Full text of Survey of Current Business : May 1949
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MAY 1949
SOT
U. S. DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
DEPARTMENT OF COMMERCE
FIELD SERVICE
SURVEY
OF
CURRENT
BUSINESS
No. 5
MAY 1949
PAGE
THE BUSINESS SITUATION
1
National Income and Product in the First Quarter of
1949
Trend of Manufactures
*
*
4
9
Memphis 3, Tenn.
229 Federal Bldg.
Atlanta 1, Ga.
50 Whitehall St. SW.
Miami 32, Fla.
36 NE. First St.
Baltimore 2, Md.
103 S. Gay St.
Milwaukee l,Wis.
517 E. Wisconsin Ave.
Boston 9, Mass.
2 India St.
Minneapolis 1, Minn.
2d Ave. S. at 4th St.
Buffalo 3, N. Y.
117 Ellicott St.
Mobile, Ala.
109-13 St. Joseph St.
Butte, Mont.
14 W. Granite St.
New Orleans 12, La.
333 St. Charles Ave.
Charleston 3, S. C.
18 Broad St.
New York 4, N. Y.
42 Broadway
Cheyenne, Wyo.
304 Federal Office Bldg.
Oklahoma City 2, Okla.
102 NW. Third St.
Chicago 4, 111.
332 S. Michigan Are.
Cincinnati 2, Ohio
105 W. Fourth St^
Cleveland 14, Ohio
925 Euclid Ave.
if
Dallas 2, Tex.
1114 Commerce St.
SPECIAL ARTICLES
Electric Power Output and Investment
Foreign Transactions of the United States Government
in 1948
*
*
11
Denver 2, Colo.
828 Seventeenth Sti
18
Detroit 26, Mich.
230 W. Fort St.
*
MONTHLY BUSINESS STATISTICS . . . . S-l to S-40
Statistical Index
Inside Back Cover
Published by the Department of Commerce, C H A R L E S SAWYER,
Secretary. Office of Business Economics, M. JOSEPH MEEHAN,
Director. Subscription price, including weekly statistical supplement, $3 a
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United States Government Printing Office, Washington 25, D. C. Special
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directly tvith the Superintendent of Documents.
Albuquerque, N. Mex.
203 W. Gold Ave.
Make check payable to Treasurer of the United States
El Paso 7, Tex.
310 San Francisco Sfc
Hartford 1, Conn.
135 High St.
Houston 14, Tex.
602 Federal Office Bldg.
Omaha 2, Nebr.
1319 Farnam St.
Philadelphia 2, Pa.
42 S. Fifteenth St.
Phoenix 8, Ariz.
234 N. Central Ave.
Pittsburgh 19, Pa.
700 Grant Sfc
Portland 4, Oreg.
520 SW. Morrison Sfc
Providence 3, R. I.
24 Weybossett St.
Reno, Nev.
118 W. Second St.
Richmond 19, Va.
801 E. Broad St.
St. Louis 1, Mo.
1114 Market St.
Jacksonville 1, Fla.
311 W. Monroe St.
Salt Lake City 1, Utah
350 S. Main St.
Kansas City 6, Mo.
911 Walnut St*
San Francisco 11. Calif.
555 Battery St.
Los Angeles 12, Calif.
312 North Spring St.
Savannah, Ga.
125-29 Bull St.
Louisville 1, Ky.
631 Federal Bldg.
Seattle 4, Wash.
909 First Ave.
For local telephone listing, consult section
devoted to U. S. Government
i
MAY 1949
THE
Total Gross National Product is down
3% from the peak in the 4th quarter,
but is higher than a year ago.
BILLIONS OF DOLLARS
300
SITUATION
250
GOVERNMENT PURCHASES*?
AND NET FOREIGN INVESTMENT
200
By the Office of Business Economics
•Xv.vXGROSS PRIVATE DOMESTIC INVESTMENT
JL RODUCTION and prices continued their gradual adjustment to the reduced level of total demand as the second
quarter opened. Consumer buying, which accounts for the
largest segment of demand for the Nation's output, has in
the aggregate remained relatively steady at the level to which
it had dropped in the early part of the year, though with
considerable variation by commodity groups. Business
buying, however, has been characterized by shortened commitments. The Government continues as the major segment
showing a rising trend.
Total civilian employment rose from March to April and
the number of unemployed fell slightly to approximately 3
million. All of the April increase was in agriculture where
spring work got off to an early start; nonagricultural employment declined by one-quarter million, and the hours worked
per week were reduced.
150
100
^PERSONAL CONSUMPTION EXPENDITURES
W///A
W/fA
W///A
V////A
V/////A
50
4th
1st
1947
2nd
3rd
1948
1st
1949
QUARTERLY TOTALS, SEASONALLY ADJUSTED,
AT ANNUAL RATES.
The decline in private expenditures in
the 1st quarter reflects both lower
prices and reduced output.
BILLIONS OF DOLLARS
10
Decline in national product and income
The underlying trends in the current economic situation
during the current year are reviewed in a succeeding section
within the framework of the national product and national
income statistics. The principal changes in the major components of gross national product are shown in the chart on
the left. The decline in gross national product in the first
quarter of 1949 resulted from a drop in personal consumption
expenditures and in private investment, the latter due chiefly
to a reduction in the rate of inventory accumulation. Government purchases plus net foreign investment constituted a
partial offset, so that when stated at annual rates the total
at $256 billion was $9 billion less than in the fourth quarter
but $11 higher than a year ago.
Personal income in March was at an annual rate of $214.3
billion, which was $2 billion less than in February and $7
billion lower than the peak reached last December. Wages
and salaries in private industry and proprietors' income have
continued downward, but these declines have been partially
offset by a rise in transfer payments, chiefly unemployment
insurance benefits. Total personal income was still 4 percent
above March 1948.
Little change in total retail trade
-10
4th'47
1st'48
2nd'48
3rd'48
4th '48
to 1st '48 to 2nd '48 to 3rd '48 to 4th '48 to 1st '49
QUARTERLY CHANGES, SEASONALLY ADJUSTED,
'
AT ANNUAL RATES.
* INCLUDES GOODS AND SERVICES.
U.S.DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
The changes taking place in the various types of consumer
spending in March represented a continuation of recent
trends with little change in total retail trade since the turn
of the year. Thus, spending at automobile stores rose 8 percent above February and 14 percent above a year earlier.
Food stores sales were about the same as in February on a
seasonally adjusted basis and a little lower than in the final
quarter of 1948. Spending at all other types of retail stores
has been declining in recent months, and was generally lower
again in March. Sales at apparel stores and general mer1
SUKVEY OF CURRENT BUSINESS
chandise including department stores continued to decline on
a seasonally adjusted basis. However, preliminary reports
for April show that department store sales made about the
usual seasonal rise.
Order backlogs reduced
Manufacturers' sales in March continued the previous
month's partial recovery from their January setback. Sales
of nondurable goods showed a little better than seasonal rise.
Durable-goods sales, supported in some cases by sizable backlogs of consumer and business deferred demands, picked up
somewhat more than is normal for March. Transportation
equipment—particularly aircraft—advanced substantially.
The largest decline was in the nonferrous-metals industry,
partly as a result of important price decreases. Among the
nondurables, textile and apparel sales were up less than is
usual for March; food products, however, rose more than
seasonally.
New orders placed with manufacturers in March continued generally at the reduced level prevailing in February.
Inasmuch as shipments held up, a further reduction in
backlogs was the result. Unfilled orders for railroad equipment, lumber and furniture showed the largest declines.
Steps taken by manufacturers to reduce commitments in
the face of weakening prices and declining backlogs were
reflected in the drop of $300 million in the book value of
their inventories in March. Stocks of purchased materials
and goods-in-process were reduced more than $500 million
although this contraction was partly offset by a $200 million
increase in finished-goods inventories. The decrease in total
stocks was due in part to seasonal factors, and to lower costs
reflected in book values.
As pointed out last month, inventories of consumer goods
in completely
fabricated form—trade stocks and manufacturers7 finished goods—appear, on the basis of prewar
relationships, to be low relative to final demand. It is
quite possible, moreover, that the declining backlog of
orders—by reason of its influence on manufacturers' expectations—may have the effect of causing manufactures to move
to reduce this ratio still more by cutting production.
Business working capital loans reduced
The decline in sales and the virtual cessation of the rise
in value of inventories has reduced business requirements
for working capital and has made possible substantial net
reduction of commercial loans since the first of the year.
In 1948 commercial loans by Federal Reserve member banks
increased relatively little—less than $750 million for the
entire year as compared with $3.8 billion in 1947 and $4.2
billion in 1946. Banks in large cities reporting weekly to
the Federal Reserve have shown a decline of $1.5 billion in
total loans of all types between the end of December 1948
and the end of April 1949. The bulk of this decline has
centered in the commercial and industrial category.
Business borrowing from banks generally declines in the
first quarter of the year, but this year the drop in commercial loans was much more pronounced than during the
same period a year ago. For example, member bank commercial loans in leading cities declined about $250 million
in the first quarter of 1948 but fell by $675 million in the
first three months of this year. Moreover, during the month
of April the decline was accelerated—outstanding loans of
this type at reporting member banks fell $700 million from
the preceding month.
The drop in lending has not been confined to working
capital loans. Although real estate loans at the end of
April were fractionally higher than they were at the end of
May 1949
1948, they have not increased since mid-January. Last
year, real estate loans of reporting member banks showed a
moderate but steady upward trend during the first four
months as construction and real estate activity moved
upward.
Easing of restrictions
As the utilization of bank credit receded, the Federal
Reserve relaxed reserve requirements for all member banks,
effective early in May. Reserve ratios for demand deposits
were reduced from 26 to 24 percent for New York and
Chicago banks; from 22 to 21 percent for reserve city banks,
and from 16 to 15 percent for country banks. Reserve
ratios against time deposits for all classes of banks were
reduced from 1% to 7 percent. This action has freed some
$1.2 billion of reserves and thereby increased banklending
power.
The reduction in reserve requirements was only one of a
number of actions taken by the government agencies to ease
credit restrictions which had been adopted when inflationary
pressures were still strong. Late in March, the Federal Reserve reduced margin requirements on stocks from 75 to 50
percent, and at the end of April there was a further easing
in consumer credit requirements under Regulation W. Maximum contract maturities on automobiles, appliances, and
furniture were increased from 21 to 24 months and down
payments on furniture and appliances were reduced from
15 to 10 percent—the usual down-payment requirement in
the prewar period. Moreover, purchases of furniture and
appliances at $100 or less are now exempt from Regulation
W; previously the cut-off price had been $50.
Finally, the Federal Housing Administration has now permitted insured repair and modernization loans under $2,500
to be made without any down payment, whereas previously
payment of 10 percent was required.
The waning of shortages was also reflected in the relaxation of both the voluntary steel allocation program and the
export controls administered by the Department of Commerce. The amount of steel allocated for essential industries for July was reduced 40 percent from the allocations
made for the preceding month. Export allocations were
increased for some important products, while for a long list
of other commodities, exports were authorized in unlimited
quantities to most destinations.
Price declines extended
The widening area of economic adjustment is reflected by
the extension of price declines in recent weeks over broader
sectors of the market for industrial commodities. Sizable
decreases have now occurred in all major groups of industrial
products. During the month of April wholesale nonfarm and
nonfood prices declined 2 percent, which was about equal to
the entire previous decrease from the November 1948 peak to
the end of March. Farm and food prices in wholesale and
primary markets also declined about 2 percent between the
beginning of April and the beginning of May. This followed
two months' relative stability of these indexes beginning in
February of this year.
The expanding incidence of price declines is evident from
an analysis of the principal price groups. Up until the end
of 1948, the sharpest price (declines occurred in cotton textiles, foods, hides and leather, chemicals, and fats and oils..
Although price adjustments to lessened demand pressure in
these segments have continued to be made into 1949, the rate
of decline slackened, as in the case of cotton textiles and
hides and leather.
May 1949
SUEVEY OF CUBKENT BUSINESS
Adjustment in metal prices
In recent weeks the previous sharp upward trend in the
prices of materials used in durable goods has been reversed.
The sharp decline of scrap metal prices foreshadowed price
adjustment in nonferrous primary metals. Substantial reductions in primary copper, lead and zinc prices in March
and April have erased a large part of the postwar rise in
the prices of these metals.
In general, quoted prices of iron and steel have not been
changed substantially from their 1948 peaks, though there
has undoubtedly been some reduction in effective costs of
such products. Aluminum and tin prices have maintained
peak levels attained last year.
Price reductions in the primary metals have made possible
further substantial downward revision of prices in the
fabricating industries, as in copper wire and brass products,
alvanized products, and paints, and in a broad range of
^ad and zinc products.
Reductions in manufacturers' prices of consumers durable
goods have become more general. As indicated in the analysis of production in a subsequent section, reduced demand
for a number of heavy consumer-durable goods resulted in
production cutbacks at the end of 1948 and in the first quarter of 1949. Formerly a similar adjustment process had
resulted in price reductions for small durable-goods items,
such as toasters, table radios and electric irons which, because the plants making them were easily converted to peacetime needs, had reached peak production rates early in the
postwar period.
g
Consumers9 price decline interrupted
The 5-month decline in the over-all consumers' price
index was arrested in March, mainly because of7 an advance
in retail food prices. The rise of the consumers price index
to 169.5 (1935-39=100) was slight, but it served to focus
attention on the trend of food prices, which in the spring
and summer of 1948 were largely responsible for the advance
in retail prices. As shown in chart 2, retail food prices rose
7 percent from March 1948 to August 1948, when the consumer price index reached a postwar peak of 175. At that
time, the grain shortage of the previous year had resulted in
reduced marketings of livestock and record meat prices.
Improvement in 1949 food supplies
A part of the easing in food prices since last summer is
attributable to increased output, both actual and prospective.
The Department of Agriculture indicates that total food
production in 1949 is expected to be 3 percent higher than
in 1948, and nearly as much as in 1947 (see table 1). ^ Output
of food crops will be approximately the same as in 1948,
with declines in vegetable (except truck) crops offsetting increases in food grain output. An increase of 4 percent in
meat, dairy and poultry products accounts for nearly all of
-the advance in total food production.
In view of the sharp rise in meat prices last spring and
summer, improved production of meat is of special significance. The bumper harvest of 1948 has made possible an
increase in both beef cattle and pig production. During the
first quarter of 1949, Federally inspected pork slaughter was
10 percent higher than in the same quarter a year earlier.
Based on December 1948 farrowing plans of farmers, indica-
Chart 2.—Consumers' Prices
INDE>C, 1935-39 = 100
225
x-'
1948
"^x
200 -
1949
175
^...••**
-/
^1947
1949
^~r
—*
1948^
""."•
....••••••*•"*
^
••••••••**
150 -***^ 1947
-
ALL ITEMS
125
FOOD
-.
-
i i « i i t i i i i i
i i M i i 1 i i i i i
100
u'.s.o EPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
49 _I64
Source of data: U. S. Department of Labor, Bureau of Labor Statistics.
tions are that the 1949 spring pig crop will be 10 percent higher
than in the spring of 1948.
Beef production is also increasing, although in this instance
the principal effect in 1949 will be an improvement in the
quality of beef rather than any substantial rise in marketings,
because of the long period required for cattle to reach marketing age. The movement of stocker and feeder cattle to
feed lots has been of record proportions in the winter months.
Despite a substantial rise in pork output and an increase
in corn-fed beef, total meat available for consumption in 1949
is now estimated by the Department of Agriculture to be
only 2 percent higher than in 1948. The small size of this
gain reflects an expected decline in the slaughter of grass-fed
Table 1.—Volume of Agricultural Food Production
[1935-39 = 100]
Item
Food, grains
Truck crops
IFruits and. nuts
Vegetables 6xcl.ud.ing truck crops
Sugar crops
Total food crops
Meat animals
Poultry
Dairy products
Total food livestock
Total food production
- -
- -
1945
1946
1947
1948
19491
155
142
112
110
94
130
164
158
133
128
103
145
196
140
129
107
110
148
184
139
126
111
95
143
194
140
124
102
88
143
147
163
119
141
138
145
153
120
138
140
144
150
120
137
140
134
153
114
131
134
137
164
117
136
138
i Production estimates are based on prospective acreage, preliminary crop indications and
estimated marketings and home consumption of livestock and livestock products for the
calendar year 1949.
Source: U. S. Department of Agriculture.
cattle and dairy cows—which groups are both important in
the total beef supply—and of lambs and sheep. Production
of poultry, however, is expected to be substantially higher;
the number of chickens hatched in the first quarter indicates
that farmers are going to exceed the 7 percent rise over 1948
in chickens raised, which was reported in the February survey of farmers' intentions for 1949. Dairy production will
also rise by 3 percent over the preceding year, although this
amount will still be short of output during 1945-47.
SUEVEY OF CUEEENT BUSINESS
May 1949
National Income and Product in the First Quarter of 1949
1 HE market value of the Nation's output of goods and
services, as measured by the gross national product, declined from $265 billion in the fourth quarter of 1948 to
256 billion in the first quarter of 1949 (see chart on p. 1).
National income, which measures the Nation's output in
terms of the incomes accruing in production, shrank in about
the same proportion, but complete estimates are not available at this time, because of the lack of sufficient data on
corporate profits.
The fall in personal income, which consists of the current
income receipts of persons from all sources, was considerably
smaller—from $220 billion at annual rates to 217 billion.
This was due mainly to the fact that disbursements of
property income were maintained, and that the stream of
production incomes was supplemented by transfer payments
in the form of unemployment insurance.
Decline in output moderate
The decline in the dollar value of national output had been
foreshadowed by the easing of inflationary tendencies in the
latter part of 1948. It was the first sizable drop since the
beginning of 1946, when the immediate postwar contraction
gave way to the upward phase of the postwar boom.
To put recent developments into perspective it should be
noted that the decline which occurred to date has been small.
In current dollar terms, national product still exceeds every
past quarter with the exception of the third and fourth
quarters of 1948. Although measures of the physical
volume of the national product are not available at the
present time, it appears that the recent drop reflected lower
prices as well as a somewhat smaller volume of output.
Spreading decline in industrial prices
The progressive shift in the basic supply and demand
factors which determine the level and character of economic
activity continued to be reflected in the movement of prices
in the first quarter of 1949.
As will be recalled from the discussion in the February
SURVEY, the general upward movement of prices had
virtually ceased by the end of the third quarter of 1948.
During the remainder of the year wholesale prices in general
showed little change. The only significant exceptions to
this generalization were livestock and meat and textile
products, which declined. Under the influence of falling
food prices the average of prices paid by consumers receded
moderately from the postwar top reached at the end of the
third quarter.
During the first quarter of 1949 price declines that reflected wholly or largely the changes which had occurred in
the agricultural supply situation slowed down and were, at
least temporarily, reversed from February to March, when
both wholesale prices of livestock and products, and retail
prices of meat increased. While prices linked to the agricultural sector of the economy showed greater firmness,
price declines were spreading in the markets for industrial
commodities. In general they were small or moderate, but
they affected the wholesale prices of all major commodity
groups, including those durables that had shown no weakness
even in the closing months of 1948. Eetail prices of a
widening range of industrial commodities—durables as well
as nondurables—were also affected.
Weakening of private demand
These price declines in the markets for industrial commodities are significant. They indicate more clearly than was
evident in 1948 that the shift from inflation is not primarily
due to improved agricultural supplies—an essentially erratic
factor over which producers have only incomplete control.
They show that it is caused also by increases in industrial
capacity to produce planned by the business community; as
well as by a less intensive demand than the one that had
obtained in the expanding phases of the postwar boom.
Both supply and demand factors contributed to the easing
of inflation in the latter part of 1948. The importance of the
demand element stands out with increased clarity in the
economic developments of the first quarter.
Consumer demand lower
In the first place, changes in consumer income, expenditure, and saving indicate clearly that a genuine weakening
in consumer demand has occurred—in the sense that consumers are less willing to spend out of given levels of disposable income. This condition could be inferred only
indirectly from the data available for the year 1948. Consumer purchases and saving both kept rising throughout
1948, and the only indication that a weakening of consumer
demand (in the sense specified) was occurring lay in the
fact that relative to the increase in disposable income, the
increase in purchases appeared small and the increase in
saving large.
In the first quarter of 1949, however, there occurred a
small decline in the disposable income, a larger decline in
consumer purchases, and a consequent increase in personal
saving. Although the figures are subject to a margin of
statistical error, particularly in view of the difficulties
involved in their seasonal adjustment, this divergent movement of saving suggests strongly a weakening in aggregate
consumer demand.
Inventory accumulation reduced
Domestic investment demand for gross national product
also was less insistent in the first quarter of 1949, especially
in business inventories. Net additions to these inventories
were halved as compared with the fourth quarter. Eeduced
accumulation reflected the carrying out of more cautious
buying policies adopted by the business community in view
of the uncertainties of the price and demand situation.
Government demand increases
Government demand for gross national product (including,
as explained below, foreign purchases financed with United
States Government aid) increased further in the first quarter,
continuing the upward trend which had become increasingly
important in shaping the course of economic developments
during the year 1948. Currently government demand is the
only major expansionary factor in the economy, but its rate
of increase, so far at least, has not been sufficient to offset
the decline in demand emanating from the private sectors of
the economy.
A more detailed account of these broad developments and
of their reflection in the various components of the product
and income flow is given in the following review.
May 1949
SURVEY OF CUEEENT BUSINESS
The Flow of Income
Personal income declined by 3 billion from an annual rate
of $220 billion in the fourth quarter of 1948 to $217 billion
in the first quarter. The decline from the December peak to
March was larger—3 percent or 7 biHion, from a $221 billion
to a $214 billion rate. Despite this decline, total personal
income in March still exceeded the levels prevailing in the
first half of 1948.
It has already been noted that the decline in personal
income has been less than that in gross national product.
In part this is due to the fact that incomes paid out by the
business system have declined less than the value of business
production, as witnessed by the maintenance of dividend disbursements. It also stems from the fact that an increase in
government transfer payments in the form of unemployment
insurance has worked as an offset to the decline of production
incomes. Accordingly, the declines in personal income have
been in wages and salaries and in proprietors' and rental
income.
Wage and salary receipts drop
Total wage and salary receipts as measured in personal
income dropped from the 138 billion annual rate in the fourth
quarter of 1948 to a rate of 134% billion in the first quarter of
1949. As in the case of total personal income this quarterly
change somewhat understates the decline which had occurred
by the end of the quarter, wages and salaries having dropped
to 132 billion by March. This rate corresponds to the one
which they had reached in the middle of 1948.
The decline was concentrated in manufacturing. On a
seasonally adjusted basis pay rolls ir» other commodityproducing industries and in the distributive industries showed
a smaller change, and pay rolls in the service industries and
in government were maintained. Lower employment was
the major factor in the decline of manufacturing pay rolls.
It was reinforced by a decrease in the number of hours
worked. Somewhat higher average wage rates acted as a
small offset.
Drop in farm income
The net income of farm proprietors dropped from an annual
rate of 18% billion in the fourth quarter of 1948 to 17% billion
in the first quarter, roughly the level which had prevailed a
year earlier. Farm income has shown a tendency to decline
since the middle of 1948 and the quarterly comparison
accordingly understates somewhat the fall which had occurred
by March from the postwar peak.
The first quarter drop in agricultural income reflected
smaller receipts from marketings—prices were lower while the
volume of marketing was broadly maintained—as well as
smaller net additions to farm inventories. As in the latter
part of 1948, Commodity Credit Corporation outlays for
price support continued to be an important element in
receipts and served to maintain the income and purchasing
powder of farmers. In the absence of these supports the fall
in prices, and the decline in the current dollar measures of
national income and production that can be traced to the
price element, would undoubtedly have been much larger.
The influence of agricultural support operations on the
physical volume of national output produced is harder to
assess. But it is probable that the psychological effects of
larger price declines would have had a depressing influence
on the physical volume of output also. A more detailed
review of the farm situation appeared in the April SURVEY.
The drop in the income of non-farm proprietors was more
moderate than in farm income and reflected mainly developments in retail trade and to a lesser extent in manufacturing
and construction.
Table 2.—National Income and Product, Fourth Quarter 1948
and First Quarter 19491
[Billions of dollars]
Seasonally adjusted,
at annual rates
Unadjusted
Item
1948
1949
1948
1949
IV 2
I
IV 2
I
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 _
N e t interest
________
Addendum: Compensation of general Govment employees
- - -
59.3
36.6
35.4
30.3
.9
4.2
1.2
12.8
6.4
4.6
1.9
(3)
35.3
33.9
28.9
.9
4.1
1.3
12.5
6.2
4.4
1.9
8.6
8.7
3.4
5.3
-.1
1.3
(33)
(3)
()
235.6
144.7
139.6
119.6
3.7
16.2
5.1
51.4
25.6
18.4
7.4
(3)
141.9
136.8
116.9
3.7
16.2
5.1
50.0
24.9
17.7
7.4
(33)
(3)
()
(3)
.5
1.3
34.3
34.7
13.5
21.2
—.4
5.2
4.7
4.7
18.4
18.5
69.6
48.9
6.7
29.1
13.2
10.3
3.8
1.8
2.0
5.7
.8
.5
—.1
10.4
6.3
.1
4.1
62.1
41.9
4.9
23.5
13.5
9.9
2.9
1.2
1.7
5.5
1.6
1.4
.4
9.9
5.9
.1
4.0
264.9
181.0
22.9
105.1
53.0
42.8
14.7
6.9
7.9
22.7
5.3
4.1
-.4
41.5
25.4
.2
16.3
255.9
176. §
21.5
101.4
53.7
37.7
13.5
5.9
7.6
22.0
2.2
1.4
1.6
40.1
23.7
.2
16.7
56.1
3.6
3.2
.5
52.5
48.9
3.5
53.6
7.4
6.7
.7
46.1
41.9
4.2
219.6
20.2
18.0
2.2
199.4
181.0
18.4
216.6
18.8
16.5
2.3
197.8
176.6
21.2
69.6
3.7
5.2
.2
1.2
62.1
3.8
4.9
.2
3
()
264.9
14.9
20.3
.6
-6.4
0
59.3
( 3 )'
255.9
15.2
20.0
.6
(3)
.2
(3)
<8)
1.9
5.3
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 e quipment _
Change in business inventories, total
Nonfarm only
Net foreign investment
Government purchases of goods and services _
Federal
Less* Government sales
State and local
DISPOSITION OP PERSONAL INCOME
Personal income
Less ' Personal tax and nontax payments
Federal
State and local
Equals' Disposable personal income
Less* Personal consumption expenditures
E quals * Personal saving
RELATION 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. _
Plus4 Government transfer payments
__
N e t interest paid b y Government _ _ _ _ _ _
Dividends
__
Business transfer payments
_ _ _ __
Equals ' Personal income
- __
-
8.6
1.2
0
2.6
1.2
2.6
.2
56.1
(3)
1.4
0
2.8
1.0
1.8
.2
63.6
.2
235.6
34.3
5.1
9*. 9
4.6
8.3
.6
219.6
(3)
5.2
.1
11.1
4.6
8.3
.6
216.6
* Detail will not necessarily add to totals because of rounding.
2 Data for the fourth quarter of 1948 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 assumed. Revisions of the national
income and product estimates for 1948 to incorporate recent information will be made hi the
July issue of the SURVEY. It should be noted that in the interim national product data will
not agree fully with revised information already published for certain components of national
product, notably new private construction.
3 Not available.
* Includes noncorporate inventory valuation adjustment.
Source: U. S. Department of Commerce, Official Business Economics.
SUKVEY OF CUKKENT BUSINESS
Private Domestic Demand for Gross National
Product
Decline in consumer purchases
The $1 billion decline in disposable income from $199
billion at annual rates to $198 billion was associated with a
4 billion decline in consumer purchases—from $181 to $177
billion—and personal saving over the same period increased
accordingly from 18 to 21 billion. It has already been noted
that these developments indicate a weakening of consumer
demand. The basic causes of this weakening were discussed
in some detail in the review of national income and product
in the February SURVEY.
Such information as is available indicates that the reduction in consumer expenditures reflected largely lower prices,
and that the physical volume of consumption was more
nearly maintained.
It may also be noted that, as shown by retail sales data,
the drop in the dollar value of consumer purchases of commodities occurred from December to January and that
during the remainder of the quarter total purchases were
stable, even though personal income continued to drop.
Thus there is some evidence in these totals of a firming of
consumer demand. It should be observed, however, that
both for theoretical and statistical reasons this evidence is
highly tentative. Moreover, it is relevant that the constancy in the totals was due mainly to a continued increase
in automotive expenditures and to the stability of food purchases for off-premise consumption; and that many other
major types of purchases showed continuing declines in
successive months of the first quarter.
A review of recent developments in the consumer durables
field, published in the April SURVEY, indicates a substantial
easing in the demand for most types of durables other than
automobiles, mainly as a consequence of the satisfaction of
war-induced backlogs.
Domestic investment demand weakens
Gross private domestic investment purchases fell $5
billion from the fourth quarter of 1948 to the first quarter
of 1949—from an annual rate of $43 billion to $38 billion.
There were, however, marked differences among the various
types of investment.
Business purchases of plant and equipment were only
slightly lower. Declines in the demand of manufacturing
industries, whose postwar conversion and expansion programs
had been carried put more rapidly, were offset by larger
purchases by electric and gas utilities and railroads. Capital
expenditures by these industries are still increasing, because
of such factors as a relatively late start on some of the
expansion projects, initital shortages of essential raw materials, and long construction periods required for the completion of the programs.
As appears from the survey of plant and equipment
programs which was discussed in the April SURVEY, some
decline from the present high level of plant and equipment
purchases has been programmed by business for later parts
of this year. These programs were based on sales expectations whose fulfillment is contingent upon the maintenance
of a high level of business activity.
Private residential construction at $6 billion made a less
favorable showing. The first quarter rate represented
roughly a 20 percent decline from the peak level of activity
which, according to revised estimates of construction activity,
was reached in the third quarter of 1948. It now appears
more clearly than it did in 1948, when current developments
in construction activity were first foreshadowed by a drop
in residential building starts, that the decline in residential
construction reflects such basic forces as a gradual saturation
May 1949
of demand for many types of housing at existing prices and
construction costs, accelerated by a less favorable credit
and liquid fund position of potential buyers. The recent
level of residential starts implies a further moderate reduction
in construction activity in the coming months.
Most of the reduction in domestic investment is attributable to substantially smaller additions to business inventories
in the current quarter than in the fourth quarter of 1948—
$2 billion as compared with 5 billions at annual rates. Net
additions to farm inventories were somewhat smaller, but
the largest part of the change reflects the inventory position
of non-farm business.
More cautious inventory buying policies appear to have
been adopted already in 1948 as uncertainty with respect to
prices and sales developed in many lines of business. However, partly owing to some involuntary accumulation of
stocks in the hands of sellers, these restrictive buying policies
were not reflected in the actual movement of inventories until
the first quarter of the current year when smaller demand for
inventories served to reduce the scale of productive operations. Current inventory developments were reviewed in
the April SURVEY.
Foreign Demand and the Role of Government
Net foreign investment and government purchases of goods
and services, which in combination measure net foreign and
government purchases of American production, increased
slightly from the fourth quarter of 1948 to the first quarter of
1949—from $41 billion to $41 % billion, at annual rates. As
will become apparent from the subsequent discussion, their
continued uptrend reflected the increasing impact of Federal
Government demand, including export demand financed by
U. S. Government aid. State and local government demand
was an additional influence. Net export demand financed
from sources other than U.S. Government aid has continued
to contract, reflecting the earlier depletion of the gold and
dollar resources of foreign countries, as well as the increased
availability of U. S. Government aid.
Break-downs of foreign and Government demand
In a discussion of the impact of foreign and government
demand upon the economy the conventional break-down of
this demand into net foreign investment and government
purchases of goods and services is insufficient at the present
time. This break-down is influenced by shifts in the financing
of the international transactions of the United States in a
manner which obscures more basic economic relationships.
Specifically, exports financed by U. S. Government loans
are included in net foreign investment, whereas U. S. Government grants are counted as a part of government purchases.
The reason for this distinction is, of course, that the former
type of transaction gives rise to U. S. claims on foreign
countries and is therefore properly classified under net foreign
investment, whereas the latter type of transaction does not,
being essentially in the nature of a gift. Hence a shift from
grants to loans, for instance, causes an increase in net foreign
investment and a corresponding decline in government purchases, whether or not a change in total net exports or in total
U.S. Government aid to foreign countries has occurred. The
decline of Federal Government purchases in the first quarter
and the increase in net foreign investment is the result of
such a shift (see first panel of chart 3).
It is true that shifts in the form of United States foreign aid
are not without significance, and—for reasons which cannot
be detailed in this brief review—it is questionable whether a
more significant general purpose break-down of the gross
national product than the present one can be devised. It is
also apparent, however, that for the purpose of discussing
SUEVEY OF CURRENT BUSINESS
May 1949
many economic problems, such shifts are immaterial. Supplementary break-downs of government and foreign purchases,
necessary for an adequate review of foreign and government
transactions, are given in the second and third panels of
chart 3.
The second panel of this chart breaks down the total of net
foreign and government purchases into total net exports, irrespective of the manner of their financing, and Federal Government purchases exclusive of all foreign aid—an item which
might be termed Federal purchases for domestic purposes. It
appears from the chart that the total of net exports has been
relatively stable since the beginning of 1948, whereas Federal
purchases for domestic purposes have been expanding rapidly.
Chart 3.—Break-downs of Federal Government Purchases
of Goods and Services, and Net Foreign Investment
NOTE.—U. S. Government foreign aid excludes United States subscriptions to capital of
Iinternational Bank and Monetary Fund, but includes dollar disbursements by these organizations.
BILLIONS OF DOLLARS
30
FEDERAL PURCHASES AND NET
FOREIGN INVESTMENT
20
/
10
FEDERAL PURCHASES
Federal purchases increase
With due regard for these qualifications, it appears from
the third panel of the chart that Federal purchases (including
all foreign aid) have increased sharply during 1948 and that
the increase has continued in the current quarter. Over the
same period net exports, other than those financed by the
U. S. Government, have contracted.
Expenditures for foreign aid were the largest single element
in the growth of Federal expenditures in the latter part of
1948, and their increase continued through the first quarter.
It represented a recovery from a temporary dip in foreign aid
outlays which followed the exhaustion of the British loan
early in 1948. Agricultural price support activities also
contributed heavily to the expansion of Government expenditures during 1948, and remained at a high level in the initial
quarter of this year. Other factors in the 1948 expansion
were the mid-year wage raise for Government employees,
enlarged construction expenditures, and an increased national
defense program. Purchases for national defense, which had
not risen significantly until late last year, increased again
in the first quarter.
0
30
.FEDERAL PURCHASES AND NET
FOREIGN INVESTMENT
20
10
FEDERAL PURCHASES
EXCLUDING FOREIGN AID
0
30
^FEDERAL PURCHASES AND NET
FOREIGN INVESTMENT
20
FEDERAL PURCHASES
INCLUDING FOREIGN AID
NET EXPORTS
EXCLUDING
FOREIGN AID
Recent rise of transfer payments
10
I
1946
1947
I
1948
1949
HALF-YEARLY TOTALS
QUARTERLY TOTALS
SEASONALLY ADJUSTED, AT ANNUAL RATES
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
•
49-1
Source of data: U. S. Department of Commerce, Office of Business Economics.
While this break-down is of some usefulness in discussing
the actual international movement of goods and services and
the amount of production available for domestic use, it would
appear upon further reflection that its significance is subject
to many qualifications. For instance—to take a hypothetical case—armaments transferred to foreign nations
would appear under net exports in the above classification,
whereas armaments used by the U. S. Government would be
classified as Federal purchases for domestic use. Yet from
the standpoint of national security these two uses of armament production would be very similar, and the distinction
between export and domestic use implied by the break-down
would be of little significance. Moreover, this break-down
does not yield a complete measure of the demand for national
production that is attributable to the U. S. Government.
Such a measure, which is of more immediate interest, is
given in the third panel of chart 3. Here all foreign aid
outlays—loans as well as grants—have been included in
government purchases, and exports are measured net of all
exports financed by U. S. Government aid. Although this
break-down is a superior measure of Federal total demand, it,
too, has limitations that must be noted.
Net loans and cash grants are not necessarily an exact
indication of the Government's contribution to the financing
of exports, owing to the possibility that proceeds may be used
temporarily or permanently to replenish dollar balances or
gold stocks, or to repay obligations previously incurred.
Nor can it be deduced that in the absence of Government
loans and grants to foreign nations there would have been a
corresponding reduction in the total demand for American
production. It is highly probable that the net reduction
would have been smaller, since to some extent alternative
means of financing—say a reduction in gold and dollar
resources below levels considered as safe and adequate—
would have been found.
In assessing the impact of the Federal Government with
the aid of national income statistics, it is possible to go
somewhat further than in the third panel of chart 3 by taking
account of other Federal expenditures—mainly transfer and
interest payments, subsidies, and grants-in-aid to State and
local governments—as well as of Federal receipts. Summary
information showing total Federal expenditures and receipts
and the resulting surplus and deficit is presented in chart 4.
which thus provides a more comprehensive picture of Federal
Government operations.
Needless to say the activities of the Federal Government
that are summarized in this chart do not reflect all Federal
operations that impinge upon the flow of income and production. To give only one example, monetary and credit
conditions are of great importance in determining the course
of economic activity. Yet they cannot be discussed precisely within the framework of the national income accounts^
SURVEY OF CURRENT BUSINESS
8
much below those effective for last year introduced an additional sharp drop in seasonally adjusted Federal revenues
for the first quarter. Moreover, this retarded impact of the
tax cut was materially reinforced by an abnormally high
volume of tax refunds attributable to overwithholding in
the first 4 months of 1948.
Chart 4.—Federal Government
Receipts and
Expenditures 1
BILLIONS OF DOLLARS
50
RECEIPTS
40
Change in fiscal position of Federal Government
DEFICIT
'DEFICIT
30
EXPENDITURES INCLUDING
FOREIGN AID
10
J_
1946
1947
I
1948
1949
HALF-YEARLY TOTALS
QUARTERLY TOTALS
SEASONALLY ADJUSTED, AT ANNUAL RATES
U.S. DEPARTMENT OF COMMERCE,
OFFICE
OF BUSINESS ECONOMICS.
49-1
i Receipts consist of personal tax and nontax receipts, corporate profits tax accruals, indirect
business tax and nontax accruals, and contributions for social insurance. Expenditures
consist of purchases of goods and services, net foreign loans, transfer payments, grants-in-aid
to State and local governments, net interest paid, and subsidies less current surplus of government enterprises.
Source of data: U. S. Department of Commerce, Office of Business Economics.
because, as presently constructed, these accounts do not
include comprehensive information on changes in the
financial assets and liabilities of the various sectors of the
economy. Nevertheless, the series on Federal receipts and
expenditures that are depicted in chart 4 do focus attention
on those Federal operations that have recently had the most
powerful single impact on the economy.
As can be seen from the chart the recent course of total
Federal expenditures did not differ greatly from that of
Federal purchases of goods and services. The former was
dominated by the movement of the latter, and expenditures
other than for goods and services in general did not show
large changes. A significant exception to this statement are
transfer payments in the form of unemployment insurance
which rose sharply in the first quarter.
Federal receipts decline
Chart 4 also shows that Federal receipts have declined
from their peak in the first quarter of 1948. This decline
reflected the reduction of income tax rates in the spring of
1948. The aggregate of other taxes was higher.
The effects of income-tax reduction have been felt only in
a staggered fashion, in a period beginning with the second
quarter of 1948 and ending in the first quarter of the current
year. Reduced rates of individual income tax became
effective May 1, 1948, with respect to current withholdings,
and were applicable to quarterly declaration payments filed
in June. Most of the decrease in current payments was
thus reflected in the second quarter of last year, but a full
3 months of withholding at the new rates brought about a
further decline in the third quarter. It was not until this
year, however, that the reduction became applicable to
most noriwithheld income taxes. Payment of both final
settlements and January quarterly installments at rates
May 1949
As a result of the divergent movement of receipts and expenditures, the Federal surplus, which had been increasing
in 1946 and 1947, showed a rapid contraction during 1948
and (according to the definitions of receipts and expenditures
adopted in this review) was converted into a small deficit
in the current quarter.
The change in Federal surplus and deficit as depicted in
chart 4 illustrates the restrictive influence of Federal Government in the earlier phases of the postwar boom, when
the character of economic activity was dominated by inflationary pressures emanating from the private sectors of the
economy. It also shows the expansionary influence of
Federal Government fiscal operations during 1948 and the
first quarter of 1949. It may be noted that even though the
shift in the Federal fiscal position compared with a year ago
has been quite drastic, it was accompanied by the passing
of postwar inflation and has not prevented a moderate
decline in prices and also in the volume of total economic
activity.
The Federal revenue and expenditure program for the
fiscal year 1950 is now under discussion by Congress, and is
subject also to other uncertainties, such as developments on
the international scene. It is impossible therefore at this
stage to make a definite statement about the future course of
Federal expenditures. It is apparent, however, that Federal
expenditures are still on the upgrade.
The outstanding element in the prospective expansion is
military purchases whose current level is still substantially
below the one envisaged by the national defense program.
The scope of this program will probably increase further in
view of the commitments implied in the Atlantic Pact.
Purchases of goods and services under other programs are
also likely to increase, although the net increase on this score
will be much more moderate. In addition, there is scheduled
for the coming fiscal year a substantial though non-recurring
increase in transfer payments in the form of dividends on
national life insurance policies. An extension and liberalization of social security benefits has also been proposed.
Taking into account all these factors it is apparent that
the uptrend of Federal expenditures will continue to be a
powerful expansionary force although their increase will
probably be smaller than that witnessed over the past year.
The net effect on the economic situation cannot be predicted,
in view of the uncertainty surrounding the various Federal
expenditure programs, as well as the supply and demand
developments in the private sectors of the economy. Enactment of increased taxes and social security contributions
would, of course, serve as an offset to the expansionary effect
of increased expenditures.
In considering the role of government in the present economic situation account should also be taken of government
operations that in themselves do not cause changes in economic activity, but tend to cushion declines that emanate
from other sectors. On the expenditure side an automatic
increase in unemployment insurance benefits and certain
other types of transfer payments results from declines in
SURVEY OF CURRENT BUSINESS
May 1949
economic activity. The working of agricultural price support programs is similar in many respects. The effects of
these forms of expenditure, which were absent or of smaller
size in earlier periods, have already been traceable in recent
economic developments. On the revenue side the automatic
contraction of taxes which accompanies declines of economic
9
activity has a similar cushioning effect. As compared with
revious business cycles this effect is also more substantial,
ecause of the increased proportion of national income that
is currently absorbed by taxes, as well as the increase in the
proportion of taxes that are collected on a current rather
than a delayed basis.
E
Trend of Manufactures
INDUSTRIAL production continues to taper off from
the peak rates attained in the fall months of 1948. This
easing in total output reflects the successive readjustments
of various industries from the high operating rates achieved
during the period when backlogs were large. As these
adjustments continue, a diminishing number of industries
remain in the group reporting gains in output. However,
there are still some important industries—in particular,
automobiles and steel—where activity is either still moving
up or is sustained at or close to capacity rates.
The downward adjustments which have taken place so
far have on the whole been widely spaced, moving from one
product to another and then from industry to industry.
The industries which reached peak operations relatively
early in the postwar period have with few exceptions continued to show declining trends in output (see table 3).
Production edges lower
Total industrial output for the first quarter of 1949, as
measured by the Federal Reserve seasonally adjusted production index, was about 3 percent below the postwar peak
rate attained in the fourth quarter of 1948 and it was under
the corresponding quarter a year earlier. The larger part
of the decline in production from the fourth quarter of 1948
to the first quarter of 1949 occurred in nondurable manufacturing. However, lower activity was reported for all
major industries except iron and steel and transportation
equipment which includes the important automobile industry.
In March, the decline in the Federal Reserve production
index was sharpened by the curtailment in minerals production as a result of the two weeks' work stoppage in coal production and the reduced output of crude petroleum.
Divergent movements in
manufacturing
Chart 5 presents the trends of production for 23 commodities which represent a broad cross section of total manufacturing. The basic* data for all of the individual products
included in the chart represent physical volume of output—
with the exception of aircraft and clay products which are
based on man-hours-—adjusted for seasonal variation where
seasonal factors are available.
The chart facilititates comparisons of the current position
of these industries relative to their best postwar performance
as well as to the prewar year of 1940, when the economy was
in an expanding phase and when output was only moderately
influenced by developing defense programs.
The divergent movements among individual products and
industries in the past two years is strikingly featured in the
charts. Of the 23 manufactured products included, only 9
have shown a generally consistent upward trend throughout
the period covered. Included among these are some major
durable manufactures—metals, automobiles, tractors, railroad equipment—where backlogs have been large, and a
non-durable-goods industry—refined petroleum products—
where demand has continued strong. For some of these
products, the current rate of output is more than one-half
again as large as in 1940.
On the other hand, a somewhat larger group of corn-
Table 3.—Output of Semifinished and Finished Manufactured Products
Item
Highest postwar
quarterly output
(monthly average)
Unit
Date
Manufacturing production, total
Durable goods
Nondurable goods
_
_ _ __
-
_
Commodities:
Shoes
Truck trailers
Apparel wool consumption
Cotton consumption
Glass containers
Radios
Vacuum cleaners
Rubber tires
•Hosiery
- - -Lumber
"Washing machines
Paper
Rayon deliveries
Refrigerators electric
Refined petroleum products
Motor vehicles
Clay products
-
- -
- - -
--
-
--
Tractors
Freight cars
2
1-1948
IV-1948
IV-1948
97.5
98.2
96.1
106
3.7
134
102
116
*2.6
121
102
81.7
33.8
58.5
76.1
93.5
70.3
68.4
81.0
109.4
70.3
90.3
100. 0
180
1.4
324
7.1
13.7
120
379
130
220
814
186
172
1.0
273
6.2
11.5
116
295
130
230
377
196
158
.7
260
6.1
11.5
99
214
123
199
376
194
67.8
41.2
72.0
73.5
81.8
82.5
54.7
93.2
85.4
99.7
99.0
87.8
50.0
80.2
85.9
81.8
82.5
56.5
94.6
90.5
119.7
104.3
91.9
70.0
95.2
98.4
100. 0
85.3
72.5
94.6
86.5
99.7
99.0
427
143
165
206
9.0
139
483
141
161
214
9.5
152
459
145
175
219
10.5
157
95.0
100.0
100. 0
100.0
100.0
100.0
107.5
101.4
106.1
106.3
116.7
112.9
95.0
102. 8
108.7
102.3
110. 5
103. 3
160
164
155
160
165
154
1940=100
Thousands
1940—100
1940=100
11-46
IV-46
IV-46
1-47
142
7.7
207
134
124
3.7
177
126
1-47
IV-47
IV-47
1-47
1-48
1^8
11-48
11-48
111-48
IV-48
IV-48
233
1.7
361
8.3
13.7
120
391
132
233
377
196
IV^S
1-49
1-49
1-49
1-49
1-49
483
145
175
219
10.5
157
—_
A year ago
97.5
98.8
95.5
160
165
155
Thousands
1940=100
1940=100
Thousands
do
1940—100
Peak
97.5
98.2
95.5
IV-48
IV-48
11-48
1940 = 100
Millions.
Thousands
Millions
- Millions of dozen pairs
1940=100
Thousands
1940=100
1940=100
Thousands
1940=100
1-1949
First quarter 1949 production
as a percent of —
156
162
148
1940=100
1940=100
1940=100
v Preliminary.
Source: For explanation and sources of data see footnote to chart 5, page 10.
834381°—49
Quantity
Quarterly output (monthly
average)
SURVEY OF CUREENT BUSINESS
10
May 1949
Chart 5.—Output of Selected Semifinished and Finished Manufactured Products
Total industrial output is tapering off, but these industries tended upward through the first quarter
INDEX, 1940 = 100
350
300 -
-
250 -
-
200 ~~ IRON AND STEEL
-
-
-
-
.
TRACTORS*!
\.
Af\.
VJ
^
~
AIRCRAFT^
~
r ^
^^^^—^^7
r»«XX""1"""~X
-
-
-
r
REFRIGERATORS
(HOUSEHOLD, ELECTRIC)
~
^
1
1
1
1
1
^^._
-
^X-^T^^^X
FREIGHT CARS
CLAY PRODUCTS* V
_
MOTOR VEHICLES
1
1
_ CEMENT*
_
100 - NONFERROUS METALS * 1
**
REFINED PETROLEUM PRODUCTS
V^-
^^
150
50
'
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I I I
1
1 1 1 1 1
I
I
I
1
1
1
1
1
while these industries showed declining trends.
350
300
250
VACUUM CLEANERS
**L
JV
-
~ f\J
/v /:-\""""S
\
\
A/•••./AVVx *•J**««*.
•• WASHING
VA
/ MACHINES
\
,
200 ~ (HOUSEHOLD)
150
-A
100 - RADIOS *1
50
*•
.
*V s*
^ \
1 1 1 1 1 1 1
1947
-*
—
1948
\
1
1949
-
-
TRUCK TRAILERS
"~
\s
RUBBER TIRES
~
V-^^v
..i ,,,i
•. —
1947
1948
-
-
1949
GLASS CONTAINERS* ~
—
^^^^^^,
~
-^.S^. '
v*
,_,_
**•.
CLUMBER*
1
1
1
1947
1
1
/•M i« o-r-c-oi \y
U. S. DEPARTMENT OF COMMERCE., OFFICE OF BUSINESS ECONOMICS.
1
1948
1
1
1949
1
RAYON
DELIVERIES
-
- APPAREL WOOL
\
GONSUMP0-.-JV
TION
V
x*- ^
—
—
SHOES^
^ftTT**4^^^*«« ,««T»«7•
^HOSIERY
I
1947
I
I
1
1948
1
1
1949
1
_
-
~^^^
^ "
vT^X"
*•* ^V
**•••••••••
COTTON CONSUMPTION
1
I
1947
I
I
1948
Aweroft^ee
1
1
1
1
1
1949
--
* SEASONALLY ADJUSTED
49-167
i Basic data represent production or shipments. Data for truck trailers and apparel wool consumption for the first quarter of 1949 are an average of January and February.
2 Include wheel and tracklaying types, but exclude garden type.
3
Include brick, tile, pottery and re lated products.
4
Include radio-phonograph combinations, but exclude television receivers.
Sources of data: Indexes (1940=100) were computed by U. S. Department of Commerce, Office of Business Economics, from indexes (1935-39=100) published by the Board of Governors o
the Federal Reserve System and from basic data reported by various private agencies.
modities—textiles, shoes, tires, paper, certain household
appliances-—have passed their best postwar marks and have
receded to lower rates of output, although output generally
has remained substantially above prewar volume.
Through the fourth quarter of 1948, the rising industries,
as represented by those in the upper panel, were more important in terms of aggregate output than the declining industries as represented by those in the lower panel. But
during the first quarter of 1949, the balance shifted to the
declining group.
Steel rate slightly below March peak
Steel mills turned out a record volume in the first quarter
of 1949 although operations in the month of April declined
about 4 percent below the March rate. Although the decline
is moderate, it suggests some easing of the abnormal demand
for steel products and a trend away from the unusual methods
of obtaining steel through conversion and other arrangements
which generally added to costs. However, the extent of the
decline is limited by the high and, in some instances, expanding demand from important steel consuming industries.
Automobile output expanding
The automobile industry, with first quarter model changes
over, assembled about 540,000 units in April—topping the
half-million mark for the second consecutive month. The
April performance was not only the best in the postwar period
but the highest since June 1929. The increase in activity in
aircraft manufacturing reflects to a large extent the steppedup program for military procurement.
In the case of freight cars, the current high volume of
deliveries, with new orders continuing relatively small, has
reduced the backlog of orders from 13 months' shipments in
April 1948 to 6 months' shipments at the April 1949 rate.
New orders averaged 600 cars per month in the JanuaryApril period of this year as compared with an average of
nearly 7,000 units per month in the last half of 1948.
Supplies of many building materials have improved considerably in the last year. The cement and clay products
industries, where demand has remained strong, continue to
operate at postwar peak rates. In the case of lumber, where
prices have declined somewhat as a result of a general easing
in over-all demand, output in the first quarter of 1949 was
15 percent below the October-December 1948 period and
almost 20 percent below the comparable quarter a year ago.
Part of the first quarter decline, however, was attributable
to unfavorable weather conditions, particularly in the Pacific
Northwest. A sharp decline in unfilled orders for lumber
has been accompanied by a moderate rebuilding of stocks.
Readjustment in consumer durables
The trends in output among the consumer durables other
(Continued on p. 24)
By Joseph B. Epstein1^-
Electric Power Output
and Investment
• The current secular growth in power consumption is
about 5 to 6 percent per year. The actual increase since
1946 has been much more than this secular growth
because of the cyclical rise in industrial production, the
extraordinarily high rate oj acquisition oj electrical
equipment oj all sorts, and other adjustments peculiar to
the postwar period.
The more than 4 million kilowatts oj new capacity
installed in 1948, well above any previous year, were
just about enough to take care oj normal secular growth.
To meet the total increase in demand for power it has
been necessary to operate existing capacity well above the
optimum rate, leaving a margin oj reserve capacity that
is too small. How much additional capacity is required
to relieve this situation is a matter of business judgment
and therefore not subject to precise calculation. It is
clear, however, that this requirement is large, amply
justifying the industry's plans to add around 6 million
kilowatts per year over the next 3 years.
The sluggish reaction oj important elements oj electric
power demand to changes in business activity means
that the growth trend will not be entirely offset except by
a recession of major proportions and duration. Thus,
the demand for this additional capacity is relatively firm.
includes all phases of the business cycle, total generating
capacity grew from less than 21 million kilowatts to more than
69 million kilowatts. The war years 1942 through 1945,
except as they are included in the secular growth trend, have
been excluded because war production, consumer purchases,
and general living conditions characterizing these years produced a pattern of power demand that is not typical of a,
peacetime economy.
Since the various uses of power have different growth trends
and differing responses to cyclical variations in economic activity, it is helpful to break the total consumption, which
according to preliminary data amounted to 294 billion kilowatt hours in 1948, into four categories. They are:
1. Large light and power consumption
2. Domestic consumption
3. Small light and power consumption
4. Public service consumption
These four classes represent the most workable division for
our purposes. Data for each are presented for the years 1922
through 1948 in table 1. As will be more explicitly stated in
the following sections, the data within the classifications are
not entirely homogeneous, a fact which, while it does not significantly alter the conclusions of this report concerning
the aggregate consumption of power, does make the analysis
of the various types of consumption less exact than would be
desirable.
Table 1.—Consumption of Electric Power
[Millions of kilowatts-hours]
ABE electric power industry is undergoing a sharp expansion in facilities and in output to meet postwar demands—
demands which have been reinforced in this industry by the
basic, strong upward trend in the consumption of power.
The recent
surveys of the capital expansion plans of business
for 1949 2 revealed that, "while some industries were showing
signs that the new facilities were catching up with the deferred demands arising from the war so that a tapering off
is occurring, the trend in the power industry is still strongly
upward."
The basic factors underlying this expansion are analyzed in
this article which consists of two parts: (1) an analysis of
the growth trend in electric power consumption and of its
limited sensitivity to cyclical fluctuations; and (2) the extent
of capital investment and growth of capacity in relation to
current economic trends for the purpose of evaluating the
strength of the demand for electric power plant and equipment as a factor in the current economic situation.
The Consumption of Electric Power
This analysis of power consumption covers the years 1922
through 1948—a period for which relatively reliable statistics
are available. During this span of a quarter century, which
1
Mr. Epstein is a member of the National Economics Division, Office of Business Economics.
2 SURVEY, April 1949, p. 9.
Year
Large
Dolight and mestic
power !
Small
light and
power
Public
service
Total
16, 050
177, 697
165, 184
145, 316
156, 259
166, 523
156, 438
57, 050
49, 722
43, 002
37, 852
34, 639
31, 617
43, 125
38, 379
33, 016
30, 438
29,837
28, 192
15, 956
15 892
17, 778
18, 498
19 423
293, 922
269, 241
237 226
242 327
249, 497
235 670
135 545
119, 579
97, 627
84, 775
71, 283
78, 923
29 827
27, 476
25, 309
22, 965
20 948
19, 361
27 234
24, 628
22, 373
20, 722
19 137
18, 075
13 969
11 896
11, 404
10 972
10 505
10 562
206 574
183 579
156, 713
139 434
121 873
126 921
75, 345
64, 512
60 089
54, 772
50, 931
58, 960
17, 130
15, 189
14 091
12, 991
13 073
13, 252
15, 612
13, 588
12 278
11, 589
12 106
13,544
8,647
7 955
7 770
7 479
7 567
8,169
116, 734
101 244
94 228
86 831
83 677
93, 925
1930
1929
1928
1927
1926
1925
63, 673
67, 538
62, 990
60 510
56, 861
51, 511
12 492
11 128
9,807
8 399
7,450
5,930
13 944
13 106
11, 692
10 766
9 485
8,850
8 322
8 089
7 774
7 546
7 162
7,145
98
99
92
87
80
73
1924.
1923
1922
47, 125
44 835
37 975
5 070
4 420
3 670
7 010
6 380
5 207
7 025
6 755
6 542
66 230
62 390»
53 394
1948 f
1947
1946
1945
1944
1943
„ _
1942
1941
1940_
1939
1938
1937
1936-.
1935
1934
1933
1932
1931.
_
431
861
263221
958
436
p Preliminary.
i Includes user-owned production.
NOTE.—Detail does not necessarily add to totals because of rounding.
Source: Edison Electric Institute, 1922-27 and 1948 preliminary data, Electrical World.
Magazine; user-owned production, Federal Power Commission.
11
SUEVEY OF CURRENT BUSINESS
12
Industrial consumers take three-fifths
of total
The first category, consisting primarily of electricity consumed for industrial purposes,3 is by far the largest amount
of the four. It consists of the sales of power by utility companies to the large light and power users, to which has been
added the production of electric power by the various userowned plants. In 1948, the 124 billion kilowatt-hours of
utility sales plus 54 billion kilowatt-hours of nonutility power
production amounted to over 60 percent of the entire United
States power consumption.
The consumption of electrical energy by the large light
and power users is, as is the case with all other segments of
power consumption, determined by a growth trend modified
by cyclical fluctuations in the level of economic activity.
The growth trend which seems best to fit this period is depicted in the top panel of chart 1 by a dotted line. The level
Chart 1.—Large Light and Power Consumption
RATIO SCALE
BILLIONS OF KILOWATT-HOURS
200
SECULAR r/r£MD
100
90
80
70
60
50
May 1949
The growth in the use of industrial power has been more
rapid than the corresponding secular growth in the physical
volume of total national output, which has been estimated
at less than 3 percent per year, or the growth in industrial
production as measured by the Federal Reserve Board index,
which over the same time was less than 4 percent per year.
Probably the most important single factor in the strong
growth has been the trend toward increased mechanical power
per worker, with most of the increase as well as part of the
existing mechanization being electrified. A further influence
contributing to increased use of electric energy for many
purposes has been the development of low cost power,
particularly in areas rich in resources but previously deficient
in power capacity.
The importance of these influences is indicated in the
increased power consumption per unit of output in the three
industries which are the largest consumers of power. In the
short space of time between 1939 and 1946, the iron and steel
industry increased its kilowatt-hour consumption per point in
the Federal Reserve Board index for iron and steel by 20 percent.
The chemical and paper-making industries increased their
power usage by about 5 percent per index point. The
increased use of power in producing the light metals is
particularly striking. The kilowatt-hour consumption by
the combined nonferrous metals industries expanded 43
percent per index point.
Cyclical fluctuations important
^•ACTUAL CONSUMPTION
40
I
30
I
1 I
i
j
(
j
I
\
I
I
I
I
I
I
I
I
I
I I
\
44
46
1 1
120
ACTUAL CONSUMPTION AS A
PERCENT OF SECULAR TREND /
/v
100
—"X /
80
ECONOMIC RATIO**
\
60
40
RATIO SCALE
BILLIONS OF KILOWATT-HOURS
200
CALCULATED CONSUMPTION
100
90
80
70
60
50
40
30
1922
24
26
28
30
32
34
36
38
40
42
WAR YEARS
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
48
49-lSt
1 Includes production of user-owned plants, published by the Federal Power Commission.
2
Ratio of the Federal Reserve Board Index of Industrial Production for each year to the
level for that year determined by a constant rate of increase between the years 1923 and 1947.
Sources of data: Actual consumption, Edison Electric Institute, except for 1922-27 and 1948
which are from Electrical World Magazine; calculated consumption, U. S. Department of
Commerce, Office of Business Economics.
of the line represents consumption at full employment levels.
Since this is a straight line plotted on a semilogarithmic
chart, it depicts a constant percentage increase amounting
to a little over 5 percent annually. In absolute quantities,
this secular growth is, of course, considerably larger now than
it was in the early twenties, amounting
currently to over
9 billion kilowatt-hours per year.4
3 Large light and power consumers are those with a consumption usually in excess of 50
kilowatts. While primarily industrial, they include some large nonindustrial business establishments and even a few large residential developments. Also a few of the user-owned
plants
belong to nonindustrial users.
4
The fact that the data to which the trend is fitted are in terms of actual energy consumption rather than demand, and therefore may understate slightly the amount of energy which
would be consumed currently if it were freely available, should not affect significantly the
estimate of the secular growth in demand.
The difference between the estimated growth trend and the
quantity actually consumed by industry can be seen in
chart 1. The depression of the early 1930's caused a large
discrepancy between the trend line and actual consumption
during those years. The relation between changes in
demand for power and changes in the level of economic
activity is pictured in the middle of chart 1. More specifically, the country's actual industrial consumption of power,
expressed as a percentage of the level determined by the
secular trend, is compared with industrial production
expressed as a percent of its secular trend.
The fluctuations in power consumption associated with the
cyclical fluctuations in production, while sharp and immediate, are not proportionate to changes in the latter. This
is particularly noticeable in 1932 when the drop in production
to approximately 50 percent of what could have been
expected from a full employment economy was accompanied
by a drop in industrial power demand to a point equal to
about 65 percent of the full employment secular trend.
This is not surprising, since certain overhead uses of power
are relatively fixed even though the quantities used directly
for production are not. Any reduction in the output of
factories would immediately be reflected in less power used
for machinery and equipment but would have much less effect
upon that part used for lighting and other essential services
within the plants. Furthermore, the large light and power
category includes some nonindustrial consumption.
In the bottom panel of chart 1, the secular and cyclical
factors affecting consumption are combined, resulting in
calculated quantities which have been reasonably close to
actual power consumption over the period covered. The
relationship is necessarily approximate. The Federal
Reserve Board Index of Industrial Production used in the
cyclical factor encounters various practical difficulties which
make it a less than precise measure for this purpose. In
particular, the components are not weighted according to
power usage.
The increase in large light and power consumption from
1946 through 1948 exceeded the secular growth as depicted
in chart 1. The difference is not entirely accounted for by
the cyclical improvement in industrial production shown in
the second section of chart 1. It seems reasonable to assume,
13
SUEVEY OF CUKKENT BUSINESS
May 1949
however, that the 8-percent increase from 1947 to 1948 is due
in part to the additional demands associated with the further
adjustment of the economy to a high peacetime level of
operations and that it does not at this stage warrant the
conclusion that the 5-percent growth trend evident in prewar
years has been increased substantially.
Chart 3.—Domestic Power Consumption
RATIO SCALE
BILLIONS OF KILOWATT-HOURS
60
50
40
Seven percent growth trend in domestic power
The domestic use of power consists chiefly of urban and
rural residential consumption although a small amount, not
believed to exceed 5 percent of the total at present, is also
used for rural nonresidential purposes. On the other hand
other categories include some residential power consumption
through the use of master-metering arrangements. The
aggregate consumption in the domestic category in 1948 was
57 billion kilowatt-hours or about 19 percent of the total for
all categories.
The secular growth in domestic power consumption is
shown by the dotted line in the first section of chart 3. This
is a curved line from 1922 through 1941, indicating that until
recently the percentage rate of growth was declining (although
the absolute annual increments were becoming larger). For
reasons given below it is assumed that this decline did not
continue after 1941. At the present time this secular growth
is estimated at a little less than 4 billion kilowatt-hours per
year, or a little over 7 percent. In the early 1920's it was
almost 20 percent per year but less than 1 billion kilowatthours.
This growth in domestic power consumption is a combination of three separate growth trends: (1) The number of
occupied dwelling units, (2) the proportion of those homes
wired for electricity, and (3) the average consumption per
wired home. These three elements are shown in chart 2,
without, however, attempting to separate cyclical from
secular influences. The historical estimates are not entirely
satisfactory but serve to indicate the approximate trends.
Chart 2.—Occupied and Wired Dwelling Units, July 1,
and Consumption per Occupied Wired Unit
RATIO SCALE
THOUSANDS OF KILOWATT-HOURS
-
-
60
5.0
—
-
50
3.0
7O
_
OCCUPIED DWELLING UNITS
(RIGHT SCALE)
V.
•^••n^^^^t*
—•••****
^^^^^^*^^~
-
2.0
OCCUPIED WIRED UNITS
.••
r •"""
.3
^
(RIGHT SCALE)
<f
•
10
~~ 9
— 8
— 7
6
^^^**^
^^
^^
X^**"*~*^\
.5 ~
^X
_
I
l*fT 1
22
24
1
26
~ 5
_
4
AVERAGE ENERGY CONSUMED PER UNIT
S
1920
(LEFT SCALE)
1
1
28
1
I
30
1
1
32
1
1
34
1
1
36
1
1
38
1
I
40
1
I
42
1
I
1
44
1
46
1
1
3
48
WAR YEARS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS,
49-157
Sources of data: Estimates by U. S. Department of Commerce, Office of Business Economics,
based upon data of Edison Electric Institute and U. S. Bureau of the Census.
The secular growth in the total number of occupied dwelling
units has been, and remains, between 1 and 2 percent per
year.
These homes were being electrified at a rapid rate in the
1920's. It is apparent that this could not continue indefinitely, as saturation was approached, and that it was
7
6
120
I 00
80
ACTUAL CONSUMPTION AS A
PERCENT OF SECULAR TREND
60
40
RATIO SCALE
BILLIONS OF KILOWATT-HOURS
60
50
40
30
CALCULATED CONSUMPTION
20
10
9
ACTUAL CONSUMPTION
7
6
5
'I
1922
I
I 1
24
E6
28
I I
30
t
I
32
I
34
I I
I I
36
I
38
>
40
i
42
44
46
48
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUS/NESS ECONOMICS.
49-I6C
30
20
•••"*****V
.4
40
••****
1.0
.9 ~~
.8 —
.7 .6
10
9
8
WAR YEARS
—
..•••*"
20
RATIO SCALE
MILLIONS OF DWELLING UNITS
7.0
6.0
4.0
SECULAR TREND
30
1
Includes rural consumption.
2 Ratio of a 4-year moving average of the current and preceding three years' disposable
personal income, roughly adjusted for price changes, to a 4-year moving average of the levels
for the same years determined by a constant rate of increase between the years 1923 and 1947.
Sources of data: Actual consumption, Edison Electric Institute, except for 1922-27 and 1948
which are from Electrical World Magazine; calculated consumption, U. S. Department of
Commerce, Office of Business Economics.
primarily responsible for the percentage rate of increase in
domestic power consumption before the war. At the
beginning of 1947 over 90 percent of the country's occupied
dwelling units were wired for electric power. This includes a
higher degree of electrification for urban homes, and about
65 percent electrification for the farm homes.
On the other hand the average use per wired home has
continued to grow at about the same percentage rate although the trend has been interrupted by cyclical fluctuations. Furthermore, there is every reason to expect this
growth to continue. The market is still far from saturated.
Of the more commonly used appliances, those in use by
at least one-fifth of the wired homes, only the refrigerator is
a large consumer of electricity. In contrast, the heaviest
consumers of power are those which are not now commonly
used, and which have been growing most rapidly during
recent years.
14
SUKVEY OF CUBKENT BUSINESS
This continuing growth in average use per wired home
between 1929 and 1948 averaged over 5 percent per year.
In addition, there is the continuing growth in the number of
families as between 1 and 2 percent per year. Thus, there
is little reason to expect any further flattening out of the
secular trend in total domestic power consumption below
the rate of over 7 percent per year shown in chart 3 even
though the further increase in the proportion of wired homes
will be comparatively small.
Domestic consumption cyclically insensitive
Chart 3 indicates the relative stability of consumption in
this category in spite of economic declines. For example,
the predepression peak year in domestic power consumption
was not 1929 but 1931. The subsequent decline to the low
point in 1933 was very slight.
This tendency of domestic power consumption to level off
rather than decline in the face of even a drastic shrinkage
in consumer buying power is explained in part by the strong
growth trend discussed previously and in part by the fact
that the domestic use of electricity is closely related to the
family's ownership of electric appliances and lighting equipment. When incomes decline consumers reduce their purchases of additional equipment but typically they continue
to use the equipment already owned. This is possible
because the cost of operating most of these appliances is
small relative to their purchase price, and relative to other
elements of the family budget. Furthermore, once a household service, such as refrigeration, has been converted to
electricity a reconversion to nonelectric equipment is usually
not a practical means of economizing.
Since the purchase of additional electric equipment is
closely related to consumer buying power it seems reasonable
to expect that the consumer inventory of such equipment,
and therefore the domestic use of electricity will be related
to incomes in the preceding years. To express this relationship the middle panel of chart 3 shows a moving average of
disposable personal income including the current and the
three previous years, and roughly corrected for price changes,
as a percent of the moving average of the secular trend of
income. The deviations from the secular trend of this
average and of domestic power consumption were comparatively mild in 1930 and 1931 and did not reach their greatest
deviation until 1935.
The 4-year moving average used in chart 3 for the postwar
period excludes the wartime incomes and includes the immediate prewar incomes. This is necessary because the high
wartime incomes could not be used at the time to buy
additional equipment. It results, however, in some understatement of the abnormal postwar purchases of such equipment. The inability to spend even the normal amount of
abnormally high wartime incomes for appliances during
those years has caused, at least in part, the tremendous purchases of these goods during the past two years. As a consequence, the increase in power consumption by households
during the immediate postwar period has been more rapid
than would be expected from the historical relationship.
The combined effect of the growth trend and the cyclical
factor is charted in the last panel of chart 3. The practical
result of the mild cyclical sensitivity exhibited by domestic
power consumption is to mitigate to some extent the risk of
installing new generating and distribution facilities.
Small light and power growth also important
The sales of energy in the small light and power category
are chiefly to commercial and institutional consumers.5
6
This is generally true, although the classification is not determined by the nature of the
demand, but by its size. As a result there are included hi these sales some quantities to
small industrialists whose demand is less than 50 kilowatts and to residential developments
falling in this category. Similarly, certain large commercial users such as the larger department stores whose consumption is recorded in the large light and power group are not included.
May 1949
During 1948 these users took 43 billion kilowatts or about
15 percent of the entire United States consumption.
The growth trend in this category, as depicted in the top of
chart 4, in the past was marked by a decreasing percentage
increase but increasing absolute consumption. This chart
assumes that the percentage increase has not declined further
since 1941. This assumption and the underlying reasons are
similar to those followed for domestic consumption. The
present annual growth is between 5 and 6 percent per year in
contrast with an annual rate of 12 to 13 percent during the
1922-24 period. It has increased in absolute terms, however,
from less than one billion kilowatt-hours to over 2 billion
kilwatt-hours.
This growth at a decreasing percentage rate was due to the
leveling off of the growth in the number of commercial users
Chart 4.—Small Light and Power Consumption
RATIO SCALE
BILLIONS OF KILO WATT-HOURS
50
40
30
SECULAR TREND
'
\
20
.
I0
9
8
7
6
5
I
i I
i
I i
120
100
ECONOMIC
RATIO-^
80
ACTUAL CONSUMPTION AS
A PERCENT OF SECULAR
TREND
60
40
I
I
I
I
I
I
I
I
I
I
i
I
I
I
I
I
I
I
I
I
I
t
I
RATIO SCALE
BILLIONS OF KILOWATT-HOURS
50
40
30 h
1922
24
26
28
30
32
34
36
38
40
42
44
46
48
WAR YEARS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
Ratio of a 3-year moving average of the current and preceding two years' gross national
product, roughly adjusted for price changes, to a 3-year moving average of the levels for the
same years determined by a constant rate of increase between the years 1923 and 1947.
Sources of data: Actual consumption, Edison Electric Institute, except for 1922-27 and 1948
which are from Electrical World Magazine; calculated consumption, U. S. Department of
Commerce, Office of Business Economics.
as these establishments became fully electrified. It seems
reasonable to assume that additional commercial customers
are already restricted to new business units, since almost all
business establishments in areas served by power companies
are undoubtedly electrified. The per customer use is not
easily reconciled with any concept of saturation in view of the
additional new uses and the extension of existing uses oi
May 1949
SURVEY OF CUKEENT BUSINESS
15
power for commercial purposes. Thus there is reason to
expect a continuation of about the present percentage trend
rate of growth.
of the gross national product for the current and the preceding
year, roughly adjusted for price changes, and expressed as a
percent of the secular trend.
Moderate cyclical fluctuations
Aggregate annual growth 5-6 percent
The deviations between actual consumption and the growth
trend also show similarities to those of domestic consumption.
The predepression peak in consumption lagged the business
cycle turning-point of 1929 but not by so long a period as
domestic consumption, occurring in 1930 rather than in 1931.
The depression low was recorded in 1933 for both series
although the cylindrical downturn was more pronounced in
the sale of commercial power.
The relative cyclical stability of these sales, like that of
domestic power, is based upon the continued operation of
lights and appliances already owned despite economic declines, as well as the existence of the growth trend. Commercial power is used primarily for lighting and certain other
overhead purposes such as air-conditioning and for office
equipment whose use does not vary proportionately with the
level of business activity. Hence, curtailed activity is not
immediately reflected in reduced demand as in the case of
industrial power consumption. Continued adverse economic
conditions do eventually force some reduction in commercial
power consumption, largely because of a decrease in the
business population.
This cyclical behavior is shown more clearly in chart 4
which shows the percentage deviations of commercial power
consumption from the secular trend line in the top panel.
These deviations are compared with a 3-year moving average
of the gross national product, roughly adjusted for price
changes, and expressed as a percent of its secular trend.
It is also apparent that a shrinkage in the gross national
product which is insufficient to bring about a decline in the
average of the current and the two preceding years is not
likely to reduce the small light and power consumption below
current levels. Thus the recession of 1937-38 postponed the
further cyclical recovery of consumption in this category but
did not offset the normal secular growth.
This characteristic again has practical implications with
respect to the risk involved in the expenditures for new plant
and equipment. The combined effect of both the secular
trend and the cylical influences as measured by the ratio is
indicated in the third panel of chart 4.
To recapitulate, that part of the current increase in demand
which is the result of the normal long-term growth currently
Public service sales
The sale of power for public service use constitutes the
smallest and most heterogeneous category of the four groups
under consideration. It accounted for about 16 billion kilowatt-hours in 1948, or about 5 percent of total power consumption. It includes sales by utility companies for purposes of street and highway lighting, other public functions
such as government office buildings, and street and interurban railways—these comprising about 85 percent of the
total category—plus some other miscellaneous uses.
This category suffers even more than do the others from the
lack of hard and fast definitions of sales. This deficiency,
and the possibility that the classification may not be consistent over the years, make any analysis open to considerably
more chance of error than the preceding categories. Over the
past 26 years the secular growth seems to have been at the
rate of about 3% percent per year. This is indicated in the
top of chart 5. The increase from 1946 to 1948, however, did
not keep up with this trend. Fortunately the category is
too small to make the question thus raised of any great
significance.
.
The same limitations apply to the analysis of the cyclical
fluctuations in chart 5. The chart also shows the average
Chart 5.—Public Service Consumption
RATIO SCALE
BILLIONS OF KILOWATT-HOURS
20
SECULAR? TREND
I 0
9
8
7
6
5
>•
I I I i I I
..•••£
"f:^
l I l l i
i I i i I i I I i l I I
120
100
80 - ACTUAL CONSUMPTION AS
A PERCENT OF SECULAR
TREND
V
"%•••*'
60
40
RATIO SCALE
BILLIONS OF KILOWATT-HOURS
20
CALCULATED
CONSUMPTION
^ACTUAL CONSUMPTION
l l l l l I l l i i i l l
1922
24
26
28
30
32
34
i i i l i
36
38
40
42
44
46
48
WAR YEARS
U.S. DEPARTMENT OF COMMERCE, OFFICE OF BUS/NESS ECONOMICS.
49-159
i Ratio of a 2-year moving average of the current and preceding years' gross national product,
roughly adjusted for price changes, to a 2-year moving average of the levels for the same years
determined by a constant rate of increase between the years 1923 and 1947.
Sources of data: Actual consumption, Edison Electric Institute, except for 1922-27 and 1948
which is from Electrical World Magazine', calculated consumption, U. S. Department of
Commerce, Office of Business Economics.
amounts to around 16 billion kilowatt-hours or 5 to 6 percent per year distributed as follows:
Secular growth,
1948 over 1947
Billions of
kw.-hrs. Percent
Large light and power.
Domestic
Small light and power.
Public service
Total.
9. 0
4.0
2.3
.6
5. 4
7.4
5. 5
3.7
15. 9
5.7
The growth trend of 5-6 percent per year would result in
almost 17 billion kilowatt-hours of additional consumption
during 1949, or about one billion more than in 1948. Adjusting for losses between, the production and consumption of
electric power, this consumption would require almost 20
billion kilowatt-hours of additional production.6
6 The difference is chiefly due to the power lost in the process of transmission and distribution, but it arises also from consumption by the utility systems during their own productive
processes, which is excluded from the consumption data. The total of these losses is currently
about 15 percent of utility production. Imports from Canada by the utility companies are
excluded from production requirements.
Production by the user-owned plants is assumed to be net of self-use losses, while their
transmission losses are probably quite small since they commonly do not include extensive
transmission and distribution systems. The adjustment for losses is applied against the
entire secular increase in consumption because it is anticipated that the utility systems will be
obliged to meet most of the additional demand for power.
SURVEY OF CUEEENT BUSINESS
16
Analysis of recent changes in consumption
The actual increase in power consumption from 1947 to
1948 was 25 billion kilowatt-hours of which, as just indicated, 16 billion can be accounted for by trend growth.
This leaves about 9 billion kilowatt-hours of the increase to
be explained by the cyclical and other changes in economic
activity and in the ownership of electrical devices. By
deducting secular growth from the actual change in consumption (as shown in table 1) the following estimate of
cyclical changes from 1947 to 1948 are obtained.
Cyclical and
other changes,
1948 over 1947
(billions of
kilowatt-hours)
Large light and power
Domestic
Small light and power
Public service
respect, but also because of uncertainties as to the ultimate
effect of technical developments tending to change the
capacity required to meet a given demand. Among these
developments are the grid systems of interconnecting power
lines, which tend to reduce the reserve capacity required to
levels below that believed necessary prior to World War II.
The combination of these developments, and some voluntary rescheduling of power loads for certain industrial and
commercial purposes, enabled the industry to reach a combined plant factor, including user-owned facilities, of 57
percent in 1948. In other words, the actual output was 57
percent of the potential output if all of the installed capacity
had been operated continuously throughout the year, without
Table 3.—Annual Plant Factors by Type of Prime Mover
3. 5
3. 3
2. 5
—.5
[1937-48]
Combined
utility
and
user-owned
VQQI*
Total
8.8
Only the cyclical increase can be accounted for by the
historical relationship to the several indices discussed. The
remainder must be explained by the adjustments peculiar to
the postwar period. While it is possible that the 1949
increase may also exceed the calculated growth trend, this
part of the expansion of power demand is essentially nonrecurring.
Demand for Additional Generating Capacity
Table 2 shows the total generating capacity at year-end by
class of ownership for 1948 and previous years. The data
indicate the very slight increase in capacity in user-owned
plants since 1946 as well as the slow but significant increase
in the proportion of total capacity owned by public authorities since 1922.
Table 2.—Installed Generating Capacity by Class of Ownership
Dec. 31, 1922-48
[1,000 kilowatts]
Total
electric
utility
and userowned
Year
1948
1947
1946
1945
1944
1943
1942
1941
3940
1939
1938
1937
_ _
- -
1936
1935
1934
1933
1932
1931
1924
1923
1922
Userowned
Privately Publicly capacity
owned
owned
69, 485
65, 151
63, 066
62, 868
62,066
60, 539
56, 464
52, 322
50,317
50,111
49, 189
47, 951
(0
41, 986
40, 335
40,307
39, 733
39, 128
(0
10, 336
9,982
9,804
9,456
8,823
13,022
12, 829
12, 749
12, 757
12,877
12, 589
57,237
53,995
50,962
49,438
46, 873
44,370
45,053
42, 405
39, 927
38, 863
37, 492
35,620
37,442
36,041
34, 399
33, 908
33,246
31, 958
7,611
6,364
5,528
4,955
4,246
3,662
12, 184
11,590
11,035
10, 575
9,381
8,750
43, 582
35,082
34, 436
34, 119
34, 587
34, 387
33, 698
31,787
31,820
31, 547
32, 163
32, 033
31, 498
3,295
2,615
2,571
2,424
2,354
2,200
8,500
32, 384
29, 839
27, 805
25, 079
23, 386
21, 472
30,285
27,953
25,990
23, 418
21, 819
20,045
2,099
1,887
1,814
1,661
1,567
1,427
17,681
15,643
14,192
16,740
14,787
13,419
941
855
773
42,849
1930
1929
1928
1927
1926
1925
Electric utilities
Total
34, 574
.
20, 468
8,463
9,495
6,276
i Not available.
NOTE: Detail does not necessarily add to totals because of rounding.
Source: Federal Power Commission.
Translating the annual increases in production into the
required additions to capacity is hazardous, not only because
there is considerable latitude for business judgment in this
May 1949
1948
1947
1946 .
1945
1944
1943
..
. . .
1942
1941
1940
1939
1938
1937
Utility
User-
Hydro
all types
nTrmnA
All
Fueli
57.0
54.8
48.9
49.6
51.5
51.9
59.2
56.9
50.7
51.2
53.5
53.5
60.0
60.2
61.9
59.1
62.9
55.6
46.8
46.6
51.1
49.6
47.7
46 3
41.7
43 4
46.0
45 9
47.9
45.3
40.9
38.2
35.5
38 0
48.6
45.7
41.0
38.2
35.5
38 4
59.1
50.4
48.5
45.9
48.5
49 7
44.4
43.9
38.0
35.1
30.4
33 9
45 3
43 9
40.2
38 5
35.4
36 5
i Includes steam and internal combustion.
Source: Basic data, Federal Power Commission; combined and user-owned factors calculated by Office of Business Economics.
regard for the daily and seasonal fluctuations in demand or
the adequacy of water for hydro-power or any necessary
shut-downs for repairs. This plant factor compares with 55
percent in 1947 when the margin of reserve capacity was
already considered to be critically low. It compares with a
prewar average of 38 percent for the years 1937 to 1940, inclusive, and a peak of only 52 percent during the war. Data
for other years are shown in table 3.
Since most of the anticipated future additions to capacity
will be in the utility segment, the utility plant factor, shown
in table 3, is also significant. This reached an all-time record
of 59 in 1948 compared to 57 in 1947 and an average of 36
for the years 1935-39.
Normal growth in capacity
The present utility plant factor of 59 percent is too high.
The prewar ratio of less than 40 percent is unnecessarily low.
Using the 1946 plant factor of less than 51 percent, which
represents approximately the mid-point, the additional
average capacity required each year to take care of the normal secular growth in demand would range from a little over
4 million kilowatts in 1948 to almost 5 million kilowatts in
1951. Any reasonable deviation from the 1946 factor would
not greatly affect this estimate.
Replacements small
Replacement of existing capacity has been and is likely to
be small. While the implied retirements in table 4 are
derived from two sets of data which are not necessarily
consistent, they suggest that replacements are around 200
to 300 thousand kilowatts per year. This seems reasonable
since a major portion of the capacity in this industry is
relatively new. Furthermore, the need to meet peak-load
demand for short periods requires that the older capacity,
although inefficient for continued operation, be kept in standby status.
SUEVEY OF CUEEENT BUSINESS
May 1949
Backlog of demand
The backlog in the sense of an unsatisfied current demand
for power is probably small. It is, however, one more element
strengthening the demand for additional capacity. More
important is the deferred or backlog demand for the additional capacity required to reduce the combined plant
factor from 57 percent to a more adequate ratio.
It is clear thac this backlog is large. About 10 million
kilowatts additional capacity would be required, for example, 7
to reduce the plant factor to slightly above the 1946 level.
Table 4.—-Utility Generating Capacity, 1933-48
in the backlog during the year. It does serve to illustrate,
however, that the increase in capacity did not keep up with
the increase in consumption.
Capacity and peak-load demand
An alternative method of appraising the backlog utilizes
the concepts of utility peak-load demand and net dependable
capacity as calculated by the Federal Power Commission
for the seasonal peak month of December together with the
reserve margin of 15 percent over peak-load which is generally
accepted as desirable.
[1,000 kilowatts]
Capacity
Jan. 1
Year
Additions
Implied
retirements
Capacity
Dec. 31
Net
change
52, 322
50, 317
50,111
49, 189
47, 951
45, 053
4,250
2,177
361
887
1,546
2,924
109
172
155
-35
308
26
56, 464
52, 322
50, 317
50, 111
49, 189
47, 951
4,142
2,005
1942
1941
1940
1939
1938
1937
42, 405
39, 927
38, 863
37, 492
35, 620
35, 082
2,783
3,078
1,693
1,285
1,696
1,119
135
600
629
-86
581
45, 053
42, 405
39, 927
38, 863
37, 492
35, 620
2,648
2,478
1,064
1,371
1,872
538
34, 436
34, 119
34, 587
34, 387
721
386
95
346
75
69
563
146
35, 082
34, 436
34, 119
34, 587
-468
1936
1935
1934
1933
. .
-.
.
[Millions of kiloU. S. peak-load
wats]
demand plus 15
U. S. net depercent
pendable capacity
Year
1948
1948
1947
1946
1945
1944
1943
__
17
-176
206
922
1,238
2,898
646
317
200
62. 20
There is considerable latitude for business judgment, however, as to what is the optimum plant factor. Hence no
precise estimate of the backlog is possible.
Net additions to generating capacity in 1948 were over
4 million kilowatts, more than in any previous year. They
were barely sufficient, however, to take care of the present
secular growth in use of electricity. They were far short of
proportional to the total increase in power consumption last
year. The actual increase in output to meet the additional
demand was achieved by the further increase in the plant
factor described above. The "required" additions to capacity
in the following table are in terms of total production for the
year and average generating capacity. Thus the comparison
with the additions during the year understates the increase
Millions of kilowatts
1947
1948
4. 0
4. 3
4. 7
2. 4
TotaL
[1,000 kilowatts]
Continental United States utilities
Continental United States industrial
Outside Continental United States
.
- _ - _.
Total
1949
1950
5,979
434
380
6,123
6,793
6,571
40
408
1951
3,107
80
62
3,248
NOTE: Detail does not necessarily add to totals because of rounding.
Source: National Security Resources Board.
Table 6.—Scheduled Gross Total United States Utility Capacity
Installations, 1949-511
[1,000 kilowatts]
Government
Year
1949
1950
1951__
Other public
agencies
Federal
__
Private
Hydro
Fuel
Hydro
783
681
448
0
0
0
9
20
189
Hydro
Fuel
Total
Government
Private
Grand
Total
Fuel
410
100
130
303
335
0
4,783
4,241
3,905
1,202
801
767
5,086
4,576
3,905
6,288
5,377
4,672
i Scheduled retirements do not exceed 33 thousand kilowatts in any year.
Source: Federal Power Commission.
6. 7
Gross additions to electric utility capacity during the
year
Utility retirements
2. 3
.3
4. 2
.1
Net additions to electric utility capacity
Net additions to user-owned capacity
2. 0
.1
4. 1
.3
Net additions to combined capacity
2. 1
4. 4
The seasonally adjusted 1918 year-end annual rate of power production, including userowned plants, was about 350 billion kilowatt-hours. To reach the 1946 combined plant factor
of 49 percent would have required almost 82 million kilowatts of capacity as compared with the
actual 69.5 million installed. Using a plant factor of 50 percent, the additional required capacity would be a little over 10 million kilowatts. While the difference between 49 and 50 percent
is important in the backlog calculation, it makes only a negligible difference in the calculation
of the required annual increase in capacity.
834381°—49
3
7. 1
The peak-load represents only the aggregate of actual
deliveries. It excludes that portion of demand both voluntarily curtailed as the result of contract provisions and that
involuntarily curtailed during the peak period in order to
bring demand in line with supply.
Furthermore, this calculated deficiency is for utilities
only and does not allow for any inadequacy of user-owned
capacity. A rough adjustment for these two factors would
raise the 7 million to nearer the 10 million kilowatts calculated above. It must be recognized, however, that no precise estimate of the backlog is possible.
Sources: Federal Power Commission, utility capacity and 1948 additions; Electrical World
Magazine, additions.
7
54. 9
Source: Calculated by U. S. Department of Commerce, Office of Business Economics*
from data of Federal Power Commission.
Table 5. — Steam and Hydro Generating Capacity on Order and
Scheduled for Shipment (As of Oct. 1, 1948)
NOTE.—Detail does not necessarily add to totals because of rounding.
Additional average generating capacity required if combined plant factor had remained at 1946 ratio of 48.9
percent (utility factor =50.7; user-owned factor=41.7):
To provide for normal growth in consumption of
power
To provide for the cyclical and other postwar increases in consumption of power
Calculated
deficiency
That the requirement for new capacity is large is confirmed by the expansion plans of the industry. According
to the compilation in the 1949 Annual Statistical number of
the Electrical World, the electric utilities expect to add
roughly 6 million kilowatts of new capacity in each of the
next 3 years. This does not necessarily conflict with
Federal Power Commission statistics cited in table 6, which
indicate lesser quantities for the years 1950 and 1951. The
latter cover only firm expansion plans officially reported to
the Commission, and reflect the incompleteness of plans for
the later years.
(Continued on p. 23)
By C. E. Shepler
Foreign Transactions of the
U. S. Government in 1948
I. HE European Recovery Program in the first 9 months of
operation furnished $1.9 billion of goods, services, and funds
to foreign areas on a grant or long-term credit basis, or about
one-third of the aggregate amount of foreign assistance provided by the U. S. Government in calendar year 1948.
However, by the last quarter of the year this program, which
is replacing several of the earlier government aid programs,
provided two-thirds of the aid total.
The aid extended through other grants and credits authorized by Congress to provide relief and to assist in the rehabilitation of foreign countries reached $3.6 billion in 1948.
An additional amount of about $1.6 billion was expanded
abroad for goods and services. Although the latter outlays
were not grants or credits, but were similar to private purchases of goods and services, they also provided an important
source of dollars to areas abroad.
U. S. Government receipts from foreign areas were also
significant. Even with the exclusion of certain items netted
against outlays for the purpose of summarization, receipts
in this year aggregated $1.2 billion. Summary data covering
the various types of foreign transactions by program for
calendar years 1948 and 1947 are made available in table 1.
Foreign Aid Totaled $5.5 Billion
Foreign aid amounted to $5.5 billion in 1948, a decline of
$.9 billion from the total provided in the previous year.
During the first 3 months of 1948, aid was sustained at about
the average quarterly rate prevailing in 1947 ($1.6 billion),
but, in the second quarter, assistance decline to $1 billion.
However, the uptrend of aid as the European Recovery
Program accelerated brought the third quarter to $1.3 billion
and the final quarter again to $1.6 billion. Chart 1 illustrates the fluctuation in the amounts and types of aid provided during the period.
The European countries and their dependent areas now
participating in the European Recovery Program received
$4,229 million of aid in 1948, and $4,861 million in 1947, a
little over three-fourths of the aid provided to all foreign
areas in each year. Other European countries received only
$52 million in 1948 as compared with $328 million in 1947.
The United Kingdom, which benefited by $1,017 million
of U. S. Government foreign grants and credits in 1948,
ranked first among recipients in both years. However, the
share of this country in the total aid rendered declined from
45 percent in 1947 to 18 percent in 1948. The western zones
of Germany ranked second in 1948 with $990 million. Table
2 provides data on the utilization of U. S. foreign grants and
credits by ERP and other major countries.
Grants Are the Principal Aid Medium
Aid rendered on the basis of gifts and other grants where
repayment is not required or is left for future determination
NOTE.—Mrs. Shepler is a member of the staff of the Clearing Office for Foreign Transactions, Office of Business Economics. This article is based upon a summarization of data
compiled and published in detail each quarter by that office.
18
totaled $3.9 billion in 1948, almost double the amount provided on this basis in 1947. The utilization of loans and
other credits with specified terms of repayment declined to
$1.6 billion from the 1947 total of $4.2 billion.
Chart 1.—U. S. Government Foreign Aid: Grants and
Credits Utilized
BILLIONS OF DOLLARS
2.0
1.5
1.0
.5
0
2.0
I I
OTHER GRANTS
RELIEF
CIVILIAN SUPPLIES (MILITARY)
ECONOMIC COOPERATION
1.5
1.0
.5
0
2.0
EMI PROPERTY CREDITS
1 LOANS
1.5
1.0
.5
1947
1948
QUARTERLY AVERAGES
1948
QUARTERLY TOTALS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: TJ. S. Department of Commerce, Office of Business Economics.
May 1949
SURVEY OF CURRENT BUSINESS
This change resulted largely from the appraisal accorded
during the last half of 1947 to the foreign economic situation
and to repayment prospects for further U. S. foreign aid.
Another result of this appraisal was the shift from programs
intended to assist individual countries to a coordinated plan
based, in the case of Europe, upon the self-help and mutualaid measures of recipient nations.
In the early postwar period it was believed that emergency
reconstruction aid sufficient to rehabilitate war-damaged
areas of Europe and Asia could be provided largely through
foreign credits. With the exception of certain post-VJ-day
lend-lease shipments, grant aid prior to 1948 was extended
through programs primarily of a relief nature such as the
United Nations Relief and Rehabilitation Administration
program and the so-called post-UNRRA and civilian-supply
programs of the U. S. Government.
However, several of the earlier grant programs, in particular the Philippine rehabilitation program authorized in March
1946 and the Greek-Turkish assistance program established
in May 1947, included provisions for economic aid. Such
provisions constituted an approach to the measures for recovery and financial stability incorporated into the economiccooperation programs for European recovery and Chinese
aid authorized by Congress in April 1948. During the period
immediately preceding the inauguration of the latter programs, additional grants, primarily of a relief nature, were
extended under an interim-aid program established in December 1947.
19
by the end of the calendar year. Food and agricultural
commodities comprised 49 percent of the $3.7 billion authorized for commodity procurement. Authorizations for procurement from the United States comprised 62 percent of
this total, from Canada 16 percent, from Latin America 9
percent, from ERP countries 7 percent, and from all other
countries 6 percent.
Chart 2.—European Recovery Program: Procurement
Authorized and Aid Extended on a Grant and Credit
Basis From April 3 Through December 31, 1948, by
Countries
COUNTRY
200
MILLIONS OF DOLLARS
400
600
800
IpOO 1,200
UNITED
KINGDOM
FRANCE
ITALY
GERMANY
NETHERLANDS
AUSTRIA
ERP emphasizes economic cooperation
On April 16, 1948, 16 European nations and the military
governments of the Anglo-American bizone and French zone
of Germany signed an agreement establishing the Oganization for European Economic Cooperation for the purpose of
guiding recovery efforts within the framework of the European Recovery Program and recommending the division of
U. S. aid among member countries. Although the zones of
Trieste administered by the United States and the United
Kingdom were eligible for aid under the program, these zones
were not admitted to membership in the organization until
October.
Bilateral agreements between the United States and each
member country receiving aid provide, in general, that ERP
countries balance their national budgets as soon as practicable, stabilize currencies, establish and maintain valid rates
of exchange, lower trade barriers, discourage cartels, and
make strategic materials available to this country on reasonable terms. Each country is committed to a sustained effort,
in common with* other participating countries, to accomplish
the recovery-program objective of making itself independent
of extraordinary dollar assistance within the 4-year span of
the program.
An appropriation of $4 billion was approved for the program for the provision of grants or credits in the 15-month
period ending June 30, 1949. However, Congress stipulated
that, under certain conditions, the entire amount might be
utilized in 12 months. In October 1948, the Economic
Cooperation Administration, which administers the program,
recommended that appropriated funds be used in the shorter
period and the President so authorized. Subsequently this
entire amount was allocated for grant aid. An additional
$1 billion, to be provided by the sale of notes to the Treasury
Department, was authorized for the extension of loans and
for certain guaranties to U. S. private investors in participating countries.
By December 31, EGA had authorized the procurement of
over $4 billion of goods and services for participating countries and their dependent areas. Thus four-fifths of the
amount made available for grants and loans was obligated
GREECE
BELGIUMLUXEMBOURG
DENMARK
NORWAY
OTHER
.
COUNTRIES *
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
Includes Eire (Ireland), Sweden, Trieste, Iceland, and Turkey; data also include administrative costs and other aid for which procurement authorizations are not required.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Aid has been extended by EGA primarily in the form of
shipments of commodities procured by U. S. Government
agencies against funds allocated by EGA, reimbursements to
participating governments for procurement made by such
governments and their agents, and reimbursements to U. S.
banks for payments made on letters of credit authorized by
EGA. EGA also pays for the ocean transport charges on
relief parcels mailed by private citizens or shipped by voluntary relief agencies.
With the inclusion of administrative expenses, the total
aid rendered through these various methods reached $1,871
million by December 31. Assistance was generally furnished
on an indeterminate basis through this date, since, with only
one exception, no bilateral loan agreements were concluded
prior to the last quarter of the year. However, it has since
been determined that $486 million of the above total represents aid extended under the terms of the loan agreements
and such aid is considered as having been provided on a
credit basis.
An estimated $300 million of additional shipments through
December 31 were financed by participating countries from
their dollar balances or through letters of credit. These
shipments were subsequently recorded as aid when EGA
SUEVEY OF CURRENT BUSINESS
20
Table 1.—Summary of Foreign Transactions of the U. S. Government, by Type of Transaction
[Millions of dollars]
Calendar
year 1947
Type of transaction
Grants and credits
Grants
6,388
5,511
2,147
3,948
1,481
Economic cooperation
European recovery
Chinese aid
Calendar
year 1948
__ _ _
1,385
_
Civilian supplies (military)
Belief
.
Interim aid
Post-UNRRA
Contributions through UNRRA
Refugee assistance
International Children's Emergency Fund. _
-
Other grants
Greek-Turkish assistance
Philinr ine rehabilitation
Chinese military assistance
Inter- American aid
_
_
Credits
Loans
Economic cooperation (European recovery) _ Export-Import Bank
Special British loan
Other loans
Property credits
Surplus property
Lend-lease
___
Merchant ships
Occupied-areas commodity programs
__
Other outlays
Disbursements for goods and services
Net military payments to personnel
Net payments for special currency --Other disbursements
1 180
916
730
12
230
640
19
15
546
68
168
556
74
87
7
4,241
1 563
3 744
1 217
824
2,850
70
486
429
300
3
497
346
100
177
134
86
251
29
60
7
2 094
1 578
1 431
1 029
318
2,745
Receipts
2,023
Lend-lease cash receipts
Cash from surplus-property sales
Cash from other sales
Other cash receipts
_ _
_.
.
_
_ _ _ _ _ _ _
89
27
348
130
72
6
Payments to International Bank
Payments to International Monetary Fund
_
Economic aid to China is handicapped
EGA also administers a $275-million aid program for
China, which was authorized at the same time as the Euro>an Recovery Program and resembles it in some aspects,
owever, as a result of the civil war, the aid provided through
the end of the year was largely of a relief nature. In December, because of the uncertain military situation, EGA suspended, except for certain engineering surveys, a reconstruction and replacement program for which $70 million had been
set aside.
As measured on the same basis used for recording ERP
aid, the assistance reported for this program totaled $96
million in 1948. However, authorizations issued by EGA
for procurement aggregated more than twice this amount.
S
Table 2.—Foreign Grants and Credits of the U. S. Government
Utilized, by Major Country
[Millions of dollars]
425
Calendar year 1947
Total
1 185
370
358
12
556
548
8
119
541
936
57
7
109
334
179
reimbursed the foreign governments or U. S. banks for
expenditures made for such shipments.
Chart 2 compares the total procurement authorized by
EGA for each major recipient country with the aid rendered
in 1948 on a grant and credit basis as a result of such authorizations.
Counterpart funds aid recovery
ERP countries are required to deposit in special accounts
the local-currency equivalent of aid received on a direct
grant basis. However, certain countries have received additional grant aid on the condition that they provide commensurate grants to other countries participating in the program.
In the latter case the counterpart amount must be deposited
by the ultimate beneficiary.
Not less than 5 percent of all counterpart funds must be
made available for local-currency expenditures of the U. S.
Government and for purchases of materials for U. S. stock
piles. The balance, including the unencumbered portions
of similar deposits made under the post-UNRRA and
interim-aid programs, may be withdrawn only for purposes
agreed upon between the United States and the participating
country.
Calendar year 1948
Country
124
Source: U. S. Department of Commerce, Office of Business Economics.
By December 31 counterpart-fund deposits totaled the
equivalent of $1,152 million, including $58 million reserved
for the use of the United States. Over three-fifths of the
amounts available for use by ERP countries had been withdrawn for authorized purposes, including debt retirement,
the promotion of production, the development of strategic
material sources, and other projects. The use of such funds
constitutes a very important segment of the program and a
recovery measure second only in importance to the actual
dollar aid provided by the United States.
96
1,063
295
84
284
Repayments on credits
Cash
Real estate
May 1949
Total
European Recovery Program participants (including dependent areas)
Austria
__ __
Belgium and Luxembourg
Denmark ,
. . _ _ . _
France
Germany _
_ _ _ _ _
Greece
Iceland
Italy
Netherlands
Norway
Sweden
Trieste
Turkey
United Kingdom
Unallocated
_ _
_
Other Europe
Czechoslovakia
Finland
Hungary
Poland
U S S R
Yugoslavia
Other
American Republics
Canada
__
China
Egvpt
India
_ - -_
Iran
Japan
Korea
_
Liberia
Pakistan
Philippines
Ryukyu Islands
Saudi Arabia
Siam
Union of South A frica
All other countries _ _
International organizations
Unallocated
_-
_
_
Grants Credits Total
Grants Credits
6,388
2,147
4,241
5,511
3,948
1,563
4,861
1,061
3,801
4,229
2,998
1,231
153
0)
149
0)
4
670
508
201
12
488
140
1
658
21
61
196
89
40
816
990
351
183
47
18
622
806
337
14
42
23
194
184
14
329
103
24
258
1
71
102
24
2
411
144
70
3
10
85
1,017
6
0)
308
87
17
1
10
72
485
6
2
103
56
52
2
12
11
2,850
0)
(0
12
1
0)
10
2,850
328
190
138
b7
31
2
94
124
34
6
31
1
1
74
45
34
5
6
31
1
20
79
99
7
92
213
1
172
1
41
0)
0)
525
79
3
450
70
0)
75
8
3
92
6
70
162
6
6
0)
1
6
97
1
6
(0
1
97
1
6
52
52
26
19
6
1
68
140
225
3
5
8
408
106
2
1
133
8
13
532
26
'•
19
6
1
6
204
388
96
130
8
62
140
21
3
5
8
20
10
2
1
3
1
1
1
119
2
1
3
i Less than $500,000.
Source: U. S. Department of Commerce, Office of Business Economics.
116
2
May 1949
SUKVEY OF CUEEENT BUSINESS
Civilian-supply program is maintained for occupied areas
Over one-fifth of the total foreign aid provided by the
Government in 1948 was in the form of civilian supplies furnished by military agencies to occupied areas. This program, initiated in the war period for the purpose of preventing civilian disease and unrest prejudicial to our forces
abroad, has been maintained at an average yearly rate of
$953 million in the three postwar callendar years.
The value of supplies provided through the program increased from $1,063 million in 1947 to $1,180 million in 1948.
Eecipients in the later year were limited to the bizone of
Germany, Japan, Korea (southern), the Eyukyu Islands,
and Austria.
Authority to extend recovery assistance as well as relief
supplies to Japan and Korea was provided in the appropriation to the Army Department for government and relief
in occupied areas for fiscal year 1949. The German bizone,
as a participant in the European Eecovery Program, has
been provided with recovery aid by EGA.
Relief programs are terminating
The major postwar foreign relief programs were largely
completed or in the process of termination by December 31,
1948. These programs furnished less than one-seventh of
the 1948 aid total. Although the assistance rendered aggregated $730 million in 1948, it declined by $186 million from
the 1947 total.
UNEEA received the last U. S. contribution in July 1947.
Over $640 million was contributed in that year, almost onefourth of the total U. S. contribution. In May 1947 Congress authorized a post-UNERA program for Austria,
Greece, Italy, Trieste, and China to enable these countries to
maintain their recovery progress. The program was largely
completed by the end of 1947. No more than $68 million of
relief was extended through this medium in 1948, as compared with $230 million in 1947.
By the last quarter of 1947 it became evident that further
assistance was necessary for Austria and Italy to prevent the
deterioration of their economies prior to the initiation of the
European Eecovery Program. In December, Congress established an interim-aid program for these countries and for
France. Over $12 million of aid was provided by the end
of the month and an additional $546 million in 1948. The
latter was furnished largely in the first 6 months of the year.
Although the above relief programs are being supplanted
by the economic-cooperation programs for Europe and China,
the U. S. Government continues to provide relief assistance on
a smaller scale through contributions to two international
agencies, namely, the International Eefugee Organization
and the International Children's Emergency Fund. IEO,
together with other refugee organizations, received a total of
$89 million of contributions in 1948 as compared with $19
million in 1947. Contributions to ICEF totaled $27 million
in 1948 and $15 million in 1947.
Philippines and American Republics receive
economic aid
The United States is rendering assistance of vital economic
importance to the Philippines under a 4-year program authorized in 1946. Through the payment of claims for compensation of war damage to public and private property, the
transfer of U. S. surplus property, and other services and
training furnished the Philippines, this Government extended
$249 million of aid to the new Eepublic through December
31, 1948. Over one-half of this amount ($130 million) was
furnished in 1948.
21
Aid totaling $6 million in 1948 and $7 million in 1947 was
furnished to the American Eepublics under cultural and economic programs currently administered by the Institute of
Inter-American Affairs. These grants are provided under
agreements signed with the republics.
Other grants include military aid
The Greek-Turkish assistance program, which has been in
operation since May 1947, has become an important element
in the maintenance of the military security of these countries.
In addition to military aid provided under the program,
Greece received civilian and reconstruction assistance under
the initial appropriation of $400 million. The $225 million
appropriated for the fiscal year ending June 30, 1949, is
limited entirely to military aid since these countries are
eligible for economic aid under the European Eecovery
Program. Over $348 million of grants were provided under
the Greek-Turkish program in 1948 as compared with $74
million in 1947.
Military assistance of $125 million was authorized for
China at the same time the Chinese economic-cooperation
program was established. As a result, $72 million of military aid was reported for China from April through December
1948.
Credit Utilizations Decline
As previously indicated, the utilization of foreign loans
and other long-term credits of the U. S. Government fell
from $4,241 million in 1947, when credit use reached a postwar high, to $1,563 million in 1948. In the first quarter of
1948 only $725 million of credits was used as compared with
an average quarterly rate of $1,060 million in 1947. Utilizations continued to decline abruptly during the second and
third quarters, totaling $222 million and $68 million respectively. However, as reflected in chart 1, a sharp upward
trend took place in the final quarter when $547 million of
credit aid was provided, largely as a result of the EEP loans.
Nevertheless, credit utilizations for the entire year comprised only 28 percent of the aid extended.
Two factors were mainly responsible for this decline. The
first was the unexpectedly rapid exhaustion of the $3,750million special British loan authorized by Congress in July
1946. Although disbursements were originally expected to
continue over a period of 3 years, the final $300 million of
this loan was withdrawn by the United Kingdom in March
1948. The second factor was the allocation for loans of not
more than one-fifth of the funds available for EEP.
Although loan disbursements of the Export-Import Bank
(including agent bank funds guaranteed by the ExportImport Bank) totaled $429 million in 1948, this sum represented a decline of $396 million from the 1947 total. These
loans have played a major part in foreign aid since July 1945
when Congress increased the lending authority of this agency
from $700 million to $3,500 million.
Another important contribution to foreign postwar recovery has been made through property credits extended by the
Office of the Foreign Liquidation Commissioner, the War
Assets Administration, and the Maritime Commission in the
liquidation of U. S. surplus property. Utilization of such
credits increased from $234 million in 1947 to $311 million
in 1948. This increase was more than offset, however, by a
decline of $148 million in the utilization of credits extended
during the postwar period for goods furnished through lendlease channels. The latter totaled less than $29 million in
1948. Eaw cotton and other materials provided to occupied
areas as a result of commodity credits extended to these
areas in connection with certain rehabilitation programs
accounted for $7 million of the credits used in 1948 as against
$86 million in 1947.
SURVEY OF CURRENT BUSINESS
22
Table 3.—Foreign Credits of the U. S. Government Unutilized and
Outstanding, by Major Country
[Millions of dollars]
Unutilized 1 Outstanding
Total
Austria
Belgium and Luxembourg _ _
Denmark
Eire (Ireland)
France
Germany
Greece
_. _
Iceland
,
Italy
Netherlands
_ _
Norway
Sweden
Turkey
United Kingdom
Unallocated
Other Europe
__ _
__ _ _
_-
___
_ _ _ _
_
_
_ _
- -
_
2,347
9,331
843
8,108
17
40
17
60
111
19
25
19
179
38
-
2
323
376
81
2
22
4,735
32
456
_
_
_
28
_
1
2
-
-
-
Newfoundland and Labrador
Pakistan
Philippines
Saudi Arabia
-- - Siam
Union of South Africa
All other countries
International organizations
Unallocated
-
-
- -
- - -
194
5
17
5
-
18
19
-
4
- -
-
- --
10
9
_-
4
_ _ _
- - -
2,042
184
105
1
73
73
48
10
56
113
182
_ ._ _
Czechoslovakia
Finland
Hungary
Poland
U S S R
Yugoslavia
American Republics
Canada
China
Eervot
India
Iran
Japan
Korea
Liberia
_
6
62
1,120
23
117
14
79
222
1
364
5
199
3
13
13
23
25
13
On December 31, 1948, the amounts available for the
provision of credits aggregated $2,347 million, with the
inclusion of $1,302 million of funds unallocated by country.
Unutilized loan funds comprised 84 percent of the total credit
availabilities.
Over one-third of the unutilized credit total was available
exclusively to ERP areas. As shown in table 3, unused
credits were quite widely dispersed among the participating
countries. The $182 million of funds not allocated by
country for this area included $163 million representing the
balance of the fund authorized for EGA loans and guaranties.
Such guaranties cover the convertibility of profits, or the
return of principal, up to the extent of the paid-in investment of U. S. private investors. As of December 31, less
than $2 million had been earmarked to cover approved
guaranties. Also included is $19 million representing the
unallocated balance available to ERP countries of a credit
line of $100 million set up by the Export-Import Bank in 1945
for the purpose of financing exports of raw cotton.
Table 4.—Foreign Cash Disbursements and Receipts of the U. S.
Government, by Major Country
[Millions of dollars]
Calendar year 1947
66
11
6
1
19
3
Countries participating in the European Recovery Program
received 79 percent of the credit aid rendered in 1948 and 90
percent of the 1947 total. However, the amount provided
to these areas in 1948 was less than one-third of the prior
year's aggregate. Utilizations declined by $2,570 million to
$1,231 million. Other European countries received $52
million of aid in 1948, all on a credit basis (see table 2).
Although credit utilizations declined, net credit commitments and authorizations increased by $1,285 million from
the 1947 total to reach $1,665 million in 1948. Cancellations, expirations, and downward adjustments during the
latter year amounted to $515 million.
Gross loan commitments and authorizations in 1948
totaled $1,670 million including the $1,000 million authorized
by Congress for ERP loans and guaranties. Under this
authorization the U. S. Government had concluded agreements with ERP countries covering $837 million of loans by
December 31. The Congress also authorized in 1948 an
interest-free loan of $65 million for the construction of the
United Nations Headquarters in New York City.
New loan commitments of the Export-Import Bank
amounted to only $135 million in 1948. Since repayments
and cancellations were in excess of new loan commitments,
the uncommitted lending authority of this agency increased
by $470 million from December 31, 1947, to the same data
a year later.
Gross commitments and authorizations for property credits
totaled $510 million in 1948. The only new congressional
Calendar year 1948
Country
Disbursements
1
i Represents unutilized credit commitments or authorizations.
Source: U.S. Department of Commerce, Office of Business Economics.
authorization for property credits during the year was for a
$150-million revolving fund for the purchase of cotton and
other textile fibers for the occupied areas.
Unutilized credits totaled $2 billion
As of Dec. 31, 1948
Country
European Recovery Program participants (including dependent areas)
May 1949
Total
European Recovery Program participants (including dependent areas)
Receipts
Disbursements
Receipts
9,651
2,531
4,634
1,420
4,492
1,436
3,004
543
Austria
Belgium and Luxembourg
Denmark
Eire (Ireland)
France
Germany
Greece
25
75
12
1
724
209
39
5
60
16
6
160
154
23
105
135
52
1
766
201
85
7
30
1
3
86
192
19
Iceland
Italy
Netherlands
Norway
Portugal
Sweden
Switzerland.
Trieste
Turkey
United Kingdom
6
192
131
13
5
4
7
3,045
2
46
145
56
14
13
16
1
19
701
20
260
163
56
3
5
8
11
14
1,118
2
20
44
20
21
3
14
3
4
74
70
41
45
30
8
29
1
21
7
1
3
2
23
1
7
6
6
12
1
18
5
1
2
2
4
1
2
4
17
1
360
206
161
148
14
3
1
155
82
151
46
16
49
3
248
28
_
0)
Other Europe.
Czechoslovakia
Finland
Hungary
Poland
U. S. S. R
Yugoslavia
Other .
American Republics
Bahrein
Canada
China
Egypt
India
Iran
Japan
_._
Korea
Liberia
Newfoundland and Labrador
Pakistan
Philippines
Ryukyu Islands
Saudi Arabia
Siam
Union of South Africa
All other countries. _ _ _
International organizations
Unallocated
871
1
45
47
6
3
2
283
55
10
0)
391
13
42
34
4
55
2
173
33
0)
._
G)
8
2
406
16
31
22
3
22
3,209
48
131
10
3
6
106
31
0)
0)
0)
19
i Less than $500,000.
Source: U. S. Department of Commerce, Office of Business Economics.
P)
13
1
376
17
4
45
1
22
138
44
(i)
3
1
25
9
3
1
20
30
3
SUEVEY OF CURRENT BUSINESS
May 1949
The uncommitted lending authority of the Export-Import
Bank as of December 31, 1948 ($967 million), comprised 86
percent of the $1,120 million of unused credits not allocable
to any area. The latter also includes the $150 million
occupied area revolving fund mentioned previously.
Outstanding credits reach $9 billion
During the 12 months ended December 31, 1948, outstanding credits increased by $1,108 million as the result of a net
increase of utilizations over principal repayments, to reach a
peak of $9,331 million. However, this increase was only a
little over one-fourth of the increase during the prior year.
The indebtedness of countries participating in the European Recovery Program accounted for 87 percent, or $8,108
million, of the amount outstanding at the end of 1948, with
the United Kingdom ($4,735 million) and France ($2,042
million) in leading positions (see table 3).
Payments on credits in 1948 amounted to $556 million,
with the inclusion of $100 million of interest payments.
However, over one-fourth of this total represents a $141million payment received from Canada for amounts utilized
under a $300-million loan authorized in November 1947 and
disbursed in the first 6 months of 1948. Repayment was
effected in August through a $150-million loan placed with
three U. S. insurance companies. The unutilized balance of
this loan was canceled in October 1948 at the request of
Canada.
|
Cash Transactions Reviewed
The foreign grant and credit transactions of the U. S.
Government, which have been discussed previously, frequently take the form of cash disbursements and receipts.
Thus the gross cash-transaction data provided by country in
table 4 for 1948 and 1947 are included in other tables of this
article when they apply to grants and credits. Table 1
provides a consolidated statement of net foreign transactions.
Gross cash disbursements and receipts of the U.S. Govern-
Electric Power Output and Investment
(Continued from p. 17)
An expansion of the magnitude of 6 million kilowatts per
year for the next 3 years would be almost 50 percent more
than in 1948 and would be much more than enough to take
care of the normal secular growth in the demand for electricity. It would not suffice to eliminate the backlog. If
the growth in the use of power is not affected by a substantial
cyclical downturn, the combined plant factor at the end of
the 3 years (1951) would still be well above any year
prior to 1947.
Shipping schedule for generating equipment
Further confirmation of the strength of demand can be
gained from table 5 which shows, as of October 1948, the
unfilled orders for generating equipment by date of scheduled
shipment.
This is based on reports by manufacturers to an industry
committee set up by the National Security Resources Board.
These totals do not coincide with the quantities indicated
in table 6, or the previously cited Electrical World data.
This is due in part to the fact that they represent shipping
dates, whereas the Federal Power Commission and Electrical
World statistics are based on in-service dates. The difference
arises from the time required to install the equipment and
make the necessary adjustments prior to "putting it on the
23
ment abroad in 1948 declined to 48 and 56 percent, respectively, of the comparable amounts in 1947. Disbursements
fell by $5 billion to a total of $4.6 billion, and receipts by $1.1
billion to $1.4 billion.
The decrease in disbursements is attributable primarily to
the decline in loan disbursements previously discussed and to
a still greater decline in cash contributions to international
agencies. The disbursement in 1947 of $2,745 million to the
International Monetary Fund and $318 million to International Bank for Reconstruction and Development completed U. S. contributions of $2,750 million and $635 million
to the Fund and the Bank. However, such decreases were
partially offset by the sizable increase in direct financial aid
resulting from EGA cash grants. Financial aid payments
comprise one-third, disbursements on loans one-fourth, and
disbursements for supplies and materials almost one-eighth of
the total amount expended abroad in 1948.
The decline in cash receipts in 1948 was caused primarily
by a sharp decrease in the cash sales of surplus and other
property abroad. Cash repayments on foreign credits and
receipts from cash sales each comprised about 40 percent of
total 1948 receipts.
All cash-transaction data are exclusive of special currencies
used in occupied areas, but include military payment certificates issued by the armed forces for use only within the
U. S. military economy in foreign areas.
Cash-transaction data also exclude the U. S. Government's purchases and sales of gold which totaled $1,687
million and $182 million, respectively, in 1948. The excess
of gold purchases over sales resulted principally from the
high level of foreign demand for U. S. goods and the dollar
shortage abroad relative to that demand.
Net purchases of gold from the United Kingdom ($734
million) and the Union of South Africa ($495 million)
comprise 82 percent of total net purchases. ERP countries,
excluding the United Kingdom, comprised 14 percent of the
total net. Sales to Venezuela were about 60 percent of all
sales.
line." Again the lower figure for 1951 indicates that the
orders have not yet been placed rather than the existence
of any present intentions to curtail outlays in that year.
At that time (October 1948) the utilities were already
committed to take virtually the full output of the larger
Table 7.—Expenditures by Private Utility Companies Compared to
Total Private Plant and Equipment Expenditures
[Millions of dollars]
Private
Utility exTotal private
utility
penditures
plant 2 and
plant i and
as percent
equipment
equipment
of total
expenditures expenditures expenditures
Year
1949
19481947_
1946_
1945
1944
1943 _
1942
1941
1940
1939
1938
1937
.
._
_
.
..
.
2 112
1,855
1,225
651
407
242
260
28, 825
23, 903
17, 797
9,632
6,998
4,936
6.44
5.12
3.66
4.23
3.46
5.27
464
490
466
433
445
423
6,455
10, 398
8,226
6,329
5,669
7,641
7.19
4.71
5.66
6.84
7.85
5.54
1
Federal Power Commission data adjusted by Department of Commerce. These are only
crude estimates of all new private utility capital expenditures, except land purchases, and
are subject to revision by the Department of Commerce. They represent value of property
put in place, not of that put in service. Totals for 1948 and 1949 are based on the movement
in the total expected plant and equipment expenditures as compiled by the Electrical World
Magazine for the utility industry including municipal and State-owned systems, excluding
Rural
Electrification Administration cooperatives, and Federal projects.
2
Includes all private producers' durable and construction expenditures less all private
residential construction.
Sources: U. S. Department of Commerce, Office of Business Economics; Federal Power
Commission, Electrical World Magazine.
SURVEY OF CURRENT BUSINESS
24
generators for the next 2 years. Deliveries of a few more
large generator units (over 10,000 kilowatts) could be
accomplished in 1950 but substantial open capacity existed
for only 1951 and later. The smaller units, not typically
bought by utilities, were represented as being capable of
substantial deliveries during the last quarter of 1949. The
user-owned capacity is not scheduled to receive any significant quantity of the equipment, supporting the thesis that
the utility companies will have the primary responsibility
for meeting the increased demand for power.
Private Utility Outlays
The total demand for power, and the requisite capacity
necessary to satisfy this demand, have thus far been discussed in terms of aggregates which, because of the size of
government operations in this field, are inappropriate for an
appraisal of the magnitude of investment in the privately
owned segment alone. To evaluate the size and relative
importance of further private utility capital formation proposed, publicly owned installations must be distinguished
from those proposed by the private companies.
In table 6, this distinction has been made for the years
1949-51. The table also distinguishes between the types
of prime movers for both the government and private sectors.
It can be seen that the planned hydro-generating capacity
is in large part for government installation, whereas the
great preponderance of the planned fuel driven generators
are privately owned.
Trend of Manufacturers
(Continued from p. 10)
i
than automobiles provide numerous examples of adjustments
to easier supply-demand relationships. The downward adjustment in a few appliance lines have been quite severe and
have been followed by lower factory employment and prices.
The status of backlog demands for two of these-—washing
machines and vacuum cleaners-—as well as refrigerators and
automobiles, was reviewed in some detail in the April 1949
issue of the SURVEY.
In contrast with refrigerators, where sales have shown
consistent gains, manufacturers7 shipments for other appliances began to decline in some instances as early as 1947
with volume in the most recent period generally at the
lowest rate since the downturn began. The drop, although
from a very high rate, ranged from one-third for vacuum
cleaners to about one-half for washing machines and radios.
In the radio and television industry as a whole, however,
activity has declined only moderately. The sharp drop in
the number of radious produced has been partially offset
by a substantial expansion in the output of television
receivers—from an annual rate of less than 500,000 in the
first quarter of 1948 to 1.7 million sets in the quarter just
ended. Despite the downtrend in most of these products,
output in the first quarter of 1949 remained substantially
above prewar tops.
Textile manufacturing lower
In the textile industries, total activity was maintained at
a high rate throughput 1947 and 1948 owing chiefly to the
continued uptrend in the rate of deliveries of rayon and
nylon synthetic fibers. But the downward adjustment
which has been underway for more than a year in cotton and
wool, has now commenced in rayon. In the first quarter
of 1949 textile manufacturing fell over 5 percent below the
fourth quarter rate and almost 15 percent below the postwar
peak.
Cotton consumption in the first quarter of 1949 was back
May 1949
From table 6, it will be noted that the privately owned
utilities have reported about 5 million kilowatts of additional
capacity to be installed and placed in operation during 1949.
This represents an investment outlay of roughly $1 billion
and is less than one-half of the estimated total value of all
installations, including the related transmission, distribution
and general construction facilities.
The 5 million kilowatts capacity installation by the private
utilities is almost half again as much as was installed by
them during 1948. This does not mean a corresponding
increase in total outlays for plant and equipment. The
1949 increase over 1948 in the dollar value of the installed
units will be greater than the increase in construction and
equipment put in place because much of the expenditure
for the 1949 installations occurred in 1948. Further, there
is no fixed short-term relationship between outlays for
additional capacity investment and outlays for additional
transmission and distribution facilities. Thus there is no
reason to suppose that the total of capital goods put-inplace, estimated in table 7 at slightly more than $2 billion,
should increase proportionately with the value of installed
capacity.
The increase in outlays for 1949 brings the total to about
four times the annual utility expenditures during the prewar
period. The present level as a percent of total business
capital expenditures is not out of line with the prewar
experience.
close to the prewar level, dropping about one-fourth from
the postwar peak. Mills consumed an average of about
680,000 bales during this period, which was about the same
as the two previous quarters, but about 20 percent less than
in the corresponding period of 1948. The decline in wool
consumption from its postwar peak was even more pronounced, although demand was still somewhat above prewar
years.
Kayon producers curtailed output in the first quarter of
1949 following 2 years of rapid expansion of productive
facilities and of output. Deliveries to domestic consumers
dropped to 231 million pounds, 18 percent below the previous
quarter and 13 percent below the corresponding
period in
1948. The bulk of the decline in producers7 shipments
occurred in staple yarn which in 1948 accounted for about
one-fourth of total rayon consumption, and where plant
expansion since prewar has been especially large. In midMarch, plants producing staple yarn operated at 70 percent
of the November 1948 capacity as compared with 91 percent
in the fourth quarter of 1948. In mid-April, the rate of
operations in these same plants was further reduced to 50
percent.
Rayon manufacturers have built up their inventories from
about 16 million pounds at the end of 1948 to a total of 48
million pounds at the end of March 1949. Stocks held by
producers at that time were the highest on record and
represented about three-fourths of the March rate of shipments, whereas in 1940 the ratio was somewhat less than
one-half.
The shoe industry, which was the earliest of the industries
shown in table 3 to reach its postwar high, curtailed output
about a fourth from that level. The 5 percent increase in
production in the first quarter of 1949 was compared with
the previous period was somwehat less than usual on the
basis of the seasonal pattern of prewar years. It will be
noted that production has shown a gradually declining
trend—aside from seasonal influences—over the past two
years, with output in the first quarter of 1949 about 7 percent
below the corresponding period a year ago, and only moderately above the prewar year.
BugINESS
STATISTICS
xHE DATA here are a continuation of the statistics published in the 1947 Statistical Supplement to the SURVEY OF CURRENT BUSINESS.
That volume contains monthly data for the years 1941 to 1946, and monthly averages for earlier years back to 1935 insofar as available; it also
provides a description of each series and references to sources of monthly figures prior to 1941. Series added or revised since publication of the
1947 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where historical data and
a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer to adjustment of monthly
figures for seasonal variation.
Data subsequent to March for selected series will be found in the Weekly Supplement to the Survey.
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
March
April
May
June
July
1949
August
September
October
November
December
January
February
March
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCT!
Seasonally adjusted quarterly totals at annual rates:
National income, total
bil.ofdolCompensation of employees, total
do
Wages and salaries, total
_
do
Private
do_ __
Military. _ _
_do
Government civilian.
do_ __
Supplements to wages and salaries
do
Proprietors' and rental income, total
do
Business and professional
do
Farm
_ _ _
do
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
bil. of dol__
Corporate profits before tax, total
_do
Corporate profits tax liability
do
Corporate profits after tax
do
Inventory valuation adjustment
do
Net interest
do
228.2
'235.6
142.4
137 4
118 2
3.5
15 6
5.1
50 6
25.2
18 1
7 4
144.7
139 6
119.6
3.7
16.2
5.1
51.4
25.6
18. 4
7.4
29.6
32.1
12 5
19.6
2 5
4.8
30
34
13
20
3
5
34
34
13
21
172.5
21.3
101.4
49.8
38.0
14.3
19.8
3.9
3.9
251.9
177.3
22.8
103.7
50.8
38.0
14.4
21.0
2.6
2.7
258 1
180 1
23.7
104 3
52. 1
40.2
14 8
21.9
3 5
—.3
9R4. Q
181 0
4
255 9176 6
21. 5
101 4
53 7
37.7
13 5
22.0
2 2
15
30.5
16.7
13.7
33.9
19.1
14.8
38 2
22.7
15 5
41 5
25 2
16 3
40 1
23.5
16 7
207.0
210.8
20.6
190.2
12.9
216.3
20 0
196 2
16. 1
213.9
134.0
129.1
111.4
3.4
14.2
4.9
49.9
24.8
17 6
7.5
222.3
25 3
30.5
11 8
18.7
53
4.7
Gross national product, total
do
Personal consumption expenditures,total_.do
Durable goods
do
Nondurable goods
_ _
do
Services
do. _
Gross private domestic investment
do
New construction.
do
Producers' durable equipment..
do
Change in business inventories
do
Net foreign investment. __
do
Government purchases of goods and services,
total
bil.of dol__
Federal (less Government sales)
do
State and local
do
244.9
Personal income, total
._
Less: Personal tax and nontax payments
"Equals- "Dispnsqhlfi personal VPCOTip
Personal savings}
do
do
rlo
do
136.3
131 3
113.2
3.5
14.6
5.0
51,6
25.3
18 9
7.4
23.0
183 9
11.4
2
0
3
8
9
0
141.9
136 8
116 9
3.7
16 2
51
50 0
24 9
17 7
7 4
3
7
5
2
4
5 2
19
53
22 9
~\f\K
53
42
14
22
1
0
g
7
7
K q
219
20
199
18
216.6
18 8
197 8
21.2
6
2
4
4
PERSONAL INCOME BY SOURCEf
Seasonally adjusted, at annual rates:
Total personal income.
_ ... bil.ofdol
Wage and salary receipts, total
do
Employer dishiirsfiTTKvnt-S, t^t^l
do
Commodity-producing industries
do
Distributive industries
_
do
Service industries
do
Government
do_
Less employee contributions for social insurance
_.bil. of dol_.
Other labor income..
do
Proprietors' and rental income
do
Personal interest income and dividends -__do
Total transfer payments
do
Total nonagricultural income
-do
205.7
208. 6
126.8
128.8
57.3
37.8
15.9
17.8
209.2
126.6
128.7
57.7
37.6
15.6
17.8
129.0
131.0
58.5
38.6
15.9
18.0
214.4
131.4
133.6
60.4
38.8
16.1
18.3
214.8
133.4
135.6
60.9
39.5
16.4
18.8
216.7
135. 9
138.0
62.3
40.0
16.5
19.2
217.3
136.7
138. 9
63.0
40.0
16.4
19.5
218.5
137.5
139.6
63.0
40.2
16.6
19.8
219.9
138.0
140. 1
63.8
39.7
16.6
20.0
221.0
137.7
139.9
63.6
39.8
16.6
19.9
' 219. 2
136.3
138 6
62.1
39 9
16.6
20.0
2.1
1.9
48.4
16.6
12.2
2.0
2.0
51.2
16.7
11.9
2.0
2.0
50.4
16.8
11.0
2.2
2.0
53.0
16.8
11.1
2.2
2.1
51.7
17.0
11.1
2.1
2.1
50.3
17.3
11.1
2.2
2.1
50.4
17.5
10.6
2.1
2.1
50.7
17.8
10.4
2.1
2.1
51.4
18.1
10.3
2.2
2.1
52.1
18.4
10.7
2.3
21
51.4
'18.3
11.1
2.2
21
'49.7
'18.3
ll.fi
2.2
2.1
49.0
18.3
12.5
185.1
185.3
186.6
189.7
193.8
195.0
195.6
196.3
197.4
' 195. 4
'194.1
192.6
191.3
' 216. 3
' 134. 7
' 136. 9
"•61.5
••39.0
16.5
19.9
214.3
132.4
134. 6
59.3
38.8
16.6
19.9
NEW PLANT AND EQUIPMENT EXPENDITURES
4,170
4,820
4, 680
4,830
5,410
All industries, total
mil of dol
720
500
640
690
Electric and gas utilities
do
850
1,800
2,140
1, 940
2,090
Manufacturing
do
2 320
200
180
180
Mining
do
200
220
270
310
390
Railroad
_ _
do
320
410
190
160
180
Other transportation
do
170
170
1, 290
1,240
1,340
1,360
Commercial and miscellaneous
do
1,440
r
Revised.
§ Personal savings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
t Revised series. Estimates of national income, gross national product, and personal income have been revised beginning 1944; see pp. 27-29 of the July 1948 Survey for the revised figures.
834381°-
S-l
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
May 1949
1948
March
April
May
June
July
1949
August
September
October
November
December
January
3,314
3,304
1,725
1,579
2,740
2,730
1,309
1,421
2,383
2,367
1,080
1,287
February
March
GENERAL BUSINESS INDICATORS—Continued
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments, totalj
mil. of dol
From marketings and CCC loans, total _do
Crops
do
Livestock and products, total
do __
Dairy products
do
Meat animals
do _
Poultry and eggs
_
..do
Indexes of cash receipts from marketings and CCC
loans, unadjusted:}:
All commodities
1935-39=100..
Crops
do _ _ .
Livestock" and products
__
__.do
Indexes of volume of farm marketings, unadjusted:}:
A 11 comm odities
1935-39 = 100. .
Crops
do
Livestock and products
do
INDUSTRIAL PRODUCTION
Federal Reserve Index
Unadjusted, combined index
1935-39=100..
Manufactures
-
- do
Durable manufactures .
.do. _ _
Iron and steel
do
Lumber and products
__do
Furniture
do
Lumber
do
Machinery
-do
Nonferrous metals and products
do
Fabricating
-- .-do
Smelting and refining
do
Stone clay and glass products
__do
Cement
do
Clay products
-do
Glass containers
do
Transportation equipment
do
Automobiles (incl. parts)
do
Nondurable manufactures
do __
Alcoholic beverages
do
Chemicals
do
Industrial chemicals
do__ _
Leather and products
.
do
Leather tanning
_do
Shoes
-- do
Manufactured food products
do
Dairy products
- .-do
Meat packing
do. __
Processed fruits and vegetables
..do
Paper and products
do. __
Paper and pulp
.do
Petroleum and coal products
do
Coke
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
__
Fuels
Anthracite
Bituminous coal
Crude petroleum
Metals
--
Adjusted, combined index^f
Manufactures..
.
Durable manufactures
Lumber and products
Lumber
_.
Nonferrous metals
Smelting and refining
Stone, clay, and glass products
Cement
Clay products
-- .
Glass containers
do
do
do
do __
do
do
- - do
do
do
do
do
_do._
do_.
do
do
do
do
1,932
1,892
629
1,263
2,075
2,006
629
1,377
2,119
2,081
2,437
2,394
618
781
1,463
1,613
3,714
3,707
2, 135
1,572
744
259
430
783
246
3,132
3,127
1,583
1,544
367
902
254
2,693
2,683
1,203
1,480
r
447
2,722
2,716
1,235
1,481
1 783
1 768
1 971
1 944
1 079
1 269
689
675
392
720
250
460
725
255
468
873
243
285
220
333
308
235
364
313
216
386
360
274
426
404
421
391
409
433
391
471
554
407
558
747
415
497
604
417
411
458
375
356
378
340
266
241
285
293
236
335
109
82
129
113
76
141
118
76
150
130
98
154
144
153
137
146
163
133
170
215
135
206
286
146
176
209
150
160
186
140
145
160
135
113
103
120
120
96
129
373
645
237
333
936
282
296
937
330
295
816
298
305
752
223
283
589
200
327
692
242
188
186
192
193
187
194
197
199
195
190
187
185
"181
197
193
197
199
193
200
203
205
202
197
195
193
" 190
228
207
143
178
125
283
201
204
193
201
160
169
219
240
217
177
144
169
131
275
200
199
203
208
183
168
227
237
222
208
144
163
134
273
196
194
203
211
196
171
233
218
223
208
148
161
141
277
193
193
193
209
203
175
206
222
220
201
151
157
148
269
185
184
187
201
207
168
198
233
224
207
158
163
156
271
186
185
190
218
210
180
227
230
227
214
153
165
147
273
192
192
193
216
213
175
231
231
232
221
154
170
145
277
192
192
191
229
224
142
169
128
276
188
192
176
229
223
132
168
113
277
184
185
183
225
228
118
154
100
268
183
182
186
224
P 221
" 233
P 123
p 149
p 110
" 251
v 186
202
197
179
185
173
174
177
172
252
433
114
101
123
141
178
251
439
110
105
113
143
173
249
436
108
109
107
153
TO 119
"155
"201
179
186
253
449
108
'104
110
163
"224
121
85
167
160
116
90
169
163
127
97
170
164
151
122
165
160
v 211
"213
137
159
200
175
147
298
179
173
"220
"220
166
153
205
175
147
303
177
155
136
146
108
97
169
82
197
180
185
183
195
257
448
118
106
126
188
203
258
446
114
109
117
173
96
172
184
256
450
112
103
119
174
"223
"198
' 91
126
184
149
145
"217
111
203
••166
160
"221
"158
r
124
317
165
!60
"207
"122
142
197
172
167
"217
203
179
212
258
449
104
103
104
161
"95
173
129
r
!70
163
"227
"231
161
166
118
152
176
132
160
167
116
155
177
114
151
164
103
145
177
77
192
192
186
191
192
195
195
195
197
198
192
197
199
202
217
145
132
200
203
221
142
131
196
203
222
140
129
194
194
219
142
135
185
188
223
148
140
186
190
211
193
206
187
207
190
200
188
225
143
132
192
193
191
188
200
173
227
172
218
176
208
168
206
210
186
175
218
207
183
169
226
184
158
'200
169
167
!85
244
209
171
174
258
450
99
102
97
153
"92
181
111
153
149
160
162
119
156
170
148
183
163
203
164
122
322
162
173
r
r
246
164
166
117
158
174
149
181
167
205
167
129
319
168
180
"192
208
158
160
100
143
172
147
164
168
U£
171
172
144
181
155
205
168
132
322
166
178
209
193
178
••171
163
164
105
157
173
153
145
149
105
102
171
126
176
219
198
211
178
191
238
"200
178
147
207
166
127
318
168
184
175
156
205
174
140
313
176
173
211
196
171
188
247
433
94
214
180
230
243
"208
170
137
200
154
115
324
137
154
174
159
201
177
147
308
179
163
229
151
137
201
192
202
"220
170
153
256
447
108
104
111
148
"92
179
90
163
r
!58
"228
184
r
149
r
!93
156
114
317
151
136
160
123
313
150
158
'232
••115
••154
'96
••262
••186
'180
'200
"188
168
'168
179
r242
177
P 208
P 186
171
f> 166
177
••206
v 241
P206
169
p 164
'251
'434
'116
"244
"421
'146
"104
"146
" 124
159
173
115
117
149
'86
141
"88
151
147
'159
'155
'222
v 219
'154
'188
'157
' 155
'184
'142
185
125
177
'305
120
275
143
156
88
145
167
r
68
'143
'155
"129
" 136
'168
"161
192
191
189
" 184
201
199
198
196
"193
231
147
135
192
191
229
145
133
187
175
"203
195
227
129
117
183
186
226
"210
184
231
143
131
184
183
171
224
172
189
"223
v 129
" 119
v 186
p 208
"196
208
" 173
"205
212
173
r
!84
"204
208
r
180
!89
143
153
74
142
'75
'123
'107
'186
'200
'203
222
ri77
184
163
"52
"93
"89
177
178
179
178
177
177
169
177
179
173
178
173
Nondurable manufactures
- -do
175
" 168
182
179
167
191
170
173
189
177
186
217
197
Alcoholic beverages
...do
181
187
259
249
249
256
250
251
257
255
257
'250
Chemicals
do
257
257
i>242
r
113
110
108
109
115
119
96
'113
!02
'113
100
Leather and products
-do
108
102
105
105
109
107
95
108
108
100
108
103
Leather tanning
do
103
T
159
158
157
163
156
160
163
161
159
159
'162
Manufactured food products.
do
158
" 163
"151
"145
"152
"154
"149
"152
"144
"150
"148
"145
Dairy products
do
"144
" 144
"150
125
152
131
127
126
135
133
141
155
Meat packing
_. .do _
156
154
152
153
r
155
159
150
107
147
142
162
152
140
Processed fruits and vegetables
do
'137
142
!38
"160
'170
165
165
'167
'169
150
166
172
Paper and products
do
169
' 159
153
163
150
r
r
r
164
163
!61
160
!60
146
160
Paper and pulp
___do
167
163
'155 1
!58
150
147
' Revised.
" Preliminary.
J Seasonal factors for a number of industries were fixed at 100 during 1939-42; data for these industries are shown only in the unadjusted series.
t Data have been revised beginning January 1946 to incorporate revisions in reports on production and sales of farm products; revised figures for January 1946-June 1947 will be published
later. Annual indexes of volume of farm marketings for 1941 and 1945-46, which supersede monthly averages for these years shown in the 1947 Supplement, are published in the table on the
back cover of the February 1949 Survey. These annual indexes include revisions in marketings data, and also for 1945 adjustments to 1945 Census data, which have not been incorporated in the
SURVEY OF CUEEENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-3
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
P228
155
160
159
149
'104
j>222
155
'157
160
148
*111
March
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION—Continued
A djustedT— Continued
M anuf ac tures — C ontinued
Nondurable manufactures— Continued
Petroleum and coal products _ _ . . 1935-39 =100. _
Printing and publishing
do
Textiles and products
do
Tobacco products
do
Minerals
_.
do
Metals
do ...
»211
150
175
164
142
118
»213
154
175
183
147
137
*220
156
177
163
162
128
*220
157
174
166
159
128
*217
147
154
148
153
113
j>221
155
166
178
159
115
*207
154
168
168
156
119
*217
164
167
174
158
113
P227
156
164
170
161
121
*231
154
156
146
156
110
36, 577
18, 117
7,381
10, 736
7,726
2,176
5, 550
10, 734
35, 586
17, 229
6,865
10. 364
7,652
2,225
5,427
10, 705
34, 948
16, 777
6,613
10, 164
7,389
2,076
5,313
10, 782
36, 511
17, 871
7,184
10, 687
7,766
2,145
5,621
10, 874
34,937
16, 403
6,473
9,930
7,796
2, 088
5,708
10, 738
37, 004
18, 169
7, 159
11,010
8,161
2,254
5,907
10, 674
38, 125
18, 781
7,566
11,215
8,286
2,290
5,996
11, 058
38, 725
18, 807
7,750
11, 057
8,376
2,321
6,055
11, 542
37, 248
17, 987
7,472
10, 515
8,242
2,178
6,064
11,019
39, 520
18, 130
7,696
10, 434
8,196
2,134
6,062
13, 194
' 33, 270 ' 32, 147
' 16, 691 ' 16, 427
6,941
' 6, 960
' 9, 750 ' 9, 467
'7,163
' 6, 802
1,769
1,776
'5,494
5,029
r
9,416
8, 918
35, 994
17, 990
7,704
10, 286
7,483
2,009
5,474
10, 522
51, 213
29, 064
13, 566
15, 498
51, 102
29, 161
13, 692
15, 469
51, 230
29, 437
13, 780
15, 657
51, 317
29, 727
13, 849
15, 878
51,664
30, 236
13, 967
16, 269
52, 501
30, 429
14, 032
16,397
53,648
30, 710
14, 252
16,458
54, 532
' 30, 849
14, 334
16, 514
55, 384
31, 225
14, 580
16, 645
54, 019
31, 713
14, 835
16, 878
' 54, 106
' 32, 062
15, 142
' 16, 920
54, 484
32, 065
15, 279
16, 786
54, 533
31, 728
15, 236
16, 492
12, 149
7,874
9,041
7,869
2,751
5,118
14, 280
12, 197
7,882
9,082
7, 777
2,803
4,974
14, 164
12, 205
7,918
9,314
7,801
2,810
4,991
13, 992
12, 473
7,726
9,528
7,953
2,848
5.105
13,637
12, 779
8,103
9,828
8,243
2,853
5,390
14, 695
12, 855
8,064
9,930
8,400
2,881
5,519
15, 284
12, 900
' 8, 081
' 10, 244
«• 8, 517
2,957
5, 560
15, 652
12, 972
8,104
10,637
8,315
2,980
5,335
13, 938
' 12, 831 ' 12, 651
' 8, 321
'8,368
10, 910
' 11, 047
' 8, 527 ' 8, 567
3, 128
3,226
' 5, 399
' 5, 341
13, 517 ' 13, 852
12, 225
8,214
11, 289
8,453
3,274
5,179
14, 352
*219
152
P142
j>172
P134
P124
BUSINESS SALES AND INVENTORIES t
Business sales, total
__ .
_ _mil. ofdol
Manufacturing, total
_ do
Durable goods industries
do
Nondurable goods industries.
do
Wholesale
do
Durable goods establishments
do
Nondurable goods establishments
. do
Retail
do
Business inventories, book value, end of month,
total
mil of dol
Manufacturing, total
do
Durable goods industries
_
do
Nondurable goods industries
do _
By stages of fabrication:
Purchased materials
do
Goods in process
do
Finished goods
do
Wholesale
_ __
do
Durable goods establishments
do
Nondurable goods establishments
do
Retail
_.
do
' 12, 711 ' 12, 779
' 7, 877 ' 8, 009
' 9, 648 ' 9, 641
7,930
8,100
2,836
2,818
5,094
5,282
13, 972
13, 498
r
'
'
'
'
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS—INDEXES OF VALUE f
326
324
328
336
••309
'342
354
367
352
Sales, total
average month 1939=100
341
326
'335
326
365
353
369
353
368
404
333
398
Durable goods industries
do
399
396
371
'387
381
345
341
338
325
362
301
391
393
386
Iron, steel, and products
do
385
374
376
371
410
422
419
421
415
350
487
456
Nonferrous metals and products
do
503
461
417
'426
361
442
431
452
440
414
472
410
489
Electrical machinery and equipment
do
495
499
449
'483
487
363
356
350
381
317
347
359
376
Machinery, except electrical
_ . do
348
365
329
'349
350
435
401
433
413
438
437
503
Automobiles and equipment
do
488
503
507
486
'519
501
Transportation equipment, except automo524
486
540
500
457
503
553
540
579
biles
average month 1939=100
611
572
'649
690
264
273
248
226
259
256
270
290
Furniture and finished lumber products—do __
257
224
237
237
234
252
263
273
274
289
267
302
293
Stone, clay, and glass products _ _
do
285
255
235
238
255
261
262
282
271
255
248
268
289
264
Other durable goods industries
do
243
228
229
228
314
306
317
••295
307
328
346
324
Nondurable goods industries _ do
'327
310
301
'304
294
321
326
297
310
315
299
322
349
Food and kindred products
_ _ _ _ do
312
302
310
'304
289
286
311
251
294
••349
'391
358
Beverages
do
378
375
341
306
'319
312
327
340
345
342
333
269
344
378
334
Textile-mill products, excluding apparel- -do
304
296
'310
280
240
245
300
256
266
309
283
Leather and products
do
318
277
269
315
'335
313
338
333
332
330
342
301
348
Paper and allied products
.
do
352
348
315
321
313
312
271
232
268
269
263
266
Printing and publishing
do
329
313
316
293
245
278
269
315
327
292
334
320
331
341
322
Chemicals and allied products
do
308
287
300
'295
281
322
337
329
318
337
341
345
Petroleum and coal products
_ _ do
340
353
373
330
'317
306
342
252
312
317
339
351
344
345
Rubber products
.do...
'322
318
'291
287
249
218
233
225
245
264
232
251
Tobacco manufactures .
do
259
241
228
'225
216
341
316
254
313
344
326
341
Other nondurable goods industries.
__do_ _
353
338
304
289
'318
338
274
271
271
277
281
283
Inventories, book value, end of month, total .do
286
287
291
295
'298
298
295
284
286
281
290
288
291
Durable goods industries
__
do
296
297
302
308
314
'317
316
205
206
213
226
218
227
Iron, steel, and products
do
236
233
241
243
243
'246
242
262
262
263
257
271
276
Nonferrous metals and products
do
284
287
287
298
302
'301
312
384
394
397
398
Electrical machinery and equipment
do
388
396
401
400
403
405
417
'424
425
295
297
299
297
298
Machinery, except electrical
do
298
303
301
309
312
317
'319
321
473
472
476
475
479
Automobiles and equipment
do
476
482
486
492
510
538
'549
548
Transportation equipment, except automo625
632
625
635
630
629
642
biles
.average month 1939—100
639
654
671
680
'674
653
242
255
259
259
260
261
Furniture and finished lumber productsj.do
252
247
252
256
266
'271
274
161
165
163
159
159
166
Stone, clay, and glass products __
__do
172
174
179
187
189
194
189
202
204
189
183
189
184
192
Other durable goods industries^
do
187
194
194
199
'197
197
262
261
264
••275
Nondurable goods industries
do
268
279
277
278
281
285
286
283
278
243
Food and kindred products
__ do
236
227
229
237
240
238
235
249
257
249
'237
220
356
Beverages
___
do
376
372
••364
359
361
'360
364
363
364
365
'362
374
256
255
256
261
Textile-mill products, excluding apparel. .do
253
262
258
256
254
255
262
'266
264
241
241
251
262
264
Leather and products...
do
258
244
250
254
266
268
'268
264
276
292
Paper and allied products _ _
do
276
287
305
311
317
316
315
312
311
'308
312
Printing and publishing
do
424
432
398
423
433
404
429
418
397
404
397
'406
419
284
284
289
286
Chemicals and allied products
do
285
282
280
278
286
296
296
'292
288
182
194
Petroleum and coal products
do
186
200
207
214
226
221
232
232
233
'237
234
Rubber products.
_
_ do
302
295
293
296
289
284
287
288
288
289
'295
'298
232
Tobacco manufactures .
do
229
225
227
229
239
258
271
265
267
271
269
263
332
375
Other nondurable goods industries
do
329
405
348
407
412
405
393
393
400
'394
384
New orders, total §
do
252
244
265
257
246
251
265
249
254
236
231
'220
218
Durable goods industries
do
314
292
307
291
267
287
278
303
277
276
'276
'253
245
Iron, steel, and products...
do
371
282
335
320
311
303
314
285
282
284
289
'243
227
Machinery, including electrical
do
329
284
330
309
305
302
323
296
306
314
'285
'297
301
Other durable goods, excluding transportation equipment
average month 1939=100..
243
248
239
259
259
260
276
258
250
238
256
'214
206
228
Nondurable goods industries
do
223
240
230
219
230
242
231
239
212
203
'201
202
•• Revised, v Preliminary.
J See note marke d"1"onp S-2.
§ The new orders indexes are being revised,
f Data for 1946-47 published in the May to September 1948 issues have been revised; revisioiis for Janu ary 1946-Jiily 1947 are available upon requeat.
t Revised series. The series for manufacturers' a nd wholesa lers' sales jmd invent ories, retai inventori es, and tot al sales an d inventories have b een revisec1 for all years and es timates of
retail sales beginning 1942. For monthly figures for Ja nuary 1946-March 194 7 and earli er annual f igures for nlanufactur 3rs' sales an d inventoi•ies (except as indicat 3d in note marked "y ') and an
explanation of the revision, see pp. 8, 9, 23, and 24 of thej May 1948 Survey. IMonthly da ta for valu 3 of manuf aicturers' sa es and inv 3ntories for 1938-45 are on pp. 15 and 20 of th 3 January and March
1949 issues of the Survey, respectively. ' For reference to revised data for the retail serie s and a bre ak-down of sales and inventories by durabl e goods am [ nondurat le goods st Dres, see p. S-8ofthis
issue. Annual data for 1929-47 and data for all mont tis of 1947 ft)r wholesal e sales and year-end fi gures for 1 338-47 for \*wholesale in ventories a re on pp. 2 3 and 24 of the August 1948 Surve y; revised
data for 1941 for total wholesale sales, durable and notidurable, a re on the b ack cover rf theFebnlary 1949 Survey. ]V [onthly da ta 1941-46 for sales an i 1942-47 ft>r inventor ies are on p p. 23 and
24 of the September 1948 Survey. Sales and inventori<3S of service and limite d-function wholesalers only are E>ublished c urrently ori p. S-9.
SURVEY OF CUEEENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER
Service industries
Retail trade
... .
Wholesale trade
All other
do
do
do _
do
--
New businesses Quarterly total
do
Manufacturing
do
Retail trade
"Wholesale trade
All other
do
do
do
Discontinued businesses, quarterly, total d o _ _
Contract construction
- do
Manufacturin g
do
Service industries .
do
Retail trade
do
All other
--
do
3, 865. 4
290.2
318.4
739.8
1,768.2
183.6
565.3
3, 893. 8
269.4
319.8
745.5
1, 774. 7
185.1
569.3
* 3, 901. 6
» 303. 4
P 319. 3
9 746. 9
v 1, 775. 6
9 185. 5
9 570. 8
94.0
17.5
8.8
20.1
29.1
6.9
11.7
no 2
18.2
8.4
18.6
29.7
6.1
12.2
78.1
13.8
7.2
15.4
26.0
5.3
10.4
67.2
S.9
7.8
13.3
22.9
5.0
9.3
64.9
9.0
7.0
12.9
23.2
4.6
8.1
»70.3
*>9.8
P7.6
»14.0
J»25.1
*4.9
*8.8
111.4
88.2
86.9
BUSINESS INCORPORATIONS
New incorporations (4 States)
number
INDUSTRIAL .AND COMMERCIAL
FAILURES
Failures, total
number
Commercial service
_ - _ _ . _ _ do
Construction
do
^Manufacturing and infring
do _
Retail trade
_ _
do
Wholesale trade
do
Liabilities, total
thous. of dol_.
Commercial servicA
do
Construction _ _
do
Manufacturing and mining
do —
^Retail trade
_
do
Wholesale trade
do
2,995
2,869
2,594
2,752
2,351
2,084
2,199
2,186
2,181
2,556
2 728
2 149
2 *594.
477
47
43
136
194
57
17, 481
1,883
967
9,243
3,714
1,684
404
50
30
99
175
50
15, 296
1,472
1,662
7,057
2,476
2,629
426
30
31
135
158
72
13, 814
1,058
588
7,030
2,679
2,459
463
49
36
130
194
54
12, 163
1,317
984
5,147
3,037
1,678
420
37
36
119
166
62
13, 876
1,279
1,163
7,208
2,281
1,945
439
35
40
109
194
61
21, 442
9,034
1,861
5,580
3,036
1,931
398
38
37
98
173
52
20, 703
1,032
1, 101
12, 165
2,729
3,676
461
52
40
112
188
69
101, 060
77, 709
1,135
14, 160
5,917
2,139
460
31
37
129
208
55
24, 416
1,382
955
15, 933
3, 456
2,690
531
36
64
155
217
59
31,731
924
2,396
21,980
4,247
2,184
566
41
53
129
267
76
19 15Q
1,174
1,892
8,625
4,841
2 627
ACK
QAQ
277
227
226
192
418
251
174
176
270
323
373
289
260
263
273
249
249
111
271
224
234
181
412
246
157
186
283
313
351
284
272
268
228
236
184
415
239
164
209
283
305
339
283
260
262
272
249
248
109
262
271
250
248
108
44
63
170
89
77
91 ^
318
°0
27 5P7
8°6
2 476
15, 009
5 728
3 458
°66
102
97 444
65 048
3 018
17, 075
7 269
5 034
268
238
232
258
233
261
23f
412
236
180
282
274
295
419
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products§
1909-14=100..
Crops
_
do
Food grain
_ . _ - _ _ _ do
Feed grain and hay
do
Tobacco
- do
Cotton
. _
do
Fruit
do
Truck crops
_
:
do
Oil-bearing crops
do
Livestock and products
-do
Meat animals
do
Dairv products
_.
_ do_
Poultry and eggs
do
Prices pa id:
All commodities
. 1910-14»=100
Commodities used in living.
_do
Commodities used in production
do
All commodities, interest and taxes
do
Parity ratio
do
140
295
339
302
342
298
212
291
276
268
291
371
275
142
340
351
304
347
296
214
289
267
261
282
370
284
141
262
357
309
361
291
211
295
261
249
278
370
284
155
213
364
326
390
291
221
301
253
240
256
370
266
172
213
366
344
417
300
234
293
236
227
235
386
245
183
172
310
344
411
305
247
290
231
223
223
406
250
185
150
282
343
408
302
253
262
267
255
248
114
264
268
258
249
117
265
270
259
250
116
266
271
259
251
118
266
273
258
251
120
266
275
254
251
117
265
275
•253
250
116
283
262
260
284
372
256
99-1
187
oqn
275
240
9fin
267
250
248
•tfta
99^
17$
41 1
235
23r
90 c
944.
2P'
18(
98O
o-i K
9fi4.
918
9^7
r 264
249
245
•inr
94'
98*
00
9R,
9V
f)F
9fi
24<
24
in
RETAIL PRICES
All commodities (U. S. Department of Commerce
190.8
195.0
188.6
192.1
193.6
index)
1935-39=100
195.1
196 2
196 3
193 4
192 5
mf
189.2
Coal (TJ. S. Department of Labor indexes) :
132.0
132.4
132.1
145.5
134.7
137.1
Anthracite
1923-25=100
144 9
145 4
14.7 n
145 5
145 5
r
146.5
147.4
150.5
159.2
152.3
156.7
Bituminous
_
do
158 5
1 f\Q A
159 1
159 2
159 2
159. 9
Consumers' price index (U. S. Dept. of Labor) :
166.9
170.5
169.3
171.7
173.6
173.7
All items
1935-39=100.
174.5
174.5
I7n o
172 2
171 4
196.4
197.5
196.9
196.3
197.1
201.6
Apparel
_
do
199.7
201.0
201 4
200 4
196 5
207.9
210.9
202.3
214.1
216.8
211.5
Food
_
do
216 6
215 2
9fl4 Q
207 5
205 0
201.
199.7
171.0
171.0
171.1
171.2
Cereals and bakery products
do. .
171.0
170.0
170 8
170.7
170 K
169 9
170 2
170.
170.0
/\
205.8
201.1
204.8
205.9
Dairy products
do
2C9.0
208 7
203 0
211 0
199 5
199 2
m
192.
5
190.
206.9
or»p
9
r
217.4
218.0
214.9
213.4
Fruits and vegetables
_ . do
193.5
199 6
195 8
189 4
192 3
214.
213.
7
224.7
233.8
244.2
255. 1
Meats, poultry and
fish
do
261.8
256.1
267.0
265.3
246.7
241.3
235.9
229.
221.4
•iqo n
130.7
131.8
130.3
Fuel, electricity, and refrigeration^
do
132.6
134.8
137 8
136 8
137 3
137 9
137 8
138.
138.8
93.9
93.8
94.1
94.4
94.2
94 5
Gas and electricity..
do. _.
95.4
94.6
QK K
95 4
95 3
96.
176.1
175.5
178.5
180.6
185.0
Other fuels*
do
190 1
191 4
191 0
191 6
191 3
m
192.
192.6
194.9
r
193.6
194.7
194.8
195.9
Housefurnishings
do
196 3
198 1
198 8
198 7
198 6
m
195.6
193.
i
fj
116.3
116.5
116.3
117.0
Rent
.
do. _
117.3
118.7
117.7
118.5
118 8
119 5
m
119.9
120.
146.2
147.8
147.5
147.5
150.8
Miscellaneous
_do
152.4
153.7
152.7
153.9
154.0
154 1
IK/11
1 K.A
T
Revised.
f Preliminary.
^Designation changed from "fuel, electricity, and ice"; there has been no change in the items included
§ April 1949 indexes: All farm products, 260; crops, 236; food grain 227; feed grain and hay, 178; tobacco, 410; cotton, 241; fruit, 207; truck crops,
236; oil-bearing
crops 238- livestock
v
ueatm
and products, 282; meat animals, 333; dairy products, 240; poultry and eggs, 221.
'
'
& <-r°Ps» ^»» livestock
*New series. The subgroup "other fuels and ice" shown in the January 1949 Survey and earlier issues has been discontinued by the compiling agency and a separate index is -now on™
puted for "other fuels" (shown above) and for "ice" which is not shown here. Data for ice are included, however, in the group total.
separate index is now comQ
these are not revised retroactively more than 2 months. If introduction of a revised subgroup into the calculations changes significantly the levels of the grou
index, the latter indexes computed with the original sample for the first month of the revision will be provided in a footnote. In some instances it is necessary to'correct
indexes because of late reports, incorrect reports, or other errors in prices previously used. Indexes for the latest 2 months are preliminary and'are currently revised to i
received in the 2 months following. Any additional corrections received are incorporated in final annual summaries issued in the middle of the year
Indexes for
corrected in the September 1948 Survey. Corrected indexes for January-June 1947 are available upon request.
SUKVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-5
1949
1948
March
April
July
June
May
August
September
October
November
December
January
February
March
COMMODITY PRICES—Continued
WHOLESALE PRICES 1
U. S. Department of Labor indexes:J
Allccmmoditiesd*_1926«=100_Economic classes:
Manufactured products^
cio
Raw materials
_
. _ do
Semimanufactured articles
do
Farm products
do_ __
Grains
-- -do
Livestock and poultry*
do_ _
Commodities other than farm productscf-do
Foods
do
Cereal products
_ _ _ _ do
Dairy products
do
Fruits and vegetables
_ _ _ _ do
Meats poultry, and
fish*
do
Commodities other than farm products srd
foodsc?
lS2e«=100._
Building materials
- - do. _
Prick and tile _
.
do
Cement
_ _ _ do
Lumber
.
do
Paint and paint materials
- - - do_ __
Chemicals and allied products
do
Chemicals
do. _
Drug and pharmaceutical materials.-do
Fertilizer materials
- do. _
Oils and fats
_ _ _
- do
Fuel and lighting materials
do
Electricity
do
Gas
do
petroleum products _ __ .
do
Hides ard leather products
_
do.
Hides and skins
do_ __
Leather
do
Shoes
_ _ _
do
Housefurrishing goods§
do
Furnishings
_ _
_ _ _ _ do_ _
Furnituref
do
Metals and metal productscTL
_ _ do. _
Iron and steel
do
Metals, nonferrous
do
Plumbing and heating equipment
do. .
Textile products
do
Clothing. _ . _
do. .
Cotton goods
do
Hosiery a n d underwear
____do__
Rayon
_..
do
Silk
do. .
Miscellaneous
- do
Automobile tires and tubes
do
Paper and pulp
do
PURCHASING POWER OF THE EOIIAR
As measured byWholesale prices
1935-39=100—
Crmsnmprp' prices
d<v .
Retail food prices
.
. _ „ _ _ _ do
161.4
163.9
162.8
166.2
168.7
169.5
168.7
165.2
164.0
162.3
160.6
158.1
158.4
163.9
181.0
158.8
189.9
176.9
244.2
163.8
186.9
153.3
179.9
139.4
2C6.5
160.2
177.0
158.4
183.5
170.4
223.4
161.0
178.2
149. 6
174.9
137.1
239.8
158.7
175.2
161.0
180.8
171.1
213.4
160.1
174.3
150.5
170.7
139.6
227.4
157.5
172.1
160.8
177.3
171.1
204.6
158.8
170.2
149.8
171.2
139.8
220.8
156. 2
169.3
160.4
172.5
167.7
194.7
r
157. 8
165.8
148.0
163.6
145.3
214.2
154.0
165.8
159.6
168.3
157.2
187.2
' 155. 7
161.5
146.7
159.8
152.3
205.1
154.1
167.2
157.0
171.3
162.6
195.0
155.3
162.9
146.5
154.8
151.7
214.8
153.0
202.1
160.5
133.5
305. 5
161.5
130.6
122. 4
151.4
120.1
179.4
137.0
67.7
91.1
122.0
185.3
197.2
186.5
188.0
148.4
153.6
143.1
173.8
165.4
172.5
157.3
146.7
148.8
189.2
103.7
41.8
46.4
159.6
118.5
66.2
169.5
152.9
' 202. 3
162.5
134.1
299.5
166.3
126.3
122.2
150.4
120.8
146.1
' 137. 1
67.7
'88.1
121. 3
184.8
198.7
185.4
187.8
'r 148. 8
153. 6
142.8
175.6
169.1
172.5
156.9
146.1
147.7
186.9
102.5
41.8
50.1
161.6
117.3
65.5
168.3
151.8
201. 5
162. 4
134. 3
296. 9
165.6
' 122. 8
'119.6
148.9
120.8
131.7
135.9
150.8
200.0
162.4
134.3
294.7
162.3
121.1
118.4
142.4
119.6
129.3
134.4
91.9
118.7
182.3
185.9
183.9
187.8
' 148. 3
154.2
142.4
175.5
169.1
172.5
156.1
145.2
147.3
184.8
101.3
41.8
50.1
162.1
115.3
64.7
168.0
115.9
180.4
181.8
178.9
187.8
148.1
154.0
142.1
174.4
168.4
168.4
155.3
143.7
147.0
180.1
101.2
41.8
50.1
161.8
115.7
64.6
167.2
49.6
58.3
48.8
50.1
58 5
48.8
50.9
69 2
50 1
50.8
59 0
49.6
1,221
1 092
1 195
155.8
174.7
152.9
186.0
218.0
209.4
155.7
173.8
158.6
179.8
145.7
217.1
157.6
175.5
154.1
186.7
217.9
204.4
157.3
176.7
158.0
181.0
148.6
226.0
158.5
177.6
1 P3 8
189.1
213.5
219.0
158.2
177.4
156.3
176.6
147.0
233.2
159.6
182.6
154. 5
196.0
209.2
239.2
159.4
181.4
155.1
181.3
147.7
241.3
162.6
184.3
155.9
195.2
190.6
250.8
162.6
188.3
154.5
182.9
151.2
263.8
164.6
182.0
159.6
1P1.0
179.2
250.0
164.6
189.5
154.0
185.1
140.5
273.7
147.7
153.1
151.6
127.4
303.8
156.7
136.1
126.8
154.4
114.9
211.4
130.9
65.7
88.7
121.8
185.4
186.2
185.9
1C3.8
142.0
144.7
139.4
155.9
147.7
146.8
138.7
149.8
144.6
218.3
105.4
40.7
46.4
148.7
165.0
152.5
127.5
309.2
158.6
136.2
126.8
153.8
115.2
212.3
131.6
66.1
89.1
121.8
186.1
199.3
183.6
191.7
142.3
145.2
139.6
157.2
149.4
149.8
138.7
150.3
145. 8
219.2
105. 4
40.7
46.4
149.1
1C6.4
152.8
128.2
312.9
158.4
134.7
125.9
153.3
115.0
205.0
132.6
65.4
89.3
122.1
188.4
218.0
188.2
185.6
142.6
145.8
139.6
157.1
148.9
150.0
143.2
150. 2
145.8
217.8
105.4
40.7
46.4
149.5
196.8
153.3
128.8
313.2
158.7
135.8
126.2
153.7
113.9
212.7
133.1
65.7
90.7
122.1
187.7
215.2
186.9
185.8
143.2
146.7
139.9
158.5
149.4
152.1
145.3
149.6
145.2
213.1
105.3
40.7
46.4
151.1
199.9
157.9
132.2
318.1
157.9
134.4
127.8
153.6
115.0
163.2
135.7
66.4
60.4
122.1
189.2
220.3
189.2
186.3
144. 5
148. 5
140.4
162.2
153.2
153.7
145.3
149.4
148.3
209.3
104.9
40.7
46.4
153.1
2C3.6
158.6
133.2
319.5
158.1
132.0
126.3
153.3
114.9
180.3
136.6
65.5
86.9
122.1
188.4
212.1
186.0
189.4
145.4
149.3
141.6
170.9
163.1
If 5. 9
153.9
148.9
148.3
205.3
104.9
41.6
46.4
153. 3
204.0
If 8. 9
153.3
317. 1
160.2
133.3
126.0
152. 7
116.2
188.6
126. 7
66.3
90.7
122.2
187.6
210.6
181.9
1£0.0
146.6
151. 5
141.6
172.0
If 4.0
If6.4
157.0
147.9
148.6
1S9.8
104.8
41.8
46.4
153.2
203.5
If C.I
133.7
314.5
160.4
134.8
127.6
152. 6
117.2
1C2.9
137.2
66.5
90.9
122.8
185.5
202.0
180.4
189.7
147.5
152.5
142.5
172.4
164.5
167.0
157.3
146.9
148.8
195.0
104.6
41.8
46.4
120.8
63.4
167.3
121.8
63.4
167.5
121.5
63.5
167.4
121.5
63.5
167.3
120.3
66.2
166.8
119.7
66.2
169.0
119.9
66.2
170.9
119.0
66.2
170.2
153.5
203.0
160.4
133.7
310.7
161.6
133.9
124.8
151.9
119.5
195. 1
137.3
67.3
92.6
122.8
186.2
206.0
183.8
188.1
148.2
If 3. 6
142.8
173.3
165.0
171.4
157.3
147.5
149.1
191.7
1C4.0
41.8
46.4
159.6
119.2
66.2
169.9
49.9
59.9
49.4
49.4
59.1
48.1
49.1
58.7
47.4
48.4
68.2
46.7
47.7
67.6
46.1
47.6
67.3
46.2
47.7
57.3
46.6
48.7
67.6
47.3
49.1
68.1
48.2
'
'
'
'
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY
New construction, total. ....
mil.ofdol
Private, total
do
Residential (nonfarm)
do
Nonresidential building, except farm and public
utility, total
mil. of del..
Industrial
_ _ _ do
Farm construction
do
Public utility
do
Public, total
do
Residential
do
Military a n d naval _ _ _ _ _ _ _ _ _ _ do.
Nonresidential building, total
do
Industrial
do
Highway.
do
All other
.
do
' 1, 226
' 1, 001
••490
266
120
23
' 1, 378
' 1, 099
••550
••263
116
37
••225
••249
'279
65
1
'73
2
r222
••6
12
57
'85
'7
13
'89
••97
r
1, 572
' 1, 222
'625
••275
111
50
r272
••350
'7
••12
'79
2
'140
'112
' 1, 754
' 1, 348
'682
' 1,874
' 1, 423
'707
'303
110
'321
110
62
81
' 1, 934
' 1, 454
'720
'329
'113
82
'1,901
' 1, 427
'707
'331
'116
63
'301
'406
'7
'314
'451
'326
'474
11
'7
'11
'323
'480
'7
'12
'7
'11
'85
2
'179
'124
'95
2
'206
'132
'103
2
'220
' 138
'109
2
'200
'147
' 1, 814
' 1, 355
'670
'1,646
' 1, 256
'615
' 1, 447
' 1 129
'547
'327
116
'325
'116
'305
114
39
22
13
934
450
292
110
'319
'459
'294
'390
'7
'264
'318
'115
2
'186
'116
'2
'131
' 125
'7
'9
12
180
287
4
9
'110
1
104
(i)
'83
68
102
'7
'11
140
11
' 109
838
375
277
104
881
400
266
96
10
176
254
4
7
18
197
314
5
9
104
M
117
I
62
87
70
113
CONTRACT AWARDS
Construction contracts awarded in 37 States (F. W.
Dodge Corp.):
Total projects
number
37 282
27 999
29 761
37 061
33 088
36 216
29 080
24 281
33 801
25 264
24 143
15 597
16 610
Total valuation
thous. of dol__ 689, 763 873, 882 970, 789 935, 198 962, 685 854, 091 762, 192
778, 606
611, 216
694,023
482, 984
568, 467
747, 619
Public ownership __
do
181, 044
324 226
334 501
259 381
236, 330
298 213
289 510
261 988
198 699
278 147
159 942
251 866
281 947
Private ownership
__
do
502, 811
508, 719
637, 652
672, 576
610, 972
628, 184
564, 581
516 618
412 517
415 876
323 042
316 601
465 672
Nonresidential buildings:
4 675
Projects
number
3 622
4 746
4 907
4 642
4 546
5 294
4 505
3 529
3 374
2 901
2 929
3 695
Floor area___
thous. of sq. ft__
34, 478
25, 671
40, 413
33, 802
44,609
33, 954
28, 833
33, 118
25, 077
28, 335
21, 685
21,646
27,963
Valuation
thous. of dol__ 248, 939 337, 603 396, 971 364, 211 395, 104
308, 750
279, 862
316,354
240, 310
266, 399
221, 883
221, 895
327,441
' Revised. 1 Less than $500,000. tSee note for wholesale prices at the bottom of p. S-4 regarding revisions of the indexes.
§See note marked "t".
^ For actual wholesale prices of individual commodities, see respective commodities.
o"Current prices of motor vehicles were introduced into the calculations beginning October 1946 while April 1942 prices were carried forward in earlier computations; October 1946-February
1949 indexes using April 1942 motor-vehicle prices are shown in previous issues of the Survey; March 1949 indexes using April 1942 prices are as follows: All commodities, 155.1; manufactured
products, 148.8; commodities other than farm products, 151.4; commodities other than farm products and foods, 145.6; metals and metal products, 161.1.
• The series designated "meats, poultry, and fish" was formerly designated "meats" but included poultry; fish is included only beginning November 1948. Revised data for meats (other
than poultry) were introduced into this subgroup and revised data for livestock were introduced in the "livestock and poultry subgroup" in October 1948. The revised indexes were linked to
(made equal to) the former indexes in that month. Earlier data for the two subgroups will be revised when revision of the poultry and fish components is completed.
t Revised series. The index of wholesale prices of furniture has been revised beginning 1943; revisions for 1943-46 will be shown later. The revision has been incorporated in the group index
and other composite indexes beginning November 1947; for further detail, see note marked "t", February 1949 SUEVEY {Revised beginning November 1948 to reflect price increases for wool
yarns which occurred after November 1946; if this revision had not been made, the index would have shown no change from October to November 1948.
SURVEY OF CUREENT BUSINESS
S-6
May 1949
1949
1948
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
March
April
May
June
July
August
September
October
November
December
January
February
March
CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS—Continued
Construction contracts awarded in 37 States (F. W.
Dodge Corp.)— Continued
Residential buildings:
23,227
Projects
number-35, 385
Floor area
thous. of sq. ft_.
Valuation.
thous. of dol._ 276, 541
Public works:
915
Projects
.number-Valuation
- thous. of dol_. 109, 596
Utilities:
235
Projects
number. .
54, 687
Valuation
thous. of dol_.
Value of contracts awarded (F. R. indexes):
182
Total, unadjusted
1923-25=100..
156
Residential, unadjusted
do _
181
Total, adjusted
.
_
do. __
148
Residential, adjusted
do
Engineering construction:
Contract awards (E. N. R.) §
thous. of dol_. 508, 096
Highway concrete pavement contract awards:^
4,386
Total
thous. of sq. yd-_
361
Airports
do
2,654
Roads
...
do
1,371
Streets and alleys
- do_ __
NEW
30, 448
46, 526
351, 604
30,320
51, 710
369, 780
26, 366
40, 149
355, 296
28,780
44, 420
349,699
27,085
44, 577
337, 550
22,507
35, 610
279, 658
23, 304
37, 159
296, 760
20, 472
33, 563
264, 033
19, 529
31, 500
256, 746
11, 855
19, 892
159, 128
12, 770
26, 665
193, 073
/
19,288
28, 282
251, 770
1,524
132, 598
1,659
159, 700
1,813
167,984
1,763
169, 293
1,679
148, 856
1,692
158, 597
1,432
125, 251
934
77, 760
956
125, 581
620
74, 528
573
117, 325
954
120, 210
343
52, 077
396
45, 338
363
47, 707
379
48, 589
395
58, 935
376
44, 075
350
40, 241
329
29, 113
284
45, 297
221
27, 445
238
36, 174
344
48, 198
206
181
181
164
226
195
188
165
233
194
201
177
224
189
205
187
210
175
201
177
195
165
193
165
175
152
184
157
169
148
189
154
145
123
180
145
142
110
174
133
'146
"-109
'169
••123
174
132
173
126
777,159
535, 184
596, 332
713, 719
560, 292
665, 417
648, 434
451, 112
843, 544
565, 826
563, 084
743, 529
5, 073
353
2,734
1,986
5, 124
10
3,187
1,928
5,205
190
2,128
2,887
4,114
595
1,648
1,870
4,021
341
2,073
1,606
5,099
129
2,753
2,217
2,908
301
1, 344
1,263
2,522
210
1,646
665
2,560
41
1,736
784
1,151
37
601
513
3,302
59
2,164
1,079
' 99, 500 «• 100, 300
r 97, 800
95, 000
' 86, 600
46, 000
62,000
'r 64, 754 r 53, 104
64, 400
r 52, 523
' 45, 699 41, 423
3,769
7,041
' 11, 660 ' 7, 331
354
581
54, 781
54, 260
42, 110
3,343
8,807
521
27, 198
24, 718
18, 322
1,333
5,063
2,480
48, 103
43, 957
32, 884
2,375
8,698
4.146
372.8
408.6
622.9
253.0
330.1
308.8
375.7
531.8
265.3
311.3
314.6
399.8
555.0
283.8
351.8
478
514
502
437
470
321
481
515
503
441
471
321
485
523
503
439
470
321
192.2
195.6
212.0
194.5
197.6
215.1
194.7
193.7
205.1
221.9
179.5
i 5, 217
1228
1
2, 951
1
2, 038
DWELLING UNITS AND URBAN
BUILDING
New permanent nonfarm dwelling units started r
76, 400
(U S Department of Labor)*
number.
Urban building authorized (U. S. Dept. of Labor) :^
New urban dwelling units, total
number.. ' 50, 631
' 50, 576
Privately financed, total
do
' 37, 378
Units in 1-family structures
do
Units in 2-family structures . . _ do_ _- ' 4, 094
9,104
Units in multifamily structures
do
55
Publicly financed, total
do
Indexes of urban building authorized:
' 292. 0
Number of new dwelling units
1935-39=100..
' 360. 6
Valuation of building, total
-do
' 479. 6
Now residential building
do
' 289. 8
New nonresidential building
do _
' 276. 7
Additions, alterations, and repairs
do
r
' 47, 775 r 47, 989
47, 515 ' 46, 993
36, 666 ' 35, 913
2,974
2,332
7,875
8,748
1,260
996
82, 200
' 73, 400
' 63, 600 * 52, 900
r 41, 216
39, 466
31, 750
2,837
4,879
1,750
r 39, 971
38, 465
31, 189
2,393
4,883
1,506
«• 34, 819
32, 584
25, 642
1,729
5,213
2,235
236.0
335.8
425.2
278.6
283.4
230.6
334.2
407.7
296.9
266.0
199.1
270.6
355.3
213.1
229.1
50, 000
'r 28, 850 ' 27, 069
25, 549 ' 23, 409
19, 225 ' 16, 728
1,995 1, 919
4,762
' 4, 329
3,660
3,301
166.2
247.4
297.2
215.3
219.0
156.1
234.1
263.4
221.8
r
200.0
r
275.8
371.5
497.4
283.4
317.3
275.4
370.4
535.4
249.9
312.2
486
524
504
439
475
332
493
522
507
450
477
337
495
523
507
450
477
340
502
531
518
459
489
341
504
531
523
460
495
341
502
529
522
454
493
341
501
532
520
457
491
341
502
532
520
459
491
341
499
529
516
452
488
339
496
525
513
448
485
339
196.8
199.8
216.7
200.2
202.5
219.0
203.2
205.6
221.3
206.2
209.5
223.4
208.7
211.9
225.5
210.0
212.9
225.8
209.7
212.4
224.6
209.0
211.3
221.1
208.9
211.0
220.7
209.3
211.5
220.9
209.3
211 0
219 2
197.0
195.3
208.1
225. 5
180.6
199.5
197.7
209.8
227.0
182.5
203.3
200.8
212.0
229.0
184.8
206.4
203.2
214.3
230.9
187.0
209.2
208.4
216.1
232.8
195.4
211.7
210.6
219.1
234.5
197.3
213.2
211.6
219.9
234.1
198.2
212.9
211.2
218.9
232.4
198.0
212.5
210.3
216.5
227.1
197.5
212.8
210.4
216.4
226.8
197.7
213.2
210.6
216.5
226.3
197.7
213 3
210 3
215 5
223 8
197 5
212.4
215.2
215.6
218.5
217.2
219.8
219.6
222.1
222.0
224.2
223.8
225.9
225.9
227.6
226.2
227.5
225.0
226.0
221.4
221.5
221.1
221.0
221.2
221.1
219 7
219 1
334.6
443.6
333.9
444.9
339.3
455.8
342.4
464.8
355.5
477.1
356.7
478.4
357.1
480.2
355.9
478.3
355.6
477.7
354.9
477.4
352.9
475.4
352.6
474 8
351 4
473 5
157. 5
'221.3
r
265. 3
' 190. 6
r
101. 8
277. 4
348. 5
503 3
246.7
264.5
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
1914=100
American Appraisal Co.:
Average 30 cities
1913=100
Atlanta
do
New York
do
San Francisco
_ _ . _ _ _ do. _
St. Louis
_
do
Associated General Contractors (all types).. -do
E. H. Boeckh and Associates, Inc.:*
Average 20 cities:
Apartments, hotels, and office buildings:
Brick and concrete... U. S. avg. 1926-29-= 100. .
Brick and steel
__
do_ .
Brick and wood
do
Commercial and factory buildings:
Brick and concrete
_ _ do_ _
Brick and steel
do
Brick and wood
- do
Frame
_ _
do
Steel
.do
Residences:
Brick
_
__-do___
Frame
do
Engineering News-Record:
Building
1913=100..
Construction
_ _ __ _ _ __do_
Public Roads Adm.— Highway construction:
Composite standard mile*
1925-29=100
325
310
150.5
323
327
166.9
161.0
319
165 3
161 4
CONSTRUCTION MATERIALS
Production of selected construction materials, index:*
Unadjusted
.
1939=100
Adjusted
do
142.0
150.3
141.7
142.6
144.4
136.5
149.6
139.8
150.5
141.4
160.3
141.6
157.8
146 8
160.7
145 0
144 8
146 1
133 2
150 7
r 117 4
r 137 5
P109 4
"132 6
REAL ESTATE
Home mortgages insured by Fed. Hous. Admin.:
164, 094
179, 412
New premium paying mortgages., .thous. of dol_. 159, 967 151, 552 151,524
186,859
199, 968
212, 085
216,931
214, 407
208, 312
183, 152
188, 634
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
to member institutions
mil. of dol__
374
397
418
475
478
493
486
479
487
515
427
386
357
Home Owners' Loan Corporation, balance of
2
434
414
454
444
424
loans outstanding...
_
mil. of dol..
395
()
369
'Revised.
» Preliminary.
1 Data include some contracts awarded in prior months but not reported.
* Data now reported quarterly.
§ Data for April, July, September, and December 1948 and March 1949 are for 5 weeks; other months, 4 weeks.
cTData for March, June, September, and December 1948 and March 1949 are for 5 weeks; other months, 4 weeks.
IThe series under building authorized were formerly shown as "urban dwelling units scheduled to be started" and "indexes of building construction based on building permits'" see
also note in July 1948 Survey. Minor revisions in figures for number of dwelling units beginning January 1946 are available upon request.
*New series. The new series for new permanent nonfarm dwelling units started has been substituted beginning January 1941 for the series on "total nonfarm dwelling units scheduled to be
started" shown in the 1947 Supplement; see note marked "*" on p. S-5 of the July 1948 Survey for a brief description of the series; data for January 1941-April 1947 are available upon requestdata prior to 1941 shown in the 1947 Supplement are comparable with the current series. The new 20-city averages of construction costs from E. H. Boeckh and Associates have been substituted
for the series for selected cities shown in the Survey through the August 1948 issue; monthly figures beginning 1934 and earlier annual data will be published later.
See note marked "*" on
p. S-6 of the September 1948 Survey for brief descriptions of the index of highway construction costs and the index of production of selected construction materials and source of data through
1946 for the latter series.
SURVEY OF CURRENT BUSINESS
May 1949
S-7
1949
1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
March
April
May
June
July
August
September
October
November
December
January
February
March
CONSTRUCTION AND REAL ESTATE—Continued
REAL ESTATE— Continued
New mortgage loans of all savings and loan associations, estimated, total thous. of dol
By purpose of loan:
Home construction
_
do
Home purchase
do
Refinancing
do
Repairs and reconditioning __
_
do __
All other purposes
do
New nonfarm mortgages recorded ($20,000 and
under), estimated, total
thous of dol
Nonfarm foreclosures, index, adjustedtl935-39=100__
Fire losses
thous of dol
318, 602
336, 947
332, 441
346, 469
331,893
317, 842
297, 175
287, 336
260, 472
249, 828
205, 389
210, 407
264, 301
97, 325
146, 213
29, 677
11, 519
33, 868
97, 458
156, 701
30, 973
14, 189
37, 626
93, 315
161, 309
29, 400
14, 308
34, 109
100, 149
169, 206
28, 615
14, 349
34, 150
101,236
152, 875
26, 876
14, 794
36, 112
92, 132
151, 882
25, 324
15, 526
32, 978
85, 233
141, 961
24, 607
14, 989
30, 385
89,505
132,006
23,482
14, 089
28, 254
82, 172
117, 088
22, 881
12,270
26, 061
70, Oil
114, 090
23, 549
11, 506
30, 672
56, 369
89, 939
22, 713
10, 348
26, 020
59, 139
88, 401
24, 074
11,511
27, 282
75, 301
109, 688
30, 359
13,916
34, 923
955, 441
7.0
74, 236
993, 678
6.8
63, 751
999, 456 1, 049, 591 1,018,397 1, 024, 323
7.4
7.1
6.5
7.7
54, 706
49, 543
59,256
50, 955
991, 408
7.7
49, 945
977, 830
8.0
51, 845
919, 631
8.0
52,949
938, 938
8.5
69, 397
789, 559
756, 490
881,033
57, 926
62, 424
67, 218
'284
r
322
237
255
319
253.5
'296
••302
277
314
310
277. 8
301
334
274
310
303
287.6
318
350
306
296
307
4,301
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined indexf
Magazinesf
Newspapers
Outdoor _
_
Radio
1935-39= 100. _
do
do
_.
do_ _
do
Tide advertising index, adjustedf
do
Radio advertising:^
Cost of facilities, total
thous. of dol.
Automobiles and' accessories
do
Clothing
"
do _
Electric household equipment
do
Financial
do
Foods, food beverages, confections
do
Gasoline and oil
do
Housefurnishings, etc
do_ _
Soap, cleansers, etc
_._do
Smoking materials. _ _ .
do
Toilet goods, medical supplies
do
All other
do
Magazine advertising:!
Cost, total
do._Automobiles and accessories
do
Clothing
do. _
Electric household equipment
do
Financial
do
Foods, food beverages, confections
do. _
Gasoline and oil
_do ___
Housefurnishings, etc
_ do. _
Soap, cleansers, etc
do
Office furnishing and supplies
do
Smoking materials
do
Toilet goods, medical supplies..do
Allother
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
'289
'351
227
322
308
271.6
r
••293
''332
247
294
314
281. 0
'300
341
256
329
312
276. 7
'298
r
350
262
279
300
271.0
268
'299
233
288
r
272
250.1
r
276
'294
240
284
299
272.7
'302
'344
262
296
308
287.0
'311
'329
278
320
327
276.8
T
r
r
302
' 342
' 253
285
317
281.4
17, 803
699
118
603
511
5,122
536
225
1,734
1,770
5,031
1 456
17, 078
711
121
603
483
4,894
441
177
1,672
1,718
4,857
1 401
17, 327
662
152
651
481
4,861
432
192
1,775
1,751
4,804
1 567
15, 656
538
105
642
363
4,223
444
161
1,755
1,711
4,545
1 169
13,282
370
82
656
373
3,446
435
183
1,473
1,532
3,783
948
14, 272
425
80
691
400
3,835
453
167
1,630
1, 556
3,922
1 112
15, 650
414
115
674
363
4,313
441
163
1,920
1,510
4,232
1 506
18, 321
659
156
681
374
4,782
514
213
1,923
1,731
4,677
9 fil 1
17, 394
1,036
132
668
333
4,673
511
176
1,936
1,684
4,416
17, 951
772
117
651
364
4,948
613
186
1,955
1,966
4,760
1 618
17 743
782
146
624
347
4,726
638
201
1,699
2,086
4,683
47, 992
3,450
6,121
2,446
726
6,748
640
2,802
1,104
850
990
6,304
15, 810
4,581
45, 917
3,442
5,004
2,719
715
5,905
848
3,556
1,270
691
1,019
5,711
15, 037
4,391
52, Oil
4,241
5,152
3,137
784
6,657
1,048
4, 129
1,532
1,054
1,216
5,702
17, 360
4,288
42, 264
3,667
3,469
2,821
629
5,456
972
2,982
1,156
608
1,174
5,375
13, 954
3,160
29,495
3,068
1,115
1,476
517
4, 651
852
1,143
926
378
978
4,430
9,962
3,171
33, 372
2,856
3, 730
1,246
494
4,731
985
1,495
950
700
1,131
4,180
10, 874
3,968
45,239
3,048
6,554
2,589
665
5,441
872
3,728
1,152
787
1, 146
5,004
14, 245
4,462
52, 993
3,922
6 151
3.366
758
7,253
877
4,504
1,780
777
1,287
6,019
16, 299
4,847
52 330
3 907
4 936
3,080
798
6,940
1 013
4 530
1 247
1,049
1 349
5 778
17 652
4,145
39, 209
2,756
3 498
2,417
619
5,242
461
2 474
729
913
1,351
4,681
14 069
3,015
29 115
2 309
1 748
'845
707
4,845
406
1 215
574
501
1 098
4 037
10 831
3,410
3,921
221
848
373
047
295
475
557
197, 809
47, 643
150 166
7,557
2 120
31, 092
109, 396
185, 847
43, 999
141, 848
8,814
2,203
28, 365
102, 467
161 430
43, 081
118 349
6,714
2 448
22, 790
86, 396
176 800
46 467
130 333
7 066
1 782
23 001
98, 484
197 335
45, 810
151 525
6,921
1 849
30, 097
112,658
220 449
46' 861
173 588
7 453
l' 994
33' 251
125 891
209 199
41 480
1 fi7 718
7 467
163 977
3s' 498
163 379
35 559
34 880
123 273
204 428
37 624
166 804
5 843
2 112
25 703
133' 146
5 122
95 871
4 470
88, 565
4, 733
94, 494
4 503
90, 545
5 176
87 845
4 476
90,407
5 267
98* 446
5 353
97 114
5 229
98 629
4 79Q
94 492
87 97 K.
15 552
220, 748
14 252
198, 921
15 267
217, 320
14 408
206, 027
14 207
208, 527
14 703
216, 336
15 552
247, 204
20 044
256, 791
17 235
265, 659
H
227, 123
209, 374
189, 555
43, 985
145, 571
6,394
2,225
28, 106
108, 846
197
45
151
7
2
30
111,
•I QQQ
1 OK A7Q
1 97 con
7 362
7 335
21 955
93 210
1 74. A.
9fi Q9O
Of oon
9 QW
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number
Value
thousands
thous. of dol
5,281
106, 540
thousands
thous. of dol__
16, 749
240, 369
OQC
5, 105
16, 680
264, 621
PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly totals at annual rates :f
Goods and services, total
bil. of dol_
Automobiles and parts__do_.
Furniture and household equipment
do
Other durable goods
do..
Nondurable goods, total
_do
Clothing and shoes
do
Food and alcoholic beverages
do...
Gasoline and oil
_do
Semidurable house furnishings
do
Tobacco.
do
Other nondurable goods
do__
172.5
7.7
9.8
3.8
101.4
19.2
61.3
3.9
1.9
4.1
11.0
177.3
22. 8
8.0
10.8
3.9
103.7
20.7
61.6
4.3
1.9
4.1
11.2
180.1
23.7
8.8
10.9
4.0
104.3
20.5
62.1
4.3
1.9
4.2
11.3
181.0
22.9
90
9 8
4 1
105 1
20 9
62 6
41
19
4 3
11.3
176.6
21.5
o 7
0
o 7
1fi1 A.
9
fi1 1
1 Q
11.1
Revised.
j
t j j. i
J.-L' •—j
1 j.1
v.—-i . — .— o ~ ~0-—.~.»D ^ „ .1, w u.i.v.ii«.u.v/ M/^. r ^M. ^iuiii& ij.i itu. o-i-i Aj_it*g.c*^iiit;j xvji u-icii^ emu w 11 us i/iit; ui Lilt? n v t? ma or uoiii uuiieiiis
o
r r
index; annual data for this index and the combined index have been further revised beginning 1935. These revisions are incorporated in monthly data beginning February
1948 (data for February 1948-combmed index, 286; magazines, 317). The Tide advertising index has been completely revised and is now based on dollar costs for all media-newspapers magazines, farm-papers, business papers, radio (network and spot), and outdoor advertising; revised data beginning 1936 will be shown later. Estimates of personal consumption expenditures have
been revised beginning 1944; revised figures for the grand total and for total durable and nondurable goods and services are shown as a component of gross national Droduct on p 28 of the Julv
1948 Survey; revised figures through the first quarter of 1947 for the subgroups will be shown later.
yiuuuut uu y. ^ ui me jwy
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
August
September
October
November
December
January] *£ra-
March
DOMESTIC TRADE—Continued
PERSONAL CONSUMPTION EXPENDITURES—Continued
Seasonally adj. quarterly totals at annual ratesf— Con.
Goods and services — Continued
Services
bil of dol
Household operation
do
Personal service
Recreation
Transportation
Other services
do
do
do
do
49 8
7.6
15.5
50.8
7.6
15.8
52.1
7.7
16.2
53.0
3.2
3.9
3.2
4.1
15.2
3.9
4.7
15.6
4.9
16.1
5.1
16.5
3.2
3.2
3.8
4.6
RETAIL TRADE
All types of retail stores :J
10, 734
Estimated sales, total t
mil. of dol_.
2,956
Durable goods storesf
do
1,538
Automotive groupt
_ do __
1,402
Motor vehicles f
do
136
Parts and accessories
do
Building materials and hardware groupt
819
mil. of doL .
510
Building materials
- do
123
Farm implements f
do
186
Hardware
do
520
Home furnishincs sroupt
do
307
Furniture and house furnishingsf
do
213
Household appliances and radios
do
78
Jewelry stores
do
7,778
Nondurable goods storest
do
910
Apparel group
do
212
Men's clothing and furnishings
do
419
Women's apparel and accessories ..do
125
Family and other apparel
-do
154
Shoes
do
305
Drugstores
do
• 1,030
Eating and drinking places
do
2,595
Food group t
do
2,038
Grocery and combination!
do
557
Other food
do
495
Filling stations
do
1,392
General merchandise group f
__do
940
Department, including mail-order do
General, including general merchandise
148
with food
___
mil. of dol_.
Dry goods and other general merchandise
128
mil. of dol. .
177
Varietyf
do
1,051
Other retail stores
do
144
53.7
8.0
16.6
3.1
4.1
5.0
16.8
7.8
16.4
10, 705
3,107
1,498
1,344
154
10, 782
2,962
1,329
1,176
153
10, 874
3,150
1,431
1,259
173
10, 738
3,188
1,569
1,389
180
10, 674
3, 292
1,655
1,483
172
11,058
3,171
1,508
1,353
155
11, 542
3,221
1,568
1,421
148
11, 019
3,055
1,506
1,361
144
13, 194
3,336
1,537
1,360
177
953
589
146
218
575
341
233
82
7,598
781
181
368
103
128
294
1,034
2,608
2,056
552
523
1,343
910
959
601
139
218
579
355
224
95
7,820
808
193
371
107
137
304
1,060
2,716
2,144
572
550
1,368
906
1,030
656
153
221
586
350
236
103
7,724
801
215
343
105
138
301
1,066
2,613
2,033
'580
552
1,364
905
992
630
158
203
549
315
234
78
7,549
630
154
276
86
114
307
1,064
2,762
2,187
575
581
1,221
765
987
654
135
198
568
336
232
82
7,382
635
135
307
90
103
299
1,091
2,576
2,013
563
570
1, 265
830
986
654
126
205
592
350
242
85
7,887
878
188
426
122
142
299
1,105
2,648
2,055
593
541
1,447
978
1,001
657
139
205
566
332
234
85
8,321
982
230
477
140
135
307
1,115
2,787
2,188
598
550
1,560
1,054
880
556
130
194
••561
343
218
109
7,964
901
226
422
132
121
296
1,037
2,626
2,051
575
519
1,599
1,100
840
483
109
248
703
403
300
257
9,857
1,272
360
539
199
174
394
1,085
2,942
2,300
642
531
2,306
1,526
9,416
2,444
1,324
1.211
113
' 8, 918
' 2, 465
1,402
1,298
103
10, 522
3,138
1,844
1,717
127
••591
631
395 ' '362
94
90
142
139
421
'407
244
'237
177
170
69
65
6,972
' 6, 453
687
578
186
138
303
270
95
80
102
'89
297
284
992
896
2,568
' 2, 373
2,021
'1,873
546
'500
472
442
1,049
1,012
689
'656
742
442
132
168
483
284
200
69
7, 383
752
163
368
103
118
303
992
2,610
2,058
552
496
1,242
834
160
171
170
176
162
167
172
161
196
129
123
140
125
149
1,015
143
872
131
160
1,015
142
873
130
160
1,027
134
893
118
161
984
142
842
116
157
947
132
816
139
164
969
142
827
152
184
1,020
165
855
146
191
986
165
821
217
368
1,326
262
1,065
100
131
907
133
774
96
137
'867
'128
'739
115
153
989
136
853
907
Other
do
Indexes of sales:
403.3
323.1
350.6
349.0
293.1
328.9
332.2
' 298. 7
349.3
324.0
333.1
339.1
317.9
Unadjusted, total t
1935-39=100399.5
415.0
309.5
408.2
376.2
395.5
' 335- 1
391.2
408.7
393.2
359.7
382.9
396.3
Durable goods storesf-do
332.6
400.8
287.8
299.5
302.9
331.8
' 286. 9
312.4
314.2
317.8
335.0
320.4
296.7
Nondurable goods storest
__.do
338.0
329.4
343.2
340.3
r 328. 6
336.9
338.0
329.5
334.2
330.7
337.9
329.1
337.1
Adjusted totalt
- - do .
364.0
385.7
405.0
396.6
391.7
389.5
'
377.
6
355.3
382.5
376.0
386.5
376.9
391.0
Durable goods storest- - - do
333.5
354.7
369.2
286.4
344.8
367.0
351.8
347.4
'367.0
347.6
359.8
319.6
395.4
Automotive groupt
do .
402.2
427.1
455.9
439.7
453.8
464.7
444.3
'396.2
422.0
441.5
429.3
394.5
Building materials and hardware groupf. do
456.7
400.1
405.8
439.2
452.7
411.0
395.1
436.9
424.6
' 385. 4
432.8
384.8
432.7
377.6
Homefurnishings groupt
--do
372.5
388.3
381.1
390.4
385.7
384.9
391.6
400.8
367.3
379.3
404.7
359.6
412.3
Jewelry stores
_. _
do __
327.4
322.5
318.1
316.1
322.0
318.4
321.1
'312.6
316.0
319.7
322.0
324.1
308.9
Nondurable goods storest
do
341.8
314.4
305.6
328.3
336.6
322.1
337.7
311.3
' 309. 6
315.3
319.8
Apparel group
do
297.8
326.9
256.9
250.5
261.3
252.2
254.0
255.8
' 264. 6
260.3
255.7
254.4
255.5
Drug stores
do
255.8
258.5
419.9
416.3
423.0
414.9
417.2
406.8
408.8
414.7
420.7
420.1
' 412. 7
419.5
403.8
Eating and drinking places
-do
331.1
342.9
339.2
333.1
339.3
349.0
340.3
341.6
346.3
344.2
'340.2
338.8
341.0
Food groupt
do
252.8
250.1
249.7
243.0
262.2
257.8
258.7
251.7
260.3
249.0
254.2
259.1
252.2
Filling stations
do
271.1
277.3
260.5
277.9
277.6
257.3
269.8
270.8
260.3
281.7
250.7
275.9
246.2
General merchandise groupt
do __
341.8
344.8
354.5
350.9
342.8
334.4
341.8
348.9
332.3
347.0
' 326. 8
360.3
Other retail stores
do
324.6
14,
695
13.
498
13,
972
15,
284
14,
164
13,
992
13,
517
14,280
15,
652
13,
938
«•
13,
852
Estimated inventories, totalt
mil. of dol__
13, 637
14, 352
5,086
5,312
5,195
5,011
4,925
4,937
4,946
4,927
5,227
5,409
' 5, 267
4,941
Durable goods stores
do
5,384
1,219
1,251
1,262
1,239
1,298
1, 555
1,219
1,454
1,219
1,370
'1,623
Automotive group
do
1,297
1,634
2,124
2,062
1,892
1,989
1,974
2,058
2,048
1,901
2,053
2,050
r 1, 931
Building materials and hardware group.do
1,964
2,052
1,306
1,292
1,477
1,362
1,275
1,271
1,232
1,227
1,475
1,479
Homefurnishings group _ _
do __
'1,316
1,263
1,292
437
442
413
475
441
442
399
397
386
510
Jewelry stores
do
417
'397
406
9,035
9,609
8,571
9,972
9,269
9,067
10, 243
8,322
9,218
8,711
Nondurable goods stores.
__.do
8,696
' 8, 585
8,968
2,139
2,014
1,993
2,064
1,749
2,188
2,009
2,227
1,673
1,730
Apparel group
do
1,834
'1,853
2,015
511
504
512
538
497
594
542
533
530
545
Drug stores
do
506
'536
531
324
341
322
322
310
325
304
339
298
314
Eating and drinking places
do_ .
327
'283
298
1,962
1,845
2,111
1,826
1,979
1,851
1,860
1,791
Food group
do
1,841
1,920
2,098
'1,783
1,817
184
168
186
197
209
150
205
222
228
Filling stations
- _
_ _ do
215
169
'207
209
2,802
3,004
2,657
2,796
3,107
2,877
2,883
2,445
3,218
2,558
General merchandise group
_
do _
2,663
' 2, 585
2,771
1,350
1,379
1,333
1,370
1,407
1,466
1,513
1,351
1,577
Other retail stores
do
1,426
1,356
' 1, 338
1,327
Chain stores and mail-order houses: c?
r
2,355
2,281
2,352
2,315
2,266
2,200
2,524
2,392
2,317
3,030
1,980
Sales, estimated, totalt
do _
1, 862
2,190
253
288
254
208
195
265
235
263
Apparel group.
_
do
185
290
375
173
238
38
26
24
42
48
42
38
Men's wear
do
50
48
35
66
28
38
124
112
138
106
103
130
119
145
129
Women's wear do
179
86
85
120
78
65
70
72
53
72
60
69
63
Shoes
__ _
do _
98
48
'45
59
44
46
54
37
45
50
50
41
Automotive parts and accessories.
--do
42
62
29
29
37
110
80
113
101
118
126
117
125
10.1
Building materials
.-do
70
80
'60
74
69
65
67
67
70
68
67
71
Drug
.
do. _.
67
97
66
64
68
54
52
52
52
54
54
53
54
51
Eating and drinking places
_
-do
51
55
48
50
29
27
28
26
29
30
28
Furniture and housefurnishings
. do
28
'25
39
'19
'19
23
r
Revised, c? There have been revisions beginn ng 1947 in the chain-s tore series and some e arlier revij>ions; see n ote markec1 "t" on p S-9.
t Estimates of retail sales and indexes of sales, with the exception of data for jewelry stores, filling stations, general stores, including general merchandise with food, and dry goods and
other general merchandise stores, have been revised beginning 1947 and there have been earlier revisions in the series marked with a "t" as follows: Total, durable goods and nondurable
goods stores, motor vehicles, and the automotive group, grocery and combination and the food group, beginning 1942; farm implements and the building materials and hardware group
beginning 1943; variety and the general merchandise group, beginning 1944; furniture and housefurnishings and the homefurnishings group, beginning 1945. Revised annual figures through
1947 and an explanation of the revisions are published on p. 22 of the September 1948 Survey. All revisions through June 1947 will be shown later.
t Revised series. See note marked "t" above regarding revisions in the indicated series under sales of all types of retail stores, and note marked "t" on p. S-9 regarding revisions in data for
sales of chain-stores and mail-order houses. Estimates of retail inventories have been revised for all years and data by kinds of business have been added; year-end figures for 1929 1933 and
1935-46 are on p. 23 of the June 1948 Survey; monthly averages for 1939 and 1940 and monthly data for 1941^7 are on p. 31 of the July 1948 Survey.
SUEVEY OF CUEEENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-9
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
424
530
224
76
116
740
298
92
129
816
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Chain stores and mail-order houses — Continued
Sales, estimated — Continued t
603
General merchandise group f
mil. of dol._
Department, dry goods, and general merchan330
dise
mil. of dol
113
Mail-order (catalog sales)
do
149
Variety f
do
797
Grocery and combination
do
Indexes of sales: J
303.5
Unadjusted, combined index t
1935-39 =100__
303.0
Adjusted, combined index f
do
311.0
Apparel group
do
277.9
Men's wear
do
400.6
Women's wear
do
242.4
Shoes
do
228.3
Automotive parts and accessories
do
336.3
Building materials
_ do
231.6
Drug
do
228.6
Eating and drinking places
do
252.4
Furniture and housefurnishings
__do
292.6
General merchandise group t
do
Department dry goods and general mer347.3
chandise .
1935-39=100..
270.3
M ail-order
do
223.2
Variety t
-do
359.8
Grocery and combination
do
Department stores:
Accounts, collections, and sales by type of
payment:
Accounts receivable; end of month:
190
Charge accounts
1941 average =100
129
Installment accounts..
_
_do
Ratio of collections to accounts receivable:
53
Charge accounts.
percent...
27
Installment accounts
do
Sales by type of payment:
52
Cash sales
percent of total sales. _
41
Charge account sales
do
7
Installment sales
_
.do
285
Sales unadjusted, total U. S.f
1935-39=100
387
Atlanta
_
do
228
Boston
do
266
Chicago
do
284
Cleveland
do
384
Dallas
do
301
Kansas City
do
263
Minneapolis
do
••235
New York
do ._
••283
Philadelphia
do
317
Richmond
_ ..
do __
318
St. Louis
do
326
San Franciscof
do
'285
Sales, adjusted, total U. S.f
do
368
Atlanta
_ _ ._
'
__do
228
Bostonf
do
274
Chicago
. __do
270
Cleveland
__do
384
Dallas
do
307
Kansas Cityt
do
278
Minneapolis
_ _ _ do
••235
New Yorkcf
do
263
Philadelphia!
- do
303
Richmond t
do
318
St. Louis
..
_
do
'338
San Franciscof
do
Stocks, total U. S., end of month:§
303
Unadjusted
do
'309
Adjusted
... __do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol.. 301, 627
107, 103
Montgomery Ward & Co
do
194, 524
Sears, Roebuck & Co
do
Rural sales of general merchandise:
358.8
Total U S , unadjusted
1929-31=100
370.4
East
-_
do
485. 1
South
do
309.4
Middle West
do ..
382.3
Far West
do
408.6
Total U. S., adjusted
_
do
412.4
East
_ _ do
537.2
South
do
349.2
Middle West
.
do
464.5
Far West
-do
WHOLESALE TRADE
Service and limited function wholesalers:
Sales, estimated, total t
mil. of doL.
Durable goods establishments t
do
Nondurable goods establishment!
do
Inventories, estimated, total*
do
Durable goods establishments*
do
Nondurable goods establishments*
do
5,868
2,143
3,725
6,157
2,635
3,522
589
591
606
569
588
648
706
706
1,024
430
348
103
126
792
357
86
135
844
364
95
135
770
342
78
136
824
342
102
132
741
382
116
138
751
414
125
155
839
394
139
161
774
556
144
310
850
231
79
110
807
303.9
312.4
316.6
282.2
411. 0
239.8
254.2
359.7
225.3
227.5
256.0
311.2
310.8
311.2
319.4
287.5
415.0
243.3
251.5
379.1
227.7
226.8
269.8
295.4
313.1
313. 0
321.5
301.2
411.2
245.1
253.5
384.2
228.1
231.6
264.3
311.3
291.3
314.8
322.8
289.6
417.8
246.1
277.6
383. 5
235.9
229.5
r 269. 9
314.0
296.0
317.3
325.8
290.9
427.6
242.5
263.6
388.1
232.2
226.9
274.8
320.6
323. 3
316.6
344.4
310.8
454.8
250.1
242.2
389.6
231.8
227.5
270.3
315.0
325.9
312.3
345.3
300.1
478.6
235.4
223.8
386.0
232.3
221.8
' 224. 8
300.4
328.3
307.6
330.3
298. 4
447. 5
231.0
207.3
374.9
225.0
217 A
300.3
406.6
319.1
349.1
316.5
448.7
269.5
260.2
368.6
227.0
222.4
r 248. 9
323.4
266.6
'307.8
334.3
315.7
420.4
259.8
235.6
342.1
228.4
222.5
' 243. 5
'298.3
383.2
285.1
218.8
363.3
357.1
280.0
210.9
371.0
377.3
297.0
220.4
357.4
380.7
309.8
216.2
360. 9
382.6
329.7
223.3
364.5
381.2
292.9
228.7
359.6
358.2
283.0
223.6
365.4
355.2
279.7
230.3
360.4
378.2
301.0
254.6
359.6
351.6
276.5
230.7
366.5
191
131
192
134
192
136
'167
138
165
144
188
151
206
155
219
160
281
176
52
25
52
24
52
24
51
23
51
23
53
24
54
24
55
24
51
41
8
288
367
231
283
280
399
320
284
237
262
295
326
333
306
390
243
289
295
448
337
283
255
278
327
343
362
52
41
7
300
375
240
289
304
393
326
294
252
287
311
333
339
310
394
242
289
320
418
336
306
262
284
318
340
364
52
41
7
289
333
242
290
288
345
301
277
246
266
294
311
338
311
397
252
299
306
406
328
291
262
283
327
346
372
54
38
8
243
314
176
243
244
331
270
238
181
207
235
277
311
315
392
255
312
313
436
322
294
259
288
321
355
365
52
39
9
259
354
175
248
268
365
303
261
187
217
260
305
338
312
402
237
295
308
419
336
292
256
289
319
354
383
50
42
8
319
410
260
305
320
444
343
316
257
295
357
366
355
312
402
252
299
316
423
329
291
254
295
338
362
355
51
42
7
328
424
258
313
338
427
360
343
280
322
359
362
346
306
396
232
292
316
388
343
311
252
307
330
338
336
297
296
278
284
274
277
287
'271
304
277
318
' 284
302, 716
108, 903
193, 813
336, 487
119, 706
216, 782
r
308
308
r
r
r
r 217. 6
r
' 268. 5
'301.0
r
318.0
' 288. 8
r
411.8
' 242. 2
' 232. 1
' 319. 5
' 232. 2
' 226. 4
' 222. 7
r 290. 0
r
287.2
300.8
303.8
260.9
398.2
235.5
232.4
321.1
225.2
212.0
219.2
288.7
345.4
256.1
225.7
361.1
346.5
246.8
226.3
367.1
219
163
187
157
182
151
53
25
52
22
50
22
56
25
51
42
7
357
434
285
345
366
475
374
334
298
356
388
404
391
287
362
228
283
293
390
319
279
229
269
306
321
323
53
41
6
495
635
428
460
491
648
501
431
414
480
575
517
582
310
405
245
297
317
397
332
280
247
287
346
338
368
52
41
7
226
287
187
216
230
306
203
194
209
224
238
271
287
359
246
271
303
378
r
278
271
243
279
301
290
335
51
42
7
227
314
'180
212
227
315
P250
'202
192
199
239
261
266
274
357
'234
265
277
358
"288
'262
229
258
299
310
295
51
42
7
P254
339
*192
239
254
353
»279
242
209
249
274
287
*288
P270
353
*207
254
265
376
»294
267
220
252
290
309
*320
330
••302
262
••304
250
285
265
'286
»287
*293
353, 270
131, 302
221, 968
350, 748
124, 896
225, 852
431, 601
150, 960
280,641
205, 902
66,689
139, 213
196, 656
68,316
128,340
258, 692
89, 179
169, 513
r 222
319, 342
115, 382
203, 959
297, 939
104, 612
193, 327
308, 843
105, 305
203, 538
284, 626
97, 833
186, 793
342.6
343.3
467.7
293.4
375.6
372.8
360.2
530.8
314.2
420.6
322.1
306.9
428.4
277.5
362.7
350.9
333.6
505.1
293.0
403.4
333.6
320.5
433.2
293.6
399.7
366.2
349.1
538.8
311.0
419.4
283.2
245. 5
374.0
249.1
356.3
387.9
344.8
550.8
337.5
434.5
352.3
333.1
491.4
299.2
437.4
430.7
418.0
681.6
362.7
474.9
400.7
369.0
602.4
336.0
477.2
379.1
386.7
545.6
327.8
407.9
453.5
431.5
673.7
381.2
457.5
349.1
335.3
454.6
300.2
380.9
479.1
484.8
701.3
403.8
522.8
368.3
376.1
510.8
308.0
430.8
516.1
489.6
706.7
450.8
657.3
322.7
294.0
470.5
289.0
402.8
276.7
265.4
404.6
233.4
308.4
363.6
349.2
511.5
305.0
419.6
273. 7
252.5
383.0
231.7
296.8
338.3
308.7
420.0
291.4
401.0
300.8
288.0
399.4
264.7
340.9
342.6
320.8
442.3
298.7
414.2
5,815
2,193
3,622
6,107
2,685
3,422
5,517
2,047
3,470
6,136
2,692
3,444
5,735
2,114
3,621
6,354
2,728
3,626
5,750
2,057
3,693
6,322
2,716
3,606
6,074
2,222
3,852
6,389
2,699
3,690
6,299
2,259
4,040
6,455
2,733
3,722
6,326
2,289
4,037
6,548
2,760
3,788
6,213
2,148
4,065
6,550
2,832
3,818
6,134
2,106
4,028
6,447
2,854
3,593
'5,349
1,745
'3,604
6,677
2,996
3,681
'5,143
1,753
'3,390
6,746
3,090
3,656
5,674
1,982
3,692
6,679
3,136
3,543
' Revised. *> Preliminary, cf The adjusted index has been revised beginning 1942. Revised data will be published later.
JThere have been revisions beginning 1947 in the series for chain stores and mail-order houses and additional revisions back through 1942 for the total and back through 1944 for variet
and the general merchandise group; revisions through June 1947 will be shown later.
*New series. Monthly figures for 1942-47 and year-end figures or monthly averages for 1938-41 are on p. 24 of the September 1948 Survey. § There have been minor revisions in department
store stocks beginning 1924. Revisions through August 1947 are available upon request.
fRevised series. For revised figures for 1919-40 for the index of department store sales for the San Francisco district, see p. 23 of the April 1948 Survey; there have been further minor
revisions in the indexes beginning October 1940 as published on that page and in the May-July 1948 issues. The adjusted index of department store sales for the Boston, Philadelphia, Kansas City; and Richmond districts have been revised beginning April 1940, February 1940, August 1941, and January 1944, respectively; there have been minor revisions in the
indexes for the United States as published prior to the September 1948 issue to incorporate revisions in the district indexes; revised figures through February 1947 for Kansas City, March 1947
for Philadelphia, June 1947 for Boston and the United States, and September 1947 for Richmond are available upon request. For sales of service and limited-function wholesalers for 1939-46,
see p. 23 of the September 1948 Survey; earlier annual totals and figures for early months of 1947 are on pp. 23 and 24 of the August 1948 issue; revisions for 1941 are as follows (mil. of dol.):
Total, 34,300; total nondurable, 22,077. Data for all wholesalers are published currently on p. S-3. See note marked "J" regarding revisions in chain-store series.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment status of noninstitutional population:
Estimated number 14 years of age and over,
108, 853
108, 660
108, 753
108, 173
108, 262
108, 346
108, 597
108, 948
109, 117
109. 036
109, 195
total
.thousands __ 108,124
109, 290
53, 461
53, 24i
53, 436
53, 501
53, 546
53, 204
53, 275
53, 587
53, 160
53, 624
53, 658
53, 689
Male
do
53, 730
55, 199
55, 161
55, 252
55, 307
55, 361
54, 969
55, 021
55, 459
54, 934
55, 071
55, 412
Female
-do _
55, 506
55, 560
65, 135
64, 511
63, 166
63, 578
63, 138
61,005
61, 660
64, 740
61, 760
62, 828
61, 546
61, 896
Total labor force, including armed forces
do
62, 305
1,325
1,414
1,238
1,293
1,366
1,391
1,468
1,236
1,236
1,261
1,453
1,508
Armed forces
do
1 491
63, 186
62, 212
63, 842
61, 775
61, 724
60, 078
63, 479
59, 769
60, 524
60, 422
61, 375
60 388
Civilian labor force total
do
60 814
45, 215
43, 782
43, 369
43, 298
45, 437
44, 101
43, 851
43, 161
43, 009
44, 794
43, 573
Male
'
do
43, 229
43, 525
17,155
17, 971
17, 924
17, 942
16, 917
17, 124
18, 685
18, 405 ,
16, 760
18, 111
17, 802
Female
do
17, 159
17 289
57, 414
61, 615
61, 245
60, 312
59, 893
58, 660
60, 134
57, 329
58, 330
61, 296
59, 434
57 647
Employed
do
57 168
43,
889
41,
150
43,
989
42, 058
42, 850
42, 763
42, 551
41, 244
41,801
43, 420
42, 162
Male
- do
40 812
41 092
16, 264
16, 529
16, 602
17, 626
17, 356
17, 371
17, 342
16, 085
17, 876
17, 462
17, 272
Female
- do _
16, 356
16 555
8,444
7,861
6,763
7 393
9,163
7,961
6,847
7,448
9,396
8,723
8,627
7,375
Agricultural employment
_
_ do
6 993
50, 651
52, 452
52, 801
51,899
51, 590
51, 506
51, 932
50, 883
52, 059
50, 482
50, 800
Nonagricultural employment
do
50 174
50 254
2,664
1,941
1,642
1,761
2,227
1,831
2,193
2,184
1,899
1,941
2,440
TJnem ployed
do
3 221
3 167
44, 149
47, 571
43, 462
45,685
46, 414
46, 602
43, 605
45, 810
47, 119
45, 176
46, 208
Not in labor force
do
47 298
46 985
Employees in nonagricultural establishments:?
Unadjusted (U. S. Department of Labor):
r
45, 078
45, 478
44, 299
44, 626
45, 877
45, 009
45, 889
45, 735 ' 46, 088 r 44, 340
Total
thousands. _ 44, 600
43 997 v 43 848
16, 441
15, 904
16, 115
16, 158
r 15 756 P 15 549
15, 950
16, 597
16, 269
16, 697
16, 455 ' 16, 283 r 15, 890
Manufacturing
- - --do
952
924
921
941
924
933
817
948
938
950
939
P 915
r 922
Mining
do
1,906
2,052
2, 253
1,933
2,162
1,805
2,219
2,239
2,206
2,173
2,079
r 1 824
Construction
do
P i 824
3,974
4,042
4,136
4,139
4,091
' 3, 977 r 3 957
4,032
4,105
4,092
4,066
4,066
Transportation and public utilities
do
p 3 Q^?8
9,625
9, 576
9,617
9,646
9,660
9,889
9,598
9,733
10, 036
9,670
10, 381
r 9 513
P 9 529
Trade
- do
1,704
1,716
1, 754
1,761
1,732
1,723
1,726
1.720
1,697
1,722
'1,711
P i 711
Finance
_
do
r i 706
4,738
4,622
4,546
4,729
4,768
4,641
4,644
4,663
4,645
4,647
' 4, 624
Service
do
r 4 560
P 4 620
5,624
5,789
5,599
5,761
5,546
5,577
5,650
5,714
5,607
5, 801
5,994
5 759
Government
_ _
do
P 5 762
Adjusted (Federal Reserve) :f
44, 584
44, 726
45, 271
45, 312
44,791
45, 053
45, 669
45, 443 «• 45, 252 ' 44, 763 r 44 483 P 44 184
45, 654
Total
do
r
16, 045
16, 302
16, 018
16, 172
16, 278
r 15, 954
16, 548
16,420
16, 246
16, 556
16, 195
Manufacturing
do
r 15 780
936
944
915
820
939
930
947
945
930
937
940
v Q91
Mining
do
r 928
2,106
2,095
1,972
2,032
2,093
2,121
1,941
2,110
2,093
2,101
2,120
Construction
do
v 1 Qfil
r 2 049
3,995
4,028
4,078
4,069
4,056
4,078
' 4, 031 r A flfl7
4,085
4,070
4,095
4,084
Transportation and public utilities
do
9,721
9,697
9,689
9,791
9,805
9,634
9,817
9,782
9,806
9,779
9,769
Trade
do
r Q fi^A
1,696
1,699
1,752
1,697
' 1, 720 r l 715
1,700
1,737
1,741
1,740
1,737
1,739
Finance
do
r
4,6^2
4,729
4,768
4,738
4,645
4,641
4,546
4,663
4,644
4,647
4, 624
Service
do
r 4' 560
v A. R9ft
5,567
5,586
5,710
5,788
5,790
5,545
5,626
5,727
5,781
5,733
5,780
Government
do
5 700
Estimated production workers in manufacturing
industries, total (U. S. Dept. of Labor)?
12, 791
12, 738
12, 959
13, 245
12, 987
13, 375
13, 131
13,488
13, 238 ' 13, 059 r 12, 670
thousands __
' 12, 552 '912, 362
r
6,683
6,642
6,662
6,681
6,709
6,822
r 6, 522
6,791
6,803
6,810
6, 736
Durable goods industries!
do
6, 296
1,597
1,603
1,600
1,601
1,631
1,654
1,634
1,648
1,657
1,610
1,638
Iron and steel and their products?
do
' 1, 574 '1,543
Blast furnaces, steel works, and rolling mills§
512
536
516
518
523
527
535
543
535
538
543
thousands. .
546
r
v 499
563
553
536
577
548
535
538
547
548
557
552
521
Electrical machinery?
do __
1,202
1,202
1,209
1,209
1,179
1,207
1,204
1,232
1,217
1,208
1,202
Machinery, except electrical?
do
1,158
9 1, 132
502
506
499.
514
508
519
507
506
512
509
506
Machinery and machine shop productsf-do
490
44
49
48
48
48
47
47
48
48
48
47
43
Machine tools!
do
T
784
772
772
787
763
782
776
739
788
780
784
P 757
Automobiles?
- do
758
Transportation equipment, except automo462
414
444
465
434
438
449
430
439
453
453
biles?
thousands-'442
'438
125
137
128
134
145
151
136
130
139
150
152
Aircraft and parts, excluding engines. _ _ do
151
25
25
26
22
29
25
26
28
28
27
29
29
Aircraft engines
do
123
116
109
89
126
104
97
100
98
95
93
Shipbuilding and boatbuilding
do
87
398
413
406
398
395
403
404
385
388
399
398
Nonferrous metals and their products?. _. do
••378
'366
r
754
772
799
844
831
821
749
829
'717
843
785
Lumber and timber basic products?
do
••708
'701
r
r
611
628
572
607
655
692
678
681
691
667
632
Sawmills and logging camps ?
__do
567
459
485
470
458
452
461
440
466
470
470
462
Furniture and finished lumber products?.do
M37
'427
264
256
250
244
250
256
242
248
257
254
253
Furniture?
do
241
451
454
461
468
458
450
464
467
448
452
462
r
440
Stone clay and glass products ?
do
' 433
r
6,096
6,536
6,553
6,428
6,148
6,108
6,297
6,306
6, 685
6, 323
6,340
r 6 136
Nondurable goods industries?
do
' 6 066
Textile-mill products and other fiber manufac'1,190
1,293
1,249
' 1, 147
1,301
1,295
1,243
1,200
1,274
1, 261
1,245
1,312
1,236
tures?
thousands..
Cotton manufactures, except small wares $
491
525
511
526
528
522
509
495
529
510
517
508
thousands
115
122
120
121
122
122
121
118
120
120
122
117
Silk and rayon goods ?
do
Woolen and worsted manufactures except
144
174
175
149
173
178
168
170
166
160
158
157
dyeing and finishing ?
thousands
Apparel and other finished textile products?
1,165
1, 082
1,095
' 1, 177
1,103
1,175
1,129
1,070
1,161
' 1, 177
1,157
1,173
1,147
thousands ._
287
291
290
291
287
275
281
280
296
297
296
286
M^en's clothing?
do
502
435
489
483
440
428
489
482
479
437
490
487
Women's clothing?
do __
359
••367
396
372
373
375
376
365
'365
383
379
363
364
Leather and leather products?
-do
226
254
236
239
229
237
237
245
241
239
240
232
Boots and shoes ?
do
1,091
' 1, 153
1,049
1, 364
1,257
1,400
1,182
1,418
1,537
1,306
' 1, 147
1, 047
1,253
Food and kindred products?
do
242
244
258
244
242
240
253
248
250
251
256
252
Baking?
do
121
153
141
292
195
136
187
132
274
326
444
163
Canning and preserving ?
do
r
194
125
198
205
104
200
195
205
213
201
197
218
Slaughtering and meat packing ? _ do
84
85
87
83
86
86
90
83
••83
'83
88
90
87
Tobacco manufacturers ?
do
389
393
389
390
394
401
388
403
401
391
'382
••386
398
Paper and allied products ?
do
r
204
204
204
204
206
206
205
202
207
207
207
207
Paper and pulp ?
.
do
Printing, publishing, and allied industries ?
432
435
432
433
thousands. _
430
432
436
442
442
443
436
••433
'433
145
146
145
147
151
147
149
Newspapers and periodicals ? ._
do ..
148
151
152
150
150
184
185
183
184
183
185
189
183
188
Printing; book and job ?
do
189
187
184
574
587
572
580
567
597
586
600
599
594
Chemicals and allied products ?
do
597
••588
'582
205
205
202
211
207
211
208
210
211
Chemicals?
_
. . . do. ..
211
209
205
165
164
167
170
170
168
162
Products of petroleum and coal ?
do
170
167
'164
162
162
'161
114
114
115
117
114
117
108
114
116
Petroleum refining ?
do
113
113
113
204
195
195
198
191
P 183
195
197
198
Rubber products ?
_ . _ __do _
199
196
191
186
96
91
92
93
9)
92
91
91
90
90
Rubber tires and inner tubes ?
do
88
87
•• Revised. ' Preliminary.
? The unadjusted estimates of employment in nonagricultural establishments have been revised beginning January 1946 for manufacturing, mining, and government and 1945 for construction, trade, finance and the total, to adjust the series to Federal Security Agency data for 1946; revisions affected the data for transportation and public utilities only beginning January
1947; data for service were not affected. Revisions through April 1947 will be shown later. See note marked "?" on p. S-ll with regard to revisions in the indicated series for production
workers.
t Revised series. The adjusted estimates of employees in nonagricultural establishments have been revised to incorporate revisions in the unadjusted series referred to in note marked
"?" above and there have been revisions in seasonal adjustments affecting the figures in most cases back to 1939; revisions through April 1947 will be shown later. Estimates of production
workers in the machinery and machine-shop products industry have been revised beginning January 1939 to adjust the series to Federal Security Agency data through 1946; revisions through
1947 5are shown on p. 16 of the January 1949 Survey.
See note marked "cT" on page S-ll.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-ll
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT— Continued
Production workers, unadjusted index, all manu159.4
154.7
v 150.9
155.5
158.5
164.4
163.3
161.6
'153.2
160.3
156.1
158.2
161.7
facturing (U. 8. Dept. of Labor)!
1939=100..
' 177. 7 * 174.4
' 186. 5 r 180. 6
188.6
188.1
185.0
188. 4
185.1
183.9
188.9
Durable goods industries:}:
do
184.5
185.8
165.2
161.4
162.4
166.2
167.1
166.8
161.1
' 158. 8
P 155.6
164.8
161.7
161.4
Iron and steel and their products!
do
164.5
Blast furnaces, steel works, and rolling millsc?
132.9
135.5
139.8
139.8
r 140. 6
138.5
133.3
134.6
137.7
131.8
137.9
137.7
1939=100
213.1
222.9
206.9
211.6
213.4
-•201.2
217.4
206.6
211.5
215.1
p 192.4
211.1
207.7
Electrical machinery!
_ _
do
227.5
223.1
219.1
228.5
230.4
227.4
228.7
227.9
P 214. 2
233.1
227.4
228.7
228.8
Machinery, except electrical! .__ _
do _
240.4
243.7
244.0
243.5
249.8
236.0
244.6
243.7
241.9
247.7
246.5
245.1
M ach inery and m achine-shop products t do
129.3
120.5
134.5
129.7
128.4
127.9
131. 2
130.0
129.7
118.2
130.4
130.5
Machine toolscf - _ _ _
__
do _
193.0
191.9
190.5
195.5
194.4
194.8
195.0
183.6
' 188. 5
189.7
195.9
193.9
Automobiles!
do
* 188.1
Transportation equipment, except automo290.9
280.0
292.7
276.0
270.6
276.3
282.9
285.7
285.3
273.7
' 278. 3 v 276.2
260.8
biles!
_____1939=100_.
342.9
328.5
366.2
382.1
349.2
377. 4
381. 6
315.3
321.5
336.4
346.0
380.8
Aircraft and parts, excluding engines do
287.4
276.9
320.9
323.2
282.4
309.0
321.1
290.8
243.2
300.1
315.0
278.4
Aircraft engines
_ _
_ _
do __
133.9
128.3
167.6
140.5
181.6
157.2
149.3
140.8
136. 5
176.8
125.4
Shipbuilding and boatbuilding
do
143.7
176.9
169. 2
173.6
168. 0
173.7
173.9
176.0
180.0
173.9
172.4
176.1
r 164. 9
v 159. 7
Nonferrous metals and their products!..__do
183.6
' 170. 6 '168.4
179.4
200.6
197.7
195.4
178.3
190.0
197.3
' 186. 7
200.8
* 166.7
Lumber and timber basic products!
do
216.2
193.5
220.4
194.8
200.1
208.7
' 201. 6 ' 182. 3
217.2
220.7
212.7
180.9
Sawmills and logging camps!
do
134.1
139.7
143.3
140.7
147.8
137.8
143.1
r 133. 2
143.4
139.8
142.0
140.5
Furniture and finished lumber productsi.do
* 130. 3
140.3
136.1
142.8
148.2
141.9
143.6
144.2
137.4
144.0
139.4
140.3
135.2
Furniture !
do
153.9
159.4
154.7
153.2
157.4
152.5
158.9
156.0
158. 2
153. 7
157.0
r 150. 0
P 147. 4
Stone, clay, and glass products! _ _ _
do _
134.2
138.4
145.9
143.0
140.3
138.0
133.1
137.5
137.7
Nondurable goods industries!
_ do_ __
133. 3
142.7
133.9
P 132.4
Textile-mill products and other fiber manu109.2
104.9
114.7
113.7
113. 0
108.7
108.0
113.2
110.3
108.9
111.4
P 100.4
104.0
facturest 1939=100.
Cotton manufactures, except small wares!
126.6
125.4
122.2
121.3
125.8
126.1
121.9
123.6
121.6
118.3
124.7
117. 3
1939=100..
95.0
96.7
96.4
95.4
93.2
94.8
94.9
96.5
95.8
Silk and rayon goods ! _
do
92.0
95.9
90.8
Woolen and worsted manufactures, except
109.9
101.2
100.4
113,1
111.0
110.3
106.3
105.2
94.6
107.7
99.8
91.5
dyeing and
finishing!
1939=100
Apparel and other finished textile products!
138.6
147.5
139.8
137. 1
135.6
148.8
146.5
145.3
143.0
148.6
147.0
1939=100.r 149. 1
* 149. 0
126.8
125.0
126.9
121.8
125.0
129.4
128.9
124.4
122.5
128.8
119.7
Men's clothing ! _
_
do
126.6
149. 4
152.1
168.9
168.3
153.7
170.8
171.0
170. 0
152.7
167.3
171.3
Women's clothing ! .......
do.
175.2
103.3
114.1
107.1
107.4
108.3
105.0
108.1
104.5
104.8
109.3
110.4
Leather and leather products!
_ do_ __
' 105. 8 P 105.2
102.2
97.7
110.1
102, 7
102.5
104.4
103.3
99.2
100.5
Boots and shoes !
do
103.7
106.0
103.6
r
134.5
127.7
122.6
179.9
163.8
146.
6
138.3
147.1
152.9
Food and kindred products! _ _ _ do _
159.7
166.0
* 134. 3
134. 9
126.9
125.8
127.2
132.2
128.2
135.5
134.3
130.2
133.0
Baking!.
do
131.8
131.3
128.0
101.9
90.1
93.6
87.7
192.3
108.5
129.9
124.3
217.0
295.7
Canning and preserving!
do .
182.5
80.3
r
92.2
143.3
77.0
146.4
157. 8
161.5
147.8
144.5
152.0
149 1
151 9
Slaughtering and meat packing!
do
145.7
93.4
92.4
90.5
90.6
95.9
92.5
93.9
96.5
93.3
89.3
88.8
* 89.3
Tobacco manufactures!
____
do .
'88.6
148.0
146.8
146.5
146.1
147. 5
148.6
151.0
146.9
151.7
151.1
149.8
' 145. 4 P 143. 8
Paper and allied products!
_ do_ _.
148.5
147.8
147.9
148.2
149.5
150.2
' 148. 4
150.0
150.0
149.4
150.0
Paper and pulp!
do
146 9
132. 8
132.0
131.8
132.3
131.1
134.8
132.9
135.2
131.8
133.0
134.7
P 132. 1
Printing, publishing and allied industries !_do
131.8
r
123.3
122.2
122.0
124.4
127.0
126. 1
125.9
127.2
128.3
123.8
123.7
Newspapers and periodicals!
do
126 8
145.3
143. 5
144.3
144.5
147.9
143.4
143.5
147.1
147.8
146.2
145.3
Printing; book and job!
do
144 3
198.4
203.6
201.4
199.2
208.1
203.3
206.1
207.1
207.8
207.0
166.6
Chemicals and allied products!
_ _ do_ __
' 203. 9
p 201.9
292.9
266.3
296.9
302.1
300.3
302.1
293.8
301.4
301.6
299.5
288.9
292 7
Chemicals i
do
r
157.3
155.4
154.9
160.3
159.1
152.7
155. 0
160.3
160.7
157.7
153.0
Products of petroleum and coal!
do _
' 152. 8 p 151.9
155. 0
155.2
156.7
159.2
154.2
146.9
154.8
159.8
158.3
155.7
155.3
154 4
Petroleum refining!
do
168.9
163.8
161.1
161.6
163.5
160.9
162.8
164.5
161.8
157.8
157.7
P 151.1
Rubber products!
_
do
'154.1
177.7
168. 5
170.7
169.4
165.9
168.6
165.3
168.7
168.2
163.0
167.6
159.5
Rubber tires and inner tubes!
do
Production workers, adjusted index, all manu156.7
160.1
157.1
158.8
160.1
162.8
161.2
155.3
163.3
158.6
159.7
P 150.7
facturing (Federal Reserve) !
1939=100-'153.5
185.5
184.1
188.4
184. 0
184.9
188.0
185.1
188.7
188.5
' 186. 4 ' 181. 1
Durable goods industries!
do
178.3
P 174.7
r
135.1
137.7
134.7
138.9
140.6
142.3
143.8
134.9
139.6
136. 7
139.8
' 133. 9
Nondurable goods industries!
_
_ do. _
P 131.&
Nonmanufaeturing, unadjusted (U. S. Dept. of
Labor) :
Mining :t
91.9
91.4
92.6
92.6
91.1
92.9
91.7
92.1
92.7
92.0
91.1
92.3
Anthracite
1939=100-79.7
108.9
108.0
109.6
108.8
109.7
' r107. 9
109.7
108.3
109.0
101.8
107.3
Bituminous coal
do
99.0
98.7
100.2
98.7
99.1
99.3
95.5
96.5
97.0
95.6
97.3
Metal
_
do
100.2
116.8
124.2
122.5
126.8
128.2
126.5
121.8
128.3
113.2
124.6
127.3
111.9
Quarrying and nonmetallic
do
112.5
116.7
113.5
111.2
119.8
116.4
111.1
119.4
114.0
113.2
113.2
113.2
C rude petroleum and natural gas production, do
Public utilities:
114.1
110.9
112.3
111.7
115.1
117.1
116.2
115.6
115.5
115.8
115.2
Electric light and power
___
do .
115.6
128.3
128.7
128.5
128.3
128.1
126.9
127.2
125.9
126.2
125.4
125.1
127.9
Street railways and busses
do
98.2
97.9
96.3
96.0
91.6
95.7
93.3
92.3
Telegraph
do
90.7
90.0
88.6
87.1
198.4
198.3
199.4
197.4
201.9
202.1
203.7
202.2
202.3
200.8
202.8
201.6
Telephone
do _
Services:
154.8
160.6
159.0
162.9
154.3
159.2
152.5
153.7
148.4
145 3
150.5
Cleaning and dyeing
do
143 3
121.5
119.0
122.1
117.7
118.3
118.4
116.7
119.0
114.6
114.2
113.1
110.8
Power laundries
do
116.4
116.9
117.6
116.2
117.0
114.6
114.6
115.7
112.9
116.2
115.3
113.4
Hotels (year-round) _ _
do
Trade:
113.6
113.8
112.8
113.1
113.4
119.4
112. 0
111.2
116.0
111.7
129.0
109 1
Retail, total
do
116.7
115.5
113. 8
116.1
116.3
113.8
112.3
112.0
114.6
111.6
Food
._.
_
do
113.8
111.8
123.4
124.8
127.2
135.3
124.5
123.7
121.3
120.8
146.4
177.1
126.0
General merchandise
_ _ do_ _
118.7
114.5
115.3
118.1
116.2
115.3
114.8
117.1
117.8
Wholesale
do
117.0
118.3
115.9
114.9
Miscellaneous employment data:
307, 451
289, 056
202, 090
233, 105
264, 290
286, 258
305, 031
298, 569
259, 338
227, 808
203, 088
207, 943
Federal and State highways total§
number
124, 100
117, 968
135,452
132, 302
128, 869
78, 726
105, 647
99,158
50, 461
69, 381
52, 207
48, 744
Construction (Federal and State) _
do
121, 828
117, 957
109, 522
112, 631
118, 870
122, 274
120, 098
117, 706
112, 519
108, 045
110, 216
109, 014
Maintenance (State)
do
Federal civilian employees:
1,860
1,877
1,899
1,880
1,896
1,899
1,794
1, 811
1,826
1,895
1,900
P 1,908
1,901
United States
_ - thousands
202
206
207
209
v 214
201
203
208
212
••212
District of Columbia
do
208
213
212
Railway employees (class I steam railways) :
1,391
1,381
1,376
1,350
1,385
1,380
1,376
P
1,272
P
1,225
1,346
1,287
1,355
1,286
Total
thousands
Indexes:
r
129.5
132.5
133.4
132.3
129.0
123.2
131.8
130.2
132.8
v 120.7
127.9
123. 0
Unadjusted
1935-39=100P 117. 1
130.0
130.7
129.1
125.2
127.6
129.1
130.6
P 123.7
132.3
130.1
129.9
P 120. 1
Adlusted
do
128.0
' Revised. » Preliminary.
{Estimates of production-worker employment (p. S-lp), employment indexes, and pay-roll indexes (p. S-12),forall manufacturing, total durable and nondurable goods industries, the
industry groups, and the indicated individual manufacturing industries have been revised beginning January 1946, or found to need no revision, to adjust the series to levels indicated by Federal Security Agency data for 1946; revised employment estimates and employment indexes for January 1946-April 1947 for manufacturing industry groups and the totals are on p. 14 of the
January 1949 Survey; corresponding revisions in the pay-roll indexes are on p. 19 of the March 1949 issue. Unpublished revisions for the individual industries will be shown later as follows:
Furniture and chemicals, January 1946-August 1947; and the other individual industries designated, January 1946-July 1947. The industries in the transportation equipment group have
been adjusted to 1939 Census of Manufactures data only.
§Total includes State engineering, supervisory, and administrative employees not shown separately.
fReyised series. Indexes for machinery and machine-shop products have been revised beginning 1939 to adjust the series to Federal Security Agency data through 1946; revisions through
1947 are indicated on p. 16 of the January 1949 Survey. Indexes for the mining industries have also been revised beginning 1939 and have been adjusted to Federal Security Agency data
through 1946; revised figures for 1939-47 will be shown later.
cf Comparison of the series for blast furnaces, steel works, and rolling mills and the machine tool industry with data through 1946 from the Federal Security Agency indicated that no
general revision of these series is necessary; therefore no revisions have been made in the figures for the two industries as published in the 1947 Statistical Supplement to the Survey.
SURVEY OF CUREENT BUSINESS
S-12
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS
Production-worker pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor)!
1939=100
Durable poods industries!
- - - - - do. _
Iron and steel and their products!
do
Blast furnaces, steel works, and rolling mills §
1939=100
Electrical machinery!
do
Machinery, except electrical!
do
M a ch inery an d m achine-shop products t do
Machine tools§
do
Automobiles!
_ _
_
do _
Transportation equipment, except automobiles!
1939=100
Aircraft and parts, excluding engines do
A ircraft 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
Textile-mill products and other fiber manufactures t
1939= ICO
Cotton manufactures exc small wa^e^l do
Silk and ravon goods!
do
Woolen and worsted manufactures, except
dyeing and
finishing!
1939=100
Apparel and other finished textile products!
1939—100
Men's clothing!
do
^V^omen'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
357.9
403.2
348.4
305.1
474.6
491.6
532.6
249.3
451.2
304.6
454.3
473.7
517.7
224.2
455.3
302.8
442.2
463.0
501.9
218.6
444.7
611.8
830.7
601.3
262.4
391.9
499.7
549.7
349.2
356. 7
366.9
329.5
635.5
838.5
618.9
288.6
391.2
*r 465. 6
503. 5
345.4
354.4
366.9
••326.3
608.5
808.0
617.2
274.4
372.2
r
418. 2
' 450. 0
317.9
323.0
349.5
r
314. 6
607.9
828.0
604.9
263.2
363.6
395.7
422.9
315.7
320.5
344.5
313.6
291.2
350.0
299.4
291.9
348.9
299.1
291.9
352.7
293.4
276.7
331.9
276.2
274.8
332.9
267.3
402.0
340.8
347.1
393.4
329.6
346.7
3P0.8
334.4
359.0
401.3
340.5
360.0
403.0
336.9
374.7
418.8
360.5
382.2
423.7
365. 0
382.9
435.7
376.0
379.3
430.3
373.6
* 377. 6
' 430. 1
371.4
260.9
459.1
475.2
514.7
249.2
396.5
253.0
444.3
463.8
511.9
240.2
386.2
265.4
431.6
466.4
509.3
240.7
362.6
268.4
440.0
480.7
519.6
242.9
385.7
269.9
436.3
473.6
507.9
239.0
423.3
295.8
454.8
482.3
520. 0
246.8
419.1
300.3
465.4
484. 0
523.2
248.3
425.9
305.0
474.4
491.7
531.5
250.3
451.3
303.4
479.2
486.9
527.3
248.1
438.9
600.4
675.9
473.9
383.7
377.1
427.6
466.4
349 2
353. 4
336. 6
315.7
601.4
695.2
481.0
373.6
36P.3
433.4
471.0
333. 0
336.3
337. 9
301.9
566.4
634.2
493.5
345. 7
362.5
461.1
508.4
325.6
328.6
343.4
303.6
561.2
649.2
517.5
321.7
368.2
488.5
543.3
326.0
325. 7
347.1
317.6
552.4
661.1
533.1
304.5
3f0.6
502.9
563. 3
320.4
317.5
334.2
318.0
547.7
698.4
453.7
290.6
379.3
538.8
604.6
337.3
334.8
358.9
331.6
581.8
746.1
570.0
283. 1
386. 3
523. 3
584.4
344.5
344.2
361.2
341.6
613.3
794.9
599.7
291.2
394.2
519.2
575.3
354.9
358.1
372.1
331.2
315.6
385 1
288.0
307.1
374.7
287.6
303.8
369. 7
289.0
304.6
365.9
292.2
285.4
342.0
276.9
298.2
357.4
295.2
295.5
354.9
301.3
322.1
308.6
307.9
311.5
295.6
297.8
286.1
265.7
268.8
275.0
258.6
245.6
343 2
300.8
376. 4
251. 7
249.7
285 8
249.8
227.0
295 8
204.6
330 8
335.6
306.5
293.7
307.1
227.1
219.5
267.4
250.7
240.8
192.5
205.7
325.7
333.3
297.9
288.6
299.3
215.4
202.8
281.3
259.2
260.4
226.4
201.3
331.1
343.2
303.6
290.0
310.7
233.4
225.3
328.3
270.8
314.8
329.2
205.8
337.8
347.7
303.6
272.6
326.6
236.5
230.6
352. 2
273.5
469.2
318.8
205. 5
341.7
357.7
342.3
300.3
380.3
248.3
242.9
351.3
273.5
525.4
2Q6.0
218.3
352.1
363.6
348.1
301.1
390.2
245.1
238.7
389.8
282.6
835.0
303.6
214.8
355. 0
362.9
325.0
280.5
351.0
236.8
227.6
358.2
286.6
5*7.1
305.4
224.3
357.4
359.1
336.8
276.0
380.6
224.4
212.3
340.7
280.8
313.7
336.2
223.5
362.2
364.7
329.2
271.9
370.7
234.3
227.5
333.5
279.6
280.0
365.6
217.9
356.5
357.9
327.2
269.6
376.9
235.0
234.4
312. 1
264.6
226.8
343. 8
200.5
341. 9
348. 6
345.8
286.0
391.6
239.4
239.6
302.9
271.7
215. 8
307.8
193.5
335.3
341.0
258 5
229.2
292.5
425. 1
584.3
320.0
306.6
320.6
292.4
*>59 5
234.6
291.0
422.1
591.1
316.7
310.9
312.8
286.4
2p9 2
236. 5
296.7
422.5
589.6
335.8
326.2
318.9
305.7
264 9
238.1
299.3
434.9
613.6
342.2
330.8
330.2
322.0
260 1
235.6
286.0
432.7
600.4
353.4
344.9
329.7
329.8
264 8
240.6
297.6
450.6
629.1
358.2
345.5
347.2
341.0
273 6
253.6
304.8
462.5
641.6
345.6
326.1
344.9
326.2
273 6
252.2
305.4
460.1
628.6
344.8
324.7
345.5
318.2
275 4
253.3
307. 9
461.9
637.5
354.9
343.9
341.9
312.9
280 6
258.9
316.0
462.3
639.7
345.5
338.2
332.7
299.6
268 8
' 242. 7
309.4
459.1
639.3
349.6
346.4
320.6
294.5
269.7
247.8
307.0
454.2
621.6
339.2
334.2
309.8
288.8
255 9
342.0
201.3
272.7
218 3
195. 4
167.4
201.7
295.4
213.4
246.2
344.3
206.1
312.5
223.4
246.0
344.2
202.2
329.1
227.1
193 3
293.0
202.2
329.7
240.8
260 3
365.8
210.4
348.5
251.0
247 3
355.1
211.2
342.4
235.6
260.4
358. 5
224.9
345.2
230.7
216 0
343.1
215.3
329. 5
235.3
224.6
* 355. 0
224.4
321.2
235.7
238 6
355. 3
225. 1
288.1
245 1
168.3
350.1
228.6
281.2
236.7
do
do
do
do
184.4
232.6
213.0
314.7
188.6
227.1
224.8
317.7
192.1
228.1
231.1
326.1
196.4
231.2
228.5
327.1
202.8
232.2
233.2
336.1
204.9
235.2
225.5
331.7
204.3
233.4
220.4
335.4
204.5
235.7
217.4
338.8
205.8
231.2
215.3
349.7
206.4
233.4
212.6
339.7
206. 7
231.3
210.9
337.2
206.2
230.6
208.6
346.2
do
do
do
291.2
227.5
229.0
308.0
231.5
233.4
312.4
232.3
234.6
324.8
238.3
236.3
308.0
240.6
234.4
287.2
228.1
233.7
296.8
232.9
235.3
300.0
227.6
238.7
289.3
226.8
237.9
284.3
228.5
236. 3
271.1
219.8
235.9
do
do
rlo
do
210.4
226.1
225.5
210.8
211.1
225. 5
225.8
211.0
213.8
227.0
229.2
211.8
218.3
231.9
236.6
211.8
218.6
232.9
233.6
215.3
218.1
229.0
231.8
220.6
219.4
226.0
238.3
220.8
223.5
227.4
252.7
222.5
228.4
229.7
270.3
224.2
251.4
234.8
340.8
'224.0
222.6
231. 9
248.3
222.7
214.4
232.4
225.0
219.3
39.9
40.1
40.3
40.2
40.6
40.3
39.8
40.0
39.6
40.1
40.7
40.3
39.8
40.0
39.7
40.0
40.9
40.8
39.8
40.4
40.5
40.0
40.7
40.5
39.4
40.1
39.9
39.4
'40.0
'39.6
"38.9
"39.3
"39.1
39.9
39.6
41.2
39.3
40.0
41.4
38.7
39.4
40.6
39.6
40.0
41.0
39.3
40.0
40.6
40.4
40.2
41.0
40.0
40.3
40.7
39.8
40.3
41.1
39.7
'39.7
40. 5
39.5
39.7
40.3
"39.0
"39.8
41.6
42.0
35.2
41.6
42.0
37.7
40.7
41.6
38.5
41.3
41.6
38.9
40.7
41.6
37.4
41.3
41.8
39.9
41.0
41.5
38.6
41.5
41.6
39.4
40.8
40.6
39.8
40.4
40.2
••40.0
"37.5
40.0
39.8
39.2
39.7
39.5
39.8
39.3
40.6
39.7
40.0
"40.0
40.4
40.9
39.4
40.6
42.5
41.3
40.4
40.6
39.2
40.8
42.8
42.6
40.0
40.6
38.8
40.1
41.9
41.7
40.5
41.1
37.7
40.7
43.1
42.9
40.7
41.2
36.6
40.8
41.8
41.6
40.6
41.7
37.5
41.2
42.5
42.2
40.9
41.2
35.0
40.8
40.1
41.3
40.9
41.7
39.1
41.2
r
40.4
41.0
39.6
41.3
38.6
40.5
41.3
41.2
40.5
40.9
38.2
'40.3
'40.1
39.7
Paper and pulp!
do
Printing, publishing, and allied industries!
iQQQe=inn
Newspapers and periodicals!
do
Printing; book and job!
do
Chemicals and allied products!
do
Chemicals!
do
Products of petroleum and coal!
do
Petroleum refining!
do
Rubber products!
do
Rubber tires and inner tubes!
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Miningrf
Anthracite
1939 •= 100
Bituminous coal
do
Metal
do
Quarrying and nonmetallic
do
PulScu^ittesT™*11 n a u r a g a s p r o
Electric light and power
Street railways and busses
Telegraph
Telephone
Services:
Cleaning and dyeing
Power laundries
. Hotels (year-round)
Trade:
Retail, total
Food
neural march and is6
Wholesale
r
r
363. 0
412. 6
356.7
368.4
r
291.3
227.6
238. 6
T
r
r
r
r
r
r
r
r
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor)
40.1
40.4
All manufacturing
hours
40.5
40.9
Durable goods industries...
do
39.9
Iron and steel and their products
do
40.6
Blast furnaces, steel works, and rolling
millg
hourg
38.6
39.4
39.9
40.3
Electrical machinery _
do
41.4
41.6
Machinery, except electrical...do
Machinery and machine-shop products
41.6
41.8
hours
42.0
42.3
Machine tools
do
38.6
38.9
Automobiles
do
Transportation equipment, except automo40.5
40.3
biles
...hours..
Aircraft and parts, excluding engines
40.6
40.1
hours
40.5
40.6
Aircraft engines
do___
40.2
40.3
Shipbuilding and boatbuilding
do
40.9
Nonferrous metals and their products. .do
41.1
42.3
42.1
Lumber and timber basic products
do
42.0
Sawmills and logging camps.
do
41.6
'Revised. "Preliminary.
1
See note marked "d " on page S-ll.
Revised beginning January 1946; see note marked "1" on p. S-ll.
! Revised series. Data revised beginning 1939; see note marked "f" on p.
S-ll.
r
"39.4
"40.1
SURVEY OF CURRENT BUSINESS
May 1949
S-13
1949
1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
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
M anufactur in g— Con tinued
Durable goods industries— Continued
Furniture and finished lumber products
hours. _
Furniture
__ do
Stone, clay, and glass products
do _
Nondurable goods industries.
do
Textile-mill products and other fiber manufactures
hours..
Cotton manufactures, except small wares
hours. _
Silk and rayon goods _
do
Woolen and worsted manufactures, except
dyeing and
finishing
hours
Apparel and other finished textile products
hours. _
Men's clothing .
do. _
Women's clothing
do
Leather and leather products _
do
Boots and shoes
do
Food and kindred products . . . do
BpkingJ - _
do
Canning and preserving
_
do
Slaughtering and meat packing.
do _
Tobacco manufactures
do
Paper and allied products .
_ do. .
Paper and pulp
do
Printing, publishing, and allied industries
hours..
Newspapers and periodicals
do _
Printing; book and job
do
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal _ _ __ do
Petroleum refining
_.
do
Rubber products.
do
Rubber tires and inner tubes,
do
Nonmanufacturing Industries:
Building construction (private) d1
do
Mining:
Anthracite
do
Bituminous coal _ _
do
Metal
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas production
hours __
Public utilities:
Electric light and power
do
Street railways and busses
_ do
Telegraph
do
Telephone. _
._
do
Services:
Cleaning and dvemg _
do
Power laundries
do
Hotels (year-round)
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:
NoTiacricultural placements . . thousands
Unemployment compensation (Soc. Sec. Admin.):
Initial claims _. -.
_ _ _ _ . thousands
Continued claims
do
Benefit payments:
Beneficiaries, weekly average
do
Amount of payments
thous. of dol_.
Veterans' unemployment allowances:
Initial claims
_ __
^.thousands
Continued claims
do
Claims filed during last week of month. _do_
Amount of payments
thous. of dol._
Labor turn-over in manufacturing establishments:
Accession rate .monthly rate per 100 employeesSeparation rate, total
thousands
Discharges
do
Lav-offs
_
_
do
Quits
do
Military and m iscellaneous
do
41.8
42.1
40.8
39.9
41.0
41.1
40.7
39.6
40.8
40.8
40.7
39.6
40.7
40.6
40.6
39.8
40.3
40.0
39.4
39.5
41.0
40.7
40.9
39.5
40.8
40.7
40.2
39.6
41.5
41.5
41.0
40.8
40.9
40.1
39.1
41.1
41.1
40.6
39.3
'39.8
'39.4
39.8
38.7
40.0
39.6
'39.9
'38.8
*39.7
40.6
39.9
39.6
39.5
38.6
38.5
38.0
37.9
38.0
38.3
37.4
'37.6
P36.8
37.0
41.1
37.5
40.8
36.3
39.8
36.7
39.3
p39. 9
p 38. 5
40.1
41.8
39.6
41.8
39.1
41.8
38.0
41.6
37.7
41.3
37.1
41.2
36.9
41.1
40.7
3<>.9
40.1
40.3
39.5
39.6
38.8
37.6
38.1
39.1
38.8
38.1
36.7
37.4
36.1
37.8
37.5
41.6
41.9
36.5
43.6
37.7
43.1
44.5
36.2
37.3
35.1
36.2
35.3
42.4
42.1
37.0
48.1
38.2
42.7
44.1
35.8
36.8
35.1
35.5
34.3
42.5
42.7
36.8
46.7
37.7
42.8
44.6
35.6
36.4
35.0
37.0
36.4
42.8
42.9
38.0
44.1
37.8
42.8
44.1
35.8
36.8
34.9
37.4
37.0
42.6
42.7
39.0
42.9
38.0
42.5
43.9
36.4
36.8
36.0
37.9
37.4
41. 0
42.5
36.1
41.2
39.0
43.1
44.4
36.1
36.7
35.6
37.3
36.8
42.6
42.8
41.4
42.3
38.0
42.7
43.8
34.8
35.0
33.5
36.3
35.6
41.8
42.4
39.5
41.9
38.9
42.9
43.8
35.9
35.4
35.7
35. 5
34.4
41.5
41.9
35.4
43.1
37.8
42.9
44.0
35.4
35.3
35.1
37.2
36.6
41.8
42.0
36.3
44.5
38.1
42.6
43.4
35.0
34.8
35.1
37.2
36.9
41.5
40.8
' 36. 5
'43.1
36.4
'41.5
'42.7
' 35. 9
36.0
35.6
'37.6
37.2
'41.3
42.2
38.1
40.6
'35.3
'41.4
42.4
P36.0
39.5
38.4
40.3
41.2
41.0
40.6
40.1
37.8
34.8
39.2
38.5
39.9
41.0
41.1
40.3
40.2
37.8
35.3
39.1
38.4
39.8
41.0
41.2
41.2
40.9
39.0
37.4
39.1
38.0
39.7
41.4
41.9
40.7
40.2
39.7
38.8
38.9
37.8
39.7
41.1
41.3
40.8
40.4
39.7
39.3
39.2
38.4
39.8
41.0
41.1
41.2
41.0
40.3
39.5
39.4
38.9
39.8
41.3
40.9
39.3
38.5
39.4
37.7
38.9
38.5
39.1
41.4
41.0
41.1
40.8
39.3
37.2
39.1
38.3
39.6
41.4
41.1
40.4
40.3
38.6
36. 2
39.6
'38.6
40.3
41.4
41.1
40.3
40.4
38.5
35.6
38.6
37.3
39.6
41.0
41.1
41.2
41.6
37.9
r
35.3
'38.5
37.5
39.3
'40.8
40.7
'40.1
40.1
37.6
35.5
P38.5
'36.9
'36.7
'37.0
'37.9
'37.8
'37.8
'37.6
'37.3
'36.4
'37.8
37.0
36.4
40.3
40.6
42.4
42.9
132.1
127.0
42.1
43.7
39.4
40.3
42.8
44.4
39.4
39.9
42.4
45.0
31.7
34.2
40.6
44.1
38.3
39.4
42.9
45.9
36.6
37.9
41.4
45.0
38.7
38.6
42.7
45.8
33.4
37.1
42.5
44.3
34.0
'38.5
43.3
44.1
36.0
'39.3
'43.0
42.6
26.2
38.0
42.5
42.2
39.7
40.0
40.2
39.5
40.1
41.3
39.6
39.7
39.6
40.0
41.1
40.0
41.6
47.3
44.4
38.7
41.8
46.6
44.1
38.8
41.7
46.8
45.0
39.4
41.8
46.8
45.1
39.5
41.8
47.0
45.8
39.8
42.1
47.5
45.6
39.4
41.6
46.3
44.8
39.4
41.6
46.4
44.5
39.5
41.8
46.1
44.5
39.4
41.9
46.4
44.2
38.7
'41.9
'45.6
44.4
38.4
41.5
46.9
44.6
38.7
41.5
42.0
44.0
42.1
42.2
44.2
42.0
41.8
44.2
42.4
41.8
44.1
41.7
42.2
44.0
39.8
41.1
44.9
41.1
41.8
43.9
41.0
41.3
44.2
40.9
41.5
44.1
41.4
41.7
44.1
41.0
42.0
43.8
39.8
41.3
43.7
39.8
40.9
39.8
41.0
39.9
41.2
40.3
41.1
40.8
41.2
41.0
41.3
40.2
41.2
39.7
41.0
39.5
41.2
40.2
41.3
40.0
41.2
40.0
40.8
265
493
315
174
330
166
335
165
365
220
350
150
285
160
250
110
200
90
125
40
225
70
225
80
J>275
v 500
415
550
6,430
.8
485
621
7,420
1.0
535
347
4,100
.6
540
245
2,200
.3
575
312
2,750
.3
575
250
2,100
.3
500
275
2,500
.3
425
200
2,000
.3
375
190
1,900
.1
225
100
600
.1
400
110
800
.1
350
120
650
.1
MOO
v 540
*>3,600
v. 5
40.7
42.2
p37. 5
Ml.l
•p 35. 7
J>40. 9
MO. 3
P40.7
p37. 5
413
458
482
524
478
509
551
492
422
339
308
276
327
878
4,865
1,046
4,637
1,015
4,259
923
4,614
839
4,294
706
4,001
680
3,591
724
3,306
956
3,953
1,323
5,175
' 1, 470
6,544
1,292
'7,111
1,281
8 754
924
76, 573
904
73, 574
899
66, 432
847
71, 940
811
67, 630
778
64, 562
727
59, 797
702
55,435
731
62, 151
939
79, 966
1,212
103,011
1,466
115, 264
1,783
152, 373
355
2,930
604
55, 782
299
2,323
522
46, 940
244
1,727
390
33, 535
358
1,716
385
30, 676
303
1,720
398
31, 626
302
1,741
396
32, 732
227
1,477
310
29, 435
192
1,017
237
19,258
256
1,.124
259
20,088
'383
1,579
388
27, 997
450
2,206
571
39, 849
372
2,551
634
47, 103
376
3 130
678
60,766
4.0
4.6
.4
1.2
2.8
.1
4.0
4.7
.4
1.2
3.0
.1
4.1
4.3
.3
1.1
2.8
.1
5.7
4.5
.4
1.1
2.9
.1
4.7
4.4
.4
1.0
2.9
.1
5.0
5.1
.4
1.2
3.4
.1
5.1
5.4
.4
1.0
3.9
.1
4.5
4.5
.4
1.2
2.8
.1
3.9
4.1
.4
1.4
2.2
.1
2.7
4.3
.3
2.2
1.7
.1
'3.2
'4.6
.3
'2.5
r
1.7
.1
t>2. 9
v4.2
v.Z
*2.3
fl.5
».l
WAGES
Average weekly earnings (IT. S. Dept. of Labor) :
52.95
51.79
54.19
54.65
52.85
54.05
51.86
54.56
52.07
' 55. 01
All manufacturing
dollars
54 41
54 25
v 53 37
54.81
56.13
56.21
58.19
57.95
59.41
55.25
54.96
58.71
' 59. 23
58.51
Durable eoods industries
do
P 57 02
' 58. 32
60.52
60.69
57.70
61.72
57.71
57.28
56.49
57.39
62.17
61.95
Iron and steel and their products...
do
61.01
' 60. 51 *> 59. 74
Blast furnaces, steel works, and rolling
60.37
67.02
59.54
66.02
59.26
58.37
60.54
66.27
65.10
66.00
66.16
65.35
mills
_
.
dollars _
54.86
55.46
57.49
57.72
53.86
53.70
58.17
54.41
58.29
' 58. 29 ' 57. 41
Electrical machinery.
do
57.57
P56.36
r
1
Revised. » Preliminary.
Data reflect work stoppages.
JData beginning May 1947 are not comparable with earlier data; comparable April 1947 figures and April 1947 figures comparable with earlier data are shown on p. S-12 of the June 1948
Survey.
cf Beginning January 1948, the building construction series has been revised to combine publicly financed construction with the privately financed construction performed by private contractors. Revised data for January and February 1948: Weekly hours, 37.1, 36.4; hourly earnings, $1.766, $1.791.
SUEYEY OF CTJKRENT BUSINESS
S-14
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949'
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued
Average weekly earnings— Continued
Manufacturing— C ontinued
Durable goods industries — Continued
' 61. 30
61.92
'61.56
P60.58
59.33
59.12
61.31
62.25
62.68
59.30
59.83
61. 45
Machinery, except electrical
dollars..
60.50
Machinery and machine-shop prod61.20
60.52
59.05
58.81
60.73
61.46
58.29
60.42
61.76
62.11
59.51
58.57
ucts
dollars
61.07
60.57
60.63
60.29
62.84
60.58
61.85
63.31
61.09
62.11
63.09
61.75
Machine tools.,do _.
68.10
'68.08
54.44
59.14
65.41
64.67
59.81
63.48
62.74
67.29
66.90
•» 61. 99
61.30
Automobiles
do
Transportation equipment, except auto59.30
62.65
59.89
60.53
'63.12
59.40
58.95
60.74
62.70
mobiles
_ _ __ _,
dollars. _
61.98
64.34
P63.00
59.27
57.74
60.89
57. 75
56.71
59.68
62.45
62.54
57.89
61.38
63.30
57.99
63.11
Aircraft and parts, excluding engines-do
66.63
61.02
60.33
65.11
59.53
67.73
64.79
66.26
66.61
65.74
62.14
67.30
Aircraft engines
do
62.04
62.77
60.40
62.07
59.49
58.87
58.62
60.52
56.16
61.73
59.76
Shipbuilding and boatbuilding.
.do
63.21
54.96
' 58. 52 ' 58. 39
54.87
56. 34
55.23
57.97
58.73
58.80
59.25
59.45
55.91
Nonferrous metals and their products do. _.
» 56. 93
r
47.39
'
46.
21
50.64
45.32
45.59
48.14
49.22
44.39
49.60
48.30
47. 02
P44.87
48. 43
Lumber and timber basic products
do
45.06
rr 45. 03
43.86
43.99
49.90
48.31
47.29
47.14
42.72
Sawmills and logging camps
do
48.45
45.54
47.37
r
46.39
47. 74
46.34
47.08
46.30
47.68
48.16
48.41
49.20
••47. 28
Furniture and finished lumber products-do
46.54
48. 70
p 46. 93
47.64
47.60
' 48. 26
48.58
48.47
49.25
46.95
50. 56
Furniture.
do
50.17
48.14
47.57
50.42
53.97
51.41
52.30
51.77
51.50
53.98
55.11
54.07
54. 31
52. 45
Stone, clay, and glass products
do __
' 54. 10
54.83
J> 54. 22
50. 08
48.65
49.79
48.33
50.37
48.66
49.49
49.70
Nondurable goods industries
do
50.18
' 50. 01 * 49. 63
50.52
49.37
Textile-mill products and other fiber
45. 22
46.32
45.07
44.94
44.47
45.46
44.15
45.12
manufactures
dollars
45.17
'44.56
45.29
' 43. 57
45.55
Cotton manufactures, except small wares
40.74
42.64
43.98
43.08
41. 61
41.69
40.63
41.60
41.60
dollars __
41.17
42.21
42.00
48.38
48.85
47.00
48.31
49.13
Silk and rayon goods.
do
48.53
47.69
49.62
49.26
46.75
48.81
48.47
Woolen and worsted manufactures, except
52.13
52.61
53.49
52.33
52.31
51.37
51.19
49.37
dyeing andfinishing_
. dollars...
50.25
50.40
53.10
51.66
Apparel and other finished textile products
37.24
40.09
37.61
39.34
40.27
38.74
40.38
37.77
dollars..
39.40
37.61
38.95
39.96
* 39. 53
43.50
Men's clothing...
do
41.52
44.73
44.31
43.98
43.81
41.07
43.03
41.78
41.95
42.79
43.19
43.27
43.20
48.10
48.45
Women's clothing.'
_do
49.06
44.39
46.09
49.15
48.05
47.34
48.51
43.94
39.65
40.34
41.87
42.52
Leather and leather products
do
41.64
42.65
41.56
42.80
40.84
42.61
' 42. 98
41.38
v 43. 35
36.79
40.21
38.09
Boots and shoes
_
do
39.41
40.62
40.65
41.61
39.15
37.97
40.23
40.95
39.00
51.26
50.95
49.36
Food and kindred products
do
49.74
5?. 66
51.76
51.47
51.77
51.83
'52.24
52.86
' 52. 11
52.09
49.09
47.38
48.00
BakingJ
do
49.54
49.77
50.89
50.01
51.11
50.41
50.88
51.30
50.03
41.35
41.63
40.77
Canning and preserving
do
45.32
41.78
39.50
39.02
46.01
'r 41. 99
42.02
43.62
41.16
67.66
68.51
56.62
57.38
Slaughtering and meat packing
do
57.64
58.75
60. 30
55.71
61.07
62.63
61.24
56.04
37.12
36.52
37.19
Tobacco manufactures.. _
do
38.51
39.26
38.78
' 37. 13
38.37
37.97
38.78
' 36. 08
37.86
v 36. 77
54.28
53.82
53.36
Paper and allied products
._ __do.__
56. 94
56.95
' 55. 44 ' 55. 23
55.97
56.98
57.35
56.66
55.34
59.47
58.02
58.50
61. 77
Paper and pulp
do
61.49
62.32
62.21
' 60. 24
62.50
61.24
59.58
60.40
Printing, publishing, and allied industries
65.48
65,06
63.97
64.62
65.08
67.39
66.48
dollars..
65.96
66.98
'66.55
68.11
' 66. 87
P 67. 72
73.26
73.04
Newspapers and periodicals
do
71.32
72.79
72.39
75.47
73.69
76.80
76.04
' 73. 56
77.41
74.56
62.25
61.92
Printing; book and job..
_
do
61.26
60. 96
62.06
62.32
61.96
63.02
63.65
62.83
64.18
63.66
r
56.64
55.24
Chemicals and allied products
do
54.15
54.38
57.21
57.60
57.69
58.20
' 57. 93 ' 57. 81 » 56. 94
57.87
58. 09
61.48
63.17
Chemicals
do
60.84
60.97
64.02
63.49
63.80
65.27
64.65
65.11
64.72
64.95
r
67.18
67.16
Products of petroleum and coal..
do
64.62
64.45
69.45
71.48
68.72
70.71
' 72. 26 ' 70. 05 v 71. 31
71.17
70. 20
70.96
71.14
Petroleum refining
do
67.77
68.50
76.14
74.01
72.09
76.35
75.13
' 77. 20
75.03
74.34
r
f
57.14
55.45
Eubber products. __
_.
do
53.24
53.39
59.19
58.37
60.47
59.31
58.27
r 56. 89
57. 68
56. 51
P 56. 06
63.96
61.15
Eubber tires and inner tubes
do_
55.54
56.54
64.82
62.79
66.30
68.29
65.27
r 60. 78
61.21
61.10
Average hourly earnings (U. S. Dept. of Labor) :
All manufacturing
dollars. .
1.316
1.289
1.292
1.301
1.349
1.332
1.362
1.372
1.366
1. 381
1.376
1.377
p 1. 372
1.366
Durable goods industries
do
1.385
1.352
1.357
1.407
1.431
1.448
1.452
1. 454
1.459
1.456
1.458
1.451
1.423
1.431
Iron and steel and their products
do
1.412
1.416
1.457
1.501
1.528
1.525
1.526
1.529
1.528
«• 1. ff»
P 1.528
Blast furnaces, steel works, and rolling
1.515
mills
dollars..
1.515
1.513
1.510
1.559
1.642
1.679
1.657
1.657
1.657
1.656
1.646
1.357
Electrical machinery
__
do
1.372
1.350
1.350
1.407
1.439
1.443
1.446
1.448
r 1.446
1.446
1.450
P 1. 445
1.441
Machinery, except electrical
do
1.421
1.461
1.431
1.473
1.510
1.498
1.518
1.520
1.520
1.525
' 1. 521 P 1. 522
Machinery and machine-shop products
1.418
1.395
1. 408
1.432
1.444
,, , . , .
dollars..
1.470
1.486
1.495
1.499
1.499
1.499
1.499
Machine tools
do
1.443
1.433
1.437
1.469
1.469
1.486
1.492
1.514
. 1.516
1.504
1.516
1.507
Automobiles. _
do
1.548
1.539
1.533
1.624
1.649
1.664
1.676
1.689
1. 693
1.711
1.696
' 1. 702 P 1. 653
Transportation equipment, except automobiles.
_
___dol]ars._
1.472
1.481
1.478
1.489
1.503
1.556
1.527
1.575
1.579
1.578
1.585
1.578
v 1. 575
Aircraft and parts, excluding engines
1.414
1.428
1.421
dollars..
1.436
1.449
1.475
1.507
1.537
1.548
1.535
1.541
1.543
Aircraft engines
.
do
1.494
1.467
1. 491
1.594
1.532
1.583
1.609
1.623
1.617
1.615
1.616
1.606
Shipbuilding and boatbuilding
do.__
1.539
1.531
1.541
1.532
1.564
1.604
1.525
1.616
1.606
1.622
1.617
1.610
Nonferrous metals and their products do
1.344
1.355
1.343
1.404
1.424
1.369
1.438
1.440
1.440
1.445
1.444
'
1. 449 P 1. 445
r
1.115
1.071
1.083
Lumber and timber basic products
do
1.149
1.175
1.178
1.131
1.167
1.160
1.136
1.119
1. 107
P 1. 119
r
Sawmills and logging camps
do.
1.095
1.046
1.057
1.133
1.162
1.162
1.113
1.148
1.141
1. 110
1.093
1.076
Furniture and finished lumber products
1.145
r
1.136
1.126
1.131
dollars..
1.149
1.181
1.184
1.163
1.188
1.182
1. 186
' 1. 182
P 1. 182
1.174
Furniture. _
do
1.167
1.156
1.161
1.176
1.189
1.211
1.217
1.226
1.225
1.227
1.223
1.292
Stone, clay, and glass products. _.
do...
1.286
1.260
1.271
1.307
1.322
1.344
1.345
1.354
1.356
1.352
1.356
P 1. 359
1.242
Nondurable goods industries
do
1.220
1.230
1.220
1.252
1.262
1.272
1.271
1. 282
1.294
1.287
' 1. 289 P 1.289
Textile-mill products and other fiber manu~-~
1.147
factures
dollars..
1.140
1.138
1.142
1.145
1.170
1.188
1.187
1.190
1.189
1.189
' 1. 185
P 1. 184
Cotton manufactures, except small wares
1.075
1.081
1.076
dollars. .
1.078
1.070
1.106
1.125
1.127
1.125
1.125
1.126
1.124
Silk and rayon goods
do
1.159
1.156
1.151
1.157
1.147
1.182
1.206
1.195
1.200
1.181
1.197
1.190
Woolen and worsted manufactures, except
dyeing and
finishing
dollars
1.320
1.313
1.314
1.311
1.327
1. 317
1.323
1.315
1.320
1.325
1.321
1.322
Apparel and other finished textile products
1.092
1.055
dollars. _
1.040
1.040
1.081
1.106
1.117
1.087
1.099
1.124
1.101
'
1. 113
P 1.098
Men's clothing....
do
1.188
1.169
1.173
1.171
1.160
1.180
1.178
1.160
1.167
1.180
1.180
1.176
Women's clothing..
do..-]
1.239
1.310
1.206
1.201
1.304
1.336
.352
1.302
1.321
1.355
1.317
1.336
Leather and leather products
do
1.106
1.118
1.116
1.118
1.114
1.128
.143
1.145
1.151
1.143
1.146
' 1. 143
P 1. 156
Boots and shoes
do
1.071
1.074
1.074
1.080
1.069
1.087
.104
1.102
1.105
1.101
1.101
1.104
Food and kindred products
.11 " d o " I
1.187
1.217
1. 201
1.207
1.215
1.214
.216
1.232
1.249
1.264
1.269
'
1.
265
"
1.268
BakingJ:
do .
1.138
1.165
1.148
1.131
1.168
1.169
.191
1.197
1.202
1.210
1.222
1.223
Canning and preserving
do
1.120
1.125
1.130
1.090
1.083
1.105
.121
1.153
1.107
1.155
1.162
1.146
•Slaughtering and meat packing
do....
1.425
1.424
1.301
1.383
1.351
1.368
.361
1.367
1.416
1.404
' 1. 397
1.381
Tobaccomanufactures..
do
.968
r
.973
.984
1.003
1.014
1.008
.000
.998
1.016
1.018
' 1.020
1. 022
P 1. 030
r
Paper and allied products
"do"
1.249
1.269
1.250
1.292
1.317
1.320
.334
1.328
1.336
1.330
1.
336
'1.384
P 1. 328
Paper and pulp
do
1.313
1.313
1.334
1.368
1.402
1.400
.419
1.409
1.419
' 1. 409
'1.409
1.405
T
Revised.
P Preliminary.
JData beginning May 1947 are not comparable with earlier data. Comparable figures for April 1947 and April 1947 figures comparable with earlier data are shown on p. S-14 of the June
1948 Survey.
SUEVEY OF CUEEENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-15
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES— Continued
Average hourly earnings — Continued
Manufacturing— Continued
Nondurable goods industries— Continued
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 (private) cf --do
Mining:
Anthracite
__
__
do__ _
Bituminous coal
do
Metal
do
Quarrying and nonmetallic _
do_ _ _
Crude petroleum and natural gas production
dollars. .
Public utilities:
Electric light and power
_ _ do. __
Street railways and busses
do
Telegraph
do
Telephone
do
Services:
Cleaning and dyeing
do. __
Power laundries. ._
do
Hotels (year-round)
_
do__
Trade:
Retail
do
Wholesale
do
Miscellaneous wage data:
Construction wage rates (E. N. R.):§
Common labor
dol. per hr__
Skilled labor
.
... do .
Farm wage rates, without board or room (quarterly) *
dol. per hr_Railway wages (average, class I)
dol. per hr__
Road-building wages, common laborj.do
1.621
1.843
1. 528
1.315
1.483
1.593
1.692
1.408
1.599
1.646
1.870
1.551
1.327
1.484
1.600
1.704
1.412
1.603
1.663
1.877
1.570
1.347
1.493
1.631
1.740
1.424
1.636
' 1. 786
r 1. 804
' 1. 815
1.776
1.842
1.366
1.190
i 1. 708
i 1. 821
1.373
1.206
1.605
1. 408
1.295
1.267
1.223
1.676
1.896
1.579
1.369
1.509
1.650
1.763
1.439
1.651
1.675
1.894
1.576
1.390
1.539
1.703
1.832
1.472
1.684
1.683
1.908
1.578
1.407
1.552
1 716
1 832
1.500
1 730
.596
1 748
1 873
1.504
1 732
1. 836
' 1. 862
1. 874
»• 1. 895
1.774
1.841
1.384
1.226
1.749
1.850
1.386
1.228
1.736
1.936
1 427
1.266
1 901
1.967
1 455
1.281
1 897
1.970
1 501
1 284
1.599
1.646
1.427
1.293
1.349
1.225
1.444
1.302
1.381
1.240
1.636
1.676
1.682
1.455
1.315
1.367
1.232
1.483
1.328
1.379
1.237
1 472
1 327
1.373
1.229
.924
.805
.695
.933
.810
.700
.936
.817
.707
.947
.823
.711
.942
.820
.714
1.044
1.334
1.055
1.346
1.064
1.363
1.070
1.353
1.077
1.365
1.283
2.15
1.287
2.17
1.315
2.18
1.352
2 25
1.386
2 29
1.279
1.279
1.292
1.278
1.281
1.04
r
.74
.95
r
.712
.954
.595
' 1. 724
1 954
1.618
r i 413
1 584
r i 754
1.709
1 942
1.597
1 390
1.563
1 738
1 868
1.507
1 734
1.713
1 956
1 600
1 398
1 574
1 763
1 894
1 508
1 735
1. 892
r 1 906
r I 915
1 920
1 934
1 904
1.959
1 502
1 288
1 824
1 951
1 504
1 291
1 862
r 1 960
1 513
1 290
1 873
r i 949
r i 530
1 287
1 841
1 964
1 517
1 287
1.711
1.716
1.734
1.730
1.765
1.751
1 490
1 355
1.379
1 250
1 509
1 380
1.380
1.263
1 508
1 383
1 381
1 305
1 508
r i 392
1 385
1 290
r 1 517
r I 414
1 388
1 301
1 520
1 383
1 390
1 321
951
963
.822
.828
.970
.829
.726
962
836
734
968
836
739
972
841
743
964
842
745
1 080
1.379
1 086
1.378
1 080
1.381
1 084
1 383
1 072
1 380
1 110
1 399
1 104
1 393
1.386
2 30
1.401
2 32
1.413
2 33
1.413
2 34
1.413
2 35
1.417
2 35
1.417
2 35
1.295
1.313
1.314
1.08
1.341
1.338
77
1.352
1 00
1.370
709
410
r
725
.78
1.722
1 973
1.605
1 403
1 574
r i 743
1 857
r
1 499
1 721
r
.71
r
r 1 857
r
1.501
r i 721
r 1. 737
1.966
1.635
' 1 417
1. 596
r i 747
1 853
r
1 503
1 723
P 1. 759
v 1 413
P i 752
P 1 495
1.424
2 38
3 71
FINANCE
BANKING
Acceptances and commercial paper outstanding:
Bankers' acceptances
mil. of dol
Commercial paper
do
Agricultural loans outstanding of agencies supervised by the Farm Credit Administration:
Total
mil. of dol
"Farm mortgage loans, total
do
Federal land banks
_ _
do
Land Bank Commissioner
do. _
Loans to cooperatives.
do
Short-term credit
... do
Bank debits, total (141 centers)
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
Discounts and advances
do
United States Government 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:
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 (demand and time)
do...
Investments, total
do
U. S. Government obligations, direct and
guaranteed, total
_ mil. of dol
Bills
...
do
Certificates
do
Bonds (incl. guaranteed obligations)
do...
Notes.
do
Other securities
do
r
241
311
242
275
256
254
253
270
1,640
1,662
954
861
93
237
473
91, 640
37, 955
53,685
1,678
954
864
90
223
501
87, 236
35, 429
51, 807
1,710
952
864
88
234
524
97 300
40, 633
56, 667
19, 610
16, 639
655
23, 768
50.4
45, 499
20, 858
249
20, 340
21, 910
45, 499
19 007
16, 944
737
23, 648
51.4
46, 270
21, 576
306
20, 662
22 036
46, 270
19 761
17, 021
848
23, 675
50.7
45, 340
46, 671
45, 445
3,363
1,297
14, 772
OOQ
OKQ
287
269
h\
314
449
91 569
34 754
56 815
1 677
932
857
75
311
435
109 908
4g' 194
63 714
49, 514
23, 875
339
23,042
22 726
49 514
22 420
19 736
742
24, 062
48.9
49, 803
23, 881
337
23, 209
50, 043
24, 097
223
23, 333
46 660
4fi R07
46, 919
3 370
1 217
14 795
46, 940
3 241
1 704
14 942
47, 474
3 299
1 513
14 944
14, 337
532
10, 072
39 224
14, 271
539
10, 231
39 136
14, 317
541
10, 041
37 006
14,323
536
10, 701
37 502
34, 870
2 042
4 420
26 934
2 474
4 354
34, 714
2 148
4 164
25 802
2 600
4 422
32, 559
1 142
3 745
25 230
2 442
4 447
33, 268
2 378
4 423
24 794
1 673
221
309
214
305
251
537
91 804
35 832
55, 972
262
539
87 149
33 031
54, 118
1 739
943
861
82
278
517
93 511
37 531
55 980
301
480
95 582
38 169
57 413
47, 067
21, 900
266
21,366
22 258
47 067
20 176
17, 389
678
23, 675
50.7
47, 072
22,035
318
21, 325
22 407
47 072
20 518
17, 696
877
23, 771
50.6
47, 246
22, 107
323
21,577
22 465
47 246
20 462
17 679
837
23, 935
50.6
49, 632
24, 071
325
23, 413
22 603
49 632
22 494
19* 986
1 038
24, 024
49.6
46 646
46 414
46 839
47 056
46. 418
3,484
1,309
14, 790
46, 627
3,478
1,252
14, 877
46, 671
3,517
1 265
15,016
46, 666
3 400
1 259
14 950
14, 221
478
9,750
38, 768
14, 222
492
9,701
39, 780
14, 283
517
9,914
39 415
14, 417
520
10, 203
38 906
34, 433
1,272
3,745
27, 111
2,305
4,335
35, 475
2,219
3,839
26, 997
2,420
4,305
35, 218
1,986
4,880
26, 017
2,335
4 197
34, 666
1 704
4,669
25, 881
2 412
4 240
955
860
95
249
436
96, 487
39, 587
56,900
46, 589
21, 607
430
20, 887
21, 878
46, 589
235
284
(2)
(2)
2
(2)
(2)
(2)
()
(4
221
285
(?)
00
ry\
2
2
2
(')
4
O94
9RB
(2\
fy\
M
(¥\
-
t)CO
/2\
1
71fl
Sfifi
70
97ft
38 429
9SQ
4fifi
SO 1 7fi
01 QQO
r 55 g4g
48 194
58 631
48, 585
22, 914
456
22, 109
48,448
22, 855
251
22, 342
48, 051
22, 267
246
21,688
90Q
444
r Q4 O7^
K(\A
08 Q9Q
OQ
(\QQ
99 Qfifi
en ryo
99 7Q1
90 one
48 ^8^
4.8 448
48 nm
20 479
1 202
24', 161
48.9
19 540
477
23,609
50.2
19 617
19 118
23, 528
50.4
23,383
51.1
47 341
4.7 7Q4
4fi O4S
47, 840
3 292
48, 214
3 989
46, 576
34.na
46,014
°. 41 a
44, 341
f I C I 09
-|c i r -I
99 BBQ
49 803
22 427
19 894
809
24, 172
49.1
1 ' 9R4
1 974.
r 80S
T>
fiftl
14 796
15 028
1 47R
15 087
14, 238
14, 403
Kxn
10, 602
14, 419
14, 452
14,458
10, 174
10, 163
9,364
33,268
33, 069
31,750
erve
10, 472
07 900
07
33,075
2inft
4 AKQ
24 823
32, 987
1 Qfl7
4 749
24 594
I
4
flSS
1Q9
1 844.
coo
07
ten
1 QQ7
r K QR4
24 890
CQQ
C fl/10
94 QQ9
9K -loc
r 1 OO7
IRQ
Revised, v Preliminary.
i Data reflect work stoppages. 2 Beginning July 1,1948, farm mortgage loan data are reported quarterly. 3 Rate as of April 1.
J Reported quarterly after July 1947 for the week ended nearest the 15th of the indicated month.
§ Rate as of May 1, 1949: Common labor, $1.424; skilled labor, $2.38.
* New series. The "farm wage rate per month without board" series has been discontinued. Data for the present series are based on improvements in the interview surveys to bring the
wage-rate series into better agreement with current practices; comparable data prior to January 1948 are not available,
cf See note marked 'V on S-13.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
FINANCE—Continued
BANKING—Continued
Fed. Res. weekly reporting member banks, condition, Wednesday nearest end of month— Con.
Loans, total§
mil. of dol__
Commercial, industrial, and agricultural §_do
To brokers and dealers in securities
do
Other loans for purchasing or carrying securities!
mil. of dol._
Real estate loans§
. do
Loans to banks
do
Other loans §
_do
Money and interest rates :1
Bank rates to customers:
New York City
percent
7 other northern and eastern cities
do
11 southern and western cities
do
Discount rate (N. Y. F. R. Bank).
do
Federal land bank loans
do
Federal intermediate credit bank loans
do
Open market rates, New York City:
Acceptances, prime, bankers', 90 days
do
Commercial paper, prime, 4-6 months
do
Time loans, 90 days (N. Y. S. E.)~do
Call loans, renewal (N. Y. S. E.)__
do
Average yield on U. S. Qovt. securities:
3-month bills
do__
3 5 year taxable issues
_
do.
Savings deposits, balance to credit of depositors:
New York State savings banks
mil. of dol__
U S Postal Savings
_
do
23,453
14, 417
905
23,160
14, 159
809
23,521
14, 113
1,058
23,740
14, 345
1,152
23, 859
14, 490
954
24, 095
14, 887
743
24, 899
15, 239
1,043
24, 730
15, 433
662
25, 092
15,542
974
25, 559
15, 577
1,331
25, 244
15,318
1,297
24, 617
15, 147
947
25, 034
14,904
1,548
761
3,615
215
3,540
749
3,669
190
3,584
772
3,755
219
3, 604
780
3,825
151
3,729
778
3,858
268
3,752
737
3,920
239
3,813
717
3,961
315
3,870
695
4,021
295
3,887
673
4,044
218
3,893
679
4,062
241
3,930
663
4,079
258
3,918
630
4,082
266
3,837
638
4, 083
3,851
1.25
4.00
1.98
1.50
4.04
1.98
2.26
2.76
3.13
1.50
4.04
1.98
1.50
4.04
2.00
1.50
4.04
2.00
2.27
2.82
3.09
1.50
4.04
2.00
1.50
4.08
2.02
1.50
4.08
2.02
1.50
4.08
2.02
308
2 09
2.52
2 83
1.25
4.00
1.69
1.25
4.00
1.85
1.25
4.00
1.90
2.10
2.71
3.03
1.25
4.00
1.90
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.13
1.44
1.63
1.63
1.19
1.56
1.63
1.63
1.19
1.56
1.63
1.63
1.19
1.56
1.63
1.63
1.19
1.56
1.63
1.63
1.19
1.56
1.63
1.63
1.19
1.56
1.63
1.63
1.19
1.56
1.63
1.63
.996
1.60
.997
1.58
.997
1.51
.998
1.49
.997
1.56
1.053
1.65
1.090
1.69
1.120
1.71
1.144
1.69
1.154
1.64
1.160
1.59
1. 163
1.57
1.162
1 54
9,959
3,435
9,986
3,415
10, 017
3,395
10, 111
3,379
10, 099
3,368
10, 112
3,356
10,141
3,348
10, 149
3,342
10, 194
3,336
10, 326
3, 330
10, 402
3,334
10, 446
' 3, 333
10, 518
P 3, 327
'14,059
'7,094
' 3, 440
1,468
'14,311
'7,318
'3,590
1,536
' 15, 518 ' 15, 739 '16,319 ' 15, 749 v 15, 336
'8,600
' 8, 233 ' 8, 322
v 8, 340
' 8, 425
' 4, 528 ' 4, 371 v 4, 306
' 4, 310
' 4, 239
1,961
1,922
1,889
p 1,996
1,965
J> 15, 379
v «, 447
P 4, 371
p 2, 113
680
'578
'282
'121
'311
3,654
1,570
252
180
146
703
'601
'306
'121
'323
3,728
1,597
260
189
147
720
'621
'322
'121
'334
3,813
1,634
272
194
150
732
'629
'339
'120
'340
3,889
1,669
282
199
152
759
'652
'356
'118
'352
3, 954
1.701
291
203
154
786
'685
'377
'119
'368
3,997
1,712
300
206
155
797
'687
'379
'117
'370
3,994
1,700
302
204
155
657
727
122
3,259
2,795
934
676
736
123
3,263
2,816
932
693
746
124
3,364
2,839
945
705
757
125
3,185
2.840
960
717
763
125
3,130
2,847
967
'727
771
126
3,227
2,855
959
269
50
31
27
121
258
47
31
25
123
275
54
37
27
127
277
52
33
26
130
270
52
32
27
126
254
51
31
26
122
CONSUMER SHORT-TERM CREDIT
Total consumer short-term credit, end of monthf
mil. of dol. _ ' r13, 805
6, 821
Installment credit, totalf
do
' 3, 258
Sale credit totalt
do
1,367
Automobile dealers
do
Department stores and mail-order houses
653
mil. of dol. _
••559
Furniture stores t
do
••257
Household appliance storesf -do
'124
Jewelry stores t
do
••298
All otherf
do
3,563
Cash loans, totalf
do
1,530
Commercial banks
do
241
Credit unionsf
do
173
Industrial banks
_> ._
do
143
Industrial loan companies
do _
Insured repair and modernization loansf
633
mil. of dol. _
722
Small loan companies!
...do
121
Miscellaneous lenders t-do
3,275
Charge accounts
_
do
2,783
Single payment loansf
do
926
Service credit
do_Consumer installment loans made during the month
by principal lending institutions:
287
Commercial banks
mil. of dol
48
Credit unionsf
_
do_
32
Industrial banks
do
29
Industrial loan companies..
..do
139
Small loan companies t ,
^
- do. ^
' 14, 669 ' 14, 723 '14,916 '15,231
' 7, 533 ' 7, 738 ' 7, 972 '8,190
' 4, 193
' 3, 849
'4,018
' 3, 720
1,689
1,781
1,858
1,602
812
'696
'377
'376
4,012
1,701
874
'750
'387
'152
'404
4,072
1, 709
304
204
156
312
204
160
735
772
126
3,457
2,868
959
'740
780
127
3,557
2,892
739
817
131
3,854
2,902
968
963
222
44
29
24
116
237
46
31
251
57
37
26
134
31
180
r 127
816
' 704
'366
'141
'379
'4,054
1,705
309
202
159
' 737
812
130
3,457
2,900
963
r
236
42
31
26
112
P778
P685
*>353
P130
p364
* 4, 034
v 1, 695
P308
P201
P159
P754
P675
P348
p 125
p356
v 4, 076
v 1 721
•p 315
p203
plfil
P735
P806
P130
» 3, 176
v 2. 853
*954
P739
p807
P130
v 3, 141
p 2 821
P970
*>215
P44
P28
P25
P109
P 289
P 58
p36
p29
Pl42
FEDERAL GOVERNMENT FINANCE
Budget receipts and expenditures:
2,863
3,082
2,300
2,948
2,941
4,062
3,675
5,104
4,597
2,199
3, 935
6,365
Receipts total •
mil. of dol
6 133
2,239
2,324
2,096
3,579
2,505
2,540
4,014
4,542
2,101
3,381
5,874
4,859
Receipts, net •
_.
do__
5 435
35
31
34
38
31
33
41
29
33
36
30
35
Customs
do
34
1, 858
1,785
1,254
1,583
3,042
1,568
3,701
2,762
5,165
3,632
1,180
2,690
Income taxes..
do
5 100
384
83
401
134
410
65
142
67
54
176
130
438
Social security taxes
do
168
662
673
742
768
702
694
677
739
768
638
654
676
Miscellaneous internal revenue
do
720
193
195
174
145
243
465
149
192
243
550
124
130
All other receipts • . _
. do__
111
2,541
2,222
2,142
2,815
3,558
2,684
3,603
3,086
7,018
2,869
2,968
2,646
Expenditures, totalcf •
___do
3,621
154
124
114
322
212
1,112
286
319
341
608
1,508
570
Interest on public debt
do
589
788
582
530
539
618
555
562
597
490
547
487
528
Veterans Administration
do_.
640
903
930
957
1,017
1,155
800
931
845
929
715
1,043
930
National defense and related
activities
do
1,109
902
638
1,329
690
1,052
1,118
920
4,019
1,027
1,036
1,097
1,078
All other expenditureso"1 •
do
1 283
Debt, gross:
252, 240
253, 374
252, 506
252, 236
252, 292
252, 800
252, 990
253, 049
252, 460
252, 620
252, 721
252,687
Public debt (direct), end of month, total.. .do
251,642
249, 920
250, 391
249, 958
251, 168
250, 875
250,063
250, 300
250, 579
250, 634
250, 435
250, 518
250, 603
Interest-bearing, total
..
do
249 573
220, 718
218, 992
220, 636
219, 852
219,987
219, 077
218, 865
221, 362
220, 381
219, 297
218, 675
218, 799
Public issues
do
217 647
29,201
29, 323
30, 211
30, 887
31,400
29, 272
30, 787
31,221
31, 223
31, 714
31, 804
31, 760
Special issues to trust accounts, etc
do
31, 926
2,278
2,320
2,175
2,115
2,229
2,356
2,206
2,161
2,220
2,170
Noninterest bearing
_ do
2,186
2,118
2 068
Obligations guaranteed by U. S. Government,
75
52
57
75
55
51
55
78
73
50
26
36
end of month....
_
mil. of dol. .
24
U. S. savings bonds:
53,133
53,207
54,989
54,662
54, 756
53, 061
53,333
54,826
54,908
55, 197
55, 763
55, 467
Amount outstanding, end of month
do
55, 982
468
474
432
415
419
588
1,673
412
497
540
599
647
Sales, series E, F, and Q
do
590
452
442
406
462
428
465
393
432
438
407
476
369
Redemptions.do
440
' Revised. * Preliminary. 1 For bond yields see p. S-20.
cf June 1948 figures include $3,000,000,000 transferred to the "Foreign Economic Cooperation Trust Fund" and considered expended during the fiscal year 1948, as required by the Economic Cooperation Act of 1948; the effect of this transfer is to charge the budget in the fiscal year 1948 for expenditures to be made in the fiscal year 1949. Figures beginning July 1,1948, therefore exclude expenditures from this fund, totaling $2,237,719,000 for July 1948-March 1949.
§ Beginning June 30,1948, individual loan items are reported gross, i. e., before deduction of valuation reserves, instead of net as previously; data reported on a gross basis for March 31,
1948, for items against which reserves are held, are as follows (millions of dollars): Commercial, industrial, and agricultural loans, 14,510; "other loans for purchasing or carrying securities "
762; real estate loans, 3,628; "other loans," 3,595. Data for April and May 1948 will not be available until figures are reported for the corresponding months of 1949. Total loans are shown
on a net basis for all months.
fRevised series. Credit unions have been revised to exclude real estate mortgage loans beginning 1929, and further revised on basis of year-end figures from Federal Deposit Insurance
Corp. for Federal credit unions and BLS statistics for state-chartered credit unions. Other revisions are as follows: Insured repair and modernization loans, beginning 1934; components of sale
credit (furniture stores, household appliance stores, jewelry stores, and all other retail stores), beginning 1942; single payment loans and loans by small loan companies and miscellaneous lenders
beginning 1946. The related totals have been correspondingly revised. Revisions are available upon request.
• Beginning July 1948 figures exclude interagency transactions involving payments to the Treasury, principally by wholly owned corporations, for retirement of stock and disposition
of earnings. Effective January 1949, amounts refunded by the Government, principally for the overpayment of taxes, are reported as deductions from total receipts rather than as expenditures.
Earlier figures are similarly adjusted for comparative purposes.
SUEVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-17
1949
1948
March
April
May
August
July
June
September
October
November
December
January
February
1,323
1,362
March
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE— Con.
Government corporations and credit agencies:
Assets, except interagency, total
mil. of dol_.
To aid agriculture
do
To aid railroads
do
To aid banks
10 aiu 01 er
t
•
•_».
All other
Commodities, supplies, and materials
U S Government securities
Other securities
All other assets
Liabilities, except interagency, total
Bonds, notes, and debentures:
Guaranteed by the "United States
Other
Other liabilities
rTivaieiy owneu mi r ts-_- -
do
do
do
do
do
do
do
do
do
do
Eeconstruction Finance Corporation, loans and investments outstanding, end of month, totalf
mil. of doL.
Industrial and commercial enterprises, including
national defense
mil of dol
Financial institutions
- do _
Eailroads, including securities from PWA.-do
States, territories and political subdivisions.- do
"United Kingdom and Republic of the Philippines
mil. of dol—
Mortgages purchased. _ _ _ _ _ _ _ do_ _
Other loans do
31, 107
10, 134
2,399
623
147
259
5
379
6,093
613
570
1,845
3,526
12, 535
2,496
2,724
20, 120
10, 373
2,386
633
147
260
5
481
6,214
611
251
1 684
3,531
2 458
1,824
2,091
20,687
10, 573
2,660
697
146
275
5
491
6,079
592
328
1,811
3,525
2, 423
2,025
2,303
21, 718
11, 692
3,632
768
140
310
5
520
6,102
584
627
1,854
3,518
3,060
967
2,666
76
781
1 868
150
28, 233
68
836
1 187
154
17 875
52
1,011
1,239
159
18,225
38
964
1,663
166
18, 886
1,411
1,111
1,122
1,154
1,169
1,189
1,213
1,249
1,282
316
140
145
124
302
139
145
128
304
139
145
128
303
137
144
135
291
137
145
134
294
135
145
134
301
133
143
134
305
133
141
134
310
132
141
134
321
129
138
134
330
127
138
137
340
126
138
135
349
125
139
138
230
144
3
226
153
3
225
167
3
215
186
2
214
198
36
213
214
36
209
233
36
. 207
259
36
204
292
36
194
331
37
192
'363
37
191
••395
••37
185
438
37
1,102
1,096
LIFE INSURANCE
Assets, admitted:*
All companies (Institute of Life Insurance), esti55, 984
54, 628
55, 746
56,309
55, 383
54, 358
54, 041
54, 892
52, 584
52,866
53, 122
53, 774
mated total
_ _ _ _ _ _mil. ofdoL
53, 457
50, 735
49, 541
50, 465
50, 995
50, 265
49, 040
49, 165
49, 778
47,771
48,084
48, 320
Securities and mortgages
do
48, 579
48, 871
49 companies (Life Insurance Association of
49, 778
48, 806
49, 999
49,483
50, 278
47, 304
48,086
48, 307
' 47, 061
47, 522
49, 030
48, 566
47, 869
America) total
mil of dol
36, 191
35, 854
36, 319
36, 404
36, 125
35, 704
35, 359
35, 497
35, 565
35, 899
35, 727
35,664
35, 640
Bonds and stocks, book value, total
do
17, 189
17, 671
17, 134
17,005
19,395
17, 235
18, 321
19, 162
19,000
17,453
18, 787
18, 530
18,071
Govt. (domestic and foreign) total
do
15, 151
15, 097
15, 672
14, 957
15, 204
15,444
16, 350
17, 658
17, 421
17, 259
17, 054
16, 760
16,087
U. S. Government
do
8,322
8,388
7,946
8,289
8,4fi7
6,988
7,637
7,148
7,270
7,536
8,070
7,390
7,767
Public utility
do
2,861
2,821
2,856
2,857
2,863
2,744
2,815
2,835
2,776
2,777
2,810
2,784
Railroad
do
2,817
7,818
7,942
8,076
7,415
7,737
7,541
6,931
6,232
6,411
6,518
6,851
6,679
7,008
Other _ _
_do
802
711
705
727
731
684
594
656
690
822
590
695
718
Cash
do
9,009
9,128
9,275
8,555
8,893
7,560
8,121
8,276
8,404
8,702
Mortgage loans, total
do_ _
7,697
7,828
7,977
842
855
823
867
837
750
764
802
829
777
811
816
790
Farm
_ _ _
do
8,167
8,273
8,409
7,732
8,057
6,933
7,051
7,319
7,465
7,873
6,810
Other __ _
do _
7,588
7,186
1,800
1,809
1,822
1,769
1,788
1,752
1,705
1,742
1,762
1,779
1,715
1,725
1,735
Policy loans and premium notes
_do___
971
947
932
980
903
822
863
878
825
895
910
Real estate holdings
do _
••789
847
1,061
1,029
1,021
1,070
1,013
1,008
1,021
Other admitted assets ._ >
do
979
1,020
964
989
977
976
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance):
1,821
1, 711
1,720
2,224
2,303
1,740
1,625
1,894
1,780
1,903
1,888
1,808
Value total §
mil of dol
1,850
335
192
193
454
664
259
195
166
380
262
236
211
236
Group §
_ _.
do
375
357
378
433
321
356
352
409
396
418
339
370
370
Industrial §
_ _ do_ _
1,129
1,143
1, 150
1,184
1,337
1,196
1,318
Ordinary, total _ _
. >
do
1,243
1,287
1,125
1,078
1,176
1,244
75
86
78
89
81
85
85
71
78
New England
do
81
78
67
83
292
273
298
335
326
289
298
259
282
Middle Atlantic
do .
301
287
244
305
250
254
249
289
290
252
259
272
278
255
256
East North Central
do...
265
237
103
99
110
124
133
109
118
112
113
111
West North Central
. do >
120
108
119
123
118
132
141
134
147
147
132
South Atlantic
do
148
140
131
143
125
42
46
52
51
54
55
East South Central..
do .
48
46
50
51
47
50
47
87
97
111
89
93
99
99
107
West South Central....
__.do_ .
98
96
97
90
102
34
33
41
47
38
39
Mountain
. do
41
36
41
41
40
42
37
118
113
145
131
134
158
122
133
Pacific
do
131
121
140
140
135
Institute of Life Insurance:
Payments to policyholders and beneficiaries,
269, 380 326,028
248,330
244, 544 284,967 253, 440
total
thous. of dol
307, 077 273, 084
247, 279 258, 304
333, 180 296,940
257, 971
123, 024
110, 837
142, 339
117, 839
Death claim payments
do_ _
123, 590
124, 695 116, 083
131,229
112,462 122, 692
109, 455
143, 484
118, 358
38, 101
35, 290
36, 706
32, 185
46, 076
31,182
37, 644
Matured endowments
do...
40, 157
32, 986
37, 117
42, 975
44, 426
30, 378
7, 825
8,356
7,472
7,632
7,963
7,711
8,580
7,122
8,212
Disability payments
do
8,812
8,142
7,581
8,114
19, 881
24, 207
17, 630
17, 581
Annuity payments
do
19, 438
18, 164
20, 337
18,641
13, 149
18,926
18, 937
19, 512
20,500
46, 239
54, 399
44, 446
41, 976
Dividends
do
55, 083
40, 555
80, 727
58, 889
39, 898
38,300
36, 687
40,377
52, 497
41, 704
40, 654
41, 746
40, 498
36,569
43, 811
37, 751
38, 133
50, 796
37,345
Surrender valuescf
do_ _
36,090
43,032
50, 587
Life Insurance Association of America:
422, 984
481, 627 378, 769 382, 810
374, 355 412,695
406, 274
585, 010 422,048
367,335
406, 756
432,885
493, 101
Premium collections, total t
thous of dol
48, 791
41, 296
74, 411
76, 348 ' 54, 430 67, 864
58, 814
Annuities
_ _ __do_ _
87,360
114, 939
42,812
42, 453
52, 493
52,017
34, 665
31, 082
37, 036
29,905
29, 056
39, 000
Group
_
do
34,049
44, 759
28, 400
28, 251
40, 824
33, 487
31,360
58, 264
76, 236
72, 171
67,507
Industrial.
do_ _
69, 319
98,231
62, 415
68,239
72, 129
69, 298
61, 357
71,300
78, 615
264, Oil
Ordinary
do
283, 366
240, 632
243, 139
249, 798
276, 903
327, 081 234,529
233, 845 255, 891
234, 216
236, 457
305, 798
r
Revised.
o"Surrender values include premium notes and liens voided by lapse.
{Excluding accident and health premiums which were not reported prior to January 1948; these premiums totaled $324,035,000 for 1948 and $91,269,000 for January-March 1949. The
reporting companies accounted for 78 percent of total premium income of all U. S. legal reserve life insurance companies in 1947. Minor revisions for total collections and industrial for
1946-June 1947 are available upon request.
*New series. The new data measuring assets of all life insurance companies are estimated totals for all legal reserve companies based on reports from about 130 companies accounting for
92 to 95 percent of the total. Annual data back to 1916 and monthly data back to January 1945 are available upon request. The data for 49 companies, based on actual reports, replace the
data formerly shown for 36 companies; the 49 companies accounted for about 90 percent of the total assets of all legal reserve companies at the end of 1946; monthly data back to January 1947
are available upon request. Assets for the accident and health business of life insurance companies are included in the total assets of all companies and of the 49 companies but are only partially
included in the security and mortgage data; accident and health assets amounted to less than 1 percent of total assets of life insurance companies in 1947.
fRevised series. Beginning in the September 1948 Survey, data for RFC are shown on a revised basis as follows: Investment in capital stock of the RFC Mortgage Company and the
Federal National Mortgage Association has been eliminated and, in lieu thereof, loans and purchases of the subsidiary corporations are included; loans made by the Smaller War Plants
Corporation prior to its transfer to RFC for liquidation, formerly included in figures for business enterprises beginning March 1946, and loans to U. S. Commercial Company, an RFC subsidiary, and to the Defense Homes Corporation, formerly included under "national defense," have been omitted; loans to railroads and to States, etc., and loans to the United Kingdom
and the Philippines were formerly included in figures for "other loans"; "mortgages purchased" includes mortgages partially guaranteed by the Veterans' Administration and mortgages insured by FHA; RFC equity in mortgage loans of the Defense Homes Corporation, which was transferred to RFC in July 1948 for liquidation, is included in "other loans" beginning July
1948. Data on the revised basis are available only beginning May 1947.
§Data for 1947 and 1948 have been revised in accordance with year-end adjustments; 1947 figures are available upon request.
SURVEY OF CURRENT BUSINESS
S-18
Unless other-wise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
FINANCE—Continued
MONETARY STATISTICS
Foreign exchange rates:
Argentina
_.
_
dol. per paper peso. _
Belgium
dol. per franc..
Brazil
_dol. per cruzeiro _.
Canada, free rate§
dol. per Canadian dol
Colombia
dol. per peso
France, official rate J
. dol. per franc. _
India
dol. per rupee
Mexico
dol per peso
Netherlands
dol. per guilder
Sweden
_
dol. perkrona
United Kingdom, free rate
dol. per £__
Gold and silver:
Gold:
Monetary stock, U. S
mil of dol
Net release from earmark •
thous. of dol_ .
Gold exports...
. do
Gold imports
do
Production, reported monthly, total t
do
Africa t
do
Canada
_.do_ __
United States
do
Silver:
Exports
__ __
do
Imports
do
Price at New York
__ dol. per fine oz
Production:
CanadacT
thous. of fine oz
Mexico
_
do
United States
.do
Money supply:
Currency in circulation
mil. of dol__
Deposits adjusted, all banks, and currency outside banks, total
mil. of dol_.
Currency outside banks
do
Deposits, adjusted, total, including U. S. deposits
mil. of dol
Demand deposits, adjusted, excl. U. S--do
Time deposits, incl. postal savings
do
Turn-over of demand deposits, except interbank and
U. S. Government, annual rate:
New York City
ratio of debits to deposits
Other leading cities
mil. of dol_.
0. 2977
.0228
.0544
.8928
.5701
.0047
.3017
.2058
.3775
.2783
4. 0313
0. 2977
.0228
.0544
.9063
.5701
.0047
8. 3017
.2058
.3776
.2783
4.0315
0. 2977
.0228
.0544
.9227
.5701
.0047
8. 3017
.2057
.3775
.2783
4. 0312
23, 169
23,137
-63, 376 -111, 546
27, 385
28, 178
262, 334
127, 328
60, 861
59, 564
38, 545
38, 452
10, 070
10, 013
6,372
5,650
23, 304
-2, 841
61, 887
213, 214
61, 214
38, 672
10, 047
6,078
10.2977
.0228
.0544
.9323
3
. 5701
.0047
8. 3017
.2057
.3772
.2782
4.0313
1 0. 2977
.0228
.0544
.9283
(3)
.0047
8 . 3017
6 . 2057
.3765
.2782
4.0314
0. 2977
.0228
.0544
.9270
(3)
.0047
8. 3017
(fl)
.3762
.2782
4. 0315
0. 2977
.0228
.0544
.9218
(3)
.0047
8. 3017
(6)
.3760
.2782
4. 0315
0. 2977
.0229
.0544
.9290
(3)
4.0047
8. 3017
«. 1444
.3760
.2782
4. 0314
0. 2977
.0229
.0544
.9238
3
(
4 )
. 0047
« . 3017
.1449
.3757
.2782
4.0315
0. 2977
.0228
.0544
. 9225
(3)
.0047
5
. 3017
.1453
.3762
.2782
4. 0315
23,532
23,679
81, 671 -188, 411
44, 782
2,486
222, 523 269, 178
60, 173
64, 486
38, 308
39, 013
10, 152
10, 367
5, 719
6,180
23, 725
59,475
47, 353
86, 431
62, 382
38, 173
10, 689
7,661
23, 872
98, 137
25, 993
79, 283
61, 757
37, 817
10, 320
7,388
24,004
970
8,337
129, 908
24, 166
99, 659
21,097
75, 321
24, 244
-45,945
24, 123
132, 420
37,855
10, 742
6,540
37, 758
10, 897
5,306
11, 443
5,047
10,815
3,864
10, 762
3,869
5 544
214
6 444
715
0.2977
.0228
.0544
.9244
(3)
.0047
5
. 3017
.1453
.3766
.2782
4.0313
0. 2977
.0228
. 0544
.9267
(3)
.0047
5. 3017
.1436
.3763
.2782
4.0314
0.2 2977
. 0228
. 0544
9326
24, 271
24,290
-2,690 —22, 201
6,399
4,499
52, 333
25, 978
9 24 314
-16,725
5,108
24 879
229
5,331
.746
5,763
5,560
.746
2,564
9,146
.746
42
5,747
.746
278
4,352
.746
13
4,781
.738
52
5,758
.753
61
6,910
.772
123
4,973
.736
1,418
4,908
.700
581
2 116
.700
261
3 278
.708
1,099
3,900
3,383
1,090
3,600
3,216
1,073
3,400
3,253
1,194
4,500
3,085
1,782
3,700
2,721
1,518
3,900
2,327
1,230
3,800
3,466
1,381
4,500
2,957
1,118
3,400
3,414
1,090
3,600
2,281
975
4 400
2 761
936
4 100
2 821
27, 781
27, 716
27, 812
166, 400
25, 600
167,500
25, 400
167, 600
25, 400
140, 800
81, 500
56, 900
142, 100
82, 700
56, 900
142, 200
82, 800
57,000
26.4
19.1
26.5
18.6
27.9
18.7
27, 903
28, 118
27, 866
28,055
28, 176
28, 331
28, 224
27, 580 ' 27, 557
167, 875 9 168, 600 9 169, 100 9 169,700 9 170, 300 9 170, 100 9 170, 900 9 170, 000 9 169, 100
25, 638 9 25, 500 v 25, 600 9 25, 700 9 25 600 P25 900 9 25 700 9 25 200 9 25 100
142, 237 p 143, 100 p 143, 500 9 144,000 9 144, 600 9 144, 200 9 145, 200 9 144 800 9 144 000
82, 697 v 83, 400 v 83, 800 9 83, 900 9 85, 000 9 85', 000 9 85, 800 9 85, 300 9 83, 300
57, 360 9 57, 300 v 57, 300 9 57, 300 9 57, 300 9 57, 000 9 57, 300 9 57 500 9 57 700
28.0
19.1
26.6
19.1
23.9
18.5
27.5
19.4
27.9
19.3
27.8
20.8
32 1
21.0
29 3
19.3
27 1
18.6
(3)
.0047
. 3017
1433
.3760
.2782
4. 0311
6
9 27, 438
P167, 300
r> 9^ O^ft
P142 250
9 80, 950
9 57 960
97 9
19.2
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Reserve) :
Net profits, total (629 cos.)
mil. of doL.
Iron and steel (47 cos.)
do
Machinery (69 cos.)
do
Automobiles (15 cos.). __
do. _.
Other transportation equip. (68 cos.) d o _ _ _
Nonferrous metals and prod. (77 cos.) _ do_ _
Other durable goods (75 cos.)
_ do
Foods, beverages and tobacco (49 cos.) do. __
Oil producing and refining (45 cos.)
do
Industrial chemicals (30 cos.)
do. __
Other nondurable goods (80 cos.)
do
Miscellaneous services (74 cos.)
do_ _
Profits and dividends (152 cos.):
Net profits
_ _ _ do
Dividends:
Preferred
do
Common
....do
Electric utilities, net income (Fed. Res.)
do .
Railways and telephone cos. (see p. S-23).
••1,023
114
89
129
'763
'47
r
65
77
192
'90
101
57
' 1, 100
110
92
151
^69
53
71
'85
194
98
'99
77
1,182
149
89
161
774
59
78
91
186
103
110
83
9 1, 306
9 201
P125
p 168
p?65
*>63
P76
P 92
pl93
9 128
p98
p96
523
559
610
9 713
22
207
186
22
218
156
22
223
143
p23
*>375
9 176
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
'951
652
965
714
capital and refunding)
mil. of dol... ' 1, 419
666
856
983
666
831
690
500
695
591
'784
899
' 1, 267
New capital, total
do
630
576
681
902
593
753
633
436
591
'783
' 1, 230
888
629
Domestic, total
_ _
_ do
531
574
583
651
753
618
436
90-1
374
562
'569
584
444
Corporate
do
456
259
433
378
627
419
o
7
35
50
21
31
0
o
o
Federal agencies.
do
67
35
14
182
' 171
283
630
118
Municipal, State, etc
do
237
118
273
150
192
126
191
11
1
Q
2
2
0
Foreign
do
37
150
251
10
15
61
166
152
66
85
Refunding, total
__
_do
175
89
81
73
78
57
64
73
166
61
CA
152
66
85
Domestic, total
do
175
89
81
78
57
3
1
4
50
2
29
97
15
Corporate
_
._
do
26
19
16
49
114
54
34
68
Federal agencies.
do
62
123
56
56
72
55
53
1
8
3
2
1
Municipal, State, etc
do
50
6
2
1
4
1
Q
0
o
0
0
0
o
o
o
o
o3
Foreign
_ _
do
(8)
Securities and Exchange Commission:
2,029
1,407
1,170
2,507
1,620
1,723
Estimated gross proceeds total t
do
1,207
1 427
1 809
1 894
1 408
1 °80
By type of security: J
1,074
1,297
1,459
2,463
1,983
1,134
Bonds and notes, total
do
1,651
1 723
1 375
1 813
1 336
1 266
642
526
310
493
530
171
401
Corporate
__do ..
619
457
273
603
308
26
21
58
50
30
34
Common stock
do
61
35
31
68
65
51
69
25
111
14
11
Preferred stock
do
40
52
21
8
13
K
A(\
' Revised, p Preliminary.
1 June average is based on quotations through June 22, July average on quotations beginning July 15; beginning the latter month, rates are those for "regular" products- earlier data are
shown
as official rate.
2
4
Rate for foreign "bank notes" account, based on quotations beginning March 22, is $0.0201.
Quotations not available after June 10.
Based on quotations for October 1-15
8
« Excludes Pakistan. « Quotations not available July 22-October 12. 7 Partly estimated.
Less than $500,000.
§ Official rate since July 4, 1946, is $1.000.
^Free rates are as follows: February 10-August 1948, $0.0033; September-December 1948, $0.0032; and January-March 1949, $0.0031. *Or increase in earmarked gold (—).
tRevisions for January-August 1947 are available upon request.
tRevised series. Beginning in the July 1948 Survey figures for Africa and the total include production in Belgian Congo and the total includes also production in Mexico and revised figures for Australia. Data for Belgian Congo and Mexico were not available currently from May 1940 and March 1942, respectively, until July 1948 and figures reported through May 1940 for
Belgian Congo represented only about 50 percent of production while those previously included for Australia after December 1943 covered Western Australia only. Revised annual figures for
1938-46 and monthly figures for January 1946-April 1947 for the total and Africa are available upon request.
cf Re visions for January-November 1947 are shown in the February 1949 Survey.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-19
1949
1948
March
April
May
June
July
August
September
October
November
509
197
231
72
10
918
0
763
152
0
4
684
146
487
45
6
1,209
0
1,080
129
0
0)
345
169
120
36
20
1,063
0
870
193
0
0)
321
129
106
55
32
958
0
763
195
0
0)
411
117
183
88
23
985
0
792
175
Ib
1
December
January
February
March
FINANCE—Continued
SECURITIES ISSUED—Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds}:— Continued
By type of issuer:
Corporate, total
mil. of dol_..
Industrial
- do
Public utility
do _ Railroad
do
Real estate and
financial
do
Non-corporate, totaldo .
Federal agency not guaranteed
do
U S. Government- _
do
State and municipal
do
Foreign governments
do
Nonprofit
_
do
New corporate security issues :J
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
_
do
Plant and equipment
do_ __
Working capital
do
Retirement of debt and stock, total ..do
Funded debt
do
Other debt
_
do
Preferred •'tock
do
Other purposes
_
do
Proposed uses by major groups:
Industrial, total
_ _ _ _ do
New money _
do _
Retirement of debt and stock
do
Public utility, total
do
New money
do
Retirement of debt and stock _ _ _ _ d o
Railroad, total
do. __
New money
do
Retirement of debt and stock. _
do
Real estate and financial, total
do
N e w money _ . _ _
do._
Retirement of debt and stock. _
_.-do- _
State and municipal issues (Bond Buyer) :
Long term
_
_
thous. of doL
Short term
do
688
126
325
81
157
1,341
0
708
633
0
0)
636
273
269
52
42
771
0
597
174
0
0
405
158
219
24
4
764
0
574
190
0
0)
654
97
410
84
63
966
0
680
286
0
0
679
626
395
560
343
217
114
83
30
1
6
434
334
100
166
62
104
0
25
356
297
60
21
1
20
0
18
123
83
40
320
281
36
80
42
37
157
153
0)
639, 938
103, 453
269
154
110
265
233
31
51
32
19
41
15
7
574
282
178
69
46
1,933
0
1,813
120
0
0)
244
127
76
30
11
963
0
526
287
150
0)
473
121
265
42
45
1,250
0
1,128
122
0
0
705
385
248
62
9
1,104
0
825
279
0
0)
642
564
238
465
697
503
673
336
318
403
563
449
114
74
4
45
26
5
424
307
117
99
8
91
0)
40
222
164
58
15
4
11
0
1
399
293
106
42
10
28
4
24
666
538
128
28
10
18
0
2
466
353
113
34
0
26
8
3
635
560
75
26
2
21
3
12
312
274
38
9
0
7
2
16
220
172
48
32
7
25
0
66
319
253
66
81
37
44
0
3
152
120
19
216
209
2
24
24
0
4
3
0)
93
70
19
403
363
40
83
69
14
62
60
0)
275
168
94
176
149
0)
68
68
0
45
39
6
123
113
10
75
73
2
30
29
1
10
8
2
118
108
6
262
226
36
41
41
0
43
25
0)
382
361
20
244
236
8
62
62
0
9
8
0)
195
177
16
228
209
18
71
71
0
9
8
0
143
130
2
479
457
22
45
45
0
6
3
1
162
139
9
118
118
0
36
36
0
20
19
0)
128
39
23
104
102
2
54
50
4
32
29
3
114
85
26
179
125
54
87
87
0
23
21
1
167, 626
94, 387
196, 141
24, 857
307, 848
59, 759
258, 299
104, 759
318, 816
150, 303
119,039
100, 402
283,325
43, 138
213, 808
81, 747
131, 720
84, 614
199, 063
126, 809
203, 674
120, 198
169, 610
131,507
280
454
278
390
260
276
284
279
420
420
471
416
392
301
266
263
381
348
301
337
250
328
395
445
254
357
"550"
592
229
572"
614
241
615"
619
258
332
619
576
283
608
577
288
573
551
252
570
550
238
580
540
252
551
563
244
349
550
586
257
537
573
247
527
565
225
530
551
254
r
r
COMMODITY MARKETS
Volume of trading in grain futures:
Corn
_. _ _
Wheat
__mil. ofbu.
do
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. Members
Carrying Margin Accounts)
Cash on hand and in banks
Customers' debit balances (net)
Customers' free credit balances
Money borrowed
_
Bonds
mil. of dol_.
do
do
do
Prices:
Average price of all listed bonds (N. Y. S. E.),
total §
dollars..
99.97
100. 19
100.80
101. 72
100.04
99.93
99.87
99.79
99.85
100. 18
100. 45
100. 58
100. 47
Domestic
_
do
100. 54
100, 74
102. 30
101. 35
100. 47
100. 59
100. 40
100. 30
100. 37
100. 69
100. 93
100. 96
101. 04
65.99
Foreign
do
65. 20
66.93
66.45
66.85
66.62
67.65
68.19
68.41
67.82
69. 82
70.26
71.35
Standard and Poor's Corporation:
Industrial, utility, and railroad:
High grade (12 bonds) t-.-dol. per $100 bond..
98.5
99.4
99.4
100.2
98.3
99.2
98.2
97.8
98.9
97.9
100.5
100.5
100.7
Medium grade: t
91.4
Composite (14 bonds)
_ _
do
94.4
90.7
92.8
93.2
94.6
92.9
91.9
91.1
90.9
92.1
91.9
92.7
Industr ial (5 bonds) _
__ do
94.9
94.5
98.2
96.8
98.1
99.3
97.5
95.7
94.7
94.5
96.1
97.0
97.1
Public utility (4 bonds)
do
96.3
95.6
96.7
95.0
95.6
95.0
94.4
94.6
93.6
93.6
93.8
94.7
95.5
82.2
83.5
Railroad (5 bonds)
do
87.2
89.8
89.1
86.9
86.8
85.1
85.8
84.5
86.4
86.6
83.1
123.1
Domestic municipal (15 bonds) _
do
125.7
127.0
127.8
124.4
124. 0
126.5
124.5
127.8
124.9
129.9
128.5
128.8
100. 84
U. S. Treasury bonds, taxable
_
do
100. 78
101. 20
101. 23
100.73
100. 82
100. 70
100. 69
100. 79
100. 89
101. 16
101. 51
101. 67
Sales:
Total, excluding U. S. Government bonds:
All registered exchanges:
Market value
__
_thous. of dol__ r 67, 103 r f 87, 153
87, 363
' 90, 781 68, 289
51,238
50, 449
57,711
63,049
63, 470
60, 686
52, 009
56,225
Face value
do
' 95, 234 132, 544 119, 745 r 124, 002
90,827
67, 315
67, 313
78, 581
88, 261
89, 347
80, 599
70, 080
80,637
New York Stock Exchange:
Market value
do
'r 62, 848 r ' 81, 945 83, 047
»• 85, 636
64, 672
48, 470
47, 699
54, 179
59, 386
60, 152
57, 073
49, 038
52, 359
r
Face value
do__ .
89, 565
113, 325
125, 844
117, 586
86, 380
63,479
63, 847
74, 345
83,409
84, 620
75, 419
66, 056
75, 821
New York Stock Exchange, exclusive of stopped
85, 367
sales face value total
thous. of dol
114, 479
108, 954
104, 021
75, 831
55, 967
62, 902
72, 582
74, 537
78, 063
69, 725
63, 661
67, 820
79
51
52
U. S. Government
do _
41
60
306
258
137
36
21
65
202
13
85, 288
108, 902
Other than U. S. Government, total§
do
114, 428
103, 961
75, 525
55, 926
62, 644
72, 445
74, 501
78, 042
69, 660
63, 459
67, 807
74, 326
106, 223
99, 580
Domestic
_ _ _ _ _ do _
96, 286
69, 138
51, 100
66, 631
56, 870
69, 115
69, 941
62, 188
55, 150
59,523
8,975
10, 721
7,931
7,474
Foreign
do __.
6,198
4,606
5,679
5,713
5,287
8,018
7,301
8,043
8,155
* Revised,
i Less than $500,000.
{Revisions for January- August 1947 are available upon reqtlest.
§ Sales figures include bonds of the International Bank for Reconstru ction and ]Developme nt not shown separa tely; these bonds are included a Iso in com Duting avei'age price o f all listed
bonds.
{Revised series. The price series for high grade bonds is based on a verage yie Id of 12 bonds througrh August 1948 and 11 bonds thereafter, co nverted to a price ba sis by assuining a 1%
percent bond with 30 years to maturity. The series5 for mediiim grade b onds is co nverted fr om yields of 14 bone s through August 19 48 and 12 I >onds there after (num ber of indiistrial and
railroad bonds each reduced to 4 in September 1948) , assuming a 3-perceiit coupon frith 30 ye<ars to matiirity; this series rep] aces the se ries for me dium and lower grad a bonds she>wn in the
Survey through the August 1948 issue. Both series are average s of daily \igures.
SURVEY OF CUEKENT BUSINESS
S-20
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1948
March
April
May
June
July
1949
August
Septem-
October
November
December
January
February
March
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds—Continued
Value, issues listed on N. Y. S. E.:
Face value, total, all issuesd"_
.mil. of dol.. 134, 201
Domestic
do :_ 131,835
2,116
Foreign
do
134, 167
Market value total, all issues <?
-do
132, 544
Domestic
do
1,379
Foreign
_
do
Yields:
3.10
Domestic corporate (Moody 's)
percent. _
By ratings:
2.83
Aaa
___do
2.90
Aa
do
3.13
A
-do
3.53
Baa
__.do
By groups:
2.89
Industrial
do
3.01
Public utility
do
3.40
Railroad _
do
Domestic municipal:
2.42
Bond Buyer (20 cities)
-do
2.52
Standard and Poor's Corp (15 bonds) do
2.44
U S Treasury bonds taxable
__do
134,297
131,931
2,116
134,546
132, 903
1,396
134, 300
131, 931
2,119
135, 370
133, 714
1,408
131, 481
129, 116
2,115
133, 746
132,085
1,415
131, 593
129, 230
2,113
131, 645
129, 995
1,408
131,707
129, 345
2,112
131,610
129, 957
1,412
131, 294
128, 980
2,064
131, 128
129,491
1,396
131, 226
128, 923
2,054
130, 945
129, 304
1,4CO
131, 426
129, 126
2,050
131,234
129,600
1,390
131, 068
128,771
2,048
131, 306
129, 660
1,401
131, 276
128, 994
2,032
131,897
130, 230
1,419
131,272
128,993
2,030
131, 863
130, 188
1,426
131,304
129 027
2,028
132 065
130 368
1,447
3.05
3.02
3.00
3.04
3.09
3.09
3.11
3 12
3.09
3.02
3 00
3 00
2.78
2.87
3.08
3.47
2.76
2.86
3.06
3.38
2.76
2.85
3.03
3.34
2.81
2.89
3.07
3.37
2.84
2.94
3.13
3.44
2.84
2.93
3.13
3.45
2.84
2.94
3.15
3.50
2.84
2 92
3.18
3.53
2.79
2.88
3.16
3.53
2.71
2.81
3.08
3.46
2.71
2 80
3.05
3.45
2
2
3
3
2.85
2.97
3.34
2.82
2.95
3.27
2.80
2.96
3.23
2.84
3.02
3.26
2.89
3.07
3.31
2.88
3.07
3.32
2.90
3.07
3.35
2 89
3 09
3 37
2 85
3 06
3.36
2.80
2.99
3.26
2 79
2.99
3.24
2 78
2 97
3 27
2.34
2.38
2.44
2.23
2.31
2.42
2.27
2.26
2.41
2.28
2.33
2.44
2.39
2.45
2.45
2.43
2.46
2.45
2.41
2.45
2.45
2.31
2 42
2 44
2.20
2 26
2.44
2.17
2 15
2.42
2.21
2 23
2 39
2.17
2 91
2 38
621 5
33.3
381. 4
66.7
460 0
60.9
200.9
170 4
23.3
94.5
728.4
59.8
435. 6
72.8
496.1
99.2
230.0
215.3
39.1
115.6
678 0
41.3
422 0
77.3
474 6
62.9
231.1
8.2
205 1
25 1
114 3
2 3
11.2
45 6
22.2
42.7
18.4
55 8
51 2
32.4
41 1
11.2
.3
53.6
45 8
15.1
33.8
12.0
.3
24.6
17.1
42 3
38.4
39.2
23.2
10.1
16 0
39 9
23.3
40 1
18.1
52 9
50 3
16.1
41 9
11.2
38
12
7
4
2.59
2.60
3.21
1.94
2.32
1.88
46.53
46.60
53.89
32.96
5.57
5 58
5.96
5.89
4.60
3.40
2.62
2 64
3.22
1 94
2.32
1.88
47.95
48.02
54 89
34.93
5.46
5 50
5.87
5 55
4.50
3 29
2.65
2.68
3.21
1.94
2.33
1.88
50.36
50.77
56. 78
37.22
5.26
5 28
5.65
5.21
4.43
3.09
2.67
2.69
3.21
1.99
2.33
1.86
50.24
50.77
56.50
37.53
5.31
5 30
5.68
5.30
4.54
3.34
2.69
2.73
3.26
1.99
2.33
1.86
48.45
48.60
56.25
35.54
5.55
5 62
5.80
5.60
4.72
3.53
2.77
2 82
3 26
2 04
2 33
1.86
48.61
48 60
56 17
36 59
5.70
5 80
5 80
5 58
4 54
3 49
2.80
2.84
3.25
2.19
2.33
1.86
47.05
46. 87
55 10
35.02
5.95
6 06
5.90
6 25
4 67
3 40
2.90
2.97
3.28
2.24
2.33
1.87
49.87
50. 07
56.55
36.12
5.82
5 93
5. 80
6 20
4.45
3 16
70
79
05
47
Stocks
Cash dividend payments publicly reported:
Total dividend payments
mil. of dol__
Finance
do
Manufacturing
do
Mining
do
Public utilities:
Communications
do
Heat light and power
do
Railroad
_
do
Trade
do
Miscellaneous
do__
Dividend rates, prices, yields, and earnings, 200
common stocks, Moody's:
Dividend rate per share (200 stocks)*
dollars..
Industrial (125 stocks)
__do
Public utility (25 stocks)
do
Railroad (25 stocks)
do __
Bank (15 stocks)
- - .-do
Insurance (10 stocks)
. .
do
Price, per share, end of month (200 stocks) *..do
Industrial (125 stocks)
do
Public utility (25 stocks)
do
Railroad (25 stocks)
do
Yield (200 stocks)t.percentIndustrial (125 stocks)
do
Public utility (25 stocks")
do
Railroad (25 stocks)
do
Bank (15 stocks)
do
Insurance (10 stocks)
do
Earnings per share, quarterly: *
Industrial (125 stocks)
.dollars..
Public utility (25 stocks)
do....
Railroad (25 stocks)
-do
Dividend yields, preferred stocks, high-grade, 15
stocks (Standard and Poor's Corp.)... percent-
2.3
6.5
34 9
3.0
7.5
2.6
33 9
6.2
7.5
6.85
3.64
6. 77
6.35
3.34
4.12
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924=10075.5
61.75
Dow-Jones & Co. (65 stocks)
dol. per share..
169. 94
Industrial (30 stocks)
do
32.24
Public utility (1 5 stocks)
_
do
50.64
Railroad (20 stocks)
do
Standard and Poor's Corporation:
Industrial, utility, and railroad: §
Combined index (416 stocks) . . .1935-39=100. . 116.4
121.8
Industrial (365 stocks)
do
111.4
Capital goods (121 stocks)
do
118.9
Consumers goods (182 stocks)
do
93.0
Public utility (31 stocks)
do
105.2
Railroad (20 stock")
._ .-do
92.5
Banks N Y C (19 stocks)
do
119.5
Fire and marine insurance (18 stocks)
do
Sales (Securities and Exchange Commission) :
Total on all registered exchanges:
'898
Market value
...mil. of dol—
Shares sold
thousands.. ' 41, 464
On New York Stock Exchange:
760
Market value
.mil. of dol—
Shares sold
thousands29, 791
Exclusive of odd lot and stopped sales (N. Y.
22, 993
Times)
thousands—
Shares listed, New York Stock Exchange:
Market value, all listed shares
mil. of dol_. 67, 757
1,933
Number of shares listed
millions..
6.6
5
1
7
9
2
3.02
3 12
3 29
2 32
2 33
1 87
44.97
44 70
54 14
31 28
6.72
6 QQ
6 08
7 49
4 87
a
Ofl
7.25
3.84
9.02
1 318 9
111 5
838 7
119 8
532 1
103.8
223 3
14.0
14
45
68
84
35
55
48
22
55
10
5
9
5
5
5
3.04
3 14
3.30
2 40
2 34
1.99
46.30
46 33
54 23
31 31
6.57
6 78
6 09
7 67
4 74
3 34
5
0
4
0
1
3.07
3 17
3 30
2 42
2 35
1 99
46.40
46 36
54 62
31 14
6.62
6 84
6 04
7 77
4 67
3 33
204
37
99
2
0
9
1
1
f>C
O
7AC
/»
38 0
44O R
ec 9
A
9 7
40.8
07 e
-I K Q
9 9
3.07
1 QQ
44.79
6.85
7.12
3.08
3.18
3.31
2.46
2.35
1. 99
46.22
46.21
54.64
29.60
6.66
6.88
6.06
8.31
4.66
3.27
7 65
"3.95
P 6.29
4.12
4.09
4.04
4.10
'4.20
14.20
24.28
24.21
24.15
24.09
24.04
78.0
66.03
180. 05
33.75
56.03
82.8
69. 11
186. 38
35.16
60.32
82.3
70.61
191.05
35.73
61.37
78.2
69.97
187. 05
35.39
62.34
77.7
67.99
181 77
34 65
60.29
75.0
67.69
180 33
34 74
60 23
78.8
69.00
185. 19
35 20
60.62
71.4
64. 90
176 60
33 34
55 00
73.0
64.24
176 31
33 09
53 27
72.9
65.37
179 75
34 43
53 16
69.9
63.15
174 46
49 37
4.S -I Q
124.6
130.8
119.9
125.6
96.2
115.2
94.2
125. 4
130.2
136.9
125. 0
131.1
99.2
122.6
97.5
131.1
135.1
142.7
129.8
135.3
100.6
125.6
96.6
132.7
131.9
138.9
126 8
132.0
99 5
124.7
94.3
127. 3
127.1
133 5
121 6
128.3
97 3
119 7
95 0
122.8
125. 7
131.7
121.1
127.2
97.3
120.4
96.1
125.1
127.8
134.3
123. 9
128.0
97.4
120.9
96.0
135.3
120.4
126 4
116 3
122.1
94 2
108 8
92 9
131.0
119.4
125 5
115 9
120.2
92 9
105 8
90 3
135.7
121.0
127 3
117 6
122. 8 .
94 2
105 9
92 6
138.6
117.2
122 7
113 2
120.4
94 4
99 6
92 6
140.9
118.0
123 7
113 1
120.9
95 3
97 4
93 4
141.5
' 1,457
62, 732
1,108
45, 256
740
30, 823
746
32, 322
891
40, 593
1 137
53*415
1 077
49 092
720
31,509
754
36, 915
1,717
77, 120
r
1,219
45, 307
1,468
57, 504
r
34, 613
70, 262
1,938
r
1,433
63, 063
r
r
r
934
626
747
22, 649
29,081
39 345
35 534
15, 039
17, 564
20, 434
28 319
27 963
70, 862
1,998
68, 614
2,004
72, 186
2,008
65, 466
2,011
67, 048
2,018
624
1, 227
46, 395
32, 877
21, 758
42, 769
30, 922
24, 585
74, 704
1,962
74, 507
1,977
71, 056
1,991
970
914
854
37, 069
716
34 ^1
601
24.07
72.0
63.29
m
oo
626
22 153
26 182
18 825
17 180
21 136
67, 478
2 030
65, 325
2 045
67, 518
2 051
26 471
2
' Revised.
*> Preliminary.
* Data based on 14 stocks.
Data based on 11 stocks.
<? Total includes bonds of the International Bank for Reconstruction and Development not shown separately.
§ Number of stocks represents number currently used; the change in the number does not affect the continuity of the series.
*New series. The new series on dividend rates for 200 common stocks, which replace similar data formerly shown for 600 stocks, price per share, and earnings and the revised series for
yields of 200 common stocks are for an identical list of companies. Dividends are at annual rates and are determined at the end of the month on the basis of the most recent declarations.
Yields are obtained by dividing per share dividends by per share prices. Earnings are net after taxes and contingencies less preferred dividend requirements (whether actually paid or not)
and are quarterly earnings (partly estimated) at annual rate; for utilities only they are for the 12 months ended each quarter. The number of shares used to obtain per share figures represents
number outstanding per companies' balance sheets adjusted for stock splits, etc., so as to be comparable with number outstanding December 31, 1946. A more complete description of the
series and data beginning 1929 will be published later.
t Revised series. The yield series for utility stocks has been revised to include only operating utilities beginning 1946 and earlier data have been revised back through 1942. There have
been minor revisions in the yield series for industrial and insurance stocks and revisions in the railroad series beginning in 1946. Revisions through April 1947 will be shown later.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-21
1949
1948
March
June
May
April
July
August
September
October
November
December
January
February
March
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity!
Value !
TJnit value
Imports for consumption:
Quantity
Value
TJnit value
Agricultural products, quantity:
Exports, domestic, total:
Unadjusted!
Adjusted!
Total, excluding cotton:
Unadjusted!
Adjusted!
Imports for consumption:
Unadjusted
Adjusted
222
303
136
219
298
136
215
293
136
198
270
136
197
271
138
195
263
135
185
246
133
204
272
133
165
218
132
259
342
132
'218
288
'132
211
273
130
155
200
130
126
165
131
132
170
130
145
187
129
134
176
132
141
185
132
139
184
133
143
189
132
133
175
132
169
221
131
'137
181
'132
132
174
132
'90
103
80
101
79
99
'74
'96
88
'122
92
'94
91
73
98
73
99
85
130
108
115
114
120
145
do
do
'142
162
133
163
124
146
'125
'152
148
188
'163
'149
152
121
155
121
134
120
181
163
169
175
165
207
do
do
124
109
86
80
96
99
112
122
'97
'109
104
113
99
103
102
103
92
85
130
129
109
104
99
97
5,125
5,036
4,780
4,438
7,781
4,682
8,050
5,735
8,060
5,055
8,356
5,336
7,319
5,017
6,937
5,673
'5,613
' 5, 349
5,654
' 5, 657
5,314
1,139
943
197
1,120
936
187
1,102
921
182
1,015
0)
(')
1,019
0)
0)
990
0)
(0
926
0)
0)
8
(0
820
(0
1,284
0)
0)
1,086
0)
0)
66, 134
190, 636
406, ?98
151, 301
126, 058
198, 143
78, 626
201, 462
371,415
150, 775
127, 878
190, 324
63,908
193,062
352, 016
171, 245
149, 369
172, 457
64, 596
180,623
336, 757
179, 067
119, 055
134, 456
68,022
209, 243
330, 886
155, 103
114, 915
141, 171
66, 998
180. 890
323, 239
169, 273
108, 012
141, 688
59, 489
154, 736
319,674
168. 744
98, 162
125, 262
61,007
178, 618
327, 816
180, 155
119. 702
154, 141
46, 339
131, 209
272. 245
175, 339
99, 188
95,564
2,862
36, 610
3,455
49, 593
2,314
40, 565
3,322
41, 309
3,319
44, 376
1, 531
45, 578
3,465
42, 278
2,286
39, 344
2,000
31,885
6,282
45,638
6,567
22, 113
4,874
14,840
9,209
6,868
23,504
18, 489
24, 108
6,248
41, 450
6,446
11, 177
31, 364
32, 762
11, 797
8,308
41, 851
8,571
10,760
35, 494
25, 048
12, 093
7,421
39,530
6,814
7,913
22, 824
32, 294
18, 060
7,473
36, 857
7,881
7,227
26,633
26, 519
46, 791
8,557
39, 561
7,748
4,088
18, 968
19, 373
40, 172
5, 218
33, 396
5,711
4,899
7,737
31, 148
26,390
7,425
26,028
9,823
5,703
9,473
28, 812
27, 449
8,388
38, 153
10, 393
1,598
11, 232
17, 519
18, 267
3,839
31, 570
17, 947
7,069
13, 025
35, 786
30, 077
16, 754
53,043
14, 262
5, 733
8,541
35, 939
34, 407
18, 197
44, 301
13, 431
3,614
8,727
26, 854
45, 218
15, 069
35,484
64,472
91, 174
41, 128
8,176
51, 734
59, 378
87, 023
45, 730
3,971
43,604
69, 399
61, 516
47, 589
204
45, 726
48, 016
90, 492
25, 040
23
40, 368
37, 495
78, 468
22,098
412
65, 649
37,504
81, 370
23, 824
1,177
53, 648
30, 819
57, 779
26,263
89
54,617
30, 411
65, 306
29, 418
525
51, 806
30,006
61, 322
30,097
43
46,071
55, 093
67, 384
48, 156
526
58, 394
50,577
81, 135
36, 786
186
53,390
52, 565
72, 984
55, 492
176
59, 133
148,783
306, 373
48, 842
63, 135
5,662
20, 690
39, 302
45, 597
40, 807
1,128
148,374
300, 228
46, 512
46, 154
7,136
21, 924
40, 207
47, 132
46, 554
1,110
168, 272
303, 827
38. 269
43, 062
5,342
20, 353
50, 119
45, 852
48, 719
1,091
176, 577
236, 854
27,452
20, 012
10, 141
14, 264
32, 854
46, 384
44, 359
1,005
152, 711
289, 909
21,598
37, 090
6,372
13, 717
30, 873
46, 870
43. 625
1,010
165, 647
234, 214
16, 659
35, 940
8,076
13. 477
30. 003
38,293
47. 106
981
166. 272
208. 506
18, 961
33, 115
7,599
12,005
28,863
36, 698
36, 776
916
176, 026
256, 455
20, 249
41, 255
13, 822
12, 651
38, 397
42, 738
48, 558
1, Oil
174, 152
184, 435
14, 942
29, 129
5,899
9,748
32, 772
38,845
27, 923
813
161, 074
338, 159
26, 160
57, 217
21, 482
18, 533
46, 791
50, 586
58, 256
1,272
146, 211
278, 788
18, 170
51,165
13,044
17, 584
36, 676
41, 178
51, 162
1,074
153, 534
239, 908
9,262
44, 751
11,235
15, 037
34, 386
42, 237
44, 809
1,017
108, 351
104, 258
122, 231
129, 879
663,342
86, 352
89, 745
127, 043
122, 352
684, 469
125, 595
74,236
129, 797
121, 101
639, 993
115, 550
81, 311
113, 839
113,357
580,672
130, 296
111, 466
102, 921
115, 236
550, 096
119, 003
138, 517
109, 092
107,341
507, 148
124, 194
107, 223
97, 297
91, 489
495, 796
127, 852
127, 203
92, 560
102, 711
560, 994
146, 732
96, 545
80, 397
83,961
405, 320
184, 256
116, 621
122, 784
128, 944
719, 242
141, 574
121,409
92, 599
127, 241
590, 489
154, 193
130, 911
83, 656
117, 946
530, 584
293, 174
45,904
35, 084
127, 257
19, 524
272, 722
31, 282
27, 740
131, 237
9,235
272, 097
40, 439
25, 298
131, 062
9,873
239, 392
26, 475
18, 860
136, 600
10, 448
278, 461
28, 673
15, 813
157, 618
11, 024
294, 793
21, 002
19,543
188, 134
11, Oil
265, 854
30, 755
18, 927
143, 296
10, 722
289,359
43, 752
18, 808
149, 536
9,987
272, 192
74, 777
15, 346
108, 440
8,190
379, 791
91,623
24,732
142, 698
18, 922
323, 435
68, 883
2 18, 023
140, 134
2 13, 447
338,018
84, 916
219,318
143, 638
2 13, 558
1923-25-= 100
do
do
do
do
do
1924-29-= 100
do
SHIPPING WEIGHT
Water-borne trade:
Exports, including reexports. .thous. of long tons..
Generfll imports
do
VALUE
Exports, including reexports, total!
mil. of dol_.
Commercial
do
Foreign aid and relief§
do
By geographic regions:
Africa
thous of dol
Asia and Oceania}!
do
Euro pel
do
Northern Nnrth Amprioa
do
Southern North America
do
South America
do
Total exports by leading countries:
Africa:
Egypt
do
Union of South Africa
do
Asia and Oceania:
Australia, including New Guinea
___do_-British Malaya
do
China
do
India and Pakistan
do
Japan t
do
Netherlands Indies
do
Republic of the Philippines..
do_._
Europe:
France
do
Germany!
do
Italy!
do
Union of Soviet Socialist Republics
do.__
United Kingdom
do
North and South America:
Canada
do
Latin American Republics, total
do
Argentina
do
Brazil
do
Chile
do
Colombia
do
Cuba
do
Mexico
_ _ _ _ _ _ _ _ _ _ _ _ _
do
Venezuela
do
Exports of U. S. merchandise, total t— mil. of dol.
By economic classes:
Crude materials!
thous. of dol
Crude foodstuffs!
do
Manufactured foodstuffs and beverages!., do
Semimanufactures!
do
"Finished marmfafitiires!
do
By principal commodities:
Agricultural products, totalt
do
Cotton, unmanufactured J
do
Fruits, vegetables, and preparations !__ do
Grains and preparations!
do
Packing house products!
do
1,021
52, 675
78, 988
221, 792
242, 717
365, 235
436, 911
148, 475
165, 481
122, 925
154, 862
204, 753 ' 174, 192
1,028
8
1,152
0)
0)
35, 763
205, 995
373, 751
155, 971
113,300
143,375
1,139
650, 145
721, 961
837, 239
818, 625
765, 337
731, 554
892, 055
Nonagricultural products, total J
do
834,887
686, 308
540, 764
749, 877
679,271
11, 410
14, 791
19, 222
13, 613
14, 189
10, 621
11, 098
15,888
10, 591
11,052
13, 941
Aircraft, parts, and accessories . do
11, 740
69. 717
74, 898
83, 819
90,012
64, 084
78, 998
Automobiles, parts, and accessories
do
83, 931
70, 507
91, 760 2 70, 472 2 67, 701
47, 748
53,877
63, 794
72, 509
68. 133
64, 406
82, 066 2 63, 651
70, 893
63,415
58, 064
Chemicals and related products!
do __
50,932
2 66, 854
5,904
12, 755
11,102
10,004
9,188
7,884
9, 359
Copper and manufactures _ _
do
10, 975
6,176
8,136 2 10, 260
25,095
51, 282
45, 712
63, 708
57, 807
Iron and steel-mill products.
do
51, 322
48, 470
45, 878
51,636
36,075
70,075
65, 924
58,963
214, 120
201, 169
184, 464
171,941
162, 145
159, 859
217, 921
185, 597
231, 726 2 2205, 930 2 188, 957
Machinery, total! _ _ _
do _
124, 196
39, 024
33, 267
30, 412
32, 983
32, 281
34, 066
29, 905
28, 536
Agricultural
do
25,901
38, 381
10, 697 2 10, 535
31, 792
Electrical!
do .
48, 935
50, 459
47, 580
37,502
34,360
52, 712 2 40, 604 2 36, 649
34. 958
37, 234
26,057
14, 437
11, 685
12, 576
15, 963
11,903
11,477
11, 771
11, 795
Metal working
do
7,951
19, 216 2 14, 864
2 15, 566
104, 382
101, 876
97, 339
75, 440
Other industrial
_
do
90, 139
85, 849
78, 172
94, 144
106, 737
57, 946
106, 079
120, 935
49, 409
58, 845
60,374
67, 864
55, 913
Petroleum a n d products!
_ _ _ _ _ do _
61, 395
60, 916
50, 815
43, 332
55, 496
56, 601
49, 616
74, 935
55, 013
83, 129
78, 626
67,328
62, 136
53, 703
68,395
Textiles and manufactures!
do
50,477
91, 397
70, 523
60,443
r
Revised. 1 Not available; see note marked "i". 2 Not strictly comparable with data prior to 1949 because of changes in commodity classifications. Important among the shifts affecting
comparability is the transfer of tractors, parts, and accessories (totaling $22,100,000 in January 1949) from the agricultural machinery group to a separate group.
§ The series includes UNRRA shipments and shipments under the various foreign aid programs initiated during 1947 (U. S. Foreign Relief, Interim Aid, and Greek-Turkish Aid, Government procured items), the Economic Cooperation Administration Program which began in April 1948, and Army civilian supply shipments (see marked "!"). Separate figures for foreign aid
and relief, other than Army civilian supply shipments, are not available after May 1948; moreover, some goods classified in previous months as commerical exports were subsequently financed
by E. C. A. and Interim-aid authorizations.
! The indexes of exports of agricultural products beginning in the May 1948 Survey, and other indicated export series beginning in the April 1948 issue, include Army civilian supply shipments (with the exception of shipments of petroleum and petroleum products other than asphalt for road building) initiated during the war period to furnish relief to the civilian populations
in occupied areas. These shipments totaled 910 million dollars in 1947; data were not reported prior to 1947. Estimated total Army civilian supply shipments for 1944-46, based on data reported by the Army and Navy, are as follows (millions of dollars): 1944, 155; 1945, 724; 1946, 447. These 1944-46 totals include petroleum and petroleum products which are not included in
1947 and J948 data as indicated above. "Total exports including reexports" includes comparatively small amounts under the lend-lease program which have not been shown separately since the
March 1948 Survey.
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
FOREIGN TRADE—Continued
VA LUE—Continued
General imports, total
thous. of dol_. 665, 813
By geographic regions:
44, 561
Africa
do
138, 873
Asia and Oceania
_.
do. _
98, 965
Europe
do
Northern North America
do . 128, 617
114, 938
Southern North America
do
139, 859
South America
do
By leading countries:
Africa:
2,082
Egypt
do
12, 988
Union of South Africa
do
Asia and Oceania:
24, 395
Australia including New Guinea
do
23, 003
British Malaya
do
10, 590
China
do __
22, 512
India and Pakistan
do
4,643
Japan
do
4, 908
Netherlands Indies
do
23, 990
Republic of the Philippines do
Europe:
6,489
France
. do
1,737
Germany
do
8,414
Italy
do
7,414
Union of Soviet Socialist Republics _. do
25, 573
United Kingdom
do
North and South America:
126, 440
Canada
_ _ _
do
237, 191
Latin American Republics, total
do
19, 706
Argentina
do
40, 684
Brazil
do
17, 863
Chile
_
do
17, 442
Colombia
do
47,168
Cuba
do ...
27, 204
Mexico
do
26, 880
Venezuela
_
.
... do
638, 378
Imports for consumption, total
do
By economic classes:
195, 121
Crude materials
do
Crude foodstuffs
.
_ do _. 121,995
70, 650
Manufactured foodstuffs and beverages do
Semimanufactures
.
do. .. 140, 794
109, 818
Finished manufactures
do
By principal commodities:
310, 659
Agricultural products, total
do
63, 435
Coffee
do_ __
10, 587
Hides and skins
do
r
29, 648
Rubber, crude, including Guayule
do
1,863
Silk, unmanufactured
..
_
do
40, 808
Sugar
do
34, 803
Wool and mohair, unmanufactured
do
327, 719
Nonagricultural products, total
do
11, 996
Furs and manufactures
do _
Nonferrous ores, metals, and manufactures,
49, 476
total
thous. of dol_
19, 006
Copper, incl. ore and manufactures do
7,613
Tin, including ore
do _
29,
003
Paper base stocks
.
do
37, 367
Newsprint
do
37,
277
Petroleum and products
_.
do
528, 037
549, 428
615, 479
558, 346
598, 860
558, 221
597, 342
550, 062
721, 588
589,251
567,855
29,295
112, 302
80, 699
114, 602
88, 264
102, 874
35, 501
112, 300
83, 622
120, 279
84,895
112, 831
28, 704
137, 669
95, 188
129, 285
76, 623
148, Oil
31, 923
117, 734
87, 501
125, 778
73, 150
122, 261
41, 806
134, 275
89, 237
136, 983
82, 107
114, 453
33, 955
97, 340
94, 174
157, 276
67, 451
108, 026
31,184
125, 115
102, 271
153, 624
64, 774
120,374
23,097
95, 519
81, 758
170. 583
55,729
123,376
35, 233
179, 008
112, 923
148, 791
83, 095
162, 539
27
124
88
127
77
144
541
044
737
050
622
257
28, 701
124, 129
89, 450
119,340
91, 716
114, 519
464
9,460
215
12, 176
415
9,978
1,577
12, 565
10, 322
10, 901
9,959
10, 055
205
13,744
206
11,029
350
10, 849
266
9 553
342
7,341
7,287
16, 684
7,778
35, 569
4, 019
3,511
16, 942
5, 589
20,237
9,133
28, 457
3,789
2,942
17,632
13, 242
22, 204
10, 232
27, 472
5,671
6,038
25, 415
13, 468
23,947
11, 297
22, 310
6,750
5,889
15, 356
16, 932
20, 442
9,933
20,532
5,518
8,961
23,538
6,538
17, 463
8,736
16, 733
4,083
5, 512
13, 311
8,914
24, 499
10, 971
23, 802
7,130
8,092
13,950
4,999
14,404
9,315
17, 125
6,214
8,458
11,546
13, 171
34, 501 il
13, 747
26, 958
7,352
15,235
25, 081
9 387
17 169
11 839
26 537
7 122
9 995
14 891
11, 772
13, 639
15, 757
25, 952
9,029
7,260
15,051
4,842
1,356
9,127
6, 682
23, 871
4,656
1,495
7,210
7,371
20, 862
7,470
2,003
7,214
7,400
26, 247
6,191
3,064
5,928
5,628
23, 646
6,806
2,982
5,860
8,420
23, 643
6,402
4,102
7,475
9,788
21, 468
7,661
3,606
10, 263
5,253
27, 051
5,521
3,056
9,103
6,745
19, 462
7, 344
3,491
11, 775
6,592
29, 379
6 414
4 648
7 902
1*613
24 671
5,851
4,745
5,962
3,257
20,512
113, 041
177, 173
12, 520
30, 928
15, 688
8,694
33, 763
24, 244
23, 464
525, 609
116, 211
186, 427
11, 906
35, 912
13, 706
14, 182
38, 990
17, 533
22, 735
543, 650
125, 541
212, 913
17, 600
52, 381
18, 004
19,963
30, 627
17, 051
25, 693
595, 802
122, 310
184, 043
16, 104
36, 216
15, 803
21, 145
29, 810
18, 646
19, 863
562, 990
134, 003
182, 876
15, 785
34, 899
13, 595
18, 737
42, 551
17, 473
20, 626
589, 199
153,315
163, 592
10, 076
37, 681
12, 209
18, 762
32, 787
17, 247
21, 317
587, 998
149, 251
174, 444
10, 352
47, 449
12,536
19, 954
29, 140
17, 301
21, 498
601, 726
165,863
166, 680
6,908
48, 393
11, 876
22, 840
15, 965
19, 623
25, 105
557, 195
145, 943
231,054
9,830
62,235
18, 019
28, 750
26, 630
25, 232
27, 271
705, 982
121.998
208 506
15 234
47, 437
15, 456
21 749
24, 558
24 198
24, 566
578, 142
115, 650
195, 216
11, 133
33, 418
18, 552
16, 202
37, 404
24,664
20, 820
554, 164
153, 174
85, 425
56, 030
121, 445
109, 535
153, 155
95, 101
63, 255
130, 303
101, 836
187, 378
106, 830
61,086
133, 128
107, 379
168, 978
89, 043
57, 206
138, 563
109, 201
177, 803
88, 717
74, 870
140, 580
107, 227
183, 172
93, 212
67, 081
138, 906
105, 627
164, 714
105, 931
72, 852
139, 821
118, 407
146, 535
116, 094
53, 434
127, 860
113, 273
203, 548
145, 217
63, 862
165, 397
127, 958
181
109
49
127
109
460
606
831
684
562
156, 146
99, 428
57, 983
131, 764
108, 843
224, 686
39, 671
8,110
16, 405
828
25, 547
24, 612
300, 924
9,600
237, 024
52, 703
6,961
16, 335
982
30, 254
20, 269
306, 626
15, 276
267, 899
67, 489
8,694
26, 688
2,174
22, 115
29, 007
327, 903
14, 503
238, 665
50, 357
10, 040
27,233
3,316
22, 470
25, 142
324, 326
10, 104
258, 166
44, 461
6,649
28, 365
906
42, 142
26, 948
331, 033
17, 270
261, 756
46, 645
6,878
22, 294
1,034
30, 934
22, 156
326, 242
16, 630
256, 337
55, 306
5,050
27, 740
1,745
27, 448
19, 893
345, 388
12, 771
231, 972
60, 865
5,064
22, 758
1,091
13, 452
16, 456
325, 224
9,226
313, 647
85,827
6,331
37, 862
1,543
21,003
18, 540
392, 335
11, 932
251, 736
71 555
5 646
27 672
2,517
19 283
21, 307
326, 406
6,764
238, 029
57, 396
4,780
22, 580
3,129
32, 659
21,796
316, 135
7,012
44, 744
15, 376
8,452
22, 347
32, 801
32, 544
48, 974
13, 499
13, 225
28, 967
34, 477
30, 204
50, 995
18, 967
13, 947
32, 296
34, 843
34, 612
52, 523
19, 224
7,965
29, 563
33,093
32, 799
55, 717
15, 895
11, 666
27, 271
37, 320
33, 267
54, 468
14, 223
10, 899
23, 612
33, 172
35, 569
63,896
15, 774
13,663
22, 857
34, 587
34, 430
55, 356
15, 888
7,637
20, 974
39, 609
41, 454
88, 027
22, 820
24, 706
22, 562
39, 081
46, 032
74, 603
23 243
9 591
17, 869
35 442
44, 004
64,900
25, 076
11, 007
22, 277
34, 210
36, 820
631, 945
623, 809
TRANSPORTATION AND COMMUNICATIONS
TR AN SPORTATION
Airlines
Operations on scheduled air lines:
Miles flown, revenue
thousands
Express and freight carried
short tonsExpress and freight ton-miles flown. .thousands. _
Mail ton-miles
flown
do
Passengers carried, revenue ._
_do ___
Passenger-miles flown, revenue
do _
24, 849
12, 793
7,817
3,045
881
431, 156
25, 710
12, 424
7,446
2,819
r
1,015
473, 950
r
27, 176
13, 346
8,406
2,923
1,131
527, 924
28, 050
13, 069
8,097
2,868
1,187
575, 019
29, 444
11, 998
7,296
T
2, 764
1,181
546, 018
r
29, 427
13, 310
7,935
2,890
1,206
552, 710
27, 689
15, 952
9,540
3 066
1,176
535, 578
27, 718
16, 575
10, 028
3,321
1,159
522, 007
25 361
14 973
9,509
3 360
966
440 971
26 250
17, 636
11, 085
5 098
978
473 636
23 141
12, 176
7,859
3 ">92
821
418 212
23 144
11 819
7,598
3 207
868
420 133
r
Express Operations
Operating revenue
Operating income
thous. of dol
do ...
26, 355
5
25, 318
131
21, 877
1
23, 632
25
23, 180
20
22,d712
24.d106
%4
23 210
9
23 373
12
28 585
61
23 105
28
22 027
20
Local Transit Lines
Fares, average cash rate
cents..
Passengers carried, revenuej
millions
Operating revenues
thous. of dol.
8. 5234
1,581
121, 800
8. 5816
1,491
119, 500
8. 6093
1,487
120, 200
8. 6591
1,437
118, 300
8. 9140
1,356
123, 700
8. 9694
1,342
124, 200
9.0165
1 369
121, 200
9. 0913
1 439
130, 900
9 J439
1 392
130 200
9 1827
1 478
143 300
9.2131
1 399
128 400
9 2353
1 273
117 000
1 424
2,984
408
40
173
153
49
204
447
1,510
4,404
992
72
224
200
63
395
544
1,913
3,524
795
58
189
199
42
332
408
1,499
4,183
786
67
246
322
44
408
487
1.823
3 562
746
59
212
223
43
311
420
1,548
3 502
694
58
197
195
58
302
420
1,578
4 574
889
75
243
264
99
346
557
2.100
3 295
642
60
169
207
62
222
411
1.523
2 951
621
59
156
193
47
78
369
1.428
3 428
756
78
168
215
51
59
434
1.666
2 767
607
63
131
156
34
52
369
1.356
2 619
361
56
146
186
34
59
383
1 . 394
Class I Steam Railways
Freight carloadings (A. A. R.):1
Total cars
__
thousands
Coal
_
do
Coke
do
Forest products
do
Grains and grain products __ _ _ _ do _
Livestock
do
Ore
_
do
Merchandise, 1. c. 1. _ _ __
do _
Miscellaneous
do
r
r
r
2,r 952
511
53
181
141
35
r
57
r
462
1, 512
Revised. d Deficit.
JData for May, July, October 1948, and January 1949 are for 5 weeks; other months, 4 weeks.
JFigures for January-March 1946 revised; see note marked "f" on p. S-22 of the July 1948 Survey.
12
SUKVEY OF CUKKENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-23
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
TRANSPORTATION AND COMMUNICATIONS—Continued
TRANSPORTATION— Continued
Class I Steam Railways—Continued
Freight carloadings (Federal Reserve indexes) :
122
Total, unadjusted.
1935-39=100..
98
Coal
do
163
Coke
...
do
146
Forest products
do
100
Grains and grain products
._
_ do _
62
Livestock
._
do
57
Ore
do
73
Merchandise, 1. c. 1
__ -.do _
142
Miscellaneous
_
do
130
Total adjusted
do
98
Coal
-do __
162
Coke
do
146
Forest products
do
109
Grains and grain products
do
79
Livestock
do
195
Ore
do
72
Merchandise, 1. c. 1 .
do ...
150
Miscellaneous
do
Freight-car surplus and shortage, daily average:
35, 244
Car surplus, total
number..
2,585
Box cars
do
27, 938
Coal cars§
do
7,783
Car shortage, total
do
2,974
Box cars
_ do
4,374
Coal cars§_
_. _
do
Financial operations (unadjusted):
776, 616
Operating revenues, total
thons. of dol
642, 346
Freight
do
74, 398
Passenger
_ . do
Operating expenses
_ _
_-do_ _ _ 618, 759
Tax accruals, joint facility and equipment rents
97, 132
thous.ofdol..
60, 724
Net railway operating income
do
35, 447
Net incomet
do
Financial operations, adjusted:
760.8
Operating revenues, total
mil of dol
623.3
Freight
do
-75.5
Passenger
_ _
do
705.4
Pi ailway expenses
do
55.4
Net railway operating income
do
22.2
Net income
do
Operating results:
52,466
Freight carried 1 mile
mil of ton-miles
1.300
Revenue per ton-mile
cents
3,271
Passengers carried 1 mile
millions
128
105
134
141
108
94
212
70
143
130
105
137
141
123
105
213
70
145
143
163
183
145
113
86
277
69
144
141
163
185
139
129
96
213
69
143
144
153
183
156
147
74
296
66
144
139
153
187
150
144
86
191
66
140
143
144
177
165
189
66
296
63
142
138
144
183
165
158
86
185
64
141
146
153
187
171
156
76
273
67
146
142
153
194
162
144
80
182
66
145
150
149
190
164
142
113
273
70
156
139
149
192
152
127
85
182
66
144
151
147
190
158
150
143
240
71
159
140
147
194
149
150
93
178
68
145
141
138
198
141
152
114
196
68
149
137
138
198
144
155
90
178
66
144
128
131
201
123
138
82
62
60
139
137
131
192
139
147
85
201
62
148
120
130
198
116
125
76
44
57
129
131
130
189
129
125
79
175
60
141
117
124
198
107
111
60
46
58
128
126
124
187
112
113
75
185
61
136
111
79
175
117
128
61
68
61
131
120
79
174
117
139
77
236
60
138
104,170
3,459
14, 515
15, 633
4,285
1,792
74
253
4,473
11, 573
1,902
4,781
1,561
791
670
31,831
60,063
14
15, 350
16, 942
1,736
11, 539
14, 108
5,392
109
114, 926
17, 803
87, 579
510
165
198
95, 106
2,330
5,824
13,282
9,938
486
47
19, 095
5,210
12, 985
385
56
16, 992
9,891
8,908
7,254
3,469
6,262
20,885
161
653
11, 339
6,031
16, 221
657
212
429
14, 930
34, 917
549
103
320
1,079
1,058
1,133
11, 500
2,002
12,637
5,020
8,279
728, 969
601, 376
69, 490
585, 625
796, 403
666, 984
71, 786
616, 231
838, 106
690, 838
84, 251
626, 080
685, 426
95, 094
626, 159
868, 089
711, 360
92, 511
637, 362
844, 774
696, 795
83, 603
620- 993
878, 121
738, 588
75, 316
651, 909
691,177
806, 554
648, 028
90, 671
648, 742
730, 686
594, 747
81, 522
616, 269
675, 749
559, 186
67, 374
567, 778
739, 616
616, 074
74, 220
637, 472
90, 239
89, 993
90, 178
63, 715
124,979
115, 033
115, 695
85, 510
112, 932
110, 849
82, 657
115, 335
110, 877
84, 486
103, 788
84, 066
61, 760
64, 662
49, 890
81, 173
33, 244
11, 884
78, 217
29, 754
85, 708
65, 417
94, 071
110, 578
105, 257
76, 474
93.150
26, 916
726.1
794. 7
855.6
818.6
842.4
695.2
836.0
810.6
82.8
832.9
695.9
767.8
627.2
87.5
688.1
84.2
845.0
707.8
72.8
701.0
93.7
61.8
710.3
81.6
719.0
136.6
102.5
669.8
72.1
739.7
609.0
98.7
65.3
98.6
64.9
89.1
56.3
703.4
91.7
57.4
688.5
60, 250
1.183
3,151
58, 231
1.262
57, 995
1.261
3,660
4,094
61, 253
1.231
3,961
58, 815
1. 256
3,521
62,900
3,043
6,826
8,167
8,765
8,773
4,478
4,294
4, 059
3, 495
7,638
4,083
3,554
6,307
6,567
4,304
9,004
4,407
4,507
7,554
4,461
3,075
3,466
3, 1C1
3, 015
2,876
5,567
2,797
2,768
53,104'
593.6
684.4
41.7
8.8
49, 902
1.284
665.0
87, 047
841,994
726.8
743.6
737.4
10, 804
77.2
755.9
1.248
3,101
825, 326
659.4
89.2
77.8
751.7
81.2
48.6
56, 162
1.300
85.1
738.6
72.1
40.0
64.4
'34.2
52, 541
1.312
49, 197
1.292
3,538
2,990
3,368
4,635
67,608
587, 933
74.7
51.3
21.1
45, 359
1 314
2,740
Waterway Traffic
Clearances, vessels in foreign trade:
Total, U S. ports
thous net tons
Foreign
_
do
United States
do
Panama Canal:
Total
thous. of long tons..
In United States vessels
do
Travel
Hotels:
Average sale per occupied room
dollars
Rooms occupied
.percent of total
Restaurant sales index, same month, _ _ 1929=100. _
Foreign travel:
U. S citizens, arrivals
number
IT. S. citizens, departures
do
Emigrants
do
Immigrants
do
Passports issued
_ __
_
do
National parks, visitors
_ _ . thousands
Pullman Co.:
Revenue passenger-miles
millions
Passenger revenues _. _
thous.ofdol
7,002
2,998
4,005
5,892
3,106
3,720
4,063
4,099
2,143
1,165
2,064
1,184
1,990
964
2, 125
1,044
1,940
1,117
2,021
1, 167
1,954
1,075
1,642
751
1,764
687
1,827
909
2,341
1,179
1,981
877
2, 554
1,280
4.81
5.35
89
245
4.91
89
246
5.27
89
248
5.12
83
227
5.62
88
236
5.53
90
240
5.60
89
224
5.70
84
225
5.25
73
204
5.41
83
222
5.38
86
222
5.15
85
210
41, 823
40, 574
1,750
37, 517
41, 271
1,395
12, 742
27, 304
689
45, 627
59, 432
1,707
12, 345
30, 372
1,454
52, 038
58, 080
67, 000
42, 549
63, 648
32, 113
53,004
33, 727
41, 410
25, 323
43, 108
36, 078
38, 587
46, 973
12, 364
89
206
47, 587
44, 722
1,556
14, 567
26, 883
14,211
3, 232
39,815
11, 495
16, 168
2,613
2,800
12, 314
13, 892
1,371
15, 707
12, 456
616
15, 304
11, 134
215
20, 829
12, 669
150
16, 744
155
21, 975
177
9,334
1,028
1,016
9,128
9,240
1,020
1,008
9,183
8,396
922
933
8,417
1,187
10, 814
8,600
241, 148
135, 379
85, 868
189, 214
24, 702
33, 769
240, 002
133, 533
86, 248
193, 785
21, 180
34, 009
243, 779
134, 254
88, 964
192, 228
24, 327
34,286
244, 659
136, 663
87, 153
193, 927
23, 739
34, 518
248, 456
139, 384
89, 102
193, 407
26, 759
34, 760
248, 576
141, 178
87, 056
199, 356
24, 210
258, 051
143, 893
93, 015
211, 342
21, 235
35, 298
15, 482
14,d 610
16, 508
14, 759
741
15, 107
15, 091
15, 403
15,290
14, 842
14, 187
14, 493
14,d 069
2,012
1,758
60
2,065
2,005
1,702
170
1,842
1
1,980
1,724
39
2,076
1,787
92
1,807
1,779
* 48
1,846
1,857
d
1,931
1,832
12
1,869
1,849
1,797
1,819
d
1,838 *
1,780
258
25, 110
351
1, 045
9,364
8,676
8,254
935
1,040
9,516
237, 939
132, 124
87, 003
187, 252
23, 800
32, 934
235, 094
132, 437
83, 653
183, 836
24, 130
33, 186
238, 347
133, 426
85, 348
185, 762
25, 250
33, 499
16, 055
14, 190
15, 014
14, 224
4185
1,885
1,843
2,089
* 102
1,817
1,896
d
975
21,699
34, 761
243
943
COMMUNICATIONS
Telephone carriers :1
Operating revenues
thous of dol
Station revenues
do
Tolls, message
do
Operating expenses
do
Net operating income
do
Phones in service, end of month
thousands
Telegraph, cable, and radiotelegraph carriers:
Wire-telegraph:
Operating revenues
thous of dol
Operating expenses, inch depreciation
do
Net operating revenues
do
Ocean-cable:
Operating revenues
do
Operating expenses, incl. depreciation
do
Net operating revenues
do
Radiotelegraph:
Operating revenues
do
Operating expenses, incl. depreciation ..do
Net operating revenues
do
p
900
140
W8
87
*759
<*54
14,490
50
9S
14, 313
164
1,724
157
dl6
d6S
2,057
35,044
293
15, 959
17, 154
d
1,989
1,734
132
1,942
1,709
40
2,362
1, 849
1,791
1,848
1,850
d
2,121
d%Q
6S
14 024
14,d 124
1,837
315
2,020
47
1
1
13 227
942
13,171
d
756
1,939
1,611
123
1,931
1,584
137
1 820
1, 783
i dS6
i1 1 844
1.747
i 27
Revised. <* Deficit.
§ Data have been revised beginning July 1947 to exclude covered hoppers; prior to that month covered hoppers were not shown separately from other hoppers and are included in the figures
for total coal cars.
1 Data relate to Continental United States. JRevised data for February 1948, $18,246,000.
i Beginning January 1949, data are compiled from reports of carriers having annual operating revenues of $250,000 or more; however, the one company excluded on the new basis accounted for
only 0.3 percent of total revenues in December 1948.
SUKVEY OF CUKEENT BUSINESS
S-24
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
Septem-
August
October
November
December
January
February
March
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Ammonia, synthetic anhydrous (commercial)
short tons__
Calcium arsenate (commercial)
thous. of lb_.
Calcium carbide (commercial)
short tons _
Carbon dioxide, liquid, gas, and solid
thous. oflb__
Chlorine
short tons
Hydrochloric acid (100% HC1)
._ _do
Lead arsenate (acid and basic)
thous. of lb__
Nitric acid (100% HNO3)
short tons
Oxygen
"
mil. cu ft
Phosphoric acid (50% HsPOO
. _ 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% H2S O4) :
Production
short tons
Price, wholesale, 66°, tanks, at works
dol. per short ton. _
Organic chemicals:
Acetic acid (synthetic and natural), production
thous. of Ib
Acetic anhydride, production
do
Acetyl salicylic acid (aspirin), production. .do
Alcohol, denatured:
Production
_ - thous. of wine gal
Consumption (withdrawals)
do
Stocks
do
Alcohol, ethyl:
Production
thous. of proof gal
Stocks, 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
Ethyl acetate (85%), production.
thous. of Ib
Glycerin, refined (100 % basis):
High gravity and yellow distilled:
Production
thous. of Ib
Consumption
do
Stocks
do__
Chemically pure:
Production
do
Consumption
__do
Stocks
_
do
Methanol, production:
Natural (100%)thous. of gal_.
Synthetic (100%)
do
Phthalic anhydride, production. _ .thous. of fb_
100,142
3,379
61, 489
92, 640
3,910
57, 649
82, 408
3,399
59, 009
81,364
5,488
54,585
89, 642
3,273
53,375
85, 556
899
57, 443
86, 062
0)
55, 164
92, 791
57, 805
0)
93, 923
0)
55,347
99, 303
(0
57, 971
99, 057
0)
61,918
70, 590
132, 668
36, 579
3,654
101, 041
1,361
105, 097
83,260
126, 992
36, 306
3,814
94, 904
1,362
97, 510
96, 217
130, 926
38, 349
3, 127
86, 487
1,370
98, 565
103, 850
133, 231
34, 930
2,097
81, 888
1,288
95, 396
118,787
129, 445
32, 862
506
92, 594
1,205
96, 864
120, 884
142, 412
35, 782
0)
90, 318
1,328
102, 961
101, 358
136, 382
37, 825
0)
95, 570
1,279
106, 304
71, 125
147, 593
39,863
0)
99, 190
1,431
113, 726
60,734
147, 451
38,889
0)
91,348
1,386
104, 433
59, 668
154, 469
39, 237
1,648
95, 099
1 409
109, 149
60,371
152, 838
39, 378
3,866
97,854
1,403
112, 257
404, 525
7,971
198, 658
357, 752
8,184
186, 300
360, 110
7,962
186, 265
347, 656
7,916
190, 576
398, 871
7,850
194, 012
394, 215
7,783
203, 274
357, 618
8,200
196. 163
406, 603
8,734
211, 836
398. 158
8,277
212,494
406, 026
8,328
221, 479
372, 224
8,913
209, 891
54, 702
38, 773
33, 588
39, 093
38, 230
36, 085
38, 232
38, 617
46, 868
38, 049
69, 688
70, 928
73, 510
65, 602
64, 083
67, 293
71, 926
76, 811
73, 721
71, 868
956, 957
904, 562
931, 788
838, 982
838, 317
901, 994
866, 168
950, 801
944, 268
15.00
15.00
15.00
15.00
15.00
15.00
15.00
17.00
34, 605
64, 849
1,054
33, 244
60, 103
1,061
39,091
64,641
559
38, 041
57, 784
37, 745
63, 246
31, 626
63, 004
905
35, 437
69, 240
1,043
13,016
13, 046
1,613
13, 311
13, 206
1,712
13, 754
14,211
1,245
12, 973
13,138
1,073
12, 534
12, 492
1,110
14, 289
14, 124
1,282
29, 265
29, 808
29, 413
395
r
21, 048
3,237
12, 179
5,850
27, 389
31, 601
31, 032
569
r
23, 812
2,827
12, 884
5,422
29, 852
34, 874
34, 353
521
r
24, 807
2,838
11, 590
5,788
27, 668
38, 273
37, 699
574
r
22, 962
2,933
10, 654
5,763
23,833
38, 487
38, 114
373
r
22, 630
3,024
11, 345
4,972
25, 790
36, 098
35, 654
444
r
26, 209
3,432
11, 930
5,457
7,699
7,272
18, 197
6,715
7,456
16, 744
6,383
7,379
15, 221
8,772
7,896
18, 027
4,778
6,953
15, 257
7,045
7,261
14, 980
11, 350
7,845
21, 866
8,293
7,116
21, 923
7,704
6,776
21, 384
9,050
6,730
22, 355
5,557
5,992
21, 057
204
10, 944
14, 082
212
10, 489
13, 072
203
12,771
13,632
190
12, 880
11, 606
1,085
643
1,440
202
188
118
1,252
883
525
rr 321, 817 ' 276, 847 •• 172, 381
31, 564
68, 429
172, 579
382
99
283
649
90,917
(0
56, 480
103, 418
129
58,123
58,183
136, 431
38, 994
4,089
90,545
1 364
107 134
73, 255
148, 693
42,539
2,833
85,680
1,563
114, 237
329, 076
7 987
188, 340
349, 849
8,116
192, 947
35, 914
31,683
36, 892
72, 477
67 539
65,623
989, 887
964, 506
868 584
978, 251
17.00
17.00
17.00
17.00
17.00
38,322
69, 857
1,079
41, 238
73, 450
1,088
43, 496
67, 941
1,113
«• 41, 366
66, 520
1,180
34, 739
57, 807
1,069
15, 636
15, 573
1,344
15, 962
15, 457
1,982
16,013
16, 185
1,816
15, 765
15, 266
2,190
12, 855
12, 939
2,136
11, 121
10, 116
3,229
15,120
14, 088
4 249
27, 972
31, 725
31, 313
412
r
28, 584
3,809
12, 483
4,830
29, 827
29, 592
28, 738
853
30, 075
4,702
11,756
5,008
33, 609
31, 999
31, 496
503
r
29, 134
5,114
13, 436
4,904
30, 779
34, 917
34, 317
601
29, 339
3,159
12, 591
8,279
26, 573
37, 154
36, 587
567
r
23, 615
2,988
13, 137
f 6, 381
22, 381
37, 727
37, 434
293
r
20, 169
3,184
13, 435
3,653
28 293
37, 708
37,420
288
27 824
3,114
6, 886
7,547
13, 795
6,551
7,290
13, 376
7,069
6,980
13,538
7 203
6 652
13, 692
5,920
6,289
13, 905
4,689
5,774
12, 679
8,991
7,471
20, 701
9,484
7,432
20, 420
9,530
7,780
20, 586
9,240
7,544
18, 640
10 600
7, 551
20, 565
10, 530
7,907
21. 987
8,956
6,921
21, 764
214
13, 508
12, 133
190
14, 261
11, 567
191
14, 577
12,288
186
16, 396
f 15, 254
192
16, 342
15, 921
181
15, 950
15, 873
198
r 14, 506
16, 295
172
12, 783
12, 815
356
189
168
343
143
200
582
184
399
255,000
529
74
455
552
112
440
57, 515
183, 292
11,
283
r
95, 966
r 72, 330
34, 050
10, 208
8,192
230, 088
79, 641
131,712
10, 540
66, 405
51, 974
19, 357
3,487
' 3, 613
207, 704
91, 321
100, 172
9,845
87, 081
74, 175
41, 840
4,856
768
260
509
1,465
r
198
1, 267
207, 588
97, 587
92, 242
8,116
144, 203
130, 339
88, 559
241
1,293
r
263
1, 030
164, 704
42, 756
102, 382
9,201
98, 651
79. 805
45, 199
3,464
8,020
51.50
96, 738
51.50
94, 312
51.50
102, 160
51.50
103 032
54.50
98,968
54.50
90,604
249
r
r
r
r
r
r
r
187
FERTILIZERS
Consumption, totalf
__thous. of short tons__
Midwest Statesf
do
Southern Statesf
do
Exports, total §
_
short tons..
Nitrogenous materials §
_ do
Phosphate materials!
_
_ do
Potash materials!
do
Imports, total
__
do
Nitrogenous materials, total
do
Nitrate of soda
do
Phosphate materials
...do __
Potash materials
...
_ _ do
Price, wholesale, nitrate of soda, crude, f. o. b. cars,
port warehouses
__ dol. per short ton
Potash deliveries
short tons
Superphosphate (bulk):
Production
.
do
Stocks, end of month
_ _ do
«• 128, 273 r 198, 171 ' 133, 478
10, 030
5,524
8,563
163, 761
' 147, 938 145, 160
r
131, 798
126, 912 116, 875
76,232
89, 924
78, 764
8,594
301
436
12, 861
6,662
8,238
48.00
99, 728
48.00
99, 135
1,033,294
994, 464
974, 420
965, 480
48.00
80,497
202, 191
34, 469
161, 829
3,797
104, 306
92, 041
68,049
5,890
264, 889
77, 029
181,354
5,467
78, 688
72, 494
30, 339
2
243
0
48.00
84, 792
48.00
80, 338
r
r
253, 085
54, 897
189, 356
8,109
129, 587
121,746
64, 920
3,481
o
50.63
90, 806
0
200, 858
93, 869
82 149
12 283
116, 635
93, 869
49 913
9,774
825, 549
977, 100
741,993
801, 926
828, 646
839, 890
853, 461
822, 517
1,131,883 1,314,000 1, 421, 300 1, 418, 921 1, 382, 289 1, 333, 435 1, 357, 931 1, 407 694
r
r
1,922
292
1,630
464
5,962
54 50
100 338
855, 928
840, 276
1,387,127 1, 229, 019
NAVAL STORES
Eosin (gum and wood) :
Production ..
_
drums (520 Ib.)
Stocks, end of quarter
do
Price, gum, wholesale, "H" grade (Sav.), bulk
dol. per 100 lb__
Turpentine (gum and wood) :
Production
._
bbl. (50 gal.)
Stocks, end of quarter
do
Price, gum, wholesale (Savannah). _ _ dol. per gal__
382, 720
277, 980
7.19
115, 460
195, 350
.64
566, 300
401, 170
7.00
.62
6.80
7.52
.58
183, 240
200, 990
.42
607,805
576, 530
7.29
.39
7.28
7.41
.38
197, 640
228,600
.38
539, 310
670 550
7.62
.39
7.73
7.69
'7.48
' 7. 05
6.11
.39
163, 400
262 670
.37
.37
.40
.41
MISCELLANEOUS
Explosives (industrial), shipments:
2, 415
2,886
2,168
2,836
Black blasting powder __
thous. of Ib
2,739
3,336
2,548
2,626
2,581
2,953
2,405
1 730
1 287
60, 271
54,684
46, 406 ' p 45, 302
58, 026
High explosives
do
60, 929
58, 124
56, 497
53,175
43, 832
47, 704
44,985
43 362
Bone black: cf
Production _
short tons
519
607
1,017
520
Stocks. _.
do
2,004
1,650
1,526
1,877
f Revised.
1 Not available for publication.
cfSeries discontinued by the Bureau of the Census.
t Revised series. Data for fertilizer consumption by midwestern States and the total were revised in the March 1948 Survey to exclude Illinois which has discontinued tag sales; data for
consumption by southern States and the total have been revised beginning in the November 1948 Survey to exclude Louisiana which has discontinued tag sales. Revised data prior to September 1947 for the total and midwestern States, and prior to 1947 for the southern States will be shown later.
§ Beginning in the April 1948 Survey export figures include Army civilian supply shipments; see note marked "J" on p. 8-21.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-25
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
CHEMICALS AND ALLIED PRODUCTS—Continued
MISCELLANEOUS—Continued
Gelatin :d"
Production, total. . _
Edible
Stocks, total
Edible
Glue, animal:d*
Production
Stocks
Sulfur:
Production
Stocks
__
_
thous. of lb__
do
do _
do
do
do
_
long tons
do
4,336
3,034
7,000
3,464
4,009
2,883
6,889
3,392
4,504
3,103
7,268
3,713
4,584
3,437
7,462
4,060
11, 795
10, 957
12, 165
12, 062
11, 503
12, 960
11, 771
14, 823
409, 610 423, 233 406, 220 400, 657
402, 832 392, 991
409, 530
412, 680
438, 527
416, 678
393, 385
351,086 402 711
3,368,064 3,338,345 3, 297, 705 3, 303, 984 3,340,019 3, 310, 593 3, 313, 777 3, 292, 826 3, 226, 170 3, 225, 014 3, 274, 313 3, 234, 481 3, 202 481
OIL SEEDS, OILS, FATS, AND
BYPRODUCTS
Animal fats, greases, and oils:
Animal fats:
215, 921 189, 987
222, 845
222, 070
185. 865
238, 278 267, 662
366, 883 i 361, 417 1 1303, 420
Production
thous of Ib
221 253 298, 192
119,816
107, 826
122,370
84, 640
113, 254
113, 369
117,902 i 97, 264
116, 571
116, 137
Consumption, factory _
do
94, 838
122 063
431,815
310,
920
396,
045
449,
291
402, 332 i 464, 820 1 485, 516
369, 989
414, 980
376, 852
326, 165
Stocks, end of month
do_ _
288 614
Greases:
51, 411
50,619
42, 192
45, 543
43, 323
53, 144 i 52, 050 i 50, 216
47, 147
48,097
Production. __ .
__ .
do_ _ 45, 153
47 344
51, 931
47,116
46, 433
30, 009
50, 474
49, 474 i 55, 887 i 45, 023
56, 212
51, 525
47, 211
Consumption, factory
do
51 547
112,915
129, 645
124, 582
129, 997 149, 604
129, 354
126, 831
142, 626
104, 308 1 111, 489 i 107, 548
Stocks, end of month
...
do _
119 351
Fish oils:
6,529
4,296
13, 345
17,112
22, 332
5,649
766
1,000
23, 379
Production.do_ _
2,064
741
11 344
17, 979
19, 095
15, 721
16, 993
17, 776
13, 979
18,569
18, 946
16,227
Consumption, factory
do
14, 102
12, 723
20 225
115,
792 134, 465
66, 479
Stocks, end of month
_
do _
61, 021
55, 000
60, 879
78,276
89, 878
93, 2?9
97 756
109, 130
108, 537
Vegetable oils, oilseeds, and byproducts:
Vegetable oils, total:
532
352
331
316
310
409
529
408
307
Production, crude
mil. oflb
2449
'2
506
498
r2
449
354
385
351
281
322
453
425
367
2414
Consumption, crude, factory
do
434
440
Stocks, end of month:
2
614
474
592
555
463
693
526
465
799
447
Crude
_
do
'r 2 769
528
2
211
305
252
201
292
227
149
424
130
279
Refined
_
do
2390
152
9,648
14, 204
11,831
21, 199
16, 319
25, 654
19, 750
7,793
19, 516 3 15, 879 3 27, 530
Exports§
thous. of Ib
10 603
31,329
29, 596
25, 931
32, 646
23, 799
32,184
30, 545
30, 256
25, 708
31, 834
61,350
Imports, total
_
do _
40 967
7,946
15, 888
14, 429
10, 531
9,266
9,697
11,492
10, 270
7,390
16, 855
11, 335
Paint oils
do
19 028
23, 382
22, 376
19, 065
10, 043
20, 991
16, Oil
16, 409
19, 053
44, 495
17,756
All other vegetable oils
.
do
22, 500
21 939
Copra:
27, 377
23, 530
23, 553
50, 194
40, 136
35, 102
32, 503
17, 624
33, 343
31, 797
29, 959
Consumption, factory _ _ _ _ _ short tons
21 356
5,265
25,145
36, 471
22, 659
16, 581
20,574
19, 559
26, 359
28, 825
21, 868
16, 638
Stocks end of month
do
14 864
19,
557
24, 916
41, 894
34, 349
20,
638
58,
361
51, 513
17, 757
21,824
Imports
do
27, 644
40, 991
19 049
Coconut or copra oil:
Production:
35, 185
29, 945
23, 014
42, 657
41, 408
30, 003
64, 280
51, 137
45, 362
40, 466
38, 454
Crude
thous oflb
27 554
19, 488
21, 890
31, 502
24, 611
20, 545
28, 744
21, 453
21, 203
27, 771
26, 935
29, 812
Refined
do
23 682
Consumption, factory:
43, 827
69, 523
40,259
38, 592
54, 484
64, 944
47, 369
54, 088
57, 539
50, 150
43, 620
Crude
do
47 098
21,288
23, 342
16,255
21, 118
17, 838
21, 842
23, 916
19, 962
22, 985
23, 575
26, 332
Refined
. do
19* 529
Stocks, end of month:
44, 208
54, 892
63, 978
96, 226
78,048
98, 773
101,254
70, 315
73,280
52, 180
85, 804
Crude
_
_
do
39 135
8,807
11, 561
11,423
8,976
14, 214
11,164
10, 899
10, 059
11,837
12, 120
12, 274
Refined
do
11 876
14, 475
2,991
7,024
24, 930
5,419
6,950
7,694
6,428
6,528
10, 049
9,598
Imports
_
do
8 569
Cottonseed:!
975
92
602
1, 231
115
53
22
22
373
212
16
Receipts at mills
thous of short tons
1 593
711
534
670
115
96
520
204
149
173
614
326
Consumption (crush)
do
707
2,129
1,260
2,067
502
89
289
985
1,665
320
187
94
Stocks at mills end of month
do
1 871
Cottonseed cake and meal:
322, 572
300,891 272, 678 231,639
154, 755
94, 575
49, 257
68, 558
80, 566 241, 993
54, 792
Production
-_
short tons
318 208
78, 427
92, 253
101, 492
83, 406
81, 515
85, 726
92, 874
74, 554
75, 2EO
100, 297
94, 428
Stocks at mills end of month
do
80 246
Cottonseed oil, crude:
227,956 211, 964
166, 148
167, 157
105. 395
32, 362
52, 130
195, 053
67, 059
48, 150 ' 38,514
Production
thous. oflb
223. 733
141,085 157, 722 188, 390
198, 729
22, 834
63, 285
87, 882
58, 100
25, 601
43, 117
32, 591
Stocks, end of month
do
97 778
Cottonseed oil, refined:
177, 824
182, 062
43, 586
141,105
35, 680
111,259 178 087
156, 949
125, 823
59, 819
90, 567
47, 843
Production
do
122, 772
103, 281
122,995
76, 475
117,056 130, 378
105, 685
96, 604
91, 090
46, 449
68, 170
Consumption factory
do
138 828
40, 976
20,314
39, 476
38, 635
30, 955
44.065
38, 569
36, 180
40, 195
32, 114
38, 728
In oleomargarine
do
45 687
120, 774
59, 241
220, 937
181, 635
97, 549
168, 081 202, 869
167, 952
126, 901
60, 695
110. 912
Stocks end of month
do
83 053
Price, wholesale, summer, yellow, prime (N. Y.)
.221
.155
.231
.174
.199
.261
.290
.211
.305
.371
.356
.143
.215
dol. per lb_.
Flaxseed:
« 52, 533
Production (crop estimate)
thous of bu
Duluth:
1,350
5, 233
61
216
242
61
365
53
45
51
4,759
50
80
Receipts _ _
do
9
3,717
1
294
1,253
1,471
310
79
2,522
189
69
459
3,133
Shipments
do
' 2, 323
3,396
2,271
225
157
4,137
2,121
2,289
843
707
683
304
5,763
Stocks, end of month
do
Minneapolis:
1,625
1,384
427
1,491
15, 101
762
653
8,357
1,178
971
530
870
6,912
Receipts
_ _
do
1,311
2,654
304
287
162
196
614
316
709
298
199
308
1,875
Shipments
do
12, 920
10, 548
9,748
11,410
11, 957
1,888
636
3,099
1,420
10,180
Stocks, end of month
__
do
2,500
967
13, 286
Oil mills:
3,006
2,981
2,660
3,178
2,442
3,675
3,798
3,577
2,309
2,737
3,156
3,098
Consumption
_
do
5, 313
7,076
8,492
6,775
7,744
3,234
3,843
4,185
6,112
8,538
4,879
6,746
Stocks, end of month
do
20
5
58
1
332
95
25
1
12
2
477
105
Imports
.
do
6.00
6.01
6.04
6.00
6.00
6.19
6.09
6.09
6.08
6.00
6.00
6.00
6.00
Price, wholesale, No. 1 (Minn.)
dol. per bu_.
Linseed cake and meal:
53, 520
52, 140
61, 560
48, 240
53, 280
44, 520
66, 540
47,280
48, 120
42,000
48, 840
47, 580
60,780
Shipments from Minneapolis
thous. of lb__
Linseed oil:
60, 973
58, 111
62, 645 6 52, 794 6 58, 542
46, 264
76, 965
73, 427
48, 974
54, 170
63, 142
72, 234
Production _ _
__
_ _
do
29, 520
27, 360
26, 340
25, 560
35, 160
19, 560
29, 760
33, 540
32,460
33, 300
37, 440
33, 720
30,960
Shipments from Minneapolis
.
do
39, 347
31, 707
31,331 8 26, 208 6 27, 663
42,535
44 330
39, 275
40, 871
40, 292
42 671
Consumption factory
do
40, 754
190, 988
210, 894
135, 741
226, 403 fi 204, 600 5 222, 302
134, 511
137, 132
165, 273 180/175
131, 442
150,118
Stocks at factory, end of month
do
.293
.292
.288
.294
.288
.292
.291
.290
.290
.290
.288
Price, wholesale (N. Y.)
dol. perlb_.
.290
.290
Soy beans:
* 220, 201
Production (crop estimate)
thous. of bu
16,154
13, 849
1 5, 520
16, 677
14, 762
12, 571
16, 830
Consumption, factory
do
14, 185
13, 247
10, 742
10, 276
12, 681
44,415
58, 392
48, 781
55, 564
49, 721
Stocks, end of month
do
15,821
8,008
36, 857
33, 608
23, 042
27, 447
5,417
r
Revised. 1 Beginning January 1949, data include for animal fats, 45 plants and for greases, 23 plants not previously reporting; operations at these plants in January (thousands of pounds) :
Animal fats—production, 3,290; stocks, 3,804; greases—production, 953; stocks, 1,949. 2 Beginning January 1949, data on original reports show further details on certain refined oils which are
believed to have been included formerly in the crude oil figures. January 1949 figures for the items excluded beginning in this month are as follows (thousands of pounds): Sesame—consumption, 29; stocks, 142; rapeseed—consumption, 550; stocks, 2,763; linseed oil—production, 8,900; consumption, 15,062; stocks, 45,560; other vegetable oils—production, 955; consumption, 1,503;
stocks,
1,604. 3 Beginning January 1949, data include oleomargarine of vegetable or animal origin; exports of oleomargarine for this month amounted to 159,000 Ibs.
4
December 1 estimate.
5
See note 2 for this page.
cf Series discontinued by the Bureau of the Census.
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "t" on p. S-21.
SUEVEY OF CURRENT BUSINESS
S-26
May 1949
1949
1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
March
April
May
June
July
August
September
October
November
December
January
February
March
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, ETC.— Continued
Vegetable oils, oilseeds, etc.— Continued
Soybean oil:
Production:
Crude
thous. of lb__
Refined
do _
Consumption factory refined
do
Stocks, end of month:
Crude
_.do_ _
Refined
do
Price, wholesale, edible (N. Y.)
dol. per lb__
Oleomargarine:
Production
_ _ _ _ thous. of lb__
Consumption (tax -paid withdrawals)- - - do
Price, wholesale, vegetable, delivered . (Chicago)
dol. per lb._
Shortenings and compounds:
Production
thous. of lb__
Stocks end of month
do_ _
139,370
108, 829
100, 295
133, 994
116,152
114, 035
128, 596
112,696
122, 268
123, 931
112,433
115,310
122, 791
84, 615
80, 426
105, 282
108, 965
111, 700
104, 230
92, 790
105, 619
136, 864
91,632
95, 915
154, 757
116, 910
98, 468
160,081
110, 908
97, 934
114,745
84, 848
.269
98, 493
89, 797
.298
86, 971
87, 992
.322
65, 360
80, 229
.330
77, 615
70, 635
.292
54, 843
63, 756
.278
44, 921
51, 294
.294
62, 351
48, 725
.259
77, 432
69, 216
.250
101, 100
86, 576
.237
71, 835
74, 313
76, 050
76, 954
83, 964
80, 808
75, 869
69, 402
52, 554
55, 855
73, 335
72, 858
80, 434
75, 852
79, 626
73, 319
72, 377
72, 997
74, 308
69, 918
r
162, 648
124,100
99, 891
151, 137
125, 950
103, 591
134, 229
109, 463
.209
138, 714
121, 275
.173
81, 652
80,336
76, 045
75, 305
.343
.348
.363
.363
.363
.351
.343
.323
.315
.303
.283
.269
109, 013
59, 550
128.033
51, 396
124,142
56, 751
120, 804
75, 915
79, 577
72, 513
113, 663
62, 015
123, 615
50, 428
125, 517
53, 137
134, 629
52 508
129, 341
66 390
114, 917
73 773
112, 150
70 850
91, 685
82, 403
35, 328
47, 074
9,283
96. 961
87, 715
33, 846
53, 868
9,246
99, 079
89, 534
31, 909
57, 626
9,545
103, 706
93, 395
34, 569
58, 826
10, 311
88, 966
80, 408
31, 007
49, 401
8,558
94, 364
86, 002
34, 706
51, 296
8,362
91, 482
81, 842
34, 464
47, 378
9,640
81, 781
74, 070
31, 600
42, 470
7, 711
71, 778
65, 116
29, 864
35, 252
6,662
65, 824
59, 386
28, 797
30, 589
6,438
1,354
3,960
999
769
30, 594
12,718
7,116
19, 037
8,639
1,568
3,877
1,071
974
26, 356
12, 189
6,561
19, 198
8,219
1,458
3,630
866
1,024
20, 716
10, 777
0)
15, 946
8,490
1,066
3,434
794
0)
20, 337
11, 798
.154
.256
PAINT SALES
Paint, varnish, lacquer, and fillers, total®
thous. of dol. .
Classified, total
do
Industrial
do
Trade
_ _
do
Unclassified
_
__do
r
r
r
r
76, 961
69, 853
27, 950
41 903
7,108
70, 292
64, 070
26, 133
37 936
6 222
PLASTICS AND SYNTHETIC RESINS
Shipments and consumptioncf
Cellulose acetate and mixed ester plastics:
Sheets, rods, and tubes
_ _ _ __thous. of lb__
Molding and extrusion materials
_ _ do
Nitrocellulose, sheets, rods, and tubes _. _ do
Other cellulose plastics
- - do
Phenolic and other tar ncid resins
do
Polystyrene
do
Urea and melamine resins
do
Vinyl resins
__do
Miscellaneous resins
_ _
do
0)
15, 188
9,008
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total J
mil. of kw.-hr__
Electric utilities total J
do
By fuels J
-do
By water power $
_. do _ _
Privately and municipally owned utilities J
mil. of kw.-hr__
Other producers J
do
Industrial establishments t
_ _ do
ByfuelsJ
~
do
By water power J
do_ __
Sales to ultimate customers, total (Edison Electric
Institute)
_ _ _.
mil. of kw.-hr__
Commercial and industrial:
Small light and power - do
Large light and power
do_ _Railways and railroads
do
Residential or domestic __do
Rural (distinct rural rates) _ _ _ _ _ __ do
Street and highway lighting
do.
Other public authorities
do.
Interdepartmental
- - do
Revenue from sales to ultimate customers (Edison
Electric Institute) _ - _ _
_ .thous. of dol_.
27, 966
23, 478
16, 005
7,473
26, 569
22, 296
14, 416
7,881
27, 035
22, 609
14, 925
7,684
27, 161
22, 705
15, 769
6,937
27, 673
23, 282
16,430
6,852
28, 759
24, 229
17, 494
6,735
28, 081
23, 635
17, 595
6,040
29, 006
24, 351
18, 386
5,966
28, 748
24 169
17, 588
6, 581
30, 431
25 688
18, 221
7,467
30, 374
25 570
1 7, 803
7 767
24, 463
22 996
15 701
7 295
29, 514
24 721
16 585
8 136
20, 015
3,463
4,488
4,061
427
18, 802
3,494
4,272
3,807
466
19, 122
3,487
4,427
3,971
455
19, 446
3, 259
4,456
4,034
422
19, 715
3,567
4,391
4,061
330
20, 631
3,597
4,530
4,188
342
20, 167
3,468
4,446
4,158
288
20, 974
3,377
4,654
4,362
292
20, 802
3 367
4, 579
4,247
332
21, 963
3 725
4 743
4, 321
422
21,838
3 733
4 804
4, 355
449
19, 506
3 490
4 467
4 027
440
21,028
3 694
4 793
4 327
466
19, 969
19, 400
19, 163
19, 297
19, 367
20, 180
20, 539
20, 511
20, 678
21,465
21, 831
21, 143
3,497
10, 197
623
4,391
458
214
531
59
3,450
10, 014
560
4,159
463
188
509
57
3,382
10, 134
547
3,913
452
176
504
55
3,482
10, 261
514
3,815
510
164
499
53
3,653
10, 035
508
3,823
637
170
489
53
3,728
10, 648
505
3, 824
732
189
502
52
3,805
10,.721
492
4,018
733
206
515
50
3,634
10, 796
530
4,172
570
233
526
50
3,651
10 673
532
4,495
487
251
540
48
3,823
10 720
613
4,959
472
270
557
52
3 834
10 647
595
5 424
459
266
560
46
3 835
10 220
539
5 269
456
233
5^0
48
354, 844
346, 889
341, 932
345, 023
348, 380
356, 863
366, 155
367, 712
375, 038
390, 128
398, 487
389 527
GAS
Manufactured and mixed gas (quarterly) :
Customers, end of quarter, total _ . . thousands. _
Residential (incl. house-heating)
___do
Industrial and commercial
do__
Sales to consumers, total .
mil. of cu. ft.
Residential
do
Industrial and commercial
_ _ _ _ do__ _
Revenue from sales to consumers, total
thous. of dol__
Residential (incl. house-heating)
do
Industrial and commercial
_ do__
Natural gas (quarterly) :
Customers, end of quarter, total
thousands..
Residential (incl. house-heating)
do
Industrial and commercial
do
Sales to consumers, total . ._
mil. of cu. ft__
Residential (incl. house-heating)
do
Industrial and commercial
do
Revenue from sales to consumers, total
thous. of dol_ .
Residential (incl. house-heating)
do
Industrial and commercial
do
r
10, 768
10, 050
710
205, 843
143, 042
60, 926
10, 553
9,862
683
138, 358
90, 174
47, 076
176, 109
130, 434
44, 490
136, 644
100, 639
35, 203
10, 955
10, 129
818
839, 675
369, 264
441, 040
324, 553
211, 399
108, 342
10, 462
9,783
672
105, 321
63, 357
41, 124
10 537
9 844
686
143, 721
94 456
47 938
112,035
81,211
30, 204
143 338
105 368
37 089
11,313
10, 505
799
653, 824
180, 587
458, 268
11, 406
10,601
796
579, 384
87, 248
464, 957
11, 773
10, 894
869
749 156
216 009
501 618
221, 318
117,238
101, 472
171,016
68, 535
98, 181
259 309
136, 622
117 423
r
Revised. 1 Not available for publication. <8>Revised figures for January 1946-February 1947 are shown on p. 24 of the October 1948 Survey.
J Minor revisions for January-October 1947 will be shown later. cfSeries discontinued by the Bureau of the Census.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-27
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
Production
thous of bbl
Tax -paid withdrawals
do
Stocks, end of month
_ __ _ do
Distilled spirits:
Production
thous. of tax gal
Consumption, apparent, for beverage pur poses \
thous. of wine gal._
Tax-paid withdrawals _ _ thous. of tax gal
Stocks, end of month
do
Imports
thous. of proof gal- _
Whisky:
Production
thous. of tax gal__
T ax-paid withdrawals
do
Stocks, end of month
do
Imports
_.thous. of proof gal
Rectified spirits and wines, production, total
thous. of proof gal__
Whisky
_
do
Wines and distlling materials:
Sparkling wines:
Production
-thous. of wine gal-Tax -paid withdrawals
_ do
Stocks, end of month
do
Imports
do
Still wines:
Production .
_ _ do
Tax-paid withdrawals
do
Stocks, end of month
_ do
Imports
do
Distilling materials produced at wineries.. _do
7 030
6,740
9,635
7 381
6,977
9,733
7 276
6,763
9,955
8 492
8 198
9,888
8 917
8 827
9,611
8,682
8,396
9,488
7,886
7,991
9,062
6,693
6,366
9,064
6,173
6,666
8,278
6 807
6,567
8,213
6,040
5,589
8,410
5 687
5,444
8,397
7 726
7 066
8 748
32, 817
28, 717
25, 953
22, 995
18, 779
15, 924
20,908
33, 337
37,037
28, 225
21, 804
19, 667
20 233
12, 525
6,667
545 365
943
12, 968
7,271
564, 189
1,099
12, 488
6,784
580, 824
956
12, 467
6,295
594 733
1,069
12,235
6,731
602, 873
877
12,377
7,532
607, 676
892
14, 791
9,304
610, 988
1,234
16, 499
11, 455
614, 840
1,380
18, 516
12, 154
621, 672
1,524
20, 175
7,378
635, 674
1,507
11,690
6,546
646, 272
941
12, 741
7,268
654, 589
874
9 334
661 757
20, 638
3,575
479 180
866
20, 863
3,618
495, 018
996
20, 041
3,304
511, 232
863
14,930
3,127
522, 261
943
10, 960
3,231
528, 926
807
9,540
3,977
533, 292
820
11, 429
4,736
537, 441
1,113
12, 193
6,090
541, 715
1,247
14,026
6,602
547, 534
1,388
17, 532
3,965
559, 818
1,329
14,861
3,971
569, 734
836
14, 148
4,227
578, 448
783
14,462
4 720
586 754
8,429
7 661
8,666
7,928
8,143
7,302
8,254
7 320
8,194
7,362
9,299
8,503
10, 937
10, 130
13, 484
12, 515
14, 449
13, 376
9,739
8,792
7,398
6,613
8,464
7,736
10, 186
9 206
144
57
1,685
11
166
60
1,792
25
71
62
1,791
22
121
74
1,823
25
61
57
1,822
16
122
69
1,871
17
68
118
1,813
29
54
127
1,729
51
81
112
1,640
45
71
168
1,525
97
94
68
1,545
23
60
57
1,530
25
799
10, 917
176, 208
214
2,248
647
9,952
166, 348
183
2,088
441
8,043
158, 212
168
2,610
416
8,465
147, 708
189
995
565
7,234
139, 827
141
1,342
769
8,248
131,895
r
205
2,519
15, 366
10, 166
136, 806
228
32, 020
63, 936
11,294
195, 069
256
132, 715
48, 148
12, 255
233, 335
250
95, 778
5,344
••11,193
223, 774
294
12, 924
886
9,828
213,610
212
1,060
833
9,613
203, 612
217
491
100, 190
4,449
.828
133, 100
18, 638
.801
138, 640
53, 073
.803
126, 030
83, 105
.786
117, 265
97, 624
.756
96, 360
93, 850
.719
93, 330
83, 412
.644
79, 190
60, 214
.629
83, 880
33, 615
.645
92, 030
18, 737
.630
95, 860
73, 160
105, 263
91, 907
2,012
128, 650
102, 020
123, 507
106, 712
2,010
131, 790
106, 040
165, 201
140, 038
2,106
115, 840
95. 020
197, 220
168, 809
1,491
106, 730
87, 300
217, 819
185, 324
1,210
87, 660
70, 520
212, 282
182, 449
1,293
80, 745
62, 545
195, 470
167, 535
3, 199
67, 995
51, 025
164, 410
140, 791
3,090
72, 905
55, 125
148, 100
126, 534
2,272
.443
.474
.489
.520
.493
.448
.420
.397
.410
.371
.348
336
28, 300
13, 700
335, 400
47, 300
13, 500
450, 200
48, 230
12, 600
450, 000
40, 250
11, 800
387, 200
28, 700
12, 600
360, 100
19, 500
10, 300
282, 600
15,415
8,600
226, 250
13, 050
8,250
154, 900
12, 795
10 000
147, 000
15, 250
10, 950
154, 100
14 735
10 300
160, 650
18 800
13 800
215, 750
8,777
79, 563
11, 619
178, 654
12, 615
337, 507
13, 165
444,015
14, 275
513, 665
15, 645
621, 948
13, 408
622, 624
14, 824
542, 810
12, 576
424, 619
9,504
297, 463
7 759
206, 464
5 537
177, 077
16, 123
30, 555
10, 222
32, 766
12, 145
30, 416
10, 886
21, 650
8,585
27, 780
6,342
33, 486
10, 455
19, 316
4,367
15,836
8,713
49, 058
15, 521
24, 837
7,322
29, 189
9.32
6.08
9.69
6.41
9.71
6.48
9 87
6.61
10 02
6.71
10 02
6.56
9 93
6.26
9.60
5.94
9 60
5.95
9 60
5.81
9 48
5.66
9,884
3,912
5.07
11, 702
5,226
5.03
12, 176
5,344
5.04
11,514
4,800
5.16
10, 511
4,444
5.29
9,124
3,619
5.32
8,748
3,336
5.30
8,031
2,724
5.27
8,215
2,866
5.25
8 671
3.143
5.16
15,070
64, 825
22, 950
90, 950
19, 600
91, 040
19, 675
70, 675
16, 845
52, 515
13, 100
38, 020
11, 515
36, 790
7,350
35,450
9,165
49, 700
11, 400
54, 275
9,350
57, 035
76, 930
14, 779
40. 109
20, 307
64, 056
23, 116
81, 642
27 692
92, 017
29,613
99, 340
29 097
86, 524
30 713
74, 112
25, 967
51, 986
18 491
44, 738
16 098
49, 627
14 928
63, 320
15 479
71, 784
6,304
5,383
13, 554
16, 336
9,572
12, 517
9,387
9,674
8,354
8,457
8,923
10,587
7,061
16,406
6,217
23, 901
11, 439
19, 704
11 431
26,496
12 640
11,210
.143
.144
.148
.151
.158
.157
.158
.159
.151
.131
.115
DAIRY PRODUCTS
Butter, creamery:
r
90, 226
Production (factory) cT
thous. of Ib
Stocks, cold storage, end of month
do
3,482
Price, wholesale, 92-score (New York).dol. per lb_.
.802
Cheese:
Production (factory), totalcf
thous. of lb_- rr 80, 819
58, 749
American, whole milkc?
do
Stocks, cold storage, end of month, total.- -do
103, 350
American, whole milk
do
90 469
Imports
__
_ _ _ _.
_
do
1,591
Price, wholesale, American, single daisies (Chicago)*
_ _~
_
_ dol. per Ib
.423
Condensed and1 evaporated milk:
Production:*^
Condensed (sweetened) :
21, 275
Bulk goods
thous. of Ib
Case goods
do
11, 400
270, 800
Evaporated (unsweetened), case goods ._ -do
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened).
__thous. oflb
8,622
Evaporated (unsweetened) „
do
63, 117
Exports:§
Condensed (sweetened)
do
8,830
Evaporated (unsweetened)
do
18, 745
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case
9 12
Evaporated (unsweetened)
do
6.00
Fluid milk:
Production
mil. oflb
9,190
Utilization in mfd. dairy productstcf
do
3,384
Price, dealers', standard grade
dol. per 100 lb._
5.09
Dry milk:
Production :cT
Dry whole milk.
thous. of lb_.
12, 200
52, 650
Nonfat dry milk solids (human food)
do
Stocks, manufacturers', end of month:
Dry whole milk
. do
12, 519
Nonfat dry milk solids (human food)
do
32, 901
Exports:!
Dry whole milk
do
7,532
Nonfat dry milk solids (human food)
do
6,810
Price, wholesale, nonfat dry milk solids (human
food), U. S. average
dol. perlb_.
.148
FRUITS AND VEGETABLES
'r91, 210 112 025
8, 718
6,324
.633
.616
80, 120 ' 79, 300
95, 215
60, 580 r 59 540
71 275
135, 110 r' 126, 503 119, 970
116, 779
111 073 105 258
1 533
1,423
r
8 276
3, 113
5.04
9 in
5.45
9
ceo
3,832
14.89
11,150
.115
Apples:
1
Production (crop estimate)
thous. of bu
90 288
Shipments, car lotj_
no. of carloads
4,175
3,523
271
1,720
687
608
2 497
4 792
rr 3 229
3 501
3 297
7 681
3 163
r
Stocks, cold storage, end of month. .thous. of bu_.
1,855
4,896
392
214
10, 244
148
4, 920
22, 413
21, 836
17, 813
12, 971
9, 028
5,474
Citrus fruits, carlot shipments
no. of carloads..
14, 233
15, 218
15, 061
12, 346
6,431
8,404
7,258
8,403
9,579
12, 752
12, 633 ' 10, 319
11,151
Frozen fruits, stocks, cold storage, end of month
thous. of lb__ 281, 762
247, 895
280, 744
250, 326
362, 423
340, 894 371, 565 364, 115
346, 941 335, 940
317, 695 T 301, 249 266, 423
Frozen vegetables, stocks, cold storage, end of
month
thous oflb
196, 628
176, 118
160, 423
181, 526
214, 096 266, 910 311 734
308 829
311 968
281 825 262 047 T 229 506 205 618
Potatoes, white:
1
Production (crop estimate)
-thous. of bu_.
445, 850
Shipments, carlot
no. of carloads
27, 753
23, 405
23, 059
33, 052
16, 533
23,363
23 919
30 932
32 664
26 283
21 394
25 415
35 779
Price, wholesale, U. S. No. 1 (New York)*
5.915
4.723
3.757
dol. per 100 lb._
5.380
3.624
3.499
3.302
3.193
4.165
3.699
4.628
4.474
4.568
r
l
Revised.
December 1 estimate.
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "t" on p. S-21.
*New series. The new price series for cheese has been substituted for the price of twins on the Wisconsin Cheese Exchange; data for 1928 to June 1947 will be shown later. The price of
U. S. No. 1 potatoes covers both new and old crops; the former series (incorrectly described as Long Island No. 1) covered U. S. No. 1, old crop only until new crop became plentiful; the new
series is available beginning March 1947 and figures for March-June 1947 are shown on p. S-27 of the September 1948 Survey. Prices through September 1948 are based on quotations as of
Tuesday; subsequently as of Monday.
^Consumption of distilled spirits for beverage purposes revised for 1944; revisions are shown on p. S-27 of the November 1948 Survey. Revisions for fluid milk utilization in manufactured
dairy products for 1946 are shown on p. S-27 of the September 1948 Survey; final revisions for 1947 are shown at the bottom of p. S-35 of the February 1949 issue.
©"Revisions for 1947 are shown in the note for dairy products at the bottom of p. S-35 of the February 1949 issue.
SUEVEY OF CUKRENT BUSINESS
S-28
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
June
May
July
August
September
October
November
December
January
February
March
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and mealt§
36, 787
thous of bu
Barley:
Production (crop estimate)
do
5,737
Receipts, principal markets
do _
Stocks, domestic, end of month:
15, 756
Commercial
do. _ _
369, 346
On farms
do
1,157
Exports, including maltf§
do _
Prices, wholesale (Minneapolis):
2.433
No. 2, malting
dol. per bu__
2.243
No. 3, straight
_ _ do ._
Corn:
Production (crop estimate)
mil. of bu
7,999
Grindings, wet process
thous. of bu__
12, 116
Receipts principal markets
do
Stocks, domestic, end of month:
9,293
Commercial
do__
842.6
On farms
mil of bu
907
Exports including mealt§
thous. of bu
Prices, wholesale:
2.442
No. 3. white (Chicago)
dol. perbu__
2.301
No 3 yellow (Chicago)
_ --do
2.229
Weighted average, 5 markets, all grades. -do
Oats:
Production (crop estimate)
mil. of bu
8,411
Receipts, principal markets ._
.thous. of bu._
Stocks, domestic, end of month:
3,288
Commerical
- - do
405. 082
On
farms
do
1,296
Exports, including oatm pal f§
__do
Price, wholesale, No. 3, white (Chicago)
1.298
dol. per bu_.
Rice:
Production (crop estimate)
thous. of bu.
California:
72,810
Receipts, domestic, rough
thous. of Ib _ _
27, 317
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
48,056
of month
thous. of lb_.
Southern States (Ark., La., Tenn., Tex.):
209
Receipts, rough, at mills-thous. of bbl. (162 lb.)__
95, 263
Shipments from mills, milled rice.. thous. of lb__
Stocks, domestic, rough and cleaned (cleaned
basis), end of month
thous. of lb_. 235, 886
63, 322
Exports §
-- - __do
1,266
Imports
do __
.129
Price, wholesale, head, clean (N. 6.)-dol. perlb__
Rye:
Production (crop estimate) _.
thous. of bu__
609
Receipts, principal markets
do _
1,521
Stocks, commercial, domestic, end of month-do
2.562
Price, wholesale, No. 2 (Minne.)
dol. per bu__
Wheat:
Production (crop estimate), total _ mil. of bu_
Spring wheat
-_ _ _
do
Winter wheat
do
Receipts principal markets
thous of bu r 14, 967
321, 536
Disappearance, domestic
do
Stocks, end of month:
Canada (Canadian wheat)
do _ r 85, 835
480, 153
United States, domestic, total J
do
70, 174
Commercial
___do
Interior mills, elevators, and warehouses
T
75, 434
thous of bu
73,714
Merchant mills
_ _
_ do _.
256, 986
On farmsdo
32, 784
Exports, total, including flour f§
do
21, 534
Wheat only §
_ __ _ do _
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
2.667
dol. per bu__
No. 2, hard winter (Kansas City)
do
2.454
No. 2, red winter (St. Louis)
__do
2.538
2.609
Weighted avg., 6 markets, all grades
do _
Wheat flour:
Product ion :f
Flour
thous. of sacks (100 lb.)_
21, 768
Operations, percent of capacity __ _
69.0
415, 510
Offal
short tons
49, 631
Grindings of wheat t
thous of bu
Stocks held by mills, end of month
5,031
thous. of sacks (100 Ib.)
4,999
Exports§
do
Prices, wholesale:
Standard patents (Minneapolis)
dol. per sack (100 lb.)__
6.162
Winter, straights (Kansas City)
do. .
6.650
38, 444
45, 944
35, 187
51, 789
62, 416
52, 752
54, 919
41, 992
54, 388
1
5,717
7,270
10, 879
7,597
8,455
8,271
22, 535
13, 926
12, 570
10, 616
6,537
16,196
18,847
18, 741
317, 037
11, 300
r
58, 664
60,250
8,323
5,254
8,991
15. 214
12, 426
11, 197
111, 511
668
1,106
6,740
26, 600
812
1,704
4,375
19, 254
208, 979
1,646
3,467
1,570
16, 457
156, 600
1,162
2,614
2,653
2.381
2.267
2.354
2.227
2.267
2.099
1.754
1.704
1.486
1.366
1. 410
1.270
1.517
1.419
1.554
1.447
1.480
1.346
1.474
1.375
1.344
1.242
1.312
1.200
7,804
19, 569
8,408
19, 028
8,962
24, 406
8,438
15,688
8,799
16, 897
9,261
17, 246
10,517
26, 339
11, 197
63, 005
1 3, 651
9,927
45, 269
9,958
38, 281
r
9, 357
20 139
9,902
23, 694
7,520
5,006
677
39, 002
43 903
587
6,890
11,602
25, 895
1776. 2
1,225
50, 328
2 519 6
11, 040
50,639
581
1,522
1]4 0
523
4,621
439
5,210
423.0
608
1,972
1,312
13 129
2.390
2.318
2.257
2.388
2.306
2.249
2.445
2.316
2.259
2.280
2.136
2.100
2.250
1.951
1.949
2.210
1.808
1.760
1.477
1.470
1.375
1.449
1.381
1.272
1.443
1.424
1.329
1.464
1.428
1.303
(3)
1 271
1.160
1.427
1.337
1.224
8,203
8,700
9,046
14, 780
27, 329
14, 497
9,864
8,861
i 1, 492
9,335
1,937
1,700
3,821
18, 889
10, 424
862
18, 902
1, 187, 541
1,792
418
15, 031
1,537
1,841
2169,707
2,095
3,552
2,530
1.253
1.170
1.111
.770
.746
.778
.878
2
1,427
.716
2
9,321
5,311
8,915
11, 433
927, 488
2,936
9,544
5 916
4,215
577, 945
2,888
2 264
.866
.819
.741
.753
1
81, 170
102, 109
66, 780
63,423
47, 603
38,635
33, 947
32, 446
26, 491
3,630
17, 818
3,030
3,082
97,925
29, 478
89, 946
28,920
40, 833
42 987
53, 677
21,904
27 300
18 049
37, 216
19 003
••49,023
40,358
29, 168
22, 528
7,607
6, 395
36, 376
63,368
45, 769
56, 962
56, 651
59,154
157
122, 578
207
82, 400
129
50,220
5
24, 939
1,210
80, 124
3,816
178, 622
5,182
253, 425
2,682
241, 393
1,577
229, 229
473
155, 497
683
130, 574
842
141, 733
133, 832
93, 137
480
.129
73, 496
140, 139
897
.138
38,896
19, 161
454
.159
16,058
7,663
350
.165
61, 195
19, 208
350
.163
273, 024
40, 782
150
(3)
546, 802
83, 101
150
.100
587, 650
117, 435
202
.091
532, 386
146, 705
534
.103
434, 167
91, 796
215
.098
379, 725
69 568
103
.093
332, 121
725
3,980
1.632
245
2,971
1.364
431
2,075
1.352
17, 923
14 067
36 604
282, 750
155, 367
142, 276
150, 165
125 504
130, 738
576 387
124, 656
1
654
1,286
2.530
657
954
2.412
438
531
2.247
1,053
901
1.783
3,634
3,205
1.598
2,084
4,469
1.503
1,946
4,322
1. 645
1,714
5,376
1.731
26, 388
1,858
4,838
1.676
.093
1
23, 209
30, 520
72,082
53, 096
56, 694
49, 622
r
2
50, 471
284, 233
48, 305
195, 925
34, 065
2
85, 359
75, 714
336, 064
34, 765
64, 533
169, 181
216,633
160, 812
1 148,272
219, 111
150, 846
46 870
1,1 288. 4
298. 3
1
990 1
28,534
30
397
r
289, 210
180, 518
169, 448
206, 600
181, 917
166, 144
859 077
166, 348
46,424
35, 919
31,002
19, 756
rr 203 984
103, 377
381, 667
39, 250
25, 917
40, 477
29, 468
41 681
30, 771
r
34, 815
21. 118
32, 780
19, 707
230, 579
234,240
2 94, 511
42, 429
24, 527
2.669
2.445
2.546
2.612
2.625
2.402
2.440
2.596
2.601
2.294
2.325
2.562
2.427
2.193
2.248
2.308
2.319
2. 150
2.163
2.218
2.350
2 204
2.245
2 256
2.387
2.226
2.263
2.282
2.473
2.282
2.359
2.367
2.397
2.287
2.444
2.308
2.351
2.250
2.294
2.286
2.337
2.196
2.287
2.246
2.348
2.241
2.329
2.278
22, 079
72.6
422, 334
50,288
22, 670
77.7
430, 408
51, 883
22, 827
75.1
438, 162
52 416
24, 179
80.0
466, 902
55, 664
24, 940
82.8
478, 262
57 352
23, 402
80.9
451 015
53 771
24, 156
84.2
461,952
55 355
22, 887
83.2
434, 261
52, 385
22, 487
75.5
427, 310
51 488
22,383
78.0
424, 801
51, 274
19, 760
74.9
377, 295
45 300
20, 178
64 8
388, 055
46 420
6,100
5,806
4,595
7,941
6,752
7 520
4,802
6 317
4 713
5,038
5,118
5 913
4 847
4,915
6.075
5.569
5.845
5.415
5.769
5.094
5.662
5.110
. 5.595
5.181
5.588
5.131
5.775
5.140
5.750
5.194
5. 712
5.231
5.445
5.135
5.469
5.119
48, 068
32, 748
57, 036
39, 923
249 817
129, 233
546, 151
48 790
34. 732
145, 811
63, 229
239, 315
5,428
5.400
5 106
LIVESTOCK
Cattle and calves:
Slaughter (Federally inspected) :
509
Calves.
__ thous. of animals. _
566
550
569
614
620
577
599
633
484
572
476
619
899
Cattle...
do
877
1.109
986
1.046
1.086
1.178
1.176
1.151
1.197
1.126
994
Lira
' Revised, i December 1 estimate.
2
Includes old crop only; new grain not reported in stock figures until crop year begins in July for barley, oats, and wheat and October for corn. 3 No quotation.
TPhe total includes wheat owned by the Commodity Credit Corporation and stored off farms in its own steel and wooden bins; such data are not included in the break-down of stocks.
§Beginning in the April 1948 Survey, export figures include Army civilian supply exports; see note marked "J" on p. S-21.
JData are partly estimated; see note marked "}" on p. S-28 of the October 1948 Survey.
fRevised series. Data included for wheat flour, corn meal, malt, and oatmeal have been revised using new conversion factors supplied by the U. S. Department of Agriculture, which take
into account changes in milling practices. The revisions have been carried back in each case to the earliest year for which the new information is available as follows: Exports of principal grains
and oat exports, 1943; wheat and barley exports, 1944; corn exports, 1940. The new conversion factors are given in the note for grain exports at the bottom of S-29. Revised figures for 1944-46
for barley and through August 1947 for other series will be published later. The new factor for malt has been used in data for barley exports beginning January 1947 published in previous issues.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-29
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK— Continued
Cattle and calves— Continued
Receipts, principal markets thous. of animals__
Shipments, feeder, to 8 corn belt States
do _ _
Prices, wholesale:
Beef steers (Chicago).
dol. per 100 lb__
Steers, stocker and feeder (Kansas City)_.do
Calves, vealers (Chicago)*
do
Hogs:
Slaughter (Federally inspected) ..thous. of animals. _
Receipts, principal markets
do
Prices:
Wholesale, average, all grades (Chicago)
dol. per 100 lb_.
Hog-corn ratio
bu. of corn equal to 100 Ib. of live hog__
Sheep and lambs:
Slaughter (Federally inspected)
thous. of animals ._
Receipts, principal markets
do
Shipments, feeder, to 8 corn belt States
do..__
Prices, wholesale:
Lambs, average (Chicago)
dol. per 100 lb_.
Lambs, feeder, good and choice (Omaha) .do
1,680
54
' 1, 890
82
«• 1, 899
117
2,127
134
1,887
138
26.71
25.57
26.20
28.43
26.62
26.75
31.33
27.60
29.10
34.72
26.96
26.88
36.37
28.25
28.31
3,562
2, 665
4,235
2,863
3,044
2,022
25.17
3, 574
2,309
r
3,343
2, 464
r
r
2,311
221
«• 2, 548
39C
2,722
606
2,511
461
' 1, 855
195
1,786
94
1,526
72
1,895
126
35.22
27.40
29.30
34.03
25.42
30.25
32.05
24.41
30.75
30.71
24.52
30.80
26.78
23.26
30.75
24.35
22.15
32.50
22.25
21.25
30.38
24.14
24.37
27.63
2,836
l 844
4,098
2,361
5,425
3,272
6,089
3, 528
5,377
3,316
4,080
2,562
4,315
2 615
19.46
r
2,440
1, 706
r
T
21.40
19.79
20.15
23.10
26.89
27.75
25.48
22.68
21.01
19.44
20.16
••10.2
9.4
9.1
10.6
12.8
14.2
15.3
17.8
18.0
17.2
16.1
17.5
16.9
1,175
1,259
65
1,045
1,211
69
978
1,382
106
1,262
1,590
149
1,195
1,409
61
1,264
1,932
229
1,464
2, 612
495
1,632
2,512
548
1,444
1,786
367
1,329
1,439
133
1,235
1,386
151
1,046
1,092
74
949
845
61
21.50
19.47
24.00
21.61
26.75
22.67
29.00
0)
28.50
0)
27.00
25.97
23.88
23.18
22.12
22.12
25.12
23.01
25.12
23.31
24.75
0)
24.75
0)
30.50
0)
1,299
1,097
61
1,197
990
25
1,228
941
29
1,549
960
32
1,274
860
36
1,149
668
35
1,229
492
38
1, 432
449
34
1,691
612
28
1,890
879
64
1,757
1,049
46
1,408
' 1, 083
52
1,519
1 016
562, 877
154, 411
527, 314
120,898
1,050
503, 226
102, 578
712
615, 696
88, 705
913
577, 522
76, 408
1,073
599, 674
75, 692
1,777
650,370
80, 587
2,203
640, 225
97, 705
949
635, 429
126, 287
447
671, 468
170, 581
1,928
r
r
MEATS
Total meats (including lard) :
Production (inspected slaughter)
mil. of lb_.
Stocks, cold storage, end of month
do
Exports§
do
Beef and veal:
Production (inspected slaughter)
thous. of lb_.
Stocks cold storage, end of month
-do
Exports §
_ _ - d o __
Price, wholesale, beef, fresh, steer carcasses, good
(600-700 Ibs.), (New York)*
dol. perlb..
Lamb and mutton:
Production (inspected slaughter)
thous. of lb_.
Stocks cold storage, end of month
do
Pork, including lard, production (inspected
slaughter)
thous. of Ib
Pork, excluding lard:
Production (inspected slaughter)
do_
Stocks, cold storage, end of month
_do_ __
Exports!
do
Prices, wholesale:
Hams, smoked (Chicago)
dol. perlb..
Fresh loins, 8-10 Ib. average (New York)_do
Miscellaneous meats and meat products, stocks, cold
storage, end of month:
Edible offal
thous. of lb_
Canned meats and sausage and sausage room
products
thous. of lb_Lard:
Production (inspected slaughter)
_ do__ _
Stocks, cold storage, end of month.
do __
Exports §
do_
Price, wholesale, refined (Chicago) _ _ -dol. per lb_.
1,561
649, 195
583, 486
170, 784 ' 158, 240
984
934
.452
.491
.517
.556
.578
.584
.563
.516
.489
.443
.406
55, 049
14, 890
47, 601
9,106
42, 039
7,665
51,710
7,999
49, 915
8,557
53, 389
9,847
61,783
10, 478
67, 469
16, 296
61,663
23,305
58, 335
26 209
55, 520
22, 466
r
664, 174
143 547
.368
.392
47, 548
19, 571
43, 156
14 663
680, 771
621, 675
682, 325
881, 565
646, 403
496, 236
517, 028
724, 588
993, 960
1,159,741 1,052,632
777, 258
811 293
506, 096
661, 399
3,430
473, 317
606, 827
1,794
514, 718
580, 056
2,804
650, 982
582, 496
2,909
477, 942
508, 213
1,649
372, 166
359, 794
2,273
397, 380
234, 909
1,773
558, 733
203, 163
1,879
752, 254
310, 706
1,813
851 366
469, 153
3 345
762, 355
585, 215
3,027
563 446
«• 611, 123
3,076
593 593
580 985
.561
.523
.569
.536
.576
.545
.610
.535
.644
.624
.658
.682
.669
.675
.586
.595
.570
.456
.579
.415
.571
.429
.545
.457
.570
.502
67, 178
56, 480
51, 124
55, 760
50,393
43, 843
36, 389
34, 690
42, 312
58, 081
64,021
p
62, 136
61,222
69, 854
58, 136
48, 616
43, 787
42, 375
38, 993
32, 607
30, 270
32, 446
38, 863
46, 065
«• 51, 980
56,285
127, 736
129, 028
47, 345
.238
108, 165
138, 924
16, 328
.250
122, 340
150, 660
20, 929
.243
168, 689
181, 327
13, 725
.245
123, 277
174, 304
20, 747
.240
90, 594
139, 751
16, 806
.241
87, 107
96, 587
14, 512
.240
120, 682
66, 526
16, 525
.234
176, 282
77, 021
15, 117
.216
225, 748
116, 397
41, 112
.195
212, 810
156, 573
160, 610 •• 179, 628
33, 821
42, 517
.171
.152
159 474
159, 659
31, 221
117, 935
.292
32, 736
99,507
.296
32, 060
91, 186
.317
31, 520
88, 234
.336
41.724
108, 368
.332
45, 188
154, 617
.300
63, 536
171, 472
.306
54 511
160 834
.346
22, 069
148, 418
.340
19 959
131, 496
.328
24 937
108 677
.353
' 5, 969
5, 598
' 5, 002
9,081
r
•• 4, 435
9, 321
' 3, 906
5,926
' 3, 516
' 3, 873
' 3, 497
»• 2, 384
3,r 456
927
r 4, 008
554
4,567
2,431
4,815
6 846
6,137
13 993
4,903
248, 574
5,669
266, 748
5,525
257, 367
4,608
233 431
3,290
200, 968
1,685
169 287
444
139 298
159
104 932
152
71, 532
f
144
r 58 621
514
77 764
.410
.416
.412
.444
.442
.456
.494
.482
.432
.409
.419
.152
POULTRY AND EGGS
Poultry:
26, 614
25, 275
Receipts 5 markets
thous. of Ib
153, 424
205, 745
Stocks, cold storage, end of month
do
.298
.280
Price, wholesale, live fowls (Chicago) _dol. per Ib. _
Eggs:
Production, farm
.millions. _ ' 6, 074 '6,280
3,213
1,781
Dried egg production
thous. of Ib
Stocks, cold storage, end of month:
1,165
3,091
Shell
thous. of cases
143, 253
195, 954
Frozen
thous oflb
Price, wholesale, U. S. standards (Chicago)
.432
.429
dol. per doz.-
T
r
r
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers c?
thous. of dol. _
Cocoa:
Imports
.
long tons
Price, wholesale, Accra (New York)., dol. per lb_.
Coffee:
Clearances from Brazil, total
thous. of bags__
To United States
_
do
Visible supply, United States.
do. _
Imports _
_ -_
do.
Price, wholesale, Santos, No. 4 (New York)
dol. per lb__
Fish:
Landings, fresh fish, 5 portsj
_. thous. of lb__
Stocks, cold storage, end of month _
do
Sugar:
Cuban stocks, raw, end of month
thous. of Spanish tons..
T
66, 201
54, 947
45, 057
44, 156
34, 000
47, 260
66, 164
78,074
77, 293
64, 926
55, 187
51, 876
55,507
32, 147
.394
17, 461
.354
24, 208
.332
17, 586
.416
21, 090
.446
21, 082
.442
7,935
.404
11, 898
.402
13, 958
.391
24 698
.317
13, 863
.266
23, 276
.203
.185
1,285
742
1,111
1,884
1,413
979
952
1,211
1,605
1,118
948
1,605
1,294
733
1,044
2,098
1,371
782
954
1,397
1,328
943
915
1,342
1,691
1 099
913
1,412
1,827
1,388
1, 103
1,714
1,844
1,295
1,259
1,851
1,805
1 198
1,082
2 560
1,214
843
1,036
2, 113
1,667
.264
.266
.270
.270
.270
.268
.265
.268
.276
.272
.270
.268
.265
47, 207
76, 743
49, 508
68, 268
29, 535
150 974
28,077
127 635
29, 033
104 138
82 722
r
67, f>21
85, 601
r
68, 787
100, 537
r
71, 930
127, 474
' 68, 755 r 56, 838
135, 928
140 160
r
r
54, 418
148, 049
r
49, 699
158 008
r
r
2,911
3,134
3,810
3,176
2,818
2,243
1,714
1,194
919
434
409
1,091
2,490
!
Revised.
No quotation.
^Revisions for January 1946 to June 1947 are shown on p. S-29 of the September 1948 Survey.
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "t" on p. S-21,
c? This series continues data in the 1942 Supplement to the Survey; it was omitted from the 1947 Supplement because of discovery of inconsistencies in the data. See note on corresponding
Atem in the January 1949 Survey.
* New series. The new price series for calves, vealers (Chicago) is essentially a continuation of that published in the March 1949 Survey and earlier issues but is taken from a different
source and reflects a slight change in specifications; data beginning January 1946 will be published later. The series for beef, fresh, steer carcasses, good (600-700 pounds) New York, has been
substituted for beef, fresh, native steers (500-600 pounds) shown in the February and March 1949 issues of the Survey (see note marked "*" on p. S-29) of these issues.
NOTE FOE GRAIN EXPORTS, P. S-28.—The new factors for converting grain products to grain, referred to in note marked "t" on p. S-28, are as follows: Wheat flour—beginning July 1947,
an average factor is computed each month, weighting the milling rate for the types of flour exported by the quantities shipped; the factor for the period beginning September 1947 ranged from
2.234 to 2.276 bushels of wheat per 100 pounds of flour; malt—1 bushel of barley per bushel of malt; cornmeal—3.16 bushels of corn per 100 pounds of meal; oatmeal—7.6 bushels of oats per 100
pounds of oatmeal.
r
SURVEY OF CUKKENT BUSINESS
S-30
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1948
March
May
April
June
July
1949
August
September
October
November
December
January
February
March
681 532
225 273
619 578
611 382
8 196
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—
Continued
Sugar— Continued
United States:
Deliveries and supply (raw basis):
Production and receipts:
Production
_ _ short tons _
Entries from off-shore
do
Hawaii and Puerto Rico*
do
Deliveries total
do
For domestic consumption
do_
For export
do
Stocks, raw and refined, end of month
thous. of short tons. .
Exports, refined sugar§
.short tons
Imports:
Raw sugar, total
__ _ _ do
From Cuba
_
_ _
do. __
Refined sugar, total
- do
From Cuba
do
Price (New York):
Raw wholesale
dol. per Ib
Refined:
Retail
do
Wholesale
- do
Tea, imports
_
_
thous. of lb__
TOBACCO
Leaf:
Production (crop estimate)
__mil.oflb__
Stocks, dealers and manufacturers, end of quarter,
total
mil.oflb
Domestic:
Cigar leaf
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured
do
Miscellaneous domestic
do
Foreign grown:
Cigar leaf
do
Cigarette tobacco
do
Exports, including scrap and stem s§— -thous. of fb__
Imports including scrap and stems . . . . do
Manufactured products:
Production, manufactured tobacco, total
thous. of lb_.
Fine-cut chewing
do
Plug
.
do
Scrap, chewing
_
.do
Smoking
do
Snuff
._ - _ _ do
Twist
.
.do
Consumption (withdrawals) :
Cigarettes (small) :cf
Tax-free
_millions_.
Tax-paid
do
Cigars (large), tax-paid .
thousands
Manufactured tobacco and snuff, tax-paid
thous. of lb_.
Exports, cigarettes!
millions. Price, wholesale (composite), cigarettes, f. o. b.,
destination
dol. per thous..
59, 875
(°)
445, 309
566, 627
163, 577
148, 444
' 567, 158 562, 391
' 559, 852 557,910
4,481
' 7. 306
25, 222
512, 510
192, 742
599, 958
595, 614
4,344
46, 339
492, 872
249, 143
818, 181
814, 200
3,981
35,014
489, 168
243, 933
925, 778
921, 497
4,281
42, 368
498, 295
85, 122
901, 689
893, 453
8,236
102, 233
594, 859
232, 575
617,681
608, 967
8,774
505, 601
482, 760
238, 358
543, 260
531, 969
11, 291
636, 652
239, 064
18, 865
576, 883
571, 579
5,304
1,843
3,936
1,782
4,120
1,502
2,890
1,106
3,905
829
4,292
891
7,293
1,266
7,612
384, 684
363, 978
26, 295
25, 711
210, 620
204, 965
51, 232
49, 787
259, 755
228, 443
30, 470
30, 216
195, 268
158, 918
37, 555
34, 204
195, 537
177, 039
41,617
41, 617
397, 341
354, 566
40, 753
38, 753
283, 798
247, 809
31, 801
31, 801
234, 854
198, 312
39, 396
39, 396
.054
.054
.051
.054
.057
.058
.057
.093
.076
6, 538
.093
.076
13, 052
.092
.075
8,500
.091
.074
8,499
.091
.076
7,360
.092
.076
8,851
.092
.076
r
3, 781
' 1, 949
9,555
318
060
992
901
545
356
125, 201
245 436
56 243
563 238
558 390
4 848
54, 35S
485 090
138 038
504 622
503 222
1 400
1,533
3, 186
1,493
8 447
1,348
3 149
1,416
3 389
134, 306
121,292
8 330
8,330
214 014
205' 456
1
.056
057
.092
.076
6,511
.092
.076
4,001
275
210
79
566
559
7
1
1,442
969
014
452
450
313 176
287' 966
26 204
25 950
056
057
056
057
092
076
9 332
.092
078
7 670
092
078
7 606
093
078
189
167
6
6
1 898
3,814
3,444
3,549
3 875
3 856
352
287
3,016
3
378
265
2,644
2
ooo
308
232
3 182
2
3 Q53
240
2,833
2
346
298
2
30
127
19, 194
7,153
27, 786
7,075
34, 744
6, 720
28
127
20, 914
7,335
59,006
6,337
44, 165
7,943
25
112
47, 855
7,756
36,260
7,713
21, 711
6,838
24
128
57, 773
6 035
47, 097
7 209
21, 055
322
3,910
3,560
8,910
3,879
473
21, 340
220
4,200
3,377
9,693
3,390
462
19, 536
217
3,415
3,270
9,015
3,176
443
20,937
257
3,704
3,733
9,251
3,511
481
17, 889
230
3,591
3,116
7,548
2,950
454
21, 610
251
4,215
3,958
9,390
3,342
454
22, 816
255
4,157
3,780
10, 666
3,471
486
23, 999
237
4,112
3,924
11, 743
3,451
532
20, 461
268
3,872
3,770
8,721
3 354
476
17, 517
242
3 131
3 324
6*830
3 535
455
18, 031
228
3,108
3 406
7,386
3 427
476
3,197
29, 252
470, 099
2,422
31,618
449, 504
2,363
29, 092
444, 491
3,250
31, 269
479, 949
3,068
27, 205
430, 210
3,547
34, 192
505, 228
4,104
29, 983
P44, 856
4,030
31,079
529, 971
2,736
29 075
553, 755
3,185
24 897
440 267
2,208
27 q67
438 286
2 570
25 024
410 170
20, 222
2,349
21,821
1,417
19, 024
1,448
20, 280
2,090
17, 880
1,947
21, 201
2,025
23, 157
2, 545
23, 816
2,952
19, 527
1,674
16, 492
2 368
18, 214
1 280
17, 138
1 237
20,490
6.509
6.509
6.509
6.509
6.509
6.862
6.862
6.862
6.862
6.862
6.862
6.862
6.862
15, 394
15, 338
2,710
1,946
2,611
3,144
11,091
50
85
3,181
897
12 355
105
127
1 480
2,831
14 320
51
104
3 433
1*011
13 738
82
147
2 497
885
9 900
67
97
2 722
925
.388
.291
.390
.289
.381
269
.394
295
.410
267
.398
267
.385
229
r
22
134
36, 167
6 707
31 177
4^7 149
p
LEATHER AND PRODUCTS
HIDES AND SKINS
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):
Calfskins, packers', 8 to 15 Ib
dol. perlb..
Hides, steer, packers', heavy, native
do.
21, 242
76
274
4,226
2,246
17, 266
86
113
3,510
2,128
17, 878
54
147
2,928
1,404
20, 432
48
223
2,420
3,686
22, 689
.351
.222
.392
.248
.472
.272
.435
.274
.450
.301
38
158
2,999
3,529
23
118
92
91
.421
209
LEATHER
Production:
r Q32
'814
'834
Calf and kip
thous. of skins..
818
'699
'935
'854
894
905
1,053
'943
890
2,175
f 2, 116
Cattle hide
thous. of hides
2,258
' 2, 182
r 2 142
1,833
' 2, 187
' 2, 155
r 2 049
2 239
2 124
2 073
r 3, 023
' 3, 561
3,408
Goat and kid.
thous. of skins__
' 3, 355
' 2, 842 ' 2, 776 '2,985
' 3, 106
' 3, 048
3,232
2^982
3,013
2,892
2,829
Sheep and lamb
do
2,890
2,700
2,325
3,193
2,743
2,850
2 729
2 537
2 665
' 2 564
Exports:
Sole leather:
25
Bends, backs, and sides
thous. of lb__
19
61
78
53
12
34
44
37
57
466
314
Offal, including belting offal
do
72
118
126
144
191
127
5
60
50
122
890
527
Upper leather
thous. of sq.ft..
1,789
2,019
2,289
2,291
2,644
2,085
2,159
2,811
1,714
3,676
6,314
6,939
prices, wholesale:
Sole, steer, bends, tannery run (Boston)
dol. per lb__
.632
.653
.676
.672
.676
.663
.642
.632
.674
.681
.701
.657
.592
Chrome, calf, black, first commercial grade, comr
posite!
dol. per sq. ft..
1.042
1.055
1.048
1.075
1.038
1.047
1.026
1.013
1.026
1.046
1.051
1.036
1. 030
r
Revised.
*> Preliminary.
1 December 1 estimate.
• January-April 1948 total, including corrections for months prior to April, 248,372 tons; corrected monthly figures not available.
t Not strictly comparable with data prior to September 1947; see note in November 1948 issue.
'
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "J" on p. S-21.
*New series. Data on entries of raw and refined sugar (raw basis) from Puerto Rico and Hawaii, compiled by the U. S. Department of Agriculture, have been substituted for receipts
of raw and refined sugar from these areas compiled by the U. S. Department of Commerce; collection of data for Hawaii has been discontinued by the latter agency,
cf Data for January-June 1947 are shown on p. S-30 of the January 1949 Survey.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-31
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
_
thous. of pairs
Shoes, sandals, and play shoes, except athletic,
total . _
.thous. of pairs. _
By 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
Exports
_
do
Prices, wholesale, factory:
Men's black calf oxford, plain toe._dol. per pair-Men's black calf oxford, tip toe
do _
Women's black kid blucher oxford
do
44, 852
39,412
33, 974
38, 417
31, 957
41, 357
42, 081
39, 050
34, 691
35, 508
r
36, 921
37, 070
41,502
36, 296
30, 858
34, 587
28, 495
36, 406
36, 482
33, 058
28, 636
31, 673
' 34, 327
34, 162
38, 972
2 603
34, 292
2,319
28, 473
2,417
32, 359
2,401
26, 891
1,586
33, 995
2,386
33, 933
2,558
31, 288
1,830
27, 127
1,599
30, 110
1,567
32, 267
2,058
9,951
1,284
20, 372
6,044
3,851
2,801
9,273
1,254
16, 871
5,385
3,513
2,592
7,828
1,252
14, 244
4, 532
3,002
2,688
8,898
1,557
15, 972
4,846
3,314
3,374
6,984
1,293
14,188
3,495
2,535
3,059
8,838
1,711
18, 367
4,454
3,036
4,273
9,269
1,853
17, 976
4,348
3,036
4,892
8,625
1,630
15,812
4,052
2,939
5,351
7,813
1,429
12. 874
3,802
2,718
5,450
8,901
1,310
13/875
4,520
3,067
3, 313
365
184
450
10. 437
7.150
5.700
337
187
565
10. 437
7.012
5.562
262
166
510
9.653
6.600
5.150
281
175
382
9.653
6.600
5.150
251
152
352
9.653
6.750
5.150
379
299
567
9.947
6.750
5.150
321
284
278
r
279
243
608
8,141
1,077
17, 134
*r 8, 677
1, 181
16, 485
r 4, 829
'3
155
r
2,r 177
236
396
311
513
349
292
502
10. 143
6 750
5.150
10. 143
6. 750
5.150
9.653
6.750
5.150
9.653
6.750
5.150
9.653
4,629
3 181
2, 497
226
185
328
»• 181
324
6 750
5.510
r
9.653
9.653
6 750
5. 150
6 750
5.150
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
Exports, total sawmill products
M bd. ft._
Sawed timber
do
Boards, planks, scantlings, etc
do__ _
Imports, total sawmill products
do_ __
National Lumber Manufacturers Association:
Production, total
mil. bd. ft
Hardwoods
do
Softwoods.
_ _ _
_ .
do
Shipments, total
do
Hardwoods
__
do
Softwoods
do
Stocks, gross (mill and concentration yards), end
of month, total
mil. bd. ft..
Hardwoods. . _
____
__
do _
Softwoods
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, 1" x 4" x 16'
dol. per M bd. ft—
Flooring, B and better, F. G., 1" x 4". R. L.
dol. per M bd. ft—
Southern pine:
Orders, new
mil bd ft
Orders, unfilled, end of month
do
Production. __
do
Shipments
do
Stocks, gross (mill and concentration yards)_do
Exports, total sawmill products
M bd. ft_.
Sawed timber _
do
Boards, planks, scantlings, etc
do_ __
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'
dol. per M bd. ft..
Flooring, B and better, F. G., 1" x 4" x 12-14'
dol. per M bd. ft—
Western pine:f
Orders, new
mil. bd. ft_.
Orders, unfilled, end of month
do
Production.
do.
Shipments.
do
Stocks, gross, end of month
do _
Price, wholesale, Ponderosa, boards, No. 3 common, 1" x 8"
dol. per M bd. ft
West coast woods :f
Orders, new
mil. bd. ft
Orders, unfilled, end of month _
do
Production
do
Shipments. _
_ _ _ _ do. _
Stocks, gross, end of month
do
1
75, 203
11, 491
55, 022
181, 594
56, 858
8,323
41, 669
145, 949
65, 139
10, 336
45, 957
139, 146
49, 834
4,714
36, 605
164, 838
58, 901
7,566
34, 953
188, 131
61, 483
11, 399
42, 601
184, 106
27, 595
3,636
16, 418
178, 560
30, 193
2,624
20, 270
151,073
29, 555
2 930
21, 669
148, 352
58, 907
10 671
42, 379
126, 299
i 45, 085
94, 181
98, 673
3,022
3,035
714
703
3,089
3,269
3,431
3,614
3 340
3,369
2,929
2 620
2 232
2 049
2,308
3,020
2,332
2,997
2,415
3,077
2,516
3,125
2,617
3,132
2,762
3,375
2,549
3,074
2,532
3,085
2,222
2,654
2,027
2 383
1,622
2,195
1,599
1 938
2,271
2,259
2,325
2,411
2,445
2,589
2,396
2,349
1,972
1 849
1,619
1 560
2 063
5,604
2,040
3,564
5,773
2,008
3,765
5,805
1,931
3,874
5,942
1,969
3,973
6,313
2,095
4,218
6,606
2,160
4, 446
6,866
2,274
4,592
7,200
2,374
4,826
7,431
2,400
5,031
7,680
2 458
5 222
7,088
2,337
4,751
7,152
2 408
4 744
7,301
2,514
4 787
47, 509
10, 363
37, 146
31, 107
7,042
24, 065
33, 456
7,302
26, 154
19, 418
3,294
16, 124
22, 454
5,870
16, 584
35, 445
9,311
26, 134
5,091
1,565
3,526
6,947
5,427
6,140
5,048
32, 863
8,836
24,027
24, 572
7,970
16 602
25, 943
12 326
13 617
749
738
674
752
753
714
814
687
851
786
791
678
837
736
807
707
682
379
610
593
576
534
51, 421
2 656
569
450
2,087
2 526
378
463
64. 350
70. 042
74. 250
75. 240
75. 240
75. 240
75. 240
75. 240
75. 240
70. 785
66. 330
r 67. 815
68. 310
104. 940
116. 078
127.215
132. 462
133. 650
133. 650
133. 650
133. 650
133. 650
133. 650
133. 650
133. 650
128. 700
790
781
820
812
601
605
775
508
827
789
1,289
7,209
953
6, 256
778
489
860
797
474
894
805
1,352
8,620
1,147
7,473
1,441
10, 903
2, 852
8,051
447
885
808
1,518
10, 575
1,031
9,544
468
876
799
1, 595
8,734
1,369
7,365
491
806
789
1,612
7,291
1,688
5,603
820
511
774
800
1,586
6,762
1,861
4,901
751
460
797
802
1,581
8,076
1,794
6,282
597
372
724
689
332
732
645
303
694
626
1,616
11, 672
2 532
9,140
1,703
9,842
1 743
8,099
1,771
9,076
2 555
6 521
539
738
282
598
560
307
706
713
1,809
9,299
3 218
6 081
1,802
77. 461
77. 007
75. 325
73. 204
73. 260
73.063
71. 869
71. 815
70. 289
69.872
67. 292
65. 400
64. 167
152. 019
152. 164
152. 164
151.539
151. 539
151. 906
152. 881
152. 852
152. 764
152. 151
149. 144
148. 409
146. 650
553
648
500
654
587
685
682
702
712
714
818
728
699
775
618
592
511
611
438
638
334
589
306
531
457
466
467
481
515
493
588
557
721
666
795
699
827
723
745
652
702
591
581
499
422
411
223
299
237
288
381
400
1,080
1,102
1,131
1,186
1,282
1,386
1,479
1,590
1,664
1 675
1 599
1 548
1 529
66.16
66.36
67.66
68 23
70 42
78 04
72 09
71 03
69 93
69 59
68 00
68 05
67 48
743
673
781
777
528
769
742
633
654
590
660
754
572
634
550
575
745
577
591
530
667
700
649
658
594
705
626
793
760
682
627
587
704
634
746
585
496
699
647
849
460
426
617
522
907
561
444
581
545
958
618
543
499
516
941
613
606
570
550
914
772
645
758
737
954
185, 716
184, 443
39, 879
164, 862
162, 975
40, 435
151, 364
150 924
40, 778
150, 187
149, 742
41, 425
122, 386
118 426
44 397
174, 062
172 313
46 571
181, 567
174 857
54 082
185, 695
183 816
55 307
118, 284
107 837
r 75 §94
143, 180
133 192
84 ' 534
1 7ft QQ7
01 c7q
7,175
17,350
6,525
6,575
3.650
6,175
17, 575
6,800
6,225
4.275
5,950
17, 225
6,200
5,925
4.475
6, 175
15, 975
7,350
6 750
4.925
6,075
16,000
5,800
'5 650
4. 975
5,800
15, 675
6 275
6 375
4. 500
5,050
15, 050
6 225
4 900
4,250
13, 350
6 000
5 800
fi.Qfin
3,475
9,300
4 200
3 900
7 son
4, 025
8,750
4 200
3 7HO
7 «^n
SOFTWOOD PLYWOOD
Production
thous. of sq. ft., %" equivalent. .
Shipments
do
Stocks, end of month
_.
do
174, 243
155, 286
163 909 r J5Q 012
64 609
63 545
r
r
175, 714
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of month
Production
_ _
, Shipments
Stocks, end of month
M bd. ft_.
do
do. _do
do
R T7R
3,925
12, 000
5 875
4 925
3,925
10, 025
5 550
4 ^00
R R9.fi
7 4.9K
5,000
7,575
5nnn
Q
KKf\
r
Revised.
i Not strictly comparable with data prior to 1949 because of changes in commodity classification; excludes exports of box shooks which averaged 1,244,000 board feet per month in 1948.
cfThe figures include a comparatively small number of "other footwear" which is not shown separately from shoes, sandals, etc., in the distribution by type of uppers; there are further
small differences between the sum of the figures and the totals for shoes, sandals, and play shoes, because the latter, and also the distribution by kinds, include (except for the latest month )
small revisions not available by type of uppers.
'
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Surrey
May 1949
1948
March
April
May
June
July
1949
August
September
October
November
December
January
58, 507
41, 161
73, 784
66, 185
39, 618
51, 806
34, 730
67, 849
58,237
49,230
54,851
32, 389
62, 043
56,378
54,895
50,086
32, 964
54, 460
51,204
58, 151
281,097
27, 498
119, 611
70, 886
462, 810
16, 010
181, 716
76, 214
447, 150
9,971
284 142
162, 435
397, 096
10 157
293 209
198 046
February
March
LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOOBlNG-Continued
Oak:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, Tnill, er>d of month
M bd. ft__
_do
do
__do
do
59, 988
55,320
64, 991
62, 797
15, 626
64,784
59, 397
67, 541
65, 226
17,941
60,293
60, 819
65, 616
63, 449
19,654
65, 579
57, 391
70, 213
69, 007
20, 860
71,328
58,134
76, 375
73, 575
22, 565
71, 440
55, 098
76, 290
74, 476
24, 379
67, 943
51, 209
76,000
71, 831
28, 548
62,568
45, 223
74, 422
70, 951
32, 019
61,264
34, 744
65,504
64,869
58, 786
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Iron and steel products (excl. advanced mfrs.):
Exports, total cF
short tons.
Scrap
do __
Imports, total
do
Scrap
-do _ _ .
494, 766
22, Oil
' 45, 621
19,973
438, 560
28, 986
' 48, 800
15, 803
381, 707
19,675
27, 982
11, 509
380, 391
21, 512
«• 55, 264
19, 979
366, 149
28, 550
50, 754
15, 260
343, 655
10, 844
67, 741
26, 449
326, 129
11,073
129, 400
72, 034
377,496
19, 181
162, 035
77, 598
5,875
2,890
2,985
4,064
1,161
2,903
5,217
2,445
2,772
4,571
1,196
3,375
5,588
2,715
2,873
4,654
1,147
3,507
5,401
2,651
2,750
4,922
1,222
3,700
5,050
2,518
2,532
5,118
1,272
3,846
5,309
2,603
2,706
5,389
1,401
3,988
5,410
2,718
2, 69fi
5,601
1,505
4,096
5,783
2,914
2,869
5,675
1,511
4,164
6,656
2,867
2,789
5,792
1,491
4,301
5, 615
2 819
2,796
6,065
1,550
4,515
5,759
2 915
2,844
6,030
1,485
4,545
5,346
2 658
2 688
5,882
1 403
4 479
3,019
1,707
9,186
8,687
9,485
8,388
11, 865
12,537
7,716
12, 578
13, 252
7,049
12, 787
13, 491
6,349
12, 748
12,492
6, 605
11, 942
12, 204
6,353
10, 003
11,150
5,206
8,577
9,329
4,455
3,675
2,698
5,433
2,920
1,498
6,835
2,882
1 610
8,107
0
6,634
16,022
13, 761
2,262
379
7,677
4,976
17, 125
15, 172
1,953
403
11, 609
6,656
22, 058
19, 885
2,173
441
11, 727
6,577
26, 965
24, 308
2,657
707
11, 821
6,479
32, 611
29, 419
3,191
489
11, 735
7,036
37, 081
33, 236
3,845
571
10, 599
6 965
40, 923
36, 658
4,265
541
10, 029
7,273
43, 883
38, 619
5,264
950
7,239
7,058
45, 160
39, 470
5,690
630
501
7,351
39, 460
34, 557
4,903
388
0
7,590
31, 904
27, 882
4,022
371
0
6,992
24, 981
21 811
3 170
391
68
47
39
62
46
48
38
55
35
58
43
55
2,726
1,169
660
2,691
1,051
585
2,602
993
556
2,587
1,072
598
2,601
914
490
2,599
1,051
598
2,587
1,088
616
2,523
1,148
642
2,407
1,100
606
2,284
1,111
625
2,065
1,040
573
43, 969
203, 351
86, 767
50, 065
42, 261
199, 578
80, 602
46, 034
34, 313
191, 553
76, 078
42,338
35, 377
178, 760
81, 747
48, 170
36, 679
180, 421
64, 995
35, 018
37, 604
176, 824
73, 272
41, 201
31, 163
164, 002
77, 815
43, 985
38, 654
158, 351
81, 761
44, 305
30, 312
146, 422
77, 194
42, 241
34, 360
137, 385
79, 882
43,397
5,020
5,049
3,840
3,958
5,077
5,008
4.991
4,973
4,900
4,841
5,255
5,216
5,208
5,180
5,520
5,491
5,399
5,344
780
688
712
745
818
913
976
1,049
39.00
40.63
39.50
39.00
40.63
39.50
39.00
40.97
39.50
39.00
41.29
41.90
1
42. 00
1
162, 891
125, 550
41, 876
150, 305
114, 896
36, 079
143, 337
111,616
39, 275
152, 894
117, 794
41, 587
120, 445
87, 927
28, 422
641, 110
525, 543
115, 567
131,111
95, 008
36, 103
628, 123
513, 980
114, 143
114, ,314
79, 651
34, 663
623, 620
509, 576
114, 044
108, 546
75, 983
32, 563
640, 747
529, 237
111, 510
119, 532
83, 366
36, 166
7,608
95
6,218
80
7,572
95
7,256
94
r
r
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
Ore
Iron ore:
All districts:
Production
. . thous . of long tons _ Shipments
do
Stocks, end of month
_
do
Lake Superior district:
Shipments from upper lake ports
do
Consumption by furnaces
do
Stocks, end of month, total
do
At furnaces
do
On Lake Erie docks
do
Imports
do_ _Manganese ore, imports (manganese content)
thous. of long tons..
499
7,735
17, 308
15,050
2 258
Pig Iron and Iron Manufactures
Castings, gray iron:
Unfilled orders for sale
thous. of short tons__
Shipments, total
do
For sale
_do
Castings, malleable iron:
Orders, new for sale
short tons
Orders unfilled, for sale
do
Shipments, total
do
For sale
do
Pig iron:
Production .
thous. of short tons
Consumption .
_
do
Stocks (consumers' and suppliers'), end of month
thous. of short tons_.
Prices, wholesale:
Basic (furnace) O
dol. per long ton
Composite©
do
Foundry, No. 2, f. o. b. Neville Island©— do
1
1
1
1
1, 857
987
535
1,639
1,075
567
26, 948
126, 393
71, 876
38, 040
26 999
118 318
66, 744
35 074
22,204
102, 379
72, 052
38, 143
5,595
5,420
5, 732
5,610
5,223
5,135
5,820
1,043
1,212
1,262
1,295
46. 00
i 47. 59
146.50
146.00
i 47. 59
i 46. 50
i 46. 00
i 47. 65
i 46. 50
i! 46 00
47 67
i 46. 50
i 46 00
i 47 67
i 46. 50
1
43 00
45. 44
i 46. 50
i 45. 63
147.00
146.50
140, 223
107, 538
35, 056
149, 222
112, 551
36, 457
152, 983
114,819
38, 833
146, 835
110, 275
36, 014
157, 395
116, 285
38, 730
140, 577
103, 503
31, 891
135, 042
99 425
32 545
138, 889
102, 027
30 313
627, 131
515, 619
111,512
97, 455
70, 662
26, 793
634, 148
521, 205
112, 943
111,097
79, 212
31, 885
631, 032
520, 585
110, 447
120, 882
87, 075
33, 807
604, 715
495, 672
109, 043
123, 161
88, 198
34, 963
620, 503
508, 339
112, 164
123, 914
87, 757
36, 157
600, 500
493, 487
107, 013
131, 544
94, 487
37, 057
570, 665
469, 059
101, 606
124, 582
90, 093
34, 489
539, 717
439 790
99, 927
111, 217
79 758
31, 459
504, 142
410 248
93, 894
120, 035
85 986
34, 049
7,067
89
7,438
93
7,416
96
7,987
100
7,788
101
7,771
98
8,183
100
7,481
101
8,388
103
. 0387
43. 26
142.50
43. 00
45. 32
i 45. 70
T
Steel, Crude and Semimanufactures
Steel castings:
Shipments, total
short tons. .
For sale, total
do
Railway specialties
do
Steel forgings, for sale:
Orders, unfilled, total
do . _
Drop and upset
do
Press and open hammer.
do
Shipments, total
do
Drop and upset
do
Press and open hammer
do
Steel ingots and steel for castings:
Production _ _
. _ thous . of short tons _ _
Percent of capacity!
Prices, wholesale:
Composite, finished steelO.._.dol. per lb__
Steel billets, rerolling (Producing point)©
dol. per long ton. _
Structural steel (Pittsburgh) ©
dol. per lb__
Steel scrap, heavy melting (Pittsburgh) §
dol. per long ton..
.0376
.0376
.0369
.0369
1
i . 0415
i. 0415
i . 0415
1.0415
i . 0415
1.0420
i. 0420
1.0420
50.40
.0305
50.40
.0305
50.40
.0300
50.40
.0300
i 52. 36
1.0313
i 58. 24
i . 0350
i 58. 24
1
. 0350
i 58. 24
1.0350
i 58. 24
i . 0350
i 58. 24
1.0350
i 58. 24
1.0350
i 58. 24
!. 0350
i 58. 24
1.0350
40.25
40.25
40.25
40.25
40.75
42.75
42.75
42.75
42.75
42.75
42.05
39.50
37.25
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
11, 104
11, 528
10, 810
11, 471
10, 765
10, 204
9,606
9,485
10,041
9,088
9,321
Orders, unfilled, end of month
thousands7,615
2,244
2,019
2,084
2,516
2,165
2,336
2,290
2,306
2,461
2,065
2,307
Shipments
__
do
1,808
00
24
22
26
34
20
35
21
oo
25
Stocks, end of month
do
30
27
31
r
Revised.
i See note marked "©".
cfData for January 1947-August 1948 for total exports of iron and steel products shown in the November 1948 and earlier Surveys should be corrected by subtracting the amount for scrap
exports; the data for scrap exports were incorrectly included twice in the figures for total exports.
t For 1949, percent of capacity is calculated on annual capacity as of January 1,1949, of 96,120,930 tons of steel; 1948 data are based on capacity as of January 1,1948, 94,233,460 tons.
© The basis of price quotations for pig iron and steel was changed from basing point to f. o. b. mill or shipping point effective July 13,1948. Specifications for the structural steel price series
were revised in February 1948; however, the January price or» both the new and old basis was $0.0280.
I /anuary-June 1947 data for steel scrap prices are shown on p. S-32 of the November 1948 Survey.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-33
1948
March
April
May
June
July
1949
August
September
October
November
December
January
February
833
22, 316
March
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Steel, Manufactured Products—Continued
Cans, metal, shipments (in terms of steel consumed), total. -/
short tons.
Food
do
Nonfood
_
_
do
Shipments for sale
do
Commercial closures, production
millionsCrowns, production. _
.thousand gross. _
Steel products, net shipments:
Total
thous. of short tons..
Bars hot rolled carbon t
- do_ _.
Pipe and tubes
__ _ _
do
Plates
do
Rails
_ _
do
Sheets
do
gtrip— Cold rolled
.
do
Hot rolled
do
Structural shapes heavy
. -do _ _
Tin plate and terneplate
do_ _
Wire and wire products
do
207, 674
134, 396
73, 278
170, 374
993
32, 454
208, 596
143, 192
65, 404
165, 845
980
29,356
219,356
158, 200
61, 156
175, 999
888
28,232
284,040
207, 228
76, 812
239, 408
915
29,400
310, 007
235, 530
74, 477
274, 083
847
26, 095
394, 582
309, 847
84, 735
350, 487
938
29, 503
405, 787
320, 616
85, 171
351, 627
893
27, 463
296,226
209, 507
86, 719
258, 390
885
27, 613
235, 565
153, 868
81, 697
202, 567
860
24,040
266, 140
186, 545
79, 595
230, 873
932
21, 889
187, 301
120, 978
66, 323
158, 670
943
23,824
5,979
560
613
630
206
1,410
158
141
382
393
449
5,096
481
518
528
145
1,310
148
132
302
310
395
5,321
484
547
663
179
1,314
142
127
362
322
409
5,477
525
565
592
189
1,302
152
139
372
334
429
5,230
477
544
565
167
1,333
121
129
354
337
327
5,329
480
563
553
178
1,328
156
130
336
343
389
5,511
523
583
572
184
1,360
150
141
334
334
408
5,952
535
638
641
190
1,463
161
154
392
350
436
5,732
534
614
629
190
1,418
165
146
368
315
417
6,056
557
637
658
190
1,476
155
143
394
400
430
5,762
1708
611
608
181
1,462
164
155
356
299
428
53, 277
166, 961
55,450
244, 852
48, 557
192, 524
52, 937
157, 183
54, 953
260, 796
53, 255
200, 113
54, 526
231, 097
50,714
227, 583
53, 474
218, 591
p 53, 357
171,918
.0741
.0815
.0884
.1087
.1084
.0996
.0995
.1241
.1325
177.2
38.3
139.0
106.7
.302
167.2
33.9
133.3
101.9
.302
177.6
35.8
141.8
106. 9
:304
160.0
28.9
131.0
99.4
.314
167.3
32.1
135.2
103.2
.338
166.9
35.9
131.0
104.6
.338
174.2
35.5
138.6
109.7
.338
164.3
34.6
129.8
99.2
.341
157.7
31.8
125.9
94.5
.346
' 50, 403
57, 310
r
69, 438
78, 298
96, 070
91, 053
21,041
48, 361
25, 952
22, 409
.2320
76, 941
80, 275
98, 611
83, 841
10, 093
55, 245
23, 947
31,299
.2320
33, 761
32, 307
33 355
32, 285
43,558
50, 664
48, 775
52,150
38, 656
44 751
42, 254
42, 842
38, 514
53, 947
51, 373
33, 368
56, 737
.1891
5,520
1
655
584
590
179
1,365
150
146
359
300
404
6,306
!757
721
684
207
1,562
170
169
394
333
451
NONFERROUS METALS AND PRODUCTS
Aluminum:
51, 874
Production, primary*
short tons..
Tmports, bauxite
_
longtons__ 217, 907
Price, wholesale, scrap castings (N. Y.)
dol. perlb-.0725
Aluminum fabricated products, shipments, total
mil.oflbs-200.9
41.8
Castings
do
159.1
Wrought products total
do
126.7
Plate sheet, and strip
- do
.302
Brass sheets, wholesale price, mill
dol. per lb_Copper:
Production:
Mine production, recoverable copper •
74, 092
short tons_Crude (mine or smelter, including custom in83, 909
take) cf
short tons
110, 886
Refined $
do
122, 988
Deliveries, refined, domesticcT
- do
68, 582
Stocks, refined, end of month c?
do
15, 043
Exports refined and manufactures
do
46, 981
Imports, total
-do
26, 008
Unrefined including scrapO
do
20, 973
Refined
.. - do_ _
.2120
Price, wholesale, electrolytic (N. Y.)--dol. per lb_Lead:
Ore (lead content) :
35, 889
Mine production
short tons
34, 185
Receipts by smelters, domestic ore
do
Refined:
50, 093
Production total
do
46, 579
Primary
do
52, 287
Shipments (domestic)
do. .
14,837
Stocks end of month
do
Price, wholesale, pig, desilverized (New York)
dol. perlb..1500
Imports, total, except mfrs. (lead content)
20, 873
short tons
Tin:»
2,836
Production, pig
long tons
5,498
Consumption pig
do
41, 400
Stocks, pig, end of month, totalf
do
26,814
Government^
do
14, 586
Industrial
do
Imports:
3,595
Ore (tin content)
do
2,294
Bars, blocks, pigs, etc
do
.9400
Price, wholesale, Straits (N. Y.)
dol. per lb__
Zinc:
54 989
IVTine production of recoverable zinc short tons
Slab zinc:§
74, 322
Production!
__ _do__
77, 334
Shipments, total §
do
65, 334
Domestic§
do
45, 631
Stocks, end of month§ _ _ _
_ ... do
Price, wholesale, prime Western (St. Louis)
dol. per lb._
.1200
21,663
Imports, total (zinc content)
short tons
For smelting, refining, and export
do.
2,070
For domestic consumption:
10, 487
Ore (zinc content)
do
9,106
Blocks, pigs, etc
..
do
74, 344
74, 779
75,596
71, 341
73, 540
69, 639
68, 256
51, 318
50, 668
88, 741
104, 044
116, 475
67, 257
23, 272
37, 727
18, 763
18, 964
.2120
91, 819
104, 524
113, 389
72, 791
19, 861
33, 271
15, 673
17, 598
.2120
87, 678
105, 221
112, 677
72,315
21, 079
46, 840
28,914
17, 926
.2120
81, 473
107, 014
108, 277
79, 277
15, 069
46, 684
21, 661
25, 023
.2138
89, 165
102, 798
107, 496
79, 579
20, 623
39, 736
17, 922
21, 814
.2309
88, 105
102, 976
122, 938
72, 215
12, 085
35, 329
13, 960
21, 369
.2320
81, 474
101, 436
112,580
76, 371
17,861
36,868
14, 898
21,970
.2320
58, 297
102, 779
99, 655
89, 756
11, 636
35, 491
18, 210
17, 281
.2320
64, 451
96, 117
102, 292
96, 080
13, 725
52, 257
23, 898
28,359
.2320
35, 111
35, 362
33,268
37, 625
34, 521
34, 689
23, 301
24, 597
23, 551
23,141
26, 910
24, 849
35, 337
35, 392
36, 504
35, 337
36, 997
38, 357
49, 652
46, 577
45, 031
19, 453
50, 626
47, 144
47, 652
22, 418
47, 227
44, 846
46, 398
23, 240
40, 458
38, 371
40, 853
22, 846
29, 558
27, 923
33, 433
18, 971
37, 105
34. 037
35, 067
21, 003
46, 787
43, 857
39,875
27,553
47', 029
44, 534
40, 289
34, 192
52, 315
49, 667
45, 856
40, 647
r
r
49, 749
175, 704
54, 851
.1263
. 1022
.0847
148.4
29.1
119.3
90.2
.346
137-3
27.2
110 0
80.7
.346
125 4
92 4
.345
96 085
88 165
113, 972
70,682
.2318
.1721
.1750
.1750
.1781
.1950
.1950
.1950
.2150
.2150
.2150
.2150
21, 749
18, 627
13, 331
30, 255
24, 929
33, 183
40, 666
32,753
52, 809
64, 326
29, 242
3,208
5,662
42, 597
27, 956
14, 641
3,576
5,051
47, 136
32, 437
14, 699
3,907
5,629
50, 222
35, 701
14, 521
3,724
5,368
50, 890
37, 118
13, 772
3,796
5,788
53, 380
39,911
13, 469
3,118
5, 527
54, 614
41, 575
13, 039
2,597
5,354
57, 978
44,814
13, 164
3,244
5,179
60, 064
46, 454
13, 610
3,436
5,203
239,314
2 24, 322
14, 992
3,541
4,696
39, 274
23, 929
15, 345
3,545
4,461
39, 827
25, 199
14, 628
2,137
3,318
.9400
1,335
6,026
.9400
5,194
4,979
1.0300
3,891
2,750
1.0300
4,227
3,789
1. 0300
2,019
4,280
1. 0300
1,928
5,625
1. 0300
2,999
2,433
1. 0300
4,194
7,111
1. 0300
3,977
587
1. 0300
2,443
2,526
1. 0300
53 425
51 927
51, 755
47, 095
49, 748
52, 581
53, 542
55, 005
55, 141
52 036
53 332
71, 500
73, 915
64, 801
43, 216
73, 885
72, 848
67, 291
44, 253
68, 309
69, 402
61, 195
43, 160
69, 888
67, 377
61, 349
45, 671
68, 180
68, 605
63,712
45, 246
64, 721
68, 850
60, 990
41, 117
70,716
67, 402
61,751
44, 431
71, 195
96, 142
66, 211
19, 484
76, 696
75, 332
67, 996
20, 848
75, 815
76, 234
62, 614
20, 429
69, 193
68, 522
60 827
21, 100
78, 121
71,017
51, 381
28,204
.1200
21, 097
5,717
.1200
24, 696
5,962
.1200
26, 903
3,551
. 1246
24, 174
3,016
.1500
24, 373
3,005
.1500
21, 697
2,440
.1524
24, 904
1,850
.1679
32, 323
2,609
. 1750
20, 165
4,057
.1750
24, 952
4,966
.1750
13 044
2,211
.1706
4,498
10, 882
11, 209
7,525
17, 306
6,046
13, 915
7,243
11, 583
9,785
10, 858
8,399
12,427
10, 627
17, 073
12, 641
5,919
10, 189
8,039
11, 947
5,014
5,819
1.0300
HEATING APPARATUS, EXCEPT
ELECTRIC
Boilers, radiators and convectors, cast iron:
Boilers (round and square) :
19, 752
14, 192
Shipments. .. ..
.thous. oflb
13, 867
10,632
35, 353
21, 223
19, 699
18, 005
15, 953
33,237
31, 343
8,239
64, 465
69, 092
Stocks, end of month
..
do
71, 262
65, 676
68,669
68 752
62, 199
81,260
84, 686
73, 791
78, 834
90 152
Radiation:
3,321
Shipments
thous. of sq. ft
5,485
4,794
2, 404
5,123
4, 115
6,106
5,191
5,303
5, 475
5,228
1 823
Stocks, end of month
do
3,069
3.015
3.064
3.389
3.495
5.101
3.079
3.272
3.268
3.551
7.179
9. 226
2
••Revised. *> Preliminary.
1 See note marked "t".
See note marked "V
c? Data beginning January 1947 as shown in the December 1947 Survey and later issues include copper from all sources; the November 1947 Survey provides January-March 1947 figures
for domestic and duty-free foreign copper only, comparable with earlier data; the excise tax on copper was removed April 1,1947.
§ Beginning January 1948 data include reports from some secondary smelters not previously reporting; production by these few plants averaged about 1,200 short tons monthly in 1947.
Total shipments of zinc include beginning August 1947 shipments for Government account in addition to shipments to domestic consumers and export and draw-back shipments.
• For January-June 1947 data for the indicated series, see note for aluminum, copper, and tin at the bottom of p. S-35 in the November 1948 Survey.
J Government stocks represent those available for industrial use; data for December 1948 reflect a considerable transfer of pig tin to strategic stockpiles.
©Includes data shown in the November 1948 Survey and earlier issues as copper "For smelting, refining, and export;" since removal of excise tax on copper in April 1947, only a part of the
copper for smelting, refining, and export has been reported separately from copper for domestic consumption.
t Beginning January 1949 data include production of light shapes (alloy bars,which averaged 161,000 tons monthly in 1948) not shown separately by compiling agency.
SUKVEY OF CUEEENT BUSINESS
S-34
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1948
March
April
May
June
July
1949
August
September
October
November
December
January
February
March
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.—Continued
Boilers, range, shipments*
number-Oil burners:
Orders new net©
do
Orders unfilled, end of month© _
do__
Shipments© - - -do
Stocks end of month©
do
Stoves and ranges, domestic cooking, exc. electric:
Shipments total*
number
Coal and wood*
do _
Gas (inc. bungalow and combination)*. _do_ __
Kerosene gasoline, and fuel oil*
do
Stoves, domestic heating, shipments, total*. -do
Coal and wood*
do
Gas*
do
Kerosene, gasoline, and fuel oil* _
__ __do
Warm-air furnaces (forced-air and gravity-air flow),
shipments, total
_ __
numberGas
do
Oil
do .
Solid fuel
do
Water heaters nonelectric, shipments*
do _
58,908
52,045
41, 110
40, 294
30, 817
52, 231
39, 798
43, 417
38, 973
33, 810
34, 513
31, 892
9,472
94, 897
18, 219
66, 297
6,083
79, 942
21, 745
75, 068
9,094
64, 343
25, 396
72, 438
i 26, 512
62, 947
27, 948
70, 017
67, 222
30, 800
61, 909
71, 084
50, 082
49, 183
71,052
56, 228
44, 449
63, 198
59, 351
41, 366
57, 087
39, 690
42, 773
51, 225
27, 090
45, 501
45, 947
26, 201
43, 781
47, 864
23, 906
44, 142
352, 613
31, 633
252, 036
68, 944
267, 649
46,316
113, 551
107, 782
326, 149
23, 589
247, 403
55, 157
283,028
40, 065
133, 401
109, 562
317, 531
19, 724
252, 929
44, 878
310, 479
51,072
161, 049
98, 358
319, 642
20, 068
259, 675
39, 899
379, 525
69, 013
170, 523
139, 989
256, 618
20, 131
201, 532
34, 955
466, 442
101, 408
179, 778
185, 256
304, 914
27, 607
248, 663
28, 644
714, 461
171, 664
277, 492
265, 305
314, 727
27, 803
260, 508
26, 416
728, 004
191, 638
254, 305
282, 061
304, 971
25, 480
259, 513
19, 978
750, 738
213, 754
271, 543
265, 441
258, 193
20, 832
215, 715
21, 646
509, 780
147, 042
189, 515
173, 223
175, 615
16, 536
136, 683
22, 396
234, 434
79, 628
83, 004
71, 802
136, 321
14, 440
107, 148
14, 733
125, 563
24, 114
40, 076
61, 373
154, 400
16, 455
118, 171
19, 774
98, 857
15, 160
32, 985
50, 712
39,297
9,890
8,105
21, 302
173, 291
45, 597
12, 454
9,931
23, 212
173, 438
55, 473
13, 617
11, 261
30, 595
161,358
64, 724
17, 269
11, 923
35,532
167, 329
57, 292
14, 976
12, 881
29, 435
160,415
92, Oil
20, 792
23, 426
47, 793
208, 855
103, 566
23, 714
26, 658
53, 194
196, 704
107, 024
24, 862
26, 718
55, 444
172, 366
77, 498
17, 403
19, 981
40, 114
142, 474
51, 163
13, 044
15, 563
22, 556
114, 817
31, 855
8,876
9,714
13, 265
116, 402
33, 126
8,545
8,834
15, 747
108, 489
MACHINERY AND APPARATUS
Blowers, fans, and unit heaters, quarterly:
Blowers and fans new orders
thous of dol
Unit heater group new orders
do
Foundry equipment (new), new orders,
net
1937-39=100..
Machine tools, shipments*. _
1945-47=100..
Mechanical stokers, sales:
Classes 1 2 and 3
number
Classes 4 and 5:
Number
_
Horsepower
Pumps, steam, power, centrifugal and rotary, new
orders
thous. of dol_.
Scales and balances (except laboratory), shipments,
quarterly
thous. of dol
12, 355
6,686
11, 809
6,467
326.2
83.6
412.0
82.0
388.5
82.6
376.8
94.4
13, 739
11, 811
456. 3
62.4
324.7
69.8
273.5
84.7
12, 089
11, 116
296.0
80.4
284.4
76.2
243.7
96.9
149.9
68.8
r
144.4
'70.3
190.8
P75.3
5,095
4,548
6,314
7,802
8,428
10, 576
13, 755
10,685
4, 765
2,851
1,949
1, 820
1,765
250
78,289
336
92,642
313
74, 488
333
70, 694
370
88, 803
399
78, 391
402
74, 552
391
76, 774
248
46, 679
245
63, 206
193
52, 677
'144
'43,781
132
47, 897
4,703
4,312
3,724
3,512
4,075
4,520
3,474
3,571
3,580
4,263
3,390
3,247
3,593
1,211
1,027
1,200
1,506
2,519
2,643
2,845
2,541
1,906
1,243
'826
555
219
306, 588
402,257
211
276, 657
377, 895
247
256, 071
392, 496
232
229, 537
326, 181
186
237, 202
362, 169
226
280, 084
433, 919
250
281, 573
382, 400
245
255, 080
319, 300
217
274, 180
183, 700
254
228, 769
177, 900
224
241, 267
208, 500
309, 897
254, 300
4,328
436
5,166
528
5,229
538
4,845
383
4,853
390
3,902
363
7,413
599
3,110
273
4,960
690
9,328
948
371
844
352
323
354
387
390
391
391
359
4,310
4,118
4,393
4,127
4,286
4,783
4,922
4,966
4,862
4,462
4,077
4,702
5,317
4,925
4,043
3,775
5,113
3,632
4,802
4,259
4,328
4,424
4,227
4,324
1,686
1,500
1,338
1,430
1,618
1,602
1,597
1,568
1,525
1,518
1,454
1,496
24, 653
22,415
22, 704
23,072
19, 241
22, 456
24,588
27, 650
28, 113
22,705
21, 630
24, 590
'1,644
'1,619
' 5, 575
1,600
1,746
5,426
112,628
ELECTRICAL EQUIPMENT
Batteries (automotive replacement only) , shipments
1,679
thousand s__
Domestic electrical appliances, sales billed:
226
Refrigerators index*
1936—100
Vacuum cleaners, standard type
number.. 355, 415
408, 512
Washers
do
Furnaces, electric, industrial, new orders:
4,487
Unit
kilowatts
776
Value
thous of dol
Insulating materials and related products:
398
Insulating materials, sales billed, index.l936=100._
Fiber products:
Laminated fiber products, shipments
4,693
thous. of dol. .
Vulcanized fiber:
Consumption of fiber paper
thous. of lb._
5,200
Shipments of vulcanized products
1,742
thous. of dol. .
Steel conduit (rigid) and fittings, shipments
23, 194
short tons._
Motors and generators, quarterly:
New orders, index
1936=100
295
Polyphase induction motors, 1-200 h. p.:§
22, 871
New orders
thous. of dol
32, 622
Billings
do
Direct current motors and generators, 1-200 h. p.:§
5,068
New orders
thous. of dol
5,059
Billings
do
r
329
290
301
25, 841
32, 954
22, 168
27, 669
24, 697
29, 090
6,144
5,078
6,045
4,997
5,016
6,708
327
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
. thous. of cords (128 cu. ft.)
Consumption
do
Stocks, end of month .
do
Waste paper:
Receipts
. _
short tons
Consumption.
_ _ __
do _
Stocks, end of month
do
1,893
1,778
4,790
1,580
1,762
4,607
1,675
1,850
4,421
1,903
1,767
4,543
2,109
1,694
4,956
2,242
1,882
5,311
2,063
1,725
5,641
2,041
1,895
5,778
1,658
1,822
5,608
1,706
1,688
5,622
1,788
1,824
5,604
718, 411
704, 677
441, 335
687, 267
684, 277.
443, 742
658, 004
655, 855
445, 216
645, 879
624, 008
461, 744
577, 204
543, 385
496. 475
587, 319
607, 408
474. 378
603, 789
599, 249
477, 088
644, 603
629, 100
487, 986
627, 082
617,171
498.301
591, 356
571, 176
516. 620
497, 232
509, 269
504. 084
' 498, 892
' 513, 396
' 488. 811
545, 215
546, 401
480. 777
' Revised.
*> Preliminary.
1 Series discontinued by compiling agency.
§The number of companies reporting beginning 1947 is as follows: Direct current—first quarter 1947, 28; second and third quarters 1947, 30; thereafter, 29; polyphase induction—first q uarter
1947, 34; second and third quarters 1947, 36; fourth quarter 1947, 35; thereafter, 33.
©Data revised to exclude figures for water heating units; comparable data for January to August 1947 are shown on p. S-34 of the November 1948 Survey. Revised figures for 1945 and
1946 will be shown later; previ9us to 1945 water heating units were not called for on the schedule but were largely reported in data for residential burners shipped separately. Collection of
data on new orders has been discontinued.
• Data for January-June 1947 for refrigerators sales index are shown on p. S-34 of the November 1948 Survey.
*New series. Data on shipments of cooking stoves and ranges, heating stoves, range boilers, and water heaters have been substituted for production data, collection of which has been
discontinued. It should be noted that for range boilers and water heaters, shipments data have been shown beginning with the March J947 issue of the Survey; however, production dat$'
were substituted in the 1947 Supplement because available for a longer period than shipments. Monthly shipments for September 1943-June 1947 for stoves and ranges and SeptemberDecember 1945 for range boilers and water heaters are available upon request. The index of machine tool shipments, computed by the National Machine Tool Builders Association beginning January 1937, has been substituted for estimates of total shipments which have been discontinued by the association; the index is based on reports estimated to account for about 90 percent
of industry shipments.
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-35
1949
1948
March
April
May
June
July
August
September
October
November
December
January
February
March
PAPER AND PRINTING—Continued
WOOD PULP
Production:§
Total all grades §
thous of short tons
Bleached sulphate§
short tons
Unbleached sulphate § __ __
_ do
Bleached sulphite §
do
Unbleached sulphite!
do _Soda§
do
Groundwood §
- do
Defibrated, exploded, etc§
do
Stocks, own pulp at pulp mills, end of month: §
Total all grades§
do
Bleached sulphate
do - Unbleached sulphate!
do
Bleached sulphite §
do
Unbleached sulphite
do
Soda
-do
Ground wood
do
Exports all grades total
do
Imports all grades total §
do
Bleached sulphate§
- -- do
Unbleached sulphate §
do
Bleached sulphite
- do _Unbleached sulphite §
do
Soda
- do
Groundwood
do
1r
1r
r
r
1, 083
1,073
1,117
104,981 r 100, 919 r* 107, 322
il rr 393,432 rr 392, 072 r 413, 073
169, 171
161, 692 162, 774
i r 82, 730 r 76, 657 r 75, 829
i r 42, 418
' 42, 985 T ' 44, 328
1r
175,029 ' 186, 005 194, 477
i r 63, 888 r 61, 173 r 65, 157
i r 89, 530
6,464
1 r 12, 558
1 •• 22, 455
r 14, 569
3,363
24, 776
4,850
' 210, 109
' 25, 484
' 38, 490
58, 216
57, 794
2,414
r
26, 257
r
r
1, 080
' 1 020 T 1, 139
104, 619 ' 98, 524 rr 111,161
402, 986 'r 379, 075 r 440, 515
164, 015
157, 218 r147, 194
r
74, 367
66, 558 r 70, 642
* 43, 966 ' 38, 083 r ' 43, 580
r
186, 513 ' 180, 678 187, 024
' 60, 280 r 61, 186 * 65, 501
r
r
r
96, 974 ' 105, 384 r 102, 923
7,665
9,044
7,127
r
11, 132 r 10, 132
8, 625
22, 131 ' 23, 090 r 21,008
16, 401
14, 566
16,291
3,325
3,362
3,318
r 32, 461
38, 325
38, 058
9,326
6,396
10,
309
r
169, 551 ' 204, 559 213, 200
' 16, 961 'r 26, 152
32, 847
31, 0@7
26, 148
30, 322
43, 502 ' 50, 549 52, 490
50, 537 ' 66, 018
60, 443
1,674
1,795
2,542
27, 864
29, 532
33,183
r
T
r
96, 260
7,664
11, 576
18, 028
16, 496
2,829
32, 507
9,606
r
183, 608
' 27, 176
26, 007
*T 47, 182
58, 606
2,000
21, 795
r
r
' 98, 666
8,669
r
14, 180
r
20, 407
16, 652
2,981
28, 260
9,865
179, 342
23, 669
27, 159
T
44, 597
r
57, 684
2,255
23, 264
r
r
1, 055
l 153 r 1 120 r 1, 023
104, 895 r 117, 301 r 116, 782 rr 103, 714
392, 345 'T 437, 552 'r 417, 273 T 373, 350
154, 097
163, 849
146, 467
160 162
rr 71, 279 ' 77, 378 ' 76, 241 r 70, 698
41, 588 ' 44, 079 r ' 42, 471 r ' 41, 286
' 178, 047 ' 189, 856 193, 116
181, 178
'61,061 ' 68, 845 ' 61, 344 ' 56, 692
r
r
r
r
99, 107 r 103 372
9,774
9,191
' 16, 230 r 16, 871
'19,673 r 23, 594
19, 057
20, 640
2,967
3,241
23,512
21, 486
2, 455
3,795
154, 783
149, 272
25, 032
19, 532
14, 999
21,036
49, 396
42, 542
40, 698
45, 694
1,899
2,184
21, 905
17 467
r
108 378
11, 125
14, 228
27, 927
18, 556
3,109
r
24, 741
4,423
144, 542
21, 939
16, 532
40, 549
43, 530
2,739
18, 297
r
r
104, 126
11, 192
14, 535
21, 713
16, 852
2,880
' 28. 186
7,946
167, 107
21, 339
21, 312
49, 100
44, 079
1,498
28,724
r
r
r
r
1,117
979
118, 969 r' 109, 373
428, 796 366, 048
158, 635 r r150 924
70, 482
61 418
42, 328
39 692
177, 719
160 759
63, 973
57, 802
114 577 ' r123, 569
15, 584
12, 582
16, 842 r 17, 580
24, 744 ' 27, 809
20, 486
19, 356
3,008
3,088
30, 311
29, 942
5,147
24, 451
127, 036 141, 366
32, 127
25, 385
24, 024
18 094
36, 523
36, 285
31, 572
29, 908
2,497
1,517
13, 979
15 035
1 056
120, 949
381, 575
164, 196
66, 616
43, 891
183, 197
52, 375
139 597
12 819
17, 982
34 639
22 446
3,388
38 635
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:
Paper and paperboard production, total
r 1, 927
1,688
1,812
1,908
thous. of short tons..
1,908
1,837
1,877
' 1, 595
1,925
1,753
1,856
1,709
1,747
r
859
850
960
916
953
939
Paper
_
_- -do. _.
938
797
968
923
'746
814
810
r
703
827
777
843
812
841
••858
789
Paperboard
do _ _
827
700
761
762
735
122
126
112
'105
109
139
Building board
do_ _127
'74
116
106
102
98
81
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association):
745, 014
691, 643
788, 563
745, 219
741, 433
743, 637
Orders new
short tons707, 663
741, 601 690, 493
716, 171 r 707 112 ' 653 943 725 650
559, 248
546, 778
605, 816
576, 005
554, 488
517, 759
510, 048
424, 785
Orders, unfilled, end of month c" do
486, 380
431, 978 rr 416, 125 rr 389 810
391 885
777, 510
691, 037
743, 555
776, 935
757, 636
758, 201
781, 787
Production
do __ 783, 209
750, 575
720, 715
735 997
685 836
728 000
775, 292
773, 834
770, 342
690, 911 753, 159
745, 707
734, 975
Shipments
do
781, Oil
732, 656
717, 139 T 724, 647 rT 671 594
716 550
71
231, 270
243, 928
225, 979
246, 694
250, 270
256, 732
267, 494
Stocks, end of monthd
do-271, 147
277, 403 288, 089 r 300 816 313 705 321 960
Pine paper:
107, 673
93, 219
85, 404
Orders, new
do
78, 567
79, 471
90, 503
78, 572
80, 313
73, 088
77 966 r g3 762 r 80 900
89 950
124, 600
98, 345
114, 456
Orders, unfilled, en<! of month
_
_do
85, 906
93, 047
56, 168
67, 454
48, 791
39, 408
43, 364 r 37 740 r 37 555
38 100
105, 927
102, 628
101, 376
99, 971
- Production
do
86, 866
94, 054
95 891
93 224
85 660
86 196 r 87 649 r 81 765
89 700
102, 052
104, 313
101, 795
95, 960
86, 437
Shipments
. _ do
93, 475
90, 886
82 275 T 89 868 r 79 341
92, 538
80, 611
88 560
55, 712
55, 956
54, 967
63, 995
Stocks end of month
do
61, 100
69 369
64 715
70 394
77 446
87 638 r 85 400
87 000
88 000
Printing paper:
274, 283
263, 870
269, 137
250, 772
236, 841
Orders new
do
267 734
234 777
251 023 232 172
250 963 r 240 315 r 228 455 261 300
252, 018
246, 559
256, 130
252, 316
Orders, unfilled, end of month
do _
250, 311
251, 798
236 353
238 398
204 498
203 008 r 192 520 r 186 090
189 620
268, 911
267, 467
264, 706
Production
„
_
do
267, 238
237, 927
254, 259
256, 417
269, 603
261, 219
253 493 r 248 708 r 237 400
254 000
263, 711
259, 901
264, 837
Shipments
do
238, 145
254 279
268 295
252 648
261. 964
257 205
248 613 r 243 890 r 234 653 251 800
Stocks, end of month
_ do_ __
68, 015
72. 328
79, 105
81, 738
79, 437
83, 139
83, 185
85, 012
86 887
90 416 r 96 344 r 99 675 101 245
Price, wholesale, book paper, "B" grade, Eng10.80
10.80
lish finish, white, f. o. b. mill___dol. per 1001b__
10.80
10. 80
10.80
11.30
10.80
11.30
11.30
11.30
11.30
11.30
11.30
Coarse pa pent
Orders, new
_
.
short tons__ 269, 063
260, 126
254, 939
260, 800
253, 080
265 232
258 747
269, 424
253 558
257 401 r 254 792 r 221 030 243 300
134, 483
Orders, unfilled, end of moi'-th
do
145, 324
136, 215
OK OHO
137 405
135 013
135 193
136 869
128 105
113 485
117 930 r 119 000 r 98 300
269, 439
268, 742
265, 754
Production
_
_
_ _ _ _ do
257, 500
243, 602
275 315
257 981
276 063
268 132
25l' 800 r 270 069 r 242 010
252 000
267, 438
265, 175
Shipments
do
268, 869
255 715
243 364
r
234
587
254
729
275 191
277 956
261 379
257 029 r 261 485
245 700
Stocks, end of month_
_ _ _ do
60, 906
60, 350
57, 940
59, 250
63, 045
66 146
65 679
63 030
64 492
61 207 r 70 000 r 76 000
80 000
Newsprint:
Canada:
Production
do
387, 672 385 606
388, 461 382 937 391 481 389 148 376 062
41 ^ 7Q9
399 788 397 330 385 819
385 961 372 344
Shipments from mills _ _ _ _ _
do_ __ 380, 732
380, 843 397, 706 383 594
379 695
387 897
392 560
3% 049
405 923 406 678 375 667
356 963 388 148
Stocks, at mills, end of month
do
88, 704
84,
222
93, 467
95, 351
83, 565
76, 615
83, 843
88,450
75, 250
54, 391
64,685
80, 066
107, 710
United States:
Consumption by publishers
do
338. 337 342, 572 348 823 327 060 291 647
337 196
381 697 364 253
314 04*5
363 698 332 671 308 753 q^fi 007
Production.
do_ __
64, 894
69, 371
72, 659
72 076
69 327
72 571
68 370
73 268
72 355
74 817
75 626
68* 621
78 322
Shipments from mills
do
72 441
65, 943
69, 199
71 553
fiQ 93^
77 4H4
68 548
69 297
73 214
72 371
71 966
73 584
75 096
Stocks, end of month:
7 584
4.7ft
At mills
do
6, 306
7 218
6 478
7 997
7 675
7 729
8 602
7 713
9
8 946
qqo cn.i
At publishers.
_ _
do
274, 453
268, 665
282, 202 294 728
337 372
382 559
382 849
345 423 344 226
382 691
373 590
391 580
In transit to publishers
do
75, 785
88, 644
89, 083
73, 363
80, 667
89, 884
76, 842
101, 655
92, 892
84, 555
98, 165
92, 609
82, 380
Imports.
_ do
398, 283 349, 649
368, 533
375 195
362, 174 390 408
349 476
362 298 416 789 407 527
369 223
360 047
Price, rolls (New York)
dol. per short ton__
96.00
96.00
96.00
96.00
96.00
100. 00
100. 00
100. 00
100. 00
100. 00
100.00
100.00
100. 00
Paperboard (National Paperboard Association) :
700 7fin
Orders, new
short tons
894, 300
790 200
fi^fi ^nn
791 200
798 000
706 100
807 200
796 200
831 100
809 700 957 200
Orders, unfilled, end of month
do
464, 700
397, 400
352, 000
381* 100
979 nnn
359 000
344 500 375 900
365 900
338 700
318 700
304 100
267 700
Production, total
do
861, 200
824, 200
821 800
fiQd.' 3ftft
789 200
705 600
792 900
774 000
832 100
822 500 953 300
769 400
Percent of activity
102
102
100
94
91
81
92
96
94
84
88
85
84
Paper products:
Shipping containers, corrugated and solid fiber,
r
r 5 413
r 5 351
r 5 758
shipments
_ mil. sq. ft. surface area
' 5, 558 ' 4, 979
5 031
r 5 53(5
'5 103 r 4 596
r 4 942
4 710
4 qj.fi
4 0QO
Folding paper boxes, value:
r
New ordersl
1936=100__
r 484. 5
r 396. 8
' 394. 2
457.
3
'
428.
6
'
461.
9
'
470.
6
'
492.
3
'
445.
0
'
451.
4
'
386.
9
'
390.
2
430.7
r
Shipments!
.__
do
' 483. 1
r 443. 4
' 423. 7
481. 5
r 374. 7
r 465. 0
r 482. 1
r 508. 1
r 480 1
r 483 fi
r 414 4.
4»n o
r 433 fi
r
Revised.
1 See note marked " § ."
d" Data for January-June 1947 for unfilled orders and stocks are shown on p. S-35 of the November 1948 Survey.
tRe vised series. The series for coarse paper (bag, wrapping, shipping sack, converting, and glassine, greaseproof and vegetable parchment) represent the series formerly shown as
wrapping paper revised to exclude special industrial paper; data beginning January 1947 are shown on p. S-35 of the May 1948 Survey; earlier data will be published later.
IRevised data for January and February 1948 (short tons): Production, total, all grades—1,052,537; 956,387; bleached sulphate—101,891; 92,697; unbleached sulphate—380,877; 326,340; bleached
sulphite—165,411; 157,352; unbleached sulphite—81,963; 77,472; soda—44,872; 40,208; groundwood—165,869; 157,315; defibrated—60,911; 58,633; stocks, total, all grades—91132- 94 547- unbleached
sulphate—11,786; 11,698, bleached sulphite—28,910; 30,459; imports, total, all grades—185,341; 214,463; bleached sulphate—19,184; 18,674; unbleached sulphate—38,580; 44 857 ' ' '
TiRevised data for January and February 1948 (1936=100): New orders, 449.4; 433.1; shipments, 460.8; 439.9.
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1949
1948
March
April
May
June
July
August
September
October
November
December
January
1,082
886
196
911
734
177
1,226
987
239
675
541
134
714
550
164
748
586
162
February
March
PAPER AND PRINTING—Continued
PRINTING
Book publication, total
New books
New editions
number of editions. _
do
do_ _
819
637
182
890
732
158
918
715
203
627
504
123
689
516
173
549
385
164
618
492
126
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
4,928
Production
thous. of short tons
Stocks in producers' storage yards, end of month
256
thous. of short tons__
604
Exports
_ _ __
_ _ do_ _
Prices, composite, chestnut:
18.24
Retail t
- dol. per short ton. _
1 15. 022
Wholesale
do
Bituminous:
34, 399
Production
thous. of short tons__
Industrial consumption and retail deliveries, total
44, 502
thous. of short tons_.
34, 974
Industrial consumption, total
do
509
Beehive coke ovens
do_ __
8,100
Byproduct coke ovens
do
671
Cement mills.
do _
7,801
Electric power utilities
do
8,430
Railways (class I)_
__ do
1,023
Steel and rolling mills
do
2
8, 440
Other industrial
_
_
do
9,528
Retail deliveries
do
55
Consumption on vessels (bunker fuel)
do
Stocks, industrial and retail dealers, end of month,
43, 585
total
_
thous. of short tons
42, 581
Industrial, total
_.do _
7,435
Byproduct coke ovens
do
956
Cement mills
_
do _
13, 609
Electric power utilities
do
5,599
Railways (class I)
do _
881
Steel and rolling mills
do
14, 101
Other industrial
_
do
1,004
Retail dealers
do
2,601
Exports §
do
Prices, composite:
14.71
Retail 1
_ _
dol. per short ton
Wholesale:
1
7. 684
Mine run
_
do
18.123
Prepared sizes _ _ _
do_ _
COKE
Production:
Beehive
thous of short tons
Byproduct . _ _
do
Petroleum coke
do
Stocks, end of month:
Byproduct plants, total
__do
At furance plants
do
At merchant plants
do
Petroleum coke
do
Exports
__ do
Price, beehive, Connellsville (furnace)
dol. per short ton_.
4,438
4,867
4,590
4,365
5,121
5,007
4,961
4,680
4,499
3,722
2,927
2,373
153
671
96
628
63
612
51
449
135
691
413
692
703
642
971
470
964
408
928
305
837
338
442
18.24
115.023
18.29
1 15. 134
18.60
1 15. 325
18.94
115.836
20.01
i 16. 338
20.09
16. 388
20.10
i 16. 391
20.10
16. 384
20.10
1 16. 389
20. 30
1 15. 982
20.60
1 16. 029
1
1
35, 151
56, 583
53, 118
48, 611
53, 779
52, 158
53, 447
49,791
49,937
47, 802
34,011
29, 600
389
6,488
649
6,919
7,044
819
2 7, 292
4,411
88
39, 169
33, 541
908
8,185
692
7,112
7,766
822
28,C56
5,628
110
38, 928
32, 985
848
8,036
690
7,520
7,432
798
2 7, 661
5,943
99
38, 748
33, 578
697
8,233
721
7,701
7,408
663
2 8, 155
5,170
102
41,966
36, 470
960
8,349
719
8,203
7,467
706
2
10,066
5,496
111
42, 331
36, 175
922
8,199
679
8,272
7,258
697
2 10, 148
6,156
121
45, 950
38, 575
974
8,500
751
8,689
7,851
766
211,044
7,375
117
43, 959
37, 749
954
8,268
771
8,261
7,655
793
2
11,047
6,210
100
46,913
38, 014
999
8,655
777
8,508
7,710
859
2 10, 506
8,899
51
47, 291
37, 814
981
8, 654
733
8,251
7,498
878
2
10, 819
9,477
32
34, 418
33, 576
4,308
776
11, 745
4,864
771
11,112
842
1,030
47, 032
45, 680
7,762
1,001
14, 601
7,208
1,074
14,034
1,352
4,728
58, 010
56, 166
10, 474
1,361
17, 041
8,787
1,269
17, 234
1,844
5,627
58, 139
55, 991
8,975
1,364
18, 551
8,388
1,134
17, 579
2,148
5,168
64, 057
61,385
10, 289
1,328
21, 107
8,685
1,166
18, 810
2,672
5,485
67, 592
64, 674
10,968
1,369
22, 751
8,815
1,152
19,619
2,918
4,574
68, 696
65, 772
11,348
1,354
23,875
9,099
1,066
19,030
2,924
4,202
69, 579
66,500
11, 465
1,377
24, 894
9,153
1,019
18, 592
3,079
3,570
69,373
66, 667
12, 104
1,291
24, 812
9,411
1,052
17, 997
2,706
2,311
67, 795
65, 552
12, 481
1,184
24,150
9,551
1,017
17, 169
2.243
2,083
14.80
15.11
15.29
15.73
15.92
15.98
15.99
15.99
15.96
20.59
16. 029
44, 458
32,800
' 42, 270
33, 703
••983
7,835
640
7,167
6,628
812
2
9, 638
8,567
46
44, 337
34,553
695
8,513
666
7,347
6,565
849
2 9, 918
9,784
49
68,834
66, 927
13, 759
1,103
24, 120
9,861
1,121
16,963
1,907
2,021
60, 511
59, 048
11, 452
984
22, 127
8,908
1,023
14,554
1,463
r
r
15.98
r
1
r
16. 03
16.03
i 8. 832
19.303
18.801
19.237
17.728
i 8. 146
17.864
i 8. 272
i 7. 882
18.359
i 8. 321
18.806
18.379
18.872
i 8. 403
1 8. 915
18.403
19.199
18.395
i 9. 211
i 8. 756
19.250
325
5,653
242
247
4,491
225
578
5,722
217
541
5,593
256
435
5,713
259
612
5,843
259
588
5,763
246
623
5,966
249
610
6,807
259
638
6,066
279
624
6,076
288
P
623
5,475
253
435
5,958
716
587
128
66
67
646
533
113
69
37
802
644
158
83
81
856
641
215
91
67
940
652
287
100
51
1,123
716
407
111
82
1,287
819
, 468
109
73
1,474
986
489
115
46
1,589
1,059
530
117
46
1,591
1,103
488
129
37
1,541
1,113
428
154
39
1,504
1,122
382
158
32
1,313
952
361
12.500
12.500
12.900
13.000
13.250
14.375
14.500
14.500
14.600
14.500
14.500
14.500
14.500
i 8. 816
i 9. 276
PETROLEUM AND PRODUCTS
Crude petroleum:
2,153
2,027
1,860
2,036
1,864
1,959
1,968
2,105
1,716
1,630
1,737
1,397
Wells completed
number
163, 037
166, 330
174,581 170, 242
176, 329 r 167, 072
172, 886
170, 574
171, 196
164, 509
150, 519
167, 593
Production __ _
thous ofbbl
92
96
95
97
98 r
96
96
95
97
94
92
90
Refinery operations
percent of capacity
161, 280
168, 952
173, 429
174, 546
174, 242
175, 705
177, 335
170, 166
166, 198
175, 295 153, 440
167, 007
Consumption (runs to stills)
thous. of bbl
Stocks, end of month:
223, 481 22?,, 124
224, 211 228, 401 234, 615
246, 199 3 3258, 648 3 3265, 216
240, 083
223, 820
227, 278
227, 408
Gasoline-bearing in U. S., total
do
58, 827
58,790
57 872
57, 684
60, 821
58, 751
60, 629
60, 783
60, 807
58, 989
64, 857
66 317
At refineries
do
153,244
148, 469
156, 839
162, 885
148,994
160, 238
169, 321 3 3176, 316 3 3182, 423
150, 787
148, 890
152, 758
At tank farms and in pipe lines _ _
do
16, 330
16, 222
16, 955
16, 179
16, 258
16, 289
16, 569
15, 684
16, 095
15, 661
On leases
__ _
do
16, 476
17,057
(3)
(3)
8,901
7,931
7,831
7,743
9,357
7,228
7,498
9,983
6,756
10, 055
Heavy in California
do
3,362
3,419
3, 404
3,661
3,974
3,192
3,538
3,362
3,138
Exports
do
3,068
2,127
1,942
11, 933
11, 427
11, 561
9,271
9,144
10, 804
13,885
10, 555
Imports
do
14, 062
9,767
12, 854
14,683
2.510
2.510
2.510
2.510
2.510
2.510
2.510
2.510
2.510
Price (Kansas-Oklahoma) at wells-.dol. per bbl__
2.510
2.510
2.510
2.510
Refined petroleum products:
Fuel oil:
Production:
28,960
30,764
29,930
32, 434
29, 352
34, 274 'r 33, 016
30,820
33,140
32, 548
Distillate fuel oil
thous. of bbl_
32, 190
28, 115
34, 493
38, 387
39, 104
40, 732
40, 523
39, 177
40, 276
Residual fuel oil
do
38, 673
39,313
38, 315
41 999
35 904
Domestic demand:
20, 364
20, 896
18, 305
25, 498
22, 809
41, 243 r 41 615
33, 779
25, 595
30, 645
Distillate fuel oil
do
20, 210
34
887
39, 819
35, 026
38, 987
38, 255
38, 807
42, 831
47, 808
Residual fuel oil
do
47, 300 r 48 097
39, 108
38,400
42 911
Consumption by type of consumer:
3,601
2,916
2, 943
3,083
3,186
3,269
4,256
Electric power plants
- _ _ _
do
3,119
3,566
4,325
5 356
4 651
4 615
5,824
5,995
6,409
Railways (class I)
do. _
5,878
6,026
5,620
6,171
5,889
5,761
5,733
5 380
4 687
5,348
5,685
5,775
4,181
5,457
5,819
Vessels (bunker oil). _ _ _ _ _
do
5,604
4,386
3,734
5,805
4 923
4 604
5 370
Stocks, end of month:
34, 514
40, 781
32, 214
76, 320
58, 725
82, 920
Distillate fuel oil __
do _
48, 362
68, 818
75, 953 44 6i 729 4 53 937
83,909
48, 788
58,431
43, 301
41, 945
68,005
52, 465
64, 096
Residual fuel oil
do
72, 363
76, 942
77, 033
62'. 585 * 59'. 398
f
Revised.
1 The comparability of the data for both anthracite and bituminous coal is slightly affected beginning March 1948 by a substitution for one of the reporting companies; February 1948 figures
strictly comparable with March for anthracite and bituminous coal, prepared sizes, are $15.011 and $8.122, respectively; for bituminous coal, mine run, there was no change in price between
February and March on the basis of comparable reports; April and September 1948 figures for bituminous coal, prepared sizes andNovember 1948 figure for bituminous coal, mine run, strictly
comparable in each case with data shown above for the following month are $8.154, $9.196, and $8.744, respectively; December 1948 figure for anthracite strictly comparable with January 1949,
$15.844.
2
Data for coal mine fuel are included in "other industrial." 3 Beginning January 1949 stocks of heavy crude in California are included in gasoline-bearing figures.
* Beginning January 1949 cracking stocks, formerly included in finished stocks in California figures, are excluded and stocks held in distributors' tanks in California which were formerly
included in bulk terminal stocks are excluded; comparable figures on new basis for December 1948 (thous. of barrels): Distillate and residual fuel oil, 71,381 and 63,993, respectively.
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments (see note marked "t" on p. S-21).
^The comparability of the series has been affected from time to time by a reduction in the number of cities or by a change in the sample. Beginning August 1947 data cover 10 cities for
anthracite and 21 cities for bituminous coal; see note on item in the April 1948 and September 1947 issues regarding the effect on the comparability of the data of changes made in that month
and in February 1947.
SURVEY OF CURRENT BUSINESS
May 1949
S-37
1949
1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
March
April
May
June
July
August
September
October
November
December
January
1,134
642
1,153
821
1,376
774
February
March
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products— Continued
Fuel oil— Continued
Exports:
Distillate fuel oil
thous. of bbl. .
Residual fuel oil
do
Price, wholesale, fuel oil (Pennsylvania)
dol. per gal__
Kerosene:
Production
thous. of bbl
Domestic demand
do
Stocks end of month
do
Exports
do
Price, wholesale, water white, 47°, refinery
(Pennsylvania)
dol. per gal__
Lubricating oils:
Production
- - thous. of bbl
Domestic demand
do
Stocks, refinery, end of month
do
Exports
.
- do ._
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal__
Motor fuel:
A 11 types:
Production, total
thous. of bbl
Gasoline and naphtha from crude petroleum
thous. of bbl
Natural gasoline and allied products .do
Sales of 1. p. g. for fuel, etc., and transfers
of cycle products
. thous. of bbl
Used at refineries
do
Domestic demand
_ _ _
do
Stocks, gasoline, end of month:
Finished gasoline, total
_
do
At refineries
do
Unfinished gasoline
do
Natural gasoline and allied products do
Exports
._
-do
Prices, gasoline:
Wholesale, refinery (Oklahoma)
dol. per gal__
Wholesale, tank wagon (N. Y.)_ _. do
Retail, service stations, 50 cities
do
Aviation gasoline:
Production, total
_ _ thous. of bbl
100 octane and above
do
Stocks, total
do
100 octane and above
_ _ do _
Asphalt:
Production
short tons..
Stocks, refinery, end of month.
do
Wax:
Production
thous of Ib
Stocks, refinery, end of month
do
Asphalt products, shipments:
Asphalt roofing, total.
thous. of squares. _
Roll roofing and cap sheet:
Smooth-surfaced
_
do
Mineral-surfaced . _
do_ .
Shingles, all types
do
Asphalt sidings
do
Saturated felts
short tons
1,222
740
1,608
947
2,222
790
2,007
607
2,261
1,058
2,016
1,238
' 1, 193
693
1,266
881
.110
.110
.110
.110
.110
.110
.110
.110
.110
.110
11,262
10, 884
10, 464
272
10,236
7,774
12, 795
88
9,973
6,508
15,711
474
9,383
6,351
18, 480
220
9,442
6,561
20, 958
362
9,180
6,193
23, 564
333
9,288
6,365
26, 177
232
9,663
9,411
26, 283
113
10, 848
10, 928
25, 829
297
10, 851
12, 384
24, 010
246
1,121
562
.110
10, 538
'12,917
r
i 21, 261
189
.108
.103
8,789
10, 560
i 18, 953
489
.125
.125
.125
.125
.125
.121
.120
.120
.120
.120
.120
.118
4,404
3,231
7,961
1,032
4,308
3,096
8,022
1,139
4,500
2,956
8,411
1,142
4,065
3,007
8,166
1,979
4,135
2,803
8, 350
1,134
4,341
2,957
8,747
969
4,121
2,843
8,884
1,135
4,580
3,178
9,306
971
4,175
3,229
9,512
731
4,368
2,953
9,843
1,135
4,193
«• 2, 597
10, 326
1.068
3,638
2,194
10, 856
870
.390
.390
.390
.390
.390
.390
.370
.350
.318
.300
.274
.222
72,025
74, 219
79, 421
78, 543
79, 948
80, 711
74,505
79,476
78, 445
83, 279
' 80, 779
71, 357
63, 608
12, 296
65, 834
11, 704
70, 501
12,072
69,883
11, 550
71, 221
11,871
71, 964
12, 157
66, 522
11, 543
70, 579
12, 833
69, 588
12, 916
74, 268
13, 476
'72,310
12, 998
63, 224
12, 081
3,879
6,187
68, 171
3,319
6,058
72, 183
3,152
6,551
77, 186
2,890
5,979
78,044
3,144
6,123
81, 428
3,410
6,535
80, 348
3,560
' 5,962
76, 159
3,936
6,617
75, 164
4,059
6,953
72, 560
4,465
7,143
72, 162
4,529
6.497
63, 083
3,948
6,314
57, 842
103, 398
68, 824
8,551
4,806
2,162
101,280
64, 553
8,549
5,305
3,190
99, 554
61,648
8,998
5,622
3,218
96, 221
56,231
8,297
6,077
2,977
90, 310
51,873
8,529
6,176
3,849
87, 187
49, 152
8,258
6.3C8
2, 982
82, 254
46, 982
8,264
6,287
2,937
83,969
47, 708
8,457
6,173
2,444
87, 275
49, 580
8,314
5,857
2,463
95, 422 ' 108, 544
54, 992
65, 238
8, 394
8,275
6,217
5,579
3,501
2,975
117, 496
73, 212
8,558
7,028
3,374
.105
.188
.195
.105
.188
.195
.105
.188
.195
.105
.188
.196
.105
.188
.196
.105
.188
.196
.105
.188
.196
.105
.188
.196
.105
.188
.197
.103
.188
.201
.102
.191
.201
.100
.191
.201
3,315
2,329
7,044
2,808
4,088
2,945
7,359
3,266
4,075
2,775
6,790
2,667
4,115
2,943
6,469
2,614
4,142
2,747
6,520
2,575
4,476
3,190
6.641
2,913
3,285
2,562
6,560
3,172
3,603
2,864
6,224
3,001
4,287
3,143
6,797
3,309
4,373
3,713
6,068
2,603
624, 000
1,020,700
676, 900
1,082,900
818, 400
1,156,200
911, 100
1,048,000
980, 700 1,062,200
957, 600
798, 900
922, 200
681, 600
938, 000
685, 100
765, 600
859, 500
98, 280
100, 800
92,960
108, 920
82, 600
112, 560
86, 240
122, 920
74, 760
136, 360
74, 760
148, 680
66, 640
151, 480
73,640
154, 560
75,040
155, 120
78, 960
154, 280
77, 560
151, 760
5,155
4,946
4,636
5,220
4,734
5,259
5,665
5,715
4,708
3,231
3,077
3, 108
3,679
1,561
1,208
2,385
350
49, 662
1,405
1,056
2,484
251
55, 316
1,216
998
2,423
213
52, 476
1,281
1,083
2,856
205
54, 772
1,163
1,028
2,543
199
44,912
1,419
1,271
2,975
276
45, 330
1,454
1,366
2,894
320
44,403
1,286
1,169
2,253
339
39, 384
935
860
1,437
226
29, 500
908
810
1,360
208
27,563
••936
-•843
r
l,330
184
r
27, 403
1,023
849
1,807
207
31,889
49 617
118, 187
61, 027
51 632
113 251
50,613
45 985
141 541
87 635
50 188
125 050
67 706
r 46 285
r us 803
57 401
52 755
117 613
1,271
1,153
2,835
234
44,474
r
r
2
2
4, 157
3,297
6, 790
3, 170
2
3
.112
.200
.099
.191
3,676
2,746
7, 401
3, 430
556, 400
601, 500
455, 800
1,028,500 1, 224, 200 1,351,500
61, 600
138, 600
r
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
long tons
Stocks, end of month c?
do. _
Imports, including latex and guayule.. _ do__ _
Price, wholesale, smoked sheets (New York)
dol. perlb__
Chemical (synthetic):
Production.
longtons..
Consumption
do
Stocks, end of month®
do
Exports. .
... _
_
do
Reclaimed rubber:
Production
do
Consumption
. _
__
do
Stocks, end of month® __
do
54, 444
130, 295
72, 069
50, 616
123, 248
40, 802
52, 022
112, 724
40, 661
55, 701
119, 818
64, 725
48, 769
128, 446
63, 824
53 366
129 622
68, 133
52 131
123 912
50, 556
.204
.229
.233
.228
.243
.237
.228
.222
.197
.189
.192
.185
.191
43, 940
38, 222
72, 885
387
40, 846
34, 632
78, 722
569
42, 866
35, 268
85, 734
400
41, 207
39, 204
89, 088
305
41, 267
34, 511
96, 140
278
39 630
39 339
97 197
307
37 890
39 215
98 246
669
41, 419
38 367
102 842
451
40 779
37 690
107 297
348
42 133
35 446
115 111
'486
38 890
36 765
118 357
632
r 36 103
r 34 611
r us 932
342
36 063
38 839
117 229
24, 089
24, 362
38, 313
21, 802
22, 322
37, 946
21, 043
21, 975
36, 612
22, 504
23, 786
35, 898
17, 712
19, 291
34, 302
20 255
22, 917
32 025
21 805
23,478
30 198
23 859
23, 512
31, 879
23 050
22 170
33 378
21 430
21 377
32 630
19 741
19 031
32 868
r 18 270
r 17 712
r 32 738
19 972
19 342
33 534
TIRES AND TUBES
Pneumatic casings:
T
T
r
r 6, 931
6,574
6,931
Production..
_
thousands
r 6, 667
r6,909
r 7, 585
r 6, 957
6, 735
6 084
5 702
5 896
5 891
r
r
r
r 5 591
5,703
r 7, 029
Shipments, total
do
r 6, 245
r 7, 815
'r 7, 880
rr 7, 849
6,711
5 441
6, 490
5 285
4 865
2,366
Original equipment
do
2,265
2,189
2, 380
2, 291
2,115
2,436
2 335
'1,818
2 299
2 304
2 172
' 3, 186
M,623
r 5, 465
r 4, 293
Replacement equipment
do
' 5, 371
r 5, 423
3 899
r 4, 471
3 139
2 855
2 953
2 588
r
r H7
r 155
r 189
127
Export. _
do
' 152
140
r 161
r 133
r 129
r 134
r 125
105
r
Stocks, end of month
_
do
r 11,357
10, 940
r 10 698
11,611 r 11, 436
9,353
9, 802
10, 207
9 905
10 476
11 339
12 385
Exports.
do
161
166
143
144
175
113
107
125
86
179
188
118
Inner tubes:
r
r
r
Production
do
r 5, 530
r 5 462
r 5, 573
r 5, 729
r 5 032
r 6, 708
5, 694
r 6, 618
6 171
6 321
5 062
4 922
r 5 444
r 5 126
r 4 723
Shipments
do
r 6 210
r 5, 185
r 5, 759
r 6 064
'6 777 ••6 818
r 6 928
4 926
4 404
r
Stocks, end of month
do
T 9 641
r 9, 917
9,737
f 9, 997
10, 069
8,760
8 527
8 748
8 915
9 303
9 815
10 442
Exports
do
126
117
95
100
127
75
85
67
55
135
130
'no
r
Revised.
1
Beginning January 1949, stocks held by distributors in California, which were formerly included in bulk terminal stocks, are excluded; comparable figure for December 1948 23.895 000
barrels.
'
2
Beginning January 1949, data exclude unfinished aviation gasoline stocks; comparable figures for December 1948 (thous. of bbl.)—total, 5,915; 100 octane, 2,504.
<? Beginning July 1947, data are reported stocks available to industry.
®Beginning July 1947, data are reported stocks.
SURVEY OF CUEEENT BUSINESS
S-38
May 1949
1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
March
May
April
July
June
1949
August
September
November
December
January
165, 337
139, 414
122, 239
125, 701
131, 393
143, 753
October
February
March
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments-reams, _
161, 110
160,918
158, 554
171,412
146, 164
14, 502
16,041
' 17, 740
17, 757
18, 721
13, 957
20, 886
6,072
19, 047
17, 880
5,930
19, 544
16, 086
5,650
21, 426
12, 422
5,032
20, 994
10, 149
4,514
191, 199
191, 884
18, 961
18,605
19, 349
18, 435
17, 425
15, 261
13, 751
15, 439
20, 705
8,355
3,916
19, 938
7,061
3,068
20, 324
6,094
2,824
18, 110
6,399
2,781
12, 741
11, 084
3,781
8,756
17, 591
5,475
9,134
T
22, 206
r
6, 752
14,539
23, 106
7,783
521, 308
493, 302
483, 574
413, 324
' 389, 199
' 307, 702
345, 997
290, 590
PORTLAND CEMENT
Production.
Percent of capacity
Shipments
_
Stocks, finished, end of month
Stocks clinker end of month
thous. of bbl_
__
thous. of bbl__
do __
do
71
86
80
89
90
r
91
93
93
92
84
73
r
73
74
CLAY PRODUCTS
Brick, unglazed:
r
446, 266
Production*
thous. of standard brick. _ r* 393, 734
414, 440 *• 495, 745
Shipments •
do
421, 558
470, 041
Stocks, end of month
do
Price, wholesale, common, composite, f. o. b. plant
22. 391
22. 066
dol. per thous. _
Clay sewer pipe, vitrified:
122, 561
131, 353
Production
short tons
124, 272
122, 307
Shipments
do _
209, 313
207, 527
Stocks
do
Structural tile, unglazed:
' 99, 564 r 110, 051
Production •
do
113, 784
r 97, 898
Shipments •
do _
130, 818
136, 014
Stocks
do
r
r
r
r
498, 550 r 542, 133
496, 418 * 544, 988
413,088
420, 241
' 544, 858
546, 608
408, 599
r
r
571, 525
563, 048
411, 560
r
r
558, 585
553, 580
r
r
595, 584
556, 409
r
r
0)
0)
0)
(i)
0)
22. 514
22. 761
23.032
23.203
23.368
23. 599
23.817
23. 868
120, 424
120, 808
207, 105
127, 663
128, 137
206, 505
118,119
125, 139
199, 244
129, 417
131, 131
197, 487
128, 578
132, 013
135, 565
135, 123
128, 423
120, 233
124, 647
100, 836
r
108, 111
103, 823
103, 514
94, 289
r
109, 351
111, 276
124,522
r
113, 275
r 116, 194
118, 786
r
113, 349
116, 291
113, 378
r
r
(0
114, 541 r 110, 412
122, 282 ••111,321
106, 031
0)
(i)
0)
111, 992
110, 948
0)
r
(i)
24. 085
(i)
24. 060
116, 015
83, 965
113,334
81, 481
100, 398
85, 222
101, 138
89,900
7,302
6,203
6,503
5,971
r
(i)
(i)
r
(i)
r
(i)
24. 050
(i)
(i)
GLASS PRODUCTS
Glass containers:
Production
_
_ _ _ _ _ thous. o f gross. _
Shipments domestic, total
do
General use food:
Narrow neck food
do
Wide mouth food (incl. packers tumblers)
thous. of gross. _
Beverage
do
Beer bottles
do
Liquor and wine
do_ _ _
Medicinal and toilet
do
Chemical, household and industrial
do. _ _
Dairy products
do
Fruit jars and jelly glasses
__do_ _
Stocks end of month
do
Other glassware, machine-made:
Tumblers:
Production
thous. of dozens__
Shipments
do
Stocks
_ _ _ _ _ _ do_ _
Table, kitchen, and householdware, shipments
thous. of dozens- _
Plate glass, polished, production thous. of sq. ft-_
8,951
7,383
8,977
10, 399
8,107
7,385
8,820
7,902
7,779
7,585
8,934
8,399
9,075
8,170
8,737
10, 354
969
549
653
829
899
1,121
1,795
823
2, 518
1, 338
1,055
1,060
2,281
1,769
3729
1,976
849
1,865
884
2,041
843
2, 333
569
2,581
3589
2,161
3460
1,861
1,638
1,465
1,413
1,807
1,136
2,307
1,308
2,008
605
786
813
272
92
470
339
275
641
604
692
781
535
210
568
501
201
395
729
641
692
571
868
513
231
276
2
422
764
338
151
613
275
244
6,751
6,026
7,214
6,469
534
569
601
572
643
1, 775
246
1,731
3250
1,761
3159
1,636
3215
1,813
3
376
1,263
1, 592
1,564
1 792
1 591
1,020
1 674
321
648
320
20
7,224
6,881
332
872
443
290
2
4
417
280
11
278
811
507
277
16
312
821
543
243
37
482
555
259
60
6,724
7,876
8,419
8,799
8,704
8,876
7,164
7,776
8,306
8,745
9 459
9 689
9 760
5,223
5,314
8,659
5,422
5,628
8,510
5,278
5,277
8,398
4,357
4,742
8,155
4,036
4,805
7,507
4,618
4,676
7,397
4,636
5,038
6,987
5,852
5,427
7,150
5,398
4,873
7, 662
4,835
4 347
8,245
4,722
4 288
8,366
4,707
4 450
8 693
4 796
5 038
8 474
4,147
23, 572
3,714
23, 417
3,847
20,783
3,351
24, 208
2,977
17, 484
3,052
24, 475
3,402
20, 774
4,301
0)
3,225
0)
2,785
(>)
2,959
0)
3,084
0)
3,645
11, 280
r 9 663
25 051
11 165
10 939
25* 277
11 243
11 408
25 H3
12 009
12 808
24 313
13 395
14 142
8 14 530
0)
GYPSUM AND PRODUCTS
Crude gypsum:
241
Imports
thous of short tons
1,562
Production
_
do
1,385
Calcined production
do
Gypsum products sold or used:
506, 561
Uncaleined
short tons
Calcined:
For building uses:
410, 518
Base-coat plasters
do
11, 944
Keene's cement
do
107, 121
AH other building plasters
do
530,
444
Lath
_
thous. of sq. ft
T
6, 718
Tile
do
Wallboardd"
_ _
_
do „ »• 684, 824
50,692
Industrial plasters
short tons
720
1,773
1,590
1,003
1,882
1,667
523, 688
509, 216
612 919
545, 038
13, 812
126, 713
633, 137
6,387
659, 878
56, 548
573, 344
13, 786
126, 359
689, 932
7,084
634, 689
58, 276
490 297
12, 419
139 265
649 924
6 991
729 939
55 067
895
1,827
1 607
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs- _
Shipments
do _
Stocks, end of month.. _
do
r 14, 215
r 13, 313
' 14, 340
22, 557
12, 803
23, 067
r
'r 12, 162
10, 875
24,354
' 12, 471
r
11,231
23, 742
r
10,015
r
r
10, 025
23, 733
r
r
r
11, 655
12, 229
23, 160
r
r
r
11, 891
12, 563
22, 488
r
r
r
r
r
r
11, 809
r 12 472
21, 825
11, 338
r n 345
21, 817
COTTON
Cotton (exclusive of linters) :
Production:
Ginnings
thous. of running bales. _
Crop estimate, equivalent 500-lb. bales
thous. of bales. Consumption,
bales
Stocks in theUnited States, end of month, totalj
thous. of bales-Domestic cotton, totali
do
On farms and in transit J
_
do
Public storage and compresses
do
Consuming establishments
do
Foreign cotton, totall
do
r
r4
r
259
11, 557
1,473
5,310
10 433
12, 762
* 11, 857
879, 967
829, 960
785 516
800 347
627 462
728 732
739 139
695 887
685 166
680 670
674 463
640 182
B 14 ggg
720' 892
6,545
6,411
5,572
5,447
4,611
4,500
3,686
3,584
3,080
2,991
2,824
2,095
2,200
1,928
1,642
1,667
1,308
1,409
16, 855
16, 776
13,885
1,700
1,191
15,938
15, 815
10, 515
4,087
1 213
15, 125
14, 995
6 331
7,272
1 391
13, 854
13, 729
3 765
8 387
1 577
12, 646
12, 531
2 185
8 771
1 575
11, 392
11, 284
1 552
8 176
1 555
10, 481
10, 382
1 363
7 469
1 550
6 590
1 490
582
3,636
2,193
134
528
125
372
111
275
102
274
89
79
123
130
125
115
'110
09
94
2
3
Revised. * Data discontinued by compiling agency.
Jelly glasses included with wide mouth food containers.
Includes a small quantity of nonreturnable containers.
Total ginnings of 1947 crop.
« Total ginnings of 1948 crop,
cf Includes laminated board, reported as component board.
J For revisions for July-December 1946 and data for January-June 1947, see note marked "J"on p. S-38 of the October 1948 Survey.
• Revised data for January and February 1948, respectively, are as follows: Brick (thousands of standard brick)—production 368,068, 318,294; shipments, 334,734,294,242; structural tile
(short tons)—production, 84,790, 84,003; shipments 77,184, 75,614.
4
SURVEY OF CURRENT BUSINESS
May 1949
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-39
1949
1948
March
April
May
July
June
August
September
October
November
December
January
February
March
TEXTILE PRODUCTS—Continued
COTTON — Continued
Cotton (exclusive of linters) — Continued
Exports §
_ bales. . 261, 162
10, 398
Imports
do
.318
Prices received by farmers
dol. per Ib
Prices, wholesale, middling, *M«"» average, 10
.342
markets
dol. per lb__
Cotton linters:
104
Consumption
thous. of bales..
105
Production
_ do
522
Stocks end of month
do
155, 080
14, 344
.341
204, 811
7,846
.353
132, 898
3,090
.352
148,594
8,078
.330
114, 584
9,847
.304
170,911
102, 970
.309
246, 161
11, 726
.311
428, 132
51
.305
521, 568
5,443
.296
402, 923
12, 244
.293
496, 578
8,533
.291
.287
.372
.376
.370
.340
.313
.312
.312
.315
.322
.326
.326
.326
97
65
500
99
47
459
95
37
403
86
31
361
105
53
318
109
169
356
115
222
437
117
219
527
114
204
609
123
188
671
119
159
667
134
2,588
75, 598
2,364
80, 070
2,760
79, 889
3,813
2 540
73,129
3,916
71, 937
2,670
63, 673
2,196
2,258
62, 456
1,433
83, 294
2,604
58, 030
2,007
2,260
116, 046
2,216
102, 321
2,270
88, 172
1,765
58.26
.338
.208
.240
51.01
.338
.205
.230
47.86
.338
.198
.230
45.34
.338
.183
.208
45.58
.338
.177
.195
46.29
.338
.172
.186
41.76
.338
.164
.181
37.55
.338
.157
.178
35.34
.338
.155
.174
33.98
.338
.158
.172
32.78
.338
.155
.170
32.29
.338
.152
.170
.804
1.098
.804
1.098
.804
1.098
.796
1.088
.757
1.044
.715
1.002
.696
.965
.686
.941
.686
.917
.666
.882
.659
.882
.642
.862
.629
.827
23, 079
21,711
11, 690
492
11, 007
133.7
23, 044
21,695
11, 330
475
10, 670
136.2
23, 054
21, 723
10, 703
450
10, 082
134.2
22, 777
21 473
10, 952
461
10, 318
130.8
22, 675
21,328
8,759
356
8,212
104. 6
22, 703
21, 352
10, 019
421
9,384
119.6
22, 686
21, 302
9,998
420
9,414
121.0
22, 483
21, 157
9,521
400
8,889
120.0
22, 513
21, 231
9,253
389
8,681
111.9
22, 043
20, 776
9,102
383
8,544
104.1
22, 186
20, 927
8,940
376
8,425
112.0
21, 950
20, 758
8,425
355
7,966
112.3
21, 515
20, 425
9,352
393
8,922
106.8
68.1
22.7
68.2
22.9
68 6
22.1
70 7
22.4
72.2
22.2
71.8
22.1
69.9
22.0
71.8
21.9
70.4
21.3
• 75.0
21.2
69.8
17.8
'63. 5
••14.7
v 57. 1
p 7. 7
9.4
4.8
5,219
8.7
3.8
4,599
9.3
4.0
3,975
9.2
4.3
5,323
9.3
4.2
4, 580
10.2
4.7
4,775
9.9
4.8
4,195
10.1
4.7
1,654
12.3
5.4
2,822
11.1
4.6
4,344
15.2
6.2
2,824
'20.3
••9.7
1,827
v 32. 2
v 16.2
.740
.360
.740
.360
.740
.360
.740
.360
.740
.360
.764
.368
.770
.370
.770
.370
.770
.370
.770
.370
.770
..370
.770
.370
.770
.370
829
417
470
1,349
1,106
352
404
787
510
614
1,018
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
22.60
45, 211
20, 358
54, 523
33, 988
18, 092
42, 411
1.800
.560
i 11. 800
.560
i 1. 788
i .560
1.820
1.696
1.615
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches ir width,
production quarterly
mil of linear yards
Exports §
thous. of sq. yd
Imports
do
Prices, wholesale:
Mill margins
cents per lb__
Denims, 28-inch
dol. peryd__
Print cloth, 38^-inch, 64 x 60
do
Sheeting, unbleached, 36-inch, 56 x 60
do
Cotton yarn, Southern, prices, wholesale, mill:
22/1, carded, white, cones
dol. per lb__
40/1, twisted, carded, skeins
do
Spindle activity (cotton system spindles) :
Active spindles, last working day, total*.. _thous_.
Consuming 100 percent cotton
do
Spindle hours operated, all fibers, total* .mil. of hr__
Average per spindle in place*
hours, _
Consuming 100 percent cotton
mil. of hr__
Operations as percent of capacity f
1
•
31.35
.318
.146
.170
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
Filament yarn
mil. of Ib
Staple
fiber
do
Stocks, producers', end of month:
Filament yarn
do
Staple
fiber
do
Imports
thous. of Ib
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
filament
dol. per Ib
Staple fiber, viscose, H£ denier.
do __
Rayon broad woven goods, production, quarterly
thous. of linear yards
Silk, raw:
Imports _
__
_ . _ _ thous. of Ib
Price, wholesale, raw, Japan, 13/15 (N. Y.)
dol. per lb__
WOOL
Consumption (scoured basis) :^
Apparel class
thous. of Ib
Carpet class. __
_ _
_ __
do
Imports
do
Prices, wholesale, Boston:
Raw, territory, 64s, 70s, 80s, scoured. _dol. per lb__
Raw, bright fleece, 56s, greasy
do
Australian, 64s, 70s, good topmaking, scoured, in
bond.
. . .
_
_dol. per Ib
553, 150
r
T
51,681
20, 264
86, 749
r
r
42, 629
17, 025
62, 324
r
T
41, 619
16, 971
48, 703
r
r
48, 121
19, 836
74, 307
541, 709
519, 793
546, 421
r
r
31, 741
11,286
61, 177
1.255
.510
1.296
.510
1.310
.510
1.446
.550
1.480
.560
1.292
1.399
1.652
1.820
1.820
r
T
38, 825
16, 963
62, 530
1
1
r
T
r
r
29, 705
16, 634
38, 840
1
r
37, 099
19, 000
39, 503
T
r
1,215
2
2.60
29, 624
16, 928
42, 870
27, 664
15, 676
39,648
22.60
1. 750
!. 560
i 1. 790
i .560
1 1. 800
1.560
i 1. 800
!.560
i 1. 800
i. 560
1.615
1.801
1.925
1.925
1.925
WOOL MANUFACTURES
Machinery activity (weekly average) :^
Looms:
Woolen and worsted:
98
82
91
82
79
89
80
85
77
62
Pile and Jacquard* . thous. of active hours.
100
78
r
2,495
2,497
2,513
2,323
2,185
2,224
2,143
Broad
do
1,987
2,106
2,400
2 r153
1 893
42
Narrow
do
26
37
30
27
35
39
36
40
23
30
29
Carpet and rug:
164
163
164
173
172
167
164
159
166
114
Broad
do
172
166
141
88
141
126
Narrow
_ _ _
do
144
129
124
114
103
90
130
97
Spinning spindles:
99, 272
98, 429
98, 572
95, 140
94, 338
77, 931
84, 113 rr 82 547
73, 791
88, 432
92, 989
Woolen
_
do
90 274
125, 437
104, 311
129, 269
109, 204
80, 181
124, 760
116, 709
87, 804
101,900
85, 177
92,r 615
Worsted
do
91, 989
245
222
156
165
248
239
179
189
Worsted combs
do
164
210
250
160
Wool yarn:
r
r
r
r
r
r
r
r
r
r
65,
872
Production, total 1
thous. of lb__
82,
548
52,
184
65,
587
78,
172
48,
188
62,
113
61,
714
54,
688
66,
898
74,
473
57,
611
r
r
r
r
r
r g 958
r 5 584
r 5 907
r 6 409
r 8 056
Knitting J
do
5 228
7, 481
7, 513
5 408
6 895
9, 608
8, 848
r
Weaving ^ _.
do
53, 728 r 42, 092 rr 41,667 rr 49, 796 rr 31, 907 r 38, 854 rr 46, 384 r 38, 256 r 35 709 r 41 166 r 32 760
31, 144
r
r
16 344
r
15
995
r is 774
16, 299
19, 212
Carpet and other ^
do
15 812
16, 407
19, 528
10 873
17 049
16, 364
20, 033
Price, wholesale, worsted yarn (Bradford" weav2.962
3.069
ing system) 2/32s*
dol. per lb_3.350
3.350
3.350
3.410
3.350
3.350
3.350
3.350
3.350
3.425
3.425
r
Revised.
f Preliminary.
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "t" on p. S-21.
1
Data beginning August 1948 are for wool sold on the open market instead of the Commodity Credit Corporation selling price; August price for the territory wool comparable with
earlier
series, $1.480 per pound; for the bright fleece series, the Commodity Credit Corporation and the open market price were the same in August and September.
2
Quotations beginning January 1949 are for a substituted series of the same description, but represent a composite price; the December 1948 price for the new series is $2.57 per pound.
• Included in data for broad and narrow looms prior to April 1947. JData for March, June, September, and December 1948 are for 5 weeks; other months, 4 weeks.
*New series. The new series for cotton spindle activity and the revised series for operations as a percent of capacity relate to all cotton system spindles, including data for spindles spinning synthetic and blended fibers as well as those consuming 100 percent cotton. The series designated "100 percent cotton" continue the data on active spindles and spindle hours shown in
ihe 1947 Supplement and in previous issues of the monthly Survey. The figures for average spindle hours per spindle in place and operations as a percent of capacity for cotton consuming
spindles for August 1945-^January 1948, as shown in the Supplement and in previous issues of the monthly Survey, are not strictly comparable with earlier data because the figures for spindles
in place collected beginning August 1945 and used in the computations include all cotton system spindles while the "in place" figures used in earlier computations related to spindles used
exclusively for spinning cotton. Data for August 1945-June 1947 for the revised series on operations as a percent of capacity and for the new series on spindles and spindle hours are available
in the May and August 1948 issues, p. S-39, and the note for cotton spindle activity at the bottom of p. S-34 in each of those issues. Beginning with the March 1949 Survey, the new price series
for worsted yarn (Bradford weaving system) 2/32s, 64s (white) replaces the former price which has been discontinued; monthly data beginning 1947 will be shown later.
tRevised series. See note marked "*".
SUEVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
May 1949
1948
March
April
May
June
July
1949
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 of lin yd
Apparel fabrics total
do
Government orderst
do
Other than Government orders totalt do
!Men's and boys't
do
Unclassifiedf
Blanketing
do
do
Prices, wholesale, f. o. b. mill:
Suitine, unfinished worsted, 13 oz_.dol. per yd_.
Women's dress goods, flannel, 8 oz, 54-inch*
dol. per yd__
131, 978
116, 258
3,141
113 117
55, 113
49, 384
8,620
5,496
130, 428
114, 916
2,176
112, 740
55, 599
48, 090
9,051
118, 816
104, 807
2,161
102, 646
46, 684
48, 023
10, 588
8,997
3,625
96, 604
39, 933
49, 124
7,939
4,924
10 224
115, 046
100, 229
7,547
5,012
5, 843
8,974
3.465
3.465
3.465
3.465
3.465
3.564
a 589
3.589
3.589
3.589
3.589
3.589
3.589
2.203
2.265
2.326
2.426
2.450
2.450
2.537
2.624
2.624
2.698
2.722
2.722
2.722
2,092
4,782
4,980
3,381
1,907
2,516
2,388
«• 1, 541
'1,374
0)
0)
502
117
0)
0)
317
137
C1)
0)
235
183
0)
0)
160
'139
0)
0)
257
161
MISCELLANEOUS
Fur sales by dealers
thous of dol
TRANSPORTATION EQUIPMENT
AIRCRAFT
Shipments total
For TJ S military services
Civil aircraft
Exports
number
do
do. .
do
856
278
678
165
931
165
766
229
953
141
812
259
1,186
227
959
333
1,119
199
920
246
492, 034
1,430
1,217
349, 998
327, 198
140, 606
118, 572
40, 071
20, 493
19, 578
4,137
3,878
2,094
1,784
259
438, 090
1,056
910
308, 071
288, 356
128, 963
111,911
44, 854
22, 570
22, 284
4,116
3,898
2,081
1,817
218
338, 538
1,288
1,168
225, 461
209, 591
111, 789
96, 909
34, 180
16, 477
17, 703
3,688
3,541
1,876
1,665
147
431,046
1,068
892
312, 406
293, 582
117, 572
101, 755
29, 514
14, 988
14, 526
4,047
3,901
2,144
1,757
146
474, 556
1,012
947
356, 764
334, 736
116, 780
98, 249
41, 283
17, 681
23, 602
3,437
3,240
1,657
1,583
197
311, 650
94, 806
330, 555
108, 168
255, 638
100, 614
246, 926
87, 324
9,321
6,959
6,940
2,362
94
74
74
20
9,367
7,041
6,726
2,326
121
107
67
14
9,712
7,171
6,651
2,541
64
64
60
0
10, 514
7,816
7,721
2,698
46
46
46
0
8,763
6,876
6,874
1,887
62
62
62
0
1,740
1,743
1,744
1,747
80
4.8
105, 120
80, 772
24,348
83
4.9
109, 567
86, 947
22,620
86
5.1
103, 786
81,067
22, 719
84
5.0
103, 565
79, 866
23,699
2,873
8.3
2,879
8.4
2,887
8.5
119
89
30
1,431
1,431
0
153
30
123
117
89
28
1,455
1,454
1
133
28
105
338
288
50
337
318
19
C1)
0)
(1)
(1)
700
181
590
134
461, 353
771
675
348, 822
328, 194
111, 760
97, 222
34, 272
19, 349
14,923
3,622
3,454
1,866
1,588
168
413, 537
1,143
1,051
301, 170
282, 458
111, 224
94, 196
35, 222
17, 696
17, 526
3,594
3,457
1,876
1,581
137
491, 803
679
600
383, 755
361, 867
107, 369
91, 296
' 36, 562
17, 651
' 18, 911
3,725
3,584
1,982
1,602
141
468, 822
545
460
364, 440
346, 999
103, 837
89, 030
' 20, 526
10, 742
r 9, 784
3,819
3,694
2,444
1,250
125
486,981
824
763
378, 455
360, 986
107, 702
90, 667
42, 479
18, 825
23,654
3,426
3,299
1,935
1,364
127
431,276
658
618
326, 019
312, 199
104, 599
91, 282
28, 265
13, 490
14, 775
2,766
2,695
1,490
1,205
71
426, 665
418
326
324, 547
310, 343
101, 700
88,540
25, 585
11, 650
13, 935
r 2, 296
' 2, 181
1,095
' 1, 086
115
291, 206 317, 788
' 93, 829 91, 923
296, 339
85,108
291, 442
84,284
313, 230
75, 024
311, 419
70,282
273, 161
66,423
258, 218
67, 537
10, 414
7,450
7,450
2,964
61
61
61
0
9,886
7,055
6,978
2,831
65
64
64
1
9,169
6,806
6,649
2,363
92
81
75
11
9,315
6,997
6,976
2,318
88
69
69
19
9,987
7,384
7,364
2,603
96
83
78
13
8,923
6,140
6,130
2,783
91
82
71
9
10, 368
7,474
7,421
2,894
80
75
66
5
12, 074
9,122
8,958
2,952
76
74
69
2
1,747
1,749
1,752
1,754
1,755
1,755
1,757
1,761
1,763
85
5.0
102, 389
75, 220
27, 169
85
5.0
100, 402
73, 113
27,289
81
4.8
93, 087
65, 751
27, 336
78
4.6
95, 785
61, 438
34, 347
79
4.7
90,484
57, 877
32,607
80
4.7
84, 161
53,118
31, 043
88
5.2
81,683
51,007
30, 676
91
5.4
r 73, 384
•• 46, 403
26, 981
94
5.5
63,410
38,654
24,756
2,803
8.3
2,774
8.2
2,792
8.3
2,713
8.1
2,646
8.0
2,600
7.9
2,439
7.5
*??
'2,504
r
7. 8
2,650
8.3
111
86
25
1,485
1,485
0
135
38
97
123
101
22
1,572
1,572
0
109
28
81
119
99
20
1,509
1,509
0
97
24
73
116
99
17
1,510
1,510
0
69
9
60
101
86
15
1,477
1,474
3
101
41
60
86
72
14
1,544
1,541
3
133
33
100
78
65
13
1,615
1,615
0
43
15
28
72
60
12
1,561
1,561
0
87
10
77
73
62
11
1,490
1,490
0
r
80
14
66
43
33
10
1,452
1,452
35
26
9
1,283
1,283
331
286
45
292
243
49
259
230
29
275
214
61
256
229
27
239
216
23
209
158
51
237
194
43
204
184
20
270
225
45
MOTOR VEHICLES
Factory sales, total
number. __
Coaches, total
___
_
_ _ _ _ do
Domestic
do
Passenger cars, total
do
Domestic __
_ _
do_ _
Trucks, total
do
Domestic
do
Exports, total
_ _ _
_ _
do
Passenger cars
do
Trucks
- do
Truck trailers, production, total
_ _ do_ __
Complete trailers
do
Vans
_
_ _ _ _
do
All other
do
Chassis shipped as such
do
Registrations:
New passenger cars
do
New commercial cars
do
518, 118
545
423
402, 402
385, 834
115,171
99, 925
2,624
2,500
1,249
2,251
124
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
number
Equipment manufacturers, total
do
Domestic. ._ _ _ _
do
Railroad shops, domestic
do
Passenger cars, total*
_ _ _ _ _ d o
Equipment manufacturers, total
do
Domestic
do
Railroad shops, domestic* _ _ _
do_ _
Association of American Railroads:
Freight cars (class 1), end of month:
Number owned
thousands
Undergoing or awaiting classified repairs
thousands. _
Percent of total on line.
Orders, unfilled—number..
Equipment manufacturers
do
Railroad shops
do
Locomotives (class 1), end of month:
Steam, undergoing or awaiting classified repairs
number. _
Percent of total on line..
Orders unfilled:
Steam locomotives, total
number.
Equipment manufacturers
do
Railroad shops
do___
Other locomotives, total
do
Equipment manufacturers
. _ do_ _
Railroad shops
do
Exports of locomotives, total
_ _
do
Steam
_
do
Other
do
o
o
50
8
42
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total. .
Domestic
Export
__
number.
do
do
r
247
214
33
Revised.
1 Not available for publication.
*New series. See note marked "*" on p. S-40 of the September 1948 Survey for January-June 1947 figures for passenger car shipments. The series for flannel dress goods, 8 ounce, 54-55inch, f. o. b. mill, which is compiled by the U. S. Department of Labor, has been substituted for the 7-7J^-ounce series shown in the September 1948 Survey and earlier issues which has been
discontinued by the compiling agency; comparable figures beginning April 1938 will be published later.
fRevised series. See note on woolen and worsted apparel fabrics in the May 1948 Survey or in the 1947 Supplement to the Survey for explanation of changes in the classifications in
the second quarter of 1947. A further change was made in the last quarter of 1947. Beginning that quarter the unclassified item consists entirely of fabrics containing 25 percent or more
wool reported by cotton and rayon weavers, and all apparel fabrics produced by woolen and worsted manufacturers are distributed to the separate classifications for men's and boys' and
women's and children's fabrics; for the second and third quarters of 1947, the unclassified item includes also 3,340,000 and 1,489,000 linear yards, respectively, which were reported by woolen
and worsted manufacturers as "all other apparel fabrics." Apparel fabrics produced for Government orders were combined with other production prior to 1947. Blankets produced for
Government orders are not available separately.
U. S. G O V E R N M E N T P R I N T I N G O F F I C E : 1949
•INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40Pages marked S
Abrasive paper and cloth (coated)
38
Acids
24
Advertising
7
Agricultural income and marketings
2
Agricultural wages, loans
15
Air-line operations
22
Aircraft
10,11,12,14,40
Alcohol, denatured, ethyl, and methyl
24
Alcoholic beverages
2, 27
Aluminum
33
Animal fats, greases
25
Anthracite
2,4,11,12,13, 15, 36
Apparel, wearing
4, 5, 7, 8, 10, 11,12, 13, 14, 38
Armed forces
10
Asphalt and asphalt products
37
Automobiles....
_ 2, 3, 7, 8,10,11,12,14,18, 21
Banking
15,16
Barley
28
Barrels and drums
32
Battery shipments
34
Beef and veal
_
29
Beverages, alcoholic
2, 27
Bituminous coal
_ 2,4,11,12,13,15,36
Boilers
- 33,34
Bonds, issues, prices, sales, yields
19, 20
Bone black
.._
24
Book publication
36
Brass
33
Brick
5,38
Brokers' loans
16,19
Building contracts awarded
5,6
Building costs
6
Building construction (see Construction).
Building materials, prices, retail trade
5, 6,8,9
Business, orders, sales, inventories
3
Businesses operating and business turn-over _ _
4
Butter
27
Candy
29
Cans, metal
33
Capital
flotations
18, 19
Carloadings
22,23
Cattle and calves
--- 28, 29
Cement
2,5,38
Cereal and bakery products, price
4
Chain-store sales
8, 9
Cheese
27
Chemicals
2, 3, 5,10, 11, 12, 13, 14, 15,18, 24
Cigars and cigarettes
30
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
2, 38
Clothing
4, 5, 7, 8,10, 11,12,13,14, 38
Coal
2, 4, 11,12, 13, 15, 36
Cocoa
29
Coffee..
— - 22, 29
Coke
2,36
Commercial and industrial failures
4
Construction:
New construction, dollar value
5
Contracts awarded
5,6
Costs
6
Dwelling units started
6
Highway
6,11
Employment, wage rates, earnings, hours _ _
10,
11,13,15
Consumer credit
16
Consumer expenditures
1, 7, 8
Consumers' price index
4
Copper
21,33
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, 21, 38, 39
Cottonseed, cake and meal, oil
25
Crops
2,4,25,26,28,30
Currency in circulation
18
Dairy products
._- 2,4,5,27
Debits, bank
15
Debt, short-term, consumer
16
Debt, United States Government
,.
16
Department stores
8, 9,16
Deposits, bank
15,16,18
Disputes, industrial
13
Distilled spirits
27
Dividend payments and rates
1,20
Drug store sales
8, 9
Dwelling'units started
6
Earnings, weekly and hourly
13,14,15
Eggs and poultry
2, 4, 29
Electrical equipment
3, 7,8,34
Electric power production, sales, revenues
26
Employment estimates
10, 11
Employment indexes
11
Employment security operations
13
Emigration and immigration
23
Engineering construction
6
Exchange rates, foreign
18
Expenditures, United States Government
16
Explosives
24
Exports (see also individual commodities)
21
Express operations
22
Factory, employment, pay rolls, hours, wages. 10,
11,12,13,14,15
Failures, industrial and commercial
4
Farm marketings and income
2
Farm wages
15
Farm products, farm and wholesale prices
2, 4
Fats and oils
5, 25, 26
Federal Government,
finance
16, 17
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks
15, 16
Fertilizers
5, 24
Fiber products
34
Pages marked S
7
fish
25, 29
25
31,32
28
2,3,
4, 5, 7, 8,10,11,12,13,14, 27, 28, 29,30
Footwear
2, 5, 8, 9,10,11,12,13,14,31
Foreclosures, real estate
7
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes, and
commodity groups
21,22
Foundry equipment
34
Freight cars (equipment)
40
Freight carloadings, cars, indexes
22, 23
Freight-car surplus and shortage
23
Fruits and vegetables
2,4,5,21,27
Fuel equipment and heating apparatus
33,34
Fuel oil
_ 36,37
Fuels
2,5,36,37
Fur
22,40
Furnaces
34
Furniture
2, 5, 7, 8, 9,10,11,12,13,14
Gas, customers, sales, revenues
26
Gasoline
37
Glass and glassware (see also Stone, clay, etc.)- 2,38
Gelatin
25
Generators and motors
34
Glue
— . 25
Glycerin. __
__
_
24
Gold
_
18
Grains
4,19, 21, 28
Gross national product
1
Gypsum
38
Heating and ventilating equipment
33,34
Hides and skins
5, 22, 30
Highways
5, 6,11,15
Hogs
29
Home-loan banks, loans outstanding
6
Home mortgages
6, 7
Hosiery
5,38
Hotels
11,12,13,15, 23
Hours of work per week
12,13
Housefurnishings
4, 5, 7, 8, 9
Housing
4, 5, 6
23
Immigration and emigration
21,22
Imports (see also individual commodities)
1
Income, personal
16
Income-tax receipts
4
Incorporations, business, new
2,3
Industrial production indexes
16
Instalment loans
9
Instalment sales, department stores
34
Insulating materials
17
Insurance, life
16
Interest and money rates
3,8,9
Inventories, manufacturers' and trade
2,3,
Iron and steel, crude and manufactures
5,10,11,12,13,14,18,21, 32,33
37
Kerosene
10
Labor force
13
Labor disputes, turn-over
29
Lamb and mutton
29
Lard
33
Lead.
Leather and products. 2, 3, 5,10,11,12,13,14, 30, 31
Linseed oil, cake, and meal
25
Livestock
2,4, 28, 29
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
6, 7, 15, 16,19
Locomotives
40
Looms, woolen, activity
39
Lubricants
37
Lumber
2, 5,10,11, 12,14, 31, 32
Machine activity, cotton, wool
39
Machine tools
10,11,12,14,34
Machinery
2,3, 10, 11,12, 14, 18, 21,34
Magazine advertising
7
Mail-order houses, sales
9
Manufacturers' orders, sales, inventories
3
Manufacturing production indexes
2,3
Meats and meat packing. 2, 4, 5,10,11,12,13,14,29
Metals
2,3,5, 10, 11, 12, 13, 14, 18,32,33
Methanol
24
Milk
27
Minerals
2,3, 10, 11, 12, 13, 15
Money supply
18
Mortgage loans
6, 7,15
Motor fuel
37
Motor vehicles
8,40
Motors, electrical
34
National product and income
1
Newspaper advertising
7
Newsprint
_ 22,35
New York Stock Exchange
19, 20
Fire losses
Fish oils and
Flaxseed
Flooring
Flour, wheat
Food products
Oats
28
Oil burners.
_
34
Oils and fats
5, 25, 26
Oleomargarine
26
Operating businesses and business turn-over. _
4
Orders, new, manufacturers'
3
Paint and paint materials
5, 26
Paper and pulp
2, 5,10,11,12,13,14, 35
Paper products
35
Passports issued
23
Pay rolls, indexes
.,
12
Personal income
1
Personal savings and disposable income
1
Petroleum and products
2,3,
5, 10, 11, 12,13, 14,15,18, 21, 22, 36, 37
Pig iron
32
Plant and equipment expenditures
1
Pages marked S
26
Plastics and synthetic resins.
Plywood
31
Pork
29
Postal business
.
7
Postal savings
16
Poultry and eggs
2,4,29
Prices (see also individual commodities):
Consumers' price index
4
Received and paid by farmers
4
Retail price indexes
4
Wholesale price indexes
5
Printing
2,3, 10, 11, 12, 13, 14, 15,36
Profits, corporation
18
Public utilities
1, 4, 5,11, 12,13,15, 17, 18,19, 20
Pullman Company
23
Pulpwood
___
34
Pumps
34
Purchasing power of the dollar
5
Radio advertising
7
Railways, operations, equipment, financial
statistics, employment, wages
1,
11,12, 13,15,17,18,19, 20, 22,40
Railways, street. (See Street railways, etc.)
Rayon, and rayon manufactures
2,
5,10,11, 12,13,14,39
Real estate
6, 7
Receipts, United States Government
16
Reconstruction Finance Corporation, loans
17
Refrigerators
34
'Rents (housing), index
4
Retail trade, all retail stores, chain stores,
department stores, mail order, rural sales,
general merchandise
3,4, 7,8,9
Rice
28
Roofing and siding, asphalt
37
Rosin and turpentine
24
Rubber, natural, synthetic, and reclaimed,
tires, and tubes
22,36,37
Rubber industry, production index, sales,
inventories, employment, pay rolls, hours,
earnings
2,3,10,11,12,13,14,15
Rye
28
Savings deposits
16
Savings, personal
1
Scales and balances
34
Securities issued
18, 19
Service industries employment
10,11
Sewer pipe, clay
38
Sheep and lambs
29
Shipbuilding
10, 11, 12, 14
Shoes
2, 5, 8, 9, 10, 11,12, 13, 14, 31
Sh ortenings
26
Silk, imports, prices
5,22,39
Silver
18
Skins
5, 22,30
Slaughtering and meat packing
2,
10, 11, 12,13,14, 28, 29
Soybeans, and soybean oil
25,26
Spindle activity, cotton, wool
39
Steel ingots and steel manufactures (see also
Iron and steel)
32,33
Steel, scrap
32
Stocks, department stores (see also Manufacturers' inventories)
9
Stocks, dividends, issues, prices, sales, yields.
20
Stokers, mechanical
34
Stone, clay, and glass products
2,
10,11, 12,13, 14,38
Stoves
34
Street railways and busses
11,12,13,15
Sugar
22, 29, 30
Sulphur
25
Sulfuric acid
_
24
Superphosphate
24
Tea
30
Telephone, telegraph, cable, and radio-telegraph carriers
11,12,13,15, 23
Textiles
2, 3, 5,10,11,12,13,14, 38,39, 40
Tile
_
_
_
38
Tin
33
Tires and inner tubes
5,37, 38
Tobacco
2,3,4,7,10,11,12,13,14,30
Tools, machine
10, 11,12,14,34
Trade, retail and wholesale
8, 9, 10,11,12,13,15
Transit lines, local
22
Transportation, commodity and passenger
22, 23
Transportation equipment- 2, 3, 10, 11, 12, 14, 18, 40
Travel
22, 23
Truck trailers
40
Trucks and tractors
40
Turpentine and rosin
24
Unemployment and unemployment compensation
10,13
United States Government bonds
16, 18, 19
United States Government,
finance
16,17
Utilities
1,4, 5,10,11,12,13,15,17,18,19*20
Vacuum cleaners
34
Variety stores
8, 9
Vegetable oils
25, 26
Vegetables and fruits
2,4,5, 21,27
Vessels cleared in foreign trade
23
Veterans' unemployment allowances
13
Wages, factory and miscellaneous
13,14,15
War expenditures
16, 17
Washers
34
Water heaters
34
Wax
37
Wheat and wheat
flour
19, 28
Wholesale price indexes
5
Wholesale trade
3, 9
Wood pulp
35
Wool and wool manufactures
2,
5,10, 11,12, 13,14, 22, 39, 40
Zinc
33
Historical Statistics
1789-1945
historical Statistics
O F T H E U N I T E D STATES
1789-1945
Supplement to the Statistical ^Abstract
of the United States
PREPARED BY THE BUREAU OF THB CENSUS
WITH THE COOPERATION OF THB
SOCIAL SCIENCE RESEARCH COUNCIL
United States Department of Commerce^ CHARLES SAWYER.^ Secretary
Burtau of th* Census, J. C. Captt Director
$2.50 (buckram)
363 PAGES
wance oweis acce\ipted
by the Superintendent of Documents, U. S. Government Printing Office, Washington 23, D. C.
@FedFRASER