Full text of Survey of Current Business : November 1948
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NOVEMBER 1948
SURVEY OF
U. S. DEPARTMENT OF C O M M E R C E
B U R E A U OF F O R E I G N
AND DOMESTIC
COMMERCE
DEPARTMENT OF COMMERCE
FIELD SERVICE
SURVEY
OF CURRENT BUSINESS
No. 11
NOVEMBER 1948
tents
PAGE
THE BUSINESS SITUATION
Albuquerque, N. Mex.
203 W. Gold Ave.
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Atlanta 1, Ca.
50 Whitehall St. SW.
Miami 32, Fla.
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Baltimore 2, Md.
103 S. Gay St.
Milwaukee l,Wis.
517 E. Wisconsin Ave.
Boston 9, Mass.
2 India St.
Minneapolis 1, Minn.
125 S. Third 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 1, N. Y.
350 Fifth Ave.
Cheyenne, Wyo.
304 Federal Office Bldg.
Oklahoma City 2, Okla.
102 NW. Third St.
.
1
National Product and Income in the Third Quarter
of 1948
4
Components of Wage and Salary Increases
7
Cincinnati 2, Ohio
105 W. Fourth St.
Financing Corporate Capital Needs
10
Cleveland 14, Ohio
925 Euclid Ave.
Business Population Levels Off
12
*
*
*
Dallas 2. Tex.
1114 Commerce St.
Denver 2, Colo.
828 Seventeenth St.
SPECIAL ARTICLES
Foreign Transactions of the United States Government
in Fiscal Year 1948
14
International Transactions by Major Foreign Areas . . 20
*
* *
MONTHLY BUSINESS STATISTICS . . . . S-l to S-40
Statistical Index . . .
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332 S. Michigan Ave.
. Inside Back Cover
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NOVEMBER 1948
||||p$$$$$$$$$s$^^
I
^
^
^
I
I
THE
Personal Income Summary
Income is
rising and the
proportion
available
for spending
is higher.
SITUATION
TOTAL PERSONAL
INCOME .
By the Office of Business Economics
'DISPOSABLE PERSONAL
INCOME
| Pay rolls.
both private
1 and govern| ment, account
I for most of
^ the recent
1 advance
ALL OTHER NONAGRICULTURAL
PRIVATE PAY ROLLS
GOVERNMENT WAGES
x^ AND SALARIES
farm income
| also con| than in 1947
(PROPRIETORS' INCOME, FARM WAGES, ETC.)
1946
1947
1948
QUARTERLY TOTALS, SEASONALLY ADJUSTED,
AT ANNUAL RATES
5.
DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS,
811275—48
1
JDUSINESS in October continued at the high rate made
possible by the unprecedented flow of incomes. The
marked rise in personal income depicted in the chart at the
left directly supported the high level of retail sales and
indirectly was a major factor underlying the maintained
large volume of producers' goods sales. The basic factors
in the recent advance of economic activity are analyzed in
the review of the national product and income in this issue.
Total employment in October remained at peak levels
after allowance for such seasonal movements as the return of
students to school and the decline in agricultural employment as activity in the harvest fields diminished. The
earnings of workers remained high as an additional quarter
million unemployed persons were absorbed into the labor
market leaving unemployment at a very low figure. The
flow of goods supplies continued large; production registered
at least the usual seasonal gains and farm products were
marketed in heavy volume while the excess of exports over
imports continued to shrink.
In the markets for industrial commodities, unusual
stability prevailed as the prices of nonfarm, nonfood products
remained virtually unchanged in October at the same average
figure attained in late August and held in September.
Farm products and food prices fell, however, partly in
response to seasonally heavy marketings, with the result that
the average of all wholesale prices declined slightly for the
first month since February.
The drop in prices received by farmers, amounting to 4
percent from mid-September to mid-October, was accounted
for chiefly by lower prices for meat animals, butter, feed
grains, oil-bearing crops, and fruits, which more than offset
increases in the prices of tobacco and truck crops. Relative
stability governed the prices of cotton and food grains and
this was partly traceable to Government support activity.
As of the end of October, about 1,650,000 bales of cotton,
or about 15 percent of the ginnings to date, had been placed
under loan. Wheat loans and purchase agreements reached
165 million bushels at the end of September, from which
date 90 days remained during which farmers may obtain
loan applications.
The number of persons actually at work was larger in
October than in September, as 700,000 workers who had been
on vacation returned to their jobs. Consequently output
in basic industries remained high or increased seasonally.
Steel-mill activity in October reached practical capacity —
99.9 percent. In terms of tonnage, output of around 8
million net tons exceeded the war peak established in March
1944, when 7,826,000 net tons were turned out and at a time
when steel-making facilities were somewhat over 1 million
tons higher than at present. Settlement of most of the labor
disputes at refineries in California resulted in a record production of crude petroleum, with output in the last week
of the month exceeding 5.6 million barrels as against a prestrike daily average of 5.5 million barrels. Automobile
SURVEY OF CURRENT BUSINESS
production in October rebounded sharply from the relatively
low level of the previous month when some assembly lines
were closed down because of work stoppages in important
suppliers' plants. Total assemblies of cars and trucks in
the United States of 481 thousand were the highest since
March 1948 and on a daily average basis represented a
postwar high.
Industrial output in September, as measured by the
Federal Reserve seasonally adjusted index, was unchanged
from August at the 191 level. Mineral production lagged
somewhat because of the dispute in the crude-oil fields, but
output of manufactures edged up to 198 (1935-39=100).
Total new construction put in place in October was
valued at 1.7 billion dollars compared with 1.8 billions in
September.
Manufacturers' Orders and Inventories
As the autumn upturn in business activity gained headway, the flow of new orders to manufacturers recovered fully
from its summer sluggishness. The dollar value of incoming
business moved up to a new high in September, with an
increase of 8 percent over the previous month. This rise
in the index of new orders pointed up the general firmness
of manufacturers' markets.
While the over-all demand for manufacturers' goods continues high, orders for some types of products have receded
moderately in recent months. As a consequence, the value
of new orders placed with manufacturers has advanced less
sharply during 1948 than 1947. The September peak surpassed the year-ago level by a narrow margin and the September gain was somewhat smaller than a year ago.
Trends shown by the value of new orders are influenced
by prices paid as well as by quantities ordered. The somewhat smaller rise in prices of manufactured goods in 1948
as compared with the previous year may account in part for
the slower advance of the new-orders index this year. However, when allowance is made for the effects of prices on the
value of new orders, it is apparent that there has been some
decline in the volume of new business placed during recent
months.
Interest in goods on order lies in their use as a possible
guide to future changes in the volume of manufacturing
activity. For this purpose new- order trends should be considered separately for the nondurable-and the durable-goods
industries. For many of the nondurables, sales are customarily made from stock. In these cases, new orders tend to equal
sales for a month and give little additional information on the
sales outlook. It is among the durables—where orders are
predominantly for future delivery—that trends in the value
of new business placed with manufacturers are more directly
related to shipment movements in months to come.
this group to the previous peak reached in March. In
general,
the value of new business placed with the "heavy
goods77 industries in recent months has run well ahead of that
of the corresponding period a year ago. Price advances
alone are not sufficient to account for this, and a gain in
volume over last year is indicated.
The fall pick-up in durable-goods new orders was strongest
among the machinery industries. This evidence of renewed
strength is of particular interest when it is recalled that new
orders for this group had previously shown no tendency to
rise since the beginning of 1948.
Trends in Machinery Backlogs
A special analysis was made of the trends in new orders
and unfilled orders, and their relations to sales, for companies
in both the electrical and other machinery industries—a
group for which the most comprehensive data are available.
The study of this group reveals some deterioration of its
order position 3 years after the end of the war.
During 1946 and 1947 the enormous flow of orders resulted
in huge backlogs of unfilled orders. By the beginning of
this year backlogs had grown to unprecedented values—particularly for some of the larger companies. In over 10 percent of the firms, orders on the books represented more than
12 months of sales. Stepped-up production in 1948 cut into
these backlogs and reduced the unusually long waits for
deliveries.
However, as supplies of certain types of tools and appliances became more adequate, the flow of new business began
to slacken. Until September, the value of new orders in
1948 tended to run below that of the corresponding months
of 1947. Because of the divergent trend in orders and sales,
the value of new business received in the early part of 1948
began to move below current sales.
Unfilled orders of machinery producers showed some contraction in value during the spring and summer months and.
the drop in orders on hand from the very high totals of last,
year amounted to possibly 20 percent. Large companies,
reduced backlogs in about the same proportions as did small
ones.
By the late summer of 1948, the average ratio of unfilled
orders to sales was a little under 5 months on an unweighted
basis, while the weighted average was about 7 months.
In general, the ratio of backlogs to sales was somewhat
higher in the case of electrical machinery than for other
machinery companies.
For the machinery group as a whole, some idea of the shift
in the ratio of unfilled orders to sales between the third
quarter of this year and a year ago may be obtained from
the following table, showing the percentage distribution of
companies by size of backlog:
Third
quarter
New Orders Generally Higher
The September increase over August in value of new orders
was about 8 percent for both the nondurable and durable
groups. For the nondurables this increase raised the value
of incoming business to a new high and marked the first
sizable upward movement this year. During preceding
months of 1948, the value of new orders for the "soft goods77
group had shown little or no advance over 1947 levels.
The improved September order position of the nondurables
stemmed primarily from a partial revival of demand in those
industries which in recent months have been facing weaker
markets, i. e., textiles, apparel, and leather. Other nondurable-goods industries—notably paper and chemicals—reported
small changes in September commitments as compared with
a year ago.
Durables Also Up
The early fall increase in incoming business for the durablegoods industries has gone far toward restoring new orders -for
November 1948
Ratio of unfitted orders to sales
Less than 5 months
5 to 10 months
10 to 15 months
Over 15 months
All companies
19A7
(percent)
Third
quarter
1Q1R
(percent)
49
33
8
10
71
19
8
2
100
100
In general, among the companies studied, the large companies had the higher ratios of backlogs to sales in both
periods. Primarily because the smaller companies had
greater gains in sales during 1948, the ratio of unfilled orders
to sales tended to drop more for these companies than for
the larger firms.
If the downward trend in unfilled orders were to continue
at the rate experienced in the past year, it would lead, before
long, to a contraction in sales. However,
it should be
remembered that machinery producers7 sales are very high,
and backlogs are still substantial. Moreover, the increase
SUEVEY OF CUEEENT BUSINESS
November 1948
Chart 2.—Manufacturers' Inventories and Sales 1
in new orders occurring in September has halted for the time
the declining trend in backlogs.
R A T I O SCALE
BILLIONS OF DOLLARS
Manufacturers9 Inventories Edge Up
With manufacturers' shipments in September advancing
above previous peak levels, the book value of their inventories, aggregating 30.7 billion dollars, was 250 million dollars
above the previous month. In the nondurable-goods sector,
a rise in the movement of goods into retail trade channels
during September resulted in little change in nondurablegoods inventories. At the same time, however, there were
small but widespread increases in the durable-goods inventories, amounting to almost 250 million dollars, or substantially all of the rise in aggregate inventory holdings.
The increase in the value of durable-goods inventories
shown in chart 2 has been less sharp since the middle of 1947
than during the period following the war, but nevertheless
has been persistent. The initial sharp rise extending through
1946 and the first half of 1947, as shown in the upper panel
of the chart, represented chiefly the reaction of producers
to the gradual elimination of wartime and early postwar
BILLIONS
RATIO SCALE
OF DOLLARS
20
DURABLE GOODS
INDUSTRIES
NONDURABLE GOODS
INDUSTRIES
^INVENTORIES
X ^ SALES
V
L i
,
INVENTORIES, BY STAGE OF FABRICATION
NONDURABLE GOODS
INDUSTRIES
DURABLE GOODS
INDUSTRIES
Table 1.—Composition of Manufacturers' Inventories
July-September
1947, average
July-September
1948, average
GOODS IN PROCESS
«••"PURCHASED MATERIALS"
Item
Amount
(millions of Percent
of total
dollars)
Amount
(millions of
dollars)
Percent
of total
13, 092
100.0
14,091
100.0
4,223
5,532
3,337
32.3
42.3
25.5
4,621
5,610
3,861
32.8
39.8
27.4
^-'~x .
. .•"•'
Durable-goods inventory
Total
Purchased materials
Goods in process
Finished goods
__
FINISHED GOODS
* GOODS IN PROCESS
Nondurable-goods inventory
Total
Purchased materials
Goods in process
Finished goods
.
-
13, 892
100.0
16, 332
100.0
7,377
2,122
4,393
53.1
15.3
31.6
8,182
2,312
5,838
50.1
14.2
35.7
Source: U. S. Department of Commerce, Office of Business Economics.
Government inventory controls, and the attempt to gear
inventories to the increasing rate of sales. More recently,
and particularly in 1948, the flow of many industrial materials
has improved somewhat, making possible not only a larger
but also a better selection of purchased materials and finished
goods inventories.
In the expansion which has occurred in both sales and
inventories of durable goods during 1948, sales have risen
somewhat more rapidly, thereby resulting in some decline
of the inventory-to-sales ratio. Thus in July, August, and
September of 1948, durable-goods stocks were on the average
equal to 2.0 months' sales as compared to 2.2 months' sales in
the corresponding period of 1947. The more economical
inventory-sales balance in durable manufactures is indicated
in tables 1 and 2. The purchased-materials sales ratio has
declined nearly 10 percent over the past year, while the
goods-in-process sales ratio has declined 15 percent. Stocks
of finished durable goods on the other hand moved but
slightly lower over the year in relation to sales.
Nondurable-Goods Inventories
7
Manufacturers stocks of nondurable goods have shown a
somewhat different trend. Although total nondurable inventories in recent months have been about as large relative
to sales as in the corresponding period of 1947, the composition of holdings has changed. Purchased materials and
goods in process have declined relative to sales, but finishedgoods inventories have shown a considerable increase in
relation to current shipments.
1946
1947
1948
1946
1947
1948
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
i Data plotted are 3-month moving averages centered at the middle month. Averages
for inventories are computed from the book value at end of each month and for sales are computed from total for each month. Sales are not plotted on the chart for January 1946 because
data are not available for December 1945 to compute the 3-month moving average.
Source of data: U. S. Department of Commerce, Office of Business Economics.
While part of the increase in total nondurable inventories
represents the process, begun after the lifting of wartime
restrictions, of achieving a larger and more balanced inventory, such accumulation would occur normally to a greater
extent in purchased materials rather than in finished-goods
inventories. The rise in the finished-goods sales ratio
reflects a higher rate of output in relation to the rate of
shipments and of anticipated orders received by producers
of nondurable goods.
Table 2.—Ratios of Manufacturers' Inventories to Sales
July-September
average
Item
1947
1948
Durable-goods industries
Inventory-sales ratio, total _
220 7
199 5
Purchased materials
Goods in process
Finished goods
71 2
93 2
56 2
65 4
79 4
54 7
146 7
152 0
77 9
22.4
46.4
76 1
21.5
54.3
__
Nondurable-goods industries
Inventory— sales ratio, total
Purchased materials
Goods in process ._
Finished goods
Source: U. S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
November 1948
National Product and Income in the Third Quarter of 1948
1 HE market value of the Nation's output of goods and
services, as measured by gross national product, rose to an
annual rate of 256 billion dollars in the third quarter of 1948,
an increase of 6 billion over the second quarter. The national
income, which measures the Nation's output in terms of the
incomes accruing in production, showed a comparable increase, although precise figures cannot yet be given because
information on third-quarter corporate profits is not available.
Personal income rose by 5 billion dollars to an annual rate
of 214 billion. This third major indicator of national economic activity consists of the current income receipts of persons from all sources and differs from national income by
excluding incomes that are not distributed (such as undistributed corporate profits), and by including income receipts
that are not derived from current production (such as socialsecurity benefits and other transfers).
The third-quarter rise in the flow of incomes and of production was due to a continued increase in prices, as well as to
larger physical volume based mainly on higher employment
and some improvement in materials supplies.
Chart 3.—Gross National Product, by Major Components
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
250 -
~ 250
200 -
- 200
Three major developments that occurred at the turn of
the first quarter contributed to the resumption of inflationary
trends in the second: the reduction of individual income
taxes, the enactment of the Foreign Assistance Act, and the
prospect of increased military expenditures. Prices rose
from their February lows; consumer expenditures expanded;
Table 3.—National Income and Product, First Three Quarters of
1948 1
[Billions of dollars]
Seasonally adjusted,
at annual rates
Unadjusted
Item
I
II
III
I
II
III
53.2
55.5
(')
215.1
221.7
(2)
32.9 33.6
31.6 32.3
27.1 27.7
.9
.9
3.6 3.7
1.3 1.3
35.2
33.9
29.5
.9
3.6
1.3
133.7
128.8
111.1
3.5
14.2
4.9
134. 2
129.3
111.2
3.6
14.5
5.0
140.6
135. 6
116. 4
3.7
15.6
5.0
12.6
6.3
4.5
12.6
6.2
4.5
50.6
25.0
18.0
51.8
25.4
18.9
50.2
24.8
17. 9
7.8
(22)
8.4
(2)
3.3
(2)
5.1
()
—.6 -1.0
26.2
31.4
12.2
19.2
-5.3
30.9
33.4
13.0
20.4
-2.5
(22)
(2)
(2)
()
-3.9
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 3
Business and professional
Farm
_
Rental income of persons ....
_ _
__
Corporate profits and inventory valuation adjustment
6.5
7.8
Corporate profits before tax
__ _
Corporate profits tax liability
3.0
Corporate profits after tax
4.8
Inventory valuation adjustment
- -1.3
Net interest
__
Addendum: Compensation of general government employees
13.0
6.3
4.7
1.2
1.2
1.2
4.6
4.7
4.8
4.2
4.3
4.1
16.5
16.9
17.8
59.6
61.0
64.2
244.9
250. 4
255. 9
41.1
4.8
23.8
-- __ 12.5
43.3
5.4
25.2
12.7
43.8
5.6
25.2
13.0
172.1
21.2
101.2
49.7
176.5
22.6
103.2
50.6
178. ,5
23. 6
102. 9
51.9
10.1
2.9
1.4
1.5
5.0
2.2
2.3
8.5
3.6
1.7
1.9
5.2
-.3
10.9
4.3
2.1
2.2
5.3
1.3
1.1
38.7
14.3
7.0
7.3
19.8
4.6
5.1
37.6
14.4
6.9
7.4
20.9
2.3
1.8
39. i)
14.8
7.1
7.7
21.4
2.8
1.8
1.0
7.5
4.4
.3
3.4
.7
8.5
4.8
.1
3.8
.2
9.3
5.7
.1
3.7
3.9
30.1
17.6
1.2
13.7
2.9
33.5
19.3
.5
14.7
.7
37.7
22.6
.4
15. 5
51.1
9.2
8.6
.6
41.8
41.1
.7
52.4
3.9
3.3
.6
48.5
43.3
5.2
53.2
4.3
3.8
.5
48.9
43.8
5.1
207.3
23.2
21.1
2.1
184.1
172.1
12.0
209.0
20.8
18.7
2.1
188.2
176.5
11.7
213. 9
20. 2
18.1
2.]
193. 7
178. 5
15. 2
59.6 61.0
3.6
3.5
4.9
4.7
.2
.2
-2.0 -3.1
64.2
3.6
5.1
.2
(2)
244.9
14.0
19.1
.6
-4.2
250.4
14.3
19.7
.6
-6.0
255. &
14.6
20.1
.6
(2)
Gross national product or expenditure
150 -
- 150
Gross national product
„_
Personal consumption expenditures
Durable goods
_Nondurable goods
Services _ _ - -- -Gross private domestic investment
New construction
Residential nonfarm
Other
_.
_
Producers' durable equipment
Change in business inventories, total
Nonfarm only
100 -
-50
1939 4O 41 42 43 44 45 46
YEARLY TOTALS «/
1947
1948
QUARTERLY TOTALS,
SEASONALLY ADJUSTED,
AT ANNUAL RATES
£/. 5. DEPARTHENT OF COMMENCE, OFFICE OF BUSINESS ECONOMICS.
1 Data are for goods and services.
2 "Gross National Product" for the years 1942-45 consists of the positive values shown on
the chart minus the negative values shown for "Net Foreign Investment."
Source of data: U. S. Department of Commerce, Office of Business Economics.
Aggregate Demand Continues Strong in Third Quarter
Third-quarter expansion was a continuation of secondquarter developments (discussed in the August issue of the
SURVEY). It was in contrast to the hesitancy of economic
activity which was noticeable in the first quarter (May
issue of the SURVEY). As will be recalled, this first-quarter
hesitancy was shown in the February break of farm prices
and a leveling-off in other prices. It was traceable also in a
large accumulation of inventories which, in part at least,
could be diagnosed as involuntary and resulting from lowerthan-anticipated purchases by consumers. The first-quarter
increase of these purchases was less than any prior quarterly
increase in the entire postwar period.
Net foreign investment.
__ _
Government purchases of goods and services
Federal
Less: Government sales.
.State and local
_ __
A
Disposition of personal income
Personal income
Less: Personal tax and nontax payments
Federal
State and local
. .
Equals' Disposable personal income
Less' Personal consumption expenditures
Equals* Personal saving
Relation 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
ad j ustment
Contributions for social insurance
Excess of wage accruals over disbursements
Plus' Government transfer payments
Net interest paid by government
.
Dividends
Business transfer payments
Equals: Personal income
_
1
2
3
0
53.2
0
55.5
.1
(2)
-.2
215.1
-.1
221.7
.3
(2)
6.5
1.3
0
2.7
1.1
1.7
.2
51.1
7.8
1.3
0
2.7
1.4
1.7
.2
52.4
(2)
1.3
0
2.5
1.0
1.8
.2
53.2
26.2
5.0
0
10.9
4.6
7.3
.6
207.3
30.9
5.0
0
10.6
4.7
7.3
.6
209.0
(2)
5.2
-.1
10.2
4.8
7.7
.6
213.9
Detail will not necessarily add to totals because of rounding.
Not available.
Includes noncorporate inventory valuation adjustment.
Source: U. S. Department of Commerce, Office of Business Economics.
November 1948
SUEVEY OF CUEEEKT BUSINESS
and inventory accumulation was more in line with sales and
economic activity. Increased purchases of Federal, State,
and local governments added to the total demand for the
Nation's output of goods and services. However, expansion
of physical economic activity was limited by the direct and
indirect effects of work stoppages that preceded the negotiation of the third round of wage increases.
Expansion of Employment in the Third Quarter
Third-quarter economic developments continued to reflect
the working of the forces that had caused the second-quarter
turn. A major difference between the two quarters was the
large increase in employment and in wage rates, which followed the negotiation of the third round of wage increases,
and which together contributed to a substantial rise in pay
rolls. The effect of these negotiations on general economic
activity was much larger than would appear from the wages
and employment provided by the major strategic industries
that were involved. Wage increases in these industries set
in motion the granting of similar increases throughout the
economy. Similarly, cessation of work stoppages led to an
expansion in the flow of raw materials and semifinished products which served as the basis for larger production in a wide
range of user industries.
Fall of Crop Prices
The second major difference between the second and third
quarters was due to developments in the farm sector, where
the outlook for excellent domestic harvests and improved
foreign supplies has resulted in a decline of prices for major
agricultural crops. Because of its influence on business anticipations, this improvement in the supply position has restrained inflationary developments in general, even though its
effect on the actual flow of goods to ultimate users has not yet
materialized.
Situation Less Inflationary Than in 1947
In evaluating the current pressure of inflationary forces,
it is instructive to contrast the developments in the second
and third quarters of 1948 with those in the third and fourth
quarters of 1947. Both periods represent half-years of price
rise, each following a quarter marked by a temporary easing
of inflationary pressures.
Over the half-year period in 1948, which was characterized
by price rise, the level of wholesale prices increased only half
as much as in the corresponding period in 1947. This difference reflected in part the general improvement of the crop
situation in 1948 to which reference has been made. This
was in sharp contrast to the position in 1947, when a major
shortage occurred in the domestic corn crop and foreign crop
supplies were also adversely affected by weather conditions.
In addition to the changed agricultural situation, however,
the smaller rise of wholesale prices in 19^48 reflected also differences in the movement of wholesale prices other than farm
and food products. On an over-all basis the increase of
these prices over the last half-year was much less than
the increase that occurred in the second half of 1947 (see
table 4).
Among broad commodity groups, metals and metal products are the only exception to this statement. In other
areas in which shortages persist, such as building materials
and producer and consumer durables, the rise has been less
pronounced. And, as compared with sharp advances last
year, price declines have occurred both in the consumer and
the producer nondurable segment where war-induced backlog demands have in general been satisfied.
Consumer Demands Settling
The price developments in the industrial sector are symptomatic of the gradual change in the nature of postwar economic activity and of the supporting forces behind it. In
the earlier stages of the postwar boom, the general tendency
to spend increasing proportions of income was one of the
major factors contributing to inflation. As the postwar
cycle progressed, this upward drift in the propensity to
spend became less pronounced. The recent movement of
retail sales and consumer purchases indicates that it has
ceased, except with respect to the demand for certain durables
where demand continues in excess of supply. This change in
the role of consumer purchases is reflected in the price movements which have been described.
Table 4.—Change in Wholesale Prices Over Two Half-Year Periods
Percentage increase—
Group
June 1947December
1947
All commodities
_.
Farm products
Foods
_
Commodities other than farm and food
Hides and leather products
Textile products
Fuel and lighting materials
__
Metal and metal products
Building materials
Chemical and allied products
Housefurnishings goods
_ _ _
Miscellaneous
10.5
10.6
10.3
10.6
17.0
March 1948September
1948
4.4
17
7.2
3.7
1.1
5.8
—1.3
6.7
9.7
10.3
19.8
11.8
7.5
7.0
4.4
5.6
-2.1
2.9
—.8
Source: Calculated by U. S. Department of Commerce, Office of Business Economics,
from indexes of U. S. Department of Labor, Bureau of Labor Statistics.
With consumers playing a more passive role, further expansion is traceable increasingly to other forms of demand,
particularly to Government purchases. These purchases are
increasing currently, mainly owing to the impetus of the
foreign-aid program.
The following review of the various components of the
income and product flow sheds further light on some of the
general tendencies that have been discussed.
The Flow of Income
Personal income was at a record annual rate of 214 billions
in the third quarter, an increase of 5 billions from the second.
In general, the flow of incomes followed previous patterns;
but with respect to pay rolls and farm income, developments
occurred that have special bearing on the economic situation
in the third quarter.
Sharp Increase in Pay Rolls
The 6-billion increase at annual rates in total pay rolls
from the second to the third quarter accounted for more than
the entire net increase in personal income, mainly because of
an offsetting decline which occurred in the net income of
farm proprietors. This sharp increase followed a period of
comparative stability of quarterly pay rolls in 1948.
As will be remembered, pay rolls during the first quarter
were depressed by the disruptive effects of a severe winter
and of industrial disputes, as well as by the general hesitancy
of economic activity. Expansion of economic activity began
to affect pay rolls in the second quarter, but the effects of
major labor disputes continued to be a retarding influence
during most of the period. Commodity-producing industries
showed the effects of these adverse influences most clearly.
6
SURVEY OF CURRENT BUSINESS
In the distributive trades and service industries the previous
increase of pay rolls was merely interrupted.
The sharp increase of pay rolls in the third quarter reflected
increased employment made possible by the continuation of
strong over-all demand and the absence of major labor disputes, and also the full effect of wage increases negotiated
during the second quarter. Both commodity-producing
and other industries participated in the increase in about
equal amounts, with the relative increase somewhat larger
in the former group.
A detailed examination of industries will, of course, reveal
substantial variations, but from the standpoint of characterizing the over-all economic situation it is the widespread and
general diffusion of the pay-roll increases that should be
stressed. Quarterly information for assessing the relative
contribution of employment, wage rates, and hours of work
is deficient. However, in industries for which data for
making this type of comparison are available the indications
are that increased rates of pay and increased employment
were of comparable importance, with the effect of hours
negligible.
Reference is made to the detailed discussion of pay rolls
which follows in this issue of the SURVEY. The conclusion
that the third round of wage-rate increases was noticeably
less than the second puts these increases into clearer perspective.
Net Income of Farm Operators Around Postwar Highs
The net income of farm proprietors in the third quarter of
1948 showed a small drop from the high levels which it had
reached in previous quarters.
Considerable fluctuations in prices have affected monthly
farm income in 1948, but have tended to offset over quarterly
periods. The break of crop and livestock prices in February
and the subsequent recovery resulted in approximate stability
for these two groups of prices between the first two quarters.
Higher livestock prices in the third quarter have offset the
drop in the price of crops.
Caution must be exercised in interpreting the monthly and
quarterly movement of the net income of farm proprietors.
This series attempts to measure net income derived from current production—a task which is very difficult on a less-thanannual basis, because of the seasonal nature of farm production and also the lack of statistical information. Specifically,
the adjustment of net receipts from current marketings, to
take account of the net value of current production not
marketed but added to inventory, is not wholly satisfactory.
The drop in farm income from the second to the third
quarter reflected a decline in seasonally adjusted net receipts
from current marketings, which was larger than the estimated
inventory increase. The income increase from the first to
the second quarter had reflected stable farm marketings and
an increase of farm inventories
Total farm income in the first three quarters of 1948 was
up by one-sixth over the corresponding period in 1947. On
an over-all basis this increase was due to higher prices and a
larger volume of production and was limited by higher production expenses. In the case of income from crops, a larger
volume was the main factor. The rise in incomes derived
from livestock production was due to higher prices.
The other components of the income flow—the income of
nonfarm proprietors, rental income, dividends and interest,
and transfer payments—showed little change, either individually or in the aggregate.
November 1948
increase preceding it. The bulk of the increase was due to the
rise of personal income. Lower taxes, which had been a major
factor in the second quarter, contributed only a small fraction. Further tax reduction was due to the fact that the
lower withholding rates of the Revenue Act of 1948 were
effective only in part of the second quarter.
Demand for Gross National Product
Consumer Expenditures Rise
The large increase in disposable income, the bulk of which
was received by wage earners, supported a further increase in
personal consumption expenditures between the second and
third quarters. The magnitude of the increase was well in line
with the change in disposable income. The indicated pattern
of consumer behavior was in marked contrast to early stages
of the postwar boom when an upward drift of consumption,
independent of movements of disposable income, was under
way, and given increases in disposable income were associated
with increases in consumer expenditures much larger than
those recently experienced.
Needless to say, the indicated transition to a more passive
consumer behavior has been gradual, and has been in
evidence in previous quarters. Nor is the tendency affecting all categories of consumer expenditures. Consumer
durables, for which a backlog demand still exists, continue
to be an exception. The limit on expenditures for these
items continued to be the availability of supplies rather than
the level of disposable income. However, the list of scarce
durable items is contracting; and disposable income is again
becoming an increasingly important factor in determining
the demand for durables as well as for nondurables.
Domestic Fixed Capital Formation Continues Strong
No significant change occurred in the rate of fixed domestic
capital formation from the second to the third quarters. In.
the aggregate, these expenditures continued at the extraordinarily high rates which have been a characteristic feature
of postwar economic activity.
Nonfarm residential construction was at a seasonally
adjusted annual rate of about 7 billion dollars, virtually
unchanged from the previous quarters of 1948.
A moderate decline in the number of new residential starts
from the postwar peak reached in April has occurred. Starts
in August and September of 1948 fell short of those in the
corresponding months of 1947. In each of the previous 2
postwar years residential starts increased until considerably
later in the fall, when seasonal factors curtailing building
activity took effect. However, the number of starts is still
very high, and the down drift to date has been of minor
proportions. It is not possible at this time to establish to
what extent this movement is due to the reestablishment of
a more normal seasonal pattern, to what extent to temporary
uncertainty with respect to housing legislation, and to what
extent to more deep-seated factors, such as a depletion of
liquid funds, more stringent credit conditions, and high
prices and building costs.
Private construction other than residential has also stayed
on a high plateau in the successive quarters of 1948. Purchases of producers' durable equipment have shown some
further increase, but appear to be rapidly approaching a
ceiling.
Moderate Accumulation of Business Inventories
Increase in Disposable Income
Personal income after taxes showed an increase between
the second and third quarters larger than the quarterly
Investment in nonfarm business inventories is not currently
an important determinant of the economic situation, as it
was in the early stages of the postwar boom. Rather the
November 1948
SUEVEY OF CURRENT BUSINESS
movement of these inventories is a sensitive reflection of
economic tendencies generated by other forces in the economy.
Accordingly, the inventory picture was similar in the
second and third quarters of the year, when the tenor was
enerally expansionary, and contrasted with the first quarter,
n the first quarter, a heavy accumulation of nonfarm inventories was concentrated in trade (mainly at the retail level)
and in finished manufactures. Purchased-materials inventories of manufacturers declined, while goods-in-process were
stable. These movements were consistent with- the interpretation of the economic situation as one in which demand had
fallen short of the expected level and the business outlook
was less favorable, although total economic activity was
being maintained.
In the second and third quarters, manufacturers7 goodsin-process inventories continued stable, in line with the high
volume of production. Purchased-materials inventories
tended to be restored, in view of the improved business
anticipations. Inventories of finished products accumulated
at moderate rates, reflecting an easier supply situation and
the confident business outlook. These two factors also afford
a general explanation for the movement of trade inventories.
The increase in farm inventories was due to the record
crops of 1948 and to the fact that the reduction in livestock
inventories is tapering off.
f
Combined Foreign and Government Demand
The largest independent changes in the demand for gross
national product (as distinguished from income-induced
changes in consumption) occurred in foreign demand and
government purchases. Net foreign investment, which
measures the net exports of goods and services commercially
financed, dropped to an annual rate of less than 1 billion dollars in the third quarter. This represented the fifth quarterly drop from a peak of over 10 billion dollars in the second
quarter of 1947.
Government purchases of goods and services increased from
the second, to the third quarters by 4 billion, to an annual rate
of 38 billion dollars. A slow increase in these purchases
from their postwar lows has been in evidence since early in
1947. Initially it was due entirely to the expansion of State
and local expenditures, mainly for construction. Federal
purchases were stable until the beginning of this year, but
have shown a substantial increase since, causing the accelerated rise of total government purchases in 1948.
In assessing the significance of the movement of Federal
Government purchases and net foreign investment it is convenient to view them in conjunction with each other. For
much of the increase in the former and decrease in the latter
is due to the fact that an increasing proportion of the total
value of goods and services exported from the United States
is appearing under "Federal Government purchases of goods
and services" rather than "net foreign investment," owing to
changes in the method of financing these exports.
Exports financed by United States Government grants are
reflected under "Government purchases of goods and services." The value of exports so financed has increased
sharply in recent quarters. Exports paid for by foreign
countries from the proceeds of their shipments to the United
States, by drafts on their gold and dollar resources, or by
borrowing, give rise to American claims abroad, and hence
are an element in net foreign investment. The value of
such exports has been shrinking since the second quarter
of 1947.
The increase in Government grants for foreign aid (reflected
in government purchases) has slowed down but not yet
arrested the drop in total net exports, including commercial
exports as well as exports financed by United States Government grants. Accordingly, the net increase that has recently
been observable in combined net foreign and Federal Government demand is due to other factors.
One of them is a reversal of the inventory position of
Government enterprises. Until recently these enterprises
have been reducing their inventories on a net basis. This
reduction reflected in part the final stages in the liquidation
of wartime stocks and in part the tight agricultural supply
situation in which the Government, by reducing its stocks,
became a net supplier of agricultural products on balance.
The liquidation of wartime inventories is now virtually
complete and the improved agricultural situation is resulting
in larger Government acquisition of agricultural commodities
through outright purchase or under loan agreements. In
addition to this factor, the increase in Government wage
rates and larger construction expenditures have contributed
to the increase from the second to the third quarters.
To date, the projected increase in the defense program
has not resulted in larger deliveries to the Government, and
is therefore not yet reflected in Government purchases of
goods and services. However, the defense program has
already had a stimulating effect on the economy, through
work actually begun on new Government orders, as well as
through production, price, and investment decisions adopted
in anticipation of such orders, or of their indirect effects on
general business conditions. For similar reasons, the enactment of the Foreign Assistance Act was a factor in the
second- and third-quarter economic expansion, even though
its operation has not yet reversed the fall in total exports of
goods and services from the United States.
Components of Wage and Salary Increases
I1 ROM the third quarter of 1947 to the third quarter of
1948, wage and salary payments in all private nonagricultural industries (except domestic service) underwent a further
marked expansion aggregating 11 billion dollars (see table
5). The dollar increase was slightly larger than in the preceding 12 months, but the relative increase was almost
identical, slightly more than 11 percent. In both periods
the major factor in increased pay rolls was higher wage rates,
up almost 11 percent in the earlier period and about 8.4 percent in the 12 months ended September 1948. The remainder
of the 1947-48 increase resulted from increased employment,
with hours of work remaining almost unchanged. From
1946 to 1947 the decline in the workweek virtually offset the
increase in the number employed.
Within those two 12-month periods the largest increases
resulted from the combined effect of employment and wagerate increases in the fourth quarters of 1946 and 1947 and in
the third quarter of 1948. In both periods the relative increase in average
hourly earnings approximates that in the
consumers7 price index.
Higher Wage Rates Most Important
The relative weights of increased employment, increased
wage rates, and changes in hours of work and other factors
are shown in chart 4. Almost three-quarters of the increase
over the past year in private nonagricultural wage and salary
payments is attributable to rising wage and salary rates.
Almost all of the remainder resulted from the employment of
about 1 million additional workers, equally distributed between the manufacturing and nonmanufacturing industries.
SURVEY OF CURRENT BUSINESS
8
AUGUST 1946-AuGUST 1947
Table 5.—Components of Wage and Salary Increases in Private
Nonagricultural Industries:1 1946-47 and 1947-48
Amount of increase at
annual rates (in billions of dollars) from
third quarter to third
quarter
Factors contributing to changed pay rolls
1946-47
TOTAL PRIVATE NONAGRICULTURE 1
2
Attributable to: Increased employment
_ - _
Increased wage rates 3
Change in hours worked, etc.4
MANUFACTURING _
Attributable to: Increased employment .
Increased wage rates
Change in hours worked, etc
NONMANUFACTURING
_
_
,
- _
Attributable to* Increased employment
Increased wage rates
Change in hours worked, etc
_
1947-48
10.0
11.2
3.5
9.8
-3.3
2.7
8.3
+.2
4.2
4.8
.7
4.0
-.5
1.4
3.2
+.2
5.8
6.4
2.8
5.8
-2.8
1.3
5.1
1
2 Domestic service is excluded.
Estimated increase in employment in each period multiplied by estimated compensation
at annual rate.
3 Calculated from adjusted increase in average hourly earnings multiplied by employment
in 4the base period.
Residual change in pay roll primarily reflects movement in average weekly hours, including effect of premium pay for overtime, and indicates little interindustry shift.
Source: Calculated by U. S. Department of Commerce, Office of Business Economics;
based on data from U. S. Departments of Labor and Commerce, and Federal Security
Administration.
The relative rise in both manufacturing and nonmanufacturing pay rolls and in each of the last 2 years was about
the same, or 11 percent. Approximately two-thirds of the
1947-48 increase in manufacturing pay rolls is attributable
to higher wage rates, almost 30 percent to additional employment, and about 4 percent to a slight lengthening of the
workweek. In contrast, the 1946-47 expansion of manufacturing employment was almost completely offset by the
decrease in the workweek so that wage rates were responsible
for almost all of the increase in manufacturing pay rolls over
that period.
Both increased man-hours and pay raises contributed to
higher pay rolls in the nonmanufacturing industries from the
third quarter of 1947 to the third quarter of 1948, but about
four-fifths of the increase originated in increased rates of
compensation. In the previous year the 1,100,000 increase
in nonmanufacturing employment was counterbalanced by a
reduction of about 1 hour in the average workweek. As
a result, man-hours remained almost constant and the entire
increase may be attributed to higher wage rates.
November 1948
Percent increase in average hourly earnings
0-under5
5-under 10
10-under 15
15-under 20
20-under 25
25-and over
_
Total reported
Number of
(thousands)
Percent
of total
2,251
5,787
15, 719
821
390
38
9.0
23. 1
62. 9
25, 006
100. 0
3.3
1. 6
.1
In the following year, when the increase in the consumers'
price index was 9 percent, the wage increases were concentrated around this figure.
AUGUST 1947-AuGUST 1948
,-,
.
,
.
Percent increase in average hourly earnings
0-under 2.5
2.5-under 5.0
5.0-under 7.5
7.5-under 10.0
10.0-under 12.5
12.5-andover
Total reported
Number of
workers
(thousands)
Percent
of total
784
195
4, 066
11,530
3, 939
5,085
3.0
.8
15. 9
45. 0
15.4
19.9
25, 599
100.0
Chart 4.—Components of Wage and Salary Increases:
Change for Third Quarter Each Year From Corresponding Quarter of Preceding Year l
BILLIONS OF DOLLARS
•M5
FACTORS CONTRIBUTING TO CHANGE:
I HOURS WORKED, ETC. U
EMPLOYMENT S/
WAGE RATES i/
+10
Changes in Average Hourly Earnings
Chart 5 shows the percent change in average hourly
earnings from the 1939 average through August 1948, and
for the periods of August 1946 to August 1947 and from the
latter month to August 1948. The 22 industries charted
account for about two-thirds of all the private nonagricultural workers and were selected to include all groups
reported by the Bureau of Labor Statistics employing 375,000
workers or more. Practically all groups have realized
substantial gains in hourly earnings since 1939, even in
relation to the consumers' price index.
Between 1946 and 1947, increases in average hourly earnings cluster at somewhat above the 11-percent advance in the
consumers' price index. The following tabulation, based
upon employment reported by the Bureau of Labor Statistics, indicates the number and proportion of workers receiving various increases in average hourly earnings.
-5
1946-47 1947-48
1946-47 1947-48
1946-47 1947-48
-«
THIRD QUARTER EACH YEAR, AT ANNUAL RATES *
*•
PRIVATE
MANUFACNONMANUFACNONAGRICULTURE
TURING
TURING
(EXCL. DOMESTIC SERVICE)
U. S. DEMRrMENr OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
4-
1 The net change in pay roll consists of the positive values shown on the chart minus the
negative
values shown for "hours worked, etc."
2
Represents change in pay roll resulting from increase or decrease in average weekly hours,
including effect of premium pay for overtime; this factor calculated after the determination
of the pay-roll effect of employment and wage-rate increases is residual and indicates little
inter-industry
shift.
3
Represents increase in pay roll attributable to estimated increase in employment in each
period
multiplied
by estimated average compensation at annual rates.
4
Represents pay-roll increase resulting from adjusted increase in average hourly earnings
multiplied by employment in the base period.
Sources of data: U. S. Department of Commerce, Office of Business Economics, based upon
data from the U. S. Department of Labor, Bureau of Labor Statistics; Federal Security
Agency, Bureau of Employment Security; and U. S. Department of Commerce, Bureau of
the Census.
SURVEY OF CURRENT BUSINESS
November 1948
Chart 5.—Percentage Increases in Average Hourly Earnings for Selected Industry Groups, and in Consumers' Price
Index, for Selected Periods
PERCENTAGE INCREASE AVERAGE 1939 TO AUG. 1948
160
80
120
40
INDUSTRY GROUP
AND PRICE INDEX
PERCENTAGE INCREASE AUG. 1946 TO
AUG. 1947 a TO AUG. 1948
0
20
40
TEXTILE-MILL PRODUCTS ft
OTHER FIBER MANUFACTURES
LUMBER 8 TIMBER BASIC
PRODUCTS
FURNITURE S FINISHED LUMBER
PRODUCTS
V%%%%%%%mm%^^
wttftftftttftftftft^^
t%%%%%%^^
W/////////////A
"V/////////A
PAPER ft ALLIED PRODUCTS
t%^%%%%%^^
BITUMINOUS COAL
^^%^%%^^^
wmZMmtftffflfttf^^
w%%%%%%%%%^^
WtttfMMtfffitfi^^
E%m%%%%%%^^
E%%%%^%^^
E%%%%%%%%^^
E%%3%%%^^
E%5%%%%^^
F%%%%%%%3^^
!%%%%SS2^^
^%%%%%^^
K%%%3%?%%%^^
K%%%%%^^^
E%%%%22%3%^
E%%%%%2%3%^
CHEMICALS a ALLIED
PRODUCTS
LEATHER a LEATHER
PRODUCTS
APPAREL a OTHER FINISHED
TEXTILE PRODUCTS
STONE. CLAY a GLASS
PRODUCTS
NONFERROUS METALS a
THEIR PRODUCTS
'"V//////////////A
Y///////A
'W//////A
ELECTRICAL MACHINERY
.W/////////A
BUILDING CONSTRUCTION
(PRIVATE)
IRON a STEEL a THEIR
PRODUCTS
RETAIL TRADE
MACHINERY. EXCEPT
ELECTRICAL
FOOD a KINDRED PRODUCTS
.Y//////A
PRINTING a PUBLISHING
8 ALLIED INDUSTRIES
TRANSPORTATION EQUIPMENT,
EXCEPT AUTOMOBILES
W////////A
WHOLESALE TRADE
AUTOMOBILES
STEAM RAILWAYS, CLASS I
Y/////////////A
•AUG. 1946-48 —J
Y////////////77A
AUG.
E%%%%%%%^^
I
1946-47-H
TELEPHONE
I
CONSUMERS' PRICE INDEX
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
*The small percentage increases shown on the chart for these industries are due to the following: "Second round" increase of railroad workers not effective until the fall of 1947 and "'third
round" now in mediation; telephone industry now negotiating on wage issues.
Sources: Basic data, except for steam railways, TJ. S. Department of Labor, Bureau of Labor Statistics; basic data for steam railways, Interstate Commerce Commission.
Since 1939, the largest relative increases have been for
workers in the textile, lumber, furniture, paper, and bituminous industries. In the second round, the bituminouscoal and telegraph workers received the largest increases,
and employees in the paper and printing industries also made
advances which considerably exceeded those of consumer
prices.
The two groups at the lower end of the scale, it will be
noted, are public utilites whose rates charged for services
are controlled by public authorities. They do not possess,
therefore, price freedom to the extent characteristic of the
other groups shown in the chart. Both telephone and railroad workers received higher-than-average rates in 1939.
Table 6 indicates average hourly earnings at that time
and in August 1948 as well as both the absolute amounts and
relative increases which have taken place. Furthermore,
the second-round wage settlement of the railroad workers
was not effective until the fall of 1947, while most of their
third-round is still under negotiations. Similarly, current
wage-rate advances for telephone employees are in process
of local negotiation and are not reflected in the chart. The
largest relative gains since August 1946 have been obtained
by employees in the bituminous coal mining, printing, the
paper and allied industries, and private building construction.
Over the whole period, the industries paying the highest
average hourly earnings in 1939 received the lowest pro
811275—48
2
Table 6.—Average Hourly Earnings for Selected Industrial Groups
and Consumers' Price Index
Industry and consumers' price index
Average hourly
Percent increase
earnings (cents)
Absolute in- Aver- AuAucrease, age
gust
gust
Aver- Au- aver- 1939
to
1947
to
1946
to
gust
age
age
AuAuAu1939
1948 P 1939 to gust
gust
gust
Au1948
1948
1947
gust
1948
Textile-mill products and other fiber manufactures
_ _
- - _ _- Lumber and timber basic products
Furniture and finished lumber products
Paper and allied products
_
Bituminous coal
Chemicals and allied products __
Leather and leather products
46.0
48.9
51.8
59.2
88.6
64.9
52.8
117.0
117.7
116.4
132.0
197.5
140.6
112.6
71.0
68.8
64.6
72.8
108.9
75.7
59.8
154.3
140.7
124.7
123. 0
122.9
116.6
113.3
11.7
12.9
11.8
17.3
21.9
13.6
8.7
13.4
12.3
8.8
10.4
10.5
12.3
6.5
Apparel and other finished textile products. __
Stone, clay and glass products
Nonferrous metals and their products
Electrical machinery
Building construction (private)
Iron and steel and their products
Retail trade
52. 7
63.7
68.7
70.2
93.2
73.9
53.6
110.7
132.2
142.3
143.9
190.6
150.2
108.1
58.0
68.5
73.6
73.7
97.4
76.3
54.5
110.1
107.5
107.1
105.0
104.5
103.2
101.7
5.3
13.6
9.9
12.4
14.3
12.6
12.3
6.6
9.4
10.0
9.5
12.5
9.2
7.8
Machinery, except electrical
Food and kindred products
Printing and publishing and allied industriesTransportation equipment, except automobiles .
Wholesale trade
Automobiles
Steam railways, class I
Telephone
-
74.6
60.7
86.6
78.5
71.5
92.9
73.0
82.2
149.9
121.3
168.4
152.4
137.9
166.8
128.5
123.2
75.3
60.6
81.8
73.9
66.4
73.9
55.5
41.0
100.9
99.8
94.5
94.1
92.9
79.5
76.0
49.9
10.5
12.3
16.1
3.5
9.6
9.2
.6
7.6
8.9
6.4
11.7
8.4
9.6
11.2
13.0
1.4
75.6
99.4 174.5 175.1
Consumers' price index (1935-39=100)
1
P Preliminary.
Change in index points.
Source: U. S. Department of Labor, Bureau of Labor Statistics.
11.2
8.9
SUEVEY OF CUKEENT BUSINESS
10
portional increase, and the industries with the lowest earnings
and wage rates granted the largest increases, although several
important exceptions may be noted. Primarily, this situation reflects the greater difficulty encountered by the latter
industries in recruiting labor during the war period.
During the past 2 years this relationship has disappeared
and the relative increase obtained by the three combined
groups has not varied significantly. In fact, the highest-paying industries actually received a somewhat larger increase
than the other two groups. These data are summarized in
the following tabulation:
Grouping according to average
hourly earnings in 1939 l
7 highest-paying industries
7 medium industries
8 lowest-paying industries
Weighted percent change 2
Weighted average2 hourly
1939 to
August 1946 to
earnings in 1939 (cents} August 1948 August 1948
89. 3
71.2
53. 3
94. 7
96. 7
114. 6
23. 3
20. 7
21. 2
1 Of the 22 industries considered, those reporting highest wage rates in 1939 in order were:
Construction; automobiles; bituminous coal; printing; telephone; transportation equipment;
and machinery except electrical. Those in the middle group were: Iron and steel; steam railways; wholesale trade; electrical machinery; nonferrous metals; chemicals; and stone, clay,
and glass products.
The industries reporting the lowest hourly earnings at that time were, in order, as follows:
Textiles;
lumber; furniture; apparel; leather; retail trade; paper; and food.
2
Average hourly earnings weighted by employment for 1939 and percent increase weighted
by employment at the end of period.
Major Developments in Recent Wage Negotiations
Three discernible periods appear in the " third-round" of
wage increases which got under way in the closing months of
1947 and which at the present time is being extended to most
segments of the economy which have not thus far been
affected.
The first period, from November 1947 until April 1948,
was characterized by advances in wage rates under expiring
contracts for the most part equal in cents per hour to those
November 1948
granted in the second round. Major industries affected were
cotton textiles, men's clothing, West Coast oil refining,
women's clothing, Northwest lumber workers, and woolen
textiles.
The hesitancy in the business situation early in the year
(described in the section on National Product and Income)
led to resistance to further wage rate advances. Nevertheless,
by the end of April it was estimated that about one-fourth of
organized workers had received pay increases and, following
the renewed uptrend of business in the spring, the round of
wage increases proceeded rapidly.
Settlements were completed by mid-year in the massproduction industries, including steel, automobiles, electrical
equipment, rubber, and coal. These included special benefits to the employees in addition to the wage increases.
Since July, increases affecting smaller groups of workers in
textiles, aircraft, shipbuilding, and maritime industries
among others have been granted. So by August, as previously indicated, the number of workers receiving wage increases was as large as in the year earlier.
At the present time negotiations are being conducted on
a local basis with telephone workers, some agreement already
having been concluded. A third-round increase for railroad
workers is under mediation.
Pay raises granted United States Government workers
effective in July, and to wage and salary workers in many
state governments and municipalities are also worthy of
mention. It is clear at the present time that the diffusion
of increases in pay has been as widespread in the third round
as in the second, and that, while the average increase has
been somewhat less, it will at least approximate the increased
cost of living for most groups.
Financing Corporate Capital Needs
IN THE section discussing the national product, the
high value of capital investment was noted as an outstanding
characteristic of the current economic situation. This has
meant that the large demand for new capital has continued
during 1948, and it is convenient at this time to review the
sources of funds for these purposes. A complete review and
analysis of the sources and use of funds, such as that given
in the March SURVEY/ will not be presented, but the highlights of the capital markets so far in 1948 will be reviewed.
Business is continuing to finance a record volume of capital
expenditures on relatively favorable terms. While a larger
share of equity financing is generally considered by business
to be desirable as a long-run consideration, the relatively
low price-earning ratio at which common stocks are selling,
compared with the attractiveness of rates on borrowed funds,
has continued to influence decisions on the type of security
used in favor of debt obligations rather than common stock
issues. The availability to corporations of large quantities
of internal funds has also continued to be a major factor in
financing new capital expenditures. Thus corporations
have retained a large proportion of earnings in their business
with the result that stockholders are currently receiving a
comparatively low proportion—about one-third—of corporate earnings after taxes (see table 3, p. 4).
The trend of corporation financing during 1948 is reviewed
below.
Long-Term Capital Outlays Rise
By far the largest element in the demand for capital funds
in 1948 has been connected with the outlays for plant and
1
Irwin Friend, "Business Financing in the Postwar Period."
equipment, which in the corporate sector have amounted to
about 13 billion dollars over the first 9 months of the year,
2 billion above the total in the corresponding period of 1947.
These outlays in 1948 constituted about two-thirds of total
new capital needs in contrast to 50 percent for the preceding
2 years, when short-term capital requirements bulked much
larger. The high volume of plant and equipment expenditures in the first 9 months of 1948 was approximately
matched by the retained earnings and depreciation allowances set aside by corporations.
Short-Term Capital Needs Reduced
Table 7 shows the different sources and uses of corporate
funds on working-capital accounts, based on data compiled
by the Securities and Exchange Commission. The recent
reduction of new short-term capital needs has centered chiefly
in inventories and trade receivables, advances in which have
been greatly reduced from the early reconversion period when
the restoration of peacetime relationships between sellers and
buyers and the refilling of pipe lines resulted in sharp upward
movements of both customer credit and inventory accumulation. The moderated inventory rise this year was also due
in part to the reduced impact of increasing prices in 1948.
The rise in book value of corporate inventories was very
marked in both 1946 and 1947, accounting for about 14 billion
dollars for the 2 years. During the first 9 months of 1948,
the expansion of inventories was reduced by about a billion
dollars compared with the total for the comparable period
of 1947. Preliminary third-quarter data suggest that accumulation this year was at about the same rate as a year ago.
SURVEY OF CURRENT BUSINESS
November 1948
Customer Financing Slowed—Trade Debt Reduced
As may be seen from table 7, corporate receivables were
increased much more moderately in the first half of 1948 than
in the comparable 1947 period. It may be noted, however,
that corporations used about 1.5 billion dollars to reduce
notes and accounts payable in the first half of this year as
compared with 800 million in the comparable period of 1947.
Thus on a net basis, new capital required to expand receivables and to reduce payables declined from 2.8 billion in the
first half of 1947 to 2 billion in the first half of 1948. The
reduction of payables over the first half of the year is largely
seasonal in nature, and expansion may be expected in the
last half.
Bank Loans Rising
7.—Sources
and Uses of New Short-Term
Nonfinancial Corporations
Capital of
PERCENT
75
ALL CORPORATIONS^
50
25
0
75
INDUSTRIAL AND
MISCELLANEOUS
0
75
PUBLIC UTILITIES 2 /
50
25
0
50
I I I I I I I I I I I I I I I I
RAILROADS
25
1920
12
months,
1947
Item
Uses:
Increases in:
Notes and accounts receivable
Inventories
25
I 1*1 I I I I I I
[Billions of dollars]
__
Total
Sources:
Decreases in:
Cash
U. S. Government securities ___
Increases in:
Federal income tax liabilities. . _
Notes and accounts payable
Other sources
Total
Uses less sources __
Chart 6.—Stock Issues as a Percentage of Total Amount
of New Capital Issues, All Corporations and by Industry
Groups l
50
Since short-term bank loans are included in the corporatepayables data, the trend of bank loans to business may be
reviewed at this point. Over the postwar period, bank loans
have been a significant supplement to the other major sources
of corporate funds. In 1948, however, bank contribution to
business working capital has been on a reduced scale. Shortterm bank loans were actually reduced in the first half of 1948
in contrast to a rise in the comparable periods of 1946 and
1947. Short-term borrowing so far in the second half of the
year has been increased, mainly reflecting seasonal influences,
and for the year it would appear that such credit will show a
substantial net addition, although less than the increase in
1946 and 1947. Long-term bank loans to corporations also
appear to be rising, although at a reduced rate.
Table
11
.
30
35
40
4*5
50
First 6 months
*Ratios omitted in 1932,1933, and 1934 because of the extremely low volume of new capital
1947
1948
1
Data include issues for the purchase of existing assets.
8
Exclude investment and holding companies subsequent
3
5.9
5.8
2.0
3.2
0.5
2.4
11.7
5.2
2.9
-1.2
1.5
-.6
1.8
.2
.8
2.1
4.0
1.2
.8
-.8
.7
7.6
1.9
.2
-1.5
-.3
6
4.1
3.3
2.3
Source: Securities and Exchange Commission.
Include communications.
* Ratios are based upon data for 9 months.
Source of data: Commercial and Financial Chronicle.
to 1924.
Over the 12-month period ended June 30, 1948, there was
no net change in these liquid assets, as a cash addition of
about a half-billion was offset by an equal reduction of
Government security holdings. Indeed, the maintenance of
corporate liquid-asset holdings at their present level for over
a year and a half suggests that corporations consider their
present holding of such assets necessary in view of the current high volume of business transactions. It is, however,
apparent that the liquidity position of corporations on the
whole still compares favorably with that of the prewar
years.
Corporations Maintain Liquid Assets
Outside Financing Continues High
In contrast to the earlier postwar period, there appears to
be no trend toward further reduction of liquid-asset holdings
of corporations. As was pointed out in the article on business
financing in the March 1948 SURVEY, corporations entered
the reconversion period with a large accumulation of cash and
Government securities. This was due in part to the methods
of war financing but also to the limited investment openings
for available corporate funds. These liquid assets served as
an important source for meeting postwar financial requirements of corporations. For example, corporations reduced
their liquid holdings—particularly United States Government securities—by 7 billion dollars between the end of 1945
and mid-1947.
Apart from internal sources and bank borrowing, corporations have continued to raise funds through the securities
market. Total net new capital issues in the first 9 months
of 1948 amounted to 4.2 billion dollars as compared with 4.4
billion in all of 1947. At the current rate of issue it appears
that a record volume is in prospect for 1948.
As in 1947 there has been an increasing trend to debt
financing. This trend is in part due to the increasing relative importance of utilities in the field of new capital issues—
industries which typically resort more to bond than to
equity financing. The greater relative importance of these
industries is indicated in table 8. It is, however, apparent
from chart 6 that the trend to relatively greater debt financ-
SUKVEY OF CURRENT BUSINESS
12
ing also applies to industrials. In the first 9 months of 1948
the industrial and miscellaneous group, shown in the chart,
floated 1.9 billion dollars of securities, about 400 million
more than in the comparable period of 1947. All of the
Table 8.—New Capital Issues of Corporations, January-September
of Specified Years
Group
Total
Public utilities
Railroads
Industrial and miscellaneous
Amounts, in millions
of dollars
increase represented bond issues, with the result that the
proportion of stocks declined from about two-fifths in 1947
to one-fourth in 1948. The 25-percent proportion in this
group was, however, about comparable with that which
prevailed in the middle twenties, though much below the
proportion in the late twenties.
Financing Costs Up Slightly
Percent distribution
1946
1947
1948
1946
1947
1948
1,986
2,756
4,236
100.0
100.0
100.0
283
51
1,652
1,123
153
1,480
1,914
405
1,917
14.2
2.6
83.2
40.7
5.6
53.7
45.2
9.6
45.2
1
Excludes issues of investment and holding companies.
Source: Commercial and Financial Chronicle.
The trend of financing costs has changed only slightly in
recent months. After the substantial increases that occurred
during 1946 and 1947, culminating in December 1947, bond
yields declined slightly until mid-1948 and since then have
moved back up to about the average yield prevailing last
December. In long-range perspective, however, interest
charges have been maintained at low levels. With corporate
earnings and dividends up substantially from 1947, stock
yields currently are likewise somewhat higher.
Business Population Levels Off
INCREASING competition, particularly in lines where
backlog demand has become less insistent, was reflected in
the slackened rate of increase in the business population
during the first half of 1948. The number of businesses
started in the second quarter of the year dropped to 84,000
against 110,000 in the same period of 1947 and 170,000 in
the second quarter of 1946. At the same time, the number
of discontinued businesses—while still comparatively low—
has increased steadily from a quarterly rate of 45,000 in 1946
to 69,000 in the second quarter of 1948.
On the whole, the figures reflect the favorable market
conditions evidenced by the continued expansion of incomes
and expenditures reviewed in an earlier section, for the
previously very rapid rise in the total number of firms in
operation has flattened out at a high level, in keeping
with the high level of business activity, and turnover has
remained at a moderate rate. Most of the newly established
businesses have weathered the initial phase of securing a
foothold—a, particularly hazardous period under less favor-7
able economic conditions than have prevailed in the sellers
market which has up to date characterized the postwar
period. Data are not available to indicate how well these
new enterprises may have fortified themselves financially
against a less favorable period of general business.
As chart 7 shows, the positive gap between the two series
of new and discontinued businesses narrowed persistently
during the past 2 years, and scattered data suggest that
the gap may have been eliminated entirely by the second
half of this year. In some lines the number of businesses
terminated had already exceeded births in the second quarter,
although in no case was the difference pronounced.
This is true generally in manufacturing where the number
of firms in operation declined in stone, clay, and glass
products, petroleum and coal, apparel and other finished
textile products, nonferrous metals, leather and leather
products, furniture, and machinery (excluding electrical).
In other manufacturing lines, the number of firms in operation remained about the same or increased slightly.
In retailing and services, although the total number of
firms rose moderately as shown in table 9, there were declines
during the second quarter of the year in the number of liquor
stores, eating and drinking places, and hotels and other
lodging places. The only major group to increase at a substantial rate was contract construction, and even in this case
the rate was only about half that prevailing a year ago.
The increases in mortalities and the decline in entries are
not, of course, indicative of deterioration in the over-all
level of business activity. As described in previous articles
SURVEY, these developments were to be expected as
Digitizedinforthis
FRASER
November 1948
an aftermath to the very sharp increase in the business
population which immediately followed the end of the war.
A rough equilibrium in the number of firms in operation
when compared with the level of business activity was
achieved in the third quarter of 1947, indicating that the
major gaps in the economy left by the war—in retailing,
services, construction, manufacture and distribution of
durable consumer goods, etc.—had for the most part been
filled. In chart 8 the "calculated" number of firms in
operation represents the number expected on the basis of
the prewar relationship between the business population and
the general level of business activity. Since the third
quarter of 1947, when the actual and calculated number of
firms approximately coincided, the rise in the business
population has leveled off as expected.
Between June 1945 and June 1947 the business population
increased by 720,000 firms or 24 percent. Between June
1947 and June 1948 the advance amounted to only 95,000
or about 2 percent. In midyear the number of firms in
operation was 3,880,000 compared with a total of 3,070,000
three years before.
Chart 7.—New and Discontinued Businesses
THOUSANDS OF FIRMS
THOUSANDS OF FIRMS
200
1200
NEW.
150
150
100
100
50
50
I
I
I
!
1940 41 42 43 44
QUARTERLY
AVERAGES
I
I I
1945
I
I
1946
I
1947
J_
1948^
- QUARTERLY TOTALS -
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
Data for the second quarter are preliminary.
Source of data: U. S. Department of Commerce, Office of Business Economics.
13
SURVEY OF CURRENT BUSINESS
November 1948
Chart 8.—Firms in Operation: Actual and Calculated
MILLIONS OF FIRMS
5
MILLIONS OF FIRMS
5
actually exceeded prewar levels, but this rise reflected
primarily the difference in price level and to some extent
an alteration in the industrial composition of failing concerns. The fact that the number of both failures and
business mortalities in 1948 was still far below the 1940 and
1941 levels is of considerably more significance, and bears
cogent testimony to the sustained high level of general
demand.
Table 9.—Number of Firms in Operation, by Major Industries
[In thousands]
1948
1947
Industry
March
31
June
30
Increase,
March to
June 1947
March
31
June
30
Num- Perber cent
1939 40 41 42 43 44 45
1946
- ANNUAL AVERAGES -»-
-*--
1947
1948
END OF QUARTERS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
1
For regression equation used to obtain "calculated" number of firms, see "Industrial
Patterns of the Business Population", Survey of Current Business, May 1948.
Source of data: U. S. Department of Commerce, Office of Business Economics.
The recent rise in business mortalities, of course, testifies
more directly to the lessening of buying pressures in some of
the principal segments of the economy, as supplies in an
increasing number of cases came more into balance with
demand. For at least a year or more after VJ-day the great
majority of firms, including newcomers, were virtually
immune to business failure. Current experience, however,
suggests that economic conditions—though still highly
favorable—cannot entirely retard the rise in mortality rates
ordinarily expected among the many thousands of new and
small firms recently started.
The same situation is mirrored in the rise in the number
of business failures which become a matter of public record
through bankruptcy or other proceedings, as reported by
Dun and Bradstreet, Inc. The quarterly average number
of failures depicted in chart 9 during the first three quarters
of 1948 was, 1,270 compared with 830 in 1947 and 280 in
1946. Nearly 65 percent of the recent casualties consisted
of businesses started since the end of the war and an additional 15 percent were businesses started during the war
years.
Current liabilities of failing concerns increased even more
sharply than number of failures, and in 1947 and 1948
All industries
3, 731. 4 3, 786. 0
Mining and quarrying
28.0
28.6
Contract construction
257. 2
268.7
Manufacturing
312.1 316.4
Transportation, communication, and other public utilities
225.6 227.9
173.1
Wholesale trade
177.5
Retail trade _
. _ __ 1, 726. 6 1, 744. 7
Finance, insurance, and real
estate. __ _.
_
299.3 301.4
709.6
Service industries
720.7
Increase,
March to
June 1948
Num- Perber cent
54.6
.6
11.5
4.3
1.5 3, 865. 4 3, 881. 5
29.6
2.1
29.8
4.5
290.2
296.9
1.4
318.4
318.3
16.1
.2
6.7
i.l
0.4
.7
2.3
(2)
2.3
4.4
18.1
232.1
1.0
233.1
2.5
183.6
184.6
1.1 1, 768. 2 1, 771. 0
1.0
1.0
2.8
.4
.5
.2
2.1
11.1
.7
1.6
303.5
739.8
4.5
.6
303.5
744.3
1
2
Decrease.
Decrease of less than 0.05 percent.
Source: U. S. Department of Commerce, Office of Business Economics.
Chart 9.—Business Failures
THOUSANDS OF FAILURES
THOUSANDS OF FAILURES
1939 40 41 42 43
44
1945
QUARTERLY
AVERAGES
1946
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: Dun and Bradstreet, Inc.
1947
- QUARTERLY TOTALS -
1948
By Rexford C. Parmelee
Foreign Transactions of the
U. S. Government in Fiscal 1948
F OREIGN transactions of the United States during
the fiscal year ended June 30, 1948 were generally lower
in volume than in the preceding year, but were only slightly1
less than the yearly average for the 3-year postwar period.
Notably there was no further flow of United States Government funds into the capital of the International Bank and
Monetary Fund, the investment in these organizations having been completed in fiscal year 1947.
Foreign Assistance Declines
The 5.4 billion dollars of aid provided by the United States
Government in the form of grants, loans, and other credits
during the year ended June 30, 1948, was 1.2 billion less
than in the previous fiscal year. Whereas foreign grants increased by almost one-fifth, the utilization of foreign credits
declined by more than two-fifths. The relationship of
grants and credits in the 3 postwar years is shown in chart 1.
The 1,700-million-dollar balance of the British loan commitment still remaining on June 30, 1947 was completely
utilized by March 1, 1948. Disbursements against this loan
in fiscal year 1948 accounted for almost one-third of the aid
total. Civilian supplies shipped to occupied and liberated
areas by the military agencies reached one-fifth of this year's
assistance total, or 1,075 million dollars. Export-Import
Bank loans (598 million dollars) and property credits (504
million) constituted another one-fifth. Grants recorded in
fiscal year 1948 for the post-UNRRA and Greek-Turkish
assistance programs established late in fiscal year 1947
totaled 296 million and 255 million dollars, respectively.
The Philippines received 92 million dollars of grants under
the rehabilitation program established in 1946. Contributions to the International Children's Emergency Fund
created by the United Nations amounted to 33 million dollars.
In December 1947 Congress authorized an interim-aid
program to bridge the gap between the post-UNRRA and
proposed European Recovery Program. The latter program
was authorized under the Foreign Assistance Act approved
April 3, 1948. Through these two measures and before the
end of the same fiscal year, 739 million dollars in aid was
provided.
European Economic Cooperation
By far the most striking development of the past fiscal
year was the initiation of the European Recovery Program.
Almost 10 months of intensive planning by the United States
1
The postwar period is measured for purposes of this article from the fiscal year beginning
July 1, 1945, the only exception being lend-lease grants which can conveniently be calculated
from VJ-day.
NOTE.—Mr. Parmelee is Acting Director 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. The following assisted in the preparation of the text of this article: E. S. Kerber, F. W. Ryan, C. E. Shepler, and Z. V. Warner.
14
and Western Europe culminated on April 3, 1948 in the passage of the Foreign Assistance Act which incorporated a new
concept of foreign aid.
The Foreign Aid Appropriation Act of June 28 provided
4.0 billion dollars of the 5.3 billions authorized by the Foreign
Assistance Act for grants and credits to the 16 nations,
Trieste, and the zones of Western Germany which comprise
the Organization for European Economic Cooperation. It
is anticipated that appropriated funds will be utilized solely
for grants. Such funds are for use over a 15-month period
ending June 30, 1949. However, the entire amount may be
utilized in 12 months if the President so decides.
Chart
1.—United
States Government
Grants and Credits
Foreign Aid:
BILLIONS OF DOLLARS
8
6 -
1946
-*
1947
1948
FISCAL YEAR ENDED JUNE 30
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: U. S. Department of Commerce, Office of Business Economics.
An additional. 1.0 billion dollars, to be met by the sale of
notes to the Treasury Department, was made available bjr
the Foreign Assistance Act for the extension of credits. CJf
this amount, up to 300 million dollars was authorized under
the Act for the purpose of guaranteeing the convertibility of
profits, or return of principal, into dollars in connection with
approved projects of United States private investors in participating countries.
The primary consideration in determining the form of aid
to be provided is the capacity of the country concerned to
make repayments. Under the program, the credits resulting
from bilateral loan agreements are extended by the Export-
November 1948
15
SURVEY OF CURRENT BUSINESS
Chart 2.—United States Government Foreign Aid: Grants and Credits by Types
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2.5
2.5
GRANTS
CREDITS
2.0
2.0
I FISCAL YEAR
1947 >
ENDED
JUNE 30
I948J
1.5
1.5
1.0
1.0
.5
.5
OL
LEND-
MILITARY
LEASE
CIVILIAN COOPERATION
SUPPLIES
ECONOMIC
RELIEF
OTHER
GRANTS
LENDLEASE
SURPLUS
PROPERTY
BRITISH EXPORT-IMPORT
LOAN
BANK AND
OTHER CREDITS
COMMODITY
PROGRAMS
U. S. DEPARTMENT OF COMMERCE, OFFICE OF BUSINESS ECONOMICS.
Source of data: U. S. Department of Commerce, Office of Business Economics.
Import Bank from funds made available by the Economic
Cooperation Administration. Such credits are exempt from
the present 3,500-million-dollar loan limitation for the
Export-Import Bank. Although several Economic Cooperation Administration loan agreements were under consideration, none had been signed by June 30, 1948, but in accordance with an informal arrangement with Iceland, the
Economic Cooperation Administration had made available
to the Export-Import Bank 2.3 million dollars for the first of
such loans. By the end of October, however, a total of 837
million dollars in loans had been authorized, of which 787
million had been formalized in signed agreements.
Recipient countries are required under the Foreign
Assistance Act to deposit in special accounts the localcurrency equivalent of the grants-in-aid received under the
European Recovery Program. Funds so set aside may be
used only for agreed purposes, including internal monetary
and financial stabilization, the stimulation of productive
capacity, and the exploration and development of strategic
materials in which the United States is deficient. However,
a minimum of 5 percent of the Economic Cooperation
Administration counterpart funds must be made available
for local-currency expenditures of the U. S. Government and
for raw material purchases for U. S. stock piles.
Other Outlays Contribute Dollars
The amounts utilizes in the past three years under the
major programs of foreign aid are shown in chart 2 and in
table 1. In addition to U. S. Government outlays for
foreign grants and credits during the 1948 fiscal year, the
U. S. Government also disbursed 1,702 million dollars
abroad for goods and services, payments to personnel,
settlements for special-currency obligations, and for miscellaneous purposes. These "other outlays" are exclusive of
special currencies used in occupied areas. They have totaled
5.9 billion dollars in the postwar period.
Predominant among other outlays were disbursements for
goods and services, which aggregated 1,103 million dollars in
the last fiscal year. Payments to personnel in foreign areas,
excluding remittances and other transactions by which such
personnel make payments to U. S. agencies, were an additional 404 million dollars.
Table 1.—Summary of Foreign Transactions of the U. S. Government, by Types of Transaction
[Millions of dollars]
Fiscal years ended June 30
1946
Grants a n d credits
Grants
_
_ _ _ _ _
__
_ _
Lend-lease
Military civilian supplies
Economic cooperation
__
Relief
_
Other grants and financial aid
Credits _
_
_
_____
__
_ _ _
Dollar disbursements on loans.
Lend-lease
_ _ _ _ _ _ _
Surplus property
Merchant ships _
__
Commodity programs _ _ _ _ _
_
__
_
Other outlays
Disbursements for goods and services
Net military payments to personnel
Net payments for special currency
Other disbursements. __
Payments t o International Bank
_
Payments to International Monetary Fund
1948
5,223
6, 602
5,385
3,353
2,192
2,583
1,284
744
1
742
1,194
131
1,381
68
1,075
205
951
353
1,870
4,410
2,802
558
788
496
2,298
56
305
83
60
28
3,205
481
440
141
142
2,203
2,016
1,702
1, 516
467
152
69
1,361
228
215
212
1,103
404
8
188
159
476
2,750
_ _ _ _ _
0)
Receipts
1947
1,152
1,863
1, 372
Repayments on loans, property credits, and commodity
programs
Cash
__
Real estate
108
108
210
208
2
417
400
17
Lend-lease cash receipts
__
Cash from surplus-property sales
Cash from other sales ___
Other cash receipts
151
132
610
150
157
521
873
102
16
247
545
147
2,273
1,573
1,302
Installations abroad, at end of year
___
_
i Less than $500,000.
Source: U. S. Department of Commerce, Office of Business Economics.
16
SURVEY OF CURRENT BUSINESS
Receipts Are Significant
Receipts of cash and other items totaled 1,372 million
dollars in the past fiscal year even after the exclusion of
certain major receipts items which have been netted against
outlays. Receipts resulting from the disposition of surplus
property and from other sales abroad were 792 million dollars in the fiscal year. Dollars, foreign currencies, and real
estate received in payment of principal and interest on loans
and other credits totaled another 417 million dollars. Additional sources of cash receipts provided 163 million dollars.
Renewed Emphasis Upon Grants
The 12 months ended June 30, 1948, represented a transitional period in United States Government grant programs.2
From the end of the war, foreign relief measures had been
concentrated in the UNRRA program for the liberated areas
and a subsistence program for the occupied areas under the
civilian-supply program of the military agencies. By the
beginning of fiscal year 1948, the UNRRA program was
almost completed, the civilian-supply programs for the
occupied areas were being projected in terms of recovery
and toward self-subsistence levels, and new concepts of
assistance were being developed in stabilizing foreign economies to bring about long-range recovery.
Fiscal year 1948 opened with the initial shipments of
grant assistance under the Greek-Turkish and the postUNRRA relief programs. Throughout the greater part of
the year, progress was made toward the long-range program
for cooperative economic recovery in Europe and a Chineseaid program; these economic-cooperation programs finally
began in the June quarter, constituting over one-fourth of
the grants in that quarter.
Foodstuffs and related items continued to represent the
major category of shipments made under grant programs,
followed by much smaller amounts for fuel and agricultural
supplies. Shipments of military equipment under the
Greek-Turkish program were also of sizable proportions.
Grants Favor ERP Nations
The countries now participating in the economic-cooperation progrm for Europe received 1.8 billion dollars—or 69
percent—of the grant aid furnished during fiscal year 1948,
as compared with 0.9 billion dollars or 39 percent of the
amount provided in the previous year. Other European
nations received no grants in the year ended June 30, 1948,
whereas in the preceding 12 months they had received more
than 0.4 billion dollars, or 20 percent of that year's total.
The complete cessation of Government grants to the Eastern
European area in 1948 clearly illustrates the policy change
in grant assistance.
Table 2 shows for individual countries the grants furnished in the 3 postwar years. Germany was the principal
recipient of grant aid in fiscal year 1948, with 533 million
dollars (21 percent). Japan with 423 million (17 percent),
France with 365 million (14 percent), Italy with 288 million
(11 percent), and Greece with 265 million (10 percent) were
the other major recipients.
More Civilian Supplies in Fiscal 1948
The major grants provided consisted of civilian supplies
furnished by the military agencies. In the year ended June
30, 1948, these amounted to 1,075 million dollars, almost half
2 The term "grant" includes all foreign aid extended by the U. S. Government other than
as a credit, i. e., all aid for which no repayment is expected or for which repayment terms
are indeterminate. Thus, the grant summaries presently include items pending final settlement. These settlements may eventually require payment, in whole or in part, for what
is currently classified as a grant. When terms are concluded, the aid may be transferred
from a grant basis to a credit basis.
November 1948
again as much as in the previous year. Such supplies are
shipped to the occupied and liberated areas under the control
of the Army Department. Germany, as noted above, was
the principal recipient of these grants with 533 million
dollars (50 percent) in aid, while Japan received 423 million
(40 percent). The remaining 10 percent went principally to
Korea (100 million).
Foodstuffs comprised four-fifths of the shipments of military civilian supplies, with agricultural supplies and equipment making up one-tenth. Included in these data are
materials furnished by the Army to Germany and Japan as
an incentive to increased output. Such materials totaled 13
million dollars in the fiscal year 1948.
Table 2.—-Foreign Grants of the U. S. Government Utilized, by
Country: Fiscal Years Ended June 30, 1946, 1947, and 1948
[Millions of dollars
Fiscal years ended June 30
Country
1946
Total
__
_.
Europe
European-Recovery-Program participating countries- _ _
Austria
Belgium and Luxembourg
__
_
Denmark
Eire
__
__ .__
France
Germany
__
_ _
Greece
Italy_ _ _
Netherlands...
Norway
Sweden
Switzerland
Trieste
Turkey
United Kingdom
__
__
_ _
.
3,353
2,192
2, 583
1,994
1,327
1,887
1,191
57
61
859
100
1
1, 792
170
0)
0)
(')
1
65
158
190
349
94
350
28
304
1
1
0)
2
_
Nonparticipating countries
Albania
C zechoslo vakia
Finland
_.
Hungary.
Poland
U. S. S. R
Yugoslavia.
Unallocable Europe
Netherlands Indies
Other dependent areas of ERP
American Republics
China.
Japan _ _ __
Korea
Philippines ._
Saudi Arabia
All other countries
Unallocable _
_ __
194S
1947
_
-
_
_ _ _ _
participating countries
_.
__
_ __ _.
-
_
365
.533
265
288
15
0)
281
7
15
38
102
644
13
109
1
1
188
136
196
158
464
7
74
1
2
177
100
103
4
95
(2)
4
13
937
96
2
31
2
20
254
G)
8
269
292
43
66
0)
12
174
6
43
423
100
9S
6
27
i Less than $500,000.
a Credit of less than $500,000.
Source: U. S. Department of Commerce, Office of Business Economics.
Significant in the increase in the cost of military civiliansupply grants to the occupied areas was the effect of increased
prices. Another factor during the year was the assumption
by the United States of a larger share of the supply burden
for Bizonal Germany.
European Recovery Program in Operation
With 735 million dollars authorized for procurement under
the European Recovery Program by June 30, 1948, the aid
rendered by that date totaled 204 million dollars.
Assistance provided under the economic-cooperation programs operates through several different methods of procurement. The 204 million dollars of grants reported for the
European program in the quarter ended June 30, 1948,
included, in addition to administrative expenses, (1) 75
million dollars representing shipments financed by U. S.
Government agencies as a result of allocations by the
November 1948
SURVEY OF CURRENT BUSINESS
Economic Cooperation Administration, and (2) 128 million
dollars representing reimbursements to participating governments for procurement made by such governments or their
agents, and to U. S. banks for payments made against Betters
of credit authorized by our Economic Cooperation Administration.
Actually, April-June 1948 shipments which will be
eventually financed by the European Recovery Program
were considerably in excess of the 204-million-dollar grant
aid on the records. Later, when the United States Government reimburses the foreign government or the bank for
such shipments, the additional aid will be recorded. As a
further qualification of these recorded grants of 204 million
dollars, it is noted that while Federal agencies had shipped
or otherwise provided aid of 75 million, the reported expenditures, which customarily lag, showed only 56 million.
The United Kingdom was the principal recipient of grants
in the first quarter of this program, receiving 102 million
dollars, or 50 percent of the total ERP assistance rendered in
the few months of operation in fiscal year 1948. France, with
over one-fourth (58 million dollars) was another major
recipient. The Netherlands (15 million), Greece (12 million),
Austria (8 million), Italy (8 million), and Denmark and
Norway (with nominal amounts) comprised the other destinations of recovery-program assistance.
In this first quarter of operations under the program, foodstuffs comprised 84 percent (157 million dollars) of the total
merchandise. Coal, petroleum, and industrial supplies represented the bulk of the remaining 16 percent of shipments.
Ocean freight represented 17 million dollars of total ERP aid
for the initial quarter of its operation.
17
New Chinese Aid Initiated
Congress appropriated 275 million dollars under title IV
of Public Law 472 to provide a program of assistance to
China similar to the European Recovery Program. Although more than 25 million dollars had been authorized to
China, only 1 million in wheat flour had been reported as
shipped to China under this program during the June quarter.
This same act provided, in addition to the economic-cooperation program, 125 million dollars for aid to China through
grants, on such terms as the President may determine.
This aid is presently being administered by the President.
Although allotments have been made to the National
Military Establishment for supplies and services, no assistance was rendered through June 30, 1948.
Greek-Turkish Assistance Well Under Way
Aid to Greece and Turkey under the special assistance
program for these countries amounted to 255 million dollars
in fiscal year 1948, with 85 percent going to Greece (217
million) and the remainder to Turkey (38 million). Grants
to Greece were divided almost equally between civilian and
military assistance. The Turkish grants were for military
assistance, including highway construction.
Title III of Public Law 472 authorized an additional 275
million dollars for Greek-Turkish military assistance, of
which 225 million was appropriated by Public Law 793
(approved June 28, 1948). The new authorization and
appropriation for the Greek-Turkish assistance program is
entirely for military assistance; other assistance, both on
grant and credit terms, is to be provided these countries as
part of the European Recovery Program.
Counterpart Funds a Recovery Tool
Although there is no direct return to the U. S. Government
for most grants, the materials furnished as civilian supplies
by military agencies are usually placed in the customary
distribution channels in the foreign country and some proceeds in local currencies result. Practice varies somewhat
under different programs. The consumers' goods shipped
to Greece under the Greek-Turkish program are sold for
drachmas, which are then used to pay local-currency expenses
in construction and other projects. Utilization of localcurrency proceeds is under the supervision of the American
mission. Under the post-UNRRA relief program, local
currency, representing the proceeds the foreign government
derives from the sale of U. S. supplies, is deposited in a special
fund by the foreign government. Under the interim-aid
program, the recipient government makes "a commensurate
deposit" in the currency of the foreign country into a special
fund. This commensurate deposit covers the total U. S.
Government cost of the supplies: original cost, storage,
transportation, and shipping services.
Local expenses of the U. S. Government incident to the
distribution of supplies under these programs are paid from
the special funds. In the main, the funds are used as agreed
between the recipient country and the U. S. Government,
for recovery purposes such as retirement of the national debt
of a country or irrevocable withdrawal of currency from
circulation, or for other measures of currency stabilization.
The Foreign Assistance Act of 1948 (Public Law 472)
provides for similar commensurate deposits for grants under
economic-cooperation programs. Proceeds remaining under
the post-UNRRA and interim-aid programs are to be incorporated with these new proceeds. Expenditures of such
local-currency funds are not considered in this article to be
aid rendered by the U. S. Government, although the tangible
results of the expenditures are a consequence of the American
assistance.
811275—48
3
Philippine Aid a 4-Year Comprehensive Program
The Philippine Rehabilitation Act of 1946 authorized
grants to the Philippines in excess of 600 million dollars over
a period of 4 years. During the year ended June 30, 1948
assistance under this program totaled 92 million dollars, 46
million representing the final transfers of surplus property
under the act, which had authorized 100 million in such
transfers. Payment of nongovernment claims for the compensation of World War II damages amounted to 23 million
dollars in the year, representing only a small part of the
total 400 million authorized to be paid for such claims by
April 1950. Payments of claims for the restoration of
governmental property totaled 13 million dollars in fiscal
year 1948. The act also provides for other services and for
training to be rendered the Philippines; 10 million dollars
in such services was granted in the year ended June 30, 1948.
Credit Use Declines
Loan disbursements and other credit utilizations totaled
2,802 million dollars during the fiscal year ended June 30,
1948, as compared with 4,410 million dollars during the
previous fiscal year. On a quarterly basis, however, postwar credit utilizations reached their highest level in the
September 1947 quarter (1,423 million dollars), because of
the heavy withdrawals on the special British loan. They
then declined markedly to a utilization of only 222 million
in the June-1948 quarter, the lowest quarterly figure in
the entire postwar period.
Total outstanding credits increased 2,469 million dollars
during the fiscal year; the outstanding credits balance stood
at 9,040 million on June 30, 1948. Accompanying the
upward trend in outstanding balances was the attainment of
a new high figure (417 million dollars) in collections of principal and interest for the fiscal year.
SURVEY OF CUKEENT BUSINESS
18
Net Credit Commitments Off Sharply
Net foreign-credit commitments of the U. S. Government
in the year ended June 30, 1948 aggregated 696 million dollars
as compared with the net figure of 4,544 million in the
previous fiscal year, which included the commitment under
the 3,750-million special British loan agreement. In arriving
at this net figure of 696 million dollars, more than 200 million
of cancellations, expirations, and downward adjustments
was offset against total gross commitments of over 900
million. Half of the approximately 200 million dollars of
offsetting reductions resulted from the expeiration of the
100-million credit arrangement by the Export-Import Bank
to Netherlands Indies; similarly, a 42-million credit by the
Office of the Foreign Liquidation Commissioner to Czechoslovakia expired.
The largest new commitment of the fiscal year was the
300-million-dollar loan authorization by the Export-Import
Bank to Canada. Well over half (476 million dollars) of
the commitments were with European-Recovery-Program
countries, with the largest share (197 million) going to
Bizonal Germany. France was second with 114 million.
Table 3.—Foreign Loans and Credits of the U. S. Government
Utilized, by Country: Fiscal Years Ended June 30, 1946, 1947,
and 1948
[ Millions of dollars ]
Fiscal years ended June 30
Country
1946
Total
Europe European-Recovery-Program participating countries. __
Austria _
_ _
Belgium and Luxembourg
Denmark
France
Germany _ . _
Greece
Italy
N etherlands
Norway
_ _
Turkey
United Kingdom . .
__
Nonparticipating countries
Czechoslovakia. _
Finland
Hungary
Poland
U. S. S. R
_
Netherlands Indies ___ _ _ _
Other dependent areas of ERP participating countries
Canada
American Republics - .
_ _ _
China
Iran
Japan
.
Korea (Southern)
_
_
Philippines
Saudi Arabia
All other countries
Unallocable
1947
1,870
4,409
2,802
1,702
3,857
2,469
1,622
1
90
15
774
28
3,586
1
58
2,374
13
33
6
252
189
36
73
22
39
12
1,700
0)
3
532
924
36
77
150
155
10
6
2,168
81
4
21
3
5
48
271
26
52
13
32
149
0)
74
105
64
(0
_
1948
79
57
12
1
17
1
124
130
1
116
16
76
7
38
221
C1)
95
28
21
38
30
shown in table 3 for individual countries for each of the postwar years.
Collections Mount Steadily
Total collections on debt service rose steadily from 107
million dollars in the year ended June 307 1946 to 210 million
in fiscal year 1947, and 417 million in fiscal year 1948, thus
reaching an aggregate total of 734 million in the postwar
period.
Collections of principal during the 12 months ended June
30, 1948, amounted to 333 million dollars, as against 173
million in the previous fiscal year and 87 million in the fiscal
year ended June 1946. Interest due is recorded on a cash
rather than on an accrual basis; payments were 84 million
dollars in the fiscal year ended June 30, 1948, compared with
32 million in the previous fiscal year and 20 million during
fiscal year 1945, or an aggregate of 136 million of interest
payments in the postwar period.
Virtually all repayments of principal and payments of
interest on loans and most collections on property credits
have been made in U. S. dollars. However, about 19 million
dollars of payments on property credits in the postwar
period, was made in real estate and about 16 million was
paid in foreign currency. The real estate was acquired,
largely for use as embassies and legations by the Department of State. The foreign currency is available for various
purposes, including the program under the Fulbright Act
providing for scholarships abroad for U. S. students and
other purposes.
Outstanding Credits Level Off
As a net result of utilizations and repayments of principal,
the expansion in U. S. Government foreign credits outstanding during the 12 months ended June 30, 1948, was
2,469 million dollars, as compared with the much larger
expansion of 4,228 million during the previous fiscal year.
During the postwar period, outstanding credits increased by
8,483 million dollars from the low point of 557 million at the
end of June 1945, to reach the June-1948 figure of 9,040
million. During the last quarter of fiscal 1948, outstanding
credits increased by only 151 million dollars, or only onefourth of the increase (636 million) during the previous
quarter.
21
140
73
37
61
9
1
3
10
2
i Less than $500,000.
Credit.
Source: U. S. Department of Commerce, Office of Business Economics.
Earlier Credits to ERP Countries
Of the 2,802 million dollars of foreign-loan disbursements
and other U. S. Government foreign-credit utilizations during
the 1948 fiscal year, 2,375 million (85 percent) went to European-Recovery-Program participating countries, although
they were all made in connection with earlier lending programs. Three-fifths of the total was utilized by the United
Kingdom; the next largest share (9 percent) went to France.
Bizonal Germany received 7 percent, Canada 5 percent, and
the American Republics 3 percent. Somewhat more than
four-fifths of the total was in the form of loans, the balance
in the form of property and other credits. Amounts are
November 1948
International Bank and Fund
While excluded from table 3 and the above discussion of
credits because the two institutions are not agencies of the
U. S. Government, the operations of the International Bank
for Reconstruction and Development and the International
Monetary Fund should be considered in appraising current
developments in the international credits situation, since the
U. S. Government has been one of the chief suppliers of their
funds. The function of the Bank is to provide long-term
capital for reconstruction and development. One of the
primary functions of the Fund is to meet short-term balanceof-payments needs. In both cases, the use of available
resources is subject to express limitations.
The U. S. Government had already completed, prior to
July 1, 1947, its subscription of 635 million dollars to the
capital of the Bank and 2,750 million to the Fund. These
payments, which aggregate 3,385 million, represent a particular type of long-term foreign investment by the United
States. This amount constitutes about three-tenths of the
total paid-in capital of the two institutions; the other member nations having contributed the remaining seven-tenths.
For borrowed capital the Bank has also tapped the private
investment market.
November 1948
SUEVEY OF CUBRENT BUSINESS
The cumulative total of loans by the Bank since it began
operation was, through June 30, 1948, 525 million dollars.
During the period ended June 30, 1947 there were two loans:
250 million dollars to France and 195 million to the Netherlands, totaling 445 million. During the year ended June 30,
1948 a total of 80 million dollars was loaned as follows:
40 million to Denmark, 12 million to Luxembourg, 16 million
in two loans authorized to Chile; and 12 million to four
Netherlands shipping companies (in six loans, secured by
mortgages on ships).
The loans to Chile were for development purposes and
constitute new types of financing. The fiscal year also
witnessed the Bank's first loans to private enterprises (the
Netherlands shipping companies) with subsequent sale of
the greater part of the notes evidencing the loans to a group
of private U. S. banks under the guarantee of the Bank as
to principal and interest.
With regard to the uses to which loans have been put,
most of the disbursements were made for the purpose of
assisting in financing large general programs of reconstruction
by supplying essential capital goods—such as industrial and
agricultural machinery, equipment for transportation systems, steel mills, etc., and basic raw materials. As of June
30, 1948, out of the 470 million dollars disbursed by the
Bank, the areas of expenditure in round figures were as
follows: 356 million in the United States; 50 million in the
American Republics; over 12 million in Canada; 48 million
in Europe; and almost 4 million in Africa, the Near East,
and Far East.
The International Monetary Fund began its exchange
operations on March 1, 1947. Exchange transactions of
the Fund during the 16 months ended June 30,1948, totaled
631 million dollars, of which 569 million occured in the last
12 months.
Other Transactions Reviewed
Transactions of the U. S. Government included earlier in
the discussion of grants and credits frequently take the form
of cash disbursements. Likewise the greater part of repayments on loans and other credits, as well as the rarer repayments on grants, is reflected in cash receipts. Hence the
data on cash transactions discussed here and shown by
country in table 4 cannot be added to those in tables 2 or
3 but are included in those latter tables insofar as they apply
to grants and credits. For a consolidated treatment with
duplications eliminated see table 1.
Cash transactions abroad by the U. S. Government declined in the last fiscal year ended June 30,1948, as compared
with the previous year. Disbursements of 4.8 billion dollars
were about two and one-half times receipts of 1.9 billion for
the year. However, disbursements were only a little over
half of those during the previous fiscal year ended June 30,
1947, when they amounted to 9.3 billion dollars. Receipts
in fiscal 1948 were about four-fifths of the amount in the
previous year, when they totaled 2.4 billion.
Disbursements on account of the special British loan
amounted to 1,700 million dollars or about one-third of the
total for the last fiscal year. Total disbursements in the
postwar period amounted to 17.7 biUion dollars and receipts
for the same period amounted to 6.0 billion. Summary
figures for individual countries for each of the postwar years
are shown in table 4.
Purchases or receipts of gold by the United States Government from or for the account of foreign countries amounted
to 2,464 million dollars during the fiscal year ended June 30,
1948. In comparison, sales or deliveries to, or for the account of, foreign countries amounted to only 134 million
dollars. This considerable net acquisition of gold exceeded
the reported level since fiscal year 1941, and is in large part
19
indicative of the unusual demand from abroad for U. S.
goods and services and the consequent need for dollars.
For the year ended June 30, 1948, receipts or purchases
from the United Kingdom amounted to 897 million dollars or
36 percent of the total of 2,464 million. Other major purchases were those from Argentina (343 million dollars),
Union of South Africa (247 million), Belgium (215 million),
Canada (177 million), France (146 million), Portugal (116
million), Sweden (86 million), arid Mexico (62 million),
Table 4.—Cash Disbursements and Receipts of the U. S. Government, by Country: Fiscal Years Ended June 30, 1946, 1947, and
1948
[Millions of dollars]
Disbursements
Receipts
Fiscal years ended June 30 —
Country
Total
Europe
European-Recovery-Program participating
g countries
Austria
_ _
_
Belgium and Luxemburg
France _ _ _ _ _ _ _ _
Germany
Greece
__ ___
_
Italy
Netherlands _ _ _ _ _ _ _ _ _
Norway
United Kingdom
Other participating countries. __ _ _ _
Nonparticipating countries
Finland
Poland
__
U. S. S. R
O ther nonparticipating countries . _ _ .
Unallocable Europe
1948
1946
1947
1948
9,265
4,820
1,750
2,413
1,865
3, 858
3,215
959
1, 380
940
3,061
62
68
553
171
81
160
14
23
1,881
49
933
65
68
2
118
45
3,785
16
150
907
203
8
220
141
3
2,123
13
1,360
5
73
171
146
19
44
128
58
654
62
893
7
38
123
184
20
27
62
35
333
65
59
12
0
26
19
0)
70
42
9
14
5
4
59
14
30
3
12
95
20
10
3
3
4
31
18
5
6
2
16
1946
1947
3,626
955
896
C)
198
398
0)
2
72
373
0)
98
41
13
308
28
25
3
0)
20
3
Netherlands Indies
Other dependent areas of ERP participating
countries -.
Canada
American Republics.
__
_ __ _
China
Iran
_ _
Japan
Korea
Philippines
Saudi Arabia.
All other countries
9
25
28
4
15
27
200
172
726
224
6
0)
31
624
17
373
191
21
899
39
3
199
50
383
36
120
31
185
481
44
1
255
51
340
13
77
51
28
189
55
28
35
40
255
42
2
165
27
170
2
275
20
25
402
41
$
244
39
33
3
87
International Bank
International Monetary Fund
O ther unallocable
_
159
0)
131
476
2,750
215
99
14
252
1
169
0)
0)
4
2
i Less than $500,000.
Source: U. S, Department of Commerce, Office of Business Economics.
Inasmuch as there were no sales to the above countries1,,
except a negligible amount to France, the above amounts also
represent major net purchases. Of the total sales of gold of
134 million dollars in the fiscal year, sales to Venezuela
amounted to 48 million, to Cuba 30 million, and to Uruguay
28 million.
Surplus-property disposal activities in foreign areas, during
the 1948 fiscal year, by the Office of the Foreign Liquidation
Commissioner of the Department of State were largely concentrated on effecting physical delivery of goods previously
sold. This is evident from reports to Congress for the
period ended June 30, 1948, which revealed a total increase
of only 190 million dollars in the amount realized from sales
during the entire year. By June 30, 1948, disposal realizations had reached a total of 1,807 million dollars, largely
representing bulk sales and shipments under credit agreements and reflected in table 1 as surplus-property credits.
Reports further indicated that as of June 30, 1948, the net
inventory of surplus property subject to new sales negotiation
in foreign areas was only about 60 million dollars at original
cost value.
(Continued on p. 24)
By Robert L. Sammons
International Transactions by
Major Foreign Areas
READERS of the SURVEY are aware, estimates of
the balance of international payments of the United States
have been prepared in the Office of Business Economics since
the beginning of 1946. It has now become possible for the
first time to present data in detail by major areas as shown
in the accompanying table for the years 1946 and 1947.
Furthermore, corresponding estimates on a quarterly schedule
are started in this issue with the first quarter of 1948 and will
be continued in the future.
Estimates of the balance of payments by areas are subject
to a somewhat greater margin of error than the global data,
since it is frequently difficult, on the basis of existing information, to allocate by individual countries or areas items
estimated on an over-all basis. This is particularly true, for
instance, of certain portions of the transportation account,
where the statistics relating to tonnages of commodities
moved by flag of carrier are available only on the basis of
"trade areas"—many of which include several countries.
Methodology Used
For the benefit of those not familiar with the technical
aspects of a partial, or bilateral, balance-of-payments statement, a brief explanation may be in order. The criterion
for determining the regional distribution of our international
transactions is the country or area of residence of the opposite party to the transaction, not the currency in which the
transaction is effected. Thus, the debit and credit (payments and receipts) transactions between the United States
and the United Kingdom, for instance, need not balance,
since there exists the possibility of three types of transactions, only one side of which (debit or credit) would be reflected in the United States-United Kingdom statement.
These types of transactions are:
1. Transactions between the United States and a third
country settled in sterling.
2. Transactions between the United Kingdom and a third
country settled in dollars.
3. Transactions between the United States and United
Kingdom settled in the currency of a third country.
Thus the "residual" or "errors and omissions" item in a
global or over-all statement becomes "errors, omissions, and
third-country transactions" in a bilateral, or partial, statement. As shown in the table, the direction or sign of this
item corroborates what is generally known to have happened
in, say 1947; namely, that European countries used more
dollars than can be accounted for by their balance with the
United States, while Canada and Latin America, particularly, received these dollars and hence were able to spend
NOTE.—Mr. Sammons is Chief of the International Economics Division, Office of Business
Economics.
20
more dollars here than they received through direct transactions with the United States. During the period covered,
therefore, the residual items in the bilateral statements
result almost entirely from transactions of the type numbered "2" above; i. e. foreign countries settled their balances
with each other by transferring United States dollars among
themselves.
Large Export Surplus to ERP Nations
Some of the more important regional aspects of the balance
of payments, particularly the area distribution of merchandise
trade and of the merchandise trade balance, were discussed
in previous issues of the SURVEY.1 It may still be of interest
to note, however, that the ERP countries accounted for approximately half of the export surplus on goods and services
during the years 1946 and 1947 and about 60 percent during
the first quarter of 1948.
During the following months of this year, largely because
of the decline of the export surplus on merchandise account
to non-European countries, the share accounted for by the
ERP countries showed a further rise. This rise as such
should not be interpreted as an indication of increased economic imbalance of that part of the world. In fact, during
the years 1935-1937, when our exports and imports of goods
and services with the rest of the world were approximately
equal, Europe and Canada were the only areas with which
we had a significant export surplus. Of course, the proportion of the export surplus accounted for by the ERP countries
is likely to rise as the total export surplus declines.
International Flow of Dollars Changed
Before the war there was a net outflow of dollars from the
United States to the European dependencies, mainly because
of our purchases of such products as rubber, tin, tea, cocoa,
and copra. These funds were generally paid by the dependencies to Europe for merchandise, services, or income on investments. From Europe these funds moved back to the
United States either directly or by way of Canada or some
of the other non-European countries which had an import
surplus with the United States. Our transactions with Latin
America as a whole were largely balanced, although some;
of these countries obtained funds from, Europe, which they
paid to the United States, while others used excess dollars
received from the United States to make payments to Europe,
The direction of this traditional flow of payments was
changed by the war. The European dependencies as a group*
i September 1948, p. 6, chart 1; p. 9, table 7.
November 1948
SURVEY OF CUKKENT BUSINESS
lost—temporarily at least—their dollar earning capacity and
became dependent upon the mother countries for dollars.
Europe itself was not in a position to supply goods to the
rest of the world to the same extent as before the war and at
the same time had greatly increased needs for imports.
Finally, the countries of the Western Hemisphere developed
an unprecedented import surplus with the United States,
consequent upon their reduced ability to obtain goods from
traditional sources and other factors.
United States Government aid in the postwar years went
either directly or through international institutions to Europe
and the Far East (included in "all other countries")- To a
considerable extent this aid was given in the form of goods
and services and did not permit the use of dollars for purchases in other countries. The British loan, the contributions to and disbursements by the International Bank and
the Monetary Fund, and about 240 million dollars of the
contributions to UNRRA provided the major exceptions in
1946 and 1947. From these sources and from the ERP
countries' own reserves, between 2.1 and 3.1 billion dollars
was paid during 1946 and 1947—mostly for goods and services—not only to Canada (as before the war) but also to
ERP dependencies, Latin America, and the group of "all
other countries" which includes the British dominions except Canada. The non-European countries, particularly in
1947 after supplies in the United States became more plentiful
and exports restrictions were lifted, not only used the funds
obtained from Europe and their current dollar earnings from
sales to the United States for purchases in the United States
but supplemented them by drawing upon their own reserves
to the extent of over 3 billion dollars.
21
Transactions with Western Europe
Western Europe,2 as an area, had an import surplus of
goods and services in its transactions with the United States
during the inter war period. The deterioration of production
resulting from the war, coupled with the inability to obtain
supplies of agricultural commodities in prewar quantities
from Eastern Europe and other areas outside North America,
unfavorable weather conditions, and other factors greatly
increased the dependence of that area on the United States.
The relatively low level of imports from Europe, discussed
in previous issues of the SURVEY, 3 was also partly responsible for the magnitude of our export surplus with that area.
In addition, relatively large net payments to the United
States on shipping account supplanted prewar net payments
to Europe, while United States tourist expenditures abroad
were limited by severe shortages of transportation and other
accommodations.
Our export surplus thus rose from 355 million dollars in
1938 (considerably higher than during the immediately preceding years) to 4,178 million dollars in 1946 and 5;363
million in 1947.
Moreover, Europe was no longer able to cover a major
portion of its deficit with the United States by dollars earned
in transactions with other countries. On the contrary, the
data indicate that Western Europe made net dollar payments
to other countries from its own resources and from dollar
funds obtained from international agencies, of at least 3304
million dollars in 1946 and about 2,740 million in 1947.
Not all of these dollars went to settle current-account balances between Europe and the recipient countries. Under
sterling-area arrangements, the United Kingdom was called
upon to meet a 1.1-billion-dollar deficit of the remainder of
Decline of Export Surplus in 1948
the sterling area with the dollar area in 1947; since the
United Kingdom had a current- account surplus with the rest
The decline of the export surplus in the latter part of
of the sterling area, this transfer represented, in effect, the
1947 and in the first months of 1948 may be attributed to
conversion of existing sterling balances into dollars.
(a) import restrictions caused by the loss of liquid reserves,
Significantly, private and Government aid from the
(b) to some extent a satisfaction of the excess demand after
United States in the form of grants and loans directly, and
the war, and (c) the restoration of production abroad.
through the International Institutions, apparently covered
However, with the reduction of the over-all export surplus,
all but 580 million dollars of Western Europe's deficit with
the international flow of dollar funds also seems to be
the United States in 1946 and left a surplus of 154 million
changing back toward its prewar pattern. The dollar
dollars in 1947. However, while United States aid money
deficit of the ERP dependencies disappeared in early 1948
was transferred to other areas by the United Kingdom, some
and may soon change into a dollar surplus which will again
countries (particularly France and the Netherlands, and
be available to the mother countries. The deficit of the
Latin-American Republics during the first quarter of 1948 during the last part of 1947 also the United Kingdom) had
to draw largely on their own reserves to finance their purwas only half of the 1947 rate and probably has declined
chases in the United States and other countries. A basic
further since then. The Canadian deficit showed the same
factor in the "dollar problem'7 is thus the postwar necessity
development and the deficit of the "all other" country
of Europe's paying out large amounts in dollars to countries
group declined by about 40 percent.
other than the United States—a situation which, with the
The main net flow of dollars is still from the United States
major exception of Canada, was the reverse of that prevailing
to Europe, but it may soon be supplemented by small net
in the prewar period.
payments to the ERP dependencies. From Europe the
funds flow back by way of Canada and Latin America. This
pattern will presumably prevail as long as the foreign-aid
Latin American Reserves Also Decline
program to Europe continues, but a restoration of a worldLike Europe, the countries of Latin America dipped
wide balance-of-payments equilibrium would probably inheavily into their gold and foreign exchange reserves—
volve a considerable decline of the European deficit with the
largely accumulated during the war—to pay postwar import
United States. It will depend upon the size of this deficit
surpluses. From a wartime peak of 435 million dollars in
whether it can be financed by the expected dollar surplus of
1943, the area's export surplus on goods-and-services account
the European dependencies or whether Europe will have to
with the United States dropped to 187 million dollars in 1945
obtain dollar funds from other areas. In the latter case,
and, as goods became more freely available in the United
Latin America and the independent countries of the British
2
Commonwealth seem to be the most likely areas with which
"Western Europe" as used herein refers to the countries participating in the European
Recovery
Program.
3
Europe could develop an export surplus. However, the flow
See, e. g., March 1947 SURVEY, p. 12.
4
Assistance obtained from international agencies in 1946,1947, and the first quarter of 1948,
of dollar funds from these countries to Europe will depend
respectively, include the following (in millions of dollars): UNRRA (goods and services from
upon a change of their present deficit in their transactions
the United States only), 399,151, 0; International Refugee Organization, 0, 2,4; International
Bank, 0, 297,103; International Monetary Fund, 0,430,104; total, 399, 880, 211. In addition,
with the United States into a surplus which in turn prehowever, part of the freely disposable funds of UNRRA, amounting to 240 million dollars
during 1946 and 1947, has been spent in other areas for shipments to ERP countries; and a part
supposes an increase in Europe's ability to compete successof UNRRA expenditures, for transportation has accrued to ERP countries, both adding to the,
fully with the United States in these markets.
amount of dollars at their disposal.
22
SURVEY OF CURRENT BUSINESS
States, changed to an import balance of 627 million dollars
in 1946 and 2,004 million in 1947.
Larger United States exports more than accounted for the
reversed trade balance, since United States imports of goods
and services were higher (in dollar terms) in 1946 and 1947
than at any previous time. The extraordinary demand for
American merchandise reflected the accumulated postwar
need for repairs and replacements, the inability to obtain
supplies in needed amounts from customary sources, and the
inflationary pressure of expanded monetary purchasing power
in most Latin American countries. The last, in turn, was
the product not only of wartime balance-of-payments surpluses but of Government deficits and liberal credit policies.
In 1946 and 1947, the American Republics received 500
million and 600 million dollars, respectively, from transactions with other areas, principally Europe and the Sterling
Area. Moreover, in 1947, they received about 350 million
dollars in short-term credits from the United States—100
million dollars from the United States Stabilization Fund and
the remainder from private sources, chiefly banks. Likewise, the net outward movement of United States long-term
capital was 420 million dollars greater in 1947 than in 1946,
due mainly to direct investments by American petroleum
companies.
The accelerated withdrawals of gold and dollar balances
in 1947, in the face of these increases in dollars available from
United States sources through imports and credits, indicate
the extent of the demand for imports in that area under present conditions. In order to restrict the demand, almost all
the countries in the area have within the past year considerably tightened import and exchange controls and, notably
in the case of Mexico and Argentina, there have been declines
of currency values.
Transactions With Canada
The traditional deficits of Canada on goods-and-services
transactions with the United States reached their highest
totals in history in 1946 and 1947. As against a previous
peak of 471 million dollars in 1941, a deficit which arose from
Canada's rearmament efforts, transactions with the United
States in 1946 gave rise to a deficit of 686 million and in 1947
to 1,157 million dollars.
The principal factor in this rise was the increase in United
States exports stimulated on the one hand by record Canadian levels of consumption, inventory growth, and investments in industrial plant and, on the other hand, by continuously rising prices in the United States, particularly in
1947. Other important stimulants to imports from the
United States were the sustained levels of Canadian exports
(which contain substantial United States components) and
the slowness of recovery in Europe and elsewhere, which
undoubtedly diverted some Canadian purchases to the
United States. The export categories most affected by the
investment outlays in Canada were metals, machinery, and
industrial equipment. Larger quantities of petroleum and
coal were also purchased both for industrial and consumer
needs. United States exports of textiles, particularly, and
many other consumers' items, both durable and nondurable,
registered sharp increases in meeting the high level of consumption in Canada. ,
On the other hand, imports from Canada, although at
record peacetime figures, were still below the highs reached
during the war. The Canadian deficit on merchandise
account was augmented by rising net payments for invisibles,
especially income on investments.
During 1946, Canada financed most of this deficit out of
its own reserves—to the extent of more than 600 million
dollars—while at the same time it was extending large loans
and grants to European countries. The continuation of this
November 1948
practice became increasingly difficult and, in 1947, the United
Kingdom agreed to pay United States dollars for one-half of
its Canadian deficit. Under these and other arrangements,
Canada received some 500 million dollars in 1947,5 but still
was forced to reduce its official holdings of gold and United
States dollars by over 700 million dollars.
In late 1947, rather stringent import controls were imposed,
and the goods-and-services deficit with the United States was
reduced to an annual rate of 536 million dollars in the first
quarter of 1948. Gold and United States dollar reserves
increased by 107 million dollars during the quarter, partly
because of drawings of 50 million dollars on an ExportImport Bank loan.
Transactions with the ERP Dependencies
The export surplus in our balance with the ERP dependencies conceals divergent trade relationships with the
various territories in this group. The Netherlands Indies
experienced a very sharp reversal of its prewar position as a
result of the devastation suffered during the war and the
continuing political unrest. Exports to the United States
remained below the 1938 figure of 54 million dollars while
imports (including surplus property) rose to 140 million
dollars in 1946 and 104 million dollars in 1947, resulting in
deficits of 111 million dollars and 70 million dollars as
against the 1938 surplus of 20 million dollars. Utilization
of surplus-property credits to the extent of 64 million dollar's
in 1946 helped to finance the deficit in that year but drawings on their dollar holdings were heavy. A sharp reduction
in the deficit occurred in the first quarter of 1948, primarily
as a result of lower imports from the United States.
British Malaya substantially regained its position as a
supplier of dollars to the United Kingdom in the postwar
years. The surplus in trade with the United States
amounted to 67 million dollars in 1946 as against 88 million
dollars in 1938. By 1947, the surplus had risen to 158
million dollars and indications are that the 1948 surplus will
exceed 200 million dollars.
The French dependencies as a group incurred a substantial
trade deficit with the United States which increased from
80 million dollars in 1946 to 140 million dollars in 1947, with
the deficit during the first quarter of 1948 at an even higher
rate.
The British dependencies, aside from British Malaya,
roughly balanced their trade with the United States in 1946,
but their imports increased in 1947 while exports remained
approximately at the 1946 level. This resulted in a deficit
of about 150 million dollars in 1947. A very sharp decline
of the deficit in the first quarter of 1948, because of lower
imports and higher exports, indicates that these dependencies
should soon be able to supply dollars to the United Kingdom.
Non-ERP Europe
The transactions of the United States with the non-ERP
countries of Europe reflect almost completely assistance
rendered by the United States directly through a lend-lease
credit to the USSR and moderate surplus-property and
Export-Import Bank
credits to other countries, or indirectly
through UNRRA. 6 With the tapering off of the aid programs in 1947 and the utilization of the small remainder of
the credits, United States exports dropped to one-half the
1946 amount, since these countries did not draw upon thenown gold and dollar reserves. In the first quarter of 1948,
United States exports declined further, despite an increase
in the rate of utilization of Export-Import Bank and surplusproperty credits by Poland and Finland. Mainly because
B
6
According to official Canadian estimates.
Aid through UNRRA is reflected in receipts from international institutions included in
the last line of table 1.
SUEVEY OF CUEEENT BUSINESS
November 1948
23
Table 1.—The United States Balance of International Payments, by Areas
[Millions of dollars]
EEP countries
Item
1947
4,383
741
28
358
108
5,716
1,051
57
270
159
1,424
167
13
80
60
5,618
7,253
1,744
757
279
58
200
147
836
367
95
429
163
281
89
16
123
42
Imports of goods and services:
Merchandise, adjusted
Transportation
Travel
Miscellaneous services
Income on investments
1,441
TotaL
Imports of goods and services:
Merchandise, adjusted
Transportation-.
Travel
Miscellaneous services..
Income on investments..
TotaL
Net balance on goods and services..
Unilateral transfers (net):
Private
Government
TotaL.
Long-term capital (net):
U. S. private
U. S. Government..
Foreign capital
TotaL.
Gold and short-term capital:
Net purchases (—) or sales (+) of gold
Net movements of U. S. short-term capital
abroad
Net movement of foreign short-term capital in the United States
TotalTransfers of funds between foreign areas (receipts from others areas —, payments to other
areas +) and errors and omissions
2,879
4,740
114
164
66
10
2,284
191
167
83
11
2,252
2,736
+627 +2, 004
-31
-19
-24
-50
-33
+74
-55
+6
-346
-60
-4
+25
-410
2,659
529
64
209
31
44
1,133
68
242
26
33
340
17
24
7
7
1,256
1,079
563
518
26
21
25
2
189
2
7
4
1
213
9
4
188
12
5
11
2
59
-617
-2
-703
-14
-145
-2,370 -3, 636
-112
-187
1,502
395
+686 +1,157
+134
+1
-1
-13
-87
-34
-1
+5
-3
-1
-33
-30
-13
-87
-35
+2
-34
-27
-512
-54
-5
-65
-24
-27
+1
+2
-13
+143
-1
+8
-2,496 -3, 968
-593
-94
-1,447
+26
-836
-263
-20
+83
-3
-3
+48
+6
+11
-118
+2
-4
-16
-16
+81
-27
-34
+32
-200
+42
-101
-11
+49
-29
+303
-220
-194
+15
-565
-298
-700
-72 +1,8
i
-1
+2
Total foreign countries
First
quarter
1948
1946
3,044
187
22
86
175
653
59
5
27
15
11,874
1,375
252
584
820
16,015
1,709
334
521
1,074
3,656
333
63
151
228
1,078
2,704
3,514
759
14, 905
19, 653
715
39
47
21
3
994
38
11
451
14
1,090
37
14
291
16
362
9
4
83
2
534
457
780
216
6,049
701
544
865
227
460
7,070
1,508
1947
First
quarter
1948
2,353
167
11
74
99
+253 +1,196 +2, 066
+9
-250
-3
1946
2,493
97
-1
-26
+3 -2,908
-347
+1
-501
-3, 829
-181
-57
-600
-49
-446
-209
+3 -3,281
-4, 511
-706
-2,829
-346
+193
-19
-363
-236
-29
-1,124
-101
-960
-28
-584
-460
-93
-501
-601
+176
-774
-26 -1, 225
First
quarter
1948
1946
1947
First
quarter
1948
161
243
57
7,167
8,463
2,495
+11,278
+1,949
-161
-807
-4
-577
-33
-598
-2, 279
-1,812
-581
-33 -2,877
-2,380
-243
-322 -3, 062
+75
-26
-3, 230
-347
-744
-6, 891
-106
-57
-600
-49
-322 -3, 230
-3,603
-7, 741
-706
-2,163
-348
-16
-1, 523
+69
+666
-2
-175
-299
-676
+301
-145
-259 -1,474
-2,161
-508
+281
+1,004
+233
-15
-1,482
+112
+448
-4, 610
-249
+517 +2,449
-347
Total
+11 +7, 799
77
.____
-36
-129
-87
+7
+119
1947
-157
1, 935
-77
-168
-201
-175
-470
i,071
701
544
920
227
-935 -1,539
-93
+91
5,168
534
457
792
216
-1, 799
+29
-803
1,935
161
99
242
56
-1,338
+15
-619
4,444
-623
-239
-1
+5
+87
19, 741
-342
-104
-313
+27
-517
14, 966
-161
-774
-117
-34
+6
-591
4,431
-564
-1, 235
+5
+150
+7
61
-582
-756
-14
-168
+4
-11
-i
-14
-50
3,658
333
63
159
231
-130
-809
~-13~
16, 056
1,709
334
568
1,074
-118
-224
-344
+5
-24
11,874
1,375
252
645
820
+11, 267
-183
n
International institutions
+299 +7, 835
-30
-153
+3
-46
-19
1947
Source: U. S. Department of Commerce, Office of Business Economics.
1,942
207
1946
-190
114
924
+55
-53
-167
430
12
21
9
57
218
All other countries
-19
-16
+6
2,117
49
152
44
297
+345
-778
3, 858
294
86
96
406
1,473
47
125
39
258
232
Total.
2,150
232
78
87
332
101
9
1
2
1
+847
Transfers of funds between foreign areas (receipts from other areas —,
ments to other areas +) and errors and omissions
Exports of goods and services:
Merchandise, adjusted
Transportation
Travel
Miscellaneous services
Income on investments
489
45
5
10
14
+4"
+8
-418
First
quarter
1948
1,011
46
4
11
7
203
Gold and short-term capital:
Net purchases (—) or sales (+) of gold
Net movements of U. S. short-term capital abroad
Net movement of foreign short-term capital in the United States.
1947
313
30
11
First
quarter
1948
1946
592
-831
1946
791
83
12
15
23
First
quarter
1948
1947
+332
Total.
Item
1946
381
-323
-508
Latin American
Republics
504
142
First
quarter
1948
+302
Unilateral transfers (net) :
Private
Government
Total.
1947
551
1,8
+4,177 +5, 363
Long-term capital (net):
U. S. private
U. S. Government. _.
Foreign capital
1946
Canada and
Newfoundland
Other Europe
"+M93
Total
Net balance on goods and services-.
First
quarter
1948
1946
Exports of goods and services:
Merchandise, adjusted
Transportation
Travel
Miscellaneous services
Income on investments
TotaL.
ERP dependencies
+1, 783
-48 +1,380 +1,351
-257
+155
-15
SUEVEY OF CUREENT BUSINESS
24
of reduced exports from the United States but also because of
increased imports, particularly from the USSR, an import
surplus developed in the second quarter of the year, and has
continued in July and August.
All Other Countries
Exports from the United States to the countries of the
world not yet discussed in this article increased from 1946
to 1947 by almost 30 percent. Various United States aid
programs, including the civilian supplies furnished by the
armed forces to Japan and Korea, aid to China through
UNEEA, aid to the Philippines, and various surplus-property
credits, contributed in large measure toward the financing
of the United States export surplus in both years. But as
in the other parts of the world, "cash" transactions rose to
an even higher degree. Although exports of goods and services to the United States by this group of countries did not
increase, their transactions with other countries and international institutions, mainly UNEEA, netted them about
770 million in dollars as against their payments of dollars
to other areas of 176 million in 1946. Despite the heavy
dollar accruals from other countries in 1947, gold sales and
drawings on dollar balances amounting to 475 million dollars
were necessary.
International Organizations
The emergence of international organizations with substantial financial assets and liabilities makes necessary the
final columns in the table—transactions with international
organizations. For the most part, these consist of contributions to the United Nations and its affiliated organizations for administrative expenditures (classified as miscellaneous services), relief contributions to international
Foreign Transactions of the U. S.
Government in Fiscal 1948
(Continued from p. 19)
Surplus property located in the United States and sold to
foreign countries by the War Assets Administration, both
for cash and on credit terms through June 30, 1948, amounted
to 24 million dollars, of which about 10 million was realized
during fiscal year 1948.
Maritime Commission ship sales, virtually completed, for
both cash and credits, amounted to 865 million dollars by
the end of the 1948 fiscal year. Cash receipts aggregated
633 million dollars, including 77 million representing the 25
percent cash-down-payment required for ships sold on credit
terms. Net credit commitments under foreign ship-sales
agreements amounted to 231 million dollars—only 27 percent
of total sales. Utilizations reached 225 million dollars by
June 30, 1948, leaving an unutilized balance of less than 7
million.
Installations held in foreign areas by the United States
Government declined to a new low of 1,302 million dollars
by the end of fiscal year 1948. This represented a net
reduction within the year of 271 million dollars. On the
other hand, reports submitted as of June 30, 1948, bring to
a new high of 4,318 million dollars the total United States
cost of all installations held or acquired abroad at any time
during the war or post-war period. This does not take into
account construction in process in strategic and occupied
areas.
On the basis of year-end data, disposals during the 1948
fiscal year amounted to 352 million dollars, as compared
November 1948
organizations such as UNEEA and the International Eefugee Organization (unilateral transfers), the United States
Government contribution to the World Bank and Fund
(increases in United States long-term investments abroad),
and private purchases of bonds of the International Bank.
The short-term capital account reflects largely changes in
United States assets of the Bretton Woods institutions,
UNEEA, the United Nations, and other international
institutions, including assets in the form of the non-negotiable, non-interest-bearing United States Government securities in which the bulk of their dollar funds is held.
There are two major items on the receipts side in the goodsand-services sector that represent transactions of the international organizations themselves; these are the payment of
interest on bonds issued by the World Bank, and the administrative expenditures in the United States of all the international organizations.
The residual item in these columns is an accurate measure
of the extent to which the international organizations
assisted in financing the United States export surplus during
this period. So far, of course, the use of dollars by these
institutions has been considerably less than the dollar funds
supplied by the United States Government; their disbursements, therefore, may be considered as an addition to the
aid rendered directly to foreign countries by Government
grant-and-aid programs.
Two other (offsetting) entries call for special comment.
Merchandise imports (in 1946) and exports (in 1947-48)
represent the net domestic non-monetary consumption or
production of gold. This is offset by a contra entry in the
monetary gold account which, when added to net gold
purchases from or sales to foreign countries, equals7 the change
in the monetary gold stock of the United States.
7
For a full discussion of this treatment of gold in the balance of payments, see International
Transactions of the United States During the War, 1940-45, pp. 170-71 and 191-92.
with around 1,200 million during each of the preceding
2 years. Installations disposed of by the Army during
the last fiscal year amounted to 243 million dollars; by the
Navy to 76 million; and by nonmilitary agencies to 33
million. Disposals have been effected in the following
ways: (1) By the return to foreign governments or other
foreign owners of property which had been rented, loaned,
commandeered, or obtained through reverse lend-lease;
(2) by declaration as surplus to the Office of the Foreign
Liquidation Commissioner; and (3) by other methods,
including destruction and abandonment with accompanying
dismantling and salvaging of usable materials.
Installations held by the Army as of June 30, 1948,
amounted to 897 million dollars (69 percent of the total), a
decrease of 174 million during the year; those held by the
Navy amounted to 343 million (26 percent), a decrease of 66
million during the year; and those held by nonmilitary
agencies amounted to 62 million (5 percent), a decrease of
31 million during the year. The holdings of embassies and
legations by the Department of State are not included in the
foregoing figures.
Most U. S. Government war accounts with major Allies had
been settled prior to July 1, 1947, and are largely reflected in
the statistics for 1946 and 1947. The only agreements
signed in the fiscal year ended June 30, 1948, were with India
and Norway. Subsequent to June 30, 1948, agreements
have been completed with Yugoslavia and Czechoslovakia
and a final settlement has been entered into with the United
Kingdom. By September 30, 1948, agreements were still
to be arranged with China, Ethiopia, Greece, Poland, and
the U. S. S. R., and agreements finalizing earlier settlements
were still to be completed in a few other instances.
il/lontnlu
BUSINESS STATISTICS
J-HE 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 September 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
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
GENERAL BUSINESS INDICATORS
NATIONAL INCOME AND PRODUCTf
Seasonally adjusted quarterly totals at annual rates
National income, total
bil. of dol
Compensation of employees, total
do
Waees 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
215.1
133.7
128.8
111.1
'
'
'
'
221. 7
134. 2
129. 3
111.2
200.6
127 6
122.5
105 3
3.7
13 5
5.1
44.4
23.0
14.3
7.1
212.8
132 2
127.1
109 §
7.4
50.6
25.0
18.0
75
24 3
29.1
11.4
17.7
-4.8
4.4
27 5
32.4
12.7
19.7
-4.9
26.2
31.4
12.2
19.2
-5.3
30.9
33.4
13.0
20.4
-2.5
4.5
4.6
4.7
Gross national product, total
do
Personal consumption expenditures,total do
Durable goods
do
Nondurable goods
do
Services
do
Gross private domestic investmentdo
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
227.9
165. 6
21.1
96.8
47.7
25.6
11.6
17.6
-3.5
243.8
171.1
22.1
100.2
48.8
35.4
14.0
18.9
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Personal savings §
do
do
do
do
14.5
'5.0
'51.8
25.4
18.9
14.2
4.9
5.0
48.6
24.7
16 5
7.6
r
250. 4
' 176 5
'22.6
' 103. 2
' 50.6
' 37. 6
' 14.4
'20.9
2.3
255 9
178 5
23 6
102 9
51 9
39 0
14 8
21 4
2 8
'30.1
' 17.6
'13.7
'33.5
r
19.3
' 14.7
37 7
22 6
15 5
207.3
'23.2
' 184. 1
' 12.0
'209.0
'20.8
' 188. 2
' 11.7
213.9
20.2
193.7
15 2
101. 2
'49.7
'38.7
14.3
'19.8
2.5
8.2
4.6
3.9
28.3
15.7
12.6
29.0
15.5
13 5
196. 7
21.7
175.0
203.1
22.2
180.9
9.7
—3 9
4 8
r
244. 9
' 172. 1
'21.2
r
8.4
9,4
3.6
3.5
3.6
14 0
140 6
135 6
116 4
37
15 6
50
50 2
24 g
17 9
75
7
'2.9
PERSONAL INCOME BY SOURCE t
Seasonally adjusted, at annual rates:
Total personal income
bil. of dol
Wage and salary receipts, total _ _
do
Employer disbursements, total _
, 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
206.2
121.9
123.9
55.4
36.0
15.2
17.3
200.0
122.7
124. 7
55.9
36.0
15.2
17.6
201.4
125.5
127.3
57.4
37 1
15.2
17. 6
207.7
127.4
129.4
59.2
37.4
15.2
17.6
209.4
127.5
129.7
59.3
37.5
15.3
17.6
200.8
126.9
128.9
58.0
37.8
15.4
17,7
205.6
125.7
127.8
57.0
37.5
15.4
17.9
207.4
125.0
127.0
56.3
37.2
15.6
17.9
207.2
126.8
128.8
57.2
37.9
15.6
18.1
212.3
129.7
131.9
59.6
38.2
15.8
18.3
212.9
131.8
134.0
60.0
39 0
16.2
18.8
' 214 6
' 134 3
' 136 5
'61.3
39 5
' 16 3
' 19 4
214 6
134.5
136.8
61.5
39 5
16.2
19 6
2.0
1.9
45.0
16.2
21.2
2.0
1.9
47.5
15.9
12.0
1.8
1.9
47. 1
16.1
10.8
2.0
1.9
51.3
16.2
10.9
2.2
1.9
52.4
16.5
11.1
2.0
2.0
50.0
16.6
11.3
2.1
1.9
49.3
16.6
12.1
2.0
2.0
51.9
16.7
11.8
2.0
2.0
50.7
16.8
10.9
2.2
2.0
52.8
16.8
11.1
2.2
2.1
51.0
17.0
11.0
2.2
2 1
' 50 0
'17.3
10 9
2 . qo
49 8
17.6
10 6
187.4
179.7
181.4
184.2
184.7
184.5
184.1
183.7
184.4
187.7
189.3
' 191 6
192 2
2 1
NEW PLANT AND EQUIPMENT EXPENDITURES
r 4 940
4,170
All industries, total
mil of dol
4 140
500
Electric and gas utilities
do
500
620
1,800
Manufacturing
do
2 290
1 870
180
Mining
do
180
210
270
r 300
Railroad
do
230
180
Other transportation
do
200
190
1,240
Commercial and miscellaneous
do
1,160
1,340
Revised,
i Estimated based on anticipated capital expenditures of business.
Personal sayings is excess of disposable income over personal consumption expenditures shown as a component of gross national product above.
Revised series. Estimates of national income, gross national product, and personal income have been revised beginning 1944; see pp. 27-29 of the
811275°—48
4
i 4 950
i 69Q
i 2 160
i 200
i <36o
i 170
1 1. 360
4 810
640
2 140
200
300
190
1,340
Ju]ily 1948 Survey for the revised figures.
S-l
SUEVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1947
September
October
1948
November
December
January
February
March
April
May
June
July
August
September
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
.
do
Indexes of volume of farm marketings, unadjusted :J
All commodities
1935-39= 100. .
Crops
do
Livestock
. 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
N onf err ous 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 eciuipment
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
Petroleum and coal products
Coke
Printing and publishing
Rubber products
Textiles and products
Cotton consumption
Rayon deliveries
"Wool textile production
Tobacco products
Minerals
Fuels
Anthracite
Bituminous coal
Crude petroleum
Metals
---
do
do
do
-- - - do
do
do
Adjusted combined index^
Manufactures
do
do
__do _ _
do
. do
do
- do
do
do
-
3,818
3,807
2,211
1,596
321
975
278
3,276
3,264
1,678
1,586
296
970
303
2,843
2,826
1,231
1,595
307
977
299
2,571
2,545
1,034
1,511
329
968
206
1,862
1,833
713
1,120
318
593
201
1,932
1,892
629
1,263
373
645
237
2,075
2,006
629
1,377
392
720
250
2,119
2,081
618
1,463
460
725
255
2,437
2,394
781
1,613
468
873
243
2,693
2,683
1,203
1,480
446
'744
'259
2,722
2,716
1,235
1,481
430
783
246
3,132
3,127
1, 583
1, 544
367
902
254
467
575
386
573
774
421
491
588
419
425
431
421
383
362
399
276
250
295
285
220
333
308
235
364
313
216
386
360
274
426
404
421
391
409
433
391
471
554
407
175
214
145
204
265
158
168
181
159
144
136
150
133
128
136
108
100
114
109
82
129
113
76
141
118
76
150
130
98
154
144
153
137
146
163
133
168
212
135
190
194
193
'190
189
190
188
186
192
193
187
194
"196
200
200
r
"202
224
205
150
172
138
280
179
180
176
210
202
169
236
232
198
178
206
248
425
121
118
123
182
"156
136
290
159
153
"203
170
145
217
160
130
278
168
172
158
160
122
161
164
145
r
'218
190
150
164
143
276
174
171
182
210
198
166
248
227
197
r
197
197
193
197
199
193
199
224
203
137
178
116
284
199
202
190
193
158
160
201
232
192
228
207
143
178
125
283
201
204
193
201
160
169
219
240
202
217
177
144
169
131
275
200
199
203
208
183
168
227
237
197
r222
••208
144
163
134
273
196
194
203
211
196
171
233
218
179
223
••208
148
161
141
'277
193
••193
193
209
203
175
206
'222
'185
220
'201
151
157
148
'267
185
'184
187
'202
207
169
198
'235
'204
'224
'207
'159
'165
156
269
'186
'185
'190
'217
210
'180
226
231
199
"225
"213
"155
" 164
P 151
"271
" 189
"189
" 191
"216
173
142
253
437
120
117
122
146
"87
175
92
163
157
"214
178
144
223
179
153
300
181
153
176
176
253
434
126
124
127
144
"99
141
91
163
159
"215
179
155
215
179
153
296
185
147
173
172
252
433
114
101
123
141
"119
121
85
167
160
"211
166
153
205
175
147
303
177
155
174
178
251
439
110
105
113
143
"155
116
90
169
163
"213
137
159
200
r
175
147
298
179
173
177
173
249
436
108
109
107
153
"201
127
97
170
164
"220
174
159
201
r
177
147
308
179
163
179
186
253
449
108
105
110
163
"224
151
122
165
160
"221
175
156
205
174
140
313
176
173
'171
188
'248
433
94
90
96
172
"223
126
184
149
147
"217
170
137
200
'154
115
323
'137
154
'179
184
'255
450
'112
103
'118
'172
"198
111
'203
165
160
'222
178
147
'207
166
127
'318
168
184
"184
149
160
112
161
165
81
149
161
118
155
167
83
136
146
108
97
169
82
145
149
105
102
171
126
164
168
116
171
172
144
163
164
105
157
173
153
158
160
100
143
172
'147
164
166
117
158
'174
149
"158
" 161
"119
P 156
"168
v 142
" 191
197
197
224
' 203
148
176
133
281
185
188
178
206
192
169
231
234
200
'228
T
206
140
181
119
288
189
192
183
200
178
172
203
244
206
226
203
138
179
117
285
195
198
188
190
161
166
196
244
206
181
252
251
427
126
123
128
167
"121
144
173
163
157
"204
177
156
223
164
139
280
167
181
180
196
252
431
126
126
126
161
"91
189
118
165
160
" 205
177
158
225
172
149
290
172
172
171
146
255
438
113
112
114
154
"88
187
108
157
152
"208
179
150
230
163
131
287
166
139
158
162
126
163
166
132
155
163
119
169
165
106
151
162
111
164
166
85
' 196
r
r
do
'186
!91
192
192
-do
192
197
199
198
_ __ _ d o _ _ _
do
do _
do _
do - _
do
-do _ _
-do
do _
'216
140
128
174
182
202
171
160
243
223
143
128
179
176
201
174
161
229
224
150
137
185
177
201
178
162
229
'230
153
139
189
183
205
196
166
218
-
Durable manufactures
.
Lumber and products
Lumber
Nonferrous metals
Smelting and refining
Stone, clay, and glass products
Cement
Clay products
Glass containers
3,113
3,103
1,641
1,462
339
853
248
r
r
"180
"227
"193
"255
"450
" 181
124
"280
"212
"154
"211
" 170
132
319
178
193
194
191
188
192
192
186
191
201
201
200
195
197
198
'191
'197
"198
229
155
143
195
188
202
199
179
200
226
150
135
199
190
207
208
168
208
229
151
137
201
192
211
196
176
219
217
145
132
200
203
211
193
173
227
221
142
131
196
203
206
187
172
218
222
140
129
'194
194
207
190
176
208
219
142
135
185
188
200
188
169
206
'222
'149
140
'186
'100
'209
186
'176
217
"223
" 145
"135
" 189
P 191
"207
"174
179
178
'176
169
177
177
178
173
180
176
172
179
"178
Nondurable manufactures .
do
182
179
170
167
191
173
198
167
219
167
229
198
Alcoholic beverages
do
249
249
'259
256
252
255
254
251
250
251
"255
248
248
Chemicals
_ -- -do
'113
109
110
108
115
114
96
123
124
120
126
122
Leather and products
do
105
102
105
107
95
109
116
116
122
121
113
120
Leather tanning
do__
'154
159
157
163
160
158
158
158
160
156
158
158
" 158
Mlanufactured food products
do
"154
"152
"151
"149
"152
"145
* 139
v 139
"147
"140
"138
f 148
Dairy products
do
125
126
152
135
127
131
147
150
142
170
160
133
146
Meat packing
do
141
159
144
159
142
147
155
' 107
134
129
138
"143
149
Processed fruits and vegetables
do._
165
165
169
150
168
166
163
163
165
163
158
159
Paper and products
do
161
159
164
146
163
160
158
153
157
157
160
153
Paoer and DU!D
do
' Revised.
" Preliminary.
t Data have been revised beginning January 1946 to incorporate revisions in reports on production and sales of farm products; the revised figures for January 1946-June 1947 will be published later. Annual indexes of volume of farm marketings for 1941, and 1944-45, which supersede monthly averages for these years shown in the 1947 Supplement, are published in the
table on the back cover of the February 1948 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 monthly indexes for these years; data for 1940-44 for all series and also monthly indexes of volume of farm marketings for 1945, are subject to further revisions to adjust the series
to Census data.
f Seasonal factors for a number of industries were fixed at 100 beginning various months during 1939-42; data for these industries are shown only in the unadjusted series.
SURVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-3
1948
1947
September
October
November
December
January
February
March 1 April
May
June
1
July
August
September
j-222
r> 212
"154
r> 170168
"154
P112
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION—Continued
A d justedl— C ontinued
M anuf actures— Continued
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
"203
144
160
163
153
111
"204
152
164
175
155
107
"205
152
172
169
155
109
"208
146
163
149
156
117
"214
148
179
153
154
117
"215
157
179
155
155
120
"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
34, 612
16, 597
6,395
10, 202
7,763
1,951
5,812
10, 252
37, 739
18, 082
7,028
11, 054
8,716
2,179
6,537
10,941
35, 239
16, 554
38, 426
17, 523
33, 928
16, 552
32, 294
16, 225
6, 465
35, 586
34,948
36,511
10, 535
16, 777
6,613
10, 164
'34,931
10, 206
8,013
1,998
6,015
10, 672
36, 577
18, 117
7,381
10, 736
17, 871
7,184
10, 687
6,186
12, 641
10, 705
5,313
10, 782
10,874
6,473
9,924
7,796
2,088
5,708
10,738
46, 443
27, 055
13, 131
13, 924
47,837
27, 397
13, 222
14, 175
48, 581
27, 627
13, 226
14, 401
11, 688
7,643
7,724
7,233
2,392
4,841
12, 155
11, 958
7,648
7,791
7,342
2,404
4,938
13, 099
12, 123
13, 487
5,021
12, 426
12, 779
5,221
13, 625
325
342
321
392
410
324
399
328
348
330
386
421
329
410
337
353
335
442
444
325
401
330
360
331
423
470
347
424
311
329
325
364
386
304
383
483
286
249
270
315
332
356
312
288
312
289
329
269
346
239
336
489
279
255
274
316
320
397
319
306
331
291
336
267
348
223
341
486
271
250
288
328
335
416
319
251
328
344
328
302
354
226
352
514
275
236
272
'328
313
373
327
286
312
300
312
318
307
232
305
252
272
200
259
374
277
451
255
274
201
259
375
280
449
257
274
203
249
373
282
449
634
211
157
204
235
220
338
220
198
260
368
256
171
246
216
288
637
219
162
207
239
238
345
218
195
262
367
253
174
247
225
288
621
216
168
213
243
244
336
226
209
265
355
259
176
242
229
290
155
166
178
159
'115
BUSINESS SALES AND INVENTORIES t
Business sales, total
__milofdol_
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 degree of fabrication:
Purchased materials
do
Goods in process
_. __
do
Finished goods
do
Wholesale. _.
do
Durable goods establishments
do
Nondurable goods establishments
do
Retail
do
6,348
7,608
7,896
7,467
2,439
5,028
6,988
8,262
2,076
6,408
10, 144
7,692
1,901
5,791
9,760
7,121
1,893
7,726
2,176
7,389
2,076
7,766
2,145
5,621
16, 397
' 36, 954 P 38, 253
' 18, 119 v 18, 906
' 7, 150
*> 7, 553
' 10, 960 v 11, 353
' 8, 161
"8,288
' 2, 254 f 2, 290
5,907
" 5, 998
' 10, 674 v 11, 059
9,684
5,228
8,948
10, 734
47, 991
28, 020
13, 335
14, 685
49, 130
28, 501
13, 456
15, 045
50, 278
28, 768
13, 525
15, 243
51, 213
29, 064
13, 666
15, 498
51, 102
29, 161
13, 692
15, 469
51, 230
29, 437
13, 780
15, 657
' 51, 347
29, 726
51, 760
30, 218
15, 877
16, 251
'16,369
12, 537
7,518
12, 323
12,067
7,858
8,843
7,885
2,664
12, 149
12, 197
12,205
12, 473
12, 735
' 12, 802 * 12, 870
' 7, 966
^ 7, 966
' 9, 633 " 9, 815
' 8, 112
" 8, 245
2,880
v 2, 917
'5,232
" 5, 328
' 13, 991 v 14, 595,
7,865
5,550
17,229
6,865
10.364
7,652
2,225
5,427
7,874
13,849
7,833
9,550
8,044
2,896
* 52, 504
' 30, 401
' 14, 032
f 53, 491
" 30, 651
f 14, 275
" 16, 376
2,751
5,118
14, 280
7,882
9,082
7,777
2,803
4,974
14,164
7,918
9,314
7,801
2,810
4,991
13, 992
' 7, 984
13,637
5. 078
5,148
13, 498
331
360
336
415
446
356
424
326
365
345
410
442
363
435
324
353
325
415
440
350
413
328
353
338
419
431
356
401
336
369
341
422
452
381
433
308
333
301
350
410
317
438
'341
'368
'362
'421
'414
'347
'437
446
270
223
276
301
313
268
301
303
320
235
320
328
282
206
296
493
308
222
277
314
305
273
350
327
334
271
327
336
289
216
329
'524
273
252
271
297
251
345
300
333
268
315
322
'252
218
341
500
256
274
255
307
299
294
333
266
332
263
334
318
312
225
326
486
248
263
261
314
321
286
327
240
338
271
327
337
317
233
313
540
264
273
262
317
326
311
340
245
330
269
320
329
342
249
316
457
226
267
248
294
310
345
269
256
301
232
292
337
339
245
254
'503
'259
'289
'282
'325
'315
'360
'342
'309
'342
'266
'331
' 341
'351
'264
'341
"528
"290
"298
"295
"350
"359
"372
"369
"325
"355
"317
"355
"345
"348
"251
"361
261
277
204
251
370
285
447
265
279
202
249
372
291
462
268
280
205
250
376
293
472
'271
281
205
257
384
295
473
271
284
206
262
388
297
472
274
286
213
262
394
297
479
277
288
218
263
397
299
476
281
290
226
271
398
298
475
283
'291
'227
'276
'396
'298
'476
"285
"296
"232
"283
'"402
"302
"490
623
239
170
217
248
250
335
224
223
268
361
271
178
257
233
293
633
241
168
218
254
255
357
238
229
268
362
273
177
271
237
301
632
234
163
213
257
244
355
249
238
272
383
279
178
283
234
319
625
242
165
202
262
243
356
255
241
276
398
289
182
'302
232
329
632
255
163
204
261
236
359
253
241
276
424
285
186
293
229
332
630
259
161
189
264
229
376
256
251
287
423
286
194
296
225
348
625
260
159
189
268
227
372
256
262
292
433
284
200
295
227
375
635
259
159
183
274
237
358
261
264
305
432
284
207
289
229
405
' 629
261
'166
'184
276
'240
'350
'262
'258
'311
'429
'282
'214
287
'239
'407
"634
"252
"174
"189
"277
"22$
"353
"257
"245
"315
"416
"278
"224
"288
"256
"418
7,965
7,545
2,524
8,313
7,850
2,594
5,256
9,041
7,869
7,726
9,528
13,967
T
2,906
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— INDEXES OF VALUE f
Sales, total
average month 1939=100
Durable goods industries
do
Iron, steel and products..
do ...
Nonferrous metals and products
do
Electrical machinery and equipment
do
Machinery, except electrical
. do
Automobiles and equipment
do
Transportation equipment, except autoTnobiles
do
Furniture and finished lumber products— do
Stone, clay, and glass products
do
Other durable goods industries
.
do...
Nondurable goods industries
do
Food and kindred products
. do
Beverages
do
Textile-mill products, excluding apparel. -do
Leather and products
do
Paper and allied products
do. .
Printing and publishing
do
Chemicals and allied products _
do
Petroleum and coal products
_ . do
Rubber products
._
do
Tobacco mannfantnres
r|o
Other nondurable goods industries
do
Inventories, book value, end of month, total .do
Durable goods industries
do
Iron, steel and products
do
Nonferrous metals and products . . _ do
Electrical machinery and equipment
do . .
Machinery, except electrical
do
Automobiles and equipment
do
Transportation equipment, except automobiles
.
_.
do
Furniture and finished lumber productsjdo
Stone clay, and glass products
do
Other durable goods industries J
._ do
Nondurable goods industries
do _ _
Food and kindred products
do
Beverages
do
Textile-mill products, excluding apparel- -do
Leather and products
do
Paper and allied products.
do
Printing and publishing .
._
do Chemicals and allied products
do
Petroleum and coal products
_. do _ _
Rubber products
do
Tobacco manufactures do
Other nondurable goods industries
do
"•306
"370*
"404
"389
"487"
"505*
"381
"474
252
251
255
268
251
244
New orders, total§
do
260
257
252
246
'251
265
"272
292
Durable goods industries
. _ do._
291
292
291
397
314
287
292
291
267
'287
307
"309
322
Iron, steel, and products
do
312
308
321
348
325
371
282
311
'303
335
320
"312
344
312
Machinery, including electrical
.... do._
284
346
345
348
299
329
305
'302
330
309
"337
Other durable goods, excluding trans231
220
240
230
243
243
230
portation equipment
_.
do
239
248
259
259
'260
"283
244
234
Nondurable goods industries
do
228
227
240
230
223
230
240
228
219
'230
"249
' Revised, v Preliminary.
J See note marked "V on p. S-2.
§ The new orders indexes are being revised.
£ Data for 1946-47 published in the May to Sept*;mber 1948 issues have> been revis>ed; revisio as for Janu ary 1946-Jiily 1947 are available upon reque St.
f Revised series. The series for manufacturers' a nd wholes alers' sales and inven ories, retai 1 inventor;es, and tot al sales an d inventories have been revise(1 for all years and es ;imates of
TVTr«*.«v» in A1 n-^A ^r>~li
retail sales beginning 1942. For monthly figures for January 1946-March
1947 and earlier annual figures for manufacturers' sales and inventories (except as indicated in note marked "J") and an
explanation of the revision, see pp. 8, 9, 23, and 24 of the May 1948 Survey; complete monthly revisions will be published later. For reference to revised data for the retail series and a breakdown of sales and inventories by durable goods and nondurable goods stores, see p. S-8 of this issue. Annual data for 1929-47 and data for all months of 1947 for wholesale sales and year-end
figures for 1938-47 for wholesale inventories are on pp. 23 and 24 of the August 1948 Survey; monthly data for 1941-46 for sales and 1942-47 for inventories are on pp. 23 and 24 of the September 1948 Survey. Sales and inventories of service and limited-function wholesalers only are published currently on p. S-9.
SURVEY OF CURRENT BUSINESS
S-4
November 1948
1948
1947
Unless other-wise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
September
October
November
December
January
February
March
April
May
June
July
August
Septem
ber
BUSINESS POPULATION
OPERATING BUSINESSES AND BUSINESS
TURN-OVER
3 816.6
276.3
317.6
726. 8
r
3,865 4
290.2
318 4
739. 8
r
I 768 2
183. 6
565.3
p 3, 881 5
v 296. 9
v 318 3
p 744. 3
P 1,771 0
pl84. 6
P 566. 4
1 755 2
179. 8
560.9
3, 838. 6
281.6
317.4
733.0
1, 762. 1
181.7
562.9
do
do
do
do
do
do
do
85.1
15.2
8.0
17 1
28.2
6.2
10.2
76.2
12.9
6.8
16. 2
24.8
5.7
9.9
94.0
17.5
8.8
20 1
29.1
6.9
11.7
p84. 5
Pl5. 7
p7.9
p 18 1
p26. 1
p6. 2
P 10.5
Discontinued businesses, quarterly, total
Contract construction
Manufacturing
Service industries
Retail trade
\Vholesale trade
All other
do
do
do
do
do
do
do
54.5
7.6
6.9
11.1
17 8
3.9
7.2
54.2
7.6
7.0
10.1
17.9
3.7
7.9
'67.2
'8 9
T
7 8
r
13 3
'r22 9
50
r
93
p 68. 4
p9 0
p7 9
p 13 6
P 23 3
p51
P9 4
Business transfers quarterly
d.o
98.4
76.6
111 4
number__
2,612
3,269
2,767
3,160
3,688
2,479
2,995
2,869
2,594
2.752
2,351
2,084
2, 199
INDUSTRIAL AND COMMERCIAL
FAILURES
Failures, total
number
Commercial service _ _ _ .
_ . _ do_ ._
Construction
do
Manufacturing and mining.
do_ __
Retail trade
_ do
Wholesale trade _ _ _
.__
do_ .
Inabilities total
thous. of dol
Commercial service
do
Construction
_
do.
Manufacturing and mining
do
Retail trade
_
do
Wholesale trade
do
292
28
20
101
103
40
10, 034
829
444
5,964
1,390
1,407
336
29
25
98
129
55
21, 322
1,074
2. 301
13, 337
2,289
2,321
313
23
25
124
115
26
16,345
505
537
12,574
1,531
1, 198
317
23
26
112
123
33
25, 499
1, 232
455
20, 937
1,908
967
356
29
23
108
153
43
12, 965
711
820
6,892
2,837
1,705
417
44
22
151
165
35
25, 619
979
1,987
17, 897
3,410
1,346
477
47
43
136
194
57
17,481
1,883
957
9,243
3,714
1,684
404
50
30
99
175
50
15,296
1,472
1,662
7,057
2,476
2,629
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
Operating businesses total end ; of quarter thous
Contract construction
do
Manufacturing
•
'
do
Servce industries
do
Retail trade
do
Wholesale trade
do
All other
do
New businesses, quarterly, total
Contract construction
Manufacturing
Service industries
Retail trade
Wholesale trade
All other
•
BUSINESS INCORPORATIONS
New incorporations (4 States)
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
Prices received, all farm products^
1909-14=100__
Crops
_ _
d o
Food grain
do
Feed grain and hay _. _
do
Tobacco
do
Cotton
_
do
Fruit
do
Truck crops
_ . do. _
Oil-bearing crops
_
do
Livestock and products _ _ _
_
do
Meat animals
do
Dairy products
do
Poultry and eggs
_. do
Prices paid:
All commodities
1910-14—100
Commodities used in living
do
Commodities used in production
do
All commodities, interest and taxes..
do_ __
Parity ratio
do
287
268
312
283
354
257
151
272
349
304
338
293
242
301
281
318
305
377
275
149
294
367
320
352
311
262
307
284
322
318
377
267
135
320
377
328
379
313
231
279
257
251
261
374
248
136
320
333
300
331
307
218
283
262
260
284
372
256
140
295
339
302
342
298
212
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
29C
231
222.
252
181
179
311
315
367
282
246
289
261
302
284
357
247
166
238
344
313
360
283
251
253
259
246
238
120
254
261
246
239
121
257
264
248
241
119
262
268
254
245
123
266
272
259
251
122
263
270
255
248
112
262
267
255
247
115
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
286
254
278
297
352
22?:
40f>
25C>
185
150
282
343
408
302
253
RETAIL PRICES
All commodities (U. S. Department of Commerce
r igg 3
184.9
184.9
185.9
188.4
189 0
190.3
index)
1935-39=100
188 6
192 1
193 5
190 8
195 1
196 3
Coal (U. S. Department of Labor indexes) :
131.9
129.4
130.5
130.4
128.3
132.1
Anthracite
1923-25=100__
134. 7
137.1
132.4
132.1
132.0
144 9
P 145 1
140.5
143.8
139.4
145.7
144.3
146.4
Bituminous
do
147.4
152 3
150 5
146 5
156 7
158 5
P 159 2
Consumers' price index (U. S. Dept. of Labor):
164.9
167.0
163. 8
163.8
168.8
167 5
166 9
169 3
171 7
170 5
All items
1935-39-100
173 7
174 5
174 5
189.0
191.2
190.2
187. 6
192.1
195.1
197. 5
196.9
196.4
197.1
196.3
Apparel
._
_ do. _
199 7
201 0
206.9
201.6
202.7
209.7
203.5
210.9
202.3
207.9
204.7
Food
.
_
do
214 1
216.8
216 6
215 2
167.9
157.8
172.7
170.5
160.3
Cereals and bakery products.. .
do
171.1
171.0
171.8
171.0
171.2
171.0
170 8
170 7
204.9
198.4
195.2
205.7
190.1
211 0
204.4
Dairy products
_ _
do
205.9
204. 8
201. 1
205.8
209 0
208 7
205. 3
196.6
199.6
198.2
208.3
206.9
Fruits and vegetables
do
213.0
217. 4
214. 9
218.0
213.4
199.6
195.8
235. 5
227. 0
240.6
227.3
237.5
244 2
224.8
Meats
_ _ _ _ _ _ _
d o
224. 7
255 1
233.8
261 8
267 0
265 3
126.9
125.2
127.8
124.6
129.5
Fuel, electricity, and refrigeration}:
do
130.0
131.8
130.7
134. 8
132. 6
130.3
136.8
137. 3
94 g
92. 5
92.1
92.2
92.6
93.1
Gas a n d electricity ._ _ _ _ _ _ _ _ _
do
94 1
93.9
93.2
93.8
94 2
94 4
94 5
156.3
157.4
160.5
162.0
165.0
165.9
Other fuels and ice
_.do
168.6
166.0
166. 7
170. 1
174.2
178 1
188.9
187.5
187.8
191.4
Housefurnishings
_
do
192.3
194 7
193 6
194 9
193.0
194 8
195 9
196 3
198 1K
114.9
115.9
115.2
113.6
115.4
Rent
do
116 3
116 0
116 5
116 3
117 0
117 3
117 7
118 '
141.8
143.0
140.8
146.4
144.4
Miscellaneous
do
159, 4
147. 5
150.8
159. 7
146.2
147.8
146.4
147.R
r
Revised.
p Preliminary.
t Designation changed; no change in items included; the subgroup "other fuels and ice" has been discontinued; separate indexes for "other fuels" and "ice" will be shown later.
§ October 1948 indexes: All farm products, 277; crops, 227; food grain, 226; feed grain and hay, 192; tobacco, 418; cotton, 251; fruit, 174; truck crops, 176; oil-bearing crops, 270; livestock and
products, 323; meat animals, 373; dairy products, 289; poultry and eggs, 260.
NOTE FOR WHOLESALE PRICE INDEXES, p. S-5.—The Department of Labor is currently reviewing and revising the samples of commodities and of reporters for the indexes, subgroup by
subgroup, to reflect postwar changes in production and distribution. As subgroup revisions are completed, the revisions are incorporated in the pertinent group indexes and the all-commodity
index and the subgroup indexes are revised retroactively for the entire period covered by the revision; however, to avoid repeated revisions of the group indexes and the all-commodity index,
these are not revised retroactively more than 2 months. If introduction of a revised subgroup into the calculations changes significantly the levels of the group indexes and the all-commodity
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 previously published
indexes because of late reports, incorrect reports, or other errors in prices previously used. Indexes for the 2 latest months are preliminary and are currently revised to incorporate corrections;
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 July-December 1947 were
corrected in the September 1948 Survey. Corrected indexes for January-June 1947 are available upon request.
SUEVEY OF CUERENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
COMMODITY PRICES—Continued
WHOLESALE PRICES
U . S . Department of1 Labor indexes:t
\llcommoditiesd . 1926=100-Economic classes:
Manufactured productsc?
do
Raw materials
do __
Semimanufactured articles
do
Farm products
do __
Grains
do
Livestock and poultry
do _.
Commodities other than farm productscf-do
Foods
do __
Cereal products
do
Dairy products
_
_
do __
Fruits and vegetables
do
Meats
._ -_
.- -do _ _
Commodities other than farm products and
foodstf
1926=100..
Building materials
do
Brick and tile
do
Cement
do
Lumber
do
Paint and paint materials
_ do __
Chemicals and allied products
do
Chemicals
_ _
_-do
Drug and pharmaceutical materials. -do
Fertilizer materials
do
Oils and fats
do __
Fuel and lighting materials
do
Electricity
do
Gas
do
Petroleum products
do __
Hides and leather products
do
Hides and skins
do _.
Leather
do
Shoes
_ d o ._
HousefurnisMng goods§
do
Furnishings
. do _ _
Furnituref
do
Metals and metal productscf
_ - do. __
Iron and steel
do
Metals, nonferrous
. d o ._
Plumbing and heating equipment
do
Textile products
- - - - - do
Clothing
do _
Cotton goods
_
do
Hosiery and underwear
do
Rayon
do
Silk
do _.
Woolen and worsted goods
do
Miscellaneous
- do _.
Automobile tires and tubes
do
Paper and pulp
do
Wholesale prices, actual. (See respective commodities.)
PURCHASING POWER OF THE DOLLAR
As measured by—Wholesale prices
1935-39=100Consumers' prices
do
Retail food prices
do
157.4
158.5
159.6
163.2
165.7
160.9
161.4
162.8
163.9
166.2
' 168. 7
'169.5
168. 5
151.8
170.9
151.2
175.2
152.6
189.7
241.4
152.4
175.5
154.9
187.9
157.8
183.9
157.6
199.2
154.5
174.9
155.2
185.3
' 164. 6
182.0
159.7
163. 8
180. 5
158.8
189.1
176. 9
244.8
151.5
177.7
166.7
167.3
130.8
158.2
179.9
170.1
183.9
140.7
230.0
210. 0
155.3
172.4
160.2
184.8
144.5
206.2
155.7
173.8
158.6
179.8
145.7
217.1
157.3
176. 7
158.0
181.0
148.6
158. 5
177.6
153.8
189.1
213.5
219.0
158.2
177.4
156.3
176.6
147.0
159.6
182.6
154.5
196.0
209.4
157.6
175.5
154,1
186. 7
217.9
'162.6
'184.3
220.0
155.8
174.7
152.9
186.0
218.0
211.0
153.1
177.9
172.1
175. 9
135.5
217.6
154.9
182.0
156.5
196.7
252. 7
226. 3
155.6
178.4
170.6
183. 5
135.4
214.8
138.3
183.4
145.4
119.1
140.1
185.8
146.4
120.1
142.1
187.7
148.1
120.6
145.5
191.0
148.8
121.6
147.6
192.7
151.1
127.2
147.7
193.1
151.6
127.4
148. 7
195.0
152.5
127.5
160.7
128.6
122.1
137.5
111.5
193.4
116.1
64.9
86.8
96.5
193.1
161.8
135.8
124. 3
151.1
112.4
150.5
186.4
230.3
224.8
150.8
179.2
158.2
170.6
130.1
286.5
224.5
290.2
245.5
296.0
303.2
157.1
122. 3
118.2
136.6
109.8
163.3
114.2
65.2
87.0
93.7
185.6
221.1
197.4
176.8
131.3
138.5
131.3
150.1
139.0
142.0
136.0
142.4
135.9
243.7
r
99.9
37.0
68.3
133.8
115.9
60.8
159.5
100.0
37.0
71.2
134.3
117. 1
60.8
159.8
101.4
37.0
73.3
134.9
118.8
61.0
160.7
217.2
190.7
139. 4
142. 8
136.2
151.5
140.2
143.0
136.1
148.0
137.8
213.7
103.0
40.0
73.3
139.6
121.5
63.4
164.7
51.1
61.1
49.1
50.8
61.1
49.6
50.4
60.6
49.5
49.3
59.9
48.3
202.5
205. 0
180. 6
132.4
139.4
134.1
150. 5
139. 3
142.0
136. 1
143.4
136.2
204.7
226.7
118.2
66.3
83.6
99.9
202.5
263.2
216.9
187.0
137.5
140. 5
134.7
150.8
139.5
142.2
136. 1
145.2
137. 1
209.3
164.0
135.0
124.1
154.9
114.4
215.9
124. 6
66.5
85.4
112.0
203.4
256.9
256.3
232.9
222.3
148.3
193. 3
150.9
126.5
307.3
163.2
138.8
125.8
154.4
115. 7
303.8
194.3
141.3
143.8
139.1
154.3
144.6
145. 5
138. 8
148.4
143.4
214.8
104.4
40.7
46.4
141.9
123.6
63.4
168.1
159.6
134.6
126.5
154.3
115.1
201.5
130.8
66.6
85.8
121.7
192.8
207. 2
199. 6
194.7
141.8
144.4
139.4
155.3
146.3
146.8
138.7
148.9
144.7
214.9
105.0
40.7
46.4
143.0
120.1
63.4
167.4
48.6
59.2
47.7
50.0
59.7
48.9
236.7
130.0
66.4
84.5
120.7
200.3
238.9
209.4
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
193.8
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
145. 7
120.8
63.4
167.3
49.9
59.9
49.4
204.4
226.0
233.2
149.1
196.4
152.8
128.2
312.9
158.4
134.7
125.9
153.3
115.0
209.2
239.2
' 162. 6
188.3
154.5
182.9
151.2
'151.1
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
147.5
121.8
63.4
167.5
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
117. 5
121.5
63.5
167.4
49.4
59.1
48.1
49.1
58.7
47 4
205.0
250.8
159.4
181.4
155.1
181.3
147.7
241.3
149.6
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
147.5
121.5
63.5
167.3
309.2
155.9
195.2
190.6
263.8
' 199. 9
157.9
132.2
' 318. 1
' 157. 9
134.4
127.8
153.6
115.0
193.2
135.7
66 4
90.4
122.1
189.2
'191.0
179.2
'140.5
273.7
' 158. 1
132.0
126.3
153. 3
114.9
180.3
136. 6
104.9
41 6
46.4
149 4
' 119.7
66 2
169 0
48.4
58.2
46 7
47.7
57 6
46 1
47.6
57 3
46 2
209.3
153.2
203. 9
158.9
133. 3
317. 1
159. 5
133. 3
126.0
152. 7
116.2
188. 6
136.7
'133.2
'319.5
104 9
40 7
46.4
147 5
120.3
66 2
166 8
r
T
153 2
266.5
' 153. 1
' 203. 6
158.6
153.7
145.3
149. 4
148. 3
r
189.2
186.3
144.5
148. 5
140.4
162.2
163. 8
186.3
153. 3
179.9
139.4
189.5
154.0
185. 1
86.9
122.1
188.4
212.1
186.0
189.4
145.4
149.3
141.6
171.0
163.2
165.9
153.7
148.9
148.3
220.3
244.2
250.0
'164.6
205.3
'
122.2
187.5
210.6
181.9
190.0
146.1
150. 8
141.4
171.9
163 9
16f>, 4
150 8
147.8
148 1
199.8
104 8
41 8
46 4
150 0
119 9
66 2
170 8
47.7
57 3
46 5
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION ACTIVITY
New construction, total
mil. of dol_Private, total
...
do
Residential (nonfarm)
do
Nonresidential building, except farm and public
utility, total
mil. of dol
Industrial- _
. ._.
__
_ do
Farm construction
do
Public utility
do
Public, total
do. ._
Residential
._
.do
Military and naval
do
Nonresidential building, total
_.do_ Industrial
. _ _ _ do
Highway
do
All other..
do
1,423
1,086
540
1,497
1,129
590
1,432
1,141
630
1,320
1,097
610
1,157
948
500
1,009
837
400
1,166
940
475
1,311
1,024
525
1,461
1, 120
585
1,616
1,235
635
1,715
1 318
680
267
138
65
214
337
7
22
49
1
159
100
275
137
50
214
368
9
23
53
1
178
105
287
136
25
199
291
8
19
50
284
134
15
188
223
8
17
52
273
130
14
161
209
9
14
53
1
56
77
265
125
14
158
172
6
11
49
1
41
65
266
120
23
176
226
5
12
65
1
57
87
264
116
37
198
287
6
13
71
2
98
99
277
111
50
208
341
5
13
77
2
136
110
305
110
62
233
381
5
11
79
2
167
119
324
110
81
233
397
5
12
88
2
169
123
0)
119
95
0)
65
81
' 1, 799
r ] 354
r 695
' 1, 783
r i 336
685
r 332
r 334
r HI
r 113
63
954
r 447
5
13
82
245
r 445
5
13
96
2
200
' 131
r 1()2
2
r 190
r 137
CONTRACT AWARDS
Construction contracts awarded in 37 States (F. W.
Dodge Corp.):
27, 185
36, 339
29, 793
21, 696
23,125
20,557
Total projects
number
27, 999
37, 061
37 282
33 088
36 216
33 801
29 080
Total valuation
thous. of doL. 649, 996 793, 286 715, 108 625, 363 615, 206 681, 967 689, 763 873, 882 970, 789 935, 188 962, 685 854, 091 762, 192
192, 660
196, 530
208, 947
223, 505
207, 481
Public ownership
do
248, 443
181, 044
236, 330
298 213
324 226
275 510
334 501
259 381
584, 339
491, 603
417, 882
Private ownership
__
do
457, 336
418, 676
433, 524
508, 719
637, 552
672 576
610 962
578 581
628 184
502 811
Nonresidential buildings:
3,252
4,213
5,134
3,295
3,205
4,249
3 622
Projects
number
4 746
4 907
5 294
4 546
4 642
4 505
27, 719
33, 088
29, 097
28, 552
25, 671
34, 478
Floor area__
__ thous. of sq. ft_. ' 26, 463 33, 478
40, 413
33, 802
33, 954
44,609
28,833
240, 544
244, 495
243, 416
272, 395
248, 939
Valuation
thous. of dol— 239, 915 277, 888
337, 603
395. 971
364. 211
279. 862
308. 750
395. 104
' Revised. 1 Less than $500,000. t See note for wholesale prices at the bottom of p. S-4 regarding revisions of the indexes.
§ See note marked "f".
<f 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-August
1948 indexes using April 1942 motor vehicle prices are shown in previous issues of the Survey; September 1948 indexes using April 1942 prices are as follows: All commodities 165.3; manufactured
products, 158.6; C9mmodities other than farm products, 159.9; commodities other than farm products and foods, 148.2; metals and metal products, 148.7.
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; if this revision had not been made, the November 1947 index for housefurnishing goods would have been 133.2.
SURVEY OF CURRENT BUSINESS
S-6
November 1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
September
October
1948
November
December
January
February
March
April
May
June
July
August
September
CONSTRUCTION AND REAL ESTATE—Continued
CONTRACT AWARDS—Continued
Construction contracts awarded in 37 States (F. W.
Dodge Corp.)— Continued
Residential buildings:
Projects
_. _
number
21, 154
Floor area
thous. of sq. ft._ '41,314
268, 543
Valuation. __ .
thous. of dol
Public works:
1,522
Projects _ _.
_
number
Valuation
thous. of dol.
110, 556
Utilities:
296
Projects
number..
Valuation
thous. of dol_.
30, 982
Value of contracts awarded (F. R. indexes):
184
Total, unadjusted
1923-25=100..
168
Residential, unadjusted _
__do
183
Total, adjusted
do
168
Residential, adjusted
_ do.
Engineering construction:
Contract awards (E. N. R.) §
thous. of dol.. 494, 805
Highway concrete pavement contract awards :d*
2,760
Total
thous. of sq. yd..
163
Airports
do
1,133
Roads
. _ __
do
1,464
Streets and allevs
do
NEW
29, 473
52,302
349, 490
24, 147
42, 696
290, 220
17, 402
32, 192
226, 796
18, 899
32, 183
238, 098
16, 336
31, 474
232, 250
23, 227
35, 385
276, 541
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
1,425
112, 726
1,114
138, 606
809
113, 289
718
108, 891
803
143, 033
915
109, 596
1,524
132, 598
1,659
159, 700
1,813
167, 984
1,763
169,293
1,679
148,856
1,692
158, 597
307
53,182
283
42, 866
233
40,783
213
27, 673
213
34, 289
235
54, 687
343
52, 077
396
45, 338
363
47, 707
379
48,589
395
58, 935
376
44,075
175
164
184
170
173
157
193
163
159
137
197
161
156
126
191
152
161
135
187
152
182
156
181
148
206
181
181
154
226
195
188
165
233
194
201
177
224
189
205
187
'210
'175
'201
'177
197
164
196
164
575, 089
474, 357
503, 384
441, 955
474, 643
508, 096
777, 159
535, 184
596, 332
713, 719
560,292
665, 417
3,260
203
1,946
1,110
2,349
5
1,592
752
2,863
124
1,776
963
1,723
6
1,040
677
2,304
10
1,425
869
4,386
361
2,654
1,371
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
81,000
DWELLING UNITS AND URBAN
BUILDING
New permanent nonfarm dwelling units started
(IT S. Department of Labor)*
number
Urban building authorized (U. 8. Dept. of Labor):!
Privately financed total
do
Units in 1-family structures
do
Units in 2-family structures
do
Units in multifamily structures
do
Publicly financed total
do
Indexes of urban building authorized:
Number of new dwelling units
1935-39=100—
Valuation of building, total
do
New residential building
do
New nonresidential building. .
do
Additions, alterations, and repairs
do
96,000
94,000
83,000
54 551
54, 112
42, 106
3,327
8,679
'439
47 393
46, 133
36, 524
2,731
6,878
1,260
47 512
46 706
35, 816
2,296
8 594
806
314.6
399.8
555.0
283.8
351.8
275.8
371.5
497.4
283.4
317.3
' 275. 4
' 370. 4
' 535. 4
' 249. 9
* 312. 2
93,800
94,000
79, 700
58,800
52,600
49, 600
75, 100
98, 800
' 99, 400
52 152
51, 877
40,834
2,992
8 051
275
56 330
55, 870
42, 825
3,536
9,509
460
41 875
41,010
30, 284
3,316
7,410
865
36 452
36, 088
26, 596
2, 443
7,049
364
33 492
32, 523
23, 704
2,280
6,539
969
33 362
32, 236
22, 142
1,863
8,231
1,126
51 186
50, 861
37, 593
4,092
9,176
325
64 896
64, 427
45, 746
6,991
11, 690
469
53 621
52, 614
41, 280
3,715
7,619
1,007
'r 301. 7
321. 7
r
461. 1
' 209. 8
298.1
324.5
344.7
516.2
216.5
291.9
241.9
285.5
399.8
211.9
219.8
210. 2
274.0
345.8
228.6
230.8
192. 3
243.7
309.7
196.2
218.8
192.0
236.8
315.9
182.2
200.6
293.4
360.9
484.5
287.2
274.9
372.8
408.6
622.9
253.0
330.1
308.8
375.7
531.8
265.3
311.3
452
475
452
424
446
307
456
479
469
427
449
312
464
494
480
429
456
314
468
501
488
433
459
318
472
505
491
435
462
320
475
508
495
436
469
321
478
514
502
437
470
321
481
515
503
441
471
321
485
523
503
439
470
321
486
524
504
439
475
332
493
522
507
450
477
337
495
523
507
450
477
340
186.4
189.9
204.3
187.2
190.5
205.0
188.3
192.1
207.8
190.1
193.5
210.5
191.3
194.8
211.3
192.2
195.6
212.0
194.5
197.6
215.1
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
187.9
187.8
197.7
213.1
173.9
188.6
188.6
198.6
213.7
174.5
189.4
189.9
200.7
217.5
175.8
192.2
191.8
203.5
220.6
177.8
193.7
192.7
204.5
221.2
178.6
194.7
193.7
205.1
221.9
179.5
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
204.6
206.8
205.3
207.4
208.1
210.7
211.0
213.8
211.8
214.7
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
327.3
434.6
329.2
436.9
333.1
441.1
333.6
441.7
335.5
442.7
334.2
443.6
333.9
444. 9
339.3
455.8
355.5
477. 1
356.7
' 478. 4
r
235.6
335.1
424.5
278.1
282.2
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:
v
Brick
do
Frame
.
__do_
Engineering News-Record:
Building
1913=100..
Construction
.
do
Public Roads Adm.— Highway construction:
Composite standard mile*
1925 29~~100
r
334.6
443. 6
r
f
342.4
464.8
327
r
5)2
531
518
4=19
489
3il
357.1
480.2
155.9
150.5
146.7
142.9
325
310
307
304
CONSTRUCTION MATERIALS
Production of selected construction materials, index:*
Unadjusted
1939=100
Adjusted
do
149.1
138.2
159.0
143.0
139.6
140.3
136.5
153.8
131.5
154.0
121.5
147.3
140.3
148.5
143.0
143.9
146.3
138.3
r
r
152. 5
142. 5
' 153. 5
144. 3
r
v 165. 9
v 146. 6
REAL ESTATE
Home mortgages insured by Fed. Hous. Admin.:
151, 558
151, 524
186, 859
159,967
138, 587
129,894
98, 464
124, 512
164, 094
119,927
179, 412
199, %8
Premium paying mortgages
thous. of dol. . 95, 652
Loans outstanding of agencies under the Home
Loan Bank Board:
Federal Home Loan Banks, outstanding advances
397
392
374
373
391
436
360
418
475
478
493
336
to member institutions
mil. of dol
Home Owners' Loan Corporation, balances of
444
454
475
486
497
434
414
465
508
424
520
loans outstanding
mil. of dol .
0)
r
1
Revised.
» Preliminary.
Data now reported quarterly.
§ Data for October 1947 and January, April, July, and September 1948 are for 5 weeks; other months, 4 weeks.
cfData for October 1947 and March, June, and September 1948 are for 5 weeks; December covers November 29-December 31, January, January 1-30; 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;" s;ee
also note in July 1948 Survey. There have been minor revisions in figures for number of dwelling units beginning January 1946; revisions through April 1947 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 request;
data 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
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-7
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
CONSTRUCTION AND REAL ESTATE— Continued
REAL ESTATE—Continued
New mortgage loans of all savings and loan associations, estimated, total
thous. of doL. 356,871
376,000
By purpose of loan:
Home construction
do
86, 097
95, 364
Home purchase
do
203, 443
208, 488
Refinancing
do
27, 322
28, 523
Repairs and reconditioning
do
12, 297
13, 213
All other purposes
do
27, 712
30, 412
New nonfarm mortgages recorded ($20,000 and
under) estimated, total
thous of dol 1, 022, 648 1, 103, 030
Nonfarm foreclosures, index, adjustedtl935-39=100_.
6.6
6.6
Fire losses
_
thous. of dol
47,990
64,946
311, 292
310, 201
273, 202
254, 581
318, 602
336, 947
332, 441
346, 469
331,893
317, 842
297, 175
76, 718
170, 831
24, 747
10, 415
28, 581
82, 234
163, 703
26, 042
9,806
28, 416
70, 274
140, 122
25, 856
8,679
28, 271
66, 894
126, 462
23, 511
8,374
29, 340
97, 325
146, 213
29, 677
11, 519
33, 868
97, 458
156, 701
30, 973
14, 189
37, 626
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
954, 569 1,006,626
6.7
5.8
68, 361
51, 346
909, 447
6.5
63,010
826, 874
6.8
71, 521
955, 441
7.0
74,236
993, 678
6.8
63,751
999, 456 1, 049, 591 1,018,397 1, 024, 323
6.5
49, 543
54, 706
50, 955
59, 256
49, 945
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:
Printers' Ink, combined index
1935-39=100
281
284
328
333
Magazinesf
--do .
Newspapers
do
214
217
Outdoor..
do
289
287
Radio
do
298
309
Tide advertising index, adjustedf
do___
261.0
256.8
Radio advertising:!
Cost of facilities, total
thous. of dol
15, 252
17 376
Automobiles and accessories
do__.
527
597
Clothing ___
_
do
151
139
Electric household equipment
do__.
345
379
Financial
_ do _
471
367
Foods, food beverages, confections
do...
4,402
5,128
Gasoline and oil...
do .
420
428
Housefurnishings, etc
_do_._
168
156
Soap, cleansers, etc
_ _ _ do _
1,704
1,715
Smoking materials _ _
_.
do
1 809
1 580
Toilet goods, medical supplies... _ _ _ _ do
4, 268
4,967
All other
do
1 314
1 594
Magazine advertising:^
1
Cost, total
_
do
99
308
Automobiles and accessories
do. . . 1 1 7, 555
Clothing
do
10 191
1
Electric household equipment
do._.
3, 872
1
Financial
do...
1, 567
Foods, food beverages, confections
do. . 1 13, 543
Gasoline and oil
do...
i1 2, 142
Housefurnishings, etc
_ __do. _
6, 051
Soap, cleansers, etc
do
i1 2, 558
Office furnishing and supplies
_ ..do. _
1, 650
1
Smoking materials
do ___
2, 827
1
Toilet goods, medical supplies.. . . . . . do.
12, 771
i 34 582
All other
.
do
Linage, total
thous of lines
4 763
4 738
Newspaper advertising:
Linage, total (52 cities)
do
173 871 198 478
Classified
do
44 141
41 610
Display, total
__ _
do
154 337
132 262
Automotive
do
6 552
5 438
Financial
_
do
2 194
1 809
General
do
27 171
33 444
Retail
do
112 148
97 843
277
329
200
258
312
257.8
269
315
199
229
320
238.2
258
291
205
290
303
253.5
289
321
242
312
319
274.6
290
346
227
322
308
271.6
294
333
247
294
314
283.9
302
345
256
329
312
274.9
299
344
262
279
300
271.0
r
268
r
298
233
288
271
250.1
»282
»312
240
284
299
272.7
16, 905
739
195
333
440
4,907
450
172
1,499
1,662
4,688
1 820
17, 780
728
92
511
464
5,203
504
152
1,647
1,848
5,033
1,600
17, 544
693
121
569
450
5,000
585
254
1,544
1 798
4,991
1 538
16 715
717
133
543
482
4,766
564
232
1,452
1 595
4 694
1 535
17, 803
699
118
603
511
5,122
536
225
1,734
1 770
5,031
1 456
17 077
711
121
603
483
4 893
441
177
1 672
1 718
4 857
1 401
17 321
662
152
651
481
4,859
432
192
1,775
1 746
4 804
1 567
15 631
538
105
642
376
4,184
444
161
1,755
1 711
4 545
1 169
13 223
'370
82
656
373
3 405
435
183
1 473
1 532
3 765
949
14 232
425
80
691
400
3, 834
453
167
1 630
1 *i56
3 894
1 101
4 474
1 126, 436
i 7, 308
i 13, 191
i 7, 017
i 1, 833
1 17, 399
i 1, 331
i 9, 952
i 2, 585
i 2, 532
i 3, 073
1 15, 691
i 44 524
3 229
27 688
2,604
1 887
1,012
585
4,517
304
1,117
613
414
918
3,793
9 923
3 641
37 486
2,771
3 640
1,590
666
6 311
381
1 916
1 155
495
883
5,584
12 094
4 175
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
996
378
978
4 430
9 962
3 171
2,856
3 730
1,246
494
4 731
985
1 495
950
700
1 131
4 180
10 874
3 968
194
41
153
5
2
32
113
808
447
361
957
033
004
367
186 913
37 530
149 383
5 215
1 986
24 935
117 247
155
39
115
5
2
20
87
428
600
828
igo
896
404
348
167 945
40 048
127 897
6 181
1 869
25 477
94 369
189
43
145
6
2
28
108
555
985
571
394
225
106
846
197 221
AC QAQ
151 373
7' 047
2 one
30 475
m
KK7
197
47
150
7
2
31
109
809
643
166
557
120
092
396
185
43
141
8
2
28
102
847
999
848
814
203
365
467
161 430
17fi son
118
6
2
22
130
7
1
23
40 f\o-i
349
714
448
790
cc qofi
4fi 4fi7
333
Qf)6
782
001
QQ AQA
287.0
4
4A9
1 Q7 ^^
m
cojr
6 921
1 R4Q
30 097
119 fi^ft
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
Value
Domestic, paid (50 cities):
Number,
Value
thousands. _
thous. of dol..
4,041
89, 874
4,401
91, 665
4,185
85, 095
4,710
91, 655
4, 586
92, 651
4 339
86, 412
5,281
106, 540
5 122
95, 871
4 470
88, 565
4,733
94, 494
4 503
90, 545
5 176
87, 845
thousands..
-thous. of dol._
13, 334
197, 141
15, 371
223, 262
13, 922
196, 844
15, 652
214, 581
14, 412
201, 299
13 135
186, 247
16, 749
240, 369
15 552
220, 748
14 252
198, 921
15 267
217, 320
14 408
206, 027
14 207
208, 527
PERSONAL CONSUMPTION EXPENDITURES
Seasonally adjusted quarterly totals at annual rates :f
r
r
Goods and services, totalbil. of dol
165.6
171.1
172. 1
176 5
r
r
Durable goods, total
do
22.1
21.1
21 2
22 6
r
Automobiles and parts
do
7.2
7.8
7.7
7.9
r
Furniture and household equipment . -do
10.3
9.9
9.8
10 8
r3 Q
Other durable goods
do
4.0
3.9
39
r
r
Nondurable goods, total
do
100.2
96.8
101.2
103 2
T
r
Clothing and shoes. __
do
19.2
20.0
19. 1
20 5
r
Food and alcoholic beverages
do
59.6
58.3
'61.2
61.4
r
r
Gasoline and oil
do
3.6
3.8
4.0
43
r
Semidurable house furnishings
do
1.9
1.8
1.9
19
Tobacco.
do...
3.9
4.0
4 0
r 3.9
r
Other nondurable goods _
do
10.9
10.0
n.o
ll.l
' Revised, v Preliminary.
1
The figures shown in the September and December columns are totals for July-September and October-December, respectively; monthly figures not available.
178 5
23 6
87
11 0
3 9
102 9
19 7
61 2
4 6
19
4 1
11.4
data for other classifications. Adjustments of earlier data are under consideration by the compiling agency and more complete information on the changes will be published later
t Revised series. The index of nonfarm foreclosures has been revised beginning 1938 because of discovery of certain errors in reporting; revisions through April 1947 will be shown later
There have been minor revisions in Printers' Ink index of magazine advertising to include advertising in farm magazines formerly shown as one of the five major components of the advertising
index; revisions are available upon request. 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 product on p 28 of the July 1948 Surveyrevised figures through the first quarter of 1947 for the subgroups will be shown later.
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
November 1048
1948
1947
Septem-
ber
October
Novem-
ber
Decem-
ber
January
Febru-
ary
March
April
May
June
July
August
Septem-
ber
DOMESTIC TRADE—Continued
PERSONAL CONSUMPTION EXPENDISeasonally adj. quarterly totals at annual rates— Con.
Goods and services— Continued.
Services
bil of dol
Household operation
do
Housing
do
Personal service
do
Recreation
do
Transportation
do
Other services
do
47 7
70
48 8
7.3
15 2
3.2
3.8
4.5
14.8
14.6
3.2
3.8
4 5
14.5
r 50 6
7.6
'49.7
'7.6
15. 5
32
3.8
' 4. 6
15.1
T
51. H
7.7
16.2
3.2
3.9
5.0
16.0
r 15 g
3 2
r
38
r
4 7
r 15 5
RETAIL TRADE
All types of retail stores :$
Estimated sales total t
mil. of dol
Durable goods storesf
do
Automotive croup t
do
Miotor vehicles f
do
Parts and accessories
do
Building materials and hardware group f
10, 252
2,726
1,217
1,075
142
10, 941
2,995
1, 332
1,182
150
10, 672
2,776
1,240
1,088
152
12, 641
3, 087
1,251
1,089
162
9,684
2,516
1,257
1,143
114
8,948
2,350
1,195
1,088
106
10, 734
2,956
1,538
1,402
136
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
r 10, 674
r 3, 292
'1,655
1,483
'172
11,050
3,171
1, 507
1, 36,-!
154
870
575
'102
193
542
333
209
97
977
645
128
204
585
350
235
101
827
528
102
197
587
359
229
121
838
494
91
252
719
419
300
279
730
461
106
163
451
264
187
78
658
417
90
151
426
251
175
71
819
510
123
186
520
307
213
78
953
589
146
218
575
341
233
82
959
601
139
218
579
355
224
95
1,030
656
153
221
586
350
236
103
992
630
158
203
549
315
234
78
'987
'654
135
198
'568
'336
232
82
987
65r>
12(1
201)
592
349
242
815-
Nondurable goods storest
do
Apparel group
,
do —
Men's clothing and furnishings
do
Women's apparel and accessories
do__ _
Family and other apparel
do
Shoes
do
Drugstores
do
Eating and drinking places
do
Food group f
-do
Grocery and com binationf
do
Other food
do. __
Filling stations
do
General merchandise groupf
do
Department, including mail-order
do
General, including general merchandise
with food
mil. of doL_
Dry goods and other general merchandise
do._ _
Variety!
do
Other retail stores
do
Liquor
do
Other
- - --do
Indexes of sales:
Unadjusted, totalt
1935-39=100-.
Durable goods stores f
do
Nondurable goods storest
do
Adjusted total f
do
Durable goodr storest
do
Automotive f
do
Building materials and hardwaret
do
Homefurnishingsf
do
Jewelry
-do_ __
Nondurable goods storest
do
Apparel
do
Drug
do
Eating and drinking places
do
Foodt
do
Filling stations
do
General merchandise t
-do
Other retail stores
do
7,526
860
214
383
120
144
303
1, 095
2,486
1, 936
551
466
1, 363
916
7,946
880
219
397
124
140
310
1,118
2,638
2,070
568
483
1,476
996
7,896
922
253
400
137
131
297
1,008
2,542
2,007
534
496
1,616
1, 111
9,554
1,248
372
512
190
174
409
1,072
2,751
2,161
591
496
2,232
1,485
7,169
663
169
302
92
100
295
995
2,624
2.084
540
479
1,087
719
6,598
604
149
280
85
90
287
930
2,360
1,862
498
435
1,039
690
7,778
910
212
419
125
154
305
1,030
2,595
2,038
557
495
1,392
940
7,598
781
181
368
103
128
294
1,034
2,608
2,056
552
523
1,343
910
7,820
808
193
371
107
137
304
1,060
2,716
2,144
572
550
1,368
906
7,724
801
215
343
105
138
301
1,066
2,613
2,033
'580
552
1,364
905
7,549
630
154
276
86
114
307
1,064
2,762
2,187
575
581
1,221
765
160
168
168
194
136
122
148
160
171
170
176
162
167
132
155
953
136
816
141
172
1,042
167
875
150
188
1,016
168
848
210
342
1,347
248
1,098
104
128
1,025
146
879
97
131
943
130
812
128
177
1,051
144
907
125
149
1,015
143
872
131
161
1,015
142
873
130
160
1,027
134
893
118
161
984
142
842
116
'157
'947
'132
'816
139
163
969
142
827
326.9
351.0
319.0
317.7
340.5
281.4
404.2
415.0
438.6
310.3
324.9
259. 0
421.5
324.9
217.7
261.2
337.5
329.3
363.5
318.2
318.6
347.7
297.3
411.3
401.3
409.1
309.1
303.2
259.1
421.9
331.6
219.6
252.5
342.5
340.6
366.1
332.3
322.8
349.7
292.1
417.3
419.4
415.4
314.0
326.3
255. 2
398.6
327.7
238. 1
268.6
352.7
385.9
383.4
386.7
328.8
361.2
309.0
424.5
420.0
426.3
318.2
322.2
256.2
417.7
331.0
233.4
273.0
361.3
292.9
312.1
286.6
324.7
357.4
308.7
423.3
403.7
410.1
314.1
307.8
257.1
413.6
335.6
246.2
253.8
355.6
296.0
313.9
290.2
324.6
357.6
314.0
423.5
391.3
388.6
313.9
315.2
261.5
413.6
335. 5
241.4
254.1
348.9
324.0
359.7
312.4
330.7
376.0
347.4
422.0
395.1
391.6
316.0
314.4
260.3
417.2
339.2
251.7
257.3
341.8
333.1
391.2
314. 2
337.9
386.5
347.6
441.5
424.6
404.7
322.0
315.3
255.5
420.1
344.2
260.3
269.8
348.9
332.2
376.2
317.8
329.5
355.3
286.4
444.3
432.8
400.8
321.1
319.8
252.2
408.8
341.6
258.7
270.8
354.5
339.1
396.3
320.4
337.1
376.9
319.6
456.7
432.7
412.3
324.1
326.9
255.8
419.5
338.8
259.1
275. 9
360.3
323.1
395.5
299.5
336.9
389.8
344.8
453.8
436.9
381.1
319.7
311.3
255.7
414.7
333.1
262.2
277.9
350.9
Estimated inventories, totalt
mil. of dol.
Durable goods stores
-_.do
Automotive group
do
Building materials and hardware group.do
Homefurnishings group
_
do
Jewelry stores
do
Nondurable goods stores
do
12, 155
4,013
974
1,550
1,093
396
8,142
1,727
453
295
1,767
191
2,455
1,254
13, 099
4,182
997
1,515
1,220
450
8,917
1,889
523
316
1,942
213
2,736
1.298
13, 487
4,195
1,057
1,512
1,137
489
9,292
1,913
590
315
2,033
228
2,854
1,359
12, 426
4,148
1,099
1,534
1, 130
385
8,278
1,558
581
333
1, 937
217
2,344
1,308
12, 779
4,358
1,146
1,639
1,197
376
8,421
1,652
568
352
1,916
226
2,451
1,256
13, 625
4,634
1,190
1,760
1,275
409
8,991
1,887
542
341
2,000
203
2,705
1,313
14, 280
5,011
1, 251
2,048
1,271
441
9,269
2,009
533
341
1,962
197
2,877
• 1,350
14, 164
4,946
1,219
2,053
1,232
442
9,218
2,064
530
339
1,860
209
2,883
1,333
13, 992
4,925
1,219
1,989
1,275
442
9,067
2,014
512
325
1,851
184
2,802
1,379
13, 637
4,941
1,297
1,964
1,263
417
8,696
1,834
506
327
1,841
169
2,663
1,356
13. 498
4, 927
1,262
1,974
1,292
399
8,571
1,749
497
322
1,826
150
2,657
1,370
mil. of dol__
Building materials
Farm implementsf
Hardware
Home furnishings group t
Furniture and house furnishingsf
Household appliances and radios
Jewelry stores
-
Drugstores
Eat ing and drinking places
Food group
Filling stations
General merchandise group
Other retail stores
Chain stores and mail-order houses: <?
Sales, estimated, totaltApparel group
Men's wear
-Women's wear
Shoes
Automotive parts and accessories
Building materials
Drug
Eating and drinking places
Furniture and hoasefurnishings
_
do
do
do
do
do
do__ _
do _ _
do
do
do
do
_ do
__do
7,382
'635
135
307
90
'103
299
1,091
2,576
2, 013
563
570
' 1, 265
'830
' 328. 9
'408.7
302.9
' 338. 0
' 405. 0
' 367. 0
' 464. 7
' 439. 2
390.4
' 316. 1
' 305. 6
254.0
406.8
331. 1
257.8
' 277. 6
' 342. 8
r 13, 991
' 4, 955
'1,239
' 2, 088
' 1, 245
'413
' 9, 036
' 1, 993
'504
'322
' 1, 845
'168
' 2, 796
' 1, 408
7, 888
87!*
188
42(>
122
143
300
1, 101)
2, 648.
2, 05;>
593
541
1,446
977
350. (t
408. 2
331. 8
340. 4
396.8
351. 7
456. 4
453. 2
385. 7
322. (}
328. 7
256. 4
419. 9
339. 2
252. 8
277.1
341. 8
14, 596
5, 057
1,211
2, 087
1, 315!
447
9, 538
2,101
534:
319
1, 946
190
2. 98f
1, 45£-
2,281
1,874
'2,200
2, 354
2,266
2,355
2,869
2,015
2,315
2,358
2,330
2,145
2,317
208
'195
26C
253
173
170
235
288
260
358
253
• 254
246
26
24
32
41
38
71
30
38
48
44
55
42
47
106
'103
124
112
82
130
161
80
138
116
113
109
119
44
53
60
73
65
94
46
70
78
72
71
67
72
54
44
44
'50
46
56
28
28
41
37
42
47
50
113
'118
128
110
75
68
80
101
81
117
112
88
117
70
66
66
68
67
65
98
69
67
69
68
66
67
54
52
54
54
52
54
54
51
49
54
52
50
52
26
'29
21
22
29
29
28
45
29
27
35
28
27
' Revised.
c? There have been revisions beginning 1947 in the chain-store series and some earlier revisions; see note marked "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 ari<:l
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 house furnishings and the home furnishings 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.
tRevised series. See note marked "t" on p. S-7 with regard to revisions in the series on personal consumption expenditures, note marked "J" above regarding revisions in the indicated series under sales of all types of retail stores, and note marked "J" on p. S-9 regarding revisions in data for sales of chain-stores and mail-order houses. Estimates of re tail 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 and monthly averages for 1939 and
1940, and monthly data for 1941-47are on p. 31 of the July 1948 Survey.
-
_do.__
do
do
do. _
-_do —
do. . _
do
do
do
do
SURVEY OF CURRENT BUSINESS
Xovernber 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
S-9
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Chain stores and mail-order houses — Continued
Sales, estimated— Continued J
General merchandise group t
mil. of doL_
Department, dry goods, and general merchandise
mil. of dol
Mail-order (catalog sales)
_
do
Variety t
do
Grocery and combination
do
Indexes of sales :J
Unadjusted, combined indexf
1935-39=100..
Adjusted, combined index t
do
Apparel group
_ __
do_
Men's wear
do
Women's wear
do
Shoes
_.do
Automotive parts and accessories
do_ _ .
Building materials
- do_
Drug
do
Eating and drinking places
_
. _do_ ...
Furniture and housefurnishings
do
General merchandise group t
- . _ _ _ do
Department dry goods and general merchandise
1935-39=100
Mail-order
do
Variety t
_ ..
- do __
Grocery and combination
_ ._ do
Department stores:
Accounts, collections, and sales by type of
payment:
Accounts receivable; end of month:
Charge accounts
1941 average =100
Installment accounts
do
Ratio of collections to accounts receivable:
Charge accounts
percent
Installment accounts
do
Sales by type of payment:
Cash sales
_ _ .percent of total sales. _
Charge account sales
_ do ...
Installment sales
do
Sales, unadjusted, total U. S.f
1935-39=100_.
Atlanta
do
Boston
_
- do_
Chicago
do
Cleveland
do_
Dallas
do
Kansas City
_
do
Minneapolis
do
New York
_
do_
Philadelphia
do
Richmond
_ _
do __
St Louis
do
San Francisco f
do
Sales, adjusted, total U. S.f
do _
Atlanta
do
Bostonf
do __
Chicago
do
Cleveland
do_
D alias
. do
Kansas Cityf
do.
Minneapolis
. _ ._
do
New Yorkcf
do
Philadelphia!
_..
_ do
Richmond
do
St. Louis
_ _
.
do
San Franciscof
do
Stocks, total U. S., end of month:
Unadjusted
do
Adjusted
do
Mail-order and store sales:
Total sales, 2 companies
thous. of dol
Montgomery Ward & Co
do
Sears, Roebuck & Co
- do
Rural sales of general merchandise:
Total U S , unadjusted
1929-31=100
East
_ _
do
South
._
do
Middle West
do
Far West
do
Total U. S., adjusted
do
East
do
South
do
Middle West
do...
Far West
do
596
648
700
961
451
434
603
589
591
606
569
588
648
347
108
129
662
366
126
143
754
399
132
157
755
528
131
288
786
249
84
108
804
230
84
110
725
330
113
149
797
348
103
126
792
357
86
135
844
364
95
135
770
342
78
136
824
342
102
132
741
382
116
137
751
297.2
292.5
326.1
346.5
390.2
253.7
228.3
361.5
229.7
221.3
262. 4
287.1
303.1
289.3
300.8
288.5
365.9
246. 6
217.5
334.8
227.2
220.9
224.3
276.5
321.4
298.4
323.3
333. 7
398.0
244.8
246.0
326.1
226.0
211.9
279.3
294.1
379.6
302.2
325.4
332.8
396.2
253,9
243.9
331.8
228.7
219.1
287.3
304.2
259.2
294.9
287.2
278.0
362.9
218.5
214.2
351.3
228.0
220.2
262.1
284.2
269.2
296. 8
298.7
285. 5
383. 3
223.2
219.7
344. 2
234. 5
223.0
258.7
284.2
303.5
303.0
311.0
277.9
400. 6
242.4
228.3
336.3
231.6
228.6
252. 4
292.6
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
321.4
289. 6
417.8
246.1
277.6
383.5
235.9
229.5
265.6
314.0
'r 290. 0
317. 5
' 325. 8
' 290. 9
' 427. 6
' 242. 5
r
263. 6
' 388. 1
232. 2
227.0
' 290. 1
320.6
323. 5
317.1
345. 9
308. 3
457.6
252. 6
242. 3
393. 6
234. 2
228.2
285. 7
314.6
344.6
263. 7
213.4
326.0
322.7
256.7
212.1
339.5
347.9
283.0
219.7
338.1
348.2
291.9
245.8
337.5
340. 5
268.6
208.3
350.1
337.1
267.2
215.1
353. 7
347.3
270.3
223.2
359.8
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
381.1
292.9
227.4
359. 5
166
87
181
95
204
111
263
136
205
127
181
124
190
129
'191
131
'192
134
'192
136
168
'138
'165
144
188
151
53
31
57
31
55
30
54
29
53
24
49
23
53
27
52
25
52
24
52
24
51
23
51
23
53
24
54
40
6
300
368
248
296
293
387
'337
311
'243
266
322
340
'347
294
361
241
290
290
368
'324
287
'238
266
"304
337
'347
53
40
7
299
372
234
284
29C
396
336
304
253
280
324
330
350
279
348
211
266
271
360
320
276
r
225
265
297
308
340
53
40
7
376
460
306
364
371
507
392
335
323
370
394
428
421
302
383
244
298
296
415
335
281
248
280
310
339
348
54
39
7
485
619
419
455
479
633
505
424
408
460
542
516
571
303
394
239
293
309
388
334
277
241
277
322
337
361
54
39
7
225
284
170
217
216
316
245
214
192
204
214
239
281
286
355
224
271
284
390
306
286
240
272
286
291
348
53
40
7
238
316
174
225
233
324
254
206
202
216
245
258
295
286
359
226
281
284
368
292
267
241
280
306
307
327
52
41
7
285
387
228
266
284
384
301
263
234
284
317
318
326
285
368
228
274
270
384
307
278
229
263
317
318
339
51
41
8
288
366
231
283
280
399
320
284
237
262
295
326
333
306
390
243
289
295
448
337
283
255
278
321
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
268
284
313
340
364
52
41
7
289
333
242
290
288
345
301
277
246
266
294
311
338
312
397
252
299
306
406
328
291
265
283
335
346
372
54
38
8
243
314
176
243
244
331
270
238
181
207
235
277
311
316
392
255
312
313
436
322
294
266
288
328
355
365
52
39
9
P259
354
••175
248
268
365
' 303
261
187
'217
260
305
'338
311
402
'237
295
308
419
336
292
256
289
315
354
r
383
50
42
8
319
410
259
305
320
444
*343
315
2,57
295
357
366
p 355
312
402
252
299
316
423
P 329
290
252
295
337
362
"355
257
••233
284
252
296
273
244
285
253
289
279
304
303
313
307
309
297
297
278
284
274
273
r
287
268
»304
"276
306, 643
117, 507
189, 136
333, 123
127, 144
205, 979
355, 255
129, 206
226, 048
415, 686
148, 113
267, 573
230, 794
74, 116
156, 679
215, 575
75,631
139, 944
301, 627
107, 103
194, 524
319, 342
115, 382
203, 959
297, 939
104, 612
193, 327
308, 843
105, 305
203, 538
284, 626
97, 833
186, 793
302, 716
108, 903
193, 813
336, 487
119,706
216, 782
375.9
340.6
523.6
320.8
446.9
355. 6
346.5
474.3
313.0
381.9
405.1
398.1
612.6
333. 4
446.3
311.8
309.3
413.3
262.5
371.6
484.6
491.4
727.8
405.4
515.3
372.5
381.2
530.1
309.2
424.8
466.6
448.6
644.9
389.9
568.2
291.8
269.4
429.3
249.9
348.1
273.8
262.8
423.8
224.6
301.4
359.7
345.8
535.7
293.6
410.1
299.8
295.7
462.6
250.5
309.4
370.5
361. 5
507.3
315.1
418.1
358.8
370.4
485. 1
309.4
382.3
408.6
412.4
537.2
349.2
464.5
342.6
343.3
467.7
293.4
375.6
372.8
360.2
530.8
314.2
420.6
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
5,912
1,923
3,989
5,697
2,298
3,399
6,679
2,144
4,535
5,740
2,307
3,433
6,036
1,967
4,069
5,804
2,338
3,466
6,178
2,046
4,132
5,832
2,418
3,414
5,720
1,874
3,846
6,105
2,485
3,620
5,282
1,867
3,415
6,113
2,552
3,561
5,868
2,143
3,725
6,157
2,635
3,522
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
6,410
2,784
3,626
5,750
2,057
3,693
' 6, 380
2,774
' 3, 606
' 6, 074
' 2, 222
3,852
' 6, 436
2,759
' 3, 677
6,301
2,259
4,042
6,502
2,794
3,708
WHOLESALE TRADE
Service and limited function wholesalers:
Sales, estimated, total t
-- -- mil. of dol
Durable goods establishments f_ do
Nondurable goods establishment t-do
Inventories, estimated, total*
do _
Durable goods establishments*
do
Nondurable goods establishments*
_do_ -
' Revised. » Preliminary, d1 Revisions for adjusted index: 1945—June, 167; July, 164; Sept., 167; Oct., 175; 1946—June, 238; July, 233; Sept., 210; Oct., 181.
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 variety
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 for inventories of service and limited-function wholesalers are on p. 24 of the September 1948
Survey.
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 currently prior to the August 1948 issue. The adjusted index of department store sales for the Boston Philadelphia, and Kansas City districts have been revised beginning April 1940, February 1940, and August 1941, 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 and June 1947
for Boston and the United States 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. Data for all wholesalers are published currently on p. S-3. See note marked "t" regarding revisions in chain'
store series.
SURVEY OF CUKRENT BUSINESS
S-10
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Employment status of noninstitutional population:
Estimated number 14 years of age and over,
108, 660
108, 346 i 108, 597
107, 839
107, 675
108, 753
108,124
108, 173
108, 262
107, 918
107, 979
107, 755
total
thousands
108, 050
53, 461
53, 501
53, 24i
53, 275 i 53, 436
53, 080
53, 113
53, 045
53, 014
53, 204
53, 135
Male
_._do
53, 190
53, 161
55, 199
55, 252
55,071 i 55, 161
54, 969
55, 021
54, 759
54, 805
54, 710
54, 661
54, 934
54, 844
54, 889
Female
do
65, 135
64, 511
63, 578
62, 219
61,005
61,660
64, 740
61,510
62, 130
61, 760
60, 870
60,455
61,004
Total labor force, including armed forces
do
1,293
1,325
1, 366
1,261
1,236
1,238
1,294
1,236
1,241
1,226
1,327
' 1,346
1,280
Armed forces
do
63, 842
63, 186
62, 212
60,524
63, 479
60, 422
59, 590
59, 769
60, 216
59, 214
60, 892
60, 784
59, 778
Civilian labor force, total
do
45, 437
45, 215
44, 101
44, 794
43, 369
43, 298
43, 148
42, 892
43, 551
43, 009
42, 846
43, 443
Male
. do
43, 026
18, 405
17, 971
18,111
18, 685
17, 155
17, 124
17,068
16, 698
17. 449
16,368
Female
do
17, 233
16, 760
16, 752
61, $15
61, 245
60, 312
61,296
58, 660
58, 330
58, 595
57, 947
57, 149
59, 204
58, 872
57, 329
57, 139
Employed
_- - do
43, 989
43, 889
42, 85(1
43,420
41,244
41, 801
42, 058
41,972
41,653
41, 273
41,137
42, 260
Male
do
42, 158
17, 626
17, 356
17, 462
17,876
16, 529
16, 602
16,714
16,623
16, 294
15, 876
16, 944
Female
do
16, 085
16, 002
8,444
9,163
8, 72?,
9,396
7,448
7,861
7,985
8,622
6,847
6,962
6,771
8,727
Agricultural employment
do
7,060
52, 452
52, 801
51, 899
51, 590
50, 883
50, 609
50, 800
50, 583
50, 482
50, 985
50, 089
Nonagricultural employment
do
50, 145
50, 368
1,941
2,227
1, 899
2,184
2,193
1,761
1,687
1,621
1,643
2,065
2,639
1,912
2,440
Unemployed
do
43, 462
44, 149
45, 176
43,605
46, 414
46, 602
47, 119
46, 330
47, 047
47, 524
45, 535
Not in labor force
_ _ -do
45, 544
47, 046
Employees in nonagricultural establishments:}:
Unadjusted (U. S. Department of Labor):
44, 299
44, 626 ' 45, 009 ' 45, 078 ' 45, 487 p 45, 864
44, 918
45, 618
44,603
44, 758
44, 513
44, 600
44, 279
Total
-.
thousands.
15, 904 ' 16, 115 ' 16, 158 ' 16, 451 p 16, 638
15, 950
16, 269
16, 256
16, 354
16, 209
16, 267
16, 175
16, 183
Manufacturing
do
'921
'950
933
p949
950
924
817
923
925
921
922
914
922
Mining
do
' 2, 219 ' 2, 257 P 2, 257
2,052
1,933
2,173
2,046
2,099
1,805
1,978
2,107
1,871
1,731
Construction
do
' 4, 136
' 4, 137
3,974
4,042
v 4, 085
4,105
4,077
4,071
4,134
4,032
4,019
4,097
4,020
Transportation and public utilities
do
' 9, 659 P 9, 757
9, 576
9,617
' 9, 670 ' 9, 646
9,886
9, 684
9,471
9,598
10, 288
9,622
Trade
__
do
9,520
1,761
1, 754
1,704
P I, 733
1,716
1,726
1,673
1,676
1,668
1,697
1,671
1,680
1,690
Finance
__
do
' 4, 622 v 4, 644
4,645
4,768
4,738
4,663
4,729
4,634
4,670
4,688
4,723
4,662
4,730
Service
do
5,599
5,650
5,624
p 5, 801
5,577
5,607
5,546
5,387
5,638
5,414
5,403
5,498
5,492
Government
do
Adjusted (Federal Reserve):!
44, 584
44, 726 ' 45, 053 ' 45, 251 ' 45, 320 p 45, 628
44, 791
44, 625
44, 800
45, 019
44, 557
44, 291
44, 755
Total
do
16, 045
16, 018 ' 16, 172 ' 16, 288 ' 16, 288 p 16, 498
16, 216
16, 266
16, 246
16, 332
16,208
16,161
16, 039
Manufacturing
do
'914
936
'942
820
p 94(i
947
926
919
930
922
918
927
920
Mining
do
' 2, 093
' 2, 109
1,972
2,032
1,941
2,110
2,006
p 2, 109
2,018
1,999
1,969
2,056
1,945
Construction
do
3,995
' 4, 078
' 4, 076
4,028
p 4 078
4,056
4,069
4,089
4,080
4,128
4,075
4 071
4, 101
Transportation and public utilities
do
9,721
' 9, 791 ' 9, 804
9,689
p 9, 83(i
9,634
9,636
9,679
9,664
9,613
9,779
9,694
9,542
Trade
do
1,752
1,696
1,699
1,737
p 1, 742
1,697
1,700
1,693
1,698
1,688
1,676
1,690
1,688
Finance
do
' 4, 622
4,768
4,645
4,738
4,729
P 4, 644
4,663
4,634
4,670
4,688
4,723
4,662
4,730
Service
do
5,705
5,567
5,586
5,727
» 5, 781
5,545
5,626
5,405
5,441
5,519
5,414
5,524
5,385
Government
do
Estimated production workers in manufacturing
industries, total (U. S. Dept. of Labor)!
12, 791
12, 738 ' 12, 959 ' 12, 974 ' 13, 233 P 13, 407
thousands. . 13, 125
13, 131
13, 176
13, 263
13, 143
13, 150
13,066
6,683
6,642
' 6, 669
' 6, 700 p 6, 766
6,662
6 791
6,746
6,816
6 795
6 711
6 630
6 681
Durable goods industries!
do
1,603
1.601
1,600
' 1, 631 P 1, 648
1,619
1,634
1,610
1,633
1,609
1,604
1,634
1 628
Iron and steel and their products t
_ _ do
Blast furnaces, steel works, and rolling mills§
527
512
523
535
518
thousands
516
499
498
498
509
509
498
563
548
535
' 538
577
'547
595
578
596
584
p 551
588
588
Electrical machinery!
do
1,202
1,199
' 1, 193
1,232
1,207
1,209
1,217
1,218
1,235
1,231
1,237
1,214
P 1, 198
Machinery except electrical!
-- - do
496
484
490
488
493
497
499
499
500
503
500
499
Machinery and machine shop productsf do. .
48
49
48
51
47
48
47
51
52
52
50
50
Machine tools§
do
772
784
772
'786
'762
J>769
'739
785
764
766
789
720
767
Automobiles!
do.
Transportation equipment, except automo462
465
438
434
452
'415
463
464
414
430
472
427
J>431
biles!
thousands. .
125
137
134
136
128
133
133
135
130
135
134
130
Aircraft and parts excluding engines do
25
25
25
26
25
26
22
26
26
25
26
27
Aircraft engines
do
123
116
104
126
109
128
93
118
126
133
100
100
Shipbuilding and boatbuilding
do
406
398
413
398
413
409
409
404
388
'395
410
400
Nonferrous metals and their products!- --do
*397
754
772
749
799
751
828
'844
751
745
750
736
738
Lumber and timber basic products!
do
J>842
611
611
628
'594
616
607
'655
613
613
692
598
'681
Sawmills and logging camps !
do
470
485
458
'461
459
483
475
452
487
489
466
490
Furniture and finished lumber prdducts!_do
*465
'264
'256
'250
••254
'259
'244
'263
'265
'266
'248
'248
249
Furniture!
.do.. .
r
451
454
'461
'452
452
458
'454
p 46*,
445
447
450
443
' 449
Stone clay and glass products !c?
do
6,096
6,108
' 6, 297 ' 6, 305
6,495
6,340
6,447
6,355
6,355
6,462
' 6, 533 P 6 641
6,430
Nondurable goods industries!
- do
Textile-mill products and other fiber manufac1,301
1,293
1,249
1,312
1,295
1,292
1,271
1,223
1,243
1,290
1,306
tures!
thousands.
' 1, 274
P 1, 261
Cotton manufactures, except small wares
526
525
529
thousands -.
509
528
523
524
525
508
499
517
520
112
112
112
113
107
107
111
103
108
106
108
113
Silk and rayon goods
do
Woolen and worsted manufactures except
175
173
178
174
169
174
177
171
169
177
180
167
dyeing and
finishing
thousands. _
Apparel and other finished textile products!
1,082
1,165
1,103
thousands. .
1,117
1,166
1,127
1,096
1,095
1,143
1,147
1,070
' 1, 160
P 1, 176
315
310
310
309
311
307
299
314
311
308
297
318
Men's clothing
do
440
462
452
482
428
435
452
471
485
476
437
Women's clothing
do. ..
481
359
372
399
393
396
396
402
390
373
400
376
Leather and leather products!
do
'384
*379
236
226
254
251
249
255
256
237
258
248
240
Boots and shoes 1
do
246
1,047
1,091
1,255
1,049
1,353
1,483
1,191
1,159
1,259
1,288
' 1, 362
' 1 414 P 1 506
Food and kindred products!
do 220
221
225
218
225
215
225
217
220
220
226
227
Baking
-do
293
127
138
149
122
172
240
384
168
129
123
246
Canning and preserving
do
97
192
204
183
182
116
197
181
'186
187
Slaughtering and meat packing
do
' 188
183
90
88
89
86
84
88
86
87
85
87
83
Tobacco manufacturers !
do
86
P 89
392
389
389
394
398
395
392
393
388
390
Paper and allied products \
do
388
' 391
P 394
204
204
201
200
204
203
200
203
203
206
Paper and pulp !
do
206
207
Printing, publishing, and allied industries !
thousands __
432
444
445
439
441
437
432
435
438
433
430
'432
P436
145
145
144
145
146
146
144
145
144
Newspapers and periodicals !
_ do
147
147
148
191
189
191
186
185
183
184
190
184
188
Printing; book and job !
__do
183
183
r sgg
589
586
592
576
587
580
572
'574
588
588
Chemicals and allied products ! .
do
'567
P 595
'204
'204
'206
'207
'206
r 202
' 205
'207
'207
'205
Chemicals!
do
' 208
211
165
165
165
163
166
164
164
165
167
170
Products of petroleum and coal !_._
do
170
'170
"155
112
112
112
112
113
114
113
114
115
Petroleum refining 1
..do
117
117
116
r 195
208
203
212
210
204
195
210
208
198
195
Rubber products !
do
' 191
P 198
102
102
102
101
106
99
96
93
91
92
Rubber tires and inner tubes !
do
91
92
' Revised, p Preliminary.
i The estimates take account of recently acquired revised information on births and deaths not available when the estimates for earlier months were prepared.The June-July 1948 net,
change shown by the figures, therefore, reflects not only the actual monthly increase but also the effect of the incorporation of the revised data.
! 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 "i" on p. S-ll with regard to revisions in the indicated series for production
workers.
f 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
"t" 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 1945; revisions through
March 1947 will be published later.
cf Corrections for May-August
1947, in thousands: 437, 442, 430, 444.
§ See note marked "rf1" on page S-ll.
SURVEY OF CURKENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-ll
1948
1947
September
October
November
December
January
February
March
April
May
August
June
July
' 158. 2
158.4
' 184. 7
161.4
f
September
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT—Continued
Production workers, unadjusted index, all manu160.8
160.4
160.2
facturing (U. S. Dept. of Labor)!
1939=100..
186.8
185.0
183.6
Durable goods industries!
do
163.3
161.7
162.3
Iron and steel and their products!
do
Blast furnaces, steel works, and rolling millscf
130.2
130.0
130.0
1939=100.229.7
226.9
223.0
Electrical machinery! ___
_
do. ._
230. 5
229.7
228.8
Machinery, except electrical J
do
240.2
239.5
242.2
Machinery andrnachine-shopproductst-do
142.9
139.5
142.4
Machine toolsd71
do
Automobiles!
do
190.5
190.4
190.0
Transportation equipment, except automo260.7
284.6
269.2
biles J
1939=100..
327.0
336.2
337.4
Aircraft and parts, excluding engines. ..do
299.2
291.0
294.8
Aircraft engines
do
169.9
134. 3
144.7
Shipbuilding and boatbuilding
do
174.7
178.8
Nonferrous metals and their products! do
176.3
178.5
177.3
178.6
Lumber and timber basic products!
do
195.5
195.4
196.5
Sawmills and logging camps!
do
141.9
147.1
144.8
Furniture and finished lumber produetsj.do
' 139. 2 ' 142. 7 r 145. 7
Furniture !
do
Stone, clav, and glass products!
do
152.3
154.0
152.8
Nondurable goods industries! _ __ . _ _ do
141.8
140.4
141.1
Textile-mill products and other fiber manu106.9
111.1
109.2
factures!
_
... 1939=100
Cotton manufactures, except small wares
119.3
123.6
121.5
1939=100,.
81.6
Silk and rayon goods
do
84.4
83.5
Woolen and worsted manufactures, except
107.0
110.5
108.4
dyeing and
finishing
1939=100
Apparel and other finished textile products!
138.9
141.5
142.7
1939=100..
134. 7
130.4
133. 6
Men's clothing
do
158.0
158.0
161.5
Women's clothing
do
112.2
114.1
113.2
Leather and leather products!
do
107.2
108.7
107.8
Boots and shoes !
do
173.6
150.7
158.3
Food and kindred products!
do
117.9
115. 5
118.1
Baking.
__
do
255.7
Canning and preserving
do
159.8
114.4
134.7
135.5
142.0
Slaughtering and meat packing
do
92.3
96.5
95.1
Tobacco manufactures!
do
146.2
148.6
147.8
Paper and allied products! _ _
do _
145.2
145.7
145.3
Paper and pulp!
do
133.2
135.4
134.6
Printing,publishing and allied industries !_do
121.7
122.2
121.8
Newspapers and periodicals!
do
145.7
148.3
149.3
Printing* book and job!
do
199.9
203.2
204.5
Chemicals and allied products!
do
'
292.
0
r
294.
0
'
292.
2
Chemicals !
_.
_ do
156.4
156.1
155.8
Products of petroleum and coal!
do
154.9
153.4
153.5
Petroleum refining! _ _
do
168.1
Rubber products!
do
174.0
171.7
185.2
188.7
188.0
Rubber tires and inner tubes! ..
do _
Production workers, adjusted index, all manu158.9
160.4
160.0
facturing (Federal Reserve)!
1939=100..
186.8
183.2
184.8
Durable goods industries!
do
139.7
140.4
139.7
Nondurable goods industries!
_
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Miningrf
91.0
91.2
91.2
Anthracite
1939=100..
106.0
107.4
106.8
Bituminous coal
do
96.8
96.5
95.8
Metal
__.
do. __
128.7
126.2
127.6
Quarrying and nonmetallic
do
112.5
Crude petroleum and natural gas production do
110.5
111.1
Public utilities:
109.9
109.4
109.7
Electric light and power
do_ _
129.6
128.7
128.8
Street railways and busses
do
Telegraph
.
__ _
do
99.8
97.2
98.1
192.9
193.3
191.6
Telephone
do_ .
Services:
162.1
Cleaning and dyeing
do
159.4
164.4
124.3
123.1
121.3
Power laundries
_
_
do
117.4
117.1
Hotels (year-round)
do. .
117.7
Trade:
Retail, total
_ do
112.4
115.8
119.8
116.1
115.0
112.6
Food
do
122.8
General merchandise..
do
131.3
143.6
113.3
115.5
Wholesale
_«.
do
116.5
Miscellaneous employment data:
Federal and State highways, total§
number-- 282, 762 271, 998 246, 777
115, 565
120, 546
Construction (Federal and State)
do
91, 065
Maintenance (State)
do.. _ 117,605 113,058 112, 332
Federal civilian employees:
1,767
1,773
1,774
United States
thousands
District of Columbia
_. _.
. do
195
195
195
Railway employees (class I steam railways) :
1,370
1,393
1,387
Total
thousands. _
Indexes:
132.9
133.6
131.3
Unadjusted..
-.1935-39=100-130.2
Adiusted
do
130.4
128.6
161. 5
' 185. 5
' 164. 5
P 163. 7
* 187. 4
v 166. 2
161.9
188.8
164.7
160.5
188.2
164.9
159.5
185.8
164.2
160.3
188.1
164.8
156.1
185.1
161.7
155. 5
183.9
161.4
130.4
230. 2
233.8
240.3
140.2
195.2
131.0
227.0
233. 0
240.9
137.6
196.0
130.9
225.4
234.0
242.2
137.6
178.9
132.9
222.9
233.1
240.9
134.5
195.0
131.8
217.4
227.4
238.8
130.4
191.9
133.3
211. 6
228.5
235. 8
129.7
190.5
230.4
237.5
128.4
'183.6
135.5
' 206. 6
226.9
234.8
127.7
r
195. 4
137.7
' 207. 7
225.8
233.0
130.5
' 189. 4
291.6
335.8
291.0
181.5
180.3
178. 4
194.7
148.3
' 147. 8
154. 7
140.7
297.3
339.5
284.0
191.9
178.4
175.6
190.6
149.1
' 149. 0
151.6
138.7
292.6
341.1
280.1
184.4
178.5
175.0
189.4
149.2
' 149. 6
150.9
138.7
292.7
342.9
276.9
181.6
180.0
178.3
193.5
147.8
' 148. 2
153. 9
138.4
290.9
346.0
278.4
176.8
176.9
179.4
194.8
143.4
' 144. 0
153. 7
133.3
276.0
315.3
282.4
167.6
173.7
183.6
200.1
139.7
' 140. 3
154.7
133.1
273.7
321.5
290.8
r
157. 2
' 173. 9
190.0
' 208. 7
139.8
' 139. 4
156.0
r
137. 5
' 261. 4
328.5
287.4
149.8
' 169. 2
196.9
r
217. 2
137.8
' 137. 4
153.2
r
137.6
' 261. 4
336.4
243.2
144.8
r
172. 4
' 200. 8
220.7
' 140. 5
139.7
' 157. 0
' 142. 6
p 271. 4
P 110. 2
r 184. 5
162.4
134.6
' 211. 1
112.7
113.0
114.2
114.7
113.7
113.0
113.2
108.7
'111. 4
125.1
85.5
125.2
84.9
125.6
87.6
126.6
88.1
125.8
88.2
125.4
88.3
126.1
89.0
121.6
85.4
124.4
89.1
p 212. 6
p 226. 8
T 191. 1
P 173. 0
p 200. 4
p 141. 7
p 158. 5
p 145. 0
112.4
112.5
113.9
113.1
111.0
109.9
110.3
106.0
107.4
144.8
135.2
164.4
115.3
110.6
146.9
116.0
99.1
150.8
94.4
149.9
147.2
135.7
122.7
150.0
205.4
155.5
153.7
175.3
187.8
145.3
134.2
166.4
114.9
111.0
139.3
113.1
85.5
145. 7
93.6
148.7
147.4
134.0
121.0
148.6
204.1
r 295. 6
155.0
153.5
173.5
185.5
147.7
135.5
169.5
115.8
111.7
135. 6
114.1
82.1
138.5
93.9
147.8
147.3
133.5
121.4
147.1
204. 2
' 293. 9
153.9
153.1
172.0
182.4
147.5
137. 0
168.3
114.1
110.1
134. 5
115.4
81.2
134.0
93.4
148.0
147.0
132.8
122.0
145.3
203.6
' 293. 8
155.4
155.0
168.9
177.7
139.8
135.0
153.7
107.1
102.2
122.6
114.3
84.3
71.9
92.4
146.8
147.8
131.8
122.2
143.5
201.4
r 296. 3
154.9
155.2
163.8
170.7
137. 1
134. 9
149. 4
103.3
97.7
127.7
115.4
91.7
86.0
90.5
146.5
148.5
132.0
123.3
144.3
198.4
r
292. 9
157.3
156.7
161.1
168.5
138.6
136.9
152.1
107.4
102.5
' 147. 1
118.0
111.7
r
!37.8
90.6
146.9
148.2
132.3
123.8
144.5
r
199. 2
'296.9
160.3
159.2
161.6
169.4
135.6
129.1
152.7
108.3
104.0
' 159. 4
118.9
163.8
' 138. 8
88.8
146. 1
' 149. 4
131.1
123.7
143.4
'196.6
' 288. 9
160.7
159.8
r
157. 7
167.6
146.9
138.6
167.9
r
110. 7
106.4
' 165. 5
119.2
194.6
135.6
'92.5
' 147. 4
150.0
' 131. 8
124.4
143.5
' 203. 3
302.1
r
160. 3
158.3
' 160. 9
168.7
161.1
188.6
139.3
161.2
188.7
139.4
159.8
186.4
138.7
160.1
188.4
137.7
157.1
185.5
134.7
156.7
184.1
135.1
159.6
184. 8
139. 7
' 159. 9
' 184. 6
140.5
91.5
108.3
97.0
122.6
110.4
91.1
108.7
96.9
116.7
110.5
91.6
106.8
97.4
112.2
111.1
92.6
108.0
98.7
116.8
111.1
91.9
79.7
99.0
122.5
111.2
91.4
108.9
98.7
124.2
112.5
91.1
101.7
99.1
126.7
'119.4
92.8
109.5
95.5
127.7
119.8
110.3
128.6
97.6
195.0
109.8
129.2
97.2
195.0
110.3
128.6
97.8
196.2
110.9
128.7
98.2
197.4
111.7
128.3
97.9
198.3
112. 3
128.5
96.3
198.4
•"115.8
127.2
95.7
202. 8
117.1
127.5
93.3
203.7
156.5
120.9
118.1
152.8
120.1
117.2
149.3
117.6
116.8
154.8
117.7
116.4
159.0
118.3
116.9
160.6
119.0
117.0
162.9
121.5
117.6
159.2
122.1
116. 2
154.2
119.0
114.6
130.2
117.4
175.5
117.1
114.4
114.4
129.4
116.3
111.8
113.9
122.9
116.1
113.8
116.7
124.5
115.3
112.8
116.1
123.4
114.8
113.1
116.3
123.7
114.5
113.6
115.5
124.8
115.3
112.0
113.8
121.3
116.2
111.2
112.3
120.6
117.0
218, 587
65,336
110, 544
198, 438
47, 734
108, 224
190, 678
41, 184
106, 305
202, 090
50, 461
108, 045
233, 105
78, 726
109, 522
264, 290
105, 547
112,631
286, 258
117,968
118,870
307, 451
135,452
121, 828
305, 031
132,302
122, 274
1,766
196
1,769
198
1,781
200
1,794
201
1,811
202
1,826
203
1,860
206
1,877
207
' 1, 895
208
1,363
1,348
1,340
1,346
1,287
1,350
1,381
1,391
P 1,383
P 1, 381
130.4
132.5
129.1
134.2
128.5
131.7
129.0
132.3
123.2
125.2
129.5
130.0
132.5
130.7
133.4
130. 6
* 132. 8
P 130. 1
P 132. 3
P 129.2
r 296. 1
r
158. 8
'r 183. 0
138. 9
92.6
109.6
100.2
126.8
116.7
T
114. 1
128.3
96.0
199.4
r
r
r
r
r
r
P 149. 0
P 109. 1
p 176. 2
P94.9
P 148. 4
P 133. 1
P 206. 5
p 146. 0
P 163. 5
P 162. 3
p 187. 0
P 142. 8
p 1, 899
*>208
' Revised, p Preliminary.
!Estimates of production worker employment (p. S-10), employment indexes, and pay roll indexes (p. S-12) for all 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; revisions not published currently in the Survey will be shown later as follows: Manufacturing industry groups and the totals, January 1946-April 1947; furniture
and chemicals, January 1946-August 1947; and the other individual industries designated, January 1946-July 1947. Data for the other individual manufacturing industries, with the exception
of those in the transportation equipment group, have been adjusted to Federal Security Agency data through 1945. 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.
fRevised series. Indexes for machinery and machine-shop products have been revised beginning 1939 to adjust the series to Federal Security Agency data through 1945; revisions through
March 1947 will be shown later. 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.
cfComparison of the series for blastfurnaces, steel works and rolling mills and the machine tool industry with data through 1945 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.
SUKVEY OF CTJERENT BUSINESS
S-12
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 19-1
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
Septer:rber
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS
Production-worker pay rolls, unadjusted index,
all manufacturing (U. S. Dept. of Labor)!
1939=100..
Durable goods industries t
do
Iron and steel and their products!
do
Blast furnaces, steel works, and rolling mills §
1939= 100. _
Electrical machinery t - - do _
Machinery, except electrical t
do
Machinery and machine-shop productsf-do
Machine tools§
do
Automobiles!
do
Transportation equipment, except automobiles!
1939=100
Aircraft and parts, excluding engines. .do
Aircraft engines
do
Shipbuilding and boatbuildingdo
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!
1939=100
Cotton manufactures, exc. small wares 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
Women's clothing
do
Leather and leather products!
do
Boots and shoes!
do
Food and kindred products!
do
Baking
do
Canning and preserving
do
Slaughtering and meat packing
do
Tobacco manufactures!
do
Paper q,nd allied products!
do
Paper and pulp!
do
Printing, publishing, and allied industries!
1939=100-.
Newspapers and periodicals!
do
Printing; book and job!
do
Chemicals and allied products!
do
Chemicals!
do
Products of petroleum and coal!
do
Petroleum refining!
do
Rubber products!
do
Rubber tires and inner tubes!
do
Nonmanufacturing, unadjusted (U. S. Dept. of
Labor) :
Miningif
Anthracite _
1939«=100
Bituminous coal
do
Metal
do
Quarrying and nonmetallic
do
Crude petroleum and natural gas prod do
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 total
do
Food
do
Genial merchandise
do
Wholesale
do
345.3
382. 2
327.7
350.1
389.9
331.6
353.4
395.0
335.1
365.7
411.0
345.8
358.7
403.1
341.9.
354.1
393.1
337.6
358.4
402.0
340. 8
347.1
393.4
329. 6
346.7
390.8
334.4
359. 0
401.3
340.5
' 360. 0
403.1
336.9
374.6
418.7
361.1
254.5
450.5
451.4
477.9
257. 4
380. 6
251.9
464.6
458.0
480.0
257.5
385. 8
255.1
471.9
459. 6
481.5
253.3
395.6
257.8
481.2
479.9
500.7
262.2
427.7
261.2
471.0
473.8
494.9
250. 1
408.7
257. 5
465. 1
471.9
495.5
254. 4
357.6
260.9
459. 1
475. 2
496.4
249.2
396.5
253.0
444.3
463.8
493.6
240. 2
386.2
265.4
431.6
466.4
491.0
240.7
362.6
268.4
' 440. 0
480.7
500.7
242.9
r
385. 7
269.9
' 436. 3
469.5
489.3
238. 7
r
428. 4
295. 3
454.8
477. 8 .
500.9
249.3
422.1
509.8
623.3
501.3
262.0
349.5
427.4
480.4
324. 3
••316.6
320.2
309.0
541.5
663.8
499.9
289.9
359. 3
427.2
476.2
338.8
r 335. 2
328. 2
311.2
555. 1
653.8
479.2
316.6
367.3
429.1
476.2
343.0
' 344. 0
331.2
312.8
600.2
668.7
503.5
378.9
377.8
431.8
473. 4
355.7
' 356. 2
335. 7
321.4
611.2
657.4
482.9
416.7
372.7
413.5
450.3
352. 2
r
355. 4
322.9
315.3
593.3
667. 3
469.4
385.4
372.9
417.2
452. 4
350. 2
r
356. 0
321.4
316.0
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
368.3
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
r
325. 7
347.1
r
317. 6
552. 4
661. 1
533. 1
305.3
r
360. 6
r
502.9
r
563. 3
320. 4
r
317.7
335.5
r
317. 9
547. 7
698.4
453.7
291.6
379.3
538.8
604.6
339. 7
337. 3
359. 4
331.4
262.9
317. 4
220.2
271.8
329.1
227.6
288.2
362.1
236. 6
302.0
376.4
248.1
303.0
378.7
252.6
310.6
377.0
262.4
315. 6
385.1
267.8
307.1
374.7
267.4
303.8
369.7
268.6
304.6
365.9
271.5
285.4
341. 3
257.1
298.0
356.5
274.0
268.5
270.4
276.6
294.4
292.0
321.1
322.1
308.6
307.9
311.5
294.9
297.1
303.8
284.9
334.7
248.1
243. 7
356. 1
223.2
683. 8
271.9
205.3
31f . 5
322.0
320.5
303. 5
349.5
251.8
246.6
332.8
230. 8
437.9
271.7
214. 5
320.5
322.6
304.8
301.5
319.3
252.5
246.7
323.5
227.8
265.7
317.4
216.3
325.9
325.0
327.3
309. 5
355.9
259.6
256.0
321.9
229.2
250.2
338.9
219.8
334.0
332.5
337. 0
313. 4
374.8
258.7
258. 3
296.6
221.5
216.2
304.2
210.5
328.0
330.3
345. 2
316.4
387.1
262.5
261.0
288. 5
234.1
216.5
263.3
195.7
328.9
333.8
343.2
324.8
376. 4
251. 7
249.7
285. 8
227.1
204.6
276.6
204.6
330. 8
335.6
306.5
317. 1
307. 1
227.1
219. 5
267.4
227.6
216. 9
179.9
205.7
325.7
333.3
297.9
311.5
299.3
215.4
202.8
281.3
235.1
234.2
211.3
201.3
331.1
343.2
303.6
312. 9
310.7
233. 4
225. 3
r
328. 3
245.4
282.9
r
306. 9
205.8
337.8 .
347.7
303.6
294.1
326. 6
236.9
231. 1
r
351.4
247.6
421.2
' 296. 9
205.5
341.7
' 357. 7
343.4
323.5
381.7
249.0
244.0
350.2
247.4
471.2
275.4
218.3
349.6
363.6
249.7
221.6
279.3
403.1
' 552. 3
307.5
294.4
348.3
355.3
252.8
221.6
285.8
409.6
' 554. 9
301.8
286.6
354.4
354.7
257.2
224.0
292.5
416.4
' 566. 0
309.5
295.9
361.4
362.4
263.1
230.0
297.8
424.1
' 580. 8
313.3
300.4
373.6
365. 6
255.3
218.9
295.9
426.7
586. 8
318.1
303.9
354.9
344.4
254.7
224.6
290.9
425.6
584. 8
315.4
302.1
337.2
315. 4
258. 5
229.2
292.5
425. 1
* 584. 3
320.0
306.6
320.6
292.4
259.5
234.6
291.0
422.1
591.1
316. 7
310.9
312. 8
286. 4
262. 2
236. 5
296.7
422.5
589. 6
335.8
326.2
318. 9
305.7
264.9
238.1
299.3
'r• 434. 9
613. 6
342. 2
330.8
330.2
322.0
260.1
235.5
296.0
r
432. 7
r
600.4
353.4
344.9
r
329. 7
329.8
264.8
240.6
297.6
450-6
629.1
358.2
345.5
347.2
341.0
237.9
321.6
193.6
315.9
206.5
252.7
327.5
192.7
319.2
199.9
224.4
327.4
194.8
305.7
211.0
239. 4
, 345.8
198. 8
295.3
203.2
242.4
350.5
198.9
272.8
215.5
232.8
320.0
201.7
262. 0
219.9
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
208.2
321.7
227.1
192.7
293.8
202.2
322.3
• r 240.8
259.4
366.8
209.8
340.7
251.0
183.1
224.1
211.8
312.3
182.8
223. 2
208.1
314.2
187.6
223.6
206.8
321.5
185.7
226.7
207.8
313.0
187.9
230.1
209.5
315.8
188.2
234.7
212.6
316.3
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
T
202. 8
232. 2
233.2
' 336. 1
204.9
235. 2
225.5
331.3
301.7
236.2
222.4
303.8
232.3
226.9
293.7
226.8
228.6
292.8
233.6
233.2
285.6
232.9
230.4
271.9
225. 4
233.2
291.2
227. 5
229.0
308.0
231.5
233.4
312.4
232.3
234.6
324.8
238. 3
' 236. 3
308.0
240.6
'234.4
286.9
228.1
233.9
202.5
209.2
220.4
203.3
207.1
213.8
224.5
206.9
216. 5
220.0
251.1
213.6
237.6
221.5
314.0
213.9
209.4
219.4
233.0
211.7
208.4
221.5
221.4
214.9
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
236.5
211.8
r
218. 3
232. 9
233. 6
215.3
218.1
229.0
231.2
220.6
'39.8
'40.0
39.6
'40.1
40.7
40.4
38.7
39.4
'40.6
39.6
39.9
40.9
40.7
41.4
'38.9
41.3
41.9
39.2
39.2
39.6
39.9
40.6
38.8
40.1
'41.9
Ml. 6
40.5
41.1
37.7
40.9
43.1
42.8
r
r
r
r
r
r
LABOR CONDITIONS
Average weekly hours per worker (U. S. Dept. of
Labor):
40.2
40.1
39.9
40.4
40.4
40.5
41.2
40.2
40.4
40.6
All manufacturing
hours-40.5
'40.5
41.7
40.9
40.6
40.9
40.7
40.5
40.9
40.1
Durable goods industries
.
do
40.3
39.9
41.2
40.3
40.3
40.5
40.6
40.4
40.5
40.6
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
39.3
38.6
39.9
39.5
39.5
39.4
39.0
39.5
39.4
39.0
mills
hours
39.9
40.0
40.4
40.6
41.1
40.5
40.4
39.6
40.6
40.3
Electrical machinery
do
41.4
41.4
41.1
42.2
41.8
41.4
41.2
41.1
41.3
41.6
Machinery, except electricaldo __
Machinery and machine-shop products
41.6
41.6
41.3
41.4
41.6
41.3
42.7
42.0
41.8
41.8
hours. 42.0
42.0
41.8
41.9
43.1
42.1
42.0
42.3
42.3
42.0
Machine tools
do
39.2
38.6
35.2
'37.7
39.5
39.8
41.4
39.6
38.1
38.9
Automobiles
-_
-- do
Transportation equipment, except automo40.8
40.3
39.8
39.7
40.4
38.6
39.6
40.3
40.5
40.0
biles
hours
Aircraft and parts, excluding engines
40.4
40.6
39.3
39.3
39.4
40.4
40.2
40.6
39.9
40.1
hours .40.5
39.4
41.2
40.6
40.5
40.6
40.9
40.0
40.1
40.6
Aircraft engines
do
40.2
40.9
39.2
39.5
136.1
40.5
38.9
39.4
39.8
40.3
Shipbuilding and boatbuilding
..do __
40.2
41.8
41.2
40.9
40.8
41.1
Nonferrous metals and their products. .do
41.2
41.1
40.6
40.8
42.4
42.1
42.8
42.6
42.2
43.2
42.3
'42.8
41.7
42.5
Lumber and timber basic products
do
41.9
42.8
42.0
'42.6
42.5
42.2
41.1
42.0
41.6
••41.3
Sawmills and logging camps _ _
.do
r
±tevisea. 'Preliminary.
» preliminary.
'Revised.
1
The reduction reflects incomplete return to previous work schedule after termination of work stoppages and observance of Armistice Day in some yards.
IRevised beginning January 1946; see note marked "!" on p. S-ll.
§ See note marked "c?" on page 8-11.
fRevised series. Data revised beginning 1939; see note marked "t" on p. S-ll.
r
* 39 7
v 40 0
SUKVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in.
the 1947 Supplement to the Survey
S-13
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CONDITIONS— Continued
Average weekly hours per worker— Continued
Manufacturing— Continued
Durable goods industries— Continued
Furniture and finished lumber products
41.5
hours
41.4
Furniture
do .
40.4
Stone, clay, and glass products
do
40.2
Nondurable goods industries. _ ... ___ do
Textile-mill products and other fiber manu39.5
factures
_ _ _ hours
Cotton manufactures, except small wares
39.2
hours
Silk and rayon goods _ _
do
40.9
Woolen and worsted manufactures, except
40.2
dyeing and
finishing.hours
Apparel and other finished textile products
36.0
hours
Men's clothing
do
36.8
35.0
Women's clothing __
do
39.1
Leather and leather productsdo..
Boots and shoes __.
do
38.8
43.4
Food and kindred products
do__
BakingJ ...
_ .
do
41. S
42.8
Canning and preserving
do _
Slaughtering and meat packing
_ _ do
43.4
Tobacco manufactures
do
39.2
Paper and allied products. . . .
do
42.9
44.5
Paper and pulp
do
Printing, publishing, and allied industries
40.2
hours .
39.0
Newspapers and periodicals
do
Printing; book and job.
__ do
40.8
Chemicals and allied products.do
41.0
Chemicals
do
40.5
Products of petroleum and coal
do
41.0
Petroleum refining
.. do
40.7
Rubber products
do
39.9
Rubber tires and inner tubes
do
38.9
Nonmanufacturing industries:
37.9
Building construction (private)
do
Mining:
Anthracite
.
do
38.2
39.1
Bituminous coal .
__.
do
Metal
do
41.6
Quarrying and nonmetallic
.
do
46.1
Crude petroleum and natural gas production
40.3
hours . _
Public utilities:
Electric light and powerdo
42.0
Street railways and busses
do
46.1
Telegraph
do
44.5
39.1
Telephone
do
Services:
Cleaning and dyeing
do__
41.9
Power laundries
do
42.4
Hotels (year-round)
do._
44.1
Trade:
Retail
,
do
40.0
Wholesale
do
41.2
Industrial disputes (strikes and lock-outs) :
Beginning in month:
Work stoppages
number-219
Workers involved
thousands..
79
In effect during month:
Work stoppages.
_ number
435
Workers involved
thousands
187
Man-days idle during month
do
1,970
Percent of available working time
.3
U. S. Employment Service placement activities:
Nonagricultural placements
thousands. .
546
Unemployment compensation (Soc. Sec. Admin.):
Initial claims
..
thousands. _
565
Continued claims
do
3,742
Benefit payments:
779
Beneficiaries, weekly average ..
do
Amount of payments
thous. of dol._
59, 258
Veterans' unemployment allowances:
Initial claims
.
thousands
315
Continued claims
do
2,663
Claims filed during last week of month. ._do
528
Amount of payments
thous. of doL.
53, 336
Labor turn-over in manufacturing establishments:
5.9
Accession rate__-monthly rate per 100 employees. .
5.9
Separation rate, total
do
Discharges
do
.4
Lay-offs
do
.9
Quits
_
do
4.5
.1
Military and miscellaneous.do
42.1
42.3
40.8
40.2
41.8
42.3
40.5
40.1
42.7
42.9
41.0
40.8
41.9
42.2
40 0
40.0
41.4
41.9
39 9
39.9
41.8
42.1
40 8
39.9
41.0
41.1
40.7
39.6
40.8
40.8
40.7
39.5
••40.7
40.6
40.6
39.8
40.3
40.0
39.4
39.5
39.7
40.1
41.0
40.5
40.2
40.6
39.9
39.6
39.5
38.6
38.5
39.6
41.0
40.4
41.2
41.1
42.3
40.7
41.9
40.1
41 8
40.7
42.2
40.1
41.8
39.6
41.8
39.1
41.8
38.0
41.6
37.7
41.3
T
41.3
41.3
40.9
39. 5
39.7
39.6
41.2
40 8
40 8
40 7
3</.9
40.1
40.3
39.5
39.6
36.9
37.9
35.8
39.0
38.7
42. &
41.9
40.9
43.2
39.7
43.0
44.4
36.4
37.5
35.3
38.3
37.8
42.5
41.6
35.9
46.9
39.4
43.2
44.4
37.1
37.7
36.2
39.1
38.7
43.3
42.3
37.7
47.7
39.9
43.8
44.9
36.6
37 1
36 0
39.0
38.8
42.0
41.6
37.3
44 8
38 6
43 1
44 4
36 7
37 1
36 1
39.0
38 8
41.7
43 6
38.4
40 7
36 2
43 1
44 5
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 7
34.9
37.4
37.0
r
42.7
42.7
39.0
42.9
38 0
r
42.5
r
43 9
36.5
36.8
35.9
38.0
37. 5
41.1
42.5
36.2
41.2
39 0
43.2
44 4
40.0
38.7
40.7
41.4
40.8
40.5
39.9
40.1
38.7
40.0
38.6
40.7
41.3
40.9
41.2
41.0
39.9
38.9
40.4
39.1
41.1
41.5
41.2
40.8
40.3
40.9
39.5
39.5
37.8
40 7
41.4
41 2
40.7
39 8
39 7
38 2
39.1
38 3
bi) 8
41 1
41 1
40 8
40 0
38 5
36 0
39.5
38.4
4X 3
4i 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
38.3
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
38.8
37.8
39 7
41. 1
41 3
40.8
40 4
39 7
39 3
39.1
38.2
39 8
41.0
41 1
41.2
41 0
40 3
39 5
38.1
36.6
37.9
37.2
36 7
37 1
37.0
37.1
37.9
'37.8
37.8
40.0
39.9
42.3
46.4
36.2
38.5
41.7
44.6
38.4
41.2
42.7
44.4
39 0
40 9
42 5
42^7
36 2
38 7
42 9
42.1
40 3
40 6
42 4
42.9
i 32 1
127.0
42 1
43.7
39 4
40 3
42 8
44.4
39.4
39.9
42.4
r
45.0
31 5
34 2
40 7
44.1
38 0
39 3
43 0
45.7
39.5
'40.1
41.3
41.8
'46.8
45.1
r
39 5
41 8
46.6
45 8
r
39 8
42 1
47.6
45 6
39 3
41.7
42 2
44.0
40.0
41 1
44 9
"39.4
40.0
40.9
39.5
39.9
40.4
39.7
40.0
40.2
42.1
45.7
44.8
39.3
42.4
45.4
44.0
39.5
42.2
46.8
43.9
39.0
42 4
46.3
44 4
38 9
42 2
47.7
44 5
38 7
41 6
47.3
44 4
38 7
41 8
46.6
44 1
38 8
41 7
46.8
45 0
39 4
41.5
42.3
44.0
40.9
41.7
44.4
41.5
42.6
44.1
41.4
42 3
43.9
40 5
41 9
44 6
41 5
42 0
44 0
42.1
42 2
44.2
42 0
41 8
44 2
40.0
41.3
39.5
41.4
39.7
41.6
39 8
41 0
40 0
41 1
39 8
40 9
39 8
41.0
39 9
41 2
40.3
41.1
40 8
41 2
41 0
41 3
219
64
178
57
119
32
"175
"75
"200
"70
"225
"500
"275
"175
*275
"165
"310
"165
"335
"225
"335
"150
"250
"160
393
171
1,780
.2
328
139
829
.1
236
57
590
.1
"250
v 100
v 1 000
j> ]
j> 3QO
•P no
v 705
j> 1
v 350
j> 550
* 6 000
P g
"400
P 625
v 8 000
i>l 1
r> 425
v 350
P 4 100
P 6
" 475
" 240
"2 000
" 3
"525
" 300
"2 200
P 3
" 525
" 225
v i 750
v 2
" 450
f 275
P 2 40Q
" 3
528
451
397
374
344
413
458
482
524
478
509
551
617
3,359
602
2,848
830
3,701
947
4 042
883
4 244
878
4 865
1,046
4 637
1,015
4 259
923
2 4 614
839
4 294
••706
4 001
680
3 591
656
' 52, 795
593
41, 677
621
52, 202
776
59, 209
849
60, 730
924
76, 573
904
73, 574
899
66, 432
847
71,940
811
' 67, 630
778
64, 562
722
59, 797
289
1,939
419
38, 153
290
1,609
395
29, 554
398
2,241
443
40, 209
437
2 553
628
48, 933
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
5.5
5.0
.4
.9
3.6
.1
4.8
4.0
.4
.8
2.7
.1
3.6
3.7
.4
.9
2.3
.1
4.6
4.3
.4
1.2
2 6
.1
374
o 637
651
49, 466
q yq
o.
4.2
4
1.7
2 5
.1
4.0
4.5
4
1.2
2 8
.1
4.0
4.7
4
1.2
30
.1
4.1
4 3
3
1i
2 8
.1
5.7
4.5
4
1i
2 9
!l
4.7
4 4
4
10
2 9
p.l
"5.0
"51
"4
"12
"34
".1
51 86
54 81
57.39
r 56 13
52 85
r 58 34
57.70
r 53 ol
r 56 33
r
57. 67
60.54
53.70
r
59 54
54.'86
60 37
' 55'. 46
r
r
42.4
41.8
44. 1
r
WAGES
Average weekly earnings (U. S. Dept. of Labor) :
All manufacturing
..dollars
51.29
52.69
51.05
50.43
52.07
51.75
52 07
51 79
55 25
54.69
Durable coods industries
do
54.86
54.06
56.48
55 46
54 77
54 96
Iron arid steel and their products
do
56.21
56.61
56. 96
58.13
56.99
57.43
57.28
56.49
Blast furnaces, steel works, and rolling
59.52
mills-..
dollars..
58.96
58.56
60.01
60.58
59.74
59.26
58.37
55.34
Electrical machinery
do.__<
54.32
53.46
54.10
54.82
54.50
54.41
53.86
r
Revised. " Preliminary.
1
Data reflect work stoppages.
2
Partly estimated.
JData beginning May 1947 are not comparable with earlier data; comparable April 1947 figures and April 1947 figures comparable with
Survey.
r
r 54 12
v ^4. ftfi
r> K7 QO
60.64
65 10
57.47
earlier data are shown on p S-12 of the June 1948
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1943
1948
1947
Septem-
October
Novem-
ber
Decem-
ber
January
Febru-
ary
March
April
May
June
July
August
Septem-
ber
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES —Continued
Average weekly earnings— Continued
Manufacturing— C ontinued
Durable goods industries— Continued
Machinery, except electrical
dollars
Machinery
and
machine-shop
products
dollars
Machine tools
__ do
Automobiles
do
Transportation equipment, except automobiles
dollars
Aircraft and parts, excluding engines-do
Aircraft engines
do
Shipbuilding and boatbuilding
do
Nonferrous metals and their products. _do
Lumber and timber basic products
do
Sawmills and logging camps
do
Furniture and finished lumber products-do
Furniture
do
Stone, clay, and glass products
do
Nondurable goods industries
do
Textile-mill products and other fiber
manufactures
dollars
Cotton manufactures, except small wares
dollars..
Silk and rayon goods
do
Woolen and worsted manufactures, except
dyeing and
finishing
dollars
Apparel and other finished textile products
dollars. .
Men's clothing
do
Women's clothing
do
Leather and leather products. _
_do
Boots and shoes
_
do
Food and kindred products
do
Baking J - _ .
do
Canning and preserving
do
Slaughtering and meat packing
_do
Tobacco manufactures
do
Paper and allied products
do
Paper and pulp
do
Printing, publishing, and allied industries
dollars..
Newspapers and periodicals
do
Printing; book and job
do
Chemicals and allied products
do
Chemicals
do
Products of petroleum and coal
...do
Petroleum refining
do
Rubber products _ _ _ _ _
do
Rubber tires and inner tubes
do
Average hourly earnings (U. S. Dept. of Labor):
All manufacturing
dollars. .
Durable goods industries
_ __ _
do
Iron and steel and their products
do
Blast furnaces, steel works, and rolling
mills
_ _ -dollars. Electrical machinery
do
Machinery, except electrical
do
Machinery and machine-shop products
dollars
Machine tools . _ _
do
Automobiles
_ .
do
Transportation equipment, except automobiles
dollars
Aircraft and parts, excluding engines
dollars..
Aircraft engines
do
Shipbuilding and boatbuilding
do
Nonferrous metals and their products.. do
Lumber and timber basic products
do
Sawmills and logging ramps
do
Furniture and finished lumber products
dollars _ _
Furniture
do
Stone, clay, and glass products
do
Nondurable goods industries
do
Textile-mill products and other fiber manufactures
dollars
Cotton manufactures, except small wares
dollars _.
Silk and rayon goods
do
Woolen and worsted manufactures, except
dyeing and
finishing
dollars . _
Apparel and other finished textile products
dollars-Men's clothing..
do -_
^^omen's clothing
do
Leather and leather products
do
Boots and shoes
do
Food and kindred products
do
BakingJ
do
Canning and preserving
do
Slaughtering and meat packing
do
Tobacco manufactures
do
Paper and allied products
do
Paoer and DU!D
do __
T
57.36
57.87
57.92
59.67
59.13
58.65
59.12
59.30
59.33
60.50
' 59. 93
61.36
56.41
58.69
59.35
56.75
59.25
60.30
57.03
59.53
61.30
59.22
61.34
64.64
58.33
59.64
60.96
58.11
60.54
59.00
58.29
60.58
59.81
58.57
60.29
59.14
59.05
60.63
54.44
59.51
61.75
- 61. 30
58.81
60.90
- 64. 46
60.73
62.60
65. 43
56.54
54.44
58.43
57.71
52.62
45.41
44.58
45.38
46.24
49.57
46.78
58.08
56.01
59.19
59.31
53.59
45.23
44.09
46.53
47.76
50.38
47.29
56.42
55.48
57.52
55.20
54.27
45.30
44.27
46.32
48.07
50.47
47.56
59.79
57.12
60.39
61.74
55.53
45.65
44.20
47.72
49.10
51.00
48.72
59.56
55.53
59.30
64.05
55.06
44.49
42.94
47.02
48.54
50.10
48.45
58.67
56.13
58.29
61.45
55.07
45.01
43.41
46.68
48.38
49.98
48.56
59.40
56.71
59.53
62.07
55.23
45.32
43.86
47.08
48.58
51.41
48.66
59.89
57.75
60.33
62.04
54.87
45.59
43.99
46.34
47.64
51.77
48.33
59.30
57.74
61.02
60.40
54.96
47.39
46.23
46.39
47.60
52.30
48. 65
59.27
57.99
62.14
59.76
' 55. 91
' 48. 43
' 47. 37
46.54
47.57
' 52. 45
49.37
58.88
57.80
64.79
59.49
' 56. 34
' 48. 14
' 47. 19
- 46. 34
47.04
49.50
60.41
59.82
65.11
58.61
58.17
50.68
49.87
48.12
49.12
54.14
'49.80
41.39
41.94
43.73
45.15
45.19
45.79
46.32
45.46
45.22
45.29
44.15
45.07
38.55
43.23
39.22
43.57
42.47
44.84
43.64
46.48
43.81
47.55
43.43
47.92
43.98
48.53
43.08
48.31
42.64
48.38
42.00
48.47
40.63
47.69
41. 61
48.85
r 51. 54
46.99
46.70
46.95
49.12
48.79
52.82
53.49
52.33
52.61
53.10
52.31
52.13
37.64
41.05
45.78
41.89
40.12
49.04
46.14
43.69
55.31
37. 33
51.99
57.14
38.78
42.78
46.91
42.18
40.41
49.61
46.85
44.75
54.98
37.90
52.22
57.10
37.09
42.24
43.82
41.93
39.98
49.90
46.26
37.94
61.31
37.67
52.80
57.40
39.00
43.11
46.76
42.67
40.87
50.93
47.43
41.14
61.57
39.16
53.69
58.21
40.00
44.11
48.52
42.63
41.09
49.44
47.03
41.10
57.12
37.97
53.20
57.75
40.23
44.05
49.09
42.34
41.35
49.18
49.30
42.73
51.88
35.04
53.61
58.41
40.09
44.73
48.10
41.87
40.21
49.36
47.38
40.77
56.62
36.52
53.82
58.50
37.61
44.31
43.20
40.34
38.09
50.95
48.00
41.63
68.51
37.19
53.36
58.02
37.24
43.50
43.27
39.65
36.79
51.26
49.09
41.35
67.66
37.12
54.28
59.47
37.61
43.19
43.94
41.38
39.00
' 52. 09
50.03
41.16
' 61. 24
37.86
' 55. 34
60.40
38.80
42.84
45.91
41.55
39.42
r
51. 83
50.01
41.78
r
58. 75
38.51
r
55. 97
r
61. 49
40. 35
44. 04
48.63
42.76
40.76
49.79
49.77
39.51
55. 61
39.26
56. 98
62.32
61.61
69.40
58.32
51.81
57.98
61.84
64.75
57.76
64.75
61.62
69.18
58.63
52.67
58.46
60.94
63.51
57.62
63.78
62.30
69.78
59.35
53.15
59.21
62.54
65.86
57.99
64.86
63.37
71.45
60.22
53.73
60.07
63.21
66.32
59.47
65.74
62.41
68.96
60.23
54.31
60.80
64.47
67.54
57.33
62,72
62.72
70.36
60.13
54. 12
60.82
64.58
67.64
54.70
58.22
63.97
71.32
60.96
54.15
60.84
64.62
67.77
53.24
55.54
64.62
72.79
61.26
54.38
60.97
64.45
68.50
53.39
56.54
65.06
73.04
61.92
55.24
61.48
67.16
71.14
55.45
61.15
'
65. 48
r
73. 26
62.25
r 56. 64
63.17
67.18
- 70. 96
57.14
63.96
65.06
72.39
62.06
r
57. 18
63.49
r
69. 46
r
74. 01
'58.37
66.30
65.90
73.48
62.24
57.60
63.62
70.62
74.78
60.54
68. 30
1.249
1.331
1.396
1.258
1.337
1.397
1.268
1.346
1.404
1.278
1.354
1.412
1.285
1.355
1.414
1.287
1.352
1.409
1.289
1.352
1.412
1.292
1.357
1.416
1.301
1.366
1.423
- 1. 316
- 1. 385
1.431
- 1. 333
r 1. 408
1.457
«•r 1. 349
1. 432
1.502
1.513
1.325
1.395
1.502
1.331
1.400
1.510
1.339
1.404
1.519
1.346
1.413
1.533
1.352
1.415
1.513
1.348
1.417
1.510
1.350
1.421
1.513
1.350
1.431
1.515
1.357
1.441
1. 559
1. 407
1.475
1.642
1.439
1. 499
1.370
1.405
1.515
1.374
1.408
1.526
1.381
1.412
1.540
1.391
1.424
1.563
1.389
1.420
1.538
1.392
1.432
1.548
1.395
1.433
1.539
1. 408
1.437
1.533
1.418
1.443
1.548
1.444
1.469
1. 655
1.470
1.484
1.668
r
r
1.515
1. 372
1.461
1. 432
1.469
1. 624
r
r
1.424
1.437
1.462
1.465
1.479
1.482
1.472
1. 478
1.481
1.489
1.501
1.524
1.386
1.460
1.460
1.309
1.062
1.049
1.395
1.461
1.490
1.312
1.063
1.046
1.413
1.461
1.529
1.320
1.074
1.056
1.406
1.465
1.525
1.327
1.056
1.032
1.408
1.461
1.567
1.336
1.050
1.023
1.406
1.452
1.582
1.338
1.080
1.055
1.414
1.467
1.539
1.344
1.071
1.046
1.421
1.491
1.541
1.343
1.083
1.057
1.428
1.494
1.531
1.355
1.115
1.095
1.436
1.532
1.525
1.369
' 1. 131
1.447
1.594
1.531
1.405
1. 149
1. 134
1.473
1.583
1.556
1.423
1.177
1.164
1.093
1.117
1.227
1. 165
1.105
1.130
1.234
1.175
1.108
1.137
1.247
1.185
1.117
1.145
1.245
1.196
1.122
1.151
1.253
1.210
1.127
1.155
1.255
1.217
1.126
1.156
1.260
1.220
1.131
1.161
1.271
1.220
1.136
1.167
1.286
1.230
1.242
- 1. 151
1.178
- 1. 307
1.252
1.048
1.055
1.090
1.100
1.115
1.139
1.140
1.138
1.142
1.147
1.145
1.170
.985
1.057
.991
1.062
1.051
1.088
1.061
1.100
1.077
1.137
1.083
1.147
1.081
1.151
1.076
1.156
1.078
1.157
1.075
1.159
1.070
1.147
1.106
1.182
1.169
1.178
1.188
1.192
1.195
1.303
1.313
1.311
1.314
1.320
1.327
1.317
1.046
1.106
1.279
1.072
1.035
1.129
1.104
1.025
1.276
.952
1.210
1.283
1.051
1.120
1.279
1.082
1.046
1.159
1.115
1.100
1.273
.954
1.215
1.287
1.019
1.116
1.217
1.095
1.059
1.173
1.115
1.062
1.305
.956
1.222
1.292
.052
.136
.270
.092
.056
.175
.119
.093
.291
.983
1.226
1.295
1.094
1.178
1.327
1.095
1.059
1.177
1.131
1.102
1.275
.984
1.235
1.301
1.098
1.176
1.334
1.102
1.065
1.181
1.132
1.118
1.277
.968
1. 245
1.310
1.092
1.188
1.310
1.106
1.071
1.187
1.131
1.120
1.301
.968
1.249
1.313
1.040
1.173
1.201
1.116
1.080
1.201
1.138
1.130
1.425
.973
1.250
1.313
1.040
1.171
1.206
1.118
1.074
1.207
1.148
1.125
1.424
.984
1.269
1.334
1.055
1.169
1.239
1.118
1.074
1.217
1.165
1.090
' 1.383
1.003
1.292
1.368
1.083
1.159
1.308
1.112
1.067
r
1.215
1.168
1.083
r
1. 368
1.014
1.317
1.400
1. 107
1.182
1.340
1.126
1.085
1. 213
1.169
1.102
1.350
1.008
1.320
1.402
r 1. 113
1.145
1.174
r 1. 292
r
r
v 50. 13
v 1. 363
p 1. 44f»
1.164
1.188
1. 322
r 1. 262 ~~Vf.~27.i~
Revised. » 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.
SURVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-15
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
EMPLOYMENT CONDITIONS AND WAGES—Continued
WAGES—Continued
Average hourly earnings— Continued
Manufacturin g— Con tinued
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. .. _ _ _ d o
Nonmanufacturing industries:
Building construction (private) t
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 wages without board (quarterly)
dol. per month _ _
Railway wages (average, class I)
dol. per hr_.
Road-building wages, common labort
do
1.540
1.758
1. 451
1.273
1.432
1.505
1.593
1.438
1.647
1. 556
1.776
1.469
1.287
1.448
1.518
1.607
1.453
1.661
1.568
1.791
1.479
1.293
1.457
1.551
1.647
1.454
1.658
1.579
1.797
1.493
1.311
1.477
1.586
1.699
1.444
1.646
.604
.812
.528
.315
.479
.581
.689
.421
.613
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
1.677
«• 1. R96
1.579
1. 369
1.509
1.650
r
1. 763
1.439
1.651
1.743
1.765
1.774
1.781
806
1.805
1.818
1.835
1.858
1.765
1.819
1.370
1.156
1.510
1.784
1.798
1.356
1.169
1.494
1 754
1. 851
1.380
1.178
1.554
1.756
1.826
1.360
1.176
1.543
1.764
1.847
1.371
1.187
1.627
817
.826
.370
.199
.638
1.776
1.842
1.366
1.190
1.605
i 1. 708
i 1. 821
1.373
1.206
1.599
1.774
1.841
1.384
1.226
1.646
1.749
1.850
1 386
r
1. 228
' 1. 636
1.390
1.265
1.234
1.230
1.392
1.265
1.227
1.241
1 428
1.276
1 253
1.254
1.414
1.288
1.257
1.229
1. 426
1.299
1.257
1.241
428
.295
265
1 238
1 408
1.295
1 267
1.223
1 427
1.293
1 349
1.225
1 444
1.302
1 381
1.240
r i 455
1 315
1 367
1 232
.911
.786
.672
.919
.787
.684
.925
.786
.687
.921
.797
.693
.924
.807
.695
.923
.802
.695
.924
.805
.695
.933
.810
.700
.936
.817
.707
1.012
1.281
1.013
1.289
1.025
1.314
1.016
1.300
1.044
1.309
1.050
1.343
1.044
1.334
1.055
1.346
1.064
1.363
1 070
1 353
1.237
2.10
1.263
2.13
1.265
2 13
1.272
2.14
1.272
2.14
1.272
2 15
1.283
2 15
1.287
2 17
1.315
2 18
1.264
112. 00
1.250
1.01
1.305
1.290
113. 00
1.297
.91
1.326
1.279
113. 00
1.279
.95
253
301
241
311
242
275
1.534
1.753
1.436
1.263
1.432
1.509
1.591
1.447
1.661
T
1. 723
r
r
r
r
r
r
1.675
1.894
1.576
1. 391
1.539
1. 703
1. 832
1. 472
1.684
1.684
1.911
1.578
1.406
1.549
1.714
1 831
1.502
1.730
1. 890
1 906
1.740
1.941
1.425
1.255
1. 676
1 905
1.976
1 449
1.271
1. 682
l 483
1.334
1 379
r
1. 237
1 475
1 328
1 373
1 232
.942
.820
.714
941
.822
713
1 077
1. 365
1 080
1 379
1.352
2 25
1.386
2 29
1.386
2 30
1.292
1.278
121. 00
1.281
1 04
1.295
256
254
253
270
235
284
221
309
r
r
r
r
947
.823
711
r
r
r
1. 401
2 32
°118 00
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 o"
mil. of dol
Farm mortgage loans, total
do
Federal land banks
do
Land Bank Commissioner __ _ _ __do
Loans to cooperatives
do
Short-term credit c? -...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 securities
do
Gold certificate reserves
_ _ _ _ _ d o -.
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 __ _
_ _ d o _.
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
Is
._ . do ..
Certificates
do
Bonds (incl. guaranteed obligations) _ _ .do
Notes
do
Other securities
do
r
1
219
242
r
237
283
245
287
262
290
261
287
1, 636
1,007
891
115
240
r
390
81, 799
31, 837
49 962
r
1, 630
993
882
111
284
r
354
94, 058
37,504
56, 554
r
1, 605
982
875
107
288
r
336
82, 740
31, 738
51 002
1, 592
973
869
103
281
r
338
106 520
46, 225
60 295
46, 153
22, 730
92
22, 329
20, 723
46,153
18, 718
16, 784
841
24, 482
48.0
46, 583'
22, 906
296
22,168
21,044
46, 583
19, 240
16, 956
864
24, 481
48.1
47, 205
22, 975
331
22 209
21, 363
47, 205
19, 431
16, 974
829
24, 651
48.5
47 056
47, 771
47, 330
3,076
1,561
14, 561
T
r
1 602
962
862
100
278
r
361
93 970
37, 615
56 355
r
1 619
958
860
98
270
r
391
80 776
32 271
48 505
r
l 640
955
860
95
249
r
436
96 487
39 587
56 900
r \ 662
47 712
23, 181
85
22 559
21, 497
47, 712
19, 731
17, 899
1,499
24, 820
48.3
47 327
22, 782
327
21 925
21, 701
47, 327
20 311
16,919
768
24, 156
48.8
46 991
22 109
431
21 024
21, 776
46, 9917
19 80
17 062
762
24, 045
49 7
46 589
21 607
430
20 887
21, 878
46, 589
19 610
16 639
655
23, 768
50.4
48 247
48 685
48 833
47 296
47, 988
3,027
969
14, 584
48, 379
3,146
741
14, 478
49, 809
3,246
793
14, 609
48, 701
3,264
693
14 593
14, 151
328
11, 178
42, 740
14, 175
327
11,117
42, 462
14, 069
328
11, 121
41, 798
14, 192
338
11, 643
41, 487
38, 400
519
4,025
31, 224
2,632
4. 340
38, 192
769
4,032
30. 973
2,418
4.270
37, 560
948
3,291
30, 474
2,847
4.238
37, 227
1,530
3,338
29,505
2,854
4.260
r \ 678
954
864
90
223
914
305
r 1 710
(2)
(2)
(2)
(2)
(2)
(2)
87 236
35 499
51 807
952
864
88
234
r 524
97 300
40 633
56 667
251
r 537
91 804
35' 832
55 972
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
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
23, 935
50 6
49 632
24 071
325
03 413
22 60S
49, 632
22 494
19 986
P i 001
24, 024
49 6
45 340
46 671
46 646
46 414
46 839
47 010
46 660
47, 134
3,219
1 009
14 801
45, 445
3,363
1,297
14 772
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
46, 919
3,370
1 217
14 795
46, 940
3,241
1 704
14 942
14, 127
391
10, 681
41, 559
14, 256
471
10, 422
40 055
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
14, 337
532
10, 072
39 224
14, 271
539
10, 238
39 114
14, 317
541
10, 041
37 006
37, 323
2,209
3,410
28, 965
2 739
4.236
35 845
2,048
3 972
27, 266
2 559
4.210
34 433
1,272
3 745
27, 111
2 305
4. 335
35 475
2 219
3 839
26, 997
2 420
4. 3(15
35 218
1 986
4 880
26,017
2 335
4.197
34 666
1 704
4 669
25, 881
2 412
34 870
2 042
4 420
25, 934
2 474
34 686
2 130
4 164
25, 802
2 590
32 559
1 142
3 745
25, 230
2 442
954
861
93
237
r 473
91 640
37 955
53 685
r 501
4 940
(2)
4 3K4
M
9(52
r 539
87 149
33 031
54 118
r 837
4 42S
1 739
943
861
82
278
517
93 506
37 531
55 975
4 447
Revised. *> Preliminary. a Rate
as of October 1,1948.
Data reflect work stoppages. 2 Beginning July 1, 1948, farm mortgage loan data are reported quarterly.
I Reported quarterly after July 1947 for the week ended nearest the 15th of the indicated month. § Rate as of November 1, 1948: Common labor, $1.413; skilled labor, $2.33.
cf Data have been revised to exclude emergency crop loans and drought relief loans which are now under the supervision of the Farmers' Home Administration; revised figures for
January-August 1947, in millions of dollars: Total—1,545,1,555,1,559,1,557,1,570,1,595,1,620,1,635 short-term credit—283, 300, 329, 359, 383, 403, 412, 412. These data are comparable with datEk
shown in the 1947 Statistical Supplement to the Survey.
1 Revisions for April-August 1947, in dollars, 1.632, 1.655, 1.661, 1.676, 1.694.
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 194S
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
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. Govt. 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. _
22 056
13, 116
1,234
22 572
13, 817
970
23 229
14, 358
919
23 329
14, 658
784
23 394
14, 727
674
23 439
14, 540
831
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
24 090
14, 886
743
24 899
15, 239
1 043
975
3 244
246
3, 241
976
3 316
187
3,306
945
3 388
230
3,389
880
3,460
106
3,431
811
3,516
180
3,486
764
3 569
233
3,502
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
736
3,919
238
3,812
717
3 961
315
3,870
1.25
4 00
1.58
1.25
4 00
1.63
2 09
2.52
2 83
1.25
4.00
1.69
1.25
4.00
1.83
1.25
4.00
1.88
2.10
2.71
3.03
1.25
4.00
1.88
1.25
4.00
1.96
1.50
4.00
1.96
2 26
2 76
3 13
1.50
4 00
1.96
1 77
2 25
2 69
1.00
4 00
1.53
LOO
4 00
1.54
1.00
4 00
1.54
1 82
2 27
2 61
1.00
4 00
1.58
.94
1.06
1.50
1.38
.94
1.06
1.50
1.38
.94
1.06
1.50
1.38
1.03
1.19
1.50
1.38
1.06
1.31
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
1.06
1.38
1.50
1.50
1.06
1.38
1.50
1.50
1.13
1.44
1.50
1.63
1.19
1.56
1.50
1.63
.804
1 28
.857
1 35
.932
1 47
.950
1 54
.977
1 63
.996
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
9, 630
3,407
9, 655
3,412
9, 681
3,413
9,802
3,417
9, 855
3,432
9,904
3,441
9,959
3,435
9,986
3,415
10, 017
3,395
10, 111
3,379
10, 099
3. 368
10, 112
* 3, 347
10, 141
v 3, 340
12,084
5,490
2,370
1 047
12, 671
5,765
2,551
1 099
13, 423
6,189
2,839
1 151
13, 096
6,219
2,818
1,202
12,977
6, 283
2, 835
1,254
13, 423
6, 533
2,986
1,367
13, 627
6,769
3, 137
1, 468
13, 814
6,958
3,258
1,536
14, 132
7,144
3, 366
1,602
14, 185
7, 329
3, 480
1,689
p 14, 382
p 7, 533
* 3, 625
p 1, 781
P 14, 650
P 7, 717
P 3, 769
P 1, 854
495
443
46
131
208
3,120
1,350
208
157
127
555
474
49
145
229
3,214
1,383
215
162
130
650
528
52
192
266
3, 350
1,435
225
166
134
632
502
52
176
254
3,401
1,462
227
165
137
624
492
52
164
249
3,448
1,482
230
167
140
653
497
54
160
255
3,547
1, 530
241
173
143
680
511
60
155
263
3, 632
1,570
252
180
146
703
528
65
155
271
3,700
1,597
260
189
147
720
541
68
157
278
3,778
1,634
272
194
150
517
647
114
3,029
2, 647
918
538
670
116
3,309
2,680
917
558
712
120
3, 612
2,702
920
572
717
121
3,240
2,713
924
587
721
121
3,067
2, 705
928
604
733
123
3,281
2,689
926
622
739
123
3, 259
2,665
934
635
748
124
3, 263
2,661
932
645
758
125
3,364
r
2, 679
'945
228
39
28
23
121
233
39
27
25
142
267
46
33
30
191
248
38
27
26
110
221
38
25
25
107
287
48
32
29
140
269
50
31
27
121
258
47
31
25
123
275
54
37
27
127
r
CONSUMER SHORT-TERM CREDIT
Total consumer short-term credit, end of month t
mil. of dol. _
11, 708
Installment credit, total t _ _ d o __ 5,314
2,257
Sale credit, total
do
Automobile dealers
do
1 004
Department stores and mail-order houses
mil. of dol__
462
Furniture stores
__.do
423
Household appliance stores
do
43
Jewelry stores
_
do
128
197
All other
do
Cash loans, total f
_
do
3,057
Commercial banks
- do
1,320
Credit unions!
do
204
154
Industrial banks
do
Industrial loan companies-.
do. __
125
Insured repair and modernization loans
mil. of dol__
497
Small loan companies
_
do
643
114
Miscellaneous lenders
do
Charge accounts
_
do
2,864
Single payment loans
-do
2,609
921
Service credit
do__
Consumer installment loans made during the month
by principal lending institutions:
Commercial banks
mil. of dol
216
35
Credit unionsf
do
27
Industrial banks
do
Industrial loan companies
_
. do
24
107
Small loan companies
do
FEDERAL GOVERNMENT
'
r
r
r
732
545
72
r
160
282
3, 849
1, 669
282
199
152
'651
770
126
r
3,
185
r
2. 699
957
277
52
33
26
130
*759
P788
P586
P560
P76
P81
*>158
P158
"291
*>302
v 3, 908
P 3, 948
' 1. 701 P 1,712
P291
"300
P203
»205
»154
P156
»657
"775
P127
»> 3, 130
*2,724
?964
"665
P783
P127
* 3, 241
P 2, 723
"969
*270
*52
*32
J>27
*127
"254
P52
"31
"26
"123
FINANCE
Budget receipts and expenditures:
2,948
2,881
3,083
2,565
5,119
4,614
6, 365
4,597
4,310
4,260
2,456
3,054
4 885
Receipts total
mil. of dol
2,569
2,806
2,707
5,102
2,501
6, 334
4,589
4,336
4,275
2,390
4,246
4,872
2,743
Receipts, net
- do
34
35
31
31
41
34
33
35
35
42
32
37
34
Customs
do
1,254
1, 568
1,858
1,785
3,632
3,701
5,165
3,159
1,345
2,769
3,237
1,666
3, 435
Income taxes __
do
142
410
83
401
176
67
423
130
51
142
329
70
Social security taxes
_ __
_ do
133
742
662
694
673
676
739
677
629
656
767
782
695
699
Miscellaneous internal revenue
do
195
193
550
465
124
243
243
369
329
331
547
585
217
All other receipts
__
do._ _
2,604
2,207
3,109
7,261
3,963
2,915
2,402
3,546
3,224
2,879
2, 445
2,194
2, 932
Expenditures, total d"
-do
114
154
124
1,508
286
608
570
142
972
401
157
127
668
Interest on public debt
do
788
562
582
530
'539
487
529
597
481
526
568
524
494
Veterans Administration
_ do
909
933
930
1,155
810
850
850
717
936
996
1,069
1,006
1,151
National defense and related activities
do
1,464
1,141
1,734
665
1,017
1,491
4,260
881
688
885
656
605
764
All other expenditures c?
do_ __
Debt, gross:
252, 292
254, 605
252, 240
252, 236
253, 049
252, 990
253, 374
252, 687
259, 071
258, 212
256, 900
256, 574
259, 145
Public debt (direct), end of month, total. _ -do
249, 958
250, 875
249, 920
250, 063
251,168
252, 100
250, 634
250, 518
255, 591
254, 205
253, 958
256, 270
256, 107
Interest-bearing, total
_
.do
219, 987
222, 854
221,362
220, 718
220, 636
219, 852
220, 381
219, 297
225, 250
224, 810
226, 074
226, 822
226, 587
Public issues
do
30, 211
30, 887
29, 246
29, 201
29, 323
31,221
29, 272
30, 787
28, 955
29, 517
29, 148
29, 447
29, 520
Special issues to trust accounts, etc.. _ _ d o
2,175
2,229
2,278
2, 356
2,505
2,320
2, 206
2,695
2,170
2,621
2,616
3,038
2,801
Noninterest bearing...
do
Obligations guaranteed by U. S. Government,
73
55
51
75
75
81
78
50
77
83
89
79
76
end of montht
-- mil. of dol
U. S. savings bonds:
54, 756
53, 207
53, 333
54, 662
52, 174
52, 875
53, 133
53, 061
54, 826
52, 039
52, 575
51, 759
51, 928
Amount outstanding, end of month
do
474
432
497
412
1,673
468
588
412
607
487
488
770
466
Sales series E, F, and G
do
465
442
452
428
462
434
364
438
407
454
404
357
432
Redemptions
_._do
r
Revised. *> Preliminary.
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 $571,518,000 for July-September 1948.
\ For bond yields see p. S-20.
§ 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 October
1, 1947 ((shown here as September), for items against which reserves are held, are as follows (millions of dollars): Commercial, industrial, and agricultural loans, 13,183; "other loans for purchasing or carrying securities," 1,243; real estate loans, 3,256; "other loans," 3,285. Data for October 1947 to May 1948 will not be available until figures are reported for the corresponding month
of the following year. Total loans are shown on a net basis for all months.
tRevised 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. The related totals have been correspondingly revised. Revisions through May 1947 are available upon
request.
t Data revised to include matured debt on which interest has ceased to conform with figures shown in the 1947 Statistical Supplement to the Survey; revised figures for January-August
1947, in millions of dollars: 270,188,182, 178,177, 90, 80, 79.
SURVEY OF CUERENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-17
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE— Con.
Government corporatipns and credit agencies:
Assets except interagency total
mil of dol
Loans receivable, total (less reserves)
do
To aid agriculture
do
To aid home owners
do
To aid railroads
do
To aid other industries
do
To aid banks
do
To aid other financial institutions
do
Foreign loans
do
All other
do
Commodities supplies and materials
do
TJ S Government securities
do
Other securities
do
Land structures and equipment
do
All other assets
do
Liabilities except interagency total
do
Bonds, notes, and debentures:
Guaranteed by the United States
do
Other
do
Other liabilities
do
Privately owned interests
do
XT S Government interests
do
Reconstruction Finance Corporation, loans and investments outstanding, end of month, total f
mil. of doL .
Industrial and commercial enterprises, including
national defense
.
mil. ofdolFinancial institutions
do
Railroads, 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
31 037
9,212
2 200
665
162
240
6
340
5,405
591
1,093
1,725
3 553
12, 662
2,792
2,895
30, 966
9,714
2,299
556
147
272
5
442
5,673
714
822
1,685
3,539
12, 600
2,607
2,808
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
84
667
2,144
138
28, 005
82
689
2,037
143
28, 015
76
781
1,868
150
28, 233
68
836
1 187
154
17 875
1,089
1,091
1,096
1,113
1,106
1,106
1,102
1,096
1,111
1,122
1,154
1,169
1,189
299
156
145
121
296
155
145
123
299
153
145
122
318
153
145
124
320
145
144
122
321
143
144
122
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
250
117
1
243
126
4
243
131
3
238
134
3
235
136
3
234
138
3
230
144
3
226
153
3
225
167
3
215
186
2
214
198
36
213
214
36
209
233
36
LIFE INSURANCE
Assets, admitted:*
All companies (Institute of Life Insurance) , esti51, 735 ' 52, 003 r 52, 238 r 52, 584 "•52,866 r 53, 122 ' 53, 457
51, 000
51, 200
50, 700
53, 774
54, 041
mated total
mil. of dol__
46, 825
45, 975
46, 574
47, 771
46, 306
46, 955
48, 084
48, 320
47,315
Securities and mortgages
do
48 579
48 871
49, 040
49 companies (Life Insurance Association of
46, 279
45, 723
45, 912
47,058
47, 304
45, 489
46, 550
47, 522
46, 754
48, 086
47, 869
48, 307
America) total
mil. of dol
48 566
34, 926
34, 847
34, 911
34, 491
34, 717
35, 359
35, 497
35, 565 ' 35, 640 35, 727
35, 093
35, 704
Bonds and stocks, book value, total
do __
35, 664
20, 465
20, 014
20, 664
20, 650
19, 755
19, 395
19, 162
19, 000
19, 518
Govt. (domestic and foreign) total
do
18, 321
18, 787
18, 530
18,071
18, 277
18, 913
18,017
17,658
18, 906
18, 710
17, 421
17, 259
17, 796
16, 760
16, 350
U. S. Government
do __
17, 054
16,087
6, 650
6,377
6,557
7,148
6,226
6,717
6,988
6, 839
7,270
7,536
7,637
7,390
Public utility
_
do
7,767
2,733
2,753
2, 752
2,741
2,744
2,754
2,776
2,750
2,777
2,810
2,815
2,784
Railroad
do
2 817
5,529
5,072
4, 937
5,697
6,232
6,411
4,847
5,986
6,518
6,851
Other
_
do
6,931
6,679
7 008
822
813
689
647
963
684
594
Cash
do
817
590
656
690
695
822
7,181
6.912
7,020
6,789
7,296
7,560
7,697
7,422
Mortgage loans, total
do
7,828
8,121
8,276
7,977
8,404
721
723
728
764
717
730
741
750
802
Farm
do
777
790
811
816
6,453
6,072
6,191
6,297
6,566
6,933
6,810
7,051
7,319
Other
_.
do
6,680
7,465
7,186
7,588
1. 684
1, 673
1,677
1,680
1,688
1,705
1,715
1,694
1,725
Policy loans and premium notes
do
1 742
1,752
1 735
1 762
733
750
702
718
822
770
785
771
825
Real estate holdings
_
___do
863
847
878
895
985
916
922
1,020
1,010
964
979
Other admitted assets
do
956
989
977
1,008
976
1 020
Life Insurance Agency Management Association:
Insurance written (new paid-for-insurance):
2,201
1,797
1,818
1,851
1,858
1,583
1,857
1,648
1,746
1 862
1,707
Value, total
mil. of dol
1 816
1 593
436
203
212
178
201
225
359
195
201
Group
do _ _
157
246
185
225
324
336
287
366
309
369
338
383
319
393
336
Industrial
do
331
347
1,478
1,258
1,048
1,331
1,184
1,290
1,243
1,287
1,196
1,115
Ordinary, total
do. _
1,244
1,125
1,078
91
85
68
81
85
90
90
72
New England
do
81
78
67
83
71
346
344
3?1
323
231
326
Middle Atlantic
do
272
301
289
287
259
305
244
284
318
304
231
290
272
278
East North Central
do
252
255
265
256
252
237
124
153
126
127
118
West North Central
do
107
108
120
112
119
113
111
108
134
169
124
140
138
141
148
121
South Atlantic
do
134
125
140
131
143
56
48
47
51
43
41
East South Central
do
51
48
50
51
47
47
46
115
95
63
93
100
99
99
West South Central
do
88
98
102
96
97
90
42
39
57
41
41
36
43
Mountain__
do_ _ _
38
42
41
36
40
37
138
129
173
114
135
124
140
140
134
Pacific- _ _
.
_ _ do_._
135
122
131
121
Institute of Life Insurance:
Payments to policyholders and beneficiaries,
236, 414
219, 223
278, 138
283, 410
247, 149
307, 077 273, 084
244, 544
total
thous. of dol
250, 600
284, 967
253, 440
247, 279
101,334
108, 179
142, 339
112, 523
122, 777
121, 007
113, 860
123, 590
Death claim payments
do
109, 455
116 083
112 462
124 695
29, 838
38, 987
36, 261
31, 168
30, 167
36, 706
35, 496
40, 157
Matured endowments
__ _ do_ _
32, 986
32, 185
37, 117
30, 378
6,924
8,118
7,269
7,609
8,723
8,356
7,963
7,111
7,472
Disability payments
do
7,711
8,114
7 581
24, 275
16, 216
17, 795
18. 024
17, 975
18, 014
19, 438
19, 881
Annuity payments
do
18, 164
20 337
13 149
19 512
42, 364
35, 323
69, 114
52, 452
38,
527
44,
694
55,
083
44,
446
Dividends
._
_
_
_
_
do
40,
555
40,377
52,
497
39,
898
34, 205
36, 017
32, 694
27, 829
41, 704
30, 640
31, 425
40, 498
36, 090
36, 569
43,811
Surrender values c?1
do
43, 032
362, 185
392, 520
540, 554
405, 921
481, 627 378, 769 382, 810
370, 906
Premium collections, totalt
thous of dol
410, 719
406 274
374 355 412 695
432 885
45, 838
62, 296
109, 545
47, 410
48, 640
48, 791
Annuities
do
51, 207
87, 360
41, 296
52, 493
74,411
42 812
52 017
22, 478
35, 849
33, 018
34, 665
Group
do
27, 720
30, 960
36, 062
31, 082
29, 056
34, 049
28, 400
33, 487
31,360
75, 862
59, 604
64,837
68, 570
58, 264
88, 920
Industrial
do
68, 528
76, 236
69, 319
72 129
61 357
69 298
71 300
241, 528
229, 032
242, 037 254, 922
231, 702
306, 240
Ordinary
___
_
_
.do
283, 366
240, 632
243, 139
236, 457
233. 845 255. 891
276, 903
r
Revised.
(^Surrender values include premium notes and liens voided by lapse.
t Excluding accident and health premiums which were not reported prior to January 1948; these premiums totaled $233,046 for January-September 1948. The reporting companies accounted
for 84 percent of total premium income of all U. S. legal reserve life insurance companies in 1946; it should be noted that the coverage is now expressed in terms of premium income instead of
in terms of percentage of total business outstanding of all companies. 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.
f Revised series. 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, included in previous 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
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.
SUEVEY OF CUKEENT BUSINESS
S-18
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
November 1943
1947
September
1948
n^r^or NovemOctober
ber
December
January
March
April
May
June
July
0. 2977
.0228
.0544
.9063
.5701
4. 0047
5
. 3017
.2058
.3776
.2783
4. 0315
0. 2977
.0228
.0544
.9227
.5701
*. 0047
5. 3017
.2057
.3775
.2783
4. 0312
10.2977
.0228
.0544
.9323
2
. 5701
4. 0047
5. 3017
.2057
.3772
.2782
4. 0313
1 0. 2977
.0228
.0544
.9283
23,169
23, 137
-63, 376 -111,546
27, 385
28, 178
262, 334
127, 328
54, 114
60, 870
38, 452
38, 545
10, 012
10, 070
5,650
6,372
23,304
-2, 841
61, 887
213, 214
54, 745
38,672
' 10, 047
6,078
August
Se t e m
ge r "
FINANCE— Continued
MONETARY STATISTICS
Foreign exchange rates:
Argentina
dol per paper peso
Belgium
.
dol. per franc
Brazil
dol. per cruzeiro
Canada, free rate§ d'ol. per Canadian dol
Colombia.dol. per peso__
France
dol per franc
India
dol. per rupee
Mexico
dol per peso
Netherlands
dol. per guilder-Sweden
dol. per krona._
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:
Canada
_ _ -thous. of fine o z _ _
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. -_
_
do._.
0 2977
.0228
. 0544
.9036
.5698
0084
.3017
0. 2977
.0228
.0544
.8928
.5701
4. 0047
.3017
.2058
.3775
.2783
4. 0313
0.2977
.0228
.0544
.9270
0. 2977
.0228
. 0544
.9218
4.0047
6. 3017
4. 0047
6.3017
.3762
.2782
4. 0315
. 3760
. 278L>
4. 0315
23, 725
59,475
47, 353
86, 431
p 23, 87'.?
98, 137
25, 993
79, 283
2058
.3775
.2782
4. 0300
0. 2977
.0228
.0544
.8999
.5698
.0084
.3017
.2058
.3776
.2782
4. 0310
0. 2977
.0228
.0544
.8959
.5698
.0084
.3018
.2058
.3777
.2783
4. 0305
0. 2977
.0228
.0544
.8836
.5698
.0084
.3018
.2058
.3770
.2783
4. 0313
0. 2977
.0228
.0544
.9046
.5699
3. 0084
.3017
.2058
.3765
.2783
4. 0307
0. 2977
.0228
.0544
.8906
.5701
4. 0047
.3017
.2058
.3771
.2783
4.0311
21, 955
153, 112
2,085
111 685
60 833
38 833
8 668
6 526
22, 294
-3, 968
5,619
456, 450
60 644
37 776
9 057
7,733
22, 614
-82, 786
1,600
267, 301
59, 738
37, 396
8,826
5,791
22, 754
-44, 592
2,509
180, 674
60, 433
38 034
9,614
6,828
22, 935
-14,859
6,590
241, 568
60, 387
39, 079
9,568
6,214
23,036
-72, 165
2,560
161, 948
57, 220
36, 561
9,156
5,489
374
4 440
.706
2,509
6 087
.716
1,042
6,917
.746
352
3,296
.746
1,636
7,222
.746
220
6,196
.746
229
5,331
.746
5,763
5,560
.746
2,564
9,146
.746
42
5,747
.746
924
4 100
2, 180
1,094
3 900
3,243
954
3,600
3,589
921
3,900
3,724
958
3,700
3,938
1,036
3,800
2,070
1,099
3,900
3,383
1,090
3,600
3,216
1,073
3,400
3,253
28 567
28 552
28, 766
28 868
28, 111
28, 019
27, 781
27, 716
27, 812
168, 400
26 300
169, 700
26 200
170, 300
26, 500
171, 446
26 476
p 170, 200
P 25 800
P 168, 900
P 25, 700
P 166, 500
P 25, 600
p 167, 800
P 25 400
P 168, 000 * 167, 900 P 168, 700 P 169, 200
p 25 400 "25 600 P 25 500 p 25 600
142, 100
84, 100
56 100
143, 500
85, 400
56 300
143, 800
85,900
56, 000
144, 970 p 144, 400
87, 123 P 86, 600
56, 395 P 56, 500
p 143, 200
P 84, 600
p 56, 800
P 140, 900
p 81, 600
p 56, 900
p 142, 400
p 83, 000
p 56, 900
P 142, 600 p 142, 300 P 143, 200 "143,600 p 143,991)
P 83, 200 " 82, 700 P 83, 500 * 83, 900 f 83, 911)
p 57, 000 p 57, 400 " 57, 300 " 55, 300 P 57 320
23.1
18.0
23.9
18.2
26.5
19.8
26.2
18.7
25.6
18.6
26.4
19.1
26.5
18.6
29.9
20.0
27.9
18.7
4
. 0047
« . 3017
6.2057
.3765
.2782
4.0314
23,532
23, 679
81, 671 -188, 411
44,782
2,486
222, 523
269, 178
54, 140
55,560
38, 308
39, 013
10, 113
10, 367
5,719
6,180
(6)
7,661
278
4,352
.746
13
4,781
.738
52
5, 75.S
. 753
'1,194
4,500
3,085
' 1, 782
3,700
2,721
1,518
3,900
2,327
3, 46*5
27, 903
27 867
28.0
19.1
26.6
19.1
' 28 055 p 28 11,'i
23.9
18.5
p 169,670
P 25 680
27.5
19 4
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.) _ do
Nonferrous metals and prod. (77 cos.)
do
Other durable goods (75 cos.)
_ do .
Foods, beverages and tobacco (49 cos.) do
Oil producing and refining (45 cos.)
do. ..
Industrial chemicals (30 cos.)
do
Other nondurable goods (80 cos.)
do
Miscellaneous services (74 cos.)
do
Profits and dividends (152 cos.):
Net profits
_
do
Dividends:
Preferred
do
Common
do
Electric utilities net income (Fed. Res.)
do
Railways and telephone cos. (see p. 8-23).
900
100
77
103
7 57
45
59
85
121
81
93
80
1 033
112
105
115
7 46
59
71
108
160
88
90
80
1,029
120
89
129
764
46
64
77
192
91
101
57
P 1, 107
"117
432
501
529
"569
22
190
135
23
' 283
160
22
207
186
"22
"218
P 156
P 152
p?7i
"51
j>72
"80
"194
"97
p 100
"79
SECURITIES ISSUED
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
652
1,409
936
541
741
857
965
714
1,160
813
capital and refunding)
mil. of dol._
785
856
666
769
802
591
1,257
495
899
608
1,029
New capital, total _ _
do
621
713
630
681
57'3i
1,221
591
768
495
801
608
888
629
1,026
621
713
Domestic, total
. _ _ -do
531
574
562
374
259
560
365
546
584
599
470
444
926
258
Corporate
do
39
35
21
50
31
16
37
0
0
Federal agencies
„
do _
85
67
35
182
114
156
217
630
114
101
283
99
118
Municipal, State, etc
do
277
237
118
11
1
9
1
2
4
0
37
0
0
0
0
Foreign
. _ ...do
150
61
166
152
134
8Q
46
56
66
101
130
Refunding total
do
85
165
175
152
61
166
46
56
134
101
66
130
165
Domestic, total
_
_ _ do
85
8!)
175
2
4
3
14
50
84
29
97
76
83
122
Corporate
do
15
26
114
54
42
39
49
48
34
45
20
Federal agencies
- - do
42
68
123
6'*
(8)
1
1
2
3
2
5
2
8
3
2
Municipal, State, etc
do _
50
0
o
o
o
0
o
0
0
o
o
0
Foreign
do
'Securities and Exchange Commission:
1,552
2,029
' 1, 234 ' 2, 128
1,407
1,376
1,170
'2,428
1,620
' 1, 373
Estimated gross proceeds, total J
do
1 723
2 507
1 207
By type of security:!
1,074
1,332
1,983
1,324
1,104
1,459
1,297
1,859
2,207
1 261
2 463
Bonds and notes total
do
1 134
526
642
294
' 392
'991
393
'426
493
310
'365
530
171
Corporate
__do
401
r
21
26
58
' 119
170
' 107
28
'28
150
50
30
Common stock
do
34
61
51
25
24
49
111
'72
'61
31
69
'66
14
Preferred stock
do
'40
11
' Revised, v Preliminary.
1 June average is based on quotations through June 22, July average on quotations beginning July
15;
the
latter
is
shown
for
"regular"
products,
earlier
data
as
official
rate.
2 June average is based on quotations through June 10; July—September temporarily omitted. 3 Based on quotations through January 23 when franc was devaluated.
* Official rate. The February
figure is based on quotations beginning February 10; the free rate for this period and succeeding months is $0.0033.
8 Excludes Pakistan. 6 July average is based on quotations through July 21; August and September temporarily omitted. 7 Partly estimated.
8 Less than $500,000. § Official rate since July 4, 1946, is $1,000. • Or increase in earmarked gold (—). {Revisions for January-August 1947 are available upon request.
fRevised 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.
SURVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-19
1948
1947
September
October
November
December
January
February
March
April
June
May
July
August
September
244
127
76
30
11
963
0
526
287
150
f
O)
473
121
265
42
45
1,250
0
1,128
122
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. ...
N on -corporate total
do
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
Workin^ 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 utilitv total
do. ..
New money
do
Retirement of debt and stock
do
Railroad total
__
do
New money do
Retirement of debt and stock
do
Real estate and financial, total _.
do
New money
do
Retirement of debt and stock
do
State and municipal issues (Bond Buyer) :
Long term
thous. of dol._
Short term
do
' r458
r
85
313
5
55
915
0
637
278
0
r
0)
r
636
'273
••312
35
17
1,792
0
1,673
118
0
1
'r 542
198
'285
37
22
692
0
589
103
0
0)
613
441
121
35
16
939
0
718
220
0
0
688
126
325
81
157
1,341
0
708
633
0
0)
636
273
269
52
42
771
0
597
174
1
346
98
167
24
57
1,030
0
913
116
0
0)
' 1 170
'601
'515
20
'34
'957
0
854
'101
0
r
405
158
219
24
4
764
0
574
190
o
0
o
0)
654
97
410
84
63
966
0
680
286
0
0
574
282
178
69
46
1,933
0
1,813
120
(i)
o
o
0
'450
'627
'528
' 1, 155
340
594
679
626
395
642
564
238
465
••258
••188
••70
'167
147
r
11
••8
' 25
••549
••395
'154
54
17
18
19
25
425
354
71
'96
'68
'19
7
r
7
' 1, 026
'905
'121
'97
'51
'43
2
r
3
294
193
101
32
6
26
0
14
546
309
237
47
14
22
12
1
560
343
217
114
83
30
1
6
434
334
100
166
62
104
0
25
356
297
60
21
1
20
0
18
563
449
114
74
4
45
26
5
424
307
117
99
8
91
(i)
'40
222
164
58
15
4
11
0
1
399
293
106
42
10
28
4
33
••83
' 56
'22
'309
r
159
136
5
4
2
'53
38
r
7
'270
'228
'40
r
307
' 282
'9
35
31
4
16
'8
(i)
' 193
' 127
'64
'278
'246
31
37
37
0
21
15
1
95
70
24
164
149
6
23
23
0
57
52
2
425
390
35
119
106
12
34
34
0
16
15
1
123
83
40
320
281
36
80
42
37
157
153
269
154
110
265
233
31
51
32
19
41
15
7
152
120
19
216
209
2
24
24
0
4
3
93
70
19
403
363
40
83
69
14
62
60
(i)
275
168
94
176
149
0)
68
68
118
108
6
262
226
36
41
41
45
39
6
123
113
10
75
73
2
30
29
1
10
g
2
' 318, 816
' 150, 303
'593
'497
'82
' 510
'498
' 11
20
20
0
'33
' 11
'3
0)
0)
o
o
43
25
0)
275, 006
77, 113
121, 034
85, 242
105, 875
23,010
101, 195
148, 464
125, 763
77, 416
227, 408
79, 895
639, 938
103, 453
167, 626
94, 387
196, 141
24, 857
307, 848
59, 759
258, 299
104, 759
393
847
241
651
227
373
282
424
272
488
291
483
280
454
278
390
260
276
284
279
420
420
471
416
392
301
570
630
280
606
616
257
593
617
247
393
578
612
240
568
622
217
537
596
208
550
592
229
572
614
241
615
619
258
332
619
576
283
608
577
288
573
551
252
570
550
238
116, 822
98, 462
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.),
99.84
99.62
99.77
100. 19
100.80
99.93
total §
dollars
102. 06
101. 19
100.46
99.97
101. 72
100 04
100.54
100.27
100.35
102. 30
100. 47
102. 54
100. 11
100. 74
101.35
100. 93
100. 59
Domestic
do
101. 65
68.96
67.61
65.99
66.93
66.85
68.77
66.45
73.28
70.51
65.20
Foreign
do
71.90
66 62
Standard and Poor's Corporation:
Industrial, utility, and railroad:
103.6
98.1
99.4
100.2
98.2
99.6
97.7
98.1
98.5
99.4
98.3
High grade (12 bonds) t-- -dol. per $100 bond__
99.2
101.1
Medium grade: t
92.7
91.2
90.5
92.9
97.3
91.4
94.4
93.2
94.5
90.7
94.6
Composite (14 bonds)
do
95.7
92.8
94.3
97.5
99.7
96.5
94.5
94.9
98.1
101.2
98.2
Industrial (5 bonds)
do
102.8
100.7
96.8
99.3
94.1
96.3
99.8
96.0
96.0
95.6
94.6
Public utility (4 bonds)-.
_._ do
102.7
101.2
96.7
95.0
95.0
95.6
82.1
82.1
82.2
85.9
82.2
86.8
87.5
84.7
83.5
87.2
86.9
Railroad (5 bonds) .
_ _ _ do
89.8
89.1
126.2
124.5
122.6
123.1
124. 0
134.4
129.4
125.7
124.4
132.5
127.0
127.8
126.5
Domestic municipal (15 bonds)
_.do
101. 59
100. 73
100. 70
103. 95
102. 11
100.70
100.70
100.78
100. 84
101. 20
101. 23
U. S. Treasury bonds, taxable „
do
103. 44
100. 82
Sales:
Total, excluding U. S. Government bonds:
All registered exchanges:
145, 181
98, 892
60, 126
63, 949
67, 055
87, 151
90, 704
51, 238
50, 449
60, 326
87, 363
68, 289
Market value
thous. of dol
85, 862
134, 381
84, 508
186, 213
95, 180
132, 534
123, 899
119, 745
67, 315
67, 313
80, 312
121, 655
87, 497
90,827
Face value
do
New York Stock Exchange:
93, 971
137, 971
56, 161
62, 799
81, 942
83, 047
47, 699
51, 284
59, 511
85,560
64, 672
48, 470
78, 192
]Market value
do
79, 154
178, 255
128, 055
89, 511
125, 834
113, 325
117, 483
69, 316
112, 210
81, 663
63, 479
63, 847
Face value
do
86,380
New York Stock Exchange, exclusive of stopped
111, 380
141, 873
69, 745
85, 367
114, 479
104, 021
81, 823
108, 954
62, 902
73, 440
105, 990
75, 831
55, 967
sales face value, total
thous. of dol_
125
185
39
16
73
219
79
51
52
41
60
258
306
U. S. Government
do
141, 748
111,195
69, 729
105, 771
81, 784
85, 288
114, 428
108, 902
103, 961
Other than U S Government, total§
do
73, 367
75, 525
55, 926
62, 643
131,041
102, 419
63, 511
74, 326
95, 246
106, 223
63, 949
73,830
96, 286
99,580
69, 138
51,100
Domestic
- - do __
7,344
8,581
7,013
7,474
9,265
6,431
5,846
7,931
8,975
10, 721
6,198
4,606
Foreign
_
-do
r
Revised.
i Less than $500,000.
^Revisions for January-August 1947 are available upon request.
§ Sales figures include bonds of the International Bank for Reconstruction and Development not shown separately; these bonds are included also in computing average price of all listed
bonds.
fRevised series. The price series for high grade bonds is based on average yield of 12 bonds through August 1948 and 11 bonds thereafter, converted to a price basis by assuming a 1%
percent bond with 30 years to maturity. The series for medium grade bonds are converted from yields of 14 bonds through August 1948 and 12 bonds thereafter (number of industrial and
railroad bonds each reduced to 4 in September 1948), assuming a 3 percent coupon with 30 years to maturity; these series replaces the series for medium and lower grade bonds shown in the
Survey of August 1948. Both series are average of daily figures.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1947
September
October
1948
November
December
January
February
March
April
May
June
July
Septen
ber
August
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds—Continued
Value, issues listed on N. Y. S. E.:
Face value, total, all issuescf
mil. of dol
Domestic
do. _ _
Foreign
do
Market value, total, all issues cf
do
Domestic
do
Foreign
do
Yields:
Domestic corporate (Moody's)-percent..
By ratings:
Aaa
do
Aa
do
A
do___
Baa
do
By groups:
Industrial
do
Public utility
_
do __
Railroad
-do
Domestic municipal:
Bond Buyer (20 cities)
do
Standard and Poor's Corp. (15 bonds)
do
U S Treasury bonds taxable
do
131 2f>4
137, 666
135, 281
2,135
140, 499
138,715
1,533
136, 711
134, 346
2,115
138, 336
136, 568
1,521
136. 879
134, 556
2,073
137, 509
135, 804
1,462
136, 727
134, 347
2,130
136,207
134, 500
1,469
136, 543
134, 173
2,120
136, 232
134, 537
1,458
136, 531
134, 170
2,111
136, 313
134, 645
1,427
134, 201
131,835
2,116
134, 167
132, 544
1,379
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
128 980
2 064
131 IS'S
2.85
2.95
3.02
3.12
3.12
3.12
3.10
3.05
3.02
3.00
3.04
3.09
3.C9
2.61
2.69
2.86
3.23
2.70
2.79
2.95
3.35
2.77
2 85
3.01
3.44
2.86
2 94
3.16
3.52
2.86
2 94
3.17
3.52
2.85
2 93
3 17
3.53
2.83
2 90
3 13
3.53
2
2
3
3
2
2
3
3
2
2
3
3
2
2
3
3
2
2
3
3
2
2.67
2.78
3.09
2.76
2.87
3.22
2 84
2.93
3.30
2 92
3.02
3.42
2 91
3 03
3.44
2 90
3 03
3 43
2 89
3 01
3 40
2 85
2 97
3 34
2 40
2 45
2 45
1.84
1.92
2.24
1.97
2.02
2.27
2 09
2.18
2 36
2 35
2.35
2 39
573.2
31.7
362.4
55.7
427.4
60.6
199 6
6.9
176 9
23.2
101 2
1.3
1,139 6
98 7
726 9
99.9
10.9
35.5
17.0
40.6
19 4
50 7
47.7
13.2
36.7
12 0
3
35.9
4.0
8.5
2 5
13 1
46.0
51.3
67.3
36 4
53 7
50 5
23 7
55.9
12 0
3
37 2
8 2
17.1
2 2
2.46
2 44
3 21
1 88
2.32
1 88
47.09
47 22
56.88
30 42
5.22
5.17
5 64
6.18
4.48
3 63
2.54
2 54
3 20
1 86
2.32
1 88
45.86
46 33
53. 12
29 35
5.54
5 48
6 02
6 34
4.68
3 57
2.55
2 56
3 20
1 85
2.32
1 88
46.85
47 34
53.00
32 14
5.44
5 41
6 04
5.76
4.70
3 50
2.56
2 57
3 22
1 84
2 32
1 88
45.58
45 42
54 56
31 87
5.62
5 66
5 90
5 77
4.63
3 49
2.56
2 58
3 21
1 84
2 32
1 88
43.57
43 20
53 38
30 36
5.88
5 97
6 01
6 06
4 77
3 62
2 48
2 55
2 45
2 42
2 52
2 45
78
87
08
47
2 34
2 38
2 44
76
86
06
38
2 82
2 95
3 27
2 23
2 31
2 42
76
85
03
34
2 80
2 96
3 23
2 27
2 26
2 41
81
89
07
37
84
94
13
44
2 84
3 02
3 26
2 89
3 07
3 31
9 28
2 33
2 44
2 39
2 45
2 45
19Q 4C|1
1 3C|6
9 11
C|3
q 1o
345
q r.i-j
Q ^9
2
AA
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__ _
Kailroad
-do_ ._
Trade
do
Miscellaneous
do
Dividend rates, prices, yields, and earnings, 200
common stocks, Moody's:
Dividend rate per share (200 stocks)*
dollars..
2.43
2.39
Industrial (125 stocks)
do
3 18
Public utility (25 stocks)
do
1.91
Railroad (25 stocks)
do
2.32
Bank (15 stocks)
do
1.88
Insurance (10 stocks)
do
46.12
Price, per share, end of month (200 stocks)*.. do
45.85
Industrial (125 stocks)
do
Public utility (25 stocks)
...do
57.26
30.78
Railroad (25 stocks)
do
5.27
Yield (200 stocks)f
percent..
5.21
Industrial (125 stocks)
do
5 55
Public utility (25 stocks)
do
6.21
Railroad (25 stocks)
-do
4.48
Bank (15 stocks)
do
3.71
Insurance (10 stocks)
do
Earnings per share, quarterly: *
5.39
Industrial (125 stocks)
.dollars. _
3.42
Public utility (25 stocks)
do
3.32
Railroad (25 stocks)
do
Dividend vields, preferred stocks, high-grade, 15
3.72
stocks (Standard and Poor's Corp.) .. .percent-Prices'
Average price of all listed shares (N. Y. S. E.)
Dec. 31, 1924=100__
77.5
63. 39
Dow-Jones & Co. (65 stocks)
dol. per share..
176. 82
Industrial (30 stocks)
do
35.25
Public utility (15 stocks)
do...
48.10
Railroad (20 stocks)
do
Standard and Poor's Corporation:
Industrial, utility, and railroad: §
Combined index (41P, stocks) . . .1935-39=100. _ 123.1
128.4
Industrial (365 stocks)
- - - -do 115.7
Capital goods (121 stocks)
do
130.5
Consumers goods (182 stocks)
--do
102.0
Public utility (31 stocks)
do
103.6
Railroad (20 stocks)
... _.do_ ..
97.5
Banks N Y C (1Q stocks)
do
Fire and marine insurance (IS stocks)
do
114.0
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
722
Market value
mil. of dol. .
31,649
Shares sold
thousands.
On New York Stock Exchange:
611
Market value
mil. of dol._
21, 556
Shares sold
. _- thousands-.
Exclusive of odd lot and stopped sales (N. Y.
Times)
thousands. . 16, 017
Shares listed, New York Stock Exchange:
67, 522
Market value all listed shares
mil. of dol__
1,870
Number of shares listed
millions
527
100
224
6
8
5
9
6
199
33
99
1
4
7
3
4
6.22
3.33
6.03
595
34
370
40
5
0
0
4
456 0
62 9
196 1
6 8
168
23
93
2
9
6
8
4
725
58
653
75
6
9
8
6
498
105
227
7
2
0
0
0
207
40
114
2
8
1
0
2
10 6
56 0
22 4
43.5
18 6
54
52
30
42
11
35
3
7
2
3
3
0
6
9
14
43
38
40
23
6
5
9
1
7
54
44
14
34
12
0
7
0
4
1
34
6
7
2
5
3
5
9
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
3
5
1
1
2
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 56
5 21
4 43
3 09
6.32
3 34
2.85
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 9fi
2 04
2 33
1 86
48.61
r 4g go
56 17
36 59
5.70
5 80
5 80
5 fjg
4 54
3 49
15. 8
18. 5
2. SO
47. 05
5. 95
*>6 75
p 3 64
» 7.05
3.86
4.01
4.07
4.13
4.18
4.12
4.12
4.09
4.04
4.10
'4.20
78.7
63.93
181 92
35.48
49.44
75.8
63.98
181 42
34.10
47.79
76.8
63.66
179 18
33.04
49.46
73.9
63. 61
176 26
33.06
51 44
70.5
60.91
168 47
31 95
49 19
75.5
61.75
169 94
32 24
50 64
78.0
66.03
180 05
33 75
56 03
82.8
69.11
186 38
35 16
60 32
82.3
70.61
191 0^
35 73
61 37
78.2
69.97
187 05
35 39
62 34
181 77
34 65
60 29
1 or\ q ;>
125.1
131.1
119.2
132.8
101.0
104.2
96.7
116.4
123.6
130.3
118.9
131.1
97.2
100.1
94.8
117.3
122.4
129.2
117.5
128.4
94.0
103.9
91.0
116.9
120.1
126.0
115.0
125.1
95.1
106.5
93.9
119.6
114.2
119.2
108 9
117.8
92 6
101.9
91 2
117.7
116.4
121 8
111 4
118.9
93 0
105 2
92 5
119 5
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
197 3
127.1
133 5
121 6
128.3
97 3
119 7
95 0
122 8
125. 7
131 7
121 I
127. 2
97 :!
1,230
55, 736
812
37, 277
1,178
53, 160
924
40, 123
777
34, 336
897
41 447
1 433
63 059
1 717
77 141
1 456
62 659
1 108
45 256
30 823
32 30'5'
1,043
40, 620
681
26, 326
1,003
38, 688
785
28, 696
659
24, 704
759
29, 774
1 219
45 304
1 468
57 504
1 225
46' 322
934
32 877
624
21 758
6°('i
29 649
28, 635
16, 371
27, 605
20, 218
16, 801
22 993
34 613
42 769
30 922
24 585
15 039
17 56' I
68, 884
1,879
67, 026
1,896
68, 313
1,907
66, 090
1,923
63,158
1.928
67 757
1 933
70 262
1 938
74 704
1 962
74 507
1 977
71 056
1 991
70 862
1 998
68 614
2 004
77.7
67.99
740
i 4. 20
75. 0
67. 69
34 f7 4-
fifl
>'3'
120 i
96 1
125 1
74i:i
r Revised.
*» Preliminary. 1 Data based on 14 stocks.
c? 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 sirHjar 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.
SUKVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-21
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
FOREIGN TRADE
INDEXES
Exports of U. S. merchandise:
Quantity J
1923-25=100
Valuet
do
Unit value
do
Imports for consumption:
Quantity
do
Value
_
do
Unit value
do
Agricultural products, quantity:
Exports, domestic, total:
Unadjusted^
.
. _ 1924-29=100
Adjusted!
do
Total, excluding cotton:
Unad justed t
do
Adjusted t
__
do
Imports for consumption:
Unadjusted
__ __
do
Adjusted
do
242
315
130
263
346
131
237
315
133
229
312
136
213
290
137
208
289
139
223
304
136
219
299
136
216
293
136
198
269
136
197
272
138
194
263
135
126
148
118
136
158
117
118
141
120
143
176
124
140
175
125
141
180
128
154
200
130
126
165
131
132
170
130
146
187
129
134
177
132
140
185
131
98
82
105
80
92
77
93
80
86
87
85
104
91
103
80
101
79
99
73
95
88
121
92
93
172
143
183
144
154
135
147
133
134
142
139
175
143
162
133
163
124
146
123
149
148
188
161
148
93
98
101
102
89
96
114
118
123
115
111
107
124
109
86
80
96
99
112
122
93
103
104
113
10 577
4,375
10, 461
4,454
9 180
4,133
6,575
4,509
5,796
3,959
5 312
4,173
5,125
5,036
4,780
4,438
7,781
4,682
8, 050
5, 735
8,031
5,037
1,185
1,068
117
1,305
1,199
105
1,185
1, 095
90
1,172
1,046
126
1,092
925
165
1,086
920
166
1,141
943
197
1,123
936
187
1,103
921
182
1,013
(i)
0)
65, 753
191, 885
448, 894
176, 814
125, 380
176, 381
76, 732
217, 620
445, 382
202, 801
166, 085
195, 984
72, 208
203, 075
398, 212
181, 038
149 991
180, 402
57. 507
215, 258
388, 700
152, 054
161, 063
197, 889
68, 967
187, 796
401, 617
138, 327
118,805
176, 117
62, 374
195, 440
398, 462
141, 514
113, 746
174, 870
66, 134
190, 628
408, 665
151,301
126, 080
197, 952
78, 626
201, 102
374, 279
150, 817
127, 878
190, 133
63, 827
193, 251
352, 362
171, 622
149, 339
172, 548
64, 596
180, 610
335, 652
178, 846
119, 129
134, 267
68, 022
209, 377
333, 475
155, 105
114, 893
141, 468
66, 998
180, 920
323, 182
169, 158
106, 863
141, 098
6,397
29, 911
3,935
35, 858
4,718
34, 243
3,514
32, 513
2,439
38, 273
3,058
36, 698
2,862
36, 610
3, 455
49, 593
2,314
40, 484
3,322
41, 309
3,319
44, 376
1, 531
45, 578
19, 752
5,733
12, 069
29, 132
33, 763
4,831
34, 163
21,314
5,993
11,947
31, 732
32, 755
5,478
41, 507
19, 869
5,742
15, 835
26, 091
32, 365
8, 728
40, 202
21,324
6,901
18, 682
30, 219
38, 397
5,818
40, 486
14, 203
6,733
18,011
29, 354
30, 239
6,967
42, 632
9,706
7,962
21,891
18,006
37, 888
5,536
43, 584
9,201
6,868
23. 504
18, 489
24, 108
6,248
41, 540
6,446
11,177
31, 364
32, 762
11, 797
8,308
41, 851
8,788
10, 760
35, 494
25, 005
12, 093
7,435
39,530
6,814
7,913
22, 824
32, 301
17, 474
7,473
36, 857
7,881
7,227
26, 633
26, 519
46, 791
8,528
39,633
7,778
4,088
18, 968
19,373
40, 172
5,218
33, 396
64,542
46, 660
38, 430
3, 032
88, 500
57, 924
45, 935
37, 136
9, 158
92, 622
57, 764
29, 016
40, 663
10, 384
62, 726
56, 049
41, 761
32, 308
15, 137
58, 049
70, 859
62, 015
36, 442
7,479
72, 397
57, 195
61, 209
40,165
5, 175
60, 078
64, 467
91, 174
41,212
8,176
51, 716
59, 387
88, 641
45. 730
3,981
43, 604
69, 399
61, 516
47, 589
204
45, 726
48, 016
89, 525
25, 022
23
40, 342
37, 495
80,821
21, 990
412
65, 679
37, 717
80, 966
23, 824
1,178
53, 713
172, 643
288, 697
64, 950
40, 252
8,530
12,285
35, 073
43, 331
33, 870
1,175
198, 582
344, 708
59, 451
52, 872
11, 605
17, 934
48, 450
52, 977
37, 065
1,287
176, 213
315, 088
58, 024
45, 525
8,193
18, 297
51, 383
52, 215
34, 514
1,173
146, 956
341, 226
56,811
55, 316
9,873
20, 559
45, 770
60, 022
40, 183
1,164
136,707
280, 894
51, 065
45, 779
8,028
19, 099
33, 752
44, 252
35, 359
1,082
139,200
270, 928
48, 249
45, 649
5,909
20, 438
37, 017
37, 121
38, 397
1,076
148, 783
306, 205
48, 865
63, 135
5,662
20, 694
39, 325
45, 597
40, 807
1,130
148,416
300, 037
46, 512
46, 154
7,028
21, 902
40, 207
47, 132
46, 493
1,113
168,649
303, 892
38, 401
43, 023
5,342
20, 353
50, 130
45, 810
48, 719
1,092
176, 356
237, 202
27, 330
19, 945
10, 141
14, 264
32, 858
46,454
44, 359
1,003
152, 713
240, 228
21,850
37, 090
6,372
13, 717
30, 911
46, 854
43, 671
1,013
165, 533
232, 818
16, 507
35, 997
8, 028
13, 449
30, 003
37, 491
46, 905
979
128, 471
105, 187
138, 094
150, 667
652, 283
140, 273
103, 710
149, 059
156, 220
737, 953
122, 798
102, 131
126, 382
145, 597
676, 453
125,494
118,375
100, 350
135, 882
683, 446
112, 204
99, 125
118,126
130, 409
621, 896
108. 651
118, 742
100, 970
120, 846
626, 49C
108, 369
104, 258
124, 574
129, 986
663, 347
86, 289
89, 745
128, 697
122, 428
685, 409
125, 954
74, 582
129, 797
121, 116
640, 260
115 550
81,311
112, 758
113,331
580, 447
130, 592
113,461
103, 384
115, 231
550, 502
119, 151
139, 029
107, 338
107, 622
506, 303
290, 208
18, 227
25, 995
146, 133
25, 459
308, 913
21, 924
29. 233
144, 522
19, 185
283, 075
24, 525
27, 074
135, 368
20, 598
290, 058
37, 467
22, 381
137, 566
13, 703
281, 774
42, 633
20, 507
147, 420
12, 383
281, 195
33, 620
28, 424
141, 755
14, 429
295, 615
45, 904
35, 084
127, 257
21, 867
274, 579
31,282
27, 754
132, 856
9,235
272, 097
40, 439
25, 298
131, 062
9,873
238, 3il
26, 475
17, 893
136, 580
10, 448
280, 940
28,673
15, 844
159, 462
11, 608
293, 615
21,002
16, 307
190,154
11,011
SHIPPING WEIGHT
Water-borne trade:
Exports including reexports thous of long tons
General imports
do
r
r
VALUE
Exports, including reexports, totalf
mil. of dol..
Commercial
do
Foreign aid and relief §
do
By geographic regions:
Africa
thous of dol
Asia and Oceania^
_
do
Euro pet
do
Northern North America
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
Japant
do
Netherlands Indies
_ ._ _
do
Republic of the Philippines
do
Europe:
France
do
Germanyt
_ _ _ _ _ _ _ _ _ do
Italvt
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 t
thous of dol
Crude foodstuffs t
do
Manufactured foodstuffs and beveragest-.do
Semimanufactures t--do _
Finished manufactures t
_
do
By principal commodities:
Agricultural products, totalt
do
Cotton, unmanufactured t
do
Fruits, vegetables, and preparations t do
Grains and preparations t
do
Packing house products t do_ _
0)
1,022
(0
988
0)
0)
927
C1)
0)
916
873, 489
978, 303 890, 286
800, 000
685, 828
884, 492
794, 656
834, 756 837, 967 819, 597
732, 230
Nonagricultural products, totalt
_
do
765, 097
12, 937
16, 209
10, 586
13, 613
19, 222
10, 651
14, 501
19, 899
10, 576
14, 791
10, 591
14, 149
Aircraft, parts, and accessories
do
86, 321
98, 504
83, 163
76, 732
72, 485
83, 819
74, 898
69, 448
91, 303
Automobiles, parts, and accessories
do
83, 931
90, 012
64, 084
73, 958
70, 281
63, 041
69, 666
66. 275
72, 509
68, 089
58, 072
67, 286
64, 498
70, 935
63, 415
Chemicals and related products! do
10,615
12, 589
11, 184
11,036
10, 384
11, 102
9, 359
10, 079
Copper and manufactures
do_ _
7,884
9,188
13, 982
10, 975
75, 472
75, 126
72, 067
67, 058
61, 044
45, 692
66, 903
63, 708
51, 332
Iron and steel-mill products _ _ _ do
48, 479
57, 808
51, 322
209, 648
204, 975
215, 336
172, 342
201, 602
198, 453
213, 963
161, 862
175, 768
201, 453
217, 486
184 172
Machinery totalt
do
29, 373
29, 358
28. 564
26, 234
27. 556
28, 606
32. 983
33, 484
29, 905
39, 024
28, 594
34, 066
Agricultural
_
do
51, 624
47, 692
42, 884
49, 215
42, 785
34, 345
46, 159
48, 973
34, 960
47,560
37,502
50,128
Electrical t
do
16, 615
13, 352
15, 760
15, 654
14. 990
13, 219
15, 980
14, 437
11, 685
11, 771
11, 477
Metal working
do
11, 903
108, 953
103, 673
82, 491
100, 051
99, 590
96, COS
104, 170
77, 829
86, 266
Other industrial
do_ _
101, 772
97, 426
89, 847
55, 572
51, 469
53, 459
67, 864
51,337
47, 250
44, 168
49, 409
61, 266
60, 388
58, 845
61, 395
Petroleum and products t
do
87,005
118, 671
81, 522
105, 207
98, 946
74, 897
62, 166
77, 457
53, 703
Textiles and manufactures £__
do
83, 129
78, 626
67,328
r
Revised. J Not available; see note marked "t".
§ 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 "t"). 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.
t 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 1948 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.
S-22
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1947
September
October
1948
Novem- • December
ber
January
February
March
April
May
June
July
August
September
FOREIGN TRADE—Continued
VALUE—Continued
General imports, total
thous. of dol__ 473, 128
By geographic regions:
Africa
_
do
43, 957
Asia and Oceania
do
77, 879
Europe
do
76, 724
101 121
Northern North America
do
Southern North America
do
70, 076
South America
do
103 370
By leading countries:
Africa:
13, 393
Egypt
do
Union of South Africa
do
15 708
Asia and Oceania:
Australia including New Guinea
do
5 781
16 407
British Malaya
do
5 390
China
do
India and Pakistan
do
24 811
1,444
Japan
_
_
do
1 365
Netherlands Indies
do
10, 038
Republic of the Philippines
do
Europe:
3,408
France
_ _ ___
-do
484
Germany
do
3,040
Italy _
do
13 994
Union of Soviet Socialist Republics
do
United Kingdom
do
15, 702
North and South America:
97 317
Canada
do
167, 058
Latin American Republics, total
do
7,239
Argentina
do
46, 705
Brazil
do
9,076
Chile
do
14, 694
Colombia
_ _ __
do .
32, 449
Cuba
do
Mexico
do
21, 778
15, 657
Venezuela
do
473, 101
Imports for consumption, total __ _
do_
By economic classes:
142, 935
Crude materials
do
85. 483
Crude foodstuffs
do
49 993
Manufactured foodstuffs and beverages do
103,
775
Semimanufactures
do
90, 915
Finished manufactures
- do
By principal commodities:
201, 071
Agricultural products, total _ _ _ _ _ d o
57, 172
Coffee
do
4,367
Hide** and skins
do
14, 924
Rubber, crude, including Guayule
do
139
Silk, unmanufactured
do
26, 632
Sugar
do. __
~yV"ool and mohair unmanufactured
do
15 024
272, 030
Nonagricultural products, total
do
18, 756
Furs and manufactures
do
Nonferrous ores, metals, and manufactures,
45, 121
total
thous of dol
16, 847
Copper incl ore and manufactures do
13, 913
Tin, including ore
do
25,
191
Paper base stocks
do
32, 601
Newsprint
do
19,
708
Petroleum and products
do
491, 618
454, 462
602, 841
545, 791
582, Oil
665, 955
527, 676
549, 313
615, 606
558, 536
' 598, 404
24, 311
88, 400
78, 740
108, 560
71, 556
120 051
26, 179
92, 748
67, 022
94 324
71, 141
103 049
49, 749
121, 481
78, 766
121 274
94, 359
137 213
26, 523
124, 149
79, 149
105 839
60, 230
149 901
45, 513
122, 002
85, 649
101 552
93, 771
133 525
44, 454
138, 879
98, 964
128 806
114, 964
139 887
29
112,
80
114
88
102
35
112,
83
120
84
112
506
298
462
261
892
893
28 868
137, 659
95 043
129 274
76 690
148 072
31 932
117, 739
87 596
125 804
73 173
122 293
41, 595
134, 284
89, 572
136, 887
81, 987
114, 079
1,835
12 749
106
15 003
195
17 680
1,797
9 608
2,486
11 836
1,980
12 983
464
9 445
215
12 126
301
9 978
1,577
12 580
10, 135
10, 837
3 674
15, 789
6 626
21, 568
4,049
3,474
12, 595
9,325
15, 804
8 420
18, 784
2,524
1,572
15, 130
11, 542
25, 416
15 002
21, 270
4,450
2,345
20, 641
4,835
32, 504
6 478
22, 915
2,958
2, 717
21, 883
11 133
20, 304
12 299
27, 383
4, 385
3, 25f>
18, 912
24, 393
23, Oil
10 590
22, 512
4,643
4,908
23, 990
7 287
16, 684
7 778
35 563
4,019
3, 511
16, 942
5 589
20 237
9 133
28 457
3,787
2 942
17 632
13 242
22 204
10 232
27 464
5,671
6 072
25, 381
13 468
23, 885
11 336
22 323
6,750 '
5 876
15, 387
16, 938
20. 493
9 940
20, 505
5, 518
8,910
23, 538
3,493
635
4,958
7,835
18, 424
4,568
971
3,997
5, 101
15, 468
3,053
1,078
6, 105
5, 027
18, 487
4,863
1,208
6,036
5,547
21, 863
4,642
2,705
5,721
1,953
20, 184
6,485
1,734
8,414
7,045
25, 578
4,858
1,358
9,135
6,682
23, 869
4,605
1 501
7,210
7 371
20, 633
7,455
1 989
7,214
7 400
26, 314
6,190
3 062
5,941
5 705
24, 210
6,807
2,982
5,863
8,462
24, 078
105, 380
183, 429
11, 453
46, 741
11,243
23, 320
37, 626
19, 273
14.596
504, 914
91,806
165, 179
12, 732
39, 561
10, 460
17, 615
36, 887
15,732
12, 854
448, 585
117,260
220, 940
17,212
48, 623
14,080
23, 761
42, 708
23. 832
18, 464
562, 365
101,467
200, 286
31, 674
42, 906
12, 675
27, 794
12, 098
19, 573
18, 822
556, 754
99, 895
212, 731
17,658
44, 165
17, 142
18, 135
34, 681
25, 320
19, 986
573, 674
126, 629
237, 245
19, 723
40, 684
17, 874
17, 442
47, 195
27, 204
26, 880
638, 227
112, 951
176, 906
12, 464
30, 850
15, 697
8,694
33, 763
24, 227
23, 344
525, 182
116 194
186, 486
11,906
35, 984
13, 706
14, 182
38, 990
17, 533
22, 735
543, 603
125 531
21 3? 040
17, 600
52 445
18, 004
19, 963
30, 686
17 051
25. 693
595, 911
122 336
184 223
16, 104
36, 230
15, 815
21, 145
29, 810
18. 814
19, 863
563, 310
134, Oil
182, 426
15, 758
34, 909
13, 606
18, 737
42, 551
17, 482
20, 435
r
588, 637
149,385
91, 603
58, 237
110, 476
95, 213
133, 887
83, 069
51, 820
100, 598
79, 211
156, 474
125, 748
60, 865
131, 539
87, 843
197, 840
108, 029
34, 905
121, 347
94, 633
177, 453
115,914
55, 917
133, 772
90, 619
195, 293
122, 012
70, 129
140, 922
110, 164
153, 039
85, 284
56, 028
121, 298
109, 555
153, 254
95, 101
63, 262
130, 225
101, 761
187, 217
106, 830
61, 135
133, 358
107, 371
169, 296
89, 079
57, 206
138, 525
109, 204
177, 410
88, 646
74, 738
140, 598
107, 244
227, 087
59, 827
6,152
16, 190
555
29, 559
16,323
277, 827
11, 566
204, 691
49, 349
8,696
18, 006
276
28, 178
15, 702
243, 895
9,408
271, 896
69, 729
12, 390
25, 739
1,098
38, 368
290, 469
12, 001
272, 553
68, 656
20, 793
31, 827
143
6,090
39, 259
284, 201
16, 791
277, 348
62, 324
12, 592
22, 459
276
30, 796
30, 597
296, 326
18, 355
310, 208
63, 435
10, 587
29, 639
1,863
39, 813
34, 803
327, 981
11, 996
224, 546
39, 531
8,110
16, 405
828
25, 525
24, 612
300, 636
9,600
237, 036
52, 654
6,961
16,335
982
30, 254
20, 269
306, 516
15, 276
268, 016
67, 392
8,694
26,688
2,174
22, 164
29, 007
327, 895
14, 503
238, 887
50, 357
10, 040
27, 233
3,316
22, 470
25 142
324, 423
10, 104
258, 109
44, 395
6,649
28, 365
906
42, 142
26, 948
330, 528
17, 258
42, 116
18, 229
7,550
27, 055
31, 933
20, 191
35,753
15, 110
5,224
25, 396
28, 267
21, 899
51, 618
21, 091
9,927
27, 354
34, 721
28, 743
38, 444
12, 425
9,335
25, 305
29, 375
29, 398
47, 138
19, 129
5,692
30, 978
27, 483
30, 371
49, 643
19, 027
7,613
28, 873
37, 367
37, 277
44, 661
15, 376
8,452
22, 347
32, 801
32, 341
49, 045
13, 499
13, 225
28, 967
34, 395
30,204
50, 995
18, 967
13,947
32, 296
34, 843
34,612
52, 533
19, 224
7,965
29, 563
33, 093
32, 665
55, 656
15, 895
11, 666
27, 271
37, 320
32, 925
27, 176
13, 275
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
' 2, 754
1,181
546, 018
29, 427
13, 316
7,935
2,890
1,206
622, 710
21, 877
23,632
23,180
22, 712
n, 107
285
286
725
509
248
624
558, 196
587, 874
TRANSPORTATION AND COMMUNICATIONS
TR AN SPORTATION
Airlines
Operations on scheduled air lines:
Miles flown revenue
thousands
Express and freight carried
short tons
Express and freight ton-miles flown thousands
Mail ton-miles
flown
_ _ do
Passengers carried, revenue
do
Passenger-miles flown revenue
do
27, 515
9,975
5,837
2,468
1,235
599, 683
28, 373
14,207
8,203
2,791
1,195
569, 885
24,280
11, 575
6,690
2,578
24, 599
14, 112
7,993
3,688
23,624
11, 754
6,850
2,737
20,978
10, 582
6,199
2,618
24, 849
12, 793
7,817
3,045
427, 686
432, 548
393, 637
349, 934
431, 156
25, 710
12, 422
7,446
2,819
1,017
473, 950
26, 668
26,183
63
27,790
32, 075
26, 575
25, 910
26, 355
26, 318
17
8. 1854
1,472
113, 300
8. 2104
1,570
121, 200
8. 3073
1,478
115, 600
8.3406
1,584
127, 000
8.4043
1,537
120,100
8. 4652
1,438
111, 100
8.5234
1,581
121, 800
8. 5816
1, 491
119,600
8.6093
1,487
120,200
8. 6591
1,437
118, 300
8.9140
1,356
123,700
8. 9694
1,342
127,800
9. 0165
1,369
3,600
3,808
4,424
3,164
3,824
3,078
2,954
2,984
4,404
3,524
4,183
1,592
1,728
2,030
1,495
1,787
1,454
1,609
1,610
1,913
1,499
1,823
3,562
746
59
212
223
43
311
420
1,548
3,602
694
58
197
195
58
302
420
1,678
904
853
752
694
881
Express Operations
Operating revenue
Operating income
thous. of dol
_ do
Local Transit Lines
Fares, average cash rate
__
cents
Passengers carried, revenue^
millions
Operating revenues
thous of dol
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
713
54
191
210
74
299
467
758
60
191
216
91
274
491
119
934
74
222
245
93
238
588
75
714
60
168
177
50
66
432
73
916
75
205
225
55
63
499
Revised. d Deficit.
HData for November 1947 and January, May, and July 1948 are for 5 weeks; other months, 4 weeks.
JFigures for January-March 1946 revised; see note marked "t" on p. S-22 of the July 1948 Survey.
78
730
60
166
144
34
56
434
5
510
53
181
141
35
64
461
131
408
40
173
153
49
204
447
1
992
72
224
200
63
395
544
25
795
58
189
199
42
332
408
20
786
67
246
322
44
408
487
* 18
SURVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-23
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
TRANSPORTATION AND COMMUNICATIONS—Continued
TRAN SPORTATION— Continued
Class I Steam Railways— Continued
Freight carloadings (Federal Reserve indexes) :
Total, unadjusted
1935-39=100
Coal ___ _
do
Coke
do
Forest products
.
do
Grains and grain products _ _ _
_- -do __
Livestock
do
Ore
do _._
Merchandise, 1. c. 1
do
Miscellaneous
_ ...do __
Total, adjusted
do
Coal
do .__
Coke
do
Forest products _.
do
Grains and grain products
Livestock
_
_ _ _ d o __
Ore
do
Merchandise, 1. c. 1
_ _
do
Miscellaneous
do
Freight -car surplus and shortage, daily average:
Car surplus, total
number
Box cars
do
Coal cars§
do
Car shortage, total... ._
_ _ do __
Box cars
do
Coal cars§
do
Financial operations (unadjusted):
Operating revenues, total
thous of dol
Freight
do
Passenger..
_
do
Operating expenses
do
Tax accruals, joint facility and equipment rents
thous. of dol. Net railway operating income _
do
Net incomef
do
Financial operations, adjusted:
Operating revenues, total
mil. of dol
Freight
_.
__
do
Passenger
do
Railway expenses
• do
Net railway operating income
do .__
Net income..
do
Operating results:
Freight carried 1 mile
mil of ton-miles
Revenue per ton-mile
cents..
Passengers carried 1 mile .
_
millions
153
153
178
161
153
139
272
77
157
142
153
180
149
137
105
181
73
145
156
156
188
155
152
161
235
78
163
145
156
192
147
152
104
163
75
149
150
160
195
147
142
133
163
77
158
147
160
195
150
145
105
163
75
151
139
155
201
141
130
92
60
71
147
149
155
191
158
138
96
192
74
156
133
155
192
137
132
81
45
65
139
145
155
183
153
132
84
180
68
152
129
150
188
135
101
61
49
69
137
139
150
178
140
103
76
195
71
146
122
98
163
146
100
62
57
73
142
130
98
162
146
109
79
195
72
150
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
1,322
238
0
34, 443
17, 165
14, 913
942
132
0
40, 103
20, 819
2,505
5,886
12, 013
6, 657
1,817
132
13, 030
35, 244
2 585
27, 938
104, 170
14,515
5,824
15, 633
5,392
4,285
75
0
27, 865
16, 631
10, 129
712
143
12, 146
727, 087
794, 165
' 593, 265 664. 648
' 80, 370 75, 009
•• 588, 760
611,872
755, 324
625, 241
73, 661
807, 428
627, 816
89, 461
631, 150
105, 860
76, 433
48, 904
94, 432
65, 577
43, 358
96, 255
80, 023
739.1
611.7
76.7
653. 4
77.0
786.0
805.7
636.9
15,045
r
r 90, 012
'48,315
20, 147
716.3
583.4
80.7
680.5
35.8
3.5
r
59, 422
1.057
3,855
696.3
42.8
9.4
64,592
1.089
595,315
707.6
78.4
46.9
59, 656
1.114
3,450
3,342
9,153
4,451
5,643
6,047
60,212
3,600
934
16, 942
1,736
11, 539
14, 108
12 637
385
56
16, 992
8 279
486
47
19, 095
5,210
12, 985
80, 897
615, 856
589, 894
72, 065
586, 356
776 616
642 346
74, 398
618, 759
728 969
601, 376
69, 490
585, 625
796 403
666, 984
71, 786
616, 231
83* 106
690, 838
84, 251
626, 080
841, 994
685, 426
95, 094
626, 159
868, 089
711, 360
92, 511
637, 362
844, 774
696, 795
83, 603
620, 993
93, 582
90,110
97, 132
60, 724
35 447
90, 239
53, 104
26, 916
89, 993
90, 178
63, 715
87, 047
124, 979
94 071
110, 578
105, 257
76 474
115, 033
115, 695
85, 510
112,932
794 7
855 6
710. 3
81 6
719.0
136.6
102 5
818 6
669 8
87 5
726 8
91.7
r
57 4
842.4
695.2
613,361
41,297
18, 707
766.6
4,922
7,586
39, 425
17, 798
781.1
7,783
2,974
77.4
710.5
70.6
760 8
623 3
75 5
705 4
55.4
22 2
3,654
53 579
1.176
3,198
52 466
1.300
3,271
83.2
49.8
59.6
27.8
3,948
14
9,938
715,891
750, 735
624.1
84.7
57, 332
1.159
109
13, 282
1,133
11 500
4 374
8,747
2,888
5,468
87.8
722.5
3,459
95, 106
2, 330
1,079
1 058
707.0
55, 125
1.197
644.2
oo o
726 1
593.6
72 1
684.4
41.7
8.8
665.0
72 8
701.0
93.7
61.8
15,350
2,002
5,020
9,891
110, 849
82.8
743. 6
98.7
64.3
49 902
1.284
3,043
60 250
1.183
3,151
58 231
1.262
57 995
1.261
4,094
61 253
1.231
3,961
8,765
9,004
4,407
8,773
4,478
4 507
4 294
3,660
6,262
58 815
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..
U S citizens, departures
do
Emigrants
do
Immigrants
do
Passports issued
. _
- - do
National parks, visitors
thousands
Pullman Co.:
Revenue passenger-miles
millions
Passenger revenues
thous. of dol
4,272
4,924
7,905
3,633
4,273
2,815
3,631
8,167
3, 7-15
6,400
2,774
3,625
6,826
4,703
4 005
3,720
4 099
4,304
1 813
886
1,889
1,032
1,886
1,124
2 162
1,223
1,935
1,111
2 098
1,092
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
5.07
92
238
5.14
93
226
5.28
87
234
4.91
78
202
5.06
86
227
5.03
88
211
4.81
89
206
5.35
89
245
4.91
89
246
5.27
89
248
5.12
83
227
5.62
88
236
5.53
90
240
60, 324
34, 112
46, 492
32, 168
46, 695
42, 469
47, 587
44, 295
41,823
40, 260
37, 517
40, 803
44, 763
59, 068
14, 880
13, 402
598
37, 411
31, 743
1,566
14, 879
11, 786
171
38, 380
36, 317
13, 853
12, 182
1,185
36, 074
25, 099
1,702
15, 618
10, 456
253
14, 126
14, 833
176
14, 272
17, 915
208
26,883
14, 211
25, 110
351
12, 742
27, 304
689
12, 345
30, 372
1,454
21, 699
2,613
16, 168
258
13, 892
1,371
9,328
1,048
1,045
9 364
975
8 676
935
8 254
1,040
9 516
1 028
9 334
1 016
9 128
237, 939
132, 124
87, 003
187, 252
235, 094
132, 437
238, 347
133 426
85, 348
185, 762
25, 250
33, 499
241, 148
135, 379
85, 868
189, 214
24, 702
33, 769
240, 002
133, 533
86, 248
15, 014
14,d 224
15, 482
14, 610
* 108
16, 508
14, 759
741
15, 107
15,d 091
15,403
14,490
2,065
1,702
170
2,005
1,842
1
1,980
1,724
39
1,931
1,832
12
1,869
1,849
1 797
1,819
9,196
2,429
1,104
2,047
1,028
6,535
2,820
6,446
7,002
2,998
14, 567
3,106
4,063
8,374
8,924
8,737
9,762
1,020
1,202
10, 610
213, 422
118, 134
77, 929
175, 079
16, 890
31, 058
222, 090
121, 969
217, 513
121, 596
78, 132
172, 927
20, 818
31, 721
230, 620
127, 132
85, 189
184, 807
22, 010
32, 094
229, 797
129, 809
81, 821
182, 116
32, 385
225, 584
128, 440
78, 490
174, 364
23, 956
32, 628
16, 370
14, 466
922
16, 663
14, 650
14,d 236
16, 427
14, 633
1,091
15, 192
14,d 508
14, 084
13,d210
16, 055
1,996
1,820
6
2,062
1,931
1,837
d
2,307
1,872
125
1,629
1,567
d
1,885
1,843
d
2,089
69
1,773
1, 538
57
!02
1,787
92
2,012
1,758
60
1,853
1,923
1,991
1,878
49
1,767
1,934
2,108
1,854
1,812
1,760
1,765
1,817
1,896
d
1,807
1,779
* 48
1,846
1,857
d
1,000
4,461
2,800
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, incl. 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
r
*14&
82,528
179, 941
19, 202
31, 421
14,530
1,128
1,890
*11
668
d
%39
2,093
<*28
21,611
809
*19
83
!2S
*7S
23,800
32, 934
14,190
900
140
83,653
183, 836
24, 130
33, 186
185
87
193,785
21,180
34, 009
759
*64
50
dQ2
Revised. d 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.
IData relate to Continental United States. ^Revised data for August 1947, $52,644,000.
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
« 1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
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. of lb_.
Chlorine
.
_ _ __ short tons _
Hydrochloric acid (100% HC1)
do
Lead arsenate (acid and basic)
thous. of lb_.
Nitric acid (100% HN03)
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% H 2 SO 4 ):
Production _
short tons.
Price, wholesale, 66°, tanks, at works
dol. per short ton__
Organic chemicals:
Acetic acid (synthetic and natural), production
thous. of lb._
Acetic anhydride, production. _ _ _. _ do
Acetyl salicylic acid (aspirin), production. -do
Alcohol, denatured: %
Production
thous. of wine gal
Consumption (withdrawals)
_ _ _ do
Stocks
do.
Alcohol, ethyl: t
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 lb__
Glycerin, refined (100 % basis):
High gravity and yellow distilled:
Production
thous. of lb__
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 lb._
88, 120
3,107
47, 177
95, 826
2,272
48, 336
92, 185
2,709
48, 462
97, 773
2,190
55, 343
95, 405
2,003
58, 091
90, 550
2,433
55, 006
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
102, 410
124, 178
33, 541
0)
94, 564
1,093
87, 249
80,016
127, 245
36,461
0)
99, 318
1,314
99, 213
61,368
124, 634
37, 609
101, 558
1,212
89, 353
57, 996
128, 797
38, 149
0)
104, 096
1,251
90, 412
57, 125
123, 319
39,089
3,229
103, 834
1,271
95, 331
59, 304
116,143
33, 940
3,697
100, 546
1,258
90, 601
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, 580
0)
95, 570
1,279
106, 169
359, 004
7, 350
177, 012
395, 609
8,413
186, 254
379, 821
7, 527
181, 298
389, 656
7,983
182, 806
383, 481
7,664
182, 778
360, 437
7,106
173, 693
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
36, 329
43, 724
45, 233
40, 061
37, 529
44, 090
54, 702
38, 773
33, 588
39, 093
38, 230
36, 085
38, 232
65, 414
70,293
71, 245
73, 846
70, 456
64, 182
69, 688
70, 928
73, 510
65, 602
64,083
67, 293
71, 926
856, 783
897, 297
884, 365
967, 235
932, 933
893, 440
956, 957
904, 562
931, 788
838, 982
838, 317
901, 994
866, 168
16.50
16.50
16.50
16.13
15.00
15.00
15.00
15.00
15.00
15.00
15.00
15.00
15.00
28, 606
50, 308
1,083
29, 560
55, 071
1,092
30, 439
55, 347
1,016
31, 163
57, 507
615
34, 189
62, 700
979
32, 624
58, 184
985
34, 605
64, 849
1,054
33, 244
60, 103
1,061
39, 091
63, 937
559
38, 041
57, 100
649
37, 745
63, 246
249
31, 626
62, 371
905
21, 594
21, 820
1, 351
' 18, 624
19, 026
••944
'17, 700
16, 937
' 1, 720
12, 576
12, 436
' 1, 851
11,051
11, 250
1,653
13,016
13, 053
1,613
'13,311
13, 208
1,712
' 13, 754 ' 12, 973
13, 154
14, 207
1,073
1,245
12, 534
12, 492
1,110
14, 289
14, 124
1,282
15,636
15, 573
1,344
29, 852
27, 668
' 29, 265 ' 27, 389
38, 273
34, 874
' 29, 808 31, 601
37, 699
34, 353
' 29, 413
31, 032
574
521
569
395
' 23, 213 ' 24, 899 ' 25, 426 ' 23, 445
2,933
3,237
' 2, 827 ' 2, 838
12, 884
10, 654
'12,179
11, 590
5,422
5,788
5,763
5,850
23, 833
38, 487
38, 114
373
22, 997
3,024
11, 345
4,972
25, 790
35,098
35, 654
444
r
26, 626
3,432
11, 930
5,457
27, 972
31, 725
31, 313
412
28, 671
3,809
' 18, 609
18, 718
' 1, 449
r
' 29, 788
r 24, 291
r 22, 777
1,514
' 34, 101
3,201
13, 407
6,785
f 38, 939 ' 28, 457 ' 26, 625 ' 17, 396
' 26, 578 22, 787 ' 22, 637 21, 248
' 25, 882 22, 170
21, 783
20, 738
697
618
510
'854
' 38, 514 r 33, 968 r 32, 839 ' 23, 098
2,580
4,630
' 4, 280
4,090
12, 573
12, 835
14, 263
13, 909
7,132
8,651
5,261
7,181
r
20, 951
23, 886
22,654
1,232
' 21, 151
2,678
11,925
5,712
8,812
7,210
19, 143
7,936
8,311
17, 595
7,560
7,386
16, 256
8,752
7,754
17, 341
8,701
7,426
17, 396
7,947
7,098
17, 974
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
6,886
7.547
13, 795
7,956
6,786
19, 503
9,883
7,843
18, 314
8,782
7,173
17, 781
9,202
7,511
17, 327
10, 437
8,049
18, 306
10, 294
7,376
19, 013
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
8,991
7,471
20, 701
9,484
7,432
20,420
194
6,564
11, 800
226
7,065
12, 529
229
6,832
12, 373
257
7,199
12, 893
219
8,806
12, 433
198
9,161
12, 048
204
10, 944
14, 082
212
10, 489
13, 072
203
12,771
13, 632
190
12, 880
11, 606
214
13,508
12, 133
190
14, 261
11, 567
397
'432
130
'302
268, 584
73, 070
181, 822
9,222
85, 782
75, 226
18, 994
4,230
0
'485
81
'404
228, 569
91, 614
127, 772
6,320
103, 280
81, 777
34, 298
14, 131
0
••645
182
'464
208, 651
96, 967
98, 305
11, 236
86, 056
68,383
28, 321
3,588
7,659
'815
181
'634
272, 541
61, 223
189, 251
10, 040
102, 099
78, 092
24, 994
5,037
9,154
' 1, 440
188
' 1, 252
318, 694
169, 457
128, 272
10, 030
147, 828
126, 802
78, 764
436
8,238
' 1, 085
202
'883
276, 845
68, 429
198, 169
8,563
145, 160
116, 875
76,232
301
12, 861
'643
118
'525
171, 981
31,564
133, 078
5,524
163, 761
131, 798
89, 924
8,594
6,662
'382
99
'283
202, 191
34, 469
161, 829
3,797
104, 306
92, 041
68, 049
5,890
2
'356
188
'168
264, 889
77, 029
181,354
5,467
78, 688
72, 494
30, 339
243
0
'342
142
'200
359, 713
54, 897
295, 984
8,109
129, 587
121, 746
64, 920
3,481
0
581
182
399
45.50
75,764
45.50
77, 680
45.50
97,333
46.13
112, 214
48.00
99, 728
48.00
99, 135
48.00
80, 497
48.00
84, 792
48.00
80, 338
50.63
90, 806
51.50
96, 738
822, 448
852, 303
89*3, 613
863, 407
FERTILIZERS
Consumption, totalf
thous. of short tons__
Midwest States f
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
' 1, 427 ' 1, 130
168
257
'962
'1,170
152, 851
209, 169
14, 306
88, 927
102, 243
116, 204
10, 735
8,000
158, 626
115,322
135, 258
103, 897
99, 494
68, 081
318
10, 449
2,479
5,227
48.00
97, 029
48.00
91, 574
881, 041
973, 554
926, 323
883, 852 1, 033, 294
950, 556 1, 039, 952 1, 105, 813 1,081,544
994, 464
974, 420 977, 100
825, 549
741,993 r 839, 890 801, 926
965, 480 1,131,883 '1,314,000 1, 421, 300 1, 418, 921 1, 406, 643
NAVAL STORES
Rosin (gum and wood) :
Production
drums (5201b.)__
Stocks, end of quarter
do
Price, gum, wholesale, "H" grade (Sav.), bulk
dol. per lOOlb..
Turpentine (gum and wood) :
Production
bbl. (50 gal.)__
Stocks, end of quarter
do ...
Price, gum, wholesale (Savannah) dol. per gal
572, 233
284, 840
7.10
189, 689
194,111
.62
508, 543
339, 269
8.46
.62
8.91
8.87
.64
159, 665
210, 116
.64
382, 720
277, 980
8.83
.63
8.55
7.19
.63
115, 460
195, 350
.64
566, 300
401, 170
7.00
.62
6.80
7.52
7.29
7.28
7.41
.58
183, 240
200, 990
.42
.39
.38
.38
MISCELLANEOUS
Explosives (industrial), shipments:
r
r
Black blasting powder
thous of Ib
3,672
3,812
3,500
3,233
3,653
3,049
2,739
2,415
3,336
2, 886
2, 168
2,836
2,548
High explosives
do _
52, 115
55, 622
48, 865
48, 707
45, 366
45, 799
46, 406
45, 302
58, 026 ' 60, 271 r 54, 584
60,929
58, 124
Bone black:
Production
short tons.
1,085
1,085
848
1,102
1,033
1,010
1,017
519
520
607
Stocks
do
1,079
1,375
1,180
1,254
1,474
1,696
2,004
1,877
1,650
1,526
' Revised. 1 Not available for publication.
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 this issue 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. S-21.
J Revisions not shown above (thous. of gal): Denatured alcohol, July 1947—consumption, 15,062; stocks, 1,319; ethyl alcohol, withdrawn for denaturing—July 1947, 27,374; August 1947,
SURVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-25
1948
1947
September
October
November
December
January
February
March
April
May
June
August
July
September
CHEMICALS AND ALLIED PRODUCTS—Continued
MISCELLANEOUS—Continued
Gelatin:
Production, total.
Edible
Stocks, total
Edible
Glue, animal:
Production
Stocks
Sulfur:
Production
Stocks
_
thous. of Ib
do
do
do
_
do _
do
3,116
2,420
5 961
2,356
4,017
3,077
5,431
2,400
4,290
3,277
5,739
2,714
4,415
3,104
6,427
3,300
4,639
3,222
6 387
3,034
4,659
3,425
6,558
3,144
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
12, 003
7,882
14, 666
8,392
13, 636
9,509
13, 185
12, 444
14, 229
10, 605
13, 131
10, 828
11, 795
10, 957
12, 165
12, 062
11, 503
12, 960
11, 771
14, 823
423, 233
409, 610
400, 657
406, 220
392, 991
402, 832
389,014
405, 205
425, 612
406, 964
long tons
409, 530
388, 332
391, 214
do__. 3, 449, 732 3, 457, 899 3, 435, 298 3, 371, 034 3, 373, 422 3, 348, 462 3, 368, 064 3, 338, 345 3, 297, 705 3, 303, 984 3, 340, 019 3, 310, 593 3, 313, 777
OIL SEEDS, OILS, FATS, AND
BYPRODUCTS
Animal fats, greases, and oils:
Animal fats:
Production.
thous. of Ib
308, 338
283, 334
227, 941
190, 394
Consumption, factory
do
126, 774
133, 405
156, 053
135, 042
Stocks, end of month
do
323, 979
259, 905
251, 134
320, 151
Greases:
50,314
Production
do
51, 131
47, 998
40, 260
Consumption, factory _.
do _
54, 205
50, 308
55, 244
49, 846
104, 052
96, 603
99, 021
Stocks, end of month
do
97, 788
Fish oils:
21,612
4,813
25, 242
Production
do
7,020
22, 833
23, 288
20, 112
Consumption, factory.
do...
25, 278
74, 569
98, 271
86, 285
Stocks, end of month
do
83. 937
Vegetable oils, oilseeds, and byproducts:
Vegetable oils, total:
Prodnntion, erildfi
mil. oflb
487
477
466
330
436
325
469
429
Consumption, crude, factory
do
Stocks, end of month:
452
496
476
466
Crude
_
.
do
242
243
207
210
ReMined
do
37, 302
23,434
27, 885
19, 525
Exports§
thous. of Ib
19, 106
32, 474
23, 661
5,462
Imports, total
_
_ _ _
do _
3,921
13, 208
17, 008
2,801
Paint oils
do
2,661
15, 465
10, 453
15, 185
All other vegetable oils
do
Copra:
49, 526
47, 857
41, 920
60, 511
Consumption, factory
short tons._
41,611
26, 059
23, 077
23, 910
Stocks, end of month
do
85, 829
53, 485
67, 222
48, 297
Imports
. _.
do
Coconut or copra oil:
Production:
53,609
63, 162
61, 982
77, 238
Crude
thous. oflb.
35, 423
33, 225
35, 088
33, 498
Refined
do
Consumption, factory:
72, 343
76, 851
73, 161
79, 649
Crude
do
26, 964
29, 973
30, 165
28, 327
Refined
do
Stocks, end of month:
89, 241
69, 654
59, 581
70, 110
Crude
do
10, 025
10, 246
11, 183
11, 823
Refined
_ _ _ _ _ do
956
5,080
0
Imports
do
C1)
Cottonseed:
1,509
654
••790
476
Receipts at mills
thous. of short tons._
r
596
350
565
647
Consumption (crush)
__do
r
1,515
1,458
605
1,426
Stocks at mills, end of month
do
Cottonseed cake and meal:
r
276, 451
261, 942
158, 352 301, 370
Production
_ _ .short tons
r
62, 121
38, 424
Stocks at mills, end of month
do
74, 035
71, 590
Cottonseed oil, crude:
179, 183
198, 851
105, 641
175, 731
Production
_ _ __ thous. of Ib
96, 256
Stocks, end of month
do
110, 229
56, 980
110, 827
Cottonseed oil, refined:
161, 447
158, 969
145, 297
55, 933
Production
do
119, 562
127, 104
129, 816
74, 752
Consumption, factory
_ _ _ _ _ _
do
41, 554
44, 146
42, 368
27, 891
In oleomargarine
- _ _
do
132, 055
152, 986
108, 135
91,817
Stocks, end of month
do
Price, wholesale, summer, yellow, prime (N. Y.)
.289
.276
.224
.237
dol. per lb._
Flaxseed:
2 39, 763
Production (crop estimate)
thous. of bu_
Duluth:
1,435
48
911
2,733
Receipts
_ _ _
do
1,147
1,764
1,053
436
Shipments
do
2,699
2,463
1,019
747
Stocks, end of month
do _
Minneapolis:
1,904
4,928
8,425
1,360
Receipts
do
274
1,142
168
530
Shipments
do
6,434
6,305
5,004
Stocks, end of month
do ._
5,833
Oil mills:
3,174
3,028
2,319
2,410
Consumption
do
6,815
6,559
6,900
Stocks, end of month
do
5,720
2
0
0
0
Imports . _
do...
6.84
6.78
7.01
6.39
Price, wholesale, No. 1 (Minn.)
dol. per bu_.
Linseed cake and meal:
51, 480
49,500
Shipments from Minneapolis
thous. of lb__
49,020
45,360
Linseed oil:
61, 592
45, 496
59, 084
48, 030
Production
.. _ _
do
27, 900
29, 580
33, 840
27, 240
Shipments from Minneapolis
do
36, 266
44, 596
38, 505
40, 753
Consumption, factory
do
126, 499
124, 724
127, 463
Stocks at factory, end of month
.do .
118, 699
.324
.346
.318
.303
Price, wholesale (N. Y.)
dol. perlb..
Soybeans:
2181.362
Production (crop estimate)
thous. of bu
14, 704
15, 268
11, 494
9,809
Consumption, factory
_
. do
48, 123
48, 900
34, 823
2,813
Stocks, end of month__
do
p
2
3
Revised.
* Less than 500 pounds.
December 1 estimate.
October 1 estimate,
§ Beginning in the April 1948 Survey export figures include Army civilian supply shipments;
302 208
135 260
350, 058
258 924
118, 795
369, 460
222 845
116, 571
369, 989
222 070
107 826
396, 045
238 278
116, 137
414, 980
267, 662
122, 370
431, 815
215, 921 rr 189, 987
113, 254
84, 640
449, 291 ' 376, 852
185. 865
113, 369
326, 165
52 331
55 351
119, 272
46, 815
53, 195
122, 608
45, 153
56, 212
129, 645
45 543
51, 525
126, 831
47 147
46, 433
124, 582
51, 411
51, 931
129, 997
48, 097
30,009
149, 604
43 323
47, 211
142, 626
42 192
50, 474
129, 354
1 024
23 980
85 778
697
20,178
69, 069
766
19, 095
61, 021
1 000
15, 721
55 000
4,296
16, 993
60, 879
13, 345
17, 776
66, 479
17,112
13, 979
78, 276
23 379
'
18, 569
r
89, 878
22 332
18, 946
93 229
513
458
441
410
408
425
352
385
331
351
316
354
310
281
307
322
406
367
539
247
737
628
651
977
598
264
14 198
40, 402
21 847
18, 555
592
305
21 199
32, 646
10, 270
22, 376
555
292
16 319
29, 596
10 531
19, 065
526
252
25 554
30, 256
9 266
20, 991
465
227
19 750
25, 708
9 697
16 Oil
474
201
14, 204
25, 931
15, 888
10, 043
'447
149
11, 831
23, 799
7,390
16, 409
461
130
61, 796
37 259
56, 167
53, 135
35, 392
55, 546
50,194
36, 471
51, 513
40, 136
28 825
34, 349
35, 102
22, 659
27, 644
31, 797
21 868
40, 991
23, 530
25, 145
24, 916
32, 503
16 638
41, 894
23, 553
16 581
81 371
37 233
67, 737
28 361
64, 280
31, 502
51, 137
27 771
45, 362
26 935
40, 456
29 812
29, 945
21, 890
41, 408
28 744
30, 003
24 611
85 370
29, 315
68, 333
24, 666
69, 523
23,342
54 484
22, 985
54 088
23, 575
57 539
26, 332
40, 259
16, 255
54 944
23, 916
50 150
21, 118
75 584
12 616
11, 593
86, 546
10,500
3,848
96, 226
11,837
9,598
98 773
12 120
7,694
101 254
14 214
6,428
85 804
12, 274
6,528
78, 048
11,561
2,991
70 315
11, 164
5,419
54 892
10, 899
212
522
1 116
74
412
778
51
326
503
24
205
322
14
147
188
22
115
96
95
65
93
373
173
289
1,231
534
985
241, 668
71, 207
191, 325
85, 139
154, 388
86, 060
95, 374
92, 080
67, 944
100, 037
54, 105
94, 516
50,154
82, 363
80, 566
74, 554
241, 993
75,250
163 998
121, 742
130, 270
117, 424
105, 162
87, 096
67 539
58, 472
47 743
43, 054
38 023
32, 616
32, 145
22, 893
51 209
25, 601
165 718
63, 285
140
126
46
152
848
686
718
706
124 877
106, 611
42, 779
158, 523
123, 628
105, 985
38, 728
182, 206
952
170
114
689
35, 627
46, 449
20, 314
98, 432
40 299
76 475
30, 955
60 695
106 514
103 281
.299
.246
.261
.356
.290
.211
35
34
11
22
90
96
36
168
821
604
180
750
.305
60
91
40
126
035
090
195
912
.371
47
68
32
111
59 241
.231
3 49, 975
165
183
728
794
o
50
1
843
53
189
707
45
69
683
80
459
304
216
294
225
242
310
157
5 233
1 253
4 137
1,224
257
5,114
723
318
4,263
530
298
3,099
653
199
2,500
870
308
1,888
1 178
162
967
1,384
196
636
8 357
614
1 420
15 101
2 654
9 748
2 930
6,290
5
7.06
2 595
5,800
6
6.51
2 309
4,879
2
6.19
2 442
3 843
1
6.04
2 737
3 234
477
6.09
3 156
4 185
105
6.09
3,798
6,112
332
6.08
3 577
6 746
95
6.00
3 583
8 563
50,460
49, 740
47, 280
47, 580
44, 520
48, 120
42, 000
48, 840
66,540
57, 465
29, 940
39, 008
135, 394
.338
51,663
28, 020
38, 987
141, 504
.306
46, 264
29, 760
40, 871
135, 741
.292
48 974
37, 440
40, 292
134, 511
.290
54 170
33, 720
40, 754
131, 442
.290
63 142
33, 540
44, 330
137, 132
.294
76, 965
32, 460
39, 275
150, 118
.291
72 234
33 300
42, 671
165 273
.290
71 664
35 160
42, 615
177 488
.290
16,481
47, 824
14. 962
43. 596
14, 762
36, 857
14, 185
33.608
13, 247
27. 447
12, 681
23.042
12 571
15. 821
r 10 742
3 205 820
10 195
5. 341
66
see note marked "J" on p. S-21.
r 7. 867
6.00
SUEVEY OF CURKENT BUSINESS
S-26
November 1948
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
September
October
November
December
January
February
March
April
September
"May
June
July
122 791 rr 105 282
84 615
108 965
80 426 T in 700
103 437
95 790
105 667
r 54 843
63 756
.278
44 943
51 230
.294
August
CHEMICALS AND ALLIED PRODUCTS—Continued
OIL SEEDS, OILS, FATS, ETC.— Continued
Vegetable oils, oilseeds, etc.— Continued
Soybean oil:
Production:
Crude
thous. of Ib
Refined
do
Consumption, factory, refined
do
Stocks, end of month:
Crude
do
Refined
- - do_ __
Price, wholesale, edible (N. Y.)
dol. per l b _ _
Oleomargarine:
Production
thous. of Ib
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
91 980
89, 400
110,339
107 584
88, 433
142 451
134 042
97 j 345
119 475
139 990
112,683
108 985
152 966
110 912
110 777
139 900
99 320
94 091
139 370
108 829
100 295
133 994
116 152
114 035
128 596
112 696
122 268
123 931
112 433
115 310
79, 932
124, 183
.233
80, 648
76, 814
.264
84,450
59, 644
.312
77, 674
64,422
.326
86 703
63, 850
.326
104 788
71, 561
.262
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
67, 422
67. 771
87, 005
82, 894
81, 806
78. 249
79,011
72,914
87 934
87, 252
80 418
72, 986
71 817
74, 314
74 079
75 063
83 892
79 959
75 859
69 403
' 52 554
55 855
.322
.343
.343
.343
.343
.348
.363
.363
.363
117, 849
36, 436
.295
159, 777
42, 063
146, 035
45, 198
131, 863
53, 464
136, 936
54 493
101,120
64 144
109, 013
59, 550
128. 033
51 396
124 142
56 751
120 804
75 915
79, 577
72 513
86, 312
76, 662
31, 607
45, 055
9,650
91, 443
82, 459
34, 970
47, 489
8,984
71, 199
64, 200
28, 623
35, 577
6,999
68, 914
62, 213
29, 688
32, 526
6,700
88. 015
78, 778
31, 743
47, 035
9,237
78, 933
71, 256
30, 159
41,097
7,677
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
r
80 408
r
31 007
r
49, 401
r
1,284
4,153
921
0)
27, 262
8,381
5,839
15, 125
8,032
1,799
5,105
1,040
(i)
28. 129
10, 931
6.836
18, 040
7,388
1,462
4,666
832
(!)
25, 719
10, 593
6,115
16, 837
7,120
1,343
3,830
842
0)
27, 662
11,456
6, 739
20, 404
7,157
1,285
4,461
865
747
28, 749
10, 226
6,824
19,554
7,677
1,321
3.733
930
652
26, 701
8, 382
6,772
17, 634
7,800
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
(i)
15, 946
8,490
1,066
3,434
794
(i)
20 337
11, 798
(i)
15, 188
9,008
.315
r
73 335
72 858
r
.351
.343
113 663
r 62 015
123 615
50 428
PAINT SALES
Paint, varnish, lacquer, and fillers, total®
thous. of dol_ _
Classified, total
_- --- -do. __
Industrial
- - - do
Trade
_- do
Unclassified
do
r 88, 966
' 94, 364
r 86 002
r 34 706
r
51 296
8 558 r 8 362
90, 824
81 184
31 532
49 653
9 640
PLASTICS AND SYNTHETIC RESINS
Shipments and consumption:
Cellulose acetate and mixed ester plastics:
Sheets, rods, and tubes
thous.
Molding and extrusion materials
Nitrocellulose, sheets, rods, and tubes
Other cellulose plastics
_ _ _
Phenolic and other tar ncid resins
Polystyrene
- Urea and melamine resins
Vinyl resins
-Miscellaneous resins
of Ib...
do
do
do
do
do
do
do
do
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. of kw.-hr__
Flectric utilities, total
do
By fuels
-- ...do. _ _
By water power
do
Privately and municipally owned utilities
mil. of kw.-hr__
Other producers_
do. _.
Industrial establishments
do
By fuels
do
By water power
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 .
25, 634
21 481
1 5, 875
5,606
26, 748
22 338
16, 846
5 492
26, 180
21 847
15. 763
6 084
27, 951
23, 512
17, 099
6,413
28, 443
23 958
17, 514
6 444
26, 465
22 194
15, 821
6, 373
27, 966
23 478
16, 005
7,473
26, 569
22 296
14, 41 6
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
18, 630
2,851
4, 153
3,858
295
19, 540
2,798
4,410
4,063
348
18, 977
2,870
4, 333
3. 950
383
20, 292
3,220
4,439
4,085
355
20, 649
3,309
4,485
4,119
366
18, 996
3,198
4, 271
3,902
369
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
18, 496
18, 656
18, 726
19, 617
20, 267
19,904
19, 969
19, 400
19, 163
19, 297
19, 367
20, 180
3 406
9,724
518
3,512
607
193
490
45
3 293
9 951
548
3 601
498
219
499
46
3 346
9 757
578
3 876
382
234
502
51
3 490
9,934
648
4,329
379
251
530
56
3 570
9 990
685
4,777
384
248
548
66
3 518
9 897
613
4,633
429
219
534
59
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
325, 639
328, 209
335, 687
351, 460
362, 163
357, 698
354, 600
346, 645
341, 687
344, 779
348, 136
356 619
GAS
Manufactured and mixed gas (quarter ly):J
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 (quarter ly):t
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
r
r
' 10, 956
' 10, 256
'691
r
108, 230
fr 66, 761
40, 516
10, 750
10,r 048
694
'r148, 034
98,
229
r
48, 318
10, 768
10, 050
710
205, 843
143, 042
60, 926
10, 553
9,862
683
138, 358
90,174
47 076
'r107, 736
79, 584
r
27, 532
' 135, 000
' 99, 794
' 34, 284
176, 109
130, 434
44, 490
136, 644
100, 639
35, 203
r
r
r
10, 220
9, 490
••723
f
519, 628
»•
78,
583
r
424, 792
10, 808
10,r 000
800
r
653, 338
' 190, 426
' 439, 638
10, 955
10, 129
818
839, 675
369, 264
441, 040
11,313
10 505
799
653 824
180, 587
458, 268
'150,714
r
60, 944
»• 87, 228
' 222, 929
'r120, 173
98, 824
324, 553
211,399
108, 342
221, 318
117, 238
101 472
r
Revised. * Not available for publication. (giRevised figures for January 1946-February 1947 are shown on p. 24 of the October 1948 Survey.
JRevisions for first and second quarters 1947—Manufactured and mixed gas: Customers—total, 11,120,11,154; residential, 10,408,10,442; industrial and commercial, 704,703; sales to consumers—
total, 198,667, 151,239; residential, 139,578, 100,676; industrial and commercial, 56,986, 49,137; revenue from sales to consumers—total, 158,493, 134,399; residential, 118,894, 100,084; industrial and
commercial, 38,391, 33,417. Natural gas: Customers—total, 9,848, 9,881; residential, 9,092, 9,145; industrial and commercial, 749,729; sales to consumers—total, 742,699, 599,586; residential.,
305,644,165,919; industrial and commercial, 411,862, 415,507; revenue from sales to consumers—total, 275,149,199,524; residential, 175,313,106,398; industrial and commercial, 95,484, 90,121.
SURVEY OF CUEEENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-27
1948
1947
September
October
November
December
January
February
March
May
April
June
July
August
September
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquors:
' 9, 067 «• 6, 651
' 6, 110
' 8, 750
Production
thous. of bbl
' 8, 307
' 8, 380
6,126
«- 6, 445
Tax-paid withdrawals
do
' 9, 648 ' 9, 022
' 9, 020 r 9, 413
Stocks, end of month
do
Distilled spirits:
' 22, 196 ' 40, 152
7,735
' 4, 200
Production
_ _ -thous. of tax galConsumption, apparent, for beverage purposes J
' 14, 214 r 25, 862 ' 18, 263 r 18, 536
thous of wine gal
Tax-paid withdrawals
thous. of tax gal-- r ' 8, 652 16, 497 ' 16. 021 10, 345
Stocks, end of month _
_ d o _- 537, 555 542, 907
527, 337 ' 516, 403
1,414
1,185
1, 172
773
Imports
thous. of proof gal
Whisky:
' 9, 791
9,732
56
655
Production
..
thous. of tax gal
r
' 4, 273
7,819
7,770
5, 510
Tax-paid withdrawals
do
' 474, 623 r 474, 065 •- 463, 391 «- 456, 363
Stocks, e n d o f month
_ _ _ _ _ _ _ _ _ __do
1, 102
1,310
1, 108
709
Imports
thous. of proof gal
Rectified spirits and wines, production, total
9,689 ' 16, 591 «• 17, 836 ' 13, 506
thous. of proof gal. _
' 8, 961 ' 15, 201 ' 16, 388 «- 12, 411
Whisky
do
Wines and distilling materials:
Sparkling wines:
36
29
57
Production
thous of wine gal
97
84
155
158
Tax-paid withdrawals
do
147
1,911
1,774
1,656
Stocks end of month
do
1 581
21
28
28
Imports
do
18
Still wines:t
' 31, 539 f 53, 433 r 11, 432
' 2, 688
Production
do
8, 180 ' 11, 469 11, 226
10, 282
Tax-paid withdrawals
do
' 171, 177 ' 215, 882 r 216, 435 ' 205, 089 r
Stocks, end of month
_ _ _ _
do
194
139
175
138
Imports
do
' 8, 504
Distilling materials produced at wineries _ do . ' 50, 074 ' 97, 911 r 31, 040
6,392
5,952
9,167
' 9, 492
r
r
' 8, 492
' 8, 198
•• 9, 888
8,917
8,827
9,611
' 21, 956 ' 32, 818 ' 28, 717 ' 25, 953 ' 22, 995
r
6,255
5,475
9, 667
12 871
13 140
' 8, 081 r 8, 938
523, 544
513, 899
1,206
980
r9,211
101
64
1 599
26
78
54
1 613
12
' 8, 526
8,682
8,396
9,488
7,886
7,991
9,062
18, 779
15, 924
20, 908
12, 235
12, 155
13. 129
12, 620
12 139
6, 731
' 6, 295
' 7, 271 »• 6, 784
r 6, 667
580, 824 ' 594, 733 602, 873
545, 365 »• 564, 189
877
1,069
1,099
957
943
12, 377
7,532
607, 676
892
9, 304
610, 988
r r20, 863
20, 041 'r14, 930 10. 960
3,231
r 3, 304
3, 127
3, 618
495, 017 ' 511, 232 r 522, 261 528, 926
809
863
942
996
9,540
3,977
533, 292
820
11, 429
4,736
537, 441
10 937
10, 130
' 4, 698 13, 768 »• 20, 638
' 4 049 »• 4, 179
3 575
455, 409 ' 462, 061 r 479 180
892
1 059
866
r 9, 442
«• 8, 696
7, 276
«•r 6, 763
9, 955
7,381
6,977
9,733
7, 030
' 6, 740
' 9, 635
r
r 8, 666
r 8, 429
' 7, 661 7,928
r 8, 143
«• 7, 302
' 8, 254
7,320
8,194
7,362
9,299
8,503
166
50
1 792
25
64
62
1,791
22
121
74
1 823
25
61
57
1,822
16
122
69
1,871
17
565
••441
416
7,234
' 8, 043
8,465
158, 212 ' 147, 708 139, 827
141
189
168
1,342
995
2,610
769
8,248
131,895
204
2,519
144
57
1 685
U
495
647
799
'668
9,952
9 469
8 804
10 917
195, 891 ' 186, 846 r 17 & 208 ' 166, 348
183
160
237
214
r
2, 087
' 1, 055
r 2, 563
2 248
r
DAIRY PRODUCTS
Butter, creamery:
Production (factory) ._
_ _ thous. of Ib
Stocks, cold storage, end of month
do
Price, wholesale, 92-score (New York) dol. per lb_.
Cheese:
Production (factory), total
thous. of lb_American, whole milk * _
do
Stocks, cold storage, end of month, total do
American, whole milk
_
do
Imports
do
Price, wholesale, American, single daisies (Chicago)*
dol. per Ib
Condensed and evaporated milk:
Production:
Condensed (sweetened) :
Bulk goods
thous. of Ib
Case goods
_ _ do
Evaporated (unsweetened), case goods - _ _ d o
Stocks, manufacturers', case goods, end of month:
Condensed (sweetened)
thous. of Ib
Evaporated (unsweetened)
_do
Exports:§
Condensed (sweetened)
do
Evaporated (unsweetened)
_ _ _ _ d o
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case~Evaporated (unsweetened) . . _ _ _ _ do
Fluid milk:
Production
mil. of Ib
Utilization in mfd. dairy products}
do
Price, dealers', standard grade
dol. per 100 lb__
Dry milk:
Production:
Dry whole milk
thous. of lb__
Nonfat dry milk solids (human food)
do
Stocks, manufacturers', end of month:
Dry whole milk. _ _ _ _
_ do_ _
Nonfat dry milk solids (human food)
do
Exports: §
Dry whole milk
_
do
Nonfat dry milk solids (human food) - . do.
Price, wholesale, nonfat dry milk solids (human
food), U. S. average
dol. per lb_.
FRUITS AND VEGETABLES
•• 101, 150
76, 912
.802
r
117, 455
' 97, 624
.756
91, 890
72, 125
.718
69, 220
46, 002
.794
74, 490
23, 672
.881
79, 080
13, 399
.851
77. 095
7,323
.836
89 990
3,482
.802
100, 025
4,449
.828
132, 675
18, 638
.801
135, 575
53, 073
.803
126, 390
83, 105
.786
'r 90, 221 82, 720
72, 031
64, 170
193, 849
176, 626
164, 651
151, 455
615
1, 139
61, 760
44, 480
162, 682
139, 355
1,554
60, 025
42, 395
147, 683
128, 188
1,519
65, 140
45, 740
124, 106
107, 236
1 369
64, 630
46, 730
110, 125
93, 570
1 915
80, 615
58 915
103, 350
88 737
1 591
96, 230
73, 490
105, 263
91, 907
2 012
129, 100
102, 620
123, 507
106, 712
2,010
132, 190
106, 360
165, 201
140, 038
2,106
116, 600 r r107, 735
87, 955
95, 600
197, 220 r 217, 819
168, 809 ' 185, 324
1,491
1,210
96, 075
93, 564
.719
88, 995
71, 175
211, 7S4
181, 493
.425
.438
.442
.469
.477
.471
423
.443
.474
.489
.520
.493
.448
23, 045
21, 100
218, 000
20, 330
19, 500
200, 500
12, 095
12, 650
152, 500
14 165
11, 475
156, 400
14 720
8, 575
176, 000
14 530
8,800
193, 000
17 575
10 275
270, 400
25 255
13, 900
332, 000
44, 300
13, 500
449, 700
47, 890
12, 500
443, 700
41 550
10, 800
379, 800
34, 190
11, 100
349, 600
22 360
10 000
274, 050
r
11, 422
379, 712
9,463
284, 061
8,501
223, 940
9,362
158, 551
8,682
95, 433
9, 124
73, 267
8 622
63 117
8,777
80, 752
11, 619
177, 715
12, 615
337, 507
13 165
444,015
14, 275
514, 094
15 645
621, 948
10, 316
55, 278
15, 726
72, 852
14, 655
49, 110
8,831
25, 680
7 818
19, 601
6,868
16, 073
8 830
18 745
16 123
30, 555
10, 222
32, 766
12, 145
30, 416
10 886
21, 650
8 585
27, 780
8.26
5.24
8.40
5.31
8.80
5.52
8.80
5.70
8.93
5.83
9.12
5.99
9.12
6 00
9.32
6.08
9.69
6.41
9.71
6.48
9.87
6 61
10.03
6 71
10.02
6 56
9,259
3,654
4.71
8,845
3.319
4.87
8,015
2,479
4.97
8,056
2,568
5.02
8 354
2,766
5.08
8 219
2,766
5.10
9 273
3,359
5.09
10 002
3,876
5.07
11, 842
5,182
5.03
12, 240
5,244
5.04
11 592
4,764
5.16
10 557
4,418
5.29
9 160
3,599
5.32
15, 150
39, 740
15, 050
31,000
9,925
22, 320
10, 050
30, 780
11, 790
37, 700
12, 750
39, 650
11, 800
52, 750
13, 420
64, 100
19, 950
90, 250
18, 200
91, 600
18, 100
69, 200
16, 655
50, 700
13, 650
37, 300
18, 229
48, 943
18, 620
35, 359
15, 364
20, 450
12, 496
14, 685
12, 147
14, 613
11,871
18, 155
12, 325
31 806
15, 535
40, 293
20, 107
62, 469
23, 005
80, 093
27 121
90 638
29, 429
97, 774
29 022
82 346
10, 553
25, 188
7,392
43, 660
6,523
33, 512
5,072
28, 515
5,802
19, 710
6,388
9,671
7 532
6 810
6 304
5,383
13, 554
16, 336
9,572
12, 517
9 387
9 674
8 354
8,457
.102
.111
.124
.141
.146
.149
.148
.143
.144
.148
.151
.158
r
.157
Apples:
Production (crop estimate)
thous. of bu_.
i 113, 041
2 96 319
6,253
Shipments, carlotj _
no. of carloads
8,806
3,917
4,729
5,663
3,523
4,516
608
271
4 175
2 406
687
1,720
Stocks, cold storage, end of month.. thous. of bu..
34, 322
10, 435
29, 807
35, 790
••214
16, 567
22, 772
1,855
392
148
4,896
4,817
10, 244
Citrus fruits, carlot shipments
no. of carloads. .
14, 701
16, 695
10, 409
13, 318
16, 502
6,431
14, 233
12, 346
7,590
8,404
15, 061
15, 218
7,087
Frozen fruits, stocks, cold storage, end of month
thous. of lb_. 402, 821
405, 838
392, 077
316, 819
343, 539
369, 470
280, 744
247, 895
281, 762
340, 894 ' 371, 565 374, 907
250, 326
Frozen vegetables, stocks, cold storage, end of
month
thous. of lb__ 353, 239
254, 853
347, 466
323, 991
226, 619
291, 752
181,526- 214, 096 ' 266, 910 322, 095
176, 118
160, 423
196, 628
Potatoes, white:
2
i 384, 407
Production (crop estimate) _ _ _ _ thous. of bu
418 255
21, 484
22, 092
Shipments, carlot
no. of carloads
25, 797
26, 158
20, 349
33, 052
16, 533 r 23, 363
23, 405
27, 753
16, 040
30 522
23, 059
Price, wholesale, U. S. No. 1 (New York)*
5.224
5.332
dol. per 100 lb__
3.769
4.393
3.624
5.915
3.280
3.240
4.165
3.757
4.723
3,499
5.380
r
Revised. 1 December 1 estimate. 2 October 1 estimate.
,
§ Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "J" 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 beginning 1928 will be shown later. The price of U. S.
No. 1 potatoes has been substituted for Long Island No. 1; data are available beginning March 1947 and figures for March-June 1947 are shown on p. S-27 of the September 1948 Survey.
t Consumption of distilled spirits for beverage purposes revised for 1944; revisions are as follows (thousands of wine gallons): January, 11,571; February, 12,590; March, 13,859; April, 11,515;
May, 12,534; June, 11,885; July, 12,627; August, 14,650; September, 13,747; October, 15,954; November, 16,523; December, 19,228; monthly average, 13,890; revisions for 1947 not shown above are
as follows: January, 14,687; February, 13,486; March, 13,729; April, 12,042; May, 12,183; June, 11,411; July, 12,228; August, 12,285. Revisions for 1947 not shown above for still wines (thousands
of wine gallons)—Production, August, 2,482; tax-paid withdrawals, July, 6,628; stocks, July, 152,540; August, 146,665. Fluid milk, utilization in manufactured dairy products, revised for 1946;
data are shown on p. S-27 of the September 1948 Survey.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1947
September
October
1948
November
December
January
February
March
April
June
May
July
August
Septan,
FOODSTUFFS AND TOBACCO— Continued
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and mealt§
thous of bu
50, 894
Barley:
Production (crop estimate)
do
Receipts, principal markets
do
25, 093
Stocks, domestic, end of month:
27, 444
Commercial
do
160 403
On farms
do
2,713
Exports, including maltf§
do
Prices, wholesale (Minneapolis) :
No. 2, malting
dol. per bu__
2.276
2.117
No 3 straight
do
Corn:
Production (crop estimate)
mil. of bu _
Grindings, wet process
thous. of bu_.
11, 100
22, 920
Receipts, principal markets
do.. _
Stocks, domestic, end of month:
Commercial
do
7,910
3 254. 2
On farms
mil. of bu
2,071
Exports including mealfl
thous ofbu
Prices, wholesale:
2. 583
No. 3, white (Chicago)
dol. perbu..
2.513
No. 3, yellow (Chicago)
__do__ Weighted average, 5 markets, all grades. -do
2.370
Oats:
Production (crop estimate)
mil. of bu__
26, 015
Receipts, principal markets
thous. of bu_Stocks, domestic, end of month:
26, 644
Commerical
do
On farms
do _ - 964, 340
807
Exports including oatmeal f§
do
Price, wholesale, No. 3, white (Chicago)
1.161
dol. per bu_Rice:
Production (crop estimate)
thous. of bu
California:
7,522
Receipts, domestic, rough.. _
thous. of lb_.
6,891
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of month
thous. of lb_.
4,080
Southern States (Ark., La., Tenn., Tex.):
3,348
Receipts, rough, at mills-thous. of bbl. (162 lb.)_.
Shipments from mills, milled rice-..thous. of lb__ 181, 836
Stocks, domestic, rough and cleaned (cleaned
basis), end of month
thous. of lb_. 201, 391
61, 944
Exports §
do
204
Imports
do _ .
.118
Price, wholesale, head, clean (N. O.)..dol. per lb__
Rye:
Production (crop estimate)
thous of bu
2,084
Receipts, principal markets
do
3,824
Stocks, commercial, domestic, end of month -do
2.817
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 74,023
320, 694
Disappearance domestic
do
Stocks, end of month:
113,863
Canada (Canadian wheat)
do
r
United States, domestic, total J
_ do _ _ l,128,043
175,069
Commercial
do
Interior mills, elevators, and warehouses
thous of bu r 203, 338
r 135, 346
Mpro.hfvnt mills
do
610, 300
On farms
__
do
45, 109
Exports, total, including flour f§- - do
29, 132
Wheat only §
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
2.840
dol. per bu_.
2.646
No. 2, hard winter (Kansas City)
do
2.704
No. 2, red winter (St. Louis).
do
2.801
Weighted avg., 6 markets, all grades
do
Wheat flour:
Product ion :t
24, 787
Flour
.. thous. of sacks (100 Ib.)
85.8
Operations, percent of capacity
Offal
_ _ _ _ _ short tons
474, 190
Grindings of wheat J
thous. of bu
56, 720
Stocks held by mills, end of month
thous. of sacks (100 lb.)._
4,946
Export s§
_
do
7,150
Prices, wholesale:
Standard patents (Minneapolis)
dol. per sack (1001b.)__
6.925
Winter, straights (Kansas City)....
do
6.138
46, 623
42, 313
1
14, 605
12,111
29, 679
27, 846
2,641
859
2.379
2.218
2.590
2.426
42 170
48 493
41 817
36 787
38, 867
35, 147
45, 938
52, 436
63, 153
279 182
10 021
8 679
5,773
5 737
5,717
7,270
8,455
8,271
22, 535
26, 581
117 300
1,370
24, 205
21, 521
7,597
12,026
668
1,106
6,740
3 26, 600
812
6,537
794
15, 756
68 696
1,157
10, 879
465
1,704
4,375
2.711
2 510
2.675
2 507
2.359
2.142
2.433
2.243
2.381
2.267
2.354
2.227
2.267
2.099
1.754
1.704
1.486
1.366
1.410
1.270
2, 401
9,762
20, 293
10, 180
26, 368
8,386
18, 426
7,999
12, 116
7,804
19, 569
8,408
19, 028
8,962
24, 406
8,438
15, 688
8,799
16, 897
2 3, 5618
9, 261
17, 246
7,520
5,040
5,210
426.5
608
1,972
999
399
1,273
587
2.388
2.306
2.249
2.445
2.316
2.259
2.280
2.136
2.100
2 317, 240
13, 926
19, 2M
210, 178
1
11, 387
20, 915
10, 831
22, 898
7,284
11,648
20, 996
1,624
13, 218
1, 517 9
1,084
17,035
1,666
629
970
9,293
849 2
907
1,312
2.508
2.403
2.277
2.465
2.423
2.345
2.572
2.611
2.489
2.692
2.711
2.582
(4)
2.253
2.152
2.442
2.301
2.229
2.390
2.318
2.257
1
16, 260
7,583
27, 797
22, 103
736
1.201
1,216
8,594
2.210
1.808
2.250
1.951
1.949
11, 684
5,804
8,411
8,203
8,700
9,046
li, 780
27, 329
9,968
7,077
1,663
18, 405
1,562
1,537
862
1,841
a 171, 479
2,095
3,821
2 910
3,288
410, 644
1,296
1,937
3,165
14, 037
743 783
2,099
1,410
418
1.241
1.273
1.401
1.273
1.298
1.253
1.170
1.111
.770
.716
1
1, 522
114. 6
i. 7eo
2 1, 493
14, 497
18, 9(12
1, 188, 320
.746
2
79, 345
78, 766
149, 012
44, 308
87, 717
44, 912
50, 962
29, 161
58,208
54, 875
82, 010
79, 646
72,810
27, 317
102, 109
66, 780
63, 423
47, 603
38, 635
33, 947
32,446
26, 491
3,630
17, 818
3, 030
3, 082
53, 635
63, 855
66,894
52,698
28, 434
48,056
48, 963
40, 358
29, 168
22, 528
7,607
6, 395
5,877
312, 232
2,521
278, 838
935
162, 090
616
130, 523
363
89, 254
209
95, 263
157
122, 578
207
82, 400
129
50,220
5
24, 939
1,210
80, 124
3,621
178, 082
489, 483
118,889
1,236
.114
475, 620
140, 214
414, 010
90, 675
355, 777
31,628
267
.127
306, 419
104, 889
647
.134
235, 886
63, 322
1,266
.129
133, 832
93, 137
480
.129
73, 496
14,014
897
.138
38, 896
19, 161
454
.159
16, 058
7,663
350
.165
61, 195
19, 208
350
.162
273, 024
209
424
.122
.121
1
1,366
4,262
2.853
512
4,427
2.824
443
4,072
2.769
1
1
1, 364. 9
i 296. 9
1, 068. 0
40, 678
331, 467
68, 185
44,065
146, 292
130, 639
166, 359
152, 400
126, 282
796, 618
141,889
40, 837
26, 366
36, 217
25, 933
112 279
111,730
427, 620
37, 609
26, 421
3.167
2.953
2.952
3.093
3. 231
2.999
3.020
3.154
26, 327
84.3
506, 140
60, 393
437
3,636
2.763
367
2,688
2.410
609
1,521
2.562
654
1,286
2.530
657
954
2.412
438
531
2.247
1,053
901
1.783
3 634
2,666
1.598
2
35, 022
16,053
14, 967
317 047
115, 735
102, 328
124,041
97, 989
85, 835
479, 648
70, 174
44, 488
24, 502
38, 396
27, 121
75 382
73,714
256, 533
32, 784
21, 534
35, 238
21,118
3.160
3.011
3.089
3.110
3.198
3.032
3.120
3.149
2.765
2. 508
2.866
2.684
2.667
2.454
2.538
2.609
23, 676
89.0
449, 691
54, 188
23, 475
78 0
448, 184
53 734
24, 174
80 0
460, 890
55 141
21, 002
78 1
401, 960
47 974
6,462
4,546
5,912
4,954
8,940
7.431
6.700
7.640
6.895
7.263
6.738
7.175
6.735
r
(<)
2
25, 977
23, 209
30, 520
72, 082
53, 096
56, 694
49, 622
r
50, 471
283 927
r3
48, 305
195, 726
34 065
3
150, 846
85, 359
34, 765
64, 533
169, 181
211 023
26, 664
2, 084
4, 469
1. 503
1 283 8
2
302. 4
2
981. 4
75,714
337, 367
160,812
1, 142, 133
219, 111
32, 780
19, 707
r 3 30 579
34, 240
3 94, 312
42, 423
24 527
48, 040
32, 748
57, 773
40 260
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
21, 768
69 0
415, 510
49 631
22, 079
72 6
422, 334
50 288
22, 670
77 7
430, 408
51 883
22 827
80 3
438 162
52 416
24, 179
80 0
466, 902
55 664
24 940
g9 g
478 262
57 352
23, 402
80 9
451 015
53 771
5,015
5,031
4 999
6,288
5 806
4 595
7 938
6 739
7 695
6.294
5.736
6.162
5.650
6.075
5.569
5.845
5.415
5.769
5.094
5.662
5.110
5.595
5.181
5. 58*
5.131.
569
1.086
599
1.178
246 938
129, 233
542, 891
r3
4, 802
LIVESTOCK
Cattle and calves:
Slaughter (Federally inspected) :
719
Calves
_ _.
thous. of animals
762
511
586
813
673
566
550
509
620
577
Cattle
do....
1,337
1.497
1,407
899
1.312
1.346
877
1.109
1.046
986
977
r
2
Revised.
1
December
1
estimate.
October
1
estimate.
8
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. « No quotation.
IThe total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the break-down of stocks.
§Beginning in the April 1948 Survey, export figures include Army civilian supply exports; see note marked "t" on p. S-21.
JData are partly estimated; see note marked "t" on p. S-28 of the October 1948 Survey.
Sm
SUEVEY OF CUREENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-29
1947
September
October
1948
November
December
January
February
March
April
May
June
July
August
September
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
3,199
395
3, 353
621
2,617
321
2,233
145
2,028
103
1,485
59
1,680
54
1,878
82
1,898
117
2,127
134
1,887
138
2,318
221
2,517
390
29.54
21.65
24.30
29.82
20.96
25. 38
29.52
21.32
25.81
29.08
23.59
26.75
29.16
26.31
29.06
26.43
24.15
27.00
26.71
25.57
25.65
' 28. 43
26.62
25.75
31.33
27.60
28.90
34.72
26.96
27.25
36.37
28.25
27.63
35.22
27.40
28.00
34.03
25 42
28.13
2,948
1,942
3,978
2,305
5,501
3,303
6,254
3,771
5,223
3,272
3,746
2,305
3,574
2,309
3,343
2,462
3,562
2,660
4,235
2,863
3,044
2,022
2,440
1,707
2,836
1,842
26.66
27.81
24.96
26.31
26.71
22.25
21.40
19.79
20.15
23.10
25.17
26.89
27.75
'11.1
12.4
11.1
10.5
10.9
11.2
10.3
9.4
9.1
10.6
12.8
14.2
15.3
1,458
2,452
556
1,697
2,871
677
1,471
1,833
393
1,451
1,587
131
1,347
1,428
81
1,209
1,255
64
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
2,611
495
22.50
22.60
22.62
21.05
22.75
20.98
24.08
20.53
25. 00
21.78
23.00
20.44
21.50
19.47
24.00
21.61
26.75
22.67
29.00
(0
28.50
0)
27.00
25.97
23.88
23.18
1,356
506
81
1,556
480
62
1,740
635
52
1,918
980
39
1,762
1,130
35
1,323
1,168
41
1,299
1,097
69
1,197
990
25
1,228
941
29
1,549
960
32
1,274
860
38
1,149
••668
37
1,229
490
749, 027
92, 781
23, 898
792, 883
112, 290
8,400
707, 751
151, 856
5,983
709, 306
196, 252
2,360
698, 314
193, 316
1 389
541, 914
178, 541
1 467
563, 238
154, 411
9,165
527, 314
120, 898
1,050
503, 226
102, 578
712
615, 696
88, 705
913
577, 522
76, 408
2,789
599, 674
«- 75, 692
3,777
650,370
79, 465
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 §
do _
Price, wholesale, beef, fresh, native steers (Chicago)
dol. per lb._
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)
L.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 Ib
Canned meats and sausage and sausage room
products
thous. of Ib-.
Lard:
Production (inspected slaughter)
do
Stocks cold storage end of month
do
Exports §
do
Price, wholesale, refined (Chicago) ___dol. per lb._
.482
.466
.466
.468
.479
.419
.436
.468
.500
.542
.578
.577
.552
60, 043
6,645
69, 891
11, 893
60, 790
17, 280
61, 943
20 317
60, 107
19 294
55, 859
16 971
55, 049
14, 890
47, 601
9,106
42, 039
7,665
51,710
7,999
49, 915
8 557
53, 389
r
9, 847
61,783
10, 564
547, 045
693, 312
971, 957 1 147 168 1 003 276
724 834
680, 771
621, 675
682, 325
881, 565
646 403
496, 236
517, 028
417, 926
195, 896
2,905
539, 982
187, 971
2,412
759, 222
304, 851
3,228
867 696
527, 159
2 400
745 581
659 309
1 756
531 423
700, 114
3 216
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, 298
.664
.622
.589
.564
.551
.480
.577
.456
.612
.482
.538
.471
.561
.523
.569
.536
.576
.545
.610
.535
.644
.624
.658
.682
.669
.675
r
55, 935
50, 544
57, 501
71, 183
74 261
70, 766
67, 178
56, 480
51, 124
55, 760
50, 393
' 43, 843
36, 498
29, 458
27, 045
30, 534
41, 799
49, 953
64,622
69, 854
58, 136
48, 616
43, 787
42, 375
' 38, 993
31,967
94, 015
125, 579
43, 420
.232
111,619
90, 437
38, 286
.285
154, 639
73, 377
33 522
.302
204, 084
113 286
23 210
.290
188, 171
133 513
23 143
.292
141, 384
137, 416
25 544
.239
127, 736
129,
028
r
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
97, 020
Poultry:
Receipts, 5 markets
. . -thous. of lb_. 51, 774
205, 653
Stocks cold storage end of month
do
.242
Price, wholesale, live fowls (Chicago). dol. per lb._
61, 637
277, 870
.236
78, 087
317, 112
.216
68, 856
317, 463
.240
28, 083
293 640
.265
22, 385
262, 374
.260
25, 275
205, 745
.280
26, 614
153, 424
.298
31, 221
117, 935
.292
32, 736
99, 507
.296
32, 060
91, 186
.317
3,457
226
3,291
330
3,746
162
4,338
552
4,723
1,029
6,093
1,781
6,304
3,213
5,992
5,541
5,019
9,081
4,459
9,047
1,818
189, 596
824
164, 673
196
138, 192
269
122, 438
374
120, 665
1,165
143, 253
3,091
195, 954
4,903
248, 574
5,669
266, 748
.464
.455
.517
.441
.434
.432
.429
.410
.416
f
.240
POULTRY AND EGGS
r
3, 366
Production, farm
__
.millions. _
184
Dried egg production
thous. of lb_.
Stocks, cold storage, end of month:
2,804
Shell
. --thous. of cases. .
216, 762
Frozen
thous. of lb.
Price, wholesale, U. S. standards (Chicago)
.450
dol. per doz..
41. 724
31, 520
' 88, 234 108, 666
.332
.336
3,922
5,926
3,536
3,692
' 4, 608
5,525
257, 367 r 233, 431
3,289
201, 322
.444
.442
.412
MISCELLANEOUS FOOD PRODUCTS
66,164
47, 260
34, 000
Candy, sales by manufacturers <?
thous. of doL_ r 61, 694 «• 82, 670 ' 74, 403 r 72, 171 r 60, 624 '63,655 ' 66, 201 •• 54, 947 ' 45, 057 ' 44, 156
Cocoa:
21, 082
21, 090
24, 208
17, 586
32, 147
12, 645
17, 461
12, 625
17, 513
31, 858
Imports
long tons
39, 151
18, 415
.404
.442
.332
.404
.416
.446
.354
.394
.495
.436
.510
.430
.436
Price, wholesale, Accra (New York)-_dol. per lb_.
Coffee:
1,691
1,328
1,294
1,371
1,605
1,285
1,412
1,413
1,595
1,570
1,433
1,550
1,220
Clearances from Brazil, total
thous. of bags..
1,099
943
782
733
742
1,118
979
903
1,138
1,089
760
1,173
1.117
To United States
do .
913
915
954
1,044
952
1,111
948
1,369
1,144
1,183
1,288
1,110
1,128
Visible supply, United States
do
1,341
1,397
1,604
2,095
1,211
2,157
1,884
1,884
1,870
1,515
2 055
1,818
Imports
do
Price, wholesale, Santos, No. 4 (New York)
.265
.268
.270
.266
.270
.272
.272
.270
.264
.264
.270
.268
.266
dol. per lb_.
Fish:
67, 660
68, 746
47, 208
33, 342
21, 537 r 28, 620
34, 867
49, 508
63, 927
60, 399
Landings fresh fish 5 portsj
thous of Ib
140, 160
135, 928
127, 474
142, 102
85, 601
100, 537
76, 743
133, 844
68, 268
112, 046
90, 491
140, 070
135, 870
Stocks cold storage, end of month
do
Sugar:
Cuban stocks, raw, end of month
r
1,714
2,243
2,818
3,134
2,911
1,121
3,810
3,176
1,645
215
455
813
1, 888
thous. of Spanish tons..
r
Revised.
* No quotation.
^Revisions for January 1946 to June 1947 are shown on p. S-29 of the September 1948 Survey0
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "t" on p. S-21.
(? 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. Data beginning June 1942
have been revised to correct certain discrepancies in the computations: however, all data since 1939 are subject to revision when data become available from the 1947 Census of Manufactures.
The series is computed by carrying forward since 1936 a series representing around 70 percent of total manufacturers' sales of candy and competitive chocolate products, on the basis of monthto-month percentage changes in sales of identical concerns given in reports of the Bureau of the Census: the figures differ from dollar figures in these reports which cover a varying number of
concerns. The series accounted for about 73 percent of estimated total sales in 1947.
NOTE FOR GRAIN EXPORTS, p. S-28.—The new factors for converting grain products to grain, referred to in note marked "J" 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.
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
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 lb_.
Refined:
Retail
do
Wholesale
_
- _do_.
Tea imports
thous. oflb
r
r
132, 019
465, 489
195, 137
733, 994
724, 064
9,930
534, 233
459, 202
169, 718
902, 939
887, 347
15, 592
636, 444
443,968
101, 681
586,012
580 194
5,818
485, 709
384, 783
44, 647
378, 341
366 575
11, 766
144, 172
81,968
19,502
343, 020
337 591
5,429
68 262
359, 259
56, 003
388, 071
382 930
5,141
59, 875
566, 627
148, 444
57?, 746
565 503
7,243
(«)
445, 309
163, 577
562, 391
557 910
4,481
25,222
512, 510
192, 742
599, 958
595 614
4,344
46, 339
492, 872
249, 143
818, 181
814 900
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 2o3
594, 859
232, 575
617,681
608 9f»7
8 774
861
8,222
911
15, 191
1,407
8 914
1, 904
20 151
1,808
4 237
1,880
5 544
1,950
9 555
1,843
3 936
1,782
4 120
1,502
2 890
1,106
2 905
829
4,292
891
257, 629
257, 626
13 009
13,009
275, 544
275, 543
23, 477
23, 477
283, 839
282,514
7,204
7,204
384, 959
341,283
7 497
7,497
60 784
33, 910
2 844
2.083
274 977
251, 187
26 709
24, 782
384, 684
363, 978
26, 295
25, 711
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
.063
.063
.063
.063
.058
.055
.054
.054
.051
.054
.057
.058
.057
098
.082
4,597
.097
.082
5,487
098
.082
6 665
098
.082
5 429
098
.080
7 863
093
.077
7 105
093
.076
6 538
093
.076
13 052
092
.075
8,698
091
.074
8 895
.091
.076
7,360
092
.076
8 851
OQ2
.076
TOBACCO
Leaf:
Production (crop estimate)
mil. of Ib
Stocks, dealers and manufacturers, end of quarter,
3,333
total
mil. oflb
Domestic:
338
Cigar leaf
_ -do
Fire-cured and dark air-cured
do
216
Flue-cured and light air-cured
_.do
2,633
3
Miscellaneous domestic
do _
Foreign grown:
33
Cigar leaf
-do
Cigarette tobacco
do
110
47, 802
Exports including scrap and stems§ thous. of lb_.
5,864
Imports including scrap and stems
do
Manufactured products:
Production, manufactured tobacco, total
thous. oflb- .
24, 233
332
Fine-cut chewing .
do _ _
4,892
Plug
do
3,975
Scrap, chewing
__
do
Smoking
-- do __
10, 849
3,719
Snuff
do
466
Twist
_
do __
Consumption (withdrawals) :
Cigarettes (small):
Tax-free
_
millions.
2,706
Tax -paid
do
29, 401
483, 288
Cigars (large), tax-paid .
thousands
Manufactured tobacco and snuff, tax-paid
thous. oflb. _
24, 706
1,937
Exports cigarettes§
millions
Price, wholesale (composite), cigarettes, f. o. b.,
6.509
destination
do], per thous
2
i 2, 108
3,800
3,814
3,441
318
210
3,114
3
352
287
3,016
3
375
266
2,643
2
40, 905
5,808
32
123
46, 014
4,007
23,601
7,713
33, 601
5,725
30
127
19, 194
7,153
27, 786
7,075
34, 744
6,720
28
127
20, 914
7,335
59, 006
6,337
26, 251
366
5,143
4,426
11, 683
4,101
533
18,816
298
3,868
3,465
7,888
2,883
414
17, 283
330
3,221
3,200
6,998
3,130
404
19, 232
363
3,516
3,383
8,017
3,489
464
18, 549
334
3,522
3,183
7,791
3,265
454
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
3,527
33, 141
587, 880
2, 536
27, 044
495, 401
2,997
24, 946
446, 719
3,213
27 273
461, 398
3,578
23 472
460, 141
3,197
29 252
470, 099
2,422
31 618
449,504
2,363
29 092
444, 491
3,250
31 269
479, 949
25, 909
2,107
18, 144
1,860
15, 683
2,140
19, 587
2,000
18, 071
2,365
20, 222
2,349
21, 821
1,417
19, 024
1,448
6.509
6.509
6.509
6.509
6.509
6.509
6.509
59,406
6,720
1,820
44, 165
7 943
3 068
27 205
430, 210
3 547
r 34 192
505 228
v 29 857
544 856
20, 280
2,090
17, 880
1,947
21,201
2 025
23, 157
6.509
6.509
6.509
6 862
6 86°
15 394
23
118
2 710
1 946
r
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. per lb_Hides, steer, packers', heavy, native
do
8,950
94
29
2,686
946
13, 527
79
142
2,933
1,304
18 561
82
186
3,573
2 872
31, 447
102
453
3,649
1,203
58 027
310
850
3,640
2 709
26 215
' 98
187
5 835
2 342
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, 809
38
158
2,999
3,529
.625
.301
.669
.343
.756
.375
.745
.359
.650
.308
.415
.257
.351
.222
.392
.248
.472
.272
.435
.274
.450
.301
.388
.291
.390
.289
LEATHER
Production:
Calf and kip
thous. of skins 1,106
1,125
912
834
899
937
818
836
935
701
818
938
Cattle hide
thous. of hides
2,638
2,310
2,371
2,418
2 258
2 119
2,405
2 330
2 175
2 183
1 833
2 184
r
3,363
3,775
Goat and kid.. ._
thous. of skins
2,878
3,319
3,407
3,188
3 408
3,017
3,338
3,540
2 815
2 719
r 2 325
3,647
Sheep and lamb
do
3,501
2 782
3,094
2 934
2 892
2 829
3,001
2 890
2 700
3' 177
Exports:
Sole leather:
135
Bends, backs, and sides _
thous. oflb
244
32
116
52
43
1?
25
61
78
53
12
Offal, including belting offal
_ _
do_ _
129
235
95
53
72
60
116
118
126
144
191
127
2,674
Upper leather
_ _._
_. thous. of sq. ft
3,285
2,943
1,986
1,789
1,970
2 180
2.289
2 019
2 291
2 644
2 159
Prices, wholesale:
Sole, steer, bends, tannery run (Boston)
dol. per lb_.662
.808
.784
.750
.813
.742
.653
.632
.672
.676
.676
.662
.642
Chrome, calf, black, first commercial grade, com1.203
1.246
1.324
positet
dol. per sq. ft._
1.324
1. 272
1.165
1.042
1.048
1.055
1.030
1.075
1.047
1.026
r
2
Revised.
* Preliminary.
1 December 1 estimate.
October 1 estimate.
0
January-April 1948 total, including corrections for months prior to April, 248,372 tons; corrected monthly figures not available.
JNot strictly comparable with data prior to September 1947 because of a change in grade for one reporting firm; September 1947 figure comparable with earlier data $1.223.
§ 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.
SURVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-31
1948
1947
September
October
November
December
January
February
March
April
May
July
June
August
September
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: c?
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
40, 826
46, 765
37, 982
39, 849
40, 731
40, 290
44, 852
39, 412
33, 974
38, 417
T
31, 957
36, 035
40, 098
32, 561
35, 788
37, 899
37, 346
41,502
36, 306
30, 858
34, 587
r
28, 484
34, 767
1,331
38, 730
1,374
31, 294
1,185
34, 471
1,331
36, 118
1,816
35, 130
2,126
38, 972
2,603
34,292
2,319
28, 473
2,417
32, 359
2,401
8,812
1,587
18, 053
4,511
3,072
4,186
395
210
358
10, 350
1,815
19, 242
5,277
3,414
5,936
492
239
505
8,192
1,526
15, 328
4,541
2,974
4,894
351
176
430
9,306
1,556
16, 693
5,004
3,235
3,539
349
167
486
9,264
1,397
18, 483
5,350
3,405
2,349
304
179
398
9,088
1,223
18, 371
5,277
3,387
2,464
298
182
519
9,951
1,284
20, 372
6,044
3,851
2,801
365
184
450
9,273
1,257
16, 871
5,385
3,520
2,592
337
177
565
7,828
1,252
14, 244
4,532
3,002
2,688
262
166
510
8,898
1,557
15, 972
4,846
3,314
3,374
281
175
379
9.457
6.500
4.900
9.457
6.625
4.900
9.457
6.750
4.900
9.457
7.150
4.900
10. 437
7.150
5.700
10. 437
7.150
5.700
10. 437
7.150
5.700
10. 437
7.012
5.562
9.653
6.600
5.150
41, 259
r
26, 891
1,586
36, 329
33, 995
2,386
3, 046
•"264
r
!63
352
8,879
1,702
18, 308
4,421
3 019
4,339
r
376
215
567
9.653
6 600
5.150
9. 653
6.750
5.150
9.947
6 750
5.150
58,901
7,566
34, 953
188, 131
61, 483
11 399
42, 601
184, 106
r
' 6, 984
1,293
14, 189
r
3, 484
r
2,534
r
r
10. 143
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. ft_.
Sawed timber
do
Boards, planks, scantlings, etc
do
Prices, wholesale:
Dimension, No. 1, common, 1" x 4" x 16'
dol. per M bd. ft_.
Floormg, 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
125, 140
16, 854
88, 788
118, 356
102, 569
15,018
71, 930
148, 984
109, 799
22, 337
71, 538
128, 161
3,256
767
2,489
3,318
741
2,577
3,325
773
2,552
3,360
802
2,558
2,917
726
2,191
3,164
779
2,385
6,078
2,217
3,861
6,040
2,188
3,852
74, 521
14, 578
59, 943
54, 651
13, 149
41, 502
73, 414
15, 432
50, 158
129, 394
57, 359
11, 840
37, 974
142, 761
75, 102
11, 390
55, 022
181, 594
56, 858
8,323
41, 669
145, 949
65, 453
10, 331
46, 276
139, 146
49,834
4 714
36, 605
164, 863
2, 763 •
650
2,113
2,844
641
2,203
2,719
682
2,037
2,788
672
2,116
2,480
631
1,849
2,623
697
1,926
3 022
714
2 308
3,020
749
2,271
3 035
703
2,332
2,997
738
2,259
3 089
674
2 415
3,077
752
2,325
3 269
753
2 516
3 125
714
2,411
3 431
3 614
2 617
3, 132
2 762
3' 375
5,801
2,135
3,666
5,557
2,018
3,539
5,739
2,140
3,599
5,601
2,074
3,527
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
68, 225
20, 776
47, 449
45, 946
13, 398
32, 548
48, 875
14,015
34, 860
32, 893
10,403
22, 490
47, 408
10 262
37, 146
31, 107
7,042
24, 065
33, 451
7 297
26 154
19, 418
3 294
16 124
22 454
5 870
16 584
35, 445
9 311
26 134
72, 913
14, 068
51,172
173, 460
814
687
2,445
851
786
2,589
2 160
4 446
3 340
'791
2 549
3 074
678
2 396
6 866
2 274
4 592
67. 815
67. 815
67. 815
70. 587
67. 815
64. 350
64. 350
70. 042
74. 250
75. 240
75. 240
75. 240
75. 240
111. 870
111. 870
111.870
116. 820
110. 880
104.940
104. 940
116. 078
127.215
132. 462
133. 650
133. 650
133. 650
857
626
799
872
1,378
8,920
1,472
7,448
860
573
876
913
1,341
12,753
1,656
11, 097
693
545
676
721
1,296
8,715
1,435
7,280
690
501
755
734
1,317
7,738
783
6, 955
797
574
708
724
1,301
6,527
1,402
5,125
579
522
581
631
1,251
7,585
1,392
6,193
775
508
S27
789
1,289
7,209
953
6, 256
778
489
860
797
1,352
8,620
1 147
7,473
790
474
894
805
1,441
10, 903
2 852
8 051
781
447
885
808
1,518
10, 575
1 031
9 544
820
468
876
799
1, 595
8,734
1 369
7' 365
812
820
491
806
789
1,612
7,291
1 688
5 603
511
774
800
1,586
71. 127
73.311
74. 521
78. 316
78. 594
77. 728
77. 461
77. 007
75. 325
73. 204
73.260
73.063
71.869
138.150
141. 139
146. 731
149. 273
150. 326
150. 326
152. 019
152. 164
152. 164
151. 539
151. 539
151. 906
152. 881
624
542
657
599
1,262
634
569
653
607
1,309
576
604
496
541
1,264
470
526
500
548
1,217
504
561
388
469
1,136
441
576
384
426
1,094
553
648
467
481
1,080
500
654
515
493
1,102
587
685
588
557
1,131
682
702
721
666
1,186
712
818
699
1,282
1,386
1,479
59.01
61.23
63.22
61.68
63.55
64 45
66 36
67 66
68 23
70 42
78 04
72 09
798
879
753
836
643
759
875
741
760
625
774
788
775
869
532
625
720
629
684
479
751
760
732
709
510
680
738
689
675
524
66 16
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
7f\ c
fi97
626
793
760
682
587
704
634
746
Production
thous. of sq. ft., %" equivalent. . 147, 823
146, 993
Shipments
_ _ _ .
_ _
do
Stocks, end of month
do
38, 070
170, 769
162, 059
43, 973
145. 370
149, 197
40, 524
150, 853
159, 005
31, 509
159, 395
153,017
37, 755
156, 666
155,878
39 323
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
7,150
14, 475
7,150
6,500
3.000
6,050
14, 650
5,550
5,725
2.675
5,975
14, 775
6 150
5,300
3.450
7,575
15, 800
6 300
6,600
3.250
6 600
16 575
6 250
5 925
3.550
7 175
17 350
6 525
6 575
3. 650
6 175
17 575
6 800
6 225
4. 275
5 950
17 225
6 200
5 925
4' 475
6 075
16 000
5 QATI
5 650
5 Cflfi
15 675
714
795
699
775
745
652
728
827
723
SOFTWOOD PLYWOOD
HARDWOOD FLOORING
Maple, beech, and birch:
Orders, new
Orders, unfilled, end of month
Production
Shipments
_ _
Stocks, end of month
r
Revised. » Preliminary.
M bd. ft
do . .
do
do
___do
6,075
13, 875
5,825
5,475
2.425
6
15
7
6
175
975
350
750
4 Q9*
4 Q7K
R 97c
6 Q7K
A. *nn
S fl^n
15 050
0
OOC
4 000
r; 77 K;
formerly, in two counties of Oregon which now produce largely Douglas fir; data for west coast woods have been revised to include fir in these two counties.
cTThe 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.
SUEVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1948
1947
September
October
November
December
January
February
March
May
June
July
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
394, 738
28,550
50, 754
15, 260
354, 782
10, 844
68, 473
26, 449
April
August 1 <X*>
LUMBER AND MANUFACTURES—Continued
HARDWOOD FLOORlNG-Continued
Oak:
Orders, new
Orders, unfilled, end of month
Production
Shipments
Stocks, mill, end of month
M bd. ft
_ _ do
do
do_ _
do
53, 535
60, 195
62, 696
60, 800
8,045
61, 549
57, 626
69, 623
66, 697
10, 971
47, 646
52, 751
56, 667
55, 784
10, 704
49, 397
51, 135
57, 886
51, 013
16, 086
62, 057
54, 455
61, 152
61, 894
14, 605
56, 814
58, 129
57, 955
57, 078
15, 482
59, 988
55, 320
64, 991
62, 797
15, 626
67, 943
51, 209
76,000
71, 831
28, 548
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade:
Iron and steel products (excl. advanced mfrs.):
Exports total
short tons
Scrap
do. _Imports total
do
Scrap
do. _.
579, 191
15, 053
14, 953
1,828
650, 980
27, 094
13, 579
2,025
614 823
14, 057
18 408
6,884
630, 264
26, 702
18,934
3,789
557, 452
14, 701
21, 323
5,149
508, 740
21, 784
15, 245
4,219
516, 777
22, Oil
45, 672
19,973
468 160
28, 986
48 798
15, 803
401, 406
19, 675
27, 982
11, 509
401, 903
21, 512
55,263
19, 979
4,898
2,460
2,438
4,525
1,436
3,089
5,484
2,865
2,619
4,489
1, 475
3,014
5 176
2,643
2 533
4,449
1 442
3,007
5,306
2,722
2,584
4,316
1,416
2,901
5,294
2,789
2,505
3,976
1,284
2,692
5,082
2,640
2,442
3,936
1,196
2,740
5,875
2,890
2,985
4,064
1,161
2,903
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
11 336
11,865
5,367
10 108
10, 780
4,695
6 043
6 306
4,432
2 972
1,879
5,528
2 757
1,496
6,790
2 686
1,481
8,009
3 019
1,707
9,186
8 687
9 485
8,388
11, 865
12,537
7,716
12, 578
13, 252
7,049
12, 787
13, 491
6,349
10, 685
6,492
38, 370
34, 065
4,305
580
9,785
7,151
41, 641
36, 852
4,789
573
5,877
7,068
43, 010
38, 195
4 816
451
537
6,970
36, 095
31, 749
4,346
297
0
7,057
29, 081
25, 205
3,877
337
0
6,441
22, 628
19,412
3,216
269
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
575
45
42
44
25
83
50
68
47
39
62
46
48
2,680
1,025
591
2,669
1,154
654
2,687
1,020
562
2,782
1,066
588
2,803
1,064
584
2,769
1,024
571
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
28, 706
218, 276
71, 568
40, 138
40, 105
210, 675
83, 976
47, 706
35 804
206, 510
72 111
39, 969
39, 940
202, 408
77, 757
44, 042
49, 159
205, 759
77, 744
45, 808
46, 270
209, 447
75, 194
42, 582
43, 921
203, 351
86, 767
50, 017
42 168
199, 578
80 602
45, 941
34, 236
191, 553
76, 079
42, 261
35, 320
178, 760
81, 747
48, 113
36, 601
180, 421
64, 995
34, 940
37, 491
176, 824
73, 273
41, 088
4,801
4,745
5,228
5,254
5,015
4,912
5,177
5,057
5,128
5,167
4,780
4,762
5,020
5,049
3,840
3,958
5,077
5,008
4,991
4,973
4,900
5,255
5,208
42. 00
43 26
42. 50
243 00
2 45 32
2 45. 70
2 43 00
2 45 44
2
46. 50
Iron and Steel Scrap
Consumption total
thous of short
Home scrap
Purchased scrap
Stocks, consumers', end of month, total _
Home scrap
Purchased scrap _
_ _
tons
do
do
do
do _ _
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
Tm ports
do
Manganese ore, imports (manganese content)
thous. of long tons _
10, 599
6 965
40, 923
36 658
4 265
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 IslandO--do
2 587
1 088
616
31
164
77
43
059
002
824
881
828
769
759
838
794
799
780
688
712
745
36.00
37 21
36.50
36.00
37.28
36.50
36.00
37 32
36.50
36.20
37.53
36.50
38.88
40 28
39.50
39.00
40 63
39.50
39.00
40 63
39.50
39 00
40 63
39.50
39.00
40.97
39.50
39 00
41 29
41.90
137, 457
102, 913
32, 967
148, 358
111, 288
30, 452
130, 125
97, 143
25, 835
148, 124
110, 970
34, 919
141, 068
108, 282
35, 129
142, 434
107, 762
34, 800
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
140, 223
107 538
35, 056
149 222
112 551
36 457
617, 247
518, 261
98, 986
108, 804
do
do.. . 79, 219
do
29, 585
593, 838
494, 933
98, 905
123, 830
91, 228
32, 602
585, 818
492, 808
93 010
103, 740
76, 839
26 901
593, 660
495, 947
97, 713
116, 798
86, 911
29, 887
618, 155
517, 307
100, 848
118, 534
89, 677
28, 857
630, 860
523, 319
107, 541
116, 676
86, 592
30, 084
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
627, 131
515, 619
111 512
97, 455
70, 662
26,793
634
521
112
111
79
31
148
205
943
097
212
885
631 039
520 585
110 447
120 882
87 075
33 807
6,797
91
7,570
98
7,242
97
7,376
95
7,473
94
6,940
93
7,608
95
6 218
80
7,572
95
7 256
94
7,069
89
7 433
93
7 416
96
2
2
2
Steel, Crude and Semimanufactures
Steel castings:
Shipments, total _ _ _
For sale, total
Railway specialties
Steel forgings, for sale:
Orders, unfilled, total
Drop and upset
short tons
do
do
_
Pres*! <vnd opfvn h?vrr)Tnp,r
do
do
do
Shipments, total
Drop and upset
Press and open hammer
Steel ingots and steel for castings:
Production
thous. of short tons
Percent of capacity J
„
Prices, wholesale:
Composite, finished steel©
dol. per lb_.
Steel billets, rerolling (Pittsburgh)©
dol. per long ton..
Structural steel (Pittsburgh) 0
dol. per Ib. .
Steel scrap, heavy melting (Pittsburgh) §
dol. per long ton..
.0360
.0360
.0360
.0360
.0368
.0373
.0376
.0376
.0368
.0368
2
. 0386
2 . 0414
2. 0414
45.00
.0280
45.00
.0280
45. 00
.0280
45. 00
.0280
45.00
.0280
47.70
.0293
50.40
.0305
50.40
.0305
50.40
.0300
50.40
.0300
2
52. 36
3 . 0313
2 58. 24
2 . 0350
2 58. 24
2. 0350
38.00
39.88
40.00
40.00
40.30
40.44
40.25
40.25
40.25
40.25
40.75
42.75
42. 75
Steel, Manufactured Products
Barrels and drums, steel, heavy types:
11, 294
Orders, unfilled, end of month
thousands..
12, 461
10, 946
12, 191
10, 450
11, 528
11, 889
10, 765
11, 104
10, 810
11, 471
10, 286
Shipments
do
2 239
2,385
2,075
2,305
2,201
2 290
2 098
2 516
2 084
2 244
2 019
2 309
Stocks, end of month
do
21
18
29
31
26
22
18
24
34
20
35
20
r
v2 Preliminary.
Revised.
See note marked "O".
% For 1948, percent of capacity is calculated on annual capacity as of January 1, 1948, of 94,233,460 tons of steel; 1947 data are based on capacity as of January 1,1947, 91,241,230 tons.
O 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 on both the new and old basis was $0.0280.
§ January-June 194ST data for steel scrap, not previously published, are as follows (dollars per long ton): $32.50; $33.75; $36.80; $35.81; $30.00; $32.44.
SUKVEY OF CUKEENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may he found in
the 1947 Supplement to the Survey
S-33
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
219, 356
158, 200
61, 156
174. 830
'888
28,232
284, 039
207, 227
76, 812
239, 723
915
29,400
310, 007
235, 530
74, 477
274, 083
847
26, 095
398, 060
313, 325
84, 735
353, 965
938
29,503
5,321
484
547
563
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
55, 450
244, 852
48, 557
192, 524
52, 937
157, 183
54, 953
260, 796
September
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
millions Crowns, production
thousand gross
Steel products, net shipments:
Total
thous. of short tons__
Bars, hot rolled carbon
_do
Pipe and tubes
_ _ _ _
_ _do
Plates
do
Rails
__.
do
Sheets
do
Strip— Cold rolled
.do
Hot rolled
do _
Structural shapes, heavy _
_ __ do
Tin plate and terneplate
do
Wire and wire products
do
354, 681
277, 968
76, 713
310, 937
867
30,019
279, 448
193, 638
85, 810
240, 670
963
32, 869
213, 904
136, 427
77, 477
182, 342
750
30, 872
253, 594
169, 103
84, 491
222, 797
829
28,430
216, 508
134, 649
81, 859
181, 392
797
29, 459
202, 518
125, 763
76, 755
169 968
847
28,002
207 675
134 396
73, 279
169 018
993
32, 454
5,119
484
497
495
182
1,224
136
142
360
304
410
5,682
555
550
589
214
1,343
151
157
399
349
454
5,217
494
534
513
209
1,264
126
137
353
328
400
5,613
521
558
591
211
1, 352
134
149
380
370
405
5,410
521
541
530
201
1,384
146
146
334
267
429
5,046
518
519
538
172
1,198
127
136
324
247
396
5 979
560
613
630
206
1 410
158
141
382
393
449
43, 228
163, 480
43, 959
118, 658
43, 461
134, 148
47, 589
133,995
48, 767
217, 602
45, 699
153, 706
51 874
217, 907
53, 277
166, 961
.0617
.0625
.0625
.0670
.0711
.0725
.0725
.0741
.0815
.0884
.1087
.1084
.0996
155.1
35.9
119.3
98.1
.296
187.1
40.5
146.9
120.4
.296
167.8
34.7
133.2
108.0
.296
175.6
37 5
138.1
110.3
.296
177.5
37 9
139.6
109 7
.296
173.9
38 0
136 0
105 7
.302
200.9
41 8
159 1
126 7
.302
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
166.7
35 9
130 8
104 6
.338
70, 738
66,089
63, 266
70,361
73, 088
68, 876
73, 922
74,045
74, 714
75, 651
'71,171
73, 589
83, 922
92, 146
95,640
80, 113
18, 337
41, 596
3, 338
38, 258
26, 620
11,638
.2123
76, 815
108, 277
112, 310
74, 507
19, 295
44, 045
5,286
38, 759
18, 515
20, 244
.2121
72, 534
97, 525
106, 232
66, 622
22, 497
36, 902
4,864
32, 038
21, 694
10, 344
.2120
80, 954
108, 816
113, 446
76, 035
18,299
54, 513
1,251
53, 262
29, 612
23 650
.2120
82, 427
102, 314
118, 855
71, 533
18, 013
30, 435
0
30, 435
13, 041
17, 394
.2120
82, 959
93, 588
106, 823
70, 146
18, 297
46, 638
2,825
43, 813
22, 346
21 467
.2120
83, 909
110 886
122 988
68 582
15, 043
46 982
0
46, 982
26 009
20 973
.2120
88,741
104, 044
116 475
67, 257
23, 272
37, 727
783
36, 944
17 980
18 964
.2120
91, 819
104, 524
113, 389
72, 791
19, 861
33, 271
0
33, 271
15, 673
17 598
.2120
87, 678
105, 221
r
112,
677
r
72, 315
21, 079
46, 840
3,412
43, 428
25, 502
17, 926
.2120
30,647
32, 081
32, 512
33, 780
30, 618
31, 600
30, 567
34, 797
33, 306
32, 019
32, 407
32, 414
35 802
34, 185
35 512
35, 362
33, 219
37, 625
34, 090
34, 689
•• 22, 844
24, 597
22, 510
'23,141
46, 827
43, 545
43, 483
34, 385
50, 248
46, 919
56, 247
28, 370
51, 481
47, 903
55, 034
24, 809
49 337
45, 538
52 354
21, 787
50, 821
47, 421
51, 958
20,645
43, 598
40, 400
47, 200
17, 034
50
46
52
14
49
46
45
19
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
208, 516
143 112
65, 404
164 565
980
29,356
5 096
481
518
528
145
1 310
148
132
302
310
395
5 511
523
583
572
184
1 360
150
141
334
334
408
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary*
short tons. _
Imports, bauxite
_
longtons__
Price, wholesale, scrap castings (N. Y.)
dol. per lb__
Aluminum fabricated products, shipments, total
mil. of lbs._
Castings
do
Wrought products, total
do
Plate sheet and strip
do
Brass sheets wholesale price, mill
dol. per lb__
Copper:
Production:
Mine production, recoverable copper •
short tons.Crude (mine or smelter, including custom intake)^
short tons_Refinedc?
- - do
Deliveries refined domesticcf
do
Stocks, refined, end of month $
do
Exports, refined and manufactures
do
Imports, total
do
For smelting, refining, and export
do
For domestic consumption, total
do
Unrefined including scrap
do
Refined
do
Price, wholesale, electrolytic (N. Y.)_.dol. per lb_.
Lead:
Ore (lead content) :
Mine production
short tons _
Receipts by smelters, domestic ore
-do
Refined:
Production total
do
Primary
do
Shipments (domestic)
do
Stocks, end of month
_ _ do
Price, wholesale, pig, desilverized (New York)
dol. per lb_.
Imports, total, except mfrs. (lead content)
short tons_.
Tin:»
Production, pig _
long tonsConsumption, pig
do
Stocks pig, end of month, total
do _
Government
do
Industrial
__ do
Imports:
Ore (tin content)
do
Bars, blocks, pigs, e t c _ _ _ _ _ _
_ -do ___
Price, wholesale, Straits (N. Y.)
dol. per lb._
Zinc:
Mine production of recoverable zinc.. short tons
Slab zinc:§
Production§
do _
Shipments total§
do
Domestic§
- __ __
do
Stocks end of month§
do
Price, wholesale, prime Western (St. Louis)
dol. per lb_.
Imports total (zinc content)
short tons
For smelting, refining, and export
do For domestic consumption:
Ore (zinc content)
do
Blocks, pigs, etc __
do
093
579
287
837
652
577
031
453
81, 473 »• 89, 165
107, 014 r 102, 798
r
108, 527 r107, 496
' 79, 277 79, 579
15, 069
20, 623
r
46, 689
39, 736
1,902
2,753
37, 834
43, 935
18,912
16, 020
21 814
25 023
.2138
.2309
88
102
123
72
071
976
188
215
.2320
24, 849
.1500
.1500
.1500
.1500
.1500
.1500
.1500
.1721
.1750
.1750
.1781
.1950
14, 261
14, 132
27, 416
23, 706
15, 784
26, 718
20, 873
21, 749
18, 627
13, 331
30, 255
24, 929
2,636
5,434
30, 665
16 356
14, 309
3,326
5,640
35, 332
21 336
13, 996
2,983
4,959
34, 447
20, 542
13, 905
3,211
5, 568
38, 993
24 555
14, 438
3,452
5,604
41, 386
27, 674
13, 712
3,048
5,004
41, 714
27, 086
14, 628
2,836
5 498
41 400
26 814
14 586
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
52, 636
39, 911
12, 725
2 989
6,470
.8000
1 745
3,429
.8000
1,439
2,443
.8000
2 566
4,855
.8539
2,201
4,653
.9400
3,668
1,539
.9400
3 595
2 294
.9400
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
1. 0300
46, 817
50, 296
48, 332
47, 790
48,124
47, 612
54, 545
53, 042
50, 974
51, 221
47, 092
67, 867
92 549
50, 558
136, 574
71, 745
129 046
57, 564
79 273
69, 682
79, 789
59, 154
69, 166
70, 996
72 151
61, 258
68, Oil
72, 776
86, 000
66, 174
55, 423
67, 917
74 697
63, 592
48, 643
74 322
77 334
65, 334
45 631
71
73
64
43
500
915
801
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
68
60
41
.1050
22 061
1,510
.1050
33 645
562
.1050
19 140
5,659
.1050
33 415
10, 392
.1108
12 660
121
.1200
22 617
6,240
.1200
21 663
2 070
.1200
21 097
5 717
.1200
24 696
5,962
.1200
26, 903
3,551
.1246
24 174
3 016
.1500
23 373
3,005
14, 953
5,598
27, 295
5,788
9,160
4,321
12, 939
10, 084
7,958
4,581
10, 580
5,797
10 487
9,106
4 498
10, 882
11, 209
7,525
17, 306
6,046
13 915
7,243
11, 583
9,785
.1950
721
850
990
117
.1500
HEATING APPARATUS, EXCEPT
ELECTRIC
Boilers, radiators and convectors, cast iron:
Boilers (round and square):
22,018
31, 372
28,583
37, 194
19, 752
18, 660
19, 699
30, 464
15, 953 1 18, 005 r 33, 237
13, 867
Shipments
__ __ _ _ thous. of Ib _
46, 774
65, 676
71,262
57, 443
39, 749
39, 749
45, 607
68, 669
41,740
78, 834 T 84 686 r 73 791
Stocks end of month
do
Radiation:
r
r
4,794
5,123
5,181
5,388
5 302
5,485
5,010
5,247
4,786
5,980
4, 115
5,228
Shipments
thous. of sq. ft
r
r
2,341
2,536
2,664
2,528
3,015
3,064
2,675
2,558
Stocks, end of month
do
3, 272
3,079
3,268
3,069
r
Revised.
* Preliminary.
{? 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
far 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 redistillers 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.
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1948
1947
September
October
November
December
January
February
March
April
May
July
June
August
Septem
ber
METALS AND MANUFACTURES—Continued
HEATING APPARATUS, ETC.— Continued
Boilers, range, shipments *
Oil burners:
Orders, new, net©
Orders unfilled end of month O
number
do
do
Shipments©
do
Stocks, end of month O
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
number
Gas
do
Oil
do
Solid fuel
do
Water heaters nonelectric shipments*
do
51, 986
56, 357
42, 884
46, Oil
'39 283 ••23 765 ri—57,770
r 463 464 r 362 820 r 227 085
r
!22
201 r 124 409 r 77 965
r
19, 164 r 19, 902 r 24 726
51, 722
52, 592
r
r
6 928 ri_24, 136 «• 12 335
178 929 r r115 859 r r103 978
r
24 174
38 945
54
854
r
34 561 r 47, 031 r 57, 107
58,908
52, 045
r
94
r
* 9, 472
897
18, 219
' 66, 297
T
6, 083
r
79 942
r
21, 745
' 75, 068
41, 110
r
r
r
'
26, 512
r
62, 947 T 67, 222
«•r 27, 948 ' 30, 800
70, 017 r 61, 909
293 141
37 417
212 806
42 918
757, 498
166 811
288, 622
302 065
338 156
38 340
261 °21
38 595
845, 318
181 346
328, 051
335 921
281 571
31 270
210 894
39 407
671, 388
125 544
302 758
243 086
285
27
211
47
593
88
295
2io
575
456
078
041
452
026
230
196
288 203
29 955
210 865
47 383
316, 254
44 825
141,084
130 345
312 406
32 169
223 756
56 481
261,925
47 181
104, 176
110 568
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
91 050
15,214
35 270
40,566
210, 360
108, 419
19, 632
36 795
51, 992
229 307
72
13
27
31
185
67
15
28
23
174
567
283
311
973
704
46,590
10, 822
16, 354
19,414
176, 736
36 345
9,313
7 645
19, 387
159,007
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
640
530
794
316
932
' 30, 817
40, 294
' 9, 094
64 343
25 396
72, 438
r
256, 618
v 20, 131
201 532
34, 955
r
466, 442
r
101, 408
r
179, 778
r
185, 256
r
r
r
52,231
71 084
50, 082
49, 183
304, 920
27, 615
248, 661
28, 644
714, 367
171, 570
277, 492
265, 305
57, 292
14, 967
••T 12, 881
29, 435
T
160, 415
92,005
20, 792
23, 426
47, 787
208, 923
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, 322
6,651
11, 809
6,467
10 985
9,677
8 452
7,912
393.1
77.0
438.2
94.8
286 1
84.7
467.8
98.4
380.9
75.3
367.3
87.1
326.2
83.6
412.0
82.0
388.5
82.6
376.8
94.4
456. 3
62.4
324.7
'69.8
9,838
8,194
3 728
2 492
2,685
4,316
5,090
4,548
6,314
7,802
8,428
10, 483
345
273
230
168
191
249
336
313
333
396
52,523
51,603
50, 946
64, 870
68, 150
78, 197
92,642
74,488
70, 694
370
80, 640
208
88,803
78, 051
3,355
3,475
2 673
3 480
3,819
3,635
4,703
4,312
3,724
3,512
4,075
4,520
3 474
' 2, 519
2,641
12, 628
13, 126
11, 638
273 5
?84. 7
ELECTRICAL EQUIPMENT
Batteries (automotive replacement only) , shipments
thousand s__
Domestic electrical appliances, sales billed:
Refrigerators, index* .
1936= 100_.
Vacuum cleaners, standard type
_ _ number
Washers
do
Furnaces, electric, industrial, new orders:
Unit
kilowatts
Value.
-thous. of dol__
Insulating materials and related products:
Insulating materials, sales billed, index 1936=100
Fiber products:
Laminated fiber products, shipments
thous. of dol. .
Vulcanized fiber:
Consumption of fiber paper
thous. of lb__
Shipments of vulcanized products
thous. of dol. _
Steel conduit (rigid) and fittings, shipments
short tons__
Motors and generators, quarterly:
New orders, index
_ 1936=100
Polyphase induction motors, 1-200 h. p.:§
New orders
thous. of dol_.
Billings
do
Direct current motors and generators, 1-200 h. p.:§
New orders
thous of dol
Billings
do
2,415
2,854
2,683
2,597
2,394
2,254
1,679
1,211
1,027
1,200
1,506
180
326, 882
354, 094
197
358, 546
397, 113
182
350, 470
365, 579
211
373, 254
351, 152
182
304, 273
360, 445
188
311, 448
367, 909
246
355, 415
408, 512
221
306, 588
402, 257
211
276, 657
377, 895
247
256, 071
392, 496
232
229, 537
326, 181
362, 169
4,465
6,378
3,344
4,083
2,692
4,487
4,328
5,166
5,229
436
528
538
4,845
4,853
350
26, 435
1,831
383
390
354
677
550
310
776
186
3 902
363
351
398
371
344
352
323
354
4,221
4,162
4,693
4,310
4,118
4,393
4,127
4,286
4,783
5,065
4,532
5,200
5,317
4,925
4,043
3,775
5, 113
3,632
1,602
350
381
345
353
356
4,150
4,397
3,812
4,205
4,820
5,442
5,107
4,852
1,599
1,731
1,486
1,457
1,540
1,461
1,742
1,686
1,500
1,338
1,430
1,618
23, 638
23, 664
22, 336
25, 319
20, 882
22, 730
23, 194
24, 653
22, 415
22, 704
23, 072
19, 241
308
392
295
329
22, 328
30, 280
29, 534
32, 451
22, 871
32, 622
25, 841
32, 954
4,118
4,935
5,790
5,834
5,068
5,059
6,144
5 078
PAPER AND PRINTING
PULP WOOD AND WASTE PAPER
Pulpwood:
Receipts
thous. of cords (128 cu. ft.)
Consumption
do
Stocks, end of month
_
do
Waste paper:
Receipts
_ _
short tons__
Consuniption
do
Stocks, end of month
do
1,908
1,589
4,736
1,826
1,744
4,795
1,480
1,679
4,567
1,613
1,605
4,566
1,813
1,734
4,646
1,646
1,589
4,698
1,893
1,778
4,790
1,580
1,762
4,607
1,675
1,850
4,421
1,903
1,767
4,543
643, 222
638, 318
467, 651
735, 250
684, 375
512, 880
638, 505
635, 597
514, 039
633, 122
625, 971
521, 019
614, 143
674, 747
458, 366
595, 355
618, 324
429, 676
718, 411
704, 677
441, 335
687, 267
684, 277
443, 742
658, 004
655, 855
445. 216
645, 879
624, 008
461. 744
r
2, 109
'
1, 694
r
4, 956
r
577, 204
' 543, 385
' 496. 475
2,242
1,882
5,311
2, 050
1, 747
5, 60S
587, 319
607, 408
474. 378
602, 79:1
599, 03(1
476. 3/fl
r
Revised. » Preliminary. 1 Cancellations exceeded new orders.
§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 quarter
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 as follows (number): New orders—214,299; 93,140; 14,401; -7,866; 9,735; 35,121; 1,968;
81,916; unfilled orders—987,892; 1,005,184; 928,861; 828,453; 743,405; 676,771; 581,751; 546,382; shipments—77,998; 75,848; 90,724; 92,542; 94,783; 101,755; 96,988; 117,285; stocks—9,592; 11,295; 14,435;
12,550:14,4441:17,623:20,976:18,759. Revised figures for 1945 and 1946 will be shown later: previous to 1945 water heating units were not called for on the schedule but were largely reported in date
for residential burners shipped separately. Collection of data on new orders has been discontinued.
• Data for January-June 1947 for refrigerators sales index, not previously published, are as follows (1936=100): 132:113; 154; 168; 176; 183.
*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 in previous issues of the monthly Survey beginning with the March 1947 issue;
however, production data 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 September-December 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 1945, has been substituted for estimates of total shipments which have been discontinued by the association; the index is based on reoorts estimated to account
for about 90 percent of industry shipments.
SUEVEY OF CURRENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-35
1948
1947
Septem-
October
Novem-
ber
Decem-
ber
January
Febru-
ary
March
April
May
June
July
August
Septem-
ber
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, end of month:
Total, all grades
do Bleached sulphate
_
_
do
Unbleached sulphate
do
Bleached sulphite. . _ _
_ _ -do
Unbleached sulphite
do
Soda
- _ _
_ - -do
Groundwood
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
92, 335
332, 960
154
960
r
73, 767
40, 182
161, 635
69, 080
1 080
103, 347
374 438
172 429
80 272
43, 840
176 593
79, 974
1 022
93 744
356 488
163 508
77 186
42 218
168 859
75, 041
91, 569
332 597
155 379
78 176
41 668
161 047
69, 718
1 054
102, 641
373 277
164 244
82 206
43, 933
161 067
79, 051
95, 088
321 089
157 233
76 586
39, 762
153 488
75, 000
1 086
105, 190
390 188
168 923
80 127
42, 598
170 230
81, 388
1 081
102, 841
384 106
161 535
76 564
43, 119
184 129
81, 521
1 127
107, 217
412 959
162 481
75 857
44, 385
191 151
82, 366
1,090
104, 269
401, 306
156 276
73, 867
43, 576
184 684
81, 567
1,019
98, 163
373, 775
147 566
66, 852
38, 110
173,839
75, 256
r
1, 145
112, 015
434, 807
164, 355
71, 223
43, 586
184, 401
82, 615
94 121
5,508
10 867
30, 288
16 869
2,771
23 660
11 603
186 631
21 301
37, 060
44 037
54, 311
1 864
26, 934
93 244
5 886
10 032
36, 547
14 764
3,033
18 193
16 090
195 884
22 302
36 470
53 458
55, 772
1 929
24, 742
109
6
13
42
17
3
21
10
188
23
48
40
52
2
19
968
089
270
846
716
492
702
334
053
009
938
544
915
075
237
98 928
4 439
9 815
37, 308
18 452
2 895
21 615
8 278
210 216
24 835
42 907
49 427
65, 284
2 293
24, 277
91 271
6 316
11 786
28* 933
16 103
3' 020
20 368
11 089
187' 293
20 898
38 625
36 541
63' 234
1 884
25 053
94 543
7 558
11 551
30 525
14 427
3 454
22 316
11 807
215 851
19 886
45' 033
42 375
88, 126
1 959
17, 138
89 211
6 464
12 084
22 543
14 652
3 363
24 776
4 850
208 180
26 250
38 667
58 216
57 794
2 414
23' 385
96 598
7 127
10 553
22 317
14 566
3 362
32 460
6 396
17l'oiO
18? 420
26 148
43 502
50 537
I 674
29 532
105 018
7 665
9 637
23 219
16 401
3 325
38 325
9 326
205 959
27 089
31 ' 470
50 574
65 993
1 795
27,864
102 766
9 044
8 309
21 167
16 291
3 318
38 058
10 309
213 200
32 847
30 322
52 490
60 443
2 542
33 183
96 310
7,664
11 437
18 217
16 496
2,829
32 507
9 606
183 646
27 214
26 007
49 082
56 706
2 000
21, 795
r
1,777
898
1,743
894
1,866
949
1,701
877
1,930
958
1,908
953
1,837
939
1,688
859
970
r
r
975
961
98 640
8,669
13,937
20, 624
16 652
2,981
r
28 260
7 733
179 342
23 669
27 159
46 570
55 711
2 255
23 264
T
1,055
104,237
385, 790
153 535
70, 195
41, 582
171, 710
81, 139
98 946
9,508
16 066
19, 920
19 057
2,995
23 506
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:
Paper and paperboard production, total
thous. of short tons..
1,720
Paper
do
873
Paperboard
_
do. _ _
742
Building board
do
105
Paper, excl. building paper, newsprint, and paperboard (American Paper and Pulp Association):
Orders new
short tons
731 808
Orders, unfilled, end of month*
do _. 675, 902
Production
do
702 581
Shipments
do _. 693, 566
Stocks, end of month •
do. _
210 827
Pine paper:
Orders, new
do __
94, 838
Orders, unfilled, end of month
do
136 927
Production
do
101, 775
Shipments
do
98 680
Stocks, end of month ___
_
do
52, 120
Printing paper:
Orders, new
do
277 581
Orders, unfilled, end of month
do
299 893
245 916
Production
do
Shipments
_
_ _ do. _ _ 243, 496
Stocks, end of month
do
62 096
Price, wholesale, book paper, "B" grade, English finish, white, f. o. b. mill.— dol. per 100 lb__
10.80
Coarse paper :f
Orders, new
short tons _ 238, 828
Orders, unfilled, end of month _
_ _ _ d o _ __ 155, 539
Production
do __ 233, 492
Shipments
do
230 171
Stocks, end of month- _
_
do
60, 263
Newsprint:
Canada:
Production
do
366, 092
Shipments from mills ___
__do
379,460
Stocks, at mills, end of month
_ _ do _
67, 564
United States:
Consumption by publishers
do
299 807
Production
_ _ _ _
_
do
70, 732
Shipments from mills
__do
70, 168
Stocks, end of month:
At mills
do
12, 397
At publishers __ _ _
__ __ _ d o _ _ 312, 573
In transit to publishers
do
77, 150
Imports
do
357 998
Price, rolls (New York)
dol. per short ton__
90.00
Paperboard (National Paperboard Association) :
Orders, new
short tors
797, 300
Orders, unfilled, end of month
__
do _
442, 400
Production, total
do
756, 300
Percent of activity
96
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft surface area
4,905
Folding paper boxes, value:
New orders
1936=100..
391.7
Shipments _
do
454.3
1,898
956
827
115
767
111
740
109
143
897
262
672
688
742 307
558, 390
776 838
768, 128
237 650
r
743 945 r 693 843
555' 847 r 552, 535
690 363
756 962
744 754 r' 689, 968
253 225
249 800
112, 679
122 825
107, 304
108 870
52, 915
89 977
121 540
97 654
96 009
54, 385
107
125
105
104
55
673
073
927
313
237
94
117
104
103
56
818
807
393
541
915
87, 050
100 215
103 369
104 156
56, 000
92
95
102
97
62
690
425
522
918
955
280 132
263, 383
269 194
265, 557
66 078
238 218
254 602
250 387
251, 898
67 470
278
256
267
263
68
425
187
467
762
042
255
246
264
259
74
960
660
706
989
248
262
250
268
263,
78
270
252
267
262
81
285
355
238
263
750
795
620
779
772
223
109 851
138 850
111 114
111 732
51, 770
82
121
101
101
53
720
422
954
168
705
89 886
112 523
103, 495
95 773
54, 234
249
269
275
275,
62
252
267
257
257
66
829
430
210
736
036
252
254
257
261,
63
400
058
406
645
278
694
608
719
721
226
10.80
10.80
10.80
264 665
159, 550
258, 098
260 401
57, 886
241
158
?49
247
60
042
730
895
650
756
245, 517
155, 245
245, 463
244 540
59, 931
268, 523
149, 956
265, 386
262 416
63, 276
241, 272
150, 610
242, 667
245 741
62, 595
268
145,
268
267
62
396, 251
389, 505
74 310
364 483
393 169
45 624
368, 925
369, 986
44, 563
371,637
346,870
69, 330
344, 645
332, 211
81, 764
339 286
72, 253
73, 545
338 012
66 475
66 439
322, 136
65, 880
68, 720
292, 534
65, 094
65, 037
11, 105
308, 033
83, 957
355 605
90.00
11 141
279 631
89 755
314 364
90.00
8,301
292, 920
84, 113
389 907
90.00
821, 800
441, 000
830, 200
755 400
425, 100
758, 400
765, 100
457, 100
747, 500
10.80
10.80
10.80
705
945
911
590
865
10.80
10.80
r
r
r
r
r
T
r
r
r
r
r
r
r
87 618
64, 230
10.80
777
122
127
79, 725
87 105
240 050
250, 310
237 927
238, 150
r
84 560
1,809
910
r 812
r 88, 191
r
1, 877
r 938
703
126
789
109
749
575
776
772
231
714 929
606' 608
733 484
728 969
215 050
10.80
827
122
251
763
537
310
746
825
202
765
868
077
172
943
843
724
745
843
112
792
605
782
774
227
697
628
732
729
219
016
004
837
699
782
854
117
795
437
036
572
645
536
636
549
752
265
751
645
776
778
208
718
105
808
110
1,908
960
r
r
r
r
705
507
757
752
259
290
790
583
545
735
727
515
734
722
271
000
000
250
000
000
r
r
r
r
r
82
72
99
97
67
120
000
915
485
025
82
61
97
93
71
000
000
000
000
000
232
230
254
252
r 87
900
370
259
730
150
260
244
250
249
88
000
000
000
000
000
10.80
r
252 610 r 264
500
780 r 142, 150 r 134
059 ' 243 161r 274
275 r 242 912 r 274
935 '62 140
r 62
11.30
392
000
314
448
850
259 685
134, 250
268 302
265 065
62 090
254
134
257
255
62
387 672
380, 732
88 704
385 606
380, 843
93 467
388 461
397 706
84 222
382 937
383 594
83 565
391 481
379, 695
95 351
389 148
306 Q4Q
88 450
376 062
387 897
76 615
307 967
58, 016
59, 019
358 237
64, 894
65, 943
342 572
69,371
69 199
348 823
72, 659
71 553
327 060
72 075
72 441
291 647
69, 327
68 548
314 045
72 571
71 966
337 196
68 370
69 297
8,358
295, 052
89, 132
320 564
96.00
7 355
267, 958
90, 864
293 801
96.00
6 306
274, 453
75 785
398 283
96.00
6 478
268, 665
88 644
349 649
96.00
7 584
282 202
89 083
368 133
96.00
7 218
294 728
73 363
374 845
96.00
7 997
337 372
80 667
362 174
96.00
8 602
382 849
76 842
389 729
100. 00
7 675
382 559
89 884
826, 900
432, 900
813, 100
711, 300
423, 500
713, 400
894, 300
464, 700
861, 200
790 200
397, 400
824, 200
791 200
352, 000
821, 800
798 000
381 100
789 200
706 100
359 000
705 600
807 200
344 500
792 900
796 200
375 900
774 000
636
093
999
015
890
260
136
265
268
58
500
750
470
300
800
261
139
262
257
67
000
000
000
000
000
100. 00
100
89
5,416
5 130
5,063
5,185
5 003
5 509
4 929
4 976
5 019
4 527
5 301
5 386
449.1
506.9
379.4
450.1
398.5
456.2
430.4
454.8
409.2
449.0
467.4
476.5
378 6
438.5
394 0
417.9
445 0
478.0
415 8
370.7
451 2
459. 1
459 5
47fi.fi
101
103
100
102
102
100
94
81
92
91
r
Revised.
• January-June 1947 data: not previously published, are as follows (short tons): Unfilled orders—734,010; 728,008; 728,052; 697,198; 661,181; 679,267; stocks—200,996; 195,659; 201,812:199 393205,264; 215,847.
'
'
fRevised 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.
NOTE FOR ALUMINUM PRODUCTION, COPPER PRODUCTION (MINE), AND TIN, p. s-33.—The indicated series werenot included in the monthly survey prior to the September 1948 issue- JanuaryJune 1947 figures which have not been shown in the Survey are as follows: Aluminum production, primary, short tons—50,045: 47,002: 53,032: 51,007: 51,116: 46-259. Copper production , mine,
short tons—70,044: 68,385: 74,570: 72,395: 75,072: 70,169. Tin, long tons—production, 3,364: 3,152: 3,188: 3,054: 3,367: 2,894: consumption, 5,461: 5,068: 5,533: 5,628: 5,128: 4,991: total stocks, 30 081:
33,282: 31,654: 29,108: 27,368: 25,710: Government stocks, 15,156: 18,449: 16,499: 14,017: 21,553: 10,984: industrial stocks, 14,925: 14,833: 15,155: 1,5091: 14,815: 14,726
SURVEY OF CUEEENT BUSINESS
S-36
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
PAPER AND PRINTING—Continued
PRINTING
Book publication, total
New books
__
New editions
number of editions
._ . do_ _
do
647
549
98
772
639
133
1, 135
885
250
1,110
835
275
763
612
151
805
607
198
890
732
158
819
637
182
918
715
203
627
504
123
689
516
173
549
385
164
618
492
126
5,007
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Production
thous. of short tons _
Stocks in producers' storage yards, end of month
thous. of short tons..
Exports
do
Prices, composite, chestnut:
Retail ^.
dol. per short ton-Whole sale
do
Bituminous:
Production
thous. of short tons
Industrial consumption and retail deliveries, total
thous. of short tons_.
Industrial consumption, total .
do
Beehive coke ovens
do
Byproduct coke ovens _ _
do
Cement mills
do
Electric power utilities
_ _ . do
Railways (class I)
do
Steel and rolling mills
_ _ _ do
Other industrial
do
Retail deliveries
_ _ _.._. do _
Stocks, industrial and retail dealers, end of month,
total
- thous. of short tons
Industrial total
do
Byproduct coke ovens
_
_
do
Cement mills
do
Electric power utilities _
_. __ do
Railways (class I)
do
Steel and rolling mills
do. _
Other industrial
do
Retail dealers
do_ _
Exports §
do
Prices, composite:
Retail 1
_
..dol. per short ton___
Wholesale:
Mine run
do
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__
5,158
5,524
4,629
4,879
4,921
4,675
4,928
4,438
4,867
4,590
4,365
' 5, 121
398
855
529
830
675
765
702
794
511
396
320
412
256
604
153
671
96
628
63
612
51
449
135
691
17.71
14. 700
17.87
14.760
18.01
14. 796
18.03
14. 803
18.22
14. 896
18.24
14. 912
18.24
U5.022
18.24
U5.023
52, 381
57, 301
52, 689
54, 798
55,780
49, 711
33, 844
34,600
T
18.60
18.29
1 15. 134 '115.325
55, 965
20.01
18.94
1 15. 836 r 1 16. 338
20.09
116.388
52, 463
48, 238
' 53, 108
50, 540
42, 429
36, 273
921
8,199
679
8,272
7,258
697
» 10, 247
6, 156
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
1,309
22, 751
8,815
1,152
19,619
2,918
43, 706
36, 670
916
7,658
662
7,616
8,450
741
2
10, 818
7,036
156
48, 006
40, 252
965
8,278
704
8,121
9,048
826
2 12, 519
7,754
161
45, 863
37, 853
866
8,091
730
7,737
9,167
867
2 10, 586
8,010
131
49, 161
38, 315
950
8,425
757
8,450
9,652
966
2
9, 317
10, 846
93
54, 922
41, 668
963
8,400
709
8,796
9,726
1,104
2 11, 970
13, 254
48
47, 423
35, 746
846
7,917
636
7,904
9,091
996
2 8, 356
11, 677
55
44, 502
34, 974
509
8,100
671
7,801
8,430
1,023
2
8, 440
9,528
55
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
2
8, 056
5,628
110
38, 928
32, 985
848
8,036
690
7,520
7,432
798
2 7, 661
5,943
99
38, 748 ' 41, 966
33, 578 ' 36, 470
'960
697
8,349
8,233
719
721
8,203
7,701
7,467
7,408
706
663
2 8, 155 '2 10, 066
5, 496
5,170
111
102
48, 370
46, 353
6,216
909
16, 154
6,227
1,089
15, 758
2,017
7,148
50, 276
48, 144
7,310
1,049
16, 772
6,305
1,076
15, 632
2,132
7,023
50, 455
48, 255
8,207
1,087
16, 673
6,156
985
15, 147
2,200
6,034
52, 161
50, 124
9,148
1,113
16, 788
6,749
1,012
15,314
2,037
4,246
49, 576
48, 185
8,671
1,049
15, 792
6,906
943
14, 824
1,391
3,410
48, 613
47, 424
8,807
991
14, 868
7,047
976
14, 735
1,189
3,219
43, 585
42, 581
7,435
956
13, 609
5,599
881
14, 101
1,004
2,601
34, 418
33, 576
4,308
776
11, 745
4,864
771
11,112
842
1,019
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
14.04
14.15
14.48
14.50
14.64
14.70
14.71
14.80
15.11
15.29
r
15. 92
15.98
'18.321 • i 8, 379
i 8. 864
i 8. 800
i 8. 403
i 8. 904
435
5,713
259
r
612
5,843
259
588
5, 7(53
856
641
215
91
67
940
652
287
100
51
1,123
716
407
111
82
1,287
819
468
12. 900
13.000
13.250
14. 375
14. 500
1,864
170, 574
97
175, 705
1,860
166, 330
96
168, 952
2,105
171, 196
96
174, 546
1,959
172, 886
96
174, 242
7.454
7.657
7.528
7.798
7.549
7.889
7.575
7.922
7.695
8.031
7.710
8.090
i 7. 684
i 8. 123
i 7. 728
i 8. 146
«• i 7. 864
i 8. 272
i 7. 882
i 8. 347
583
5,396
192
616
5,800
210
549
5,650
175
603
5,886
210
606
5,865
204
539
5,513
203
324
5,653
242
246
4,491
225
577
5,722
217
540
5,593
256
1,029
509
520
95
60
1,063
513
550
97
118
1,151
589
562
83
76
1,040
535
504
69
79
912
554
358
67
60
807
618
190
79
59
716
587
128
66
67
646
533
113
69
37
802
644
158
83
81
12. 000
12. 125
12. 250
12. 250
12. 500
12. 500
12. 500
12. 500
1,522
157, 530
99
159, 771
1,760
164, 913
97
162, 854
1,554
158, 736
98
158, 719
1,418
165, 443
98
165, 858
1,733
163, 781
96
165, 796
1,406
155, 224
93
156, 014
1,630
167, 593
92
167, 007
1,716
164, 509
95
166, 198
' 15. 73
r
r
PETROLEUM AND PRODUCTS
Crude petroleum:
Wells completed
number. _
Production
thous of bbl
Refinery operations
percent of capacity
Consumption (runs to stills)
thous. of bbl__
Stocks, end of month:
24, 211
223, 124
223, 481
224, 929
223, 820
224, 880
225, 462
223, 430
227, 278
225, 258
227, 408
226, 666
57, 684
57 872
58, 790
58, 751
52, 864
54, 572
53, 891
60, 807
58, 989
53, 660
54, 050
53, 849
At refineries
do
150,238
148,994
148, 469
148, 890
154, 233
153, 378
156, 224
150, 787
152, 758
156, 726
157, 853
At tank farms and in pipe lines
do
156, 276
16, 289
16, 258
16, 222
16, 179
15, 684
16, 075
16, 161
15, 339
15, 578
14, 964
14, 932
15, 661
On leases
do
7,743
7,831
7,931
7,498
7,228
6,412
5,725
6,539
5,275
5,623
6,756
Heavy in California
do
5,194
3,419
4,078
3,661
3,362
4,039
3,844
3,538
2,992
3,138
2,626
3,699
4,087
Exports
do
10, 804
12, 266
10, 552
9,144
9,393
8,622
9,339
7,512
7,638
8,591
9,767
7,908
Imports
do
2.510
2.510
2.510
2.510
2.510
2.510
2.510
2.410
2.010
2.510
2.510
1.910
Price (Kansas-Oklahoma) at wells. -dol. per bbl_.
1.810
Refined petroleum products:
Fuel oil:
Production:
32, 190
29, 930
30, 764
30, 820
33, 539
30, 759
28, 254
29, 352
32, 548
32, 688
29, 072
27, 325
Distillate fuel oil
thous of bbl
38, 673
39, 177
38, 387
40, 732
39, 104
39, 606
39, 746
37, 344
40, 523
37, 542
39, 066
Residual fuel oil
do
37, 098
Domestic demand:
18,305
20, 896
22, 809
25, 498
42, 056
40, 426
28, 997
19, 414
20, 210
33, 779
38, 648
23, 116
Distillate fuel oil
do
38, 255
38, 987
39, 819
52, 015
38, 400
45, 565
48, 853
42, 831
43, 995
43, 538
47, 808
Residual fuel oil
do
40, 677
Consumption by type of consumer:
r
3,601
3,845
2,916
3,083
2,943
4,433
4,287
4,039
3, 927
3,119
3,186
4,256
4,002
Electric power plants
do
5,824
5,878
7,141
7,004
5,889
6,026
5,995
6,409
6,941
6,188
6,661
Railways (class I)
_ _ do
6,506
5,685
4,651
5,604
5,775
4,606
5,054
4,510
5,419
5,382
4,800
5,901
Vessels (bunker oil)
do
5,948
Stocks, end of month:
51,081
61, 334
58, 725
48, 352
40, 781
34, 514
63, 252
68, 818
32, 214
34,590
41,036
59, 764
Distillate fuel oil
._ do
47, 091
52, 455
64, 096
58, 431
52, 465
48,788
44,636
52,502
43, 301
41. 945
43, 156
52, 578
Residual fuel oil.
^_
do
r
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 1948 figures strictly comparable with May for bituminous coal, prepared sizes, $8.154.
2
Data for coal mine fuel is included in "other industrial."
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments (see note marked "J" 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 (see note marked "J" in the April 1948 Survey for
changes during early 1947); February-July 1947 data are directly comparable and cover 16 cities for anthracite and 30 cities for bituminous coal. Beginning August 1947 data cover 10 cities for
anthracite and 21 cities for bituminous coal. July 1947 averages comparable with August for anthracite and bituminous are $16.46 and $13.04, respectively.
SURVEY OF CURRENT BUSINESS
November 1948
S-37
1948
1947
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
September
October
November
December
January
February
March
April
June
May
July
August
September
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Fuel oil— Continued
Exports:
Distillate fuel oil
thous ofbbl
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:
All types:
Production, total
thous. of bbl
Gasoline and naphtha from crude petroleum
thous. ofbbl
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 rb__
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_-
2,990
821
3,058
797
1,376
410
842
769
1,585
281
1,042
499
1,222
683
1,649
907
2,007
2,323
607
689
2,261
1,058
2,016
1,238
.087
.090
.092
.102
.110
.110
.110
.110
.110
.110
.110
.110
8,547
6,580
9,308
9,352
11,070
10, 129
12, 904
17, 722
66
10,697
11,030
11,262
10, 236
9,973
6,508
9,383
9,442
9,180
6,193
23, 564
333
22, 276
476
8,163
22,750
578
20, 626
372
16, 198
11,993
216
12, 608
10, 287
69
10, 884
10, 464
269
7,774
12, 795
88
6,351
18, 480
220
15, 711
474
6,561
20, 958
362
.095
.095
.095
.108
.115
.121
.125
.125
.125
.125
.125
.121
4,047
4,264
4,308
3,096
18,022
4, 500
4,065
3,007
4,135
' 2, 803
4,341
896
2,917
8,531
961
4,287
3,056
4,404
8,157
1,090
4,566
3,295
8,624
4,132
3,217
4,350
3,427
.352
.360
8,340
3,044
2,956
!8,411
1,142
i 8, 166
1,979
18,350
1,134
i 8, 747
969
.390
.390
.390
.390
.390
.390
i 7, 892
1,028
i 7, 829
1,143
17,961
.360
.378
.390
.390
1,032
72, 944
75 656
72, 061
75, 140
73, 812
67, 518
72 025
74 219
79 421
78, 543
79, 948
80, 711
64, 744
67, 150
11,685
63, 623
11, 951
66, 770
12, 357
65, 744
12, 047
59, 964
63, 608
12, 296
65, 834
11, 704
70 501
12,072
69, 883
11, 550
71, 221
11,871
71, 964
12, 157
3,179
6, 355
73, 295
3,513
3,987
5,994
3 152
67, 285
61, 308
56, 487
6,187
68, 171
3,319
64, 158
3,979
6,434
3,818
6,513
71, 384
72, 183
6,. 551
77 186
2,890
5,979
78, 044
3,144
6,123
81, 428
80, 351
75, 882
45, 567
74, 710
45, 084
78, 669
46, 529
83, 111
51, 570
9,192
93, 290
102, 235
68, 604
103, 398
101,280
99, 554
96,221
90, 310
51, 873
87, 187
49, 152
11,096
2,896
6,323
4,296
2,882
61,134
8,877
4,323
2,075
.099
.183
.194
3,379
11,372
5,695
3,879
68,824
6,058
8,549
5,305
61,648
8,998
5,622
3,190
3,218
64, 553
56, 231
.120
2,957
1,139
3,231
1,160
.110
.370
3,410
6,535
3, 084
4,221
3,171
8,882
4,266
3,673
.084
.176
.173
.085
.176
.178
.090
.178
.179
3,733
2,258
5,803
2,121
5.919
3,449
2,198
2,338
3,316
2,187
6,106
2,575
6,064
2,422
931, 800
597, 800
901, 100
540, 700
726, 900
661, 300
638, 500
731, 100
587, 500
i 812, 400
89, 880
96, 320
80, 080
91, 000
85, 960
96, 880
96, 320
98, 280
98, 000
104, 720
82, 320
103, 320
98, 280
100, 800
92, 960
108, 920
82, 600
112, 560
86, 240
122, 920
74, 760
136, 360
148 680
5,886
6,640
5,549
5,686
5,549
5,121
5,155
4,946
4 636
5 220
4 734
r 5 259
5 588
1,699
1,368
2,819
300
39, 565
1,908
1,529
1,649
1,254
1,736
1,285
1,743
1,244
1,611
1,132
1,561
1,208
1,405
1,056
1,216
998
1,281
1 083
251
55, 316
213
52, 476
54,772
1 163
1 028
2 543
r 199
44 912
1 271
1 153
r 2 835
234
r 44 474
1 396
1 246
2 946
268
44 530
50, 616
52 022
112 724
40, 709
55 701
119 818
64 725
r 53 366
r 129 622
68 131
51 898
123 108
8,478
4,456
7,874
3,203
353
42, 637
2,647
331
36, 667
2,186
2,665
356
37, 470
8,764
4,673
8,551
4,806
1,426
2,165
.105
.188
.194
.105
.188
.195
.105
.188
.195
.105
.188
.195
3,443
2,385
6,557
3,315
1,825
7,186
4,088
2,945
7,359
3,266
2,712
2,562
338
40, 180
3,044
8,297
6,077
2,977
8,529
6,176
3,849
8,258
6.308
2,982
.105
.188
.196
.105
188
.196
4 476
3 190
6 641
2 913
.105
.188
.196
.105
. 188
.195
4,075
2,775
4,115
4 142
6 790
2,667
6 469
2,614
6 520
624, 000
551, 800
676, 900
818 400
1
925, 800 11,020,700 11,082,900 11,156,200
911 100
2,964
2,378
329
37, 633
2,329
7,044
2,808
2,385
350
49, 662
2,484
2,423
2,943
1
1,048,000
2,856
205
2,747
2,575
.105
188
196
980 700 1 062 200
i 957, 600 i 798 900
74,760
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
long tons.
Stocks end of month $
do - _
Imports, including latex and Guayule
do
Price, wholesale, smoked sheets (New York)
dol. perlb__
Chemical (synthetic):
Production
long tons
Consumption
_ _
do
Stocks end of month®
do
Exports
do
Reclaimed rubber:
Production
do
Consumption
do
Stocks, end of month® ___
do
50, 557
122, 097
46, 285
57, 286
114, 115
49, 976
52, 076
110, 752
50, 946
56, 284
129, 038
71, 596
58, 174
136, 227
80,852
51,012
148, 081
54, 418
54, 444
130, 295
72, 070
123,248
40, 747
48 769
128 446
71 482
.166
.202
.238
.215
.219
.205
.204
.229
.233
.228
.243
.237
.228
30, 518
33,834
38, 134
43, 230
62, 366
413
39, 428
43, 003
60, 290
419
39, 025
35, 375
65, 649
464
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
r 39 630
r 39 339
r 97 197
280
37 890
39 211
98 312
25, 123
25, 229
35, 943
25, 634
25, 885
36, 307
23, 678
22, 374
38, 444
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
r 20 255
r 22 917
r 32' 025
21 790
24 115
30 363
79, 246
349
45, 668
67, 379
202
37, 825
39, 091
67, 871
221
22, 561
23, 801
38, 461
25, 648
26, 735
36, 643
23, 161
23, 491
36, 425
41,865
TIRES AND TUBES
Pneumatic casings:
7,716
7,851
8,889
6,574
6,385
8,050
Production
thousands. _
7,919
6,930
7,915
5,919
6,583
5,106
8,246
8,639
5,703
7,039
Shipments, total
do
2,097
2,330
2,338
2,366
2,178
2,128
2,265
2,020
Original equipment
do
5,603
6,134
3,433
4,029
2,887
Replacement equipment
do
3,183
4,632
5,828
215
157
216
327
154
142
289
200
Export
do
5,277
8,806
6,975
5,513
10, 172
11, 364
5,191
Stocks, end of month
do ._.
10, 940
234
184
195
294
243
161
280
166
Exports
.do
Inner tubes:
6,457
6,544
6,226
7,619
4,980
5,534
6,540
Production
do _
5, 578
5,152
6,343
5,324
7,616
4,505
7,233
5,188
5,807
Shipments
do _ _
9,116
6,683
6,424
8,088
9, 657
6,339
9,737
Stocks, end of month
do
9, 930
134
137
101
157
126
181
120
117
Exports
do
r
Revised.
1
New basis excluding distributors' stocks in California; comparable figures for December 31,1947: Lubricants, 7,701; asphalt, 685,600.
c? Beginning July 1947 data are reported stocks available to industry.
<g> Beginning July 1947 data are reported stocks.
6 931
7 584
6,254
7,827
1 818
4,301
135
2 189
5 474
164
11, 435
144
11,611
143
5 702
5 419
10, 069
95
6 716
6 745
9,939
100
6
7
2
5
672
866
379
357
131
10 207
175
6
7
2
5
5 750
6 807
8 760
127
6 639
6 917
8 533
75
963
835
290
409
136
9 335
113
SURVEY OF CUREENT BUSINESS
S-38
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments-reams _.
146, 111
146, 754
145, 409
125, 743
111, 889
139, 066
161, 110
160, 918
158, 554
171, 412
146, 164
191, 199
191, 884
17, 319
88
19, 840
7,921
3,889
18, 300
90
20, 562
5,668
3,114
16, 814
85
16, 267
6,209
2,929
16, 123
79
12, 379
9,975
3,605
14, 541
71
9,205
15, 336
4,299
13, 347
70
8.338
20, 340
5,196
14, 502
71
13, 957
20, 886
6,072
16,041
80
19, 047
17, 880
5,930
17, 740
86
19, 544
16, 086
5,650
17, 757
89
21,426
12, 422
5,032
18, 721
90
20,994
10,149
4,514
18, 961
91
20,704
' 8, 355
' 3, 916
18, 605
93
19, 938
7, 022
3,200
456, 943
483, 622
483, 156
511,366
538, 950
451,497
460, 971
453, 100
456, 272
436, 073
431,130
452, 138
369, 034
335, 438
479, 788
317,619
300, 386
493, 925
392,440
414,418
470, 041
445, 263
494, 952
421, 558
498, 171
496, 510
420, 241
22. 204
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
CLAY PRODUCTS
Brick, unglazed:
Production
thous. of standard brick
Shipments
do
Stocks end of month
do
Price, wholesale, common, composite, f. o. b. plant
dol. per thous. _
Clay sewer pipe, vitrified:
Production
short tons..
Shipments
do
Stocks
do
Structural tile, unglazed:
Production
do
Shipments
- _
do
Stocks
do
20. 374
20. 490
20. 636
20. 843
21. 093
21.194
21. 479
22. 040
117, 038
117, 530
155, 976
120, 704
119,913
156, 607
117, 435
110, 906
159, 360
120, 892
116, 647
166, 450
118,720
98, 540
183, 694
110, 777
93, 973
200, 385
131, 353
122, 307
209, 313
122, 561
124, 272
207, 527
111,230
110,343
124, 794
115, 844
119,243
119, 289
106, 221
100, 579
124, 331
97, 369
95, 319
120, 653
84, 678
77, 107
127, 576
83, 982
75, 800
134, 959
99, 575
97, 871
136, 014
9,384
8,781
9,646
8,767
8,402
7,703
7,988
7,603
8,015
7,006
7,320
6,886
8,977
10, 399
541, 527 ' 544, 376
544, 523 ' 546, 235
413, 088 ' 408, 599
565, 224
559, 631
411, 560
22. 724
22. 839
120, 424
120, 808
207, 105
127, 663 '118,119
128,137 ' 125, 139
206, 505 ' 199, 244
129, 417
131, 131
197, 487
109, 451
113, 784
130, 818
108,946
113,588
124,522
113,675 ' 113, 349
116, 594 ' 116, 498
118, 786 ' 113, 378
114,118
121, 066
106, 031
8,951
7,383
8,820
7,902
22. 448
23.013
GLASS PRODUCTS
Glass containers:
Production
_ thous. of 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 dozensPlate glass, polished, production., thous. of sq. ft--
8,107
7,385
7,779
7,585
' 8, 934
' 8, 399
8,712
10, 235
1,528
823
473
482
532
578
969
549
653
829
899
'1 121
1 795
2,189
1,040
632
778
1,645
452
290
227
7,478
1 2, 251
955
744
1,279
1,794
589
315
U7
7,896
1 1, 846
632
974
1,502
1,529
449
285
113
8,132
1 1, 745
526
1,271
1,167
1,603
419
384
i7
8,057
1,820
419
839
840
1,791
479
247
39
8,380
1,759
692
704
783
1,584
502
244
39
8,488
2,518
1,338
1,055
1,060
2,281
813
272
92
6,724
1,769
2729
605
786
1,861
470
339
275
7,876
1,976
849
692
781
1,638
535
210
568
8,419
1,865
884
641
604
1,465
501
201
395
8,799
2,041
843
729
641
1,413
513
231
276
8,704
' 2, 333
' 569
'571
'868
' 1, 807
'613
'275
'244
'8 876
2, 542
590
679
1, 095
2 287
742
339
166
7 246
4,688
5,994
7,940
5,833
5,186
8,869
4,674
4,961
8,694
4,944
4,599
8,924
4,539
4,416
8,690
4,325
4,296
8,741
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
3,483
20,648
4,511
22, 989
4,181
18, 777
3,793
20,089
3,195
21, 958
3,051
21, 751
4,147
23, 572
3,714
23,417
3,847
20, 783
3,351
24, 208
2,977
17, 484
3, 052
24, 475
20, 774
10 099
10 094
23, 748
11 546
12 005
23 290
12 &
22 H
GYPSUM AND PRODUCTS
Crude gypsum:
Imports
thous of short tons
Production
do
Calcined production
do
Gypsum products sold or used:
Uncalcined
short tons
Calcined:
For building uses:
Base-coat plasters
do
Keene's cement
do
All other building plasters
do
Lath
thous of sq ft
Tile
do
Wallboardcf
do
Industrial plasters
short tons
918
1,507
1, 279
644
1,667
1,410
241
1,562
1,385
720
1,773
1,590
445, 659
519, 395
506, 561
523, 688
451, 070
10, 084
104, 505
462, 222
6,791
514, 871
46, 148
499, 480
10,909
116,881
488, 677
7,233
592, 627
55, 998
410, 518
11,944
107, 121
530, 444
3 7, 273
3 684, 302
50, 692
545, 038
13,812
126, 713
633, 1 37
' 6, 387
659, 878
56, 548
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs
Shipments
do
Stocks, end of month
__do ._.
12, 408
13, 170
20, 259
13, 962
14, 589
19, 633
12,804
13, 099
19, 338
12, 548
12, 415
22, 217
13, 405
13, 199
22, 494
13, 365
13, 178
22, 682
14, 185
14, 312
22, 557
13, 303
12,850
23, 067
12, 162
10, 974
24,354
12 373
11, 287
23, 742
11 Cf
COTTON
C otton (exclusive of linters) :
Production:
4
K Q
10, 056
r 8, 369
10, 596
11, 373
Ginnings
thous. of running bales. - ••3,902
11, 552
259
1 473
Crop estimate, equivalent 500-lb. bales
4
5
thous. of bales11, 851
15
1
r
T
r
Consumption
bales-- r 728, 606 •• 828, 576 ' 759, 866 ' 754, 847 ' 860, 704 785, 677
879, 967 ' 829, 960 785, 516 r 800, 347 ' 627, 462 728, 732
739,1
Stocks in the United States, end of month, total J
' 9, 668 ' 8, 581 ' 7, 669
'12,415 ' 11, 552 r 10, 648
6,545
'r 5, 572
thous. of bales4,611
' 3, 686 ' 3,080
16, 855
15,9
' 9, 496 ' 8, 422
Domestic cotton, total t
do
'6,411
' 12, 278 '11,377 r 10, 466
7,529
5, 447
' 3 584 r 2 991
4 500
16 776
15 8
3,436
1,246
951
2,007
8,687
4,975
582
On farms and in transitj
do
'528
372
275
274
13,
885
10, 5
r
' 5, 300
r 2, 533
' 5, 029
5,438
' 5, 053
' 4, 430
Public storage and compresses
do
' 3, 636 ' 2, 824 ' 2, 200
1,642
' 1, 308
1,700
4,C
r
2,051
•• 2, 123
' 1, 730
Consuming establishments..
do _
1,058
f 1, 373
' 2, 148
' 2, 193
' 2, 095
' 1, 928
' 1, 667
1 409
1 191
12
r
'182
172
'159
'175
Foreign cotton, total J.
do
'140
'134
'125
111
'102
'89
'137
79
1
r
1
Revised.
Jelly
glasses
included
with
wide
mouth
food
containers.
Includes
a
small
quantity
of
nonreturnable
containers.
8
* Total ginnings of 1947 crop.
Laminated board included with tile.
* November 1 estimate of 1948 crop.
cf Includes laminated board, reported as component board, through the last quarter of 1947 and for the second quarter of 1948.
t For revisions for July-December 1946 and data for January-June 1947, see note marked "+"on p. S-38 of the October 1948 Survey.
SUKVEY OF CUEEENT BUSINESS
November 1948
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
S-39
1948
1947
September
October
November
December
January
February
March
April
May
June
July
August
September
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (exclusive of linters)— Continued
Exports §
bales
Imports .
do
Prices received by farmers
_dol.
per
lb.
Prices, wholesale, middling, 15A&", average, 10
markets
dol per Ib
Cotton linters:
Consumption
thous. of bales
Production
._
do
Stocks, end of month
do
123, 545 ' 133, 100 ' 164, 565
95, 526
11, 750
97, 946
.312
.319
.307
229, 553
15, 319
.341
214, 098
9,454
.331
163, 498
19, 014
.307
' 261, 162
10, 398
.318
155, 080
14, 668
.341
204, 811
7,846
.353
132, 898
3,090
.352
148,594
8,078
.330
114, 584
9,847
.304
.309
.328
.342
.372
.376
.370
.340
.313
.312
105
53
318
109
169
356
.316
.317
.336
.358
.352
91
'106
••294
103
203
364
99
188
420
102
175
476
102
166
511
98
129
516
104
104
520
97
66
500
99
47
459
95
36
403
86
32
361
2,297
128, 921
1,624
142, 285
1,196
123, 480
718
2,569
102,417
4,161
93, 907
2,308
82, 410
3,461
2,588
75, 614
2,364
80, 070
2,760
79, 889
3,813
2,540
73,129
3, 912
71,937
2,670
63, 673
2,197
60.05
.338
.255
.232
60.96
.338
.268
.232
63.82
.338
.277
.234
64.70
.338
.283
.239
64.31
.338
.261
.240
63.65
.338
.239
.240
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
.706
.921
.708
.926
.720
.951
.725
.960
.765
1.019
.804
1.098
.804
1.098
.804
1.098
.804
1.098
.796
1.088
.757
1.044
.715
1.002
.696
.965
22, 612
21, 410
9,982
419
9,427
121.0
22, 818
21, 563
11, 130
466
10, 802
127.0
22, 728
21, 432
10,146
426
9,530
134.8
22, 786
21, 412
10, 132
427
9,544
121.3
22, 798
21, 450
11, 423
480
10, 802
139.0
22, 856
21, 489
10, 441
440
9,819
137.6
23,077
21, 708
11, 684
492
11,005
133.6
23,042
21, 694
11,318
475
10, 667
136.1
23, 055
21,723
10, 693
450
10, 080
134.0
22, 787
21, 479
10, 953
461
10,320
130.9
22, 675
21,328
8,482
356
7,923
101.3
22, 703
21, 352
10, 019
421
9,384
119.6
22, 686
21, 302
9,998
420
9,414
121.0
65.3
23.1
62.2
20.3
62.1
22.2
68.9
22.7
60.9
20.6
68.1
22.7
68.2
22.9
68.6
22.1
70.7
22.4
72.3
22.2
'71.9
'21.1
68.3
21.3
9.5
5.7
1,342
9.3
5.3
1,674
7.7
4.0
1,369
8.6
4.7
2,711
8.8
4.8
4,588
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
10.6
4.8
.670
.320
.670
.320
.726
.352
.740
.360
.740
.360
.740
.360
.740
.360
.740
.360
.740
.360
.740
.360
.764
.368
.770
.370
294
124
379
128
397
829
417
470
1,349
1,106
352
4.40
4.40
4.40
2.60
2.60
2.60
2.60
2.60
2.60
2.60
2.60
37, 988
13, 708
41, 511
49, 210
17, 850
51, 412
37, 652
14, 008
48, 388
43, 830
16, 175
36,234
41, 700
15, 948
110, 302
42, 900
15, 524
79, 997
51,680
20, 265
86, 749
42, 632
17, 024
62, 324
41, 620
16, 972
48, 703
48, 120
19, 835
74, 300
1.220
.565
1.227
.554
1.255
.510
1.255
.510
1.255
.510
1.255
.510
1.255
.510
1.296
.510
1.310
.510
1.446
.550
1.480
.560
1.108
. 1.165
1.254
1.240
1.240
1.370
1.292
1.399
1.652
1.820
1.820
1.820
70
2,223
47
68
2,282
45
83
2,324
49
79
2,256
45
92
2,565
52
103
2,572
51
100
2,495
40
98
2,497
42
91
2,513
37
82
2,400
35
'62
' 1, 893
30
83
2,318
38
124
112
134
129
142
129
132
119
163
146
163
146
163
144
164
141
167
141
166
129
'114
90
164
130
93, 585
118, 720
198
93, 931
122, 410
218
92,662
121, 971
222
90, 474
117, 489
214
103, 677
132, 418
247
102, 527
132, 666
252
98, 429
129, 269
250
99, 272
125, 437
245
98, 572
124, 760
248
95, 140
116, 709
239
' 73, 791
' 87, 804
' 179
93, 620
109, 158
222
61, 796
7,052
41, 244
13,500
76, 760
9,235
49,580
17, 945
60,900
7,024
39, 732
14, 144
71, 705
8,785
47, 460
15,460
67, 108
8,084
43,760
15, 264
67, 304
7,940
43, 872
15, 492
82, 550
9,610
53, 730
19, 210
65, 876
7,488
42, 092
16, 296
65, 588
7,512
41, 668
16, 408
78, 170
8,840
49, 800
19, 530
' 48, 188
' 5, 408
'31,912
10, 868
61, 948
6,884
38, 700
16, 364
2.000
2.020
COTTON MANUFACTURES
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
production Quarterly
mil of linear yards
Exports §
thous ofsq yd
Imports
do
Prices, wholesale:
Mill margins
_„
cents per Ib
Denims, 28-inch
_
dol. per yd
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 capacityf
RAYON AND MANUFACTURES AND SILK
Rayon yarn and staple fiber:
Consumption:
61.5
Filament yarn
_
mil. of Ib
20.3
Staple
fiber
do._ _
Stocks, producers', end of month:
8.6
Filament yarn
do
6.4
Staple
fiber
do
3,265
Imports
thous of Ib
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
.670
filament
dol. per lb__
.320
Staple fiber viscose, \y> denier
do
Rayon broad woven goods, production, quarterly
thous. of linear yards. _ 455, 072
Silk, raw:
175
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 lb__
515, 951
553, 150
547, 557
r
31, 744
11, 284
61, 177
2.60
39, 292
16. 964
63, 914
1
1. 800
1.560
1
1. 800
1.560
1.696
WOOL MANUFACTURES
Machinery activity (weekly average) '\
Looms:
Woolen and worsted:
Pile and Jacquard* thous. of active hours
Broad
do
Narrow
_„
_
do
Carpet and rug:
Broad
_
do
Narrow
do
Spinning spindles:
Woolen
_
do
Worsted
do
Worsted combs
do
Wool yarn:
Production total \
thous of Ib
Knitting 1
_
do
Weaving^
_ _ do
Carpet and other \
do
Price, wholesale, worsted yarn, 2/32s (Boston)
dol per Ib
(a)
C)
(•)
C)
i
C)
C)
C)
C)
(•)
(«)
' Revised. ° Data not available.
§Beginning in the April 1948 Survey, export figures include Army civilian supply shipments; see note marked "§" on p. S-21.
i 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 to 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.
• Included in data for broad and narrow looms prior to April 1947. JData for October and December 1947 and March and June 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
the 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.
fRevised series. See note marked "*".
S-40
SUEVEY OF CUKEENT BUSINESS
Unless otherwise stated, statistics through
1946 and descriptive notes may be found in
the 1947 Supplement to the Survey
November 1948
1<)47
September
October
1948
November
December
January
February
March
April
May
June
August
July
September
TEXTILE PRODUCTS—Continued
WOOL MANUFACTURES— Continued
Woolen and worsted woven goods, except woven
felts:
Production, quarterly, total
thous. of lin. yd _ 113, 536
99, 133
Apparel fabrics total
do
3,122
Government orderst
do
96 Oil
Other than Government orders totalt do
44, 908
Mien's and boys't
do
41, 054
"Women's and children'sf
do
10, 049
Unclassifiedf
do
6,482
Blanketing
do
7,921
Other nonapparel fabrics
do
Prices, wholesale, f. o. b. mill:
3.118
Suiting, unfinished worsted, 13 oz..dol. per yd_.
1.732
Women's dress goods, flannel, 7-7^ oz do
129, 382
114, 063
5,659
108, 404
51. 331
48, 020
9,053
6,845
8,474
131, 978
116, 258
3,141
113,117
55,113
49, 384
8,620
5,496
10, 224
131, 414
115, 549
2 247
113 302
55, 529
48, 374
9,399
5,166
10, 699
3.118
1.732
3.118
1.732
3.316
1 732
3.366
1.782
3.440
1.832
3.465
1.930
3.465
i 2. 113
3.465
i 2. 113
3.465
i 2. 113
4,724
2,056
3,831
5,157
3,082
2,092
4,772
'4,980
r
3.564
i 2. 113
3.465
i 2. 113
1
3.589
2. 113
MISCELLANEOUS
Fur sales by dealers
thous. of dol_.
4,199
3, 259
1,835
TRANSPORTATION EQUIPMENT
AIRCRAFT
Shipments total
For TJ S military services
Civil aircraft
Exports
number
do
do
do
1,351
323
1,028
184
1,041
239
802
183
867
252
615
218
790
288
502
240
607
136
471
116
622
155
467
187
863
278
585
165
931
165
766
229
953
141
812
257
1,186
227
959
333
1,119
199
920
245
420, 269
1,607
1, 412
307, 942
285, 590
110, 720
89, 724
42, 157
21, 839
20, 318
3,158
2,944
1,269
1,675
214
436, 001
1,667
1,527
315, 969
295, 099
118, 365
94, 307
47, 599
22, 345
25, 254
3,962
3,451
1,587
1,864
511
394, 175
1,416
1,141
305, 148
284, 730
87, 611
71, 161
39, 522
20, 480
19, 087
3,241
2,988
1,406
1,582
253
409, 957
1,449
1,087
366, 939
344, 110
101, 569
85, 971
39, 007
21, 362
17,645
3,287
3,121
1,530
1,591
166
405,663
1,382
1,080
305, 081
285, 373
99,200
83, 893
33, 643
19,458
14, 185
3,373
3,196
1,548
1,648
177
383, 002
1,101
.763
274, 847
256, 753
107, 054
88, 889
30, 366
16, 422
13, 944
3,454
3,239
1,688
1,551
215
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, 481
17, 879
23, 602
3,437
3,240
1,657
1,583
197
251, 655
69, 899
281, 428
87, 167
258, 934
73, 737
312, 263
67, 690
274, 978
69, 486
249, 781
74, 326
311, 650
94, 806
330, 555
108, 168
255, 638
100, 614
246, 926
87, 324
7,826
5,749
5,668
2,077
32
29
29
3
8,523
6,401
6,242
2,122
76
74
74
2
9,013
6,964
6,889
2,049
107
69
55
38
10, 091
7,914
7,661
2,177
85
71
71
14
9,254
6,866
6,561
2,388
83
57
57
26
8,502
6,345
6,306
2,157
74
54
54
20
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
1,730
1,725
1,728
1,731
1,735
1,738
1,740
1,743
78
4.7
97, 645
73, 416
24, 229
72
4.3
103, 086
76, 713
26, 373
73
4.4
104, 788
78, 857
25, 931
72
4.3
99, 216
74,635
24, 581
76
4.5
101, 662
74, 008
27, 654
79
4.7
103, 061
75, 482
27, 579
80
4.8
105, 120
80, 772
24,348
83
4.9
109, 567
86, 947
22, 620
2,706
7.6
2,646
7.5
2,612
7.5
2,483
7.1
2,581
7.4
2,702
7.8
2,873
8.3
46
36
10
795
794
1
62
17
45
45
35
10
922
921
1
78
18
60
33
23
10
1,147
1,146
1
110
36
74
30
20
10
1,196
1,195
1
87
20
67
96
76
20
1,417
1,416
1
150
67
83
108
89
19
1,488
1,487
1
71
12
59
352
262
90
375
303
72
337
273
64
394
317
77
316
270
46
358
258
100
181
MOTOR VEHICLES
Factory sales total
Coaches, total
_
Domestic
Passenger cars, total
_ _
Domestic
Trucks total
Domestic
Exports total
Passenger cars
Trucks
Truck trailers, production, total
Complete trailers
Vans
_
All other
Chassis shipped as such
Registrations:
New passenger cars
New commercial cars
_
number __
do
do
do
- do
do
- do
do
- - do
do
do
do
_ _ _ do _
do
_
do
_
do
do
r
461, 313
771
675
348, 782
328, 194
111,760
97, 222
33, 462
18, 539
14, 923
3,622
3,454
1,866
1,588
168
413, 618
1,143
1,051
301, 251
282, 458
111,224
94,196
291, 206
94,036
317, 788
91, 923
296, 339
10, 476
7,826
7,731
2,650
46
46
46
0
8,708
6,876
6,874
1,832
62
62
62
0
10, 362
7,450
7,450
2,912
61
61
61
0
9,830
7,055
6,978
2,775
65
64
64
1
1,744
1,747
1,747
1,749
1,752
86
5.1
103, 786
81, 067
22, 719
84
5.0
103, 565
79, 866
23,699
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
2,879
8.4
2,887
8.5
2,803
8.3
2,774
8.2
2,792
8 3
2,713
81
119
89
30
1,431
1,431
0
153
30
123
117
89
28
1,455
1,454
1
133
28
105
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
101
86
15
1 477
1 474
' 3
97
24
73
116
99
17
1,510
1 510
O
69
9
60
338
288
50
337
318
19
331
286
45
292
243
49
259
230
2Q
275
214
61
256
229
27
r
r
3,594
3,457
1,876
1,581
137
RAILWAY EQUIPMENT
American Railway Car Institute:
Shipments:
Freight cars, total
number
Equipment manufacturers, total
do
Domestic
do
Railroad shops, domestic
do
Passenger cars, total* .
_ do
Equipment manufacturers, total
do
Domestic.
_
_ do
Railroad shops, domestic*
do.
Association of American Railroads:
Freight cars, end of month:
Number owned
thousands..
Undergoing or awaiting classified repairs
thousands. _
Percent of total on line
Orders, unfilled
number. _
Equipment manufacturers. __
_
.do
Railroad shops
do
Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
number. _
Percent of total on line
Orders unfilled:
Steam locomotives, total
.number
Equipment manufacturers
do
Railroad shops
.do.
Other locomotives, total
do
Equipment manufacturers
do
Railroad shops
do
Exports of locomotives, total
. do
Steam
do
Other
. do
o
r
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total
Domestic
Export
number
___do
do
r Revised.
1 Quotations for 7-7^ oz. flannel discontinued; data are estimated from changes indicated by U. S. Department of Labor index of prices of 8-8H oz. flannel.
*New series. For data beginning January 1947, see p. S-40 of the September 1948 Survey. Production of passenger cars by railroad shops was insignificant prior to 1947; the small number
delivered in 1942-46 is given in note 2 for p. 180 in the 1947 Supplement to the Survey.
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
Government orders are not available separately.
U. S. GOVERNMENT PRINTING OFFICE: 1948
•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
1
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
Digitized forFiber
FRASER
products
34
Pages marked S
7
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
33,34
Heating and ventilating equipment
Hides and skins
,
5, 22,30
Highways
5, 6, 11,15
29
Hogs
-__6
Home-loan banks, loans outstanding
____
6,7
Home mortgages
5,38
Hosiery
Hotels
11,12,13, 15,23
12,13
Hours of work per week
Housefurnishings
4, 5, 7,8,9
4,5,6
Housing
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
Instalment sales, department stores
9
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
Labor disputes, turn-over
.
13
Lamb and mutton
29
Lard
29
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
40
Locomotives
39
Looms, woolen, activity
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
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
Fire losses,...
Fish oils and
Flaxseed
Flooring
Flour, wheat
Food products
fish
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
Shortenings
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
@FedFRASER