0
67.9
129.2
116.1
66.7
154.3
138.9
133.9
193.8
100.8
37.0
68.4
129.2
1
112.7
62.5
154.2
139.5
134.3
195.9
100.4
37.0
68.2
130.1
113.0
60.8
157.2
140.8
134.3
199.2
99.9
37.0
68.2
133.3
112.7
60.8
157.6
142.0
134.4
202 3
99 9
37 0
68.3
133 8
115.9
60 8
159.5
143.0
134.7
204 6
100 0
37 0
71.2
134.2
117.1
60.8
159.8
144.7
135.6
209.1
101 4
37 0
73.3
134 9
118.8
61 0
160.7
147.6
136.3
213.5
103 0
40 0
73.3
139. 6
121.5
63.4
164.7
147.6
140.4
214 8
104 4
40 7
46.4
141 6
123.5
63 4
168.1
»• 148. 4
r
143 0
214 Q
105 0
40 7
46 4
142 8
119 9
63 4
167.1
54.5
64.0
53.1
38.5
54.7
64.1
53.2
39.2
54.4
63.6
52.4
39.3
53.3
63.1
51.7
38.5
52.4
62.4
50.8
38.5
51.1
61 1
49.1
37.2
50.8
61 1
49.6
36.8
50.4
60 6
49.5
37.0
49.3
59 9
48 3
35.3
48.6
59 2
47 7
34.7
' 149. 7
144 6
218 3
105 4
40 7
46 4
145 2
120 8
63 4
167 0
149.6
145.8
216 7
105 4
40 7
46 4
147 5
121 8
63 4
167 5
50.0
59 7
48 9
38.1
49.9
59 9
49 4
37.7
49.5
69 1
48 1
36.6
r
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
1935-39= 100. .
Consumers' prices
- - - --do
Retail food prices
...
do
Prices received by farmersf
do
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY*
New construction total
mil. of dol. .
Private total
-- do
Residential (nonfarm)
do
Nonresidential building, except farm and public
utility, total
mil. of dol..
Industrial
do_ _.
Farm construction
do
Public utility
do
Public construction total
do
Residential
- do
Military and naval
__
do_ _.
Nonresidential building, total
do....
Industrial
do
Highway
do
All other
do
928
713
310
1,032
790
355
1,162
885
405
1,264
966
455
1,364
1,042
500
1,423
1,086
540
1,497
1,129
590
1,432
1,141
630
1,320
1,097
610
1,157
948
500
1,009
837
400
1,166
'940
475
1,302
1,015
525
238
142
30
135
215
16
15
40
4
76
68
242
141
40
153
242
9
15
42
3
100
76
250
140
50
180
277
8
15
43
2
125
86
254
139
60
197
298
9
19
42
2
137
91
260
139
75
207
322
8
22
45
1
149
98
267
138
65
214
337
7
22
49
1
159
100
275
137
50
214
368
9
23
53
1
178
105
287
136
25
199
291
8
19
50
284
134
15
188
223
8
17
52
(•)
65
81
273
130
14
161
209
9
14
53
1
56
77
265
125
14
158
172
6
11
r
49
1
41
••65
'266
120
23
176
••226
5
16
65
1
'57
87
263
116
37
190
287
6
13
71
2
98
99
27, 999
689, 763
181, 044
508, 719
37, 061
873, 882
236, 330
637, 552
3,622
25, 671
248, 939
4,476
34, 478
337, 603
23, 227
35, 385
276, 541
30, 448
46, 526
351, 604
915
109, 596
1,524
132, 598
235
54, 687
343
52, 077
'182
"156
M81
'148
P204
M82
*179
^156
508, 096
777, 159
4,386
361
2,654
1,371
5,073
353
2,734
1,986
50, 945
50, 860
37, 590
4,094
9,176
85
64, 454
64, 200
45, 677
6,981
11, 542
254
(a)
119
95
CONTRACT AWARDS
Contract awards, 37 States (F. W. Dodge Corp.):
24, 044
29, 957
28, 734
27, 769
27, 185
31, 885
Total projects
number..
36, 339
21, 696
29, 793
23, 125
20, 557
Total valuation
_
__thous. of dol. . 602, 338 674, 657 605, 070 660, 254 823, 216 649, 996 793, 286 715, 108 625. 363 615, 206 681, 967
202, 571
226, 471
233, 873
177,272
217,811
192, 660
Public ownership
do
208, 947
207, 481
223, 505
248, 443
196, 530
Private ownership
do. _- 425, 066 440, 784 378, 599 457, 683 605, 405 457, 336 584, 339 491, 603 417, 882 418, 676 433, 524
Nonresidential buildings:
4,912
4,355
4,554
3,905
4,915
4,213
5,134
Projects
number.3,252
4,249
3, 295
3,205
26, 034
32, 123
27, 561
30, 238
41, 682
24, 114
Floor area.
thous. of sq. ft_.
33, 478
28, 552
27, 719
29,097
33, 088
Valuation
- thous. of doL. 184,317 235, 899 209, 942 253, 512 290, 807 239, 915 277, 888 243, 416 244, 495 240, 544 272, 395
Residential buildings:
24, 284
21, 568
17, 604
21, 255
24, 789
21, 154
29, 473
Projects
number..
18, 899
17, 402
24,147
16, 336
39, 006
36, 774
29, 213
42, 672
47, 805
52, 302
30, 037
Floor area
thous. of sq. ft.42, 696
31, 474
32, 183
32, 192
254, 085
256, 668
240, 885
209, 458
308,937
268, 543
Valuation
_thous. of dol_.
349, 490
226, 796
290, 220
232, 250
238, 098
Public works:
1,744
1,509
1,910
1,607
1,761
1,522
1,425
1,114
Projects
.-number-809
803
718
Valuation
thous. of dol. . 123, 249 119, 713 142, 495 127, 454 137, 471 110, 556 112, 726 138, 606 113, 289 108, 891 143,033
Utilities:
341
344
259
353
420
Projects
number
296
307
233
283
213
213
38, 104
43, 175
38, 403
64, 960
86, 001
Valuation
thous. ofdol
53, 182
30, 982
34, 289
40,783
42,866
27, 673
Value of contracts awarded (F. R. indexes):
153
152
158
170
173
184
Total, unadjusted.1923-25= 100__
175
161
156
173
159
144
138
130
127
148
168
164
Residential unadjusted
do
157
135
137
126
133
127
136
155
166
183
Total adjusted
_-do
184
193
191
197
187
123
136
116
150
110
168
Residential adjusted
do
170
163
161
152
152
Engineering construction:
Contract awards (E. N. R.)§
thous. of dol_. 454, 471 514, 343 517, 175 524, 238 413, 494 494, 805 575,089 474, 357 503, 384 441, 955 474, 643
Highway concrete pavement contract awards:!
4,228
5,011
3,828
5,280
3,285
2,760
2,349
3,260
2,304
2,863
1,723
Total
thous. of sq. yd..
513
35
212
79
169
163
Airports
do
203
5
124
6
10
2, 452
2,456
3,167
2,607
1,468
1,946
1,592
1,133
Roads
do_ _.
1,425
1,776
1,040
1,560
2,390
1,186
1,600
1,737
1,464
Streets and alleys
- do
1,110
752
963
677
869
PERMIT VALUATIONS AND DWELLING
UNITS PROVIDED
Estimated number of new nonfarm dwelling units
scheduled to be started (U. S. Dept. of Labor):
73, 500
74, 500
83, 300
83, 400
Total nonfarm*
___
number-90, 400
94, 900
75, 800
98, 100
63, 300
42, 862
41, 138
46, 999
47, 153
52, 179
51, 304
Urban, total f
do
41, 949
56, 279
36, 447
33, 343
33, 289
42, 534
41, 138
47,117
45, 994
Privately financed, total
do
51, 112
51, 904
55, 819
41,029
36, 083
32, 523
32, 166
35, 214
34, 627
1-family dwellings _ _
do
33, 670
36, 943
40, 865
39, 226
30, 303
42, 716
26, 591
23, 704
22, 180
3,085
3, 053
3,478
2-family dwellings
do
3,142
3,519
2,988
3,536
2,443
3,316
2,280
1,863
7,121
4,383
7,889
4,178
8,051
Multifamily dwellings
_ do
8,367
9,567
7,410
7,049
6, 539
8,123
1,005
36
328
0
192
Publicly financed, total..
_
do
275
460
364
920
1,125
820
T
Revised, f Preliminary. 1 See note marked "1 " regarding revision i ncorporate d in the ir dex beginling June 1947. («) I ess than $»500,000.
§ Data for, May, July, and October 1947, Januaryand Apri 1948 are for 5 weeks; other monl hs, 4 week s.
t Based on weekly data combined into 4- and 5-\\ eek period s except that a week failing in D ecember aiid January is prorate d; see note in Februai•y 1947 Sur vey.
*New series. Estimates of total nonfarm dwelling units for 1910^44 are shown on p. 15 of theNovember 1946 Survey. Data for a number of items under new construction activity have
been revised beginning 1945 and there have been revisions in earlier estimates, chiefly because of revisions in data for certain types of public utility construction (public and private);
revised figures, superseding those shown on pp. 23 and 24 of the July 1947 Survey, appear in a supplement to the May issue of the Department of Commerce Industry Report on Construction and Construction Materials.
t Revised series. The index of purchasing power of the dollar based on prices received by farmers was revised in the April 1944 Survey. Data for 1920-44 for the number of new dwelling
units are shown on p. 15 of the November 1946 Survey (see note in February 1947 Survey with regard to January and February 1945 figures); since early 1945 data for new dwelling units and the
indexes of building construction on p. S-6 should be considered volume of construction for which permits were issued or contracts awarded rather than volume started (see note in July 1947
Survey). The index of wholesale prices of tires and tubes has been revised beginning 1939; during the war, when production of tires and tubes for civilian use was curtailed and prices were
being controlled by the Government, May 1941 prices were carried forward in the index; when post-war shipments for civilian use approximated prewar shipments the index was revised to
include current prices and also to include off-highway (tractor) as well as highway tires; revised data for January 1939-November 1946 are available upon request. The revision for tire
and tubes has been incorporated into the index for the miscellaneous group and the all-commodities and other composite indexes only beginning June 1947.
S-6
June 1948
SUEVEY OF CTJKKENT BUSINESS
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April
May
June
July
August
1948
September
October
November
December
J
"y '
F
aryU"
*•«* |
A
P«'
CONSTRUCTION AND REAL ESTATE—Continued
PERMIT VALUATIONS, ETC.— Continued
Indexes of building construction, based on building
permits (U. S. Dept. of Labor) :J
Number of new dwelling units provided
1935-39=100..
Permit valuation:
Total building construction
do
New residential buildings
do
New nonresidential buildings
. . do. ,
Additions, alterations, and repairs
do
247.2
237.2
271.0
271.9
295.9
300.9
324.5
241.9
210.2
192.3
'192.0
' 293. 4
371.7
' 255. 0
359.1
r
167. 1
244.2
338.5
278.2
387.7
180.9
284.2
306.1
405.4
217.8
311.5
323.5
447.9
232.4
279.9
319.5
459.1
' 216. 7
298.1
344.7
516.2
216.5
291.9
285.5
399.8
211.9
219.8
274.0
345.8
228.6
230.8
243.7
309.7
196.2
218.8
' 236. 8
' 315. 9
' 360. 9
' 484. 5
' 287. 2
' 274. 9
406.6
620.6
252.0
326.3
248.7
163.6
241.4
r 12 2
8.
'200.6
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100
American Appraisal Co.:
414
Average 30 cities
__.1913=100__
444
Atlanta
do
427
New York
do_
390
San Francisco
do__
403
St Louis
do
Associated General Contractors (all types)
286
1913= 100. _
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
155.1
Atlanta
U. S. average 1926-29=100..
205.6
New York
.
do
178.1
San Francisco
do
178.3
St Louis
do. _
Commercial and factory buildings:
Brick and concrete:
154.1
Atlanta
do
206.8
New York
do
180.6
San Francisco
do
179.2
St Louis
do. _
Brick and steel:
154.2
Atlanta
.
do
203.4
New York
do
180.9
San Francisco
- do
177.1
St. Louis
do
Residences:
Brick:
180.2
Atlanta
do
219.1
New York
do
188.8
San Francisco
do.
199.3
St. Louis
do
Frame:
183.9
Atlanta
- - .do
221.6
New York
_
do. .
187.2
San Francisco
do
200.5
St. Louis
. . do.
Engineering News-Record:
Building*
1913=100.. ' 304. 6
' 400. 0
Construction (all types) c?
do
Federal Home Loan Bank Administration:
Standard 6-room frame house:f
182.5
Combined index
1935-39=100..
188.8
Materials
do
172.4
Labor
..
do
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Premium-paying mortgages (cumulative)
7,087
mil. of dol_.
Estimated total nonfarm mortgages recorded
($20,000 and under)*
thous. of dol_. 941, 020
Estimated new mortgage loans by all savings and
313,636
loan associations total
thous. of dol
Classified according to purpose:
Mortgage loans on homes:
70, 214
Construction
- do.
176, 395
Home purchase
do
26, 149
Refinancing
.
do. _
10, 788
Repairs and reconditioning . _ _ do.
30, 090
Loans for all other purposes
do
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
245
to member institutions
.mil. of dol
Home Owners' Loan Corporation, balance of
582
loans outstanding
mil. of dol
Foreclosures, nonfarm, index, adjusted t
7.9
1935-39=100..
68, 029
Fire losses
thous. of dol..
304
300
310
307
419
448
432
392
405
427
448
438
396
421
437
458
442
409
430
446
470
448
417
441
452
475
452
424
446
456
479
469
427
449
464
494
480
429
456
468
501
488
433
459
472
505
491
435
462
475
508
495
436
469
478
514
502
437
470
481
515
503
441
471
290
294
295
300
307
312
314
318
320
.321
321
321
155.4
160.3
211.2
186.6
187.8
162.4
215.5
188.9
189.9
164.1
216.4
192.5
191.2
165.0
218.5
195.4
192.2
165.5
219.0
196.2
193.6
166.9
219.8
196.8
194.9
168.6
225.1
199.8
198.1
172.1
225.2
201.6
199.4
172.4
233.9
201.9
200.2
173.6
235.9
202.7
200.6
173.6
237.1
202.8
200.6
159.6
212.5
190.6
187.8
161.2
214.9
192.4
189.4
162.3
216.0
197.4
190.8
163.0
217.4
199.6
191.5
163.4
217.8
200.2
192.5
164.5
218. 4
200.6
193.4
166.7
224.6
206.8
200.9
172.7
224.8
208.9
202.3
172.9
237.0
209.1
202.9
175.3
238.5
209.5
203.0
175.3
239.3
209.6
203.0
158.8
206.6
188.0
187.5
161.4
209.4
190.8
190.1
165.0
210.4
195.7
192.3
165.8
213.8
198.9
193.4
166.2
214.2
199.5
194.5
169.4
215.1
200.2
196.3
171.4
220.0
202.9
199.6
173.8
220.1
203.9
200.4
174.0
229.9
204.1
201.3
175.3
232.1
204.4
201.5
175.3
234. 5
204.6
201.5
180.4
219.3
189.0
184.0
223.4
195.1
205.6
185.4
225.5
196.7
207.0
185.6
225.9
198.4
207.5
186.9
228.7
207.1
210.7
187.3
229.1
207.7
212.1
189.3
231.3
209.7
217.5
191.9
242.7
212.7
220.6
194.4
239.2
213.8
221.4
194.6
244.8
214.0
223.6
196.2
248.6
214.9
223.8
196.2
249.3
214. 9
223.8
184.1
221.8
187.4
202.2
187.9
225.0
194.0
207.2
189.3
227.1
195.6
208.6
189.5
227.5
196.3
209.0
191.0
231.0
206.2
213.0
191.4
231.4
206.8
214.0
194.0
234.1
209.3
220.9
196.7
238.8
210.5
224.0
198.5
243.2
211.5
224.8
198.7
246.4
211.7
227.5
199.7
250.7
212.7
227.5
199.7
251.6
212.7
227.5
' 307. 4
r
406. 6
' 308. 9
' 413. 8
' 317. 8
' 422. 9
184.8
189.0
179.2
185.1
188.5
181.0
205.9
178.4
182.8
154.3
207.0
180.8
185.4
154.4
203.6
181.1
182.1
202.2
183.7
189.1
175.5
r
322. 6
'426.4
' 327. 3 ' 329. 2 r 333. 1
' 434. 6 ' 436. 9 ' 441. 1
7,473
' 334. 2 ' 334. 6
' 443. 6 ' 443. 0
333.9
447.9
7,954
8,084
8,244
8,396
954, 569 1, 006, 626
909, 447
826, 874
955, 441
993, 678
376, 000
311, 292
310, 201
273, 202
254, 581
318, 602
336, 947
86, 097
203, 443
27, 322
12, 297
27, 712
95, 364
208, 488
28, 523
13, 213
30, 412
76, 718
170, 831
24, 747
10, 415
28, 581
82, 234
163, 703
26,042
9,806
28, 416
70, 274
140, 122
25, 856
8,679
28, 271
66,894
126, 462
23,511
8,374
29,340
97, 325
146, 213
29, 677
11, 519
33,868
97, 458
156, 701
30, 973
14, 189
37, 626
314
336
360
391
436
392
373
374
397
532
520
508
497
486
475
465
454
444
8.6
51, 359
8.2
47,990
7.7
54,946
7.0
51, 346
8.0
68, 361
8.2
63,010
71, 521
74, 236
63, 751
7,147
7,217
7,295
965, 733
947, 357
994, 787
988, 446 1, 022, 648 1, 103, 030
335, 074
323, 368
353, 105
351, 757
356, 871
186, 148
28, 383
11, 558
30, 373
78,612
69, 700
184, 626
28,948
11,963
28, 131
85, 867
194, 057
28, 936
13, 410
30, 835
83, 355
200, 183
25, 263
13, 018
29,938
257
289
292
570
557
544
8.1
8.7
50,840
8.5
49, 357
56,545
r
335. 5
'333.6
' 441. 7 ' 442. 7
7,377
7,593
7,691
7,816
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:!
263
262
284
284
281
258
277
'289
281
269
J>280
278
Printers' Ink combined index
1935-39=100
283
309
308
321
314
312
301
'350
303
320
331
"350
Farm papers
. do
331
'321
298
280
335
330
291
340
342
313
*316
333
IMagazines
do
215
205
218
217
214
200
242
222
229
230
199
227
Newspapers
. do
303
319
289
258
290
322
272
287
229
312
295
287
Outdoor
.
.
do
298
284
291
309
303
312
320
319
294
289
308
287
Radio
-do
' Revised.
» Preliminary.
c? Revisions for November 1946 to March 1947, inclusive: 369.3; 387.0; 393.7; 395.5; 399.6.
^Revisions for January 1940-December 1945 are available on request; see also latter part of note marked "t" on p. S-5.
*New series. For a description of the series on nonfarm mortgages recorded and data for January 1939 to September 1942 see p. S-5 of the November 1942 Survey. See note in the February 1947 Survey regarding the Engineering News-Record index of building costs; revisions for November 1946 to March 1947, inclusive: 280.0; 294.6; 301.6; 303.3; 305.2.
fRevised series. The index of nonfarm foreclosures has been revised beginning 1938 because of changes in the seasonal adjustment factors; revised data for 1938-46 are available upon request.
Indexes of advertising from Printers' Ink have been completely revised and all series are now based on dollar costs; data beginning 1935 and a description of the indexes will be published
later. The indexes of cost of the standard 6-room frame house are shown on a revised basis beginning in the April 1946 Survey; revisions beginning November 1935 will be published later; the
indexes were discontinued after June 1947.
SURVEY OF CUEEENT BUSINESS
June 1 4
98
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
S-7
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
DOMESTIC TRADE—Continued
ADVERTISING—Continued
197.1
196.2
202.9
218.3
225.9
231.1
221.4
220.8
210.1
15, 548
595
98
284
508
4,049
467
155
1,729
1,308
4,714
1,641
16, 009
573
111
301
412
4,120
499
177
1,722
1,433
4,784
3,877
14, 994
505
100
275
400
3,883
499
167
1,606
1,430
4,516
1,613
14, 227
441
130
314
381
4,106
432
172
1,542
1, 595
3,982
1,132
14, 461
485
187
278
393
4,268
439
172
1,483
1,568
3,868
1,318
15 252
527
151
345
367
4,402
428
156
1,715
1,580
4,268
1,314
17 376
597
139
379
471
5,128
420
168
1,704
1,809
4,967
1,594
16 905
739
195
333
440
4,907
450
172
1,499
1,662
4,688
1,820
17 730
728
92
511
464
5,203
504
152
1,647
1,848
5,033
1,600
40, 816
2,262
4,663
1,288
659
4,926
600
3,292
1,016
624
887
5,924
14, 677
4,703
42, 801
2,601
4,661
1,541
698
5,246
627
3,530
1,182
995
860
6,120
14, 740
4,332
40, 033
2,772
3,125
1,376
654
5,348
683
2,667
1,173
763
1,125
5,926
14, 421
3,413
3,377
4,132
i 99, 308
i 7, 555
1 10, 191
3,872
1,567
i 13, 543
2,142
6,051
2,558
1,650
1
2, 827
1 12, 771
i 34, 582
4,738
4,763
168, 445
39, 580
128, 865
6,473
2,008
28, 100
92, 283
172, 376
41, 301
131, 075
6,512
1,950
28, 210
94, 403
163, 130
39, 341
123, 789
7,014
1,933
26,011
88, 831
145, 263
37, 778
107, 485
6,214
2,299
22,467
76, 505
157,980
40, 625
117,355
6,107
1,769
22, 881
86, 597
173, 871
41,610
132, 262
5,438
1,809
27, 171
97, 843
198, 478
44, 141
154, 337
6,552
2,194
33, 444
112, 148
88.7
89.2
88.7
88.1
88.3
thousands
thous. ofdol..
4,579
97, 079
4,280
89, 824
4,177
87, 284
4,334
87,320
3,822
81, 664
thousands
thous. of dol__
14, 651
195, 527
13, 771
188, 244
16, 948
178, 353
13, 253
186, 565
12, 587
166,697
Tide advertising index, adjusted*
1935-39= 100
Radio advertising:
Cost of facilities, total
thous ofdol
Automobiles and accessories
do
Clothing
_
do
Electric household equipment
do
Financial
.
do
Foods, food beverages, confections
do
Gasoline and oil
_ _ _
do
Housefurnishings, etc
do
Soap, cleansers, etc
__
do
Smoking materials
do
Toilet goods, medical supplies
do
All other
do
Magazine advertising:
Cost total
do
Automobiles and accessories
do
Clothing
. . .
do
Electric household equipment
do
Financial
do
Foods, food beverages, confections
do
Gasoline and oil
do
Housefurnishings, etc
do
Soap, cleansers, etc _ .
do
Office furnishing and supplies
do
Smoking materials
do
Toilet goods, medical supplies
do
All other
do
Linage, total
thous. of lines..
Newspaper advertising:
Linage, total (52 cities) ....
do
Classified..
do
Display, total
_ _ _ _ _ _ _
do
Automotive
_.
do
Financial
_ _ _ . _ _ .
do
General
. _
do
Retail
_ _.
do
2
4,474
126 436
2
7 308
13, 191
2
7 017
2
1, 833
2
17 399
2
1 331
2
9, 952
2
2, 585
2
2, 532
2
3 073
2
15, 691
2
44 524
3,229
27 688
2 604
1,887
859
585
4 487
304
1 222
562
414
918
7 478
6 367
3,641
37 486
2,771
3,640
1,344
666
6,280
381
1,989
945
495
883
10, 990
7,103
4,175
4,581
4,391
194, 808
41, 447
153, 361
5,957
2,033
32, 004
113, 367
186, 913
37, 530
149, 383
5,215
1,986
24, 935
117, 247
155, 428
39,600
115, 828
5,180
2 896
20, 404
87, 348
167, 945
40, 048
127, 897
6,181
1,869
25, 477
94, 369
189, 555
43, 985
145, 571
6,394
2,225
28, 106
108, 846
197, 221
45, 848
151, 373
7,047
2,295
30, 475
111, 557
86.8
87.6
88.1
88.2
88.5
'89.2
88.7
4,041
89, 874
4,401
91, 665
4,185
85, 095
4 710
91, 655
4 586
92, 651
4 339
86, 412
5 281
106, 540
5 122
95, 871
13, 334
197, 141
15, 371
223, 262
13, 922
196, 844
15, 652
214, 581
14 412
201, 299
13, 135
186, 247
16 749
240, 369
15, 552
220, 748
2
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total..
87.7
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
_
Value
Domestic, paid (50 cities):
Number
...
Value
PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly total at annual rates: *
All goods and services
bil. of dol
Durable goods. ...
do
Automobiles and parts
do
Furniture and household equipment do
Other durable goods
do"
Nondurable goods
do
Clothing and shoes
do
Food and alcoholic beverages
do
Gasoline and oil
_
do
Semidurable house furnishings
do
Tobacco
do
Other nondurable goods
do
Services
do
Household operation
do
Housing
do
Personal service
do
Recreation
...
do
Transportation
do
Other services
do
162.3
19.3
6.1
9.3
3.9
98.4
19.6
59.5
3.8
1.9
3.8
9.6
44.6
6.7
13.2
3.2
3.6
4.4
13.6
165.8
20.2
6.2
10 1
3.9
99 9
19.8
60.8
3.8
1.9
3.8
9.9
45.7
6.8
13.6
3.2
3.6
4.4
14.1
172 5
21 3
6 6
10 7
39
104 2
20 2
64 0
4 0
19
39
10 1
47 0
6 8
14 3
3 2
3 7
4 4
14 6
173 2
20 7
66
10 1
39
104 3
19 3
65 3
4o
2o
38
10 0
48 2
72
14 6
3 2
37
4 5
15 0
~
RETAIL TRADE
All retail stores :f
9.489
9,442
10, 020
9 357
9,629
10, 141
10, 910
Estimated sales, total.
_
mil. of dol..
10, 727
8,921 ' 10, 633
12, 657
9,695
10, 612
2,436
2,402
2,396
2,582
2^ 403
2,287
2,831
Durable goods store
do
2,638
2,958
2,137
2,316
r 2, 678
2,832
1,014
994
993
987
980
1, 052
Automotive group
do
1,148
1,070
1,080
995
1,062
* 1, 272
1,244
839
861
839
847
847
r 1 133
899
Motor vehicles
.
do
988
910
911
886
946
1 086
148
147
132
152
153
155
Parts and accessories
do
160
160
168
109
'139
117
158
741
744
770
763
941
839
693
Building materials and hardware
do
796
809
606
680
757
880
r 4Q1
476
461
509
514
431
575
Building materials
do
645
528
495
398
450
569
79
77
70
77
78
92
71
Farm implements
...do
71
62
61
71
82
98
184
204
179
193
187
185
Hardware
do
204
197
252
159
146
183
213
570
593
594
536
526
641
550
Homefurnishings group
do
651
791
496
466
••571
626
334
342
368
397
385
347
408
Furniture and housefurnishings
do
425
294
496
310
••362
406
202
202
196
184
203
210
233
Household appliance and radios
do
225
172
295
186
209
220
84
104
89
106
97
88
Jewelry stores
do
101
121
279
78
82
71
78
••Revised.
* Total for July, August and September. 2 Total for October, November and December.
§ See note marked "§" on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.
*New series. For a brief description of the Tide index of advertising see note marked "*" on p. S-6 of the April 1946 Survey, data beginning 1936, are available on request. The estimates
of consumer expenditures have been revised in accordance with revisions in the totals shown as a component of the gross national product on p. S-l and in the "National Income Supplement"
referred to in the note marked with an "*" on that page; this supplement provides detailed annual estimates of consumption expenditures for 1929-46 and quarterly data for 1939-46 for the
grand total and for total durable goods, nondurable goods and service; quarterly data beginning 1939 for all series will be published later.
tRevised series. See note marked "t" on p. S-7 of the September 1947 Survey for reference to tables giving data through June 1944 and 1945 revisions for sales of all retail stores; the seasonally adjusted indexes beginning 1942 shown in those tables and later data published currently on p. S-8 were recently revised because of changes in the seasonal adjustment factors and both
the dollar figures and indexes beginning January 1946 were revised in the January 1948 issue, largely because of adjustment of the series to sales tax data for 1946; all data shown above are on
the revised basis; revised dollar figures for all months of 1946 and revised indexes for 1942-46 are shown on p. 10 of the January 1948 Survey.
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
All retail storesf— Continued
Estimated sales— Continued
Nondurable goods stores
mil. of dol._
Apparel group
do
Men's clothing and furnishings
do
Women's apparel and accessories
do
Family and other apparel
do
Shoes
do
Drug stores
do
Eating and drinking places
do .._
Food group
-- do
Grocery and combination
do
Other food
_.
do
Filling stations
do
General merchandise group
_ _ - do
Department, including mail-order
do
General, including general merchandise
with food
mil. of dol
Other general mdse. and dry goods do _ _ .
Variety
.. do
Other retail stores
do __
Feed and farm supply
do
Fuel and ice
do Liquors
_- do
Other
do
Indexes of sales:
Unadjusted, combined index
1935-39 =100__
Durable goods stores
do
Nondurable goods stores
do
Adjusted combined index .._
do
Durable goods stores
do
Automotive
do
Building materials and hardware
do
Bfomefurnishings
do
Jewelry
7,155
766
183
345
100
137
1,019
2,504
1,979
525
400
1, 254
834
7,584
778
192
345
103
138
304
1,078
2,712
2,162
550
442
1,316
874
7,087
707
189
291
96
131
290
1,032
2, 518
1,995
523
440
1,195
788
6,954
558
134
241
77
106
293
1,052
2,618
2,083
535
472
1,074
677
7,233
606
139
271
86
110
300
1,089
2,714
2,170
514
485
1,156
743
7,559
825
201
367
114
143
298
1.086
2,609
2, 063
546
466
1,345
907
8,079
858
212
387
120
139
307
1,131
2,825
2, 243
582
483
1,457
986
8,089
906
247
395
134
131
296
1,033
2,768
2,212
556
496
1,605
1,111
151
165
153
155
157
160
168
168
287
120
149
925
283
146
144
352
130
147
954
272
144
151
387
120
134
905
249
155
134
368
110
133
887
251
153
134
349
115
140
884
238
139
148
359
302. 9
289.7
287.1
301.3
294.8
309.4
298.4
297.3
287.4
302.2
283.4
287.2
300.8
297.2
301.0
301.6
301.2
298.0
297.6
299.7
297.7
297. 5
296.9
289.4
287.4
222.1
220. 4
222.8
214.1
233.6
353. 4
359. 5
343.1
332.1
322.7
444.2
428.4
426.7
390.5
428.1
417.4
442.6
416.0
435.9
430. 3
(Jo
302. 9
302.6
298. 1
300.3
303.7
. _ do
300. 3
293.8
292.6
277.0
301.9
do
252.3
248.8
246.5
249.4
250.1
- do
406.5
409.6
406.0
414.2
416.1
do
324.4
329.0
329.8
332.3
331.8
- do
201.9
221.3
221.7
200.2
203.0
do
253. 1
251.6
249.5
245.2
254.2
do
329.5
317.5
313.4
315. 8
314.0
do
mil.of dol_. ' 12, 179 ' 11, 740 ' 11, 594 -11,431 '11,815
r
' 3, 954
3, 878
' 4, 028 r' 3, 972 ' 3, 954
do
' 7, 640 ' 7, 553 ' 7, 861
' 8, 151
7, 768
do .
132
146
930
244
170
132
384
141
162
1,018
266
181
162
409
328.6
323.6
343.1
332.6
323.9
320.7
317.6
314.7
327.6
322.5
255.8
243.1
395.8
388.3
439.4
455 6
409.1
438.6
314.3
312.1
293.8
313.9
257.1
254. 6
426.7
418.3
355. 2
340.6
219.6
218 7
248.4
258.0
335. 1
329 2
r
12, 155 'r 13, 099
4, 182
' 4 013
'8 142 ' 8, 917
149
177
985
214
189
162
420
342.1
348.6
340.0
324. 7
331.5
252.1
401.2
464. 8
415.4
322.5
321.5
254. 4
408.6
357.0
240.9
266.6
343. 3
' r13, 487
4, 195
' 9, 292
9,699
1,202
350
495
182
174
401
1,085
2,995
2,377
618
496
2,207
1,478
194
210
326
1,313
7,379
627
156
285
87
98
293
1,008
2,873
2,308
565
479
1,081
719
6,784
565
136
262
79
88
280
942
2,592
2,060
532
435
1,033
690
136
r
122
104
122
1,019
245
260
246
562
240
309
146
325
386.1
367.5
392.1
329.9
340.5
265.0
408.3
463.8
426.3
326.5
310.8
251.4
423.1
363.4
230.2
272.6
353.8
r
12, 426
r
4, 182
r
8, 278
293.0
287.2
294.9
324.5
330.3
260.9
394.1
441.1
410.1
322. 6
290.5
254.8
418.7
372.3
243.3
248.8
351.0
r 12, 779
r 4, 358
97
125
938
223
278
131
306
7, 955
"•854
7 780
116
••151
"300
1,043
' 2, 842
2,247
'594
96
125
194
394
495
707
170
345
290
1 046
2 850
2 255
595
523
1,384
'940
1 336
910
148
Ifift
125
142
998
294
166
145
393
330.2
356.1
321 8
336 1
357 1
127
168
' 1, 038
278
243
'145
'372
'321.0
295.2
' 325. 3
285.8
' 319. 6
298.3
' 327. 9
322.1
' 341. 9
326.2
'287 6
261.5
' 389. 9
390.2
' 433. 9
425.2
391 6
388.6
' 323 3
320.8
'292 6
292.1
r 256 1
255. 3
422 4
418.9
' 371 8
369.0
251 7
238.8
253 3
249.0
' 339 1
346.1 r 14 280
' 13, 625
'5
' 4, 634 ' 9 Oil
269
' 8, 991
' 2, 313
' 1, 874
'288
170
one o
408 7
465.3
Af\A
7
OOQ o
Nondurable goods stores
9Q7 7
OCI Q
Apparel
Drug
425 2
Q7ft A
Eating and drinking places
Food
9fi1 ft
Filling stations
OOQ 0,
General merchandise
Other retail stores
Estimated inventories, total*
Durable goods stores*
r 8, 421
Nondurable goods stores*
Chain stores and mail-order houses :f
2, 272
2,014
2,851
2,319
1,997
2,036
1,938
2,038
2,158
2,348
2.133
Sales estimated, total*
do
173
352
187
253
229
181
244
240
260
246
Apparel group*
do
48
32
30
65
27
39
25
47
41
40
55
44
Men's wear*
do
138
82
80
162
103
88
90
113
115
111
116
109
Women's wear*
do
'78
44
46
96
68
55
71
69
53
68
67
72
Shoes*
do _
'37
28
28
56
44
45
46
41
44
38
47
42
Automotive parts and accessories*
do
'81
103
80
68
76
93
117
97
99
83
90
88
112
Building materials*
do
69
66
66
97
69
65
68
65
69
67
68
66
Drug* "
do
54
52
51
49
54
52
54
50
52
51
52
50
52
Eating and drinking*
_
do
'28
21
' 22
42
25
24
29
26
24
27
35
CQQ
27
Furniture and housefurnishings*
do _
586
449
431
954
509
473
645
518
532
552
696
593
General merchandise group* _
_ . do
Department, dry goods, and general merchan330
348
249
230
304
528
366
279
303
328
303
399
347
dise*
. _ mil. of dol__
113
84
84
130
82
77
126
68
85
88
132
108
Mail-order (catalog sales)*
do
146
105
108
121
281
116
115
140
129
127
153
126
Variety*
do _
797
804
725
786
722
754
661
6S3
689
748
755
662
Grocery and combination*
do
Indexes of sales:
' 303. 2
304.7
r 269. 1
' 259. 1
295.6
377.2
301.6
257.0
258.3
277.1
275. 5
275. 6
320.0
Unadjusted, combined index*
1935-39=100.r
'300.6
314.4
' 289. 9
292. 7
291.0
301.9
280.3
• 287. 7
280.9
280.5
297.4
278.6
275.7
oric 7
Adjusted, combined index*
do
293.2
281.1
326.1
320.8
300.8
305.0
306.5
300.6
323.3
308.0
292.0
Apparel group*
_
do
299. 6
278.0
285.5
346.5
304.5
288.5
305.7
286.7
292.1
333.7
294.4
268.2
Men's wear*
do
418. 3
353.5
373. 8
390.2
397.3
365.9
360.3
388.1
382.3
394.2
398.0
379.9
Women's wear* __
__ do
211.2
217.5
256.9
253.7
233.4
241.2
240.8
246.6
244.8
217.1
229.7
Shoes*
do .
250. 7
205.3
206.2
228.3
251.8
241.6
213.3
232.4
240.0
250.4
225.2
246.0
Automotive parts and accessories*
do
' 332. 5
363.2
355.0
345.6
334.4
361.5
325.1
333.7
334.8
328.6
326.1
306.5
299.9
Building materials*
.
do
227. 3
234.5
228.0
229.7
226.8
223.9
222.9
227.2
229.0
230.2
226.0
229.1
r
Drug*
do
228. 6
224. 5
220.2
223.0
221, 3
219.1
220.2
226.5
222.8
218.7
223.5
211.9
220.8
Eating and drinking*
do
' 261. 7
265.4
' 258. 7
' 261. 1
265.1
269.3
256.9
243.1
245.9
218.5
224.2
279.3
242.0
Furniture and housefurnishings*
do_ _.
286.0
313.8
268.4
271.9
286.3
306.0
275.2
273.9
272.4
275.0
271.7
292.6
267.0
General merchandise group*
do
Department dry goods, and general merchan343.6
387. 4
322.3
322.3
350.5
347.9
332.6
329.0
322.4
347.9
322.7
316.6
324.6
dise*
1935-39=100
263.0
285.1
256.3
256.5
259.0
305.0
265.8
276.3
265. 7
270.0
269.1
283.0
244.1
Mail-order*
do
212. 7
220. 3
205.4
193.4
208.7
240.4
194.2
193.7
207.4
192.7
214.7
192.9
204. 4
Variety*
.
do _.
359. 8
363. 3
353.7
350.1
337.5
326.0
316.7
320.5
322.4
339.5
338.1
316.1
320.1
Grocery and combination*
do
Department stores:
Accounts, collections, and sales by type of payment:
Accounts receivable:
'189
191
181
206
264
165
145
167
204
181
146
167
163
Charge accounts§.
1941 average=100_.
129
132
124
127
136
84
111
82
87
83
95
81
79
Instalment accounts §
do
Ratio of collections to accounts receivable:
53
52
49
53
54
54
53
55
51
53
57
54
56
Charge accounts§
percent..
25
27
23
24
29
28
31
30
28
28
31
30
30
Instalment accounts!
do
Sales by type of payment: *
51
51
53
54
54
54
53
56
57
53
55
55
55
Cash sales
percent of total sales..
41
41
40
39
39
40
38
37
40
40
39
39
39
Charge account sales
do
8
8
7
7
7
7
6
6
6
7
6
6
6
Instalment sales...
do —
'Revised. §Minor revisions in the figures prior to November 1941 are available on request.
. .
,
u
u • *
•
**
A- * *
*New series. See note marked "*" on p. S-8 of the September 1947 Survey for reference to tables giving data through 1943 and 1945 revisions for the chain-store series; the adjusted
indexes beginning 1942 shown in those tables and later data published currently were revised recently because of changes in the seasonal adjustment factors and the dollar figures for the general merchandise group and the total beginning January 1946 were revised in the January 1948 Survey, necessitating further corrections in indexes for 1946 and 1947; revised indexes forl942-4&
and dollar figures for 1946 for the two series affected are shown on p. 11 of the January 1948 Survey. See p. S-9 of the August 1944 Survey for data beginning June 1943 for the series on department store sales by type of payment. Revised year-end figures for 1929, 1933 and 1935-46 for inventories of retail stores are shown in the article ''Revised Estimate of Retail Inventories,,
1929-48" appearing in'this issue; monthly figures for January 1939—March 1947 will be published later.
for
fRevised series. Data were revised in the January 1948 Survey; see note marked "t" on p. S-7 for explanation and reference to revised data.
r
SUKVEY OF CUERENT BUSINESS
June 1 4
98
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-9
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Department stores— Continued
Sales, unadjusted, total U. S.f
1935-39=100..
Atlanta!
...
do
Bostonf
__
do
Chicago*
do _
Clevelandf _. _
do
D alias f
do
Kansas City!
do
Minneapolis!
__
do
New York!
do
Philadelphia!
do
Richmond! .
__ do
St. Louis!
do
San Francisco!-.
.
do _
Sales, adjusted, total U. S.f
do
Atlanta!
do
Boston!
do
Chicago!
.
do
Cleveland!
_
do
Dallas!
do
Kansas City!
- do_.
Minneapolis!
do
New York!
_
. _ _ do..
Philadelphia!
_
do
Richmond!
_ _
do
St. Louis!
_
do
San Francisco!
do
Stocks, total U. S., end of month:!
Unadjusted
1935-39=100
Adjusted
_
_
__do
Mail-order and store sales:
Total sales, 2 companies
.thous. of dol_.
Montffomerv Ward & Co
do
Sears. Roebuck & Co
.. do..
Rural sales of ffeneral merchandise:
Total IT. S., unadjusted
1929-31 = 100..
East
do
South
_. .
do
Middle West
do
Far West
.
do. .
Total U S., adjusted
do
East
do. _
South
do
Middle West
do
Far West. .
_
do
••268
350
227
258
266
347
290
' 263
223
'247
290
297
302
277
353
227
261
272
377
299
'256
235
'257
299
306
320
280
349
241
276
283
356
297
269
237
261
301
315
302
291
367
244
276
298
379
306
270
253
' 258
303
321
325
266
307
232
270
267
307
281
264
231
238
278
269
299
289
365
249
278
284
361
305
278
249
'256
317
299
330
219
269
164
219
220
288
250
217
171
185
215
249
278
286
336
237
281
281
378
298
268
251
257
301
320
327
236
310
176
224
237
327
277
242
179
193
233
264
308
283
352
234
266
273
376
307
271
246
258
282
307
348
299
368
248
296
293
387
336
311
244
267
322
340
336
292
361
236
290
290
368
323
287
239
'266
303
337
336
298
372
234
284
290
396
336
304
253
280
324
330
343
277
348
211
266
271
360
320
276
225
265
297
308
333
374
460
306
364
371
507
392
335
323
370
394
428
411
302
383
248
298
296
415
335
281
248
'280
310
339
339
483
619
419
455
479
633
505
424
408
460
542
516
554
303
394
243
293
309
388
334
277
241
'277
322
337
352
262
264
252
252
237
242
232
231
245
227
256
231
283
251
295
273
260, 325
99, 623
160, 701
275, 884
104, 322
171, 562
253, 091
89, 635
163, 456
231, 957
84, 330
147, 627
254, 738
97, 334
157, 405
306, 643
117,507
189, 136
333, 123
127, 144
205, 979
307.6
309.3
409.5
263.5
336.5
334.6
324.6
464.8
282.1
376.8
?92.5
296.3
382.9
250.6
328.8
318.6
322.1
451.5
264.7
365.7
287.7
278.0
384.3
251.1
335.3
315.8
302.8
478.0
266.0
351.8
243.1
223.2
332.0
215.1
288.7
333.0
313.5
489.0
291.5
352.1
306.6
297.0
403.9
262.5
372.8
374.8
372.6
560.2
318.2
404.8
375.9
340.6
523.6
320.8
446. 9
355.6
346.5
474.3
313.0
381.9
4,977
1,818
3,159
6,823
4,952
1, 763
3,189
6,734
4,843
1, 699
3,144
6,755
4,997
1,636
3,361
6,660
5,093
1,669
3,424
6,768
5,654
1,819
3,835
6,888
286
291
339
237
316
174
225
233
324
254
206
202
216
245
258
288
283
359
223
281
284
368
292
267
241
'280
306
307
319
'284
387
'228
266
284
384
*301
263
234
284
317
318
'319
284
'368
'235
274
270
384
307
278
229
'263
317
318
'331
*287
366
*>230
283
280
399
P320
285
237
261
295
326
P325
*303
390
*>232
289
295
448
?337
283
255
278
321
343
*>354
243
283
252
288
278
303
302
312
*>307
P308
355, 255
129, 206
226, 048
415, 686
148, 113
267, 573
230, 794
74, 116
156, 679
215, 575
75,631
139, 944
301, 627
107, 103
194, 524
319, 342
115, 382
203, 959
405.1
398.1
612.6
333.4
446.3
311.8
309.3
413.3
262.5
371.6
484.6
491.4
727.8
405.4
515.3
372.5
381.2
530.1
309.2
424.8
466.6
448.6
644.9
389.9
568.2
291.8
269.4
429.3
249.9
348.1
273.8
262.8
423.8
224.6
301.4
359.7
345.8
535.7
293.6
410.1
299.8
295. 7
462.6
250. 5
309.4
370.5
361.5
507. 3
315.1
418.1
358.8
370.4
485.1
309.4
'382.3
408.6
412.4
537.2
349.2
464.5
342.6
343.3
467.7
293.4
375.6
372 8
360.2
530.8
314.2
420.6
6,392
2,032
4,360
6,930
5,740
1,853
3,887
7,370
5,877
1,926
3,951
7,499
5,470
1,774
3,696
7,634
5,014
1,763
3,251
7,835
5,608
2,035
3,573
8,200
5 551
2,082
3,46ft
8,115
224
284
170
217
216
316
245
214
192
204
214
239
274
284
355
216
271
284
390
306
286
240
r 272
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales total
mil. of dol
Durable poods establishments
_ do
Nondurable poods establishments
do
All wholesalers, estimated inventories*
do.
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment status of noninstitutional population:*
Estimated number 14 years of age and over,
107, 504
107, 590
total-.
. _. _ _
thous
107, 260
107, 330
107, 407
107 918
107 675 107, 755
108 124
107, 839
107, 979
108 050
108 173;
54, 612
54, 561
Female
do
54, 420
54, 460
54, 506
54, 661
64, 759
54,844
54, 934
54, 805
64 889
54, 710
54 96952, 943
52, 978
Male
.
do
52, 840
52, 870
52, 901
53 113
53 135
53 161
53 045
53 080
53 014
53 190
53 2041,371
1,398
Armed forces _
do
1,352
1,530
1,470
1,241
1,327
1,294
1,280
1 226
1,236
1,326
1 23a
62, 609
62, 664
Civilian labor force, total..
. __ do
61,665
69, 120
60, 290
60,784
59 690
69 214
59 778
60, 216
60, 892
59 769
60 524
17,803
17,125
18, 149
16, 320
17, 120
Female
_ __ _ _
do
1 7, 233
16 752
17,449
16 698
17, 068
16 368
16,760
17 155
43 Q26
44, 460
44, 861
Male
do
44, 540
42,800
43, 170
42 892
43 551
43 443
43 148
42 846
43 009
43 369
60, 079
60 055
Employed
do
56, 700
68, 330
59, 569
58 595
58 872
59 204
57 139
57 329
57 947
57 149
58 330
17, 008
16, 580
17, 302
Female
_
_
do
15, SCO
16,547
16,085
16,944
16,623
16, 714
16, 294
16, 002
16, 52915, 876
43, 071
Male.
. . . .
do
40, 900
41, 750
42, 753
43, 022
41 972
42 260
41 137
41 244
41 653
42,158
41 273
41 801
10, 066
8,975
7,860
8,960
10, 377
Agricultural employment
do. _
7,985
8,727
6,962
8,622
6 771
6,847
7 44&
7 060
50, 013
50, 594
48, 840
49, 370
49, 678
Nona gricultural employment
_do
60,145
50,368
60,583
60,609
50, 985
50, 482
50, 089
50, 883.
2,584
2,121
2,555
Unemployed. _ _ _ _ _
do
2,420
1,960
1 621
1,912
1,687
2 639
1 643
2 065
2 440
2 193
Not in labor force
do
43, 399
43, 469
44, 573
47 046
46, 610
45, 570
45 544
45 535
46 330
47 119
47 047
47 524
46 414
Employees in nonagriculturaJ establishments:!
Unadjusted (U. S. Department of Labor):
41,919
42, 363
42, 201
Total. _ . . . . .
thous
41, 824
43, 039
42, 624
43,298
44 078 ' 43 Oil ' 42 680 ' 42 980 P 42 708
43 450
Manufacturing
do
15, 237
15, 328
15, 429
15, 831
15, 233
15, 695
15 872
15 801
15 964 ' 15 876 ' 15 785 r 15 875 j> 15 531
Mining _
..
do
P 769,
884
893
866
856
'897
896
894
895
899
896
889
'897
Construction
do
1,619
1,685
1,768
1,847
1,895
P 1 790
1,896
1 849
1,904
1 788
1 691
' 1 564 r 1 627
4,115
4,092
4,140
4,144
Transportation and public utilities
do
3,836
3,970
4,042
4,049
4,110
3,992
' 3, 993 '1009
P 4,' 024.!
8,582
Trade....
.do
8,558
8, 552
8,545
8,686
8,889
9, 075
8,688
8, 821
9,453
' 8, 727 ' 8, 806
*8,771
1,561
1,590
Finance
do
P i 617
1,567
1, 554
1,586
1,583
1,602
1,588
1 595
1 591
1 611
1 605
P 4 755
Service
do
4,711
4,686
4,552
4,590
4,662
4,619
4,634
4,670
4 723
4 688
4 730
'4 729
P 5 451
5,399
Government.
_
do
5,281
6,426
6,447
5 425
5,447
5,288
5 417
5 450
5 653
5 387
5 426
Adjusted (Federal Reserve):
Total
do. _
42, 079
42, 066
42, 340
42, 103
43, 077
42, 449
42 849
43 142
43 350 r 43 473 r 43 197 ' 43 254 P 43 048
Manufacturing
do
15,513
15, 359
15, 358
15 180
15 457
15 715
15 784
15 833
15 925 ' 15 931 r 15 §40 ' 15 930 P 15 616
r 897
P 769
Mining.
__
_ _ do .
893
884
856
866
896
864
895
897
899
896
889
r 1 719
r l 731
Construction
do
1,652
I 742
r 1 8^8
P j 827
1,668
1 770
1,700
1 806
1 813
1 7^6
1 882
Transportation and public utilities
do
4,074
3,855
3,970
4,079
4,083
4,092
4,110
4,062
' 4, 053
4,049
' 4, 033
' 4, 029
P 4, 044
Trade.
do__
8,631
8,638
8,669
8,688
8,761
r 8. 850
8. 866
'8. Rfift
v 8 950
8.801
8.811
8.835
8,776
'Revised. 'Preliminary.
*New series. See note marked "!" on p. S-9 of the September 1947 Survey for reference to data beginning 1939 or 1938 for the series on wholesalers' sales and inventories and recent minor-revisions in the sales figures. Estimates of the labor force for November 1945 to date have been published on a revised basis beginning in the January 1947 Survey; earlier revisions for these
series and 1940-46 data for the series on noninstitutional population will be published later.
!Revised series. For revised data for 1919-45 for the index of department store stocks see p. 24 of August 1946 Survey. See notes marked "!" on pp. S-8 and S-9 of September 1947 Survey with regard to published and unpublished revisions in the estimates of employees in nonagricultural establishments and in the indexes of department store sales, except the indexes for theSan Francisco and Philadelphia districts; revised data for 1919-46 for the latter district are shown on p. 17 of that issue; the index for the San Francisco district has been revised recently;
revisions for 1919-46 for this district are shown on p. 23 of the April 1948 Survey. Kansas City and Philadelphia adjusted indexes have recently been revised beginning 1939 and 1940, respec-1
tively; revisions will be published later.
SURVEY OF CUERENT BUSINESS
S-10
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Estimated production workers in manufacturing
industries, total (U. S. Dept. of Labor)*
12,294
12,404
'12,846
' 12, 756 ' 12, 829 " 12, 502
12, 524
12, 341
12, 850
12, 882
12, 959
12, 832
12, 640
thousands..
6,488
6,518
6,639
6,528
6,426
' 6, 615
' 6, 524 ' 6, 614 " 6, 521
6,473
6,307
6,401
6,578
Durable goods industries
do
1,562
1,572
1,567
1,555
1,592
1,583
1,599
1,600
1,594
' 1, 599 v 1, 575
1,580
1,547
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills §
489
501
494
499
498
498
498
509
509
516
498
503
thousands
574
554
567
584
577
559
577
585
'566
573
557
"546
567
Electrical machinery
. _ _
. _ _ do_ _
1,185
1,194
1,197
1,190
1,194
' 1, 206 '1,211
1,175
1,210
' 1, 206
1,185
1,149
v 1, 181
Machinery, except electrical
do
'499
••499
'491
••501
'506
r499
'500
'503
500
••495
'497
'503
Machinery and machine-shop products §_ . do
••54
49
••58
'56
'51
'51
'50
'50
••53
'61
'62
'52
Machine toolsj§
do
789
751
807
795
817
'820
'747
'826
772
797
"816
785
798
Automobiles
do
Transportation equipment, except automobiles
406
477
466
462
'455
463
454
455
420
443
"451
395
397
thousands. _
130
134
142
138
134
135
136
133
'135
131
133
129
Aircraft and parts (excluding engines) J.do
27
27
28
27
25
25
26
26
25
26
27
27
Aircraft engines^
_ _ do
93
140
144
140
133
126
118
128
100
126
88
87
Shipbuilding and boatbuilding^
do
394
424
412
402
401
403
406
402
'405
397
"397
386
390
Nonferrous metals and products..
.do
678
665
627
651
665
681
661
'672
679
680
658
678
"682
Lumber and timber basic products
do_ _
550
536
524
503
531
544
537
552
550
547
527
531
Sawmills and logging camps§
do
438
426
433
425
459
'454
446
453
459
457
433
419
"442
Furniture and finished lumber products__do
233
249
227
229
226
239
244
249
247
247
224
230
Furniture!
do
427
423
429
'424
418
429
'431
432
422
433
"431
411
424
Stone, clay, a n d glass products _ _ _ _ _ d o
6,359
5,916
5,915
' 6, 231 ' 6, 232
5,996
' 6, 215 " 5, 981.
6,332
6,304
6,320
6,239
5,987
Nondurable' goods industries
do
Textile-mill products and other fiber manufac1,192
1,179
1,197
1,258
1,223
' 1, 277 " 1, 261
1,217
1,271
1,172
1,238
1,256
1,158
tures
- _
thousands
Cotton manufacturing, except small wares §
499
502
524
529
517
509
525
508
517
523
493
494
thousands..
103
102
103
107
105
106
111
112
108
107
100
102
Silk and rayon goods.
_
do
Woolen and worsted manufactures (except
169
177
163
164
170
171
178
174
177
180
158
163
dyeing and finishing) §
thousands
Apparel and other finished textile products
1,149
1,040
1,037
1,066
1,181
1,203
1,171
1,199
1,223
' 1, 221 v 1, 142
1,040
1,122
thousands..
299
285
284
281
308
307
311
315
309
278
295
311
Men's clothing §
do
452
389
389
408
462
476
452
482
471
'485
400
440
Women's clothing!
_ _ _ _ _
do
346
345
364
358
371
366
'374
'368
369
373
349
"340
360
Leather and leather products _ _ _ _ _ do
214
221
213
225
226
232
230
228
233
223
231
217
Boots and shoes §
do
1,381
1,114
1,068
1,077
' 1, 104
1,074
' 1, 064
1,259
1,197
1,165
1,344
"984
1,203
Food and kindred products
.do
215
219
220
213
212
211
225
225
221
217
217
218
Baking §
_
do
384
155
135
136
172
240
'129
'123
122
149
246
350
Canning and preserving!
_ do
182
173
197
176
183
192
181
168
204
182
187
183
Slaughtering and meat packing§
do
84
82
83
87
86
89
90
87
84
85
88
88
"86
Tobacco manufactures
_ _ _ _ _ _ d o
381
381
385
385
387
381
387
384
'385
390
"379
380
373
Paper and allied products
do
195
192
193
197
197
200
198
200
197
200
194
200
Paper and pulp§ _.
do
Printing, publishing, and allied industries
422
423
421
429
433
435
431
427
422
426
436
429
"425
thousands. _
142
140
141
144
144
145
145
145
142
143
146
144
Newspapers and periodicals§ _,
do
176
176
175
181
182
'182
178
178
176
183
176
180
Printing, book and job§
do
561
572
543
565
575
563
'573
577
579
675
547
547
"564
Chemicals and allied products
do
195
199
196
196
195
198
196
196
198
196
198
197
Chemicals§
do
160
162
154
158
163
161
162
'162
163
163
160
163
"163
Products of petroleum and coal
do
111
110
109
106
110
110
112
112
110
110
109
111
Petroleum refining§
do
219
215
234
223
223
220
225
221
'217
212
215
223
"212
Rubber products _ _ _ _ _ _
do
118
119
114
114
113
109
123
115
115
112
117
116
Rubber tires and inner tubes§
do
Production workers, unadjusted index, all manu151.4
152.9
150.6
156.6
156.9
158.2
156.8
' 155. 7
157.3
' 156. 6 " 152. 6
150.1
154.3
facturing (U. S. Dept. of Labor) f
1939= 100. _
179.7
178.0
180.8
' 183. 2
179.3
180.5
182.2
183.9
' 183. 2
' 180. 7
177.3
174.7
" 180. 6
Durable goods industries _ _ _ ... do
157.6
158.0
156.8
160.6
161.3
161.4
159.3
159.7
'161.3
156.1
158.5
160.8
" 158. 9
Iron and steel and their products
do. _
Blast furnaces, steel works, and rolling mills §
129.0
126.0
127.3
130.0
129.5
130.0
130.2
130. 4
132.9
130.9
'131.0
131.0
1939=100..
221.5
218.7
213.8
222.7
' 221. 1
225.4
' 218. 5
218.9
215.0
222.7
225.8
215.6
v 210. 7
Electrical machinery _ _ _ _ _ _
do
224.2
225.9
226.6
217.4
225.1
225.9
' 229. 2 ' 228. 3
224.3
222.4
229.0
'228.3
" 223. 6
Machinery, except electrical
do
••241.4
r 243. 5
••242.3
' 240. 2
' 239. 5 ' 240. 3
' 236. 4
' 238. 4
' 242. 2
' 240. 9
' 242. 2
' 240. 9
Machinery and machine-shop products § do
' 142. 9 ' 142. 4
r 156. 9
' 147. 2
' 151. 5
' 137. 6
' 138. 2
' 139. 5
' 137. 6
134.1
' 143. 2
' 140. 2
Machine toolsj§
_ _ _ _ _
do
196.2
200.5
186.5
197.7
198.2
' 185. 6
198.3
203.1
' 203. 7
' 205. 3
195.0
192.0
" 202. 7
Automobiles
do
Transportation equipment, except automobiles
291.8
293.7
300.8
291.2
255.6
248.9
264.8
285.8
' 286. 6 '283.9
278.9
286.6
250.0
1939=100__
337.4
348.4
357.6
337.4
' 341. 1
342.9
327.0
336.2
335.8
' 339. 5
326.0
329.3
Aircraft and parts (excluding engines)}:. do
303.4
302.5
315.8
299.2
276.9
301.1
299.9
294.8
291.0
291.0
284.0
280.1
Aircraft engines t
_
do
202.7
207.8
202.7
191.9
134.3
126.7
144.7
181.5
181.8
125.8
169.9
184.5
Shipbuilding and boatbuilding^
do
175.1
184.8
179.6
177.2
175.3
171.7
168.6
173.3
175.7
' 176. 7 " 173. 3
170.0
175.3
Nonferrous metals and products
do
158.2
149.1
154.8
162.1
161.2
158.3
161.5
161.7
161.3
' 159. 8
156.5
157.3
" 162. 3
Lumber and timber basic products _ _ do
170.6
160.3
175.2
167.0
169.4
169.4
175.4
174.5
175.8
171.1
173.6
167.9
Sawmills and logging camps§
do
129.8
131.8
129.6
139.8
127.8
131.9
136.1
139.2
138. 2
' 138. 3
133.5
139.8
" 134. 7
Furniture and finished lumber products. .do
127.6
128.9
127.0
134.1
125.9
129.4
136.9
139.8
138.7
138.8
131.0
140.2
Furniture.
do
144.0
146.0
142.6
146.0
147.1
' 144. 6
140.2
145.5
144.6
147.6
143.9
' 146. 7 " 146. 8
Stone, clay, and glass products.
do
130.9
129.1
129.1
138.2
138.8
130.7
137.6
138.0
136.2
136.0
' 135. 7
Nondurable goods industries
do
136.0
" 130. 6
Textile-mill products and other fiber manu106.9
103.1
104.6
106.4
108.2
101.2
102.5
104.2
109.8
110.0
' 111. 2 '111.6
factures
.1939=100..
" 110. 2
Cotton manufactures, except small wares §
119.9
123.5
121.7
119.3
117.7
118.1
121.5
123.6
125.2
125.1
126.6
125.6
1939=100..
80.3
83.2
81.5
81.6
79.0
Silk and rayon goods§
do
83.5
84.4
85.5
84.9
80.2
87.6
88.1
Woolen and worsted manufactures (except
103.3
107.8
104.2
100.3
108.4
110.5
107.0
112.4
112.5
103.3
dyeing and
finishing)!
__ .1939 =100. _
113.9
113.1
Apparel and other finished textile products
131.7
135.0
131.4
148.3
131.7
142.2
149.6
152.4
151.9
145.6
154.9
' 154. 6 " 144. 6
1939=100..
123.9
123.5
122.2
121.1
Men's clothing§
do
128.3
134.2
130.4
133.6
134.7
135.2
135.5
137.0
135.9
142.4
136.0
158.0
139.8
Women's clothing§
_
_.
_ do. _
153.9
161.5
158.0
164.4
166.4
' 169. 5
168.3
99.4
99.8
103.0
100.6
Leather and leather products...
do
105.6
106.4
103.8
104.8
107.4
106.9
' 107. 7
' 105. 9
"68.0
92.9
95.6
92.1
93.9
96.7
Boots and shoes!
do
98.5
97.8
100.2
100.4
97.5
' 101. 0
99.4
130.3
125.0
126.0
143.1
147.3
161.1
157.3
Food and kindred products..
_. do
140.1
136.4
' 129. 3
'125. 7
124.5
" 115. 1
111.4
117.9
112.0
Baking!
do. _
111.0
115.5
113.7
118.1
113.1
114.5
116.0
113.9
115.2
90.3
255.7
103.3
Canning and preserving!...
__ do
90.1
114.4
163.8
159.8
'82.1
99.1
'85.5
232.7
81.2
124.3
Slaughtering and meat packing..
do
130.6
128.0
135.5
142.0
135.0
145.7
134.7
135.5
150.8
138.5
134.0
r
Revised. " Preliminary.
JSee note marked "!" on p. S-10 of September 1947 Survey for reference to revised data for shipbuilding, aircraft and aircraft engines, and machine tools.
!Data for the indicated industries (with the exception of newspapers and periodicals and blast furnaces, etc.) have been revised beginning 1939 to adjust the series to 1945 data from the
Federal Security Agency, see note marked "§" on p. S-10 of September 1947 Survey for reference to revised data for furniture and the clothing industries, and p. 24 of that issue for revised
data for 1939-46 for the boots and shoes industry; revised figures for 1939-46 for sawmills and logging camps and the printing, book and job industry are on p. 23 of the October 1947 Survey;
and for the food industries and chemicals, on pp. 22 and 23 of the April 1948 Survey; revisions beginning 1939 for other industries will be shown later. Data for newspapers and periodicals and
blast furnaces, etc., were found to need no similar general revision; see November 1943 Survey for data beginning August 1942.
*New series. See note marked "*" on p. S-10 of September 1947 Survey for reference to estimates for 1929-February 1946 of production workers for all manufacturing, total durable goods
and nondurable goods industries and the industry groups and data beginning October 1941 for the individual industries, except as indicated in notes marked "!" and "J" above.
tRevised series. See note marked "t" on p. S-10 of the September 1947 Survey for reference to revised employment and pay-roll indexes for 1939-41 for the individual industries (except
as indicated in notes marked "§" and "J" above) and for 1939-February 1946 for all manufacturing, total durable goods and nondurable goods industries and the industry groups.
SUKVEY OF CURRENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-ll
1947
April
May
June
July
August
1948
September
October
November
"December
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES— Continued
EMPLOYMENT—Continued
Production workers, index, unadjusted!— Con.
Nondurable goods industries— Continued
Tobacco manufactures..
1939=100
Paper and allied products
_
do
Paper and pulp§
do
Printing, publishing and allied industries. do...
Newspapers and periodicals §
do
Printing, book and job§
_
.do
Chemicals and allied products..
do...
Chemicals§
do
Products of petroleum and coal
do...
Petroleum refining§_
do...
Rubber products
do
Rubber tires and inner tubes§
do
Production workers, adjusted index, all manufacturing (Federal Reserve) f
1939=100
Durable goods industries!
do...
Nondurable goods industries!
do...
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor):
Mining:!
Anthracite
1939=100
Bituminous coal
_.
... do
Metalliferous.
_
_.
do
Quarrying a n d nonmetallic _ _ _ _ _ _ d o
Crude petroleum and natural gas!__
_do__.
Public utilities:!
Electric light and power.
_ .do
Street railways and busses. _
do
Telegraph
.
_ .do
Telephone
do
Services:!
Dyeing and cleaning
_ do
Power laundries
do
Year-round hotels
.do
Trade:
Retail, total!
_ _
do
Food*.
. do
General merchandising!
do...
Wholesale!
do
Miscellaneous employment data:
Federal and State highways, totalj
number.
Construction (Federal and State)
do
Maintenance (State)
_
do
Federal civilian employees:!
United States
thousands
District of Columbia
do
Railway employees (class I steam railways) :
Total
_ _
thousands
Indexes' Unadjusted!
1935-39—100
Adjusted!.
... do .
87.5
145.0
139.6
128.5
117.9
138.1
196.2
280.0
145.4
144.3
193.5
227.0
88.4
143. 7
140.3
128.6
119.0
137.2
194.8
280.9
149.3
148.6
184. 5
220.0
90.2
143.4
141.3
129.1
119.7
137.8
188.5
284.3
150.8
150.1
180.7
217.0
89.8
140.7
140.9
128.8
119.8
138.2
189.8
282.8
153.7
152.6
175.2
212.3
91.6
143.0
142.7
129.8
120.5
137.7
189.7
280.8
154.1
152.8
177.8
214.9
92.3
143.5
142.9
130.7
121.7
139.1
195.2
279.0
154.0
151.4
178. 1
207.5
95.1
145.0
142.9
132.0
121.8
141.6
199.0
278.9
153.3
149.8
182.0
211.0
96.5
145.7
143.4
132.8
122.2
142.6
200.1
280.9
163.5
149.8
184.5
212.2
94.4
146.9
144.8
133.0
122.7
143.7
201.0
283.3
152.9
150.1
186.1
211.7
93.7
145.7
145.0
131.3
121.0
142. 3
199.6
282.8
152.4
149.9
184.2
209.2
94.0
144.8
144.9
130.8
121.4
140.8
199.6
281.0
151.3
149.5
182.7
205.8
93.5
' 145. 0
145.5
' 130. 1
122.0
139.1
'199.0
280.8
' 152. 8
151.3
' 179. 6
200.7
153.8
181.2
132.2
151.9
178.2
131.1
151.7
179.6
129.8
149.4
174.0
130.0
152.
176.
134.
155.7
178.8
137.4
156.4
180.4
137.5
156.8
181.9
136.9
157.8
183.9
137.3
157.5
183.9
136.7
' 156. 4
r
181. 4
' 136. 7
' 157. 3
' 183. 8
* 136. 3
P 153. 5
P 181.0
P 131. 9
90.4
92.1
98.4
126.0
108.9
91.4
97.8
98.1
127.4
109.8
90.5
98.5
99.3
129.0
112.3
88.7
91.2
97.8
129.4
114.3
91.
98.
98.
129.
114.
91.0
99.2
96.8
128.7
112.5
91.2
100.1
95.8
127.6
111.1
91.2
100.7
96.5
126.2
110. 5
91.5
101.7
97.0
122.6
110.4
91.1
102.1
96.9
116.7
110.5
91.6
100.4
97.4
113.7
111.1
92.6
'101.2
'97.6
'118.2
'111.1
P67. 6
P96.6
P 123. 2
P 110. 9
104.8
130.9
104.5
127.2
105.7
130.7
102.8
159.2
107.5
130.4
102.3
190.4
109.3
130.9
101.5
193.3
110.
130.
100.5
193.8
109.9
129.6
99.8
192.9
109.4
128.8
98.1
191.6
109.7
128.7
97.2
193.3
110.3
128.6
97.6
195.0
109.8
129.2
97.2
195.0
110.3
128.6
97.8
196.2
' 110. 9
' 128. 8
98.2
' 197. 4
p 126. 7
164.1
123.6
117.5
167.5
124.9
118.4
173.3
127.2
119.4
167.9
127.8
118.3
160.1
125.0
117.6
162.1
124.3
117.4
164.4
123.1
117.7
159.4
121.3
117.1
156.5
120.9
118.1
152.8
120.1
117.2
149.3
117.6
116.8
' 154. 8
117.7
'116.4
p 157. 4
P117.9
P117.4
111.5
113.7
122. 9
110.5
111.3
113.9
121.2
109.7
111.4
113.7
120.6
110.5
110.2
1]3.0
116.7
111.1
110.0
114.7
115.7
112.2
112.4
112.6
122.8
113.3
115.8
115.0
131. 3
115.5
119.8
116.1
143.6
116.5
130.2
117.4
175.5
117.1
114.4
114.4
129.4
116.3
111.8
113.9
122.9
116.1
' 113. 5
116.7
"112.3
'115.3
P114.4
213, 871
69, 239
105, 407
240, 838
90, 596
109, 641
266, 966
107, 192
116, 465
285, 865
116,116
123, 877
295, 234
125, 999
123, 976
282, 762
120, 546
117, 605
271, 998
115, 565
113,058
246, 777
91, 065
112, 332
218, 587
65, 336
110, 544
198, 438
47, 734
108, 224
190, 678
41, 184
106, 305
202, 090
50, 461
108, 045
1,926
215
1,907
212
1,850
205
1,817
198
1,784
196
1,767
195
1,774
195
1,773
195
1,766
196
1,769
198
1,781
200
1,794
201
p 1,811
P202
1,375
131.9
134.0
1,395
133.8
134.3
1,405
134.8
132.9
1,413
135.5
132.7
1,411
135.3
132.5
1,393
133.6
130.4
1,387
132.9
128.6
1,370
131.3
130.2
1,363
130.4
132.5
1,348
129.1
'134.2
1,340
» 128. 5
* 131. 7
p 1, 347
p 129. 1
p 132. 3
p 1, 289
p 123. 4
p 125. 4
*92.4
P 142. 9
p 129. 6
p 195. 8
p 154. 1
P 175. 6
pill. 9
PAY ROLLS
Production -workers pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor)!
310.7
312.2
319.6
314.2
336.9
323.3
341.6
345.0
' 344. 7
1939=100..
348.9
356.3
' 349. 2
349.9
365.9
Durable goods industries
do
353.8
350.1
372.0
356.9
384.7
379.3
'390.4
' 380. 7
398.7
389.5
297.5
306.7
316.1
304.4
Iron and steel and their products _ . do
324.5
314.4
331.3
327. 6
' 334. 8
' 330. 5
338.7
333.5
Blast furnaces, steel works, and roiling
249.1
237.6
237.9
221.0
254.5
254.2
mills ___
_
-1939—100
255.1
251.9
257.8
' 261. 2 ' 257. 5
260.9
407.1
432.6
396.6
422.3
42.2
Electrical machinery
do .
420.3
463.1
472.1
456.0
456.2
462.0
450.1
434.6
423.0
429.5
419. 2
Machinery, except electrical
do
42.6
426.1
450.4
' 462. 2
448.9
' 464. 1
470.2
465.3
r
r
r
463. 4
' 470. 6
456. 2
'477.9
* 456. 4
' 462. 1
•"480. 0
MSI. 5
Machinery and machine-shop products§do
500. 7
496.4
' 494. 9 r 495. 5
' 265. 4
' 271. 2
' 264. 8
Machine tools§
do
' 242. 3
' 257. 4
' 253. 6
' 257. 5 ' 253. 3
' 254. 4
' 262. 2
' 250. 1
248.6
Automobiles§
do
357.0
343.4
329.0
348.8
373. 5
338.7
388.1
378.5
' 397. 1
' 350. 0
419.5
390.3
Transportation equipment, except automoT
565.3
561. 3
560.3
483.0
biles
1939=100._
499.9
482.9
544.1
522.2
588.1
' 579. 1
585.9
598. 8
639.2
621.5
657.2
622.4
637.6
623.3
Aircraft and parts, excluding engines §. .do
663.8
653.8
r 657. 4
' 667. 3
675.9
668.7
477.0
487.6
481.5
A ircraft engines^
do
485.1
501.3
486.7
499.9
479.2
469.4
482.9
473.9
503.5
399.1
395.6
394.3
243.1
Shipbuilding and boatbuilding§
do.
241.8
262.0
316. 6
289.9
378.9
381.6
416.7
380.0
349. 0
354.0
346.2
326.6
Nonferrous metals and their products
do
343.6
329.7
353. 2
361.0
' 366. 1
371.2
366.2
370.3
323.4
351.4
374.9
359.8
Lumber and timber basic products
do
387.3
388.6
387. 6
388.6
390.2
375.1
372.7
383.4
350.5
412.2
397.4
Sawmills and logging camps§
do
384.7
430.5
435.3
425.2
425.3
422.0
* 400, 3
r 401. 1
412.4
285.1
286.8
290.4
281.4
Furniture and finished lumber products.. do. __
293.3
305.0
322.1
318.5
330.3
326.9
333.9
328.1
282.2
278.9
Furniture§.__
do
284.7
274.4
284.7
297.9
315. 0
323.2
333.4
330.9
333.6
334.3
288.8
286.9
298.2
Stone, clay, and glass products
do
285.9
301.7
306.0
316.3
313.6
320.4
' 308. 1
' 306. 4
320.8
272.3
271.5
274.2
Nondurable goods industries.
do...
279.1
290.4
302.5
304.7
306.2
' 308. 9
309.1
314.8
' 309. 6
Textile-mill products and other fiber manu255.4
248.3
242.5
factures
1939«=100
237.5
256.3
240.1
280.8
264.9
294.1
295.0
302.3
307.1
329.2
317.3
307.5
317.4
302.6
305.7
329.1
Cotton manufactures, exc. small wares§. do
362.1
376.4
378.7
385.1
377.0
212.9
213.3
Silk and rayon goods§
do
206.0
220.2
203.0
208.5
227.6
236.6
248.1
252.6
262.4
267.8
Woolen and worsted manufactures, except
252.6
260.6
252.5
dyeing and
finishing!
1939=100.
243.0
268.5
233.6
270.4
276.6
294.4
292.0
321.1
322.1
Apparel and other finished textile products
272.1
279.8
274.9
278.9
302.3
318.5
336.0
1939=100..
319.6
353.4
343.3
362.0
359.7
Men's clothing§__
do
267.1
270.5
273.0
284.9
260.0
264.8
301.5
303.5
313.4
309.5
316.4
324.8
Women's clothing§_
do
260.3
277.7
264.1
283.1
323.1
334.7
349.5
319.3
355. 9
374.8
' 387. 1
376.4
207.0
214.6
Leather and leather products...
do
214.2
211.5
220.4
231.6
234.9
235.4
241.8
240.7
'244.0
233. 7
197.0
205.3
Boots and shoes§
do
201.7
204.8
209.9
221.5
223.8
223.5
231.9
233.8
' 235. 9
225.6
243.1
252.8
267.8
Food and kindred products..
_
.do
295.8
325.6
331.6
309.6
300.6
298.9
' 275. 1
264.5
' 267. 3
r
Baking§
do
208.4
203.4
213.1
223.2
218.0
218.4
230.8
227.8
229.2
221.5
233. 5
226.6
" - --Canning and preserving§
do
211.7
217.8
249.3
401.8
683.8
653.7
437.9
265.7
250.2
' 216. 2
•• 216. 5
204.6
227.2
249.4
Slaughtering and meat packing §_
do. .
259.9
280.9
270.0
271.9
317.4
271.7
338.9 1
304.2
263.3
276.6
«• Revised, p Preliminary. §See note on item on p. S-10 regarding revisions in the data.
JTotal includes State engineering, supervisory and administrative employees not shown separately.
ISee note on item in July 1944 and September 1947 Surveys regarding changes in the data beginning in 1943 or 1945. December figures do not include excess temporary post office substitutes
employed only at Christmas.
*New series. Indexes beginning 1939 for employment in retail food establishments are shown on p. 31 of the June 1943 Survey.
!Revised series. Revisions for 1939 through February 1946 for the adjusted indexes of employment in manufacturing industries will be shown later. See note marked "f'on p. S-ll of September 1947 Survey for reference to 1937-43 data for employment and pay rolls in the telegraph and telephone industries and 1939-41 data for the other Department of Labor series on nonmanufacturmg employment and pay rolls, with the exception of the series for dyeing and cleaning, power laundries, and mining industries, and also for reference to earliest data published for the
index of railway employees. Employee definition for dyeing and cleaning and power laundries has been changed from "wage earners" to "production workers" with the resultant exclusion
of driver-salesmen, and indexes for these industries and for the mining industries have been adjusted to data through 1945 from the Federal Security Agency; revised data for 1939-46 will be
published later. See note marked "!" on p. S-10 with regard to revised unadjusted indexes of employment and pay rolls in manufacturing industries.
June 1948
SUEVEY OF CUKRENT BUSINESS
S-12
Unless otherwise stated, statistics through _
1941 and descriptive notes may be found
April
in the 1942 Supplement to the Survey
1948
1947
May
June
July
August
September
October
November
December
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS— Continued
Production-workers pay rolls, mfg., unadj.f— Con.
Nondurable goods industries — Continued
Tobacco manufactures
1939—100
Paper and allied products
do
Paper and pulp§
do
Printing, publishing, and allied industries
1939=100..
Newspapers and periodicals §
do
Printing book and job§
do
Chemicals and allied products
do
Chemicals §
_ do
Products of petroleum and coal
do
Petroleum refining!
. do
Rubber products
do
Rubber tires and inner tubes §
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Mining:!
Anthracite
1939—100
Bituminous coal
do
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gasf
do
Public utilities:!
Electric light and power
do
Street railways and busses
do
Telegraph
do
Telephone
do
Services:!
Dyeing and cleaning
do
Power laundries
do
Year -round hotels
do
Trade:
Retail, total t
do
Food*
...
_ do
General merchandising!
do
Wholesale!
do
LABOR CONDITIONS
A verage weekly hours per worker (U. S. Dept. of
Labor) :
All manufacturing! .
_ hours
Durable goods industries*
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 _.
Aircraft engines*
do
Shipbuilding and boatbuilding*
do
Nonferrous metals and their products*. do...
Lumber and timber basic products*.. _do.__
Sawmills and logging camps*
do...
Furniture and finished lumber products*
hours. .
Furniture*
do
Stone clay, and class products*
do
Nondurable goods industries*
do
Textile-mill products and other fiber manufactures*
hours
Cotton manufactures, except small wares*
hours..
Silk and rayon goods*
do
Woolen and worsted manufactures, except
dyeing and
finishing*
hours
Apparel and other finished textile products*
hours..
Men's clothing*
do
Women's clothing*
do
Leather and leather products*
do
Boots and shoes*
do
Food and kindred products*
do
Baking*
do
Canning and preserving*
do
Slaughtering and meat packing*
do
Tobacco manufactures*
do
Paper and allied products*..
do
Paper and pulp*
do
Printing, publishing, and allied industries*
hours. _
Newspapers and periodicals*
do
Printing, book and job*
. . do
Chemicals and allied products*
do
Chemicals*
do
Products of petroleum and coal*
do
Petroleum refining*
do
Rubber products*
do
Rubber tires and inner tubes*
do ___
181.6
290.9
284.4
182.8
291.1
289.4
194.8
298.0
302.1
200.0
298.7
309.6
203.0
300.6
312.3
205.3
309.6
317.0
214.5
314.4
317.3
216.3
319.6
319.9
219.8
327.5
327.3
210.8
321.5
325.0
196.7
' 322. 3
328. 3
205.5
324.0
330.0
230.7
202.1
255.2
378.3
511.6
265.2
254.7
383.9
414.2
234. 2
209.3
255.4
381.5
520.9
275. 7
262.5
367.2
399.3
235.9
210.0
258.1
373. 3
528.2
286.2
273.4
361.9
396.1
233.6
208.9
258.9
378.7
533.7
295.6
286.1
352. 7
389.5
235.5
214. 0
254.8
380.4
527.0
297.2
282.8
357.4
396.0
245.0
221.6
266.6
395.1
527. 3
302.7
287.6
369.0
397.9
247.9
221.6
272.8
401.0
529.8
297.0
279.7
375.6
398.0
252.3
224.0
279.3
407.5
540.8
304.5
288.9
383.3
407.5
258.0
230.0
285.3
414.9
555.8
308.2
293.4
396.5
412.1
250. 2
218.9
••283.4
417.3
561.3
312.8
296.8
376.8
388.4
249.6
224.6
278.6
416.2
559.2
310.2
295.0
358.3
355.9
253.3
229.2
280.0
415. 5
558. 6
314.6
299.3
340.8
330.2
175.5
210.9
178.3
285.1
190.8
210.2
271.4
186.3
295.5
192.2
219.4
281.0
196. 7
307.1
206.0
200.3
214.7
186.1
307.0
204.9
244.0
294.3
193.3
317.2
204.0
237.9
300.8
193. 6
315.9
206.5
252.7
306.8
192.7
319. 2
199.9
224. 4
306.8
194.8
305.7
211.0
239.4
324.9
198.8
295.3
203.2
242.4
329.4
198. 9
270.0
215.5
232.8
300.7
201.7
262.0
219.9
255.9
320.8
199.4
287.3
213.2
166.5
218.8
239.3
136.1
168.2
220.0
226.9
202.9
177.5
222.1
218.8
292.5
178.4
222.1
215. 2
302.2
182.9
225.2
213.5
306.2
183.1
224.1
211.8
312.3
182.8
223.2
208.1
314.2
187.6
223.6
206.8
321.5
185.7
226.7
207.8
313.0
187.9
230.1
209.5
315.8
188.2
234.6
212.6
316.. 3
184.4
232.6
213.0
314.7
299.4
227.3
219.4
313.5
231.0
221.1
328.4
239.3
226.4
310.5
238.5
222.0
285.0
231.3
221.0
301.7
236.2
222.4
303. 8
232.3
226.9
293. 7
226.8
228.6
292.8
233.6
233.2
285.6
232.9
230.4
271.9
225.4
233.2
291.2
227.5
229.0
192.9
202.8
210.4
190.8
195.3
206.0
212.3
191.4
201.6
212.1
218.9
198.0
198. 6
213.8
214.1
196.5
197.6
212.2
212.0
198.2
202.5
209.2
220.4
203.3
207.1
213.8
224.5
206.9
216.5
220.0
251.1
213.6
237.6
221.5
314.0
213.9
209.4
219.4
233.0
211.7
208.4
221.5
221.4
214.9
209.9
226.1
225.5
210.8
40.0
40.7
40.4
40.1
40.5
40.3
40.2
40.7
40.5
39.8
40.0
39.3
39.8
40.0
39.6
40.4
40.6
40.3
40.6
40.9
40.5
40.4
40.7
40.5
41.2
41.7
41.2
40.5
'40.9
'40.6
'40. 1
40.5
'40.4
'40.3
'40.8
40.5
39.2
40.0
41.5
38.9
39.8
41.4
39.5
39.8
41.3
37.4
39.8
40.9
39.2
39.2
40.5
39.0
40.4
41.1
39.0
40.6
41.3
39.4
40.6
41.2
39.5
41.1
42.2
' 39.5
40.5
41.8
'39.5
40.4
41.4
39.4
40.2
41.6
41.6
42.0
38.5
41.6
42.1
38.3
41.5
42.2
38.7"
40.8
41.6
37.7
40.9
41.4
37.2
41.3
41.8
39.2
41.3
42.1
39.5
41.4
41.9
39.8
42.7
43.1
41.4
42.0
42.0
'39.6
41.8
'42.3
38.1
41.8
42.2
38.7
39.8
40.2
40.1
40.1
39.6
39.7
40.4
38.6
40.8
'40.3
39.4
40.2
39.6
39.7
39.9
40.8
41.4
40.9
39.5
39.6
40.4
40.6
42.0
41.7
39.2
38.8
40.7
40.5
42.8
42.5
39.7
39.2
39.9
39.7
42,2
42.1
40.0
39.2
39.3
39.5
43.3
43.1
39.3
40.0
39.5
40.2
42.8
42.5
40.2
40.5
39.8
40.8
42.6
42.2
39.3
39.4
136.1
41.1
42.2
41.9
40.6
41.2
40.5
41.8
43.2
42.8
'39.4
40.6
40.9
'41.2
42.4
42.0
'39.9
40.1
38.5
'41.2
'41.7
41.1
40.1
40.6
40.0
41.1
42.3
42.0
41.5
41.4
40.5
39.6
41.5
41.2
40.3
39.7
41.7
41.6
40.8
39.8
41.1
40.9
40.1
39.7
41.2
41.0
40.6
39.5
41.5
41.4
40.4
40.2
42.1
42.3
40.8
40.2
41.8
42.3
40.5
40.1
42.7
42.9
41.0
40.8
'41.9
'42.2
'40.0
40.0
41.4
41.9
39.9
39.8
41.7
41.9
40.9
39.8
39.1
38.9
38.6
38.4
38.2
39.5
39.7
40.1
41.0
40.5
40.2
40.6
39.3
40.2
38.8
41.0
38.3
40.3
38.3
40.3
38.4
40.0
39.2
40.9
39.6
41.0
40.4
41.2
41.1
42.3
40.7
41.9
40.1
41.8
40.7
42.2
39.1
39.2
39.4
39.1
36.6
40.2
39.7
39.6
41.2
40.8
40.8
40.8
35.5
36.6
34.4
38.3
38.0
42.1
42.5
38.0
41.8
36.7
43.0
44.4
35.8
37.2
34.6
38.1
37.8
43.0
242.5
08. 3
44.0
36.3
43.1
44.7
36.0
37.2
35.0
38.1
37.7
43.2
M2.6
37.8
44.5
38.2
42.9
44.5
35.8
36.5
34.8
38.2
37.8
43.2
242.7
39.9
44.5
39.6
42.9
44.5
35.2
35.1
34.6
38.1
37.7
43.4
241.9
42.6
43.0
39.2
42.4
44.1
36.0
36.8
35.0
39.1
38.8
43.4
241.9
42.8
43.4
39.2
42.9
44.5
36.9
37.9
35.8
39.0
38.7
42.8
2 41.9
40.9
43.2
39.7
43.0
44.4
36.4
37.5
35.3
38.3
37.8
42.5
241.6
35.9
46.9
39.4
43.2
44.4
37.1
37.7
36.2
39.1
38.7
43.3
242.3
37.7
47.7
39.9
43.8
44.9
36.6
'37.1
36.0
'39.0
38.8
'42.0
241.6
37.3
44.8
38.6
43.1
44.4
36.7
37.1
36.1
39.0
38.8
'41.7
243.5
38.5
40.7
36.3
43.1
44.5
36.7
37.4
36.1
37.8
37.5
41.6
'41.S
36.5
43.3
37. S
43.1
44.5
P40.0
"40.4
*39.5
39.4
40.2
40.4
39.4
40.0
40.0
39.1
39.5
38.2
39.1
37.8
38.6
38.5
39.0
38.7
38.2
41.1
40.3
40.7
40.0
39.8
40.7
40.7
40.8
41.2
41.4
41.1
41.4
41.3
41.5
40.9
41.0
41.0
41.1
40.9
41.2
40.8
41.2
40.7
40.5
41.2
40.8
40.7
40.6
41.0
40.5
40.7
40.7
39. g
39.9
40.3
39.8
39.8
41.0
40.7
40.3
'38.5
39.9
40.9
38.7
39.9
40.1
37.8
39.7
38.2
34. S
38.9
39.5
38.9
38.7
'36.0
37.8
'2 Revised. * Preliminary. 1 The reduction reflects incomplete return to previous work schedule after termination of work stoppages and observance of Armistice Day in some yards.
Not strictly comparable with data prior to May 1947; comparable April 1947 figure, 41.9. § See note marked "§" on p. 8-10.
40.1
38.9
40.7
41.0
40.8
40.5
40.1
39.5
38.2
40.1
38.9
40.6
41.1
41.0
40.0
39.5
39.0
37.6 1
39.9
38.4
40.6
41.1
40.9
40.7
40.6
39.1
37.7
39.6
38.2
40.5
40.9
41.1
40.5
40.7
38.6
37.9
*New series. Indexes of pay rolls beginning 1939 for retail food establishments are shown on p. 31 of the June 1943 Survey. Data beginning 1939 for the printing and publishing industries
and the aircraft engine industries will be published later. Data beginning 1939 for all series on average hours will also be published later: see note in the September 1947 issue for reference to
earliest data published in the Survey and explanation of a change in January 1945 which affected the comparability of the data for the machine tools, aircraft engines, and shipbuilding industries.
!Revised series. See note marked "!" on p. S-10 with regard to revised indexes of pay rolls in manufacturing industries and note marked "!" on p. S-ll with regard to revised data for
pay rolls in nonmanufacturing industries. Data beginning 1942 for average weekly hours in all manufacturing industries are available in the March 1943 and later issues of the Survey;
revised data prior to 1942 have not been published in the Survey and will be shown later.
SURVEY OF CUEEENT BUSINESS
June 1 4
98
S-13
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April
May
June
July
August
September
October
November
December
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Average weekly hours per worker— Continued
Nonmanufacturing industries:*
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
Telegraph
_
do _.
Telephone
do
Services:
Dyeing and cleaning
_
do
Power laundries .__
do _Year-round hotels
_
do
Trade:
Retail
.
do
Wholesale
do
Industrial disputes (strikes and lock-outs) :f
Beginning in month:
Work stoppages _
. number
Workers involved
thousands
In effect during month: •
Work stoppages
_ _ number
Workers involved
thousands
Man-days idle during month
_
do
Percent of available working time* . _ _
U.S. Employment Service placement activities:
Nonagricultural placements t
thousands..
Unemployment compensation (Soc. Sec. Admin.) :
Initial claims*
_
thousands.
Continued claims©
do
Benefit payments:
Beneficiaries, weekly average©
_ _ do
Amount of payments
thous. of dol__
Veterans' unemployment allowances:*
Initial claims
thousands
Continued claims .
_ _ _ _ _d o
Claims filed during last week of month___do
Amount of payments
thous of dol
Labor turn-over in manufacturing establishments:^1
Accession rate
monthly rate per 100 employees
Separation rate, total
do _
Discharges
do
Layoffs
do
Quits
do
Military and miscellaneous
do _
37.1
37.8
38.0
38.2
37.9
38.1
36.6
37.9
37.2
'36.7
36.5
37.2
44.3
42.2
45.6
40.5
39.2
43.7
42.6
45.6
41.9
37.0
31.8
41.2
45.2
40.6
38.5
39.1
41.4
46.1
40.1
38.2
39.1
41.6
46.1
40.3
40.0
39.9
42.3
46.4
40.0
36 2
38.5
41.7
44.6
40.9
38.4
41.2
42.7
44.4
39.5
39.0
40.9
42.5
42.7
39.9
36. 2
38.7
42.9
42.1
40.4
40.3
40.4
42.5
43.6
39.7
42.2
47.8
47.3
26.9
41.6
47.6
46.0
31.5
42.2
47.4
44.8
37.5
42.1
46.3
44.8
38.4
42.4
46.6
44.8
38.7
42.0
46.1
44.5
39.1
42.1
45.7
44.8
39.3
42.4
45.4
44.0
39.5
42.2
46.8
43.9
39 0
42.4
'46.3
44.4
38.9
42.2
'47.7
44.5
38.7
41.6
47.3
44.4
38.7
41.9
42.8
44.9
42.6
42.7
45.0
42.9
42.8
45.2
42.1
42.6
44.9
40.8
42.2
45.0
41.9
42.4
44.1
41.5
42.3
44.0
40.9
41.7
44.4
41 5
42.6
44.1
'41.4
42.3
'43.9
40.5
41.9
'44. 6
41.5
42.0
44.0
40.0
41.2
40.0
41.2
40.8
41.6
41.1
41.1
41.0
41.1
40.0
41.2
40.0
41.3
39.5
41.4
39.7
41 6
39.8
'41.0'
40.0
41.1
39.5
40 9
'479
' 624
r
37.6
32.3
36.4
41.8
44.5
40.8
'471
'230
'379
••448
'315
••242
'336
' 113
••219
'79
'219
' 64
'178
' 57
119
r 32
J>175
f 75
i»200
v 70
*>225
•P 500
r
r
r
'435
r
187
1, 970
.3
'393
r
171
' 1, 780
.2
••328
'236
r
829
.1
r 590
I
•p 250
v 100
f 1, 000
*.l
»300
v 110
J>725
». 1
P350
•P 550
» 6 000
v.8
'706
r
675
8, 540
1.2
r
••781
' 696
6, 730
1.0
419
442
1,020
4,833
1,166
4,802
930
71, 569
T
701
T
597
3, 960
.6
r
581
615
3, 970
.5
r
' 583
' 259
2, 520
.4
r
r 139
r 57
^275
P 175
•P 400
•p 625
P g 000
pI I
454
484
546
528
451
397
374
344
413
458
878
4,905
942
5,219
623
4,296
565
3,742
617
3,359
602
2,848
830
3 700
967
4,041
899
4,242
885
4 863
1,071
4 636
940
72, 295
1,007
73, 559
954
76, 534
915
66, 804
779
59, 258
656
52, 782
593
41, 677
621
52,202
777
59, 161
849
60, 730
924
76, 573
904
73, 576
373
3,913
850
78, 868
354
3,173
677
63, 763
493
3,021
722
58, 542
476
3,446
759
66, 239
386
3,023
715
59, 521
315
2, 663
528
53, 336
289
1,939
419
38, 153
290
1,609
395
29 554
398
2 241
443
40 209
437
2,553
628
48, 933
374
2,637
651
49 466
365
2 930
604
55 782
299
2,323
522
46 940
5.1
5.2
.4
1.0
3.7
.1
4.8
5.4
.4
1.4
3.6
.1
5.5
4.7
.4
1.1
3.1
.1
4.9
4.6
.4
1.0
3.1
.1
5.3
5.3
.4
.8
4.0
.1
5.9
5.9
.4
.9
4.5
.1
5.5
5.0
.4
.9
3.6
.1
4.8
4.0
.4
.8
2.7
.1
36
3.7
4
.9
2.3
.1
4.6
4.3
.4
1.2
2.6
.1
'4.8
'4.7
.4
'1.7
2.5
.1
»3 9
*>4 5
4
453
fl 3
*>2 7
p 1
WAGES
Average weekly earnings (U. S. Dept. of Labor):
49.17
47.50
48.44
51.05
' 52. 07
49.33
50.43
All manufacturing t
dollars.' 51. 79 '52.07
51.29
48.98
52.69
*> 51. 56
50.34
51.72
52. 99
52.46
54. 69
54.06
52.19
' 55. 46
' 54. 89 '55.36
54.86
Durable goods industries t
do
56.48
P 54. 81
53.71
54.53
56.21
56. 61
55.18
51.78
' 56. 95
53.67
' 57. 43
56.96
Iron and steel and their products!
do
58.13
57.26
Blast furnaces, steel works, and rolling
58.25
56.26
52.83
58.12
55.23
58.56
' 60. 58 ' 59. 74
58.96
59.52
mills!
dollars
60 01
59 26
50.24
51.53
54.10
' 54. 82
48.36
51.57
53.46
' 54. 46
54.32
52.00
Electrical machinery!
-do___
55.34
54 36
55.74
56.30
Machinery, except electrical!
do
' 59. 13
54.25
57.36
57.87
55.20
56.06
' 58. 65
57.92
59 67
59 14
Machinery and machine-shop prod54.44
55.07
53.31
56.41
56.75
55.53
55.00
58.33
58.11
57.03
ucts!
..dollars
59 22
58 29
67.13
57.77
Machine tools
do
56.06
56.78
59.25
58.31
58.69
' 59. 64 ' 60 54
59 53
61 34
60 22
54 14
55.96
57.48
55.76
56.44
59 35
60.30
Automobiles!
do
' 59 01 59 56
61 30
'60 96
64 64
Transportation equipment, except auto55.31
55.59
54.29
55.75
56.54
56.02
58.08
mobiles
_ _ . dollars
56.42
' 59. 56
r 58. 49
59 79
59 20
52.54
52.42
52.58
55.30
54.48
54.44
56.01
Aircraft and parts (excluding engines) _do_
' 55. 53 ' 56. 13
55.48
57 12
56 28
54.76
53.69
55.44
56.19
58.43
56.58
59 19
Aircraft engines*
do
57 52
58 29
59 30
60 39
59 53
56.97
57.91
56.77
57.71
59.31
Shipbuilding and boatbuilding _ . do
57.79
56.93
64.05
' 61. 45
55.20
61 74
62 07
51.15
52.06
51.12
50. 30
51.07
52.62
53.59
Nonferrous metals and products t
do
' 55. 07
'55.06
54.27
55.53
55. 24
43. 06
45.04
45.32
45.41
Lumber and timber basic products f _ _ do
41.01
43.57
45.23
' 45. 01
44.49
45.30
45 65
45 29
41.95
39.81
44.14
42.86
44. 05
44. 58
Sawmills and logging camps. .
do
' 42. 94
' 43. 41
44.27
44.09
44 20
43 83
43.45
44.24
43.51
42.87
44.09
45. 38
Furniture and finished lumber products t-do_._
46.32
' 46. 70
46.53
' 47. 02
47.72
47.02
44.21
45.04
43.99
44. 12
46.24
44.58
47 76
Furniture t
do
' 48 54 '48 38
48 07
49 10
48 44
47.24
46.49
48. 54
49.57
Stone, clay, and glass products f . _ do
48.00
49.06
' 50. 00
50.47
' 50. 10
50.38
51 00
51 48
44.40
44.88
45.61
45.78
46.78
Nondurable goods industries t
do.__
45.31
47.29
47.56
' 48. 45
' 48. 54 ' 48. 58 P 48. 01
48 72
Textile-mill products and other fiber
40.12
39.89
39.54
39.48
41.39
41.94
manufactures!
_
dollars
45,19
39.44
43.73
45.77
46 32
45 15
Cotton manufactures, except small wares!
38.53
37.73
37.10
38.55
37.21
43.43
37.50
39.22
43.81
dollars
42.47
43.64
43.98
41.73
Silk and rayon goods!
do
40.89
40.97
41.17
41.65
43.23
47,55
47.92
44.84
43.57
48 53
46 48
Woolen and w o r s t e d
manufactures
45.26
(except dyeing and finishing)!. _ dollars
45.28
46.99
45.75
42.28
52.82
46.95
49.12
48,79
45.33
46.70
53.36
Apparel and other finished textile products!
35.44
35.36
37.64
35.77
36.50
36.57
dollars-37.09
38.78
39.00
'40.00
40.23
40.05
Men's clothing!
do .
40.45
41.49
40.17
42.24
41.35
41.05
' 44. 11
38.66
44.05
42.78
44 73
43.11
Women's clothing§
do
42.32
41.58
43.81
45.78
41.87
45.49
43.82
48.52
46.91
46.76
' 49. 09
48.07
39.44
Leather and leather products!..
do _
39.45
40.12
40.25
41.89
40.30
41.93
' 42. 63 ' 42. 99
42.18
41.86
42.67
Boots and shoes
__-•
do
37.96
37.78
38. 30
38.32
40.12
38.49
40.41
39,98
' 41. 09
' 41. 35
40.87
40.21
' Revised.
» Preliminary.
• See p. 23 of December 1946 Survey for 1944-45 data.
© Computed from weeks compensated in weeks ended during month.
G Small revisions for January 1940 to May 1944 are available on request.
of Rates refer to all employees and are therefore not strictly comparable with data prior to 1943 published in the Survey.
§ See note in September 1947 Survey regarding a change in January 1945, also in 1942 for women's clothing industry, which affected the comparability of the data.
* New series. See note marked " *" on p. S-12 of the September 1947 Survey for reference to available data for the series on average weekly hours in nomnanufacturing industries with the exception of the series for year-round hotels which was not shown in the Survey prior to the October 1947 issue. Data are available beginning 1939 for average hours in year-round hotels, average
weekly earnings in the aircraft engine industry, and initial unemployment compensation claims, beginning September 1944 for veterans' unemployment allowances, and beginning 1927 for
man-days idle as a percent of available working time.
! Revised series. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have been shown on a revised basis beginning in the March 1943 Survey; see note
in that issue for an explanation of the revision.
1 Revisions for January, February, and March 1947 (units as above): Beginning in month—work stoppages, 321,296,361; workers involved, 105,75, 96; in effect during month—work stoppages.
482 498, 572; workers involved, 165, 154, 168; man-days idle during month—1,340,1,230,1,100.
SUKVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Average weekly earnings— Continued
All manufacturing— Continued
Nondurable goods industries— Continued
' 49. 44 r r 49. 19
49.04
49.61
47.71
49.45
49.38
50.93
49.90
48.40
46.20
48.27
Food and kindred products!
dollars. 1
i 49. 34
i 47. 03
i 46. 85
l 45. 52
l 46. 26
1 44. 84
i 46. 14
45.26
47. 39
i 47. 43
i 45. 50
i 45. 81
Baking §
do
42.73
37.94
40.77
41.14
' 41. 10
39.96
44.75
39.39
45.88
43.69
38.50
39.37
Canning and preserving!
do
51.88
56.82
57.12
54. 98
54.33
56.03
61.31
61.57
54.40
50.22
53.37
55.31
Slaughtering and meat packing
do
35.13
36.92
37.26
37.97
37.90
37.67
37.74
37.33
34.84
39.16
34.46
36.30
Tobacco manufactures!
do
' 53. 61
53.20
52.22
48.79
50.72
53.78
53.69
51.06
51.99
48.20
49.95
52.80
Paper and allied products!
_ . do
57.75
' 58. 41
54.83
57.14
58.50
58.21
57.10
56.36
56.30
57.40
52.84
52.07
Paper and pulp
do Printing, publishing, and" allied industries!
r 62. 77
r 62. 41
64.02
61.61
63.37
61.62
59.76
62.30
59.37
59.48
58.69
59.55
dollars- .
r
68. 96
' 70. 18
71.32
67.74
69.18
69.40
65.29
69.78
67.16
71. 45
67.10
66.53
Newspapers and periodicals*
do -_60.13
60.22
60.23
56.41
56.81
58.32
60.96
58.63
56.77
55.95
59.35
56.13
Printing, book and job*
do
' 54. 17
54.31
54.22
52. 67
53.73
53.15
48.93
50.59
51.81
51.00
51.27
49.80
Chemicals and allied products!
do
60.82
60.84
57.44
60.80
59.21
60.07
58.46
55.45
56.80
57.73
57.98
56.35
Chemicals
do
64.39
64.66
63.21
64.47
60.62
60.94
62.54
61.84
59.64
57.92
60.57
57.41
Products of petroleum and coal!
_ do .__
67.33
67.54
63.51
63.12
66.32
65.86
60.01
64.12
67.48
64.75
60.24
62.17
Petroleum refining
do
' 54. 70
57.33
53.02
57.62
55.92
59.47
57. 99
55.74
57.76
55.23
55.30
55.49
Rubber products! _
_ _ do ._
58.22
62.72
55.54
65.74
63.78
64.86
62.06
61.15
61.64
64.75
61.12
61.35
Rubber tires and inner tubes
do
Average hourly earnings (U. S. Dept. of Labor):
r 1. 285
1.290
' 1. 291
1.278
1.236
1.249
1.186
1.258
1.268
1.226
1.230
1.207
P 1. 290
All manufacturing!
-dollars..
' 1. 356
1.354
' 1. 355
1.346
1.312
'1.357
1.337
1.305
1.331
1.243
1.303
1.278
Durable goods industries!
_ _ _ do
» 1.357
'1.414
' 1. 409
1.412
1.412
1.404
1.396
1.397
1.363
1.376
1.365
1.333
1.280
Iron and steel and their products!
do
Blast furnaces, steel works, and rolling
' 1. 533 '1.513
1.519
1.502
1.510
1.488
1. 510
1.478
1.513
1.347
1.472
1.445
mills!
dollars
1.352
' 1. 348
1.331
1.351
1.346
1.314
1.264
1.210
1.339
1.308
1.325
1.295
Electrical machinery!
.-do _.
' 1. 417
•1. 415
1.422
1.413
1.400
1.404
1.377
1.395
1.308
1.371
1.334
1.363
Machinery, except electrical!
do
Machinery and machine-shop products!
1.392
1.353
' 1.389
1.374
1.381
1.391
1.279
1.349
1.395
1.307
1.336
1.370
dollars. .
r
' 1. 432
1.424
1. 420
1.408
1.412
1.334
1.394
1.357
1.366
1.405
1.438
1.381
Machine tools
_
do
' 1. 538
' 1. 549
1.526
1.563
1.540
1.500
1.515
1.406
1.496
1.463
1.485
1.537
Automobiles!
do
Transportation equipment, except automo1.465
1.479
' 1. 483
1.462
1.437
1.387
1.424
1.472
1.395
1.406
1.363
1.376
biles!
_ _ ...dollars
Aircraft and parts (excluding engines)
1.406
1.372
1.406
' 1. 408
1.395
1.386
1.413
1.326
1.328
1.341
1.381
1.409
dollars1.452
1.461
1. 461
1.461
1.443
1.465
1.383
1.428
1.460
1.435
1. 353
1.467
Aircraft engines*! _ _
_
. do _
1.567
1.585
1.525
1.421
1.490
1.529
1.421
1.447
1.460
1.426
1.433
1.543
Shipbuilding and boatbuilding
do
1.338
1.327
r 1.336
1.312
1.294
1.234
1.320
1.289
1.309
1.344
1.260
1.286
Nonferrous metals and products!
do
1.080
1.050
1.074
1.056
1.063
1.048
1.062
1.025
1.053
.990
1.070
1.033
Lumber an d timber basic products! do
1.055
1.032
1.023
1.056
1.040
1.018
1.044
1.046
.972
1.044
1.006
1.049
Sawmills and logging camps
do
Furniture and finished lumber products!
1.127
1.122
1.108
1.061
1.105
1.058
1.046
1.032
1.117
1.070
1.093
1.127
dollars. .
1.155
1.151
1.145
1. 137
1.085
1.064
1.130
1.079
1.117
1.074
1.089
Furniture
do
1.157
1.254
1.245
' 1. 253
1.234
1.190
1.149
1.247
1.198
1.208
1.227
1.173
1.259
Stone, clay, and glass products!
do
1.219
1.196
1.210
1.175
1.185
1.140
1.122
1.158
1.165
1.139
1.150
'1.219
Nondurable goods industries!
do
P I . 21 6
Textile-mill products and other fiber manu1.138
1.115
1.100
1.055
1.025
1.032
1.090
1.048
1.027
1.024
1.028
factures!dollars.1.140
Cotton manufactures, except small wares!
1.083
1.051
1.061
.977
.981
1.077
.991
.985
.970
.970
1.081
.973
dollars. 1.147
1,137
1.043
1.016
1.100
1.088
1.017
1.023
1.057
1.062
1.019
1.151
Silk and rayon goods!
- do Woolen and worsted manufactures (except
1.192
1.303
1.195
1.188
1.158
1.156
1.169
1.159
1.178
1. 160
1.160
dyeing and
finishing)!
dollars
1.317
Apparel and other finished textile products!
.999
1.052
' 1. 094
1.019
.988
1.051
.994
1.046
* 1. 098
1.038
1.020
1.091
dollars-r 1. 178
1.176
1.105
1.090
1.120
1.094
1. 136
1.116
1.104
1.098
1.106
Men's clothing!
do 1.188
1.285
1.279
1.270
' 1. 334
1.217
1.200
1.327
1.279
1.168
1.182
1.241
Women's clothing §
do
1.308
1.095
1.092
' 1. 102
1.057
1.072
1.029
' 1. 095
1.082
1.055
1.035
1.053
1.107
Leather and leather products!
...do
r
1. 056
.998
1.046
1.059
1.000
1.020
1.018
1.018
1.035
1. 059
'1.065
Boots and shoes
do _.1.071
1.173
1. 110
1.175
' 1. 181
1.097
1.119
1.129
* 1. 177
1.159
1.140
1.121
Food and kindred products!
do
1.187
1
1
1
1.115
1 1. 131 ' 1 1, 134
1. 091
1. 104
1.065
1.115
11.056
11.119
i 1. 067
i 1. 074
1.134
Baking!
do
r 1. 102
1.062
1.025
1.034
1.093
' 1. 113
1.100
1.045
1.018
1.003
1.083
Canning and preserving!
do
1.116
1.305
1.122
1.291
1.275
1.277
1.273
1.214
1. 267 '
1.276
1.204
1.282
1.303
Slaughtering and meat packing
do . _ _
.967
.956
.951
.984
.954
.950
.952
.949
983
.948
.953
Tobacco manufactures!
.
do
.975
1.222
r 1. 235
' 1. 245
1.215
1.121
1.226
1.165
1.210
1.133
1.190
1.196
Paper and allied products!
do _
1.249
1.295
' 1. 310
1.292
1.182
1.173
1.287
1.276
1.283
' 1. 301
1.266
1.231
Paper and pulp
do
1.314
Printing, publishing, and allied industries!
r
1.556
1.499
1.534
1.568
'1.606
1.540
1.486
1.508
1.462
1. 579
1.498
dollars. .
1.624
r
1.719
1.699
1.651
1.776
1.736
1.753
1. 791
1. 797
' 1. 820
1.713
1.758
Newspapers and periodicals*
_ d o ..
1.851
1.469
1.406
1.408
1.436
1.406
1.479
1.528
1.451
1.397
1.386
1.493
Printing, book and job*
__do
1.528
1.252
1.293
1.317
1.273
1.287
1.210
1.192
1.232
1.311
1.247
1.263
Chemicals and allied products!
-do
1.316
1.410
1.432
1.448
1.375
1.432
1.359
1.457
1.479
1.390
1.404
1.477
Chemicals
do -1.483
1.494
1. 551
1.582
1.518
1.509
1.464
1. 505
1.448
1.418
1.586
1.495
Products of petroleum and coal!
do
1.588
1.607
1.691
1.520
1.567
1.591
1.501
1.647
1.699
1.593
1.570
1.532
Petroleum refining
do
1.694
1.454
1.453
1.419
1.445
1.447
1.444
' 1. 421
1.438
1.416
1.445
1.397
Rubber products!
do
1.402
1.661
1.622
1.661
' 1. 613
1.647
1.640
1.608
1.615
1.658
1.646
1.640
Rubber tires and inner tubes
do
1.587
Nonmanufacturing industries:*
1.774
1.765
1.634
1.656
1.661
1.689
1.781
'1.806
1.738
1.669
1.718
Building construction
.
. . do _
.
1.810
Mining:
1.754
1.593
1.545
1.764
1.817
1.784
1.596
1.780
1.765
1.756
1.575
Anthracite -_
do
1.776
1. 851
1.826
1.470
1.489
1.787
1.819
1.483
1.826
1.847
1.798
1.740
Bituminous coal
do
1.847
1.278
1.354
1.360
1.356
1.370
1.237
1.380
1.371
' 1. 370
1.323
Metalliferous
do _1.311
1.365
1.178
1.092
1.121
1.129
1.169
1.146
1.156
1.080
1.176
1.175
1.186
Quarrying and nonmetallic
^
do
1.212
1.543
1.554
1.448
1. 444
1.494
1.510
1.475
1.638
1.481
1.486
1.627
Crude petroleum and natural gas§
_._do
1.605
Public utilities:
1.358
1.378
1.428
1.343
1.388
1.414
1.374
1.392
1.390
1.426
1.428
Electric light and power
___do
1.401
1.195
1.241
1.265
1.276
1.212
1.265
1.288
1.190
' 1. 299 ' 1. 295
1.231
Street railways and busses
do
1.295
1.253
1.242
1.228
1. 234
1.252
1.236
1.257
L257
1.265
1.227
1.226
Telegraph
_
_
_do
1.267
1.229
1.241
1.254
1.215
1.174
1.241
1.189
1.218
1.211
1.230
1.238
Telephone!do
1.223
Services:
.892
.925
.898
.921
.919
.899
.911
.924
.894
.923
.888
Dyeing and cleaning!
_..do
.930
.771
.786
.769
.786
.767
.797
.787
.756
,807
.802
.757
Power laundries!
do
.805
.652
.684
.672
.687
.660
.650
.693
.643
.642
••.695
Year-round hotels
do .
'.695
.695
Trade:
1.025
1.013
1.012
1.044
.996
1.016
1.003
1.003
1.045
.985
.974
1.050
Retail
do
r
1.314
1.257
1.258
1.262
1.289
1.281
1.334
1.300
1.241
1.229
1,309
1.343
Wholesale
do
' Revised. » Preliminary.
1
Not strictly comparable with data prior to May 1947; comparable April 1947figures—weeklyearnings, $43.62; hourly earnings, $1.039.
!See note in September 1947 Survey regarding a change in 1945, also in 1942 for the women's clothing industry, which affected comparability of the data.
*New series. See note marked "*" on p. S-14 of the September 1947 Survey for reference to available data for the indicated series with the exception of hourly earnings for year-round
hotels which has not been included previously; data beginning 1939 for this item are available on request.
tRevised series. See note marked "!" on p. S-13.
SUKVEY OF CURRENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-15
1947
April
May
June
July
August
1948
September
October
November
December
January
February
March
April
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAG E S—Continued
Miscellaneous wage data:
Construction wage rates (E. N. K.):§
Common labor
dol. per hr__
Skilled labor
.do
Farm wages without board (quarterly)
dol per month
Railway wages (average class I)
dol. per hr
Road-building wages, common labor:
United States average O
do
1.133
1.93
' 1. 140
1.94
1.189
2.01
1.217
2.07
1.221
2.08
1.221
2.10
1.244
2.12
1.260
2.12
1.264
2.12
1.272
2.14
1.272
2.15
1.283
2.15
107. 00
1.136
1.136
1.140
114.00
1.133
1.137
1.264
112 00
1.250
1.305
1.290
113 00
1 297
1.326
1 279
.86
.88
.89
.92
122
122
122
123
125
126
128
129
132
134
137
' 138
»138
108
81
14
108
81
14
109
82
13
110
82
13
112
83
13
112
84
13
114
85
14
115
86
14
116
87
15
118
88
16
121
89
17
••120
*>121
88
18
J>17
1.01
1.287
2.17
113 00
.91
PUBLIC ASSISTANCE
Total public assistance
mil. of dol_
Old-age assistance, and aid to dependent children
and the blind, total
mil. of dol
Old-age assistance
. do_ ._
General relief
do
*>89
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:!
1,731
1,683
1,706
1,746
1,713
1,739
1,671
1,699
1,707
1,746
1,724
1,743
Total
mil. of dol
1 763
1,C34
1,040
1,033
962
982
1,028
973
993
1,018
1,007
955
Farm mortage loans, total.
do
958
954
910
910
862
875
913
907
869
900
882
891
Federal land banks
do
860
860
861
124
123
121
126
100
118
115
103
107
111
Land Bank Commissioner
. ..do
98
95
93
152
158
159
180
284
205
281
278
288
240
Loans to cooperatives, total
do
270
249
237
514
523
522
444
473
497
467
462
600
445
Short-term credit, total
do
539
495
574
78, 359
84, 897
83, 957
81, 799
78, 295
75, 048
82, 740
94,058
106, 520
93, 966
80, 771
Bank debits, total (141 centers)!
..do. .
96, 483
91 646
34, 779
30, 895
35, 632
37, 504
31, 391
28, 331
31,837
46, 225
37, 615
32, 271
31, 738
New York City
do
39 587
37 955
47, 464
49, 267
49, 178
46, 720
56,554
46, 904
49, 962
60, 295
51, 002
56, 351
Outside New York City
do
48, 500
56, 896
53 691
Federal Reserve banks, condition, end of month:
44, 882
46, 583
44, 425
44, 626
46, 153
44, 236
45, 615
47, 327
47, 205
47, 712
46, 991
46, 589
Asset5? total
. . mil. of dol__
45 499
22, 205
22, 738
22, 759
22, 906
22, 170
21, 875
22, 782
22, 730
22, 975
23, 181
22, 109
Reserve bank credit outstanding, total.. .do
21, 607
20, 858
125
92
179
70
137
185
327
249
296
85
331
431
430
Bills discounted
do
21, 872
22, 192
22, 329
21, 857
21, 549
22, 168
22,088
21, 925
22, 559
22, 209
21,024
20, 887
United States securities.
_ do
20, 340
21,044
19, 689
20, 296
20, 534
19, 537
20, 039
20, 723
21, 497
21, 701
21 910
21, 363
21,776
21, 878
Gold certificate reserves
do
44, 882
44, 425
44, 626
46, 583
44, 236
45,615
46, 153
47, 327
47, 712
47,205
46, 991
46, 589
Liabilities, total
__do
45 499
18, 009
17, 869
19, 240
17, 748
17, 470
18, 695
18,718
20, 311
19, 731
19, 431
19,807
19, 610
Deposits, total...
do
19,007
16,956
16, 238
16, 112
16, 007
15, 826
16,601
16, 784
16, 919
16, 974
17, 899
17, 062
Member-bank reserve balances
do
16, 639
16, 944
r
991
399
864
654
738
768
823
841
829
655
Excess reserves (estimated).
_ ..do
1,499
762
P 776
24,090
24, 022
24, 120
24, 154
24, 156
24, 481
24,345
24, 482
24, 651
24, 820
Federal Reserve notes in circulation
do
24,045
23, 768
23, 648
48.4
47.8
48.8
46.7
47.7
48.0
48.5
48.1
47.1
48.3
50.4
Reserve ratio
percent-49.7
51.4
Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month: t
Deposits:
46, 314
46, 626
47, 771
46, 150
47, 145
46, 954
48, 833
47, 056
48, 247
48, 685
47, 296
Demand, adjusted
__
. mil. of dol.
45, 340
46, 671
Demand, except interbank:
Individuals, partnerships, and corporations
45, 798
45, 8C7
46, 443
46, 816
47, 988
46, 884
47,330
48,701
47, 134
48,379
mil. of dol..
49, 809
45,445
46,418
3,264
3,191
3,109
3, 350
3,268
3,124
3,027
3,076
3,146
States and political subdivisions
do_.
3,246
3,219
3,363
3,484
693
1,476
1,1(9
596
648
969
1,561
940
741
United States Government _
do
793
1,009
1,297
1 309
14, 584
14, 411
14, 460
14, 349
14, 470
14, 520
14, 593
14, 561
14, 478
Time, except interbank, total
...do
14, 609
14, 772
14,801
14, 790
Individuals, partnerships, and corporations
14,127
14,005
14,055
14, 175
14, 061
14, 104
14,151
14,069
mil. of dol.. 13. 955
14, 192
14,256
14,221
14,222
312
* 324
328
329
391
327
334
328
States and political subdivisions
do
328
338
471
478
492
10, 581
10, 351
10, 126
10, 320
11,117
Interbank
_ _
do
11,178
10, 833
10, 681
10, 422
11, 121
11, 643
9 750
9 701
43, 224
43, 094
42, 971
41 559
42, 462
Investments, total
do
43, 574
42, 587
42, 740
41, 798
41 487
40 055
38 768
39 780
U. S. Government obligations, direct and
37,323
39, 465
39, 220
38, 990
38, 192
38, 739
38,354
38,400
guaranteed, total-.
mil. of dol..
37, 560
35,845
37, 227
34, 433
35, 475
2,209
753
989
769
827
638
682
519
Bills
do
948
2,048
1,530
1 272
2 219
q QQO
5,402
5,135
4,535
3,410
4,648
4,025
4,032
4,138
Certificates
do
3,291
3,972
3 745
3 839
30, 472
30, 701
30, 556
30, 935
30, 973
31,015
31, 224
28, 965
Bonds (incl. guaranteed obligations). ..do
30, 474
29, 505
27, 266
27, 111
26, 997
2,838
2,702
2,652
2,739
2,631
2,418
2,619
2,632
Notes
_
_ - _ . . _ . ..do.
2,854
2,559
2,847
2 305
2 420
4,004
4,104
4,232
4,109
4,236
4,270
4,233
4,340
Other securities
_
_ _
do
4,238
4,260
4,210
4 335
4 305
20,015
23 439
20, 277
22, 572
19, 864
20, 508
21, 212
23 329
23 394
Loans, total
do
22, 056
23, 229
23 453
23 160
11, 792
11, 809
12, 043
11, 967
13, 817
12, 518
13,116
14, 727
14, 358
Commercial, industrial, and agricultural. do
14, 658
14, 540
14, 417
14, 159
1, 169
1,095
674
1,266
970
833
1,234
To brokers and dealers in securities
do
1,166
919
784
831
905
809
Other loans for purchasing or carrying securities
1,051
1,009
986
1,023
976
975
975
811
945
880
764
mil. of dol_.
761
749
2,897
2,981
3,079
3,516
3,316
2,831
Real estate loans. ___„_..
._._. . . do
3,171
3,244
3,388
3,460
3,569
3,615
3 669
180
184
191
158
235
215
187
Loans to banks
_ .
do
246
106
230
233
215
190
3,109
2,922
3,241
3,486
3,306
Other loans
..
do
2,957
8,077
3,167
3,389
3,431
3,502
3 540
3 584
Money and interest rates :f
Bank rates to customers:
1.83
1.77
1.82
New York City _
_ percent
2 09
2.44
2.25
7 other northern and eastern cities
do
2.27
2 52
2.95
2.69
11 southern and western cities
do
2 83
2 61
1.25
1.00
1.00
1.00
1.00
1.00
1.00
1.00
Discount rate (N. Y. F. R. Bank)
...do
1.00
1.00
1.25
1.25
1.25
4.00
4.00
4.00
4.00
4.00
4.00
4.00
4.00
Federal land bank loanscf1..
... do _
4.00
4.00
4 00
4 00
4 00
1.54
1.52
1.52
1.52
1.52
1.58
1.52
1.53
1.54
Federal intermediate credit bank loans
do
1.58
1.63
1.69
1.83
Open market rates, New York City:
Acceptances, prime, bankers', 90 days
.81
.81
.81
.94
1.06
percent. .
.81
.88
.94
.94
1.03
1.06
1.06
1.06
1.00
1.00
1.00
1.00
Commercial paper, prime, 4-6 months. do. _
1.00
1.06
1.31
1.06
1.19
1.06
1 38
1 38
1 38
1.50
1.50
1.50
Time loans, 90 days (N. Y. S. E.)
do___.
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.50
1.38
1.38
1.38
1.38
1.38
Call loans, renewal (N. Y. S. E.)
do
1.38
1.38
1.38 '
1.38
1.50
1.50
1.50
1.50
r
Revised. » Preliminary. O Reported quarterly after July 1947 for the week nearest the 15th of the month indicated.
If For bond yields see p. S-19. § Rate as of June 1, 1948: Construction—Common labor, $1.315; skilled labor, $2.18.
t The total and total short-term credit have been revised to include emergency crop and drought relief loans which are now supervised by the Farmers Home Administration and publication
of the detail for short-term credit and loans to cooperatives has been discontinued in the Survey; see September 1947 Survey for loans included in these totals.
cf Rates on all loans; see note on item in April 1946 Survey.
t Revised series. Bank debits were revised in the September 1943 Survey to include additional banks, see p. S-15 of that issue for revised figures for May-December 1942. The series for
weekly reporting banks have been shown on a revised basis beginning in the August 1947 Survey; see note in that issue.
SURVEY OF CUKEENT BUSINESS
S-16
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
FINANCE—Continued
BANKING— Continued
Money and interest rates— Continued
Open market rates, New York City— Continued
Average yield on U. S. Govt. securities:
.997
.932
.703
.376
.950
.996
.996
.748
.376
.376
.977
.857
.804
3-month bills
_
percent..
1.29
1.58
1.54
1.63
1.60
1.47
1.35
1.33
1.63
1.24
1.27
1.28
1.31
3-5 year taxable issuesj
_
do
Savings deposits, balance to credit of depositors:
9,986
9,681
9,802
9,959
9,556
9,535
9,855
9,904
9,655
9,377
9,427
9,580
9,630
New York State savings banks
mil. of dol__
r
3,412
3,413
3,398
3,393
3,382
9 3, 428
3,432
3,441
3, 435
3,396
3,417
3,387
3,407
U. S. Postal Savings
do
CONSUMER SHORT-TERM CREDIT*
Total consumer short-term debt, end of month
11,302
12, 055
11,230
13, 385
11,433
10, 631
10, 934
13, 058 M2,945 p 13, 377 P 13, 596
12, 636
11, 682
mil. of dol_.
5,045
4,919
5,463
'T 6,249
5,179
4,739
p 6, 736
6,156
r 6, 186
* 6, 495
5,733
4,536
5,290
Installment debt, total
do
2,092
2,370
2,036
p 3, 141
2, 835
9 2, 985
2,551
2,167
1,812
2,257
1,928
2,839
2,818
Sale debt, total*
do
922
1,047
1,254
880
P 1, 476
1,151
1,202
T 1, 367
1,099
1,004
816
965
753
Automobile dealers*
do
Department stores and mail-order houses*
495
429
423
624
*653
386
409
5681
632
555
462
440
650
mil. of dol__
443
398
395
382
474
P511
502
492
*497
408
366
528
423
Furniture stores*. .
_
do
46
52
37
32
39
32
*58
52
52
p54
49
43
41
Household appliance stores*. _
do_ _
131
119
120
114
*153
192
»-164
145
124
108
176
P159
128
Jewelry stores*
_
do
208
184
182
*262
254
*255
229
189
167
175
266
••249
197
All other*
do
r
3,093
2,953
2,724
2,811
9 3, 595
3, 414
3,182
3,012
2,883
p 3, 510
3,317
3,368
3,033
Cash loan debt, total*
do
1,221
1,281
1,196
P 1, 488
1,123
1,167
1,385
p 1, 447
1,309
1,358
1,255
1,248
' 1, 403
Commercial banks*
_ _ _ _ .do
250
224
275
233
204
213
»300
269
271
*287
257
245
240
Credit unions
do
143
157
P173
162
148
165
167
152
133
138
J>181
166
154
Industrial banks* _ . _ _
do
127
121
9 146
*143
113
130
124
119
116
134
137
140
125
Industrial loan companies*
do .
647
649
638
*739
721
633
670
652
627
712
717
*733
643
Small loan companies _
do
Insured repair and modernization loans*
517
467
450
412
572
*618
482
431
••587
538
497
558
*601
mil. of dol._
114
114
113
112
121
113
P123
121
116
120
114
114
»125
Miscellaneous lenders* _ _
do
2, 786
2,887
3,029
2,782
2,835
P 3, 259
2,864
3,612
3,240
3,067
* 3, 269
2,755
3,309
Charge account sale debt*
do
2,645
2,548
2,508
9 2, 673
2,460
p 2, 686
2,677
2,423
2,708
2,579
2,697
2,701
2,607
Single pavment loans*
do
918
923
916
890
924
921
900
*928
*927
920
928
917
G20
Service credit*
do
Consumer installment loans made by principal
lending institutions:
218
217
211
213
212
P272
221
J>255
254
235
206
204
209
Commercial banks*
mil. of dol__
45
44
43
39
42
44
41
44
*>56
*56
42
53
44
Credit unions
_ do
28
29
26
24
24
P31
27
33
27
25
?33
27
25
Industrial banks*
do
24
23
23
24
24
p29
25
24
*27
30
26
25
22
Industrial loan companies*.
do
121
117
123
116
2>121
115
191
142
107
110
P140
113
107
Small loan companies _ _ _
do
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:!
2,445
3,669
6,540
4,001
3,851
3,224
2,879
2,402
2, 194
3,060
3,109
2,932
3,546
Expenditures, total
mil. of doL.
157
245
1,396
141
92
154
972
401
142
127
668
103
608
Interest on public debt .
do
601
564
596
1,012
481
524
494
582
568
526
529
511
597
Veterans Administration
do
979
1,151
1,493
1,728
1,327
1,069
936
908
909
996
1,006
850
850
National defense and related activities.. .do
1,881
656
1,080
1,427
2,035
1, 464
605
76,4
1,538
688
885
1,491
881
All other expenditures
do
2,470
5,481
2,625
3,205
2,456
2, 881
4,885
2, F66
3,054
4,26C
4,310
4,614
6,365
Receipts, total
do
2,397
5,473
2,390
2,556
2,865
2, 806
4,275
6,334
2,743
4,872
2,536
4,246
4,336
Receipts, net _
do
37
41
42
35
37
35
41
32
34
35
37
34
31
Customs
do
1,382
3,270
1,345
1,619
1,597
3,435
1, 858
2,769
3,237
1,666
1,668
3,159
5,165
Income taxes
do
121
70
75
364
80
51
142
329
133
352
83
423
176
Social securitv taxes
do
782
602
663
638
595
662
656
699
767
695
629
739
643
Miscellaneous internal revenue.
.do
307
1,453
275
217
590
329
331
585
172
547
369
243
243
All other receipts..
_
do
Debt, gross, end of month:
259, 448
258, 286
257, 701
258, 343
259, 071
256, 574
259, 145
260. 097
252, 2<H)
256, 900
254, 605
252, 990
258, 212
Public debt, total
. _
do
256, 321
255, 113
254, 427
254, 975
256, 270
254, 205
253, 958
256,107
249, 920
252, 100
250,634
257, 110
255, 591
Interest-bearing, total
... do
227, 805
227, 747
229, 147
226, 822
228, 789
224, 810
225, 250
222, 854
221, 362
226, £87
226, 074
227. 890
220, 718
Public issues
do
29, 447
27, 366
25, 280
28, 516
26, 186
29, 201
29, 520
28, 955 ' 29,148
29, 272
29, 220
29, 246
29, 517
Special issues to trust accounts, etc
do
3,173
3,274
3,127
3,368
2,801
2, 695
2,616
2,621
3,038
2,987
2, 320
2,505
2,356
Noninterest bearing
do
Obligations guaranteed by U.S. Government
74
83
78
171
171
72
73
76
74
83
70
73
70
mil. of dol_.
U. S. savings bonds:*
51,407
51,589
51, 928
51, 163
51, 282
52, 174
52, 575
Amount outstanding
_
do
51, 759
51, 699
52, 875
53,061
52, 039
53, 133
482
572
488
559
488
487
460
770
412
Sales, series E, F, and G
do
607
466
468
588
433
404
457
455
421
Redemptions.
do
434
454
432
404
452
364
462
357
Government corporations and credit agencies:f
29, 666
30, 966
31, 037
Assets, except interagencv, total
mil ofdol
7,662
9, 714
9,212
Loans receivable, total (less reserves)
do
2,054
2,299
2,200
To aid agriculture
do
660
665
5£6
To aid home owners.
_
do
164
147
162
To aid railroads
do
224
272
240
To aid other industries
do
5
6
6
To aid banks
do
293
442
340
To aid other financial institutions
do
4,058
5, 405
Foreign loans
do
5,673
591
597
714
All other
do
861
1,093
822
Commodities, supplies, and materials
do
1,777
1, 725
U. S. Government securities
do
1,685
3, 565
Other securities
do
3,539
3,553
1 2, 691
12 600
12, 662
Land, structures, and equipment
do
3,120
All other assets
_
do
2,792
2,607
2,634
2,895
Liabilities, except interagency, total
do
2,808
Bonds, notes, and debentures:
83
84
Guaranteed by the United States _ do
82
506
Other
do
689
667
2,045
2,144
Other liabilities
do
2 037
269
138
Privately owned interests
.
. d o
143
26, 763
28, 005
U. S. Government interests. _ _
do
28. 015
' Revised, p Preliminary.
J This series has been substituted beginning December 1945 for the series formerly designated "taxable treasury notes"; see note on item in September 1947 Survey for earlier data.
*New series. Revised monthly figures for 1929- 46 for total consumer short-term credit, total installment credit, total installment sale credit, total installment cash loans, charge account
sale credit, single-payment loans, and service credit outstanding are shown on p. 24 of the April 1948 Survey. See notes marked "*" p. S-15 and p. S-16, respectively, of the April 1946 and
September 1947 Survey with regard to unpublished revisions in the detail of sales debt and installment cash loans by lending agencies; except as indicated in these notes, data for these series
from the earliest year available are shown on pp. 17 and 18 of the November 1942 Survey. See note in the February 1947 Survey for information on the series for U. S. savings bonds and reference to the earliest data published.
fRevised series. Total Federal expenditures has been revised to include net expenditures (excluding debt retirement) of wholly-owned Government corporations, shown separately prior
to the October 1947 Survey, and several changes have been made in the detail. Data for "national defense and related activities" (formerly designated "war and defense activities") exclude
beginning July 1947 certain miscellaneous items included in earlier data (see note 5 on p. S-17 of September 1947 Survey). Data for Veterans Administration include veterans' pensions and
benefits and transfers to trust accounts. Data for social security taxes have been revised to exclude railroad unemployment insurance contributions which are not classified as internal revenue.
See notes in May 1946, October 1946, and February'1947 issues of the Survey for explanation of changes in data for assets and liabilities of Government corporations and credit agencies; the
proprietary interest of the United States in the Federal land banks ceased on June 26,1947, and data for the banks were dropped from the series effective June 30, 1947; the exclusion of these
data largely accounts for the decline from March to June 1947 in loans to aid agriculture, investment in U. S. Government securities, "other" bonds, etc., under liabilities, and privately owned
interests. See note in November 1946 issue for explanation of revised classifications for the Reconstruction Finance Corporation.
SURVEY OF CURRENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-17
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
42, 070
6,694
668
6,026
700
1,513
31, 617
17, 709
16, 338
5,850
2,479
5,579
723
823
411, 366
51, 275
36, 066
68, 528
255, 497
42, 345
6,816
678
6,138
712
1,523
31, 851
17,586
16, 208
5,979
2,472
5,814
602
841
487, 268
87, 468
34, 674
80, 687
284, 439
April
FINANCE—Continued
FEDERAL GOVT. FINANCE—Continued
Reconstruction Finance Corporation, loans outstanding, end of month, totalf
mil. of dol_.
Banks and trust cos , incl receivers
do
Other financial institutions
do
Railroads, including receivers
do
Loans to business enterprises, except to aid in
national defense
mil. of dol
National defense
do
Other loans and authorizations
do
1,290
179
80
144
1,250
177
97
144
1,271
159
40
144
1,150
157
40
144
1,154
153
40
143
1,151
152
40
142
1,154
151
40
142
1,152
149
40
142
1,165
147
42
142
183
292
412
186
232
413
203
283
441
207
283
318
214
282
320
218
280
318
226
283
312
228
280
312
246
279
309
39, 606
5,661
605
5,056
605
1,473
30, 431
19, 296
17, 904
4,691
2,489
3,955
649
787
351, 978
41,V184
30, 216
63, 629
216, 949
39, 776
5,760
615
5,135
614
1,477
30, 579
19. 274
17, 888
4,751
2,491
4,063
568
788
381, 212
39, 255
27, 162
65, 497
249, 298
40, 057
5,837
624
5,213
622
1,481
30, 740
19, 093
17, 704
4,965
2,522
4,160
588
789
400, 697
46, 305
24, 301
74, 416
255, 675
40, 287
5,953
632
5,321
631
1,485
30, 936
18, 986
17, 603
5,111
2,512
4, 327
525
757
385, 075
63, 021
32, 100
65, 185
224, 7b9
40, 446
6,041
639
5,402
639
1,490
30, 940
18,864
17, 478
5,169
2,500
4,407
546
790
354, 410
41, 310
27, 147
62, 122
223, 831
40, 693
6,131
641
5,490
641
1,494
30, 893
18, 640
17, 255
5,303
2,504
4,446
703
831
390, 183
47, 410
27, 720
75, 045
240, 008
40, 903
6.242
645
5,597
658
1,498
31,093
18, 623
17, 241
5,446
2,499
4,525
582
830
374,084
48, 640
30, 961
64,059
23Q, 424
41, 069
6,340
649
5,691
665
1,500
31, 209
18, 451
17, 059
5,609
2,499
4,650
543
812
360, 046
45, 838
22, 478
63,865
227, 865
41, 400
6,483
653
5,830
676
1,504
31, 272
18, Oil
16,636
5,680
2,475
5,106
695
770
550, 395
109, 545
35, 849
101, 348
303, 653
41, 892
6,584
657
5,927
695
1,508
31, 447
17, 925
16, 539
5,753
2,471
5,298
854
804
402, 586
62, 296
33,018
65, 235
242, 037
1,796
167
360
1,269
90
313
275
125
139
48
100
42
138
1,829
227
373
1,230
84
302
267
120
132
48
97
42
139
1,830
291
350
1,189
79
285
259
119
132
47
96
40
132
1,857
328
318
1,211
78
294
267
120
132
46
102
40
132
1,616
186
326
1,104
73
257
241
110
122
45
93
38
125
1,583
212
324
1,048
68
231
231
107
124
43
93
36
114
1,857
201
366
1,290
90
321
290
127
140
48
95
42
138
1,797
203
336
1,258
85
323
284
124
134
47
93
39
129
2,201
436
287
1,478
91
346
318
153
169
56
115
57
173
'1,818
178
••309
1,331
90
344
304
126
138
51
100
43
135
250, 576
112,363
38, 468
7,583
18, 482
41,898
31, 782
245, 999
111, 679
34, 595
7,693
18, 315
41, 269
32, 448
251, 165
108. 444
34, 270
7,753
18, 868
49,237
32, 593
247, 203
115, 958
30, 997
8,509
19, 098
40, 119
32, 522
218, 389
101,415
28,367
6,358
17, 574
35, 218
29, 457
236, 414
108, 179
30, 167
7,269
17, 795
42,364
30, 640
247, 149
112, 523
36, 261
7,609
18, 024
38, 527
34, 205
219, 223
101, 334
29, 838
6,924
17, 975
35, 323
27, 829
283, 410
122, 777
31, 168
8,118
16,216
69, 114
36, 017
278, 138
121,007
38, 987
8,723
24, 275
52, 452
32, 694
LIFE INSURANCE'
Life Insurance Association of America:
Assets, admitted, 36 companies, totalt.mil. of doL.
M^ortgage loans total
do
Farm
do
Other
do
Real-estate holdings
do
Policy loans and premium notes
do
Bonds and stocks held (book value) , total do
Govt (domestic and foreign) , total
do
IT 8 Government
do
Public utility
_ . do __
Railroad
do
Other
do
Cash
.do...
Other admitted assets
do
Premium collections totalt...thous. of doL_
Annuities
do
Group
do
Industrial
do
Ordinary
do
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance):f
Value, total
mil. of doL.
Group
do _
Industrial
do
Ordinary, total
do
New England
do
Middle Atlantic
do
East North Central
do
West North Central
do
South Atlantic
.
.
do
East South Centra]
-do
West South Central
_ _ do_
Mountain
do
Pacific
do
Institute of Life Insurance:*
Payments to policyholders and beneficiaries,
total
thous of dol
Death claim payments
do
Matured endowments
do
Disability payments
do
Annuity payments
do
Dividends
do
Surrender values, premium notes, etc
do
' 1, 648
195
'338
1,115
72
272
252
108
121
41
88
38
124
250, 600
113, 860
35, 496
7,111
18, 014
44, 694
31, 425
' 1, 850
225
••383
1,243
81
301
272
118
141
50
99
41
140
1,858
201
369
1,287
85
326
278
120
148
51
99
41
140
307, 077
142, 339
40, 157
8,356
19, 438
55, 083
41, 704
MONETARY STATISTICS
Foreign exchange rates:
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
.2977
Argentina
dol. per paper peso
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
.0228
Belgium
dol. per franc
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
.0544
Brazil, free rate §
dol. per cruzeiro.
.9159
.9195
.9165
.9190
.9200
.8959
.9046
.9036
.8999
.8836
.8906
.9063
.8928
Canada, free rate§
dol. per Canadian dol
.5698
.5698
.5698
.5698
.5698
.5699
.5698
.5698
.5698
.5698
.5701
.5701
. 5701
Colombia
dol. per peso.
2
.0084
.0084
.0084
.0084
.0084
.0084
.0084
.0084
i. 0084
.0084
. 0047
2. 0047
2 . 0047
France. _
dol. per franc
.3016
.3016
.3017
.3016
.3017
.3018
.3017
.3018
.3017
.3017
.3017
.3017
.3017
Fndia
dol. per rupee
.2058
.2058
.2058
.2058
.2058
.2058
.2058
.2058
.2058
.2058
. 2058
.2058
.2058
Mexico.
dol. per peso
.3775
.3776
.3776
.3775
.3776
.3777
.3775
.3776
.3770
.3765
.3771
.3775
.3776
Netherlands
dol. per guilder..
.2783
.2782
.2783
.2783
.2782
.2783
.2783
.2782
.2783
.2782
.2783
.2783
.2783
Sweden. .
dol. per krona
4. 0272
4. 0271
4. 0274
4. 0274
4. 0273
4. 0305
4. 0310
4. 0313
4. 0307
4. 0311
4. 0300
4. 0315
4.0313
United Kingdom , free rate
dol. per £
Gold and silver:
Gold:
21, 266
21, 537
21, 766
20, 774
20, 933
21, 955
22, 614
22, 294
22, 754
22, 935
23, 036
' 23, 137 P 23, 169
Monetary stock, U. S
__ .mil. of dol
118,958
26, 745
13, 057
42, 317
153, 112
-3, 968 -82, 786 -44, 592 -14, 859 -72, 165 -63, 376 -111,546
Net release from earmark*
_ thous. of dol._ 271, 990
2,685
3,639
3,028
5,118
17, 458
1,600
2,509
2,085
5,619
2,250
6,590
28, 178
27, 385
Gold exports!
do. .
202, 917
222, 839
132, 762
116, 776
61,508
267, 301
111, 685
456, 450
180, 674
241, 568
161, 948
262, 334
127, 328
Gold imports!
.
do
61,314
59, 738
57, 215
55,412
59, 057
58, 321
58, 681
56, 356
58, 560
Production reported monthly total® do
38, 805
38, 736
37, 162
38. 271
35, 251
38, 028
36, 936
36, 626
37, 264
35, 721
33, 169
Africa
do
9,149
9,412
8,921
9,418
9,131
8,826
9,057
9,614
8,668
9,568
9,177
Canada®
do
7,319
6,117
7,033
6,246
7,220
8,185
6,042
6,979
6,243
7,281
5, 489
6,372
5,650
United States®
do
Silver:
1,685
1,387
1,636
1,865
630
374
1,042
2, 509
352
1,636
220
5,763
229
Exports!
thous. of dol._
4,408
4,488
7, 220
3,410
4,659
7,222
4,440
6.087
6,917
3,296
6,196
5,331
5.560
Imports!
do
.668
.725
.657
.636
.757
.716
.746
.746
.706
.746
.746
.746
.746
Price at New York
dol. per fine oz
Production:
1,085
1,062
854
929
1,029
924
1,094
954
921
1,502
958
Canada
thous. offineoz__
3,896
1,924
2,746
2,594
2,730
3,243
3,589
3,724
2,180
3,938
2,070
3,383
United States
do
r
2 Offici al rate. T he Februa ry figure is based on cjuotations beginning
Revised.
» Preliminary.
1 Based on quotation 3 through i anuary 23 when franc} was deva uated.
February 10; the free rate for this period and for Mar ch is $0.0033, for Apri 1 $0.0038.
overage of data and i nformatiorj on a subs ;itution for one comp any in the assets serie s in 1944. Beginning January 1()48, the da ta include
JSee note on item in September 1947 Survey for c
total assets of one company that formerly reported ass ets of the 1ife departnlent only; iissets of th B accident iind health departmerit of this co mpany rej>resent abo ut one-hal of 1 perceiit to total
assets for the 36 companies.
§See note on item in September 1947 Survey regai•ding offici il rate.
•Or increase in earmarked gold (— ).
ues
1
®See notes in the April 1946 and August 1946 iss regard ing revisioiis in the d ata for 194 1-44 and Jimuary-Ma y 1945. T he month!y estimates for the United State s for 1946 lave been
revised by subtracting from each monthly figure $476 ,000 so tha t the aggregate for th 3 year is ec ual to the annual est imate com piled by th e United S tates mint ; this amotint should therefore
Bcember 1947 and ear] ier issues o f the Surv 3y; figures for Novem ber and D ecember 1946 were re\dsed in th B January
6
be deducted from the figures for January-October 194 publishe i in the D
1948 issue.
tPublication of data was suspended during the w ar period; clata for Nc vember 19 41-Februa ry 1945 will be publislled later,
tRevised series. All series for insurance written aire estimate d industry totals and or group a ad industr al insuranc e are not c<)mparable with data ]published ]arior to th(5 March 19 46 Survey
(see note in that issue) ; data for 1940-44 for these serieswill be she>wn later; (lata for orelinary insu ranee cont .nue the daita from t '. le Life Ins urance Salejs Researcl i Bureau published iii the 1942.
Supplement and subsequent monthly issues. See nc)te in Novt>mber 1943 Survey for explanati on of revisi on in class fications f Dr the Rec(>nstructiori Finance <Dorporatio n.
6,
*New series. See November 1942 Survey, p. 6-1 for a bri efdescripti on of the se ries on pajf ments to i)olicy hold srs and berleficiaries and data for September-Decemb Br 1941 and early 1942.
SUEVEY OF CUERENT BUSINESS
S-18
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
June 1948
1947
April
May
June
July
August
1948
September
October
November
December
January
February
March
April
FINANCE—Continued
MONETARY STATISTICS— Continued
Money supply:
28, 114
Currency in circulation--.
_
.mil. of doi-Deposits adjusted, all banks, and currency outside banks total*
mil. ofdoL. 165, 100
Deposits, adjusted, total, including U. S. deposits*
- mil. °f dol_ - 139,000
81,300
Demand deposits, adjusted, excl. U. S.*.do
55, 000
Time deposits, incl. postal savings*
do
Turnover of demand deposits, except interbank and
U. S. Government, annual rate:*
21.5
New York City
ratio of debits to deposits
17.0
Other leading cities
do
28, 261
28,297
28, 766
28, 868
' 27, 781
"27, 716
165, 000
165, 455
v 166, 400 9 167, 100 * 168, 600 P 169, 700 P 170, 400
P 171, 600
P 170, 300 P 168, 900 p 166, 500
"167, 870
138, 900
81,500
55, 200
139, 156
82, 134
55, 655
* 140, 400 v 140, 900 " 142, 200 " 143, 400 P 143, 800
P 85, 400 P 85, 900
f 83, 200 " 83, 400 p 84, 200
"56, 000
9 55, 800 f 55, 800
P 56, 100 P 56, 200
P 145, 100
p 87, 200
P 56, 500
p 144, 500 P 143, 200 p 140,900
p 86, 600 P 84, 600 P 81, 600
P 56, 900
* 56, 500 p 56, 800
"142, 410
"82, 970
"56, 970
22.7
17.3
25.6
17.9
26.5
19.8
29.9
20.0
26.4
19.1
26.5
18.6
28, 149
22.9
17.2
28, 434
20.6
16.6
28, 567
23.1
18.0
28, 552
23.9
18.2
28, 111
26.2
18.7
28,019
25.6
18.6
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve):
Net profits, total (629 cosOd"1
mil. of dol_.
••867
r
100
83
105
' i 53
46
'£8
64
87
62
71
U trier transportation ^Qu p. v
432
)
'900
100
r 77
103
«-i57
45
59
85
r
121
81
93
'80
432
23
192
166
22
190
135
••no
Profits and dividends (152 cos.):*
Dividends:
"Proforrorl
do
r
88
'90
'80
P 1, 030
P121
"87
"130
"161
"49
"62
"83
P 196
"90
"93
"57
601
"527
23
278
160
"22
"207
"186
1,033
r
112
' 105
115
••146
' 59
r
71
r
108
r
r IflO
'
Railways and Telephone cos. (see pp. S-22 and
S 23)
"
'
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
741
542
813
1,409
951
785
709
1,038
1,160
541
857
894
M,044
capital and refunding)!
- mil. of dol.__
608
713
1,257
784
351
621
495
802
355
745
1,029
788
2870
New capital totalt do_ _
608
1,221
326
713
783
495
745
621
333
801
1, 026
619
778
Domestic total t
- do_ _470
132
599
562
560
365
546
212
519
258
926
483
376
Corporate!
do. __
37
31
8
50
0
15
39
15
0
16
85
12
0
Federal agencies
do_ _
185
114
101
171
630
114
217
212
99
106
124
277
402
Municipal, State, etc
do
0
2
25
37
1
0
4
0
22
0
1
0
10
Foreign
_ _ _
do. _
134
191
166
152
101
46
56
130
354
293
165
175
106
Refunding totalt
- do_ _
134
191
166
152
101
46
56
130
354
255
165
101
170
Domestic, totalt
_ do_ __
84
147
50
14
76
97
83
3
214
319
122
78
118
Corporatet
__do_-__
48
114
40
64
42
20
39
33
45
38
42
20
40
Federal agencies
do_ _
1
3
2
5
2
1
1
3
2
2
11
3
W
Municipal State etc
do .
(a)
0
0
0
0
0
0
38
0
0
5
5
o
Foreign
- - do_ _.
Securities and Exchange Commission^
2,414
1,253
2,029
1,050
1,407
2,041
1,357
1,376
' 1, 552
1,225
2,038
1,611
1,777
Estimated gross proceeds, total
_ _ _ _ do _By types of security:
1,104
1,026
1,297
1,983
2,207
1,324
' 1, 332
1,261
1,859
1,088
1,900
1,454
I,f89
Bonds notes and debentures, total _ - d o
526
223
412
642
414
294
899
'393
309
596
346
292
412
Corporate
do_ __
51
31
15
25
57
24
49
112
112
70
67
75
110
Preferred stock
_-do __
58
10
118
21
150
170
28
26
30
108
29
82
79
Common stock
» _ _ _
do_ _By types of issuers:
r
636
561
688
248
622
613
346
446
738
441
1,078
449
eoi
Corporate, total
- do. _
273
126
218
81
262
98
'441
504
145
73
170
334
246
Industrial
- do_ _
269
284
325
' 121
141
308
167
229
542
498
310
94
311
Public utility
do
52
37
23
35
81
35
24
29
20
37
5
17
28
Rail
_ _ do_ _.
42
22
3
16
157
17
57
56
10
22
53
4
14
Other (real estate and financial) do
2
771
692
1,792
939
1,341
802
1,030
1,304
915
779
960
1,162
1,177
Non-corporate total®
_ do_
589
597
614
718
708
1,673
854
913
1,051
637
653
746
790
TJ S Government
do
0
0
0
0
0
0
0
0
0
0
0
0
0
Federal agency not guaranteed
do
174
103
633
188
118
116
220
214
105
106
278
400
136
State and municipal
_do_ _
0
0
0
0
0
0
0
0
37
20
0
15
0
Foreign
do
New corporate security issues:
626
'594
679
547
340
612
245
1,063
727
434
437
441
588
Estimated net proceeds, total
do
Proposed uses of proceeds:
434
425
'546
294
560
118
932
498
510
244
180
435
254
New money total
do
'309
334
354
343
193
99
388
800
426
109
179
101
370
Plant and equipment
do
100
217
'237
7,1
19
132
101
122
72
71
65
64
153
Working capital
__do_ __
166
32
'47
114
121
103
105
251
222
163
129
183
*
78
Retirement of debt and stock
do
62
83
74
'14
102
91
6
*
15
164
198
154
103
80
Funded debt
- do _ _
104
22
30
16
12
26
'22
45
15
19
9
17
98
Other debt
do. __
1
0
12
7
18
3
1
2
0
34
43
5
9
Preferred stock
- ._ _ _ __do_ _ _
25
1
6
18
24
6
14
26
6
26
7
24
3
Other purposes
- - - do. _ _
Proposed uses by major groups:
269
123
'425
95
141
213
79
496
259
165
239
71
328
Industrial total net proceeds
- - do_ _ _
154
83
129
'390
65
422
70
193
129
96
45
175
204
New money
-do
110
40
'35
24
13
71
41
65
67
31
21
56
122
Retirement of debt and stock
__do_ _
265
'119
320
164
277
140
303
493
306
225
536
307
93
Public utility, total net proceeds
do
233
281
'106
245
149
28
280
480
31
353
234
157
30
New money
do. _ _
31
12
36
6
31
107
8
12
181
72
136
192
61
Retirement of debt and stock
do
51
34
80
23
37
23
35
5
20
28
37
28
17
Railroad total net proceeds
_-do
32
34
42
23
23
37
4
31
20
28
15
22
17
New money
- do_ _ _
19
37
0
4
0
2
0
0
0
22
0
0
0
Retirement of debt and stock
do _
Real estate and financial, total net proceeds
41
157
16
57
54
14
16
21
21
2
3
51
10
mil. of dol..
15
15
153
52
9
2
15
38
5
7
21
3
3
New money _
do ,
1
7
1
2
26
1
1
4
5
(•)
C)
Retirement of debt and stock
do
C)
(')
'Revised. » Preliminary. 1 Partly estimated. 2 Includes $250,000,000 bonds of International Bank. («) Less than $500,000.
_
.
cfSee p 31 of the October 1946 Survey for revised 1941-44 data for 629 companies and the industrial groups. tSee note in the April 1946 Survey for revisions in the data for 1944.
<8>Includes data for nonprofit agencies not shown separately. The July figure includes also $250,000,000 bonds of International Bank.
•New series For data for 1929-40 for profits and dividends of 152 companies, see p. 21 of the April 1942 Survey; 1941-44 revisions are available upon request. See note on p. S-17 of beptember 1944 Survey for description of series on net income of electric utilities and data beginning tfeird quarter of 1943. For a brief description of the series on bank deposits and currency outside banks and data beginning June 1943, see p. S-16 of the August 1944 Survey; beginning January 1947 data are for the last Wednesday of the month instead of the end of the month. Data
beginning 1939 for turn-over rate of bank deposits and a description of the data will be published later.
„
..
-,>•<.*<
*.* *•
JT,,_
tRevised series. There have been unpublished revisions in the 1941-44 data for security issues compiled by the Securities and Exchange Commission, as indicated from time to time in
notes in the Survey, revisions in the 1945 data as shown in the September 1946 and earlier issues, and in the 1946 data shown in the November 1947 and earlier issues; all revisions will be published
later.
SURVEY OF CUBBENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-19
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
639, 938
103, 453
175, 329
89, 387
390
278
FINANCE—Continued
SECURITIES ISSUED— Continued
^State and municipal issues (Bond Buyer):
Permanent (long term)
thous. of dol_.
Temporary (short term)
__ -do
r
405, 776
71, 803
108, 502
29, 927
214, 749
49, 717
144, 801
136, 364
194, 220
30, 715
275, 006
77, 113
121, 034
85, 242
105, 875
23, 010
101, 195
148, 464
125, 763
77,416
227, 408
79, 895
314
283
328
369
358
531
601
509
503
482
847
393
651
241
373
227
424
282
488
272
483
291
454
280
552
395
222
650
564
550
570
606
593
537
550
572
251
677
280
630
257
616
247
617
578
393
240
612
568
241
656
229
592
241
614
102. 62
103. 09
73. 28
i 102. 06
102. 54
73.28
i 101. 19
101. 65
71 90
i 100. 46
100 93
70 51
99. 84
100 35
67 61
i 99. 97
100 54
65 20
i 100. 19
100 74
65 99
COMMODITY MARKETS
Volume of trading in grain futures :J
Wheat Corn
mil. of bu_
do
SECURITY MARKETS
Brokers* Balances (N. Y. S. E. Members
Carrying Margin Accounts)^
Customers' debit balances (net)
Cash on hand and in banks
Money borrowed
Customers' free credit balances
mil. ofdoL.
do
- _-do
do
Bonds
Prices:
Average price of all listed bonds (N. Y. S. E.)
dollars _ _
Domestic
_
_ do
Foreign
. ..
"
do _
Standard and Poor's Corporation:
Industrials, utilities, and railroads:
High grade (15 bonds)
dol. per $100 bond__
Medium and lower grade:
Composite (50 bonds)
_ _ ..do
Industrials (10 bonds)
do
Public utilities (20 bonds)
_ do_._
Railroads (20 bonds^ ._
do
Defaulted (15 bonds)
_ ._ do .
Domestic municipals (15 bonds)t
do
U S Treasury bonds (taxable) t
do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value §
thous. of dol__
Face value §
do
On New York Stock Exchange:
Market value §
do
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. Government, 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:
Domestic corporate (Moody 's)
percent. _
By ratings:
Aaa
do
Aa
_ do
A. .
•__.do
Baa.
do
By groups:
Industrials.
do
Public utilities
do
Railroads
do
Domestic municipals:
Bond Buyer (20 cities)
do.
Standard and Poor's Corp. (15 bonds) — do
U. S. Treasury bonds, taxablef
do
553
530
205
665
201
652
1C2. 63
103 06
76 42
102. 49
1C2 92
75 32
102. 25
102. 70
74.02
102. 33
102 77
74 16
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117,0
117.4
117.5
118.0
118.6
116.5
123 5
112 7
113.2
64 0
133.2
104 6
115 0
123 2
112 5
109 2
61 9
133.9
104 5
114. 3
122.6
113.0
107.3
63.4
134.4
104.1
115 7
122 8
113 8
110 5
69 6
134.7
103 8
116.1
123 9
113.9
110.4
69.6
134.3
103.9
115.1
121.9
114.1
109.3
68.6
134.4
104.0
114.0
120.8
114.3
106.9
69.4
132.5
103.4
113.3
120 0
114.7
105. 1
68.1
129.4
102.1
112.5
119 1
113.9
104.6
112.4
118 9
113 7
104.6
112.4
119 3
114 1
103.8
112 1
119 1
113 5
103.7
114.1
119 6
116.4
106.4
69, 013
94 736
71 024
98 349
67, 490
88, 531
85, 253
109 385
64, 886
81, 063
60, 326
80, 312
85, 862
121, 655
64, 432
89, 024
63 880
90 458
58, 248
78, 115
76 972
99 723
56, 618
70, 705
51, 284
69, 316
78, 192
112, 210
81, 601
96 661
1 152
2 95, 509
76 937
5,101
82 526
70, 077
80, 773
74, 885
82, 386
75 863
6 523
69, 691
63. 590
6,101
137, 219
2,174
140, 833
139, 172
1,662
137 019
134 856
2,163
140 426
138 797
1 629
134, 932
2,126
140, 148
138, 574
1,574
135 175
2,138
3
140 763
138, 923
1 585
2.78
2.79
2.81
2.80
2.53
2.63
2.81
3.16
2
2
2
3
53
63
82
17
2.55
2.64
2.83
3.21
2.55
2 64
2.82
3 18
2.60
2 71
3.03
2 60
2 71
3 05
2.60
2.72
3.10
2.62
2 72
3 06
1.89
1.98
2.19
1.83
1.95
2.19
1.81
1.92
2.22
1.81
1.91
2.25
828
5,888
135,044
140
386
137,058 3 137 563
73, 440
60, 490
14
260,476
52, 588
5,216
2
7,344
3
(a)
(a)
(a)
(a)
(a)
126.2
101 6
124.5
100 7
122.6
100 7
123.1
100 8
125.7
100.8
145, 181
186 213
98, 892
134 381
60, 126
84, 508
67, 055
95 180
87, 151
81, 942
137 971
178 255
93 971
128, 055
56, 161
79, 154
62 799
89 511
132, 534
125, 834
141 873
39
125
2 81, 784 2 141, 748
73, 830
131 041
6,431
8,581
9,265
isfe, 711
1
i 99. 77
100 27
68 77
81, 823
219
3
99. 62
100 11
68 96
59, 511
81, 663
2 105, 771
95, 246
73
1
208
596
63, 949
87, 497
105, 990
73, 367
63, 949
217
622
3
69, 745
111 380
2
185
2
111, 195
102 419
7 013
3
136 727 3 136 543
134, 347
134 173
2,130
2, 120
3
137, 509 8 136, 207 3 136 232
135, 804
134, 500
134 537
1,462
1 469
1 458
85, 367
69, 729
2 85, 288
74 326
10, 721
2
134 201
131, 835
2,116
3
134, 167
132, 544
1,379
114,479
51
3
16
79
63,511
5,846
3
136, 531
134, 170
2,111
3
136, 313
134, 645
1,427
3
114, 428
106, 223
7,931
134, 297
131, 931
2,116
3
134, 546
132, 903
1,396
137, 628 s 137, 666
135, 281
135, 210
2,168 3 2,135
3
140, 499
141, 236
138, 715
139, 394
1,533
1,589
134, 346
2,115
3 138, 336
136, 568
1,521
2.80
2.85
2.95
3.02
3.12
3.12
3.12
3.10
3.05
2.56
2.64
2.81
3 17
2.61
2.69 |
2.86 i
3.23 '
2.70
2.79
2.95
3.35
•2.77
2.85
3.01
3.44
2.86
2 94
3.16
3 52
2.86
2 94
3.17
3 52
2.85
2.93
3.17
3.53
2.83
2.90
3.13
3.53
2.78
2.87
3.08
3.47
2,63
2 72
3 03
2.67
2.78 i
3.09 I
2.76
2.87
3.22
2.84
2 93
3.30
2 92
3 02
3 42
2 91
3 03
3 44
2.90
3.03
3.43
2 89
3 01
3.40
2.85
2 97
3.34
1.83
1.93
2.24
1.84
1.92
2.24
1.97
2.02
2.27
2.09
2.18
2.36
2 35 ;
2.35
2.39 i
2 40
2.45
2.45
2.48
2.55
2.45
2.42
2.52
2.45
2.34
2.38
2.44
136, 879
134, 556
2,073
Stocks
Dividends:
Cash dividend payments and rates, 600 cos.,
Moody's:
Total annual payments at current rates
2,310
mil. of dol. _
2,482
2,358
2,463
2,224
2,511
2,539
2,329
2,348
2,387
2, 473
2,482
2,310
954. 65
Number of shares, adjusted
millions..
954. 65
954. 65
954. 65
954. 65
954.65
954. 65
954. 65
954. 65
954. 65
954.65
954. 65
954. 65
Dividend rate per share (weighted average)
2.42
dollars. _
2.50
2.33
2.66
2.46
2.47
2.44
2.42
2.63
2.59
2.60
2.58
2.60
3 21
3.21
3.21
3.21
3.21
Banks (21 cos.)
do
3.21
3 21
3 21
3.21
3 21
3 21
3 21
3 21
2.51
Industrials (492 cos.) .
do
2.83
2.56
2.52
2.62
2.77
2.79
2.55
2.72
2.40
2.75
2 50
2.76
2 59
2.59
2 59
2.59
2 59
2.59
2 59
Insurance (21 cos.)
do
2.59
2 59
2 59
2 59
2 59
2 59
1.99
1.98
Public utilities (30 cos.)
do
1.99
1.99
1.96 !
2.00
2.00
1.99
1.99
2.00
1 99
2 00
1 96
Railroads (36 cos.)
do
2.68
2.66
2.66
2.68
2.56
2.67
2.68
2.63
2.57
2.68
2.66
2.56
2.56
Cash dividend payments publicly reported:*
662.2
398.8
451.4
427 4
456 0
595 5
192 6
573 2
173.5
T^tal dividend p^ymfvnts
Trnl, of dol
199 4
176 9
1 139 6 !
527 8
170.8
197.9
389.5
196.1
100.2
362 4
199.6
93 5
101.2
Manufacturing
do.
99.3 "" 370.0
224 9
726 9
40.4
11.9
5.7
65.8
1.9
6.9
1.4
6.8
55.7
1.4
Mining. .
do
1.3
99.9
6.6
31.2
43.5
42.1
39.4
36.7
29.6
9.6
Trade
do
17 1
9 3
40 6
85
67 3
55 9
57.8
22.4
54.3
92.8
62.9
36.7
60.6
23.2
Finance
do
34.0
33.7
31.7
98.7
100.5
22.1
34.2
30.1
22 4
5.7
8.2
6.1
13.2
Railroads
do
17 0
23 7
11.1
51 3
4.0
46.5
37.2
32.9
43.7
47.7
50.0
Heat, light, and power _
do
52.5
37.2
35.5
35.9
50.5
56.0
46.0
3
52.8
54.3
10.5
51.5
.3
13 1
10 6
.3
50.7
.3
53 7
Communications
do
10 9
5.2
12.9
18.5
11.9
3.4
18.6
2.2
Miscellaneous
do
19.4
36.4
2.5
12.0
11.2
12.0
T
Revised. {Data continue series in the 1942 Supplement. ° Discontinued, i Prices of bonds of the International Bank are included in computing the averages.
2 Includes sales of bonds of International Banks as follows: 1947—July, $13,471,000; August, $2,672,000; September, $2,074,000; October, $1,260,000; November. $1.523,000; December, $2,128,000
1948—January, $1,763,000; February, $372,000; March, $241,000; April, $274,000.
3 Includes bonds of International Bank as follows:—Face value—July 1947 to April 1948, $250,000,000; market value—1947; July, $255,000,000; August, $253,000,000; September, $251,000,000;
October, $248,000,000; November, $244,000,000; December, $238,000,000; 1948; January, $237,000,000; February, $241,000,000; March, $244,000,000; April, $247,000,000.
§Since March 18,1944, United States Government bonds have not been included.
}See note in September 1947 Survey for source of data.
*New series. Data for dividend payments for 1941-44 are available on p. 20 of the February 1944 Survey and p. 31 of the February 1947 issue. Revised data for January 1947 will be shown
in a later issue.
fRevised series. For explanation of revision in the series for municipal bonds and data beginning February 1942, see p. S-19 of the April 1943 Survey; earlier data will be published later.
Revised figures through 1943 for prices and yields of U. S. Treasury bonds and a description of the data are on p. 20 of the September 1944 Survey.
SUKVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
May
June
August
July
Sep-
tember
Octo-
ber
Novem-
ber
Decem-
ber
Janu-
ary
Febru-
ary
March
April
FINANCE—Continued
SECURITY MARKETS—Continued
S locks*— Continued
Dividends—Continued
Dividend yields:
Common stocks (200), Moody's
percent. .
Banks (15 stocks)
.
do
Industrials (125 stocks)
do
Insurance (10 stocks)
_
do
Public utilities (25 stocks)
do
Railroads (25 stocks)...
do
Preferred stocks, high-grade (15 stocks), Standard and Poor's Corporation
percent. .
Prices:
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924=100..
Dow-Jones & Co. (65 stocks)
dol. per share
Industrials (30 stocks)
do _
Public utilities (15 stocks)
...do....
Railroads (20 stocks)
_ _ do.
Standard and Poor's Corporation:
Industrials, utilities, and railroads:
Combined index (402 stocks) . _ . 1935-39= 100. .
Industrials (354 stocks)
_ _ _ _ do.
Capita] goods (116 stocks)
do
Consumer's goods (191 stocks)
do
Public utilities (28 stocks)...
.do
Railroads (20 stocks)
_ _
_
do
Banks, N.Y. C. (19 stocks)
do. .
Fire and marine insurance (18 stocks)
do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
mil. of dol..
Shares sold
thousands
On New York Stock Exchange:
Market value
mil. of dol
Shares sold
. thousands.
Exclusive of odd lot and stopped sales (N.Y.
Times)
thousands
Shares listed, N . Y . S . E . :
Market value, all listed shares
mil. of doL.
Number of shares listed
millions
5.4
4.7
5.3
3.4
5.5
6.5
6.5
4.6
5.6
3.4
5.4
6.5
5.8
4.8
5.9
3.5
5.5
6.9
5.5
4.6
5.5
3.3
5.5
6.7
5.5
4.5
5.5
3.2
5.4
6.3
4.07
4.13
4.18
4.12
4.12
75.8
63.98
181.42
34.10
47.79
76.8
63.66
179. 18
33.04
49.46
73.9
63.78
176. 26
33.06
51.44
70.5
60.91
168. 47
31.95
49.19
75.5
61.75
169. 94
32.24
50.64
78.0
66.03
180. 05
33.75
56.03
125.1
131.1
119.1
132.8
101.0
104.2
96.7
116.4
123.6
130.3
118.9
131.1
97.2
100.1
94.8
117.3
122.4
129.2
117.5
128.4
94.0
103.9
91.0
116.9
120.1
126.0
115.0
125.1
95.1
106.5
93.9
119.6
114.2
119.2
108.9
117.8
92.6
101.9
91.2
117.7
116.4
121.8
111.3
118.9
93.0
105.2
92.5
119.5
124.6
130.8
120.0
125.6
96.2
115.2
94.2
125.4
722
31, 649
1,230
55, 736
812
37, 277
1,178
53, 160
924
40, 123
777
34, 336
897
41, 447
1,433
63, 059
624
21, 600
611
21, 556
1,043
40, 620
681
26, 326
1,003
' 38, 688
785
28, 696
659
24,704
759
29,774
45, ?;04
25, 473
14, 153
16,017
28, 635
16, 371
27, 605
20, 218
16, 801
22, 993
34, 613
69, 365
1,847
68, 184
1,862
67, 522
1,870
68, 884
1,879
67, 026
1,896
68, 313
1,907
66,090
1,923
63, 158
1,928
67, 757
1,933
70, 262
1,938
6.1
4.6
5.0
3.6
4.9
7.3
6.3
4.6
5.3
3.7
5.0
7.5
6.1
4.6
5.0
3.5
5.1
7.3
4.9
4.4
4.8
3.5
5.1
6.7
6.1
4.4
6.0
3.6
5.0
7.0
6.2
4.5
5.1
3.6
5.1
7.1
6.1
4.5
6.1
3.6
5.2
7.0
3.75
3.76
3.76
3.72
3.71
3.72
3.86
75.7
61.04
171. 28
34.52
45.88
74.4
59.49
168. 67
33.39
43.60
77.3
61.26
173. 76
33.98
44.86
80.3
65.32
183. 51
35.61
49.39
78.3
64.36
180.08
35.58
48.73
77.5
63.39
176. 82
35.25
48.10
78.7
63.93
181. 92
35.48
49.44
119.3
123.1
113.0
126.7
104.6
102.2
94.7
118.8
115.2
119.0
108.0
121.4
102.0
95.1
95.0
114.0
119.1
124.1
111.9
126.4
100.8
97.6
94.7
117.0
126.0
131.7
118.9
134.6
102.2
108.2
97.3
120.5
124.5
130. 2
117.0
132.4
101.4
105.2
98.0
116.1
123.1
128.4
115.7
130.5
102.0
103.6
97.5
114.0
980
45, 141
889
40, 362
813
35, 588
1,062
45, 845
728
29, 662
826
32, 363
745
28, 021
677
23, 882
900
33, 259
20, 620
20, 616
17, 483
64, 520
1,794
63, 646
1,814
66, 548
1,829
6.4
4.7
6.4
3.5
5.5
7.2
4.01
1, 119
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
205
209
220
255
242
262
••229
812
274
263
'237
287
Quantity}:
_ .
1923-25=100
289
304
••312
290
315
351
337
' 337
••315
••346
400
298
361
Value}
do_
141
'136
132
138
138
129
128
128
133
131
130
126
Unit value
..
do
Imports for consumption:
141
140
154
«-126
118
122
124
143
108
136
118
123
Quantity
do
141
176
'175
180
200
'148
139
127
158
143
147
152
164
Value
. .
do
125
124
128
119
118
129
••118
118
120
118
117
123
Unit value
._
do
Agricultural products, quantity:§
Exports, domestic, total:
99
98
98
115
111
85
91
97
98
105
86
107
Unadjusted}
1924-29=100
104
104
82
94
'84
81
127
139
145
87
80
132
Adjusted} _.
_ _ »
do
Total, excluding cotton:
184
172
173
159
134
163
183
178
288
139
143
169
Unadjusted},
.
do
205
175
143
144
220
212
142
164
170
'140
'143
201
Adjusted}
_
do
Imports for consumption:
124
114
123
111
102
93
84
74
93
101
89
104
Unadjusted
do
115
107
109
102
93
118
105
100
96
80
98
96
Adjusted
. do
SHIPPING WEIGHT*
14, 728 ' r12, 984
11, 901
23,692
26,609
22, 745
24, 938
27, 418
23, 432
20, 564
Exports, including reexports
- mil. of Ib
19, 628
9,399
11, 264
10, 317
10, 103
General imports
do
10, 101
8, 868
10, 530
9 799
9 978
9,258
9,684
VALUE §
1,141
1,091
1,086
1,358
1,265
1,265
1,172
1,503
1,320
1,303
1,185
Exports, total, including reexports}
mil. of dol._
1,122
' 1, 185
T
T
r
r
r
r
r
1,111
'920
'943
1, 121
925
1, 354
1, 195
1,068
1 198
1, 095
' 1, 046
Commercial*
do
947
1,228
r
r
r
r
r
' 165
' 166
'197
Foreign aid and relief*.
do
146
125
'143
153
117
105
' 126
'90
127
174
By geographic regions:
r
Africa...
thous. of dol
70, 434
66, 150
72, 184
86, 806
74, 829
65, 751
65, 763
76, 702
57, 831 ' 68, 967 62, 374
68, 719
Asia and Oceania}
.do
256, 074
240, 882
227, 822
209, 155
225, 646 ' 187, 734 195, 429
190, 621
213, 208
253, 317
217, 647
191, 747
Europe}
do
565, 180
470, 735 448, 436
525, 586
481, 143 470, 952
446, 833 404, 312 403, 345 r 400, 861 ' 398, 660 409, 202
r
191,551
170,456
202, 776
Northern North America
.
do
188, 353
210, 276
141, 514
151, 286
180, 983
174,909 ' 176, 795
151, 105 r 138, 356
r
130,155
126,057
149,793
118. 606 113,418
Southern North America
do
148, 641
126, 105
152, 347
126, 988
126 648
164 096
161 485
r
South America
_
do
197, 148
193, 251
1P5 824
215 828
239, 160
187, 557
176 736
179 001
174 884
197 977
201 466 T 176 156
Total exports by leading countries:
Europe:
r
France
.
do
88 123
75 102
65 096
56, 841
64 545
76 416
59 556
57 195
64 467
58 248
57 780
70 859
Germany}
_
do
52, 177
58, 359
71 841
57 291
34 337
44 985
44 858
43 963 ' 62 015 61 209
91 537
37 478
Italy}
do
51, 758
55, 355
48, 146
27, 203
31, 457
38 445
36, 812
33 199
35 711
41, 212
40 165
40, 774
Union of Soviet Socialist Republics (Russia)
r
27, 116
7,140
3,032
4,051
15, 742
thous. of dol_.
9,281
15, 423
5,175
8,161
10, 384
9,158
7, 479
United Kingdom
do
62, 704
95, 232
94, 497
99, 804
95, 705
89, 789
94, 513
58, 373 ' 72, 397 ' 60, 127
51, 704
93, 465
' Revised.
}The indexes for exports of agricultural products and the other indicated export series were revised in the May 1948 and the April 1948 issue, respectively, to include civilian supply shipments (see explanation in note marked "§"); revised figures for January or January and February 1947 are given in notes in the indicated issues to include Army civilian supply exports (see
note marked '<§")._
§The publication of practically all series on foreign trade included in the 1942 Supplement but suspended during the war was resumed in May 1946 Survey. Revised 1941 figures for total
exports of U. S. merchandise and total imports are shown on p. 22 of the June 1944 Survey; revised figures for 1942-43 for the totals and revised figures for 1941 and later data through February
1945 for other series will be shown later. Export statistics cover all merchandise shipped from the U. S. customs area, with the exception of shipments to the Armed Forces for their own use,
including commercial trade, lend-lease exports, shipments to U. S. agencies abroad (since June 1945), and relief shipments. Figures published in the March 1948 Survey and earlier issues exclude all shipments to the U. S. Armed Forces and therefore exclude goods that reached foreign civilians through them; data for such shipments of civilian goods, with the exception of ship-ments of petroleum and petroleum products other than asphalt for road building, are now available beginning January 1947 and are included in figures shown in this issue.
*New series. See note in March 1948 Survey for explanation of series on shipping weight. Commercial exports represent total exports less lend-lease exports and shipments designated
foreign aid and relief"; the latter includes shipments under the U. S. Foreign Aid, Interim Aid, Greek-Turkish Aid, Economic Cooperation Administration, and UNRRA programs and
Army civilian supply shipments Csee note marked "§"). Commercial exports therefore include private relief shipments as well as commercial trade and shipments to U. S. Government agencies abroad. Small amounts under the lend lease program, which was practically completed in 1947, are included in total exports but not shown separately; separate figures are available,
however, in earlier issues.
SUEVEY OF CUERENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-21
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
FOREIGN TRADE—Continued
VALUE§—Continued
Total exports by leading countries— Continued
North and South America:
187, 004
203, 624
166, 048
170, 520
172, 644
Canada
. _
thous. of dol__ 181, 511
305, 552
302, 961
369, 636
309, 065
••350,276
288, 100
Latin American Republics, total
do
57, 778
74, 428
53, 687
49, 415
71, 653
64, 990
Argentina
__do
45, 294
50, 050
' 61, 261
68, 535
50,127
40, 258
Brazil
do
11, 322
10, 584
12, 387
9,919
10, 487
8,519
Chile
-do _..
17, 133
14, 190
17, 374
21, 234
23, 467
12, 275
Colombia*
do
41 , 560
33, 249
32, 740
42, 725
47, 577
35, 073
Cuba
do _.
46, 881
56, 992
56, 862
51, 399
44.713
42, 702
Mexico
do
35, 430
31, 364
39, 095
34, 947
46, 138
33, 872
Venezuela*
do
Other regions:
23, 822
14, 291
26, 364
24, 458
20, 668
19, 752
Australia
_ _.
- _ do _.
5,205
5,619
4,172
7,145
7,790
5,733
British Malaya
do
26, 164
55, 538
19, 678
41, 395
39, 349
12, 085
Chira
_ _
do _.
6,473
5,284
5,383
6,765
5,537
6, 397
Egypt
_
do
55, 815
24, 536
41, 160
38, 598
28, 166
India and dependencies
do
29, 100
28,162
36, 894
45, 080
56, 224
30, 804
33, 763
Japant
- - do
9,302
6,236
16, 814
9,779
8,103
Netherlands Indies
do
4,831
29,310
30, 094
32, 689
32, 037
33, 066
35, 905
Philippine Islands
_
do_ __
36, 438
' 34, 659
34, 698
36, 789
41, 763
29, 911
Union of South Africa
do
1,307
1,344
1,253
1,490
1,254
'1,175
Exports of U. S. merchandise, total i---.mil. of dol._
By economic classes:
354,067
102, 604
145,423
131,225
120, 736
128, 471
Crude materials!
.
thous. of dol__
93, 585
121,746
103, 935
138,039
117,913
105,188
Crude foodstuffs!
do
169,150
145,832
175, 282
139, 553 r 138, 100
Manufactured foodstuffs and beveragest-.do
17M08
162, 282
174, 064
148, 436
156, 973
170,139
150,667
Semimanufactures!
do
727, 752
873, 292
710, 034
800, 094
685, 806
652, 283
Finished manufactures!~ .
do
By principal commodities:
342, 427
334, 062
320, 381
308, 596
361,960
289, 561
Agricultural products, total J . . _ _ _ _ d o
50, 060
13, 165
5,714
45, 588
41, 134
18, 227
Cotton, unman ufacturedt
do
19,018
25, U9
22, 006
36,116
26, 401
25, 975
Fruits, vegetables and prermrationst- .do
164, 291
174, 264
155, 926
180, 521
178, 628
146,109
drains and preparations! ._
do
24, 285
' 25, 091
34. 805
18,901
20, 754
25, 459
Packing house products!
_ _
do
964, 409
932, 573
1,009,437 1,127,846
945, 677 ' 884, 492
N on agricultural products, total!
do
90, 132
89, 485
104, 684
114,878
101, 078
90, 859
Automobiles, parts and accessories
do
73, 104
84, 191
76, 915
73, 089
76, 604
67, 286
Chemicals ancl related products!
_.do
8,673
7,453
5,935
11,210
7,111
10,079
Copper and manufactures _ _ _ _ do
r
70, 680
66, 906
67,311
79, 020
71, 807
66. 851
Iron and steel and their products
do
194, 465
201,331
202, 170
246, 160
182, 820
175, 768
Machinery!
_ _ _
_ do
27, 615
26, 163
28, 474
' 28, 829
31,008
26, 234
Agricultural
do
48, 184
49, 489
47, 456
55, 726
43, 500
42, 784
Electrical!
_ _ _
do
15, 365
13, 769
17,909
18,457
21,129
13,333
Metal working
do
94, 115
124, 156
98, 055
86, 326
' 95, 637
82, 378
Other industrial
_ _ _ do
59, 234
53, 936
63, 976
57, 284
59, 963
53, 232
Petroleum and products!-.
_. _ _ d o
463
450
512
474
400
'473
General imports, total
._ .mil. of dol
By geographic regions:
24, 219
14, 799
30, C79
24, 402
19, 795
43, 850
Africa
.
thous. of dol_100, 696
95, 751
100, 747
120, 830
56, 798
77, 879
Asia and Oceania
do
69, 341
65, 611
64, 126
71, 730
58, 407
76, 796
Europe
_
_
_ do_ _
96, 638
'91,233
90, 547
88, 616
101,121
87, 817
Northern North America.
do
93, 836
'112,648
91,853
78, 839
86, 026
77, 409
Southern North America
do
78, 236
84, 927
' 111, 803
100, 701
87, 538
103, 370
South America
do
By leading countries:
Europe:
3,411
3,287
5,073
2,807
3,856
3,408
France
do
196
365
531
688
484
766
Germany _ - _
_
do
2,953
2,074
3, 825
2,673
2,188
3,040
Italy
do
10, 475
' 6, 284
9,956
2,508
13,994
4,466
Union of Soviet Socialist Republics
do
19, 044
18, 624
18,099
17, 128
15,684
United Kingdom
do. .
16, 824
North and South America92, 644
86, 762
84, 866
' 89, 739 85, 072
97,317
Canada.
.
do
164, 893
168,321
'216,251
176, 330
158, 670
174,375
Latin American Republics, total
do
15,313
13, 294
10, 691
18,839
5, 81 7
7,239
Argentina
do
16,952
42, 549
31,154
Brazil
do. __
26, 763
28, 229
46, 705
11,160
11,805
14, 120
10, 888
11,602
Chile. _
_
_
do....
9,076
12, 785
18, 515
14, 477
9,917
Colombia* _ _
_.
__
do
13,759
14,694
61, 238
50, 848
44, 586
53, 706
45, 133
Cuba
do
32, 449
21, 582
' 22, 219
18, 309
17, 466
16, 749
Mexico
do. _
29, 226
12, 764
13, 733
13, 134
13, 289
14,016
Venezuela*
_
do
If), 657
Other regions:
12, 058
15,918
5, 341
15, 206
7,079
Australia
do
5,781
18,211
23, 662
43, 212
23, 951
14.212
British Malaya
do
16,407
13, 727
5, 955
7,556
3,033
China
. . . . do
11,917
5,390
3,961
936
954
1,032
2,637
Egypt.
_
do
13, 393
22 959
19,218
13, 234
13, 759
India and dependencies
do. _
29, 157
24,811
Japan.
_ do
813
804
1,119
4,739
1.444
2,479
1,100
739
5,255
2,584
Netherlands Indies.
_
do
3, 106
1,365
15, 875
14, 178
Philippine Islands
do
17,896
8,503
9, 055
10, 038
5,145
5,297
7,114
Union of South Africa
do
8, 207
5,603
15, 703
484
455
470
445
Imports for consumption, total—.mil. of dol__
405
473
By economic classes:
160, 066
159, 577
133, 402
Crude materials
thous. of dol__ ' 133, 729
112, 946
142, 935
109, 750
55, 603
Crude foodstuffs
do
61, 185
65, 129
60, 586
85, 483
67, 691
53, 962
60, 257
62, 883
55, 678
Manufactured foodstuffs and beverages.. do. __
49, 863
95, 472
103, 494
112, 063
Semimanufactures
do
103, 533
102, 692
103, 634
Finished manufactures..
_
do
76, 740
77, 003
81, 839
89, 899
72, 829
91, 088
By principal commodities:
' 268, 591 233, 121
222, 635
192,013
168, 439
Agricultural, total
do
201, 071
Coffee
...do
66, 599
32, C20
25, 064
34, 856
57, 172
31, 727
6,934
7,261
4, 428
Hides and skins
_.
do
5,977
8,993
4 367
Rubber, crude, including guayule
do
23, 937
17,113
47, 837
30, 281
23, 263
14, 924
6
Silk, unmanufactured... _
do
43
57
3,267
701
139
Sugar,,
do. _
50, 780
34, 311
42, 595
37, 386
42,811
26, 632
21, 338
Wool and mohair, unmanufactured
do
20, 893
17, 762
15,529
12,317
15, 024
' Revved.
§See note marked "§" on p. S-20.
*New series. Data beginning March 1945 are in the May 1946 Survey; earlier data will be published later.
{Revised in the April 1948 survey to include Army civilian supply shipments (see note marked "§" on p. S-20).
198, 557
342, 698
59, 451
52, 822
11, 605
17, 934
48, 450
52, 899
37, 055
176, 158
313, 490
58, 026
45, 525
6,818
18, 297
51, 383
50, 672
34, 515
146, 008
345 225
59, 433
56 221
9,873
20 579
45, 933
60, 267
40, 233
21,314
5,993
11, 947
3,935
31,732
32, 755
5,478
41, 535
35, 828
1,286
19, 869
5, 742
15, 694
4,718
26, 076
38, 660
8,728
40, 142
34, 219
1,173
21, 373
6 925
18, 761
3,514
32 133
46, 771
5 856
40, 630
32, 754
1,164
' 136, 736 139, 200
270,615
280 734
51, 065
48, 249
' 45 836 45 684
8,028
5,909
20 438
19 099
37, 017
' 33, 789
44, 017
36, 793
' 35 340 38 397
r
14 203
6 733
17 949
2, 439
r 28 223
30 239
6 907
42 632
38, 273
1,081
148, 768
306, 287
48, 879
63 144
5,662
20 694
39, 325
45, 655
40, 807
9, 706
7 962
21, 891
3, 058
17 508
37, 888
5 536
43, 584
36, 698
1,076
9,201
6,888
23,486
2,862
17, 914
24, 108
6, 265
41, 540
36, 626
1,131
1,111
140,387
103,710
148,997
156,092
736, 853
122,910 ' 125, 494
102, 196
118 375
126, 382
100,350
145,412
135 802
T
676, 453
683, 446
112
r 99
r
l!8
130
620
108, 631
118 742
100, 983
120 843
626, 489
108, 369
96, 744
132, 442
129 986
663, 026
308, 969
22, 080
29, 233
144, 433
19,185
977, 070
98, 426
73, 921
11,036
75, 662
209, 648
29, 358
51,624
15,760
100,014
55, 576
492
' 283, 075 r 290, 058
24, 525
37, 467
27, 074
22, 381
135,433
145, 362
20, 5&8
14, 038
888, 485 ' 873, 489
81, 620
88, 292
69, 481
70, 799
12, 589
11, 487
72, 224
75, 473
204, 882
215, 553
27, 556
29 373
49, 123
47, 834
15, 678
16, 615
99, 539
109, 028
51,324
52, 331
455
' 603
281 759 '281,195
33, 620
42, 633
28, 424
20 512
141, 755
147 400
12 383 ' 14,429
794, 480
798 796
72, 157
76 497
66, 275
r 63 020
r H 184
10, 384
r 67 Q58 '61,026
198, 452
r 201 539
28, 566
28 606
42 821 '46,159
14, 990
13 352
r 103 673 ' 96, 006
44, 164
' 47* 277
582
'546
295, 980
45, 886
35, 063
127, 640
21, 925
834, 587
83, 819
72, 495
9,188
63, 708
214, 174
33, 003
48, 987
15, 980
104, 173
49, 441
666
527
~
209
125
126
324
724
24, 242
88, 412
78, 847
108, 485
71,482
120,051
26, 179
92, 762
66, 975
94, 319
71, 417
103, 247
49, 734
120 017
78, 771
121, 309
93, 376
137 341
6 523
r 124 149
r 79 149
105 83Q
r 60 230
149' 901
45, 513
122, 002
85, 649
101, 552
93, 771
133, 529
44, 454
139, 029
98, 967
128, 911
114, 962
139, 898
3,493
635
4,958
7,835
18, 426
4,515
971
3,997
5,101
15, 470
3,053
1 078
6,463
5,027
18, 563
4 863
1 208
6* 036
5 547
21 863
4,642
2,705
5,721
1,953
20, 184
6,485
1,734
8,414
7,045
25, 578
105,305
183,448
11,453
46, 718
11, 243
23, 320
37, 626
19, 292
14, 596
91, 802
165, 653
12, 724
39, 553
10, 483
17. 615
36, 887
15, 732
12, 854
117,295
99, 895
101 467
220, 085 r 200 286 ' 212, 731
17, 212
?1 674 ' 17, 658
44, 165
48 628
42 906
17, 142
14, 080
12 675
27 7Q4
18 135
23 761
34, 681
42, 708 r 12 098
23 832 r 19 57-3
25, 320
18 552
19 986
18 822
3,674
15, 789
6, 634
1,835
21, 568
4,049
3,474
12, 593
12, 739
505
9,357
15, 804
8,434
106
18, 784
2, 524
1,572
15, 130
15, 003
449
11 533
24 814
14 166
195
21, 270
4 442
2,345
20, 641
17 680
'562
149, 331
91,501
58, 237
110,476
95, 212
134, 102
83, 337
51,820
100, 502
79, 271
227, 057
59, 818
6 152
16, 190
555
29, 559
16,323
205, 183
49, 349
8,696
18, 006
276
28, 178
15, 702
9
r
126, 734
237, 254
19, 723
40 692
17, 874
17 442
47, 195
27 204
26 880
11, 133
20, 304
12 299
2 486
23, 918
4 385
3,255
18, 912
11 836
574
24, 393
23 004
10 594
1 980
20 686
4 643
4,906
23 990
12 983
639
' 156, 474
197, 738
125, 748
108 032
60, 865
34, 902
131 576 r 121 347
87, 735
94 770
177, 453
115 914
55, 917
133 772
90, 619
195, 293
121 983
70, 129
140 922
110 164
'271 896 '272 553
69 729
68, 656
20 793
12 390
31,827
25, 739
143
1 098
6,090
38 368
' 39, 259
11, 107
277 348
62 324
12 592
22, 459
276
30 796
30! 597
310 208
63 435
10 587
29, 639
1 863
39 813
34! 803
4 835
32 504
6 478
1 797
22 250
2 958
' 2 717
21 883
9 608
557
r
525
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 194&
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
FOREIGN TRADE—Continued
VALUE§— Continued
Imports for consumption— Continued.
By principal commodities:
N onagri cultural total
thous. of dol
Furs and manufactures
do
Nonferrous ores and metals, total
do
Copper, including ore and manufactures:
thous of dol_
Tin, including ore
_ _ _ _
do
Paper base stocks
do
Newsprint
do_ _.
Petroleum and products
do
r
215, 365
7,085
30, 049
222, 327
9,187
35, 789
246, 917
14, 450
44, 312
252, 508
11,947
40, 988
236, 232
5,576
45, 133
272, 680
18, 756
45, 121
277 735
11 , 566
42, 116
8,074
2,410
17, 426
•• 27, 092
20, 309
16, 571
853
20, 521
28, 667
21,879
21,818
1,272
29, 958
30, 423
18, 543
15,626
7,435
30, 773
30, 988
20, 475
17, 369
9,109
36, 557
27, 747
19, 284
16, 847
13,913
25, 191
32, 601
19, 708
18, 229
7,550
27, 055
31,933
20, 191
r
243, 881 r 290 469 r 284 201
9,408
16 791
12 001
35, 753
51, 618 r 38, 444
15, 110
5,224
25, 396
28, 267
21,899
21, 091
9,927
27, 354
34, 721
28, 743
23, 624
23, 508
6 690
853
6,850
752
427, 686
432, 548
393, 637
328 283
11,996
49, 646
19 129
5,692
30 978
27,483
30 371
19, 027
7,613
28, 873
37, 367
37 277
20 978
21 163
6 199
24, 849
25, 585
7 817
349, 934
431, 156
12, 425
9,335
25, 305
29, 375
29, 398
24 599
28, 223
7 993
296 326
18 355
47 138
TRANSPORTATION AND COMMUNICATIONS
TR AN SPORTATION
Airlines
Operations on scheduled air lines:!
M^iles flown revenue
thous of miles
Express and freight carried
thous of Ib
Express and freight ton-miles flown thousands
Passengers carried (revenue)
do
Passenger-miles flown (revenue)
do
25, 318
17, 235
4,788
1,079
519, 516
26, 994
15, 610
4,415
1,151
556, 589
26, 866
15, 722
4,295
1,065
538, 377
28, 572
15, 269
4,233
1,100
533, 706
28, 883
16, 973
4,749
1,253
600, 262
27,515
19, 949
5,837
1,235
599, 683
28 373
28, 414
8 203
1,195
569, 885
24, 280
23,149
904
r
694
881
Express Operations
25, 082
24, 398
24, 406
24, 429
32,075
25, 112
26, 668
27, 790
26, 575
26, 355
26, 183
25, 910
Operating revenue
.
.thous. of dol
5
64
d62
47
119
50
47
17
75
73
63
78
Operating income
do
Local Transit Lines
8. 5816
8.0774
8.0580
8. 1134
8. 0414
8. 1051
8. 1854 r 8. 2104
8. 3073
8. 3406
8. 4043
8. 4652
Fares, average, cash rate _
cents
8.5234
r
1,504
1,464
1,479
1,606
1,441
1,495
1,600
1, 588
1,481
1,559
1,581
1,595
Passengers carried f
millions
1,450
111,300
120, 100
112, 100
115, 600
111, 400
118, 200
113, 300
127, 000
120, 100
121, 800
121, 200
Operating revenuesf __ _
. thous. of dol
111, 100
Class I Steam Railways
Freight carloadings (A. A. R.):®
2, 984
3,276
4,376
3,543
4,424
3,233
3,164
4,560
3,600
3,824
3,078
2,954
3,808
Total cars
.._
thousands. .
408
922
495
708
886
934
547
713
714
916
Coal .
_.
do
730
758
510
40
72
54
49
74
53
70
54
60
75
60
Coke
do
53
60
173
233
178
188
191
222
248
183
168
205
Forest products.
do
166
181
191
153
213
275
200
191
317
245
210
177
225
144
Grains and grain products
do
141
216
49
49
62
66
46
54
74
93
50
55
Livestock
do
34
35
91
447
464
429
593
577
588
432
505
467
499
434
Merchandise, 1. c. 1
do
461
491
204
369
324
343
164
238
407
299
66
63
56
Ore
_ _ _ _ _ _ _ _
__
do
64
274
r
1, 510
1,909
1,992
1,555
1,461
1,592
2,030
1, 535
1,495
1,787
Miscellaneous
do
1,454
1,509
1 728
Freight carloadings (Federal Reserve indexes):
12g
144
142
140
148
134
153
150
139
133
129
122
156
Combined index, unadjusted
1935-39=100..
105
115
155
141
146
153
119
160
155
155
150
156
98
Coal
do
134
165
183
170
169
195
177
201
192
178
188
163
188
Coke
do
141
154
151
153
148
160
161
147
141
137
135
146
Forest products.
__..
do
155
108
202
121
143
153
142
133
175
130
132
101
100
152
Grains and grain products
do
94
94
87
87
139
133
92
98
87
81
61
161
62
Livestock. _
....
do
70
71
73
76
77
80
73
77
71
65
69
73
78
Merchandise, 1. c. 1
do
212
267
286
284
311
272
163
157
60
45
49
57
235
Ore
_ _ _ _ _
__
do
143
145
146
146
145
150
157
158
147
139
137
Miscellaneous
_ do. _
142
163
130
134
142
137
142
143
147
149
137
145
139
130
146
Combined index, adjusted!
do
141
105
115
155
146
153
119
160
155
155
150
98
156
Coal!
do
173
185
137
184
195
191
170
173
180
183
178
162
192
Cokef
_
do
141
152
148
145
152
150
149
158
148
153
140
146
147
Forest products
do
140
138
123
162
168
145
138
132
151
137
103
109
152
Grains and grain productsf
do _
104
92
107
105
105
107
105
111
96
84
79
76
104
Livestock! _ _ _ _ _ _ _
do
74
71
76
70
73
75
74
73
79
68
71
72
75
Merchandise, 1. c. 1
do
184
194
184
200
163
192
184
190
181
180
195
195
163
Ore!
do
142
145
149
145
145
151
143
147
156
152
150
149
146
Miscellaneous!
.. do
Freight-car surplus and shortage, daily average:
5,243
11, 333
104, 170
2,391
30, 651
1,322
2,505
5.886
12, 125
12, 013
35, 244
6, 657
942
Car surplus!
number
2,029
5,904
3, 459
75
712
613
175
120
238
3,600
2,585
1,817
132
Boxcars
. _ _ do. .
1,390
25, 874
27
172
95, 10(>
127
10
9,456
0
983
27, 938
184
0
Coal cars _ _ _ _ _ _ _
do
14, 969
14, 779
34, 443
15, 697
2, 330
31,766
12, 146
20, 150
27, 865
8,747
13, 030
7,783
40, 103
Car shortage*
do
4,292
5,127
9,592
16, 336
17. 165
16,631
15, 165
1, 07»
5,643
20, 819
2,888
4,922
2,974
Box. cars
do .
10, 247
9,357
5,331
14, 566
15, 165
6,072
4,583
10, 277
5,471
1,097
15, 275
7,588
4,380
Coal cars
do
Financial operations (unadjusted) :
r
724, 432
696, 909
705, 361
745, 258
807, 428
726, 550
755, 324
690, 335
728, 969
750, 735
715, 891
776, 616
794, 165
Operating revenues, total
thous. of dol_ r
556, 889
557, 881
591, 687
596, 592
593, 089
625, 241
565, 013
627, 816
601, 375
664, 648
613, 361
589, 894
642, 346
Freight
do
r
84, 787
93, 642
77, 349
94,001
80, 869
73, 661
89, 461
70, 415
69, 49 0
80,897
72, 065
74, 398
75, 009
Passenger
_ _ _
do
r
555, 362
550, 057
557, 318
565, 606
588, 591
595, 315
631, 150
543, 565
618, 759
585, 625
611, 872
615, 856
586, 356
Operating expenses
do. _
Tax accruals, joint facility and equipment rents r
89,041
86, 651
91, 385
98, 827
89, 979
94, 432
96, 255
93, 582
105, 860
90, 23£)
90, 110
97, 132
thous. of dol.. r 87, 311
60, 201
60,958
47, 979
75, 729
80, 825
65, 577
80, 023
41, 297
59, 460
39, 425
60, 724
53, 104
76, 433
Net railway operating income
do
38, 402
37,025
51, 343
20, 147
46, 360
43, 358
32, 580
48, 904
60, 212
18, 707
35. 447
17, 798
Net incomej
do
Financial operations, adjusted:!
716.3
P82.7
698.0
719.4
786.0
731.0
739.1
805.7
684.9
766.6
760.8
781.1
Operating revenues, total
mil. of dol
593.4
543.5
583.4
565.3
681.2
653.4
636.9
555.8
624.1
623. 3
611.7
644.2
Freight
_
do
85.9
78.2
81.9
83.8
80.7
77.0
72.9
87.8
76.7
84.7
Passenger
_
do
75.5
77.4
633.2
649.2
634.5
655.4
680.5
637.4
707.6
722.5
696.3
705.4
707.0
710.5
Railway expenses
do
r
48.2
64.8
64.0
78.4
81.8
35.8
83.2
47.6
42.8
59.6
70. 6
55.4
Net railway operating income.
do
48.9
31.0
17.6
32.1
46.9
15.2
3.6
9.4
49.8
Net income
do
••38.3
23.6
27.8
Operating results:
54, 664
61, 650
59,406
56, 646
60, 009
64,592
59, 656
57, 332
55, 125
53, 579
Freight carried 1 mile
mil. of tons. " 53, 938
52, 466
49, 902
1.029
1.055
1.114
1.043 . 1. 094
1.057
1.159
1.089
1.115
1.197
Revenue per ton-mile
_
cents
1.176
1.300
3,729
4,481
4,413
3,489
4,096
3,855
3,342
3,450
3,948
3,654
Passengers carried 1 mile
millions..
3,271
3,198
r
Revised. d Deficit. <8> Data for May, August, and November 1947 and January 1948 are for 5 weeks; other months, 4 weeks.
§ Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be published later. % Revised data for March 1947, $46,638,000.
* New series. For comparable data beginning 1943 for total car shortage and surplus and an explanation of a change in the latter series, see p. S-21 of December 1944 Survey.
! Revised series. See note in the July 1947 Survey for explanation of revisions in the data for air lines; revised data prior to May 1946 will be published later. Data for local transit lines
revenues beginning in the April 1944 Survey and passengers carried beginning in the May 1945 issue are estimated totals for all transit lines; revised data beginning 1936 will.be published later.
See note marked "*" regarding car surpluses. Revisions for 1939-July 1942 for the indicated indexes of car loadings and revisions for January 1937-February 1943 for the adjusted series for
financial operations are available on request.
SURVEY OF CUREENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-23
1948
1947
May
April
June
July
August
September
October
Novem-
ber
Janu-
Decem-
ber
ary
Febru-
ary
March
April
TRANSPORTATION AND COMMUNICATIONS—Continued
TR AN SPORTATION—Continued
Waterway Traffic
Clearances, vessels in foreign trade: §
Total U S ports
thous. net tons .
Foreign
do
United States
do
Travel
Hotels:
Average sale per occupied room
dollars _
Rooms occupied
- _ .percent of total _ _
Restaurant sales index, avg. same mo. 1929= 100. .
Foreign travel:
U S citizens arrivals
number
U S citi/enSf departures
_
do
Emigrants
-do
Immigrants
do
Passports issued
do
National parks visitors
- - -thousands
Pullman Co.:
Revenue passenger-miles
millions
7,615
3,291
4,324
9,646
4,367
5,278
8,725
3,980
4,746
8,953
3,945
5,008
9,991
4,697
5,294
9,196
4,272
4,924
9,153
4,451
4,703
7,905
3,633
4,273
6,535
2,820
3,715
6,400
2,774
3,625
6,446
2,815
3 631
7 00°
2 998
4 005
4.86
92
240
4.46
92
244
4.75
93
248
4.70
87
225
5.16
93
246
5.07
92
238
5.14
93
226
5.28
87
234
4.91
78
202
5.06
86
227
5 03
88
211
4 81
89
206
5 35
89
245
43, 345
41, 647
1,691
13, 391
20, 166
206
35, 873
45, 258
1,833
14, 032
20, 962
442
39, 987
45, 320
1,804
14, 733
21,831
902
19, 611
1,467
15,277
1,502
12, 182
652
13, 402
308
10, 456
131
11, 786
89
14,833
102
17,915
120
26 883
139
25, 110
173
1,064
8,094
1,061
8,018
1,215
9,193
1,139
8,558
1,166
8,712
1,104
8,374
1,028
8,924
1,000
8,737
1,020
9,762
1 202
10 610
1 048
9,328
1 045
9 364
153, 955
97, 324
40, 735
132, 475
f., 792
30, 359
184, 948
106,818
61, 629
154, 400
11, 497
30, 057
205, 193
113,371
75, 477
165, 551
17, 914
30, 292
209, 134
114, 567
77, 993
175, 553
13, 239
30, 553
210, 070
114. 836
78, 063
172, 006
16, 305
30, 794
213, 422
118,134
77, 929
175, 079
16,890
31,058
222, 090
121,969
82, 528
179, 941
19, 202
31, 421
217, 513
121,596
78, 132
172, 927
20, 818
31, 721
230, 620
127, 132
85, 189
184, 807
22, 010
32, 094
229, 797
129, 809
81, 821
182, 116
21 611
32, 385
225 584
128, 440
78 490
174, 364
23 956
32, 628
23, 264
21, 892
20, 740
19, 399
18, 981
17, 662
18, 449
17, 019
18, 122
16, 786
18, 366
17, 029
18, 725
17, 366
16, 580
15, 266
18 734
17, 190
16 965
15 813
15 712
14 690
534
1,372
16, 644
4,399
2,676
1,609
611
1,341
16, 387
2,140
1,062
1,637
574
1,320
15, 347
1,541
1,335
1,617
599
1,430
16, 010
291
41
1,609
639
1,336
15, 366
682
332
1,742
659
1,337
15, 376
928
700
1,759
703
1,359
15 500
1,117
627
1,889
616
1,315
15 146
*6S6
762
1,544
15 585
1 216
622
1 151
15 097
607
1 022
13 827
d
1,695
7, 426
2,008
<*575
1,854
1,760
92, 779
2,190
55, 343
95, 405
2, 003
58 091
90, 550
2,433
55 006
COMMUNICATIONS
Telephone carriers:^
Operating revenues
thous. of dol__
Station revenues
do
Tolls message
- do
Operatm" expenses
_
do
Net operating income
- do
Phones in service, end of month
_ thousands. _
Telegraph and cable carriers :J
Operating revenues total
thous. of dol._
Telegraph carriers, total
do
Western Union Telegraph Co., revenues from
cable operations
thou?. of dol__
Cable carriers
-- do_ _ _
Operating expenses
do
NQt operating revenues
- - do_ _.
Net income trans, to earned surplus
do
Radiotelegraph carriers, operating revenues. _do
d
4?4
d
d 25%
205
<* 586
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:*
Ammonia, synthetic anhydrous (commercial) <?
93, 007
short tons_2,320
Calcium arsenate (commercial)
thous. of lb_.
51, 830
Calcium carbide (100% CaC2)
short tons..
Carbon dioxide, liquid, gas and solid d"
81, 330
thous. o f l b _ _
Chlorine
short tons. _ 109, 050
34, 637
Hydrochloric acid (100% HC1) ..
do _
5,470
Lead arsenate
thous. of lb__
64, 288
Nitric acid (100% HNOs)c?
-short tons
1,146
Oxygen
mil. cu. ft
82, 452
Phosphoric acid (50% HsPO*) _ _
short tons
Soda ash, ammonia-soda process (98-100% Naz
367, 847
COs)
_- -_ short tons.
7,089
Sodium bichromate and chromate
do
166, 946
Sodium hydroxide (100% Na OH)
__
do. _
Sodium silicate, soluble silicate glass (anhy50, 267
drous) cf
short tons
Sodium sulfate, Glauber's salt and crude salt
69, 947
cake
short tons
Sulphuric acid (100% H2SO4):
Price, wholesale, 66°, tanks, at works§
16.50
dol. per short ton__
865, 447
Production
.short tons_
Organic chemicals:
Acetic acid (syn. and natural), production*
30, 376
thous. of lb__
53, 086
Acetic anhydride, production*
do
1,043
Acetyl salicylic acid (aspirin), production* .do
Alcohol, denatured:§
13, 464
Consumption (withdrawals) _thous. of wine gal__
13, 667
Production
do
1,712
Stocks
_
-- - do
Alcohol, ethyl :§
23, 556
Production
thous. of proof gal.
26, 150
Stocks total
do
24, 089
In industrial alcohol bonded warehouses, .do
2,061
In denaturing plants...
do
25, 227
Withdrawn for denaturing
do
2,555
Withdrawn tax -paid
do
Creosote oil, production*
_ .thous. of gal. . 14, 271
2,436
Cresylic acid, refined, production* _ _ thous. of lb_.
5,984
Ethyl acetate (85%) production*
do
97, 107
5,492
56, 286
91,681
8,805
48, 136
93, 345
10, 458
53, 388
88, 807
5,064
50, 827
84, 617
3,107
47, 177
91, 144
2,272
48, 336
87, 615
2,709
48 462
96, 487
118, 284
36, 899
3,717
64, 826
1,188
82, 372
96, 700
117, 486
33, 071
1,289
62, 064
1,089
89, 492
110, 228
114, 676
33, 577
447
60,227
1,066
86, 920
107, 712
118,497
34, 639
(3)
60, 394
1,105
88, 083
102, 410
116,451
33, 456
(3)
59,900
1,093
87, 249
79, 782
120, 112
36, 355
(3)
61, 996
1,314
99, 213
61, 368
117, 191
37 526
(3)
67 996
1 212
89 353
57, 996
57, 125
122, 682 1 123, 319
2
38,066
39 089
3,229
(3)
104, 096
103 834
1 251
1 271
90 412
95 331
396, 282
7,474
179, 142
374, 083
7,426
175, 896
377, 976
7,331
175, 523
363, 890
7,219
177,310
359, 004
7,350
170, 122
395, 609
8,413
178, 673
379, 821
7 527
173, 400
389, 656
7,983
176, 268
39, 726
32,814
36, 584
33, 963
34, 667
43, 642
45 233
74, 505
69, 579
64, 996
65, 942
65, 414
70, 293
71, 245
16.50
888, 304
16.50
850, 934
16.50
846, 366
16.50
859, 262
16.50
851, 733
16.50
893, 171
33, 876
54, 249
1,053
31, 729
41, 433
1,155
35, 897
53, 627
898
35, 365
53, 478
1,126
28, 606
50, 308
1,083
14, 095
13, 926
1,531
13, 687
14, 150
1,981
15,061
14,605
1,529
16,426
16,469
1, 560
27, 982
29, 258
27, 452
1,807
25, 743
2,170
13, 454
2,196
6,088
23, 793
27, 016
25, 323
1,694
26, 065
2,377
12, 779
1,909
6,826
26, 833
27, 764
25, 699
2,065
27, 359
2,768
11, 581
2,329
5,822
29,226
28, 637
26, 928
1,709
30, 303
2,696
11,988
2,357
5,899
100, 142
3,379
61 489
92, 640
3,910
57 649
59, 304
83, 260
70,590
1116,143 i 132, 668 i 126, 992
2
33 940 2 36 579 2 36 306
3,654
3,697
3,814
100 546
94 904
101 041
1 361
1 2^8
1 362
97 832
90 601 r 105 097
383, 481
7 664
182, 778
360 437
7 106
*173 693
39, 698
37 529
73, 846
70, 456
16.50
880, 068
16.13
964, 761
29,560
55, 071
1,092
30, 439
55, 347
1,016
18, 718
18, 610
1,447
21, 820
21, 744
1,354
29, 906
24, 409
22, 894
1,514
34, 101
3,201
13, 407
1,697
6,785
39, 012
26, 634
25, 938
697
38, 526
4,275
13,909
2,403
7,181
404 525
7 971
198 658
357 752
8 184
i 186 300
44 090
54 702
38 130
64, 182
69 688
70, 928
15.00
932, 933
15.00
893, 440
15.00
956, 957
15.00
642 610
31, 163
57, 507
615
34, 189
62, 700
979
32, 624
58, 184
985
37, 912
64, 849
1,054
19, 026
18 620
943
16, 937
17 710
1,719
12, 436
12 576
l'850
11, 250
11 051
l'653
13,053
13 016
1 613
13, 208
13 312
1*712
28, 472
22 787
22, 170
618
33, 981
4,630
12, 573
2,056
7,132
26, 621
22 373
21, 783
591
32, 839
4,090
14, 263
2,094
8,651
17 402
21 248
20, 738
510
23, 103
2,580
r
12, 835
1,969
5,261
20 951
93 886
22, 654
1 232
21,151
2 678
r
11, 925
1,617
5,712
29 266
29 799
29, 404
395
23, 213
3 237
13 025
2,287
5.850
27 413
31 601
31, 032
569
24, 899
2 846
1
1
••Revised. <*Deficit. IData relate to continental United States.
1 Beginning January 1948 data includes 4 plants which began operations in 1947. Revised earlier data will be shown later.
2 Beginning January 1948 data includes 1 plant not reporting previously. However, the comparability of the data is not appreciably affected.
3 Not available for publication.
{Compiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and reference to revised 1942 data. Total operating revenues of telegraph carriers includes and operating revenue
of cable carriers excludes cable operations of Western Union; the latter data were revised in May 1947 Survey (see note in that issue).
cfData for carbon dioxide and spuium silicate were revised in the March 1945 and the September Survey, respectively (see notes in those issues). See note in February 1947 Survey with regard to additional plants included in the-data for nitric acid and ammonia. Beginning December 1947 data for nitric acid includes production of two plants not previously reporting; revised
earlier data, including these plants, will be shown later.
§The indicated, series, except series for alcohol stocks in denaturing plants (available only beginning 1942), continue data in the 1942 Supplement; unpublished data beginning 1941 or 1942
through February 1945 for ethyl alcohol and vessel clearances arid for June 1944-July 1946 for prices of sulfuric acid will be shown later.
*New series. See note marked "*" on p. S-23 of the September 1947 Survey for reference to data prior to 1943 for a number of the chemical series and information regarding revisions that
• have not been published.
SUEVEY OF CURRENT BUSINESS
S-24
June 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April
May
June
July
August
September
October
November
December
January
February
March
April
CHEMICALS AND ALLIED PRODUCTS—Continued
CH EMIC A L S— Con tinued
Organic chemicals— Continued.
Glycerin, refined (100% basis):*
High gravity and yellow distilled:
Consumption
thous. of lb_.
Production
- do _
Stocks
do. _.
Chemically pure:
Consumption
_ _
do
Production
do
Stocks
- do
Methanol, production:^
Crude (80%)
thous. of gal_.
Synthetic (100%)
do
Phthalic anhydride, production*
thous. of lb_.
8,127
7,651
18, 135
7,428
6,606
19, 151
6,617
6,965
19, 843
6,509
5,483
18, 848
6,761
7,250
18,869
7,032
8,812
19, 146
8,146
8,292
17,665
7,633
7,560
16, 061
7,468
8,753
17, 335
7,426
8,701
17, 396
7,098
7,947
17, 974
7,272
7,699
18, 197
7,456
6,715
16, 744
6,139
8, 531
19, 137
5,957
9,181
20,789
5,871
7,980
20,723
5,650
6,200
20, 171
6,358
7,998
20, 396
6,754
7,957
19, 493
7,770
9,357
18, 289
7,067
8,782
17, 709
7, 463
9,202
17, 278
8,049
10, 437
18, 306
7,376
10, 294
19, 013
7,845
11, 350
21, 866
7,116
8,293
21,923
284
6,206
9,605
286
6,830
10, 526
221
6,551
11,764
220
6,779
12,871
253
6,708
12,396
249
6,564
11, 800
290
7,065
12,529
286
6,832
12, 373
321
7,199
12, 893
274
8,806
12,433
248
9, 161
12, 048
255
10, 944
14, 082
268
914
126
788
161,901
55, 772
89, 765
987
145,266
117,102
71,738
4,346
13, 301
609
103
505
305, 807
85, 748
208, 888
636
138,060
108,988
80, 555
4,696
11,250
332
72
260
264, 774
56, 507
191,539
2,718
117,760
107,484
80, 786
4,482
0
385
176
209
272, 871
73, 674
186,987
1,661
82, 474
75, 912
41, 623
38
2,232
409
130
278
284, 741
56, 924
215, 726
874
93, 649
85,337
41, 737
4,330
0
492
130
362
239, 807
65, 241
162,341
1,659
76, 591
67, 166
16, 959
3,777
0
495
81
415
204, 081
81, 799
114,082
617
92, 214
73,015
30, 623
12,617
0
657
182
476
186, 295
86, 578
87, 772
447
76, 836
61, 056
25, 287
3,204
6,838
829
181
648
243, 340
54, 664
168, 974
1,695
91,159
69, 725
22, 316
4,497
8, 173
1,454
257
1,196
186,758
79, 399
91,288
8.926
102,966
92, 765
GO, 787
284
2, 213
1,149
168
981
136, 475
12,774
103, 754
10, 303
141, 630
120, 766
88, 834
9,329
4,667
1,478
188
1,291
284, 548
151, 301
114, 529
1,599
131, 989
113, 216
70, 325
389
7,355
1,114
202
912
2.075
84, 207
2.075
73, 802
2.075
83,121
2.075
73, 708
2.195
83, 848
2.275
75, 764
2. 275
77, 680
2.275
97, 333
2.306
112,214
2,400
97, 029
2,400
2.400
2.400
863, 787
608, 409
892,045
681,235
802, 128
855, 352
801, 835
903, 380
797, 273
866, 919
808, 503
847, 495
887, 205
858, 655
i 965, 195 1926,323 i 883, 852 ril,033,287
1,037, 213 '11,105,813 '11,071,544 r i 994,464
i 971, 575
i 953, 079
r
FERTILIZERS
Consumption total*
Midwest States*
Southern States®
Exports total §
thous. of short tons.
do
do__
long tons
Phosphate materials §
Prepared fertilizers!
Imports total§
-
do
do
do. _-
Nitrate of soda.
_
- _-do_ _Phosphates?
do
Potash §
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
port warehouses©
_ dol. per 100 lb_
Potash deliveries
short tons
Superphosphate (bulk):f
Production
- do
Stocks end of month
do. _
1
1
873, 442
944, 052
1
NAVAL STORES
Rosin (gum and wood):
Price, gum, wholesale "H" (Sav.), bulk
8.87
7.10
7.00
8.46
8.55
7.19
8.91
6.76
9.24
8.83
7.34
6.83
7.58
dol. per 100 lb_.
508, 543
572, 233
382, 720
527 335
Production*
drums (520 Ib )
339, 269
284, 840
277, 980
243 08fi
Stocks*
do
Turpentine (gum and wood):
.f4
.62
.62
.64
.63
.64
.62
.63
.61
.59
.85
.59
.59
Price, gum, wholesale (Savannah) f-dol. per gal..
159. fe5
189,689
115 460
17f) 08P
Production*
-bbl. (60gal.)~
210,116
194,111
195, 350
147 693
Stocks*
do
MISCELLANEOUS
59, 434
51, 940
55, 787
52, 365
49, 145
48, 848
49, 019
53, 275
47, 134
46, 038
51,296
51 , 048
Explosives (industrial). shipments
thous. of lb_.
Gelatin:§
4,415
3, 116
4,290
4,017
4,659
4,336
4,009
4,639
3,393
3,700
3,159
4,117
3,847
Production total*
- do. _
3,104
3,034
2,883
2,420
3,077
3,277
3, 222
3,425
2,762
2,405
2,313
3,028
2,901
EdibleS
-do
5,961
5,431
6,427
6,889
7,000
5,739
6,387
6,558
6,042
6, 369
6,338
6,488
6,374
Stocks total*
-- - do. .
2,356
3,300
3,464
3,392
2,400
2,714
3,034
3,144
2, 453
2,430
2,922
3,059
2,787
Edible§
do
Sulfur:*
406, 964
425, 612
392, 991
405, 205
389, 014
391, 214
388, 332
402, 832
391, 396
382, 674
333, 531
359, 313
377, 218
Production
..
-- - ..long tons
3, 548, 703. 3,495,011 3, 456, 082 3, 438, 367 3, 444, 607 3,449,732 3,457,899 3, 435, 298 3,371,034 3, 373, 422 3, 348, 462 3,368,064 3, 338, 345
Stocks
- ..
.
do
Glue, animal:*
13, 185
11, 795
12, 003
14, 666
13, 636
12, 165
14, 229
13, 131
11,424
14, 226
12, 158
12,843
13, 770
Production
- - - thous. of lb_
7,882
12, 444
8,392
12, 052
9,509
10, 957
10,605
10, 828
7,749
9,155
8,643
8,757
8, 950
Stocks
do
Bone black:*
1,102
1,085
519
1,085
848
1,017
1,033
1, 010
1,065
596
1,048
847
1,040
Production
short tons_.
1,254
1,079
1,375
2,004
1,877
1,180
1,474
1,696
959
1,030
1,008
979
1,021
Stocks
do
OIL SEEDS, OILS, FATS AND
BYPRODUCTS
Animal, including fish oil:
Animal fatsj
134, 391
126, 345
134,765
107, 314
155,630
135, 260
118, 795 r 116, 571
127,228
119, 584
99, 329
105, 542
105, 301
Consumption, factory
_ _ thous. of Ib
r
189,544
226, 266
279, 792
307, 560
302, 208
220, 972
258, 924 r 222, 845
208, 609
238, 814
262, 265
255, 713
Production
do. _- 230, 470
322,045
258, 425
369, 989
250, 588
350, 058
369, 460
395, 293
320, 801
444, 602
400, 170
428, 604
339, 877
389, 074
Stocks, end of month
_ _ _
do_
Greases:!
49,913
54, 207
55,182
50, 604
55, 351
56, 212
53, 195
51,317
43, 658
37, 746
42, 572
43, 939
41, 226
Consumption, factory.. .
do. _
40,154
50, 039
50, 586
45, 153
47, 402
52, 331
46, 815
45, 979
44, 434
46, 735
46,611
48, 260
48. 613
Production
_
do
119,272
98, 924
96, 111
103, 692
129, 645
97, 555
122, 608
126, 831
106, 382
101,964
69, 983
84, 829
98, 827
Stocks, end of month „.
do.
Fish oils:!
22, 944
20, 148
25, 287
23, 980
22, 929
15, 721
20, 178 r 19, 095
11,475
12, 150
14,135
20,365
16,478
Consumption, factory...
do
1,024
4,356
22, 706
6,852
766
19, 889
21, 109
697
21, 739
1,000
1,301
1,577
10. 927
Production
_
do
r
85, 999
91, 459
85, 286
85, 778
108,815
61, 021
55, 000
86, 445
65, 152
69,069
59,041
66, 335
57, 728
Stocks, end of month _
do _
Vegetable oils, total:
425
329
469
458
432
437
410
294
385
297
294
395
333
Consumption, crude, factory J___
mil. of lb_.
35, 737 r 14, 198
23, 434
19, 525
27, 885
37, 302
21, 199
14, 540
16,148
13, 654
25, 855
7,291
Exports§
thous. of lb_.
32, 474
34, 628
32, 646
19, 106
5,462
23, 661
40, 402
10, 744
26, 669
52, 306
54, 057
36, 677
Imports total§
do
10, 270
3,921
17, 008
11,651
2,121
13, 208
2,801
18, 208
* 21, 847
37, 754
43, 672
28, 343
Paint oils§
do
8, 461
15, 185
15,465
22, 977
22, 376
2,661
10, 453
8,623
18, 555
10, 385
14, 5f3
8,333
All other vegetable oils§
do
488
330
481
513
441
278
••408
353
248
468
283
313
356
Productiont
— _mil. oflb_.
Stocks, end of month:}:
r
592
566
458
573
502
539
554
489
485
471
551
571
598
Crude
_ _ _ do
305
243
359
385
211
241
247
292
392
264
292
207
353
Refined..
do
' Revised, d" See note in the April 1946 Survey with regard to difference between these series and similar data published in the 1942 Supplement to the Survey.
© Excludes data for Mississippi, which has discontinued monthly reports, beginning in the October 1946 Survey.
§ The indicated series continue data published in the 1942 Supplement; unpublished data beginning 1941 or 1942 through February 1945, and also corrected data for 1937-July 1945 for nitrogenous and total fertilizer imports, will be published later. Fertilizer and vegetable oil exports for 1947 have been revised to include Army civilian supply shipments (see note marked "§"
on p. S-20).
G For a brief description of this series see note in April 1946 Survey, J See note marked "J" on p. S-25 regarding unpublished revisions.
* New series. For source and description of data for glycerin see p. S-23 of November 1944 Survey and for turpentine and rosin, p. S-24 of the May 1946 issue. Small revisions in the data
for June 1943-August 1946 for glycerin will be shown later. Data for 1942-February 1945 for the new series on gelatin, and data prior to August 1946 for bone black and glue will be published
later; data for gelatin, bone black, and glue are compiled by the Bureau of the Census and are complete or practically complete. Data for 1940-43 for sulfur are on p. 24 of the May 1946 Survey.
See note marked "*" on p. S-23 of the September 1947 Survey for reference to data for phthalic anhydride. Data for fertilizer consumption by midwestern States and the total (compiled by
the National Fertilizer Association from reports of tax tag sales) have been revised beginning in the March issue to exclude Illinois which has discontinued tag sales. Data beginning 1933
will be shown later.
t Revised series. See note in the November 1943 Survey explaining a change in the superphosphate data and note in September 1947 Survey regarding a company included beginning
January 1946. See note on p. S-23 of the November 1943 Survey regarding change in the turpentine price series.
1
Beginning November 1947 data include 4 plants not previously reporting which began operations in 1947. Revised earlier data will be shown later.
SURVEY OF CUEKENT BUSINESS
June 1948
S-25
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April
May
July
June
August
September
October
November
December
February
January
March
April
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, AND
BYPRODUCTS— Continued
Copra:
59, 214
Consumption, factory!
short tons__
61, 925
Imports!
do
77,541
Stocks end of month §
__do
Coconut or copra oil:
Consumption, factory:}:
72, 406
Crude
thous. of lb__
31, 057
Refined
_.do
813
Imports §
do
Production:}:
74, 043
Crude
do
35, 720
Refined
do
Stocks, end of month:}:
130, Oil
Crude
do
14, 267
Refined
- --do
Cottonseed:
162
Consumption (crush)
thous. of short tons__
19
Receipts at mills
do
256
Stocks at mills end of month
do
Cottonseed cake and meal:
69, 749
Production
short tons
127, 171
Stocks at mills, end of month
do
Cottonseed oil, crude:
52, 743
Production
thous. of lb_.
48, 039
Stocks end of month
do
Cottonseed oil, refined:
53, 077
Consumption factory}:
- do
14, 485
In oleomargarine
do_ __
Price, wholesale, summer, yellow, prime (N. Y.)
.314
dol. per lb_.
74,345
Production
thous. of lb_.
211, 855
Stocks, end of month
do
Flaxseed:
19
Imports §
thous. of bu_.
Duluth:
7
Receipts
- do
39
Shipments
do
238
Stocks
- --do
Minneapolis:
532
Receipts
__do
345
Shipments
do
1,615
Stocks
__
do
Oil mills:}:
1,560
Consumption
do
980
Stocks end of month
do
7.50
Price, wholesale, No. 1 (Minneapolis) dol. per bu_.
Linseed cake and meal:
Shipments from Minneapolis
thous. of lb__
Linseed oil:
Consumption factory}:
do
Price, wholesale (N. Y.)
dol. per lb__
Production}
- - -thous. of Ib _
Shipments from Minneapolis
_ do
Stocks at factory end of month}:
do
Soybeans:
Consumption factory}
thous. of bu
Production (crop estimate)
do
Stocks end of month}
do _Soybean oil:
Consumption, factory, refined}
thous. of lb__
Price, wholesale, edible (NT. Y.)d*
dol. per lb__
Production:}
Crude
_
__thous. of lb_
Refined
do
Stocks, end of month:}
Crude
do
Refined
- do
Oleomargarine:
Consumption (tax-paid withdrawals) }_ _ _ d o _
Price, wholesale, standard, uncolored, (Chicago)
dol. per lb__
Production}
thous. of Ib
Shortenings and compounds:}
Production
_do
Stocks, end of month
do
53, 347
61, 004
59, 714
52, 368
51, 346
44, 320
45, 330
18, 644
42,300
40,731
31, 340
26, 861
41,828
48, 297
23, 871
47, 148
53, 485
22, 984
48, 821
67, 222
25, 945
60,511
85, 829
41, 611
61, 796
56, 167
37, 259
53, 135
55,546
35, 392
50, 194
51, 513
36, 471
40,136
70, 349
29, 103
2,394
61,636
27,664
3,225
62, 008
23, 784
1,767
69,608
32, 977
866
72, 257
30, 174
(0
79, 656
29, 828
0
72, 862
26, 618
956
76, 857
28, 317
5,080
85, 370
29, 315
11, 593
68, 333
24, 666
3,848
69, 523
23, 342
9,598
54,484
22, 985
68, 398
33, 020
66, 074
28, 611
57, 902
30, 466
51, 902
34, 228
53,609
33, 498
61, 103
35, 388
62, 287
35,088
77,238
33, 225
81, 371
37,233
67, 737
28, 361
64, 280
31, 502
51, 137
27,771
138, 489
19, 088
134, 949
J2,998
127, 927
14, 412
105, 978
10, 737
89, 363
11, 194
69, 578
10, 998
59, 669
9,213
69, 672
11,834
75, 584
12, 616
86, 546
10,500
96, 226
11, 837
98, 773
12, 120
104
11
163
69
14
108
74
65
100
102
167
163
345
776
594
647
1,509
1,458
596
654
1,515
565
476
1,426
522
212
1,116
412
74
778
326
51
503
205
24
322
45, 879
117, 052
30, 477
87, 958
33, 980
46, 941
47, 068
26, 416
156, 076
37, 844
301,370
62, 121
276, 451
71,590
261, 942
74, 035
241, 668
71, 207
191, 325
85, 139
154, 388
86, 060
95, 374
92, 080
34, 925
33, 979
23, 341
19, 990
24,212
15, 191
31,109
19, 209
104, 348
57, 307
197, 834
95, 356
181, 915
112, 684
174,444
109, 368
163, 998
121 742
130, 270
117, 424
105, 162
87, 096
67,539
58, 472
35, 140
12, 981
44, 687
16, 407
56, 312
19, 906
74, 243
20, 115
74, 751
27, 891
119, 107
41, 554
129, 166
44, 146
122,265
42, 368
126 686
46 718
106, 611
42, 779
105, 985
38, 728
96,604
.256
45, 388
217, 849
.241
35, 517
204, 106
.234
26, 410
171, 094
.179
24, 913
116, 709
.224
56, 852
92, 081
.237
144, 981
107, 882
.276
157, 874
133, 196
.289
159,637
152, 916
.299
140, 848
152 706
.246
124, 877
158, 523
.261
123, 628
182, 206
.305
90,821
168,750
28,825
17
77
106
17
0
0
0
2
5
6
2
10
83
145
7
74
78
2
72
8
12
0
20
1,435
436
1,019
2,733
1,053
2,699
911
1,147
2,463
48
1,764
747
165
183
728
66
794
o
50
1
843
53
189
707
257
87
1,162
128
202
516
99
82
296
2,125
270
453
8,425
1,142
5,004
4,928
530
6,434
1,904
274
6,305
1,360
168
5,833
1,224
257
5,114
723
318
4,263
530
298
3,099
653
199
2,500
1,335
855
6.3C
1,687
1,457
6.12
1,641
1,892
6.02
1,325
2,526
6.00
2,410
5,720
6.39
3,051
6,789
6.78
3,174
6,893
6.84
2,319
6, 559
7.01
2
39, 763
2 930
6 290
7.06
2,595
5 800
6.51
2,309
4,879
6.19
2,442
3,843
6.04
30, 720
26, 760
26, 160
29, 580
18, 540
45,360
51, 480
49, 500
49,020
50, 460
49, 740
47, 280
47,580
47, 453
.394
28, 850
25, 380
131, 769
45, 094
.376
25, 064
19, 620
134, 627
38, 716
.325
32, 057
13, 620
144, 544
40, 030
.302
32, 250
14, 880
157,724
39, 834
.291
26, 527
21, 240
132, 682
40, 865
.303
48, 030
27, 240
118, 443
44, 820
.318
59, 564
33, 840
127, 444
36, 508
.324
61, 592
29, 580
124, 541
38, 532
.346
45, 496
27, 900
126, 678
39 008
.338
57,465
29 940
135 394
38 987
.306
51, 663
28, 020
141 504
40, 871
.292
46, 264
29, 760
135, 741
40, 292
.290
48, 974
37, 440
134, 511
16481
14 962
' 14, 762
14,239
43 596
' 36, 857
33, 659
15, 914
15, 006
13, 356
13, 613
11, 284
9,733
11, 439
14, 659
41, 680
37, 147
28, C04
19, 124
10, 248
2,775
34, 624
48, 053
15, 219
181 362
48, 855
47 824
101, 229
.351
71,687
.268
75, 842
.244
82, 261
.227
98,077
.209
109,838
.233
141, 963
.264
119, 523
.312
110, 066
.326
110, 777
.326
141, 456
115,877
135, 889
92, 605
122, 436
83, 890
125, 706
98,720
105, 315
91, 251
91, 358
89, 400
107, 170
88, 413
133, 652
97, 345
139, 551
112, 683
152,966
110 912
139 900
99 320
' 139, 370 134, 353
108, 829
116, 152
89, 302
91, 327
108, 829
114, 604
122, 760
128, 141
125, 686
141, 671
105, 941
140, 430
79, 583
124, 043
80, 496
76, 800
84, 239
59, 667
77, 491
64,161
86, 703
63,850
104, 788
71, 561
r
39, 347
36, 565
40, 527
47, 448
47, 251
67, 771
82, 894
78, 249
72, 914
87 252
72 986
74, 314
.420
46, 757
.354
37, 809
.330
41, 414
.332
48, 897
.330
50,041
.340
67 422
.362
87, 005
.385
81 806
.400
79 Oil
.402
87 934
.392
80 418
.382
71 817
.390
99, 867
66, 178
63, 151
49, 995
78, 853
63, 094
79, 921
47, 086
98, 978
45,803
117, 858
36 393
159, 623
41,887
145 979
45 051
131 819
53 488
136 936
54 493
101 120
64 144
109 013
59 550
128 033
51 396
2
94,091 ' 100, 295 114, 035
.269
.298
.262
114, 745
' 84, 848
98, 354
89,758
PAINT SALES
Calcimines, plastic-texture and cold-water paints:*
77
'96
'104
'86
75
Calcimines
thous. of dol
'79
83
71
79
81
97
58
271
'213
'224
235
'218
'180
Plastic-texture paints
do
210
218''
187
203
243
203
Cold-water paints:
'432
419
In dry form
_
do
'408
'436
'409
305
439
433
282
306
253
377
'332
334
'361
In paste form for interior use
do
'407
'306
256
235
217
303
328
286
336
99, 595
92, 634
99, 491
84, 951
Paint, varnish, lacquer, and fillers, total®--. do
86,700
86, 312
71, 199
68,914
91, 443
88, 015 ' 78, 933 91, 688
89, 263
88, 740
82, 973
77, 874
76, 956
Classified, total
.
_ _
do
76, 662
62 213
82 459
64,200
78 778 ' 71 256 82 404
34, 316
32, 480
31, 741
Industrial
do
31, 073
99 688
30, 018
28 693
31 607
34 970
31 743 ' 30 159 35 364
54, 947
56, 261
Trade _
_ _ _ do
51, 232
47, 856
45, 883
35 577
45 055
47 489
3? 526
47 039
47 035 r 41 097
10,854
10, 228
9,661 1
8,825
7,995
Unclassified
do
8.984
' 6, 999
9,650
6,700
9! 237
7^677
9! 285
r
1
Revised. Less than 500 pounds. 2 December 1 estimate.
§ Data continue series published in the 1942 Supplement; unpublished data through February 1945 for the indicated series will be shown later.
} See note marked "§" on p. S-25 of the September 1947 Survey for reference to July 1941-June 1946 revisions for oleomargarine; revisions for July 1946-June 1947 are shown on p. S-25 of
the April 1948 Survey. Small or scattered revisions for 1941-August 1946 for the other indicated series will be published later. Revised data for fish oils are available on a quarterly basis only.
d"This series, compiled by the U. S. Department of Labor, replaces the series for refined oil shown in the 1942 Supplement; earlier data will be published later.
•Data for some items are not comparable with data prior to 1945; see note for calcimines, plastics, and cold-water paints at bottom of p. S-23 of the December 1945 Survey.
<8>Revised figures for January 1946-February 1947 will be shown later.
SURVEY OF CUEEENT BUSINESS
S-26
June 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April
May
June
July
August
September
October
November
December
January
February
March
April
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTIC PRODUCTS
Shipments and consumption:
Cellulose acetate and mixed ester plastics: <g>
Sheets, rods and tubes
_ thous. of Ib
Molding and extrusion materials
do
Nitrocellulose, sheets, rods, and tubes.® _ _ _ d o
Other cellulose plastics*
_
do_ _
Phenolic and other tar acid resins*cf
do
Urea and melamine resins*cf _ _ _ _ do_ _
Polystyrene*
do
Vinyl resins* _ _ _ _
do_ _
Miscellaneous resins*
do
1,762
5,357
1,329
331
r
26, 230
r
6, 401
7,096
16,316
8,275
1,689
4,317
1,052
1
r f )
27, 377
r
6,218
6,854
13, 126
6,435
r
r
1,682
3, 715
931
0)
27, 736
5, 761
5, 955
11,546
5,891
r
1,410
2,779
862
r 0)
25, 930
r
6, 652
5, 688
11, 573
5,819
1,479
3,404
903
(i)
26, 000
r
5, 578
7,075
12,917
5,567
1,284
4.153
921
0)
27, 262
r
5, 839
8,381
15, 125
8,032
1,799
5,105
1,040
(i)
28, 129
r
6, 836
10, 931
18, 040
7,388
1,462
4,666
832
0)
25, 719
r
6, 115
10, 593
16, 837
7,120
1,343
3,830
842
0)
27, 662
r
6, 739
11, 456
20, 404
7,157
1,285
4,461
865
747
28, 749
6,824
10, 226
19, 554
7,677
1,321
3,733
930
652
26, 701
6,772
8,382
17, 634
7,800
1,354
3,960
999
769
30, 594
7,116
12, 718
19, 037
8,639
1,568
3,877
1,071
974
26, 366
6,561
12, 189
19, 198
8,219
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total*
mil. ofkw.-hr__
Industrial establishments*
do
By fuels*
do
By water power*
_
do
Utilities (for public use), totalf
do. _
By fuelsf
do
By water power!
do
Privately and municipally owned utilities
do
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 powerf
do
Large light end power!
_ _ _ _ _ _ _ do_ _
Street and highway lighting!
do
Other public authorities!
do
Eailways and railroads!
do
Eevenue from sales to ultimate customers (Edison
Electric Institute)
thous of dol
24, 652
4,148
3,711
437
20, 604
13, 216
7,287
25, 009
4,203
3,809
424
20, 776
13,387
7,389
24, 469
4,225
3,825
400
20, 244
13,451
6,793
24,938
4,156
3,772
383
20, 782
14,236
6,546
26,569
4,225
3,892
333
21,744
15,690
6,053
25, 634
4,153
3,858
295
21, 481
16, 875
5,606
26, 748
4,410
4,063
348
22, 338
16, 846
5,492
26, 180
4,333
3, 950
383
21,847
15, 763
6,084
27, 951
4,439
4,085
355
23,512
17,099
6,413
28, 443
4,485
4,119
366
23, 958
17, 514
6,444
26, 465
4,271
3,902
369
22, 194
15,821
6,373
27,966
4,488
4,061
427
23,478
16, 005
7,473
26, 569
4, 272
3,807
466
22, 296
14. 416
7) 881
17, 661
2,843
17, 801
2,975
17,414
2,829
17,847
2,935
38,733
3,011
18, 630
2,851
19, 540
2,798
18, 977
2,870
20, 292
3,220
20, 649
3,309
18,996
3,198
20, 015
3,463
18. 802
3,494
17, 665
3,672
421
17,610
3,437
614
17,546
3,369
658
17,308
3,307
606
18,099
3,332
681
18,496
3,512
607
18, 656
3,601
498
18, 726
3,876
382
19,617
4,329
379
20, 267
4,777
384
19, 904
4,633
429
19, 969
4,391
458
—,
3,070
9,264
178
494
618
46
2,994
9,375
165
475
604
46
3,060
9,356
164
475
£31
44
3,123
9,068
160
459
638
45
3,252
9,601
175
483
632
44
3,406
9,724
193
4£0
618
45
3,293
9,951
219
499
648
46
3,346
9,757
234
502
578
51
3,490
9,934
251
530
648
66
3,570
9,990
248
548
685
66
3,518
9,897
219
534
613
59
3,497
10, 197
214
531
623
59
1
310, 762
310, 025
309, 631
305,866
315, 6SO
325, 639
328, 209
335, 687
351, 460
362, 163
357, 698
354, 600
—
11, 258
10, 536
733
151,486
100, 881
49, 273
11,068
10,350
700
108, 430
66, 906
40, 635
10,852
10, 141
703
147, 140
97, 271
48, 479
135, 269
100, 682
33,719
108,519
80, 130
27, 796
135, 198
99, 715
34, 601
9,772
9,051
715
696, 470
161,627
428, 6C8
197,743
104,348
92, 106
10,107
9,392
708
521, 774
76, 503
439, 602
150, 444
69, 770
89,584
10, 688
9,897
784
646 412
185, 386
452, 909
220, 431
117, 858
100, 887
GASf
Manufactured and mixed gas (quarterly):
Customers, end of quarter, total
. thousands.
Residential (incl. house-heating)
do
Industrial a n d commercial _ _ _ _ _ _ d o _ _
Sales to consumers, total
mil. of cu. ft
Residential
_ _ _ _ _ _ _ _ _ _ _ do
Industrial and commercial
do
Revenue from sales to consumers, total
thous. of dol
Residential (incl. house-heating)
do
Industrial and commercial
.
_. do ._
Natural gas (quarterly):
Customers, end of quarter, total _ thousands. „
Residential (incl. house-heating).. ._._._do. .
Tridn^trifll 8nd pomrnprn'fll
c\n
Sales to consumers, total
mil. of cu. ft_.
Residential (incl. house-heating)
do .
Industrial and commercial
_.
do
Revenue from sales to consumers, total thous .of dol_
Residential (incl house-heating)
do
Industrial a n d commercial _ _ _ _ _ _ d o _ _
-
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:!
8,342
7,985
9,044
7,435
Production
_
_ -thous. of bbl_
8,833
8,738
6,989
9,064
6,063
6,392
6,258
7,381
6,650
7,512
7,939
7,029
8,776
8,842
5,475
8,369
5,952
6,701
Tax-paid withdrawals
do
6,126
6,398
6,977
8,303
9,565
9,531
9,399
9,453
9,670
9,634
9,021
Stocks, end of month
_ do. .
9,050
9,414
9,733
9,647
9,023
9,167
Distilled spirits:
Apparent consumption for beverage purposes!
12, 173
11, 392
12, 283
thous. of wine gal__
11, 974
12, 871
12, 378
14, 216
23,893
18, 047 ' 18, 323
13, 140
12, 139
r
1,125
751
834
Imports§
thous. of proof gal
1,071
797
1, 172
1,414
1,185
773
1,206
980
943
21, 864
16, 429
13, 726
22, 218
27, 568
14,187
39, 559
4,193
9,489
7,735
21, 884
32,809
Production!
_ _ _ thous. of tax gal
28, 705
6,130
8,647
6,039
5,650
7,171
8,639
10, 342
Tax -paid withdrawals!
do_ _
16, 497
16, 030
8,080
8,937
6,660
7,210
506,015
618, 459
525, 828
629, 523
533, 051
537, 471 542,907
516, 406
Stocks, end of monthf
-do
527, 337
513, 896
523, 546
545, 365
564, 119
Whisky:
712
Imports§
__ _ _ thous. of proof gal
1,071
1,002
793
1,102
709
757
1,059
1,108
1,310
892
866
14, 143
9,932
9,790
17, 201
7,229
655
7,197
9,732
4,702
56
20,635
Production!thous. of tax gal__
13, 768
20 853
4,442
3,] 85
3,280
2,975
3,372
4,258
7,770
7,819
5,507
4,050
4,177
Tax-paid withdrawals!
do
3,575
3,616
459. 217
464. 825
468. 432
471. 273
474. 956 474. 507 463. 407
449. 335
455. 409
462. 090
Stocks, end of montht
...do
456.366
479. 241 494. 969
r
Revised, i Not available for publication. § Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be published later.
!For 1943-44 revisions for the indicated series see notes at bottom of pp. S-23 and S-24 of the May 1945 Survey.
®Data for sheets, rods and tubes are comparable with similar data in the 1942 Supplement; see note in September 1946 Survey regarding change in data for molding, etc. materials.
*New series. For data for 1939^5 for production of electricity by industrial establishments see p. 32 of the February 1947 Survey; minor revisions for January to October 1946 will be shown
later. The new series for plastic products are from the Bureau of the Census and include all known producers; earlier figures and a description of the data will be published later.
!Reyised series. Gas statistics are shown on a revised basis beginning in the December 1946 Survey; see note in that issue. For revised figures for the indicated series on electric power
production, except the series for "other producers," see p. 32 of the February 1947 Survey; minor revisions for January to October 1946 will be published later. See note marked "!" on p. S-26
of the September 1947 Survey for reference to revisions for 1940-45 for consumption of distilled spirits for beverage purposes and for the fiscal years 1941-16 for the other alcoholic beverage
series: the note also explains a change in the series for stocks of distilled spirits; see p. S-23 for tax-paid withdrawals of ethyl alcohol, which are largely for beverage purposes.
cf Jan. 1946-Mar. 1947 revisions (thous. of Ibs.): Phenolic—18,891; 17,913; 19,782; 21,445; 21,990; 22,548; 22,707; 25,145; 16,097; 18,087; 16,612; 20,453; 26,880; 23,369; 26,746; urea—1946, July, 4,858;
Aug., 6,011; Oct., 6,215; Nov., 5,943; Dec., 5,635; 1947, Jan.-Mar., 6,045; 6,668; 6,439.
SURVEY OF CURRENT BUSINESS
June 1948
S-27
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April
June
May
July
August
September
October
December
November
January
February
March
April
FOODSTUFFS AND TOBACCO—Continued
ALCOHOLIC BEVERAGES— Continued
Eectified distilled spirits, production, totalf
thous. of proof gal_.
Whisky
do
Wines and distilling materials:
Sparkling wines:
Imports§
thous. of wine gal__
Productionf
_ _ do
Tax-paid withdrawals!
do
Stocks, end of month!
do
Still wines:
Imports§
_ _ _ _
do
Production©
_
do
Tax-paid withdrawals!
do
Stocks, end of monthf
do_ _Distilling materials produced at wineries© do
9,349
8,673
6, 706
6,155
6,522
7,831
7,012
8,083
7,522
9,689
8,965
16, 480
15, 126
17, 593
16, 254
12, 732
11, 656
8,939
9
221
51
1,826
13
130
62
12
146
44
9
74
51
1,990
9
48
64
1,964
21
36
84
1,911
28
29
155
1,774
28
57
158
1 656
18
97
147
1,581
26
101
64
117
2,479
6,680
146, 660
7,948
194
31, 575
8,180
171, 239
49, 423
175
53, 331
11,431
215,860
96, 627
138
11, 429
11 220
216, 517
31, 179
139
2,675
10 282
205, 083
8,596
.745
116, 550
88,364
.802
101, 310
76, 912
.718
91, 890
72,325
.794
69 220
46,002
.881
74 490
23, 672
7,021
1,882
1,975
171
466
5,960
174, 584
1,580
172
390
5,682
168,710
129
309
6,249
1,040
661
99
383
6,627
152, 534
1,867
.631
' 117, 483
9,194
.613
146, 455
17, 445
.633
157, 120
51, 625
.674
148, 790
83, 286
160, 211
9,307
8,655
8,423
7,664
12
78
54
1,613
11
144
57
1,685
9, 471
195, 888
2,554
160
495
8,804
186, 843
1,031
214
799
10 904
176, 213
2,248
.851
79 080
13, 399
.836
77 095
7,323
.802
r gg 990
r 3, 482
8,217
1, 599
237
657
8,661
7 928
DAIRY PRODUCTS
.Butter, creamery:
Price, wholesale, 92-score (N. Y.) J
dol. per lb_.
Production (factory) f _
thous. of Ib
Stocks, cold storage, end of monthd"
do
Cheese:
Imports §
do
Price, wholesale, American Cheddars (Wisconsin)
dol. per lb_.
Production, total (factory) f
thous oflb
American whole milk!
do
Stocks, cold storage, end of monthcf
_ do
American whole milk
_
do
•Condensed and evaporated milk:
Exports:§
Condensed
do _
Evaporated
do
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
Evaporated (unsweetened)
do
Production:
Condensed (sweetened):
Bulk goods^
thous. of lb__
Case goodsf
_ __
do
Evaporated (unsweetened), case goodsf._do
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of lb_.
Evaporated (unsweetened)
do. _
Fluid milk:
Price, dealers', standard grade
dol. per 100 lb__
Production!
— mil. of Ib..
Utilization in manufactured dairy products!
mil.oflb..
Dried skim milk:
Exports§
-thous. of lb__
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. of lb_.
For human consumption..
do
FRUITS AND VEGETABLES
Apples:
Production (crop estimate)
thous. of bu
Shipments, carlot
no of carloads
Stocks, cold storage, end of month__thous. of bu__
Citrus fruits, carlot shipments
_ no. of carloads
Frozen fruits, stocks, cold storage, end of month
thous. of lb__
Frozen vegetables, stocks, cold storage, end of
month
___
—thous. oflb..
Potatoes, white:
Price, wholesale (N. Y.)
dol per 100 Ib
Production (crop estimate)!
thous. of bul
Shipments, carlot ._
no. of carloads
455
828
99 885
4,496
355
401
459
647
615
1,139
1 554
1 519
1 369
.298
0)
152, 125
125, 815
161, 363
130, 005
.338
136 425
113,505
185, 202
151, 661
.345
110, 140
89, 610
202, 597
169, 571
.365
92 670
74, 480
193, 849
164, 651
.386
82 720
64 170
176,626
151 455
.391
61 760
44 480
162 682
139 355
0)
60 025
42 395
147 683
128 188
(0
65 140
45 740
124 106
107 236
8,562
42, 869
9,201
42, 071
8,161
41, 394
10, 316
55, 278
15, 726
72, 852
14 655
49 110
8,831
25, 679
7 818
19, 601
6 868
16 073
8.26
5.23
8.26
5.18
8 26
5.19
8 26
5.20
8 26
5.24
8 40
5.31
8 80
5.52
8 80
5.70
8 93
5.83
9 12
5.99
83, 195
11, 850
320, 500
111, 775
13, OCO
416, 200
117, 535
12, 950
410, 000
74,095
15,025
347-, 600
32, 470
17, 150
257, 400
23,045
21, 100
218, 000
20, 330
19 500
200, 500
12,095
12 650
152, 500
14, 165
11 475
156, 400
176,000
14, 720
8 575
14, 530
8 800
193, 000
17, 575
10 275
270, 400
25, 255
13 900
332, 000
5,279
148, 830
6,387
278, 814
7,196
440, 952
9,477
501, 177
10, 561
474, 600
11, 333
9,463
379, 712 ' 284, 061
8,501
223, 940
9,362
158, 551
8,682
95, 433
9,124
73, 267
8,622
63, 117
8,777
80, 752
••4.61
10, 385
4.46
12, 134
4.41
12, 821
M.49
12, 102
4.87
8,845
4.97
8,015
5.02
8,056
8,354
5.10
8,219
5.09
9,273
5.07
10, 002
3,876
.338
' 115, 709
91, 824
113, 854
88, 737
133, 495
106, 479
7,277
23, 667
39, 518
8.27
5.42
r
144,015
118,455
7,549
r
4.60
10, 595
4.71
9,259
5.08
1 915
1 591
0)
64
46
110
93
0)
r go (515
630
730 r 5g 915
125 r 103 350
570 r gg 737
0)
96 520
73 760
106 847
93 601
8 830
18 745
9
19
6.00
Q ^9
6.08
4,358
5,509
5,814
5,344
4,223
3,654
3,319
'2,479
2,568
2,767
2,769
3,360
21, 606
19,648
21,538
28,309
29,803
25,188
43, 660
33, 512
28, 515
19, 710
9,671
6,810
.100
77, 390
75, 040
.094
91, 665
88, 2CO
.096
102, 020
96, 730
.095
81, 830
78, 500
.097
51,925
49, 450
.102
41, 000
39, 740
.111
31, 935
31,000
.124
22, 850
22, 320
.141
' 31, 525
30, 780
.146
38, 570
37, 700
.149
40, 425
39, 650
.148
53, 940
52, 750
.143
65, 670
64, 100
115. 105
110, 775
' 95, 744
91,028
' 76, 713
74, 030
' 50, 237
48, 813
21, 172
20, 450
•• 15, 243
14, 685
14, 972
14, 613
18, 559
18, 155
32, 202
31, 806
40, 750
40, 293
627
•• 10, 244
3,470
4,881
'78,8f8 «• 103, 875
77, 306
100,888
r
r
f
35, 732
35, 359
r
2 112, 503
2,347
3,954
18, 216
1 687
1,544
17, 774
329
13, 857
1 428
219
9,429
783
264
9 027
6 214
10,' 435
7 403
8 624
34, 322
10 430
35,790
13 275
29,807
16 499
22, 772
16 695
r 14 701
319, 718
327, 700
332,345
374, 363
408, 119
402,821
405, 838
392, 077
369,470
343, 539
316, 819
247, 795
230, 827
251, 687
307, 574
326,603
347,466
323, 991
291, 752
254, 853
226, 619
3.490
3 812
4 106
353,239
m
26, 782
23, 713
25 272
(3)
22 313
(*l
19 028
25 187
(*}
25 504
5
3
cqi
fS\
m
(. )
20 136
Q1 Q
2
384, 407
15 974
4
^1 A
/3\
99 OQ9
r 4 79Q
16, 657
f3\
(. )
r 91 4R4
r
281, 762
247, 261
196, 628
175, 505
/•ON
(*)
•----"--
(3)
--~------
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§
59, 154
62, 698
73, 956
thous. of bu__
67, 334
67,856
51, 830
47,281
44, 816
42,038
50, 084
42, 269
38 298
Barley:
Exports, including malt§
do
1,867
3,284
2,948
4,234
7, 325
2,713
2,641
856
1,377
465
794
1,157
Prices, wholesale (Minneapolis):
No. 2, malting
dol. per bu
1.922
2.010
2.136
2. 259
2.299
2.276
2.379
2.590
2.711
2. 359
2.675
2.433
2.381
No. 3, straight
. do
2 143
2 130
1.806
1 896
2 032
9 49fi
9 K 1fl
2 117
2 218
2 cr,7
2
Production (crop estimate)!
thous. of bu__
279,182
Receipts, principal markets
do
~"~9~625~ ~~~8~449" ~~~87252~ ~~~7~974~ ~~27~113~ "25," 093" ""l4,"605"
10, 021 "~8~679~ "~5~ 773" ~ 5,737 ~"~5~717~
Stocks, domestic, end of month:
Commercial.
do.
10, 816
8,869
7,753
5,593
97 S4fi
9fi ^81
94 90^
27 444
14 263
29 679
On farms*
do
30, 000
160,' 403
117, 300
68. 696
r
Revised. * No quotation. 2 December 1 estimate. 3 No comparable data.
JSee note in June 1945 Survey for explanation of this price series. d"See note marked "rf"'on p. S-29.
©Distilling materials produced at wineries, shown separately above, were combined with production of still wines as shown in the Survey through the February 1947 issue
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The 1947 export figures for
dairy products and grams have been revised to include Army civilian supply exports (see note marked " §" on p. S-20) .
"SU«K> ior
lat?1 ^ March 1945 Survey' see note on item m February 1945 issue regarding earlier data; 1944-45 revisions are on p. 23 of October 1947 Survey. Final
New series. Data beginning 1936 will be shown later; the June figure includes old crop only.
Re vised series. See note marked "!" on p. S-26 of the Se
September 1947 Survey for reference to revised figures for fiscal years 1941-46 for the indicated alcoholic beverage series. Revisions
for all m onths of the fiscal year 1947 are shown on p. S-27 of the November 1947 Survey. See notes marked " ! " on pp. S-25 and S-26 of the April 1946 Survey for references to 1941-43 revisions
J
nninatpf?
for the indies 1^ SQTifS ffnr manufactured dairy products; data for 1944-45 for these series andq for utilization of milk in manufactured_n dairy products are shown. on p. 16 of the April 1946 Survey
ISit*?!?*?^? RAM AS £T mannf«r>tnrorl rloir-Tj nmAnn+a- rlofa f™- IO/M /( r; f™ 4-1™™ «/>•»;»« --- t ___ ,4-JK..~4.i ___ !* _ ,MI_ j_ _____ /•_ -j._____ _i •_________*-i .^ _____ ,
but there have been further revisions m the 1944 and 1945 figures for total cheese and 1945 figures for dry skim milk which are shown on p. 23 of the October 1947 Survey; final revisions for the
tor
^^^Q^^^^^.-d^^.^^^.~~~,- — 1946 wil1 be shown~later. Revisions for 1920-43 for utilization of milk in manufactured dairy products will also be shown later. January
irvirL-rk
v. tc\AK
•
*
MI*" j
----- — ----- » ~ i ' i ------ * — — """ *"* -"*"-" *•" iwi «*u«i£>un,iv/jj. vi ujiiTv AOJL j-LLOjau.iauuu.j.o dairy products will also be shown later. January
1940-December 1945 revisions for milk production are on p. 19 of the April 1947 Survey. Revised estimates of potato crop and barley for 1929-44 are available on request.
~~i2,"iir
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
June
May
July
August
September
October •Novem- ij December
ber
January
February
March
April
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—Con.
Corn:
Exports, including meal §t_
thous. of bu._
Grindings wet process
do
Prices, wholesale:
No 3 white (Chicago)
dol. perbu..
No 3 yellow (Chicago)
do
Weighted average, 5 markets, all grades__do
Production (crop estimate) t
mil. of bu
Receipts principal markets
do
Stocks, deomstie, end of month:
Commercial
do_ _
Oats:
Exports including oatmeal§J
thous of bu
Price, wholesale, No. 3, white (Chicago)
dol. perbu..
Production (crop estimate) f
mil ofbu
Receipts priacipal markets
do
Stocks, d'omestic, end of month:
Commercial
do
Rice:
"PvnnrtcSt
thOUS
Of lb
Imports^
do
Price, wholesale, bead, clean (N. O.)__dol. per lb__
Production (crop estimate)!
...thous. of bu__
California:
Receipts, domestic, rough
thous. of bags (100 lb.)..
Shipments from mills, milled rice
do _
Stocks, rough and cleaned (in terms of cleaned),
end of month
thous. of bass (100 lb.)__
Southern State? (La., Tex., Ark., Tenn.):
Receipts, rough, at mills, .thous. of bbl. (162 lb,)—
Shipments from mills, milled rice
thous. of pockets (100 lb.)_.
Stocks, domestic, rough and cleaned (in terms
of cleaned), end of month
thous. of pockets (100 lb.)_.
Rye:
Price, wholesale, No. 2 (Minneapolis) _dol. per bu__
Production (crop estimate) t
thous. of bu
Receipts principal markets
do
Stocks, commercial, domestic, end of month.do
Wheat:
Exports wheat including
flourSi
do
Wheat only§
do
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
dol. per bu__
No 2 Red Winter (St Louis)
do
No. 2, Hard Winter (Kansas City)
do
Weighted av 6 mkts all grades
do_.
Spring wheat
Winter wheat
Receipts, principal markets
Stocks, end of month:
Canada (Canadian wheat)
United States domestic total^t
Commercial
do___
do
thous. of bu__
__do
do
-do
On farmsf
- - - do
Wheat four:
Exports^
tbous. of bbl_.
G rind ings of wheat®
-- tbous. of bu__
Prices, wholesale:
Standard patents (Minneapolis)__dol. per bbl._
Winter, straights (Kansas City)
do
Production (Census):®
Flour
thous. of bbl.
Operations percent of capacity
Offal
nail, of lb_
Stocks held by mills, end of month® _thous. of bbl.
18, 652
12, 091
27, 786
12, 385
18, 014
11, 794
16, 353
11, 635
5,827
11,083
1, 951
11, 100
1,425
11,387
1, 496
10,831
1.784
1.782
1.694
1.790
1.779
1.677
2.143
2.097
1.948
0)
2.169
1.995
2.740
2.346
2.295
2.583
2.513
2.370
2.508
2.403
2.277
2.465
2.423
2.345
1,042
9,762
603
10, 180
942
8,386
783
7,999
2.572
2.611
2.489
2
2, 401. 0
22.7
20.0
2.692
2.711
2.582
0)
2.253
2.152
2.442
2.301
2.229
2.390
2.318
2.257
38.8
38.7
40.2
39.1
22.8
22.6
21.1
26.9
18.3
12.3
19.7
29.1
16.3
11.2
687.8
11.8
7.7
7.9
3 254. 2
7.3
11.6
13.2
1, 517. 9
17.0
21.0
9.3
849.2
7.5
1,741
2,614
1,291
1,091
1.401
1.273
1.298
12.0
5.8
8.4
8.2
1.9
910
1,478
2,767
2,274
950
663
609
2,729
.923
.988
1.021
.952
1.014
1.161
1.201
1.241
12.9
14.2
12.2
16.2
29.2
22.5
16.7
5.4
4.6
5.0
3 259. 1
5.6
15.9
26.6
964.3
27.8
22.1
14.0
743.8
10.0
7.1
3.3
410.6
84, 858
203
.089
60, 363
163
.090
52,403
3
.090
22, 897
1
.126
21, 592
2
.125
61, 944
204
.118
118,889
1,236
.114
140, 214
424
.121
90, 675
209
. 122
2
79, 345
31, 628
267
.127
104, 889
647
.134
63,322
1,266
.129
.129
594
478
583
496
300
242
207
154
41
142
75
69
1,490
443
877
449
510
292
582
549
820
796
728
273
1,021
668
329
233
171
169
59
41
536
639
669
527
284
481
490
133
83
107
99
573
3,306
5,790
2,644
942
621
365
203
155
681
515
246
477
309
1,784
3,051
2,889
1,625
1,307
890
953
1,217
4,141
3,562
3,071
2,359
1,346
2.763
2.410
2.562
2,530
437
3,636
367
2,688
609
1,521
654
1,286
45, 940
24, 502
39, 147
27, 121
319, 102
34, 624
19, 397
3.198
3.120
3.032
3.149
2.765
2.866
2.508
2.684
2.667
2.538
2.454
2.609
2.669
2.546
2.445
2.612
1.273
2
1, 216. 0
8.1
7.4
1,048
615
476
119
393
2,002
4,863
4,755
3.108
3.192
3.029
2.541
2.466
2.817
2.853
2.824
238
1,878
138
1,358
102
1,024
177
556
2,634
2,214
2,084
3,824
1,366
4,262
512
4,427
2.769
25, 977
443
4,072
37, 725
15, 812
41, 744
13, 729
224, 890
38, 266 "~41~383~
10, 354
20, 047
56, 844
38, 605
3?6, 391
46, 308
29, 132
41, 862 ~~~36~5l6~
26, 366
25, 609
325, 626
40,648
28, 266
2.638
2.745
2.676
2.616
2.677
2.705
2.693
2.637
2.719
2.587
2.373
2.563
2.935
2.368
2.288
2.400
2.710
2.384
2.318
2.472
2.840
2.704
2.646
2.801
72, 625
68, 872
113,863
1,122,206
167, 718 175, 069
196, 631
136, 216
610, 300
146, 292
130,639
166,359
152, 400
126, 282
796, 618
141, 889
112, 279
111, 730
427, 620
3.167
2.952
2.953
3.093
2
3. 160
3.089
3.011
3.110
2
1, 364 9
2 296. 9
2
1, 068. 0
40, 028
43, 297
3.231
3.020
2.999
3.154
37, 807
26,345
26, 156
121, 869
91, 847
r 94, 179
80, 514
55, 395
58,655
24, 440
15, 803
70, 405
s 83, 623
3 8, 129
3 9, 976
3 24, 591
3 40, 427
114, 913
4,662
56, 818
5,961
55, 744
5,939
55,462
4, 540
57, 031
3,881
59,619
3,655
56, 720
3,297
60, 393
2,319
54, 188
13.17
12.97
12.74
12.39
12.60
11.03
13.27
10.77
12.72
10.97
13.57
12.03
14.56
13.13
12, 604
82.3
967
12, 445
81.1
930
12, 332
83.9
928
2.237
12,713
83. 2
944
13, 233
86.4
996
12, 646
85.8
948
2,523
13,432
84.3
1,012
r
r
1.253
36, 469
16, 296
14, 895
23,300
115,735
102, 328
72,082
124, 041
97, 989
85, 835
477, 593
70, 174
73, 476
73, 565
256, 533
2,635
53, 734
' 4, 561
55, 141
2,559
47, 974
3,240
49, 631
50,288
14.97
13.51
14.23
13.21
14.06
13.20
12.34
11.24
12.08
11.07
11.91
10. 92
12, 080
89.0
••899
11, 977
78.0
896
3,016
12, 334
80.0
922
10, 715
78.1
804
11, 106
69.0
831
2,567
11, 265
72.6
845
f
56, 694
LIVESTOCK
Livestock slaughter (Federally inspected):
621
586
627
656
628
719
678
762
673
Calves
thous. of animals..
813
566
511
550
1,264
1,312
1,207
1,274
1,203
1,217
1,407
1,346
1,337
899
987
1,497
Cattle
do. _
977
3,653
3,455
3,831
5,223
3,616
2,731
2,948
6, 254
5,501
3,574
Hogs
_
do
3, 343
3,978
3,746
1,329
1,355
1,322
1, 347
1,280
1,253
1,458
1,451
1,471
1,175
Sheep and lambs
do
1,045
1,697
1,209
Cattle and calves:
2,384
2,435
2,154
2,259
3,199
2,028
Receipts, principal markets
thous. of animals-- '2,208
2,233
2,617
1,680
3,353
1,878
1,485
120
157
100
131
198
395
103
321
145
Shipments, feeder, to 8 corn belt Statesf
do
54
621
82
59
Prices, wholesale:
25.87
27.85
24.06
29.54
22.93
28.84
29.16
Steers beef (Chicago)
dol. per 100 lb
29.52
29.08
26.71
28.43
29.82
26.43
21.11
21.91
19.91
21.65
21.33
21.22
Steers, stocker and feeder (Kansas City). ..do
26.31
21.32
23.59
26.62
25.57
20.96
24.15
24.00
22.94
23.63
20.38
22.63
24.30
Calves, vealers (Chicago)..
do
25.81
26.75
25.65
25.75
25.38
29.06
27.00
r
l
2
Revised. No quotation. December 1 estimate.
3
Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July.
§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The unit of measurement
for wheat flour exports was erroneously shown as thousands of bushels in the A ugust 1947 Survey and earlier issues; the figures have been shown in thousands of barrels in all issues.
1 The total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the break down of stocks.
t Revised series. The indicated grain series have been revised as follows: Crop estimate for oats, 1932-44, and rice, 1937-44; other crop estimates, 1929-44; domestic disappearance of wheat
and stocks of wheat in country mills and elevators, 1934-44; corn, oat and wheat stocks on farms and total United States stocks of domestic wheat, 1926-44; all revisions are available on request.
See p. S-27 of the August 1943 Survey for revised figures for 1941-42 for feeder shipments of cattle and calves.
®Data for June 1947 and previous months were reported by approximately 1,100 mills believed to account for about 98 percent of the industry; later data are estimated from monthly
reports of 425 mills with a daily 24-hour capacity of 401 sacks or more of flour.
% Revised to include Army civilian supply shipments (see note marked "§" on p. S-20).
SURVEY OF CUEEENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-29
1948
1947
April
July
June
May
August
September
October
November
December
January
February
March
April
FOODSTUFF AND TOBACCO—Continued
LIVE STOCK—Continued
Hogs:
Receipts, principal markets. __thous. of animals..
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 lb_.
Hog-corn ratio f
bu. of corn per 100 Ib. of live hogs..
Sheep and lambs:
Receipts, principal markets. __thous. of animals..
Shipments, feeder, to 8 corn belt Statesf
do
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 lb_.
Lambs, feeder, good and choice (Omaha) _do
'2,248
2,270
2,329
2,206
1,774
1,942
2,305
3,303
3,771
3,272
2,305
2,309
2,462
23.49
22.24
22.06
22.11
23.74
26.66
27.81
24.96
26.31
26.71
22.25
21.40
19.79
'14.7
14.4
12.6
11.7
11.1
11.3
12.4
11.1
10.5
10.9
11.2
10.3
9.4
1,506
136
1,713
128
1,982
134
1,677
166
1,688
283
2,452
2,871
677
1,833
393
1,587
131
1,428
81
1,255
64
1,259
65
1,211
69
21.25
19.66
21.62
0)
24.25
22.75
20.25
22.62
21.05
22.75
20.98
24.08
20.53
21.78
23.00
20.44
21.50
19.47
24.00
0)
21.31
25.00
0)
22.50
22.60
70
1,438
843
67
91
1,525
797
67
63
1,490
772
69
52
1,509
743
67
62
1,289
636
59
81
1, 356
506
56
62
1,556
480
51
52
1,740
635
58
39
1,918
980
71
35
1,762
1,130
74
41
1,323
1,168
71
69
1,299
' 1, 097
'67
1 197
1,003
57
65
'70
60
1, 467
9,165
556
21.61
MEATS
Total meats (including lard):
Exports §£
mil oflb
Production (inspected slaughter)
do
Stocks, cold storage, end of month <8>cf
do
Edible offal®
do .
Miscellaneous meats and meat products®
mil. oflb. Beef and veal:
Exports§t
thous. oflb.
Price, wholesale, beef, fresh, native steers
(Chicago)
dol. per lb_.
Production (inspected slaughter)
thous. of lb__
Stocks, cold storage, end of month <g>cT __ do _
Lamb and mutton:
Production (inspected slaughter)
do
Stocks, cold storage, end of month<8>d"
do
Pork including lard, production (inspected
slaughter)
thous. of lb_.
Pork, excluding lard:
Exports §J
-^
- do
Prices, wholesale:
Hams, smoked (Chicago) O _ _
dol. per lb._
Fresh loins, 8-10 Ib. average (New York) _ do
Production (inspected slaughter)
thous. of lb__
Stocks, cold storage, end of month <8>cf
do
Lard:
Exports 5|
. . do
Price, wholesale, refined (Chicago) __.dol. per lb_.
Production (inspected slaughter)
thous. of lb__
Stocks, cold storage, end of monthd*
do
POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago) _ . dol. per lb__
Receipts 6 markets
thous. of Ib
Stocks, cold storage, end of month cf
do. .
Eggs:
Dried, production*
. do
Price, wholesale, TJ. S. standards (Chicago) •
dol. per doz__
Productionf
millions
Stocks, cold storage, end of month id1
Shell1
thous. of cases. _
Frozen
thous. of Ib
67
63
50
15, 574
34, 072
28, 532
.370
679, 933
175, 724
.376
705, 739
144, 538
60, 737
10, 808
60, 183
697, 129
40
36
29
27
31
42
50
18, 424
15,263
23, 898
8,400
5,983
2,360
1,389
.408
670, 038
114, 568
.434
702, 877
101, 732
.469
650, 486
106, 179
.482
749, 027
92, 781
.466
792, 883
112, 290
.466
707, 751
151, 856
.468
709, 306
196, 252
698,314
54, 823
9,348
53,172
8,085
52, 007
60, 043
6,645
69, 891
11, 893
60, 790
17, 280
20, 317
758, 646
756,848
753, 173
586, 369
547, 045
693, 312
7,318
15, 079
4,651
1,955
4,651
2,905
2,412
3,228
2,400
.546
..508
521, 406
394, 421
.554
.531
561, 155
364, 531
.672
.529
556, 305
352, 814
.598
.552
550, 620
331, 746
.641
.593
438, 482
264, 124
.664
.622
417, 926
195, 896
.589
.564
539, 982
187, 971
.551
.480
759, 222
304, 851
.577
.456
867, b96
527, 159
31, 696
.300
128, 445
127, 680
28, 728
.198
144, 207
148, 663
22, 007
.195
146, 690
175, 269
23, 041
.182
148, 100
193, 736
108,114
34, 804
.176
111,619
33, 522
.302
162, 565
43, 420
.232
94, 015
125, 579
154,639
.292
26, 255
208, 256
.275
33, 063
187, 717
.244
34, 800
171, 260
.240
40, 474
174, 627
.235
37, 316
183, 024
.242
51, 774
205, 653
.236
61, 637
277, 870
9,788
14,014
14,163
9,113
1,324
184
226
330
.425
6, 314
.409
6,146
.414
.434
.422
.450
.464
1,742
153, 876
3,452
4,203
202, 245
237, 303
196
138, 192
r
9,563
5,202
f
4,539
4,268
241, 573
7,837
3,832
3,807
234, 434
38, 286
.285
90, 437
193, 316
.419
541, 914
178, 541
60, 107
19, 294
971, 957 1, 147, 168 1, 003, 276
.436
563, 238
.468
527, 314
124 846
55, 859
16, 971
55, 049
' 14, 890
47 601
724, 834
680, 771
621, 675
1,756
3 216
3 430
.612
.482
745, 581
659, 309
.538
.471
531, 423
700, 114
.561
.523
506, 096
' 661, 399
.569
.536
473, 317
612, 655
73, 377
23, 210
.290
204, 084
113, 286
23, 143
.292
188, 171
133, 513
25, 544
.239
141, 384
137, 416
47 530
.238
127, 736
129, 028
.250
108, 165
139, 497
.216
78, 087
317, 112
.240
68, 856
317, 463
.265
28, 083
293, 640
.260
22, 385
262, 374
.280
25 275
205 745
. 298
26 614
153 048
162
552
1 029
1 781
3 213
.517
3 746
.441
4 338
.434
4 723
.432
6 093
c ory.
269
122, 438
374
120 665
r
1 165
143 253
3 088
194 240
3,383
3,457
.455
3 291
2,804
1,818
189, 596
824
164, 673
216, 762
.479
r
61,943
r
r
r
T
154,411
9,243
.429
MISCELLANEOUS FOOD PRODUCTS
43, 684
52, 005
36, 258
42, 059
55, 919
84,539
63, 089
61, 994
65,094
73, 802
76, 085
Candy, sales by manufacturers
thous. of dol_.
67, 698
56, 189
Cocoa or cacao beans:
13, 627
18, 859
20, 376
38, 078
12, 645
19, 598
12, 625
18, 415
17, 513
Imports§
long tons
39 151
31, 858
32 147
.282
.301
.327
.345
.288
.495
.404
.436
.510
.436
.430
Price, wholesale, accra (N. Y.)§
-dol. per lb_.394
.354
Coffee:
1,057
912
756
1,184
1,412
1,452
1,570
1,433
Clearances from Brazil, total.
thous. of bags..
1,595
1,220
1, 550
1,285
1,413
545
225
564
1,018
677
1,117
903
1,089
1,173
1,138
To United States
_
do
760
742
979
973
776
1,069
2,044
1,153
2,055
1,870
Imports§
do
1,884
1,515
1,818
2,157
1 884
Price, wholesale, Santos, No. 4 (New York)
.253
.256
.264
.237
.272
.258
.270
.272
dol. perlb..
.266
.264
.268
.264
.266
1,132
1,222
1,288
1,000
1,056
1,357
1,128
1,144
Visible supply, United States
thous. of bags. _
1,369
1,183
1,110
1,111
952
Fish:
34, 868
45, 805
30, 725
47, 716
r 57, 437
59, 746
53, 707
Landings, fresh fish, 4 ports
thous. of lb_.
31, 361
26,164
18, 227
28, 519
44, 185
90, 158
79, 733
110, 611
70, 202
132, 930
135, 870
Stocks, cold storage, end of month
do
140, 070
112, 046
142, 102
133, 844
90, 491
76, 743
68, 267
Sugar:
Cuban stocks, raw, end of monthj
3,642
2,991
3,887
3,292
2,591
2,238
1,121
thous. of Span. tons_.
813
455
1,645
215
2,911
3,134
XJnited States:
Deliveries and supply (raw value):*
902, 939
740, 720
Deliveries, total
short tons ' £09, 270 522, 621 998, 180 826, 310 800, 184
586, 012
343, 020
378, 341
388 071
572 746
562 391
986, 411
484, 691
778, 978
730, 790
792, 920
' 496, 881
887, 347
For domestic consumption. __
...do
337, 591
580, 194
366, 575
382, 930
565, 503
557, 910
A 401
47, 332
11, 769
37, 930
12, 389
15, 592
9,930
7,264
5,429
For export
_
__
.
do
5,818
5 141
11 766
7 243
Production and receipts:
544, 243
719, 956
605, 075
465, 489
655, 186
605, 349
459, 202
Entries from off-shore areas
do
443, 968
384, 783
81, 968
359, 259
566, 627
443, 609
34, 590'
16, 512
14, 634
534, 233
38, 992
132, 019
86, 749
636, 444
Production, cane and beet
do
144, 172
485, 709
68, 262
59, 875
Stocks, raw and refined, end of month
1,426
861
1,598
1,148
1,105
1,001
thous. of short tons..
911
1,904
1,407
1,808
1,880
1,950
1,843
' Revised. 1 No quotation. ©Prices since November 1946 are not strictly comparable with earlier data; figure for November 1946, comparable with later date is $0 545
§ Data continue series shown in the 1942 Supplement but suspended during the war period; unpublished data beginning October 1941 will be shown later.
cfCold storage stocks of dairy products (p. S-27) meats, poultry, and eggs include stocks owned by the U.S. Dept. of Agriculture and other Government agencies, stocks held for Armed
Forces stored in warehouse space not owned or operated by them and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.
®See note in May 1946 regarding changes in the indicated series made in that issue and an earlier change beginning June 1944.
• Data are from the U. S. Department of Labor. Quotations since July 1943 have been for U. S. Standards; they are approximately comparable with earlier data for fresh firsts.
1 For data for December 1941-July 1942 see note in November 1943 Survey.
*New series. Data for 1927-43 for dried eggs are on p. 20 of the March 1945 Survey. See note in April 1945 Survey for description of the new sugar series.
fRevised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions for 1913-41 will be shown later. See p. S-27 of the August 1943 Survey
or 1941-42 revisions for feeder shipments of sheep and lambs and p. 24 of June 1947 issue for 1940-45 revisions for egg production.
JRevised to include army civilian supply exports (see note marked "§" on p. S-20).
SURVEY OF CUERENT BUSINESS
S-30
June 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
April
June
May
July
August
September
October
November
December
February
January
March
April
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS— Con.
Sugar— Continued
United States— Continued 1
Exports refined sugar Id
_
short tons. _
Imports: §
Raw sugar total
do
From Cuba
_ __do
Refined sugar total
do
From Cuba
__ do
Receipts from Hawaii and Puerto Rico:
Raw
_ do
Refined
do
Price, refined, granulated, New York:
Retail J
dol. per Ib
Wholesale
do
Tea imDortsS
thous of Ib
TOBACCO
Leaf:
Exports incl scrap and stems 5 cf
thous. of Ib
Tmports incl scrap and stems §
do
Production (crop estimate)
mil. of Ib
Stocks, dealers and manufacturers, total,
12, 278
32,146
16, 730
29, 602
8,222
15, 191
8,914
20,151
4,237
5,544
9,305
391, 051
391, 049
52, 956
52, 956
300, 783
300, 782
45, 964
45,964
360, 344
360, 344
61, 226
61, 226
388,185
388, 184
34, 940
34, 940
346, 484
346, 484
33, 889
33,889
257, 629
257, 626
13, 009
13, 009
275, 544
275, 543
23, 477
23, 477
283, 839
282,514
7,204
7,204
384, 959
341, 283
7,497
7,497
60, 784
33, 910
2,844
2,083
274, 977
251, 187
26, 709
24, 782
384, 684
363, 978
26, 295
25, 711
136, 667
17, 444
182, 956
23,795
234, 111
3,162
180, 095
16, 655
222, 067
10, 227
214, 590
4,750
169, 957
6,550
77, 752
2,000
33, 106
3,000
27, 308
4,628
63, 903
6,473
92, 002
25, 866
.096
.081
4,963
.095
.081
2,508
.096
.081
4,826
.095
.081
3,438
.095
.082
1,275
.098
.082
4 597
.097
.082
5,487
.098
.082
6, 665
.098
.082
5 429
.098
.080
7,863
.093
.077
7 105
.093
.076
6 491
33, 867
5,192
23, 102
4,848
39, 156
5,624
30, 396
5,592
28, 724
5,258
47, 802
5,864
59, 406
6,720
40, 905
5,808
46, 014
4,007
2 2, 168
23,601
7,713
33, 601
5,725
19, 194
7,153
3,187
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
Manufactured products:
Consumption (withdrawals) :
Cigarettes (small):
Tax-free*
-millions
Tax-paid
- - do
Cigars (large) tax-paid
thousands
Manufactured tobacco and snuff, tax-paid
thous of Ib
Exports cigarettes ^cf1
millions
Price, wholesale (list price, composite):
Cigarettes f o b destination
dol per thous
Production, 'manufactured tobacco, total
thous of Ib
Fine-cut chewing
do
Plug
do
Scrap chewing
do
Smoking
do
Snuff
do _
Twist
do
3,800
3,812
338
216
2,633
3
318
210
3,114
3
351
287
. 3, 015
3
36
122
do
3,334
370
243
2,413
3
Domestic:
Fire-cured and dark air-cured
' 18, 451
34
110
32
123
30
127
2,805
27, 493
416, 270
2,966
25, 068
473, 968
2,269
29,097
432, 527
2,333
29, 549
439, 108
2,528
29, 060
466, 511
2,706
29,204
483,288
3,527
33, 237
587,880
2,536
27, 333
495, 401
2,997
24, 799
446, 719
3,213
27, 278
461, 398
3, 578
23, 349
460, 141
3,197
29,154
470, 099
19, 716
1,667
16, 111
1,094
18, 792
2,294
21, 008
1,619
22, 184
1,685
24, 706
1,937
25, 909
2,107
18,144
1,860
15,683
2,140
19, 587
2,000
18, 071
2,365
20,222
2,349
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
6.509
19, 885
337
3,762
3,302
8,799
3,246
438
16, 473
295
1,979
3,081
7,576
3,198
344
18, 357
326
3,001
3,211
8,500
3,007
312
21, 266
303
4,756
3,467
9,345
2,968
427
22, 629
306
5,002
3,661
9,881
3,341
440
24, 233
332
4,892
3,975
10, 849
3,719
466
26, 251
366
5, 143
4,426
11,683
4,101
533
18 816
298
3,868
3,465
7,888
2,883
414
17,283
330
3,221
3,200
6,998
3,130
404
19, 232
363
3,516
3,383
8,017
3,489
464
18, 549
334
3,522
3,183
7,791
3,265
454
31,447
58,027
3,649
310
850
21, 242
76
274
1,203
3,640
2,709
26, 215
98
187
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (see p. S-28).
Imports, total hides and skins§
thous. of lb__
Calf and kip skins
thous. of pieces..
Cattle hides
do
Goatskins
do
Sheep and lamb skins
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers.. dol. per lb._
Calfskins, packers', 8 to 15 Ib
_do._._
LEATHER
Exports :§
Sole leather:
Bends backs and sides
thous. of Ib
Offal including belting offal
do
Upper leather
thous. of sq. ft
Production:
Calf and kip
thous. of skins
Cattle hide0" .
thcus. of hides
Goat and kid©
thous. of skins
Sheep and lamb©
- - do
Prices, wholesale:
Sole, oak, bendsf
dol. perlb_.
Chrome, calf, B grade, black, composite
dol. per sq. ft_.
10,830
22
29
3,299
1,318
14,017
11,991
3,039
4,283
2,013
1,386
23
38
3,421
5,410
.220
.514
.223
.534
.231
.638
.262
.660
471
40
3,907
148
59
3,761
169
73
3,183
2,722
1,130
' 2, 558
1,011
' 2, 473
1,049
' 2, 243
' 3, 273
35
51
'3,037
27
30
17,490
29
201
887
r 2, 131
8,523
8,950
13,527
3,076
3,806
2,686
2,933
18, 561
82
186
3, 573
.295
.619
.301
.625
.343
.669
.375
.756
.359
.745
.308
.650
.257
.415
.222
.351
116
95
62
63
1,970
2,086
43
60
32
116
2,180
19
72
1,789
'912
' 2, 405
' 3, 407
' 2, 782
834
' 2, 330
3,188
' 2, 934
2,260
3,520
2,973
94
29
28
42
946
144
245
135
129
2,954
1,069
' 2, 269
' 2, 985
' 3, 169
' 2, 631
2,472
' 3, 297
' 2, 486
.627
.593
.593
.602
1.016
1.007
1.069
1.214
1.218
2,882
1,304
244
235
2,872
102
453
5,835
2,342
4,226
2,246
.248
.392
2,674
3,285
2,943
1,106
2, 310
' 3, 363
1,125
' 2, 638
' 3, 775
' 3, 647
899
' 2, 371
' 2, 878
' 3, 094
.662
.750
.808
.813
.784
.742
.653
.632
1.203
31.246
31.324
31.324
3 1. 272
3 1. 165
3 1. 042
31.048
r
.637
' 3, 020
79
142
••3,501
8
937
' 2, 418
r 3, 319
' 3, 001
818
LEATHER MANUFACTURES
Gloves and mittens, production, total*
r 7.428
2,089
6, 392
2,462
2,286
P 7, 212
thous. doz. pairs. _
'1.676
504
1,557
510
581
•p 1, 453
Dress and semi dress, total
do
'368
334
89
89
86
p 277
Leather
do
'21
4
Leather and fabric combination
^0
26
3
3
?22
' 1, 287
412
1,197
491
418
*>1 154
Fabric
do
1,585
' 5, 752
4, 835
1,882
1,776
f 5, 760
Work total
do
'294
94
103
273
95
Leather
do
P277
'761
221
206
633
230
P754
Leather and fabric combination
do
•• 4, 697
1,276
3,930
1,461
1,557
"4,728
Fabric
_
do
3
* Revised. *> Preliminary. December 1 estimate.
8
Comparability of the data is affected, beginning September 1947 by a change in grade for one reporting firm; September 1947 figure comparable with earlier data $1.223.
} See note in March 1947 Survey with regard to a change in the series in January 1946.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later 0 Revised figures for January-March 1947 are: Cattle hide, 2,430, 2,467, 2,516; goat and kid, 2,485, 2,829, 2,927; sheep and lamb, 3,374, 3,337, 2,941.
* New series. For source and a description of the series for tax-free withdrawals of cigarette? and data beginning July 1943, see p. S-29 of the March 1947 Survey. The series for gloves and
mittens were first included in the May 1946 Survey; see note in that issue; data are collected quarterly only beginning the third quarter of 1947 (figures in the September and December 1947
columns are totals for the quarters).
t Revised series. The price for sole oak leather beginning in the October 1947 Survey is for packers', steers bends, union trim tannery run, vegetable tanning; earlier data will be shown later,
cf Revised to include Army civilian supply exports (see note marked "§" on p. S-20.
SURVEY OF CURRENT BUSINESS
June 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-31
1948
1947
May
April
June
July
August
September
October
November
December
January
February
March
April .
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES— Continued
Shoes and slippers:
Exports§ _ _ _ _ _ „
. thous. o f pairs
Prices, wholesale, factory:©*
M en's black calf oxford
_ dol. per pair
Women's plain black kid blucher__
do
Production, totall
thous. of pairs—
Shoes, sandals, and play shoes except athletic,
total
thous. of pairs
By type of uppers:
All leather
do .
Part leather and nonleather
do
By kinds:!
Men's
.___.
_do._._
Youths' a n d boys'
_ _ _ _ _ _ do._ „_
Women's
do .
Misses' a n d children's _ _ _ _ _ _ d o __
Infants' and babies'
do .
Slippers f o r housewear
_ _ _ _ _ _ do._._
Athletic
do_ „
Other footwear
_ _ _ _ _ _ _ _ do
631
546
414
429
409
368
605
430
486
398
519
450
6.00
6.00
4.90
36, 404
6.00
4.90
34, 131
6.30
4.80
33, 870
6.50
4.90
38. 982
f.50
4.90
40, 826
6.63
4.90
46, 765
6.75
4.90
37, 982
7.15
4.90
39, 849
7.15
5.70
40, 731
7.15
5.70
40, 290
7.15
5.70
44, 908
4.eo
39, 525
r
r
36, 627
33, 638
31, 343
30, 875
34, 735
36, 036
40, 098
32, 561
35, 794
37, 899
37, 346
41, 575
34, 879
1,749
32, 178
1,554
29, 805
1,532
29, 728
1,091
33,454
1,174
34, 767
1,331
38, 730
1,374
31, 294
1,185
34, 471
1,331
36, 118
1,816
3,5, 130
2,126
38, 972
2,603
9,218
1,449
18, 237
4,819
2,904
2,364
9,078
1,373
16, 279
4,389
2,519
2,257
8,297
1,495
15, 069
4,041
2,441
2,272
8,053
1,521
14, 768
3,985
2,548
2,512
8,449
1,607
17, 548
4,271
2,860
3,676
8,812
1,587
18, 053
4,511
3,072
4,186
10, 350
1,815
19, 242
5, 277
3,414
5,636
8,192
1,526
15 328
4,541
2 974
4,894
9,306
1,556
16, 693
5,004
3,235
3,539
9,264
1,397
18 483
5 350
3 405
2,349
r 9. 088
1,223
'r 18 371
5, 277
r
3 387
*2 464
7.01
5.56
9,952
1,318
20, 418
6,036
3,851
2,785
380
154
365
144
301
215
308
175
363
208
395
210
492
239
351
176
349
167
304
179
r
!82
298
364
184
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products§
M bd. ft_
Sawed' timber §
do
Boards, planks, scantlings, etc.§
- do_ _
Imports, total sawmill products!
do
National Lumber Manufacturers Association:!
Production, total..
...mil. bd. ftHardwoods
do _
Softwoods
_ _ _
_ do
Shipments, total
do
Hardwoods.. .
_ _ _ do_ —
Softwoods
do
Stocks, gross, end of month, total- _ _ _ _ do_ __
Hardwoods
do
Softwoods.do_ _
88, 346
16, 610
63, 091
93, 070
162, 633
34, 237
101, C14
67,635
131, 795
21, 339
86, 568
60, 598
131, 226
20, 480
86, 605
73,073
156, 607
22, 692
97,447
96, 768
125, 140
16,854
88, 788
118,356
102, 569
15,018
71, 930
148, 984
109, 799
22, 337
71, 538
128, 161
73, 249
14, 247
51,329
173,460
73,414
15, 432
50, 158
129, 394
' 57, 359
•• 11, 840
37, 974
142, 761
75, 102
11, 390
55,022
181, 504
3,094
681
2, 413
2.955
6G8
2,347
6,217
1,977
3,240
3,333
695
2,638
3,141
691
2,450
5,409
1,981
3,428
3,139
700
2,439
2,803
596
2,207
6,743
2, 085
3,658
3,284
746
2,538
2,897
660
2,237
6,961
2,171
3,790
3,279
796
2,483
3,269
776
2,493
6,048
2,191
3,867
3,256
767
2,489
3,318
741
2,577
6,078
2,217
3,861
3,325
773
2,552
3,360
802
2.558
6,040
2,188
3,852
2,917
726
2,191
3,164
779
2,385
5,801
2,135
3,666
2,763
650
2,113
2,844
641
2,203
5,557
2,018
3,539
2,719
682
2,037
2,788
672
2,116
5,739
2,140
3,699
2,480
631
1.849
2,623
697
1,926
5,601
2,074
3,527
3,022
714
2,308
3,020
749
2,271
5,604
2,040
3,564
3,025
703
2,332
2, 997
738
2,259
5,773
2, 008
3,765
6,825
9, SCO
4,675
4,725
1,500
5,375
10, 175
4,850
4,800
1,500
5,900
11,375
5,125
4,875
1,775
6,250
12, 225
5,575
5,275
2,050
6,600
13, 325
6,650
6,575
1, 950
6,075
13,875
5,825
5,475
2,425
7,150
14, 475
7,150
6,500
3,000
6,050
14, 650
5,550
5,725
2,675
5,975
14, 775
6,150
5,300
3,450
7,575
15, 800
6,300
6,600
3,250
6,600
16, 575
6,250
5,925
3,550
7,175
17, 350
6, 525
6,575
3,650
6,175
17, 575
6,800
6, 225
4, 275
43, 179
38, 418
47, 361
46, 140
7,016
47, 708
43, 122
48, 709
47, 839
7,886
48, 444
44, 340
46, 985
45, 435
8,797
69, 663
58,439
65, 629
53, 579
9,370
67,678
68,064
57,996
58, 126
8,314
53, 535
60, 195
62,696
60, 800
8,045
61,549
57, 626
69, 623
66, 697
10, 971
47, 646
52, 751
56, 667
55, 784
10, 704
49,397
51, 135
57, 886
51, 013
16,086
62,057
54, 456
61, 152
61,894
14, 605
56, 814
58, 129
57, 955
57, 078
15, 482
59, 988
55, 320
64, 991
62, 797
15, 626
64, 784
59, 397
67, 541
65, 226
17, 941
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
M bd. ft
Orders, unfilled, end of month
_ do
Production
. _ _
d o __ _
Shipments
do
Stocks, end of month
do
Oak:
Orders, new
_
_ do
Orders, unfilled, end of month.
do_ .
Production
do
Shipments _ _ _ _ _
.do
Stocks, end of month
do_ _
SOFTWOODS
Douglas fir:
82, 594
38, 948
74,432
61, 332
Exports, total sawmill products}
M bd. ft—
67, 128
74, 521
54, 651
68, 225
47, 408
45,946
32, 893
48, 875
9,364
28, 014
Sawed timber§ _
_
do
16, 583
17, 190
19, 727
14, 578
13, 149
20, 776
13,398
10, 262
14,015
10, 403
29, 684
54, 580
64, 705
49, 938
Boards, planks, scantlings, etc.§
do
44, 749
59, 943
41, 502
47, 449
37, 146
32,548
22,490
34, 860
Prices, wholesale:
Dimension, No. 1, common, 2" x 4" x 16'
62. 865
62. 865
64.846
62.865
62.865
dol. per M bd. ft_.
67. 815
67.815
67.816
64. 350
64. 350
70. 587
67. 815
70.042
Flooring, B and better, F. G., I" x 4", R.
96. 040
96. 040
95. 040
104.940
101. 970
111.870
L ___
dol per M bd ft
111.870
104. 940
111. 870
104. 940
116. 820
116. 078
110.880
Southern pine:
17,511
25, 081
22, 691
16, 534
21,883
Exports, total sawmill products§
M bd. ft—
8,920
12, 753
7,209
7,738
8,715
7,585
6,527
4,341
3,623
3,444
2,214
1,952
Sawed iimber§
.
. . _ do
.
1,472
1,656
1,435
783
1,392
953
1,402
13,170
21, 458
14, 320
19, 931
19, 147
Boards, planks, scantlings, etc.§_
—do
7,448
11,097
6,955
7,280
6,193
6,256
6,125
849
793
834
962
981
Orders, newf
mil. bd. ft—
857
860
775
690
693
579
797
778"
644
449
641
494
670
626
Orders, unfilled, end of month!
do
645
508
673
522
601
489
574
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'!
65. 694
62. 656
63. 462
67.978
dol. per M bd.ft.. 67. 790
71.127
73.311
74. 521
78.316
77. 728 ' 77. 461
78. 594
77.007
Flooring, B and better, F. G., 1" x 4" x 12-14'!
133.862
133. 260
134. 279
132. 148
130.910
141. 139
138. 150
dol. per M bd.ft__
149. 273
146. 731
152. 019
150. 326
150. 326
152. 447
954
911
878
861
833
Production!
mil. bd. ft—
799
876
676
755
827
581
708
860
868
888
789
886
910
Shipments!-.
_ do I
872
721
913
734
789
631
724
797
1,464
1,398
1,500
1,451
1,508
Stocks, end of monthf
do
1,341
1,378
1,296
1,289
1,317
1,251
1,301
1,352
Western pine:
561
643
599
673
650
618
Orders, newf
do
694
534
441
587
553
519
500
378
273
544
415
490
Orders, unfilled, end of monthf
do
568
595
604
526
648
5bl
576
654
Price, wholesale, Ponderosa, boards, No. 3 com64.69
62.71
56.23
55.23
64.36
mon, I" x 8"__
dol. per M bd. ft
59.01
63.22
61.23
61.68
66.16
64. 45
63.55
66.36
555
679
671
711
718
676
680
Production!-—
-mil. bd. ft—
514
517
384
467
401
515
685
657
569
614
646
621
Shipments!
- . _ _ _ _ _ _ _
do
629
561
567
481
484
426
493
839
933
1,035
1,132
1,205
1,264
Stocks, end of month!
_ _ _ do
1,264
i, 311
1,094
1,217
1,134
1,080
1,102
West coast woods:
679
606
531
605
632
Orders new!
_ _ do
730
694
572
708
622
769
687
680
805
728
689
852
846
Orders' unfilled, end of month
do
804
801
721
659
616
695
675
742
672
638
622
635
693
Production!
_,
do
689
678
675
709
715
670
630
633
643
675
455
632
671
Shipments!
do
765
695
795
626
649
711
618
654
485
488
634
545
683
Stocks, end of month!
do
599
679
442
501
462
482
590
477
•• Revised. §Data continue series published in th e 1942 Supplement b tit suspend ed during the war period; data for October 1941-February 1946 will be pu Wished lat er.
^Data include Government shoes not reported se parately; t he classific ations by 1finds were revised in the Octobe r 1947 Sun7ey to incliide all types (leather , part leat tier, and rlonleather
...
„
. . n \\r\v.1 C\A <7 C
.
. .
.^
The totals for shoes, sandals, etc., and
the distribution by kinds include, beginning May 1947, small amounts that cannot be distributed to the all leather and part leather and nonleather classifications.
cfData continue series published in the July 1944 and earlier issues of the Survey; see note in August 1947 Survey for data for June 1944-May 1946.
!Revised series. See note marked "f" above regarding revision of the shoe series and note in February 1946 Survey explaining revision in the Southern pine price series. Data beginning
January 1946 for the other indicated lumber series (with the exception of Southern pine orders and stocks and Western pine stocks), as published prior to the March 1948 Survey, have been
revised to adjust the monthly series to Census annual production figures for 1946, and there have been unpublished revisions in the earlier data for the lumber series as indicated in notes in the
July 1947 and April 1946 issues; all revisions will be shown later; the revised 1946 and 1947 figures for total lumber production superseding figures in the table on the back cover of the February
1948 Survey are 34,936 and 36,635 million board feet, respectively.
U«,rl
ln4-^_
SUEVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
June
May
July
August
September
November
October
December
January
February
March
April
164, 862
162, 975
40, 435
LUMBER AND MANUFACTURES—Continued
SOFTWOOD PLYWOOD
Production*®
thous. of sq. ft., */%" equivalent-- «• 147, 008 ' 142, 409 r 140, 147 «- 107, 588 r 139, 398 »• 147, 823 r 170, 769 ' 145, 370 r 150, 853
' 142, 113 ' 141, 980 r 142, 817 r 102, 042 r 137, 689 T 146, 993 «- 162, 059 ' 149, 197 r 159, 005
Shipments* <8>
do
r 31, 345 ' 36, 332 r 37, 036 ' 38, 070 r 43, 973 r 40, 524
•• 35, 424
»• 31, 509
Stocks, end of month* <8>
do
«• 35, 460
159, 395
153, 017
37, 755
156, 666
155, 878
39, 323
185, 716
184, 443
39, 879
635, 570 r 557, 452
14, 701
26, 702
18, 934
21, 323
5,149
3,789
508, 598
21, 784
15,245
4,219
516, 777
22, Oil
45, 672
19, 973
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade :§
Iron and steel products (excl. advanced mfrs.):
Exports (domestic) total
short tons
Scrap
do
Imports, total
do
Scrap
do .
641, 931
10, 160
15, 090
3,478
657, 924
18, 175
15, 728
2,184
630, 731
29, 579
19, 400
3,410
571, 777
20, 528
21, 733
2,426
567, 395
10, 717
15, 269
3,917
579, 191
15, 053
14, 953
1,828
651, 003
27, 094
13, 579
2,025
614, 723
14, 057
18, 408
6,884
5,142
2, 653
2,489
3,920
1, 136
2,784
5,292
2,744
2,548
4,082
1,133
2,949
5,184
2,560
2,624
4,067
1,303
2,764
4,752
2,384
2,368
4,096
1,257
2,839
4,826
2,561
2, 265
4,369
1,295
3,074
4,898
2,460
2,438
4,525
1,436
3,089
5,484
2,865
2,619
4,489
1,475
3,014
5,176
2,643
2,533
4,449
1,442
3,007
5,306
2,722
2,584
4,316
1,416
2,901
5,294
2,789
2,505
3,976
1,284
2,692
5,082
2,640
2,442
3,936
1,196
2,740
5,875
2,890
2,985
4,064
1,161
2,903
6,575
7,216
9,212
10, 981
11, 755
8,438
11,643
12, 499
7,582
13, 127
14, 069
6,608
12,819
13,533
5,895
11,336
11,865
5,367
10, 108
10, 780
4,695
6,043
6,306
4,432
2,972
1,879
5,528
2,757
1,496
6,790
2,686
1,481
8,009
3,019
1,707
9,186
6,579
4,448
13, 555
11, 738
1,816
263
6,885
10, 373
17, 618
15, 541
2,078
439
6,500
11,457
21, 746
19, 594
2,152
479
6, 156
12,614
28, 440
25,677
2,764
576
6,638
12, 122
33,896
30, 397
3,499
597
6,492
10,685
38, 370
34, 065
4,305
580
7,151
9,785
41, 641
36, 852
4,789
573
7,068
5,877
43, 010
38, 195
4,816
451
6,970
537
36, 095
31, 749
4,346
297
7,057
0
29, 081
25, 205
3,877
337
6,441
0
22, 628
19,412
3,216
269
6,634
0
16, 022
13, 761
2,262
379
66
46
38
56
48
45
42
44
25
83
50
68
1,097
637
2,908
1,097
633
2,783
1,038
597
2,711
913
519
2,675
952
551
2, 631
1, 025
591
2,680
1,154
654
2,669
1,020
562
2,687
1,066
588
2,782
1,064
584
2,803
1,024
571
2,769
1,169
660
2,726
1,051
585
2,691
41, 994
275, 415
81. 890
47, 303
29,006
262, 117
75, 488
42, 304
31, 972
248, 798
78, 524
45,291
26, 591
234, 656
64, 162
40, 733
33, 208
229, 708
62, 395
38, 156
28, 706
218, 276
71, 568
40, 138
40, 105
210, 675
83, 976
47, 706
35, 804
206, 510
72,111
39, 969
39, 940
202, 408
77, 757
44, 042
49, 159
205, 759
77, 744
45, 808
46, 270
209, 447
75, 194
42, 582
43, 921
203, 351
86, 767
50, 017
42, 168
199, 578
80, 602
45, 941
4,804
4,982
4,842
4,507
4,850
4,745
5, 254
4,912
5,057
5,167
4,762
5,049
33.00
33.81
33.50
4,830
33.00
33.81
33.50
5,081
33.00
33.81
33.50
4,810
34.20
35.08
34.70
4,585
36.00
37.21
36.50
4,917
36.00
37.21
36.50
4,801
36.00
37. 28
36. 50
5,228
36.00
37.32
36.50
5,015
36.20
37.53
36.50
5,177
38.88
40.28
39.50
5,128
39.00
40.63
39.50
4,780
39.00
40.63
39.50
5,020
741
748
769
887
831
828
769
759
838
794
Iron and Steel Scrap
Consumption total*
thous of short tons
Home scrap*
do
Purchased scrap*
do
Stocks consumers' end of month, total*
do
Home scrap*
do
Purchased scrap*
do
Ore
Iron ore:
All districts:*
Production
thous of long tons
Shipments
do
Stocks end of month
do
Lake Superior district:
Consumption by furnaces.
do
Shipments from upper lake ports
do
Stocks, end of month, total _
do
At furnaces
do
On Lake Erie docks
__
do
Imports§
do
Manganese ore, imports (manganese content)!
thous of long tons
Castings, gray iron:*
Shipments, total.
thous. of short tons__
For sale
do
Unfilled orders for sale .
do
Castings, malleable iron:d"
Orders, new, for sale
short tons
Orders unfilled for sale
do
Shipments total
do
For sale
do ._
Pig iron:
Consumption*
thous of short tons
Prices, wholesale:
B asic (furnace)
_.
dol . per long ton
Composite
do
Foundry, No. 2, f. o. b. Neville Island*__do
Production*
thous. of short tons
Stocks (consumers and suppliers'), end of month*
thous of short tons
r
799
4,976
7, 677
17, 125
15, 172
1,953
39. 00
40. 63
39. 50
3, 840
780
Steel, Crude and Semimanufactures
Steel castings:!
141, 068
148, 124
148, 358
130, 125
139, 031
116, 956
120, 405
137, 457
162, 891
150, 305
142, 434
Shipments, total
short tons.. 144, 175 140, 874
97, 143
85, 014
88, 719
108, 282
110, 970
111, 288
103, 888
114, 896
103,779
102,913
106, 127
107, 762
125, 550
For sale, total. __
do
22, 584
34, 919
30, 452
25, 835
21, 280
35, 129
31, 879
28, 850
32,967
29, 185
41, 876
36, 079
34, 800
Railway specialties
do
fiteel forgings, for sale:*
630, 925 626, 227
585, 818
633, 467
593, 660
618, 155
593, 838
698, 615 662, 579
617, 247
641, 110
628, 123
630, 860
Orders unfilled, total
do
529, 817
526, 392
495, 947
519, 760
518, 261
517, 307
494, 933 492, 808
544,058
570, 130
525, 543
513, 980
523, 319
Drop and upset
__
do
101, 108
99,835
113, 707
97, 713
98, 905
93, 010
118, 521
98, 986
100, 848
114, 143
128, 485
107, 541
115, 567
Press and open hammer. _ _
do
92, 352
98,009 108,804
115, 743
110, 446
103, 740
121, 475
118, 534
116, 798
123, 830
114,314
131,111
116 676
Shipments total
do
69,639
76, 839
85,729
80, 761
70,316
91, 228
86, 911
79,219
90, 076
89, 677
95, 008
79, 6£1
86, 592
Drop and upset
_
do
29,685
30, 014
22,036
28,370
32, 602
26, 901
29,585
31, 399
29, 887
28, 857
Press and open hammer
do
30, 084
36, 103
34, 663
Steel ingots and steel for castings:
6,982
7,233
7,329
6,969
7,366
6,570
7,043
7,560
6,789
7,473
6,940
7,608
6,217
Production _ _ _
thous. of short tons. 85
93
90
98
96
95
94
95
94
91
95
80
93
Percent of capacity t _ _ _
Prices, wholesale:
.0329
.0329
.0329
.0329
.0360
.0360
.0360
.0360
.0360
Composite, finished steel
dol. per lb._
.0368
.0376
.0373
.0376
Steel billets, rerolling (Pittsburgh)
42.00
42.00
42.60
45.00
45.00
45. 00
42.00
45.00
45.00
dol. per long ton__
45. 00
47.70
50.40
50. 40
.0250
.0250
.0256
.0250
.0280
.0280
.0280
.0280
.0280
Structural steel (Pittsburgh)
dol. per lb__
.0280
.0280
i . 0305
i. 0305
29.25
30.88
36.95
40.50
33.05
39.88
39.13
38.75
38.90
39.56
Steel scrap (Chicago)
dol. per long ton..
38.95
39.13
39. 19
T
1
Revised.
Data beginning March 1948 are for a slightly different series; figures for January and February: $0.0280 and $0.0293.
cfSince May 1944 the coverage of the malleable iron castings industry has been virtually complete; see note in the February 1947 Survey for further information.
§Data continue series shown in the 1942 Supplement but suspended during the war period (it should be noted that data for iron and steel are shown in long tons in that volume); data for
October 1941-September 1946 for total imports of iron and steel products and for October 1941-February 1945 for other series will be published later. The 1945-46 data for imports of iron and
steel products shown in the November 1947 Survey and earlier issues erroneously include ores and alloying metals other than ferroalloys.
JFor 1948, percent of capacity is calculated on annual capacity as of Jan. 1,1948, of 94,233,460 tons of steel; 1947 data are based on capacity as of Jan. 1,1947, 91,241,000 tons.
® Revised data for January, February, and March 1947 (units as above): Production, 139,913; 129,498; 139,670; shipments, 135,777; 127,467; 140,253; stocks, 30,712; 31,995; 32,146.
*New series. For data beginning September 1941 for softwood plywood see p. 16 of the September 1944 Survey. For description of the series on scrap iron and steel and 1939-40 data, see
note marked "*" on p. S-29 of the November 1942 Survey. The series for iron ore, all districts, are from the Department of the Interior, Bureau of Mines, and cover the entire industry, monthly
data beginning 1943 and earlier annual totals will be shown later. Data for 1943-45 for gray iron castings are shown on p. 24 of the January 1947 Survey. For pig iron consumption and stocks
for 1939-40 and a description of the series, see note marked "*" on p. S-29 of the November 1942 Survey. The series on pig iron production is approximately comparable with data in the 1942
Supplement (data in that volume are in short tons instead of long tons as indicated); see p. S-30 of the May 1943 Survey for further information and data for 1941-42. The pig iron price series
replaces the Pittsburgh price shown in the Survey prior to the April 1943 issue. For 1945 data for steel forgings see note on p. S-32 of the March 1947 Survey; data for total shipments, including
shipments for own use, and steel consumed have been discontinued.
tRevised series. Data for steel castings are estimated industry totals; see note on p. S-32 of the July 1946 Survey for comparable figures beginning January 1945.
SUEVEY OF CUKEENT BUSINESS
June 1 4
98
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-33
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Steel, Manufactured Products
Barrels and drums, steel, heavy types:®
14, 542
14, 370
Orders, unfilled, end of month
.thousands..
2,455
2,303
production
do
2,455
2,306
Shipments
do
25
21
Stocks, end of month
do
Boilers, steel, new orders: t
1, 366
1,428
Area
thous. of sq. ft__
1,335
1,212
Quantity
number..
Cans, metal (in terms of steel consumed):*
Shipments (for sale and own use), total
204, 678
207, 208
short tons
139, 536
145,830
Food
-do
65, 142
61,378
Nonfood
do. __
••160,095 ' 165, 095
Shipments for sale
__do
1,083
984
Commercial closures, production*
millions..
27, 219
25, 058
Crowns, production*.
thousand gross. _
Steel products, net shipments:©
5,446
5,442
Total
thous. of short tons..
549
561
Merchant bars
do
518
535
Pipe and tubes
-do
555
579
Plates
do
204
206
p,ails
do
1,274
1,274
Sheets
do
141
142
Strip— Cold rolled
do
151
150
Hot rolled
-- do
392
382
Structural shapes heavy
do
318
305
Tin plate and terneplate
do
425
425
Wire and wire products
- do _ .
13,612
2,244
2,242
23
12, 340
2,208
2,212
22
11, 294
2,210
2,201
31
10, 946
2,304
2,305
29
10, 450
2,064
2, 075
18
12, 461
2,388
2,385
21
12, 191
2,236
2,239
18
11,889
2,100
2,098
20
11,528
2,531
2, 516
34
11, 471
2,281
2,290
24
1,904
1,345
r
13, 255
2,188
2,185
26
1,620
1,563
1,434
1,452
1,245
1,417
1,167
1,331
1,202
1,176
1,388
1,276
1,109
1,103
1,532
1,219
' 1, 677
1,287
1,597
1, 339
232, 612
168, 249
64,363
193, 281
845
24, 261
309, 659
235,856
73, 803
»• 275, 541
781
27, 377
387, 817
315, 028
72, 789
«• 344, 236
890
27, 229
354, 726
278, 488
76, 238
r 310, 937
949
30,019
279, 506
193, 731
85,075
••240,670
1,064
32, 869
216, 530
134, 671
81, 859
181, 414
818
29, 459
202, 537
125, 782
76, 755
169, 987
868
28, 002
207, 482
134, 203
73, 279
169, 075
1,012
32, 454
5,264
501
527
563
205
1,225
138
141
364
308
407
4,975
493
480
464
199
1,181
116
131
357
324
335
5,278
534
517
540
190
1,199
136
135
371
336
393
5,119
484
497
495
182
1,224
136
142
360
304
410
5,682
555
550
589
214
1,343
151
157
399
349
454
5,410
521
541
530
201
1,384
146
146
334
267
429
5,046
518
519
538
172
1,198
127
136
324
247
396
5,979
560
613
630
206
1,410
158
141
382
393
449
r
213, 973
253, 684
137, 225
170, 098
76, 748
83, 586
182, 342 ' 222, 797
858
••829
30, 872
28,430
5,217
494
534
513
209
1,264
126
137
353
328
400
5,613
521
558
591
211
1,352
134
149
380
370
405
980
29,356
NONFERROUS METALS AND PRODUCTS
Aluminum:
189, 615
134, 148
164, 098
181, 999
217, 907
118, 658
173, 706
153, 706
133, 995 ' 217, 602
163, 480
Imports bauxite§
- long tons.. 129, 133
Price, wholesale, scrap castings (N. Y.)
.0444
.0667
.0719
.0725
.0725
.0625
.0625
.0600
.0617
.0440
.0711
.0670
dol. per lb__
.0741
Aluminum fabricated products, shipments, total*
144.1
124.8
152.3
132.2
121.7
167.8
200.9
173.9
187.1
177.5
175.6
155.1
177.2
mil. of lb_.
37.4
41.7
30.2
41.8
30.4
33.0
40.5
35.9
34.7
37.5
38.0
38.3
37 9
Castings*
_ do
106.8
91.9
110.7
136. 0
146.9
133.2
91.4
159.1
101.8
119.3
139.6
139. 0
138.1
Wrought products total*
do
83.4
120.4
70.5
72.1
81.7
126.7
82.5
105.7
108.0
98.1
109.7
110.3
106.7
Plate, sheet and strip*
.
do
.293
.289
.302
.302
.300
.296
.296
.296
.296
.296
.296
.296
.302
Brass sheets, wholesale price, mill
dol. per lb_.
Copper:
14, 021
11,721
17, 254
19, 295
14, 569
22, 497
21, 606
15, 043
18, 297
17, 819
18, 337
19, 837
Exports refined and manufactures! short tons.
40. 138
44, 185
52, 527
23, 203
44, 045
36, 902
37, 524
46, 982
46, 638
54,513
30, 435
41, 596
Imports, total§
_ _.
do
3,233
7,989
4,864
4,115
5,286
2,492
3,519
0
2,825
0
3,338
1,251
For smelting refining and export!
do
36, 905
15,2J4
38, 759
41, 693
48, 412
34, 005
46, 982
32, 038
43, 813
30, 435
53, 262
38, 258
For domestic consumption total§
do
25, 099
9,754
18, 515
21, 694
24, 679
32,993
22, 346
18,796
26, 009
13, 041
29, 612
26, 620
Unrefined including scrap!
do11,806
5, 460
10, 344
17, 014
15, 419
20, 244
15, 209
20, 973
21, 467
17, 394
11, 638
23, 650
Refined§
^
.2211
.2123
.2135
.2120
.2123
.2120
.2121
.2123
.2123
.2120
.2120
.2120
.2120
Price, wholesale, electrolytic (N. Y.)__dol. per lb__
Production:^
Mine or smelter (including custom intake)
91, 275
89, 093
82, 334
76, 815
72, 534
83, 301
83, 922
79, 152
83, 574
82, 959
82, 427
80, 954
short tons..
108, 536
104, 596
103, 474
108, 277
97, 525
88, 122
94, 610
93, 588
92, 146
110, 886
102, 314
108, 816
Refinery
_
do
118, 120
117,557
112,310
106, 232
96, 374
116,678
122, 988
106, 823
109, 822
95, 640
118, 855
113,446
Deliveries, refined domesticcT
do
84,560
86, 496
82, 542
68, 582
74, 507
77, 212
70, 146
66, 622
80, 113
77, 773
71, 533
76, 035
Stocks refined end of month cf
do
Lead:
21, 099
18, 113
18, 585
23, 058
14, 132
27, 416
13, 030
26, 718
15, 784
20, 873
14, 261
23, 706
Imports, total except mfrs Qead content) ! do
Ore (lead content):
32, 772
32, 979
32, 452
32, 512
30, 597
30, 618
29, 106
30, 647
35, 534
30, 667 ' 33, 306 »• 32, 337
Mine production*
do
34, 269
37, 581
31, 877
32, 271
33, 688
32, 414
31, 600
34, 185
32, 019.
33, 780
35, 362
34, 797
32, 081
Receipts by smelters, domestic ore:d"
do
Refined:
Price, wholesale, pig, desilverized (New York)
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1721
.1500
.1500
.1500
dol. per lb__
.1500
53, 424
53, 822
46, 409
45, 235
51, 481
46, 012
46, 827
43, 598
50, 093
50, 821
50, 248
49, 337
49, 652
Production, totalcf
short tons_.
41,505
49, 984
48, 995
47, 903
43, 725
42, 536
43, 545
40, 400
47, 421
46, 919
46, 579
45, 538
46, 577
Primaryf
....
do
50, 482
55, 0-34
54, 627
50, 568
46, 646
51, 989
52, 287
56, 247
43, 483
47, 200
52, 354
45, 031
51, 958
Shipmentsd* - -do. _
44, 834
47, 233
37, 836
24, 809
31, 048
34, 385
31, 290
17, 034
14, 837
28,370
21. 787
19,453
20, 645
Stocks, end of months1
do
Tin:
Imports:!
694
1,409
3,937
1, 745
1,439
2,596
8,350
3,595
2,201
2,989
3,668
2,566
Ore (tin content)
long tons
54
443
33
3,429
2,105
2,443
3,406
2,294
4,653
6,470
4,855
Bars, blocks, pigs, etc
.
_ _ do
' 1, 539
.8000
.8000
.8000
.8000
.8000
.8000
.8000
.8000
.9400
.9400
.9400
Price, wholesale, straits (N. Y.)
dol. per lb_.
.9400
.8539
Zinc:
27, 216
33, 645
31, 601
41, 030
33, 853
29, 364
22, 061
19, 140
21, 663
22, 617
33, 415 r 12, 660
Imports, total (zinc content) !
short tons
11, 534
562
6,367
10, 083
9,025
121
5,659
8,430
For smelting, refining, and export!
..do .
1,510
2,070
10, 392
6,240
For domestic consumption:!
13, 940
15, 228
18, 847
27, 295
26, 406
17,842
14, 953
9,160
7,958
12, 939
10, 487
Ore (zinc content)
- - do _
10, 580
4, 839
6,809
4,923
5,788
5,599
3,092
4,321
4,581
5,598
Blocks, pigs etc
do
9,106
10, 084
5,797
57, 902
57, 328
60, 879
46, 526
50, 296
48, 332
46, 817
47,700
Mine production of recoverable zinc*
do
53, 824
47,790 r 48, 124 r 47, 612
Slab zinc:
Price, wholesale, prime Western (St. Louis)
. 1050
.1050
.1050
.1050
.1050
.1050
dol. per Ib..
.1050
.1050
.1200
.1108
.1050
.1200
.1200
70, 990
69, 128
73, 891
73, 970
66, 852
71, 745
69, 682
67, 867
66, 784
71, 505
70, 996
Productioncf
short tons.
73,209
70, 330
63, 527
59, 737
72, 243
70, 803
129, 046
79, 789
89, 314
92, 549
84, 431
72, 151
Sbipmentscf
_
_ _ d o _ __
76, 241
72, 649
73, 608
52, 390
58, 827
44, 801
61,715
57, 564
59, 154
52, 122
64, 605
50, 558
61, 258
64, 241
63, 535
62, 503
Uomesticcf
do
166, 864
174, 327
163, 697
183, 718
79, 273
69. 166
42. 910
45. 229
48. 261
55. 085
68. Oil
161.256 ' 136. 574
Stocks, end of monthd*
do
r
Revised. <8> Beginning 1943, data have covered the entire industry. l See note marked "d"".
Jit is believed that data beginning 1945 represent substantially the entire industry; in prewar years the coverage was about 90 percent.
©Total shipments less shipments to members of the industry for further conversion; data prior to 1944 were production for sale.
!Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. The data shown above for
total imports of zinc and imports of zinc ore, and data beginning March 1945 shown in previous issues, have been revised to correct an error.
c?Beginning January 1947 datafpr copper include copper from all sources; data prior to 1947 published in earlier issues relate to domestic and duty-free foreign copper; stock figure for January
1947, comparable with later data, is 104,704 tons; the November 1947 Survey provides January-March 1947 figures for production, deliveries, and stocks comparable with earlier data; deliveries
include deliveries of Office of Metal Reserve copper for domestic consumption; stocks of Office of Metal Reserve copper are not included in the stock figures. For data for January 1942-April
1944 for these series, and also for the indicated lead and zinc series, see p. 24 of the June 1944 Survey. Total shipments of zinc include for August-November 1947shipments for Government
account in addition to shipments to domestic consumers and export and drawback shipments.
*New series. See note marked " * " on p. S-33 of the February 1947 Survey for description of the data on aluminum fabricated products and reference to 1945 figures for the total; data prior
to 1946 for the detail will be published later. Data for closures, crowns, and metal cans are compiled by the Bureau of the Census and cover all producers; for data for 1943 to 1945 for metal cans
see p. 24 of the December 1947 Survey; revised January, February, and March 1947 shipments for sale (short tons): 138,211; 123,767; 142,649. Data prior to 1946 for closures and crowns will be
shown later. Data for mine production of lead and zinc are from the Department of the Interior, Bureau of Mines, and are practically complete; monthly figures beginning July 1941 and
earlier annual totals will be shown later.
fRevised series. Data shown above and data from the beginning of 1946 in earlier issues include production from both domestic and foreign ore; the 1946-47 data are incorrectly shown in
the October 1947 and earlier issues as production from domestic ore which is no longer reported separately. Some secondary material is included insofar as it enters into base bullion and loses
its identity.
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
3rme 1948
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, EXCEPT ELECTRIC
Boilers, radiators and convectors, cast iron:§
Boilers (round and square) :
25, 838
29, 528
28, 849
25, 175
29, 080
20, £06
Production
thous. of Ib
23,185
25, 326
26, 342
21,045
28, 469
30, 464
Shipments
_
_ do_ __
51,327
50, 824
44, 984
45, 607
50, 285
46, 991
Stocks, end of month
do
Radiation:
4,984
4,820
4,472
4,749
4,302
4,073
Production
_
___thous. of sq. ft__
4,746
4, 698
4,597
4,786
4, 032
4,540
Shipments
do_ __
3,137
2,899
2, £09
3,179
2,712
2, 675
Stocks
do_ _
64, 415
55, 220
66, 597
52 967
48, 454
51 986
Boilers range shipments*
number
Oil burners:® <8>
r
" 6, 505 r 35, 047
37, 582
1, 827 r 85, 561
Orders new, net
do _ I'— 10,646
" 967, 876 " 874, 974 " 804, 680 r 7C3, 776 r 6fi6, 705 r 576, 326
Orders unfilled end of month
do
" 99, 382 " 99, 407 " 105, 341 r r102, 731 r r122, 632 r127,961
Shipments
do
r
13, 385 «• 15, 440 " 18, 972
22, 705
20, 397
20 524
Stocks end of month
do
Stoves and ranges, domestic cooking, exc. electric:*
288, 178
287, 697
313, 694
256, 785
259, 863
290, 760
Production total
number
44, 814
35, 631
49, 288
39, 373
36, 126
36, 945
Coal and wood
do
193, 684
202, 954
210 406
213 436
179 647
186 231
Gas find bunsralow and combination) do
49, 680
54, 000
45, 370 r 41,012
41, 693
36, 687
Kerosene gasoline and fuel oil
do
r
423 761 "415 789 "456 580 489 945 r 576 819 r 725 215
Stoves domestic heating production total*®do
r
92, 349
95, 063
90, 728 r 103, 481 r 109, 050 r 142, 698
'
Coal and wood*
do
" 180, 296 " 160, 605 " 185, 740 r 197, 921 T 232, 693 r 286, 685
Gas*
_ _
do
r
148, 402 r 162, 835 r 180, 112 !88 543
235 076 295 832
Kerosene gasoline and fuel oil*
do
Warm-air furnaces (forced air and gravity air f ov/),
54, 864
54, 985
90, 210
55, 297
£6, 498
80, 891
shipments total*
nurrber
15, 214
14, 209
9,876
13,563
9,669
9, £69
Gas*
do
34, 286
22, 050
24, 631
25, 128
21, 757
32, 480
Oil*
do
20, 357
19, 038
20, 188
2£, 172 r 34, 848 r 40, 710
Solid fuel*
do
244, 626
210, 487
192, 372
217 953
210, 360
197, 485
W^ater heaters nonelectric shipments*
do
33 328
37, 194
41, 740
T
29, 381
31, 372
39, 749
28, 583
28, 583
39, 749
29, 043
22, 018
46, 774
5,863
5,980
2,558
56 357
5,217
5,247
2,528
46 Oil
5,201
5,388
2,341
42 884
5,376
5,181
2,536
51, 722
5, 138
5,010
2,664
52 592
r
—4, 421 !-58, 225
f 443, 457 r 304, 310
128, 448
80, 922
r
20 541 r 25 561
331, 756
34, 603
256 241
40, 912
r 834 866
r
169, 442
"341,498
r
323 926
285, 127
31,323
215 849
37 955
r 661 592
124, 375
r
304, 379
r
232 838
108 419
19, 632
36, 739
52, C48
229, 307
72 629
13, 522
27, 791
31 316
185 932
r
" 27, 687
r 13, 867
'71,262
29, 483
18, 660
57, 443
r
r
3,127 !— 57, 449
149, 929
249, 309
41, 859
57, 898
50, 070
36, 466
r
r
r
46, 590
10, 822
16, 354
19, 414
376,736
5, 890
" 5, 485
' 3, 069
58, 908
" 36, 345
9,313
" 7, 645
r
19,387
r
159 007
4, 740
4, 794
3,015
8,407
124, 190
18, 848
68, 690
" 9, 727
134, 631
24, 816
60, 286
r
r
313, 959 r 331, 958
283, 682
34, 690
30, 635
31, 999
227 602 " 235 438
210 620
61 830
42 427
54, 358
T 596 999 r 413 637
351 333
53,734
93, 618 r 55, 492
156, 762
" 288, 024 " 188, 248
169 897
140 837
215 357
67, 567
15, 306
28, 324
24, 012
174 704
r
14, ±13
19, 699
65, 676
' 372, 459
39, 580
264, 943
67, 936
365, 857
62, 596
149, 839
153, 422
r
39, 297
9,890
8,105
21,302
174, 499
MACHINERY AND APPARATUS
Blowers, fans and unit heaters:
Blowers and fans new orders
Unit heater group, new orders
Foundry equipment:
New orders net total
New equipment
- Repairs
Machine tools, shipments*
Mechanical stokers, sales:*
Classes 1, 2, and 3
.
Classes 4 and 5:
Number
r
thous of dol
do
10, 286
r 6, 074
11, 628
6,4G7
10 985
9 677
8 452
7 912
1937-39—100
do
do
thous. of dol
512.1
445.9
727.9
26, 857
548.6
525.9
623. 0
25, 791
649.9
658.9
620.7
24, 383
458. 7
426. 1
565.3
18, 924
468.9
411.3
656.8
18, 520
455 1
393.1
657 7
22, 285
520 0
438.2
786 7
27, 545
370 1
286.1
643 1
24, 566
521.1
467.8
694 6
28, 873
380.9
367.3
326.2
» _ _ number
4,061
5,281
5,851
7,092
9,041
9,838
8,194
3,728
2,492
2,685
" 4, 316
5,090
174
57, 563
170
52, 981
270
63, 168
380
81 269
398
97 752
345
80 640
273
59 523
208
51 603
230
50 946
168
64 870
191
68 150
' 24, 746 23, 561
' 54, 847 " 57, 854
r
21, 115 r 26 2f 0
r
r 31 654
33, 732
" 21, 089
" 61, 668
T 28 241
r
33 427
26, 555
63, 465
r 28 881
r
34 584
" 36, 190
T
73, 857
r 32 185
r 41 672
r
30, 183
" 57, 302
r 25 503
r 31 799
" 39, 577
r
60, 985
r 27 922
r 33 Q63
43, 490
61, 005
27 326
33 679
34, 524
58, 192
r 26 466
r 31 726
3,475
2,673
3,480
3,819
3, 635
Pumps and water systems, domestic, sbiprrerfts:*
Domestic hand and windmill pumps. __nurrber_.
Water systems, including pumps, total
do
Jet*
do
Nonjet*
do
Pumps, steam, power, centrifugal and rotary, recorders:!:®
thous. of dol_.
Scales and balances (except laboratory), shipments,
quarterly*
thous of dol
Sewing machines, heads, production:*
Industrial
number
30, £78
r 74, 461
37, * 31
'37, (30
r
3, ess
38, 745
62, 609
'29 £81
" 33, 328
r
2,973
2, €99
11, 938
14, 002
11,835
3,148
3,843
r
r
3, 355
11,638
13 126
r
4,490
250
" 78, 289
336
92 642
27, 676
62, 252
30, 048
32, 204
29, 882
55, 188
25 393
29, 795
4,703
4,312
r
r
12, 628
11,575
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
1,873
1,868
number*
thousands. _
1,737
2,073
"1,679
1,433
2,254
1,192
2,854
2, 415
2,394
2,683
2,597
Domestic electrical appliances, shipments:
343, 229
341, 360
330, 675
Vacuum cleaners, total*
number
293, 465
296, 570
347, 601
329, 986
318,094
Floor
_ _ _
do
330, 426
280, 585
279 237
311 342
328 630
304 273
359 040
373 254
350 341
10,934
13, 243
Hand.
do
12, 581
17,333
12,880
18, 971
313, 724
314, 705
Washers*
do
320, 969
281, 826
279, 229
398, 298
360 029
393, 660
354, 094
397 113
358 445
351 152
365 579
Electrical products:!
(2)
352
Insulating materials, sales billed
1936=100
405
361
324
320
398
350
381
351
345
353
Motors and generators, new orders
do
394
295
308
392
Furnaces, electric, industrial, sales:
8,854
3,586
Unit
kilowatts
3,341
r 2 692
5 298
4 464
4 487
4 465
6 378
26 435
4 083
3 344
r 310
389
1,079
Value
_ _
thous. of dol
308
432
565
776
354
*677
1 831
350
550
4,092
Laminated fiber products, shipments
do
4,687
4,150
4,002
3,619
4,162
4,693
3,812
4,221
4, 205
4,150
4,397
4,310
Motors (1-200 h. p.):cf
32 451
Polyphase induction, billings
do_ _
32, 668
32 622
30 280
Polyphase induction, ne ^ orders
- do
29 534
31, 849
22 871
22 328
Direct current, billings. _
do
4,821
5,059
4,935
5 834
Direct current, new orders
__
do
5,155
5 068
4 118
5 790
Rigid steel conduit and fittings, shipments!
22,141
short tons..
21, 110
22, 218
20,821
19, 745
25, 319
23, 638
23,664
22, 336
22, 730
23, 194
20, 882
24,653
Vulcanized fiber:
4,824
Consumption of fiber paper...
-thous. of lb_.
6,086
4,771
4,582
5,124
5,442
5,107
4,852
4,820
5,065
4,532
5,200
6,31.7
1.758
Shipments
thous. of dol__
1,791
1,625
1.540
1.461
1 749
1 ftsjfi
1. 731
1.486
1.457
1.599
1.425
1.559
r
Revised. 1 Cancellations exceeded new orders. 2 Data not available.
JCovers 33 companies beginning 1947; 31 companies were included for 1945 and 1946 and 27 for 1944.
§See p. 24 of the January 1947 Survey for available data for 1942-45 for cast-iron boilers and radiation; these series continue data published in the 1942 Supplement.
•See notes on the indicated items on p. S-33 or S-34 of the September 1947 Survey for source and coverage of data for vacuum cleaners and coverage of the data for oil burners, mechanical
stokers, and pumps and water systems. Data for washers are from the American Washer and Ironer Manufacturers' Association and beginning January 1947, are estimated industry totals
based on reports representing around 92 percent of the total; earlier data cover only companies reporting to the Association; comparison with total industry shipments compiled by the Bureau
of the Census for January-September 1946 indicates that data for this period represented about 97 percent of the industry; information is not available at present on the coverage of data for the
atter part of 1946.
cfBeginning 1947 data for motors are collected quarterly and data shown are quarterly totals; the 1947 data for polyphase induction motors include 6-7 companies and for direct current
motors 2-3 companies which did not report prior to 1947; information regarding the effect of these additions on the comparability of the data is not available at present.
<8>Revised data for January, February, and March 1947 (number): Oil burners, orders, new, 222,875; 101,902; 11,934; unfilled, 1,142,234; 1,162,763; 1,077,904; shipments, 83,061; 81,373; 96,793;
stocks, 10,487; 11,951; 14,793; domestic heating stoves, production, total, 476,643; 368,185; 394,634; gas, 170,002; 147,914; 165,173; water systems, total, 61,612; 68,029; 65,866: jet, 32,780; 36,527; 34,774;
nonjet, 28,832; 31,502; 31,092.
>
>
»
»
,
,
,
,
, , , , , , ,
*New series. Data for range boilers, stoves and ranges, warm-air furnaces, water heaters, sewing machines and scales and balances are compiled by the Bureau of the Census and are complete, or practically complete; data for 1943-45 for domestic heating stoves are shown on p. 20 of the April 1947 Survey; data prior to 1946 for the other series will be shown later (data beginning
March 1944 for total shipments of warm-air furnaces are available in the May 1945 Survey). For source of data on machine tool shipments and reference for 1940-42 data, see note on p. S-34 of
February 1947 Survey and for data beginning August 1942 for automotive replacement battery shipments, see p. S-31 of November 1943 Survey.
fRevised series. See note in February 1947 Survey regarding unpublished revisions in the indexes of new orders for motors and generators and sales of insulating materials; the index for
motors and generators is now computed on a quarterly basis and represents quarterly totals. Data on rigid steel conduit and fittings were revised in the July 1946 Survey (see note in that issue).
SUKVEY OF CUEEENT BUSINESS
June 1 4
98
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-35
1948
1947
April
May
June
July
August
September
October
November
December
February
January
March
April
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:*
1,647
Consumption
thous. of cords (128 cu. ft.)-1,430
Receipts
do
4,035
Stocks, end of month
- do
Waste paper:*
Consumption
- short tons__ 668, 727
711, 509
Receipts
do
475, 915
Stocks
- do
WOOD PULP
Exports, all grades, total §
__
do
13, 140
Imports, all grades, total§_ _
do
148,921
Bleached sulphate§
do
13, 402
Unbleached sulphate §
do
21, 673
Bleached sulphite!
do _.
43, 417
Unbleached sulphite§
do
44, 022
Soda§
. .
.
do -__ 1,621
Ground wood §
do
24,786
Production:!
Total, all grades _
thous. of short tons.
'984
Bleached sulphate
short tons r '87,321
Unbleached sulphate
do _
336, 387
Bleached sulphite
do
160, 223
Unbleached sulphite
.
do __ ' 74, 431
Soda
do
41,655
Groundwood
do _
1 79, 324
T
Defibrated, exploded, etc.^ - _
do
63, 859
Stocks, end of month:f
r
Total all grades*
do
83, 801
Bleached sulphate
_ do
6,926
Unbleached sulphate
do
8,331
Bleached sulphite
_ do_ __
20, 564
Unbleached sulphite
do
10, 645
Soda
_
do_ _
3, 052
Groundwood
32, 046
r --do
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:*
Paper and paperboard production, total
thous. of short tons.
1,754
Paper __ _ _
_
.
do
885
Pap erboard
do
777
Building board
_ _ _ do_ _
92
Paper excel, building paper, newsprint, and paperboard (American Paper and Pulp Association):!
Orders, new
_
_ _ short tons. 686,012
Production
do . 711, 517
Shipments
do
710, 572
Pine paper:
O rd ers new
do
98, 528
Orders, unfilled, end of month
do
160,737
Production
do
102, 434
Shipments
. do
101, 268
Stocks, end of month
do
49, 980
Printing paper:
Orders new
do
237, 015
Orders unfilled end of month
do
282, 003
Price, wholesale, book paper, "B" grade, English finish, white, f. o. b. milL.dol. per 100 lb_.
10.05
252, 348
Production
short tons.
Shipments
do_ .- 252, 969
Stocks, end of month
_ do. _
62, 948
Coarse paper: t
228, 359
Orders new
.- - - - do
158, 292
Orders unfilled, end of month
do
232, 398
Production
do
231, 639
Shipments
do
53, 035
Stocks end of month
do
Newsprint:
Canada:
369, 490
Shipments from mills
do
376, 305
Stocks, at mills, end of month
do
126, 566
United States:
Consumption by publishers
do. _
297, 461
Imports §
___
_
do
315, 840
Price rolls (N. Y.)
dol. per short ton
90.00
Production
_
short tons
71, 933
Shipments from mills.
__
do
73, 988
Stocks, end of month:
At mills
do
8,925
At publishers
do
215, 995
In transit to publishers
do
68, 773
Paperboard (National Paperboard Association):}
Orders new
short tons
770, 304
Orders, unfilled, end of month
do
582, 603
Production
. . do _ 765, 026
Percent of activity
100
Waste paper, consumption and stocks ^
Consumption
short tons__ 445, 180
Stocks at mills, end of month
.do _
289, 297
r
Revise d.
^Estimated; see note in A pril 1946 Survey.
1,589
1,646
4,698
1,714
1,465
3,767
1,634
1,683
3,816
1,559
1,901
4,161
1,675
1,958
4,437
1,589
1,908
4,736
1,744
1,826
4,795
1,679
1,480
4, 567
1,605
1,613
4,566
1, 734
1, 813
4,646
693, 879
697, 152
473, 917
648, 768
656, 684
481,911
607, 061
615, 155
482, 392
650, 690
629, 114
462, 248
638, 318
643, 222
467, 651
684, 375
735, 250
512, 880
635, 597
638, 505
514, 039
625, 971
633, 122
521, 019
674, 747
614,143
458, 366
618,324 r 704, 677
595, 355 ' 718, 411
429, 676 ' 441, 335
14, 161
175, 067
19, 988
28, 669
40, 330
59, 488
1,592
25,000
7,951
227, 246
17, 008
46, 816
45, 672
89, 065
1,692
26, 993
7,244
225, 807
20, 133
53,044
48, 678
75, 229
1,719
27, 004
13, 358
275,187
28, 527
75, 965
53, 098
84, 872
1,804
30, 921
11, 603
186,631
21,301
37, 060
44, 037
54, 996
1,864
27,373
16, 090
195, 884
22, 302
36, 470
53, 458
56, 602
1,929
25, 123
10, 334
188, 053
23, 009
48, 938
40, 544
53, 939
2,075
19, 548
8,278
210, 216
24,835
42, 907
49, 427
66,043
2, 293
24, 711
11, 109
187, 293
20, 898
38, 625
36, 541
64, 078
1,884
25, 267
11, 807
215, 851
19, 886
45, 033
42, 375
89, 143
1,959
17, 455
4,906
208, 180
26, 250
38, 667
58, 216
58, 770
2,414
23, 863
1,040
92, 484
366, 873
164, 791
79, 133
43, 324
184,506
67, 096
995
90, 141
354, 853
152, 426
73, 518
41,696
173, 802
64,664
935
92, 058
331, 275
142,436
64, 268
38, 345
160, 607
62,000
1,026
98, 415
365, 355
161, 922
76, 291
40, 881
170, 080
66, 877
970
92, 335
333,030
154, 960
74, 753
40, 182
161, 635
69, 080
1,080
103, 347
374, 438
172, 429
80, 272
43, 840
176, 593
79, 974
1,022
93, 744
356, 488
163, 508
77, 186
42, 218
168, 859
75, 041
975
91, 569
332, 597
155, 379
78, 176
41,668
161,047
69, 718
1, 054
102, 641
373, 277
164, 244
82, 206
43, 933
161, 067
79, 051
961
95,088
321,089
157, 233
76, 586
39, 762
153, 488
75, 000
r
1,086
105, 190
390, 188
168, 923
r
80, 127
42, 598
T
170, 230
81,388
95, 771
7,079
7,545
26, 295
13, 527
2,709
35, 452
103, 598
7,108
8,067
27,475
15, 332
3,102
39, 626
96, 601
7,320
6,311
23, 952
14, 143
2, 858
38, 725
99, 834
5,259
8,050
31, 604
16, 982
3,073
31, 551
94, 121
5, 508
10, 507
30, 288
16, 869
2,771
23, 660
93, 244
5,886
10, 032
36, 547
14,764
3,033
18, 193
109, 968
6,089
13, 270
42, 846
17, 716
3,492
21, 702
98, 928
4, 439
9,815
37, 308
18, 452
2, 895
21,615
91, 271
6,316
11, 786
28, 933
16, 103
3,020
20,368
94, 543
7,558
11, 551
30, 525
14, 427
3,454
22, 316
1,834
930
805
99
1,728
883
751
95
1,625
817
708
101
1,763
892
767
105
1,720
873
742
105
1,898
956
827
115
1,777
898
767
111
1,743
894
740
109
1,866
949
808
110
1,701
877
718
105
714, 296
752, 028
745, 783
702, 2CO
714,440
711,061
664, 872
653, 710
648,003
687, 500
719, 979
727, 183
731,808
702, 581
693, 566
751, 536
776, 549
778, 752
697, 825
732, 765
729, 868
714, 929
733, 484
728,969
795, 400
779, 406
772, 645
90, 189
144, 032
107, 558
108, 076
50, 448
102, 765
149, 790
101,311
100, 289
53, 782
98, 017
150, 260
90, 227
86, 642
52, 720
91, 204
143, 020
103, 610
105, 582
50, 530
94, 838
136, 927
101, 775
98, 680
52, 120
109, 851
138,850
111,114
111,732
51, 770
82, 720
121,422
101, 954
101, 168
53, 705
89, 886
112, 523
103, 495
95, 773
54, 234
112, 679
122, 825
107, 304
108, 870
52, 915
89, 977 * 107, 445
121, 540 * 124, 950
97, 654 r 105, 726
' 96, 009 r 104, 180
'54,385 ' 55, 185
92,050
117, 750
104, 515
104,365
55, 000
260, 602
275, 565
242, 080
279, 900
234, 580
266, 490
249, 259
269, 159
277, 581
299, 893
249, 016
269, 004
252, 829
267, 430
252, 172
254, 943
280, 132 r 238, 218 r 278, 863
263, 383 ' 254, 602 ' 256, 566
250, 135
246, 890
10.05
264, 444
260, 420
62, 861
10.05
248, 796
249, 975
63, 163
10.55
236, 295
236, 838
62, 070
10.24
250, 563
253, 331
59, 512
10.80
245, 916
243, 496
62, 096
10. 80
275, 837
276, 699
62, 782
10.80
257, 210
257, 736
66, 036
10.80
257, 843
261, 724
63, 745
10.80
10.80
10.80
269, 194 r 250, 387 ' 267, 866
265, 557 ••251,898 ' 264, 189
66, 078 * 67, 470 '68,080
10.80
263, 970
257, 665
71,090
238, 230
143, 327
250, 239
248, 616
53, 420
242, 126
158,747
244, 373
241, 498
60,330
228, 912
152, 605
222, 588
220, 637
60, 187
233, 647
149, 995
247, 641
250, 406
58, 190
238, 828
155, 539
233, 492
230, 171
60, 263
264, 665
159, 550
258, 098
260, 401
57, 886
241, 042
158, 730
249, 895
247, 650
60, 756
245,517
155, 245
245, 463
244, 540
59, 931
268, 523
149, 956
265, 386
262, 41 6
63, 276
' 241, 272
' 150, 610
' 242, 667
' 245, 741
'62,595
' 268, 242
' 144, 880
' 268, 587
•• 266, 623
' 52, 810
263, 000
137,500
268,000
271,000
48, 250
384, 520
400, 763
110, 323
355, 606
375, 498
90, 431
379, 731
379, 065
91, 097
377, 941
388,106
80, 932
366, 092
379, 460
67, 564
396, 251
389, 505
74, 310
364, 483
393, 169
45, 624
368, 925
369, 986
44, 563
371, 637
346, 870
69, 330
344, 645
332, 211
81, 764
387, 672
380, 732
88, 704
385, 606
380, 843
93, 467
302, 994
328, 747
90.00
73,498
70, £97
292, 664
349, 134
90.00
67, 268
66, 743
263, 698
353, 091
90.00
67, 656
68, 955
281, 102
315, 932
90.00
70, 507
69, 326
299,807
357, 998
90.00
70, 732
70, 168
339, 286
355, 605
90.00
72, 253
73,545
338, 012
314, 364
90.00
66, 475
66, 439
322, 136
389, 907
90.00
65, 880
68, 720
292, 534
320, 564
96.00
65, 094
65, 037
307,967
293, 801
96.00
58,016
59, 019
338,337
398, 283
96.00
64, 894
65, 943
342, 572
11, 426
212, 724
64, 985
11, 951
228, 793
71, 664
10, 652
278, 918
68, 401
11, 833
295, 385
84, 009
12, 397
312, 573
77, 150
11, 105
308, 033
83, 957
11, 141
279, 631
89, 755
8,301
292, 920
84, 113
8,358
295, 052
89, 132
7,355
267, 958
90,864
6,306
274, 453
75, 785
6,478
268, 665
88, 644
760, 236
511, 918
805, 744
101
721,312
461, 226
742, 124
101
736, 454
494, 564
709, 956
90
720, 388
425, 412
768,412
99
788, 601
437, 550
750, 042
96
812, 849
436, 178
823, 203
101
747, 159
420, 456
752, 036
100
756, 818
452, 124
741, 337
89
826, 946
432, 911
813, 169
103
711, 294
423, 510
713, 394
100
894,310
464, 683
861,215
102
790, 215
397. 407
824, 155
102
464, 323
293, 347
426, 713
299, 507
398, 123
312, 685
429, 973
302, 366
429, 113
460, 009
324, 763
422, 748
322, 814
416,830
318, 617
450, 176
274, 966
409, 210
253, 519
477,139
256, 561
449, 465
257,074
••1,778
••1,893
' 4, 790
' 89, 211
6,464
12,084
22, 543
r
14, 652
3,363
r
24, 776
r
1, 930
r
958
r
854
117
' 694, 795 T 792, 292
'
r
719, 036
782, 492
'721,572 r 775, 169
r
r
T
r
1,766
1, 583
4,609
685, 206
691,000
446, 198
1,082
102, 027
385, 683
161,535
76, 477
43, 127
184, 140
81, 521
96,058
7,037
10, 612
22,072
14, 504
3,335
32, 276
1,906
951
842
113
741, 685
775, 535
771, 930
96.00
69, 371
69,199
JSee not 3 in Septeniber!947£ urvey for iDeference tc) revisions.
ISee nc)te marked
STiato. prmt.innp. sprips nnhlishfirJ in t.hp. 1Q49 Snrml PTnonf- Vvnf «ncr»pnr1pH
r»/M l?nKviin ~-rr 1 n A C -TT7-: i ix« -^,,ioj.
*New series. Data for pulpwood, waste paper and paper and paperboard are from the Bureau of the Census and are industry totals; for 1942 monthly averages and data beginning 1943
for total paper and paperboard, see p. S-32 of the August 1944 Survey; data for paperboard and building board were revised in the October 1947 Survey transferring liner for gysum and plaster
board and stock for laminated wallboard and other building board from building board to paperboard; revisions prior to August 1946 for these series and unpublished revisions in data for paper
will be shown later. For data beginning March 1945 for pulpwood and waste paper see p. S-34 of May 1946 Survey; earlier data for these series will be published later
fRevised series. Revised wood pulp production for 1940-43 and sulphite stocks for 1943 are shown on p. 20 of the December 1944 Survey and revised 1942 stock figures for all series are on
pp. 30 and 31 of the June 1943 issue; revisions in the 1943 data for groundwood and total production shown in the December 1944 Survey and unpublished revisions in the 1944 production data
for these two series (also January-July 1946 revisions for groundwood) will be shown later; beginning in the May 1947 issue, data for total production of wood pulp include defibrated exploded,
etc., pulp, shown separately above, which was not included previously; data for this item and for groundwood were revised in the October 1947 Survey, transferring some pulp previously classified as defibrated, etc., to groundwood; revisions for January-July 1946 have not been published; stocks of defibrated, etc., pulp are comparatively small and are not included in the stock
figures; all stock data are stocks of own pulp at mills. The series from the American Paper and Pulp Association beginning in the August 1944 Survey are estimated industry totals based on
monthly reports to the Association adjusted to production data compiled by the Bureau of the Census; there have been further small revisions in the data through August 1946 which have not
been published; all revisions will be shown later. "Coarse" paper (bag, wrapping, shipping sack, converting, and giassine, grease proof and vegetable parchment) represents the series formerly shown as "wrapping" paper revised to excluae special industrial paper; for comparable data for January and February 1947, see note marked, "t" p. §-3,§ m the May 1948 Survey,
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 194S
1947
April
June
May
July
1948
August
September
October
November
December
January
February
March
April
PAPER AND PRINTING— Continued
PAPER AND PAPER PRODUCTS—Con.
Paper products:
Shipping containers, corrugated and solid fiber,
shipments*
mil. sq, ft. SUrfftC6 ar«a
Folding paper boxes, value:*
New orders
1936=100..
Shipments
do
PRINTING
B ook publication, total
no. of editions..
New books
do
New editions
do
5,438
5,245
4,662
4,592
4,818
4,893
5,394
5,086
5,026
5,185
5,003
5,509
4, 930
422.5
488.9
408.7
470.6
341.5
460.9
330.8
396.0
372.6
439.3
393.5
454.3
448.0
500.5
375.5
450.4
400.3
455.6
430.4
454.8
409.2
449.0
467.4
476.5
378. 6
438.5
852
678
174
811
650
161
631
426
105
592
439
153
678
526
152
647
549
98
772
639
133
1,135
885
250
1,110
835
275
763
612
151
805
607
198
890
732
158
819
637
182
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Exports!
thous of short tons
Prices, composite, chestnut:
Retail^
.
dol. per short ton. _
Wh olesale <S>
do
Production
<
thous of short tons
Bituminous:
Exports§
-.
_
do
Industrial consumption and retail deliveries, total
thous. of short tons..
Industrial consumption, total..
do
Beehive coke ovens. _
do
Byproduct coke ovens
._ do
Cement mills
do
Electric power utilities. __
__ do
Railways (class I)
do
Steel and rolling mills.
_.
do _
Other industrial
do
Retail deliveries
.
do
Other consumption:
Vessels (bunker) §
. do
Coal mine fuel
_
do
Prices, composite:
Retail (34 cities)^
dol. per short ton
Wholes^e:®
Mine run
do
Prepared sizes
_ _
do
Production!
thous. of short tons
Stocks, industrial and retail dealers, end of month,
total
thous. of short tons
Industrial, total
.
do
Byproduct coke ovens
do
Cement mills
_
do
Electric power utilities
do .
Railways (class I)
__
do
Steel and rolling mills
do
Other industrial
...
do
Retail dealers, total
do
COKE
Exports§
thous. of short tons
Price, beehive, Councils ville (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
A t merchant plants _ _ _ _ _
do
Petroleum coke
do
880
831
714
700
844
855
16.82
13. 650
4,279
16.17
13. 455
4,549
16.17
13. 520
4,609
16.50
13. 713
4,084
17.48
14. 615
4,994
17.71
14. 700
5,141
830
17.87
' 14. 760
5,506
765
794
396
••423
604
18.01
14. 796
4,613
'18.03
14.803
4,863
••18.22
14.896
4,921
18.24
14. 912
4,675
18.24
i 15. 022
4,928
4,556
7,552
7,560
5,870
8,331
7,148
7,023
6,034
4,246
3,410
3,209
2,601
42, 945
36, 451
671
7,655
640
6,414
9,226
858
10, 987
6,494
40,683
34,838
922
7,861
515
6,422
9,017
802
9,299
5,845
40, 029
33, 705
711
7,586
627
6,366
8,385
742
9,288
6,324
38, 661
33, 343
662
7,696
648
6,719
8,151
718
8,749
5,318
40, 033
34, 975
897
8,033
672
7,466
8,527
736
8,644
5,058
43, 706
36, 670
916
7,658
662
7,616
8,450
741
10, 627
7,036
48,006
40, 252
965
8,278
704
8,121
9,048
826
12, 310
7,754
45, 863
37,853
866
8,091
730
7, 737
9,167
867
10, 395
8,010
49, 161
38, 315
950
8,425
757
8,450
9,652
966
9,115
10, 846
54, 922
41, 668
963
8,400
709
8,796
9,726
1,104
11, 970
13, 254
47, 423
35, 746
846
7,917
636
7,904
9,091
996
8,356
11, 677
' 44, 502
••34,974
'609
8,100
671
7,801
8,430
1,023
8,440
9,528
150
174
200
240
177
202
149
168
179
216
156
191
161
209
131
191
93
202
18.24
i 15. 023
4,438
(2)
48
(2)
55
(2)
55
34,011
29, 600
389
6,488
649
9,619
7,044
819
7,292
4,411
(2)
88
12.00
12.09
12.10
12.68
14.01
14.04
14.15
14.48
14.50
14.63
14.69
14.70
14.79
r 6. 347
' 6. 577
41, 225
' 6. 357
' 6. 581
56, 464
' 6. 382
••6.588
47, 424
r 7. 126
' 7. 342
39, 882
' 7. 424
r 7. 642
50, 879
' 7. 454
' 7. 657
52, 381
7.528
7.798
57, 301
7.549
7.889
52,689
7.575
7.922
54, 798
7.695
8.031
55, 780
7.710
8.090
49, 711
17.684
i 8. 123
34, 016
17,728
i 8. 146
34,631
42, 419
40,298
5,417
896
13, 300
7,579
1,046
12, 060
2,121
50, 218
47, 312
6, 454
987
15, 190
8,221
1,153
15, 307
2,906
49, 778
46,384
7,096
1,079
16, 409
8,517
1,226
12, 057
3,394
45, 366
42, 176
4,804
968
15, 292
6,808
1,086
13, 218
3,190
47, 157
45, 199
5,482
894
15,739
6,522
1,128
15, 434
1,958
48, 370
46,353
6,216
909
16, 154
6,227
1,089
15, 758
2,017
50, 276
48, 144
7,310
1,049
16, 772
6,305
1,076
15, 632
2,132
50,455
48, 255
8,207
1,087
16, 673
6,156
985
15, 147
2,200
52, 161
50, 124
9,148
1,113
16, 788
6,749
1,012
15,314
2,037
49, 576
48, 185
8,671
1,049
15, 792
6,906
943
14, 824
1,391
48, 613
47, 424
8,807
991
14,868
7,047
976
14, 735
1,189
43,585
42,581
7,435
956
13,609
5,599
881
14, 101
1,004
34, 418
33, 576
4,308
776
11, 745
4,864
771
11, 112
842
76
66
63
66
77
60
118
76
79
60
59
67
9.062
9.125
9.562
11.000
12.000
12. 000
12. 125
12.250
12.250
12.500
12.500
12. 500
12.500
438
5,383
195
601
5,530
218
463
6,322
201
429
5,373
224
578
5,633
200
583
5,396
192
616
5,800
210
549
5,650
175
603
5,886
210
606
5,865
204
539
5,513
203
••324
5,653
242
246
4,491
652
460
191
89
671
445
226
84
668
400
268
89
773
458
315
86
982
544
438
110
1,029
509
520
95
1,063
513
550
97
1,151
589
562
83
1,040
535
504
69
912
554
358
67
807
618
190
79
716
587
128
66
646
533
113
PETROLEUM AND PRODUCTS
Crude petroleum:
161,844 163, 068 159, 771 162, 854
156, 014
153, 604
153, 348
141, 210
167, 007
158, 719
165, 858
165, 796
Consumption (runs to stills) f
thous ofbbl
4,139
5,184
2,626
4,087
3,699
3,758
4,789
3,999
3,138
4,039
3,844
2,992
Exports§
do
7,919
8,591
7,762
7,638
8,033
8,361
7,846
7,908
9,767
7,512
9,339
8,622
Imports§
do
1.810
1.810
2.510
1.910
1.810
1.810
1.810
1.810
2.510
2.510
2.410
2.010
Price (Kansas-Okla.) at wells
dol. per bbl
2.510
159, 237
155, 224
152, 978
164, 913
160, 365 157, 530
156, 024
149, 228
167, 593
165, 443
158, 736
Productionf
thous of bbl
163, 781
93
99
98
98
97
95
94
92
97
98
98
96
Refinery operations
pet. of capacity
Stocks, end of month:
224, 880 227, 408
230,974 228, 523 225, 258 226, 666 225, 462 224, 929 223, 430
237, 768 237, 278
235, 710
Refinable in U. S.f -* - thous. ofbbl
54, 572
57, 136
53, 849
54,050
56, 656
59, 013
58, 989
59,160
60, 386
52, 864
53, 891
At refineries
do
53,660
154, 233
159, 556
163, 740 162, 784
157, 853
156, 241 156, 276
160, 484
152, 758
156 224
156 726
153, 378
At tank farms and in pipe lines
do
14, 964
14, 762
16, 075
14, 932
15, 146
15, 334
15, 015
14, 840
15, 661
15,339
15, 578
16, 161
On leasesf
.
-_ _ do
5,194
6,539
5,275
6,320
5, 208
5,429
5,825
5,953
6,756
5,725
6,412
5, 623
Heavy in California
do
1,522
1,842
1,523
1,406
1,760
1,810
1,626
1,247
1,630
1,416
1,733
1,554
Wells completed f
._
... . number
Refined petroleum products:
Fuel oils:
Domestic demand:§
19, 262
19, 414
38, 648
33, 779
23, 116
16, 355
16, 977
21, 321
40, 426
42, 056
16, 093
28,997
Distillate fuel oil
thous. ofbbl
43, 995
40, 412
40, 057
42, 140
Residual fuel oil
do
45,565
52,015
48,853
39, 864
40,677
38,237
47, 808
43, 538
Consumption by type of consumer:
4,261
3,810
3,462
3,264
4,002
4,039
3,927
3,715
3,273
4,433
3,862
4,256
3,601
Electric power plantsf .
_ _ do. .
7,141
6,714
6,564
6,941
6,650
6,606
6,653
6,675
6,409
7,004
6, 188
6,661
Railways (class I)
do
5,054
6,132
5.419
5,901
5.382
6,371
6,470
4,651
4.800
4,510
6.676
5.948
6,080
Vessels (bunker oil) §
_.do...
l
2
3
' Revised.
See note marked "<8>" for this page.
Beginning January 1948 included in "other industrial."
No qutoations.
® January, February and March 1947 revisions for bituminous coal: Mine run—$6.230; $6.243; $6.265; prepared sizes—$6.514; $6.534; $fi.540. The comparability of the data for both anthracite and bituminous coal is slightly affected beginning March 1948 by a substitution for one of the reporting companies; February 1948 figures strictly comparable with March for anthracite
and bituminous coal, prepared sizes, are $15.011 and $8.122, respectively; for bituminous coal, mine run, February 1948 average is not available on a strictly comparable basis with earlier
figures.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later. Bituminous coal exports for
October-December 1947 have been revised to include Army civilian supply shipments (see note marked "§" on p. S-20).
^The comparability of the series has been affected from time to time by a reduction in the number of cities or by a change in the sample (see note marked "f " in the April 1948 Survey for
changes during 1946 and early 1947); February-July 1947 data are directly comparable and cover 16 cities for anthracite and 30 cities for bituminous coal. Beginning August 1947 data cover
10 cities for anthracite and 21 cities for bituminous coal. July 1947 averages comparable with August for anthracite and bituminous are $16.46 and $13.04, respectively.
*New series. For data beginning 1934 for shipping containers, see p. 20 of the September 1944 Survey. For data beginning June 1943 for folding paper boxes, see p. S-32 of the August 1944
Survey. Revisions in the January-September 1946 figures for folding paper boxes and January 1943-May 1944 data for shipping containers are available on request.
fRevised series. See note marked "f" on p. S-36 of the September 1947 Survey for reference to 1941-45 revisions for bituminous coal production and 1941 revisions for the indicated series
on petroleum products; 1942-43 revisions for the latter series are available upon request. Final 1946 revisions for bituminous coal are shown on p. S-36 of the February 1948 issue.
SUEVEY OF CURRENT BUSINESS
June 1948
S-37
1948
1947
Unless otherwise stated, statistics through
1941 arid descriptive notes may be found
in the 1942 Supplement to the Survey
May
April
June
July
August
September
October
November
December
January
February
March
April
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Hefined petroleum products— Continued
Fuel oils— Continued
Exports:!
Distillate fuel oil
thous of bbl
Residual fuel oil
do
Price, fuel oil (Pennsylvania)
dol. per gal__
Production:
Distillate fuel oil
thous of bbl
Residual fuel oil
do
Stocks, end of month:
Distillate fuel oil
do
Residual fuel oil
__
do
Kerosene:
Domestic demand §
do
Exports§
do
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
dol. per gal__
Production
thous of bbl
Stocks refinery, end of month
do
Lubricants:
Domestic demand!
do
Exports?
do
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal-Production
thous of bbl
Stocks refinery, end of month
do
Motor fuel:
All types:
Domestic demand § .
do
Exports§
do
Prices, gasoline:
Wholesale, refinery (Okla.)
dol. per gal_.
Wholesale, tank wagon (N. Y.)
do
Retail, service stations, 50 cities
do
Production, totalf
_ _
thous. of bbl
Gasoline and naphtha from crude oil do
Natural gasoline and allied productstt do
Sales of 1. p. g. for fuel, etc. and transfer
of cycle products _
thous. of bbl
Used at renneriesf _
do
Retail distributiond"
mil of gal
Stocks, gasoline, end of month:
Finished gasoline, total
thous. of bbl
At refineries..
do _
Unfinished gasoline, _ _
do
Natural gasoline
do
Aviation gasoline:*
Production, total
_ _
do
Stocks, total
_ _
100 octane and above _
Asphalt:
Imports §
Production
_
Stocks, refinery, end of month
Wax:
842
769
2,766
635
.073
2,189
2,088
679
.075
2,987
600
.079
3,019
3,058
797
.090
1,585
1,042
281
499
1,222
.08-5
2,990
821
.087
1,376
.075
.092
.102
.110
.110
.110
22, 925
34, 438
24, 954
37, 328
24, 214
36, 977
26, 270
38, ,550
26, 946
38, 592
27, 325
37, 098
29, 072
39, 066
28, 254
37, 344
30, 759
39, 746
33, 539
39, 606
32, 688
37, 542
32, 548
40, 523
30, 268
36, 455
34, 279
39, 992
39, 676
43, 515
46, 444
47,600
54, 707
51,334
59, 764
52, 578
63, 252
52, 502
61, 334
52, 455
51, 081
47, 091
41, 036
44, 636
34,590
43, 156
32, 214
41, 945
8,082
889
6,068
202
5,910
711
5,348
746
5,447
313
6,580
476
8,163
11, 070
12,904
66
16, 198
12, 608
10, 884
372
69
269
.081
8,854
4,870
.082
9,284
7,328
.082
8,717
8,956
.088
9,117
10, 867
.092
8,970
13, 161
.095
8,547
14, 286
.095
9,308
14, 908
.095
9,352
12, 842
.108
10, 129
9,940
.115
10, 697
6,690
.121
11, 030
5,849
.'125
11, 262
6,039
3,066
1. 25.9
3,104
1,361
2,873
1,338
3,003
1,300
3,051
1,105
3,217
3,427
1,090
2,917
896
961
3,295
1,160
3,056
1,028
3,044
1,143
3,231
1,032
.310
4,267
7,936
.310
4,608
8,070
.330
4,427
8,281
.338
4,227
8,188
.350
4,400
8,420
.352
4 047
8,340
.360
4,350
8,157
.360
4,264
8,531
.378
4 566
8,624
.390
4,287
7, 892
.390
4,132
1 7, 829
63, 406
3,358
70, 865
3,480
71, 329
3,937
73, 441
4,020
72, 089
3,224
71, 384
3,084
73,295
3,171
64,158
3,673
67, 285
2,882
61, 308
2,075
56, 487
1,426
68, 171
2,165
.080
.172
.171
63,374
55, 502
10, 803
.080
.172
.171
68, 535
60, 681
10, 392
.080
.172
.171
69, 847
61, 855
10, 505
.080
.174
.172
73, 494
65, 200
11,019
.083
.174
.174
75, 745
67, 404
11,254
.084
.176
.173
72,944
64 744
11, 096
.085
.176
.178
75, 656
67, 150
11, 685
.090
.178
.179
72, 061
63, 623
11, 951
.099
.183
.194
75, 140
66, 770
12, 357
.105
.188
.194
73, 812 ,
65. 744
12, 047
.105
.188
.195
67, 518
59, 964
11, 372
.105
.188
.195
72, 025
63,608
12, 296
2,931
5,618
2, 614
2,538
5,300
2,901
2,513
5,898
* 2, 936
2,725
6,176
3,080
2,913
6,477
3, 022
2,896
6,513
2 892
3,979
6,434
2,460
3,818
5,695
2 297
3,879
6,187
92, 719
58, 852
9,005
5,604
86, 727
54, 752
8,482
5,566
81, 160
50, 610
8,614
5,452
77, 069
47,929
8,934
5,269
77,190
46, 398
8,659
5,017
75, 882
45, 567
8,478
4,456
74, 710
45,084
7,874
4,221
78, 669
46, 529
8,882
4,266
83,111
51, 570
9,192
4,296
93,290
61, 134
8,877
4,323
102, 235
68, 604
8,764
4,673
103, 398
68, 824
8,551
4,806
2,446
566
4,692
1,381
2,870
1,219
4,811
1,543
3,003
1, 353
4,847
1,671
3,467
1,545
5,144
1,804
3,664
2,061
5,480
1,968
3,733
2 258
5,803
2,198
3,449
2,121
5,919
2,338
3,316
2,187
6,106
2,575
3,379
2,186
6,064
2,422
3,443
2,385
6,557
2,712
3,044
1,825
7,186
2,964
3,356
2,370
7,044
2,088
22, 762
12, 424
21, 923
short tons
789, 300
823, 800
606, 700
do
do_ _. 1, 028, 500 1, 063, 100 1, 000, 500
24, 591
879, 800
866, 200
26, 191
987, 500
716, 500
10 189
931 800
597, 800
47, 889
901, 100
540,700
67
726, 900
661, 300
12, 316
638,500
731, 100
11, 031
587,500
i 812, 400
do
do
Production
_
thous. of Ib
Stocks, refinery, end of month
_ _ do _
Asphalt prepared roofing, shipments, totalf
thous. of squares. _
Smooth-surfaced roll roofing and cap sheet.do
Mineral-surfaced roll roofing and cap sheet-do
Shingles, all types
_.
do
Asphalt siding, shipments*
do
Saturated felt, shipments*
. short tons
r
593
781
r
578
r
3,179
6,355
2, 959
410
r
3,513
6,323
2, 593
r
216
1
3,987
5,994
2, 794
r
1
12, 382
551, 800
925, 800
80, 080
85, 680
89, 600
89, 320
78, 120
88, 200
89, 600
93, 520
66, 080
87, 920
89 880
96' 320
80, 080
91,000
85, 960
96, 880
96, 320
98, 280
98,000
104, 720
82 320
103, 320
6,097
1,997
1,326
2,775
440
30, 277
5,968
1,798
1,399
2,771
384
30, 456
5,806
1,747
1,368
2,691
334
32, 758
5,600
1,630
1,287
2,683
5,672
1,590
1,332
2,750
5,886
1,699
1,368
2,819
300
39, 565
6,640
1,908
1,529
3,203
353
42, 637
5,549
1,649
1,254
2,647
5,686
1,736
1,285
2,665
5, 549
1,743
1,244
2,562
37, 470
1
1
271
283
35,456
33, 234
331
356
338
40,180
329
37, 633
.110
.125
.390
4,404
7, 961
.390
.105
.188
.195
17, 793
624, 000
1,020,700
5,121
1,611
1,132
2,378
36, 667
683
98. 280
100, 800
r
r
r
r
r
5, 155
1, 561
1, 208
2 385
r 350
49 662
4,938
1,407
1,053
2 477
253
54 996
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption!
long tons_.
Imports, including latex and Guayule§
do
Stocks, end of month§
do
Synthetic rubber:*
Consumption
do
Exports
do
Production
do
Stocks, end of month
do
Reclaimed rubber :§
Consumption
do
Production
do
Stocks, end of month
__.ao
TIRES AND TUBES
Pneumatic casings:§
Exports
thousands..
Production
do
Shipments
do
Original equipment
do
Stocks, end of month
do
42, 529
40, 389
57,626
65,724
345,175 2131,624
43,818
46, Oil
292,970
43,018
93,026
330,960
54,333
665
50,117
116,829
48,692
441
39,069
105,291
42,580
2,290
35,681
97,612
37,607
454
31,917
2 97, 728
25,066
26, 696
33,527
21,908
25,408
37,145
21,283
24,144
39,598
20,433
21,252
2 39,704
47,289
45, 526
130,040
60, 557
46,285
122,097
57, 286
49,976
2114,115
52,076
50,946
2110,752
56,284
71,596
2 129,038
39,001
287
32,901
2
91, 288
41,865
349
30, 518
2
79,246
45,668
202
33,834
267,379
39,091
221
37, 825
2 67,871
21,093
21,658
2
40,130
23,801
22, 561
2
38,461
26,735
25,648
2
36,643
23,491
23,161
236,425
2
2
58,174
80,852
136,227
51,012
54,444
54,418
72,070
2148,081 '2130,295
43,230
413
38,134
2 62,366
43,003
419
39,428
2
60,290
35, 375
464
39,025
2
65,649
25,229
25,123
235,943
25,885
25,634
2
36,307
22,374
23,678
2
38,444
2
50,651
' 123,340
r
38,222
387
43,940
r
2 72,885
34,630
2
r
r
24,362
24,089
' 2 38,313
2
40,846
78,678
22,023
21,642
37,662
362
502
423
360
324
260
268
221
211
179
6,790
8,104
7,583
7,165
7,919
7,716
8,050
7,851
6,385
6,902
7,441
7,526
7,283
7,520
8,246
7,915
8,639
6,583
5,919
5,106
5,703
1,974
2,005
2,130
1,793
2,128
2,178
2,097
2,330
2,020
2,366
6,426
6,670
5,838
5,464
5,191
5,277
5,513
6,975
8,806
10,172
11,353
r
Revised. 1 New basis excluding distributors' stocks in California; comparable figures for December 31, 1947: lubricants, 7,701: asphalt, 685,600.
2
Beginning July 1947 data are reported stocks available to industry, cf See note in the April 1946 Survey. Revisions for January 1945-July 1946 will be shown later.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for 1941-45 for reclaimed and natural rubber and for tires and tubes CD S-381 are shown on
pp. 22 and 23 of the December 1946 Survey; data for October 1941-February 1945 for other series will be shown later.
tlncludes natural gasoline, cycle products, liquefied petroleum gases at natural gasoline plants and benzol; sales of liquefied petroleum gas for fuels and for chemicals and transfers of cvcle
products are deducted before combining the data with gasoline and naphtha to obtain total motor fuel production.
*New series. Data beginning 1939 for aviation gasoline, compiled by the Bureau of Mines, and data beginning 1943 for asphalt siding and saturated felts, compiled by the Bureau of the
Census, will be published later. For data for 1941-45 for synthetic rubber, see p. 23 of December 1946 Survey.
fRevised series. For 1941 revisions for the indicated series on petroleum and products, see notes marked "f" on p. S-33 of the March and April 1943 issues; 1942-43 revisions are available on
request. See note in April 1945 Survey for explanation of revision in data for asphalt roofing.
419
8,333
7,273
1,894
5,608
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
May
June
July
August
September
October
November
December
January
February
March
April
RUBBER AND RUBBER PRODUCTS—Continued
TIRES AND TUBES—Continued
Inner tubes :§
Exports
Production
Shipments
_
Stocks end of month
thousands
do
__do
do
337
7,093
5,731
9,480
332
5,440
5,779
9,413
475
5,752
5,571
9,772
282
4, 542
6,216
7,909
227
5,179
6,499
6,937
191
7,619
7, 616
6,424
150
6,457
6,343
6,683
148
6,544
5,324
8,088
112
6,226
5,152
9,116
136
4,980
4,505
9,657
146,754
145, 409
125, 743
111,889
139, 066
17, 319
18, 300
90
88 »
20, 562
19, 840
6,668
7,921
3,114
3,889
16, 814
85
16, 267
6,209
2,929
16, 123
79
12, 379
9, 975
3,605
14, 541
71
9,205
15, 336
4,299
166
6,540
7,233
6,339
135
5,528
5,188
9,930
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments-reams. _ 155,873
PORTLAND CEMENT
14, 566
Production
thous. of bbl__
74
Percent of capacity
15, 414
Shipments
thous. of bbl__
21,331
Stocks finished end of month
do
6,338
Stocks clinker, end of month
do
CLAY PRODUCTS
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
19.412
dol. per thous__
Production*
thous. of standard brick. _ 377, 586
382, 610
Shipments*
do
515,806
Stocks end of month*
_ __do
Structural tile, unglazed:*
107, 543
Production
short tons
Shipments
do. _- 107, 101
118,637
Stocks
- - do
Vitrified clay sewer pipe:*
101,914
Production
do
107, 851
Shipments
do
150, 033
Stocks
- _.do
GLASS PRODUCTS
Glass containers :f
10, 358
Produ ction
thous. of gross, _
9,637
Shipments, domestic, total...
do
General use food:
1,050
Narrow neck food
- do. _
Wide mouth food (incl. packers tumblers)
2,307
thous. of gross__
853
1,342
Beer bottles
_
do
993
Liquor and wine
do
1,967
Medicinal and toilet
do_ _
610
Chemical household and industrial.
do
354
Dairy products
do
161
Fruit jars and jelly glasses .
do
5,475
Stocks end of month
do Other glassware, machine-made:
Tumblers:f
6,639
Production
... thous. of dozens..
6,140
Shipments _ ...
do
6,262
Stocks
- do
Table, kitchen, and bouseboldware, shipxrentsf
3,454
tbous. of dozens..
Plate glass, polished, product ion. .. thous. of sq. ft__ 21, 419
GYPSUM AND PRODUCTS
Crude gypsum:
Im ports §
thous of short tons
Gypsum'products sold or used:
TJn calcined
Calcined:
For building uses:
146,352
134, 834
126, 722
130,489
13,389
66
15,328
19, 388
6,326
15,971
81
18, 179
17, 095
5,736
16,342
80
20,099
13, 337
6,514
17, 480
86
20, 365
10, 452
4,855
19. 416
411,691
402, 780
525, S85
19. 550
414,634
406, 918
528, 873
19.668
438, 591
455,616
504, 124
19.937
466, 592
457,311
511,977
20. 374
456, 943
483, 622
483, 156
20.490
511, 366
538, 950
451, 497
20.636
460, 971
453, 100
456, 272
20. 843
436,073
431, 130
452, 138
21. 093
369, 034
335, 438
479, 788
105, 681
105,876
115,549
101, 742
98, 364
117,080
118,814
110, 220
123, 943
114, 163
112,805
124, 935
111,230
110,343
124, 794
115,844
119, 243
119, 289
106, 221
100, 579
124, 331
97, 369
95, 319
120, 653
117,018
114,588
152, 314
115,717
111,547
156, 358
109,686
110,012
155, 971
111,418
110, 754
166, 544
117, 038
117, 530
155, 976
120, 704
119, 913
156, 607
117,435
110, 906
159, 360
10,578
9,492
9,619
8,316
8,877
8,127
9,476
8,859
9,384
8,781
9,646
8,767
r
161, 110
160, 918
14, 502
71
13, 957
20, 886
6,072
16, 041
81
19, 047
17, 880
5,930
21. 194
317, 619
300, 386
493, 925
21. 479
389, 137
412, 242
470, 110
22. 040
84, 678
77, 107
127, 576
83, 982
75, 800
134, 959
95, 469
96, 010
133, 769
120, 892
116,647
166, 450
118, 720
98, 540
183, 694
110, 777
93, 973
200,385
128,556
121, 567
207, 374
8,402
7,703
7,988
7,603
8,015
7,006
7,320
6,886
r
8, 977
' 10, 399
r
13, 347
70
8,338
20, 340
5,196
r
1,007
928
764
1,285
1,528
823
473
482
532
1,650
1,093
1,616
663
1,309
433
305
320
6,849
1,764
1,152
1,263
575
1,449
397
308
464
7,065
2,322
1,212
676
627
1,479
466
307
486
7,300
2,189
1,040
632
778
1,645
452
290
227
7,478
12,251
955
744
1,279
1,794
589
315
U7
7,896
1 1, 846
632
974
1,502
1,529
449
285
U3
8,132
11,745
526
1,271
1,167
1,603
419
384
17
8,057
1,820
419
839
840
1,791
479
247
39
8,380
1,759
692
704
783
1,584
502
244
39
8,488
6,769
6,234
6,672
6,210
5,261
7,729
4,993
4,346
7,776
5,854
4,867
8,158
4,688
5,994
7,940
5,833
5,186
8,869
4,674
4,961
8,694
4,944
4,599
8,924
4,539
4,416
8,690
3,658
23, 171
3,331
21,026
2,302
17, 670
3,645
21, 401
3,483
20, 648
4,511
22, 989
4,181
18, 777
3,793
20, 089
r
r
578
2,079
9b2
1,697
761
1,844
573
341
227
6,085
409
1,467
1,166
thous of sq ft
do
do
918
1,507
1,279
445, 659
451,070
10,084
104, 5C5
462, 222
6,791
514,871
46, 148
658
'92
6, 724
1,799
746
608
799
1,870
473
339
275
7,867
4,325
4,296
8,741
5,223
6,314
8,659
5,422
5,628
8,510
3,195
21, 958
3,051
21, 751
4,147
23,572
3,714
23,417
13, 405
13, 199
22, 423
13, 365
13, 178
22, 610
14, 185
14, 312
22, 483
13, 303
12, 850
22,936
785, 231
163, 498
19, 014
.307
878, 714
261, 062
10, 398
.318
829, 730
.328
.342
.372
r
r
r
T
r272
r
519, 396
391,548
12, 520
101, 597
391, 142
7,281
520, 358
46, 745
969
' 2, 518
1, 338
1, 055
1,060
2, 281
••813
8,978
7, 466
644
1,667
1,410
407, 354
short tons
r
Lath
Tile
Wallboardcf
146, 111
499, 480
10, 909
116 881
488, 677
7,233
592, 627
55, 998
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production...
thous. of dozen pairs..
Shipments
_
do _
Stocks end of month
do
12, 724
12, 224
19, 480
11, 629
11, 199
19, 910
10, 546
10, 503
20, 795
10, 424
10, 020
21, 198
11, 651
11, 828
21, 021
12, 408
13, 170
20, 259
13,962,
14, 589
19, 633
12, 804
13,099
19, 338
12, 548
12, 415
22,217
COTTON
Cotton (exclusive of linters):
710,601 727, 448 826, 216
729, 412
759, 498
882, 390
807, 135
677, 780
Consumption
bales
753, 406
860, 202
302, 773
83, 918 2 37, 066
123, 545
164, 665
275, 104
248, 549
134, 190
214, 098
229, 553
Exports §
. do
2 4, 984
62,029
8,163
9,898
10, 730
95, 526
97, 946
11, 750
9,454
15, 319
Imports!
do
.359
.341
.332
.312
.341
.335
.319
.323
Prices received by farmersf 1 // -dol. per lb__
.331
.307
Prices, wholesale, middling, Me , average, 10
.372
.375
.351
.360
.343
.316
.336
.358
.362
markets
__.dol. per lb__
.317
r
Revised. 1 Jelly glasses included with wide mouth food containers.
2
"Revised to include Army civilian supply exports (see note marked "§" on p. S-20); there were no such shipments in other months of 1947.
cf Includes laminated board reported as component board. §See note marked "§" on p. S-37.
*New series. See note marked "*" on p. S-37 of September 1947 Survey for reference to tables giving the earliest data available for the clay products series.
tRevised series. See note on p. S-34 of the July 1944 Survey regarding changes in the data for glass containers and comparable figures for 1940-42 and note in
in the reporting companies for other machine-made glassware. For revisions for farm price of cotton for August 1937-July 1942, see p. S-35 of June 1944 Survey.
.341
May 1946 Survey for changes
SURVEY OF CURRENT BUSINESS
June 1948
S-39
1947
April
May
June
1948
September
July
October
November
December
January
February
March
April
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (exclusive of lintcrs)— Continued
Production: 1
G innings cT
thous of running bales
Crop estimate, equivalent 500-lb. bales
thous of bales
Stocks, domestic cotton in the United States, end
of month:
Warehouses
thous. of bales..
Mills
do
Cotton linters:
Consumption
_
do
Production
do
Stocks end of month
__do
194
647
3,899
8,362
10,056
10,596
^
2 '11, 552
11, 373
2 ' 11, 851
' 2, 075
' 2, 430
1,800
1,856
1,168
1,601
856
1,322
781
1,076
2,528
1,058
5,032
1,375
5,297
1,746
5,418
2,048
5,063
2,122
4,427
2,151
3,637
2,194
2,823
2, 109
85
50
"476
80
34
423
73
23
382
82
23
345
81
32
289
91
105
296
103
203
364
99
188
420
102
175
476
102
166
511
98
129
516
104
104
520
97
66
500
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
production quarterly* mil of linear yards
Cotton goods finished, quarterly:*
Bleached
do
Plain dyed
do
Printed
do
Exports§.
thous. of sq. yd__
Imports§
do
Prices, wholesale:
Mill margins
cents per Ib
Denims, 28-inch
dol. per yd__
Print cloth 64 x 60
do
Sheeting, unbleached, 36-inch, 56 x 60 ._ do _
Cotton yarn, Southern, price, wholesale, mill:
22/1 cones carded white
dol per Ib
40/1 ' twisted carded®
do
Spindle activity
Active spindlest
thousands
Active spindle hours total
mil. of hr
Average per spindle in place
hours
Operations!
pet. of capacity.
r
2,461
2,297
129, 216
1,076
140,711
883
1,535
799
383
353
128, 921
1,624
142, 285
1,196
2, 569
v 2, 579
123, 480
718
1,801
934
449
418
102, 417
4,161
93,907
2,308
' 82, 410
3,461
P 1,876
*>966
P475
*435
75, 299
2, 364
138, 412
907
147, 437
1,146
1,759
914
442
403
125, 349
472
51.25
.338
.227
.232
47.86
.338
.216
.232
46.46
.338
.228
.232
49.49
.338
.242
.232
53.96
.338
.251
.232
57.91
.338
.255
.232
58.60
.338
.268
.232
59.43
.338
.277
.234
60.29
.338
.283
.239
59.63
.338
.261
.240
58.33
.338
.239
.240
52.98
.338
.208
.240
46. 30
.338
.205
.230
.715
.882
.715
.882
.706
.882
.700
.890
.706
.921
.706
.921
.708
.926
.720
.951
.725
.960
.765
1.019
.804
1.098
.804
1.098
.804
1. 098
21,805
10, 243
428
128.3
21,624
9,928
415
125. 6
21, 324
9,103
382
118.8
21,415
8,531
358
107.0
21,197
9,034
379
119.4
21, 410
9,427
396
121.0
21, 563
10, 802
452
127.0
21, 432
9,530
400
134. 8
21, 412
9,544
402
121.3
21, 450
10, 802
454
139.0
21, 489
9,819
440
137.6
21, 708
11,005
492
133.6
21, 694
10, 667
475
136.1
60.1
18.3
4,233
59.5
18.6
2,501
54.7
16.5
2,795
62.3
18.4
2,327
62.6
18.6
2,428
61.5
20.3
3,265
65.3
23.1
1,342
62.2
20.3
1,674
62.1
22.2
1,369
'68.8
'22.8
2,711
'60.6
'20.6
4,588
'67.8
22.6
5,219
67.2
22.3
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.726
.352
.740
.360
.740
.360
.740
.360
.740
.360
8.3
2.9
9.0
3.8
8.8
6.6
9.2
8.4
6.4
8.6
6.4
9.5
5.7
9.3
5.3
7.7
4.0
8.6
'4.7
8.8
'4.8
'9.4
'4.8
9.1
3.6
2.60
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament yarn
mil. of Ib
Staple
fiber
do
Imports§
_
_ thous. of lb_
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filamentO
dol. per lb__
Staple fiber, viscose, Hi denier. _ _ __do _
Stocks, producers', end of month:
Filament yarn
mil. of Ib
Staple
fiber
- _
do
Rayon goods, production, quarterly:*
Broad woven goods
thous of linear yards
Finished total
do
White
finished
do
Plain dyed
do
Printed
do
Silk, raw:
Imports §
thous. of Ib
Price, wholesale, Japan (N. Y.)§
dol. per lb_,.
7.7
467, 277
424, 006
47, 675
289,638
86, 693
455, 072
402, 112
45, 650
291,146
65, 316
517, 771
465, 644
49, 071
322, 387
94, 186
41
4.000
3
4.150
479
4.009
193
4.025
175
C3)
294
4.400
124
4.400
379
4.400
128
2.60
397
2.60
829
2.60
52, 970
15, 995
63, 291
38, 412
13, 668
62, 112
37,864
13, 192
57, 566
38, 840
12, 685
48, 942
38, 008
14, 056
35, 974
37,988
13, 708
41, 511
49, 210
17,850
51, 412
37, 652
14,008
48, 388
43, 830
16, 175
36,234
41,700
15,948
' 110, 302
42,596
15, 556
79, 981
86, 749
1.225
.565
1.225
.565
1.225
.565
1.225
.565
1.220
.565
1.220
.565
1.227
.554
1.255
.510
1.255
.510
1.255
.510
1.255
.510
1.255
.510
1.296
.510
.939
.990
1.002
1.040
1.040
1.108
1.165
1. 254
1.240
1.240
1.370
1.292
1.399
22
(3)
WOOL
Consumption (scoured basis) :J
Apparel class
thous of Ib
Carpet class
do
Imports§ _ _ _ _ _
do
Prices, wholesale:
Raw, territory, 64s, 70s, 80s, scoured*_dol. per lb__
Raw, bright fleece, 56s, greasy*-..
do
Australian, 64-70s, good topmaking, scoured, in
bond (Boston)*
dol. perlb__
Stocks, scoured basis, end of month, totalf
thous. of lb__
Apparel totalf
do
Carpetf
do
497, 886
408, 485
271, 009
137, 476
89, 401
461, 431
384. 070
265; 835
118, 235
77, 361
437, 129
361, 512
240, 099
121, 413
75, 617
WOOL MANUFACTURES
Machinery activity (weekly average) :^
Looms:
Woolen and worsted:
91
81
79
70
68
72
78
102
92
83
Pile and Jacquard^ __ .thous. of active hours. .
61
2,171
2,322
2,242
2,223
2,282
2,324
2,256
2,186
2,563
Broad
do
1,864
2,565
45
47
45
45
49
Narrow
do
39
45
43
47
51
52
Carpet and rug:
124
131
130
98
132
134
124
142
137
163
163
Broad
_ do
110
112
117
122
92
129
129
117
119
146
146
Narrow
do
Spinning spindles:
91, 891
88, 402
85, 052
93, 585
92, 662
82, 113
102,353
90,474
93, 931
71, 267
103, 677
Woolen
do __
109, 789
118, 421
112, 268
115, 568
118, 720
122, 410
117, 489
132, 418
121, 971
88, 899
131, 792
Worsted
do
189
223
251
222
236
179
218
230
214
198
247
Worsted combs
do
3
_
•Included in data for broad and narrow looms prior to April 1947. *> Preliminary.
i Total ginnings of 1946 crop. * Total ginnings of 1947 crop. Not available.
«• Revis
® Replaces series for 40/1, single, carded; see note 4 on p. S-39 of November 1947 Survey.
d*Total ginnings to end of month indicated.
JN umber active, on last day of month; data through August 1946 shown in the August 1947 Survey and earlier issues are number active at any time during month.
0Price of yarn in cones for 1947; earlier data are for yarn in skeins; price quoted for skeins January 1947 was same as for cones; price for February-July 1947 for yarn in skeins, $0.690.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941 to February 1945 (July 1946 for silk) will be published later. Data
for cotton cloth exports have been revised to include army civilian supply exports (see note marked"§" on p. S-20).
^Data for April, July, October, and December 1947 are for 5 weeks; other months, 4 weeks. Data for wool consumption were revised beginning September 1946 in the November 1947
Survey to cover consumption only on woolen and worsted goods systems; data through March 1947 published in earlier issues include also consumption on silk, cotton and other systems.
fRevised series. See note marked "f" on P- S-39 of September 1947 Survey for reference to 1941 data for the yarn price series and information regarding revisions in data for wool stocks,.
See note for cotton spindle activity at the bottom of p. S-34 in the May 1948 Survey with regard to revision in the series for spindle operations as a percent of capacity.
*N«w series.
See notes marked "*" on pp. S-38 and S-39 of the September 1947 Survey for reference to earliest data published for the indicated series.
S-40
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
June 1948
1948
1947
April
June
May
July
September
August
October
November
December
January
February
March
April
<«)
«
4.408
3,' 638
4,800
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES— Continued
Woolen and worsted woven goods (except woven
felts):*
Production quarterly, total
thous of lin. yd
Apparel fabricst
.
do _Men's and boys' wearj
do
Women's and children's wear J
do
All other t
do
Blankets
do
Other nonapparel fabrics
do_ _Wool yarn:
Production total*^
thous. of Ib
KTnitting*1
- do
Weaving*t
do
Carpet and other*^
do
Price, wholesale, worsted yarn, 2/32s (Boston)
dol. per lb__
113, 865
98, 021
50, 161
35, 440
10, 206
7,560
8,284
73, 355
113, 536
99, 133
44, 908
41, 054
10, 049
6,482
7,921
130, 042
114,610
50, 530
46, 977
11,475
6,812
8,620
8,845
49, 425
15,085
55, 732
6,328
36, 892
12, 512
56, 704
5,764
37, 824
13,116
57, 335
5,760
39, 210
12, 365
59, 164
6,316
39, 704
13, 144
61, 796
7,052
41, 244
13, 500
76, 760
9,235
49 580
17, 945
1.950
1.950
1.950
1.950
1.950
2.000
2.020
3,314
2,688
3,708
4,000
4,337
3,678
3,804
9,928
6,642
8,419
8,177
5,674
7,121
7,778
4,520
6,034
7,653
4,043
4,561
7,724
4,994
5,409
7,984
4,310
4,975
7,026
4,699
6,565
60 900
7,024
39 732
14,144
71, 705
8,785
47, 460
15, 460
67, 108
8,084
43, 760
15, 264
67, 048
7,928
43, 664
15, 456
(<*)
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
. thous. of dol_.
P yroxylin-coated fabrics : ®
Orders, unfilled, end of month
thous. lin. yd..
Pyroxylin spread
thous. of lb__
Shipments, billed
thous. lin. yd..
7,122
4,543
5,138
6,816
5,385
5,538
6,656
4,936
6,186
5,733
4,958
6,462
5,228
4,328
5,687
1,028
218
867
252
615
240
790
288
502
116
607
136
471
M87
239
802
165
863
278
585
42,157
21, 839
20, 318
420, 269
1,607
1,412
307, 942
285, 590
110, 720
89, 724
3,158
2,944
1,269
1,675
47, 599
22, 345
25, 254
436, 001
1,667
1,527
315, 969
295,099
118, 365
94,307
3,962
3,451
1,587
1,864
39, 522
20, 480
19, 087
394, 175
1,416
1,141
305, 148
284, 730
87, 611
71, 161
3,241
2,988
1,406
1,582
39,007
21, 362
17, 645
469, 957
1,449
1,087
366, 939
344, 110
101, 569
85, 971
3,285
3,119
1,530
1,589
33, 643
19, 458
14, 185
405, 651
1,370
1,068
305, 081
285, 373
99, 200
83, 893
3,445
3,306
1,548
1,758
30, 366
16, 422
13, 944
382, 991
1,090
139
192
6,866
6,561
6,345
6,306
TRANSPORTATION EQUIPMENT
AIRCRAFT
Exports, total§
_ ._
Shipments total*
For U. S. military customers*
_For other customers*
.number. _
do _
do
- do
294
2,143
105
2,038
321
1,740
94
1,646
268
1,332
139
222
1,102
1,193
104
998
156
184
1,140
1,351
211
929
323
183
1,041
••622
••155
M67
MOTOR VEHICLES
Exports, assembled, total§ _ _ _
..number..
Passenger cars§
do
Trucks§
do _
Factory sales, total§
_ _
do
Coaches total
do
Domestic
.
_
_-do
Passenger cars total
do
Domestic
_ _ _
do
Trucks total
do
Domestic
_ _ _
do
Truck trailers, production, total*
-do
Complete trailers
_
_ _ _ _ _ _ _ _ do _
Vans
do
All other
_ __
do _
Chassis shipped as such
do
Registrations:!
New passenger cars
_ do
New commercial cars
_>_
do
67, 284
26, 711
30, 573
423, 399
1,650
1,465
314, 765
291, 953
106, 984
83, 515
,5,245
4,941
2,106
2,867
61,502
29,540
31,962
382,640
1,853
1,599
284, 357
261, 240
96, 430
75, 696
4,580
4,380
1,657
2,723
44,461
22, 591
21,870
400,372
1,628
1,409
307, 124
284, 576
91,620
73, 613
3,544
3,306
1,437
1,869
40,652
24, 068
16, 584
379, 192
1,806
1,694
279, 631
257,881
97,755
78, 444
2,953
2,779
1,362
1,417
50,273
24,317
25,956
349, 409
1,765
1,570
261, 158
240,358
86,486
66,382
3,169
2,953
1,228
1,725
214
511
253
166
290,226
85, 148
286, 719
76, 901
269,863
65,458
263, 167
71, 647
264,866
75, 912
251,655
69, 899
281, 428
87, 167
258, 934
73, 737
312, 263
67,690
8,873
3,489
6,409
3,131
5,243
4,230
5,366
4,846
4,410
4,346
5,749
5,668
6,401
6,242
6,964
6,889
7,914
7,661
304
200
238
174
216
752
274, 847
256, 753
107, 054
88, 889
3,671
3,479
1,688
1,791
40, 071
20, 493
19, 578
492, 013
1,409
1,202
349, 998
327, 198
140, 606
118, 572
r
4, 238
r
4, 023
' 2, 094
r
1, 929
215
438, 082
1, 048
902
308, 071
288, 356
128, 963
111, 911
4, 064
3,898
2,081
1, 817
166
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
thousandsPercent of total on line
Orders, unfilled
_ _ _ _
cars
Equipment manufacturers
do
Railroad shops _
do _
Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
number. .
Percent of total on line.
Orders unfilled:
Steam locomotives, total
number
Equipment manufacturers
do
Railroad shops
do _
Other locomotives, total*
do
Equipment manufacturers* _ _ _ . do
Railroad shops*
do
Exports o f locomotives, totalf. _ _ _ _ _ _ d o
Steam§ __ _ _
do_ __
Otherf
.do
73
73
60
60
67
63
53
45
20
20
29
29
74
74
69
55
71
71
57
67
54
54
6,959
6,940
7,041
6, 726
74
74
107
67
1,736
1,734
1,734
1,732
1,730
1,730
1,725
1,728
1,731
1,735
1,738
1,740
1 743
72
4.3
84, 288
63, 935
20, 353
77
4.6
89, 554
66, 466
23,088
77
4.7
93,159
68, 675
24,484
81
4.9
94, 232
70, 578
23, 654
81
4.9
97,392
71,826
25,566
78
4.7
97, 645
73,416
24, 229
72
4.3
103,086
76, 713
26, 373
73
4.4
104, 788
78, 857
25, 931
72
4.3
99, 216
74, 635
24,581
76
4.5
101, 662
74,008
27, 654
79
4.7
103, 061
75, 482
27,579
80
4.8
105, 120
80, 772
24, 348
83
4 9
109 567
86, 947
22 620
3,011
8.3
2,832
7.8
2,735
7.6
2,778
7.8
2,709
7.6
2,706
7.6
2,646
7.5
2,612
7.5
2,483
7.1
2,581
7 4
2,702
7.8
2,873
83
2,879
84
46
45
33
30
96
108
119
117
36
36
0
626
626
30
30
0
718
717
24
24
0
770
770
0
143
71
72
1
262
133
129
0
106
19
87
420
377
43
349
307
42
321
288
33
29
29
0
786
785
1
133
57
76
40
40
0
811
810
1
98
9
89
36
10
795
794
1
62
17
45
35
10
922
921
1
78
18
60
23
10
1,147
1,146
1
110
36
74
20
10
1, 196
1,195
1
87
20
67
76
20
1,417
1 416
I
150
67
83
89
19
1,488
1 487
1
71
12
59
89
30
1,431
1 431
89
28
1, 455
1 454
153
30
123
^
338
288
50
337
318
o
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments total
Domestic
_
Exports
_ _ _
number
do _
do
305
271
34
365
339
26
352
262
90
375
303
72
337
273
64
394
317
77
316
270
46
358
258
100
10
r
Revised.
° Data not available.
JThe total includes fabrics produced for Government orders not included in the detail as follows (thousands of yards): 1947: 2d quarter, 2,214; 3d quarter, 3,122; 4th quarter, 5,628; prior
ta for April, July, October, and December 1947 are for 5 weeks; other months, 4 weeks.
<8>See note in April 1946 Survey with regard to changes in these series.
§Data continue series published in the 1942 Supplement but suspended during the war period. For 1940-45 data for factory sales of motor vehicles see p. 24 of June 1947 Survey. Data
for October 1941-February 1945 for the foreign trade series will be published later. See note on p. S-40 of August 1947 Survey regarding unpublished revisions for registrations
*New series. For available data for 1937-43 for woolen and worsted goods production, see p. 19 of May 1945 Survey. See note on p. S-39 of July 1947 Survey for source of data on wool
yarn production and explanation of a revision in the data in that issue, and p. S-40 of the April 1947 Survey for source and earliest data published for truck trailers.
Data beginning January
1946 for aircraft shipments are available on request. See May 1946 Survey for description and data beginning March 1945 for unfilled orders of "other locomotives."
fRevised series. Export series for total and "other" locomotives were revised in the May 1946 Survey (see note in that issue).
-INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S4
Pages marked S
Abrasive paper and cloth (coated)
38
Acids
23
Advertising
6, 7
Agricultural income and marketings
1, 2
Agricultural wages, loans
14, 15
Air-line operations
22
Aircraft
10,11,12,13,14,40
Alcohol, denatured, ethyl, and methyl
23
Alcoholic beverages
2, 26
Aluminum
32
Animal fats, greases
24
Anthracite
2,4,11,12,13,14,36
Apparel, wearing... 4, 6, 7, 8, 10, 11, 12,13, 14, 38, 39
Armed forces
9
Asphalt and asphalt products
37
Automobiles
2, 3, 7, 8,10,11,12,13,14,18
Banking
_
15, 16
Barley
___
27
Barrels and drums
33
Battery shipments
34
Beef and veal
29
Beverages, alcoholic
2,26
Bituminous coal_
2,4,11, 12, 13,14,36
Boilers
34
Bonds, issues, prices, sales, yields
19
Bone black.....
24
Book publication
36
Brass
33
Brick
4,38
Brokers' loans
15,18
Building contracts awarded
5
Building costs
6
Building construction (see Construction.)
Building materials, prices, retail trade
4, 7, 8
Businesses operating and business turn-over..
3
Butter
27
Candy
29
Cans, metal
33
Capital
flotations
18
Carloadings
22
Cattle and calves
28
Cellulose and other plastic products
26
Cement
2,4,38
Cereal and bakery products
4
Chain-store sales
8
Cheese
27
Chemicals
2, 3, 4,10,11,12,14,18, 23, 24
Cigars and cigarettes
30
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
2, 38
Clothing
—_
5, 7, 8,10,11,12,13,14, 38
Coal.
_
2, 4,11,12,13,14, 36
Cocoa
29
Coffee
29
Coke..
2,36
Commercial and industrial failures
3
Construction:
New construction, dollar value
5
Contracts awarded
5
Costs
5,6
Dwelling units scheduled to be started
5
Highway
5,11
Employment, wage rates, earnings, hours— 9, 10
11,12,13,14
Consumer credit
16
Consumer expenditures
1,7
Consumers' price index
4
Copper
33
Copra and coconut oil
._
25
Corn
19,28
Cost-of-living index (see Consumers' price
index)
4
Cotton, raw, and manufactures
2,
4,5,10,11,12,13,14,38,39
Cottonseed, cake and meal, oil
25
Crops
...
^ 1, 2, 4, 24, 26, 27
Currency in circulation
18
Dairy products
1, 2, 4, 27
Debits, bank
15
Debt, short-term, consumer
16
Debt, United States Government
16
Department stores, sales, stocks, collections-. 8,9
Deposits, bank
15,18
Disputes, industrial
13
Distilled spirits
26, 27
Dividend payments and rates
1, 19
Drug store sales
8
Dwelling units scheduled to be started
5
Earnings, weekly and hourly
13,14,15
Eggs and poultry
1,4, 29
Electrical equipment
2,7,34
Electric power production, sales, revenues
26
Employment estimates
9,10, 11
Employment indexes:
Factory, by industries
10,11
Nonmanufacturing industries.
Employment security operations
13
Emigration and immigration
23
Engineering construction
5
Exchange rates, foreign
17
Expenditures, United States Government
16
24
Explosi ves
Exports (see also individual commodities)
20, 21
Factory, employment, pay rolls, hours, wages.
9,
10,11,12,13,14
Failures, industrial and commercial
3
Farm marketings and income
1,2
Farm wages
14
Farm products, farm, and wholesale prices
2, 4
Fats and oils
4, 24, 25
DigitizedFederal Government, finance _ _
for FRASER
16,17
Federal Reserve banks, condition of
15
http://fraser.stlouisfed.org/
Federal Reserve reporting member banks
15
Federal Reserve Bank of St. Louis
Fertilizers
4. 24
Pages marked S
Fish oils and
fish
24, 29
Flaxseed
25
Flooring
31
Flour, wheat
28
Food products
2,
3, 4, 5, 7, 8,10,11,12,13,14, 17, 26, 27, 28, 29
Footwear
2,4,8,10,12,13,14,30,31
Foreclosures, real estate
6
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes and
commodity groups
20, 21, 22
Foundry equipment
34
Freight cars (equipment)
40
Freight carloadings, cars, indexes
22
Freight-car surplus and shortage
22
Fruits and vegetables
2, 4, 27
Fuel equipment and heating apparatus
33
Fuel oils
37
Fuels.
2,4,35,36,37
Furnaces
33,34
Furniture
2, 4,10,11,12,13,14,15
26
Gas, customers, sales, revenues
37
Gasoline
38
Glass and glassware (see also Stone, clay, etc.).
23
Gelatin
31
Gloves and mittens
24
Glue
_
24
Glycerin
17
Gold
7
Goods in warehouses
Grains
4,19, 27,28
1
Gross national product
38
Gypsunu
34
Heating and ventilating equipment
4,30
Hides and skins
5,11
Highways. ...
28,29
Hogs
Home-loan banks, loans outstanding
6
Home mor tgages
6
5,38
Hosiery
Hotels
...
11, 12,23
12,13
Hours of work per week
Housefurnishings
4,7,8
Housing. _
__
4,5
Immigration and emigration
23
Imports
20, 21,22
1
Income, personal
16
Income-tax receipts
Incorporations, business, new
3
Industrial production indexes
2
16
Instalment loans
Instalment sales, department stores
8
17
Insurance, life_;
Interest and money rates
15
Inventories, manufacturers' and trade.
3,9
Iron and steel, crude and manufactures
3,4,10,11,12,13,14,18, 31,32
Kerosene
37
Labor force
9
Labor disputes, turn-over
13
Lamb and mutton
29
Lard
29
Lead.
33
Leather and products
2, 4,10,11,12,13,14, 30
Linseed oil, cake, and meal...
25
Livestock
1,2,4,28
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
6,15,19
Locomotives
40
Looms, woolen, activity
39
Lubricants
37
Lumber
2, 4,10,11,12,13,14, 31
Machine activity, cotton, wool
'.
39
Machine tools
10,11,12,14,34
Machinery
2,10,11, 12, 13, 14, 18, 34
Magazine advertising,
6, 7
Mail-order houses, sales
8, 9
Manufacturers' orders, shipments, inventories.
3
Manufacturing production indexes
2
Meats and meat packing
2, 4, 10, 12, 13,14. 29
Metals
2,4,10, 11, 12, 13,14,18,33
Methanol
24
Milk
27
Minerals
2, 10, 11, 12,13,14
Money supply
18
Mortgage loans
6, 15
Motor fuel
37
Motor vehicles
7,40
Motors, electrical
34
National product and income
1
Newspaper advertising
6, 7
Newsprint
35
New York Stock Exchange
_ 19, 20
Oats
28
Oil burners
34
Oils and fats
4,24,25
Oleomargarine
25
Operating businesses and business turn-over..
3
Orders, new, manufacturers'
3
Paint and paint materials
4, 25
Paper and pulp
2, 3, 5,10, 11,14, 35
Paper products
35
Passports issued
23
Pay rolls, manufacturing and nonmanufacturing industries
11, 12
Personal income
_
1
Personal savings and disposable income
1
Petroleum and products
2,
2, 3,4,10,11, 12,14, 18,36, 37
Pig iron
32
Plant and equipment expenditures
1
Plastic products
26
Pork
...
Postal business
Postal savings
Poultry and eggs
Prices (see also individual
Consumers' price index.
Received and paid by ft
Retail price indexes
Wholesale price indexes _ _
Printing
Profits, corporation..
Public assistance
Public utilities
1, 4, 5,1
Pullman Company. _
Pulpwood
Pumps
Purchasing power of the d<
Pyroxylin coated fabrics..
Radio advertising
Railways, operations, equip]
tistics, employment, wai_
11,12,13,
Railways, street. (See Stre
Rayon, and rayon manufai
Receipts, United States Go
Reconstruction Finance
Rents (housing), index
Retail trade, all retail sto
department stores, mail
general merchandise . .
..
Rice
Roofing and siding, asphalt
Rosin and turpentine
Rubber, natural, synthet
tires, and tubes
Rubber industry, produ<
inventories, employment
earnings
Savings deposits
Savings, personal
Securities issued
Service industries empli
Sewer pipe, clay
Sewing machines
Sheep and lambs
Shipbuilding
Shipments, manufacturers
Shoes
Shortenings
...
Silver
Skins
Slaughtering and meat pac
Soybeans, and soybean oil
Spindle activity, cotton,
Steel ingots and steel mi
Iron and steel)
Steel, scrap
Stocks, department stores
turers' inventories)
Stocks, dividends, issues, i
Stokers, mechanical
Stone, clay, and glass pro<
Stoves
Street railways and bu
Sugar
Sulphur
Sulfuric acid
Superphosphate
Tea
Telephone, telegraph, ci
graph carriers
Textiles
2,3,
Tile
Tin
Tires and inner tubes
Tobacco
Tools, machine
Trade, retail and wholesa
Transit lines, local
Transportation, commodl
Transportation equipmen
Travel
Truck trailers
Trucks
Turpentine and rosin
Unemployment and
sation
United States Governm
United States Governmi
Utilities
4,
Vacuum cleaners.
Variety stores
Vegetable oils
Vegetables and fruits
J
Vessels cleared in foreign]^
Veterans' unemployment||i
Wages, factory and
War expenditures..
War Savings Bonds
Warehouses, space occu]
Washers
Water heaters
Wheat and wheat flour.
Wholesale price indexesWholesale trade
Wood pulp
Woo! and wool manufai
@FedFRASER