Full text of Survey of Current Business : May 1948
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1948
SURVEY OF
U. S. DEPARTMENT OF COMMERCE
B U R E A U OF F O R E I G N AND DOMESTIC COMMERCE
DEPARTMENT OF COMMERCE
FIELD SERVICE
SURVEY
OF CURRENT BUSINESS
Albuquerque, N. Mex.
203 W. Gold Avc.
Los Angeles 12, Calif.
312 North Spring St.
Atlanta 1, Ga.
50 Whitehall St. SW.
Louisville 1, Ky.
601 W. Broadway
Baltimore 2, Md.
103 S. Gay St.
Memphis 3, Term.
229 Federal Bldg.
Boston 9, Mass.
2 India St.
Miami 32, Fla.
36 NE. First St.
Buffalo 3, N. Y.
117 Ellicott St.
Milwaukee l,Wis.
517 E. Wisconsin Ave.
Butte, Mont.
14 W. Granite St.
Minneapolis 1, Minn.
125 S. Third St.
Charleston 3, S. G.
18 Broad St.
Mobile, Ala.
109-13 St. Joseph St.
THE BUSINESS SITUATION
1
National Product and Income in the First Quarter of 1948 .
United States Balance of Payments with ERP Countries—
Estimates for 1947 and the First Program Year . . .
5
Business Sales Anticipations for the Year 1948 . . . .
7
Revised Indexes of Manufacturers' Sales and Inventories,
1939-47
8
INDUSTRIAL PATTERNS OF THE BUSINESS POPULATION
10
RAILROADS IN THE POSTWAR ECONOMY
16
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 Av«.
Cheyenne, Wyo.
304 Federal Office Bldg.
Oklahoma City 2, Okla.
102 NW. Third St.
Chicago 4, 111.
332 S. Michigan Ave.
Omaha 2, Nehr.
405 S. Sixteenth St.
STATISTICAL DATA:
Detroit 26, Mich.
230 W. Fort St.
No. 5
MAY 1948
men
tents
C-0
PAGE
Monthly Business Statistics
Statistical Index
S-l to S-40
Inside Back Cover
Cincinnati 2, Ohio
105 W. Fourth St.
Cleveland 14, Ohio
925 Euclid Ave.
Dallas 2, Tex.
1114 Commerce St.
Denver 2, Colo.
828 Seventeenth St.
El Paso 7, Tex.
310 San Francisco St.
Fargo, N. Dak.
4
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 ,
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311 W. Monroe St.
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42 S. Fifteenth 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.
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350 S. Main St.
San Francisco 11, Calif.
555 Battery St.
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MAY 1948
Chart I.- COMPOSITION OF GROSS
NATIONAL PRODUCT
THE
BILLIONS OF DOLLARS
SITUATION
By the Office of Business Economics
B
USINESS and consumer purchasing rose in April, but
industrial production declined as a result of the work stoppage in the coal mines. The general situation was summed
up in the increase in employment and in the renewed price
advance in stock and commodity markets. Consumer income was steady or rising; with the reduction in income tax
withholding rates which became effective at the beginning
of May, there was a further rise in disposable income.
Production trends in April were warped by the disruption
of coal production with the resultant slackening of the output of steel. Although the resumption of coal mining and
the upturn in steel production started industrial output on
the uptrend by the end of the month, the limited availability
of steel continued to retard the assembly rate of broad categories of producers' and consumers' durable goods.
Increase in Manufacturers9 New Orders
0.
NET FOREIGN INVESTMENT
100
1945
1946
1947
QUARTERLY TOTALS, SEASONALLY ADJUSTED, AT ANNUAL RATES
SOURCE OF DATA: U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
786405°—48
1
1948
Among the concrete evidences of the influence of the
recent domestic and international developments on business
expectations is the renewed upturn in new orders placed with
manufacturers. The increase is of particular significance in
view of the declining trend in orders in relation to sales volume over the past year. The more important of the recent
developments—namely, the announcement of enlarged
Government expenditures—did not come until alter the
middle of March. Nevertheless, the daily average of new
orders placed during the month rose 5 percent from Februarv to March. In view of the longer month, March new
orders represented in the aggregate an increase of more than
15 percent. The Office of Business Economics index of new
orders, covering all manufacturing except transportation
equipment, rose to 264 (average month 1939 = 100), or slightly
below the peak recorded in November.
Orders placed in March showed the greatest advance in
those industries where shortages might develop as a result
of an expanded rearmament program. The additional flow
of new business to the metal-producing and fabricating industries exceeded 15 percent on a daily average basis. The
other durable-goods industries showed more modest gains.
Daily average new orders for the nondurable group moved
fractionally below the February rate, although the total
dollar value of orders placed during March was higher than
in the previous month.
The rise in new business was accompanied by an increase
in unfilled orders in the heavy goods industries, according
to reports submitted by a sample of identical companies to
the Office of Business Economics. In the iron and steel and
the electrical machinery industries, backlogs rose in March
to dollar levels higher than last spring.
SURVEY OF CURRENT BUSINESS
In spite of this increase in backlogs, the ratio of unfilled
orders to sales showed no significant charge from the previous
month, in view of the increase in sales during March.
Consumer Purchasing
Data now available covering the first quarter of 1948 give
confirmatory evidence of some easing of buying pressures
during the first 3 months of the year. The advance in the
seasonally corrected total of consumer expenditures was less
in the first quarter than in any other quarter of the recovery
period. On the chart on page 1 the line definitely flattened.
This development is analyzed in a later section, where the
over-all economic tendencies of the period are discussed
within the national product and income framework.
Analysis of the pattern of retail sales, which include the
bulk of consumer expenditures, reveals a sagging tendency
in some lines but with no wide deviation in trends. The
movement of inventories discussed later in the quarterly
review, however, suggests that retailers7 forward ordering
in the latter part of 1947 had not anticipated the flattening
of the consumers' expenditures curve which actually occurred. This latter development led in the opening months
of 1948 to some curtailment in commitments, but this was
not extended because of the introduction of new factors
which improved the outlook before the end of the quarter.
Examination of the movement of sales in the first quarter
reveals a tendency for most of the nondurable goods groups,
except food stores, to level off or decline. Filling stations,
however, provided an outstanding exception to this generalization. The durable goods groups showed a less uniform
picture in the first quarter than in 1947. With the exception
of jewelry sales, where the trend has been downward since
the latter half of 1946, the month-to-month changes reflect
for the most part production trends—as in the case of automobiles—or the winter lull in construction—as in the case
of building materials. As discussed in last month's SURVEY,
expectations of a sustained high volume of sales, or of
further expansion, are general for these durable goods.
In April, there was a noticeable pick-up in sales through
retail stores. General merchandise sales, as reflected by the
department stores, advanced to the average level of the
fourth quarter of 1947, after a mild decline in the first
quarter. Similarly, chain store sales (including the food
chains) revealed some advance in this latest month.
Table 1.—Wholesale Commodity Prices for Selected Weeks in 1948
[Indexes, 1926=100]
Week endingJanuary February April 3
17
28
All commodities
Farm products.
. - _ _ _ _ -. _ _
Foods
All commodities other than farm and food
Hides and leather products
Textile products
Fuel and lighting materials
Metal and metal products
Building materials
Chemicals and allied products
Housefurnishing goods
165.5
201.5
181.2
147.4
201.4
145.7
130.0
153.2
191.7
140.8
136.9
159.2
182.8
170.5
147.3
188.5
146.2
131.7
155.6
192.1
135.3
143.7
160.1
183.9
172.4
147.7
186.0
145.1
131.7
156.6
193.2
135.5
144.3
May 1
162.6
186.9
177.5
148. 7
188.0
148.1
132.6
157.2
195.2
133.7
144.4
Source: U. S. Department of Labor, Bureau of Labor Statistics.
Price Advance Reflects Broadening of Demand
With increased consumer and business buying as a background, weekly commodity prices moved irregularly upward
during April and early May, and the number of groups
registering advances was greater than in March (see table 1).
Since the decline from January to February in the prices of
May 1948
farm products and foods, the recovery in wholesale markets
has been larger for foods than for farm products. Much of
the differential movement in the two groups is traceable to
the larger price increases for meats than for livestock.
Higher meat prices have resulted from the reduction in
supplies because of a work stoppage at some of the major
packing plants; at the same time, the advance in livestock
prices has been limited by the contraction in purchases by
slaughterers. Prices of food grains have advanced at a
somewhat slower pace than have feed grain prices.
Earlier price declines within the textiles and clothing and
hides and leather groups have generally been reversed. In
such areas as metals, building materials, and house-furnishings, all of which remained firm during the period of weakness in farm and food prices, the upward price trend was
resumed during April. Announcement was made of reductions on a number of important types of finished steel, a
reversal of the moves earlier in the year, and in selected
electrical products. At the same time, however, steel consumers were feeling the impact of lower output during April
and the prospect of an increased use of metal products for
Government programs.
Larger Employment Total in April
Both farm and nonfarm employment advanced from
March to April, reflecting in large part the seasonal pattern
which is steadily upward until the summer peak. With the
year-to-year increases holding in the neighborhood of 1%
million workers in recent months—about the same size as
the expansion in the civilian labor force—seasonal influences
alone would push total civilian employment well above the
60-million mark reached for the first time last summer.
Unemployment, at 2.2 million, was moderately lower in
April than in the previous month. The number of persons
actually at work in manufacturing and mining industries
declined from March to April because of labor-management
disputes. Apart from the industries affected by disputes,
the employment changes were generally upward, featured
by a greater than seasonal advance in contract construction
employment.
Coal Stoppage Leads to Lower Industrial Output
Industrial production turned downward in April, chiefly
because of the work stoppage at the coal mines, which lasted
from about mid-March to mid-April and enforced a sharp
curtailment in the output of iron and steel. Operations in
steel mills advanced after the return of the miners to the
pits, but by this time the effects of the reduction in steel had
spread to some metal fabricating industries. Automobile
production, for example, fell below 100,000 units a week in
early May.
Among the nondurables, the downward adjustment of
meat production which has been under way for several
months was accentuated by a work stoppage in some of the
major packing plants. The production of shoes slowed from
recent high rates as consumers did not move up their purchases in a volume sufficient to maintain the recent flow of
footwear from the factories.
Manufacturers' Durable Goods Sales Higher in March
The index of manufacturers' sales was fractionally higher
in March than in February, on the basis of the revised
estimates introduced in this issue. A rise in unadjusted
dollar value of sales from 16 billion dollars in February to
18 billion dollars in March was mainly the result of the
longer work-month. In comparison with March 1947, the
increase in sales amounted to 16 percent.
SURVEY OF CUEEENT BUSINESS
May 1948
In the durables group, an advance over February in the
index of daily average sales was registered in all major component industries. For the group as a whole, the index
advanced 4 percent. The index of sales by nondurable
goods manufacturers was down 3 percent during the month
as all major groups either declined or remained unchanged.
Large Rise in Public Construction
The value of total new construction activity advanced to
1,240 million dollars in April. Publicly-financed construction rose by about one-fourth, largely because of the increase
in highway work. Activity in the private sector made good
progress in April. In the case of residential building, the
moderate advance from March to April reflected the heavy
volume of work put in place in the earlier month when work
was pushed to finish the comparatively large number of
units carried over from the previous year because of the
pattern of late starts in 1947.
The heavy concentration of completions during the spring
months coincides with the active selling season for new
houses. The number of units started during the first quarter
of 1948 was approximately 15 percent higher than in the
opening quarter of last year.
industries has continued. The durable goods industries
(solid line) do not show the same steady pattern of rise. For
the most part, first quarter changes in the latter reflect the
seasonal pattern of wage negotiations, since relatively few
contracts in important durable goods industries are renewed
during the initial quarter of the year. In the two earlier
years, the major advance in hourly earnings in these industries. occurred in the second quarter.
In the nondurable goods sector, average hourly earnings
increased 3.8 cents from December 1947 to March 1948, as
compared with an increase of 4.8 cents in the same period a
Chart 2.—Straight-Time Average Hourly Earnings, Manufacturing Industries
CENTS
140
DURABLE GOODS
INDUSTRIES
120
\
Personal Income at 209 Billion Rate in March
With a moderate advance in nonagricultural income from
February to March, total personal income showed a slight
rise over the period. The seasonally adjusted annual rate
of about 209 billion dollars for March is somewhat above
the rate in the fourth quarter, but below that in December
and January. Most of the major components of personal
income were unchanged from the previous month; the principal exception was transfer payments, where an acceleration of veterans' bonus payments in the State of New York
accounted for most of the increase.
The income of farm proprietors continued at a high rate
though off from the January top, chiefly because of the
effect of the drop in prices. The slight decline in March
income, however, was due to a larger than seasonal decline
in marketings which more than offset a rise in farm prices.
Wage and salary receipts remained unchanged from February
as increases in durable goods factory pay rolls and construction pay rolls were offset by a counter seasonal decline in
nondurable goods factory pay rolls and wage losses resulting
from labor-management disputes. Federal civilian Government pay rolls expanded slightly as a result of increased
employment.
Trend of Hourly Earnings
As shown in chart 2, the increase in straight-time average
hourly earnings in the nondurable goods manufacturing
100
^ NONDURABLE GOODS
INDUSTRIES
^PRELIMINARY
80
M M I 1 M t I I t T ? -M f I .1 f M I I I T ! I I f T t 1 T
1946
1947
1948
V. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
year ago. Important wage settlements in textiles, apparel,
and printing and publishing account for the DecemberMarch rise.
The movement of hourly wage rates in nonmanufacturing
industries has also been upward over the past 2 years. In
industries such as retail trade, the upward trend has been
fairly steady, following much the same course as the lower of
the two lines in the chart. As in the case of the nondurable
goods manufacturing industries, the increase in hourly pay
in retail trade from October 1947 to February 1948 was less
than during the same period of the previous year. In the
highly unionized industries, such as railroad transportation,
coal mining, petroleum production, and construction, the
advances have reflected the timing of wage negotiations.
National Product and Income in the First Quarter of 1948
1_ HE gross national product was at an annual rate of 244
billion dollars in the first quarter of 1948. The 3 billion gain
in the dollar total over the fourth quarter of 1947 was due
mainly to higher prices.
The slackened rate of increase in the money value of gross
national product reflected the easing of inflationary tendencies which had characterized the economic scene in the
second half of 1947. After a succession of sharp monthly
increases both wholesale and retail prices reached a peak in
January 1948. In February, farm prices broke sharply.
Declines in nonfarm wholesale prices were confined to a few
sensitive commodity groups and were much smaller. But a
tapering off in the price increase was evident over a much
wider range of items. The cost of living also showed a
fractional drop.
It appeared that the inflationary pattern of business
expectation which had emerged in the middle of 1947, as a
result of persistently strong domestic demand, the anticipation of foreign aid, crop shortages, and rising costs, had
found its major reflection in. the price structure, although
upward pressure continued to be felt during the quarter in
areas in which shortages remained acute. Once more the
business community was giving weight to evidence that the
peak of war-induced consumer and business demand had
SUEVEY OF CURRENT BUSINESS
been passed. A period of hesitancy developed pending
further concrete developments in such strategic matters as
foreign aid, national defense, tax reduction, and the third
round of wage increases. Some of these uncertainties were
being resolved towards the end of the first quarter and
resulted in firmer wholesale prices in March, as well as in a
renewed upturn in other economic indicators.
The shifts which occurred in the components of production
and income from the fourth to the first quarter throw light
on the manner in which temporary stability was being
maintained. The demand for fixed domestic capital investment, which includes construction and producers' durable
equipment, had about the same intensity as in previous
quarters. Changes were apparent, however, in other markets
for the national product. Total consumer expenditures
registered the smallest quarterly increase since the end of
the war, confirming qualitative information indicating a
flattening in consumer demand. The sharp drop in foreign
purchases of American output from the extraordinarily high
levels maintained throughout 1947 constituted another
important change in the basic demand situation.
Partly offsetting the contraction of foreign purchases,
there was a widening flow of foreign aid, largely under the
interim-aid program, which was reflected in increased
Federal Government purchases of goods and services. Also
there occurred a large increase in the accumulation of
nonfarm business inventories over the rates which had
obtained in the second half of 1947. There is evidence,
cited below, that this accumulation was, in'part at least, unintended and occurred as a temporary result of slackening
in other purchases.
Under the offsetting influence of these demand factors,
the major components of the income flow showed" little
Table 2.—National Income and Product, Fourth Quarter 1947
and First Quarter 1948 *
[Billions of dollars]
Unadjusted
Item
Seasonally
adjusted, at
annual rates
1947
1948
1947
1948
IV 2
I
IV 2
I
54.1
33.7
32.5
27.9
1.0
3.6
1.2
12.9
6.3
4.6
1.9
6.6
8.1
3.2
4.9
-1.5
1.0
(3)
33.3
31.9
27.4
1.0
3.6
1.3
13.1
6.4
4.8
1.9
(3)
134.6
129.5
111.9
3.8
13.8
5.1
52.6
25.5
19.3
7.8
(33)
(3)
()
(3)
-5.9
3.8
NATIONAL INCOME BY DISTRIBUTIVE SHARES
National income
Compensation of employees
__ . _
Wages and salaries
_
Private
Military.
_
_
Government, civilian
_ __
Supplements to wages and salaries
Proprietors' and rental income * Business and professional
_
_Farm __ __
Rental income of persons
_
Corporate profits and inventory valuation adjustment. _
Corporate profits before tax
_ _
Corporate profits tax liability..
Corporate profits after tax
__
Inventory valuation adjustment
_
Net interest
Addendum: Compensation of general Government
employees
1.0
214.3
132.9
127.8
110.3
3.8
13.7
5.1
51.5
25.4
18.5
7.6
26.1
32.2
12.6
19.7
-6.1
3.8
4.3
4.2
16.4
16.3
62.7
45.8
6.1
28.0
11.8
7.1
3.2
1.6
1.5
4.8
— 8
-!4
2.0
7.7
4.4
.2
3.4
59.8
41.4
4.7
24.7
12.0
9.6
2.7
1.3
1.4
4.8
2.2
2.3
1.0
7.7
4.7
.3
3.3
240.9
244.3
8
8
-1.5
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product
... - _ _
Personal consumption expenditures
Durable goods
__.. ._
Nondurable goods
Services
Gross private domestic investment
New construction
Residential nonfarm
Other
Producers' durable equipment
Change in business inventories, total
Nonfarm only
Net foreign investment
Government purchases of goods and services
Federal
Less' Government sales
_
State and local
.,
See footnotes at end of table.
_
_ __
- - -
172.5
21.3
104.2
47.0
29.9
12.4
6.3
6.1
18.8
-1.3
.6
8.2
30.3
17.7
.8
13.3
173.2
20.7
104.3
48.2
36.0
13.1
6.6
6.5
18.8
4.1
4.8
4.2
31.0
19.0
1.3
13.3
May 1948
Table 2.—National Income and Product, Fourth Quarter 1947
and First Quarter 1948 x—Continued
[Billions of dollars]
Item
Unadjus ted
Seasonally
adjusted, at
annual rates
1947
1948
1947
1948
IV 2
I
IV 2
I
52.5
4.2
3.8
.4
48.3
45.8
2.4
51.6
9.2
8.6
.6
42.4
41.4
1.0
205.8
209.2
62.7
3.2
4.9
.1
.3
59.8
3.2
4.6
.1
3
()
240.9
244.3
-.1
54.1
-.1
(3)
—.2
214.3
-.4
(3)
6.6
1.2
.0
2.7
1.1
2.2
.1
52.5
(3)
1.4
.0
2.8
1.1
1.7
.1
51.6
26.1
5.2
.0
10.5
4.4
7.3
.5
DISPOSITION OF PERSONAL INCOME
Personal income
._ _ _
Less : Personal tax and nontax payments
Federal
State and local
Equals: Disposable personal income
Less: Personal consumption expenditures
Equals: Personal saving
RELATION
__ _-
22.1
20.2
1.9
183. 7
172.5
11.2
23.0
21.1
2.0
186.1
173.2
12.9
OF GROSS NATIONAL PRODUCT, NATIONAL
INCOME, AND PERSONAL INCOME
Gross national product
Less: Capital consumption allowances _ .
Indirect business tax and nontax liability
Business transfer payments
Statistical discrepancy
.
Plus: Subsidies less current surplus of government enterprises
Equals: National income
Less: Corporate profits and inventory valuation adjustment
--. - -_
Contributions for social insurance
Excess of wage accruals over disbursements
Plus: Government transfer payments
Net interest paid by government .. ._ _ . - _ .
Dividends
Business transfer payments
Equals: Personal income
12.7
19.1
.5
-5.9
205.8
12.7
18.7
.5
3
()
(3)
~o. *3
.0
10.9
4.5
7.5
.5
209.2
1
2
Detail will not necessarily add to totals because of rounding.
Data for the fourth quarter of 1947 are the same as those in the February issue of the
SURVEY with the exception that an actual estimate of fourth quarter corporate profits has
been substituted for the arbitrary figure previously aasumed. Revisions of the national
income and product estimates for 1947 to incorporate recent information will be made in the
July issue of the SURVEY. It should be noted that in the interim national product data w ill
not agree fully with revised information already published for certain components of national
product, notably new private construction and net foreign investment.
34 Not available.
Includes noncorporate inventory-valuation adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.
change. The drop in farm prices, the only development
significantly affecting incomes, was not fully reflected in
farm income for the first quarter, which includes the month
of January, when prices received by farmers were at an
all-time peak.
Developments in the major components of the product arid
income flow are reviewed briefly below.
1. Personal consumption expenditures were at an annual
rate of 173 billion dollars in the first quarter of 1948. As
already noted, the less than 1 billion increase from the
fourth quarter was the smallest since the end of the war
and reflected a small price increase rather than volume.
On an over-all basis, the high rate of consumer spending
characteristic of the postwar period was maintained, but
there was a noticeable easing of inflationary pressures.
2. Private domestic capital formation, which includes new
construction, the purchase of producers7 durable equipment,
and the net change in.business inventories, rose to 36 billion
dollars in the first quarter.
In spite of an unusually severe winter, private construction (both residential and nonresidential) continued to
advance on a seasonally adjusted basis. The heavy demand for auxiliary commercial construction created by the
high rate of residential building in the past 2 years and
deferred needs was clearly evident in nonresidential construction activity.
Purchases of producers' durable equipment likewise showed
little change from the quarters reviewed in previous issues
of the SURVEY. Expenditures for these items continued at
the extraordinarily high annual rate of 19 billion dollars to
which they had risen in the fourth quarter. Purchases of
equipment by certain industries—mainly, transportation and
public utilities—were still expanding. However, limitations
SURVEY OF CURRENT BUSINESS
May 1948
of productive capacity in certain lines, which are not likely
to be remedied in the short run, the gradual working down
of the backlog of most important requirements, and surveys
of actual business investment plans, all constituted evidence
that barring new factors the volume of such purchases was
at a maximum.
The significant developments in domestic investment
occurred in business inventories. As compared with a 1.3
billion dollar reduction in the fourth quarter of 1947, inventories were being added to at an annual rate of over 4 billion
in the first quarter. Part of the 5.4 billion change from the
fourth quarter—about 1 billion—reflected farm inventories,
and, owing to certain arbitrary conventions adopted in the
statistical measurement of the quarterly movement of this
item, must be discounted in an interpretation of the first
quarter economic situation.
The bulk of the increase, however, was due to a much
heavier accumulation of nonfarm business inventories. In
interpreting this increase, it should be noted that it was confined to trade and concentrated at the retail level. It coincided, moreover, with the flattening of retail sales and a
shift towards more cautious inventory-buying policies.
These circumstances suggest that at least part of the first
quarter inventory accumulation was due to a failure of sales
to measure up to business expectations. The enactment of
tax reduction and the Foreign Assistance Act and the prospect of increased defense expenditures, however, introduced
new concrete factors into the economic outlook which overshadowed the tendency for inventories to increase at a rate
higher than contemplated in the retail field.
3. Net foreign investment declined from an annual rate
of over 8 billion dollars in the fourth quarter of 1947 to just
above^ 4 billion in the first quarter of 1948. This sharp decline reflected primarily a contraction of commercial exports,
and to a lesser extent larger imports. The increasing drain
upon foreign gold and dollar resources was the major factor
in the fall in exports. These shortages began to be felt in
the second half of 1947 and found their expression in a
spreading of import restrictions by foreign countries. But
their effect on the actual level of exports was moderate in
1947. The first quarter contraction coincided with the expansion of direct foreign aid under the interim-aid program
reflected in Federal Government expenditures.
4. Government purchases of goods and services, including Federal as well as State and local governments, were at
an annual rate of 31 billion dollars in the first quarter.
State and local government purchases were stable. Virtually the entire increase was in Federal purchases. It reflected largely the flow of foreign aid, and followed a somewhat smaller increase from the third to the fourth quarter
of 1947, which was attributable to the same cause. It
should be noted that the full expansion in foreign aid exenditures is not visible in the total because of offsetting
quidation of Government inventories, including inventories of surplus goods. It is apparent that Federal purchases are on the upgrade, owing mainly to the impact of
the international situation.
g
5. Paralleling the flow of production, incomes also leveled
off in the first quarter. Total compensation of employees,
at an annual rate of 135 billion dollars, showed a quarterly
increase of less than 2 billion. The monthly movement of
pay rolls reflects more clearly the nature and extent of the
retardation. The distributive and service industries and
government changed little from the levels attained at the
end of 1947. Pay rolls in the commodity producing industries showed small declines from their December peaks.
A similar pattern was common to all the major divisions of
the commodity producing industries—manufacturing, mining, construction, and agriculture—although the timing and
extent of the movement differed among these groups. Fortuitous circumstances, such as fuel and material shortages
and labor disputes, contributed to the retardation in the
flow of labor income. But viewed in conjunction with
developments in the national product, it would appear that
the flattening out of general economic activity was a factor
also,
After reaching an all-time high in January, farm incomes
declined by about one-tenth, as a consequence of the February break in crop and livestock prices. Thus the full effect
of this price fall was not reflected in first quarter incomes,
which, compared with the last quarter of 1947, also tended
to be maintained by offsetting movements in farm inventories
to which reference has already been made.
No significant changes occurred in nonfarm entrepreneurial income, in rental and interest income, or in dividend
disbursements. Transfer payments also remained stable,
larger unemployment compensation payments and State
bonuses to veterans offsetting the decline in the cashing of
terminal leave bonds from the high levels that had obtained
in the second half of 1947.
Information on first quarter corporate profits is too limited
at present to permit an over-all estimate. Data now available for the fourth quarter of the past year confirm the
analysis of 1947 profits that was made in the February issue
of the SURVEY on the basis of information referring to the
first three quarters. They show, in addition, a substantial
spurt of profits in the final quarter, rounding out the picture
of intensified inflationary developments in the latter half of
1947.
6. Personal saving, at a seasonally adjusted annual rate
of 13 billion dollars, was a slightly larger percentage of disposable income than in the fourth quarter of 1947. It
should be noted that saving is estimated as a residual by
deducting taxes and consumption expenditures from personal
income, and that the seasonal pattern for these series is
difficult to compute, especially under present conditions.
Small imperfections in these calculations, as well as in other
aspects of the estimates, may have a disproportionate effect
on the amount and movement of personal saving. Accordingly, too much weight should not be attached to data for
a single quarter. For over a year there has been little
change in the savings ratio, indicating that the downward
trend in the ratio associated with the postwar shift to consumption has substantially ceased.
United States Balance of Payments with ERP Countries
Estimates for 1947 and the First Program Year
JjURING April the European recovery program became
a reality. The Economic Cooperation Administration was
established to administer the program and the first shipments financed under the Foreign Assistance Act of 1948
actually left the country soon after the Act was signed by
the President. About the middle of April a tentative pro
gram was published 1 showing for each of the ERP countries
estimated expenditures on goods and services to be obtained
in the Western Hemisphere during the first 15 months of
1
European Recovery Program, Proposed Distribution of Economic Cooperation Act
Financing by Country and Commodity; Estimated Balance of Payments on Current Account
of the Participating Countries, April 1, 1948-June 30, 1949; Estimated Commodity Imports
and Exports of the participating countries by Value and Quantity, April 1,1948-June 30,
1948 and July 1, 1948-June 30, 1949.
SURVEY OF CUERENT BUSINESS
6
the program and the extent to which these expenditures
might be expected to be financed through the countries7
own financial resources (including proceeds from current exports), through aid under the ERP program, and through
other means.
To permit a comparison of these data with the situation
prevailing in the recent past, an attempt has been made to
separate transactions with Western Europe from the overall statistics on the balance of payments of the United States
in 1947 (see table 3). At a later date an attempt will be
made to prepare further break-downs of the global data.
Table 3.—Financing United States Foreign Trade in 1947
[Millions of dollars]
Exports of goods and services
All
countries
ERP
countries
19, 603
7,236
Other
countries
[Millions of dollars]
Receipts:
Goods and services:
Goods
__
Income on investments
Travel....
Shipping
Miscellaneous services
Total goods and services
Payments:
Goods and services:
Goods
.
Income on investments
TraveL-..
Shipping
Miscellaneous services
Total goods and services
Excess of receipts
All
countries
ERP
countries
16 022
1,026
5,704
1 728
1 033
19, 603
7,236
6,047
777
132
95
366
325
143
57
278
299
549
_
. __
226
535
730
789
8,327
11, 296
1,695
5,541
Other
countries
10 318
882.
22]
695
250
12, 367
5 270
94
440
364
464
6, 632
5, 73 .1
Source: U. S. Department of Commerce, Office of Business Economics.
8,327
1,695
6,632
4,494
1,890
2,604
761
727
34
1, 753
4,017
968
3,676
785
341
695
638
414
46
281
592
-1,082
-2, 180
-f 1, 098
Source: U. S. Department of Commerce, Office of Business Economics.
Dollar Payments by ERP to Other Foreign Countries
Exceeded 2 Billions
Exports of goods and services from the United States to
the ERP countries exceeded our imports from these countries by about 5.5 billion dollars in 1947 (see table 4). Grants
and loans by the United States, dollar disbursements by the
International Bank, private aid and capital, and the liquidation of foreign gold and dollar assets amounted to 7.7
billion and thus exceeded the dollar requirements arising
from the transactions of the ERP countries with the United
States alone by about 2.2 billion dollars (see table 3).
Almost this entire excess of dollars utilized over net expenditures in the United States can be accounted for by
apparent net transfers by the United Kingdom of 2.1 billion
dollars to meet obligations in third countries (excluding
countries participating in the European Recovery Plan).
The distribution of such payments is shown in table 5.
On the basis of the data for the ERP countries as a whole,
it appears that very few of the dollars supplied to Western
Europe were hoarded or otherwise used in unrecorded
transactions. This, however, does not preclude the possibility of capital movements between ERP countries which
escaped official controls.
The countries not participating in the ERP program had
an import surplus with the United States in 1947 of 5.7
billion dollars which they partially financed through grants
and loans of 2.0 billions and through liquidation of approximately 2.6 billion dollars of their own gold and dollar balances. In addition, however, these countries appear to have
received from the ERP countries and the International Bank
and Monetary Fund about 2.2 billions. Total utilization of
dollar resources by these countries exceeded, therefore,
their apparent net expenditures for goods and services in
the United States by about 1.1 billion dollars (see table 3).
This amount corresponds to "errors and omissions" for the
balance of payments of the United States, as shown in the
March SURVEY (pp. 17-23).
Table 4.—Merchandise and Service Transactions of the United
States in 1947, European Recovery Program and "Other"
Countries
12, 367
MEANS OF FINANCING
Foreign resources:
U S. imports of goods and services
Liquidation of gold and dollar assets by foreign
countries
Dollar disbursements by the Monetary Fund and
International Bank.
_
_
United States Government:
Grants (net)
Loans
United States private sources:
Remittances (net)
• - Loans and investments (net)
Dollars transferred by ERP countries and unidentified transactions
_
May 1948
Table 5.—Transfers of Dollars by the United Kingdom to Third
Countries During 1947
Billions of dollars
United Kingdom deficit with dollar area
Less: Deficit with the United States
2.5
1.3
Equals: United Kingdon deficit with dollar area excludimg the
United States
_
_
_ _
Less: Utilization of Canadian credit and gold sales to Canada
1.2
.5
Equals: Transfers of U. S. dollars by United Kingdom to meet
U K deficit with dollar area except United States __ _ __
Other sterling area deficit with dollar area
Sterling area net dollar payments to non-dollar-area countries
0.7
1.1
.6
Total U. K. utilization of United States dollars outside the United
States
.
Less' Dollars transferred to other ERP countries
2.4
.3
Equals: Net transfers of dollars by United Kingdon to non-ERP
countries excluding the United States
2.1
Source: Based on published data of the British and Canadian Governments and estimates
of the U. S. Department of Commerce, Office of Business Economics.
International Flow of Dollars Reversed
During the interwar period also, Europe customarily had
a net import surplus in its current balance of payments with
the United States, although of much smaller magnitude than
in 1947. In 1938 U. S. merchandise exports to all European
countries amounted to 1.3 billion dollars and U. S. imports
from Europe to 600 million. On service transactions, including income on investments and remittances, we paid
Europe approximately 300 million net. European countries
financed the deficit with the United States of about 400
million dollars by an equal amount of dollars received from
the "other" countries. Thus, before the war there was a net
flow of dollars from the United States to non-European
countries, from these countries to Europe, and from Europe
back to us.
Since the war, however, the whole world—with few exceptions—has been running a heavy balance-of-pa3onents
deficit with the United States, while Western Europe has
had a deficit not only with the United States but with the
world as a whole. The prewar system of multilateral trade
has not yet reappeared and Europe has not been able to
recover its positive balance of payments with the "other"
countries.
Several circumstances may account for the reduced ability
of European countries to obtain dollars from the "other"
countries:
(1) The inability of Asia (which includes many European
dependencies and dominions) to earn dollars by reestablishing its prewar export surplus with the United States
May 1948
SURVEY OF CURRENT BUSINESS
(2) Even if Asia and the other non-European countries as
a group had continued as before the war to have a dollar
surplus from their transactions with the United States,
European countries would not ha\ e been able to secure these
dollars because of (a) their reduced export capacity, and (b)
their reduced net receipts on investment income and service
accounts.
Exports to ERP Countries Not Likely to Rise over 1947
The situation in the international flow of dollars in the
first ERP year should not be basically different from 1947.
Table 6.—United States Transactions With European Recovery
Program Countries in 1947 and Projections for the Year Ending
March 31, 1949
[Billions of dollars]
1947
1.
2.
3.
4.
5.
6.
7.
8.
9.
Means of Financing provided by the United States and International Institutions:
U. S. Government aid:
ERP . _ ._
_.
Other
U. S. private capital, net, excluding amortization
_
Total means of financing provided by the United States
(1+2+3)
_
.
_
Dollars provided by the International Bank and Monetary
Fund
_ __
.
Total dollars provided by the United States and international institutions (4+5)
Dollars required to meet deficit 3 with the United States
Dollars available from United States and international sources to
meet deficit in other countries (6— 7)
Utilization of ERP countries' own gold 6 and dollar assets
Year
ending
March 31,
1949
M.7
.1
14.5
1.2
.1
4.8
5.8
.7
.1
5.5
5.2
5.9
*4.2
.3
1.9
51.7
1
Amount authorized of 5.3 billions less administrative costs and obligations for future
delivery.
2
Net grants and loans excluding the Greek-Turkish program and unilateral receipts from
occupied
countries.
3
Deficit on current account including transactions in goods and services, remittances, and
amortization on long-term loans, but excluding shipments under the Greek-Turkish Program.
Because of these adjustments which were necessary to make the 1947 data comparable with
the projected deficit on current account, these figures are different from the export surplus in
goods
and services only as shown in tables 3 and 4.
4
Data in the published projections were adjusted to insure comparability with 1947 balanceof payments estimates. The projected export surplus applies only to the transactions of the
United States with the ERP countries excluding their dependencies. Oil sales from Western
Hemisphere sources outside the United States were excluded from United States exports.
Both
merchandise exports and import projectfons were adjusted to current prices.
5
Including 0.2 billion representing the deficit of Western Germany with nonparticipating
countries outside the Western Hemisphere.
e Does not include gold sales outside the United States (see table 3).
Sources: Estimates for 1947, U. S. Department of Commerce, Office of Business Economics.
Projections based on data from "European Recovery Program," released by the Economic
Cooperation Administration, April 8,1948.
As shown in table 6, Government aid under the ERP authorizations and other grants and loans—including civilian supplies for Western Germany and the unexpended funds of the
interim-aid program—would be about 1 billion higher than
in 1947. The expected decline of dollars made available by
the International Monetary Fund and the International Bank
will, however, offset a large portion of this increase.
The deficit of the ERP countries with the United States
is assumed to decline, largely because of the disappearance
of surplus and military sales—including surplus ships—
which in 1947 amounted to nearly 500 million dollars, and
because of an expected increase in U. S. imports of about
300 million. The ERP deficit with the United States on
service transactions and private remittances is also expected to be about 200 million dollars smaller. Exports
from the United States are expected to be approximately
equal to those in 1947.
Dollar Stringency in Other Countries to Continue
Under these assumptions ERP countries will have 1.7
billions to pay for supplies obtained outside the United
States, principally in the Western Hemisphere. While
this amount is larger than the dollars available in 1947 from
grants and loans by the United States and international
institutions for payments in other countries, it cannot be
expected that the ERP countries can continue to supplement
these funds from their own reserves to any sizable degree as
they did last year (see table 6, line 9).
Other foreign countries, therefore, may not be able to
receive more dollars from the ERP countries than in 1947.
Because of the considerable decline of their gold and dollar
reserves during the past year, the "other" countries also
will have to meet an increasing share of their dollar expenditures from current dollar receipts. This will presumably
involve a reduction of U. S. exports to those areas, even
though certain grants and loans may increase. In fact, it
has been proposed to increase the lending power of the Export-Import Bank by 500 million dollars and the International Bank has under consideration several loans to Latin
America. Only a relatively small part of these financial
resources could be counted on to become available and to
be used within the year ending March 31, 1949.
Business Sales Anticipations for the Year 1948
MANUFACTURERS anticipated ar? increase of 5 percent
in their 1948 sales as compared with 1947, according to
reports made during the first quarter of this year by more
than one thousand companies representing all areas of manufacturing industry.2 For the most part, the manufacturers' sales estimates for 1948 were made early in the first
quarter. The estimates thus give an indication of business
attitudes toward prospective sales as projected from the
conditions prevailing at the beginning of the year. Presumably any revisions of these figures currently would be
in an upward direction in view of the reaction of business
expectations to the enlargement in Government expenditure
programs that came concurrently with tax reduction.
Assuming that the anticipations of a 5-percent rise in
dollar volume for 1948 were based upon the prices at the
turn of the year, there would be no increase from 1947 to
1948 in physical volume implied by these figures and possibly
a slight drop. Manufacturers' sales expectations for 1948,
2
Data on sales anticipations and plant and equipment expenditure programs for 1948 were
collected jointly by the Office of Business Economics and the Securities and Exchange Commission. Plant and equipment estimates were presented in the April SURVEY. The sample
reporting sales was about one-half the companies reporting capital outlays.
however, may have been influenced by limits of productive
capacity and the prospect for continued restriction of
supplies of raw materials as w^ell as by reservations concerning
the future strength of consumer demand. Moreover,
developments since early this year, when manufacturers'
reports of 1948 sales anticipations were made, indicate a
strengthening of the demand picture.3
Durable goods manufacturing industries anticipated an
increase in sales of 7 percent in 1948, while a smaller gain
of 4 percent was the outlook presented by nondurable goods
industries at the opening of this year. The dollar volume
of sales of durable goods manufacturers last year was up
37 percent from 1946, with sales in the nondurable sector
increasing 24 percent. Price rises were an important factor
in last year's record sales volume, but the increases also
reflected the reconversion of manufacturing industry to new
high levels of peacetime production.
Anticipated changes in 1948 sales did not show wide
3 It may be noted that manufacturers' sales in the first quarter of 1948 were about 9 percent
above the average for 1947, according to estimates presented in the Industry Survey of the
Office of Business Economics. Manufacturers' sales were particularly strong in March,
after a moderate dip in the first 2 months of the year.
SURVEY OF CURRENT BUSINESS
8
variation among individual industries from the average for
all manufacturing. Within the durable group, the transportation equipment industry (including automobiles) expected the largest gain in 1948 sales, whereas furniture
manufacturers at the other extreme expected a minor decline
in sales. Among nondurables, the chemical and petroleum
manufacturing group looked forward to the largest sales
gain in ^1948, while food manufacturers anticipated the
smallest increase.
As shown by the accompanying table, there is a relationship between the size of company and the magnitude of sales
increase anticipated for 1948. In both durable and nondurable lines the largest companies expected the greatest
sales gains in 1948 over 1947. The medium and small
companies anticipated smaller increases. This relationship
between size of company and anticipated sales increase
characterized most of the individual industries comprising
the durable and nondurable groups.
Table 7.—Manufacturers' 1948 Anticipated Sales as Percent of 1947
Actual Sales, by Major Industry and Asset Size Group
Size group (total assets in millions
of dollars)
Industry
Under 1
Durable goods
Nondurable goods . _ _ _
_.
101
100
1 to 4.9
102
101
5 and over
108
105
May 1948
The negligible sales increase in 1948 anticipated by the
smaller companies is perhaps in some measure a reflection
of differences in estimating techniques. Larger companies
tend to make use of methods giving fairly careful and more
consistent budget estimates. Estimates of smaller companies were probably based in many cases on the general
assumption that sales dollar volume during 1948 would not
be significantly changed from 1947. In this connection it
may be noted that, while the data on anticipated plant and
equipment expenditures available for large manufacturing
companies indicate a continuation during 1948 of outlays
for new capital at about the same level as last year, the
medium- and smaller-sized units anticipate a moderate increase in their aggregate capital outlays during 1948.
For the nonmanufacturing sectors of American business,
data on the 1948 sales outlook as viewed by business at the
opening of the year are less satisfactory than for manufacturing. In the general area comprising the publicservice enterprises, including the railroads, electric and gas
utilities, and the communication industry, anticipated increases in 1948 sales, or revenues, appear to average between
12 and 15 percent, or considerably more than the 5-percent
increase estimated for manufacturing. In appraising the
larger gains estimated for the public service enterprises,
it is significant that they have requested increases in rates
to consumers and are also expanding facilities as rapidly as
possible in response to extraordinary demands for service
Revised Indexes of Manufacturers9 Sales and Inventories, 1939-47
A. CHANGE in the coverage of the manufacturing sector
of business, in order to conform with that used in the estimates of National Income and Product, has led to a revision
of the indexes of manufacturers7 sales and inventories which
appear each month on page S-3 of the SURVEY. New series
showing sales of all manufacturers and sales and inventory
book values for the durable and nondurable goods industries
are being added. Greater industry detail is given, and
improvements both in the sample used for the estimates and
in the methods of estimation are being incorporated.
Tables 8 and 9 show the new estimates and indexes
annually, 1939-47, and monthly, 1946-47. Current figures
are shown on page S-3. Monthly data from 1939-45 will
appear in a subsequent issue of the SURVEY.
The monthly indexes of sales are adjusted, as before, for
the number of working days each month. It is planned to
compute a seasonal adjustment for both sales and inventories,
and a revised new orders index will also be computed at a
later date.
Basis of Revision
The revised indexes use weights based on the 1939 data of
the Bureau of Internal Revenue as published in Statistics of
Income, with an adjustment for unincorporated manufacturing concerns. The old weights were derived from the enumeration of manufacturing establishments by the Bureau of
the Census, published in the Census of Manufactures, 1939.
This change has the effect of raising the dollar values of both
sales and inventories.
The increase in the level of sales which derives from a
change to the Statistics of Income base is due primarily to
the fact that sales and receipts involved in any activity of
a manufacturing corporation are reported. In the Census of
Manufactures tabulation, however, only establishments
actually engaged in manufacturing were included. Transfers between plants of the same company are counted as
sales in the estimates based on the census data, whereas
Table 8.—Manufacturers' Sales and Inventories, 1939-47
[Millions of dollars]
Sales
Total
manufacturing
Year and month
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1946:
January
February
March
April
May .
June
July
August
September
October
November
December
1947:
January
February
March
April
- ---
_
_ _ _ _ _ _ _
__
_ __.
__
___
May
June
_
July
August
_
September
October
November
December
1
-
_
_.
__ _
Book value of inventories 1
Total
durable
goods
Total
nondurable
goods
61, 340
70, 313
98, 069
124,150
151,233
160, 826
148, 456
144, 246
185, 652
22,454
28, 736
44,307
59, 113
77, 720
81, 866
69, 147
54, 220
74, 370
38, 886
41, 577
53, 762
65, 037
73, 513
78, 960
79, 309
90,026
111, 382
10, 803
11,516
12, 873
17, 024
19, 221
19, 897
19, 122
17, 924
23,432
28, 016
4,864
5, 172
6,127
8,352
10, 073
10, 729
9,907
8,337
11,130
13, 331
5, 939
6, 344
6, 746
8, (572
9, 148
9,:i68
9, 215
9, .587
12, 302
14,085
9,790
9,096
10, 712
11,298
11,313
11, 132
11, 565
12, 914
13, 055
14, 256
14, 481
14,634
3,434
2,872
3,866
4,302
4,304
4,318
4,587
5,022
4,884
5,607
5, 438
5,586
6,356
6,224
6,846
6,996
7,009
6,814
6,987
7,892
8,171
8,649
9,043
9,048
18, 168
18, 460
18, 773
18, 918
19, 177
19, 468
20, 446
20,994
21,500
22, 480
23, 013
23, 432
8,386
8,476
8,782
8,959
9,185
9,456
9,774
10,007
10, 334
10, 582
10, 850
11, 130
9,782
9,984
9,991
9,959
9,992
10, 012
10, 672
10, 987
11,166
11, 898
12,163
12, 302
14, 454
14, 177
15,548
15, 152
14, 813
14, 817
14,099
14, 996
16, 308
17, 779
16, 271
17, 238
5,714
5,643
6,217
6,341
6,158
6,131
5,546
5,859
6,395
7,027
6,350
6,989
8,740
8,534
9,331
8,811
8,655
8,686
8,553
9,137
9,913
10, 752
9,921
10, 249
24, 211
24, 826
25, 392
25, 847
26, 435
26, 475
26,842
27, 048
27, 053
27, 395
27, 625
28, 016
11, 408
11, 814
12, 191
12,443
12, 724
12, 829
13,011
13, 128
13, 129
13, 220
13, 224
13, 331
12,803
13, 012
13, 201
13,404
13,711
13,646
13, 831
13, 920
13, 924
14,175
14, 401
14,685
Total
manufacturing
Total
durable
goods
Total
nondurable
goods
Data as of end of period.
Source: U. S. Department of Commerce, Office of Business Economics.
they are excluded in the revised estimates, and this partly
offsets the increase which results from the wider coverage
on the new basis.
Inventory valuations are also higher after the revision,
SUEVEY OF CURRENT BUSINESS
May 1948
Table 9.—Indexes of Manufacturers' Sales and Inventories, 1939-47
Average month 1939=100
Year and month
Total manufacturing
Durable goods
0.
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03
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X3
T3
.2
2
im
it
^
«f
T3
03
O
|&
11
-g."
1
I
1
Ji
3
1
1
o>
"3
1
_o
3
03
ID
3
O
fl
1
>
B
33
0> ®
100
108
133
158
193
224
260
284
327
270
277
250
234
232
258
277
255
331
309
316
319
306
300
281
275
258
292
281
296
356
397
416
373
100
109
156
199
213
204
204
257
295
197
213
231
236
251
263
210
234
278
301
300
305
279
293
290
277
255
279
235
275
312
319
319
327
100
104
143
173
173
178
181
209
271
158
204
189
196
203
183
158
213
241
181
248
277
267
255
266
251
257
222
245
277
288
306
251
286
100
116
159
164
186
198
203
243
317
149
166
177
228
234
232
214
232
249
252
276
279
292
310
303
317
312
315
288
295
312
331
328
312
100
107
116
120
140
157
173
213
259
219
230
177
207
190
200
187
196
253
249
275
261
198
222
234
232
224
242
218
251
289
291
344
300
100
112
151
168
200
228
229
248
319
163
168
235
238
237
227
220
231
247
250
279
288
301
318
317
322
305
304
280
287
329
336
328
312
100
108
157
175
270
310
313
305
329
211
214
223
291
297
302
278
292
321
344
324
363
301
326
332
320
309
322
298
312
346
348
354
307
100
105
126
141
161
186
189
189
260
255
252
160
167
176
182
187
188
201
193
209
223
211
219
223
233
242
254
258
257
269
267
302
318
100
107
119
136
159
162
169
206
222
170
173
175
197
212
193
214
202
229
229
206
216
192
199
197
200
222
237
223
213
239
223
226
232
100
105
143
178
208
218
200
232
289
158
181
235
222
225
234
182
221
273
257
291
252
221
260
283
269
269
257
221
284
336
341
352
305
:
£
£la
I
0
X5
«
1
I
O
SALES
Monthly average:
1939
.
1940
- - _ - - 1941
1942
_ _1943
1944
1945
1946
1947
1946* January
February
_ _ _
March
April
May
June
_
July
August
September
October
November
_
_ . __ December
1947: January
_ _ February
March
April
May
-_
-June
July ..
August
September
October
November
December
100
115
160
202
247
262
242
235
303
185
185
202
212
212
218
217
234
266
258
283
286
272
289
292
285
279
290
265
282
319
322
331
324
100
128
197
263
346
365
308
241
331
177
160
199
221
221
231
236
248
272
278
291
299
293
315
319
326
316
338
285
301
342
348
353
360
100
126
196
239
274
289
271
242
312
193
126
226
252
236
249
258
243
255
260
270
261
282
286
299
305
298
306
267
296
321
330
335
331
100
123
178
194
262
271
250
276
393
202
202
214
217
228
246
237
293
311
333
372
380
372
395
414
399
369
376
310
327
392
386
442
423
100
133
203
240
300
369
328
252
393
153
173
181
202
214
254
236
261
302
302
319
368
329
369
375
362
359
394
331
349
410
421
444
470
100
132
207
288
339
349
311
250
328
202
195
204
221
231
238
235
245
269
279
292
318
289
327
324
336
330
339
278
295
324
329
325
347
100
131
183
221
379
420
319
229
372
122
113
144
191
196
193
239
260
297
298
317
319
304
346
350
362
338
364
345
326
399
410
401
424
100
182
452
1,172
1,832
1,810
1,266
351
467
300
290
302
322
354
331
313
331
397
380
378
432
422
427
436
454
467
508
390
406
483
489
486
514
100
113
146
154
158
166
167
194
253
16)1
163
168
175
170
176
169
201
214
231
235
226
246
256
242
245
234
203
212
247
281
274
267
270
100
113
153
154
157
152
155
205
236
145
156
178
199
191
195
195
216
232
226
244
235
204
205
216
237
228
244
223
226
249
255
250
236
100
118
181
213
262
272
222
219
276
160
181
202
207
204
216
206
223
238
245
241
245
262
271
263
278
281
274
230
262
274
279
293
277
100
107
138
167
189
203
204
232
286
188
200
203
208
208
210
208
226
263
247
279
279
260
274
277
262
257
268
254
271
306
307
319
304
100
105
134
178
191
202
197
228
281
188
197
183
187
177
177
210
237
282
238
304
300
277
290
289
241
238
259
259
264
301
290
303
285
INVENTORIES
End of year:
1938
101
1939
107
1940
120
1941
158
1942
179
1943
185
1944
178
1945
167
1946
218
1947
261
End of month:
1946' January
169
February ._
172
March
175
April
176
May
179
June
181
July
190
August
._. 195
September
200
October
209
November .__
. _. 214
December
__
218
225
1947: January
-February
231
March
236
241
April
- _ --.
May
246
246
June
July
250
August
252
September
252
October
255
November
-__ 257
December
261
101
107
127
173
209
223
205
173
231
277
103
107
120
135
152
149
141
145
172
204
95
98
106
124
129
158
146
160
229
251
103
110
136
220
273
292
280
223
313
370
101
108
128
182
222
209
207
189
241
285
104
81
122 135
145 269
215 550
279 885
331 1,122
326 894
256 382
366 523
447 623
99
103
114
135
125
112
72
113
179
228
100
104
113
124
121
120
114
110
135
170
107
92
96
127
131
128
128
107
1*
222
100
107
114
146
154
155
156
162
208
248
106
113
115
155
162
174
166
164
212
250
99
102
112
135
147
160
173
193
283
335
99
109
118
146
157
141
142
152
199
224
100
108
109
139
137
120
121
132
168
223
101
109
122
147
153
138
135
154
194
268
102
109
114
141
145
151
154
165
267
361
99
107
115
161
166
181
182
183
226
271
100
108
127
147
174
175
172
166
209
257
100
103
109
129
126
118
127
128
150
178
100
104
108
124
144
154
167
208
229
233
92
105
113
172
187
177
167
149
223
293
174
176
182
186
191
196
203
208
214
219
225
231
237
245
253
258
264
266
270
272
272
274
274
277
144
146
150
150
152
156
162
163
167
170
170
172
170
178
181
185
189
192
197
199
200
201
203
204
162
165
171
177
185
189
199
206
212
217
222
229
245
249
254
254
255
253
258
262
259
259
249
251
224
231
240
251
261
267
273
279
286
294
306
313
322
333
347
359
372
374
376
375
374
375
373
370
193
193
200
204
207
211
215
221
229
235
240
241
248
252
258
264
268
271
275
276
277
280
282
285
258
265
277
294
298
308
322
333
343
354
354
366
378
395
411
415
431
443
444
452
451
449
449
447
378
375
402
397
411
428
440
457
474
496
514
523
542
573
596
607
629
630
630
644
634
637
621
623
118
120
125
128
135
140
149
152
158
161
166
179
179
184
192
201
204
203
205
203
201
209
207
228
110
110
109
104
103
103
106
106
118
115
127
135
143
152
157
156
160
161
161
161
157
162
168
170
107
104
106
110
119
128
132
135
140
140
156
171
177
182
192
198
198
195
204
206
210
213
219
222
165
169
169
168
169
169
180
186
189
201
205
208
216
220
223
226
232
230
234
235
235
239
243
248
158 199
152 203
145 199
135 199
129 199
130 200
162 232
165 256
168 260
206 275
218 275
212 283
220 293
211 295
207 302
192 304
200 * 332
194 334
208 316
213 327
220 338
238 345
244 336
250 335
160
168
175
183
187
182
190
194
196
199
200
199
205
212
219
225
225
221
223
223
220
218
226
224
135
141
141
143
144
139
150
143
137
144
157
168
164
187
192
196
201
208
213
207
198
195
209
223
155
160
163
162
161
167
175
185
191
195
194
194
197
203
209
213
219
229
241
253
260
262
265
268
1/3
184
198
204
227
229
230
254
253
255
253
267
276
292
305
335
358
366
373
370
368
367
355
361
185
188
191
192
192
194
198
198
202
206
212
226
240
247
252
263
269
265
262
261
256
253
259
271
171
177
183
190
188
185
187
191
197
204
207
209
229
241
253
270
279
277
268
258
246
247
242
257
129
130
132
130
132
134
136
141
145
148
149
150
150
149
154
157
160
162
164
169
171
174
176
178
218
220
217
210
208
204
203
210
214
224
230
229
237
237
233
227
219
216
211
212
216
225
229
233
165
177
175
177
184
187
199
205
205
219
221
224
249
262
264
289
289
293
301
297
288
288
290
293
Source: U. S. Department of Commerce, Office of Business Economics.
since the census listed only those inventories physically
located in the manufacturing establishments covered, and
consequently made no allowance for such items as goods
in transit or in warehouses, inventories of manufacturers'
sales branches, and the like.
Since the end product of one manufacturer may be sold
to another producer, to be used as the material for further
fabrication, the aggregate value of sales is duplicative, and
accordingly is much greater than the value added in manufacturing. The exclusion of intracompany transfers from
786405°—48
2
the new sales estimates has eliminated only a relatively
small part of such duplication. However, the estimates of
the book values of inventories are not influenced by double
counting.
The change to a new base carries with it some practical
advantages. On a Statistics of Income basis, corporate sales
and inventories are subject to annual verification, and consequently small errors cannot produce a cumulative effect
over time of serious magnitude; on the old basis, no depend(Continued on p. 23)
By Melville J. Ulmer
Industrial Patterns of the
Business Population
i
N previous analyses of the business population, evidence
was presented which suggests that the sharp rise in the
number of firms in operation—from about 3,000,000 in
June 1945 to more than 3,800,000 in December 1947—
brought the business population approximately in line with
the current high level of general business activity.1 This
article focuses attention upon changes in the industrial
patterns which accompany alterations in the aggregate
business population, since not all sectors have participated
in the same way in the sharp decline which occurred during
the war and the even sharper increase which followed in the
years since VJ-day. Differences relate, in the more recent
period, not only to the particular characteristics of postwar
demand but also to the distinctive behavior of demand and
of the competitive situations typical of the various segments.
For the operations of the individual businessman and
also for an understanding of the functioning of the economy
as a whole, these industry-to-industry differences in the
sensitivity of the business population to changes in the level
of business activity are of some importance. The response
of an industry to an increase in demand at any time depends,
in the first instance, upon the ease with which established
firms can expand output and, second, upon how fast new
firms can enter the industry.
For an industry in which the sensitivity of the business
population to the level of business activity is high, it may
be concluded that either demand for the industry's product
is exceptionally volatile or the ease of movement of firms
in and out of the industry is exceptionally great. It may
also be concluded that the average age of business concerns
in such industries is low and that—other things being equal—
the establishment of a new enterprise is fraught with greater
risk.
Chart 1.—Comparison of Business and Human
Population Trends
BUSINESS POPULATION
TREND LINE U*
1
ACTUAL &
9
(947 PRELIMINARY ESTOIATS.
HUMAN POPULATION
ACTUAL S/
TREND LINE U
£ 100
&
90
o
80
2
70
®/94? PRELIMINARY ESTIMATE.
1900
1910
1920
1950
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Long-Term Trends
Before observing behavior in particular industries, however, attention may be directed to a review of the principal
factors determining the over-all level of the business population, for it is from this perspective that differences among
industries are most profitably appraised. Over the long
term, among the more important of these factors is the growth
of the human population. The similarity in trends between
1900 and 1947 in the total number of firms in operation and
the total number of persons in the United States is depicted
in chart 1.
The general patterns of growth as defined by the trend
lines shown in the chart are identical in form for the two
series, implying a rising rate of increase in the earlier years
and a declining rate of increase in the later years—a condition
i See "The Business Population," SURVEY OF CURRENT BUSINESS, February 1948, and
"The Postwar Business Population," SURVEY or CURRENT BUSINESS, January 1947.
NOTE: Mr. Ulmer is a member of the Business Structure Division, Office of Business
Economics,
10
48-146
1 Trend line for business population was fitted to data for selected years, 1900-47; trend line
for2 human population was fitted to data for all years, 1790-1947. See the text for formulas.
Data for business population are 10-year averages, except for 1947, which is the average
for that year; data for human population are the enumerated census years.
Sources of data: Business population, 1929-47, U. S. Department of Commerce, Office of
Business Economics; prior to 1929 basic data from Dun and Bradstreet, Inc., were adjusted
to the level of the Department of Commerce series. See appendix for details. Data for
human population, U. S. Department of Commerce, Bureau of the Census.
typical of population growth phenomena of many types.2
Moreover, the point marking this change from a rising to a
declining rate of increase occurs at nearly the same time in
both series—in 1912 in the human population, and in 1914
in the business population.
2 The formulas for these trend lines are as follows:
188
Human population (in millions) —^ , e 375_ 0317(» and
Business population (in millions) =1 ,
gj5 ' 77 _ >0425( »
where £=time in years with origin at 1900.
For an extensive account of the use of this curve type—the "logistic"—in the analysis of
the human population, see Raymond Pearl, Studies in Human Biology, 1924. For the use
of the curve to describe the growth of a variety of economic series, see S. S. Kuznets, Secular
Movements in Production and Prices, 1930.
May 1948
SUKVEY OF CURRENT BUSINESS
Rates of Change Compared
Throughout the nearly five decades of experience depicted
in the chart, the long-term rates of increase prevailing at
any given time in number of firms and in number of persons
have been about the same, though with a slight but significant
difference. As the slopes of the curves suggest, the relative
rise in the business population has been regularly somewhat
higher. In 1900, there were approximately 21 firms for each
1,000 persons in the United States, while in 1947 the number
of firms per 1,000 persons reached 26, reflecting the play of
certain other factors upon the business population in the
long term—especially the increasing industrialization of the
economy. The growth of industrialization, of course, was
also expressed in the greater size and technological complexity
of the average business unit.
Over the entire span of the series, as shown in the chart,
the secular trend in the human population changed from an
annual increase of 1.8 percent in the early part of the century
to an annual increase of 0.8 percent currently. For the
business population the corresponding rates were 2.6 percent
per year in the years 1900-05 and about 0.9 percent currently.
Cyclical Fluctuations
One important difference in the behavior of the two series
not fully apparent in the chart may be noted. If annual
data instead of decennial data had been plotted for the
human population the appearance of chart 1 would have
been altered only slightly, for all observations would have
fallen upon or very close to the line which measures the
long-term trend. For the business population a different
situation prevails.
Year-to-year fluctuations in the number of firms—as
opposed to the long-term trend—are determined primarily
by year-to-year changes in business conditions. Accordingly,
if annual observations were substituted for the 10-year
averages plotted in chart 1, considerable cyclical fluctuation
about the secular trend of the business population would
be apparent. It may be noted, however, that the only
substantial deviation from trend which appears in the chart—
the negative departure in 1940—is not primarily the result
of an ordinary cyclical fluctuation. This observation represents a 10-year average centered at 1940, and therefore
includes some years of fairly poor business conditions in the
thirties coupled with war years during which the business
population, because of special
conditions considered elsewhere, was abnormally low.3
Cyclical Sensitivity Among Industries
The nature of cyclical fluctuations in the business population is evident in chart 2, which shows the number of firms
in operation each year from 1929 through 1947. Also shown
is an hypothetical measure of the business population calculated on the basis of the average prewar (1929-40) relationship between the number of firms in operation and the general
level of business activity—a relationship which has been
analyzed extensively in the articles cited above.
To obtain a measure of the differences in sensitivity among
the various industry groups, relationships were derived between the changes in number of firms in operation in each
industrial segment and corresponding changes in the grand
total number of firms in all industries during the years
1929-41. The measures of sensitivity obtained are given in
column 1 of table 1. Individual industries included in the
analysis were all those for which annual data are available
back to 1929.
s For a full discussion of the factors underlying the wartime decline in the business population, see The Postwar Business Population, op. cit.
11
Chart 2.—Total Number of Firms in Operation
MILLIONS OF FIRMS
4.0
ANNUAL AVERAGE
MILLIONS OF FIRMS
4,0
END OF QUARTER
...»•••«..••*
3.5
3.5
3.0
3.0
2.5
1929 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
i
I I
1946
I I I
I947S/
2.5
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
* Calculated from a linear least squares regression equation for the years 1929-40, F=23.28
-f-O.llSz+O.GSt, where F=number of firms (hundreds of thousands); X=gross national product, excluding Government, agriculture, and professional and other services excluding
from the business population (billions of 1939 dollars); and £=time in 6-month intervals centered at December 31,1934.
2 Data for the fourth quarter of 1947 are preliminary.
Source of data: U. S. Department of Commerce, Office of Business Economics.
The measures of sensitivity given in table 1 indicate the
percentage change in number of firms in operation in each
industry group which was associated on the average with a
10-percent change in the total number of firms in all industries.4 Thus, it is apparent that by far the most sensitive
of all major industrial segments is manufacturing, for a 10percent change in the total business population was associated with a 31-percent change in the number of manufacturing concerns. At the other end of the scale are retail
trade, finance, and the service industries. In retail trade
only an 8-percent change in number of firms accompanied a
10-percent change in the total business population, and in
the services the corresponding figure was 4 percent.
These data suggest a situation which agrees with basic
economic considerations, even though it conflicts with .conclusions which might be drawn from superficial observation.
Though of preponderant importance from the standpoint of
its output, the giant manufacturing corporation—with a life
transcending those of the individuals who at any time may
control it or share in its ownership—is clearly an exception
among the many thousands of manufacturing concerns which
arise and die in conformity with the frequent twists of the
business cycle.
Manufacturing and Retailing Contrasted
The greater sensitivity of the business population in manufacturing as compared with retail trade may, in fact, be
explained primarily in terms of two factors: (1) On the
whole, demand fluctuates more widely in manufacturing
industries. The sales of the average firm in manufacturing
are much less diversified than the sales of the average firm
in retail trade. Moreover, for the production of many industrial commodities such as machinery, other business equip* These measures of sensitivity, of course, relate to short-term—i. e., cyclical—reactions
considered apart from the influence of long-term trend, which to some extent differs for the
various industry groups. Since the short-term influence of the trend factor is in no case of
appreciable current importance when compared with sensitivity, specific discussion of secular
trends by industry has been omitted. Formulas giving the full relationship between number
of firms in individual industries and the total business population, including provision for
the trend factor where required, are listed in the appendix to this article.
12
SURVEY OF CURRENT BUSINESS
Table 1.—Indexes of Sensitivity and Number of Firms in Operation
Indexes of
sensitivity!
Industry
Major industry groups:
Manufacturing
Contract construction
Wholesale trade
. -- -Retail trade
Finance, insurance, and real estate.
Service industries
Manufacturing industries:
Lumber and lumber products
Stone, clay, and erlass products ... . Metals and metal products
Printing and publishing
Food and kindred products
Textiles and textile products _ Leather and leather products
Chemicals and allied products 3
Paper and allied products
Number of firms in operation
(thousands)
December 1947
Percent
change in
group assoSep- Decemciated with tember
ber
10 percent
1943 Actual 2 Calcuchange in to- 1941
lated i
tal business
population
31
19
10
8
8
4
226
244
146
1,621
285
644
228
147
114
1,318
268
548
319
284
182
1,766
304
733
319
249
180
1,859
293
682
57
45
28
26
25
24
24
21
13
36
6
28
38
56
24
3
9
2
41
8
30
39
52
23
3
8
2
65
15
50
42
57
40
5
10
3
68
10
38
51
76
31
4
10
3
1
Based on the linear least squares regression of the logarithms of the number of firms in
operation in each group and the total business population and time for the years 1929-41.
In the case of wholesale trade, service industries, food and kindred products, textiles and textile products, and chemicals and allied products, the year 1941 was omitted from the relationship.
2 Preliminary.
3
Includes products of petroleum and coal.
Source: U. S. Department of Commerce, Office of Business Economics.
ment, or the materials used for construction, demand in a
depression year may undergo an extreme contraction. (2)
The very presence in the manufacturing industries of a
number of firms of widely diverse size operating in the same
market increases the average volatility of the business population in these segments, for in good years many thousands
of small manufacturers are required to supplement the capacity output of the large ones, while in poor years, when demand
can no longer support the operations of all, the small producer
frequently is unable to weather the storm.
Hence, in retail trade, where neither of these two factors
impinges so heavily, there is a considerably higher degree of
stability in the business population—a relative stability
which is not belied by the fact that almost all closures in
retail segments are publicly distinguished with the wellknown "Going Out of Business.'7
A rough impression of the contrast in sensitivity between
the business population in manufacturing industries and in
retail trade may be obtained from chart 3, which illustrates
the much more pronounced cyclical behavior during peacetime years of the former group. The "calculated" lines in
both cases represent estimates of the number of firms in
operation based on the relationship with the total business
population, from which the measures of sensitivity given in
table 1 were derived. The formulas for the relationships
illustrated here and for the other industry groups included
in this table are provided in the appendix to this article.
Sensitivity Highest for Lumber and Products
Although the manufacturing business population as a whole
is highly sensitive, there is considerable difference among the
several manufacturing industries, as demonstrated in the
lower portion of table 1. Well in advance of the general
average as the most sensitive segment of manufacturing is
the lumber and lumber products industry. In this group a
10-percent change in the size of the total business population
was on the average associated with a more than 50-percent
change in the number of firms in operation—a condition
attributable primarily to two factors: (1) a highly flexible
demand for its products, and (2) the relatively small capitalization normally required in this industry. In stone, clay,
May 1948
and glass, where the sensitivity index is almost as high, both
of these conditions are also present.
At the other extreme, with a lower sensitivity index than
in any other manufacturing segment, is paper and paper
products—an industry characterized by a fairly stable demand as well as by a relatively high per firm capitalization.5
Somewhat higher indexes—around 25—appear in food and
kindred products, textiles and products, and leather and
products, all industries in which the relative stability of
demand is balanced in part by the relatively small investment
required to start in business.
Chart 3.—Number of Firms in Operation in Retail Trade
and Manufacturing Industries
MILLIONS OF FIRMS (RATIO SCALE)
2.0
RETAIL TRADE
ACTUAL
1.0
.9
.8
.7
.6
.5
MANUFACTURING
CALCULATED-^
I
I
I
I
I
I
I J I
I
I
I
I
I
I
I
I
1929 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47^
-«
ANNUAL AVERAGES
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
*•
43-!47
i Calculated from a linear least squares regression of the logarithms of the number of firms
in operation in retail trade and manufacturing, respectively, the total business population,
and
1 time for the years 1929-41.
Data are preliminary.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Changes in Industrial Pattern
In chart 4 the striped bars show the number of firms in
operation in each industry at the end of 1943 expressed as a
percent of the number at the prewar peak in September 1941.
These bars in the upper panel reflect the differential changes
resulting from the war. The black and the dotted bars in
this panel provide a comparison of the actual number of
firms in operation at the end of 1947 and the number which
might have been expected on the basis of the prewar relationships, both expressed as percentages of 1941. Data underlying these percentages are given in table 1. In general,
the comparison suggests that the broad peacetime pattern
of the business population had been restored by the end of
1947 in line with prewar relationships, for differences between the black and the dotted bars are small. The sole
exception was the contract construction industry, in which
the actual number of firms was substantially greater than
the expected number—a deviation which reflects both the
special postwar factors noted below as well as the influence of
a major construction cycle now in its expansionary phase.
* It is interesting to note in this connection that the net tangible capital assets (less depreciation reserves) per corporate return reported by the Bureau of Internal Revenue in 1939 for the
paper and paper products industry was more than three times that in lumber and lumber
products and nearly double that in stone, clay, and glass.
May 1948
SURVEY OF CUEEENT BUSINESS
Significant Deviations
When attention is directed to the lower panel of chart 4
where similar comparisons are shown for the individual
manufacturing industries, however, discrepancies between
actual and calculated numbers are more frequent than close
agreements. In chemicals and allied products, paper and
paper products, ai\d lumber and lumber products, the actual
number of firms in operation at the end of 1947 was approximately in line with past relationships, but for other groups
substantial deviations occur.
Well above the calculated number were stone, clay, and
glass products, leather and products, textiles and products,
and metals and products. Appreciably below
its line of
relationship was food and kindred products.6 In the first
named the demand reflects the above-mentioned high volume
of construction which has provided abundant opportunities
for profit. Thus, the increase in the average profitability of
small firms in stone, clay, and glass manufacturing has exceeded by a wide margin the gains achieved by firms of
similar size since 1941 in manufacturing generally.7
That the situation is extraordinary in these industries—
and in some cases may now be in the process of change—is
suggested by the data in table 2, wirich is utilized in the
following analysis.
13
Chart 4.—Number of Firms in Operation in 1947 and 1943
as Percentages of the Number in Operation in 1941,
by Industry Groups
INDUSTRY GROUP
60
°
1
Leather and Leather Products Decline
In the leather and leather products industry table 2
shows a readjustment process of this kind had already
begun. From a rank of third with a rate of growth of 239
per 1,000 in 1946, this industry dropped to last place with
a negative annual rate of 28 per 1,000 in the second half
of 1947—the first industry to show a net decline in number
of firms since .the end of the war. Hence, unless current
trends are abruptly altered, it appears reasonable to assume
that the actual number of firms in leather and products in
the near future will have been reduced to a point much
more closely approaching the expected level.
e it is important to note that the deviations referred to here and in the preceding sentence
were in every case several times greater than their respective standard errors.
? An analysis of sample data of the Federal Trade Commission and the Securities and Exchange Commission and of the reports of the Bureau of Internal Revenue indicates that for
corporations with assets of less than $250,000 the increase in profitability (i. e., the ratio of
profits to stockholders' equity) between 1941 and 1947 in the stone, clay, and glass industry
was roughly twice the increase for firms of the same size in all manufacturing industries considered
as a whole.
8
The basic data underlying this table—i. e., the number of firms in operation and the
number of business births and deaths by industry in 1946 and 1947—are available for distribution and may be obtained upon request.
°
PERCENT
I5
°
1
2O
25
°
1
°
1
ALL INDUSTRIES U
%%%#^^
MANUFACTURING
Y^///^//^/^
WHOLESALE TRADE
^i^-i!i^:^i-^^i^^^i^^i-i-n^:-i^-i^^l
'W////////W///ffltf%\
'
CONTRACT
CONSTRUCTION
g^^^^^j^' " "
SERVICE
INDUSTRIES
^j^ij^^^S^
RETAIL TRADE
Wffl4ffiMffifiiffli222&
HB nrr
31 * I047£/
FINANCE, INSURANCE,
AND REAL ESTATE
f
^/^^^^(^^^
Business Births and Deaths
This table presents the annual rates of growth—i. e., the
number of business births minus business deaths expressed
as a proportion of the number of firms in operation at the
beginning of the period—prevailing in each industry group
in 1946 and the first and second halves of 1947. The rank
of each industry according to its rate of growth in each
period is also shown in the table.8
Table 2 shows that in 1946 the stone, clay, and glass industry was expanding at the rate of 515 net additions per
1,000 firms in operation, and that this industry ranked first
among manufacturing groups in this respect in that year.
By the second half of 1947, however, the expansion of this
industry had virtually ceased; the growth, at an annual rate,
in this period was only one per 1,000, and the industry had
dropped from a rank of first to a rank of eighth. This sharp
decline suggests the probability that subsequent data may
show a negative rate of growth for this industry and that
the gap between the actual and calculated number of firms
in stone, clay, and glass, shown in chart 4, may have begun
to narrow.
ro
TOTAL
MANUFACTURING -^
STONE, CLAY, AND
GLASS PRODUCTS
Wft
1
(
1
1
1
nFfi
*'
IQA
*
1
1
I
^^&^^^^?^^^^^^^^^tt^3(
*J^*^
:::::::::::::::::::::::::::::::::::::::::::::::::•:::::::::::::::::•:::::: j
m^^^^M
iZ^fe^^^
LUMBER AND
LUMBER PRODUCTS
ife^%^^
METALS AND
METAL PRODUCTS
^2^
TEXTILES AND
TEXTILE PRODUCTS
////^/////^^^
LEATHER AND
LEATHER PRODUCTS
twtifcmMiis/fcMwMA
PAPER AND
ALLIED PRODUCTS
yS/w/ti%
CHEMICALS AND
ALLIED PRODUCTS
PRINTING AND
PUBLISHING
FOOD AND KINDRED
pponi i PTQ
^^2^^
2^2^
i
i
i
t
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
48-148
1 Includes some groups not shown separately in the chart.
2 Data for 1947 are preliminary.
a The calculated number of firms, except for "all industries," was obtained from a linear
least squares regression of the logarithms of the number of firms in each industry group, the
total business population, and time for the years 1929-40 or 1929-41; calculated number of
firms for "all industries" was obtained from the relationship illustrated in chart 1.
Source of Data: U. S. Department of Commerce, Office of Business Economics.
A reduction in the gap between expected and actual
numbers also appears in the offing for food and kindred
products—a group which enjoyed a substantial increase in
rank with respect to rate of growth between the periods
shown in the table—for in this case the number of concerns
in operation at the end of 1947 was less than the calculated
SURVEY OF CURRENT BUSINESS
14
Table 2.—Annual Rates of Growth in Number of Firms in Operation, by Selected Industry Groups, 1946 and 1947
1946
Industry
Major industry groups:
Contract construction
Wholesale trade
Manufacturing
Retail trade
_ __ _
Service industries
_. __
Finance, insurance, and real estate
_ _ _ _
Manufacturing industries:
Stone, clay, and glass products- _
Lumber and lumber products
Leather and leather products
Metals and metal products
Textiles and textile products
Paper and allied products _ . 2_
Chemicals and allied products __
Food and kindred products. _
Printing and publishing
Retail trade:
Appliances and radio
Motor vehicles
Home furnishings
Lumber and building materials. .
Parts and accessories
•Hardware and farm implements Filling stations
Liquor
__
_
Eating and drinking places
Food (except groceries and
* meats)
Grocery with and without meats.
Apparel.Drugs
Meat and seafood
Shoes
General merchandise
_
General stores
1947
1947 i
January-June
July-December
Number
Number
added per
added, at
1,000 in
annual
Rank operaper
tion at Rank rate,
1,000
in Rank
beginning
operaof period
tion at
beginning
of period
Number
added at,
annual
rate, per
1,000 in
operation at
beginning
of period
182
103
74
60
73
1
2
5-6
4
3
115
53
16
24
34
1
2
3
4
5
302
178
162
134
126
1
2
3
5
4
6
41
6
24
5-6
16
1
2
3
4
6
6
7
8
9
515
244
239
232
224
105
99
53
40
2
1
9
3
4
6
7
5
8
116
145
5
90
63
49
36
50
25
8
6
9
2
1
4
5
3
7
1
3
-28
18
65
9
5
10
2
1
2
3
4
5
6
7
8
9
395
322
275
270
230
187
134
129
119
3
2
1
5
4
6
9
7-8
11
115
134
139
93
110
90
69
76
51
3
1
2
7
10
13
17
8
15
66
81
68
38
30
26
9
37
14
10
11
12
13
14
15
16
17
118
113
100
• 67
63
47
39
32
12-13
16
10
14
15
7-8
17
12-13
48
38
54
46
44
76
25
48
9
16
5-6
14
11-12
4
5-6
11-12
33
10
43
20
29
65
43
29
*2 Preliminary.
Includes products of petroleum and coal.
Source: U. S. Department of Commerce, Office of Business Economics.
figure.9 Nevertheless, in a few cases—construction and textiles are the outstanding examples—no such adjustments
were immediately discernible. The rate of growth in these
industries was still high in the second half of 1947 and the
deviations between actual and expected numbers were widening, although in both cases the expansion was much below
the rates prevailing in 1946.
RetaU Trade
Although it was not possible to derive measures of sensitivity for the various lines in retail trade since data are not
available in this detail prior to 1939, it may be of interest
to refer to the trends in rates of growth shown for these
groups in the lower section of table 2. Most notable is the
marked relative decline in the rates of growth in certain
durable goods firms between 1946 and the second half of
1947. Appliances and radio stores dropped from a rank of
first to a rank of third, lumber and building materials from
fourth to seventh, automobile parts and accessories from
fifth to tenth, hardware and farm implements from sixth to
thirteenth.
9
The possibility must be noted, however, that at least a part of the excess of the expected
over the actual number of concerns in food and kindred products may reflect an enduring
change in business organization. This would be the case if the larger concerns in some
branches of the industry had succeeded in acquiring a significantly greater proportion of the
business than formerly, through expansion of their facilities as well as industrial concolidation
since the prewar period.
May 1948
Thus, while the postwar expansion has leveled off in almost
all retail lines, the sharpest drops have occurred largely in
the groups which previously had advanced the most. Exceptions in this respect are motor vehicle dealers and homefurnishings stores, which led the list in that order in the
second half of 1947 after ranking second and third, respectively, in 1946.
Significance
Judged by historical behavior, the business population
varies widely in different industries in its sensitivity to
changes in business activity. Among the major industrial
groups, measures of sensitivity range from 31 in manufacturing to 4 in service, and among individual manufacturing
industries from 57 in lumber and lumber products to 13 in
paper and allied products. These measures provide an
important index to business stability and some10evidence of
the risk involved in establishing a new business. It should
be borne in mind, however, that even the individual manufacturing groups embrace combinations of specific industries
and that the sensitivity of each of these subdivisions may
differ from the measure obtained for the combination.
Viewed from the perspective of its long-term trend, the
aggregate business population at the end of 1947 appeared to
be at or near the crest of a rising cycle. The actual number
was somewhat above the "normal" level which reflects primarily the long-term growth of the human population and
industrial progress. When appraised in the light of its
prewar cyclical behavior, however, the number of firms
currently in operation appears to be roughly in line with the
level of business activity. Moreover, when account is taken
of the historical differences in sensitivity, the broad industrial
pattern of the business population also appears to be in line
with past behavior, given the current high level of business
activity.
In detail, however, there were significant departures from
the expected pattern. Thus, exceptional profit opportunities
reflecting the structure of postwar demand resulted in
unusually sharp expansions in the number of firms in some
industries. It would appear that even if the present high
level of business activity and of the over-all business population is maintained, considerable readjustment may be expected in the distribution of the business population in the
period ahead. For some industries in manufacturing as well
as in other segments of the economy, this will entail substantial reductions in the number of firms in operation; for
others it will mean increases. In the light of the vast program of reconversion undertaken by American industry in
the years 1945 through 1947, however, the additional adjustments required in most cases appear modest.
Appendix
Introduced for the first time in this article are data for
the major industry groups of the business population and for
the individual manufacturing industries for the years 1929
through 1938. These figures are given in table 3, along with
the data for succeeding years. They represent an extension
of information regularly available on the business population
and therefore do not require separate discussion; however,
a description of the sources and methods underlying all the
estimates of new and discontinued businesses and number of
firms in operation is now in preparation and will be made
public when completed.
10
A fuH measurement of economic risk, of course, would need to take into account the
magnitude of possible rewards as well as the probability of loss. Measures of sensitivity
relate to the latter factor.
SURVEY OF CUEEENT BUSINESS
May 1948
15
Table 3.—Annual Average Number of Business Firms in Operation, by Years, by Industries, 1929-47
[Thousands]
Manufacturing
Year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945 -_
1946
19472
_
_
_ ._
_
All
industries
Contract
construction
Total
Food
and
kindred
products
3, 041. 6
3, 007. 4
2, 930. 5
2, 842. 6
2, 796. 2
2, 898. 8
3, 010. 3
3, 089. 6
3, 157. 4
3, 095. 3
3, 246. 4
3, 292. 2
3, 300. 8
3, 229. 0
2, 904. 4
2, 888. 1
3, 076. 8
3, 475. 0
3, 795. 6
234.2
230.6
219.0
202.6
185.7
180.0
180.5
192.0
199.4
193.8
199.7
213.6
228.6
230.4
172.2
150.5
168.6
226.5
271.6
248.5
220.5
188.8
160.9
161.3
181.7
198.2
203.8
207.2
195.5
214.0
215.5
222.8
224.7
227.2
233.2
250.0
286.7
316.3
57.5
53.3
46.4
40.0
41.5
48.1
51.1
51.9
53.3
49.6
52.3
54.0
56.0
54.6
52.5
52.0
52.4
54.3
57.0
Tex- Leath- Lum- Paper
Chem- Stone, Metals
tiles er and ber and and
Print- icals
clay,
and
and leather lumber allied ing and and
and
Other
textile prod- prod- prod- pub- allied 1 glass metal
prodprodlishing
prodproducts
ucts
ucts
ucts
ucts
ucts
ucts
29.7
27.6
23.9
19.7
20.1
23.0
24.9
24.6
22.9
21.5
25.4
23.5
23.8
23.9
23.2
24.4
27.9
34.9
39.0
3.5
3.2
2.8
2.3
2.6
2.8
2.9
2.6
2.9
2.7
2.9
3.2
3.1
3.0
2.9
3.1
3.7
4.8
5.2
45.4
35.6
25.5
20.8
20.5
23.9
27.5
30.4
31.9
30.3
33.0
33.0
36.0
36.7
40.6
42.7
45.9
54.6
64.2
2.4
2.3
2.1
2.0
2.1
2.2
2.3
2.4
2.5
2.4
2.5
2.5
2.5
2.6
2.5
2.5
2.6
2.8
3.0
41.9
40.1
35.5
30.8
29.3
32.1
34.8
35.7
36.7
34.7
37.5
37.7
38.0
36.0
38.6
38.6
39.1
40.6
41.7
8.1
6.9
6.3
5.8
5.9
6.7
6.8
7.1
7.2
6.9
7.3
7.4
8.5
8.2
7.9
8.0
8.5
9.3
9.8
6.9
6.0
4.9
4.0
3.7
4.2
4.7
5.2
5.2
4.7
5.5
5.5
6.0
5.9
7.3
7.7
8.4
12.0
14.6
27.9
25.6
22.6
19.1
19.9
23.0
24.0
24.8
25.2
21.8
26.0
25.9
28.3
29.8
30.0
31.3
35.9
43.8
49.8
25.1
20.9
18.9
16.4
15.6
15.7
19.2
18.9
19.3
20.9
21.7
22.7
23.4
23.3
22.4
22.8
25.6
29.7
31.8
Whole- Ketail
sale
trade
trade
119.6
118. 4
116.2
114.3
114.5
122.7
126.8
133.0
137.8
134.9
141.8
143.0
143.0
137.4
117.9
119.1
133.6
158.7
178.2
1, 352. 8
1,351.3
1, 342. 3
1, 327. 1
1,316.3
1,363.3
1, 414. 2
1, 457. 9
1, 497. 9
1, 479. 8
1, 564. 5
1, 579. 8
1, 581. 0
1, 518. 5
1, 349. 7
1, 338. 4
1, 424. 1
1, 606. 2
1, 748. 1
Finance,
insur-, Service
ance, indusand
tries
real
estate
594. 7
602.5
595. 9
591.8
578.6
596.3
619.8
632.6
635. 4
608.7
619.2
628.7
622.6
612.1
561.0
558.2
593.1
660.2
722.6
303.7
302.6
293. 5
276.9
270.4
271.2
272.5
264.8
267.7
273.6
284.7
284.6
277.5
278.5
262.0
271.6
281.2
293.8
301.8
All
other
188. 1
181.5
174.8
169.0
169.4
183.6
198.3
205.5
212.0
209.0
222.5
226.9
225.4
227.3
214.3
216.9
226.3
243.0
257.2
1
2
Includes products of petroleum and coal.
Preliminary.
Note: Because of rounding, totals do not necessarily equal sum of components.
Source: U. S. Department of Commerce, Office of Business Economics.
It may be noted that the business population is regarded
as including all firms outside of agriculture, forestry, fishing,
and the professional services. A firm is defined as a financially responsible business organization under one management with an established place of business, and may include
one or more plants or outlets.
In chart 1 of this study, 10-year averages of the total
number of firms are plotted for the years 1900 through 1940.
For the period prior to 1929 this series was based upon the
"Reference Book" data published annually by Dun and
Bradstreet, Inc. Since the latter figures do not include
many of the service industries and certain small enterprises
in other fields, they were linked to the Office of Business
Economics series on the total number of firms in operation
on the basis of their average relationship in selected years.
Although the trend line shown in chart 1 was fitted to the
annual series thus obtained, it must be borne in mind that
the Dun and Bradstreet figures, because of peculiarities of
timing in the deletion and addition of names to the Reference Book, are not considered reliable indicators of specific
year-to-year changes in number of firms. They are deemed
representative of the long-term trend, however, and were
used for this purpose in the chart. The 10-year averages of
number of firms in operation plotted in the chart, centered
at the indicated years, are as follows:
Millions affirms
1900
1910
1920
1930
1940
1. 66
2. 10
2. 58
2.95
3. 13
For reference purposes there are provided in table 4 the
formulas upon which the indexes of sensitivity and the
"calculated" numbers presented in this article were based.
It may be noted that the equation y=AXbtc was employed
rather than the more familiar formulation, y—AXbCf,
where A, b, C, and c are the constants to be determined from
the data. While the former equation provided an appreciably better fit and was used for this reason, it is of interest
that measures of sensitivity obtained from the two formulations were approximately the same in every case.
Table
4.—Regression Equations and Coefficients
Correlation
Industry
Major industry groups:
M anuf actur ing
Contract construction
Wholesale trade
Retail trade ...
Finance, insurance, and real
estate.
Service industries
Manufacturing industries:
Lumber and lumber products.. _
Stone, clay, and glass products..
Metals and metal products
Printing and publishing...
Food and kindred products
Textiles and textile products
Leather and leather products 2
Chemicals and allied products _
Paper and allied products.
of Multiple
Regression equations 1
Log Y— — 8 066+3 121 log X— 0 427 log t
Log Y— — 3 721+1.861 log X— 0 381 log t
Log Y
1 657+1 023 log X+0 169 log t
Log Y— 0 180+0.812 log X+0 121 log t
Log F=0.045+0.763 log X-0.216 log t....
Log Y— 1.391+0 389 log —+0 034 log t
Log
Log
Log
Log
Log
Log
Log
Log
Log
Y= -17. 276+5. 651 log X -0.791 log t,
Y= -14.262+4.531 log X-0.690 log t
F=- 7.865+2. 759 log X-0.307 log t..
Y=— 7.076+2.614 log X— 0.403 log t
F= -6.561+2. 461 log X0.265 log t
F= -6.336+2.369 log X-0.455 log t..
F= -7.290+2.355 log X -0.383 log t
F= -6.317+2.128 log X -0.218 log t..
F= -4.241+1.322 log X
Coefficients
of multiple
correlation
0 96
82
99
99
.87
85
.95
.99
.91
99
.89
.86
.83
.88
.93
1 F= number of firms in operation in the industry, in thousands.
X=total number of firms in operation, in thousands, and
£=year—1919. The regression equations were based on the period 1929—41 except that
the year 1941 was omitted from the relationship for wholesale trade, service industries, food
and
2 kindred products, textile and textile products, and chemicals and allied products.
Includes products of petroleum and coal.
Source: U. S. Department of Commerce, Office of Business Economics.
By Haskell P. Wald and Francis L. Hirt
Railroads in the Postwar
Economy
J.N an analysis of railway operations during the war, published in late 1945, it was shown that American railroads
were given "a sharp financial lift which has far-reaching
implications for the industry's postwar outlook." 1 The rail
carriers returned to peacetime operations with a lighter
burden of fixed charges, an improved working capital position,
and a physical plant that was generally well maintained,
though with a considerable requirement for new capital outlays, particularly for rolling stock.
The wartime gains, though limited as in the case of all
corporations by the wartime tax rates, have had a muchneeded bolstering effect on railway finances, following the
difficult period of the thirties. Earnings were sharply
reduced with the war's end, and despite the improvement
from 1946 to 1947, it is evident that the railroads have not
shared in the postwar expansion of profits to the same extent
as have most other segments of industry. Railway net
income after taxes in 1947, even with the lowered tax 2rates,
was about two-fifths below the average for 1942-44. In
contrast, aggregate corporate profits after taxes were 75
percent higher in 1947 than in the war years.
The postwar decline in railway earnings is traceable, first,
to the decline in traffic volume. In the war economy rail
traffic was stimulated not merely by the unprecedentedly
large requirements for commodity and passenger transportation, but also by the restrictions imposed upon the operations
of competing carriers and upon the use of private automobiles.
Total ton-miles of freight performed by the railroads in 1947
was more than 10 percent below the volume in 1944, at the
peak of the war, and the number of passenger-miles was less
than half as large as in 1944.
As the railroads have shifted to a lower scale of operations,
traffic handled per man-hour has been reduced from the very
high figure achieved during the war period when various
temporary expedients were resorted to in view of the urgency
of increasing operating efficiency and speeding the flow of w^ar
goods. Coupled with this decline has been a sharp rise in
operating expenses. Railroads have paid more for labor,
materials, and supplies, including fuel, in much the same
manner as have other industries, but the rates they charge
are subject to Government regulation. There ordinarily is
some delay before increased costs are translated into higher
freight rates and passenger fares.
The third of a series of interim authorizations for higher
freight rates was announced by the Interstate Commerce
Commission in mid-April, acting upon the carriers7 application filed in July 1947 and later amended. This latest award
was the fifth one granted since the end of the war and brought
the total increase in freight rates to more than 40 percent.
The postwar increases in basic passenger fares have averaged
1 "War-Strengthened Railroads Face New Prospects," Parts I and II, SURVEY, October
and December 1945.
2 Unless otherwise noted, all railway statistics in this article refer to class I railways.
NOTE.—Messrs. Wald and Hirt are members of the Current Business Analysis Division,
Office of Business Economics.
16
about 10 percent, with the increases being larger in the East
than elsewhere. There also have been increases in express
and mail pay rates. Although total railway operating
revenues in 1947 were lower than in the peak war year, the
latest rate increases at current traffic levels would be sufficient to raise operating revenues on an annual rate foasis
above the level of the war period.
Large Postwar Investment Program
The railroads entered the postwar period with large backlog requirements for new equipment. Some of this backlog
reflected the depressed financial condition of the industry
during the thirties which limited the extent to which the
roads were able to keep pace with the latest technological
developments and to replace over-age and outdated equipment. With the pressure of traffic and the need for operating
economies, the carriers now have under way a large-scale
modernization program.
The results of the latest plant and equipment survey, reported in last month's SURVEY, show that the railroad industry (including class I, II, and III roads and switching
and terminal companies) plans to spend 1.5 billion dollars
for capital investment purposes in 1948, which compares
with an estimated 920 million dollars in 1947 and an average of 500 million dollars a year during the interwar period.
About four^fifths of the 1948 total is earmarked for new
equipment. The indicated increase from 1947 to 1948 reflects, in part, higher costs, and is predicated upon larger
supplies of steel.
Postwar Operating Experience
As shown in chart 1, railway freight and passenger traffic
have fared quite differently since the end of the war. The
volume of freight has followed rather closely the U-shaped
course of physical production. Passenger travel, on the
other hand, has been on a declining curve throughout most
of the period, the shape of the curve being determined largely
by the rate of demobilization of the armed forces, the rate of
resumption of heavy intercity travel in private automobiles,
and to some extent by the competitive inroads made by the
airlines.
Freight Traffic Approaches Wartime Volume
Rail ton-miles reached a postwar low during the first half
of 1946, when the economy was slowed by industrial disputes and the major reconversion industries were just beginning to move into large-scale peacetime production.
Thereafter, the trend was generally upward until the fall of
1947 when ton-miles performed were within 9 percent of
the highest quarter during the war. The decline since the
fall peak has been somewhat more than seasonal because of
the severe winter weather and, more recently, because of
the work stoppage at the coal mines.
SUEVEY OF CUEEENT BUSINESS
May 1948
Chart 1.—Railway Revenue Traffic, Class I Railways l
BILLIONS OF TON-MILES
BILLIONS OF PASSENGER-MILES
1,000
100
A
800
80
600
60
FREIGHT TON-MILES
(LEFT SCALE)
40
400
200
20
PASSENGER- MILES
(RIGHT SCALE)
I I ! I I I I I I I I I I I I I I I I I
1915
1920
1925
1930
1935
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1940
1945
1950
48-I SI
1
Excluding switching and terminal companies. Data for 1915 are an average of the fiscal
years 1915 and 1916; thereafter, data are for calendar years. Prior to 1916 data were not reported on a calendar year basis.
Source of data: Interstate Commerce Commission.
The major change in the commodity transportation requirements, as compared with the requirements at the peak
of the war period, is the reduction in the average length of
haul. The volume of tons originated on railroads has been
running at a slightly higher rate than in the war period
(apart from seasonal changes, and the temporary reduction
because of the coal dispute) and the total number of carloadings also has exceeded the number during the war.
The average load per car has remained virtually as large as
in the period when wartime regulations prescribed minimum
loading of freight cars; these regulations are still in effect,
but in modified form. The postwar increases in tons originated and in the number of cars loaded have occurred at
the same time that tonnage has been diverted to motor
carriers w^hose operations were curtailed during the war.
Rail Passenger Travel Cut in Half
It was generally recognized during the war that restoration
of peacetime conditions would mean a sharp retrenchment
in railway passenger traffic, even under the most optimistic
assumptions as to general business activity, and a marked
reduction in the contribution of passenger traffic to railway
income. The actual volume of passenger-miles performed
by the railroads during the war was approximately double
the volume suggested by prewar relationships between passenger travel and general business activity.3 The wartime
restrictions on gasoline, tires, and motor vehicle production
enforced a sharp curtailment in the use of private passenger
cars at the same time that the railroads had to assume a
major portion of the burden of troop movements and of
furlough travel of military personnel.
The sharp decline in passenger travel from 1945 to 1946
was further extended into 1947. The dominant influences
in this trend were the return of servicemen to civilian life
and the diversion of traffic to private passenger cars as gasoline became readily available and new car production increased. In the case of travel in parlor and sleeping cars,
however, a part of the reduction is attributable to increased
air-line competition as the air transport companies resumed
the expansion of their capacity. Both first class rail travel
and coach travel have been reduced by about 50 percent
from the war peak.
786405°—48
3
17
Effects of Changes in Traffic Volume
Not only did the postwar reductions in traffic cut into
railway operating revenues but they also had a marked effect on the rates of utilization of railway equipment and in
the traffic handled per unit of labor in the industry. With
the ending of the war boom in railway traffic, higher costs
per traffic unit were a foregone conclusion, quite apart from
the price and wage rate advances which took place. The
railway industry is a classical example of an industry operating under decreasing and increasing cost conditions, and the
behavior of unit costs and of net income during the war period demonstrated the full potentialities of the cost reductions which are possible at capacity operations. With the
fall in traffic, the movement was reversed. Difficulties were
experienced in adjusting costs downward, especially in view
of the general trend of rising prices and costs throughout
the economy.
The full impact of the wide swings in traffic volume on
the utilization of productive resources in the railway industry is shown by the changes in the relationship between the
volume of railroad traffic and labor time, which is the major
input factor. These changes, of course, throw no light upon
the specific contribution of labor or other input factors to
the industry's output.
If the year 1939 is taken as 100, the Department of Labor
index of revenue traffic per man-hour (with freight and
passenger traffic weighted by respective average unit revenues in 1939) rose to about 150 in 1943 and 1944, when
traffic was at the war peak. The subsequent reductions
in traffic were chiefly responsible for lowering the index to
129 in 1946 and to about 135 in 1947 (see table 1). This
Table 1.—Revenue Traffic per Man-Hour l
[Index, 1939=100]
Year
1939
1940
1941
1942
1943 . . . .
Total
revenue
traffic per
man-hour
100.0
105.2
115. 5
139.6
150. 9
Year
1944
1945
1946
1947
Total
revenue
traffic per
man-hour
148 1
139 5
129 1
3
135. 0
1 Class I railways, excluding switching and terminal companies.
2 Estimated by the U. S. Department of Commerce, Office of Business Economics, based
upon data from Interstate Commerce Commission reports and using the methodology of
Bureau of Labor Statistics.
Source of data: U. S. Department of Labor, Bureau of Labor Statistics, based upon data
from published reports of the Interstate Commerce Commission. For 1947 estimate, see footnote 2, above.
index takes into account all hourly basis employees but
excludes executive, professional, and main supervisory
employees. The number of hours worked represents the
total of straight time actually worked, all overtime paid for,
and constructive-allowance hours of train and engine
employees.
The changes in traffic per man-hour have been different
in freight and passenger services. This can be illustrated
by the use of separate indexes computed by relating the
volume of ton-miles and passenger-miles to the labor time
performed by train and engine employees attached to each
service. Only in the case of engineers, motormen, firemen
and helpers, conductors, brakemen, and flagmen, is it possible to allocate labor time between freight and passenger
service.
The divergent movements in the two indexes computed
on this basis have resulted from the shifts in the volume of
traffic during the war and postwar period. Revenue passenger-miles per man-hour rose much faster during the
war than did ton-miles per man-hour, and declined much
»See SURVEY, December 1945, pp. 14-15.
SURVEY OF CURRENT BUSINESS
18
May 1948
has the number of installations overtaken the number being
more sharply in the -postwar period. With 1939 as a base,
the index for direct labor used in passenger service averaged
retired.
Under the stimulus of cooperative efforts by Government
about 280 in 1943 and 1944—but this was not accomplished
and industry to make available larger supplies of steel to
without considerable overcrowding and other inconveniences
the car-building industry, the number of freight cars proto travelers. Although the index declined very substantially
after the end of the war, it remained considerably higher duced rose to approximately 10,000 in December 1947 and
averaged about 9,000 cars a month in the opening quarter
than in the prewar period.
of 1948. Retirements of freight cars amounted to about
In the case of workers directly engaged in freight service,
6,000 a month for the full year 1947, while the number of
the wartime increase was much less, but here a decline in toninstallations was not much above 5,000 cars a month. The
miles per man-hour in the early postwar period was more than
effect of a net reduction of about 35,000 freight cars in
made up in 1947. The index was about 120 (1939 = 100)
service since the end of 1944 and of an increase in the numduring the all-out war years and slightly higher in 1947.
ber of bad-order cars, together with comparatively heavy
The wartime gain in manpower utilization in freight servtraffic volume, has made for a continued tight freight ca.r
ice was largely associated with heavier loading of cars. The
supply situation.
advance in passenger service was similarly associated with the
The excess of passenger-car retirements over new installasubstantial rise in the number of passengers per car. The
tions has been more than offset by the reduction in pasfact that the average freight carload in 1947 was about the
same as during the war, while the average number of pas- senger travel. Nevertheless, the roads have placed large
orders for new passenger-carrying equipment in order to
sengers per car was much lower, chiefly accounts for the small
effect operating economies and to meet increasing competirise in the index of freight traffic per man-hour from the war
tion from other types of carriers.
to the postwar period and for the -very sizable decline in
The postwar decline in the number of locomotives in
passenger traffic per man-hour. Some of the more pertinent
service has been offset not merely by the reduced traffic
operating statistics are summarized in table 2.
load, but also by the higher average tractive effort of the
new locomotives which have been installed as compared
Table 2.—Summary of Railway Operating Statistics for
with that of those retired. The shift to Diesel power has
Selected Years }
been greatly accelerated during the past few years and in
1947 Diesels outnumbered steam installations by about ten
1946
1944
1947
1940
Item
to one. Diesel power currently moves about 10 percent of
VOLUME OF REVENUE TRAFFIC
the road-freight-hauling load and about 25 percent of the
passenger load, and performs an estimated 30 percent of the
654, 691
591, 954
737, 602
373, 253
Freight ton-miles (millions)
64, 673
95, 575
45,936
23, 762
Passenger-miles (millions)
switching service.
EQUIPMENT AND MANPOWER
Locomotives:
Number
Average tractive effort (thous of Ibs.)
Aggregate tractive effort (millions of Ibs.)
Freight cars (including privately owned):
Number (thousands) 2
Average capacity (tons)
Aggregate capacity (thous. of tons)2
Passenger-train cars (incl. Pullman) :
Number
Average seating capacity (number) 3 3
Aggregate seating capacity (thousands)
Employees (thousands)
Total hours paid for (millions)
Average hours per week
Higher Operating Ratio
41 721
51
2, 131
43, 612
53
2, 318 '
42, 841
54
2,315
1,956
49
94, 498
2,065
50
101, 409
2,030
49
100, 322
44, 727
60
• 1,662
1,027
2,616
49.0
46, 588
59
1,705
1,414
3,998
54.3
45, 637
59
1,649
1,359
3,632
51.4
1,352
3,613
51.4
16.2
24.9
21.8
7.9
8.0
8.0
12.4
12.8
2.5
5.0
11. 1
16.7
15.9
3.9
5,9
9.8
16.2
15.5
4.0
6.3
351
27.6
473
32.7
416
31.3
405
32.6
52
17
88
14.0
105
17
152
32.2
82
17
130
24.5
65
17
111
21.5
PERCENT UNSERVICEABLE TO TOTAL EQUIPMENT
Locomotives assigned to:
Yard switching service
Road freight service __
_.
.._
Road passenger service
Freight cars on line
Passenger-train cars (railway-owned) _ _ _ ._
UTILIZATION OF SERVICEABLE EQUIPMENT
Average length of haul, all railways as a system
(miles)
Average carload (tons) _
.__
Average length of journey per passenger, individual railway (miles) :
Total
Commutation
Other than commutation
'_
Average passengers per passenger-carrying car...
1 Class I railways, excluding switching and terminal companies. Figures are totals or
averages for the year, except the figures for equipment which are for the end of the year.
2 Based upon capacity of railway-owned cars only, excluding cabooses.
s Based upon seating capacity of total number of coaches, combination coaches, and parlor
and sleeping cars.
Sources: Interstate Commerce Commission and Association of American Railroads.
Declines in Railway Equipment
Throughout most of the postwar period retirements of
railway equipment have exceeded new installations. The
hard usage of equipment during the war was followed by a
sizable increase in the number retired as soon as the pressure
on the roads was relaxed. Production of rolling stock has
increased steadily during the past 2 years; but only in the
case of freight cars, and then only in the most recent months,
New equipment installations have been a source of operating economies in the postwar period, but this has been outweighed by a number of other developments, including tlie
sharp advances in wage rates and prices of fuel and supplies.
The net effect has been to raise the operating ratio (which is
the ratio of operating expenses to operating revenues) from
an average of 64 percent in 1943-44 to 83 percent in 1946
and 78 percent in 1947. The latter ratios are the highest
for any year since the early twenties.
The contrast between the war and postwar situations can
be illustrated by referring to the trend of unit labor costs.
With 1939=100 as a base, the Department of Labor index
Table 3.—Average Hourly Earnings of Railway Employees and
Prices of Materials and Supplies, Glass I Railways 1
Average hourly compensation per employee
All railroad
employees
Nonoperating
employees
Operating
employees
Indexes of prices
and materials
(1940=100)
Period
Straight
time
1938
1939
1940 .
1941
1942
1943
1944
1945
1946
1947 . _
1947-Dec
..„
$0.74
.74
.74
.77
.84
.89
.93
.93
1.12
1.18
1.27
Straight
Straight
Straight
time Straight time Straight time
and
and
and
time 2
time
overoverovertime
time 3
time
$0.78
.78
.78
.81
.89
.96
1.00
1.01
1.19
1.25
1.36
$0.63
.63
.64
.67
.73
.80
.83
.83
1.01
1.07
1.17
$0.64
.64
.64
.68
.75
.83
.87
.87
1.04
1.10
1.21
$0.90
.90
.90
.93
1.00
1.03
1.09
1.10
1.28
1.30
1.38
$1.11
1.11
1.1]
1.13
1.20
1.24
1.33
1.34
1.56
1.59
1.68
Fuel
All
other *
105
102
100
105
110
125
134
137
151
178
200
1 Excluding switching and terminal companies.
23 Represents the hourly equivalent of the basic daily rate.
Represents what the average operating employee actually earns for one hour on duty.
4
Figures for the years shown are averages for June and December dates.
Sources: Association of American Railroads and Interstate Commerce Commission.
100
98
100
106
115
120
124
127
140
164
174
19
SURVEY OF CURRENT BUSINESS
May 1948
of labor costs per traffic unit was well below 90 throughout
the war period, even though average straight-time hourly
earnings rose about one-fourth between 1939 and 1944.
This meant that the economies attendant upon capacity
operations outweighed the increase in wage rates. Following
the end of the war the labor cost index rose, under the combined pressure of lower traffic and higher wage rates. Preliminary calculations place the index above 120 in 1947, but
the wage increases made effective in September and October
are only partly reflected in the 1947 estimate. Changes in
wage rates, as well as in prices of materials, are presented in
table 3.
Distribution of Revenue Dollar
Most major items of railway expenditure take a larger
share of the gross revenue dollar today then during the war.
The chief exceptions are fixed and contingent charges, which
have been declining in relative importance since before the
war, and the deduction for amortization of defense projects.
As compared with the prewar period, those expenditures
which are directly associated with the rate of operations
take larger shares, but such items as fixed charges and depreciation are of reduced importance. These comparisons are
illustrated in table 4.
Table 4.—Railway Costs, Taxes, and Net Income Expressed as Cents
per Revenue Dollar 1
Item
1939
1940
1941
1942
1943
1944
1945
1946
Compensation of employees
44.8 44.0 42.2 38.3 38.0 40.0 42.4 53.2
5.6
5.8
6.6
5.6
5.5
5.1
5.3
5.5
Fuel --_
3.4
3.7
3.2
3.3
4.4
4.9
4.6
D epreciation
4.0
1.2
9. 1
0.2
1.6
2.0
0. 1
Amortization of defense projects
Fixed and contingent charges. _. 15.2 14.2 11.5 9.4 7.0 6.3 6.2 6.4
1.4
0.8
9.9 14 4 13.5. 3.4 — 0 2
Federal income taxes
3.1
2.2 ' 2.3
2.4
2.6
2.6
2.5
Federal pay-roll taxes
2.5
3.3
5.2
4. 9
3.6
3.3
3 2
3 2
All other taxes
4.3
33
18.7 18.6 17.7 15.3 15.3 16.8 18.8 19.2
All other deductions
2.2
4.2
9.4
6.9
4 9
9.0 11.8
37
Net income
Total
Net income before income taxes.
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100 0
3.0
5.6
12.2
21.7
23.9
20.4
8.3
3.5
1947
defense. September 1945 was designated as the cut-off date
for the amortization of these facilities and the carriers were
given the option of recomputing their tax liabilities on the
basis of the shortened amortization period. As a^ result,
deductions for amortization of emergency facilities jumped
from 191 million dollars in 1944 to 825 million dollars in
1945. Whenever the accelerated amortization deduction
reduced a company's taxable income below its excess profits
tax credit, or whenever the deduction resulted in a net loss,
the company became eligible for tax credits under the carryback provisions.
The aggregate amount of tax credits which accrued to the
railroads in 1945 and 1946 as a result of carrying back to
prior years unused excess profits tax credits and net losses is
estimated at about 250 million dollars. This was the cushioning effect of the tax credits-—the amount that was added to
net income after taxes. On the other hand, the heavy concentration of amortization deductions in 1945 resulted in a
substantial understatement of net income in that year, an
understatement which will be offset by an overstatement in
Chart 2.—Net Income Before and After Federal Income
Taxes, Class I Railways l
BILLIONS OF DOLLARS
+ 2.5
+ 2.0 -
48.8
7.3
4.0
0.2
5.4
33
4.0
3 2
18.4
5 4
NET INCOME
BEFORE TAXES
FEDERAL INCOME
TAXES &
100 0
8.7
i Class I railways, excluding switching and terminal companies.
Source: Computed from Interstate Commerce Commission data.
The major change in the distribution of the revenue dollar
since the war period has been the marked reduction in the
amount going for Federal income taxes. These taxes accounted for 14 cents on the dollar in 1943 and 1944 and for
just over 3 cents in 1947. About 5 cents of the revenue
dollar represented net income after taxes in 1947, as compared with about 8 cents in the 2 war years and 4 cents in
1940. In 1929, which is not included in the table, net income
after taxes represented 14 cents of the revenue dollar.
Cushioning Effect of Tax Credits
The railroad industry has been a major beneficiary of the
carry-back and carry-forward provisions in the Federal
income tax laws. In the early war years the carriers were
enabled to offset against current income for tax purposes
prior net losses and unused excess profits tax credits which
were large because of the low earnings of the prewar period.
It was not until 1944 that such carry-forward benefits were
generally exhausted.
With the decline in earnings following the end of the war,
the railroads again became eligible for substantial tax credits,
this time as a result of the carry-back provisions of the tax
law. An immediate basis for tax credits was provided by
the proclamation terminating the emergency period as
defined in the Internal Revenue Code for the amortization
of facilities which had been certified as necessary for national
NET INCOME
AFTER TAXES
1921 22 23 24 25 26 27 28 29 90 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47
U, S. DEPARTMENT Of COMMERCE, OFFICE OF BUSINESS ECONOMICS
40-156
1
Excluding switching and terminal companies.
2 The railway companies received a net tax credit of 16 million dollars in 1946.
Sources of data: Interstate Commerce Commission, except data for "net income before
taxes," 1921-32, which were estimated by the Office of Price Administration.
subsequent years when the amortized facilities will be adding
to revenues without a corresponding addition to expenses for
depreciation that would otherwise have been applicable.
The long-term trend of railway income before and after
income taxes is illustrated in chart 2. The importance of tax
credits in cushioning the steep decline in the industry's income
in 1946 is clearly shown in the chart, since income after
taxes falls slightly above income before taxes in that year.
Federal income tax credits accounted for about 170 million
dollars out of 287 million dollars of net income after taxes
in 1946. No estimate is available for tax credits in 1947, but
they are known to be relatively unimportant in the aggregate, since few roads had net losses in 1947 which could be
offset against taxable income in the preceding 2 years. Nineteen forty-six was the last year for computing the unused
excess profits tax carry-back.
SUKVEY OF CURRENT BUSINESS
20
Succession of Rate Increases
While postwar tax credits cushioned the immediate loss of
earnings following the end of the war, maintenance of the
long-term-earnings position of the railroads required relief
from another source, namely, from upward adjustments in
freight and passenger rates.
Railroads entered the postwar period with substantially
the same freight-rate structure which had prevailed since,
1938 (with the exception of a 14-month period in 1942-43)
and with the same passenger rates which had been in effect
sicce 1942. The first postwar freight-rate increases were
made effective July 1, 1946, 6 months after the retroactive
date for wage increases granted in April and May. Two
additional freight increases became effective during 1947, the
first at the beginning of the year and the second in October,
and two more have so far been made in 1948, the most recent
advance becoming effective May 6.
. The latter advance brought the total increase in gross
freight revenues from June 30, 1946, to slightly over 2.5 billion
dollars, or an increase of 43 percent, according to the estimates of the Interstate Commerce Commission in its most
recent report in Ex Parte No. 166. These estimates apply
to a "constructive normal year," with freight traffic about 1
percent below actual volume in 1947. Postwar increases in
passenger fares, averaging about 10 percent, and in other
transportation charges are estimated to aggregate an additional 300 million dollars a year, on the basis
3asis of similar
assumptions.
Chart 3.—Cash Dividend Payments and Retained Net
;
Income, Class I Railways 1
MILLIONS OF DOLLARS
May 1948
Recent dividend payments by railroad companies have
been less than three-fifths as large as the average for the
years 1925-29 and the amount of retained net income has
been running substantially lower than in the late 'twenties.
In contrast, for all industries conbined both dividend payments and retained income are running above the level of the
late 'twenties. The changed position of the railroads and
of all corporate enterprises relative to the earlier period of
high business activity illustrates the tendency of the railroad
industry to lag behind the growth trend for over-all business
activity during the last few decades.
Income by Regions
The geographical distribution of railway earnings underwent a substantial shift during the war period, and this shift
has been further extended since the return to peacetime
operatioos. In 1940, carriers in the Eastern District
earned almost one-half the net income of all railroads, and
carriers in the Western District accounted for about 5
percent of the industry's total. In 1947, the Eastern lines'
share fell below one-fifth, while more than half the total was
earned by the Western lines. The West first exceeded the
East in traffic volume, operating revenues, and net income
in 1942, and it has maintained this position ever since.
Behind this geographical redistribution of railway earnings has been the long-term tendency for population and
industry to grow at a faster rate in the West than in most
other sections of the country—a tendency which was accelerated during the war. This factor, however, is only partly
responsible for the marked improvement in the relative
position of the Western carriers. There are differences in
plant, operating conditions, and financial structure which
must also be considered.
Postwar Decline in Earnings Largest in the East
As shown in chart 4, a large part of the postwar decline
in the net income of the railways has been due to the poor
showing of the Eastern carriers whose net earnings after
taxes dropped from a 1942-44 average of over 250 million
dollars to a small net deficit in 1946, despite the cushioning
effect of the tax credits. These carriers earned 80 million
dollars in 1947, or about one-third of their wartime average.
In contrast, net income of the Western lines in 1947 was
three-fourths as large as in 1942-44. The relatively stable
Pocahontas roads, which derive their revenues chiefly from
the transportation of coal, provide an exception to the wide
fluctuations in earnings, which generally characterize the
railroad industry.
The sharply reduced share of the Eastern carriers in the
industry's total also is illustrated by the changes in the
percentage distributions shown in the right-hand panel of
chart 4.
t600
CASH DIVIDENDS
PAID
+ 400
RETAINED
NET INCOME.
4200
1
-200
H " 'I
-400
1925-29 30 3! 32 33 34 35 36 37 38 39 40 4! 42 43 44 45 46 47
AVERAGE
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS
ECONOMICS.
1
Excluding switching and terminal companies.
Source of data: Interstate Commerce Commission.
Dividend Payments Substantially Unchanged
Somewhat fewer than half of the 131 class I railways are
currently making regular dividend payments to stockholders.
The number has increased since the war, since some of the
roads which have come out of receivership or trusteeship
have begun to pay dividends, but the total amount paid out
has moved fractionally lower. The amount of dividends
paid each year, together with the amount of retained net
income, is shown in chart 3.
Factors in Improved Position of Western Roads
46-152
Several factors account for the improved income position
of the Western carriers relative to those in the East. In the
first place, the gain in traffic since before the war has been
larger on the Western lines. Combined revenue traffic
(freight ton-miles and passenger-miles weighted on the basis
of 1 passenger-mile as the equivalent of 2 freight ton-miles)
on the latter lines more than doubled between 1940 and 1947;
on the Eastern lines the increase was somewhat over 50
percent. Secondly, the operating ratio is significantly lower
in the Western than in the Eastern District: in 1947, the
respective ratios were 74.9 percent and 82.5 percent. Before
the war the Eastern carriers had a slightly lower operating
ratio than the Western roads.
SUEVEY OF CTJRKENT BUSINESS
May 1948
Chart 4.—Amount and Percentage Distribution of Net
Income, Class I Railways, by Geographic Areas l
MILLIONS OF DOLLARS
500
PERCENT OF TOTAL
100
400 -
60
200 -
40
100
20
194041 42 43 44 45 46 47 194041
^0
42 43 44 45 46 47
U. 5. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
4*
1
Excluding switching and terminal companies. Due to mergers of certain railway companies in 1947, which transferred two of them from one area to another, the reported data for
the years 1940-46 were adjusted for comparability with 1947. The Southern and Pocahontas
regions
comprise the Southern district.
2
A deficit of 1.1 million dollars was reported for the year 1946.
Sources of data: Interstate Commerce Commission, except for the adjustment (see footnote
1 above), which was made by the U. S. Department of Commerce, Office of Business
Economics.
No simple explanation can be offered for the currently
lower operating ratio of the Western roads, but the more upto-date rolling stock on these roads than in the East is an
important contributing factor. This is shown in the following table, which applies to equipment owned by the carriers
in each District on January 1, 1947:
Percent of freight cars owned:
5 years old and under
6 to 10 years old
Percent of locomotives owned:
5 years old and under
6 to 12 years old
Eastern
Present Position of the Railroads
In an analysis of the present position of the Nation's railroads, two questions are of paramount importance: (1) To
what extent have the postwar adjustments in railway
traffic been completed? (2) What has been the effect of
postwar developments on the earnings position of the
industry?
The first of these questions is partly answered by the
estimates shown in chart 5. The panel on the left in the
chart illustrates the percentage distribution of intercity
commodity movement by the major freight transport agencies: railways, motortrucks, inland shipping, and pipe lines.
The panel on the right illustrates the distribution of intercity passenger travel by the major passenger carriers: railways, motor buses, inland water carriers, and air lines.
Because of the difficulty of deriving satisfactory estimates,
the chart does not include commodity movement by coastal
and intercoastal water carriers and passenger travel in private
motor cars.
Passenger Traffic Adjustment
The full extent of the wartime diversion of passenger
traffic to the railroads is not shown in the chart because of
Chart 5.—Percentage Distribution of Domestic Intercity
Freight and Passenger Traffic, by Kinds of Transportation l
FREIGHT TON-MILES
PASSENGER-MILES
AIRWAYS^/
PERCENT
100
1
PERCENT
100
Western
District
9.6
9. 8
District
13.4
14. 9
8. 6
5. 2
12. 2
6. 5
The more intensive use of Diesel motive power by the
Western roads is an additional factor, since Diesels have
proved more efficient than steam locomotives for certain
railroad operations. The Western roads accounted for more
than half of all road freight, passenger, and switching locomotive-miles performed by Diesel power in 1946, as compared
with about one-fourth for the Eastern carriers.
Finally, it may be noted that the Western railroads have
effected relatively larger reductions in fixed and contingent
charges than have the Eastern carriers. Through retirement of debt, refunding operations, and reorganizations,
these charges were reduced by about one-third in the
Western District between 1940 and 1947; in the East the
reduction during this period amounted to about 15 percent.
The actual annual savings were 88 millions dollars in the
West and 40 million in the East. As described in a later
section, a large portion of the reduction in fixed charges
has been associated with the emergence of roads from receivership or trusteeship. The Western lines have benefited
much more than the Eastern lines from reorganizations.
As a result of various rate changes made during the past
year, which have had the effect of increasing freight revenue
in the Eastern District by a larger percentage than in other
districts, average revenues per ton-mile in 1947 were higher in
the East than in the West. Without the shift toward interterritorial rate uniformity, the Eastern carriers would have
made an even more unfavorable relative showing in 1947.
80
300 -
21
80
80
60
60
40
40
20
20
1929
39 40 41 42 43 44 45 46 47
1929
39 40 41 42 43 44 45 46 47
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
48-159
1 Excluding freight carried on coastal and intercoastal waterways and airways, and passenger
travel in private automobiles.
2
Passenger-miles in 1929 were less than 0.05 percent of the total shown in the chart.
34 Including Great Lakes traffic.
Represents all railways; data for freight ton-miles include express and mail.
Sources of data: Interstate Commerce Commission, except all data for 1929 and 1947, and
data for motor buses for 1939-41 which are estimates of the U. S. Department of Commerce,
Office of Business Economics.
22
SURVEY OF CURRENT BUSINESS
the exclusion of travel in private passenger automobiles.
Such travel was sharply curtailed during the war by gasoline
rationing and the curtailment of new car production, so that
much traffic which otherwise would have moved by private
automobile was diverted to the railroads. For the passenger
transport agencies included in the chart, it is shown that the
rail portion rose from about 67 percent during 1939-41
to somewhat over 74 percent during 1943-45. By 1947 it
had declined to 59 percent.
As is well known, there has been a marked secular tendency
for motorbuses—and, more recently, air lines—to gain
in
relative passenger traffic. The decline of the railways7 share
in 1947 below the figure before the war signalizes the reemergence of competitive forces which had been interrupted
by the war.
If the analysis in the earlier article of the average longterm relationship between railway passenger travel and gross
natioral product, with proper allowances for time trends,
during the interwar period is applied to the present situation, it suggests that the major adjustment to the postwar
situation has been completed.4 Only in the case of coach
travel is there any evidence that the postwar adjustment has
not run its full course. This situation is the counterpart of
the unsatisfied demand for passenger cars which was described in an article in last month's SURVEY.6 The future
course of railway passenger traffic will depend not only on
the general business situation but also on the ability of the
roads to cope with competition and to improve their services
in order to broaden the market for railway travel.
Freight Traffic
The postwar adjustments in rail freight transportation
are being extended over a longer period than in the case of
passenger traffic, partly because of foreign relief and rehabilitation needs. The large amount of goods shipped abroad
has resulted in an abnormally heavy volume of long-haul
traffic.
The proportion of total freight movement going by rail is
smaller now than during the war, but it is significantly higher
than before the war, despite the declining time trend in the
railroads' share during the twenties and thirties. The higher
rail proportion reflects the cyclical response of rail traffic; it
is too early to determine whether it also reflects a modification of the declining time trend.
Operating Ratio and Earnings Position
The carriers' operating ratio, after adjustment for seasonal
variation, declined from 81 percent during the third quarter
of last year to 77 percent in the final quarter, when the first
of the three freight rate increases became effective. Wage
and other costs advanced during the latter quarter; on the
other hand, the wage rate award announced in September
was not accepted by three of the operating unions, so that
back wage payments have accumulated. There are additional reasons why the operating experience during the first
3 months of 1948 does not provide a satisfactory test of the
effect of higher rates on the operating ratio; a poor showing
was made in January and February because of the severe
winter weather, and in March and April operating results
were affected by the coal stoppage. The latest rate increase
became effective May 6.
Changes in the operating ratio are difficult to evaluate
unless they are considered in connection with changes in
4
See SURVEY, December 1945, pp. 13-14. The "full employment" projection for 1947-48
shown in table 5 on page 14 of that issue is 44 billion passenger-miles. The actual total for
1947 was 46 billion. However, in the closing quarter of the year passenger-miles were at a
seasonally adjusted annual rate of slightly more than 43 billion. See also, Monthly Comment
on Transportation Statistics, Bureau of Transport Economics and Statistics, Interstate
Commerce
Commission, January 14,1948, pp. 12-15.
6
Backlog Demand for Consumers' Durable Goods, SURVEY, April 1948, pp. 16-17.
May 1948
traffic volume and in the rate structure. For example, with
operating revenues doubling between 1940 and 1947, the
railroads were much better off with an operating ratio of
78 percent in the latter year than they were in 1940 when the
ratio was 72 percent.
It is not possible to determine what changes will occur in
the operating ratio in the period ahead. On the one hand,
the rate increases and the prospect of continuing high traffic
seem to favor a lower ratio than in 1947. On the other hand,
railway operating costs are still moving upward. If it is
assumed that the ratio will be about the same as in 1947, an
increase in net railway operating income would be indicated
for 1948 because of the higher freight rates and the prospective increase in operating revenues.
Table 5.—Condensed Railway Income Accountl
[Millions of dollars]
Item
Operating revenues
1940
1941
1942
1943
1944
1945
1946
._ ... 4,297 5,347 7,466 9,055 2 9, 437 8,902 7,628
Deduct: Operating expenses
3,089 3,664 4,601 5,656
Equals: Net revenue from operations- 1,207 1,682 2,865 3,397
Deduct: Federal income tax accruals59
174
755 1,335
All other tax accruals3
. _ 337
444
373
514
Rent payments (net)
129
137
181
188
Equals: Net railway operating income
682
998 1,485 1,360
Add: Other income less miscellane141
138
134
ous deductions
160
Equals: Income available for fixed
824 1,137 1,618 1,560
income
Deduct:
Interest on funded and unfunded
464
473
debt
460
429
173 244
218
Other fixed and contingent charges _ 175
189 500 902
873
Equals: Net income
159 186 202
Deduct : Dividend appropriations
217
314
30
656
700
Equals: Undistributed income
,
Net income before Federal income
taxes
Operating ratio-percent
249
71.9
674 1,657 2,208
68.5 61.6 62.5
6,282 7,052 6,357
3,155 1, 851 1,270
1,304
306 -16
542
514
518
175
202
152
1947
8,685
6,797
1,888
298
639
171
1,106
852
620
781
170
167
176
184
1,276 1,019
796
965
406
205
667
246
421
379
190
450
246
204
344
165
287
235
52
308
177
480
237
243
1,971
66.6
756
79.2
271
83.4
778
78.3
1
Class I railways, excluding switching and terminal companies.
2 After deduction of $47,000,000 for a reserve for land-grant deductions in dispute.
Represents rent payments by class I roads to others.
NOTE—Detail will not always add to totals due to rounding.
Source: Interstate Commerce Commission.
3
Higher Taxes, Lower .Fixed Charges
The condensed income account presented in table 5 shows
the successive steps from net revenue from railway operations,
to net railway operating income, and to net income before
and after taxes. Although net revenue from operations was
substantially higher in 1947 than in 1940, only a part of the
increase was carried through to net railway operating income
and to net income before and after taxes. The two most
important changes in the nonoperating items over this period
were the advance in taxes and the reduction in fixed interest
charges. Not only were income-tax rates higher in 1947
than before the war, but the combined pay-roll taxes for
railroad retirement and unemployment insurance rose
from 5% percent to 8% percent, the higher rates being applied
to a sharply increased pay roll in 1947.
The progress made in scaling down the funded debt and
fixed interest charges of the railroads is illustrated in chart 6.
Long-term debt of class I railways was reduced from 11.2
billion dollars at the end of 1939 to 9.1 billion at the end of
1946. A further reduction is known to have been made in
1947, but the figures have not yet been reported. The percentage reduction in annual interest charges, including both
fixed and contingent interest, is larger than the relative
decline in long-term debt. Interest amounted to 474 million
dollars in 1940 as compared with an estimated 320 million
dollars in 1947.
Part of the reduction in the debt and interest charges of
the railroads was accomplished by retirements, refundings,
and open-market purchases—that is, by the same type of
SUEVEY OF CUEEENT BUSINESS
May 1948
Chart 6.—Long-term Debt and Interest Payments,
Class I Railways 1
BILLIONS OF DOLLARS
MILLIONS OF DOLLARS
I60O
15
INTEREST ON
LONG-TERM
(Right scale)
I ALL OTHER &
EQUIPMENT
I OBLIGATIONS
I DEBT IN DEFAULT
FUNDED DEBT,
UNMATURED '
10
400
200
1940
1941
1942
1943
1944
1945
1946 1947
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1 Excluding switching and terminal companies. Long-term debt is the amount outstanding
at end of year; interest payments are the total amount for year. Data for interest payments
for 1947 are preliminary.
2
Unpaid interest accruals for certain years prior to 1942, which were charged to interest
account in 1942 by the Seaboard Air Line Ry. Co., were distributed over the years 1940,
1941, and 1942 when the liability actually accrued.
3
Represents receivers' and trustees' certificates and amounts payable to affiliated companies.
4
Data for 1940,1941, and 1942 represent total funded debt of two years maturity and over;
data for subsequent years represent total funded debt of one year maturity and over.
5 Data are not yet available.
Sources of data: Interstate Commerce Commission, except for the adjustment (see footnote 2 above), which was made by the U. S. Department of Commerce, Office of Business
Economics.
financial operations followed by other industries. In contrast with other industries, however, a substantial portion of
the net debt reduction and interest savings by the railroads
during the past 7 years was realized through reorganizations.
On the average, a road which has come out of receivership has
had its fixed interest costs reduced by about three-fourths,
partly because a substantial part of the long-term debt of
the reorganized road generally has taken the form of income
bonds, interest on which is made contingent upon earnings.
The average reduction in total interest costs of roads which
have come out of receivership has been about 50 percent.
With most of the reorganizations completed and with
interest rates edging upward, reductions in debt and interest
costs will decline in amount in the period ahead. The total
funded debt of all line-haul steam railroads still in receivership or trusteeship as of April 1, 1948, is estimated at slightly
over 1 billion dollars, as compared with 4 billion dollars on
December 31, 1939. Fi^e major class I railways with funded
debt of approximately 900 million dollars have come out of
receivership since January 1, 1947.
The reduction in fixed interest costs and the shift to income
bonds have financial implications for the railroads which are
out of proportion to the actual dollar savings which have been
realized. The roads are given much-needed flexibility in the
management of their financial affairs. Such flexibility is at a
premium in an industry such as the railroads because
past
experience has demonstrated that the industr37?s earnings
are so highly sensitive to changes in general business conditions.
23
Summary
Railway earnings have passed through successive phases
since the end of the war. In late 1945 the dominating factor
depressing monthly earnings was the concentration of deductions for amortization of emergency facilities—such deductions had significance for the immediate accounting problems
of the roads, and for the computation of tax credits, but
were not a reflection of the current earnings position.
Net deficits again were reported for a few months during
the first half of 1946. In this period, which was the reconversion low for general business activity, earnings were held
down by the low production in the durable goods sector and
by the granting of wage rate increases. These wage increases advanced the operating ratio, since there was a lag
before upward adjustments were made in freight rates.
Net income held above the 40-millionTdollars-a-month
level during most of the second half of 1946 and rose to almost 90 million dollars in the final month when many carriers
took their full year's tax credits. A second freight-rate increase went into effect at the beginning of 1947, but net
income remained somewhat under the level during the last
half of 1946, chiefly because of the steady increases in costs
of fuel and materials. Wage rates again were advanced
later in the year, and a succession of freight-rate increases
soon followed.
The analysis in this article has indicated that the major
adjustment in railway traffic in the postwar period has been
in passenger travel, but that total freight volume, measured
in ton-miles, has remained somewhat under the peak wartime freight load. Special postwar influences, such as the
heavy volume of goods being shipped abroad, continue to be
reflected in the pattern of rail freight movement.
Railway earnings have lagged behind earnings in other
industries in the postwar period. Differences in results
among the carriers by regions have been marked, with the
Eastern roads reporting very low earnings despite the high
traffic volume. As a result of the recent rate increases, a
general improvement in the earnings position of the railroads
relative to the position of other industries seems to be
indicated.
Revised Indexes of Manufacturers' Sales and
Inventories, 1939-47
(Continued from p. 9)
able checks on the levels of the dollar estimates are available
from 1939 to the present. Also, the firms which make up
the sample used to estimate the aggregate figures generally
submit company data, and consequently the reports are
better suited for estimation under the revised concept.
Effect of Revision
The new and the old series for both sales and inventories
show substantially the same movements, as may be seen by
reference to chart 3. The major difference in movement
arises from the fact that the old indexes did not adequately
allow in 1946 for the activity of small and of new firms.
The current levels of the indexes of sales of tbe durable and
nondurable goods industries are almost identical after
revision with those on the old basis. The indexes of inventory
book values are raised, particularly for the nondurable goods
industries.
The increase in the inventory-sales ratio for the nondurable group that results from the revision has the effect
of bringing these inventories somewhat closer to the value
that would be expected on the basis of their prewar relationship to sales. Book values of the durable goods inventories
are moderately higher than their calculated level; the growtbJ
of the transportation equipment industry, with its high
SURVEY OF CUEEENT BUSINESS
24
inventory-sales ratio, helps to account for this. When the
durable and nondurable goods groups are combined to give
total inventories, these are almost exactly in line at the
present time with the value calculated on the basis of their
historical relationship (chart 4). This is essentially the same
picture as that obtained by the use of the old series.
Chart 4.—Relationship Between Manufacturers' Inventories and Sales
40
Method of Estimation
30
The technique of estimation has been changed in several
respects. A summary account of the procedure is given here
for those who may be interested in the technical aspects of
the methods used.
The year-to-year changes in sales and inventories are
estimated first, using a sample comprising about 45 percent
of total sales. These annual estimates are subject to adjustment as the corporate data of the Bureau of Internal Eevenue
become available for each corresponding year. The latest
year for which this adjustment has been made is 1945. In
constructing the revised estimates of monthly figures for the
back data, monthly movements are interpolated between the
annual levels thus obtained; current monthly figures are
projected forward from the latest estimated yearly level,
which ordinarily will be one year subsequent to the available
Statistics oj Income data. Thus, current data will be revised
once a year. The monthly changes are estimated from a
sample smaller than that used for the annual aggregates;
this sample accounts for about 30 percent of all sales.
In estimating each industry group aggregate, companies
are classified into large, medium, and small, according to
their total assets in 1941. The asset size groups included in
each category vary by industry group. The relative change
in each size subgroup, as derived from the corresponding
sample, is applied to the total for the preceding month to
give the total for the current month. The estimates, thereChart 3.—Manufacturers' Sales and Inventories
BILLIONS OF DOLLARS
200
SALES-^
100
90
80
70
60
50
40
30
INVENTORIES
(END
OF YEAR)
20
REVISED
SERIES
10
I
1938
U. S. DEPARTMENT
1939
1940
OF COMMERCE,
1941
1942
1943
i
1944
I
1945
I
1946
1947
OFFICE OF BUSINESS ECONOMICS.
i Data for 1938 are not available.
Source of data: U. S. Department of Commerce, Office of Business Economics.
May 1948
48-162
UJ T^
§8
10
NOTE.-£//Vf OF REGRESSION
WAS FITTED TO DATA FOR
THE YEARS I926-4O.
® MID-MONTH.
J
I
50
100
150
200
SALES, TOTAL FOR YEAR (BILLIONS OF DOLLARS)
250
U S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
i Averages were calculated from mid-month book values.
Source of data: U. S. Department of Commerce, Office of Business Economics.
fore, are ratio estimates. As soon as the annual change is
estimated on the basis of the larger sample, the projected
monthly changes are revised accordingly.
Comparison with Other Series
In attempting to compare the new series with other data
on manufacturing activity, differences in coverage should
be kept in mind. The distinction between Census data
and the revised figures has already been pointed out. Differences from the figures of the Bureau of Internal Revenue
are attributable to the adjustment of the sales data for renegotiation of war contracts, and to the inclusion of unincorporated concerns. A further difference arises in the industrial classification; in the new series, companies are maintained
during the war years in their peacetime industry groups,
whereas in Statistics of Income they were classified according
to their current activities.
The revised monthly figures exceed the sales and inventory
book values shown in the quarterly estimates of selected
income account and balance sheet items published jointly
by the Federal Trade Commission and the Securities and
Exchange Commission. In the case of inventories, the
difference is explained almost entirely by the inclusion of
unincorporated enterprises. The present estimates of sales
are higher for two reasons.
Roughly 40 percent of the difference reflects the activity
of the noncorporate sector and practically all of the remainder is due to the fact that the Federal Trade CommissionSecurities and Exchange Commission estimates are on a
completely consolidated basis and hence do not count sales
by a corporation to other companies in the same consolidated structure. Moreover, the distribution by industry
group is also changed by consolidation, since subsidiary
corporations are classified in the Federal Trade CommissionSecurities and Exchange Commission estimates in the industry group of the parent company.
WlontkL
BUSINESS STATISTICS
THE:1 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 (t), 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 March 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
March
April
May
June
July
August
September
October
November
December
January
February
March
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT*
Seasonally adjusted quarterly totals at annual rates:
National income
bil of dol
Compensation of employees
do
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
Net interest
_ _ . _ do_ _
194.6
124.7
119.1
101.2
4.6
13.3
5.6
46.2
22.4
16.8
7.0
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
3.8
13.7
5. 1
51.5
25 4
18.5
7 6
134. 6
129.5
111.9
3.8
13.8
5.1
52.6
25.5
19.3
7.8
20.4
28.9
11.5
17.4
—8.6
3.3
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
3.8
-5.9
3.8
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
221.0
156.9
18.2
94.7
44.0
28.2
10.3
16.4
1.6
8.3
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
4.1
4.2
27.6
16.2
11.4
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
189.8
21.0
168.8
11.9
191.' 4
21.2
170.1
7.8
199.6
21.6
177.9
12.1
205 8
22.1
183 7
11 2
209.2
23.0
186.1
12.9
190.6
117.0
119.1
53.4
33.5
14.6
17.6
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
2.1
1.7
46.8
14.2
10.9
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
1.9
50.4
15.4
11.8
2.0
1.9
49.9
15.5
10.5
2.0
1.9
54.0
15.6
10.8
2.1
1.9
54.5
15.7
11.1
'207.7
'129.2
' 58. 3
'37.7
'15.5
' 17. 7
208.5
127.1
129.2
58.2
37.7
15.5
17.8
2.1
1.9
' 51. 6
15.8
'11.3
2.1
1.8
51.5
16.0
12.1
r 127.1
172.4
173.0
' 184. 1
168.8
169.7
188.7
173.8
168.3
184.8
Total nonagricultural income
do
180.6
182.3
184.6
185.6
NEW PLANT AND EQUIPMENT
EXPENDITURES*
3,940
3,160
4,960
All industries, total
_ _ ._ _ _ mil. of dol
4,140
4,480
450
Electric and gas utilities. _ .
do. _
330
620
500
510
2,010
Manufacturing and mining
do
1,600
2,500
2,050
2,140
220
Railroad
_ _ do
160
310
230
340
1,260
1,080
1,530
Commercial and miscellaneous.
do. __
1,360
1,500
FARM INCOME AND MARKETINGS
Cash farm income, total, including Government
2,211
2,662
2,076
1,974
2,026
2,581
1,866
3,060
payments*
_
.
_ mil. of dol.
2,517
2,927
3,773
3,109
2,185
1,914
1,989
2, 505
2,657
2,909
2,555
From marketings and C. C. C. loans* _ _ do. .
2,010
1,837
3,049
3,096
3,759
1,961
' 743
621
1,205
692
594
1,044
717
1,187
Crops*
do
1,299
1,497
2,122
698
1,540
1,442
1,452
1,318
1,368
1,318
Livestock and products*
..do .
1,320
1,610
• 1, 511
1,120
1,556
1,552
1,637
1,263
392
382
345
379
353
Dairy products*
do
345
329
303
318
293
334
373
319
782
705
785
Meat animals* _ _
do.
743
726
711
1,019
968
593
970
958
1,039
645
251
232
234
224
261
Poultry and eggs*.
_.do_ __
236
279
201
206
244
262
280
237
' Revised. § Personal savings is the excess of disposable income over p ersonal coiisumption expenditur es shown a s a compoilent of gros s national product at>ove.
* New series. Quarterly data for 1939-46 and annual data begginning 1929 for nation al income s nd °ross Weitional pro<iuct
and nlonthly da1ba for 1929- 46 for perse nal incom<> are publisbed in the
"National Income Supplement to Survey of Current Business", ^which is a\ ailable frorn the Supe rintendent of Documejnts, Wash ington, D. C.,for25c ents; these series are c ompiled b^f the U.S.
Department of Commerce. For description of the series on plaiat and equ ipment exi>enditures and data f or 1929-45, see p. 24 of the Ma rch 1948 S urvey; firs t quarter of 1948 est" mates are
based on anticipated capital expenditures of business. Revisionis for Janu ary 1945-M ay 1946 for• farm inco me are av ailable on request; see note in Septembei- 1947 Sur vey regard ing earlier
data; revisions beginning 1945 were in part to adjust the series tolevels indi cated by IS 45 Census data: 1940- 44 data ha ve not bee]a similarly revised.
L
7S640f»° — 48- —4
S-:
SUBVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS—Con.
Indexes of cash income from marketings and
C. C. C. loans, unadjusted:
All commoditiesf
1935-39=100. _
Cropsf
do
Livestockf
do. __
Indexes of volume of farm marketings, unadjusted:
All commodities*
1935-39=100
Crops*
_
_
do
Livestock*
do
303
242
348
288
208
349
299
217
361
329
260
381
400
422
383
377
416
348
459
524
410
566
743
432
466
639
411
438
455
425
385
366
399
276
251
295
295
244
333
122
101
138
116
80
143
126
87
156
138
106
161
167
180
156
152
170
138
172
202
150
199
255
157
160
170
163
151
152
150
134
130
136
109
102
114
111
86
129
187
185
186
185
178
185
191
194
193
189
189
190
"188
195
193
191
191
184
191
197
200
200
196
••197
197
"198
224
196
140
166
126
281
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
'226
202
205
196
209
157
159
269
239
197
222
195
143
161
134
276
197
195
203
208
166
16G
263
237
193
'224
'203
'137
'178
'116
285
'198
201
189
'193
158
'160
'201
'231
'192
"228
"207
"140
"177
"120
"285
"200
"205
"188
"199
160
"165
216
"242
"206
171
187
254
431
121
121
121
140
v 127
138
83
159
154
"185
172
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
9 195
161
173
181
245
431
116
114
117
178
9 192
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
145
239
172
160
270
172
149
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
do
do
do
do
do
do
143
153
113
163
153
83
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
_ _ do
190
187
185
184
176
do
198
194
191
191
183
225
147
138
202
195
218
192
165
269
175
208
251
122
122
157
"153
149
151
159
154
"185
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
9 152
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
W2
172
158
141
166
160
142
164
142
146
155
159
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted, combined indexf
1935-39=100..
Manufactures'!'
Durable manufactures!
Iron and steel t
Lumber and products!
Furnituref
Lumberf
Machinery!
Non ferrous metals and products f
Fabricating*
_
Smelting and refining*
Stone, clay, and glass products!.
Cement
Clay products*.
. __
Glass containersf
Transportation equipment
Automobilesft
do
- - do_
do
- . do
do
-. - do.
do
- do
do
do
... ..do
do
do
do
do. .
do
Nondurable manufactures! _ .
do
Alcoholic beveragesf
do
Chemicalsf
_ _ do.
Industrial chemicals*
do
Leather and products!
_ do
Leather tanning*
do
Shoes
_. do
Manufactured food products! .
do
Dairy product**!
do
Meat packing
do
Processed fruits and vegetables* _ do
Paper and products! . _ _ .
do
Paper and pulp!
do
Petroleum and coal products!
do
Ooke
_,
.
do
Petroleum refining!
do
Printing and publishing!
do
Rubber products!
do
Textiles and products!
. __
do
Cotton consumption
- do
Rayon deliveries
_ _
do
Wool textile production
do
Tobacco products
do
Minerals!
Fuelsf___
Anthracite!
Bituminous coal!
Crude petroleum
Metals
Adjusted, combined index!
Manufactures
Durable manufactures
Lumber and products
Lumber
Nonferrous metals..
Smelting and refining*
Stone, clay, and glass products
Cement.
_. _. . .
Clay products*
Glass containers
Nondurable manufactures
Alcoholic beverages. .
Chemicals
Leather and products.
Leather tanning*
Manufactured food products
Dairy products __
Meat packing
Processed fruits and vegetables*
Paper and products
Paper and pulp _
Petroleum and coal products..
Petroleum refiningt
Printing and publishing
Textiles and products
Tobacco products
do _
. do
do
do
_ _ do
do
do .
do
do
do. ..
do
do
do
.do _
do
..do
do
. do
do
do
..do _
do
do
do
... do
203
138
180
117
'287
194
197
187
187
161
'166
206
196
244
206
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
142
'253
••437
120
'117
123
146
"87
175
91
163
157
"214
178
175
176
'252
'434
126
125
127
T
144
"99
141
90
163
159
"214
179
"174
172
"252
"437
"119
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
I56
'214
'179
153
'295
185
147
156
"205
"175
147
302
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
"134
"143
"108
"97
"165
182
187
190
192
192
193
194
"192
188
192
197
199
198
200
201
"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
9 147
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
156
143
194
187
199
199
'179
200
' 178
167
255
120
'116
157
"139
150
139
163
157
"214
'226
'150
'135
'198
189
'207
208
'168
208
180
198
'251
' 123
116
159
"139
147
' 142
163
159
"214
"229
"147
" 132
"200
"188
"208
196
"173
216
"178
19]
"250
"120
9196
210
142
133
170
180
199
171
162
231
169
176
249
116
115
157
"147
145
138
158
153
"201
139
142
156
145
154
160
144
160
163
152
164
175
152
172
169
146
163
149
148
' 178
153
157
'179
155
153
" 175
164
9157
156
133
146
140
r244
173
"122
"142
121
p88
" 169
"163
"211
166
155
"159
131
"159
" 169
" 163
"211
151
150
148
140
153
Minerals
do
148
143
155
155
156
154
155
" 139
122
Metals
__
do
117
117
111
117
124
136
107
109
117
'117
"121
f
Revised. " Preliminary. JIndex 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 the 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 CUKKENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-3
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDER Sf
Sales:
Value, totaL.
__ millions of dollars
Durable goods industries
do
Nondurable goods industriesdo
Index, total
average month 1939 =100 _
Durable goods industries
do
Iron, steel, and products.. __
do
Nonferrous metals and products
do
Electrical machinery and equipment __do
Machinery, except electrical
do
Automobiles and equipment.
___do
Transportation equipment, exc. autos-_do
Furniture and finished lumber prod
do
Stone, clay, and glass products
do
Other durable goods industries
do __
Nondurable goods industries
do
Food and kindred products
do__ _
Beverages
do
Textile-mill products, excl. apparel- - do
Leather and products..
do
Paper and allied products
do
Printing and' publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber products
do_ __
Tobacco manufactures
do
Other nondurable goods.
.. do _
Inventories, book-value, end of month:
Value, total
.. millions of dollars __
Durable goods
' do
Nondurable goods .
do
Index , total _ _
average month 1939 = 100 _
Durable goods industries
do
Iron, steel, and products
__ __ _ d o __
Nonferrous metals and products
do
Electrical machinery and equipment do __
Machinery, except electrical
do
Automobiles and equipment
do
Transportation equipment, exc. autos._do
Furniture and finished lumber prod
do
Stone, clay, and glass products
__do_ __
Other durable goods
do
Nondurable goods industries
_.do__
Food and kindred products
do
Beverages
_
_
_
do _.
Textile-mill products, excl. apparel
do
Leather and products _
do. __
Paper and allied products
do
Printing and publishing _
do _
Chemicals and allied products
do
Petroleum and coal products
do
Rubber products
do
Tobacco manufactures
do
Other nondurable goods. _ _ _ _ _
_ do
New orders:
Index, total
average month 1939=100..
Durable goods
do ..
Iron, steel and products
do
Machinery, including electrical
_ _do_ _ _
Other durable goods, excl. trans, equip. -do
Nondurable goods
do
15, 548
6,217
9,331
292
319
299
414
375
324
350
436
242
216
263
277
289
281
290
266
303
234
317
223
332
197
283
15, 152
6,341
8,811
285
326
305
399
362
336
362
454
245
237
278
262
241
275
277
251
317
232
322
233
320
200
269
14, 813
6,158
8,655
279
316
298
369
359
330
338
467
234
228
281
257
238
258
255
257
312
224
305
242
309
222
269
14,817
6,131
8,686
290
328
306
376
394
339
364
508
203
244
274
268
259
292
279
222
315
242
304
254
322
237
257
14,099
5,546
8, 553
265
285
267
310
331
278
345
390
212
223
230
254
259
281
235
245
288
218
280
258
298
223
221
14, 996
5,859
9,137
282
301
296
327
349
295
326
406
247
226
262
271
264
296
275
277
295
251
287
257
312
213
284
16,308
6,395
9,913
319
342
321
392
410
324
399
483
281
249
274
306
301
356
312
288
312
289
329
269
346
239
336
17, 779
7,027
10, 752
322
348
330
386
421
329
410
489
274
255
279
307
290
397
319
306
331
291
336
267
348
223
341
16, 271
6,350
9,921
331
353
335
442
444
325
401
486
267
250
293
319
303
416
319
251
328
344
328
302
354
226
352
17, 238
6,989
10, 249
324
360
331
423
470
347
424
514
270
236
277
304
285
373
327
286
312
300
312
318
307
232
305
16, 249
6,407
9,842
306
329
325
364
386
304
383
442
266
223
281
292
282
268
301
303
320
235
320
328
282
206
296
r
15. 965
6,469
9, 497
••325
360
'336
••415
446
356
424
469
322
••222
r
282
307
276
273
350
327
334
271
327
336
••289
216
329
18,043
7,572
10, 471
327
375
350
421
452
363
455
528
323
248
276
299
269
286
346
291
334
270
313
319
246
218
348
25, 392
12, 191
13, 201
236
253
181
254
347
258
411
596
192
157 .
192
223
207
302
219
192
209
305
252
154
253
233
264
25, 847
12, 443
13, 404
241
258
185
254
359
264
415
607
201
156
198
226
192
304
225
196
213
335
263
157
270
227
289
26, 435
12, 724
13, 711
246
264
189
255
372
268
431
629
204
160
198
232
200
332
225
201
219
358
269
160
279
219
289
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
28,874
13,481
15,393
269
280
203
256
283
294
478
603
225
165
207
260
238
357
253
238
276
297
298
179
302
231
327
241
279
308
316
219
219
235
256
273
294
209
222
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
229
264
324
380
341
253
227
336
29
25
98
129
55
313
23
25
124
115
26
317
23
26
112
123
33
356
29
23
108
153
43
417
44
22
151
165
35
477
47
43
136
194
57
16, 345
12 965
25, 619
17 481
1 883
12, 574
1 531
1 198
20, 937
1 908
967
6,892
2 837
1 705
1 987
17, 987
3 410
1 346
2 767
3 160
3 688
2 479
249
288
319
336
217
226
r
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER*
Operating businesses, total, end of quarter
thousands
Contract construction
_
do_ _
Manufacturing
do
Retail trade
_ _ _ _ . . . _ _
d o _ _.
Wholesale trade
do_ _
Service industries
do
A l l other
_ _ _ _ _ _ _ _ _ _ do
New businesses, quarterly
do_ _
Discontinued businesses, quarterly
do
Business transfers quarterly
do
3, 768. 0
268.7
316.4
1, 744. 7
177.5
720.7
557.9
109.5
56.8
102.3
3 731.4
257.2
312.1
1, 726. 6
173.1
709.6
552.9
128.0
54.4
126. 8
9 3,817 0
p 275.9
*>318 1
t> 1,754.9
v 180.2
*>7272
v 560.6
»85.1
*>54.2
v 98 4
INDUSTRIAL AND COMMERCIAL
FAILURES
Grand total
number
Comirercial service
_
do. __
Construction
_ _ „
do
Manufacturing and mininp
do
Retail trade
do
Wholesale trade
do.
Liabilities, grand total. _ _ _ _
_.thous. of doL
Commercial service
do
Construction _
_ _
_ _ _ _ _ _ _ do
Manufacturing and mining
do
Retail trade
_
_ _ _ _ do
Wholesale trade
do
254
21
13
108
88
24
15, 251
277
23
16
117
84
37
16, 080
1,015
378
33
20
155
119
51
17, 326
283
21
23
95
108
36
299
30
17
107
105
40
287
23
19
99
102
44
18, 982
37, 137
19, 863
14, 903
292
28
20
101
103
40
10, 034
11, 336
1,169
1,647
11, 822
1,503
1,493
10, 971
3,037
2,258
14, 22C
1,614
1,874
12, 466
2,280
2, 144
10, 426
1,668
1,978
5,964
1,360
1 407
21,322
1 074
2,301
13,337
2 289
2 321
3,299
2,996
2,870
2,893
2,595
2,494
2 612
3 269
758
341
247
739
321
610
664
384
655
176
829
444
505
537
25, 499
1 232
455
711
820
979
957
9,243
3 714
1 684
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.
fRevised series. Description and back data are shown in this issue.
2 995
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
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMER S
Prices received, all farm productsf— 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
280
266
283
212
390
257
215
299
360
292
345
269
199
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
251
261
374
248
136
320
333
300
331
307
218
283
262
260
284
372
256
140
295
339
302
342
298
212
240
252
224
226
124
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
177.2
177.1
178.7
179.7
181.4
184.9
184.9
185.9
188.4
190.3
' 189. 0
188.6
121.6
122.3
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
156.3
184.3
189.5
148.1
187.5
199.6
207.6
117.6
92.2
142.5
182.3
109.0
138.2
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
165.0
192.3
115.9
146.4
167.5
195.1
204.7
171.8
204.4
213.0
224.8
130.0
93.2
165.9
193.0
116.0
146.4
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 electricity*
do
Other fuels and ice*
do
Housefurnishings
do
Rent.
do.
Miscellaneous
do
•
166.9
196.3
202.3
171.0
201 . 1
206.9
224.7
130.3
93.8
166.0
194. 9
116.3
146.2
WHOLESALE PRICES
U. S. Department of Labor indexes:
r
147.7
147.1
163.2
150.6
153.6
160.8
148.0
149.5
•• 165. 7
157.4
159.7
158.5
161.4
Combined index d".
. 1926=100
Economic classes:
141.7
141.9
154. 4
141.7
143.3
154.7
144.0
147.6
r 157. 7
152.3
Manufactured productscf.
_ do
151.6
155. 7
151.1
160.2
160.1
158.6
182.0
174.9
165.3
163.2
167.0
175.5
183.9
170.8
175.1
174.7
Raw materials
do
r
144.5
157.9
155. 8
144.9
145.9
145.9
147.0
149.5
156.4
«• 157. 6
Semimanufactured articles
_ do
154.1
154.1
152.0
177.0
177.9
181.4
175.7
196.7
185.3
181.7
182.6
187.9
199.2
186.4
189.7
186.0
Farm products
do
206.0
199.8
202.4
202.3
252.7
220.0
208.8
203.3
245.5
256.3
241.4
230.3
218.0
Grains
do
199.2
209.9
226.3
200. 9
215.9
198.7
216.0
210.0
211.0
232.9
209.4
224.8
224.5
Livestock and poultry
..
do
r
141.0
140.6
155. 2
140.7
143.6
147.2
142.1
155.7
153.3
' 158.1
155. 8
150.8
151. 5
Commodities other than farm products 6*. . do
162.4
161.8
178.4
167.1
159.8
172.4
172.3
167.6
178. 0
179.9
179.3
177.8
173.8
Foods
_
_
do
154.1
149.2
154.7
151.7
170.6
160.2
153.3
150.4
172.5
167.6
158.6
158.7
170.1
Cereal products
do
140.9
148.8
183.5
138.8
152.8
164.3
157.6
184.8
175.9
170.6
183.9
179.8
;
Dairy products
do
167.3
145.2
142.2
135.4
139.7
133.0
144.3
144.8
141.5
135.5
141.1
146.3
130.1
130.8
'•
Fruits and vegetables..
do
208.6
217.9
196.7
206.2
207.3
203.0
214.8
234.6
230.0
217.6
222.3
244. 8
217.1
Meats
do
Commodities other than farm products and
131.4
145.6
133. 4
131.8
131.9
136.0
131.1
142.4
' 148. 2 r 147. 5
138.2
147.7
140.0
foods cf1926=100
174.4
178.8
177.0
179.7
177.5
191.0
192.5
175.7
187.5
193.1
183.3
185.8
Building materials
._
do
193.0
134.7
134.5
134.5
132.4
148.8
151. 1
143.3
144.3
147.3
150.9
145.4
145.6
151.6
Brick and tile
do
114.3
114.0
114.0
114.9
116.9
112.3
121.6
127.2
126.4
120.6
119.0
120.1
127.4
Cement
_ _.
do
266.1
273.5
269.4
303.2
269.3
269.0
276.7
303.8
290.0
295.6
285.7
307.3
Lumber
__
__
._
do
304.0
159.6
175.5
156.1
154.9
176.1
169.2
164.0
159.6
157.9
161.4
161.8
163.2
Paint and paint materials _ _
do
156.7
120.2
133.2
127.1
132.2
135.0
118.8
117.5
135. 8
134.6
122.3
128.6
138.8
136.1
Chemicals and allied productsf, _.
do
118.7
119.5
124.1
119.9
114.5
118.7
117.5
126.5
118.2
124.3
122.1
125.8
Chemicals
__
do
126.8
156.1
137.4
181.0
182.7
173.6
151.1
154.9
154. 3
136.6
136:6
154.4
137.5
154.4
Drug and pharmaceutical materialsf- -do
101.8
101.2
103.5
114.4
101.8
102.5
105.5
109.8
112.0
114.8
115.6
114.9
Fertilizer materials
do
111.3
139.2
220.1
134.8
231.5
179.9
215.9
133.3
226.7
201. 5
193.4
236.7
163.3
211.4
Oils and fats
...
do
103.9
103.4
108.9
100.7
103.3
124.3
112.5
114.1
118.1
130.7
130.9
115.9
Fuel and lighting materials
do
130.0
64.4
64.1
65.0
64.3
64.5
64.3
66.5
65.2
66.3
66.4
64.9
Electricity
do
84.0
85.4
85.8
86.0
84.9
85.0
85.5
83.6
84.5
85.8
87.0
86.8
Gas
do
87.5
86.3
89.8
92.2
81.7
86.8
112.0
99.9
121.7
93.7
120.7
96.5
121.8
Petroleum products
do
173.2
182.1
166.4
178.4
174.6
203.1
170.8
202.4
184.8
192.8
191.7
200.3
185.6
Hides and leather products
do
187.1
215.
6
192.2
178.1
177.7
203.5
221.1
263.4
256.9
207.2
238.9
243.7
186.2
Hides and skins
do
187.4
158.0
176.3
190.7
183.7
216.2
178.9
197.4
216.0
209.2
199.9
186.9
204.3
Leather
do
172.6
172.1
173.2
174.9
171.5
172.2
175.2
187.0
190.7
178.0
194.3
Shoes _
_
do
194.7
193.6
129.2
127.4
125.8
129.7
128.8
137.7
139.7
129.8
130. 6
'141. 8
132.3
' 141. 4
142.1
Housefurnishing goods f
do
137.2
138.1
134.4
138.1
131.4
136.9
138.5
140.0
142.8
144.4
143.9
144.9
139.3
Furnishings
_ _
do
r
r
129.4
129.7
129.3
132.1
129.7
127.0
129.3
135.6
136.8
139.
4
135.0
139.4
139.
1
Furnituref
do
r
r
142.6
148.9
140.3
141.4
139.9
143.8
151.7
152.3
155. 5
150.7
151.1
154. 7
156.5
Metals and metal productscf
.
do
131.4
128. 6
139.4
127.6
133.3
140.4
126.9
142.2
141.3
140.8
146.9
145.5
148.9
Iron and steel _
do
142.9
141.0
141.8
139.0
143.9
142.2
141.8
143.0
142.0
142.0
145.5
146.8
146.8
Metals, nonferrous
ldo_ _
119.1
118.2
123.4
128.6
135.9
120.0
136.0
136.1
136.0
117.9
137.9
138.7
138.7
Plumbing and heating equipment
do
r
Revised. *> Preliminary.
§ 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.
cf Current prices on motor vehicles were introduced 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-February 1948 indexes using April 1942 prices; March 1948 indexes using April 1942 prices are as follows: All commodities, 158.8; manufactured
products, 151.6, commodities other than farm products, 152.7; commodities other than farm products and foods, 143.7; metals and metal products, 138.3.
* 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.
t Revised series. Indexes of prices received by farmers for 1913-45 are shown on pp. 17-19 of the April 1947 Survey; data for April 15,1948, are as follows: Total 291; crops, 276; food grain,
208; feed grain and hay, 291; tobacco, 371; cotton, 275; fruit, 142; truck crops, 340; oil-bearing crops, 351; livestock and products, 304; meat animals, 347; dairy, 296; poultry and eggs, 214. 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 shown later; the revision has been incorporated in the group index and other composite indexes only beginning November 1947.
SURVEY OF CUEEENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-5
1948
1947
March
April
May
June
August
July
September
October
November
December
January
February
March
COMMODITY PRICES—Continued
WHOLESALE PRICES—Continued
U. S. Department of Labor indexes— Continued
Commodities other than farm, etc— Con.
Textile products
1926=100..
Clothing
_ -do
Cotton goods
do
Hosiery and underwear
~
_ _ do_ _ _
Rayon
.
_ _ _ _-do.-_
Silk
do _
Woolen and worsted goods.do
Miscellaneous
do
Automobile tires and tubes t
do
Paper and pulp
do
Wholesale prices, actual. (See respective commodities.)
139.6
133.0
196.6
100.8
37.0
73.2
127.5
115.3
66.7
145.1
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
'r 147. 6
140. 4
r
214. 8
104.4
40.7
46.4
141.6
123.5
63.4
168.1
53.8
64.0
52.7
38.0
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
141. 6
' 214. 9
105.0
40.7
46.4
142.8
119.9
63.4
167.1
149.0
141.7
218.3
105.4
40.7
46.4
145.2
120.8
63.4
167.0
48.6
59.2
47.7
34.7
50.0
59.7
48 9
38.1
49.9
59.9
49.4
37^7
157
r 1 009
r 837
r 400
1 166
267
120
r 148. 1
r
PURCHASING POWER OF THE DOLLAR
As measured by—
Wholesale prices
Consumers' prices
Retail food prices
Prices received by farmerst
1936-39=100..
..do
- do
- 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. _.
T^tilitarv and naval
do
Nonresiden tial building, total ..
do
Industrial
do
Highway
.
do
All other
- do
r
859
'679
285
'241
••145
20
'r 133
180
'25
12
r
34
3
'50
••59
r
928
'713
310
r
'238
142
30
r
135
'215
16
15
40
4
r
r
76
' 68
r
1,r 032
790
'355
•' 1, 162
'885
'405
••242
'250
140
141
r
1,r 264
966
' 455
'254
139
'153
50
••180
r 242
r 277
9
15
'42
3
'8
15
'43
2
9
19
'42
2
'100
r
76
' r125
' r137
91
40
86
r
r
60
197
298
r
r
1 364
1, 042
' 500
'260
139
75
'207
'322
r
8
22
45
1
' 149
' 98
' 1 423 r i 497
r
' 1, 086
1 129
T 590
' 540
'267
138
65
'214
' 337
'7
'22
49
1
'159
100
r
r i 432
r i 320
' 1 141 ' 1 097
r I
r 948
r 630
r 610
r 500
'275
137
'287
136
'284
' 134
'273
130
'265
' 214
' 199
' 291
' 188
' 161
r 223
r 8
r 209
r 9
r 158
r 172
r 6
11
r 48
1
r 41
50
' 368
*9
r
25
23
'8
19
' 53
' 50
1
178
(*)
15
' 119
17
14
' 52
' 53
'1
' 56
r 77
' 65
r 95
r 105
r 125
14
14
(a)
r gl
941
475
23
176
225
5
16
65
1
52
87
T 66
CONTRACT AWARDS
Contract awards, 37 States (F. W. Dodge Corp.):
Total projects
numberTotal valuation
thous of dol
Public ownership
do
Private ownership __ .
. do
Nonresidential buildings:
Projects
number. .
Floor area
thous. of sq. ft
Valuation
thous. of doL.
Residential buildings:
Projects
number..
Floor area
.. thous. of sq. ft_.
Valuation
_
thous. of doL.
Public works:
Projects
...
. number.
Valuation
thous. of dol. .
Utilities:
Projects
..........
number
Valuation
_
. thous. of dol
Value of contracts awarded (F. R. indexes):
Total, unadjusted
1923-25=100..
Residential, unadjusted _ _ .
_ do
Total adjusted
'.
. . ..
. do...
Residential, adjusted
do
Engineering construction:
Contract awards (E. N. R.)§
thous. of doL.
Highway concrete pavement contract awards :J
Total
thous. of sq. yd.Airports
do
Roads
do. _Streets and alleys
.
do
32,268
596, 755
143, 316
453, 439
29,957
177,272
425, 066
27, 769
674, 657
233, 873
440, 784
24, 044
605, 070
226, 471
378, 599
28, 734
660, 254
202, 571
457, 683
4,355
602, 338
31, 885
823, 216
23
615
196
418
125
206
530
676
20
681
248
433
557
967
443
524
27
689
181
508
999
763
044
719
27, 185
649 996
192 660
457, 336
36
793
208
584
290,807
4,915
41, 682
4,213
24 114
239, 915
5,134
33 478
277 888
28 552
243 416
33 088
244 495
27 719
240 544
29 097
272 395
25 671
248 939
16 336
31 474
23 227
35 385.
276, 541
217,811
605, 405
339
286
947
339
29
715
223
491
793
108
505
603
21
625
207
417
696
363
481
882
3,670
22, 242
191, 903
3,905
4,554
184,317
30, 238
235, 899
27, 561
209, 942
4,912
32, 123
253, 512
27, 414
42, 991
282, 881
24, 284
39, 006
256, 668
21,255
42, 672
254, 085
17, 604
29, 213
209, 458
21, 568
36, 774
240, 885
24, 789
47, 805
308, 937
21, 154
30, 037
268, 543
29, 473
52 302
349, 490
24 147
42 696
290, 220
17 402
32 192
226, 796
18 899
32 183
238, 098
232,250
918
77, 926
1,509
123, 249
1,607
119, 713
1,744
142, 495
1,910
127, 454
1,761
137, 471
1,522
110, 556
1 425
1 114
112, 726 . 138, 606
809
113, 289
718
108, 891
143,033
803
915
109, 596
266
44, 045
259
38, 104
64,960
353
341
43, 175
344
38, 403
420
86 001
296
30 982
307
53 182
283
42 866
233
40 783
213
27 673
213
34 289
54 687
133
135
132
129
152
144
158
127
170
138
173
148
184
168
175
164
173
157
159
137
156
126
'161
133
123
153
130
» 174
•p 148
400, 415
2,438
52
1,578
808
26, 034
127
110
136
116
454, 471
514, 343
5,280
3,828
2,607
2,456
513
3,167
1,600
35
1,186
155
136
166
150
183
168
517, 175
524, 238
413, 494
4,228
5, Oil
169
3,285
212
1,560
2,452
2,390
79
1,468
1,737
4,249
3,252
3,295
3,205
r 135
r Ig7
3,622
184
170
193
163
197
161
191
152
494, 805
575, 089
474, 357
503, 384
441, 955
474, 643
508, 096
2,760
3,260
2,349
2,863
1,723
6
1 040
2,304
4, 386
361
163
1,133
1,464
203
1 946
1 110
5
1 592
752
124
1 776
963
v 1 7^1
' 152
10
1 425
677
869
9 fi<vl
371
1
PERMIT VALUATIONS AND DWELLING
UNITS PROVIDED
Estimated number of new nonfarm dwelling units
scheduled to be started (U. S. Dept. of Labor):
Total nonfarm*..
number. .
74,500
73,500
83,400
63, 100
83,300
90,400
94,900
98, 100
75,800
63, 300
07 RAQ
4fi QQQ
42 862
41 138
41, 949
56, 279
36, 447
33,343
42,534
37, 158
41, 138
45, 994
47,117
Privately financed, total
do
51, 904
51, 112
55, 819
41,029
36,083
32, 523
35, 214
30, 615
33, 670
34, 627
1-family dwellings
do
36, 943
40,865
39,226
23 704
42 716
26 591
30 303
3,085
2,448
3,142
3,478
2-family dwellings
do
3,053
3,519
2,988
3,536
3,316
2,443
2, 280
4,095
4,383
7,889
4,178
7,121
Multifamily dwellings
do
8,051
8,367
9,567
7,410
7,049
6 539
491
1,005
328
0
Publicly financed, total
do
36
192
275
460
920
364
820
r
Revised. » Preliminary. 1 See note marked "t" regarding revision incorporated in the index beginning June 1947. (a) Less than 500,000.
§ Data for, May, July, and October, 1947, and January 1948 are for 5 weeks; other months, 4 weeks.
t Based on weekly data combined into 4- and 5-week periods except that a week falling in December and January is prorated; see note in February 1947 Survey.
r
r
33, 289
32, 166
r 22 180
' 1, 863
' 8 123
1,125
revisi
supersedi
struction 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.
SURVEY OF CURRENT BUSINESS
S-6
May 1948
1948
1947
Unless otherwise stated, statistics through
1941 ami descriptive notes may be found
in the 1942 Supplement to the Survey
March
April
May
June
July
August
September
October
November
December
January
February
March
CONSTRUCTION AND REAL ESTATE—Continued
PERMIT VALUATIONS, ETC.— Continued
Indexes of building construction, based on building
permits (U. S. Dept. of Labor) :t
Number of new dwelling units provided
1935-39=100
Permit valuation:
Total building
construction
do
c
New re idential b'lildings
do
New nonresidential 5buildings
do
Additions alteration * and repairs
do
217.1
247.2
237.2
271.0
271.9
295.9
300.9
324.5
241.9
210.2
192.3
190.9
218.5
308 8
141.8
214 1
251. 6
359 1
159. 4
248.7
244.2
338 5
163.5
241.4
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
206.7
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
118.1
314 5
174.0
199.1
404
434
420
379
396
414
444
427
390
403
419
448
432
392
105
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
282
286
290
294
295
300
307
312
314
318
320
321
321
154.4
204.7
177.8
178.0
155.1
205.6
178.1
178.3
155.4
205.9
178.4
182.8
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
153.5
205.9
180. 4
179.0
154.1
206.8
180.6
179.2
154.3
207.0
180.8
185.4
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
153.5
202.4
180.7
176.9
154.2
203.4
180.9
177.1
154.4
203. 6
181.1
182.1
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
179.2
217.6
188.6
199.1
180.2
219.1
188.8
199.3
180.4
219.3
189.0
202.2
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
183. 3
220. 8
187.0
200.3
183.9
221.6
187.2
200. 5
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
3C0.8
396.1
299.6
396.5
303.1
403.3
304.9
406.5
313.0
415.0
317.1
417.8
' 320. 6
424.4
322.3
429.3
325.3
432.3
326.9
435.0
329.7
436.9
329.0
438.4
329.4
438. 5
179 6
185.6
170 2
182.5
188.8
172.4
183.7
189.1
175.5
184.8
189.0
179.2
185.1
188.5
181.0
7,377
7,473
7,593
7,691
7,816
CONSTRUCTION COST INDEXES
A berthaw (industrial building)
1914—100
American Appraisal Co.:
Average 30 cities
_
1913=100
Atlanta.
_
__do
New York
do
San Francisco..
do _
St Louis
do
Associated General Contractors (all types)
1913=100__
E. H. Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete:
Atlanta
U. S. average 1926-29—100
New York _do ._
San Francisco
do
St Louis
.do_ _
Commercial and factory buildings:
Brick and concrete:
Atlanta
do
New York
do_._
San Francisco
do
St. Louis
-_ __ __do
Brick and steel:
Atlanta
__ - -_
.__do
New York
-_ _-do
San Francisco
do
St Louis
-do
Residences:
Brick:
Atlanta
do
New York
do
San Francisco
do
St Louis
- - - do
FrameAtlanta
_.do__
New York _ .
do
San Francisco
_ do
St Louis
do
Engineering News-Record:
Building*
.
1913=100__
Construction (all tvpes)
_
do_
Federal Home Loan Bank Administration:
Standard 6-room frame house:f
Combined index
1 935-39 ~~ 100
T hn
do
REAL ESTATE
Fed. Hous. Admn., home mortgage insurance:
Premium-paying mortgages (cumulative)
mils, of dol__
Estimated total nonfarm mortgages recorded
C$20 000 and under)*
thous. of dol
Estimated new mortgage loans by all savings and
loan associations total
thous of dol
Classified according to purpose:
Mortgage loans on homes:
Construction
_ _
do
Home purchase
_ _ _ _ do
Refinancing
do
Repairs and reconditioning
do
Loans for all other purposes
do
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
to member institutions
mils, of doL
Home Owners' Loan Corporation, balance of
loans outstanding
mils, of dol
Foreclosures, nonfarm, index, adjusted!
1935-39—100
Fire losses
__thous. of dol
304
300
304
307
310
7,954
8,084
8,244
954, 569 1, 006, 626
909, 447
826,874
955, 441
376, 000
311, 292
310, 201
273, 202
254, 581
318, 602
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
2b, 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
314
336
360
391
436
392
373
374
532
520
508
497
486
475
465
454
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
7,036
7,087
7, 147
7,217
7,295
858, 675
941,020
965, 733
947, 357
994, 787
988, 446 1, 022, 648 1, 103, 030
288, 221
313,636
335, 074
323, 368
353, 105
351, 757
356, 871
61, 543
161, 694
25, 916
9,665
29, 403
70, 214
176, 395
26, 149
1C, 788
30, 090
78,612
186, 148
28, 383
11,558
30, 373
69, 700
184, b26
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
236
245
257
289
292
596
582
570
557
544
9 2
72, 435
7.9
68, 029
8.1
56,545
8.7
50, 840
8.5
49, 357
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted :f
P284
263
262
281
284
284
278
281
277
269
'258
263
Printers' Ink combined index
1935-39=100
283
309
314
312
"327
303
320
331
308
321
••301
288
Farm papers
do
331
"307
342
335
330
313
r291
298
333
280
340
323
Magazines
do
242
215
205
217
214
200
222
229
218
199
230
210
' Newspapers
do
312
303
289
287
258
229
290
272
295
319
287
217
Outdoor
do
298
309
303
319
312
320
284
294
289
291
287
292
Radio
do
T
v
Revised.
Preliminary.
{Revisions for January 1940-December 1945 are available on request; see also latter part of note marked "f" on p. S-5.
*New series. For a description of the series 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; data beginning 1913 will be shown later.
f Revised 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.
STJKVEY OF CUEEENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
S-7
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
DOMESTIC TRADE— Continued
ADVERTISING— Continued
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 supplier
do
All other
do
Magazine advertising:
Cost total
do
Automobiles and accessories
do
Clothing
do
Flectric 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
194.2
197.1
196.2
202.9
218.3
225.9
231.1
221 .4
220.8
210.1
16, 728
740
123
249
532
4,344
541
175
1,685
1, 397
5,007
1,934
15, 548
595
98
284
508
4,049
467
155
1,729
1,308
4,714
1,641
16, 009
573
111
801
412
4,120
499
177
1,722
1, 433
4,784
1,877
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, 5S5
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, 780
728
92
511
464
5,203
504
152
1,647
1,848
5,033
1,600
42, 617
2,325
5,277
1,169
666
6,068
536
2,687
916
863
1, 069
6,086
14, 956
5, 102
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 199, 308
7, 555
i 10, 191
i 3, 872
i 1, 567
1
13, 543
i 2, 142
1
6, 051
i 2, 5,58
1 1,650
i 2, 827
U2,771
i 34, 582
4,738
167, 384
39, 437
127, 948
5,537
2,157
27, 163
93, 090
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, cF'05
157, 980
40, 625
117, 355
6,107
1,769
22, 881
86, 597
88.7
89.2
88.7
88.1
88.3
173, 871
41,610
132, 262
5, 438
1,809
27,171
97, 843
2
4, 763
4,474
126,436
2
7, 308
2
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
198, 478
44, 141
154, 337
6,552
2,194
33, 444
112, 148
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
86.8
87.6
88.1
88.2
88.5
89.4
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
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
per cent of total..
87.7
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
Value..
thousands
thous. of doL.
4,863
108, 862
4,579
97, 079
4,280
89, 824
4,177
87, 284
4,334
87, 320
3,822
81,664
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
thousands..
thous. of dol__
14, 755
210, 579
14, 651
195, 527
13,771
188, 244
16,948
178,353
13,253
186, 565
12,587
166, 697
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
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
156.9
18.2
5.4
9.1
3.8
94.7
19.1
57.6
3.4
1.9
3.7
9.1
44.0
6.5
13.0
3.2
3.6
4.3
13.5
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
38
19
0
0
9.9
45.7
6.8
13.6
3.2
3.6
4 4
14.1
172 5
21 3
6 6
10 7
3.9
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
G. 6
10. 1
3.9
104.3
19.3
65.3
4.0
2Q
3.8
10.0
48.2
7 2
14.6
3.2
3.7
4.5
15.0
RETAIL TRADE
All retail storesif
9,442
9,489
10, 020
9,629
9,357
9,283
10, 141
10, 910
Estimated sales, total
mil. of dol_.
10, 727
9,695
' 8, 921 10,600
12, 657
2,402
2,436
2,122
2, 396
2,287
2,403
2,582
2,831
2, 638
Durable goods store
_ _
do
2,316
2,137
2, 958
2,642
994
1,014
980
993
987
940
1, 052
1,148
Automotive group
do
1,062
1,-070
-•995
1,080
1,238
839
847
847
839
861
811
899
988
Motor vehicles
do
910
946
886
911
1,105
132
147
148
152
155
153
130
160
Parts and accessories
do
160
168
132
117
'109
741
744
763
770
693
598
839
941
796
Building materials and hardware
_ do. _
606
809
680
757
476
461
5.14
509
431
369
575
645
Building materials
_
do
528
398
495
492
450
77
78
79
70
77
66
92
71
Farm implements
do
71
62
61
82
71
184
204
187
185
179
163
193
204
Hardware
_ _ _ _ _
do
197
252
159
146
183
570
526
593
536
594
641
550
498
651
Homefurnishings group
_ do _
466
791
496
568
342
368
334
397
347
318
385
408
Furniture and housefurnishings
do
425
294
496
310
359
202
202
184
196
203
180
210
233
Household appliance and radios
do
225
186
172
295
209
104
84
106
89
88
85
97
Jewelry stores
do
101
121
279
71
78
78
2
' Revised.
i Total for July, August and Septeinber. T Dtal for Oc ;ober, November and December
orting
sam
t
of
the
rep
nlargemen
ust
1942.
pie
in
Aug
regard
to
e
§ See note marked "§" on p. S-6 of the April 1943 Survey in
*New series. For a brief description of the Tide i ndex of ad^^ertising se e note mar ked "*" ori p. S-6 of t he April 1 946 Survey , data begilining 1936, are availsible on req uest. The estimates
of consumer expenditures have been revised in accord ance with r evisions in the totals shown as a componen t of the grc)ss nationa 1 product on p. S-l aiid in the "National Incorne Suj)plement"
referred to in the note marked with an "*" on that page; this supplemen t provides detailed a nnual estiinates of co nsumptior . expenditiires for 192 9-46 and q uarterly d£ita for 1939-46 for the
grand total and for total durable goods, nondurable gc>ods and st rvice; qua rterly data beginning 1939 for all series wil be publis hed later,
fRevised series. See note marked "t" on p. S-7 o f the September 1947 Survey for reference t o tables gi 7ing data t hrough Ju]tie 1944 and 1945 revis ons for sal es of all ret ail stores; t he seasonally adjusted indexes beginning 1942 shown in those tables and later data publishec currently on p. S-8 vpere recent ly revised because of changes in the season al adjustm ent factors and both
the dollar figures and indexes beginning January 194() were revi sed in the January IS 48 issue, la rgely beca use of adju1stment of the series 1 o sales tax data for IS 46; all datei shown above are OD
the revised basis; revised dollar figures for all months of 1946 an d revised i Ddexes for 1942-46 are shown on p. 10 of the January ] 948 Survey/•.
SUKVEY OF CURRENT BUSINESS
May 1948
__,. .:.,...i~......^-..-~
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
1948
19 47
Mardh
April
May
June
July
*8ff- 1 OctoAugUSt ; *ternber
| ber
November
December
January
February
March
DOMESTIC "
RETAIl TRADE—Continued
All retail storesf— Continued
Estimated sales— Continued
, , ,;
6,954
7;58'4
7,087
7,233
7,379
' 6, 784
8,079
7,155:
7,559
8,089
7,958
9,699
Nondurable goods stores
_ mil ."of dol. , 'V161
627
707
606
565
797
766
778
558
825
853
858
906
1,202
Apparel' group
'do " *
!
189
134
156
192
136
139
212
190
201
194
183
247
350
Men*s clothing and~~furnishings
' do
285
262
291
241
271
345
345
394
387
367
395
371
495
Women's apparel and accessories
do___;
96
87
79
86
107
77
120
'100
103
114
116
134
182
Fainily and other apparel
do
131
138
106
98
.130
137
88
110
139
143
131
150
174
Shoes -_ .."
_ _ : Ido
293
304
290
293
300
307
. 296
280
, 287
298
299
296
401
Drug stores _i *,
do
1,032
1,052
1,089
1,008
'942
,1,007
1,019
1,131
1,078
1,086
1,043
1,033
1,085
Eating and drinking places
. _ do
2,714
2,873
2, 504
2, 518
2,592
2,712
2,509
2,618
2,825
2,847
2,609
2,768
2,995
Foo'd^group-.
do_-.i
H n
1,995
2,308
2, 162
2,170
1,979
2,083
2,060
2,243
2,212
2,063
2,247
2,377
Grocery1 and combination
do . .
1, 996
565
523
544
,.514
532
525
535
582
550
600
556
Other fpod
d:o
546
618
479
472
485
, 361
442
440
435
400
495
483
466
496
496
Filling stations _^
_
do
r
1,081
1,242
1,074
1,156
1, 254
1,195
1,316
1, 033
1,384
1,457
1,605
1,345
2,207
^ General merchandise grVyup <_
do
719
834
842
874
. 743
788
677
'•ego
941
986
1, 111
1,478
Department, including mail-order., do _
907
General, including general merchandise
136
122
153
142
155
157
151
165
148
168
194
168
with food.
mil. of dol
160
104
97
115
120
110
118
120
130
127
141
149
210
132
Other general mdse. and dry goods do
122
134
141
125
133
140
149
162
147
168
326
177
146
Variety
do
884
1,019
948
954
905
'938
925
887
1,036
1,018
1,313
985
Other retail stores.. _.
do
930
240
264
238
272
249
251
223
283
278
266
214
245
244
Feed and farm supply
do
309
144
155
153
139
191
146
278
243
181
260
189
170
Fuel and ice
_.
do__ .
146
152
134
134
144
••131
144
148
162
151
162
246
132
Liquors
do
325
341
352
306
359
368
349
371
387
409
562
. . Other
._ _. . . .
do
420
384
Indexes of sales:
293.0
302. 9
' 295. 2
281.5
289.7
287.1
294.8
301.3
320.1
386.1
328.6
342. 1
Unadjusted, combined index
1935-39=100..
323.6
287.2
309.4
263.2
287.4
' 285. 8
297.3
302.2
298. 4
320.9
343.1
348.6
367.5
332 6
Durable goods stores
do
294.9
283.4
297.2
287.2
287.5
'•298.3
301.0
300.8
319.8
392.1
323.9
340.0
Nondurable goods stores _.
do
320.7
324.5
' 322. 1
301.2
301.6
297.6
326.8
298.0
291.0
299.7
317.6
324. 7
329.9
314.7
Adjusted, combined index
do
330.3
'T 326. 2
297.5
289.4
296.9
280.7
287.4
297.7
336.9
340.5
327.6
331.5
Durable goods stores
..
do
322.5
260.9
261.5
222.1
214.1
219.9
233.6
279.9
220. 4
222.8
252.1
265.0
255.8
243 1
Automotive
do
394. 1
' 390. 2
353.4
316. 8
332.1
343.1
359.5
322.7
388. 0
408.3
401.2
395.8
Building materials and hardware
do _ _
388.3
441.1
425.2
444.2
428.4
426.7
392.7
390.5
432.2
428.1
463.8
439.4
464.8
Homefurnishings
do__ _
455.6
410.1
388.6
417.4
432.4
442.6
391.6
416.0
435. 9
426.3
430.3
415.4
409.1
Jewelry
_
do
438 6
r
322.6
302. 9
320.8
302.6
323.5
298. 1
294.3
300.3
326.5
303.7
314.3
322.5
Nondurable goods stores
_. __ do
312 1
290.5
' 292. 1
292.fi
300. 3
293.8
292.2
288.7
277.0
310.8
301.9
321.5
293.8
Apparel
do
313 9
254.8
255.3
255.7
249.4
252.3
251.4
252.6
250.1
248.8
246.5
254. 4
257.1
Drug
_.
do
254 6
418.7
414.2
406.5
422.5
406. 0
423. 1
416.1
'418.9
407.7
409.6
408.6
426.7
Eating and drinking places
do
418 3
372.3
369.0
324.4
363.4
329.0
372.6
322.0
332.3
329.8
. 331.8
355.2
357.0
Food
_
do.. .
340 6
243.3
238.8
251.
7
201.9
221.3
230.2
200.2
183.9
221.7
203.0
240.9
219.6
Filling stations
do
218.7
248.8
249.0
253.3
245.2
253. 1
251.6
249.5
272.6
240.9
254.2
266.6
248.4
General merchandise
do
258 0
351.0
'
346.
1
338.6
313.4
329.5
317.5
353.8
314.0
318.9
335.
1
315.8
343.
3
Other retail stores
do.. .
329 2
10, 143 ' 10, 761 11, 708
9,954
9,971
9,357
9,892
9,665
9,153
9,507
10, 626
10, 865
Estimated inventories, total*
mil.of dol
10 022
r
3,970
4, 210
4,838
3,774
3,796
3,688
3,608
3,566
3,589
3,756
4, 137
3,983
Durable goods stores*
do.. _
3' 854
6,173
'6,551
5,918
6,175
'5,749
5,587
6,870
6,136
6,180
5,977
6,643
6,728
Nondurable goods stores*
do
6 168
Chain stores and mail-order houses:f
2, 014
'1,873
2,319
2,311
2,851
1,997
2,036
2, 038
1,938
2,031
2,158
2,348
2.133
Sales, estimated, total*. . _.
do
173
170
287
187
352
253
244
229
181
246
240
260
246
Apparel group*
do
32
30
48
27
65
45
25
47
40
41
39
55
44
Men's wear*
__do
80
82
138
90
162
113
118
115
103
88
111
116
Women's wear*
__
_
do. ._
109
46
44
69
77
55
71
62
68
96
68
53
67
72
Shoes*
do
28
'28
41
44
36
46
44
45
56
35
38
47
42
Automotive parts and accessories*
do. _
80
68
82
117
93
97
74
83
99
76
90
88
112
Building materials*
do
66
66
69
69
67
69
65
65
68
97
70
68
66
Drug*
do.
'49
51
54
52
50
54
52
51
52
54
52
50
52
Eating and drinking*
do
21
21
25
25
24
42
29
24
27
26
24
35
Furniture and housefurnishings*
._ do
27
449
431
509
599
532
645
552
473
518
954
508
696
593
General merchandise group*
do
Department, dry goods, and general merchan249
304
'230
366
303
328
279
303
280
330
528
399
dise*
mil of dol
347
84
84
82
77
88
85
126
68
113
130
96
132
Mail-order (catalog sales)*
do
108
105
121
108
129
127
116
140
122
115
146
281
153
Variety* .
_
do___.
126
804
725
722
689
661
797
713
748
683
786
754
755
Grocery and combination*
do_
662
Indexes of sales:
295.6
259.0
' 269. 0
277.1
302.9
257.0
301.6
275.6
377.2
263.6
275. 5
258.3
320.0
Unadjusted, combined index*
1935-39=100..
291.0
289.8
' 292. 5
300.4
280.3
278.6
280.9
287.7
275.7
280.5
301.9
269. 9
297.4
Adjusted, combined index*
do
326.1
' 293. 2
304.4
281.1
300.6
305.0
300.8
287.9
292.0
306.5
320.8
308.0
323.3
Apparel group*
__
_. ...do
346.5
278.0
'285.5
281.5
305.7
288.5
268.2
286.7
304.5
292.1
276.5
294.4
333.7
Men's wear*
_
do. _.
390.2
353.5
' 373. 8
393. 9
365.9
388.1
360.3
379.9
382.3
397.3
394.2
365.7
398.0
Women's wear*
do
211.2
'
217.
5
253.7
229.4
246.6
233.4
241.2
240.8
256.9
217.3
217.1
229.7
244.8
Shoes* .
do
'206.2
228.3
205.3
220.2
241.6
225.2
213.3
240.0
232.4
250.4
251.8
219.1
246.0
Automotive parts and accessories*
do
' 345. 6
361.5
355.0
325.1
336.1
333.7
334.4
299. 9
306.5
328.6
334.8
313.3
326.1
Building materials*
do
228.0
229.7
234.5
223.9
229.0
227.2
222.9
230.0
226.8
229.1
230.2
231.9
226.0
Drug*
do
220.2
221.3
229.2
'223.0
220.2
223.5
226.5
219.1
220.8
222.8
218.7
211.9
220.8
Eating and drinking*
do. _
265.1
258.2
249.1
245.9
256.9
243.1
241.0
269.3
224.2
218.5
234.4
242.0
279.3
Furniture and housefurnishings*
do
268.4
286.3
'271.9
272.4
275.2
286.0
306.0
273.9
267.0
275.0
271.7
292.6
259.2
General merchandise group*
do
Department dry goods, and general merchan347.9
322.3
'322.3
343.6
332.6
322.4
350.5
329.0
316.6
324.6
347.9
307.4
322.7
dise*
1935-39=100
259.0
256.5
256.3
263.0
276.3
265. 7
265.8
305.0
244.1
269.1
270.0
283.0
239.9
Mail-order*
do.
205.4
208.7
193.4
212. 7
194.2
240.4
193.7
192.7
207.4
214.7
197.2
204.4
192.9
Variety*
...
do. _.
326.0
350.1
353.7
322.4
337.5
316.7
359.8
320.5
311.3
316.1
339.5
338.1
320.1
Grocery and combination*
do
Department stores:
Accounts, collections, and sales by type of payment:
Accounts receivable:
165
'181
145
167
264
206
167
146
190
181
204
163
160
Charge accounts §.
...1941 average = 100. .
124
84
87
127
82
129
111
136
81
83
75
79
95
Instalment accounts!
do
Ratio of collections to accounts receivable:
49
51
53
53
54
54
54
53
55
56
53
57
56
Charge accounts!
percent..
24
23
28
29
31
30
31
28
28
27
30
33
30
Instalment accounts!
do. _.
Sales by type of payment: *
54
54
54
53
56
53
51
55
57
55
55
53
56
Cash sales
percent of total sales.
39
40
39
38
41
40
40
39
37
40
38
39
36
Charge account sales
...
do
7
7
8
6
7
7
6
6
6
7
6
6
6
Instalment sales
-do
' Revised. §Minor revisions in thefiguresprior to November 1941 are available on request.
*New series. See note marked "*" on p. 8-8 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 for!942-46
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. Data beginning 1939 for retail inventories will be published later.
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.
SURVEY OF CUEEENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-9
1948
1947
March
April
May
June
July
August
September
October
Janur
February
November
Decem*
ber
483
619
224
284
'237
316
170
217
216
316
245
214
192
204
214
239
174
225
233
324
254
206
202
216
245
258
'274
'288
383
248
298
296
415
419
455
479
633
505
424
408
460
542
516
554
303
394
243
293
309
388
'335
'334
284
355
216
271
284
390
306
286
240
268
286
291
'292
wry
March
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Department stores — Continued
Sales, unadjusted, total U. S.f
1935-39=100..
Atlantat- __
do_ __
Bostonf
do
Chicago^ .
_ _ __
do __
C levelandf
do
Dallasf
do
Kansas Cityf
do
Minneapolisf
__
do _
New York f
do
Philadelphia!
do
Richmond!
do
St. Louis f
do
San Franciscof
__do
Sales, adjusted, total U. S.f
do
Atlantat
do
Bostonf
do
Chicagot
_do__Clevelandt
do
Dallasf
.__
,do_-_
Kansas Cityt
do
Minneapolist
_ _.do__.
New Yorkt
do
Philadelphiat
do
Pichmondt
do
St. Louist
. . .
do
San Franciscot
do _
Stocks, total U. S., end of monthrt
Unadjusted
1935-39=100
Adjusted
do
Mail-order and store sales:
Total sales 2 companies
thous of dol
Montgomery Ward & Co
do
Sears, Roebuck & Co
do
Rural sales of eeneral merchandise:
Total U. 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
'346
227
250
262
337
283
258
'228
'256
292
288
299
272
'346
237
260
257
347
'295
279
'228
'237
307
294
318
269
350
227
258
266
347
290
264
223
248
290
297
302
277
353
227
261
272
377
'299
257
235
258
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
275
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
264
317
299
330
264
273
262
264
'252
252
'237
232
r 242
'231
249, 263
97, 552
151, 711
260, 325
99,623
160, 701
275, 884
104, 322
171, 562
253, 091
89,635
163, 456
331.0
358.2
423.2
289.0
350.5
376.9
398.9
468.6
326.2
425.8
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
4,996
1,736
3,260
6,729
4,977
1,818
3,159
6,823
4,952
1,763
3,189
6,734
'264
219
269
236
310
164
219
220
288
250
217
171
185
215
249
278
299
368
298
372
374
460
248
296
293
387
336
311
244
267
322
340
336
292
361
236
290
290
368
306
364
371
607
392
335
323
370
394
428
336
237
281
281
378
176
224
237
327
277
242
179
193
233
264
308
283
352
234
266
273
376
'298
'307
'323
P285
387
229
266
284
384
*>301
P263
234
284
317
318
P320
P284
369
236
274
287
234
284
290
396
336
304
253
280
324
330
343
277
348
211
266
271
360
320
276
'239
'225
267
303
337
336
253
297
308
333
281
248
278
310
339
339
277
241
284
322
337
352
'339
307'
'319
384
*307
»278
229
258,
317
318
* 329
245
227
'256
231
283
251
'295
'273
'243
'283
252
288
»278
*303
P302>
»312
231, 957
84, 330
147, 627
254, 738
97, 334
157, 405
306, 643
117, 507
189, 136
333, 123
127, 144
205, 979
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
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
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. 2
408. 6
412.4
537.2349.2
464.5,
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
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, 5738, 200;
'286
268
'251
257
301
320
327
271
246
258
282
307
348
'411
'302
283
359
223
281
284
368
267
241
'263
306
270;
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales, total
mil. of do!
Burable goods establishments . _ _
do_ _
Nondurable goods 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,
total
thous
107, 190 107,260 107, 330 107, 407 107, 504 107, 590 107, 675 107, 755 107, 839 107, 918 107, 979 108 050 108 124
54 934
54 889
54, 460
64,506
54, 561
54, 612
54, 420
54, 37C
Female
do
54 759
54 661
54 805
54 844
54 710
52, 943
52, 870
52, 901
52, 840
Male
do
52, 820
52, 978
53, 113
53, 080
53 135
53, 045
53,014
53 161
53 190'
1,470
1,398
1,371
1,530
1,570
1,352
Armed forces... _ _ _
do
1,294
1,241
1,327
1,280
1,326
1 226
1 236
62, 664
62, 609
58, 390
59, 120
60, 290
Civilian labor force, total
do
61, 665
60, 216
59, 214
59,590
60, 784
60, 892
69 778
59 769.
17,120
18, 149
17, 803
16, 320
Female
_ _ _ _ _ _
do
15, 950
17,125
17,233
17,449
17, 068
16, 698
16,368
16 752
16 760
44, 460
44, 861
42, 440
42,800
Male
. . .
do
43, 170
43, 551
43, 443
44, 540
43, 148
42, 892
42 846
43 026
43 00960, 079
56, 060
60, 055
56, 700
58, 330
Employed
do
59, 569
58, 595
59, 204
58 872
57 947
57 149
57 139
57 329*
15, SCO
16, 580
17, 302
17, 008
15, 470
16 944
16 623
Female
do
16, 547
16 294
16 714
16 002
15 876
16 085
Male
. _
_
do
42, 753
43, 071
40, 590
40, 900
41, 750
41, 972
43, 022
41, 653
42, 260
42,158
41 273
41 137
41 244
8,960
10, 066
7,860
7,240
10, 377
8,975
7,985
Agricultural employment
___do
6,962
8,727
8,622
6,771
7,060
6, 84750, 013
49, 370
49, 678
48, 840
48, 820
50, 594
Nonagri cultural employment
do
60,609
50,583
50,145
50, 985
50 368
50 089
50 4822,555
2,584
1,960
2,121
2,420
Unemployed.
.
do
2,330
1,621
1,687
1,912
1,643
2 065
2 639
2 440*
Not in labor force. _ _
do
45, 570
43, 469 ' 44, 573 45,544
46, 610
45, 535
43, 399
47, 230
46, 330
47, 047
47 524
47 046
47 119>
Employees in nonagricultural establishments^
Unadjusted (U. S. Bepartment of Labor):
41, 919
41, 824
42, 363
42, 201
Total
thous
42, 043
43, 039
43,298
42, 624
' 44 078 r 43 015 r 42 683 P 43 004
43,450
15, 831
15, 233
15, 237
Manufacturing
do
15, 429
15, 328
15, 510
15 872 ' 15 964 r 15' 878 ' 15 775 P 15 870)
15, 595
15, 801
-p 907884
893
895
866
856
Mining
do
879
894
897
896
899
' 889
'896
1,685
1,768
1,847
1,619
Construction.
_
do
1,534
1,895
1,896
1,849
1,904
1 788
' 1 691 r I 565
P 1 660r 3 994
T 3 994
4,115
3,836
3,970
Transportation and public utilities
do
4,020
4,092
4,140
4,144
4,049
4,042
P 4 005
4,110
r 9 453
8,552
P 8 797
8,582
8,545
Trade
do
8,558
r 8 738
8,889
9 075
8, 586
r 8 821
8 688
v
1,561
Finance
do
1,654
1,567
1,590
1,555
1,586
1,583
1,588
1,602
1 591
1 595
1 605
1 611
r 4 73Q
•p 4 728
4,590
4,565
4,552
4,711
4,686
Service
do
4 662
4 619
4,634
4 670
4 723
4 688
5,415
5,399
5,426
5,447
Government.
_
do
5,447
5,281
5,425
5,288
P 5 426
5 450
5 653
5 417
5 387
Adjusted (Federal Reserve) :
Total
do. _
42, 395
42, 066
42, 340
42, 079
42, 103
43,077
42, 849
42, 449
43 142 ' 43 350 ' 43 477 ' 43 200 •p 43 280s
Manufacturing
_
do
15, 359
15,358
15, 513
15, 564
15 715
15, 180
15 457
15 784
15 833 ' 15 925 r 15 933 r 15. 830 P 15 925
Mining
do
856
884
893
879
v QCY7
894
895
866
896
897
899
' 896
' 889
Construction
do
1,652
1,632
1,668
1,700
1 742
r 1 889
1 813
1 770
1 796
1 806
1 882
' 1 720 P i 766
3,855
4,040
3,970
Transportation and public utilities
do
4,074
4,092
4,079
4,110
4,083
4,049
4,062
'4,034
'4,055
"4,025
Trade
_
do...
8,695
8.631
r 8 Sfi*
8.669
8, 638
r 8 871
v 8 841
' 8. KIR
8.776
8.801
8.811
8.688
8.761
'Revised. "Preliminary.
*New series. See note marked "t" 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.
tRevised series. For revised data for 1919-45 for the index of department store stocks see p. 24 of August 1946 Survey. See notes marked "t" 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 the
San 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 adjusted index has recently been revised beginning 1939; revisions will be published later.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Estimated production workers in manufacturing
industries, total (IT. S. Dept. of Labor)*
12, 294
12, 341
12, 524
12, 404
12, 850
12, 882 ' 12, 959 ' 12, 847 ' 12, 748 v 12, 824
12, 832
thousands..
12, 614
12,640
6,488
6,518
6,307
6,426
' 6, 639 ' 6, 618 ' 6, 520 * 6, 619
6,532
6,528
6, 401
6,473
6,578
Durable goods industries .
_
do
1,562
1,555
1,592
1,567
1, 572
' 1, 599 ' 1, 600 ' 1, 594 v 1, 612
1,567
1,547
1,583
1,580
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills §
' 501
509
••494
' 509
••489
498
498
498
' 484
499
498
503
thousands
574
554
577
584
585
'573
559
577
1-567
599
567
557
567
Electrical machinery
_
do
1,185
1,194
1,216
1,190
1,194
1,210
' 1, 220 P 1, 215
1,189
1,197
1,149
1,175
1,185
Machinery, except electrical
_ do _
382
377
384
379
378
377
386
376
376
386
373
378
Machinery and machine-shop products do
53
49
55
51
49
52
51
57
50
58
50
52
Machine tools!
do
789
751
'734
795
772
797
'815
»812
807
'817
798
785
798
Automobiles
do
Transportation equipment, except automobiles
406
463
462
466
'455
477
'454
471
420
395
443
»452
397
thousands_130
134
134
138
135
142
134
133
141
'133
129
131
Aircraft and parts (excluding engine*3) f do
27
27
25
27
25
28
26
26
28
27
26
27
Aircraft engines!
do
93
140
140
133
144
128
118
140
88
100
126
87
Shipbuilding and boatbuilding!
do
394
402
401
412
424
'402
403
'406
430
386
397
390
'406
Nonferrous metals and products
do _ _
678
665
651
665
661
627
679
681
611
658
680
678
*668
Lumber and timber basic products
do
550
524
536
531
503
489
552
550
544
527
547
531
Sawmills and logging camps§
_ _ _ do _
438
459
426
425
433
459
440
446
453
419
433
* 455
457
Furniture and finished lumber products, do
233
249
227
226
239
229
249
234
244
224
230
247
Furniture §
do
427
422
423
418
429
429
422
427
432
433
411
424
»432
Stone, clav, and glass products.
do ___
6,359
5,918
6,229
5,915
5,996
6,332
6,228
6,082
* 6, 205
6,304
6,320
5,987
6,239
Nondurable goods industries
do
Textile-mill products and other fiber manufac1,192
1,179
1,197
1,258
1,242
1,223
1,172
1,217
1,158
' 1, 271
1,256
* 1, 273
1,238
tures
_
_
thousands
Cotton manufacturing, except small wares §
499
502
509
524
517
519
493
508
525
494
517
523
thou^ar'ds
103
102
103
107
105
100
106
111
107
102
107
'108
Silk and rayon goods§
do
Woolen and worsted manufactures (except
169
163
164
177
170
175
171
158
174
163
180
177
dyeing and
finishing)!
thousands
Apparel and other finished textile products
1,040
1,149
1,037
1,120
1,066
1,181
1,203
1,040
1,
223
1,122
1,171
1,199
* 1, 222
thousands..
299
285
281
284
288
278
308
307
265
309
311
311
Men's clothing!
do
452
389
389
442
408
462
400
476
452
486
440
471
Women's clothing!
do
345
364
346
358
363
349
366
371
373
369
360
373
"366
Leather and leather products
_ do
214
213
225
221
224
226
232
217
223
228
233
231
Boots and shoes§ _ _
do
1,114
1,077
1,381
1, 068
1,055
1,102
1,203
1,344
1,197
1, 259
1,165
' 1, 071
P 1, 063
Pood and kindred products
do
211
220
213
212
225
215
210
217
225
221
217
218
Baking^
_
do
384
155
136
135
127
129
246
240
172
122
149
350
Canning and preserving!
do
173
182
176
183
197
172
168
182
192
204
187
183
Slaughtering and meat packing§
do
84
83
82
86
87
86
84
85
89
90
88
88
P87
Tobacco manufactures
"_ do"
381
381
385
381
387
385
387
'384
373
380
387
390
*381
Paper and allied products
do
195
192
193
197
194
197
194
200
197
198
200
200
Paper and pulp§
do
Printing, publishing, and allied industries
422
423
421
421
429
422
426
433
431
435
'429
436
*427
thousands..
142
141
140
144
139
145
142
144
143
145
144
146
Newspapers and periodicals!
do
176
175
176
177
176
178
181
176
181
182
183
180
Printing, book and job§
do
543
561
565
563
572
569
575
547
547
577
'575
579
»575
Chemicals and allied products
do
199
196
195
194
196
198
198
196
195
196
197
198
Chemicals^
do
160
154
163
162
155
158
161
163
163
162
163
'160
Products of petroleum and coal
_
do
» 160
109
111
110
106
112
107
110
112
110
110
110
109
Petroleum refining§ _
do
219
223
234
215
238
223
212
215
220
'221
223
225
JRubber products
do
» 216
118
119
114
113
114
126
123
135
117
115
115
112
J?ubber tires and inner tubes§
do
Production workers, unadjusted index, all manu151.4
J50.6
152.9
154.0
156.6
150.1
156.9
157. 3
' 156. 8 ' 155. 6 *156.5
154.3
158. 2
facturing (U. S. Dept. of Labor)f
1939=100__
179.7
178.0
180.8
179.3
' 183. 3
180. 9
174.7
180.5
177.3
182.2
183.9
' 180. 6 r 183. 3
Durable goods industries
do
157.5
156.8
158.0
158.1
156.1
158.5
159.3
159.7
160.6
"161.3
'161.4
' 160. 8 '•162.5
Iron and steel and their products
do
Blast furnaces, steel works, and rolling mills §
r 127 3
' 129 0
M24 7
'130 0
'126 0
'129 5
'130 9
'130 0
••130 2
'130 4
'131 1
131.0
1939=100
221.5
213.8
218. 7
215. 0
231. 3
215.6
218. 9
222.7
225.4
222.7
' 221. 1
Electrical machinery
do
225.8
v 218.7
225.9
224.2
226. 6
217.4
225.1
222.4
224.3
225.1
225.9
229.0
230.0
' 230. 8 * 230. 0
Machinery, except electrical
do
188.7
189.6
180.6
190. 8
184.5
185.9
187. 0
186.7
186.5
187.2
186.3
185.9
Machinery and machine-shop products do
145.9
150.5
158.4
156. 1
136.8
140.4
141.6
141.2
137.4
135.0
137.9
134.8
Machine tools! _
do
196.2
200.5
186.5
198.2
195.0
198.3
197.7
192.0
198.2
' 203. 1
' 202. 6
Automobiles
do
' 182. 4 " 201 9
Transportation equipment, except automobiles
293.7
300.8
291.8
248.9
296.7
255.6
291.2
250.0
264.8
285.8
' 286. 6 » 284. 7
278.9
1939=100..
337.4
348.4
355.8
357. 6
326.0
327.0
329.3
337.4
336.2
338.7
335.8
340.3
Aircraft and parts (excluding engines) } do
302. 5
303. 4
315.8
314. 9
301.1
299.9
299. 2
294.8
Aircraft engines!
do
291.0
291.0
284.0
280. 1
202. 7
202.7
207.8
202.8
126.7
125. 8
134.3
191.9
144.7
181.5
184.5
169.9
Shipbuilding and boatbuilding!
do
184. 8
175.1
179.6
187.5
168.6
171.7
173.3
177.2
170.0
175.3
' 175. 3 "VI 77." 6"
175.7
Nonferrous metals arid products
do
158.2
154.8
145.4
149.1
156.5
161.2
162.1
161.5
161.7
158.3
157.3
Lumber and timber basic products
do
161.3
v 158. 9
170.5
160.3
167.0
155. 7
169.4
175.4
175.8
175. 2
174.5
'169.4
Sawmills and logging camps§
_
do
173.6
167.9
131.8
129.8
129.5
134.2
127.8
139. 8
131.9
136.1
133.5
138. 2
139.2
139. 8
Furniture and finished lumber products__do
' 138. 5
128.9
127.0
127.6
131. 3
125.9
129.4
134. 1
139.8
140.2
131.0
136.9
138. 7
Furniture §
_
do
144.0
146.0
142.6
145.3
140.2
143. 7
146.0
147.1
144.6
145.5
Stone, clay, and glass products
do
' 143. 9
147.6
v 147 1
129.1
130.9
129.1
132.8
130.7
136.2
138.8
138.2
136.0
Nondurable goods industries
do
137.6
138.0
136. 0
» 135. 5
Textile-mill products and other fiber manu106.9
103.1
104.6
108.6
101.2
102.5
106.4
104.2
108.2
110.0
factures
1939=100..
109.8
' 110. 2 '111.3
Cotton manufactures, except small wares §
124.1
123.5
119.9
121.7
117.7
118.1
119.3
121.5
123.6
125.2
125.1
125.6
1939=100.
80.3
81.5
84.3
83.2
Silk and rayon goods§
do
79.0
80.2
81.6
83.5
84.4
84.9
'85.5
87.6
Woolen and worsted manufactures (except
104.2
107.8
103.3
111.1
100.3
107.0
dyeing and finishing) §
1939=100.
103.3
108.4
110.5
112.4
112.5
113.9
Apparel and other finished textile products
131. 4
141. 9
135.0
131.7
131. 7
142.2
149.6
148.3
145.6
152.4
151.9
154.9
1939=100"154.8
122.2
125.2
123.5
123.9
Men's clothing!
do
121.1
128. 3
130.4
133.6
134.7
134.2
135.2
135.5
142.4
135.9
136.0
154.5
139.8
Women's clothing§__
_
do
158.0
153.9
161.5
164 4
166 4
158.0
169 7
99.8
99.4
103. 0
104.7
100.6
Leather and leather products
do
103.8
104.8
105.6
106. 4
107.4
106.9
' 107. 6 * 105. 6
92.1
97.2
95.6
92.9
93.9
Boots and shoes§. _ . __
do
96.7
97.5
97.8
98.5
100.4
100.2
100.8
130.3
126.0
123.5
125. 0
143.1
Food and kindred products
do
147.3
157.3
140.1
136.4
161. 1
129.0
' 125. 4 ' 124. 4
Baking§__ .
_
do
110.2
111.4
112.0
113.7
111.0
114.5
115.5
117.9
118.1
113 1
116 0
113 9
90.3
Canning and preserving!— ...
do
103.3
86.1
90.1
163.8
255.7
159. 8
114.4
84.2
232.7
99.1
80 9
Slaughtering and meat packing!
do
124.3
130.6
135.0
128.0
127.7
135.5
142.0
135.5
134.7
145.7
138.5
150.8
'Revised. *> Preliminary.
|See 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.
*Newseries. Seenotei
"
'~ ' *
"
. . . . .
,
and nondurable goods indu:
fRevised series. See note mar]
as indicated in notes marked '
SURVEY OF CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
8-11
1947
March
April
May
June
July
1948
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES— Continued
EMPLOYMENT^Continwed
Production workers, index, unadjusted!— -Con.
Nondurable goods industries— Continued
92.2
Tobacco manufactures . _
1939=100
145. 9
Paper and allied products
do
140.4
Paper and pulp§ _
do
128.2
Printing, publish ing and allied industries, d o _ _ _
116.9
Newspapers and periodicals!
do
138.4
Printing, book and job§
do...
197.5
Chemicals and allied products. _ _ _ _ _ _ do. _
277.9
Chemicals^
. . .
do
145.9
Products of petroleum and coal
_ do _
145.7
Petroleum refining§
_
do
196.5
Rubber products
do
231.4
Rubber tires and inner tubesf
do
Production workers, adjusted index, all manu154.6
facturing (Federal Reserve)!.
_ _ _ _ 1939 = 100.
181. 5
Durable goods industries!
do
133.4
Nondurable goods industries!
dc_-_
Nonmanufacturing, unadjusted (TJ. S. Dept. of
Labor):
Mining:!
'92.3
Anthracite
„_
1939=^100
'£9.1
Bituminous coal
do
' 97. 4
Metalliferous
_
do
'120.6
Quarrying and nonmetallic
_ _
do
' 108. 3
Crude petroleum and natural gas!
do
Public utilities:!
104.0
Electric light and power
do
131.0
Street railways and busses
._
do...
100.7
Telegraph
„
_
do
188.4
Telephone
_
do
Services:!
160.0
Toeing and cleaning. .
_
do
123.1
Power laundries.
do
117.3
Year-round hotels _ .. _ _ _ _
do
Trade:
111.2
Retail, total!
do
112.8
Food*
....... . do
122.5
General merchandising!
_
dn
111.7
Wholesale!
do
Miscellaneous employment data:
199, 338
Federal and State highways, total J__ ..number
52, 330
Construction (Federal and State)
__..do. _
107, 855
Maintenance (State)
__„'_ _ do
Federal civilian employees:^
1,944
United States
.
thousands
218
District of Columbia
do
Railway employees (class I steam railways) :
1,354
Total _. _ __ __ _ _
thousands
129.9
Indexes: Unadjusted!
1935-39—100
133.2
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
1?0. 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
153.5
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
153.8
181.2
132.2
151.9
178.2
131.1
151.7
179.6
129.8
149.4
174.0
130.0
152.7
176.2
134.2
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. 3
' 181. 3
136. 6
P 157. 2
P 183. 9
p 136. 1
'90.4
'92.1
'98.4
' 126. 0
'91.4
'97.8
'98.1
'127.4
'88.7
'91.2
'97.8
'129.4
r 108. 9
r 109. 8
'90.5
'98.5
'99.3
' 129. 0
*• 112. 3
r 114. 3
'91.7
'98.2
'98.3
' 129. 8
'114.5
'91.0
'99.2
'96.8
'128.7
' 112. 5
'91.2
' 1(10. 1
'95.8
'127.6
'111.1
'91.2
' 100. 7
'96.5
'126.2
'110.5
' 91. 6
'101.7
'97.0
' 122. 6
'110.4
91.6
'91.1
' 102 1 ' 100. 4
'96.9
' 97. 4
' 116. 7
113.7
111.1
' 110. 5
103.8
97.8
118.9
111.4
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
110.2
130.7
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
110.8
129.0
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
153. 9
117.7
116.2
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
113.0
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
113.4
213, 871
69, 239
105, 407
240, 838
90, 695
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
1,926
215
1,607
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
P 1, 794
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
P 129. 1
P 134. 3
P 1,' 340
P 128. 5
p 131. 7
P 1,347
p 129. 1
p 132. 3
314.1
349.9
294.2
310.7
349.9
297.5
312.2
353.8
306.7
319.6
365.9
316.1
314.2
350.1
304.4
323.3
356.9
314.4
336.9
372.0
324.5
341.6
379.3
327.6
345.0
384.7
331.3
' 356. 3
' 368. 7
' 338. 7
' 349. 7
' 391. 6
' 336. 2
344.9
381.1
331.7
'213.8
429.6
416.6
354.9
275.6
347.7
«• 221. 0
396.6
423. 0
357.6
269.7
343.4
r 237. 9
407.1
429.5
362.6
263.6
329.0
' 249. 1
432.6
434.6
367. 9
262.6
357.0
' 237. 6
422.3
419. 2
356.1
239.9
348.8
' 254. 2
420.3
426.1
360. 2
250. 8
338.7
' 254. 5
442.2
442.6
372.0
254.2
373. 5
' 251. 9
456.0
448.9
373.6
253. 9
378. 6
' 255. 1
463.1
450.4
374.3
249.5
388.1
' 257. 8
472.1
470.2
388.7
257.9
r
419. 5
'263.4
462.0
469.6
383. 6
245.3
' 398. 7
259.3
456.2
467.6
383.6
246.6
344.7
556.9
662.2
479.9
3S6.0
359.0
310.1
334.5
292.0
288.8
285.7
279.2
565.3
657.2
487.6
399.1
354.0
323.4
350.5
286.8
282.2
288.8
272.3
561.3
639.2
477.0
395. 6
349. 0
351. 4
384.7
285.1
278.9
286. 9
271.5
560.3
621.5
481.5
394.3
346.2
374.9
412.2
2SO. 4
284.7
298.2
274.2
483.0
622.4
485.1
243.1
326.6
359.8
397.4
281.4
274.4
285.9
279.1
482.9
637.6
486.7
241.8
329.7
387.3
435.3
293.3
284.7
301.7
290.4
499.9
623.3
501.3
262.0
343.6
388.6
430.5
305.0
297.9
306.0
302.5
522.2
663.8
499.9
289.9
353.2
387.6
425.2
318.5
315. 0
313.6
304.7
544.1
653.8
479.2
316.6
361.0
388.6
425.3
322.1
323.2
316.3
306.2
588.1
668.7
503.5
378.9
371.2
390.2
422.0
333.9
334.3
320.4
314.8
596.7
653.6
482.9
416.7
•• 366. 1
372.7
r
400, 3
330.3
333.4
305.0
308.7
577.9
663. 4
469.4
381.6
366.2
375.1
401.0
328.1
333.6
305.6
309.5
265.0
336.6
221.5
255.4
329.2
213.3
248.3
317.3
212.9
242.5
307. 5
206.0
237.5
302.6
203.0
240.1
305.7
208.5
256.3
317.4
220.2
264.9
329.1
227.6
280. 8
362.1
236.6
294.1
376.4
248.1
295.0
378.7
252.6
302.3
377.0
262.4
p 93. 5
p 144. 9
p 130. 2
p 199. 7
P 150. 9
p 178. 7
197.1
114.9
PAY ROLLS
Production-workers pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor)!
1939=100.Durable goods industries _ _
do
Iron and steel and their products
..do
Blast furnaces, steel works, and rolling
mills
„
1939— ICO
Electrical machinery.. . _ _
do
Machinery, except electrical
do
Machinery and machine-shop products dol I
Machine tools§_.
do
Automobiles§
do
Transportation equipment, except automobiles
.
1939=100..
Aircraft and parts, excluding engines§__ do
Aircraft engines § _ _ _ _
do
Shipbuilding and boatbuilding^ _ _ do
Nonferrous metals and their products
do
Lumber and timber basic products
do
Sawmills and logging camps§
do
Furniture and finished lumber products. .do
Furniture§
do
Stone, clay, and glass products
do
Nondurable goods industries
do__I
Textile-mill products and other fiber "mar'ufactures
1939«=100._
Cotton manufactures, exc. small wares§_do
Silk and rayon goods§
do
Woolen and worsted manufactures, except
dyeing a n df i n i s h i n g § _ __ _
1939=100
Apparel and other finished textile products
1939-100..
Men's clothmg§
__
do
"
260.6
252.6
274.7
252.6
243.0
268.5
233.6
270.4
276.6
294.4
292.0
321.1
272.1
279.8
317.5
274.9
278.9
318.5
302.3
336.0
319.6
343.3
353.4
362.0
267.1
281.3
270. 5
273.0
260.0
284.9
264.8
303.5
301.5
309.5
313.4
316.4
340.0
277.7
260.3
264.1
283.1
323.1
334.7
349.5
319.3
355.9
374.8
388.0
Leather and leather products
„
do
222.2
214.6
207.0
211.5
214.2
220.4
231.6
234.9
235.4
241.8
240.7
243.4
Boots and shoes§
_
do
213.7
205.3
197.0
201.7
204.8
221. 5
209.9
223.8
223.5
231.9
233.8
235.1
Food and kindred products.
do.
243.1
239.3
252.8
267.8
295.8
331.6
325.6
309.6
300.6
298.9
273.9
267.2
Baking§
do
200.7
208.4
203.4
213.1
218.0
223.2
218.4
230.8
227.8
229.2
221.5
240.7
Canning and preserving!
do.
197.4
211.7
217.8
249.3
401.8
683.8
653.7
437.9
265.7
250.2
213.9
214.2
Slaughtering and meat packing§
.do
227.2
232.6
249.4
259.9
280.9
271.9
270.0
271.7
317.4
338.9
304.2
263.3
r
Revised, p Preliminary. §See note on item on p. S-lOre?yarding re^ isions in tl:le data,
JTotal includes State engineering, supervisory an d adminisl rative em] )loyees not shown sep arately.
ISee note on item in July 1944 and September 1947 Surveys regarding d langes in tlle da ta beg inning in ] 943 or 1945 Decemt>er figures clo not inchide excess t emporary jDost offices
ubstitutes
employed only at Christmas.
*New series. Indexes beginning 1939 for employinent in ret ail food est ablishnien ;s are show n on p. 31 of the June 1943 Surv ey.
!Revised series. Revisions for 1939 through Febnlary 1946fc r the adjuj ted indexe s of employ ment in m anufacturii ig industri es will be s lown later . See note marked ' !"on p. S- 11 of September 1947 Survey for reference to 1937-43 data for ernployment and pay r oils in the 1 elegrach a nd teleoho ne industri es and 193<)-41 data.fr r thp nth PI* T)pnnrtm ant rtf T.aVi
SURVEY OF CUEEENT BUSINESS
S-12
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS—Continued
Production-workers pay rolls, mfg., unadj.f— Con.
Nondurable goods industries— Continued
' 210. 8
214.5
219.8
196.7
216.3
203.0
205.3
182.8
194.8
200.0
181.6
193.1
Tobacco manufactures
1939—100
321.5
322.5
314.4
319.6
327.5
309.6
300.6
298.7
290.9
291.1
298.0
290.9
Paper and allied products
do
325.0
328.3
327.3
317.3
319.9
289.4
312.3
302.1
284.4
317.0
309.6
281. 4
Paper and pulpS
do
Printing, publishing, and allied industries
250.2
247. 9
252.3
249.6
258.0
234.2
235.5
235.9
233.6
245.0
230.7
227.7
1939=100..
' 218. 9
221.6
224.6
224.0
' 230. 0
214.0
209.3
208.9
202.1
221.6
210.0
197.2
Newspapers and periodicals §
do
283.2
272.8
279.3
278.6
'285.3
255.4
258.9
255.2
254.8
258.1
266.6
253.5
Printing, book and job§
do
417.3
416.2
401.0
407.5
414.9
380.4
381.5
395.1
373.3
378.7
378.3
377.5
Chemicals and allied products
do
561.3
559.2
529.8
540.8
555.8
527.3
527.0
520.9
528.2
533.7
511.6
506.4
Chemicals §
do
312.8
310.2
297.0
304.5
308.2
302.7
265.2
297.2
275. 7
286.2
295.6
262.1
Products of petroleum and coal
do
296.8
293.4
295.0
288.9
279.7
287.6
282.8
286.1
262.5
273.4
254.7
252.9
Petroleum refining §
do
376.8
358.3
375.6
383.3
396. 5'
352. 7
369.0
357.4
361.9
383.9
367.2
374.3
Rubber products
do
388.4
398.0
412.1
355.9
407.5
389.5
396.0
399.3
396.1
414.2
397.9
397.3
Rubber tires and inner tubes §
do
Nonmanufacturing, una dusted (U. S. Dept. of
Labor) :
Mining: f
' 252. 7 r 224. 4
' 242. 4
232.8
' 239. 4
' 237. 9
' 219. 4
200.3
175.5
r 244. 0
r 210. 2
' 232. 8
Anthracite
1939—100
'329.4
300.7
' 306. 8
r 324. 9
r 294. 3 ' 300. 8 ' 306. 8
214.7
210.9
' 271. 4
' 281. 0
r 271. 9
Bituminous coal
do
' 198. 9
201.7
' 198. 8
186.1
' 193. 3 ' 193. 6 ' 192. 7 r 194. 8
r 186. 3
r 196. 7
178.3
' 176. 1
Metalliferous
do
r 319. 2
262.0
r 305. 7
' 295. 3 ' 270. 0
r 285. 5
' 307. 1
285.1
' 317. 2 '315.9
307.0
' 261. 4
Quarrying and nonmetallic
do
219.9
' 203. 2 ' 215. 5
204.9
r 211. 0
' 206. 5 ' 199. 9
' 204. 0
r 192. 2
' 206. 0
190.8
r 180. 7
Crude petroleum and natural gasf .
do
Public utilities :f
187.9
188.2
182.8
168.2
187.6
177.5
178.4
166.5
185.7
182.9
183.1
160.8
Electric light and power
do
223.2
234.6
222.1
220.0
218.8
222.1
223.6
' 226. 7 ' 230. 1
224.1
225.2
218.6
Street railways and busses
do
209.5
208.1
212.6
226.9
215.2
239.3
207.8
218.8
213.5
206.8
198.0
211.8
Telegraph
_ _
_
do
315.8
314.2
316.3
292.5
302.2
202.9
136.1
321.5
' 313. 0
267.2
312.3
306.2
Telephone
do
Servicesrf
285.6
299.4
303.8
271.9
328.4
310.5
313.5
293.7
292.8
285.0
289.3
301.7
Dyeing and cleaning
do
232.9
225.4
227.3
232.3
238.5
239.3
231.0
226.8
233.6
236.2
231.3
223.2
Power laundries
do
230.4
233.2
226.9
233.2
221.1
226.4
228.6
222.4
221.0
222.0
216.8 • 219. 4
Year-round hotels
do
Trade:
208.4
207.1
192.9
216.5
195.3
201.6
198.5
197.6
190.1
' 237. 6 ' 209. 4
202.5
Retail, total!
- - do
219.4
221.5
212.1
213.8
206.0
202.8
221.5
220.0
209.2
213.8
199.9
212.2
Food*
do
r
221.4
224.5
'233.0
214.1
212.3
210.4
251.1
314. 0
218.9
220.4
212.0
205.6
General merchandising!
do
206.9
214.9
191.4
213.6
198.0
196.5
190.8
' 213. 9 ' 211. 7
191.6
198.2
203.3
Wholesale!
do
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor) :
40.5
40.4
'40.2
40.1
40.2
40.0
MO. 4
40.6
39.8
40.4
'41.2
39.8
40.4
All manufacturing!
_ hours
41.0
40.5
40.7
'40.5
40.7
40.9
40.7
40.7
P41.0
40.0
40.0
41.7
40.6
Durable goods industries*
do
40.8
40.3
40.5
40.5
40.5
40.4
40.5
39.3
40.4
41.2
39.6
40.3
Iron and steel and their products*
do
Blast furnaces, steel works, and rolling
40.0
39.0
38.9
39.2
37.4
39.8
39.5
38.9
39.4
39.5
39.0
39.2
mills*
hours
'40.5
39.8
40.0
40.6
41.1
40.4
39.8
39.8
40.6
40.4
40.5
39.2
Electrical machinery*
do
41.4
'41.8
41.5
41.2
41.4
40.9
41.3
41.3
41.5
'42.2
40.6
41.1
Machinery except electrical*
do
Machinery and machine-shop products*
42.0
41.6
41.5
40.8
41.6
41.4
41.3
41.8
41.6
42.7
40.9
41.3
hours..
42.1
42.0
42.0
42.2
41.9
41.6
43.1
41.4
42.3
42.1
42.0
41.8
Machine tools*
do
38.3
38.5
'39.9
37.2
38.7
37.7
39.7
39.5
39.8
'41.4
38.1
39.2
Automobiles*
do
Transportation equipment, except auto40.2
39.8
'40.2
39.4
39.8
40.4
40.1
38.6
39.6
40.1
'40.8
39.7
mobiles*
hours
Aircraft and parts (excluding engines)*
39.5
39.2
39.7
39.6
'39.3
39.8
40.2
39.7
40.0
39.3
'40.6
39.3
hours. .
39.2
39.7
40.6
39.6
38.8
39.4
40.5
39.4
41.2
40.1
39.2
40.0
Aircraft engines*
do
40.4
39.9
40.9
40.7
39.9
39.9
40.5
38.5
39.8
39.3
136.1
39.5
Shipbuilding and boatbuilding*
do
40.6
40.8
39.7
40.9
'41.4
40.5
39.5
40.8
41.8
41.3
41.1
40.2
Nonferrous metals and their products* do
41.4
42.0
42.2
42.8
41.0
'42.4
42.6
43.2
42.2
41.6
43.3
42.8
Lumber and timber basic products* do
40.9
41.7
42.1
42.5
40.6
42.2
41.1
42.8
'42.0
41.9
43.1
Sawmills and logging camps*
do
42.5
Furniture and finished lumber products*
41.5
41.5
42.0
41.7
41.1
41.7
42.7
41.4
42.1
41.2
41.8
41.5
hours..
41.2
41.4
41.9
42.3
41.6
40.9
41.9
41.0
42.3
42.3
42.9
41.4
Furniture*
.
do
40.3
40.5
39.9
40.6
40.8
41.0
39.9
40.6
40.1
40.8
40.5
40.4
Stone, clay, and glass products*
do
39.7
39.6
39.7
40.1
40.0
39.8
40.2
40.8
39.8
40.2
39.5
"39.8
40.1
Nondurable goods industries*
_ _ do
Textile-mill products and other fiber manu38.9
39.1
38.4
40.5
38.6
40.0
40.2
39.7
38.2
40.1
41.0
factures*
hours
39.5
Cotton manufactures, except small wares*
38.8
39.3
40.7
40.1
40.4
38.3
38.3
39.6
41.1
38.4
40.1
39.2
hours
41.0
40.2
41.9
40.3
40.3
41.5
41.0
41.2
42.3
40.0
41.8
Silk and rayon goods* _
do
40.9
Woolen and worsted manufactures, except
39.2
39.4
40.1
39.1
39.1
41.2
'40.8
39.7
40.8
36.6
39.6
40.2
dyeing and
finishing*
hours
Apparel and other finished textile products*
35.8
35.5
36.6
36.7
36.4
35.8
36.0
36.9
'37.1
36.0
35.2
36.7
hours..
37.2
36.6
37.2
37.0
36.5
37.6
37.5
35.1
37.7
37.9
37.1
36.8
Men's clothing*
do
34.6
34.4
34.8
36.1
35.8
36.0
34.6
35.0
35.3
'36.2
36.1
35.0
Women's clothing*
do
38.1
38.3
38.1
38.2
39.0
39.0
39.1
'39.1
38.3
38.1
39.0
39.1
Leather and leather products*
do
37.8
38.0
37.8
37.7
38.1
38.7
37.8
38.8
37.7
'38.7
Boots and shoes*
_
do
38.8
38.8
43.0
42.1
43.2
41.9
43.2
43.4
42.3
42.8
42.5
43.3
43.4
41.6
Food and kindred products*.. _ .
do
42.5
242.5
M2.6
43.0
242.7
2 41.9
241.9
241.6
241.6
242.3
243.5
Baking*.
do
241.9
S8.3
37.7
38.0
37.8
37.3
42.6
39.9
40.9
35.9
37.7
38.5
42.8
Canning and preserving* _ _
do
41.8
44.0
44.5
41.9
43.2
44.8
44.5
43.0
46.9
47.7
40.7
Slaughtering and meat packing*
do...
43.4
36.3
36.7
38.2
39.6
37.5
39.4
38.6
39.2
39.7
39.9
39.2
Tobacco manufactures*
do
36.3
43.1
43.0
43.2
43.0
42.9
42.9
42.4
43.2
43.8
43.1
Paper and allied products*
_do...
43.1
42.9
44.7
44.4
44.5
44.5
44.3
44.4
44.4
44.1
44.4
44.9
Paper and pulp*.
do
44.5
44.5
Printing, publishing, and allied industries*
40.1
39.6
40.1
39.4
39.9
40.3
40.2
40.0
'40.4
40.0
'39.5
39.1
hours.
38.9
38.9
38.4
38.2
38.8
37.8
38.5
38.7
39.1
39.0
Newspapers and periodicals*
do
38.6
38.2
40.6
40.7
40.6
40.5
41.1
'41.1
40.0
40.7
40.7
Printing, book and job*
do_.
'40.7
39.8
40.8
41.1
41.0
41.1
41.3
41.4
40.9
40.9
41.3
'41.4
41.0
Chemicals and allied products*
do
'41.5
41.1
41.0
40.8
40.9
40.9
41.1
Chemicals* ...
do
40.8
'41.2
40.7
40.9
'41.2
41.1
40.5
40.0
40.5
40.2
40.5
41.2
40.6
40.7
40.5
40.8
Products of petroleum and coal*
do
'40.7
41.0
40.7
39.5
40.1
39.9
40.6
40.7
39.8
39.8
40.3
40.3
Petroleum refining*
do
41.0
39.8
40.7
39.5
39.0
39.1
38.6
39.8
40.1
39.9
38.7
39.9
Rubber products*
do
40.9
38.4
'39.7
38.2
37.6
37.9
38.2
38.9
38.2
37.8
37.7
38.7
39.5
38.9
Rubber tires and inner tubes*
do...
35.8
'2 Revised, p Preliminary. * 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.
*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 nonmanufacturmg 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 CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-13
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS—Continued
Average weekly hours per worker— Continued
Nonmanufacturing industries:*
Building construction
hoursMining:
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) :
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 f
thousands..
Unemployment compensation (Soc. Sec. Admin.):
Initial claims* _ _ _
_ . _
thousands
Continued claims©
do _
Benefit payments:
Beneficiaries, weekly average©
do
Amount of payments
thous. ofdol
Veterans' unemployment allowances:*
Initial claims
_
thousands
Continued claims
do
Claims filed during last week of month__.do
Amount of payments
thous. ofdol
Labor turn-over in manufacturing establishments:^
Accession rate
monthly rate per 100 employees
Separation rate, total
do
Discharges
do
Layoffs
do
Quits
do
Military and miscellaneous
do
oo n
38.0
37.1
'37.6
07 o
'38.0
39.8
43.7
41.6
43.5
39.6
32.3
36.4
41.8
44.5
40.8
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
41.0
47.8
43.7
37.9
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
42.0
42.4
44.7
41.9
42.8
44.9
42.6
42.7
45.0
42.9
42.8
45.2
40.0
40.8
40.0
41.2
40.0
41.2
"370
"95
"480
"630
"575
" 170
" 1, 200
t. 2
"700
"675
v 8, 600
"1.2
'38.1
36.6
37.9
'37.2
36.6
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
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
46.1
44.4
38.9
42.2
47.1
44.5
38.7
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
41.5
42.3
43.7
40.5
41.9
44.5
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
41.1
40.0
41.1
"470
"225
"380
"450
"300
"250
"335
"110
"200
"75
"175
"60
"150
"45
" 120
"30
"175
"75
"200
"70
"225
"500
"775
"690
" 6, 800
"1.0
"675
"575
" 4, 000
".6
"550
"625
" 4, 000
".5
"550
"250
" 2, 500
".4
"400
" 175
" 2, 000
".3
"350
"145
" 1, 900
".2
"275
"100
"700
".1
"225
f 50
" 500
".1
"250
"100
" 1, 000
".1
"300
"110
"725
".1
"350
"550
"6,000
".8
r
r
••37.9
391
419
442
453
454
484
546
528
451
397
374
344
413
739
4,684
1,020
4,833
1,166
4,802
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
975
71, 545
930
71, 569
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
397
4,424
1,012
89, 100
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
355
2 930
604
55, 782
5.1
4.9
.4
.9
3.5
.1
5.1
5.2
.4
1.0
3.7
.1
4.8
5.4
.4
1.4
3.5
.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
3.6
3.7
.4
.9
2.3
.i
"4.6
'4.3
.4
1.2
'2.6
.1
"3.9
"4.2
v .4
"1.2
"2.5
" .1
WAGES
Average weekly earnings (U. S. Dept. of Labor):
51. 05
49.17
' 52. 14
47.69
'51.83
48.44
51.29
50.43
47.50
" 52. 25
49.33
48.98
' 52. 69
All manufacturing t
dollars
52.46
54.69
52.99
50.34
51.72
52.19
54.06
50.30
54.86
' 56. 48 ' 55. 62 ' 54. 97 " 55. 77
Durable goods industries t
do
56. 61
54.53
56.96
57.10
55.18
56.21
51.31
53.71
53.67
51.78
Iron and steel and their products!
do
' 58 13 ' 57. 66
Blast furnaces, steel works, and rolling
58.25
58.56
59. 54
51.77
58.12
55.23
62 83
56.26
59 52
60.46
mills!
dollars
58 96
60 01
51.53
54.10
' 54. 80
54.51
50.24
54. 32
53.46
49.07
48.36
51.57
Electrical machinery!
do
52.00
55 34
55.74
57.87
' 59. 25
58.78
56.30
57.36
53.82
54.25
57.92
Machinery, except electrical! do
55.20
56.06
' 59. 67
Machinery and machine-shop prod55.07
56.75
58.11
54.44
56.41
53.10
53.31
58.33
55.53
55.00
57.03
59.22
ucts!
- dollars
57.77
59. 25
59.84
56.78
56.46
56.06
57.13
59.44
58.31
58.69
59.53
Machine tools
_
do
61 34
57.48
59.05
55.76
54.14
60.30
Automobiles!
_ do
56.44
59.35
55.45
55.96
61.30
' 64. 64 ' 61. 52
Transportation equipment, except auto55. 75
55.59
54.25
58.35
56.02
56.54
54.29
55.31
56.42
68.08
mobiles
_.
dollars
' 59. 79 ' 59. 41
r 57 12
52.42
55.74
54. 48
55.30
53.22
52.54
52.58
56.01
55 17
54 44
Aircraft and parts (excluding engines) do
55 48
54.76
55.44
56.58
53.02
53. 69
59.19
Aircraft engines*
.
do
59.30
58.29
56.19
58.43
57.52
60 39
59.31
56.77
56.93
64.05
57.71
56.59
56.97
57.91
57.79
55. 20
61.00
Shipbuilding and boatbuilding
do
61 74
p
51.07
50.26
51.15
53. 59
55. 43
55.44
52.06
51.12
Nonferrous metals and products !_ __. _do
52.62
50.30
54.27
' 55. 53
45.23
' 44. 49
45.32
45.04
44.99
43.57
45 41
40.31
43.06
Lumber and timber basic products ! do
41.01
45 30
45 65
44.14
44.05
39.12
41.95
' 42. 84
43.42
42.86
39.81
Sawmills and logging camps
do
44.09
44.27
44.58
44 20
43.51
43.45
44.24
44.09
46.69
45. 38
43.00
42.87
47.07
Furniture and finished lumber products !_do
46.53
46.32
47.72
45.04
44. 33
43. 99
44.21
48.21
44.12
44.58
46.24
47.76
48.62
Furniture!..
do
48.07
49 10
48. 54
47.24
46.38
46.49
49.89
48.00
49.06
49.57
50 47
Stone, clay, and glass produ cts !
do
50.38
' 51 00 49.90
45.61
44.40
Nondurable goods industries !
do _
45.78
44.89
44.88
' 48. 53 " 48. 53
45.31
46.78
47.29
47.56
' 48. 72 ' 48. 43
Textile-mill products and other fiber
40.12
39.89
39.54
41.01
manufactures!
_
dollars
39.48
39.44
41.94
' 45. 19
41.39
43.73
45.77
45 15
Cotton manufactures, except small wares!
39.22
38.53
37.73
37.10
37.21
37.50
38.55
39.22
43.43
42.47
43.81
43.64
dollars
41.65
Silk and rayon goods!
do
41.17
41.94
41.73
40.97
40.89
44.84
47.92
43.23
43.57
47.55
46.48
Woolen and w o r s t e d manufactures
45.26
(except dyeing andfinishing)! dollars
42.28
46.28
45.75
46.99
45.28
46.95
52.82
45.33
46.70
' 48. 79
'49 12
Apparel and other finished textile products!
38.41
35.44
35.36
36.50
36.57
37.64
35.77
38.78
37.09
' 39. 93
40.23
dollars-'39.00
Men's clothing!
do
41.99
40.17
38.66
40.45
41.49
41.35
42.24
42.78
43.79
41.05
44.05
' 43. 11
Women's clothing§
__ do .
47.75
42.32
43.81
45.49
41.58
43.82
41.87
46.91
' 48 52
45.78
48.97
'46 76
39.44
39.45
40.25
Leather and leather products!
do
40.11
40.12
40.30
41.89
42.18
41.93
' 42. 67
42.58
42.81
38.91
37.78 1
a«.30
38.32
37.96
Boots and shoes
do
38.49
40.12
40.41
39.98
41.21
' 40. 87 '41.04
r
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.
c* 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 nonmanufacturing 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.
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
May
June
July
August
September
Octo-
ber
Novem-
ber
Decem-
Janu-
Febru-
ary
ary
r
50. 93
i 47 43
41.14
61 57
39.16
53.69
58.21
49.38
i 47 03
41.18
57 12
37.97
*r 53. 20
57. 75
49.54
i 50. 87
42. 73
51.88
35.13
53.68
58.44
••63.37
'71.45
*• 60 22
53.73
60 07
63.21
66 32
59 47
65 74
«• 62. 36
69.11
T
60. 23
»•r 54. 31
60.
80
r
64. 47
67.54
r
57. 33
62 72
62.72
70.70
60.13
54.16
60.82
64.39
67. 33
54.79
58.22
1.278
1. 354
1.412
••r 1. 286
1. 356
r
1. 413
' 1. 290
1.357
1.408
ber
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued
Average weekly earnings— Continued
All manufacturing— Continued
Nondurable goods industries— Continued
Food and kindred products!
dollars. .
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!
dollars. .
Newspapers and periodicals*
do
Printing, book and job*
. _
do
Chemicals and allied products!
_-do
Chemicals
_
do
Products of petroleum and coal!
_ _ _ d o _ _.
Petroleum refining
do
Rubber products!
_ . _ _ _ doRubber tires and inner tubes
do
Average hourly earnings (U. S. Dept. of labor):
All manufacturing!
dollars-Durable goods industries!
do__
Iron and steel and their products!
__do
Blast furnaces, steel works, and rolling
mills!
_ dollars..
Electrical machinery!
do
Machinery, except electrical!
__do_ _
Machinery and machine-shop products!
dollars. Machine tools
_
do
Automobiles!
_ _,do_ _
Transportation equipment, except automobiles!
_ .
. dollars
Aircraft and parts (excluding engines)
dollars.Aircraft engines*§ _
do
Shipbuilding and boatbuilding
do. _ _
Nonferrous metals and products!
do
Lumber an d timber basic products! _do
Sawmills and logging camps
do
Furniture and finished lumber products!
dollars. .
Furniture
do
Stone, clay, and glass products!
do
Nondurable goods industries!.
do
Textile-mill products and other fiber manufactures!
dollars..
Cotton manufactures, except small wares!
dollars.
Silk and rayon goods! do .Woolen and worsted manufactures (except
dyeing and
finishing)!
dollars.
Apparel and other finished textile products!
dollars- 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!
dollars. _
Newspapers and periodicals*
do .
Printing, book and job*
do
Chemicals and allied products!
do __.
Chemicals.. _
do
Products of petroleum and coal!
do
Petroleum refining
do
Rubber products!
do
Rubber tires and inner tubes
do
Nonmanufacturing industries:*
Building construction
do
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 clean ing§
do
Power laundries §
do
Year-round hotels
do
Trade:
Retail
_
do
Wholesale
.
__
do
r
47.71
44. 84
39.39
53. 37
34.46
48.79
52.84
48.27
M5 50
39.37
54 40
36.30
49.95
54.83
48.40
i 45 81
39.96
56.82
37.74
51.06
56.36
49.45
* 45. 52
45.88
54 33
37.26
50.72
56.30
58.69
65.29
56.13
48.93
55.45
57.41
60.24
55.23
61.64
59.55
67.10
56.41
49.80
56.35
57.92
60.01
55.30
61.12
59.76
67.16
56.81
50.59
56 80
59.64
62 17
55.49
61 35
59.37
66.53
56.77
51.00
57.73
60.57
64.12
55.74
62 06
59.48
67.74
55.95
51.27
57.44
60.62
63.12
55.92
61 15
1.180
1.236
1.269
1.186
1.243
1.280
1.207
1.278
1.333
1.226
1.303
1.363
1.230
1.305
1.365
1.333
1.212
1.298
1.347
1.210
1.308
1.445
1.264
1.334
1.472
1.295
1.363
1.275
1.334
1.396
1.279
1.334
1.406
1.307
1.357
1.463
1.362
1.363
1.338
1.344
1.418
1.226
.983
.965
1.326
1. 353
1.426
1.234
.990
.972
1.031
1.059
1.144
1.119
1.032
1.064
1.149
1.122
46,05
45.17
37.40
49.87
35.21
47.92
51.27
46.20
45.26
38.50
50.22
34.84
48.20
52.07
58.19
64.25
55.67
48.60
55.33
56.53
59.15
52.97
58.05
1
49.61
46 85
44.75
54 98
37.90
52.22
57.10
49 90
146 26
37 94
61 31
37 67
52.80
57 40
61.61
69.40
58 32
51.81
57 98
61.84
64 75
57.76
64 75
61.62
69.18
58.63
52. 67
58.46
60.94
63.51
57.62
63.78
62,30
69.78
59 35
53.15
59 21
62.54
65 86
57 99
64 86
1.236
1.312
1.376
1.249
1.331
1.396
1.258
1.337
1.397
1.268
1.346
1.404
1.478
1.308
1.371
1.488
1.314
1.377
1.513
1 325
1.395
1.502
1.331
1.400
1.510
1 339
1.404
1.519
1 346
1.413
1.336
1.381
1.485
1.349
1.366
1.496
1.353
1.394
1.500
1.370
1.405
1.515
1.374
1.408
1.526
1.381
1 412
1.540
1.391
1.424
' 1. 563
1.376
1.387
1.395
1.406
1.424
1.437
1.462
1.328
1.383
1.433
1.260
1.025
1.006
1.341
1.428
1.421
1.286
1. 053
1.040
1.372
1.435
1.421
1.289
1.033
1.018
1.381
1.443
1.447
1.294
1.048
1.044
1.386
1.460
1.460
1.309
1.062
1.049
1.395
1.461
1. 490
1.312
1.063
1.046
1.413
1.461
1.529
. 1.320
1.074
1. 056
1.046
1.074
1.173
1.139
1.061
1.085
1.190
1. 140
1.058
1.079
1.198
1.150
1.070
1.089
1.208
1.158
1.093
1.117
1.227
1.165
1.105
1.130
1.234
1.175
1.108
1. 137
1.247
1.185
1
49.04
46 14
43 69
55 31
37.33
51.99
57 14
1
r
1.526
1. 352
1.416
1.506
1.349
1.418
1.389
1.415
1. 540
1.392
1.424
1.551
' 1.465
1.479
1.482
' 1.406
1.465
1. 525
1.327
1.056
1.032
' 1. 407
1.461
1.567
r
1. 338
1.050
r
1 023
1.406
1.452
1.585
1.341
1.081
1.057
1.122
1. 151
1 249
1.210
1.126
1.154
1.251
1. 220
r
r
r
r
1.117
1.145
1.245
1. 196
r
r
1.024
1.027
1.025
1.024
1.028
1.032
1.048
1.055
1.090
1.100
.979
1.012
.981
1.016
.970
1.019
.970
1.017
.973
1.023
.977
1.043
.985
1.057
.991
. 1. 062
1.051
1.088
1.061
1.100
r
1. 115
1.138
1.077
1 137
1.083
1.147
1.155
1.159
1.158
1.160
1.160
1.156
1.169
1.178
1.188
' 1. 192
T
1. 195
1.303
1.045
1.106
1.293
1.028
.999
1.088
1.057
.995
1.191
.939
1.109
1.157
.999
1.094
1.200
1.029
.998
1.097
1.065
1.018
1.204
.949
1.121
1.173
.988
.105
.168
.035
1.000
.110
J .056
.034
>214
.948
1.133
1.182
.994
1.104
1.182
1.053
1.020
1.119
i 1. 067
1.045
1.122
.950
1.165
1.231
1.020
1.098
1 241
1.055
1.018
1.121
1
1. 074
1.003
1.282
.953
1.190
1.266
1.038
1.090
1.285
1.057
1.018
1.140
1
1.091
1.083
1.267
.951
1.196
1.276
1.046
1.106
1.279
1.072
1.035
1.129
1
1. 104
1.025
1.276
.952
1.210
1.283
1. 051
1.120
1.279
1.082
1.046
1.159
1
1.115
1.100
1.273
.954
1.215
1.287
1.019
1.116
1.217
1.095
1. 059
1.173
1.115
1.062
1.305
.958
1.222
1.292
' 1. 052
1.136
1 270
1.092
r
1 056
1. 175
1
1 119
1 093
1.291
r
1.093
1.172
1 327
1.093
1.178
1. 131
1 113
1.275
.984
1.236
1 301
1.097
1.176
1 330
1.098
1 060
1.192
1
1 169
1.124
1.277
.967
1 246
1 311
1.443
1.626
1.364
1.177
1.351
1.408
1.488
1.330
1.'512
1.462
1.651
1.386
1.192
1.359
1.418
1.501
1.397
1.608
1.486
1.699
1.397
1.210
1.375
1.448
1.520
1.416
1.622
1.499
1.719
1.406
1.232
1.390
1. 464
1.532
1.419
1.615
1.498
1.713
1.408
1.247
1.404
1.495
1. 570
1.445
1.640
1.508
1.736
1.406
1.252
1.410
1.494
1.567
1.445
1.640
1.534
1.753
1.436
1.263
1.432
1.509
1.591
1.447
1.661
1.540
1.758
1.451
1.273
1.432
1. 505
1.593
1.438
1.647
1.556
1.776
1.469
1.287
1.448
1.518
1.607
1.453
1.661
1.610
1.634
1.656
1.661
1.669
1.689
1.718
1.738
1.632
1.484
1.241
1.069
1.421
1.545
1.483
1.237
1.080
1.444
1.593
1.470
.278
.092
.448
1.596
1.489
1.323
1.121
1.475
1.575
1.740
1.311
1.129
1.481
1.780
1.787
1.354
1.146
1.486
1.765
1.819
1.370
1.156
1.510
1.784
1 798
1.356
1.169
1.494
1.341
1.184
1.164
1.124
1. 343
1.190
1.252
1.174
.358
.195
.242
.189
1.388
1.212
1 236
1.218
1.374
1 231
1 226
1.211
1.378
1.241
1 228
1.215
1.390
1.265
1 234
1.230
1.392
1 265
1 227
1.241
1.428
1 276
1 253
1.254
«• 1. 414
T i 288
1 257
1,229
1.426
r i 306
1 257
1 241
.876
.759
.642
.888
.757
.642
.894
.756
.643
'.898
.767
.650
.899
.769
.652
.892
.771
.660
.911
.786
.672
.919
.787
.684
.925
.786
.687
.921
.797
.693
.924
.807
.923
.802
.960
1.231
.974
1.229
.985
1.241
.996
1.262
1.003
1.257
1.003
1.258
1 012
1.281
1 013
1.289
1.025
1.314
1 016
1.300
1 044
L303
1 0^0
1.343
r
r 1 058
1
983
1.226
1.295
r
1.568
1.791
1. 479
'
1. 293
r
1. 457
1.551
1 647
1.454
1.658
r
r
T
1. 578
1 794
1 493
1.311
r
1 477
' 1. 586
1 699
r
1. 444
1.646
1.605
1 816
1 528
1.317
1. 47Q
1. 582
1 691
1.426
1.G26
1.765
1.774
r
1 781
1 809
1.754
1. 851
1.380
1.178
1.554
1, 756
1 826
1. 360
1.176
1.543
1 764
1 817
1 826
1 367
1.186
1.638
f
T
r
r
r I 847
r I 371
1.175
1.627
696
v 1.293
J» 1 359
* 1 220
1.428
1 308
1 265
1 238 —
693
Revised. * Preliminary.
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 "f" on p. S-13.
1
SURVEY OF CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-15
1948
1947
March
April
May
July
June
August
September
October
November
Decem, ber
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—-Continued
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr__
Skilled labor
do
Farm wages without board (quarterly)
dol per month
Railwav wages (average, class I)
dol. per hr
Road-building wages, common labor:
United States average O
cjo
1.272
2.14
1.272
2.15
1.118
1.92
'r 1. 133
1.93
1. 146
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
1,283
2.15
1.146
107 00
1 136
1.136
1.140
114. 00
1.133
1.137
1.264
112 00
1.250
1.305
1.290
.84
.86
.88
.89
.92
121
122
122
122
123
125
126
128
129
132
134
137
P1S9
107
81
14
108
81
108
81
109
82
110
82
112
84
116
87
118
88
121
89
13
114
85
115
86
13
112
83
16
17
P121
P88
15
1,699
1,707
962
862
100
278
467
1,724
973
869
103
281
445
1
113. 00
113. 00
.91
1.01
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. _.
14
14
13
13
14
14
1,746
1,018
1,746
1,007
1,739
1,713
993
882
111
284
462
982
875
107
288
444
Pig
FINANCE
BANKING
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration: t
Total
mil. of dol
Farm mortage loans, total
do
Federal land banks
do
Land Bank Commissioner
do
Loans to cooperatives, total
do
Short-term credit, total
do _
Bank debits, total (141 centers)!
do
New York City
do
Outside New York City
do
Federal Reserve banks, condition, end of month:
Assets, total
'
mil. of dol
Reserve bank credit outstanding, total.,. do
Bills discounted
do
United States securities
do
Gold certificate reserves
do
Liabilities, total
do...
Deposits, total
do
Member-bank reserve balances
do
Excess reserves (estimated).
_ do
Federal Reserve notes in circulation
do
Reserve ratio
percent
Federal Reserve weekly reporting member banks,
condition, Wednesday nearest end of month: t
Deposits:
Demand adjusted
mil of dol
Demand, except interbank:
Individuals, partnerships, and corporations
mil. of dol..
States and political subdivisions
do
United States Government
do
Time, except interbank, total . _ , „ _ do
Individuals, partnerships, and corporations
mil. of dol__
States and political subdivisions
do
Interbank
do
Investments, total _ _
do
U. S. Government obligations, direct and
guaranteed, total
mil. of dol_
Bills.. .
do
Certificates
.do
Bonds (inch guaranteed obligations)
do
Notes ._ _ _ _ _ _ _ _ _ _
do
Other securities
do
Loans, total
do
Commercial, industrial, and agriculturaLdo
To brokers and dealers in securities
do
Other loans for purchasing or carrying securities
mil. of doL.
Real estate loans _ _ _
do
Loans to banks
do
Other loans
do
Money and interest rates:?
Bank rates to customers:
New York City
percent
7 other northern and eastern cities
do
1] southern and western cities
do
Discount rate (N. Y. F. R. Bank) _
do
Federal land bank loans d"
do
Federal intermediate credit bank loans
do
Open market rates, New York City:
Acceptances, prime, bankers', 90 days
percent..
Commercial paper, prime, 4-6 months
do
Time loans, 90 days (N. Y. S. E.)
do_.._
Call loans, renewal (N. Y. S. E.)
do
1,654
1,048
919
129
182
444
83, 502
33, 547
49, 955
913
126
158
473
910
124
162
497
78, 295
31, 391
46, 904
78, 359
30, 895
47, 464
84, 897
35, 632
49, 267
83, 957
34, 779
49, 178
75, 048
28, 331
46,720
81,799 '
31,837
49, 962
94, 058
37, 504
56, 554
82, 740
31, 738
51,002
106, 520
46, 225
60,295
93, 966
37, 615
56, 351
80, 771
32, 271
48,500
1,743
955
860
95
249
539
96,483
39,587
56,896
44, 931
23, 431
538
22, 593
19, 222
44, 931
18, 249
15, 264
344
24, 162
45.3
44, 236
22, 205
125
21, 857
19, 537
44, 236
17,470
15. 826
44, 882
22, 738
179
22, 088
19, 689
44, 882
18, 009
16, 238
44, 425
22, 170
70
21, 872
20, 039
44, 425
17, 748
16,112
44, 626
21, 875
137
21, 549
20, 296
44, 626
17,869
16, 007
399
46, 153
22, 730
92
22,329
20, 723
46,153
18,718
16, 784
46, 583
22, 906
296
22, 168
21,044
46, 583
19, 240
16,956
47, 205
22, 975
331
22, 209
21, 363
47, 205
19, 431
16, 974
24, 022
47.1
24,120
46.7
24, 154
47.8
24, 090
48.4
24, 345
47.7
24, 482
48.0
24, 481
48.1
24, 651
48.5
47, 712
23, 181
85
22, 559
21, 497
47, 712
19, 731
17, 899
1,499
24, 820
48.3
47, 327
22, 782
327
21, 925
21, 701
47, 327
20, 311
16, 919
738
45, 615
22, 759
185
22, 192
20, 534
45, 615
18, 695
16, 601
24, 156
48.8
46, 991
22, 109
431
21,024
21, 776
46, 991
19, 807
17,062
••762
24,045
49.7
46, 589
21,607
430
20,887
21,878
46, 589
.19, 610
16, 639
P596
23,768
50.4
44, 482
46, 150
46, 314
46, 626
47, 145
46, 954
47, 056
47, 771
48, 247
48, 685
48, 833
47, 296
45,340
44, 210
3,075
1,817
14, 303
45, 798
3, 350
1,476
14, 349
45, 8C7
3,268
1,119
14, 411
46, 443
3,191
46/816
3,109
648
46, 884
3,124
47, 988
3,027
48, 379
3,146
49,809
3,246
14, 460
14, 470
14, 520
47, 330
3,076
1,661
14, 561
48, 701
3,264
596
14, 584
14, 478
14, 609
14, 593
47, 134
3,219
1,009
14, 801
45, 445
3,363
1,297
14, 772
13, 936
285
10,636
42, 959
13, 955
312
10, 351
43, 574
14, 005
324
10, 126
43, 224
14, 055
328
10, 581
43, 094
14,061
329
10, 320
42, 971
14, 104
334
10, 833
42, 587
14,151
328
11,178
42, 740
14,176
327
11,117
42, 462
14, 069
328
11, 121
41, 798
14, 192
338
11, 643
41, 487
14, 127
391
10, 681
41, 559
14,256
471
10, 422
40, 055
14,221
478
9,750
38,768
38, 850
692
5,036
30, 307
2,815
4,109
20, 020
12,271
'874
39, 465
' 753
5,402
30, 472
2,838
4, 109
19, 864
12, 043
833
39, 220
827
5,135
30, 556
2,702
4,004
20, 015
11, 792
1. 169
38, 990
989
4,648
30, 701
2, 652
4,104
20, 277
11,809
1,266
38, 739
638
4,535
30, 935
2,631
4,232
20, 508
11, 967
1, 095
38,354
582
4,138
31,015
2,619
4,233
21, 212
12,518
1,166
38,400
519
4,025
31, 224
2,632
4,340
22, 056
13,116
1, 234
38, 192
769
4,032
30, 973
2,418
4,270
22, 572
13, 817
970
37, 560
948
3,291
30, 474
2,847
4,238
23, 229
14. 358
919
37, 227
1,530
3,338
29, 505
784
37, 323
2,209
3,410
28, 965
2,739
4,236
23 394
14, 727
674
35,845
2,048
3,972
27, 266
2,559
4,210
23, 439
14, 540
831
34,433
1,272
3,745
27, 111
2,305
4,335
23,453
14,417
905
1,063
2,739
179
2, 894
1,051
2,831
1,009
2,897
986
2,981
1,023
3,079
975
3,371
975
3,244
976
3,316
187
880
3 460
811
3 516
246
945
3,388
" 764
3 569
3,167
3,241
3,306
3,389
3,431
3 486
3 502
761
3.615
215
3,540
1.00
4.00
1.54
1 00
4.00
1.54
1 82
2 27
2 61
1 00
4.00
1.58
1.25
.58
1 25
4 00
1.63
2.09
2.52
2.83
1.25
4.00
1.69
.94
1.06
1.50
1.38
.94
1.06
1.50
1.38
1.03
1.19
1.50
1.38
.06
.31
.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.82
2.37
2.80
1.00
1,671
1,040
654
184
2,922
1,683
1,C34
991
191
1,706
1,033
910
123
159
514
158
1,731
1,028
907
121
180
523
235
900
118
205
522
823
940
215
891
115
240
500
841
2,967
3,077
1.00
4.00
1.52
1.00
4.00
1.52
1 77
2.25
2 69
1.00
4.00
1.53
.81
1.00
1.50
1.38
.88
1,00
1.50
1.38
.94
1.06
1.50
1.38
4. CO
1.52
1.00
4.00
1.52
1.00
4.00
1.52
1.83
2.44
2.95
1.00
4.00
1.52
.81
1. 00
1.50
1.38
.81
1.00
1.50
1.38
.81
1.00
1.50
1.38
.81
1.00
1.50
1.38
3,109
864
969
829
741
230
793
2,854
4,260
23 329
14, 658
106
768
693
180
.00
958
860
98
270
495
233
«• Revised. * Preliminary. O Reported quarterly after July 1947 for the week nearest the 15th of the month indicated. 1 Rate as of April 1,1948.
? For bond yields see p. S-19. § Rate as of May 1, 1948: Construction—Common labor, $1.287; skilled labor, $2.17.
t The total and total short-term credit have been revised to include emergency crop arid 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.
d" 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 CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
July
June
May
1 August
November
October
September
December
February
Januber
March
FINANCE—Continued
BANKING— Continued
Money and interest rates— Continued
Open market rates, New York City— Continued
Average yield on U. S. Govt. securities:
.376
3-month bills
.
.
percent
1.24
3-5 year taxable issuest
do
Savings deposits, balance to credit of depositors:
9,340
New York State savings banks
mil. of dol._
3,379
U. S. Postal Savings
do
CONSUMER SHORT-TERM CREDIT*
Total consumer short-term debt, end of month
10, 379
mil. of dol__
4,329
Installment debt, total.. _ ._ _ _
.do
1,695
Sale debt, total*
do
691
Automobile dealers*.
_.
do
Department stores and mail-order houses*
358
mil. of dol..
354
Furniture stores*
do
29
Household appliance stores* _ _
do
105
Jewelry stores*
do
158
All other*
do
2,634
Cash loan debt, total*
do
1,079
Commercial banks*
do
197
Credit unions
... . d o
128
Industrial banks* _
do
108
Industrial loan companies*
do
617
Small loan companies
do
Insured repair and modernization loans*
394
mil. of dol._
111
Miscellaneous lenders*
do
2,768
Charge account sale debt*
.
do
2,403
Single payment loans*
.do
879
Service credit* _ _
do
Consumer installment loans made by principal
lending institutions:
214
Commercial banks*
_
mil. of dol__
38
Credit unions
do
24
Industrial banks*
_ do
23
Industrial loan companies* _
do
121
Small loan companies.
__ do
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:!
3,598
Expenditures, total
___mil. of dol_.
626
Interest on public debt
do
566
Veterans Administration _
do
1,428
National defense and related activities. _. do
872
All other expenditures.
do
5,726
Eeceipts, total
_ do
5,701
Receipts, net _ _ .
do
39
Customs
_
_do
4,650
Income taxes _
do
114
Social securityl;axes
_
.do
682
Miscellaneous internal revenue
do
241
All other receipts.. _ _ _ _ _
_ do
Debt, gross, end of month:
259, 124
Public debt, total
do
255, 800
Interest-bearing, total
_ do
230, 618
Public issues
do
26, 183
Special issues to trust accounts, etc ._ do
3,324
Noninterest bearing
_ _ _
do
Obligations guaranteed by U. S. Government
176
mil. of dol_.
U. S: savings bonds:*
50, 995
Amount outstanding
_
do
616
Sales, series E, F, and G.__
do
449
Redemptions
_
do
Government corporations and credit ageneies:t
338
Assets, excep in^® t t n i n «rp«w»
^ 11. 01 uoi__ 32,
7,294
3,056
To aid agriculture •
do
666
167
T aid rail nd<?
d
'P id .,
nd ~sf~"
"~d
204
17
^'o aid bsnks
do
238
2,855
Foreign loans
do
590
All other
do
1,003
om ouiiies, supplies, ana atenais
ao
1,985
Other securities
do
All other assets
do
Bonds, notes, and debentures:
Guaranteed by the United States
Other
Other liabilities
Privately owned interests
U. S. Government interests _
' Revised. *> Preliminary.
do
do
do
do
do
3,426
.376
1.24
.376
1.27
.376
1.29
.703
1.33
.748
1.31
.804
1,28
.857
1.35
.932
1.47
.950
1.54
.977
1.63
9,377
3,382
9,427
3,387
9,535
3,393
9,556
3,398
9,580
3,396
9,630
3,407
3,412
9,655
9,681
3,413
9,802
3,417
9,855
3,432
10, 631
10,934
4,739
11,230
4,919
1,812
1,928
11,682
5,290
2,257
12,055
5,463
2,370
816
2,036
880
5,179
2,167
753
11,302
5,045
2,092
922
11,433
4,536
965
1,004
1,047
12,636
5,733
2,551
1,099
13, 385
6,156
2,839
1,151
'13,058
r 6, 876
2,818
1,202
386
366
32
108
409
382
32
114
423
395
37
119
429
398
39
120
440
408
41
124
462
423
43
128
495
443
46
131
650
528
52
192
266
2,811
1,167
1,166
1,221
3,012
1,248
r 3, 317
1,123
113
627
116
633
119
638
121
649
555
474
49
145
229
3,182
1,309
257
162
130
670
450
113
467
114
2, 786
114
3,029
r 2, 645
918
'517
167
2,724
204
133
412
112
175
213
138
431
113
182
2,883
224
143
2,782
2,423
890
2,835
2,460
900
2,887
2,608
916
213
39
212
42
211
43
24
24
116
4,001
141
596
1,728
1,427
564
1,493
1,080
5,481
979
1,881
364
638
276
595
590
602
1,453
257, 701
254, 427
229, 147
25, 280
258,343
254, 975
228, 789
26, 186
3,368
258, 286
255, 113
227, 747
27, 366
3,173
171
171
61, 163
572
455
51, 282
488
421
245
2,470
2,397
37
1,382
80
497
114
3,060
2,932
103
668
908
1,538
1,006
764
1,668
352
494
4,885
4,872
34
3,435
133
'572
121
3,240
r 2, 708
'924
*577
P121
9 3, 067
9 2, 701
J>928
J>590
»125
v 3, 275
f 2, 691
*932
218
45
28
23
121
221
44
27
25
142
254
53
33
30
191
235
44
27
26
110
*209
»44
J>25
"107
925
*271
*56
*32
*28
»>140
2,445
157
481
1,151
656
2,456
2,390
42
1,345
70
782
217
2,194
127
526
936
605
3,054
2,743
32
1,666
329
695
331
3,224
972
568
996
688
4,260
4,246
35
2,769
142
767
547
2,879
401
524
1,069
885
4,310
4,275
37
3,237
51
656
329
2,402
142
529
850
881
4,614
4,336
34
3,159
423
629
369
3,546
608
597
850
1,491
6,365
6,334
41
5,165
176
739
243
259, 071
256, 270
226, 822
29, 447
2,801
258, 212
255, 591
226, 074
29, 517
2,621
256, 900
254, 205
225, 250
28, 955
2, 695
256, 574
253, 958
224, 810
29, 148
2,616
254, 605
252, 100
222, 854
29,246
2,505
252,990
250, 634
221, 362
29, 272
2,356
»1&7
643
172
699
685
259, 448
256, 321
227, 805
28, 516
3,127
260,097
259, 145
256, 107
226, 587
29, 520
83
74
73
70
78
83
76
72
74
73
51, 407
482
433
61, 589
569
457
61,699
51, 759
466
432
51, 928
488
404
52,039
412
357
52, 174
487
434
52, 575
770
454
52, 875
607
364
53,061
588
462
29,666
7,662
2,054
660
164
224
6
293
4,058
697
861
1,777
3,565
663
307
267, 110
227.890
29, 220
2,987
460
404
3,038
31,037
9,212
2,200
665
162
240
6
340
5,405
591
1,093
1,725
3, 553
12, 662
15, 486
3,143
12, 691
3,120
2,634
2,792
2,895
1,250
3,142
169
2,144
509
83
606
2,045
269
27, 268
26, 763
4,560
558
. 120
3,612
2,697
920
127
647
27
24
107
2,866
2,536
31
538
116
3,309
2,677
917
125
643
25
22
113
511
J>140
9721
250
157
1,281
206
41
3,669
1,358
269
166
134
712
245
154
204
42
601
1,619
482
Ir4
* 12, 942 •p 13, 399
9 6, 501
*6,246
9 2, 982
v 2, 243
v 1,363
v 1, 254
»650
9 495
P53
J>166
P255
P 3, 519
J> 1, 447
J>287
v 173
»143
*754
208
3,093
217
44
6,540
1,597
124
652
9,959
9 3, 445
P624
J>492
*52
v 171
*250
T> 3, 403
v 1, 402
*>275
1,255
2,548
923
3,851
92
1,012
1,327
5,473
35
3,270
121
240
152
9,904
' 3, 441
.996
1.60
632
502
52
176
254
' 3, 368
1,385
271
165
137
717
197
3,033
2,864
2,607
921
29
23
123
1,396
189
2,755
2,579
920
26
24
117
2,625
2,556
41
3,274
233
148
24
24
115
2,035
3,205
2,865
37
75
184
2,953
.996
1.63
84
667
138
- 28,005
30, 966
9,714
2,299
556
147
272
5
442
5,673
714
822
1,685
3,539
12, 600
2,607
2,808
82
689
2,037
143
28, 015
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 note's, 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 hi 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.
SUEVEY OF CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-17
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
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 do!
National defense
do
Other loans and authorizations
do
1,298
182
68
144
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
178
310
415
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, 450
5,601
593
5,008
597
1,471
30, 102
19, 274
17, 880
4,568
2,496
3,764
878
801
411,308
49, 826
24, 554
74, 642
262, 286
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, 184
30, 216
63, 629
216, 949
39, 776
5,750
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, 769
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
230, 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
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
487, 268
87, 468
34, 674
80, 687
284, 439
1,846
181
382
1,283
88
314
280
124
137
50
103
42
146
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
1,782
178
272
1,331
90
344
304
126
138
51
100
43
135
1, 613
195
303
1, 115
72
272
252
108
121
41
88
38
124
1,811
225
343
1,243
81
301
272
118
141
50
99
41
140
266, 482
120, 772
38, 298
7,907
17, 213
51, 324
30, 968
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
250, 600
113, 860
35, 496
7,111
18,014
44, 694
31,425
LIFE INSURANCE
Life Insurance Association of America:
Assets, admitted, 36 companies, totalt.mil. of dol_.
Mortgage loans, total
do
Farm
do
Other
do
Real-estate holdings
do
Policy loans and premium notes
do
Bonds and stocks held (book value), total -do
Govt (domestic and foreign) , total
do
U S Government
do
Public utility
do
Railroad .
.
do
Other
do
Cash
.
do
Other admitted assets
do
Premium collections total t_.
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 Central
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
»
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
. 9165
.9195
.9200
.9190
.8959
.9046
.9036
.8836
. 8906
.8999
.8928
Canada, free rate§ .
dol. per Canadian dol. . .9422
.5698
.5698
.5698
.5698
.5698
.5699
.5698
.5698
.5698
.5698
.5701
. 5698
.5701
Colombia
dol. per peso
2
.0084
.0084
.0084
.0084
.0084
1.0084
.0084
.0084
.0084
.0084
. 0047
.0084
2 . 0047
France.
.
dol. per franc.
.3016
.3017
.3016
.3017
.3017
.3016
.3018
.3018
.3017
.3017
.3017
.3015
.3017
India
dol. per rupee
.2058
.2058
.2058
.2058
.2058
.2058
.2058
.2058
.2058
.2057
.2058
. 2058
.2058
Mexico
dol. per peso
.3775
.3776
.3775
.3776
.3776
.3777
.3775
.3765
.3779
.3770
.3771
.3776
.3775
Netherlands
dol. per guilder..
.2783
.2783
.2783
.2782
.2782
.2783
.2782
.2783
.2783
.2782
. 2783
.2782
.2783
Sweden
_
_ dol. per krona
4. 02V1
4. 0272
4. 0273
4. 0305
4. 0274
4. 0274
4. 0313
4. 0273
4. 0300
4.0311
4. 0307
4. 0313
4.0310
United Kingdom, free rate
dol. per £
Gold and silver:
Gold:
21, 537
21, 266
21, 766
20, 774
20, 933
22, 614
21, 955
22, 754
22, 935
23, 036 p 23, 136
22, 294
20, 463
Monetary stock, U. S
mil. of dol
26, 745
118, 958
42, 317
13, 057
271, 990
153, 112
-3, 968 -82, 786 -44, 592 -14, 859 -72, 165 -63, 376
Net release from earmark*
__ thous. of doL. 203, 540
3,639
2,685
5,
118
17,
458
3,028
1,600
2,085
2,509
17,
691
5,619
2,250
6,590
27, 385
Gold exports!
do
222, 839
202, 917
132, 762
116, 776
267, 301
61, 508
111, 685
456, 450
241, 568
161, 948
180, 674
171, 325
127, 328
Gold imports!
_
do .
61,314
55,412
58, 321
59, 057
56, 356
59, 738
58, 681
57, 215
51, 824
Production, reported monthly, total®.. .do
38, 805
37, 162
38, 271
38, 736
36, 936
36, 626
35, 251
38, 028
37, 264
32, 094
Africa
do
9,149
8,921
9, 412
9,131
9,418
8,826
9,614
9,235
9,177
8,668
9,057
9,568
Canada®
do
7,319
6,117
6,246
8,185
7,033
6,243
7,281
'6,042
7,220
6,979
5,500
6,372
5, 489
United States®
.
_ _
do
Silver:
1,685
1,636
1,042
1,865
1,387
374
630
352
1,636
3,523
2, 509
220
229
Exports!...
_
thous. of dol..
4,408
3,410
4,659
6,917
7,220
4,488
7,222
5,332
3,296
4,440
6.087
6,196
5, 331
Imports!
do
.668
.636
.657
.757
.725
.746
.746
.706
.716
.746
.773
.746
.746
Price at New York
.dol. per fine oz_.
Production:
854
924
1,094
1,085
1,029
1,062
954
921
929
1,502
1,044
958
Canada
thous. of fine oz
1,924
3,896
2,594
3,724
2,730
3,243
2,746
3,589
2,180
3,938
3,250
2,070
3,383
United States
_.
do
f
2 Offici al rate. T he Februa ry figure is based on (juotations beginning
Revised.
* Preliminary.
1 Based on quotation s through Jranuary 23 when fran<3 was deva uated.
February 10; the free rate for this period and for Mar ch is $O.OOC 3.
tSee note on item in September 1947 Survey for c overage of data and iinformation on a subst itution for one compEmy in the assets series in 1944.
§See note on item in September 1947 Survey regarding offici al rate.
•Or increase in earmarked gold (— ).
sues regard ing revisions in the c ata for 194 1-44 and J anuary- M£iy!945. 1^he month ly estimate?s for the Lrnited Stat BS for 1946 have been
®See notes in the April 1946 and August 1946 is
revised by subtracting from each monthly figure $47 3,000 so thait the aggr(jgate for th e year is e qual to the annual esljmate com piled by tlle United States min ;; this amo lint should therefore
be deducted from the figures for January- October 19 16 publishe d in the D ecember H 47 and ear Her issues ()f the Surv ey; figures for Noveniber and D ecember 1{)46 were re^dsed in th e January
1948 issue.
{Publication of data was suspended during the w ar period; data for N ovember 19 41-Februa ry 1945 wil 1 be published later,
tRevised series. All series for insurance written a re estimate d industry totals and for group.a nd industr ial insuran ce are not comparable with data published prior to th e March IS 46 Survey
(see note in that issue) ; data for 1940-44 for these series3 will be sh own later; data for or linary insiirance com inue the d ata from tlle Life Insiirance Sale,s Researchi Bureau p ublished irL the 1942.
Supplement and subsequent monthly issues. See n ote in November 194CJ Survey fo r explanati on of re vis ion in class ifications f or the Reconstructioii Finance Corporatio a.
*New series. See November 1942 Survey, p. S-16, for a bri ef descript ion of the s eries on pa yments to jDolicy hold ers and beileficiaries £ind data f o r Septembejr-Decemb er 1941 and early 1942.
SUEVEY OF CUEEENT BUSINESS
S-18
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
'28,019
» 27, 780
FINANCE—Continued
MONETARY STATISTICS— Continued
Money supply:
Currency in circulation
mil. of dol__
Deposits adjusted, all banks, and currency outside banks, total*
mil. of doLDeposits, adjusted, total, including U. S. deposits*
mil. of doL_
Demand deposits, adjusted, excl. U. S.*.do
Time deposits, incl. postal savings* do
Turnover of demand deposits, except interbank and
U. S. Government, annual rate:*
New York City
ratio of debits to deposits
Other leading cities
_ - . __
__do
28, 230
28,114
28,261
28, 297
28, 149
165, 000
165, 100
165,000
165, 455
f 166, 400
* 167, 100 » 168, 600
» 169, 700 » 170, 400 » 171, 600 » 170, 300 P 168, 900 ». 166, 590
138,900
80,400
54,800
139, 000
81, 300
55,000
138, 900
81, 500
55,200
139, 156
82, 134
55, 655
f 140, 400 J> 140, 900 f 142, 200
f 83, 200 "83,400 v 84, 200
* 55, 800 f 55, 800 J> 56, 100
f 143, 400 *> 143, 800 * 145, 100 * 144, 500 f 143, 200 f 140, 990
» 85, 400 ' 85, 900 9 87, 200 f 86, 600 9 84, 600 » 81, 620
» 56, 200 *56, 000 » 56, 500 v 56, 500 » 56, 800 "56,950
24.9
18.6
21.5
17.0
22.7
17.3
25.6
17.9
22.9
17.2
28,434
20.6
16.6
28, 567
23.1
18.0
28, 552
23.9
18.2
28,766
26.6
19.8
28,868
29.9
20.0
28,111
26.2
18.7
25.6
18.6
26.4
19.1
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve):
Net profits total (629 cos ) d"
mil ofdol
Iron and steel (47 cos )
do
Miachinery (69 cos )
do
Automobile*? (15 cos )
do
Other transportation
ecjuip
(68
cos
)
do
Nonferrou5? metals and prod (77 cos )
do
869
126
69
94
149
47
150
98
90
89
96
63
868
99
83
105
154
46
57
64
111
87
92
71
906
99
76
103
158
45
59
85
123
81
93
84
1 048
111
99
115
57
53
70
111
155
88
96
93
do
426
432
432
497
do
20
177
191
23
192
166
22
190
135
23
278
160
Foods, beverages and tobacco (49 cos.)---do.-..
T rl
t
1 h m
nl
(to
O
Other nondurable coods (80 cos )
Profits and dividends (152 cos.):*
Net profits
Dividends:
Preferred
~ do
do
Electric utilities net income (Fed lies )*
do
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
542
813
741
709
1,038
856
894
785
1 1, 044
541
1,160
1,409
857
capital and refunding)}
mil. of dol._.
351
608
713
355
745
636
2870
621
788
495
1,029
802
1,257
New capital, total}
. .-do
326
713
608
333
615
745
621
619
778
1,026
495
1,221
801
Domestic total}
- do
132
470
599
212
519
311
483
376
258
926
365
546
660
Corporate} .
do
8
15
15
37
12
0
12
0
0
16
85
31
39
Federal agencies
- do_ 185
212
114
293
402
106
101
124
99
114
277
217
630
Municipal, State, etc
do
25
0
1
21
22
0
0
10
4
1
0
0
37
Foreign
- - - - - do
191
134
354
101
220
293
175
106
130
46
165
152
56
Refunding, total} _ .
do
191
134
354
101
191
255
101
130
170
46
165
56
152
Domestic total}
. - - - - do
147
84
214
76
140
319
78
83
118
3
14
122
97
Corporate}
_-do
40
48
33
38
20
50
20
45
42
40
42
39
54
Federal agencies
_ - - - __do_ 3
1
2
2
5
2
3
11
2
2
3
1
Municipal, State, etc
do
(°)
0
0
29
5
0
38
0
0
0
5
0
0
0
Foreign
- - - - - - do
Securities and Exchange Commission :t
1,050
2,041
2,414
1,253
1,225
1,686
1,611
1,357
1,777
1,602
2,038
1,376
Fstimated gross proceeds total
do
By types of security:
1,026
1,088
1,104
1,618
1,454
1,900
2,207
1,589
1,859
1,324
1,261
1,282
Bonds, notes, and debentures, total — do
223
309
' 412
596
414
292
382
294
412
899
346
343
Corporate
- . do
15
57
39
75
112
31
112
24
110
70
67
49
Preferred stock
do
10
26
118
28
82
30
150
79
29
108
28
170
Common stock
. _ _»
do
By types of issuers:
248
449
446
738
450
561
622
601
346
441
1,078
563
Corporate, total
do
81
334
145
94
170
218
262
246
73
504
98
399
Industrial
- - - . - - - do
141
94
229
284
542
336
308
498
167
311
310
113
Public utility
do
23
29
35
12
37
37
17
28
5
20
24
35
Rail
do_-_
3
9
22
4
10
22
17
14
56
57
53
16
Other (real estate and financial) do
802
779
1,304
1,792
692
1,236
1,162
» 1, 177
915
1,030
960
939
Non-corporate total®
do
614
589
1,051
653
1,673
891
746
854
913
718
790
637
U S Government
do
0
0
0
0
0
0
0
0
0
0
0
0
Federal agency not guaranteed
do_
188
214
106
103
344
400
118
136
105
116
220
278
State and municipal
do
0
0
37
0
20
15
0
0
0
0
0
0
Foreign
do
New corporate security issues:
437
727
245
442
441
647
544
688
340
612
1,063
434
Estimated net proceeds total
do
Proposed uses of proceeds:
254
498
118
180
285
425
435
294
932
510
501
244
New money, total
do
109
426
99
101
354
153
388
193
266
370
800
179
Plant and equipment
do
72
19
153
71
64
132
71
235
122
132
101
66
Working capital
- do _
121
251
183
222
152
103
42
78
129
105
32
163
Retirement of debt and stock
do
102
164
198
74
80
15
110
91
103
13
6
154
Funded debt
.
do
16
19
15
31
98
45
22
17
12
18
26
9
Other debt
do
34
3
5
43
11
7
2
12
18
9
0
1
Preferred stock
do
6
6
3
7
1
24
5
24
18
26
14
26
Other purposes
...
_ _ do_
Proposed uses by major groups:
141
165
328
90
239
79
213
259
496
95
383
71
Industrial total net proceeds
do
204
65
129
96
52
129
175
193
422
353
46
70
New money
- -- --do
41
31
122
13
34
56
71
65
24
21
67
30
Retirement of debt and stock
do
225
93
536
140
332
307
277
111
303
493
164
306
Public utility total net proceeds
. do
31
353
28
30
223
234
245
98
480
149
280
157
New money
- do
181
192
72
81
107
108
12
12
31
8
6
136
Retirement of debt and stock
do
28
23
37
17
12
28
34
35
37
20
23
5
Railroad, total net proceeds _ _ _ _-do
9
23
15
28
17
22
31
37
34
4
20
23
New money
-__do -._
22
0
2
0
0
2
4
0
0
0
0
0
Retirement of debt and stock _ _.do
Real estate and financial, total net proceeds
3
9
21
14
10
2
54
16
21
57
16
51
mil. of doL.
1
5
3
21
2
3
9
16
52
15
New money
_ do
38
7
1
1
1
Retirement of debt and stock
do
8
(«)
6
(«)
26
2
4
1
r
2
Revised. » Preliminary. 1 Partly estimated. Includes $250,000,000 bonds of Internation al Bank, («) Less ttlan $500, 000.
d" See p. 31 of the October 1946 Survey for revised 1941-44 data for 629 companies and the inlustrial gr(mps. JSee note in th e April 1946 Survey f or revision s in the da ta for 1944.
® Includes data for nonprofit agencies not shown separately. The July figure includes also $250,000,00 ) bonds of [nterrsatioilal Bank,
*New series. For data for 1929-40 for profits and dividends of 152 companies, see p. 21 of th e April 194 2 Survey; 1941-44 re^ isions are available u pon reque st. See no te on p. S- 17 of Septern her 1944 Survey for description of series on net income of electric utilities and data beginning third qua rter of 1943 For a b rief descrij>tion of the series on t ank depos ts and cur rency outside banks and data beginning June 1943, see p. S-16 of the August 1944 Survey; beginning Jam.mry 1947 d ata are for the last W ednesday c>f the mont h instead Df the end }f the mon th. Data
beginning 1939 for turn-over rate of bank deposits and a description of the data will be publishe d later,
fRevised series. There have been unpublished revisions in the 1941-44 data for security iss ues compi ed by the Securities and Excha nge Comnlission, as ndicated f rom time t o time in
notes in the Survey, revisions in the 1945 data as shown in the September 1946 and earlier issues, aiid in the 19 46 data sho wn in the '. November 1947 and ea rlier issues ; all revisioas will be published
later.
SURVEY OF CUEEENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
S-19
1948
1947
March
May
April
June
July
August
September
October
November
December
Febru
ary
January
March
FINANCE—Continued
SECURITIES ISSUED— Continued
State and municipal issues (Bond Buyer):
Permanent Gong term)
thous. of dol_.
Temporary (short term)
do
353, 502
146, 137
405, 776
71, 803
108, 502
29, 927
214, 749
49, 717
144, 801
136, 364
194,220
30, 715
275, 006
77,112
121, 034
85, 242
105, 875
23,010
101, 195
148, 464
125, 763
77,416
510
360
314
283
328
369
358
531
601
509
503
482
847
393
651
241
373
227
424
282
488
272
r
227, 408
79, 895
633, 115
103, 453
483
291
454
280
r
COMMODITY MARKETS
Volume of trading in grain futures:!
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. of dol
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 valued
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, i ssues 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
Aa
A
Baa
_ ._
--do
do
- do_.
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, taxable t
-- - - --do
Stocks
Dividends:
Cash dividend payments and rates, 600 cos.,
Moody's:
Total annual payments at current rates,
mil. of dol__
Number of shares, adjusted
millions
Dividend rate per share (weighted average)
dollars..
Banks (21 cos.)
do
Industrials (492 cos.)
do
Insurance (21 cos.)
do
Public utilities (3C cos.)
.do....
Railroads (36 cos.)
...
do
Cash dividend payments publicly reported:*
Total dividend payments
mil of dol
Manufacturing
do
Mining
do. _
Trade
do
Finan ce
do
Railroads
do
Heat, light> and power
do _
Communications
do
Miscellaneous
do
576
553
530
550
570
606
593
537
550
201
652
251
677
241
656
280
630
257
616
247
617
578
393
240
612
568
205
665
552
395
222
650
564
216
677
217
622
208
596
229
592
102. 95
103. 36
77.00
1C2. 63
103. 06
76. 42
102.49
1C2. 92
75.32
102. 25
102. 70
74.02
102. 33
102. 77
74.16
102. 62
103. 09
73.28
i 102. 06
102. 54
73.28
i 101. 19
101. 65
71.90
* 100. 46
100. 93
70.51
i 99. 62
100.11
68.96
i 99. 77
100. 27
68.77
122.4
122.8
122.9
122.8
122.5
122.3
121.5
120.0
118.8
117.0
117.4
117.5
118.0
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
11'4. 7
105.1
68.1
129.4
102.1
112.5
119.1
113.9
104.6
(«)
126.2
101.6
112.4
118.9
113.7
104.6
.(«)
124.5
100.7
112.4
119.3
114.1
103.8
122.6
100.7
112.1
119.1
113.5
103.7
C)
123.1
100.8
' 67, 531 '69,013
' 89, 603 r 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
63, 949
87, 497
145, 181
186, 213
98, 892
134, 381
60, 126
84, 508
67, 055
95, 180
' 63, 196 «• 64, 432
' 81, 508 ' 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
59, 511
81, 663
137, 971
178, 255
93. 971
128. 055
56, 161
79, 154
62, 799
89, 511
73, 440
73
73, 367
63, 949
7,344
105, 990
219
2 105, 771
95, 246
9,265
116.6
123.7
112.5
113.6
66.1
132.5
104.6
75, 582
35
75, 547
68, 860
6,687
81, 601
828
80, 773
74, 885
5,888
82, 526
140
82, 386
75, 863
6,523
70, 077
386
69, 691
63,590
6,101
1?6, 937
134, 806
2,132
140, 978
139, 336
1,641
137, 219
135, 044
2,174
140, 833
139, 172
1,662
137, 019
134, 856
2,163
140, 426
138, 797
1,629
137,058
134, 932
2,126
140, 148
138, 574
1,574
2.79
2.78
2.79
2.81
2
96, 661
1,152
95, 509
76, 937
5,101
2
60,490
14
60, 476
52. 588
5,216
2
3 137, 563 M37,628 3 137, 666
135, 281
135, 175
135. 210
2,135
2,138 3 2,168
3
140, 499
3 140, 763 141,236
138, 715
139, 394
138, 923
1,533
1,585
1,589
81,823
141. 873
39
125
2 81, 784 2 141, 748
73, 830
131, 041
6,431
8,581
2
1
99. 84
100, 35
67.61
(a)
111,380
185
111, 195
102, 419
7,013
3 136, 711 3 136, 879 3 136, 727 3 136, 543
134, 346
134, 556
134, 173
134, 347
2,115
2,073
2,120
2,130
3 138, 336 3 137, 509 2 136, 207 3 136, 232
136, 568
135, 804
134, 537
134, 500
1,521
1,462
1,458
1,469
i 99. 97
100.54
65.20
2
69, 745
16
69, 729
63,511
5,846
2
85,367
79
85,288
74, 326
10, 721
3
136, 531 3 134, 201
134, 170
131,835
2,111
2,116
3
136,313 3 134, 167
134,645
132, 544
1,427
1,379
2.80
2.85
2.95
3.02
3.12
3.12
3.12
2.55
2.64
2.82
3.18
2.56
2.64
2.81
3.17
2.61
2.69
2.86
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
2.60
2.72
3.10
2.62
2.72
3.06
2.63
2.72
3.03
2.67
2.78
3.09
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
1.83
1.95
2.19
1.81
1.92
2.22
1.81
1.91
2.25
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
2.40
2.45
2.45
2.48
2.55
2.45
2.42
2.52
2.45
2,224
954. 65
2,310
954. 65
2,310
954. 65
2,329
954. 65
2,348
954. 65
2,358
954.65
2,387
954. 65
2,463
954. 65
2, 473
954.65
2,482
954. 65
2,482
954. 65
2,511
954.65
2.30
3.21
2.35
2.59
1.95
2.66
2.33
3.21
2.40
2.59
1.96
2.66
2.42
3.21
2.50
2.59
1.96
2.66
2.42
3.21
2.51
2.59
1.98
2.66
2.44
3.21
2.52
2.59
1.99
2.67
2.46
3.21
2.55
2.59
1.99
2.68
2.47
3.21
2.56
2.59
1.99
2.68
2.50
3.21
2.62
2.59
1.99
2.63
2.58
3.21
2.72
2.59
1.99
2.57
2.59
3.21
2.75
2.59
1.99
2.56
2.60
3.21
2.76
2.59
2.00
2.56
2.60
3.21
2.77
2.59
2.00
2.56
2.63
3.21
2.79
2.59
2.00
2.68
507.2
319.2
24.7
44.8
30.5
22.4
35.8
10.5
19.3
398.8
170.8
5.7
31.2
57.8
22.1
46.5
52.8
11.9
662.2
389.5
65.8
39.4
54.3
34.2
50.0
10.5
18.5
451.4
197.9
11.9
29.6
92.8
11.1
43.7
51.5
12.9
192.6
100.2
1.9
9.3
36.7
6.1
32.9
.3
5.2
573.2
362.4
55.7
40.6
31.7
17.0
35.5
10.9
19.4
427.4
199.6
6.9
36.7
60. G
13.2
47.7
50.7
12.0
2.55
2.64
2.80
3.15
2.53
2.63
2.81
3.16
2.53
2.63
2.82
3.17
2.55
2.64
2.83
3.21
2.61
2.73
3.02
2.60
2.71
3.03
2.60
2.71
3.05
1.90
2.02
2.19
1.89
1.98
2.19
2,196
954. 65
-
2.80
3.10
•
2.83
2.90
3.13
3.53
199.4
595. 5
176.9
527.8
1,139.6
101.2
99.3
726.9
224.9
370.0
40.4
1.4
1.3
99.9
6.6
43.5
17.1
8.5
55.9
67.3
23.2
100.5
98.7
33.7
34.0
8.2
22.4
4.0
23.7
51.3
37.2
35.9
50.5
56.0
46.0
10.6
.3
13.1
.3
53.7
2.2
18.6
2.5
36.4
12.0
r
Revised. JData 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, $2,126,000;
1938—January, $1,763,000; February, $372,000; March, $241,000.
3
Includes bonds of International Bank as follows:—Face value—July 1947 to March 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, $238,000,0.00; 1948; January, $237,000,000; February, $241,000,000; March, $244,000,000.
§Since March 18,1944, United States Government bonds have not been included.
fSee 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.
{Revised 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.
173.5
93.5
1.4
9.6
22.4
5.7
37.2
.3
3.4
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
FINANCE—Continued
SECURITY MARKETS—Continued
S lock s—-Con tinued
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
Capital 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.
4.8
4.4
4.7
3.4
4.9
6.8
5.1
4.6
5.0
3.6
4.9
7.3
5.3
4.6
5.3
3.7
5.0
7.5
5.1
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
5.0
3.6
5.0
7.0
5.2
4.5
5.1
3.6
5.1
7.1
5.1
4.5
5.1
3.5
5.2
7.0
5.4
4.7
5.4
3.5
5.5
7.2
5.4
4.7
5.3
3.4
5.5
6.5
5.5
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
3.72
3.75
3.76
3.76
3.72
3.71
3.72
3.86
4.01
4.07
4.13
4.18
4.12
79.4
63.64
176. 66
36.02
49 15
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
66.32
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
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
123.7
127.7
117.1
133.5
107.3
109.9
101.2
122.4
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
106. 2
98.0
116.1
123.1
128.4
115.7
130.5
102.0
103.6
97.5
114.0
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
928
37, 227
980
' 45, 141
'1,062
••889
'813
' 40, 362 ' 35, 588 ' 45, 845
728
29,662
722
' 31, 649
1,230
55, 736
812
37, 277
1,178
53, 160
924
40,123
777
34, 336
897
41, 447
770
25, 302
826
••745
' 32, 363 ' 28, 021
624
21,600
611
21, 556
1,043
40, 620
681
* 26, 326
1,003
38, 687
785
28, 696
659
24, 704
759
29, 774
'677
' 23, 882
'900
' 33, 259
19, 337
20, 620
20, 616
17, 483
25, 473
14, 153
16, 017
28, 635
16, 371
27, 605
20,218
16, 801
22,993
67, 608
1,792
64, 520
1,794
63, 646
1,814
66, 548
1,829
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
83, 158
1,928
67, 757
1,933
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
262
312
274
255
287
242
298
239
263
'230
'209
205
Quantity!
1923-25=100
351
331
361
337
400
365
289
315
318
'315
345
290
304
Valuet
do
132
128
129
128
123
126
138
Unit value
do
133
141
131
137
130
Imports for consumption:
122
124
118
123
128
108
117
Quantity
do
118
143
140
136
141
152
139
143
147
141
127
136
174
151
Value
....
do
176
180
158
200
119
118
118
123
117
124
125
118
Unit value
do
128
119
120
117
Agricultural products, quantity:§
Exports, domestic, total:
'111
'98
'107
'115
'98
'122
'99
'105
'97
'98
86
85
Unadjusted!
...
1924-29=100
'132
'127
'94
'139
'145
'86
'82
'141
Adjusted!
_
do
'81
104
'80
87
Total, excluding cotton:
'173
'288
'178
'184
'169
'184
'159
'172
'163
'183
134
139
Unadjusted!
do
'212
'220
'205
'201
'214
'144
'170
'142
'144
'143
Adjusted!
do
175
142
Imports for consumption:
84
104
102
93
74
94
114
101
89
Unadjusted
do
123
111
93
93
96
105
100
80
102
Adjusted
do
81
118
96
107
98
115
SHIPPING WEIGHT*
26,609
22, 745
19, 628
24, 938
14, 728
Exports, including reexports
. __ mil. oflb
27, 418
23, 692
16, 954
20, 564
12, 975
23, 432
11, 264
9,199
9,684
10, 317
10, 103
General imports
do
10, 530
9 258 r 10, 101
9 799
9 978
8 853
VALUE.
r
1,265
1,503
1,320
1,265
1,383
' 1, 358
1,303
Exports, total, including reexports!
mil. of dol_1,086
1,141
1,183
1, 172
' 1, 185
1,091
r
r
T
r
' 1, 202 T 1, 129
Commercial*
do
' 1, 228 ' 1,361
1,118
1, 255
927
1 008
'931
952
' 1 199 ' 1 087 ' 1 042
135
Foreign aid and relief*. _
do
127
139
146
127
118
189
116
104
98
129
159
158
By geographic regions:
70, 434
' 73, 792 68, 709
74, 829
65, 751
Africa
thous. of dol
86,806
72, 184
62, 374
76, 702
65, 763
68, 945
57, 831
256, 074
253, 317
240, 882
227, 822
Asia and Oceania ! _ _ _
_
do
235, 816
213, 208
191, 747
217 647
195 429
209 155
225 646
187 768
470, 952
470, 735 448, 436
525, 586
565, 180
481, 143
518, 845
446, 833 ' 404, 312
403, 345
398 671
400, 892
Europe! - - do
191, 551
Northern North America.
do. _ r 185, 116
170, 456
188, 353
174, 909
202, 776
210, 276
176, 795
180, 983
138, 349
151,105
141, 514
Southern North America _
_ do
126, 057
130, 155
152, 356
148, 641
126, 988
144, 655
164, 096
149,793
118, 986
126, 648
113 418
161 485
215, 955
197, 148
193, 251
187, 557
South America
do
176 736
195 824
226, 401
239,160
175 778
179 001
201 466
174 884
Total exports by leading countries:
Europe:
r
75, 102
65, 096
88 123
56, 841
France
do
73 199
76, 432
64 545
58 248
57 780
59 556
70 859
57 195
52, 177
71, 841
Germany!
_ _ _ _ ... . d o
58, 359
37, 478
57, 291
34 337
45, 981
44 985
44 858
43 963 ' 62 061 61 209
27, 203
51, 758
31, 457
55, 355
Italy!
do
48, 146
38, 445
36, 812
33, 199
49, 681
40, 774
35 711
40 165
Union of Soviet Socialist Republics (Russia)
15, 742
7,140
4,051
7,232
27, 116
3,032
7,481
9,281
10, 384
15, 423
thous. of dol. _
5,175
9,158
United Kingdom
do
99, 804
95, 232
62,704
72, 379
95, 705
94, 497
94, 513
58, 373
93, 466
89. 789
116,748
60, 138
' Revised
!Revised to include Army civilian supply exports (see note marked "§"); revised January and February 1947 indexes for agricultural products, total—unadjusted, 110, 120; adjusted, 110,
144; total excluding cotton—unadjusted 172, 179; adjusted 178, 220. Revised figures for these months for the other indicated series are shown in the April 1948 Survey.
§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 shipments 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 shipmens under the U. S. Foreign Aid, Interim Aid, Greek-Turkish Aid, and UNRRA programs and Army civilian supply shipments (see note
marked "§"). Commercial exports therefore include private relief shipments as well as commercial trade and shipments to U. S. Government agencies abroad. January 1947figures:Commercial, 1,049; foreign aid and relief, 136. 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 CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-21
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
136, 729
280, 736
51, 065
45, 436
8,028
19, 099
34, 169
44, 017
35 302
139, 200
270,615
48, 249
45 684
5,909
20, 438
37,017
36, 793
38, 397
14 203
6, 733
17 949
2 439
28 267
30 239
6 967
42 632
38, 273
1,081
9,706
7,962
21, 891
3,058
17,508
37, 888
5, 536
43, 584
36, 698
1,076
March
FOREIGN TRADE—Continued
VALUE!— Continued
Total exports by leading countries— Continued
North and South America:
203, 624
181, 511
Canada
thous. of dol_ ••181,329
350, 365
369, 636
351, 187
Latin American Republics total
do
49, 415
•• 66, 458
71, 653
Argentina
do
r 65, 448
68, 535
61, 240
Brazil
do
9,919
12, 387
11, 481
Chile
do
21, 234
23, 467
' 19. 936
Columbia*
do
42, 725
47, 577
37, 227
Cuba
do
56, 862
' 62, 514 56, 992
Mexico
_
_ do
46, 138
39, 095
' 30, 630
Venezuela*
do
Other regions:
14, 291
24, 458
19, 545
Australia
do
4,172
7,145
' 5, 772
British Malaya
__ _ . _
do_ __
26,
164
41,
395
'
37,
351
China
do
6,765
4,576
5,537
Egypt
do
38, 598
41, 160
* 43, 494
India and dependencies
do
24,199
36, 894
30, 804
Japan}
do
16, 814
9,779
' 11, 273
Netherlands Indies
do
' 42, 766 32, 037
33, 066
Philippine Islands
do _
40,
000
41,
763
34,
656
Union of South Africa
_ _
.do. _
1,344
1,490
1,360
Exports of U. S. merchandise, totaU-.-mil. of dol__
By economic classes:
155, 037
131,225
145,423
Crude materials};
thous. of dol
117, 913
121,746
120, 340
Crude foodstuffs} _ .__ _
..do
145, 832
141, 525
175, 282
Manufactured foodstuffs and beverages} do
174, 064
J
47,
194
148,
436
Semimanufactures}
__ _
_ __do
796, 174
800,094
873, 292
Finished manufactures}
.
do
By principal commodities:
364, 124
334, 062
361, 960
Agricultural products, total}
do_
45, 588
41, 134
60, 748
Cotton unmanufactured}
do
36, 116
33, 410
26, 401
Fruits vegetables and preparations} do
155, 926
190, 521
154,978
Grains and preparations} __
do
21, 583
25, 089
34, 805
Packing house products}
-do
996, 146 1,009,437 1,127,846
N on agricultural products, total} .. __ _ do
95, 875
104. 684
114, 878
Automobiles, parts and accessories
do
70, 514
73, 089
84, 191
Chemicals and related products}
do
5,935
6,635
7,111
Copper and manufactures
do
71,
877
79, 020
70,
237
Iron and steel and their products
do
202, 170
191, 356
246, 160
Machinery}
do
28,818
24, 649
31, 008
Agricultural
_
__do
47, 456
48, 667
55, 726
Electrical}
do
17,808
18,
457
21, 129
Metal working
.do_ _
95, 549
124, 156
88, 727
Other industrial
do
50,383
53, 936
59, 963
Petroleum and products}
do _
512
444
474
General imports total
.mil. of dol
By geographic regions:
30, 079
19, 159
19, 795
Africa
thous. of dol
' 98, 231 r100, 747
120, 830
Asia and Oceania - _
do
65, 611
«• 49, 695
58, 407
Europe
do
90,
932
'
91,
825
87, 817
Northern North America
_ _._
_.do
112,634
r 93, 420
86, 026
Southern North America
do
r 92, 123
111, 805
100, 701
South America
- - do
By leading countries:
Europe:
4,502
6,073
3,856
France
do
531
218
766
Germany
.
do_ __
3,825
3,314
2,673
Italy
do
6,288
1,245
4,466
Union of Soviet Socialist Republics
do
'11,152
18, 099
16, 824
United Kingdom
do
North and South America89, 442
' 89, 939
85, 072
Canada
do
215, 236
•• 175, 801
176, 330
Latin American Republics, total
do
8,767
13, 294
18, 839
Argentina
do
29, 367
42, 549
26, 763
Brazil
do
' 8, 189
11, 805
14, 120
Chile
...
. do___
20, 259
18, 515
14, 477
Colombia*
.
do
42, 801
61, 238
44,586
Cuba
do
22, 205
23, 395
17, 466
Mexico
_ _
do
17,072
13, 733
13, 134
Venezuela*
_ _ . . . do_.._
Other regions:
' 16, 827
15,918
15, 206
Australia
- - _ do _
18,211
15, 699
43, 212
British Malaya
do
5, 955
10, 271
11, 917
China _.
_
_
do
610
936
954
Egypt
_.
do
22, 059
19, 218
13, 234
India and dependencies
do
775
813
804
Japan. ...
_.do
2,519
5,255
2,584
Netherlands Indies
do. .
15, 875
17, 057
17,896
Philippine Islands
do
5,672
5,297
8,
207
Union of South Africa
do
484
435
455
Imports for consumption, total
mil of dol
By economic classes:
' 123, 599 133, 699
160, 066
Crude materials
thous. of dol
109, 750
90,237
61, 185
Crude foodstuffs
__
.
do...
53,962
51, 274
67, 691
Manufactured foodstuffs and beverages. .do
95,
472
93,
739
103,
494
Semimanufactures
do
75, 647
76, 740
77, 003
Finished manufactures...
...
do
By principal commodities:
268, 602
233, 121
r 230, 292
Agricultural total
do
66, 599
32, C20
54, 206
Coffee
do_._
' 5, 684
7,261
5,977
Hides and skins
do
19,
992
23,937
47, 837
Rubber, crude, including guayule
do _
43
1,109
57
Silk, unmanufactureddo
50,780
34, 311
34, 861
Sugar
do
21,338
20,893
22,586
Wool and mohair, unmanufactured
do
r
187, 004
305, 552
57, 778
50,050
11, 322
17, 133
41,560
46, 881
35, 430
166, 048
302, 961
53, 687
50, 127
10, 487
17, 374
32, 740
51, 399
34, 947
170, 520
309, 065
74,428
45, 294
10, 584
14, 190
33, 249
44. 713
31 ; 364
172, 644
288, 100
64, 990
40, 258
8,519
12, 275
35, 073
42, 702
33, 872
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
2(1, 668
5,205
55, 538
6,473
55, 815
28, 162
9,302
29, 310
36, 438
1,307
26, 364
7,790
39, 349
5,284
28, 166
45, 080
8,103
30, 094
34, 698
1,253
23, 822
5,619
19, 678
5,383
24,536
56, 224
6,236
32, 689
36, 789
1,254
19, 752
5,733
12, 085
6,397
29, 100
33, 763
4,831
35, 905
29,
911
r
1,1 75
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
21, 373
6,925
18, 761
3,514
32, 133
46, 771
5, 856
40, 630
32, 754
'1,164
154,067
93, 585
169, 150
162, 282
727, 752
102, 604
103, 935
17M08
156,973
710,034
120, 736
138,039
139, 553
170, 139
685, 806
128, 471
105, 188
138, 100
149. 950
652, 283
140,387
103,710
148,997
156,092
736, 853
342, 427
50,060
19,018
164, 291
24,285
964, 409
90, 132
73, 104
8,673
70, 680
194, 465
27, 615
48, 184
15, 365
94, 115
59, 234
463
320, 381
13, 165
25, 949
174, 264
18, 901
932, 573
89, 485
76, 915
7,453
66,906
201, 331
26,163
49, 489
17, 909
98, 055
63,976
450
308, 596
5,714
22, 006
178, 628
20, 754
945, 677
101, 078
76, 604
11,210
67, 311
182, 820
28, 474
43, 500
13, 769
86, 326
57,284
400
289, 561
18, 227
25, 975
146, 109
25, 459
882, 027
90, 859
67, 286
10, 079
66. 851
175, 768
26, 234
42, 784
13, 333
82, 378
53, 232
481
24, 219
100, 696
69, 341
96, 638
93, 836
78, 236
14, 799
95, 751
71, 730
90, 547
91, 853
84, 927
24, 402
56, 798
64, 126
88, 616
78, 839
87, 538
3,287
196
2,953
10, 475
19, 044
3,411
365
2,074
9,956
18, 624
92, 644
164, 893
15, 313
16, 952
11,160
12, 785
50, 848
21, 582
12, 764
122,910 r 124, 814
102, 196 'r 118,375
126, 382 100,350
145,412 ' 135, 802
674, 725 r 683, 446
112
98
119
130
620
209
116
182
324
724
108, 631
118, 742
100, 983
120, 843
626, 489
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
294, 777 r 300, 044
24, 525
37, 467
27, 074
22, 381
135, 433 r145, 362
14, 038
20, 598
888, 485 ' 872, 007
88, 292
81, 620
69, 481
70, 799
12, 589
11, 487
72, 224
75, 473
204, 882
215, 553
27, 556
29, 373
49, 123
47, 834
16, 615
15, 678
99,539
109, 028
51,324
52, 331
455
601
281
42
20
147
12
798
76
63
11
67
201
28
42
13
103
47
759
633
512
400
383
796
497
010
166
152
531
606
821
352
666
341
546
281, 209
33, 620
28,424
141, 755
14, 442
794, 480
72,157
66, 275
10, 384
61, 013
198, 452
28, 566
46, 162
14,990
96,002
44,164
582
43, 850
77, 879
76, 796
101, 121
77, 409
103, 370
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
26 523
124 264
76 909
105 83Q
60 236
149' 901
45, 513
122, 002
85,649
101, 552
93, 771
133, 529
2,807
688
2,188
2,508
17, 128
3,408
484
3,040
13, 994
15, 684
3,493
635
4,958
7,835
18, 426
4,515
971
3,997
5,101
15, 470
3,053
1,078
6,403
5,027
18,563
4 863
1 208
6 nqr>
5 547
19 623
4,642
2,705
5,721
1,953
20, 184
86, 762
168, 321
10, 691
31, 154
10,888
9,917
53,706
18, 309
13, 289
84, 866
158,670
5, 817
28, 229
11,602
13, 759
45, 133
16, 749
14, 016
97, 317
174, 375
7,239
46, 705
9,076
14, 694
32, 449
29, 226
15, 657
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
220, 085
17, 212
48, 628
14,080
23, 761
42, 708
23,832
18, 552
12, 058
23, 662
13, 727
3,961
22, 959
1,119
1,100
14, 178
5,145
470
7,079
23, 951
7,556
1,032
29,157
4,739
739
8,503
5,603
445
5,341
14, 212
3,033
2,637
13, 759
2,479
3,106
9,055
7,114
405
5,781
16, 407
5,390
13, 393
24, 811
1,444
1,365
10, 038
15, 703
473
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
159, 577
55, 603
60, 257
112, 063
81, 839
133, 402
55, 129
62,883
103, 533
89, 899
112, 946
60, 586
55, 678
102, 692
72, 829
142, 935
85, 483
49, 863
103, 634
91, 088
149, 331
91,501
58,237
110,476
95, 212
222, 635
25, 064
6,934
30, 281
6
42, 595
17, 762
192, 013
31, 727
8,993
23, 263
3,267
42,811
15,529
168, 439
34, 856
4,428
17,113
701
37, 386
12, 317
201 071
57, 172
4 367
14 924
139
26, 632
15, 024
227 057
59, 818
6 152
16,190
555
29,559
16,323
Revised.
§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 to include Army civilian supply shipments (see note marked "§" on p. S-20).
' 1,173
r
r
r
467
293
674
906
675
794
096
582
822
99,895
212, 735
17, 662
44, 165
17, 142
18, 135
34,681
25, 320
19,986
11,533
24, 814
14, 166
195
21, 270
4,442
2,345
20, 641
17, 680
561
r 4 §35
32 504
6 478
1 797
22 2*50
2 958
2 692
21 883
9 608
557
11, 133
20,304
12, 299
2,486
23,918
4,385
3,255
18, 912
11,836
574
134, 102
83, 337
51, 820
100, 502
79, 271
155, 732
124, 765
60,865
131, 576
87, 735
197 738
108 032
34, 902
120 364
94 770
177 453
115, 914
55, 917
133, 772
90,619
205 183
49, 349
8 696
18, 006
276
28, 178
15, 702
270 916
69, 729
12 390
25 739
1,098
38 368
11, 107
272 476
68, 656
20 793
31 827
143
6,090
39, 173
277
62
12
22
101
200
31
42
12
27
12
19
18
348
324
592
459
276
30 796
30, 597
1, 131
666
639
'
SUEVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
May
April
March
July
June
j August |
Se
^erm-
November
October
December
January
February
March
FOREIGN TRADE—Continued
VALUE§— Continued
Imports for consumption— Continued.
By principal commodities:
Nonagricultural 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
f
204, 376
6,648
25, 479
215, 047
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
243, 881
9,408
35, 753
289, 756
12, 001
51,618
283, 331
16, 791
38, 420
296 326
18, 355
47, 138
9,026
8,074
2,410
17,187
27, C48
20, 3C9
16, 571
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
15, 110
5,224
25, 396
28, 267
21, 899
21,091
9,927
27, 354
34, 721
28, 743
12, 425
9,335
25, 305
29, 375
29, 398
19,129
5,692
30, 978
27,483
30, 371
9
' 16, C89
25, 987
21, 620
853
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Airlines
Operations on scheduled air lines:!
Miles 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
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
6,690
24, 599
28,223
7,993
23, 624
23,508
6,850
20,968
21,163
6,199
488, 019
25, 318
17, 235
4,788
1,079
519, 516
427, 686
432, 548
393, 637
349, 934
25, 645
25, 112
25, 082
24, 398
24, 429
24, 406
26, 668
26, 183
27,790
119
32, 075
26, 575
63
25, 910
25, 464
17, 449
5,116
975
904
853
752
694
Express Operations
Operating revenue
thous. of dol
Operating income
do_ __
Local Transit Lines
Fares, average, cash rate
.cents
Passengers carried f - millions _
Operating revenues!
thous. of dol
Class I Steam Railways
Freight carloadings (A. A. R.):<8>
Total cars
thousands.
Coal
do
Coke
._
_ _
do
Forest products
do
Grains and grain products
_
do
Livestock
do
Merchandise, 1. c. 1
do
Ore
do
Miscellaneous
do
Freight carloadings (Federal Reserve indexes) :
Combined index, unadjusted
1935-39=100..
Coal
do
Coke
_ _ _ _ _
do
Forest products
do
Grains and grain products
do
Livestock
do
Merchandise, 1. c. 1
_
do
Ore
do
Ore!
do
Miscellaneous
_ do
Combined index, adjusted!
do
Coal!
- do
Coke!
do
Forest products
do
Grains and grain products!
do
Livestock!
_ _ _ _ _ _ _ do_ _
Merchandise, 1. c. I
do
d52
61
50
64
8. 0275
' 1, 609
116, 200
8. 0414
1,591
118, 200
8. 0580
1,606
120, 100
8. 0774
1,479
112, 100
8. 1051
1,464
111, 400
8. 1134
1,441
111,300
8. 1854
1,481
113, 300
8. 2140
1,581
121 200
8. 3073
1,495
115, 600
8. 3406
1,600
127, 000
8. 4043
1,559
120,100
8. 4652
1,450
111, 100
8 5234
1,595
' 3, 320
'732
3,233
4,376
3,543
3,276
4,560
3,600
3,808
4,424
3,164
3,824
3,078
2,954
922
72
233
213
66
593
369
47
708
54
188
200
49
464
324
495
49
178
275
46
429
343
47
17
75
73
78
'56
547
53
183
191
54
505
164
'1,519
1,536
1,909
1,555
1,461
1,992
1,592
1,728
2,030
1,495
1,787
1,454
1,509
137
147
134
119
144
155
142
141
140
115
148
146
153
153
156
156
150
160
139
155
133
155
129
150
122
98
'68
'197
'208
'54
'496
182
159
146
96
79
50
144
146
147
180
159
159
121
78
171
151
169
148
133
98
80
157
145
137
119
173
148
151
111
79
184
147
Miscellaneous!
_ _ _
do _
Freight-car surplus and shortage, daily average:
2,714
12, 125
Car surplus!
number
120
50
Box cars
__do
9,456
116
Coal cars
_ _ _
do
20, 150
35, 943
Car shortage*
do
24, 178
15, 165
Box cars
do
4,583
10, 713
Coal cars
_ _
_ do
Financial operations (unadjusted) :
689, 456
' 717, 651
Operating revenues total
thous. of dol
' 592, 294 564, 807
Freight
do
' 71, 413 70, 414
Passenger
do
543, 301
' 549, 499
Operating expenses
do
Tax accruals, joint facility and equipment rents
87, 745
thous. of dol__ r 95, 228
' 73, 924 58, 410
Net railway operating income
do
32,
580
43,
147
Net incomet
do
Financial operations, adjusted:!
684.9
723.0
Operating revenues, total
mil. of dol
555.8
594.6
Freight
do
72.9
72.2
Passenger
do
637.4
641.8
Railway expenses
do
47.6
81.1
Net railway operating income
do
15.2
48.1
Net income
do
Operating results:
53, 935
Freight carried 1 mile
mil. of tons- '60,026
1.115
1.065
Revenue per ton-mile
cents
3,489
3,529
Passeneers carried. 1 mile
millions..
886
70
248
317
62
577
407
713
54
191
210
74
467
299
758
60
191
216
91
491
274
934
74
222
245
93
588
238
714
60
168
177
50
432
66
916
75
205
225
55
499
63
730
60
166
144
34
434
56
510
53
181
141
35
461
64
183
154
121
94
76
267
146
142
155
185
148
138
104
76
184
145
170
151
143
87
73
286
146
137
141
173
145
140
107
74
184
142
165
153
202
87
71
311
145
134
115
170
152
168
107
71
194
143
177
160
175
87
73
284
150
143
146
184
152
162
92
73
190
149
178
161
153
139
77
272
157
142
153
180
149
137
105
73
181
145
188
155
152
161
78
235
163
146
156
192
147
152
104
75
163
149
195
147
142
133
77
163
158
147
160
195
150
145
105
75
163
151
201
141
130
92
71
60
147
149
155
191
158
138
96
74
192
166
192
137
132
81
65
45
139
145
155
183
153
132
84
68
180
152
188
135
101
61
69
49
137
139
150
178
140
103
76
71
195
146
5,243
2,029
30, 651
2,391
1,322
5.886
25, 874
15, 697
9,592
5,331
175
127
238
0
12,013
3,600
6, 657
1,817
31,766
16, 336
14, 566
34,443
17. 165
15, 165
942
132
0
2,605
14, 779
4,292
10, 247
11, 333
5,904
1,390
14, 969
5,127
9,357
40, 103
20, 819
15, 275
27, 865
16,631
10,277
12, 146
5,643
6,072
8,747
2,888
5,471
13, 030
4,922
7,588
35,244
2,585
27, 938
7,783
2,974
4,380
724, 432
591, 687
77, 349
557, 318
696, 909
556, 889
84, 787
550, 057
705, 361
557, 881
93,642
555, 362
745, 258
596, 592
94, 001
665, 606
726, 550
593, 089
80, 369
588, 591
794, 165
664, 648
75, 009
611, 872
755, 324
625, 241
73, 661
595, 315
807, 428
627, 816
89, 461
631, 150
760, 735
613, 361
80, 897
615, 856
715, 891
589, 894
72, 065
586, 356
776, 616
642, 346
74, 398
618, 759
91, 385
75, 729
46, 360
86, 651
60, 201
38, 402
89, 041
60,958
37, 025
98,827
80, 825
51, 343
89, 979
47, 979
20, 147
105,860
• 76,433
48, 904
94, 432
65, 577
43, 358
96, 255
80,023
60, 212
93, 582
41, 297
18, 707
90, 110
39, 425
17, 798
97, 132
60, 724
698.0
565.3
78.2
633.2
64.8
32.1
731.0
593.4
81.9
649.2
81.8
48.9
£82.7
543.5
85.9
634.5
48.2
17.6
719.4
681.2
83.8
655.4
64.0
31.0
716.3
583.4
80.7
680.5
35.8
739.1
611.7
76.7
696.3
42.8
9.4
786.0
653.4
77.0
707.6
78.4
46.9
805.7
636.9
87.8
722.5
83.2
49.8
766.6
624.1
84.7
707.0
59.6
'27.8
781.1
644.2
77.4
710.5
70.0
38.7
60, 009
1.055
3,729
56,646
1.043
4,096
54,664
1.094
4,413
61, 650
1.029
4,481
59, 406
1.057
3,855
64, 592
1.089
3,450
59, 656
1.114
3,342
57, 332
1.159
3,948
55, 125
1.197
3,654
53, 579
1.176
3,198
27
613
3.6
76
10
712
172
983
184
163
146
100
62
73
57
142
130
98
162
146
109
79
72
195
150
52, 466
' Revised * Deficit. ® 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, t Revised data for February 1947, $17,226,000.
* 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 CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-23
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
TRANSPORTATION AND COMMUNICATIONS—Continued
TRAN SPORTATION—Continued
Waterway Traffic
Clearances, vessels in foreign trade: §
Total, U. 8. ports
thous. net tons..
Foreign
do
United States
do
6,870
2, 753
4,116
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
4.37
92
214
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
50, 633
44, 474
1,648
13, 910
20, 294
137
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
1,180
8,857
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
207, 168
112, 806
78, 111
157, 198
23, 625
29, 874
153, 955
97, 324
40, 735
132, 475
5, 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
17,530
16, 134
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
571
1,396
14, 298
1,093
873
1,775
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
d6S6
d
474
1,695
762
1,544
15, 585
1,216
* 7, 4%6
2,008
622
1,151
15, 097
95, 405
2, 003
58 091
90, 550
2,433
55 006
100, 142
3,379
61 489
59, 304
i]16 143
2
33 940
3 697
100 546
1 2.^8
r QO 601
70,590
1 132 668
2 36 579
3 654
101 041
1 361
106 246
360, 437
7 10$
H73 693
404, 525
7 971
i igs 658
Travel
Hotels:
Average sale per occupied room
dollarsRooms occupied
percent of total
Restaurant sales index, avg. same mo. 1929=100-Foreign travel:
U S citizens, arrivals
number
U S citi/ens departures
do
Emigrants
-- ,. do
Immigrants
--do
Passports issued
-do
National parks visitors
thousandsPullman Co.:
Revenue passenger-miles
millions..
Passenger revenues
_ _ __ _ thous. of dol__
COMMUNICATIONS
Telephone carriers: 1
Operating revenues
thous. of dol__
Station revenues
do
Tolls message
-.do
Operatin0" expenses
do
Net operating income
_
do
Phones in service, end of month
thousands..
Telegraph and cable carriers:*
Operating revenues, total
thous. of dol__
Telegraph carriers total
do
"Western Union Telegraph Co., revenues from
cable operations
thous. of dol_.
C able carrier*'
do
Operating expenses
do
Net operating revenues
do
Net income trans, to earned surplus _
do
Radiotelegraph carriers, operating re venues., do __.,
4252
d575
1,854
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:*
Ammonia, synthetic anhydrous (commercial) d"
short tons._
Calcium arsenate (commercial)
thous. of l b _ _
Calcium carbide (100% CaC2)
short tons
Carbon dioxide, liquid, gas and solid cf
thous. o f l b _ _
Chlorine
short tons
Hydrochloric acid (100% HC1)
do _
Lead arsenate
thous. of Ib
Nitric acid (100% HNOs) c? short tons
Oxygen
mil. cu. ft
phosphoric acid (50% HaPO*)
short tons_
Soda ash, ammonia-soda process (98-100% Na2
COs)_,
short tons_Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
.
do __
Sodium silicate, soluble silicate glass (anhydrous)*^
_ -. _ _
_
_ short tons_
Sodium sulfate, Glauber's salt and crude salt
cake
short tons
Sulphuric acid (100% H2SO4):
Price, wholesale, 66°, tanks, at works§
dol. per short ton_.
Production
_
short tons_
Organic chemicals:
Acetic acid (syn. and natural), production*
thous. of Ib.Acetic anhydride, production* _
do .
Acetyl salicylic acid (aspirin), production* -do
Alcohol, denatured :§
Consumption (withdrawals), thous. of wine gal__
Production
. do_-_
Stocks
do
Alcohol, ethyl:§
Production
thous. of proof galStocks total
do
In industrial alcohol bonded warehouses, -do
In denaturing plants
do. ,Withdrawn for denaturing
do
Withdrawn tax-paid
.__
_-do. _ _
Creosote oil, production*
thous. of gaL.
Cresylic acid, refined, production*. -thous. of lb._
Ethyl acetate (85%) production*
do
95, 859
1,221
52, 466
93, 007
2,320
51, 830
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
92, 779
2,190
55 343
62, 449
117,039
36, 993
4,481
64, 647
1,218
89, 050
81, 330
109, 050
34, 637
5,470
64, 288
1,146
82, 452
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
102, 410
116, 451
33, 456
79, 782
120 112
36, 355
61, 368
117 191
37, 526
57, 996
122, 682
38, 066
60, 394
1,105
88, 083
59, 900
1,093
87, 249
61, 996
1,314
99, 213
67, 996
1 212
89, 353
104, 096
1 251
90, 412
57,125
1?3 319
39' 089
3 229
103 834
1 271
95 331
383, 753
7,129
179, 400
367, 847
7,089
166, 946
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
383, 481
7 664
1
182, 778
42, 120
50, 267
39, 726
32, 814
36, 584
33, 963
34, 667
43,642
45, 233
39, 698
37, 529
70, 059
69, 947
74, 505
69, 579
64, 996
65, 942
65, 414
70, 293
71, 245
73, 846
70, 456
16.50
931, 237
16.50
865, 447
16.50
888, 304
16.50
850, 934
16.50
846, 366
16.50
859, 262
16.50
851, 733
16.50
893, 171
16.50
880, 068
16.13
964,761
33, 620
54, 206
832
30, 376
53, 086
1,043
33, 876
54, 249
1,053
31,729
41, 433
1,155
35, 897
53, 627
998
35, 365
53, 478
1,126
28, 606
50, 308
1,083
29,560
55, 071
1,092
30, 439
55, 347
1,016
12, 673
12, 777
1,521
13, 464
13,667
1,712
14, 095
13, 926
1,531
13, 687
14, 150
1,981
15,061
14, 605
1,529
16, 426
16, 469
1,560
18, 718
18, 610
1,447
21, 820
21, 744
1,354
19, 455
28, 214
21, 992
6,222
23, 622
3,175
14, 696
2,234
7,902
23, 556
26, 150
24, 089
2,061
25, 227
2,555
14, 271
2,436
5,984
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
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
(3)
(3)
(3)
(3)
(3)
1
2
44 090
54 702
64, 182
69 688
15.00
932, 933
15.00
893 440
15.00
956 957
31, 163
57, 507
615
34, 189
62 700
979
32, 624
58 184
985
19, 026
18, 620
943
16, 937
17, 710
1,719
12, 436
12 576
1 850
11, 250
11 051
1 653
13,053
13 016
1 613
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
12, 843
1,969
5,261
20 951
93 gge
22, 654
1 232
21 151
2 678
11,835
1,617
5.712
29 266
29 799
29, 404
395
23 213
3 237
r
'Revised. <*Dencit. KData 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).
cf Data for carbon dioxide and souium 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.
SUKVEY OF CURRENT BUSINESS
S-24
May 1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
March
April
May
June
July
1948
August
September
October
November
December
January
February
March
CHEMICALS AND ALLIED PRODUCTS—Continued
CH EMICA L S— Continued
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._
7,407
8,746
I/, 544
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
6.555
8, 450
18, 875
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
244
6,991
11, 690
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
9,100
12, 048
255
1,090
129
960
250, 81?
20, 851
212, 461
1,449
116, 166
103, 704
65, 886
3,579
897
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
60, 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
2.075
95,229
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
2,400
2.400
FERTILIZERS
Consumption, total*
thous. of short tons
Midwest States*
do
Southern States©
- do
Exports, total^
_
long tons__
Nitrogenous!
do
Phosphate materials!
.
_ __do
Prepared fertilizers $
do
Imports total §
do
Nitrogenous total §
do
Nitrate of soda§
-do
Phosphates!- 1
do
Potash §
do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
port warehouses©
dol. per 100 Ib
Potash deliveries
short tons
Superphosphate (bulk):f
Produ ction
do
Stocks end of month
. _ do
888, 875
645, 412
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 873, 442
i 944, 052
1
i 965, 195
926,323 i 883, 852 U,032,080
1,037,213 '11,105,813 11,079,129 i 994, 448
1
NAVAL STORES
Rosin (gum and wood):
Price, gum, wholesale "H" (Sav.), bulk
9.65
9.24
8.46
7.10
7.34
6.76
6.83
8.87
8.55
7.58
8.91
8.83
dol. per 100 lb_.
7.19
351, 875
572, 233
508, 543
527 335
Production*
' '
drums (520 Ib )
222,
701
284,
840
339,
269
243, 086
Stocks*
do
Turpentine (gum and wood):
.62
1.00
.62
.85
.64
.64
.59
.59
.63
.61
.59
.63
.64
Price, gum, wholesale (Savannah) t-.dol. per gal_.
113, 520
189, 689
159, 665
176, 089
Production*
bbl (50 gal )
98,205
194,
111
210,
116
147 693
Stocks*
do
MISCELLANEOUS
46,444
59, 434
46,038
55, 787
53, 275
52, 365
47, 134
51,296
51, 940
48, 848
51, 048
49, 019
49, 145
Explosives (industrial), shipments
thous. of lb__
Gelatin:§
3,954
3,700
3,116
4,017
3,393
4,117
4,290
3,159
4,415
•• 4, 659
3,847
4,639
4,336
Production, total*
_
_ .
do
2,405
2,237
2,420
3,077
2,762
3,277
2,313
3,104
2,901
3,028
' 3, 425
3,222
3,034
Edible §
do
5,961
6,369
6,078
5,431
6,042
6, 374
6,488
5,739
6,338
6,427
'r 6, 558
6,387
7,000
Stocks total*
. .
--- do
2,988
2, 356
2,922
2,400
2,714
2,453
3,059
2,430
3,300
3, 144
2,787
3,034
3,464
Edible§
do
Sulfur:*
333, 531
425, 612
350, 307
406, 964
391, 396
382, 674
359,313
377, 218
405, 205
389, 014
388, 332
391, 214
Production
.
. long tons
402,832
3, 636, 884 3, 548, 703. 3, 495, Oil 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
Stocks
_.
do
Glue, animal:*
14, 226
14, 666
12,003
12, 538
11,424
13, 770
13,636
12, 158
13, 185
12, 843
13, 131
14,229
11, 795
Production
thous. of lb__
7,882
9,155
8,392
9,059
7,749
9,509
12, 444
8,643
8,757
10, 828
8,950
10,605
10, 957
Stocks
do_ _
Bone black:*
1,085
596
1,069
1,085
1,065
848
847
1,048
1,102
1,040
1,010
1,033
Production
short tons
1,017
959
1,079
1,375
1,456
1,180
1,021
979
1,008
1,254
1,030
1,474
1,696
2,004
Stocks
-- do
OIL SEEDS, OILS, FATS AND
BYPRODUCTS
Animal, includingfishoil:
Animal fatsj
134, 765
155, 630
127, 228
134, 391
99, 329
126, 345
Consumption, factory
thous. of lb._ 144, 102 119, 584 105, 542 105, 301
118, 795
135, 260
121, 411
221, 840
189, 544
230, 470
262, 265
226, 266
255, 713
208, 609
279, 792
238, 814
307, 560
302, 208 ' 258, 924
Production
-- - - do
221, 205
339, 877
286, 602
428, 604
389, 074
444, 602
320, 801
250, 588
400, J70
258, 425
322, 045
Stocks, end of month
do
369, 460
350, 058
369, 230
Greases :J
42, 572
49, 913
45, 864
50,604
55, 182
37, 746
43, 658
43, 939
41, 226
54,207
55, 351
53, 195
Consumption, factory
,.
do
56, 212
46, 735
44, 434
40, 154
44, 586
50, 039
46,611
47, 402
48. 613
48, 260
50,586
Production
do
52, 331
46, 815
45, 153
98,
924
69,
983
106,
382
97,
555
64,
305
101, 964
96, 111
84, 829
103, 692
98, 827
119,272
122, 608
Stocks, end of month
do
129, 645
Fish oils:*
20,365
20, 290
12, 150
11,475
20, 148
14, 135
22, 929
22, 944
16,478
25, 287
Consumption, factory
.
do
23, 980
20,178
19, 536
22, 706
1,577
21, 109
21, 739
1,301
777
19, 889
6,852
10. 927
4, 356
1,024
Production _._
do
697
766
85,
999
79,
211
86,
445
65,
152
59,
041
66,
335
108, 815
91, 459
57,728
85, 286
85, 778 ' 69, 069
Stocks, end of month
do
63,088
Vegetable oils, total:
395
329
297
294
294
432
333
417
437
469
Consumption, crude, factory t.mil. of Ib
458
410
425
7,291
13, 654
14, 540
7,011
16,148
25, 855
23, 434
19, 525
27, 885
37, 302
Exports!
_
thous. of lb._
35, 737
14, 198
26,
669
52,
306
36,
677
54,
057
32,
697
10, 744
19, 106
5,462
23, 661
32, 474
34, 628
Imports total!
do
45,802
2,121
3,921
28, 343
21, 737
18, 208
37, 754
43, 672
13, 208
2,801
17,008
11,651
27,247
Paint oils!
-...do
8,461
15, 185
8,333
10, 385
8,623
14, 553
10, 960
10,453
2,661
15,465
22, 977
All other vegetable oils!
do
18, 555
330
38.2
278
248
356
468
283
313
481
488
Production}:
.
_
mil. of Ib
513
'441
407
Stocks, end of month:!
551
566
573
571
552
489
458
485
471
502
539
Crude
do_...
598
591
392
385
359
292
243
353
311
211
207
241
247
••264
305
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. 8-20).
0 For a brief description of this series see note in April 1946 Survey. J See note marked "$" 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 CURRENT BUSINESS
May 1948
S-25
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March
April
July
June
May
August
September
October
November
December
January
February
March
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, AND
BYPRODUCTS— Continue d
Copra:
Consumption factory §
short tons
Imports§
do_
Stocks end of month §
do
Coconut'or copra oil:
Consumption, factory:}
Crude
thous. of Ib
Refined
- -- _-do
Imports §
do
Production:}
Crude
do
Refined
- .-do
Stocks, end of month:}
Crude
-do
Refined
._
do
Cottonseed:
Consumption (crush)
_ .thous. of short tons..
Receipts at mills
do
Stocks at mills, end of month ..
...do
Cottonseed cake and meal:
Production
short tons..
Stocks at mills end of month
.do _
Cottonseed oil, crude:
Production
thous. of lb_
Stocks end of month
_
do
Cottonseed oil, refined:
Consumption factory}
-.
do
In oleomargarine
do
Price, wholesale, summer, yellow, prime (N. Y.)
dol. per lb__
Production
_ . _. thous. of lb._
Stocks end of month
do
Flaxseed:
Imports§
_thous. of bu_
Duluth:
Receipts
do
Shipments
do
Stocks
_
do
Minneapolis:
Receipts
do
Shipments
_
do
Stocks
do
Oil mills: t
Consumption
- do __
Stocks end of month
do
Price, wholesale, No. 1 (Minneapolis) dol. per bu._
Production (crop estimate)
thous of bu
Linseed cake and meal:
Shipments from Minneapolis
thous. of lb._
Linseed oil:
Consumption factory t
do
Price, wholesale (N. Y.)__.
_ _ dol. perlb..
Production}
thous. of Ib
Shipments from Minneapolis _
do
Stocks at factory, end of month}
do
Soybeans:
Consumption factory t
thous. of bu
Production (crop estimate)
do
Stocks end of month}
do
Soybean oil:
Consumption, factory, refined}
thous. of lb..
Price, wholesale, edible (N. Y.)c?--__dol. per lb._
Production:}
Crude
.
thous. of Ib
Refined
do
Stocks, end of month:}
Crude
do
Refined
do. _
Oleomargarine:
Consumption (tax-paid withdrawals) }
.do
Price, wholesale, standard, uncolored, (Chicago)
dol. per lb_.
Production}
thous. of lb_
Shortenings and compounds:}
Production
_
_ do
Stocks, end of month
do
59, 163
72, 319
72, 777
59, 214
61,925
77,541
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
74, 349
31, 217
5, 549
72, 406
31, 057
813
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
<*)
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
73, 902
36, 581
74, 043
35, 720
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
115, 722
13, 228
130, Oil
14, 267
138, 489
19, 088
134, 949
12,998
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
212
43
399
162
19
256
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
93, 077
128, 193
69, 749
127, 171
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, P68
71, 207
191, 325
85 139
154,388
86 060
68, 382
72, 546
52, 743
48, 039
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
73, 351
24, 474
53, 077
14, 485
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
.389
80, 781
191, 688
.314
74, 345
211, 855
.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
36 471
18
19
17
77
106
17
0
0
0
2
5
6
35
69
270
7
39
238
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
311
190
2,280
532
345
1,615
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
1,636
1,079
8.51
1,560
980
7.50
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
28,740
30,720
26, 760
26, 160
29, 580
18, 540
45,360
51, 480
49, 500
49, 020
50, 460
49, 740
47, 280
45, 174
.395
31, 401
23, 460
125, 060
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
57465
29 940
135, 394
38 987
306
51 663
28 020
141, 504
40 871
.292
46 264
29 760
135, 741
16, 490
15, 914
15,006
13, 356
13, 613
11, 284
9,733
11,439
14, 659
r 14 962
14 773
41, 680
37, 147
28,C04
19, 124
10, 248
2,775
34. 624
48, 053
15,219
181 362
48, 855
16 481
41, 977
47 824
r 43 596
36 656
113, 782
.401
101, 229
.351
71, 687
.268
75, 842
.244
82, 261
.227
98, 077
.209
] 09, 838
.233
141, 963
.264
119, 523
.312
110,066
.326
110, 777
.326
•• 94, 091
.262
- 99, 188
.269
145, 013
121, 389
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 r 139 900
110 912 r 99 320
139, 386
108 829
94, 053
73, 993
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 r 104 788
63,850 T 71 561
114 658
84, 831
66, 667
39, 347
36,565
40, 527
47, 448
47, 251
67, 771
82, 894
78, 249
72, 914
87 252
72 986
.424
70, 012
.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
138, 551
51, 184
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
2
r
PAINT SALES
Calcimines, plastic-texture and cold-water paints:*
CO
102
90
82
82
75
Calcimines
thous of dol
71
83
77
79
71
81
227
292
235
230
198
Plastic-texture paints
do
259
203
210
187
218
243
203
Cold-water paints:
422
407
449
419
In dry form
_ _
do
385
460
305
433
282
439
306
253
312
348
334
389 i
355
In paste form for interior use
do
315
303
256
217
235
328
286
«• 91. 904 'r 99, 491 * 99, 595 rr 92, 634 ' 86, 700 rr 84, 951 'r 86, 312 r 91, 443 •• 71, 199 ' 68, 914 ' 88, 015 77, 579
Paint, varnish, lacquer, and fillers, total®___do
89, 263 * 88, 740
82, 973 «• 77, 874
Classified, total
_ do
76, 956
'81,810
76, 662 r 82 459 r 64 200 r 62 213 r 78 778
69 903
Industrial
do
' 32, 370 r 34, 316 ' 32, 480 ' 31, 741 r 30, 018 r 31, 073 r 31 607 r 34 970 rr 28 693
99 688 r 31 743
29 975
r
45
055 r 47 489
47,
856
'
49.
440
*
54,
947
r
56,
261
51,
232
Trade _ .
. do
45, 883
35 577 r 39 526 r 47 035
39* 927
r
f
10, 094
10, 228 ' 10, 854 1 9, 661
Unclassified
do
' 8, 825
' 7, 995
' 8, 984
' 6, 999
9,650
6,700
' 9, 237
7.677
r
Revised. l Less than 500 pounds. * 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,
j?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.
SUEVEY OF CUEEENT BUSINESS
S-26
May 1948
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March
April
May
June
July
August
September
October
November
December
January
February
March
CHEMICALS AND ALLIED PRODUCTS—Continued
PLASTIC PRODUCTS
Shipments and consumption:
Cellulose acetate and mixed ester plastics: <8>
Sheets, rods and tubes. _
thous. of Ib
Molding and extrusion materials
do
Nitrocellulose, sheets, rods, and tubes.® _..do
Other cellulose plastics*
do_ ._
Phenolic and other tar acid resins*
do
Urea and melamine resins*
. do_ _
Polystyrene*
do
Vinyl resins* _
_ _ _ _ _ _ d o _ _.
Miscellaneous resins*
do
1,610
6,461
1,229
318
26, 797
6,401
6,561
16, 998
8,000
1,762
5,357
1,329
331
26, 285
6,285
7,096
16,316
8,275
1,689
4,317
1,052
f1)
27, 410
6,102
«,854
13, 126
6,435
1,682
3,735
931
(0
27, 767
5,645
5,955
11, 546
5,891
1,410
2,779
892
0)
25, 649
5,536
5, 688
11, 573
5,819
1,479
3,404
903
0)
26, 000
5,462
7,075
12,917
5,567
1,284
4,153
921
0)
27, 262
5,723
8,381
15, 125
8,032
1,799
5,105
1,040
0)
28, 129
6,720
10, 931
18, 040
7,388
1,462
4,666
832
0)
25, 719
5,999
10, 593
16, 837
7,120
1,343
3,830
842
0)
27, 662
6,565
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
r
7, 800
1,354
3,960
999
769
30, 594
7,116
12, 718
19, 037
8,639
ELECTRIC POWER AND GAS
ELECTRIC POWER
\
Production (utility and industrial), total*
mil. of kw.-hr.Industrial establishments*.. _
_ _
do _
By fuels*
do
B y water power* _ _ _ _ _
_
do
Utilities (for public use), total!
_._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.ofkw.-hr
Residential or domestic
do
Rural (distinct rural rates)
_ _ _ _
do
Commercial and industrial:
Small light and power^_
_ do
Large light and powerl
_
do
Street and highway lighting!
do
Other public authorities^
._ _ _ _
do
Railways and railroads^
do
Interdepartmental! _ _ _ _ _ _ _ _ _
do
Revenue from sales to ultimate customers (Edison
Electric Institute)- _ _ _ _ _ _ _ thous. o f dol
25, 544
4,298
3,843
455
21, 246
13, 981
7,265
24, 652
4,148
3,711
437
20, 504
13, 216
7,287
25, C09
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
25,969
4,225
3, 892
333
21,744
15, 690
6 053
25, 634
4,153
3,858
295
21, 481
15, 875
6,606
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
18, 266
2,980
17, 661
2,843
17, 801
2,975
17,414
2,829
17,847
2,935
18, 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
17, 772
3,727
320
17, 665
3,572
421
17,610
3,437
514
17, 546
3,369
558
17,308
3,307
606
18, 099
3 ^2
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
3,026
9,285
200
491
673
50
3,070
9,264
178
494
618
46
2,994
9,375
165
475
604
46
3,060
9,356
154
475
531
44
3,123
9,068
160
459
538
45
3,252
9 601
175
483
632
44
3,406
9 724
193
480
518
45
3,293
9,951
219
499
548
46
3,346
9,757
234
502
578
51
3,490
9,934
251
530
648
56
3,570
9,990
248
548
685
66
313, 074
310, 762
310, 025
309, 631
305, 855
316, 590
325 639
328, 209
335, 687
351, 460
362, 163
GASf
Manufactured and mixed gas (quarterly):
Customers, end of quarter, total
thousands
Residential (incl. house-heating)
do .
Industrial and commercial
_
do
Sales to consumers, total
mil. of cu. ft
Residential_
do
Industrial and commercial..
do
Revenue from sales to consumers, total
thous. of dol.
Residential (incl. house-heating)
do
Industrial and commercial
_ _ do
Natural gas (quarterly) :
Customers, end of quarter, total
thousands
Residential (incl. house-heating).- _ _ _ do _
Industrial and commercial
do_ _
Sales to consumers, total
mil. of cu. ft_
Residential (incl. house-heating)
do
Industrial and commercial
do
Revenue from sales to consumers, total, thous. of dol_
Residential (incl. house-heating)
do
Industrial and commercial _ _
do. __
11,224
10, 502
713
198, 580
139, 476
57, 139
11, 258
10, 536
713
151,485
100, 881
49, 273
11 058
10, 350
700
108, 430
66 906
40, 635
10,852
10, 141
703
147, 140
97, 271
48, 479
159, 188
119, 318
38, 714
135, 259
100, 682
33,719
108, 519
80 130
27, 796
135, 198
99 715
34, 601
9,739
8,999
734
728, 393
297, 553
422, 052
270, 598
171, 935
96, 797
9,772
9,051
716
596, 470
161, 527
428 608
197, 743
104, 348
92, 106
10, 107
9 392
708
521, 774
76, 503
439 602
150 444
59, 770
89, 584
10,688
9 897
784
646 412
185, 386
452 909
220 431
117, 858
100, 887
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors :f
Production
.
_ _ thous. of bbl
8,342
6,836
7,435
7,985
9,044
8 833
8 738
6 989
9 064
6 650
6 063
6 392
6 258
Tax-paid withdrawals
do
7,029
6 277
7,512
7 939
8 776
8 842
8 369
8 303
5*475
6 701
6 126
6 398
5 952
9 570
Stocks, end of month
__
do
9,531
9,326
9,399
9,565
9,453
9 021
9 050
9' 634
9 414
9 647
9 023
9 167
Distilled spirits:
Apparent consumption for beverage purposes f
thous. of winegaL12, 173
11, 974
11, 392
13, 730
12, 283
12, 378
14, 216
23, 893
18, 047 r 18, 323
13, 140
12, 871
r I ]72
Imports§
thous. of proof gal
791
751
1, 125
1,071
834
797
1 414
980
1 185
773
1 206
Production!
thous. of tax gal
32 747
16 429
27,568
21 854
13 726
22 218
14 187
39 559
21 884
32 809
7 735
4 193
9 489
Tax -paid withdrawals!
do
8,647
9,806
6,130
6,039
5,650
7 171
8 639
16 497
8 937
10 342
8 080
16 030
6 660
491, 965
Stocks, end of month f
do
506, 015
518, 459
525, 828
529, 523
533, 051
637, 471
542, 907
513, 896
523, 546
545^ 365
527,' 337
516, 406
Whisky:
709
Imports.
thous. of proof gal_
708
712
1,002
1,071
793
757
1 102
1 310
1 108
1 059
892
Production!
thous. of tax gal
19, 272
17,201
14, 143
9,932
7,197
7 229
9 790
9 732
56
4 702
655
13 768
20 635
4,442
4,559
Tax-paid withdrawals!—
do
3,185
3,280
2,975
3,372
4,258
7,770
7,819
5,507
4,050
3,575
4,177
Stocks, end of month!
dp
437, 614
449, 335
459, 217
464, 825
468, 432
471, 273
474, 956
474, 507
463, 407
455, 409
456, 366
462, 090
479, 241
T
Revised, i Not available for publication. § Data continue series published in the 1942 Supplement; data for December 1941-February 1945 will be published later.
IFor 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 1939-45 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.
TReyised 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 1941-46 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.
SURVEY OF CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-27
1948
1947
March
April
May
June
July
August
September
October
November
December
February
January
March
FOODSTUFFS AND TOBACCO—Continued
ALCOHOLIC BEVERAGES— Continued
Rectified distilled spirits, production, total!
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
10, 648
9,621
9,349
8,673
6,706
' 6, 155
7,021
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
8,217
9,307
8, 655
9
226
75
1,665
9
221
51
1,826
13
130
62
1,882
12
146
44
1,975
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
1, 599
12
78
54
1,613
265
535
6,629
181, 179
3,279
171
466
5,960
174, 584
1,580
172
390
5,682
168,710
1,040
129
309
6,249
160, 211
661
99
383
6,627
152, 534
1,867
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
237
657
9, 471
195,888
2,554
160
495
8,804
186, 843
1,031
.696
r 112, 014
7,818
.631
116, 530
9,194
.613
146, 455
17, 445
.633
157, 120
51, 625
.674
148, 790
83, 286
.745
116, 550
88, 364
.802
101, 310
76, 912
.718
91, 890
72,125
.794
69, 220
46, 002
.881
74, 490
23, 672
.851
79, 080
13, 399
487
455
355
401
459
647
615
1,139
1,554
1,519
1,369
.338
115, 540
r 100, 195
' 77, 520 91, 655
113, 854
93, 427
88, 737
71, 757
.298
144, 015
118,455
133, 495
106, 479
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
8,423
7,664
DAIRY PRODUCTS
Butter, creamery:
Price, wholesale, 92-score (N. Y.)t
dol. per lb__
Production (factory) f
thous. of Ib
Stocks, cold storage, end of monthcf
do
Cheese:
Imports§
__ .
do _
Price, wholesale, American Cheddars (Wisconsin)
dol. per lb__
Production, total (factory) f
thous. of lb_.
American whole milkf
_ _
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 Ib
Case goods!
do
Evaporated (unsweetened), case goodsf__do
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)..
thous. of Ib
Evaporated (unsweetened)
do_
Fluid milk:
Price, dealers', standard grade
dol. per 100 lb__
Production!
mil. of lb_.
Utilization in manufactured dairy products!
mil.oflbDried skim milk:
Exports§
thous. of Ib
Price, wholesale, for human consumption, U.S.
average
dol. per lb_.
Production, total!
thous. of lb_.
For human consumption!
__ _ do
Stocks, manufacturers', end of month , total
thous. of Ib.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 bu
Shipments, carlot
no. of carloads..
0)
r
.836
77, 095
' 7, 323
.802
89,820
4,165
1, 915
0)
0)
' 64, 630 81, 005
' 46, 730 59, 265
102, 824
'r110, 125
89, 873
93, 570
4,694
25, 355
7,277
23, 667
7,549
39, 518
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
8.28
5.64
8.27
5.42
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
9.12
6.00
r
74, 095
15, 025
347, 600
'32,470
17, 150
257, 400
r
23, 045
21, 100
218, 000
r
20, 330
19, 500
200, 500
'12,095
12, 650
152, 500
14, 165
11, 475
156, 400
14, 720
8, 575
176, 000
14, 530
8,800
193, 000
17, 575
10, 275
270, 400
9,362
158, 551
8,682
95, 433
9,124
73, 267
8,622
63, 117
5.08
8,354
5.10
8,219
5.09
9,273
3,360
' 54, 650 f 83, 195
8,610
11, 850
269, 000
320, 500
' 111, 775 r 117, 535
13, 000
12, 950
416, 200
410, 000
5,450
118, 926
5,279
148, 266
6,387
278, 814
7,196
440, 952
9,477
501, 177
10, 561
471,600
11, 333
379, 712
9,463
285, 450
8,501
223, 940
4.68
9,809
4.63
10, 385
4.46
12, 134
4.41
12, 821
4.48
12, 102
4.60
10, 595
4.71
9,259
4.87
8,845
4.97
8,015
r
5.02 *
8,056
3,965
4,358
5,509
5,814
5,344
4,223
3,654
3,319
2,478
2,568
2,767
2,769
8,807
21,606
19, 648
21, 538
28,309
29, 803
25, 188
43, 660
33, 512
28,515
19, 710
9,671
.100
69, 355
67, 200
.100
77, 390
75, 040
.094
91, 665
88, 200
.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, 545
30, 780
.146
38, 570
37, 700
.149
40, 425
39, 650
.148
53, 940
52,750
80, 236
79, 126
78, 047
76, 646
102, 973
100, 888
114. 439
HO; 775
94, 980
91, 028
76, 622
74,030
50, 487
48, 813
36, 203
35, 359
21, 070
20, 450
15,056
14, 685
14,972
14, 613
18, 559
18, 155
32, 202
31, 806
3,625
7,593
11, 391
2,347
3,954
18, 216
1,687
1,544
17, 774
627
329
13, 857
1,428
219
9,429
783
264
9,027
6,214
10, 435
7,403
8,624
34, 322
10, 430
5,531
35, 790
13, 275
2 112, 503
3,918
29, 807
16, 499
4, 516
22, 772
16, 695
4,721
' 16, 657
14, 698
4,158
10, 214
15, 227
367, 013
319, 718
327, 700
332, 345
374, 363
408, 119
402, 821
405, 838
392, 077
369, 470
343, 539
•• 316, 819
277, 779
276, 099
247, 795
230, 827
251, 687
307, 574
326, 603
353, 239
347, 466
323, 991
291, 752
254, 853
r
196, 921
3.006
3.490
3.812
4.106
(3)
(3)
(3)
(3)
30, 138
26, 782
23, 713
25. 272
22, 313
19,028
25, 187
25, 504
(3)
20, 136
384, 407
15, 974
(3)
22, 092
226, 619
(3)
21, 284
(3)
27,626
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§
61, 244
59, 154
73, 956
62, 698
67, 334
thous. of bu__
67, 856
51, 830
47, 281
42, 038
44,816
50, 084
42, 269
Barley:
Exports, including malt§
__do
1,720
1,867
3,284
2,948
7, 325
4,234
2,641
2,713
856
1,377
465
794
Prices, wholesale (Minneapolis) :
No. 2, malting
dol. per bu._
1.914
1.922
2.010
2.259
2.136
2.299
2.276
2.379
2.590
2.711
2.675
2. 359
2.433
No. 3, straight
do
1. 806
1.838
1.896
2.032
2.130
2.143
2.117
2.218
2.426 2 2.510
2.507
2.142
2.243
• Production (crop estimate)!.
thous. of bu.
279, 182
Receipts, principal markets
_
do
7,242
9,625
8,449
8,252
7,974
25, 093
27, 113
14, 605
12, 111
10, 021
8,679
5,773
5,737
Stocks, domestic, end of month:
Commercial
_
do. _
14, 108
10,816
8,869
5,593
7,753
27, 444
14,263
29, 679
24, 205
27, 846
26, 581
21, 521
15, 756
On farms*.
do
' 66, 531
30,000
' 160, 403
117, 300
68.696
r
Revised. 1 No quotation. 2 December 1 estimate. 8 No comparable data.
JSee note in June 1945 Survey for explanation of this price series. cfSee note marked "c?"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.
t §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 grains have been revised to include Army civilian.supply exports (see note marked "§" on p. S-20).
• Revised 1943 data are on p. 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data; 1944-45 revisions are on p. 23 of October 1947 Survey Final
revisions for 1946 will be shown later.
*New series. Data beginning 1936 will be shown later; the June figure includes old crop only.
JRevised series. See note marked "!" on p. S-26 of the September 1947 Survey for reference to revised figures for fiscal years 1941-46 for the indicated alcoholic beverage series. Revisions
for all months 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
for the indicated series for manufactured dairy products; data for 1944-45 for these series and for utilization of milk in manufactured dairy products are shown on p. 16 of the April 1946 Survey
but there have been further revisions in 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
production of all manufactured dairy products for 1946 will be shown later. Revisions for 1920-43 for utilization of milk in manufactured 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
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
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
1,042
9,762
603
10, 180
942
8,386
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
January
February
March
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—Con.
Corn:
15, 164
Exports including meal §t
thous of bu
12, 245
Grindings, wet process
do
Prices, wholesale:
1.742
No. 3, white (Chicago)
-dol. perbu._
1.731
No 3 yellow (Chicago)
do
1.594
Weighted average, 5 markets, all grades. _do
Production (crop estimate) t
mil of bu
48.2
Receipts principal markets
do.._Stocks, deomstic, end of month:
37.4
Commercial
- _-do
' 1, 276. 3
On farmst
do
Oats:
1,398
Exports including oatmeal 5t
thous of bu
Price, wholesale, No. 3, white "(Chicago)
.943
dol. perbu__
Production (crop estimate) f
mil. ofbu
14.7
Receipts pri-icipal markets
do
Stocks, domestic, end of month:
6.3
Commercial
- - do_ _
' 532. 9
On farmst
^®
Rice*
58,220
Exports §t
thous. of lb__
8
Imports^
- ^o_ _
.090
Price, wholesale, head, clean (N. O.)__dol. per l b _ _
California:
Receipts, domestic, rough
792
thous. of bags (1001b.)__
393
Shipments from mills milled rice
do
Stocks, rough and cleaned (in terms of cleaned) ,
410
end of month
thous. of bags (100 lb.)__
Southern States (La., Tex., Ark., Tenn.):
207
Receipts, rough, at mills. _ thous. of bbl. (162 lb,)- Shipments from mills, milled rice
1,130
thous. of pockets (100 lb.)__
Stocks, domestic, rough and cleaned (in terms
of cleaned), end of month
1,568
thous. of pockets (100 lb.)_.
Rye:
3.539
Price, wholesale, No 2 (Minneapolis). dol. perbu..
Production (crop estimate)!
thous ofbu
354
Receipts principal markets
do
2,139
Stocks, commercial, domestic, end of month .do —
Wheat:
333, 741
Disappearance domestict
do
42, 961
Exports wheat including Cour§J
do
20, 587
Wheat only §
do
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
2.715
dol. per bu__
2.811
No 2 Red Winter (St Louis)
do
2.694
No. 2, Hard Winter (Kansas City)
do
2.671
Weighted av 6 mkts , all grades
do
Production (crop estimate) total t mil. of bu
Spring wheat
do
"Winter wheat
do
35, 030
Receipts, principal markets
thous. of bu_.
Stocks, end of month:
109, 849
Canada (Canadian wheat)
do
' 308, 549
United States domestic to tall t
do
32, 838
Commercial
do_ .' 61,000
Country mills and elevatorst
do
71,957
Merchant mills
do
139, 851
On farmst
do
Wheat four:
4,761
Exports^
. thous. of bbl.
63, 301
Grindings of wheat®
thous. of bu
Prices, wholesale:
13.66
Standard patents (Minneapolis)... dol. per bbl.
12.99
Winter straights (Kansas City)
_ do. _
Production (Census):®
13, 991
Flour
thous. of bbl.
91.4
Operations, percent of capacity
_
1,091
Offal
mil. of lb
2,842
Stocks held by mills end of month® thous. of bbl
18,652
12, 091
27, 786
12, 385
18,014
11, 794
1.784
1.782
1.694
1.790
1.779
1.677
16, 353
11, 635
5,827
11,083
1,951
11, 100
1,425
11,387
1,496
10, 831
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
38.8
38.7
40.2
39.1
22.8
22.6
21.1
26.9
18.3
12. 3
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
1,741
o 614
1,291
1.273
2 1, 216. 0
7.4
8.1
1.401
1.273
1.298
12 0
5.8
8.4
10 0
7.1
3.3
410.6
31 628
267
.127
104, 889
647
.134
.129
582
549
820
796
728
273
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
s 259. 1
5.6
15.9
26.6
964.3
27.8
22.1
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
594
478
583
496
300
242
207
154
41
••142
75
69
1,490
443
877
449
510
292
329
233
171
169
59
41
536
639
6b9
527
284
481
133
83
107
99
673
3,306
5,790
2,644
942
621
365
2oa
681
515
246
477
309
1,784
3,051
2,889
1,625
1,307
890
953
1,048
14.0
743.8
90,675
209
. 122
2
79, 345
615
476
119
393
2,002
4,863
4,755
4,141
3,562
3,071
2, 359
3.108
3.192
3.029
2.541
2.466
2.817
2.853
2.824
2.763
2.410
2.562
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
2
25, 977
443
4,072
437
3,636
367
2,688
609
1,521
37, 725
15, 812
41, 744
13, 729
224, 890
38, 266
10, 354
41, 383
20, 047
56, 844
38, 605
326, 391
46, 308
29, 132
41, 862
26, 366
36, 510
25, 609
325, 626
40, 648
28,266
46 402
24, 171
39, 147
27, 121
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
3.167
2.952
2.953
3.093
3.231
3.020
2.999
3.154
3.198
3.120
3.032
3.149
2.765
2 866
2.508
2 684
2.667
2.538
2.454
2.609
37, 807
26, 345
26, 166
121, 869
91,847
72, 625
68, 872
43, 297
93, 964
80, 514
55, 395
58,655
130, 639
15, 803
114,913
167, 718
113, 863
1,122,206
175, 069
196, 631
136, 216
610, 300
146, 292
24, 440
70, 405
s 83, 623
2 8, 129
3 9, 976
s 24, 591
3 40, 427
166, 359
4,662
56, 818
5,961
55, 744
5,939
55, 462
4,540
57, 031
3,881
59, 619
3,655
56, 720
13.17
12.97
12.74
12.39
12.60
11.03
13.27
10.77
12.72
10.97
13.57
12.03
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
r
2
2
,
3. 160
3.089
3.011
3. 110
1,2 364. 9
296 9
1, 068. 0
40,028
319, 102
36, 469
16,296
14, 895
115, 735
102, 328
152, 400
126, 282
796, 618
141,889
112 279
111 730
427 620
124, 041
97, 989
85, 835
477 593
70, 174
73 476
73 565
256 533
3,297
60, 393
2,319
54,188
2,635
53, 734
4,730
55 141
2,559
47 974
49 631
14.56
13.13
14.97
13.51
14.23
13. 21
14.06
13 20
12.34
11 24
12.08
11 07
13,432
84.3
1,012
12, 080
89 0
900
11,977
78.0
896
3 016
12 334
80 0
922
10 715
78 1
804
11, 106
69 0
831
2 567
T
LIVESTOCK
Livestock slaughter (Federally inspected) :
621
627
678
644
656
719
628
Calves _
thous. of animals.
586
762
673
813
566
511
1,264
1,203
1,207
1,274
1,228
1,217
1,407
1,312
Cattle...
_
do
1,346
1,497
1,337
987
977
3,831
3,616
3,653
3,455
3,406
5,223
2,948
2,731
Hogs
do
6 254
5 501
3 978
3 574
3 746
1 175
1,329
1,355
1,322
1,237
1,280
1,253
Sheep and lambs
do
1,458
1,347
1,697
1,451
1,471
1*209
Cattle and calves:
2,154
2,384
2,183
2,435
2,290
2,259
Receipts, principal markets
thous. of animals.
3,199
3,353
2,617
2,233
2,028
1,680
1. 485
r
100
120
157
131
161
395
198
Shipments, feeder, to 8 corn belt Statest
do
103
621
321
145
54
59
Prices, wholesale:
25.87
27.85
24.06
22.93
23.30
29.54
Steers, beef (Chicago)
dol. per 100 lb_
28.84
29 52
29 16
29 82
29 08
26 71
26 43
21. 11
19.91
21.91
21.33
20.13
Steers, stocker and feeder (Kansas City). ..do
21.65
21.22
23.59
20.96
21.32
26.31
24.15
25.57
22.94
24.00
23.63
20.38
22.90
Calves, vealers (Chicago)
do
24.30
22.63
25. 65
27.00
25. 38
25.81
26.75
29.06
r
Revised. l No quotation. 2 December 1 estimate.
* 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 August 1947 Survey and earlier issues; the figures have been shown in thousands of barrels in all issues.
T 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.
t Revised to include Army civilian supply shipments (see note marked "§" on p. S-20).
SUKVEY OF CUKEENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-29
1948
1947
March
April
July
June
May
August
September
October
November
December
January
February
March
FOODSTUFF AND TOBACCO—Continued
LIVESTOCK—Continued
Hogs:
Receipts, principal markets __.thous. of animals..
Prices:
Wholesale, average, all grades (Chicago)
dol. perlOOlb.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 Ib
Lambs, feeder, good and choice (OmahaXdo
2,017
2,245
2,270
2,329
2,206
1,774
1,942
2,305
3,303
3,771
3,272
2,305
2,309
27.10
23.49
22.24
22.06
22.11
23.74
26.66
27.81
24.96
26.31
26.71
22.25
21.40
17.6
14.9
14.4
12.6
11.7
11.1
11.3
12.4
11.1
10.5
10.9
11.2
10.3
1,293
133
1,506
136
1,713
128
1,982
134
1,677
166
1,688
283
2,452
556
2,871
677
1,833
393
1,587
131
1,428
81
1,255
64
1,259
65
23.12
21.22
21.26
19.56
21.62
0)
24.25
0)
22.75
0)
20.25
21.31
22.50
22.60
22.62
21.05
22.75
20.98
24.08
20.53
25.00
21.78
23.00
20.44
21.50
19.47
62
1, 393
857
71
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
1,299
1,104
64
71
MEATS
Total meats (including lard) :
Exports§i
nail, of Ib
Production (inspected slaughter)
do _ _ _
Stocks, cold storage, end of month <8>cf
do
Edible offal®
do
Miscellaneous meats and meat products®
mil. oflb.P*eef 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 ®cf
do
Lamb and mutton:
Production (inspected slaughter)
do
Stocks, cold storage, end of month <g>cf
do
Pork including lard, production (inspected
slaughter)
thous of Ib
Pork, excluding lard:
Exports§t
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 ®d*
do
Lard:
Exports §t
do
Price, wholesale, refined (Chicago).. -dol. per lb_Production (inspected slaughter)
thous. of lb_.
Stocks, cold storage, end of month<?
-do
POULTRY AND EGGS
Poultry:
Price, wholesale, live fowls (Chicago) . . dol. per Ib. Receipts. 5 markets
thous. of lb_Stocks, cold storage, end of month cf- -- - do _.
Eggs:
Dried, production*
do _Price, wholesale, U. S. standards (Chicago)*
dol. per doz_Production t-- -- - - millions
Stocks, cold storage, end of month :cf
Shell
thous. of cases. Frozen
.
thous. of lb_-
64
67
63
50
40
36
29
27
31
42
50
'65
5,043
15, 574
34, 072
28, 532
18, 423
15,263
23,898
8,400
5,983
2,360
1,389
1 479
.371
681, 465
201, 209
.370
679, 933
175, 724
.376
705, 739
144, 538
.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
.479
698,314
193, 316
.419
541, 914
' 178, 541
.436
563,238
157, 853
57, 648
14, 110
60, 737
10, 808
60, 183
9,563
54, 823
9,348
53, 172
8,085
52, 007
7,837
60, 043
6,645
69,891
11, 893
60,790
17, 280
61, 943
20,317
60,107
19, 294
55, 859
' 16, 971
55,049
14, 594
653, 686
697, 129
758, 646
756, 848
753, 173
586, 369
547, 045
693, 312
971, 957 1, 147, 168 1, 003, 276
724, 834
680 771
6,856
7,318
15, 079
4,651
1,955
4,651
2,905
2,412
3,228
2,400
1,756
3 216
.614
.505
484, 593
397, 794
.546
..508
521, 406
394, 421
.554
.531
561, 155
364, 531
.572
.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
.612
.538
.482
.471
745, 581
531, 423
659, 309 ' 700, 114
.561
.523
506, 096
633, 131
39, 110
.338
123, 637
109, 254
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
34, 804
.176
168, 114
162, 565
43, 420
.232
94, 015
125, 579
38, 286
.285
111,619
90,437
33, 522
.302
154,639
73, 377
23,210
.290
204, 084
113, 286
23,143
25, 544
.292
.239
188, 171
141, 384
133, 513 ' 137, 416
.238
127, 736
132, 625
.299
27, 199
242, 485
.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
.216
78, 087
317 112
.240
68, 856
317, 463
.265
.260
.280
28,083
22,385
25, 275
293, 640 ' 262 374 106 075
9, 788
'14,014
'14,163
' 9, 113
1,324
184
226
330
162
552
1,029
1 781
.418
6,171
.425
6,328
.409
6,146
.414
5,202
.434
4,539
.422
3,832
.450
3,383
.464
3,457
.455
3 291
.517
3,746
.441
4,338
.434
4 723
.432
6 093
508
1,742
153, 876
3,452
202. 245
4,203
237, 303
4,268
241, 573
3,807
234, 434
2 804
216, 762
1,818
189, 596
164, 673
r 374
269
122, 438 ' 120, 665
1 134
143, 553
' 11, 248
98, 718
r
r
824
196
138, 192
MISCELLANEOUS FOOD PRODUCTS
43,684
52,005
58, 249
36, 258
55, 919
Candy, sales by manufacturers
thous. of doL42, 059
73, 802
84, 539
61, 994
63,089
76,085
65, 094
67,698
Cocoa or cacao beans:
15, 382
18, 859
13,627
38, 078
20, 376
Imports§ _- _
long tons_12, 645
18, 415
19,598
12 625
31 858
17 513
39 151
.282
.301
!280
.327
.288
Price, wholesale, accra (N. Y.)§
dol. per Ib..
.345
.436
.404
.495
.430
.510
!436
.394
Coffee:
1,341
912
1,184
1,057
756
Clearances from Brazil, total
thous. of bags__
1,452
1,550
1,433
1,412
1,595
1,570
1,220
1,285
545
818
564
225
677
To United States
_
do
1,018
1 173
1 117
903
1 089
1 138
760
742
2,044
1,663
973
1,069
776
Imports§ _. .
..
do
2' 055
1,153
2 157
1 870
1 515
1 818
1 884
Price, wholesale, Santos, No. 4 (New York)
.253
.277
.258
.237
.256
.264
dol. perlb__
.268
.266
.272
.270
.272
.264
.264
1,335
1,132
1,222
1,357
1,000
Visible supply, United States
thous. of bags..
1,056
1,369
1,288
1,144
1,128
1,110
1,183
1,111
Fish:
29, 103
34, 868
30, 725
45, 805
Landings, fresh fish, 4 ports
thous. of lb_.
47, 716
59, 746
' 57, 428 31, 361
18,227
28, 519
53, 707
78, 242
79, 733
Stocks, cold storage, end of month __
do
70,202
90, 158
110,611
132, 930
135, 870
140, 070
142, 102
133, 844
112, 046
90,491
76, 743
Sugar:
Cuban stocks, raw, end of month^
3,642
2,991
3,292
3,887
thous. of Span, tons.. ' 2, 349
2,591
1,121
455
2,238
813
215
1,645
2,911
(Jnited States:
Deliveries and supply (raw value): *
Deliveries, total
_
short tons ' 622, 141 509, 612 522, 621 998, 180 826, 310 800, 184
902 939
740 720
586 012
378 341
343 020 r 3gg 071
572 746
' 595, 486
986, 411
484, 691
778, 978
497, 223
For domestic consumption
do
792, 920
887, 347
730, 790
580, 194
366, 575
337, 591 ' 382, 930
565, 503
9 930
' 26, 656
11, 769
12, 389
47, 332
For export
do
37, 930
7 264
15 592
5 429
11 766
5 818
' 5 141 7940
Production and receipts:
568, 794
605, 349
Entries from off-shore areas
do
655, 186
544, 243
719, 956
605, 075
465, 489
459, 202
384, 783
443, 968
81,968
359, 259
566, 627
22, 114
14, 634
Production, cane and beet
do
34, 590
16, 512
38, 992
86, 749
132 019
534 233
636 444
485 709
144 172
68 262
59 875
Stocks, raw and refined, end of month
*
1,426
thous. of short tons.. ••1,318
1,598
1,148
' 1, 105
1,001
861
911
1,904
1,407
1,808
1,880
1,950
r
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.
cf Cold 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.
<8>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.
t Revised 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
for 1941-42 revisions for feeder shipments of sheep and lambs and p. 24 of June 1947 issue for 1940-45 re visions for egg production.
{Revised to include army civilian supply exports (see note marked "§" on p. S-20).
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
April
March
June
May
July
August
September
October
November
December
January
February
March
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS— Con.
Sugar— Continued
United States— Continued
36,588
Exports refined sugar §cf
short tons
Imports: §
313,
067
Raw sugar total
do
313, 067
From Cuba
do
46,
621
Refined sugar, total
do
46, 618
From Cuba
do
Receipts from Hawaii and Puerto Rico:
107,892
Raw
do
25, 761
Refined
- _-do
Price, refined, granulated, New York:
.096
Retail t
dol. perlb..
.080
Wholesale
do
11,
498
Tea imports §
thous. of Ib
TOBACCO
Leaf:
Exports, incl. scrap and stems §cf ... .thous. of lb._ 49, 018
5,632
Imports incl scrap and stems §
do
Production (crop estimate)
Tnil of Ib
Stocks, dealers and manufacturers, total,
3,553
end of Quarter
do
Domestic:
372
Cigar leaf
do
253
Fire-cured and dark air-cured
do
2,774
Flue-cured and light air-cured
do
Miscellaneous domestic
do
Foreign grown:
38
Cigar leaf
do
113
Cisarette tobacco
do
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
3,243
Tax-free*
.millions. _
26, 336
Tax-paid
do
426,
785
Cigars (large) tax-paid
thousands
Manufactured tobacco and snuff, tax-paid
18, 743
thous. of lb__
2,473
Exports cigarettes §d"
millions
Price, wholesale (list price, composite):
6.509
Cigarettes, f.o.b., destination
dol. perthous..
Production, manufactured tobacco, total
19, 212
thous. of lb__
248
Fine-cut chewing
do
3,592
Plug
do
3,429
Scrap chewing
do
8,310
Smoking
- - do
3,200
Snuff
do
434
Twist
do
12, 278
32, 146
16, 730
29,602
18, 452
8,222
15, 192
8,914
20,151
4,237
5,544
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
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
.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
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, 168
23, 601
7,713
33, 601
5,725
2
3,187
3,334
3,800
370
243
2,413
3
338
216
2,633
3
318
210
3,114
3
36
122
34
110
32
123
.093
.076
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
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
U, 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
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (see p. S-28).
Imports total hides and skins §
thous of Ib
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
Tipper leather
thous. of sq. ft
Production:
Calf and kip
thous. of skins
Cattle hide
thous. 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..
23
38
1,386
3,421
5,410
8,523
28
42
3,076
3,806
8,950
94
29
2,686
946
13, 527
79
142
2,933
1,304
18, 561
82
186
3, 573
2,872
31,447
102
453
3,649
1,203
58, 027
310
850
3,640
2,709
26, 215
98
187
5,835
2,342
.231
.638
.262
.660
.295
.619
.301
.625
.343
.669
.375
.756
.359
.745
.308
.650
.257
.415
10, 781
10, 830
14, 017
11, 991
17, 490
2,715
1,052
1,318
2,013
41
31
22
29
3,299
35
51
3,039
27
30
4,283
.228
.625
.220
.514
.223
.534
358
95
3,906
471
40
3,907
148
169
3,761
3,183
73
29
201
2,722
144
245
2,954
135
129
2,674
244
235
3,285
116
95
2,943
52
53
1,970
43
60
2,086
32
116
2,180
1,066
2,512
2,954
2,943
1,130
2,559
3,038
2,882
1,011
2,472
3,046
2,641
1,049
2,239
3,283
2,472
2,126
3,302
2,426
887
1,069
2,261
2,995
3,095
1,106
2,302
3,374
3,411
1,125
2,630
3,792
3,563
899
2,369
2,893
3,065
937
2,714
3,353
2,987
910
«•r 2, 405
3,
407
r
2, 782
834
2,338
3,188
2,967
.662
.750
.808
.813
.784
.742
653
1.223
1.239
1.304
1.304
1.282
1.192
1,100
59
.678
.627
.593
.593
.602
.637
1.017
1.015
1.007
1.069
1.214
1.218
222
351
LEATHER MANUFACTURES
Gloves and mittens, production, total*
•
2,286
2, .462
6,392
2,089
i> 7, 344
2,261
thous. doz. pairs. _
504
510
1,557
588
581
v 1, 623
Dress and semi-dress, total
do
89
86
89
j>366
Leather
do
87
334
3
3
4
8
p23
26
Leather and fabric combination
do
491
418
412
493
* 1, 235
1,197
Fabric
_
_ do _
1,882
1,674
1,776
1,585
p 5, 721
4,835
Work, total
.do
94
^293
95
103
Leather
_ _
_
_ do.
95
273
*>755
221
206
205
230
633
Leather and fabric combination
do
1,374
1,461
f 4, 673
1,557
1,276
Fabric
do
3,930
' Revised. » Preliminary. 2 December 1 estimate.
$ 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* New series. For source and a description of the series for tax-free withdrawals of cigarettes 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
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-31
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES— Continued
Shoes and slippers:
Exports§
_ _ _
thous. of pairs..
Prices, wholesale, factory:©"
Men'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' and boys'
_ do_ _.
Women's
_ _
do
Misses' and children's
do
Infants' and babies'
_, _ _
_ _ do_ __
Slippers for housewear
do
Athletic
. _ . - do
Other footwear
do
537
631
545
414
429
409
358
505
430
486
398
519
6.00
4.90
40, 429
6.00
4. 80
39, 525
6.00
4.90
36, 404
6.00
4.90
34, 131
6.30
4 90
33, 870
6.50
4 90
38, 982
6.50
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
r
40 731
7.15
5 70
40, 229
37, 766
36, 627
33, 638
31, 343
30, 875
34, 735
36, 035
40,098
32, 561
35, 794
r
37 899
37, 256
35, 690
2,077
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
35, 130
2 126
9,121
1,520
18, 991
5,011
3,123
2,146
357
160
9,218
1,449
18, 237
4,819
2,964
2,364
380
154
9,078
1,373
16, 279
4,S89
2,519
2,257
3(15
144
8,297
1,495
15, 069
4,041
2,441
2,272
301
215
8,053
1,521
14, 768
3,685
2,548
2,512
308
175
8 449
1,607
17, 548
4,271
2,860
3 676
363
208
8 812
1,587
18, 053
4 511
3,072
4 186
395
210
10 350
1,815
19, 242
5, 277
3,414
5 936
492
239
8 192
1 526
15, 328
4 541
2 974
4 894
351
176
9 306
1 556
16, 693
5 004
3, 235
3 539
349
167
r 9 264
1,397
»-18 483
r 5 350
'3 405
r 2 349
r
304
179
9 091
1 223
18,283
5 274
3 385
2 495
298
180
7.15
5.70
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 :f
Production, total
mil. bd. ft
Hardwoods
_ _ _
_ do_ _.
Softwoods
do
Shipments, total
do _ _
Hardwoods
do
Softwoods
_ do. __
Stocks, gross, end of month, total
do
Hardwoods.
_ _ _ _ do_ __
Softwoods do
114, 449
27, 255
75, 676
133, 390
88, 345
16, 610
63, 091
93, 070
162, 633
34, 237
101, 014
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, 508
11, 989
37, 974
142, 761
2,965
667
2,298
2,804
576
2,228
5,077
1,904
3,173
3,094
681
2,413
2,955
608
2,347
5,217
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
5, 743
2, 085
3,658
3,284
746
2,538
2,897
660
2, 237
5,961
2,171
3,790
3,279
796
2,483
3,269
776
2,493
6,048
2,191
3,857
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
3,599
«• 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
5,825
8,375
4,050
4,400
1,625
5,825
9,500
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
6,500
13, 325
5,550
5,575
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
43, 443
39, 970
42, 944
42, 260
6,032
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
59, 663
58, 439
55, 629
53, 579
9,370
57, 678
58, 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
61, 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, 98855, 320
64, 991
62, 797
15, 626
65, 073
21, 356
43, 717
38, 948
9,364
29, 584
82, 594
28, 014
54, 580
61, 332
16, 583
44, 749
67, 128
17,190
49, 938
74, 432
19, 727
54, 705
74, 521
14, 578
59, 943
54, 651
13, 149
41, 502
68, 225
20, 776
47, 449
45,946
13, 398
32,548
48, 875
14,015
34, 860
32, 893
10, 403
22, 490
60.885
62.865
62. 865
62. 865
62. 865
64. 845
67. 815
67. 815
67. 815
70.587
67. 815
64. 350
64.350
92. 565
95. 040
95. 040
95. 040
101. 970
104. 940
111. 870
111. 870
111. 870
116.820
110. 880
104. 940
104. 940
19, 041
4,441
14, 600
832
553
17, 511
4,341
13, 170
849
544
25, 081
3, 623
21,458
793
449
22, 591
3,444
19, 147
834
494
21,883
1, 952
19, 931
962
570
16, 534
2,214
14, 320
981
641
8,920
1,472
7,448
857
626
12, 753
1,656
11, 097
860
573
8,715
1,435
7,280
693
545
7,738
783
6,955
690
501
6,527
1,402
5,125
797
574
7, 585
1,392
6,193
579
522
775
508
77. 274
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of month.
Production
Shipments
Stocks, end of month
_
Oak:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month.
M bd. ft
_ _ do
do
_ _ do
do
_ _ _
_ _ do
.do
do
do
do
SOFTWOODS
Douglas fir:
Exports, total sawmill products§_
M bd. f t _ _
Sawed timber§
_
_ _ _
do
Boards, planks, scantlings, etc.§
do
Prices, wholesale:
Dimension, No. 1, common, 2" x 4" x 16'
dol. per M b d . f t _ _
Flooring, B and better, F. G., I" x 4", R.
L_ _ _ _
dol per M bd ft
Southern pine:
Exports, total sawmill products..
M bd. ft_.
Sawed timber§
___
._
do
*
Boards, planks, scantlings, etc. §
do
Orders, newt
mil. bd. ft_.
Orders, unfilled, end of monthf-do
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'!
dol. per M bd.ft..
Flooring, B and better, F. G., 1" x 4" x 12-14'!
dol. per M bd.ft..
Production!
_
_
.mil. bd. ft_
Shipments!.
_
do
Stocks, end of month!
do
Western pine:
Orders, newf.
_._
do__
Orders, unfilled, end of month!
do
Price, wholesale, Ponderosa, boards, No. 3 common, 1" x 8"__
dol. per M bd ft
Production!--.
mil. bd. ft
Shipments!
-do
Stocks, end of monthf
do
West coast woods:
Orders, newf
- do
Orders, unfilled, end of month
do
Production!-.
do.
Shipments! _
_ _ _ _ _ _
do
Stocks, end of month!
_ do
71. 460
67. 790
65. 694
62. 656
63. 462
67. 978
71. 127
73.311
74. 521
78. 316
78. 594
77. 728
124. 441
895
830
1,345
133.862
911
858
1,398
133. 250
954
888
1,464
132.148
833
789
1,508
130.910
878
886
1,500
134. 279
861
910
1,451
138. 150
799
872
1,378
141. 139
876
913
1,341
146. 731
676
721
1,296
149. 273
755
734
1,317
150. 326
708
724
1,301
150. 326
581
631
1,251
647
370
561
378
543
273
573
415
599
490
650
544
618
568
594
595
534
604
587
526
519
561
441
576
553
648
50.99
437
472
841
52.71
555
557
839
54.69
679
685
933
54.36
671
569
1,035
55.23
711
614
1,132
56.23
718
645
1,205
59.01
680
621
1,264
61.23
676
629
1,311
63.22
514
561
1,264
61.68
517
567
1,217
63.55
401
484
1,134
64. 45
384
426
1,094
66.16
467
481
1,080
815
863
676
649
492
579
805
638
643
488
606
728
672
675
485
531
689
622
571
534
605
852
635
455
545
632
845
593
632
583
730
804
689
765
6P9
694
801
678
695
579
708
721
709
795
501
572
659
575
626
442
687
695
670
649
4fi9
622
675
630
618
680
616
715
711
477
0)
827
789
1,289
4«9
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."
!Kevised series. See note marked "T' 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
TeXlse,n^° adiu^ t M6 mon.thly 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.
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
May
April
June
July
August
September
October
November
December
January
February
March
LUMBER AND MANUFACTURES—Continued
SOFTWOOD PLYWOOD
Production*
thous. of sq. ft., W equivalent
Shipments*
do
Stocks, end of month*. _
do
139, 779
140, 457
32, 146
148, 027
143, 295
35, 591
142, 070
141, 491
35, 618
139, 623
142, 975
31, 481
107, 574
102,457
35, 937
139, 369
136, 471
37,600
146, 985
146, 701
38, 086
170, 325
161, 648
44, 279
144, 637
148, 494
40, 340
150, 538 ••159,395
158, 842 ••153,017
31, 479 r 37, 755
r
r
1,56, 666
155, 878
39, 323
r
185, 716
184, 443
39, 879
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
637, 754
9,082
17, 439
3,058
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
635, 570
26, 702
18, 934
3,789
557, 417
14, 701
'21,323
5,149
508, 598
21, 784
15, 245
4,219
5,136
2,689
2,447
3,366
1,109
2,257
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
2,846
1,425
9,825
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
6,979
0
17, 411
14, 755
2,656
229
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
32
66
46
38
56
48
45
42
44
25
83
50
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
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
4,804
4,982
4,842
4,507
4,850
4,745
5,254
4,912
5,057
5,167
4, 762
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
37.2]
36.50
4,917
36.00
37.21
36.50
4,801
36.00
37. ?8
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
741
748
769
887
831
828
769
759
838
794
798
Iron and Steel Scrap
Consumption, total*
thous. of short tonsHome 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..
6,634
0
16. 022
13, 761
2,262
Pig Iron and Iron Manufactures
Castings, gray iron:*
1,090
Shipments total
thous. of'short tons
634
For sale
do
2,979
Unfilled orders for sale
. __do
Castings, malleable iron:d*
Orders, new, for sale
_
short tons. . 50, 194
280, 724
Orders, unfilled, for sale
• do
76, 602
Shipments, total
.do
43,488
For sale.
do
Pig iron:
5,015
Consumption*
thous. of short tons
Prices, wholesale:
33.00
Basic (furnace)
. _.
dol. per long ton
33.55
Composite
do
33.50
Foundry, No. 2, f. o. b. Neville Island*. _do
5,123
Production* ._
thous. of short tons
Stocks (consumers and suppliers'), end of month*
777
thous. of short tons.-
39.00
40.63
39.50
5,020
Steel, Crude and Semimanufactures
Steel cas tings :f
148, 358
148, 124
141, 068
Stiipmp.nts, total
sh^rt tons
137, 457
130, 125
134, 909
144, 175
139, 031
116,956
140, 874
120, 405
162, 891
142, 434
111, 288
97, 143
110, 970
108, 282
99,701
85, 014
88, 719
102,913
106, 127
103, 779
103, 888
For sale, total. .
do
107,,762
125, 550
22,584
30, 452
25, 835
34, 919
32, 967
27, 125
29, 185
28, 850
21, 280
35,129
Railway special ties. _
__do
31, 879
41, 876
34,800
Steel forgings, for sale:*
585, 818
630, 925
626, 227
593, 660
717, 428
698, 615 662, 579
633, 467
617, 247
593, 838
618, 155
Orders, unfilled, total
do
641, 110 »
630, 860
529, 817
526, 392
492, 808
495, 947
586, 992
570, 130
544, 058
518, 261
517, 307
519, 760
494, 933
525, 543
Drop and upset
do
523, 319
101, 108
99,835
93, 010
97, 713
130, 436
128, 485
118, 521
113, 707
98, 986
98,905
100, 848
Press and open hammer
do
115, 567
107, 541
115,456
121, 475
92, 352
115, 743
110, 446
98,009
108, 804
103, 740
116, 798
123, 830
118, 534
Shipments, total
_
do
131,111
116, 676
85, 729
83, 743
90, 076
70,316
69,639
91, 228
76, 839
86, 911
80, 761
79,219
89, 677
95,008
Drop and upset
.
__
do
86, 592
31, 713
31, 399
30, 014
29,685
26, 901
22,036
29,585
32, 602
29, 887
Press and open hammer ...
do. _.
28,370
28,857
30,084
36, 103
Steel ingots and steel for castings:
7,043
7,307
7,329
7,233
6,969
6,570
6,982
6,789
7,366
Production
thous. of short tons..
7,560
7,473
'7,608
6,940
94
94
95
85
98
96
93
90
95
Percent of capacity J
91
94
95
93
Prices, wholesale:
.0329
.0329
.0329
Composite, finished steel
dol. per lb_.
.0329
.0329
.0360
.0360
.0360
.0360
.0360
.0376
.0368
.0373
Steel billets, rerolling (Pittsburgh)
42.00
dol. per long ton..
42.00
42.00
42.00
42.60
45.00
45.00
45.00
45.00
45.00
i 50. 40
47.70
45.00
.0250
Structural steel (Pittsburgh)
dol. per lb__
.0250
.0250
.0250
.0256
.0280
.0280
.0280
.0280
.0280
.0305
.0280
.0280
36.69
33.05
29.25
Steel scrap (Chicago)
dol. per long ton..
36.95
40.50
30.88
39.88
38.75
39.13
38.90
39.56
38.95
39.13
T
l
Revised.
Data beginning March 194 3 are for a slightly dilferent seri ^s; figures or January7 and Febi uary: $0.05580 and $0. 0293.
cTSince May 1944 the coverage of the malleable i ron castings industry has been v irtually co mplete; set5 note in th e Februar:7 1947 Sunrey for furt her inform ation.
§Data continue series shown in the 1942 Supplenlent but SLispended d uring the Trar period (it should be noted tllat data foi• iron and steel are sh own in Ion g tons in t hat volumej); data for
October 1941-September 1946 for total imports of iro n and steel products {md for Oc ober 1941- February 1 945 for oth er series w 11 be pubh shed later. The 1945r-46 data fo r imports c>f iron and
steel products shown in the November 1947 Survey and earlier ssues errorleously inc ude ores a nd alloying; metals ot ler than ferroalloys.
JFor 1948, percent of capacity is calculated on an nual capac ity as of Jjin. 1, 1948, of 94,233,4(>0 tons of s teel; 1947 data are bas ed on capa city as of JFan. 1, 1947, 91,241,OOC tons,
*New series. For data beginning September 1941 for softwood plywood see p. 1 3 of the Se]atember 1944 Survey. For desc ription of t he series 01a scrap iroii and steel and 1939-4 0 data, see
note marked "*" on p. S-29 of the November 1942 Surpey. Theseries for iron ore, all di stricts, are from the L>epartmen1t of the Int erior, Burc au of Min BS, and cov er the entire industryT, monthly
data beginning 1943 and earlier annual totals will beshown late r. Data fc r 1943-45 f(>r gray irori castings a re shown cm p. 24 of 1,he Januar y 1947 Sur7ey. For i)ig iron corisumption and stocks
for 1939-40 and a description of the series, see note marked "*" on p. S-29 of the Nov ember 194 2 Survey. The series on pig iroii producticm is appro ximately c Dmparable with data in the 1942
Supplement (data in that volume are in short tons inistead of lo tig tons as ndicated); see p. S-3() of the Maly 1943 Sur vey for fur ther infornaation and data for K141-42. Th e pig iron price series
replaces the Pittsburgh price shown in the Survey pn or to the A pril!943is sue. Forl (U5 data for steel forghags see not*B on p. S-32 of the M arch 1947 Survey; dat a for total shipments including
shipments for own use, and steel consumed have bee n discontirtued.
tRevised series. Data for steel castings are estirrtated indus try totals; see note ori p. S-32 of the July 1946 Survej for compa rable figures beginniiig January 1945.
SURVEY OF CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-33
1948
1947
March
April
May
June
July
Au
^ust 1 temb'er
October
November
December
January
February
March
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Steel, Manufactured Products
Barrels and drums, steel, heavy types:®
14,976
Orders, unfilled, end of month
thousands..
2,291
Production
do
2,292
Shipments
do
25
Stocks end of month
do
Boilers, steel, new orders: t
' 1, 410
Area
thous. of sq. ft
' 1, 347
Quantity
_ number..
Cans, metal (in terms of steel consumed):*
Shipments (for sale and own use), total
short tons.. 179, 924
125, 683
Food
do
54, 241
Nonfood
do
142, 661
Shipments for sale
do
1,174
Commercial closures, production*
millions..
26, 265
Crowns, production*
thousand gross. _
Steel products, net shipments:©
5,304
Total
.thous. of short tons. .
558
Merchant bars
do
502
Pipe and tubes
-do
527
Plates
do
181
Bails
__do
1,275
Sheets
do
132
Strip— Cold rolled
do
144
Hot rolled
do
390
Structural shapes, heavy
_
do
293
Tin plate and terneplate
do
396
Wire and wire products
_ -._do
14, 542
2,455
2,455
25
14,370
2,303
2,306
21
13,612
2,244
2,242
23
13,255
2,188
2,185
26
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
1,366
1,335
1,428
1,212
1,904
1,345
1,620
1,563
1,434
1,452
1,245
1,417
1,167
1,331
1,202
1,176
1,388
1,276
204, 678
139, 536
65, 142
160, 107
1,083
27, 219
207, 208
145, 830
61,378
165,085
984
25, 058
232, 612
168, 249
64, 363
193, 275
845
24, 261
309, 659
235, 856
73, 803
275, 571
781
27, 377
387, 817
315, 028
72, 789
344, 269
890
27, 229
354, 726
278, 488
76, 238
310, 982
949
30,019
279, 506
193, 731
85,075
240, 728
1,064
32, 869
213, 973
137, 225
76, 748
182, 411
858
30, 872
253, 684
170, 098
83, 586
222, 887
'829
28, 430
5,446
549
518
555
206
1,274
141
151
392
318
425
5,442
561
535
579
204
1,274
142
150
382
305
425
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
5,217
494
534
513
209
1,264
126
137
353
328
400
5,613
521
558
591
211
1,352
134
149
380
370
405
12, 191
2,236
2,239
18
' 1, 109
' 1, 103
11, 889
2,100
2,098
20
11, 528
2,531
2,516
34
1, 532
1,219
1,690
1,287
216, 530 ' 202, 537 207, 482
134, 203
125, 782
134, 671
' 76, 755 73, 279
•• 81, 859
' 181, 414 ' 169, 987 169, 075
1,012
868
'818
r
28, 002
32, 454
29, 459
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
NONFERROUS METALS AND PRODUCTS
Aluminum:
164, 098
189, 615
129, 133
153, 706
118, 658
134, 148
173,706
209, 470
133,995
181,999
163, 480
Imports bauxite §
- long tons.. 157, 337
Price, wholesale, scrap castings (N. Y.)
.0725
.0725
.0444
.0667
.0719
.0625
.0600
.0725
.0711
.0670
.0625
.0617
.0440
dol. per lb__
Aluminum fabricated products, shipments, total*
144.1
158.6
132.2
124.8
121.7
152.3
187.1
167.8
173.9
>•
177.
5
175.6
155.1
mil of Ib
37.4
42.3
30.4
30.2
41.7
35.9
33.0
37.5
40.5
34.7
41.8
38.0
'37.9
Castings*
do
116.5
106.8
133.2
91.9
' 136. 0
119.3
101.8
91.4
110.7
139.6
146.9
159.1
138. 1
Wrought products total*
do
72.1
70.5
83.4
82.5
81.7
105.7
120.4
108.0
98.1
91.1
126. 7
109.7
110.3
Plate, sheet and strip*
. do
.293
.289
.302
.302
.300
.296
.296
.296
.296
.296
.296
.296
Brass sheets, wholesale price, mill
dol. per lb_. • .289
Copper:
14,
021
13,
467
17,
254
11,
721
21,
606
14,
569
19,
295
22,
497
18,297
17,
819
19,837
18,
337
Exports refined and manufactures! short tons
52, 527
26, 291
44, 185
40. 138
23, 203
44, 045
36, 902
37, 524
46, 638
30, 435
54, 513
41, 596
Imports total§
do
6,944
4,115
3,233
7,989
4,864
2,492
5,286
3,519
2,825
0
1,251
3,338
For smelting refining and export§
do
36, 905
19, 347
41, 693
15, 214
38, 759
34, 005
48, 412
32, 038
43, 813
30, 435
53 262
38, 258
For domestic consumption total§
do
25,
099
12,158
9,754
21,
694
24,
679
32,
993
18,
515
22,
346
18,
796
13,
041
29,
612
26,
620
Tin refined including scrap §
do
7,189
15, 419
11,806
5,460
10, 344
17, 014
20, 244
15, 209
21, 467
17, 394
23, 650
11, 638
Refined§
^
.2211
.2091
.2123
.2135
.2120
.2120
.2123
.2121
.2123
.2123
.2120
.2120
.2120
Price, wholesale, electrolytic (N. Y.)-_dol. per lb._
Production:^
Mine or smelter (including custom intake)
91, 275
84, 445
83, 301
82, 334
76, 815
72, 534
89, 093
83, 922
79, 152
82, 427 ' 82, 959 83, 574
80, 954
short tons..
95, 964
108, 536
88, 122
103, 474
104, 596
108, 277
97, 525
92, 146
94, 610
93, 588
110, 886
102, 314
108, 816
Refinery
. - _ _ do
118, 120
123, 382
116,678
117,557
122, 988
106, 232
96, 374
106, 823
112,310
95, 640
109, 822
118, 855
113, 446
Deliveries, refined, domesticc?
do
82,
542
84,560
86,
496
83,
736
66,
622
77,
212
68, 582
70,
146
74,
507
80,
113
77,
773
71,
533
76,
035
Stocks, refined end of month cT
do
Lead:
18, 113
21, 099
23,058
18, 585
18, 898
14, 132
27, 416
13, 030
15, 784
26, 718
14, 261
23, 706
Imports total except mfrs (lead content) § do
Ore (lead content):
32, 452
32, 772
32, 979
32, 134
30, 597
29,106
32, 512
30, 618
30, 647
32, 029
30, 567 '33,230
M!ine production*
do
34, 269
37,581
36, 328
32, 271
31, 877
33,688
32, 414
34, 185
31, 600
32, 019
34, 797
32, 081
33, 780
Receipts by smelters, domestic ore:cf do__
Refined:
Price, wholesale, pig, desilverized (New York)
.1496
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1500
dol. perlb..
53, 822
51, 239
51,481
45, 235
53, 424
46, 409
46, 012
46, 827
43, 598
50, 093
50, 821
49, 337
50,248
Pro^uction, totald*
short tons..
41, 505
49, 984
48,995
46, 699
47, 903
43, 725
42, 536
46, 579
40, 400
47, 421
43, 545
45, 538
46, 919
Primaryt
do
55, 034
54, 627
50, 482
51, 989
50, 568
46, 646
52, 287
47, 200
51, 958
43, 483
52, 354
56, 247
Shipmentsd"
.
do_ _ 52, 465
37, 836
47, 233
44, 834
41, 990
24, 809
34, 385
31,048
31, 290
14, 837
17, 034
21. 787
20, 645
28,370
Stocks, end of month cT
do
Tin:
Imports:!
694
1,409
3,937
0
1,745
1,439
2,596
8,350
2,201
2,989
3, 668
2,566
Ore (tin content)
long tons
443
54
33
60
3,429
2,105
2,443
3,406
4,653
4, 855
6,470
1,538
Bars, blocks pigs, etc
do
,.8000
.8000
.8000
.7000
.9400
.8000
.8000
.8000
.8000
.9400
.9400
.8000
.8539
Price, wholesale, straits (N. Y.)
dol. per lb_.
Zinc:
31, 601
27, 216
19, 911
41, 030
33, 853
33, 645
19, 140
22, 061
29, 364
33, 415 ' 12, 660 22, 617
Imports, total (zinc content) !
short tons
5,842
11, 534
6,367
10,083
562
9,025
'121
5,659
8,430
For smelting, refining, and export!
do
10, 392
1,510
6,240
For domestic consumption:!
18, 847
15, 228
13, 940
6,981
26, 406
27,295
17, 842
14, 953
7,958
9,160
12, 939
10, 580
Ore (zinc content)
- __do
4,839
6,909
4,923
7,088
6,599
3,092
4,321
5,788
4,581
5, 598
5, 797
10, 084
Blocks, pigs, etc
__do
57,902
57, 328
55, 295
60, 879
48, 332
46,526
50,296
46,817
47, 700
Mine production of recoverable zinc* . do
' 48 509 47, 841
47,790
Slab zinc:
Price, wholesale, prime Western (St. Louis)
.1050
.1050
.1050
.1050
.1050
.1050
dol. per lb._
.1050
. 1050
.1200
.1200
.1108
.1050
.1050
73, 891
70, 990
69, 128
73, 970
75, 376
66, 852
73,209
71, 505
71, 745
69, 682
66, 784
67, 867
70, 996
Production d"
short tons..
63, 527
70, 803
72, 243
59, 737
75, 788
129, 046
72, 151
79, 789
92, 549
89, 314
84 431 ' 73 608 76, 241
Sbipmentsc?
do
52, 390
58, 827
61, 715
67, 325
44, 801
57, 564
64, 241
61,258
59, 154
52, 122
64, 605
Domesticcf
do. _
62, 503
50,558
174, 327
162, 049
166, 884
163, 697
183, 718
79, 273
161, 256
Stocks, end of montho*
do
55, 085 ' ' 48, 261 45,229
69, 166
136, 574
68, Oil
T
l
Revised. <8> Beginning 1943, data have covered the entire industry. See note marked "cf".
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.
cf Beginning January 1947 data for 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
1,1947, 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; 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 CUREENT BUSINESS
S-34
Unless otherwise stated, statistics through
1941 and descriptive notes may he found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, EXCEPT ELECTRIC
Boilers, radiators and convectors, cast iron:§
Boilers (round and square) :
29, 452
28, 849
Production
thous. of lb__
25, 326
26, 073
Shipments _
_ _ _ _ _ _ do .
41, 461
44, 984
Stocks, end of month
do
Radiation:
4,862
4,820
Production
thous. of sq. ft__
4,441
4,597
Shipments
do
2,675
2,899
Stocks
_ _
do
67,
140
66,
597
Boilers range,
shipments*
number
0
Oil burners:
11, 795 —10,338
Orders new, net
do
1, 077, 832
968, 114
Orders, unfilled, end of month. _ _ „ _ _ do
96, 694
99, 380
Shipments
do
14, 745
13, 337
Stocks, end of month
_
do
Stoves and ranges, domestic cooking, exc. electric:*
305,
406
313,
694
Production, total _
number
46, 175
49, 288
Coal and wood
_
do
203,
631
210,
406
Gas (incl. bungalow and combination) _ _ _ d o
55, 600
54, 000
Kerosene, gasoline, and fuel oil
do
388
957
416
216
Stoves domestic heating production total* do
97, 264
95, 063
Coal and wood*
do
159,
496
175,
282
Gas*
_ _
do
132, 197
145, 871
Kerosene gasoline, and fuel oil*
do
Warm-air furnaces (forced air and gravity air flow),
60, 196
55,297
shipments, total*
number
14, 562
14, 209
Gas*
do
22, 683
22, 050
Oil*
do
22,
951
19, 038
Solid fuel*
do
282, 408
244, 626
Water heaters, nonelectric, shipments*
do
' 33, 328
37, 194
41 740
29, 381
31, 372
39, 749
28, 583
28,583
39, 749
'29,043
«- 22, 018
* 46, 774
29,483
18, 660
57, 443
27, 130
13, 823
70, 750
5,863
5 980
2,558
56 372
5,217
5,247
2,528
46, Oil
5,201
5,388
2,341
42,884
'
5, 376
r
5, 181
' 2, 536
51, 722
5,138
5,010
2,664
52, 592
5,724
5,316
3,072
3,127 »• i 57, 449
249, 237 'r 149, 929
41, 859
58, 128
36,418 ' 50, 070
9,889
134, 901
24, 917
59, 877
8,407
124, 190
18, 848
68, 690
29, 528
23,185
51, 327
25, 838
26, 342
50, 824
20,506
21, 045
50, 285
25, 175
28, 469
46, 991
29,080
30, 464
45, 607
4,984
4,746
3,137
64,415
4,472
4,698
2,909
55, 220
4,302
4,032
3,179
48, 464
4,073
4,540
2,712
52, 967
4,749
4,786
2,675
51 986
5,959
874, 902
99, 171
15, 392
34, 963
804, 608
105, 257
18, 924
1,650
703, 704
102, 554
22, 657
85 573
666, 633
122 644
20, 335
37, 582
576, 254
127, 961
20, 462
288, 178
44, 814
193, 684
49, 680
412 517
92, 349
157, 716
162, 452
287, 697
39, 373
202, 954
45, 370
446 533
90, 728
175, 940
179, 866
256, 785
36, 126
179, 647
41,012
477 651
103, 459
186, 412
187, 780
259, 863
36, 945
186, 231
36,687
559 473
109 048
216, 767
233 658
290, 760
35, 631
213, 436
41, 693
691 341
142, 698
254, 517
294, 126
331, 756
34,603
256, 241
40, 912
785 087
169 468
293, 879
321, 740
285, 127
31, 323
215, 849
37, 955
619 948
124 375
264, 904
230 669
283, 682
30, 635
210, 620
42, 427
583 737
93 618
274, 762
215 357
54,864
9,876
24, 631
20, 357
210, 487
54, 985
9,669
25, 128
20, 188
192, 372
56, 498
9,569
21, 757
25, 172
197, 485
80 891
13, 563
32 480
34, 848
217 966
90, 210
15, 214
34, 286
40, 710
210 350
108 419
19,632
36 739
52, 048
229, 169
72 629
13, 522
27 791
31 316
185 924
67 567 r 46, 590
15, 306 «• 10, 822
28 324 r 16, 354
24, 012 •• 19, 414
174 704 r 17^ 736
r
r
l
— 4 421 1—58, 225
304, 238
443, 385
80 922
128, 448
25, 513
20, 493
»• r313, 959 T 308, 544
31, 999
34, 690
r 227, 602 ' 212, 024
54, 358
61, 830
r 413 637
351 333
r
55, 492
53, 734
r 188, 248
156, 762
169, 897
140, 837
352, 948
39, 580
245, 432
67, 936
36 354
9,313
7 650
19, 391
159 134
MACHINERY AND APPARATUS
Blowers, fans and unit heaters:
Blowers and fans, new orders.
thous. of dol
Unit heater group, new orders
do
Foundry equipment:
New orders, net, total
.1937-39=100
New equipment
do
Repairs
_
_ _
do
Machine tools, shipments*
thous. of dol
Mechanical stokers, sales:*
Classes 1, 2, and 3 .
...-_..-... number__
Classes 4 and 5:
Number
_ _ ......
Horsepower _
Pumps and water systems, domestic, shipments:*
Domestic hand and windmill pumps. _.number__
Water systems, including pumps, total
do
Jet*
do
Nonjet*
.
do
Pumps, steam, power, centrifugal and rotary, new
orders!
thous. of dol__
Scales and balances (except laboratory) , shipments,
quarterly*
_
_
thous. of dol
Sewing machines, heads, production:*
Industrial
__._ _ _ _ _
... number
14,953
7,216
10,234
6,059
8,452
7,912
10, 985
9 677
573.8
532.3
709.5
29,012
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
3,598
4,061
5,281
5,851
7,092
9,041
9,838
8,194
3,728
2,492
280
174
170
57, 563
52, 981
63, 168
398
345
273
66, 661
270
81, 269
97, 752
208
230
168
80,640
52, 523
51 603
50 946
64 870
68, 150
78, 197
36, 261
62, 586
32, 773
29,813
36, 578
70, 792
35, 671
35, 121
38, 745
61, 045
29, 173
31, 872
36, 946
54, 300
21, 564
32, 736
23, 561
66, 183
26,015
30,168
21, 101
61, 659
28, 150
33 409
26, 618
63, 181
28, 580
34, 601
36, 213
73, 688
32 005
41 683
30,292
56, 936
25 130
31 806
40, 363
60, 737
27 789
32 948
43,490
61, 005
27 326
33 679
34, 524
58, 192
26 466
r 31 726
27, 676
62, 033
29,829
32,204
3,464
3,638
2,973
2,999
3,148
3,843
3,355
3,475
2,673
3,480
3,819
3,635
4,703
10, 089
11, 687
11, 938
14, 002
11,835
380
11,638
r
2,685
4, 316
191
r
5,090
249
13 126
11, 575
ELECTRICAL EQUIPMENT
Battery shipments (automotive replacement only),
r O OKA
1,868
1,798
1,873
1 737
number*
thousands
1,433
1 683
2 073
2 415
r 2 394
2 854
2 683
2 597
Domestic electrical appliances, shipments:
Vacuum cleaners, total*..
number.. 327, 528 341, 360 330, 675 343, 229 293, 466 296, 570 347, 601
321, 515
Floor
do
329, 986
318,094
330, 426
373 254
280, 585
279, 237
328, 630
359 040
304 273
311 342
350 341
13, 243
6,013
12, 581
10, 934
Hand
_
do
12,880
17. 333
18, 971
313, 724
314, 705
290, 397
320, 969
Washers*
_ _
do
281, 826
354, 094
279, 229
398 298
397 113
365 579
358 445
351 152
360 099
Electrical products:f
405
405
Insulating materials, sales billed
1936=100..
352
361
324
381
320
350
345
353
Motors and generators, new orders
do.
394
459
308
392
Furnaces, electric, industrial, sales:
6,514
8,854
3,586
Unit _
_.
kilowatts
3,341
5 298
4 465
4 464
6 378
3 344
4 083
7 908
26 435
551
1,079
389
308
Value
thous of dol
432
354
565
677
350
1 831
550
275
4,859
4,092
4,687
Laminated fiber products, shipments
do
4,002
4,150
3,619
3,812
4,162
. 4, 693
4,150
4,221
4,205
4,397
Motors (1-200 h. p.) :c?
29, 589
Polyphase induction, billings
do
32, 668
32 451
30, 280
38, 332
Polyphase induction, new orders
do
31, 849
22, 328
29,534
4,359
Direct current, billings
do
4,821
4,935
5 834
5,318
Direct current, new orders
do
5,155
4,118
5,790
Rigid steel conduit and fittings, shipments!
22,141
20,088
21,110
22, 218
20, 821
short tons..
19, 745
23, 638
25, 319
22, 336
23,664
20, 882
22, 730
23, 194
Vulcanized fiber:
5,086
Consumption of fiber paper...
thous. of lb__
4,598
4,824
4,582
5,124
4,771
5,107
4,820
4,852
5,065
4,532
5,442
5,200
1,758
Shipments
thous. of doL.
1,791
1,757
1,625
1,425
1,659
1,486
1,599
1,457
1,731
1,540
1,461
1,742
r
1
Revised. Cancellations exceeded new orders.
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. 8-33 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
latter part of 1946.
^Beginning 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.
*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 ol
February 1947 Survey and for data beginning August 1942 for automotive replacement battery shipments, see p. S-31 of November 1943 Survey.
tRevised 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 represent quarterly totals. Data on rigid steel conduit and fittings were revised in the July 1946 Survey (see note in that issue).
NOTE FOR COTTON SPINDLE ACTIVITY, p. S- 39.—Data for operations as a percent of capacity were revised in the April 1948 Survey to take into account spindle hours of cotton system spindles
consuming fibers other than cotton; comparable data for August 1945 through January 1947: 103.7, 116.3, 109.9, 109.4, 106.4, 116.0, 118.8, 119.9,115.6,116.7,121.8, 100.6,118.8, 121.0, 121.8,126.4,
113.7, 129.6. Data for active spindles and spindle hours relate only to spindle consuming 100 percent cotton and percent of operations as shown through the March 1948 Survey is based on
spindle hours of the cotton consuming spindles only.
SURVEY OF CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-35
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulp wood:*
1,702
1,714
1,734
Consumption
thous. of cords (128 cu. ft.)__
1,647
1,634
1,675
1,589
1,744
1,605
1,559
1,589
1,679
1,774
r
1,819
1,430
1,465
1,683
1,958
1,813
1,646
Receipts
do
1,826
1,613
1,901
1,904
1,908
1,480
r
4,255
4,646
4,035
Stocks end of month
_.
do_ _4, 698
3,767
3,816
4,437
4, 567
4,161
4,803
4,736
4,795
4,566
Waste paper:*
Consumption
short tons_- 684, 637 668, 727 693, 879 648, 768 607, 061 650, 690 638, 318 684, 375 635, 597 625, 971 674, 747 rr618,324 702, 453
629, 114
656, 684
614,143 595, 355 715, 800
615, 155
Receipts
- - do_ -- 667, 975 711, 509 697, 152
643, 222
735, 250
638, 505
633, 122
435, 411 475, 915 473, 917 481, 911 482, 392 462, 248 467, 651 512, 880 514, 039 521, 019 458, 366 r 429, 676 440, 977
Stocks
do
WOOD PULP
13, 358
14, 161
7,951
11, 807
11,928
13, 140
7,244
Exports all grades, total§
do
11, 109
11, 603
16,090
10, 334
8,278
141, 995
215, 851
175, 067
148, 921
227, 246
187, 293
Imports all grades total§
do
188, 053
225,807 275, 187 186, 631 195, 884
210, 216
14, 132
28, 527
13, 402
19, 988
19, 886
20, 898
Bleached sulphate!
do
17, 008
20, 133
23, 009
24,835
22, 302
21,301
75, 965
17, 872
28, 669
45, 033
21, 673
53,044
38, 625
Unbleached sulphate§ _
do
46,816
48, 938
42, 907
37, 060
36, 470
39, 610
53, 098
42, 375
45, 672
Bleached sulphite §
_
- do_ _
43, 417
40, 330
48, 678
36, 541
44, 037
53, 458
40, 544
49, 427
84, 872
48, 190
44,022
59, 488
89, 065
75, 229
89, 143
64, 078
Unbleached sulphite§
do
54, 996
53, 939
66, 043
56, 602
1,804
1,597
1,884
1,621
1,592
1,692
1,719
1,959
1,864
2,075
2,293
Soda§
do
1,929
30, 921
20, 594
27,004
24,786
25,000
25, 267
Ground wood §
- .~
.-do
26,993
17, 455
24,711
27,373
25, 123
19, 548
Production :f
1,013
Total all grades
_ .thous. of short tons. _
985
1,040
935
1,026
1,054
995
975
••961
1,022
970
1,080
1,092
92,484
98, 415
92, 058
Bleached sulphate
short tons.. ' 89, 866 87, 175
90, 141
91, 569 r 102, 641
92, 335
95,088 105, 190
93, 744
103, 347
' 354, 228 337, 047
366, 873
354, 853
331, 275
365, 355
Unbleached sulphate
do
333,030 374, 438 356, 488 332, 597 r 373, 277 321, 089 390, 188
164, 791
162, 270
160, 223
161, 922
164, 244
157, 233
Bleached sulphite
do
152,426 142, 436
155, 379
172, 429
154, 960
163, 508
168, 923
r 74, 267
74,131
79, 133
64, 268
76, 291
Unbleached sulphite
__
do
73, 518
78, 176
82, 206
76,586
84,025
74, 753
77, 186
80, 272
41, 655
42,092
43, 324
41, 668
38, 345
41,696
40, 881
43, 933 r 39, 762
42, 598
Soda
-.-do
40, 182
42, 218
43, 840
179, 324
184, 506
173, 802
180, 184
160, 507
153, 488
Ground wood
do
161, 047
170, 080
161, 067
161, 635
171, 671
176, 593
168, 859
62, 000
Defibrated, exploded, etc.^f
..-do
67, 096
69, 718
66, 877
79, 051
' 63, 548 63, 956
64, 664
75, 041
75,000
81,388
69,080
79, 974
Stocks, end of month:f
99, 834
96, 601
83,786
95,771 103, 598
f 79, 709
91, 271
90,155
Total all grades*
do
94, 121
98, 928
94,543
93, 244
109,968
5,259
6,926
7,079
4, 439
Bleached sulphate
do
7,447
7,108
6,316
7,558
6, 089
6,464
5,886
7,320
5,508
8,331
7,545
8,050
Unbleached sulphate
do
8,067
9,815
6,311
11, 786
11, 551
7,043
12,084
10, 507
10, 032
13, 270
20, 564
26, 295
23,952
31, 604
Bleached sulphite
do
21,004
27, 475
28, 933
30, 525
37, 308
36, 547
42, 846
22, 543
30, 288
14, 143
10, 645
13, 527
15, 332
16, 982
Unbleached sulphite
do
18, 452
16, 103
14, 427
11, 128
14, 829
16, 869
14, 764
17, 716
.2, 858
Soda
_
do
3,052
2,709
3,102
3,073
2,895
3,020
3,454
2,422
3,363
3,492
2,771
3,033
38, 725
32, 046
35, 452
39, 626
21, 615
31, 551
Groundwood
do
20, 368
28,630
22,316
25, 552
21, 702
23,660
18, 193
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:*
Paper and paperboard production, total
r
thous. of short tons,
1,625
1,763
1,754
1,834
1,866
1,800
1,728
1,743
1,720
1,898
1,777
1, 701
1,931
paper
....
do
892
885
817
901
930
883
894
949
873
956
898
959
'877
751
'767
Paperboard
_
do
777
805
802
708
740
808
742
••718
827
855
767
Building board
- do
101
105
92
99
95
109
98
110
105
105
115
111
117
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association) :f
686,012 714, 296
664,872 687, 500 731,808 751, 536 697, 825 714, 929 •• 795, 400 rr 697, 224 826, 593
Orders, new
_
short tons702, 200
733, 372
752, 028
719, 979
711, 517
Production
- -do
732, 863
714, 440
653, 710
721, 376
702, 581
733, 484 •• 779, 406
776, 549
732, 765
812, 533
710, 572
745, 783
Shipments
_
do
723,307
711,061 648, 003 727, 183 693, 566
778, 752
729,868 728, 969 772, 645 723, 433 802, 970
Fine paper:
Orders new
- _-»---do___- 115, 808
98, 528
102, 765
91, 204
98, 017
90, 189
94,838 109, 851
89, 886 r 112, 679 r 89, 658
82, 720
111, 575
144, 032
Orders, unfilled, end of month. _
...do
160,737
143,020
167, 155
149, 790
150, 260
136, 927
112, 523 ' 122, 825 r 120, 975
138, 850
121, 422
126, 970
102,
434
Production
- do
106, 484
107, 558
103,610
101,311
90, 227
103, 495 ' 107, 304 ' 97, 208 107,055
101, 775
111,114
101, 954
105, 582
Shipm ents
do
105, 441
108, 076
86, 642
101, 268
100, 289
95, 773 r 108, 870
98, 680
111,732 101, 168
95,
570
105. 695
Stocks end of month
. - do _
50,448
50,530
49, 980
53, 782
52, 720
49, 737
54,234 ' 52, 915 r 54, 135
52, 120
51, 770
53,705
55,910
Printing paper:
234, 580
249, 259
260, 602
250, 524
237, 015
242, 080
Orders new
- do
277, 581
252, 172 r 280, 132 r 240, 672
249, 016
252, 829
289, 043
282, 003
269, 159
Orders, unfilled, end of month
do
266, 490
292, 123
275, 565
279, 900
289, 893
254, 943 ' 263, 383 ' 256, 548 269, 155
269, 004
267, 430
Price, wholesale, book paper, "B" grade, Eng10.24
10.05
lish finish, white, f. o. b. milL.dol. per 100 lb__
10.55
10.05
10.05
10.05
10.80
10.80
10.80
10.80
10.80
10.80
10.80
252, 348
250, 563
256, 045
264, 444
236, 295
248, 796
Production
short tons
245, 916
275, 837
257, 843 ' 269, 194 r 252, 392
257, 210
278,028
252, 969
260, 420
253, 331
251, 395
249, 975
236, 838
Shipments
do
243, 496
275, 699
257, 736
261, 724 r 265, 557 r 253, 939
273,
585
59, 512
62, 948
62, 861
62, 070
Stocks end of month
do
63, 157
63, 163
62, 096
62, 782
63, 745 r 66, 078 r 67, 805
66, 036
70, 140
Coarse paper: t
233, 647
244, 632
228, 359
238, 230
242, 126
228, 912
Orders, new
- .-.
do
238, 828
264, 665
241, 042
245,517 r 268, 523 rr 242, 220 285, 545
158, 292
152, 605
163, 902
143, 327
149, 995
158,747
Orders unfilled end of month
do
155, 539
159, 550
155, 245 r 149, 956
158, 730
151, 200
156,085
232,
398
245, 963
222, 588
247, 641
250, 239
244, 373
Production
do
233, 492
258, 098
245, 463 r 265, 386 ' 243, 621 283, 100
249, 895
231, 639
243, 770
248, 616
241, 498
250, 406
220, 637
Shipments
do
230, 171
260, 401
244, 540 r 262, 416 r 246, 707
247, 650
280, 395
53, 035
Stocks, end of month _
do. _
58, 190
53, 030
53, 420
60, 187
60, 330
60, 263
57,886
59, 931 ' 63, 276 ' 62, 840
60, 756
56, 265
Newsprint:
Canada:
Production
do _
369, 490
372, 482
384, 520
379, 731
377, 941
355,606
366, 092
396, 251
364, 483
368,925 371, 637 344, 645 387, 672
Shipments from mills
do
376, 305
388, ]06
373, 769
400, 763
379, 065
375, 498
379, 460
389, 505
369, 986
393, 169
332, 211
346, 870
380, 732
Stocks, at mills, end of month
do
126, 566
133, 381
110, 323
80, 932
90, 431
91,097
67, 564
74, 310
45, 624
44, 563
81, 764
69, 330
88, 704
United States:
Consumption by publishers
do
302, 672
297, 461
302, 994
292, 664
263,698 281, 102 299, 807 339, 286 338, 012 322, 136 292, 534 307, 967 338, 337
315, 840
Imports§
do
322, 357
328, 747
349, 134
353,091 315, 932 357, 998 355, 605 314, 364 389, 907 320, 564 293, 801
Price rolls (N. Y.)
dol. per short ton
84.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
90.00
96.00
96.00
96.00
Production
short tons
71, 933
67, 916
73, 498
67, 268
67, 656
70, 507
72, 253
70, 732
66, 475
65, 880
65, 094
58,016
64,894
Shipments from mills.
.
do
68, 872
73, 988
68,955
70, 697
69, 326
66, 743
73, 545
70, 168
66, 439
68, 720
65, 037
59,019
65, 943
Stocks, end of month:
At mills
do
8,925
10, 980
11, 951
11, 426
11, 833
10, 652
11, 105
12,397
11, 141
8,301
8,358
7,355
6,306
At publishers
do
215, 995
212, 724
206, 064
278, 918
295, 385
228, 793
312, 573
308, 033
279, 631
292, 920
295, 052
267, 958
274, 453
In transit to publishers
_ _ do
73, 699
68, 773
64, 985
84, 009
71,664
68, 401
77, 150
83, 957
89, 755
84, 113
89, 132
90,864
75, 785
Paperboard (National Paperboard Association):}
Orders, new
short tons
770, 304
747, 358
721, 312
760, 236
736, 454
720, 388
788, 601
812, 849
747, 159
756, 818
826, 946
711, 294
894,310
Orders, unfilled, end of month
do
549, 774
582, 603
511,918
494, 564
461, 226
425, 412
437, 550
436, 178
452, 124
420, 456
432, 911
432,510 464, 683
Production
do
747, 115
765, 026
805, 744
742, 124
709, 956
768,412 750,042 823, 203 752, 036 741, 337 813, 169 713, 394 861, 215
Percent of activity
103
100
101
101
99
90
96
101
89
100
103
100
102
Waste paper, consumption and stocks :cf
Consumption
_
_ short tons.. 456, 127 445, 180 464, 323 426,713 398, 123 429, 973 429, 113 460,009 422, 748 416, 830 450, 176 409, 210 477,139
Stocks at mills, end of month
_do
266, 879
289, 297
293, 347
299, 507
312,685 1 302,366 1 302, 668 324, 763 322, 814 318, 617 274, 966 253, 519 256, 561
r
Revised.
cf1 Estimated; see note in April 1946 Survey.
$See note in Septem ber 1947 Siirvey for rejference to revisions.
f See no ;e marked "t."
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
*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 f or Daoer
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
figure^; 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 glassine, grease proof and vegetable parchment) represents the series formerly shown as wrapping paper revised to exclude special industrial paper; comparable data for January and February 1947 (short tons): New orders, 251,482- 225 558- unfilled 166 450' 164 838'
production, 245,165; 225,641; shipments, 244,896; 228,003; stocks, 57,163; 55,500.
AUU,<±UU, 101,000,
SURVEY OF CUEEENT BUSINESS
S-36
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
April
March
July
June
May
August
September
October
November
December
February
January
March
PAPER AND PRINTING—Continued
PAPER AND PAPER PRODUCTS—Con.
Paper products:
Shipping containers, corrugated and solid fiber,
shipments*
mil. sq. ft. surface area_.
Folding paper boxes, value:*
New orders
_•
1936=100__
Shipments
do
5,566
5,438
6,245
4,662
4,592
4,818
4,893
5,394
5,086
5, 026
5,185
'5,003
5,509
431.6
485.7
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
1,027
808
219
852
678
174
811
650
161
531
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
PRINTING
B ook publication, total
New books
N e w editions .
no. of editions
do
do
_ _ _ _ _ _
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Exports!
thous. of short tons..
Prices, composite, chestnut:
Retail^
dol. per short ton
Wholesale
_ _ _ _
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
Wholesale:
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, Connellsville (furnace)
dol. per short ton._
Production:
Beehive
thous. of short tons.Byproduct
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
_
do
At furnace plants
do
At merchant plants
do
Petroleum coke
do
528
880
831
714
700
844
855
830
765
794
396
510
16.83
13. 767
4,967
16.82
13. 650
4,279
16.17
13.455
4,549
16.17
13. 520
4,609
16. 50
13.713
17.48
14.615
4,994
17.71
14.700
5,141
17.87
14. 750
5,506
18.01
14. 796
4,613
18.02
14. 803
4,863
18.21
14. 896
4,921
18.24
14. 912
4,675
4,084
4,164
4,556
7,552
7,560
5,870
8,331
7, 148
7,023
6,034
4,246
3,410
3,209
49, 705
38, 716
907
8,030
652
6,940
10, 137
945
11,104
10, 989
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
125
233
150
174
200
240
177
202
149
168
179
216
156
191
161
209
131
191
93
202
14.01
14.04
(2)
48
r 7, 917
636
7,904
9,091
996
' 8, 356
11, 677
i 15. 022
4,928
44, 496
34, 968
503
8,100
671
7,801
8, 430
1,023
8,440
9,528
55
(2)
(2)
11.99
12.00
12.09
12.10
12.68
14.15
14.48
14.50
14.63
14.69
6.252
6.532
55, 455
6.334
6.569
41, 225
6.344
6.573
56, 464
6.368
6.581
47, 424
7.113
7.334
39, 882
7.410
7.634
50, 879
7.441
7.649
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
(3)
2 8. 123
34, 016
49, 033
46, 906
7,517
929
14, 059
8,262
1,162
14, 977
2,127
42,419
40, 298
5,417
896
13,300
7,579
1,046
12, 060
\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
69
76
66
63
66
77
60
118
76
79
60
59
8.875
9.062
9.125
9.562
11.000
12.000
12. 000
12. 125
12.250
12.250
12. 500
12.500
12.500
595
5,658
209
438
5,383
195
601
5, 530
218
463
5,322
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
320
5,653
676
504
172
91
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
PETROLEUM AND PRODUCTS
Crude petroleum:
153, 604
163, 068
161,844
153, 348
141, 210
159, 771
162, 854
156, 014
Consumption (runs to stills) f
_ thous. of bbl__ 150, 120
165, 858
158, 719
165, 796
5,184
3,999
3,257
4,139
4,789
3,758
4,087
Exports!
_ _ _
_
do
3,699
2,626
4,039
3,844
2,992
7,762
7,919
8,361
7,846
8,916
8,033
8,591
Imports!
do
7,908
7,638
7,512
9,339
' 8, 622
1.810
1.810
1.810
1.710
1.810
1.810
1.810
1.910
Price (Kansas-Okla.) at wells
dol. per bbl._
2.510
2.410
2. 510
2.010
2.510
159, 237
156, 024
162, 978
149, 228
160, 365
157, 530
164, 913
155, 224
165, 443
158, 736
Production!_
thous. of bbl__ 152, 160
163, 781
94
95
97
94
98
99
98
Refinery operations
pet. of capacity
97
93
98
98
96
Stocks, end of month:
224, 880
Refinable in U. S.f
-- -.thous. of bbl_. 228, 981 235, 710 237, 768 237, 278 230, 974 228, 523 225, 258 226. 666 225, 462
224,929
223, 430
59, 013
60, 386
59, 310
57, 136
56, 656
59, 160
54, 050
53, 849
At refineries
do
52,864
54, 572
53, 891 •
53.660
163, 740
162, 784
154, 637
160, 484
156, 241
159,556
156, 276
157, 853
At tank farms and in pipe lines
do.
154, 233
156, 726
156, 224
153, 378
14, 840
14, 762
15, 015
15,334
15, 034
14, 932
15, 146
14, 964
16, 075
15,339
15, 578
On leases f
do
16, 161
5,999
5,825
5,429
5,953
5,208
5,194
6,320
5,275
Heavy in California
do
5,725
5, 623
6,539
6,412
1,247
1,358
1,842
1,626
1,523
1,810
1,522
1,760
Wells completed!
- - number
1,416
1,406
1,554
1,733
Refined petroleum products:
Fuel oils:
Domestic demand :§
19, 262
21, 321
29, 279
16, 355
16, 977
Distillate fuel oil
thous. of bbl
19, 414
16, 093
23, 116
28,997
40, 426
38, 648
42, 056
42, 140
40, 057
45, 852
40, 412
38,237
Residual fuel oil
do
39, 864
40, 677
43, 995
52, 015
43, 538
45, 565
48, 853
Consumption by type of consumer:
3,462
3,264
3,273
3,564
3,810
3,715
3,927
4,261
4,039
3,862
Electric power plantsf
do_ _
4,433
4,002
4,256
6,564
6,675
7,138
6,714
6,653
R ailways (class I)
do
6,650
6,506
6,941
7,141
7,004
6,661
6,188
6,164
6,132
6,470
6, 371
6,080
Vessels (bunker oil) !
do
6,676
6,948
5,901
5,382
5,419
4,510
4,800
' Revised. l The comparability of the data is sli?htly affect ed beginn: ng March 1948 by a s nbstitutiori for one of the reporl ing compa nies; Febrnary 1948 s trictly coniparable w ith March
for anthracite and bituminous coal are $15.011 and $£ .122 respectively. 2 1Beginning »Fanuary 19 48 includec . in "other industrial " 3 NO qijotation.
!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).
fThe 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 "<[" 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
n petroleum products; 1942-13 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.
SURVEY OF CURRENT BUSINESS
May 1048
&-37
1948
1947
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
March
April
May
June
July
August
September
October
November
December
January
February
March
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products— Continued
Fuel oils— Continued
Exports :§
2,189
2,088
2,093
2,766
Distillate fuel oil
thous of bbl
679
672
593
635
Residual fuel oil
do
.075
.075
.071
.073
Price, fuel oil (Pennsylvania)
dol. per gal__
Production:
24, 214
24, 954
22, 925
25, 577
Distillate fuel oil
thous of bbl
37, 328
36, 977
34, 438
37, 876
Residual fuel oil
do
Stocks, end of month:
34, 279
39, 676
30, 268
31,423
Distillate fuel oil
do
39, 992
43, 515
36, 455
37, 403
Residual fuel oil
do
Kerosene:
8,082
6,068
10, 078
5,910
Domestic demand§
do
202
711
889
1,017
Exports^
do
Price, wholesale, water white, 47°, refinery
.082
.082
.078
.081
(Pennsylvania)
dol. per gal..
9,284
8,854
8,717
9,476
Production
thous of bbl
7,328
8,956
5,260
4,870
Stocks, refinery, end of month
do
Lubricants:
3,104
2,929
2,873
3,066
Domestic demand §
_
do
1,361
1,338
1,273
1, 259
Exports§
do
Price, wholesale, cylinder, refinery (Pennsyl.310
.330
.310
.308
vania)
dol. per gaL4,608
4,427
4,267
4,480
Production
thous of bbl
8,070
8,281
8,015
7,936
Stocks, refinery, end of month
_ . do
Motor fuel:
All types:
70, 865
71,329
59, 947
63, 406
Domestic demand§
_
do
4,091
3,480
3,358
3,937
Exports^
do
Prices, gasoline:
.080
.080
.080
.076
Wholesale, refinery (Okla.)
dol. per gal_.
.172
.172
.172
.167
Wholesale, tank wagon (N. Y.)
_ do
.171
.171
.171
.171
Retail, service stations, 50 cities
do
69, 847
66, 701
68, 535
63, 374
Production totalf
thous of bbl
55, 502
59, 069
60, 681
61, 855
Gasoline and naphtha from crude oil do
10, 392
10, 505
10, 803
11,033
Natural gasoline and allied productsjf do
Sales of 1. p. g. for fuel, etc. and transfer
3,401
2,538
2,513
2,931
of cycle products
thous of bbl
5,300
5,271
5,898
5,618
Used at refineriesf
do
2,931
2,449
2,901
2,611
Retail distribution cf
mil of gal
Stocks, gasoline, end of month:
92, 719
86, 727
81, 160
96, 952
Finished gasoline total
thous of bbl
54, 752
50, 610
58, 852
63, 089
At refineries
do
8,482
8,614
9,005
8,727
Unfinished gasoline
do
5,452
5,604
5,566
5,265
Natural gasoline
do
Aviation gasoline:*
3,003
2,221
2,870
2,446
Production, total
do
1,353
1,219
954
566
100 octane and above
do
4,847
4,
692
4,811
4,168
Stocks, total
_
do
1,671
1,543
1,342
1,381
100 octane and above
do
Asphalt:
22, 762
12, 424
12, 022
21, 923
Im ports $
short tons
789, 300 823, 800
606, 700
602, 700
Production
_
_.
do _
1, 001, 800 1, 028, 500 1, 063, 100 1, 000, 500
Stocks, refinery, end of month
do
Wax:
80, 080
93, 520
89, 600
78, 120
Production
thous of Ib
89, 320
88, 200
85, 680
91, 560
Stocks, refinery, end of month
do
Asphalt prepared roofing, shipments, totalf
5,806
6,097
5,809
5,968
thous. of squares. _
1,969
1,798
1,747
1,997
Smooth-surfaced roll roofing and cap sheet. do
1,399
1,326
1,273
1,368
Mineral-surfaced roll roofing and cap sheet .do
2,691
2,771
2,775
2,567
Shingles, all types. . _ _
_ _ do
384
334
461
440
Asphalt siding, shipments*
do
30, 456
32, 758
30, 277
28, 408
Saturated felt, shipments*
short tons_.
2,987
600
.079
3,019
781
.085
2,990
'821
.087
3,058
797
.090
1,376
410
.092
842
769
.102
1,585
281
.110
1,042
499
.110
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
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
5,348
746
5, 447
313
6,580
476
8,163
578
11, 070
372
12,904
66
16, 198
216
12, 608
69
.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
3,003
1,300
3,051
1,105
3,217
896
3,427
1,090
2,917
961
3,295
1,160
3,056
1,028
3,044
1,143
.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
i 7, 892
.390
4,132
i 7, 829
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
.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
2,725
6,176
3,080
2,913
6,477
3,021
2,896
6,513
2 892
3,179
6,355
2,958
3,513
6,323
2,592
3,987
5,994
2,793
3,979
6,434
2,467
3,818
5,695
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
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
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
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
5,600
1,630
1,287
2,683
271
33, 234
5,672
1,590
1,332
2,750
283
35, 456
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
331
36, 667
5,686
1,736
1,285
2,665
356
37, 470
5, 549
1,743
1,244
2,562
338
40,180
11,031
12, 316
638, 500
587, 500
731, 100 i 812, 400
1
.110
.125
.390
.105
.188
.195
12, 382
551, 800
925, 800
82 320
103,320
' 5, 121
1,611
' 1, 132
2, 378
'329
' 37, 633
r
5,166
1,565
1,209
2,391
353
49, 590
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
40, 389
43, 818
42, 529
43, 104
43, 018
47, 289
52, 076
50, 557
57, 286
58,174 r 51 012
56,284
Consumption!
long tons
54 230
65, 724
57, 626
46,011
93, 026
45, 526
36, 088
46, 285
50,946
49, 976
71,596
Imports, including latex and Guayule§ . _ do _ _
54, 418
80, 852
345, 175 2 131, 624 2 130, 040 2122,097 2114,115 2110,752 r 2 129,038 2 136, 227 r2 148 081 2 130 217
280, 812 292, 970 330, 960
Stocks, end of month §
do
Synthetic rubber:*
37, 607
54, 333
42, 580
48, 692
55, 514
39, 001
45, 668
39, 091
41, 865
Consumption
do
43, 230
43 003 r 35 375
38 129
454
665
441
2,290
710
287
221
349
Exports _
_
do
419
202
413
'464
35, 681 2 31, 917 2 32, 901 2 30, 518 2 33, 834 2 37, 825 2 38, 134
39,069
50, 117
57, 478
Production
_
_ do
39,
428
39
025
43
940
97, 612
97, 728
121,322
116, 829
105, 291
79, 246
91, 288
Stocks, end of month
do
67, 871
67, 379
62, 366 2 60 290 r 2 65 649 2 72 776
Reclaimed rubber: §
20, 433
25, 066
21, 908
21, 283
26, 157
21,093
23,801
26, 735
23, 491
25,229
Consumption
_ _
do_ __
25 885 r 22 374
24 719
24, 144
21, 252
26, 696
25, 408
26, 209
22, 561
25, 648
21,658
23,161
Production
do
25 123
24 Q83
25 634 r 23 678
39, 598 2 39, 704 2 40, 130 2 38, 461 2 36, 643 2 36, 425 2 35, 943 2 36' 307 r 2 38 444 2 38 657
33, 527
37, 145
Stocks, end of month
_
do
31, 940
TIRES AND TUBES
Pneumatic casings: §
362
502
360
363
419
423
299
Exports .
_
thousands..
260
324
268
221
211
7 851
8,104
7,165
6,790
8,577
8,333
7,583
7,919
7,716
Production
do
8,889
8 050
6 385
7,526
7,441
7,273
7,283
7,520
7,892
8,246
Shipments
__ _ _ _ _ __ do
7,915
8,639
6 583
5 919
5 106
1,974
1,894
2,005
2,130
1,793
2,457
2,128
2,097
Original equipment
do
2,178
2,338
2,330
2 020
6,670
5,464
5,608
6,426
5,838
4,516
5,191
Stocks, end of month
do
5,277
5,513
6,975
8,806
10, 172
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 (p. S-38) 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.
^Includes 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 cycle
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.
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to *fae Survey
May 1948
1947
March
April
June
May
July
1948
August
September
November
December
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
161, 171
16, 123
14, 541
13, 347
14, 502
' 20, 340
5,196
13, 957
20, 885
6, 072
October
January
February
March
RUBBER AND RUBBER PRODUCTS—Continued
TIRES AND TUBES— Continued
Inner tubes :§
Exports
Production
Shipments
Stocks end of month
-
thousands _
do
do
do
297
7,921
6,466
8,050
337
7,093
5,731
9,480
475
5,752
5,571
9,772
332
5,440
5,779
9,413
282
4,542
6,216
7,909
227
5,179
6,499
6,937
166
6,540
7,233
6,339
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments_reams_. 158, 716
PORTLAND CEMENT
14, 205
Production
thous. of bbl__
69
Percent of capacity
_
12, 133
Shipments
_
thous. of bbl__
22, 178
Stocks, finished, end of rronth
do
5,996
Stocks clinker end of month
do
CLAY PRODUCTS
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
19. 400
dol. per thous__
Production*
- thous. of standard brick __ 339, 863
326, 776
Shipments*
do
522, 627
Stocks end of month*
do
Structural tile, unglazed:*
97, 443
Production
short tons_.
96, 050
Shipments
do
118,075
Stocks
_ _
do
Vitrified clay sewer pipe:*
109, 254
Production
•
do
107, 758
Shipments
do
156, 061
Stocks
-..do
GLASS PRODUCTS
Glass containers :f
Production
thous. of gross. _ 10, 582
9,645
Shipments domestic total
do
General use food:
918
Harrow neck food
do_ _
Wide mouth food (incl. packers tumblers)
2,481
thous. of gross__
760
Beverage
do_ _.
1,140
Beer bottles
do_ __
1,293
Liquor and wine
- do
1,906
!Medicinal and toilet
do
668
Chemical, household and industrial
do
356
JDairy products
do
133
Fruit jars and jelly glasses
do
5,141
Stocks, end of month
. _
do
Other glassware, machine-made:
Turrblers:t
6,272
Production
. .. thous. of dozens..
5, 975
Shipments
do
5,575
Stocks
do
Table, kitchen, and houseboldware, shipments!
3,213
thous. of dozens..
22, 605
Plate glass, polished, production tbous. of sq. ft__
GYPSUM AND PRODUCTS
Crude gypsum:
186
Im ports §
thous of short tons
1,557
Production
do
Gypsum'products sold or used:
TJn calcined
Calcined:
For building uses:
Base-coat plasters
ITeene's cement
All other building plasters
Lath
Tile
Wallboardcf
Industrial plasters
155, 873
146, 352
134,834
126, 722
14, 566
13,389
66
15,328
15,971
81
16,342
80
17, 480
17, 319
17,095
5,736
20, 099
13, 337
5,514
18,300
90
16, 814
18, 179
20, 365
10, 452
19, 840
7,921
20, 562
3,889
5,668
16, 267
6, 209
3,114
2,929
19. 550
414, 634
406, 918
455,616
20. 374
456, 943
483, 622
483, 156
20. 490
511, 366
538, 950
451, 497
460, 971
453, 100
456, 272
20. 843
21. 093
21. 194
436, 073 ' 369, 034 r 317, 619
431, 130 T 335, 438 «• 300, 386
452, 138 r 479, 788 r 493, 925
21. 479
389, 137
412, 242
470 110
r 84, 678
77, 107
127, 576
95, 469
96, 010
133, 769
74
15, 414
21,331
6,338
19, 388
6,326
19.416
411,991
19. 412
377, 586
382, 610
402, 780
107, 543
107, 101
105, 681
105, 876
515,806
118,637
525,985
504, 124
101,742
98,364
117,080
118,814
115,717
111,547
156,358
109, 686
155, 971
9,492
9,619
8,316
8,877
115,549
101,914
107,851
117,018
114,588
150, 033
152, 314
10, 358
10, 578
9,637
528,873
19. 668
438, 591
110, 220
123, 943
110,012
8,127
130, 489
86
4,855
19. 937
466, 592
457,311
511, 977
146, 111
88
111,230
110,343
124, 794
115, 844
119, 243
119, 289
106, 221
100, 579
124, 331
97, 369
95, 319
120, 653
111,418
110, 754
156, 544
117, 038
117, 530
155, 976
120, 704
119, 913
156, 607
117, 435
110, 906
159, 360
116,647
9,476
8,859
9,384
9,646
8,767
8,402
7,703
7,988
7,603
112,805
8,781
1,050
1,007
928
764
1,285
1,528
823
2,079
2,189
1,040
i 2, 251
955
761
1,754
1,152
1,263
2,322
993
1,650
1,093
1,616
1,645
452
290
227
1,279
1,794
589
315
'17
1,967
610
354
161
9b2
1,697
1,844
573
341
227
663
1,309
433
305
320
5,475
6,085
6,849
6,639
6,262
6,769
6,234
6,672
6,210
5,261
3,454
21,419
23, 171
6,140
3,658
575
1,449
397
308
464
7,065
4,S93
4,346
7,775
7,729
2,302
3,331
21,026
17, 670
20.636
79
12,379
9,975
3,605
124, 935
114, 163
2,307
853
1,342
85
1,212
676
627
1,479
466
307
486
632
778
7,300
7,478
5,854
4,867
4,688
5,994
7,940
8,158
3,645
21, 401
3,483
20, 648
744
7,896
1
120, 892
166, 450
r
8,351
10 171
578
971
2, 434
1, 337
1,791
479
247
39
r
974
1,502
1,529
449
285
U3
8,132
8,380
8,690
5,833
4,674
8,694
4,944
4,569
8,924
4,511
22, 989
4, 181
18, 777
20, 089
4,961
839
840
8,057
3,793
407,354
445, 659
519, 395
do.
do
_
do
thous. of so. ft
do
do
short tons
386, 830
391, 548
12, 520
101, £67
451,070
10,084
499, 480
4,539
4,416
'692
f 704
783
1, 584
••502
T
244
'39
8, 488
4,325
4,296
961
1, 013
2, 322:
783
261
88;
6, 8691
5,223
5,314
8,741
8,659
3,195
21, 958
3,051
21, 751
4,147
23, 572
13, 405
13, 199
22, 423
13, 365
13, 178
22, 610
14, 185
14, 312
22, 483
10,909
116,881
104, 505
462, 222
6,791
514, 871
46, 148
7,281
520, 358
46, 745
»• 7, 320
6, 886
r
r 1, 759
519, 788
58, 577
8,015
7,006
128, 556i
121, 567
207, 374
532
short tons
5,464
517,458
'r 118, 720 ' 110, 777
98, 540 ' 93, 973
r
183, 694 «• 200, 385
1,820
419
644
1,667
1 410
391,142
' 83, 982
r
75, 800
' 134, 959
482
918
1,507
1,279
«.
r
r
i 1, 745
526
1,271
1,167
1,603
419
384
17
409
1,467
1,166
11,833
4,299
71
473
1,164
109, 089
364, 675
15, 333
70
8,335
1,846
632
8,869
5,186
r
71
9,205
488, 677
7,233
592, 627
55 998
r
TEXTILE PRODUCTS
CLOTHING
Hosiery :J
Production _ .
_ _ _ thous. of dozen pairs. _ •• 12, 935
r 12, 641
Shipments
do
18, 980
Stock?, find of rnrmth
do
•• 12, 724
r 12, 224
19, 480
' 11, 629
r 10, 546
r 11, 199
r 10, 503
1$, 910
20, 795
«• 10, 424
«• 10, 020
' 21, 198
' 11, 651
*• 11, 828
«• 21, 021
r 12, 408
r 13, 170
r 20, 259
* 13, 962
r 14, 589
«• 19, 633
r 12, 804
«• 13, 099
«• 19, 338
«• 12, 548
r 12, 415
' 22, 217
COTTON
Cotton (exclusive of linters):
882, 390
729, 412
710, 601
807, 135
677, 780
727, 448
875, 306
Consumption
.
bales.
759, 498
826,216
753, 406
860, 202
785, 231 878, 714
302, 773
382, 909
83, 918
275, 104
248, 549
2 37, 066
123, 545
Exports §
do
164, 665
134, 190
229, 553
214, 098
163, 498
2 4, 984
9,898
62,029
8,163
Imports §
do
12, 083
10, 730
95, 526
97, 946
11, 750
9,454
15, 319
19, 014
.341
Prices received by farmersf 15
dol. per lb__
.335
.359
.319
.323
.332
.312
.341
.319
.307
.331
.307
.318
Prices, wholesale, middling, A&", average, 10
.372
.352
.351
.360
.375
markets..
dol. per lb__
.343
.316
.336
.358
.317
.352
.342
.328
r
Revised, i 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.
c?1 Includes laminated board reported as component board. §See note marked "§" on p. S-37.
JRevised data for January 1947: Production, 14,683; shipments, 13,444; stocks, 18,042; February 1946 figures are correct as shown in the April 1948 issue.
*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.
fRevised 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 May 1946 Survey for changes..
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.
SURVEY OF CURRENT BUSINESS
May 1948
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
S-39
1948
1947
March
April
May
July
June
August
September
October
November
December
January
February
March
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (exclusive of lintcrs)— Continued
Production:
Ginnings cf
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
i 8, 517
194
647
3,899
8,362
10 056
10 596
11, 373
i 8, 640
2
11 549
2
11 848
3,301
2,149
2,463
2,042
1,800
1,856
1,168
1,601
856
781
1,322
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
'86
68
'488
85
50
466
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
102, 417
4,161
93, 907
2,308
88, 842
3,461
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
2,474
production quarterly* mil of linear yards
Cotton goods finished, quarterly:*
1,819
Production total
do
926
Bleached
do
490
Plain dyed
do
402
Printed
do
Exports§
thous. of sq. yd__ 126, 774
888
Imports§
do
Prices, wholesale:
53.37
Mill margins
cents per lb_.
.338
Denims. 28-inch
dol. per yd__
.255
Print cloth, 64 x 60
do
.232
Sheeting, unbleached, 36-inch, 56 x 60
do
Cotton yarn, Southern, price, wholesale, mill:
.699
22/1, cones, carded, white
dol. per lb__
.819
40/1, twisted, carded®
do __
Spindle activity:
21, 953
Active spindlest
thousands. _
10, 030
Active spindle hours, total
mil. of hr__
421
Average per spindle in place
hours. _
131.6
Operations!
- pet. of capacity __
2, 461
2,297
2,577
1,759
1,535
1,801
799
383
353
934
449
418
914
442
403
147, 437
1,146
125, 349
472
129, 216
1,076
140,711
907
883
128, 921
1,624
142, 285
1,196
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
.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
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
60.0
16.2
4,350
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 4
2 711
' 62.2
'20 4
4,588
67.9
22.9
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.670
.320
.726
.352
.740
.360
.740
.360
.740
.360
7.6
3.1
8.3
2.9
9.0
3.8
8.8
6.6
9.2
7.7
8.4
6.4
8.6
6.4
9.5
5.7
9.3
5.3
7.7
4.0
86
'8.8
'5.3
8.8
5.4
138, 412
123, 480
718
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament yarn
mil. of Ib
Staple
fiber
•
do
Imports §
thous. of Ib
Prices, wholesale:
Yarn, viscose,150 denier, first quality, minimum
filament©
dol. per lb_.
Staple fiber, viscose, 1H 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 Ib...
463, 188
465, 693
64, 070
299, 005
102, 618
186
4.050
467, 277
424, 006
47, 675
289, 638
86, 693
(3)
22
455, 072
402, 112
45, 650
291, 146
65, 316
41
3
4.000
4.150
4.009
4.025
479
193
175
(3)
5.2
517, 771
465, 644
49, 071
322, 387
94, 186
294
124
379
4.400
4.400
4.400
128
397
2.60
2.60
' 43, 830 '41,700
' 16, 17-5 ' 15, 948
36, 234
110, 060
42,596
15, 556
79, 981
2.60
WOOL
Consumption (scoured basis) :f
Apparel class
thous. of Ib
Carpet class _
_
_ _ do
Imports §
do
Prices,wholesale:
Raw, territory, 64s, 70s, 80s, scoured*.dol. per lb_.
R aw, bright fleece, 56s, greasy*
__ do
Australian, 64-70s, good topmaking, scoured, in
bond (Boston)*
dol. per lb__
Stocks, scoured basis, end of month, total t
thous of Ib
Apparel totalf
•
do
Domesticf
do
Foreignf
do
Carpetf
do
45, 724
13, 676
67, 528
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
1.195
.555
1.225
.565
1.225
.565
1.225
.565
1.225
.565
1.220
.565
1.220
.565
1.227
.554
1.255
.510
.872
.939
.990
1.002
1.040
1.040
1.108
1.165
1.254
505, 562
411, 690
248, 145
163, 545
93, 872
497, 886
408, 485
271, 009
137, 476
89, 401
461, 431
384, 070
265, 835
118, 235
77, 361
1.255
.510
1.255
.510
1.255
.510
1.255
.510
1.240
' 1. 240
1.370
1.292
437, 129
361,512
240, 099
121, 413
75, 617
WOOL MANUFACTURES
Machinery activity (weekly average) :J
Looms:
Woolen and worsted:
r
91
81
78
68
70
79
72
83
61
Pile and Jacquard* thous of active hours
92
102
2,322
2,242
2,171
2,516
2,186
2,282
2,324
' 2, 256 r 2 565
2,223
Broad
do
1,864
2 563
45
66
47
43
'45
45
45
49
47
Narrow
do
39
' 52
51
Carpet and rug:
131
130
124
127
137
98
134
142
'132
124
Broad
do
163
163
122
114
117
117
110
129
112
92
129
' 119
Narrow
do
146
146
Spinning spindles:
85, 052
91, 891
88, 402
99, 693
82. 113
93, 585
93, 931
92, 662 ' 90, 474 ' 103, 677
71, 267
Woolen
-do_ ..
102 353
115, 568
109, 789
118, 421
112, 268
122, 115
122, 410
121, 971 ' 117, 489 ' 132 418 131 792
118, 720
88, 899
Worsted
do
223
245
236
189
230
218
179
222
198
214
251
Worsted combs
do
'247
2
3
' Revised.
* Total ginnings of 1946 crop. Total ginnings of 1947 crop. Not available.
•Included in data for broad and narrow looms prior to April 1947.
<8>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.
tNumber 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.
OPrice 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).
fData 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 "t" 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 with regard to revision in the series for spindle operations as a percent of capacity.
Digitized for*New
FRASER
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.
SUEVEY OF CUKEENT BUSINESS
S-40
Unless otherwise stated, statistics through
1941 and descriptive notes may be found
in the 1942 Supplement to the Survey
May 1948
1948
1947
March
April
May
June
July
August
September
October
November
December
January
February
March
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES—Continued
Woolen and worsted woven goods (except woven
felts):*
Production quarterly, total
thous oflin. yd_.
Apparel fabrics:}:
_
do. _Men's and boys' wearj
do
Women'*! and children's wear J
do
All other J
do Blankets
... do
Other nonapparel fabrics
do
Wool yarn:
Production total*1
thous. of lb_
Knitting*1
do
Weaving*if
• do
Carpet and other*^
do
Price, wholesale, worsted yarn, 2/32s (Boston)
dol per Ib
113,865
98,021
50,161
35, 440
10, 206
7,560
8,284
144,000
125, 310
60,256
48, 841
15, 893
10, 994
7 696
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
65, 276
8,756
43, 624
12, 896
73, 356
8,845
49, 426
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
1.960
1.950
1.950
1.950
1.950
1.950
2 000
2.020
thous of dol
7,338
3,314
2,688
3,708
4,000
4,337
3,678
3,804
thous. lin. yd_.
-thous. of lb_.
thous. lin. yd_.
11, 458
6,516
7,897
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
6,409
7,984
4,310
4,975
7,026
4,699
5,565
7,122
4,543
5,138
60,900
7,024
39, 732
14,144
(a)
r
f
r
r
T
71, 705
' 8, 785
47, 460
' 15, 460
(a)
67, 108
8,084
43, 760
15, 264
67, 048
7,928
43,664
15, 456
(a)
(a)
6,816
5,385
5,538
6,656
4,936
6,186
5,733
4,958
6,462
116
607
136
471
186
613
147
466
MISCELLANEOUS PRODUCTS
Fur sales by dealers
Pyroxylin-coated fabrics:®
Orders, unfilled, end of month
Pyroxylin spread..
Shipments, billed
5,228
4,328
5,687
TRANSPORTATION EQUIPMENT
AIRCRAFT
Exports, total§
number..
Shipinpnts total*
- _
- do_ __
For U S military customers*
do
For other customers*
- - - - do
338
1,922
137
1,785
294
2,143
105
2,038
321
1,740
94
1,646
268
1,332
139
1,193
222
1,102
104
998
156
1,140
211
929
184
1,351
323
1,028
183
1,041
239
802
218
867
252
615
240
790
288
502
54, 747
25, 666
29,081
421, 180
1,421
1,272
301, 525
280, 018
118,234
92,082
5,910
5,536
2,662
2,906
374
57, 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
304
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
200
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
238
40, 652
24,068
16,584
379, 192
1,806
1,694
279, 631
257,881
97, 756
78,444
2,953
2,779
1,362
1,417
174
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
216
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
214
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
511
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
253
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
166
264,714
79,344
290,226
86, 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
8,816
2,439
53
63
8,873
3,489
73
73
6,409
3,131
60
60
5,243
4,230
67
63
5,366
4,846
53
45
4,410
4,346
20
20
5,749
6,668
29
29
6,401
6,242
74
74
6,964
6,889
69
55
7,914
7,661
71
71
1,736
1,736
1,734
1,734
1,732
1,730
1,730
1,725
1,728
69
4.2
78,080
60,446
17,634
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
3,045
8.3
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
62
61
1
588
688
0
186
73
113
36
36
0
626
626
0
143
71
72
30
30
0
718
717
1
262
133
129
24
24
0
770
770
0
106
19
87
29
29
0
786
785
1
133
57
76
40
40
0
811
810
1
98
9
89
46
36
10
795
794
1
62
17
45
320
283
37
420
377
43
349
307
42
321
288
33
305
271
34
365
339
26
352
262
90
MOTOR VEHICLES
Exports assembled total!
Passenger cars§
Trucks!
_- - Factory sales, total §
Coaches total
-' - - Domestic _ _ _
Passenger cars, total
Domestic
Trucks, total
_ -.
Domestic
Truck trailers, production, total*
Complete trailers
Vans
All other
Chassis shipped as such
Registrations:.
New passenger cars
number
- - do. _
do
do
do_ _
_ _ _ _-do_ -^_.do
do _
do
do
do
do
do
do
do_ _
do
30 366
' 33, 643
16, 422
19,458
13, 944
' 14, 185
405, 651 ' 382, 991
'1,090
1,370
'752
1,068
274, 847
305, 081
256,753
285, 373
107, 054
99,200
83, 893
88, 889
3,671
' 3, 445
3,479
«• 3, 306
1,688
»• 1, 548
1,791
' 1,r 758
192
!39
492, 013
1,409
1,202
349, 998
327, 198
140,606
118,572
4,221
4,006
2,089
1,917
215
6 866
6,661
57
57
6,345
6,306
54
54
6 959
6,940
74
74
1,731
1 735
1,738
1,740
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
48
105, 120
80, 772
24, 318
2,612
75
2,483
71
2,581
74
2,702
78
2,873
83
45
35
10
922
921
1
78
18
60
33
23
10
1,147
1,146
1
110
36
74
30
20
10
1,196
1,195
I
87
20
67
96
76
20
1,417
1,416
I
150
67
83
108
89
19
1,488
1,487
I
71
12
59
119
89
30
1,431
1,431
375
303
72
337
273
64
394
317
77
316
270
46
358
258
100
338
288
50
RAILWAY EQUIPMENT
American Bailway 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
_.
thousandsUndergoing or awaiting classified repairs
thousands..
Percent 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 o f total o n line _ _ _ _ _ _
Orders unfilled:
Steam locomotives total
number
Equipment manufacturers
do
Railroad shops
do
Other locomotives, total*
do
Equipment manufacturers*
do
Railroad shops*
do
Exports of locomotives, totalf
do
Steam§
_
_ _
do
Otherf
- do
o
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Exports
'Revised.
_
1
_ _
number
do
do ..
Data not available.
5,628; pr
irics
through
.
- .
.
„
.
~
and children's wear beginning with the 2d quarter of 1947 and some mixtures produced by cotton and rayon weavers formerly distributed are included in the "all other" group,
IData 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."
series. Export series for total and "other" locorrotives were revised in the May 1946 Survey (see note in that issue).
Digitized fortRevised
FRASER
•INDEX TO MONTHLY BUSINESS STATISTICS
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
flotations18
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
Nonmanuiacturing industries
11
Employment security operations
13
Emigration and immigration
23
Engineering construction
5
Exchange rates, foreign
17
Expenditures, United States Government
16
Explosives
24
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
Federal Government, finance
16,17
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks
15
Fertilizers
4,24
losses
.....
6
Digitized for Fire
FRASER
Page* 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
Gas, customers, sales, revenues
26
Gasoline
37
Glass and glassware (see also Stone, clay, etc.)_
38
Gelatin
23
Gloves and mittens
31
Glue
24
Glycerin
24
Gold
_
17
Goods in warehouses
7
Grains
4,19, 27, 28
Gross national product
1
Gypsum
38
Heating and ventilating equipment
34
Hides and skins
4, 30
Highways
5,11
Hogs
28,29
Home-loan banks, loans outstanding
6
Home mortgages
6
Hosiery
5,38
Hotels
11,12,23
Hours of work per week
12,13
Housefurnishings
4, 7, 8
Housing
4, 5
Immigration and emigration
23
Imports
— 20, 21, 22
Income, personal
1
Income-tax receipts
16
Incorporations, business, new
3
Industrial production indexes
2
Instalment loans
16
Instalment sales, department stores
8
Insurance, life
17
Interest and money rates
15
Inventories, manufacturers' and trade
3,9
uiu. manufactures
iiituiuittCLUU c a _ — _ _ .
&t
Iron and steel, crude and
2,
3, 4,10,11,12,13,14,18,31,32
Kerosene..
37
Labor force
9
IIIIII.-IIII
13
Labor disputes, turn-over.
29
Lamb and mutton
_.
29
Lard
_. ._
33
Lead.
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
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
Plywood
31
@FedFRASER