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OCTOBER 1946
SURVEY OF
CURRENT
BUSINESS
UNITED STATES DEPARTMENT OF COMMERCE
BUREAU OF FOREIGN AND DOMESTIC COMMERCE
Surrey of
CURRENT
BUSINESS
OCTOBER 1946
VOLUME 26, No. 10
' Statutory Functions: "The Bureau of Foreign and Domestic Commerce
to foster, promote, and develop the foreign and domestic commerce of
the United States" [Law creating the Bureau Aug. 23,1912 [37 Stat. 408].]
Contents
Page
BUSINESS SITUATION
1
Agricultural Prices and Production
4
International Transactions . . .
7
RETAIL SALES AND CONSUMER
INCOME SINCE VJ-DAY . . . . . . 10
REGIONAL PATTERNS OF DEPARTMENT STORE SALES
.18
POSTWAR ROLE OF BUSINESS INVENTORIES
\ .?. 25
STATISTICAL DATA:
p
Page
New or Revised Series
31
Wages and Salaries, Employment,
and Average Annual Earnings . . 32
Monthly Business Statistics:
Business i n d e x e s . . . . . . . . . . . . . .
Business p o p u l a t i o n . . . . . . . . . .
C o m m o d i t y prices
Construction and real estate...
Domestic trade
Employment conditions and
wages
Finance
Foreign trade
Transportation and c o m m u n i cations
Commodity sections:
C h e m i c a l s a n d allied p r o d ucts
Electric power and gas
Foodstuffs and tobacco
Statistical Index
Page
S-l
S—3
S-3
S—5
S~6
S-9
S—15
S-20
S-22
S-23
S-26
S-26
Commodity sections—Con.
Leather and p r o d u c t s . . . . . . .
Lumber and manufactures.,
Metals and manufacturesx
Iron and steel
Nonferrous
metals
and
products
Machinery and apparatus.
Paper and printing
Petroleum and coal products
Rubber and rubber products.
Stone, clay, and glass products
Textile products
Transportation equipment..
Canadian statistics
Page
S-30
S-31
S-32
S-33
S-34
S-34
S-36
S-37
S-37
S-38
S-40
S-40
Inside back coyer
I 1 1 OtC—Contents of this publication are not copyrighted and i|
\ may be reprinted freely. Mention of source will be appreciated Jl
Published by the Department of Commerce, W. AVERELL IlARRIMAN, Secretary.—Bureau of Foreign and Domestic Commerce, AMOS E. TAYLOR, Director.
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THE BUSINESS SITUATION
By the Office of Business Economics
USINESS ACTIVITY in September
continued in an expending phase.
B
Production edged upward and supplies
improved in many lines, with inventories
still playing an important role, though
the rate of accumulation has been reduced from the very high July rate.
Despite small declines in some of the
basic indicators, it was still apparent that
the economy was being bolstered in September by the same fundamental demand
pressures which have been operating
throughout the first postwar year. A
comparison of the summer rise in retail
trade with the changes in commodity
prices suggests that the sales advance
was largely a response to higher prices,
with some evidence that rising prices
coupled with the increasing flow of durable goods is taking some of the keen
edge off the demand for nondurable
goods.
In contrast to the buoyant trends in
production and sales and the favorable
current earnings reports, prices of common stocks continued to decline rapidly
during the first 3 weeks of September
and then moved within a narrower range
slightly above the month's low and about
one-fifth below the postwar peak in June.
Bond prices also declined over this period.
Short-term interest rates, on the other
hand, showed little change in September,
after some firming in the preceding
month.
The major immediate effect of these
security market developments was a
sharp falling off in new security flotations. Notwithstanding these evidences
of a somewhat firmer money market, the
volume of commercial, industrial, and
agricultural bank loans rose steadily
throughout the month.
Some Declines, But No Basic Change
The pattern of business developments
during September differed somewhat
from that of preceding months in that
some scattered declines occurred. These
were not, however, symptomatic of any
reversal in basic trends but could be
713188—46
1
The Month in Review
The postwar expansion in economic activity made further headway in September. The declines
noted in a few business indicators
were largely attributable to partic! ular local conditions rather than to
any changes in the fundamental
pressures which have bolstered
production, sales, and income
since the end of the war.
Although the broad price averages were lower in September because of the roll-back in meat and
livestock prices and in a few other
products, prices of other than
these commodities rose further
I during the month.
*
*
*
*
*
Most of the statistical series
used in this review of the business situation will be found in the
statistical section at the back (pp.
S~l to S-40).
ascribed to special circumstances not
directly related to the over-all economic
situation.
Department store sales rose somewhat
less than 20 percent in September, as
compared with a 25 percent gain expected on the basis of seasonal factors.
As a result, the seasonally adjusted index declined to about the level in June
and July. This less-than-seasonal rise
was partly due to the curtailment of
sales in New York City, influenced by the
truck tie-up and the temporary stoppage
of parcel deliveries, and in Pittsburgh,
where a labor-management dispute
halted power production during the latter part of the month. Outside these
areas, department store sales showed
closer to the usual seasonal advance.
Another deviation from earlier trends
was noted in the weekly index of wholesale prices, which declined during the
first 2 weeks of the month. Despite the
rise in the succeeding period, the index
for the last week of September was still
3 percent below the figure for the last
week of August. The over-all price decline did not reflect any abatement of
the market forces pushing up prices, but
was entirely due to the Decontrol Board's
decision to reimpose ceilings on livestock,
meats, and a few other products. When
livestock and meat prices are excluded,
the wholesale price index shows a gain
of approximately 3 percent for the 4
weeks ending September 28.
Finally, both total and miscellaneous
freight carloadings rose less than seasonally in September, resulting in a dip
in the adjusted indexes. This interruption in the uptrend which characterized
freight movement during the preceding
3 months reflected the effects of the maritime strike which tied up a large number
of freight cars at the water front.
With the notable exception of meat
production, which declined sharply as
the new ceilings became effective in the
early part of the month, the broad trend
in output was upward in September as
in the preceding months. The weekly
output of steel ingots at the end of the
month was at a postwar high. In addition to the reconversion industries, where
the trend has been upward for many
months, August production reports
showed rising trends in building materials, textiles, and rubber products, as
well as in many other lines.
Inventory Rise Continues
Changes in business inventories are
still among the more dynamic factors in
the current situation, even though the
rate of increase slowed considerably in
August following the very large increase
in July. The importance of this factor
of temporary strength in the market is
analyzed in the article, "Postwar Role of
Business Inventories," appearing in this
issue and need not be reviewed at this
point.
The trend of manufacturers' shipments in the durable and nondurable
goods industries is illustrated in chart 1.
It will be noted that part of the large
July rise in manufacturers' inventories
reflected a delay in shipments in the
nondurable goods industries because of
SURVEY OF CURRENT BUSINESS
price uncertainties. The further accumulation in August, on the other
hand, was associated with large increases in shipments throughout manufacturing.
On a daily average basis, the JulyAugust rise in the dollar value of manufacturers' shipments amounted to 8
percent. The August figure exceeded
the February low by more than onefifth. In the durable goods industries,
however, the value of shipments was
more than 50 percent higher than in
February.
Summer Spurt in Income Payments
Consumer spending has been buoyed in
recent months by the heavy volume of
income payments flowing to individuals.
The bulk of the rise occurred between
June and July, when the seasonally adjusted annual rate of payments was lifted
from 162 to 168 billion dollars. There
was a further increase in August which
raised the rate to almost 170 billion dollars. It will be remembered that at the
peak of the war—February 1945—the rate
was 165 billion dollars and the full-year
rate for 1945 was 161 billion dollars.
Moreover, lower individual income tax
rates in effect this year have reduced
the leakage between actual and retained
earnings. Thus, disposable income—the
amount available to consumers to spend
or to save—has shown a larger gain
relative to wartime levels than is indicated by the income totals.
The exceptionally large advance since
June was centered in two components
of income payments, wages and salaries
and net income of agricultural proprietors. In dollar terms, the increase in
wage and salary payments outweighed
the advance in farm income, although,
percentagewise, the latter gain was far
more striking.
The circumstances surrounding the
rise in the net income of farm operators
are well known. Income from livestock
marketings was the dominant factor, as
the run of cattle and hogs to the Nation's
slaughterhouses was exceedingly heavy
following the lifting of price ceilings on
June 30. However, substantially higher
prices were the rule throughout agricultural commodity markets and helped
to raise the value of all classes of farm
products sold during this period.
The effects of the restoration of price
ceilings on livestock and meats in early
September are described in a subsequent
section of this review. It may be noted
here that, although cash income from
farm marketings declined in September
(on a seasonally adjusted basis), it was
still as high as income a year ago. The
higher prices this year offset the lower
physical volume of marketings.
Chart
1.—Manufacturers'
ments *
Ship-
INDEX, AVG MO. !939 - 100
400
DURABLE GOODS
INDUSTRIES
300
200
NONDURABLE GOODS
INDUSTRIES
100
1
I
1 i
I
1 i
1
I
October 1946
The pattern of retail buying during
the first half of 1946 is analyzed in the
article, "Retail Sales and Consumer Income Since VJ-day," appearing in this
issue. The article demonstrates that the
post-VJ-day rise in consumer spending
was sufficient to restore the prewar relationship between total retail sales and
disposable income—during the war period, of course, sales were considerably
below the line of relationship. It is also
demonstrated, however, that the different
classes of retail sales showed marked deviations from the long-term sales-income
relationships. In general, sales at nondurable goods stores were exceptionally
high relative to the level of income during the first half of 1946 and sales at
durable goods stores were exceptionally
low by this same standard.
i I
1945
i Adjusted for the number of working days in month.
Source of data: U. S. Department of Commerce-
Increases in Wages and Salaries
The recent gains in wage and salary
payments are wholly attributable to private industry, but it is noteworthy that
the Government pay roll has remained
above the June level on a seasonally adjusted basis, despite further reductions
in the armed forces and in other classes
of Federal workers. Higher Federal pay
rates went into effect on July 1 for both
military and civilian personnel.
Wages and salaries in manufacturing
industries have been increasing both because of rising employment and because
of higher rates of pay. Average weekly
earnings of production workers rose
from $41.30 in January-March of this
year to just under $43 during the AprilJune period and to $44.60 in August.
Weekly earnings in the latter month were
still less than the average wartime pay
envelope in manufacturing, since the reduction in the workweek from 45 to 40
hours and the shift to lower-paying industries more than offset the boosts in
wage rates.
Income Gain Goes for Consumption
The uptrend in income payments was
not so rapid as the increase in consumer
spending at the higher prices prevailing
and savings of individuals were thereby
reduced. As already noted, the trend of
retail sales during the summer months
closely followed the index of retail prices.
Since more units of durable goods were
being sold as compared to earlier in the
year, the over-all sales data suggest a
falling off in the physical volume of sales
at nondurable goods stores.
jf
"Distortions" in Sales Pattern Persist
On the whole, the July and August
sales data reveal some slight tendencies
toward correcting these "distortions" in
the pattern of sales for the different lines
of merchandise. In the case of sales
at durable goods stores, the gap between
actual sales and the volume indicated by
the level of disposable income was somewhat narrowed during July and August,
although a substantial gap still remained
to be closed as durable goods become
more generally available. Sales at nondurable goods stores continued to rise
despite their already high level relative
to consumer income. Evidently, the
higher cost of day-to-day necessaries was
the dominant influence during these
months.
Among the imponderables in the outlook for consumer spending is whether
the current rate of savings provides a
sufficient cushion for increased spending
as purchases of durable goods continue
to expand, as they are bound to do in the
period ahead. Any extensive use of liquid
asset holdings and of consumer credit to
finance purchases of durables will result
in a marked reduction in the rate of
current savings.
Labor Market Tightens
As a result of the continued heavy
pressure of demand for goods, the volume
of nonfarm employment has moved
steadily upward, after allowance for seasonal influences, at a pace which has outdistanced the additions to the civilian
labor force resulting from the return of
veterans and, to a smaller extent, the
backflow of former war workers. The
volume of unemployment was cut to
about 2 million in August and September and the number of veterans awaiting
reentry into the labor force has been reduced. In the 13 months since VJ-day,
October 1946
there has been a net gain of more than
4 million persons in civilian nonagricultural employment.
The summer gains in nonf arm employment were centered in manufacturing industries—almost all industry groups
within manufacturing shared in the increases—and in construction. The gains
in construction employment, however,
were considerably below the monthly increases earlier this year. The uptrend
in employment in the trade and service
industries also has markedly slowed down
in comparison with the increases a few
months ago.
Low Lay-Off Rate; High Quit Rate
Further evidence of less slack in the
labor market can be found in the declining lay-off rate and the rising quit
rate. However, neither lay-offs nor quits
were back to the rates which prevailed
during the 1943-44 period when war production was in full swing.
The July quit rate of 45 per 1,000 was
more than 5 times that of prewar years.
Moreover, quits constituted three-fourths
of all separations. In the prewar period,
the number of quits per 1,000 workers
typically was far below the number of
lay-offs.
Leeway for Further Expansion
Despite the evidences of a tighter job
market, there is room for further expansion. In the first place, veterans and
others are still entering the labor force
and the number unemployed can be
reduced further. Secondly, the estimates
of employment include many workers
with part-time jobs as well as a large
number of workers with jobs but not actually at work during the census week
for various reasons such as temporary
lay-offs, definite instructions to report to
a new job, and vacations, as well as illness. Thirdly, the size of the labor force
is flexible and could expand should any
large number of attractive job openings
remain unfilled for an extended period
of time.
There is leeway for further gains in
production, even without an expansion in
employment, since maladjustments typical of a rapid change-over in production,
though gradually clearing, are still in
evidence. Manufacturers' inventories
lack much in the way of balance and supply and materials bottlenecks prevent
uninterrupted full-scale operations in
some industries. As the Nation's factories approach their peacetime potential, one would expect that over-all efficiency would increase, just as was the
case after the war production machine
shifted into high gear in late 1943.
Work stoppages could, of course, impede
the attainment of this improvement.
SURVEY OF CUERENT BUSINESS
Construction Up One-fourth in Quarter
September marked the third successive month that the dollar value of new
construction activity exceeded a billion
dollars. As a result, construction outlays were about 25 percent higher in the
third quarter of the year than in the second quarter. All classes of construction
shared in the rise.
The value of new construction put in
place in September is estimated at $1,060
million, slightly less than in August for
which the revised estimate is $1,074 million. The slight reduction in September
volume indicates that the seasonal peak
may have been reached. Normally, October produces approximately the same
volume as September, and November
marks the first month in which a large
decline due to seasonal factors is noted.
Because of the large volume of construction under way at the present time, it is
expected that both October and November volume will be unusually well sustained. Recently reported increases in
the supply of lumber and other major
building materials may make this counterseasonal expectation a reality.
The Housing Expediter has reported
that 708,000 dwelling units had been
started under the Veterans' Emergency
Housing Program as of August 31, 1946.
These included almost 465,000 permanent
dwellings and 160,000 dwellings designated temporary reuse construction, with
the balance consisting of conversions of
existing facilities and house trailers.
Of greater current importance to
home seekers is the fact that 350,000
dwelling units have been completed in
the first 8 months of this year and made
available for occupancy. The completions include 236,000 permanent dwelling units, either conventional or factory
built. As a reflection of the longer periods of time necessary to complete conTable 1.—Wholesale and Consumers*
Prices
[Indexes, July 1945 = 1001
Wholesale prices
Year and
month
1945:
July
Dec
1946:
Jan_
Feb
Mar
Apr
May
June _
July
Aug
Sept
.-
Consumers'
prices
All
commodities
Farm
products
Foods
All
other
100.0
101.1
100.0
101.9
100.0
101.6
100.0
100.8
100.0
100.4
101.1
101.7
102.8
104.1
104.8
106. 6
117.4
121.9
116.9
100.7
101. 4
103.4
105.0
106. 6
108.6
121.7
124. 8
119.1
100. 4
100.8
102. 3
103. 6
104.3
105. 6
131. 2
139.4
123.4
101.1
101. 6
102.5
103.6
104.2
105.9
109.1
111.9
112.3
100.4
100.2
100.6
101.3
101.8
103.0
109.0
111.1
i Not yet available.
Source: U. S. Department of Labor.
0)
struction jobs under way, somewhat less
than half of these permanent units were
started this year. Completions of all
types of units reported for the month of
August amounted to 63,000 units.
Pressure on Prices Continues Strong
Recent price developments have given
no indication of a relaxation of the upward pressures on commodity prices.
Prices have declined only in isolated
cases—with the exception of the rollbacks.
As may be seen from table 1, the overall average of wholesale prices declined
4 percent in September due to the effects
of the rollbacks. Wholesale meat prices
were reduced by about 40 percent, although in late September these prices
were almost 20 percent higher than in
June 1946. The largest increases for,
broad commodity groups were in the
prices of textiles, cereals, and dairy products.
Further upward adjustments were
made in ceilings, but the number of
changes was far below that of the preceding month. Featuring the upward
revisions were a further rise in cotton
goods ceilings to offset higher wages in;
some mills and also higher raw cotton:
prices; and a 20 cent per hundredweight
rise in flour ceilings—an adjustment also
required by higher operating costs. In
addition, one of the large automobile
manufacturers was given a 6 percent
increase to compensate for retarded
:
output.
Cost of Meat Substitutes Rises
Toward the end of the month food
prices began to reflect the effects of the
decline in the supply of meat in retail
stores. Poultry prices, for example, increased more than one-third during the
4 weeks ending September 28 and fish.,
prices also rose substantially.
There were no major changes in the
extent of the decontrolled area of prices,
although the short-supply list published
by the Department of Agriculture at the
end of September resulted in the de- :
control of a few additional processed
foods. The Decontrol Board met to review its earlier findings with respect to
dairy product prices, but its new decision continued the free pricing of these.
products on the ground that the price
increases which had occurred were not
"unreasonable'* under the terms of the
price control renewal act.
SUEVEY OF CURRENT BUSINESS
October 1946
Agricultural Prices and Production
In recent months the lifting of controls from most farm products and the
subsequent restoration of ceilings on
some commodities have been accompanied by large fluctuations in farm prices.
After the sharp summer rise, the index
of wholesale prices of farm products declined in early September, due to the
price roll-back in livestock and fats and
oils, but then advanced so that by the
end of the month the index was within
4 percent of the August high.
Changes in the index of prices received
by farmers during and after the two
world wars are compared in chart 2. It is
noteworthy that the index was higher in
mid-September than the top reached
after World War I, despite the decline
from August because of the roll-backs.
The index of prices received was at
approximately the same level at the beginning of the two wars. During the
first year of each war, farm prices remained remarkably stable (see the left
panel of chart 2); then, in both periods
the index began to advance. Although
for several months this advance in prices
was more rapid in the second World War
than in the first, the total rise during
the period before this country's entry
was not so large in World War II.
When we entered World War II, therefore, farm prices were lower than when
we entered World War I (see center
panel). During the first 15 months following Pearl Harbor, however, farm
prices rose more rapidly than in the
similar period in World War I, and in
March 1943 were nearly as high as in the
corresponding month (July 1918) in the
earlier period. However, during the few
remaining months of World War I, prices
rose an additional 8 percent, whereas in
World War II prices were approximately
•stabilized for nearly 2 years.
A further advance was registered during the last quarter of 1944 and in the
early months of 1945, so that at the end
of World War II, farm prices were nearly
as high as in November 1918. During the
period between VJ-day and June 1946,
the index rose at a slightly more rapid
rate than in the corresponding period
following the Armistice. Then, as price
controls lapsed, farm prices jumped 14
percent in two months reaching a point
in mid-August 6 percent higher than the
post-World War I peak in May 1920. The
September decline from the August peak
averaged 2 percent. In relation to the
general price level, farm prices have led
the advance since VJ-day, whereas after
World War I, farm prices rose less rapidly
than other prices.
Corn Higher Despite Bumper Crop
Prices received by farmers on
September 15 were 2 percent lower
than a month earlier, reflecting
the price roll-backs in livestock
and fats and oils, but they remained above the post-World War
I high in 1920.
On the food production front,
meat has been the focal point of
interest due to the sharp reduction in animal slaughter coincident with the reimposition of
ceilings on livestock and meat.
The wide variations in livestock
marketings, which were low in
June, very high in July and August, and extremely low again in
September, have d o m i n a t e d
monthly changes in farm income.
Effects of Changes in Subsidies
The changes in subsidy payments
since June have had a different effect
upon prices received by farmers than
upon wholesale and retail food prices.
Except for the dairy production payments, which have been discontinued,
the principal food subsidies were paid
to processors in order to roll back or to
prevent rises in wholesale and retail food
prices. During the time these payments
were being made, there was a less than
normal spread between prices received
by farmers and retail prices. Consequently, the removal of these subsidies
on June 30 resulted in immediate advances in wholesale and retail prices;
their restoration at a later date brought
a decline. This was only one of the factors, of course, operating during the
period when price controls lapsed.
After the broad advance in agricultural prices in July and August, the
prices of some products, notably livestock and fats and oils, were reduced in
September by the restoration of price
ceilings. On the other hand, increases
occurred in uncontrolled items, including
food grains, dairy products, and poultry,
and eggs.
The price received for wheat was 5
cents per bushel higher on September 15
than on June 15, and a further rise occurred in the latter part of the month.
The peak price of wheat was reached in
July following a series of advances in the
price of wheat which took place coincident with the heavy shipment of relief
supplies abroad.
Before the lapse of price control, a
bumper wheat crop in the United States
was being harvested and crops larger
than a year ago were in prospect in
Europe and in Canada, Australia, and
Argentina. Furthermore, government
procurement of wheat for export dropped
in June, and the report on stocks of
wheat on June 30 showed them to be
higher than previously estimated. Consequently, the situation had eased sufficiently so that wheat prices advanced
only moderately after June—less than
the amount of the bonus paid for wheat
delivered for export in May.
A much larger advance took place in
corn prices. Although a record corn
crop also was in prospect, stocks of oldcrop corn were very low. Strong demand
from corn processors and feed mixers
bid prices up well above $2 per bushel in
Chicago—in mid-July cash corn prices
were higher than wheat prices for the
first time since 1940—but prices dipped
Table 2.—Volume of Agricultural Production
[1935-39=100]
Type of product
1940
1941
1942
Total agricultural production *
110
113
124
Total food production
Total food crops 3
___
Food grains
_
Truck crops
Fruits and tree nuts
Vegetables (excluding truck crops).
Sugar crops
111
109
110
111
110
101
104
115
116
131
116
113
100
97
125
124
139
129
117
104
110
112
118
109
105
115
118
116
110
126
132
131
114
Total food livestock
Meat animals
Poultry and poultry products
Dairy products
1943
1944
1945
19461
136
132
131
133
116
116
124
108
125
81
138
129
148
137
123
106
81
136
130
156
143
112
111
134
140
159
156
130
118
107
138
150
152
113
141
155
153
115
139
145
155
120
132
138
143
116
128
1
Estimated from prospects; for agricultural production in September.
September
*2 uaia
years. Total agricultural production
Data ror
for crops
crops are
areon
on aa crop-year
crop-year basis;
basis; data
data for
for livestock
livestock relate
relate to
to calendar
i
includes
nonfood
crops.
3
Includes peanuts in addition to the other crops.
Source: U. S. Department of Agriculture.
SUEVEY OF CUREENT BUSINESS
October 1946
moderately in August. Corn ceilings
were not restored by the Decontrol
Board and restrictions on the use of feed
grains were relaxed. During September
corn prices again reached $2 per bushel,
which was more than 50 cents higher
than the June ceiling.
The rapid movement in corn was not
so much a reflection of the prospective
future supply-demand position as of the
fact that immediately available supplies
from the carry-over were very low. By
contrast, feed grain supplies for the next
year are estimated to be the largest on
record, and the number of animals to be
fed is less than in recent years.
Compared with the jump in cash corn
from $1.44 to around $2 a bushel, the
January futures closed on September 30
at $1.34, as against $1.46 on June 29.
Wide Changes in Wholesale Meat Prices
Prices received by farmers for all meat
animals were sharply lower in September
following the record advance of 28 percent in July and August, but they were
still 8 percent higher than in June. The
changes in prices at the farm level were
less, however, than those at wholesale
and retail. The differences were partly
attributable to the lapse and the restora-
tion of subsidies. Between the last week
in June and the last week in August the
BLS index of wholesale meat prices rose
88 percent but by mid-September, when
the index included the new ceilings, it
was only 18 percent higher.
brought prices received by farmers in
September 36 percent higher than in
June and 63 percent higher than a year
ago.
The rise in cotton prices is only indirectly related to the lapse of controls,
since the price of raw cotton had not
been controlled. However, the new price
control legislation requires that ceilings
on cotton goods reflect the market price
or the parity price of raw cotton, whichever is higher, while the legislation previously in force simply required that
ceilings reflect the parity price. Thus
cotton prices are free to rise and have
risen very considerably above the parity
level.
World carry-over of cotton, which
rose nearly 3J/2 million bales during the
war, has in the year since the war ended
fallen about 4 million bales and a further decline is in prospect in the year
ahead. Furthermore, the proportion of
American cotton in the carry-over has
been reduced and a small crop is estimated for 1946.
Dairy Prices Advance
In contrast with livestock and meat
prices, the rise in the prices of dairy products by the end of August was about in
line with the amount of the subsidy previously paid. However, a further advance in September raised prices 31 percent above June, although some of the
rise was due to seasonal factors.
Wholesale prices of 8 domestic fats
and oils averaged about 50 percent higher
in August than in June. Taking into account the fact that supplies are expected
to remain below normal for at least a
year, the Decontrol Board restored June
30 ceilings on most fats and oils except
butter. Increases recommended by the
Secretary of Agriculture were granted
by the OPA in September.
Food Output at High Level
The sharp changes in farm prices have
affected the outlook for food production
during the year very little, although price
Cotton Carry-Over Reduced
A number of factors contributed to a
sharp advance in cotton prices which
Chart 2.—Prices Received by Farmers in Two War and Postwar Periods 1
1918
I9I8 J
1919——
—1920
f
M A M J J A S 0 U D| J
300
"T-nrn~rTTTT
BEFORE U. S. ENTRY
192!-
*
F M A M J J A S O N D
rri i i i i rrrTi i i i i i mrm
300
POSTWAR
AFTER U.S. ENTRY
250
......
o
- 200
\
WORLD WAR n
200 i
WORLD WAR I
150 o
150
. 100
100 £
o
WORLD WAR I
50
50
0 'i;! i
A S O N D J F M A W .
(939*-
J J A S O N D J
1940
F M A M J J
-I
A S 0
N
1941
Data are as of the 15th of each month.
Source of data: U. S. Department of Agriculture.
J A S O N
-1943
D] J
F
-I-
M
A
M
J
J
A
S
O
N
1944
D
j
r
M
A
M
J
J
4—1945
A S O N D | J F M A M J J A S
1945-i
1946
SUKVEY OF CUKEENT BUSINESS
6
Chart
3.—Local Market
Ratios
Price
RATIO
HOG-GORN y
1925-44 AV.
each major group. Part of the decrease
in output occurred during the first half
of the year, but additional changes are
expected as a result of the shifts in price
relationships which have occurred during recent months. These are discussed
below.
Feeding Less Profitable
Any effect that the lapse of price control may have had on farm production
will be registered in livestock output.
Immediately after June 30, the prices of
livestock and livestock products as well
as the prices of feed for livestock spurted
sharply. Changes which took place in
the ratio of the prices of principal livestock products to the prices of feed are
shown in chart 3.
In all cases, a drop in the ratio indicates that feeding is less profitable
whereas a rise means that feeding is
more profitable. Curiously enough, the
principal feeding ratios all became less
favorable in July, and, although somewhat higher in August, they were still
less favorable than a year earlier and
lower than the long-time average. In
September with price ceilings restored for
livestock but not for feed, the hog-corn
ratio again became unfavorable. In relation to the futures prices of corn prevailing in September, the hog ceiling
prices provide a feeding ratio which is
about the same as the long-time average.
The actual response of farmers to these
price developments is not yet clear. If
dairymen have altered feeding operations
or changed the number of cows kept for
milk production the effect of this will not
be apparent for several months.
1
Number of bushels of corn equal in value to 100
pounds
of hog, live weight.
2
Number of pounds of feed equal in value to 1 pound
of wholesale milk. Includes payments allowed under
the Government dairy-production program which was
in operation for the period October 1943 through June
1946.
s
Number of pounds of poultry feed equal in value to 1
dozen eggs.
Source of data: U. S. Department of Agriculture.
swings have influenced the rate of livestock marketings. The latest estimates
of food production for 1948, shown in
table 2, reflect some downward revision
in livestock output from earlier ones but
these estimates are very tentative, as the
livestock situation is not yet clarified.
Pood-crop production for 1946 was little affected by the price adjustments,
since most plantings had already been
made in the first half of the year. Excellent weather during the summer brought
upward revisions in the estimate of total
food-crop output which is now expected
to be 8 percent above last year with several record crops forecast.
Pood-livestock output for 1946 is now
estimated to be 5 percent below production last year with some reduction in
Livestock Marketings
The marketing of all classes of livestock was sharply affected by the anticipated and actual price changes. Anticipating higher prices, farmers reduced
marketing of livestock in the latter part
of June and then rushed stock to market
during July and August when price controls were off.
The heavy slaughter of hogs continued
throughout August, but receipts dropped
off sharply in September and remained
at a fraction of normal volume throughout the month (see lower part of chart
4). The heavy marketings reduced the
number of mature hogs on farms, which
already was 10 percent below the previous year on June 1, before the large
marketings began. However, there was
little liquidation of young pigs, which
were farrowed this spring and which will
be ready for market beginning in October. These pigs received less corn than
usual and hence made less than usual
growth during the summer when corn
was scarce and expensive.
October 1946
Hog marketings next spring and summer may also be reduced as a result of
the unfavorable hog-corn ratio which
prevailed this spring and early summer
when sows were being bred for fall farrowing. In past years, unfavorable hogcorn ratios in these months have been
associated with reduced fall pig crops.
Next spring's pig crop may be larger
than in 1946, however, if the record corn
harvest now in prospect restores a favorable feeding ratio.
In contrast with hog marketings, the
movement of cattle to slaughter tapered
off during the latter part of August and
was lower for the month than a year ago
(see upper panel of chart 4>. Also, the
number slaughtered for the three-month
period, June, July and August, was lower
than in the same period—although noninspected slaughter in June may have
been higher than a year ago.
A liquidation of fed cattle did take
place, however, partly because of the
high cost of corn but primarily because
of the high price of even partly finished
cattle. The number of cattle on feed
lots in the corn belt on August 1 was 45
percent lower than a year earlier.
The number of grass-fed cattle as well
as of all beef cattle on farms is at a
Chart
4.—Livestock
Slaughter,
Federally Inspected
MILLIONS OF ANIMAL
2.0
1.0 -
ft,
1
I
1
!
1
I
I
I
1
I
Sources of data: U. S. Department of Agriculture
except data for September 1948, which are estimates
of the U. S. Department of Commerce.
SURVEY OF CUEEENT BUSINESS
October 1946
near record level and far above the prewar average. Developments on the price
front will have an important effect on
the rate of movement of cattle to slaughter.
Gain in Farm Income
Although the prospects for farm production during this year have been little
affected by the sharp price changes and
the shifts in marketing schedules, these
changes have had an important effect
upon the amount and the distribution of
cash farm income. Farm income fell off
in June of this year, as farmers reduced
marketings of both crops and livestock
awaiting the outcome of price control
legislation.
In July, the advancing prices brought
heavier crop marketings and particularly heavy runs of animals for slaughter. As a result of both of these influences, cash income from farm marketings (seasonally adjusted) rose 23
percent in July, but declined 6 percent in
August, at which point it was 20 percent
higher than a year earlier. Preliminary
estimates show September income to be
about the same as a year ago.
Income for the full year 1946 will be
about 10 percent higher than in 1945,
according to recent Department of Agriculture estimates, but income in the final
half of this year as compared with the
last 6 months of 1945 may be as much
as 20 percent higher.
International Transactions: Second Quarter of 1946
The value of goods and services transferred to foreign countries totaled almost 4.2 billion dollars in the second
quarter of 1946, an increase of 800 million dollars over the preceding quarter.
This rise was the net result of an expansion of 1 billion dollars in the value of
goods transferred to other nations and a
200 million dollar decline in services.
The increase in the commodity account
was due not only to larger shipments of
goods from the United States, but also
to a sharp rise in sales of United States
owned property abroad, primarily goods
declared surplus since the end of the war.
Goods and services obtained from
abroad declined from 1.7 to 1.6 billion
dollars from the first to the second quarter of the year. The reduction in payments for services rendered to our armed
forces more than offset slightly higher
imports of merchandise.
The 2.6 billion dollar excess of goods
and services transferred over goods and
services received was financed in the
following manner (in billions of dollars):
Unilateral transfers (UNRRA contributions and other gifts)
Net long-term loans
Net flow of gold and short-term
capital
Payments, not specified
0.8
1. 0
.5
.3
The above tabulation indicates that
unilateral transfers and increased lending operations were not sufficient to meet
the larger gap between receipts and payments and that foreign gold and dollar
balances underwent a further sizable depletion in the second quarter. However,
the pressure on foreign reserves may be
expected to ease as a result of the passage
of the British loan and the extension of
new Export-Import Bank credits.
Merchandise Transfers Rise
Improvements in the domestic supply
situation of many manufactured goods,
The United States balance of
international payments during
the second quarter of 1946 was
characterized by a very sharp increase in Government loans to
foreign countries and a smaller,
yet substantial, increase in the
liquidation of foreign gold and
dollar holdings.
The accompanying section is
the second of a series of quarterly
presentations of the balance of
international payments of the
United States. The first of the
series was published in the July
issue.
large shipments of foodstuffs, particularly of wheat, to European countries,
and to a lesser extent price rises brought
exports during the second quarter 1946
to an annual rate of nearly $10 billion.
Total sales and other transfers of goods
to foreign countries, including transfers
cf lend-lease material, surplus goods,
and civilian supplies by the armed
forces, rose to an annual rate of $13.8
billion. This figure was higher than
transfers in 1945, and only $3 billion less
than the wartime peak of commodity
transfers to foreign countries reached
during 1944.
Transfers Through Government Channels
When hostilities ended, the government of the United States, particularly
the Armed Forces, had in foreign countries huge supplies of material with
considerable civilian use value. Up to
June 30, 1946, surplus goods having an
original cost of $3.6 billion had been disposed of for about $1 billion, or 28 percent of cost.
The rise in surplus property disposals
from the first to the second quarter of
1946 (see table 3) was accounted for
chiefly by the bulk sale of surplus goods
to the Government of Prance for $300
million negotiated as a part of the overall war settlement with that country.
On the basis of preliminary data it appears that realizations from surplus
property disposals during the third quarter will approximately equal the second
quarter figure, but are likely to decline
sharply thereafter.
Transfers of merchandise procured
through lend-lease channels also continued at a relativey high rate in the
second quarter. At the conclusion of
the war the value of goods in the lendlease "pipe-line" amounted to roughly
$1.2 billion. Of this total about $0.9
billion was transferred by the end of
June. The marked rise in transfers
under credit lend-lease from the first to
the second quarter was due to a rise of
transfers as reflected in financial records
and does not represent the actual movement of exports.
Transfers of commodities through
UNRRA were about 20 percent higher
than in the first quarter. The rise may
continue during the following few
months but decline sharply thereafter,
especially since the UNRRA program is
to be completed by the early part of 1947.
Transfers of civilian supplies by the
armed forces in former enemy countries
may possibly decline, particularly in
Europe, because of better harvests in
that area.
On balance, therefore, total transfers
of merchandise through government
channels are likely to show a decline
during the third quarter of 1946 since
the backlog of lend-lease transfers is
rapidly being extinguished. A further
decline in the fourth quarter may be
expected as the stock of undisposed
surplus goods is reduced.
SURVEY OF CURRENT BUSINESS
8
Private exports, which showed a gain
of $350 million or 24 percent over the
preceding quarter, are likely to continue
an upward trend as both private and
government controls are relaxed and the
long waiting period between the placing
of orders and the resulting deliveries is
shortened. If private exports continue
to increase at the rate exhibited since
VJ-day, it is likely that they would
more than offset the decline in Government-procured exports.
imports during July to the annual rate
of almost $5.2 billion.
The rise during the second quarter
was most pronounced in semimanufactured and manufactured goods, the two
categories which in the first quarter were
farthest from the prewar relationship
to the national income.1 With continued
reconstruction and increased production
abroad and with rising prices in this
country, imports should show a faster
rise in the near future than during the
first half of the year—assuming uninterrupted shipping services.
Uptrend in Imports
Export Surplus of 2.6 Billion Dollars
Imports for consumption from foreign
countries rose from the first to the second
quarter of 1946 by about $70 million, or
6.5 percent, to an annual rate of $4.6
billion. The small setbacks in May and
June were followed by a sharp rise of
As already noted, the excess of goods
and services transferred to foreign countries over those received amounted to
about 2.6 billion dollars during the second quarter. This excess was larger than
in any quarter since the beginning of
1945, but it was less than during 1943 and
1944. However, part of the second quarter export surplus (as recorded for balance of payments purposes) does not
represent currently produced goods and
services. More than $500 million of our
transfers consisted of surplus goods located abroad and perhaps as much as
$200 million included under lend-lease
transfers represented bookkeeping entries for transfers actually made some
months earlier.
Rise of Private Exports To Continue
Table 3.-—Goods Transferred to Foreign
Countries
[Millions of dollars]
1946
First
quarter 1
Through Government channels:
UNRRA
"Straight" lend-lease
Reimbursable and credit lendlease
._
Surplus property sales
...
Sales and transfers by the armed
forces including civilian supplies
Other sales by U. S. Government corporations and agencies- _
Second
quarter
303
48
365
46
138
170
445
528
157
151
156
132
Total through Government
channels
Merchandise sold b y private exporters
972
1,667
1,449
1,796
Total transfers of goods to
foreign countries _
2,421
3,463
i The data for the first quarter are revisions of the estimates published on p. 17 in the SURVEY for July 1946.
Table 4.—Service Transactions in the
United States Balance of Payments
[Millions of dollars]
1946
First
quarter 1
Receipts:
Transportation_ . _.
Travel
Miscellaneous services:
U. S. Government
Private.. ~Total
Payments:
Transportation
Travel
Miscellaneous services:
U. S. Government
Private
Total
Second
quarter
495
41
421
51
174
83
7
84
793
563
134
65
138
82
331
24
107
23
554
350
Financing the Export Surplus
The method of financing the second
quarter export surplus has already been
indicated. Compared to the first quarter
of 1946 the major change was in the outflow of long-term capital. The increase
in foreign loans was due entirely to larger
government loans, most of which merely
reflected the government transfer of
goods previously discussed. This applies
particularly to lend-lease and surplus
property credits, shown in table 6. Of the
total government loans authorized or anticipated, amounting to nearly $10 billion, excluding our investments in the
Monetary Fund and the International
Bank, about $2.5 billion had been disbursed by June 30. At the rate at which
these loans were utilized during the second quarter of 1946, the total volume of
government credit authorized or anticipated would be exhausted before the
middle of 1948.
Foreign Reserves Reduced
Because long-term capital movements
and contributions did not suffice to
finance the export balance, foreign countries had to sell gold and draw upon their
dollar holdings to the extent of nearly
1
The data for the first quarter are revisions of the
estimates published on p. 20 in the SURVEY for July 1946.
*See SURVEY, July 1946, chart 2, p. 19.
October 1946
Table 5.—International Transactions of
the United States
[In millions of dollars]
i
1946
1
First
quarter *
Receipts:
Goods and services:
Goods.
Income on investments
Other services
Total goods and services
Second
quarter
2,421
144
793
3,462
141
563
3, 358
4,167
Unilateral transfers.
Long-term capital:
Movements of U. S. capital invested abroad
Movements of foreign capital
invested in U. S
62
13
137
154
Total long-term capital
137
194
3, 557
4,374
1,135
36
554
1,202
38
350
Total receipts
40
_.
Payments:
Goods and services:
Goods
Income on investments
Other services
Total goods and services
1,725
1, 590
Unilateral transfers
Long-term capital:
Movements of U. S. capital invested abroad
Movements of foreign capital
invested in U. S'_
780
786
490
1,182
Total long-term capital
644
],18&
3,149
3,565
+1,633
-718
+ 2 . 577
-773
+915
-507
+ 1 , 804
-995
154
Total pavments
Excess of receipts (+) or payments
Goods and services
Unilateral transfers
Goods and services and unilateral transfers
._
Long-term capital
.. ...
!
All transactions
Net flow of funds on gold and
short-term capital account:
Net gold movement . . _ _ _ . Net movement of U. S. short:
term capital abroad
Net movement of foreign short:
term capital in U. S
Net inflow (+) or outflow (—).. !
Errors and omissions
...
+408 |
-269
+102
-HI I
+806
q~
-56
-436
—278
-539
-130
-270
i The data estimates for the first quarter are revisions of
estimates published on p. 17 of the SURVEY for July 1946.
$500 million during the quarter. A large
part of the liquidation consisted of
British and French holdings.
Foreign short-term balances in the
United States at the end of June still
amounted to about $6.4 billion. In view
of the need for gold and dollar balances
by foreign countries as legal reserves and
working capital, the liquidation of these
assets could not continue at an annual
rate of nearly $2 billion without forcing
these countries into retrenchment of expenditures in the United States.
It appears, however, that reductions of
foreign dollar balances may have been
unusually high during the first 6 months
of the year. The need for imports from
the United States was very urgent and
certain lines of credit were not yet available. With the passage of the British
SURVEY OF CURRENT BUSINESS
October 1946
loan in July, the conclusion of the Export-Import Bank loan to Prance in May,
and the increased deliveries of goods
financed through other Export-Import
Bank loans, the pressure on gold and
dollar reserves may be eased for at least
the near future.
9
Chart 5.—Financing the United States Export Surplus of Goods and
Services
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
MEANS OF FINANCING
Comparison With 1919
The international transactions of the
United States during the first 6 months
of 1946 demonstrate the extent to which
the United States is aiding in the relief
and reconstruction of war-damaged
countries, and the extent to which our
export trade is made possible without
current and, in some cases, ultimate repayment. In chart 5, the 1946 transactions are compared with those after
World War I. The excess of goods and
services transferred to foreign countries
is shown to be almost twice as high as
after the first World War. This reflects
the more extensive destruction and dislocation brought about by the recent war,
the greater capacity of this country to
make available to foreign nations the
commodities and services they need, and
the degree to which we have been willing
to render assistance in relief and rehabilitation.
1919-^
1946
1st HALF>
AT ANNUAL RATE
1919
1946
1st HALF,
AT ANNUAL RATE
46-672
Table 6.—Foreign Long Term Loans by
United States Government
[Millions of dollars]
1946
First
quarter l
Disbursements by the ExportImport Bank
Lend-lease credits
Surplus property credits
Total, new loans...
Less repayment of loans..
Total, net loans.
Second
quarter
137
133
135
333
362
401
405
18
1,096
17
387
1,079
1
The data for the first quarter are revisions of the estimates published on p. 21 in the SURVEY for July 1946.
713188-46
2
i Total for 1919 includes $164,000,000 for net exports of gold.
Source of data: U. S. Department of Commerce.
Of the net exports of commodities and
services, 35 percent were made available
in 1946 through public and private gifts
and contributions which do not require
repayment, as against 21 percent in 1919.
41so in contrast to 1919, a substantial
part of the 1946 export surplus was
financed through the liquidation of gold
and other liquid assets which foreign
countries held at t h e end of the war.
On the other hand, loans which mortgage the future of the borrowing countries—and which, if they are used for the
purchase of relief supplies, do not in-
crease the borrowers' productivity as
compared to the prewar period—are now
used to a relatively smaller extent than
in 1919 to finance foreign import needs.
Nevertheless, foreign indebtedness to
the United States Government is increasing at a rapid rate and may be
expected to total as much or more than
the debt incurred during and after World
War I. In contrast to the last war, however, a large portion of the present loans
are used to increase the productiveness
of foreign industries.
SURVEY OF CUEKENT BUSINESS
10
October 1946
Retail Sales and Consumer Income
Since VJ-Day
By Louis J. Paradiso
N THE OCTOBER 1944 issue of this
SURVEY the article entitled "Retail
ISales
and Consumer Income" traced the
wartime developments in consumer purchases of goods as reflected by sales at
retail stores in relation to the prewar
pattern of buying. This analysis reviewed the prewar pattern of sales relative to the volume of consumer purchasing power and the modification of
the pattern during the war years.
The shifts which have occurred in retail sales since VJ-day both from the pattern of the war years and from the prewar period have been substantial and significant. The nature of these shifts and
their implications should be of interest to
every retailer and other businessmen directly or indirectly concerned with the
production of goods and their distribution through retail channels. It is the
purpose of this analysis to bring up to
date the retail sales-income relationships published in the above-mentioned
article and to discuss their implications
for business prospects.
Total Retail Sales Rise
It will be recalled: (1) that during the
war years, dollar sales of retail stores
increased steadily but at a much less
rapid rate than the disposable income
of individuals (total income payments received by individuals less personal tax
payments). The unavailability of many
consumer durable goods, the channeling
of a larger-than-normal proportion of
income into savings, and price and rationing controls were the major factors
in holding down purchases at retail
stores after 1941 to levels which were
considerably below the amount which
would have been purchased with the wartime income on the basis of the prewar
relationship of sales to income shown in
chart 1.
NOTE.—Mr. Paradiso is Chief of the Business
Structure Division, Office of Business Economics.
Summary
The pattern of retail sales since
VJ-day has shifted substantially
from both the war and prewar
experience—with significant implications for business prospects.
During the war years, consumers saved an abnormal portion of
their spendable income. Within
less than a year after the war,
however, the prewar relationship
of spending to income had been
reestablished. But an examination of the internal structure of
retail sales discloses marked distortions from the prewar pattern.
Sales at nondurable goods stores
are considerably above expectations based on prewar salesincome relationship. D e s p i t e
large gains from wartime levels,
sales of durable goods stores are
still far below "normal."
With a larger flow of durable
goods, the direction of future dynamic shifts in sales by lines of
trade will be largely determined
by one of two alternatives: (1)
purchases at nondurable goods
stores may decline relative to income and purchases at durable
goods stores may rise so that the
present "distortions" will be corrected; or (2) consumers will increase their total spending relative to income at the expense of a
decline in current savings below
the rate indicated by prewar
spending habits.
(2) As is indicated in chart 2, the increase during the war years in the dollar
sales at nondurable goods stores—such
as food stores, eating and drinking
places, general merchandise stores, apparel stores, drug stores, and filling sta-
tions—was very nearly in line with the
prewar relationship of sales to income.
In other words, the prewar relationship
was not distorted in this field during the
war years.
(3) Consequently, as the lower panel
of chart 2 indicates, most of the gap
between sales expectations and actual
sales is attributable to the falling off
in sales at durable goods stores during
the war years.
What has occurred since VJ-day in
this pattern of expenditures in relation
to incomes? The annual rate of all retail sales in the first half of 1945 was
$73.5 billion while the disposable income
was at an annual rate of $141.6 billion.
During this period sales were still about
$19 billion (annual rate) below the
amount expected with the disposable income which prevailed, using again the
prewar relationship as a yardstick. Following VJ-day, however., sales increased
at a very rapid rate so that in the first
half of 1946 they were more than 25 percent above the first half of 1945. In contrast, the disposable income in the first
half of this year was slightly less than in
the corresponding period of 1945. These
changes are shown in table 1.
These contrasting movements of retail sales and disposals income resulted
in closing the gap between the sales that
could have been expected on the basis
of the prewar relationship and the actual
sales in the early part of 1946. Chart 1
clearly shows this situation with the
point for the first half of this year almost
on the prewar line of relationship. A
similar relationship for all of consumer
expenditures for goods and services
versus income indicates that net savings
of individuals in the first half of 1946
were no longer abnormally high as was
the case in the war years but had fallen
back in line with the prewar pattern of
savings to income.
So the first point to keep in mind is
that with the patriotic motive for ab-
SURVEY OF CURRENT BUSINESS
October 1946
normal savings gone after VJ-day, concomitant with increased supplies of gasoline, foods and other consumer goods,
and with prices permitted to rise, consumers quickly reestablished their prewar relationship of spending to income.
The immediate reaction is that such
a development is favorable for business
since, on the surface, it implies that consumers have adjusted themselves to a
normal peacetime spending relation to
income. However, an examination of
recent spending at retail stores by lines
of trade reveals the existence of marked
distortions in the pattern of consumer
buying which should be recognized for
what they may portend when a more
balanced supply of goods again introduces an intensified competition for the
consumer's dollar.
11
Chart 1.—Relationship Between Sales of All Retail Stores and Disposable
Income of Individ vials
100
/
NOTE.- /./#£ OF REGRESSION WAS
FITTED TV DATA FOR 1922-41.
90
-
® HALF-YEARLY TOTALS, SEASONALLY
ADJUSTED, AT ANNUAL RATE.
/
cc 80 -
1st half
O
/
£70
—
Table 1.—Sales at Retail Stores and
Disposable Income of Individuals
[Seasonally adjusted annual rates in billions of dollars, at
current prices]
"riod
1945:
First half _
Second half.
1940:
First half _ .
Percent chance first h ilf 1945 to
first half 1946
Sales of
retail
stores
73 5
Disposable
income
of individuals
7
141 6
137 4
92.4
140.0
+26
-1
TO
—
©
44
/
d
To come back to chart 2 showing what
happened to the two broad types of retail outlets—the nondurable goods stores
and the curable goods stores—-it may be
noted that in the prewar period sales of
each of these two major groups were
very closely in line with disposable income.
Following VJ-day sales of nondurable
goods stores, which previously had been
on the line of relationship with income,
shot up while income fell. In the first
half of 1948 sales of these stores
amounted to an annual rate of more than
$75 billion—$12 billion above the amount
suggested by the prewar relationship of
sales to income.
As more consumer durable goods were
produced, sales of durable goods stores
also increased, although it must be remembered that many of these stores
took on nondurable goods lines during
the war and continued this trend after
the end of the war. In view of the
gradual increase in consumer durables
flowing into distributive channels, the
gains in sales of durable goods stores, a
year after the end of the war, while impressive relative to their volume during
—
45
f
O
o
O
Pattern of Sales Shifts
half
/
43
/
60 -
42
/
r41
w
50
—
-
V
(/)
-1
<* 40
-
30
-
20
40
-
1
1
1
I
|
60
80
100
120
140
DISPOSABLE INCOME OF INDIVIDUALS (BILLIONS OF DOLLARS)
160
46-65!
Source of data: U. S. Department of Commerce.
the war, were still far from the amount
which consumers would have purchased
if more goods had been available.
The underbuying at durable goods
stores, on the basis of prewar relationships, can be read from chart 2 as about
$12 billion (annual rate). Since the deferred demands for many consumer durables are substantial, purchases at these
stores would have more than covered the
$12 billion gap if sufficient consumer
durables had been available. The deficiency insofar as total sales are concerned was compensated for by the
sharp rise in sales at nondurable goods
stores which, to repeat, was just enough
to bring aggregate sales in line with
their prewar relation to income.
Adjustment for Price Factor
In view of the recent sharp upward
movement in prices and the fact that
during the war period and after the end
of the war, prices were controlled, the
question might be raised as to whether
the above conclusions would be significantly changed if both retail sales and
disposable income were adjusted for
price changes. Chart 3 shows the relationship between total retail sales and
disposable income after a rough adjust-
12
SURVEY OF CURRENT BUSINESS
ment of retail sales by the Office of Business Economics' index of prices at retail
stores and of disposable income by the
Bureau of Labor Statistics consumers'
price index.1
It has been pointed out previously the
difficulty of price adjustment of dollar
totals in a period of shifting demand and
considerable upgrading of purchases of
both a voluntary and involuntary character. Consequently, while there is this
limitation in considering these adjusted
measures individually, for the present
purpose where the interest is in the relation of one measure to the other, the
relative positions of the points shown in
chart 3 are not seriously affected since
the same "errors" appear in both measures. The chart suggests that essentially the same pattern prevailed in
terms of "physical" quantities as in terms
of dollar comparisons.
October 1946
Second, it must not be assumed that
with a continuation of this high level
of consumer incomes sales of motor vehicle dealers could be expected to continue at the $14 billion rate, assuming
adequate supplies. This figure is calculated from a relationship derived from
years of wide cyclical changes. Consequently, when a high level of consumer
income is reached in a cyclical movement, sales will be correspondingly high.
If, on the other hand, the high level of
consumer income is sustained over many
years, the kind of analysis presented here
increased their sales by more than $10
billion, if more automotive products had
been available during the first half of
1946. In other words, sales of these dealers would have been $14 billion with the
disposable income of $140 billion, instead of the actual sales of only $4 billion.
However, two points are in order here.
First, sales of $14 billion by motor vehicle dealers imply roughly eight million
new cars at current prices. Obviously,
sales of this magnitude and their timing
depends on the rate of output of the
automobile industry.
Chart 2.—Relationship Between Sales of Durable and Nondurable Goods
Retail Stores and Disposable Income of Individuals
80
/rvSet half
46
Shifts by Kinds of Business
Automotive Dealers
It is clear from this table that by far
the largest deficiency in relation to incomes lies in sales of motor vehicle dealers. Assuming the extension of the prewar relationship, these dealers could have
1
This latter index is more inclusive in that
it includes, in addition to prices of goods,
the prices of services. Therefore, it is the
more appropriate one to use in adjusting the
disposable income for price changes.
2
The relationships are presented in the
October 1944 issue, p. 14. Note the following
changes due to revisions in the basic data:
Drug stores, S = 345 +17.11 I,
Liquor stores, S=:—628 + 16.96 I,
where S represents sales in millions of dollars
and I represents disposable income in billions
of dollars.
NOTE- l/NES OF REGRESSION WERE FITTED
TO DATA FOR SELECTED YEARS, 1929-41.
® HALF-YEARLY TOTALS, SEASONALLY
ADJUSTED, AT ANNUAL RATE.
7A
( U
/
2 ltd half ^
y^
/®Ut
60
half
_
/ ^
44
/
<t
/
_J
y
o
*43
Q
^50
—
NONDURABLE GOODS
STORES
c/)
o
(3IL
These developments raise a number of
questions regarding the prospects for retail trade in the months ahead. Before
discussing their import it is necessary to
make clear the changes which have occurred since VJ-day by major lines of
trade.
Charts 4 and 5 and tables 2 and 3 bring
up through the first half of 194.6 the relationships and data previously given in
this SURVEY, October 1944. The charts
reveal the kinds of business in which
sales are in excess of the amount called
for on the basis of the prewar salesincome relationship and those in which
deficiencies still exist.
Using the prewar relationships as a
basis for calculating sales2 with disposable income of $140 billion in the first
half of 1946, table 2 shows the difference
between the actual sales and calculated
sales (at annual rates) for 25 kinds of
businesses.
w
^X
42
/
</) 4 0
u
o:
~
if
39
DURABLE GOODS
STORES
y^
^
£30
o
38
/
^
^
20
mlsr half
/
1929 ^ ^ ^ 4 1
40
^ ^ ^
37 ^ ^
^
2nd holfm-e-45
10
0
40
©
42
!
1
£>
f3
®
44
e Sthalf
'
~
1
60
80
100
120
140
DISP0SA8LE INCOME OF INDIVIDUALS (BILLIONS OF DOLLARS)
160
46-650
Source of data: U. S. Department of Commerce.
Chart 3.—Relationship Between
Sales of All Retail Stores and
Disposable Income of Individ-1
uals, Adjusted for Price Changes
REGRESSION
HALF-YEARLY TOTALS,
SEASONALLY AOJUSTED,
AT ANNUAL RATE.
40
13
SURVEY OF CURRENT BUSINESS
October 1946
60
80
100
120
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF 1935-39 DOLLARS)
140
46-ss4
1 See text for methods used for deflation.
Source of data: II. S. Department of Commerce.
throws no light on expected sales of motor vehicle dealers. Once the new owners associated with the high income level
have purchased their automobiles, they
will go on a replacement basis thereafter
so that sales under these conditions can
be expected to drop from the high cyclical level. On the other hand, other factors, such as the price and production
policies followed by the industry, may
constantly attract new car owners. This
is characteristic of many other consumer
durables so that not only motor vehicle
dealers but all those dealing with other
important consumer durable goods
should keep in mind the nature of the
calculations derived from relationships
based on cyclical period. To some degree,
these same considerations may also apply to some nondurables.
In contrast to the motor vehicle
dealers, sales of automobile parts and
accessories dealers rose very sharply
after VJ-day, reaching a level in the
first half of the year 15 percent above
the amount that could have been expected in terms of the extension of the
past relationship to income. This sharp
increase resulted from greater use of
cars with the lifting of gasoline rationing and the necessity of keeping the constantly aging stock of prewar cars in
rolling condition. The fact that the
average age of cars will continue to be
high until a substantial proportion of
the present car population is replaced
by new cars means that auto parts and
accessories dealers will experience good
business for some time to come.
Building Materials and Hardware Groups
The sharp increase in sales of building materials dealers after VJ-day was
not quite large enough to bring them in
line with the prewar relationship to income by the first half of 1946. The deficiency in terms of current income is
about 15 percent. In this case the relationship is not as close to income as in
some of the other retail groups and the
estimate of the gap is subject to relatively more error. The main problem
in these stores is the availability of supplies since demand for all types of building materials will be strong for some
time.
Sales of hardware stores rose very
sharply in 1945 and 1946 so that by the
first half of this year they were in line
with the income relationship. Supplies of goods handled by these stores
became more plentiful even before the
end of the war and since then a better
quality line of merchandise has appeared. While there are some deferred
demands for the products sold by these
stores, their sales are fairly sensitive to
changes in income so that the future
volume of sales will depend to an important degree on the course of income.
Sales of farm implement dealers increased only moderately primarily be-
cause of lack of supplies. In the first
half of 1946 sales were still 40 percent
below the amount that would have been
purchased on the basis of farm income.
While there is still a sizable gap in these
sales relative to the level of farm income,
it must be remembered that such purchases are very sensitive to income
changes.
Home Furnishings Group
Sales of furniture and housefurnishings stores have shown a spectacular rise
since VJ-day, primarily associated with
the needs of returning veterans and of
the former war workers as they became
adjusted to new locations in peacetime
pursuits. These sales in the first half
of the year have come back nearly in
line with past relation to the income.
Because of the continued housing shortage and the fact that the postwar readjustment of families to new locations has
not yet been completed, sales of furniture can be expected to continue high,
although here again these sales are very
sensitive to changes in income and their
maintenance will depend to a greater degree than in many other lines of trade on
a continuation of current high volume
of purchasing power.
Despite the rapid progress made in
sales of household appliances and radio
Table 2.—-Comparison of Actual Retail Sales with Calculated Sales Based on SalesIncomc Relationship, First Half of 1946
i Deviation
Calculated
from
sales l | calculated
i sales i
Actual
Kind of business
Billions of dollars
Percent
deviation
of actual
from
calculated
92.4
i
92.3 |
+0.1
0
Durable goods stores
Automotive group:
Motor vehicle dealers
...
Parts and accessories
Building materials and hardware group:
Building materials
Farm implements
.
Hardware
Home furnishings group:
Furniture and house furnishings.
Household appliance and radio
Jewelry stores
16.9
28.9 I
-12.0
-42
3.9
1.5
14.4 I
-10.5
+.2
-73
15
3.9
.6
1.6
4.6!
1.0 i
1.6 !
—. 7
-.4
0
-15
-40
0
3.1
1.1
1.3
-.3
-.4
N ondurable goods stores
Apparel group:
Men's clothing and furnishings
Women's apparel and accessories
Family and other apparel
Shoes
Drug stores
Eating and drinking places
Food group:
Grocery and combination
Other food
.
Filling stations
General merchandise group:
Department, including mail order.
General, including general merchandise with food
Dry goods and other general merchandise
Variety
Other retail stores:
Feed and farm supply
Fuel and ice
Liquor
Other
75.5
3.4 !
1.0 !
1.1 I
I
(13. 4
All retail stores
o;
Q
+.2
-27
18
+12.1
19
+.2
+1.4
+.2
+.3
+.8
+4.3
+3.0
+.8
11
50
18
25
30
55
2.1
4.2
1.3
1.5
3.5
12.1
1.9
2.8
1.1
1.2
17.3
5.7
3.8
14.3
9.3
1.6
1.4
1.7
7.9
1.1
1.1
1.7
+1.4
+.5
+.3
0
18
45
27
0
2.G
1.6
1.9
3.9
2.2
2.0
1.7
3.7
+.4
+.2
+.2
18
-20
12
5
•1.9
I
l
i
I
21
16
-1.5
* Calculated sales refer to the sales that could have been expected on the basis of the prewar relationship of sales and the
disposable income of individuals. Calculations based on formulae shown in article "Retail Sales and Consumer Incomes," this Survey, October 1944. See p. 8, footnote 2 for revisions.
SURVEY OF CURRENT BUSINESS
14
October 1946
Chart 4.—Relationship Between Sales of Durable Goods Retail Stores, by Types of Stores, and Disposable Income
of Individuals l
SALES
(BILLIONS OF DOLLARS)
14.0
SALES
(BILLIONS OF DOLLARS)
5.6
MOTOR VEHICLE
DEALERS
AUTOMOTIVE PARTS
AND ACCESSORIES
- STORES
12.0
0.0
SALES
(BILLION'S OF DOLLARS)
BUILDING MATERIAL
DEALERS
4.8
-
2nJ half
_
8.0
Y/™ \
6.0
3 7 • / /
4.0
$
^
—
43
1
60
-
3.2
-
!
80
!
100
^
46°
•©i.thalf
2.4
1.6
~
_
-J
2nd
hat?
ftl, (
.8
44
|
120
-
i
_
\
2.0
0
4.0
\
- "wL
-
!
0
140
60
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
80
100
120
140
!
1
i
60
SO
100
120
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF OOLLARS)
DISPOSABLE INCOME OF INDIVIDUALS
(BSLLIONS OF DOLLARS)
160
. 4
JEWELRY
FURNITURE AND
HOUSEFURNISHINGS
h STORES
HOUSEHOLD APPLIANCE
AND RADIO STORES
STORES
ll '
1.2
^46°"
1.0
-
.8
-
/
45
Jff
.6
(929
-
• 3 8
.4
y 365*36
33
.2
60
1
i
!
!
80
100
120
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
0
160
1.6
40
60
80
!00
120
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF OOLLARS)
160
40
I
1
!
i
!
60
80
100
120
140
DISPOSABLE INCOM€ OF INDIVIDUALS
(BILLIONS OF DOLLARS)
160
7
43
;
FARM IMPLEMENT
DEALERS V
HARDWARE
STORES
1.4
6
-
—
l929
2nd half
U
1.2
45
""
46
g4nd half
V-45
/
.4
A
4»
5
©l.tholf
1.0
4.8 -
(T\ 1 st half
W
# 4 0
\
\
/
43
36 TT 39
.3
3
_
.6
P.35
_
,2
• 3 3
_
.4
.1
-
• 3 5
.2
1
60
1
80
i
100
!
!20
i
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
0
!
I
1
I
12
16
20
CASH FARM INCOME
(BILLIONS OF DOLLARS)
1
60
80
100
120
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
1 Data for 1945 and 1946 are half-yearly totals, seasonally adjusted, at annual rate,
3 Sales of farm implement dealers are related to cash farm income, which includes governmental payments beginning with 1933
3 Includes both durable and nondurable good^ stores.
Sources of data: IT. S. Department of Commerce, except cash farm income through 1944, which is from the U. S. Department of Agriculture.
160
46-653
SURVEY OF CURRENT BUSINESS
October 1946
chases to the point where in the first
half of 1946 they were almost 20 percent
above the amount associated with disposable income on the basis of past
experience. Part of this rise undoubtedly reflects deferred demand for many
articles of jewelry but part of it is due
to the fact that with supplies of many
durable goods still short, consumers
have tended to divert part of their income to the purchase of luxury items.
Because the jewelry business ranks at
the head of the sales-income sensitivity
list, sales of jewelry stores may be expected to be particularly vulnerable to
declines in income.
In summary, of the eight kinds of
durable goods businesses, only two—auto
accessories and parts dealers and jewelry
stores have experienced sales beyond the
amounts usually associated with current
levels of income. Hardware store sales
stores they were still comparatively low
in the first half of 1946, on the basis of
peacetime experience. The main problem is that of production, and sales of
these stores should continue to increase
as the quality of the goods handled by
them becomes better and their flow
increases.
Jewelry Store Sales
The trend in jewelry store sales is of
especial interest since its behavior has
been unlike that of any other durable
goods group. Sales in these stores were
fairly well in line with increasing income throughout the war period because
this was one area where supplies of one
kind or another were available. Since
VJ-day more of the scarce jewelry items
have become available, e. g., watches.
Consumers have stepped up their pur-
15
are in line with income. The others,
dominated by motor vehicle dealers, have
not yet experienced a volume of sales
commensurate with income on the basis
of the prewar relation of sales to income.
"Excess" Buying in Nondurables.
All major nondurable goods trades
with the exception of filling stations and
variety stores have experienced a sales
volume since VJ-day far above that
which is normally associated with the
current level of consumer income. The
most outstanding gains relative to income were made by women's apparel and
accessories stores, eating and drinking
places, and the general merchandise
group.
This development is attributable to
many factors, chief of which are: (1)
With many durable goods unavailable
Chart 5.—Relationship Between Sales of Nondurable Goods Retail Stores, by Types of Stores, and Disposable
Income of Individuals l
SALES
(3ILLI0K3 OF DOLLARS)
5.s r~
SAL! S
(BIL.iOMS OF DOLLARS)
2.8
WOMEN 3 APPAREL AND
ACCESSORIES STORES
SALES
(BILLIONS OF DOLLARS)
.4
r~
MEN'S CLOTHING AND
FURNISHINGS STORES
.2
FAMILY AND OTHER
APPAREL ST ORES
(T-lsf half
Y 46
©Utholf
.0
-
.8
_
A
z
1929
.6
60
80
100
!20
!40
ISO
1 .6
40
"60
80
100
!20
140
-
.2
-•33
160
4.0
SHOE STORES
r-
.4
3
.4
0
40
40
-
V/
1
60
1
80
V*- —
-
1.2
DEPARTMENT STORES
INCLUDING MAIL ORDER
!
(40
160
1.6
^ ^ ^ I s t half
0.0
-
1. 4
-
Uf ha'f
1923
\
120
VARIETY STORES
2.0
&)l«t holf
r.O
\
100
1.8
(i2sd half
45
~
_
8.0
-
.2
6.0
-
.0
-
/
/
.8
-
_
^1929
^
.6
A
-
1
.2
40
1
1
60
80
100
!20
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
See footnote 1 at bottom of chart, on next page.
^
4 0
-
2.0
-
0
i
i
1
!
!
60
80
100
120
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
Q
.6
-
—
.4
60
1
1
1
1
80
100
120
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
160
46-654
SUEVEY OF CUEEENT BUSINESS
16
October 1946
Chart 5.—Relationship Between Sales of Nondurable Goods Retail Stores, by Types of Stores, and Disposable
Income of Individuals—Continued *
bALLS
(BILLIONS
SALES
(BILLIONS
OF DOLLARS)
18.0
OF
SALES
(BILLIONS
DOLLARS)
GROCERY AND COMBINATION
STORES
5i hoif
v
1
~
14.0
-
12.0
-
10.0
-
'
3.2
-
J
—
7
e.c
-
:
&
6 0
!
t
60
80
100
120
1
DRUG STORES
f *"
!6.0
4.0
OF DOLLARS)
14.0
!
-
2.4 —
-
20
-
—
1.6
-
_
•33
1
i
1
100
i
i
'20
2.0
LIQUOR STORES ^
FUEL AND ICE
DEALERS
1.8
1.6
-
1.4
-
/
"X
1.2
X
1.0
V /
/ /
.8
.6
60
80
100
120
140
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
#33
,
0
—I
!
I
.4
!
80
100
120
\A0
DISPOSABLE INCOME OF INDIVIDUALS
(BILLIONS OF DOLLARS)
60
80
100
!20
1^
DISPOSABLE INCOME OF INDiVIDUALS
(BILLIONS OF DOLLARS)
1 Dala for 1945 and 1946 are half-yearly totals, seasonally adjusted, at annual rate.
2 Data for 1929 are not available (prohibition year;;
Source of data: U. S. Department of Commerce.
after the end of the war and with the
incentive to save a disproportionate
amount of their income gone, consumers
shifted their purchases to nonduratales;
(2) returning veterans both men and
women had to outfit themselves anew
and many of them established new households thus creating a demand for many
types of goods which, while temporary,
is still continuing; (3) further tradingup and price increases were much more
pronounced in the nondurable goods
fields, particularly in view of the slow
appearance of low-price commodities;
and (4) individuals held much larger
cash balances than in the prewar years,
which influenced some individuals to
spend more on nondurables than they
would otherwise.
The charts clearly indicate the major
developments in the nondurable goods
lines. Briefly these are:
(1) Women's apparel stores had an extraordinary volume of business through
the war years and the rate of increase
has been stepped even further since VJday.
(2) Sales of shoe stores in the first
half of 1946 have been at a rate 25 percent above the income-sales relationship
of prewar years despite the fact that
there were shortages of many types and
styles of shoes.
(3) Pood store sales recorded a sharp
rise in the six months following VJ-day
despite some decline in disposable income; the increase during the first 6
months of this year was more moderate
but nevertheless at a faster rate than is
normally the case in relation to the increase in the income which occurred.
(4) Eating and drinking places provide an outstanding example of a very
sharp upward trend in sales throughout
the war period followed by an acceleration in the increase after the end of the
war. On the basis of the prewar relation these places could have been expected to do an $8 billion business in the
first half of 1946 whereas actually their
annual rate of sales was $12 billion.
(5) Department store sales (including
mail-order houses) recorded a very sharp
rise in sales in the 6 months following
VJ-day but the increase has been in line
with the rising income in the first 6
months of this year. Sales for this group,
SURVEY OF CURRENT BUSINESS
October 1946
however, are almost 20 percent above
the amount associated with current
levels of income and this at a time when
these stores were handling a relatively
low volume of durable goods.
Implications of Recent Trends
The current pattern of buying naturally raises the question of what it means
for the future. A continued high volume
of consumer expenditures is essential
in order to have a high volume of production and employment. The demand
for practically all types of consumer
durables will continue strong for some
time to come.
The basic problem then is whether
consumers will continue their extraordinary purchases of nondurables and
luxury items, once heavy deliveries of
durable goods begin. This does not mean
to suggest, however, that all durable
goods will be insensitive to any price
unsettlement which may develop elsewhere. Furniture stores, for example,
comprise a durable goods group where
the deficiency in sales relative to income
is fairly small and where the problems
are not unlike those of some of the nondurable goods stores. Trading-up and
higher prices contributed to the rise in
sales at furniture stores where frequently
the quality of the product did not come
up to prewar standards. As the flow
of durables increases, consumers will become more price and quality conscious
in those durable goods areas where they
are now buying nearly in line with the
prewar relationship to income.
There are two possibilities in the current situation: (1) That the spending
habits of consumers have changed from
prewar so that they will continue to buy
in excess of the amount associated with
the prewar sales-income relationship at
nondurable goods stores 3 while at the
same time increasing their expenditures
at durable goods stores (this would imply
a decline in the usual relation of consumer savings to income); or (2) that
as more durable goods become available,
consumers will curtail their purchases at
nondurable goods stores to the point
where total retail sales are in line with
the prewar relationship to income.
3
Although the statistics are very crude,
they suggest that a shift in the propensity
to consume may have occurred after the first
World War, see "Retail Sales and Consumer
Income," loc. cit. p. 13.
17
If consumer income increases sufficiently, sales at nondurable goods stores
can, of course, be maintained or increased even under the second alternative. It must be pointed out, however,
that if sales of nondurables get back in
line with the prewar relationship, their
maintenance at the current high levels
implies an increase in disposable income
from the current level of $140 billion to
$170 billion, or about one-fifth.
At the moment there is no evidence as
to which of the two alternatives will
eventuate. Indeed, definite trends cannot be established until there is a much
larger flow of durable goods. However,
if the second alternative should develop,
that is, if consumers shift part of their
purchases at nondurable goods stores
when durables become available in larger
quantities, then many retailers, particularly those in nondurable goods lines,
will have to face the prospect of reductions in the current rates of sales and
profits. This would be reflected in orders
of manufacturers and a readjustment of
inventory holdings which would in turn
influence prices. Such actions would, of
(Continued on p. 31)
Table 3.—Sales of Retail Stores by Kinds of Business, and Disposable Income, 1939 to 1945
[Millions of dollars]
Seasonally adjusted
rate
Kind of business
1939
1940
1941
1942
1943
1944
1945
1946 !
1st half
All retail stores, sales
..
Durable goods stores
Automotive group
Motor vehicle dealers
P a r t s and accessories
Building material and hardware group
Building materials
F a r m implements
Hardware
H o m e furnishings group
Furniture and house furnishings
Household appliances and radios
Jewelry
..-
Nondurable goods stores
Apparel group
M e n ' s clothing and furnishings
Women's apparel and accessories
Family and other apparel
Shoes
Drug stores
Eating and drinking places..
Food group
Grocery and combination__
Other food
Filling stations
General merchandise group
Department, including mail order
General, incl. general merch. with f o o d . . .
Other general merchandise and dry goods
Variety
Other retail stores
Feed and farm supply
Fuel and ice
Liquor
...
Other
Disposable income of individuals
__.
i Figures do not necessarily add to totals due to rounding.
713188—46
3
42,042
46,388
55, 490
15, 604
annual
2d half
1st half
57, 552
63, 680
69, 484
76, 572
73,454
79,690
92, 418
9,846
9,339
9,967
11,498
10, 722
12, 274
16,922
2,912
2,062
850
3,620
2,171
442
1,007
2,453
1,950
503
982
3,356
2,293
1,063
4,182
2,508
497
1,177
2,889
2,221
668
1,071
3,086
2,158
928
3,960
2,392
466
1,102
2,666
2,080
586
1,010
3,626
2,428
1,198
4,404
2,624
528
1,252
3,112
2,362
750
1,132
5,372
3,920
1,452
6,040
3,860
578
1,602
4,236
3,098
1,138
1,276
10,379
12,418
5,549
5,025
524
- 2,735
1,761
345
629
1,733
1,200
533
362
6,862
6,286
576
3,108
2,000
399
709
2,022
1,392
630
426
8,544
7,794
750
3,862
2,435
524
903
2,611
1,787
824
587
2,840
2,171
669
3,799
2,326
493
980
2,454
1,820
633
753
2,751
2,003
748
3,366
2,079
385
902
2,258
1,785
473
964
31,663
33,970
39,886
47, 706
54, 341
59, 517
65, 074
62, 732
67, 416
75,496
3,259
840
1,323
479
617
1,563
3, 520
10,165
7,722
2,443
2,822
6,475
3,975
922
601
977
3,859
779
1,014
586
1,480
3,441
886
1,413
503
639
1,637
3,874
10,906
8,317
2,589
2,954
6,847
4,266
910
636
1,035
4,311
885
1,140
650
1,636
4,157
1,096
1,690
605
766
1,821
4,796
12, 576
9,604
2,972
3,454
7,931
5,027
991
738
1,175
5,151
1,101
1,260
767
2,023
5,193
1,296
2,175
739
983
2,185
6,173
15, 755
12,141
3,614
3,021
9,015
5,566
1,158
943
1,348
6,364
1,660
1,475
1,037
2,192
6,323
1,497
2,893
907
1,026
2,588
8,034
17,450
13,276
4,174
2,453
9,977
6,132
1,301
1,119
1,425
7,516
2,272
1,600
1,234
2,410
6,869
1,618
3,193
986
1,072
2,811
9,351
14, 511
4,478
2,603
10,854
6,764
1,388
1,208
1,494
8,040
2,273
1, 603
1,485
2,679
7,685
1,806
3,589
1,093
1,197
3,023
10,809
20,192
15,328
4,864
3,016
11,614
7,428
1,417
1,249
1,520
8,735
2,379
1,671
1,688
2,997
7,420
1,666
3,574
1,058
1,122
2,936
10,524
19,408
14,702
4,706
2,776
11,400
7,276
1,396
1,218
1,510
8,268
2,198
1,634
1,602
2,834
7,950
1,946
3,604
1,128
1,272
3,110
11,094
20,976
15,954
5,022
3,256
11,828
7,580
1,438
1,280
1,530
9,202
2,560
1,708
1,774
3,160
9,048
2,128
4,212
1,254
1,456
3,530
12,124
23,012
17, 346
5,664
3,766
14,060
9,338
1,620
1,422
1,680
9,960
2,604
1,636
1,866
3,852
67, 700
72,900
88,700
110,600
124, 600
137,400
139,600
141,600
137,400
140,000
SURVEY OF CURRENT BUSINESS
18
October 1946
Regional Patterns of Department
Store Sales
By Clement Winston and Marie L. Puglisi
URING THE WAR and since VJ-day
the geographical distribution of reD
tail trade has changed significantly
from the prewar pattern. An over-all
analysis for the Nation of changes in retail sales by lines of trade since VJ-day
is covered by Mr. Paradiso in another
article in this issue. This analysis is
concerned with the regional shifts and
tendencies of retail trade since 1929. It
also examines the different sales trends
shown for individual cities within a few
of the regions.
Because of the lack of regional information for other kinds of retail businesses it was necessary to restrict the
study to department store sales.1 But
sales of these stores constitute an important segment of retail trade, and comprise widely diversified lines of goods.
An analysis of such data thus serves as a
reflection of the regional pattern of retail trade as a whole.
This study specifically will be concerned with the relation between the
cyclical pattern of sales in the prewar
years 1929 to 1940 in the various regions
and in the country as a whole and with
the relation between the pattern of sales
in selected cities in a given region and in
the region itself. By this means it will
be possible to determine the extent to
which sales in some regions are running
ahead or behind the United States total
and, similarly, the relative gains or losses
made by selected cities within the
regions.
In addition, the prewar patterns will
be examined in relation to the wartime
developments in order to throw light on
the nature of the postwar adjustments.
This type of analysis should be useful
1
Department store sales as compiled and
published by the Board of Governors of the
Federal Reserve System were the basic data
used.
NOTE.—Mr. Winston and Miss Puglisi are
members of the Business Structure Division,
Office of Business Economics.
Summary
An analysis of the relationship
between department store sales
for the entire Nation and for various geographical regions and between sales for particular districts
and individual cities within these
districts reveals significant shifts
over the period since 1929.
Rising trends are evident in
some localities and declining
trends in others. There is also a
marked variation in the sensitivity
of department store sales in the
different areas to changes in general business conditions.
The businessman and market
analyst can use the methods
herein presented to secure more
accurate appraisals of the probabilities with regard to the particular markets in which they are
interested.
not only to those interested in department stores but also to retailers and
businessmen in general as an aid in appraising the effects of changes in the
purchasing power in various localities
and its consequent reflection in the pattern of retail sales.
Department Store and Total Sales
Since the behavior of department store
sales is to be utilized as a means of
evaluating the entire sales picture, the
relationship between department store
sales and total retail sales for the country
as a whole should first be established.
The close correspondence between the
movement of these classes of sales is
shown in chart 1.
Two points can be made from this
chart. First, in the prewar years the
relative changes in department store
sales and in all retail sales have been
consistently in the same direction from
one year to the next, with the important
qualification that the changes in department store sales over the period covered
were less pronounced than the total.
During the depression, department store
sales fell much less than sales of all
stores while in the subsequent recovery
period, they did not recover so much percentagewise. The relative change of department store sales in the 1929-40 period can be stated quantitatively by
deriving the average statistical relationship between sales of department stores
and total retail sales.2
The relationship implies that on the
basis of the experience of 1929-40 a
change of 10 percent in total retail sales
was associated on the average with a
change in the same direction of about 7
percent in department store sales. This
result stems primarily from the fact that
some important goods not handled by
department stores, of which automobiles
is an outstanding example, are the most
sensitive to depression and recovery
influences.
Second, the prewar relationship has
been markedly changed since 1941, department store sales have increased at
a faster rate relative to all retail sales.
The relationship which prevailed in the
period from January 1942 to July 1946
is as follows: A 10-percent change in all
retail sales was associated, on the average, with an 11-percent change in department store sales.
2
The statistical relation used in a linear
least squares regression of the logarithms of
department store sales on total retail sales.
The relationship is as follows:
Y=r:4.285X-686
where Y=department store sales (index,
1935-39 = 100) and X=retail sales (index,
1935-39=100).
For details regarding the use of this method
to retail trade data see the article in the
October 1944 SURVEY, "Retail Sales and Consumer Income."
October 1946
This break in the relationship after
1941 was largely a consequence of the
wartime regulations which eliminated or
sharply curtailed the production of many
consumer durable goods such as automobiles, refrigerators, and washing machines. The decrease in the availability
of these durables as well as of building
materials and hardware tended to increase the relative share of department
store sales in the total. Moreover, since
consumers were not able to buy these
hard goods they increased their purchases of nondurables which are handled generally by department stores.
SUKVEY OF CUKKENT BUSINESS
19
Chart 1.—Sales of All Retail Stores and of Department Stores
INDEX, 1935-39 = 100
250
200 -
150 -
Regional Department Store Sales
This analysis makes no attempt to
determine the factors affecting department store sales by regions. It simply
relates the fluctuations of department
store sales in each district to changes in
total United States department store
sales in a way that brings out the basic
character of the relationship of the region to the national total. Similarly, department store sales in a city are related
to the district's sales.
The regions covered by the twelve
Federal Reserve districts are shown in
the accompanying map. The relative
importance of the various regions in relation to total department store sales is
given in table 1, which also gives the
percentage changes for the cyclical
swings from 1929 to 1939.
It is evident from the table that in
general the districts which showed the
largest relative drop in sales from 1929
*^w
^ \ .
DEPARTMENT
STORE SALES
100
SALES OF ALL
"RETAIL STORES
50
... L
i929
30
1
3!
1.
32
1
33
34
L.
35
1
—
•
38
39
iI
40
41
I
42
43
.
44 45
46-595
to 1932, also recorded the largest relative increases in the recovery period.
According to this measure, the districts
reflecting the greatest volatility were:
Atlanta, Dallas, Chicago, Cleveland, San
Francisco, Richmond, and St. Louis,
while those tending to be relatively more
stable in the cyclical survey were: New
BOUNDARIES OF FEDERAL RESERVE DISTRICT
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BRANCH CITIES
Source of map: Board of Governors of the Federal Reserve System.
37
Sources of data: Board of Governors of the Federal Reserve System and IT. S. Department of Commerce.
Federal Reserve System: Boundaries of Federal Reserve Districts and
Their Branch Territories
•===
i
i
36
York, Boston, Philadelphia, Minneapolis,
and Kansas City.
Such a method of comparison, however, is subject to at least two shortcomings. First, the comparisons are
based on two periods only. A method
which takes into account the changes
for all the other years would be more
desirable. Second, it does not disclose
the fact that some districts have shown
tendencies for growth over the period
while others have been declining.
In order to measure the sensitivity of
department store sales to depression
and recovery influences and to determine the rate of growth (or decline)
aside from the changes in business conditions, a correlation analysis technique
has been used. Department store sales
for each district have been related to
total United States department store
sales for the period of years 1929-40.
From each relationship it is possible to
evaluate the average percent change in
district sales which is associated with a
given percentage change in United
States department store sales. Also
aside from changes in United States department store sales, the relationship
serves to indicate the annual rate of
growth or decline in the district sales.
These relationships are shown in the
form of scatter diagrams in chart 2. Note
that in contrast to the usual form of
these scatter diagrams wherein an arithmetic scale is employed, each of these
shown in the chart are drawn on a per-
20
SURVEY OF CURRENT BUSINESS
Table 1.—Department Store Sales, 1939,
by Federal Reserve Districts, and Percent Changes in Sales Between Selected
Years
Percent change
in sales
1939
District
Total
Boston.__ - - - _
New York
Philadelphia
Cleveland
_ __ _
Richmond.
-Atlanta..
-Chicago
St. Louis
Minneapolis
Kansas City.- - .-.
Dallas _ __ San Francisco
Sales
Per(millions of cent of
total
dollars)
3,511
238
542
242
387
233
165
701
144
123
158
134
444
1929 to
1932
100.0
6.8
15.5
6.9
11.0
6.6
4.7
20.0
4.1
3.5
4.5
3. 8
12.6
1932 to
1939
—36
+40
—30
-29
-35
-41
-29
-39
-42
-38
-28
-37
-41
-37
+14
+9
+23
+54
+59
+88
+58
+44
+32
+41
+81
+52
centage scale so that the relative changes
can be more readily compared.
Sensitivity to National Total
Table 2 shows the sensitivity of the
district sales to total United States department store sales based on the results
of these correlations covering the experience of the prewar period. In the New
York district, for example, the number
7.6 indicates that, according to past experience, a 10 percent change in department store sales for the Nation was associated on the average, with a 7.6 percent change for the district and in the
same direction. In other words, for the
New York district, department store sales
tend to be less sensitive than the national
sales.
The New York, Boston, and Minneapolis districts showed the lowest sensitivity,
a 10 percent change in sales for the entire United States being associated on the
average with changes of less than 8 percent for these districts. In only two of
the remaining districts, Philadelphia and
Richmond, were average rates of change
significantly less than for the country.
The remaining six districts were characterized by a greater volatility in relation to total sales. Corresponding to a
10 percent change in the sales of the nation's department stores the average
rates of change in these districts ranged
from 12.4 percent for Dallas to 10.9 percent for St. Louis. The Kansas City district alone, on the average, tended to
match through the prewar period the
changes in sales in all United States department stores.
Growth and Decline, 1929-40
The story told by these sensitivity indexes, however, is not complete. The
direct relationships of sales in each district to the national total as measured
by the sensitivity figures do not fully
explain the differences in behavior for
all of the districts. Other significant
factors operated to cause a growth or
decline in department store sales in the
prewar period in certain of the districts.
This can be observed by referring again
to chart 2.
If, in the chart, we examine the panel
for the Atlanta district, for example, we
note that although United States department store sales were about the same
in 1930, 1937 and 1939, sales in the Atlanta district had risen progressively in
the period from an index of 91 in 1930,
to 105 in 1937, and to 113 in 1939. The
net upward trend after allowing for the
effect of total sales is shown in the lower
panel. The points are determined by
plotting the ratios of actual district sales
for each year to the corresponding reading for the district on the regression line
shown in the upper panel. The trend
indicates that on the average department store sales in the Atlanta district
tended to rise about 3 percent per year—
all other factors remaining the same.
The net trend of sales in each district
after allowing for changes in the national
total is shown in table 3. It is observed
that in three of the five districts in
which sensitivity was low, the New York,
Boston, and Philadelphia districts, downward trends were exhibited. On the
average, over the period 1929 to 1940,
sales of department stores in the New
York and Boston districts tended to decline, considering all other factors constant, at the rate of about 2 percent per
year. In the Philadelphia district the
net downward trend was about 1 percent
per year.
In five of the regions representing the
Southeastern, Southern, and Western
States and the Chicago area an upward
trend was in evidence. The sharpest
upward growth, about 3 percent per year,
Table 2.—Sensitivity of Department
Store Sales in Each District to the
National Total
[Based on the period 1929-40]
Percent change
in sales for
district associated with a
10 percent
change in
national
total i
District
Dallas
Cleveland- - Chicago
Atlanta
San Francisco
St Louis
Kansas City
Philadelphia
Richmond
Minneapolis
Boston
ISiew York
-
-.-
- .- .__ . _ _.
.. _
.
12 4
11.6
11 6
11 5
11.2
10 9
9.8
9.1
9 0
7.9
7.9
7.6
* Derived from regression equations shown in table 4.
October 1946
Table 3.—-Net trend of Sales in Each
District After Allowing for Change in
the National Total
District
Atlanta
Dallas
Richmond
Chicago
San Francisco
Philadelphia-.
Boston
New York
Average
percent increase or
decrease
per year
2.8
2.1
2.1
.7
.7
-1.2
-1.9
-2.1
was shown for the Atlanta district as
was already indicated above. In the
Dallas and Richmond districts the rate
of growth was about 2 percent per year
while in San Francisco and Chicago it
was a little less than 1 percent per year.
The Richmond district was the only one
of the less sensitive regions in which an
upward tendency was indicated. In the
remaining four districts no definite
trends toward growth or decline were
observed.
After introduction of the trend factors
it is interesting to note the extremely
close correlation that appears to exist
between department-store sales in the
districts and the national total over the
prewar period. In comparing the average
percent of error in the sales computed
by the formulas to the actual values in
each district, it is found that the maximum average error for any of the districts is less than 3 percent, and that it
exceeds 2 percent in only 3 of the 12
districts.
Changes in War Period
In general, the prewar tendencies by
districts persisted into the war period
with several noteworthy exceptions.
Sales for the Minneapolis and St. Louis
districts, since the war, increased in line
with the total for the country on the
basis of the prewar relation. Four of
the five districts which showed an upward shift in the prewar period, namely,
Dallas, Atlanta, San Francisco, and
Richmond, continued the prewar trends
in the war period. The Chicago district
was an exception faring unfavorably in
relation to total department store sales
after 1941. For example, total department store sales increased by 56 percent
from 1941 to 1945 whereas sales for the
Chicago district rose by only 43 percent.
The three regions which showed pronounced downward shifts in sales,
namely, New York, Boston, and Philadelphia, continued the downward drift
but at a greatly reduced rate. In fact,
for the New York and Boston districts
the gains in department store sales in
SURVEY OF CURRENT BUSINESS
October 1946
the late years were large enough to wipe
out practically all of the prewar downward trend.
The Cleveland district showed a definite loss in sales since 1942 relative to
the gains made by all department stores
when compared to the prewar relation.
If the prewar relation had continued,
21
sales in the Cleveland district in 1945
would have been 14 percent above the
actual figures shown. On the other hand,
sales in the Kansas City district showed
a pronounced gain relative to the national total from 1942 to 1945 in comparison to the prewar pattern. Department store sales in this district were
12 percent above what could have been
expected had the prewar relationship
prevailed.
P a t t e r n s of Sales by Cities
The districts as defined in this study
are fairly broad and the sales patterns
Chart 2.—Relationship Between Department Store Sales for Each Federal Reserve District and for t h e United
States
NOTE.-ALL
DATA ARE PLOTTED ON RATIO SCALES
REGRESSION LINES WERE FITTED TO DATA FOR 1 9 2 9 * 4 0 .
RICHMOND
2
©
4I
s
/
©
/
-
50
6C 70 80
100
200
300 50 60 70 80
100
200
UNITED
STATES
I
200
1 1 1 1 1
300 50 60 70 80 100
SALES
(INDEX,
300 50 60 70 80
100
200
1 9 3 5 - 3 9 = 1 0 0 )
200
ATLANTA:
RATIOS RELATED TO TIME
z <
DALLAS:
RICHMOND:
CHICAGO:
RATIOS RELATED TO TIME
RATIOS RELATED TO TIME
RATIOS RELATED TO TIME
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D
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100
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SAN FRANCISCO
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BOSTON
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1929 30
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50 60 70 80 100
200
300 50 60 70 80
SAN FRANCISCO:
1
100
200 300 50 60 70 80 100
UNITED STATES SALES (INDEX, 1935-39 = 100)
300 50 50 70 80 100
BOSTON:
PHILADELPHIA:
RATIOS RELATED TO TIME
RATIOS R E L A T E D TO T I M E
200
NEW YORK:
RATIOS RELATED TO TIME
RATIOS RELATED TO TIME
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100
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300 50 60 70 80
100
200
UNITED STATES SALES ( I N D E X , 1 9 3 5 - 3 9 = 1 0 0 )
Sources: Basic data, Board of Governors of the Federal Eeserve System: computations, U. S. Department of Commerce
300 50 60 70 80 100
100
90
80
70
60
50
SUKVEY OF CURRENT BUSINESS
22
Chart 3.—Relationship Between Department Store Sales for the New
York Federal Reserve District and for Selected Cities Within the District
NOTE.- ALL DATA ARE PLOTTED ON RATIO SCALES. REGRESSION LINES WERE
FITTED TO DATA FOR 1 9 3 0 - 4 0 FOR SYRACUSE AND BRIDGEPORT, AND TO DATA
FOR 1 9 2 9 - 4 0 FOR ALL OTHER CITIES.
300
450
-
200
300
8 /
SYRACUSE
44©
BRIDGEPORT
/
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200
-
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01929
* 50
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90
80
70
70 80
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90
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100
70
200
300 70 SO 100
200
DISTRICT SALES (INDEX, 1 9 3 5 - 3 9 = 1 0 0 )
300
200
200
SYRACUSE:
RATIOS RELATED TO TIME
S's
BRIDGEPORT:
RATIOS RELATED TO TIME
300
BUFFALO
200
~
450
420
/
/«30
-
100
~~l 90
80
70
70 80 100
200
200
300 70 80 100
DISTRICT SALES (INDEX, 1935-39 = 100)
300
200
200
ROCHESTER;
RATIOS RELATED TO TIME
BUFFALO:
RATIOS RELATED TO TIME
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CO CO
UJ
SOO
90
00
300
5a: aca
a.
300
NEWARK
NEW YORK CITY
B/
200
-
/
-
200
^
045
192 a /
1929
4
IOO
90
80
!
70
70 80
30
—
~
^42
41
32
! 1
IOO
90
80
70
3
1 ! 1
200
300 70 80 100
200
DISTRICT SALES (INDEX, 1935-39 = 100)
—
of cities within the districts may vary
significantly. Consequently, an analysis
of regional differences, while valuable,
needs to be supplemented by a study of
the pattern of sales for the principal
cities within the districts.
It is beyond the scope of this article
to attempt to present, in detail, analyses
of every city within the 12 districts.
Rather it is to suggest an approach to the
problem and to illustrate the diverse patterns involved by the use of a few
examples.3
Two districts with the principal cities
in each have been selected for illustrative purposes, namely, the New York and
Chicago districts. The presentation
given is necessarily sketchy in its analysis of the causes of shifts in the regional
sales patterns. It does indicate, however, a type of analysis that is valuable
for a more thorough understanding of
regional sales behavior.
New York District
As already pointed out, department
store sales in this district were marked
by low sensitivity relative to the country
as a whole and by a downward trend.
Indexes of department store sales for the
period after 1929 are available for six
cities in the New York district: New
York, Newark, Bridgeport, Buffalo, Rochester, and Syracuse. The relationships
between sales in these cities and in the
district are presented in chart 3.
New York City is, of course, the dominant city in this region. In the period
1929 to 1940 there is practically a oneto-one relationship between department
store sales in the city and in the district.
However, in the early war years, department store sales in New York City showed
a much smaller proportional rise than
sales of the district as a whole. Apparently within the New York district many
of the less industrialized cities further
inland made more rapid advances than
New York City. This was influenced
perhaps by the Government policy during the war to put much of the new war
industrial facilities further inland and
to scatter them for security reasons.
After a time, however, as greater and
greater production was required, the diversified facilities of the older industrial
regions were needed and these began to
be used to the utmost and further expanded. This is reflected in New York
City, after 1942, in a more rapid rate of
employment and purchasing p o w e r
which resulted in a reversal of the trend
in department store sales relative to the
district. Thus, by 1944 sales in the city
300
4S-
553
Sources Basic data, Board of Governors of the Federal Reserve Systems; computations, U. 8. Department of Commerce.
October 1946
3
The d a t a utilized and t h e formulas derived for other cities for which data exists
are available u p o n request.
October 194(5
had about returned to the prewar line of
relationship. In the first half of 1946
department store sales were continuing
above the previously established line.
Newark showed a certain similarity to
New York City in the prewar period,
although not with the same degree of
regularity. Here, also, no well defined
time trend was evident and on the average the rate of change of department
store sales in Newark tended to match
that shown for the district. After 1942
a trend downward from the line of relationship developed but appeared to slow
up considerably between 1944 and 1945.
Data so far available for 1946 seem to
indicate that the movement between 1944
and 1945 has also extended into 1946.
In the remaining four cities for which
complete data are available there are two
facts which stand out in the prewar
years. First, department store sales in
each of the cities showed a high sensitivity relative to changes in sales for the
whole district and, second, in each case
there was a definite upward trend. A
change of 10 percent for the district was
associated with a change of 14 percent in
sales of department stores in Buffalo and
Syracuse; on the average department
store sales in Bridgeport and Rochester
showed a sensitivity of about 12 percent.
In Bridgeport and Syracuse department
store sales tended to increase relative to
the total for the district at the rate of 2.1
percent per year; for Rochester and Buffalo this increase was at the rate of 1.9
and 1.6 percent per year, respectively.
After 1940 the behavior of department
store trade in the four cities discussed
above showed considerable variations
which were influenced to a large extent
by war exigencies. In Bridgeport the
sharp upward trend continued until 1942
as the plants in that area were swamped
with war orders. After that date, the
shift of some of the ammunition, guns,
and aircraft engine programs into newly
developed plants outside the area and
later cutbacks in some of these programs
were reflected in the reversal of trend
shown by department store sales. By
1944 such sales in Bridgeport were actually below the line of relationship and
this downward trend does not yet appear
to have been arrested in the early part
of 1946.
In Buffalo the upward trend continued
for a year longer—until 1943—before the
downward trend began. In this case the
downward trend was largely the result of
cut-backs in the plane production program and their effect on total output.
By 1945, however, the level of department stores sales in Buffalo was only
slightly above the line of relationship.
In the first part of this year increases
in department store sales in Buffalo com
SURVEY OF CURRENT BUSINESS
pared to the previous year were lower
than the average shown for the region,
reflecting the effects of reconversion and
labor difficulties that affected this area
somewhat more than other parts of the
same district.
In Rochester and Syracuse the reversal
of trend after 1943 was not so sharp as
for Bridgeport and Buffalo. Nevertheless, department store sales in these two
cities have been moving at a rate lower
than that shown for this district as a
whole, preliminary figures indicating that
1946 will find sales for both cities further
below the net trend line established in
the prewar period.
Chicago District
As we had seen before, department
store sales in the Chicago district over
the interval 1929-40 were characterized
by a fairly high volatility of movement
compared to changes in the United States
total sales of such outlets and also by
a rising trend. After 1940, however, this
trend was reversed and continued down-
23
ward to 1945. There is no indication of a
change in this downward drift in the first
half of 1946.
Complete data for all years beginning
with 1929 are available for a number of
important cities in this district. The relationships for six cities are shown in
chart 4. The cities divide generally into
two groups: Those in which an upward
trend in department store sales is indicated over the war period and those for
which the opposite is true. In the group
showing a downward trend are found
Chicago, Detroit, and Milwaukee, while
an upward trend is indicated for Indianapolis, Peoria, and Fort Wayne.
The largest city involved is, of course,
Chicago. Department store sales in Chicago in 1939 amounted to 44 percent of
the total for the five States comprising
the district and to over 80 percent of
such sales in Illinois.
It is observed that over the interval
preceding 1941 the rate of change in department store sales for Chicago was
about equal, on the average, to that of
Chart 4.—Relationship Between Department Store Sales for the Chicago
Federal Reserve District and for Selected Cities Within the District
FORT WAYNE
INDIANAPOLIS
4,®
100 t 90 ° g
200
50 60 70 80 100
PEORIA:
RATIOS RELATEO TO TIME
300 50 60 70 80 100
200 300 50 60 70 80 100
DISTRICT SALES (INOEX, 1935-39=100)
FORT WAYNE:
RATIOS RELATED TO TIME
INDIANAPOLIS:
RATIOS RELATED TO TIME
. „ <S> <£
100
I
1929 30
i
i
i
i
i
9 30
35
I
DETROIT
MILWAUKEE
50 60 70 80 100
I I I I I I 1
35
— <r Q
200
MILWAUKEE:
RATIOS RELATEO TO TIME
300 50 SO 70 80 iOO
200 300 50 60 70 80 iOO
DISTRICT SALES (INDEX, 1935-39=100)
DETROIT:
RATIOS RELATED TO TIME
CHICAGO:
RATIOS RELATED TO TIME
"' Ui UJ
100 2go90 <ui
p g t "00
45 1929 30
Sources: Basic data, Board of Governors of the Federal Reserve System; computations, U. S. Department of Commerce.
24
the district. However, a sharp downward trend was shown throughout the
period, sales of such retail outlets in the
city tending to decline relative to the
district at about 1.6 percent per year.
Such a downward trend in department
store trade was characteristic of practically all of the large metropolitan
areas studied. It was only slight for
New York City but fairly strong for most
of the others. To a certain degree, the
tendency of these large cities to spread
out, the inability of department stores
to keep pace with them, and the more
rapid growth of smaller communities
within the district kept department store
sales in the large cities from maintaining
a rate of growth commensurate with the
entire district.
For Chicago the downward movement
relative to the total for the district
continued until 1942. Thereafter it
slowed down considerably as the first
phases of war expansion were completed
and more of the new contracts and expansion programs began to be moved
into the larger cities.
The wide diversity of manufacturing
facilities available in this city and the
generally simpler problems of reconversion than in some less diversified regions are evident in the first half of
1946 as preliminary figures show a rise
in department store sales above that
shown for the district. This would indicate a contratrend movement in 1946.
Detroit shows a somewhat different
behavior. Because of its dependence
upon the production of heavy durable
goods it could be expected that considerable volatility would be visible in all
measures of its economic activity. Department store sales in Detroit in the
base period 1929 to 1940 show much
greater fluctuation than sales in the district. Over this period a change of 10
percent in department store sales for
the district was associated, on the average, with a 13 percent change for
Detroit.
The downward trend indicated up to
1938 showed evidence of reversal at that
time as the prewar upswing of civilian
and war durables began having a strong
effect on this durable goods production
center.
In addition to the heavy production
of civilian durables, the munitions expansion program began getting under
way even before Pearl Harbor as the
foundations of the tremendous tank and
plane arsenal were laid, and production
of planes and tanks started. After Pearl
Harbor production of civilian durables
virtually ceased and all such facilities
SURVEY OF CURRENT BUSINESS
began to be converted to military
production.
The sharp upward movement in department store sales in Detroit relative
to the district that began in 1938 and
continued to 1942 was a reflection of this
industrial activity. The more rapid expansion of production facilities in the
Table 4.—Regression Equations and
Average Error of Estimate
Regression equations
(based upon 1929-40)
All retail store and
department store
sales, U. S. totals, i
log Y =+0.632+0.686 log X._
DEPARTMENT
STORE SALES
United States and
Federal Res e r v e Districts: 2
Atlanta
log Y= -0.333+0.012t+1.154
logX.
log Y=-0.495+0.009t+1.236
Dallas
logX.
log Y = +0.180+0.009t+0.900
Richmond
logX.
logY = -0.326+0.003t+1.158
Chicago
logX.
San Francisco... log Y= -0.243+0.003t+1.118
2.3
2.6
1.0
2.0
1.0
Philadelphia. _.
log Y = +0.195-0.005t+0.909
Boston
logY = +0.447-0.008t+0.786
log X.
log Y = +0.503-0.009t+0.759
logX.
log Y=-0.329+1.161 log X . .
log Y=-0.175+1.090 log X
log Y =+0.037+0.981 log X . .
log Y =+0.408+0.794 log X._
2.3
log Y = -0.753+0.009t+1.369
logX.
log Y= -0.421+0.009t+1.203
logX.
log Y= -0.461+0.008t+1.222
logX.
log Y = -0.752+0.007t+1.368
logX.
log Y=-0.010+1.008 log X_.
log Y =+0.085+0.957 log X
2.2
log Y= -0.223+0.007t+1.099
logX.
log Y = +0.016+0.006t+0.985
3.0
New York
Cleveland
St. Louis
Kansas City
Minneapolis
New York district and cities
in district:3
Syracuse 4
Bridgeport 4
Rochester
Buffalo
Newark
New York
Chicago District
and cities in
district:3
Peoria
Fort Wayne
Indianapolis
Milwaukee
Detroit
Chicago
log Y = +0.232+0.004t+0.880
log X.
log Y = +0.157-0.004t+0.925
log Y= -0.533-0.006t+1.276
losX.
log Y = +0.183-0.007t+0.916
logX.
2.0
1.8
1.3
1.8
1.1
1.9
1.7
.6
1.4
.7
1.0
3.2
1 Y = U. S. Department store sales, X = U. S. Retail
store
sales.
2
Y=Department store sales for the specified district,
X 3= department store sales in the U. S.
Y = Department store sales for the specified city,
X 4= department store sales for the specified district.
Based upon period 1930-40.
NOTE.—X and Y are indexes (1935-39=100) and t=year
-1935.
October 1946
rest of this area after 1942 was reflected
in a less-than-average increase in Detroit as compared with the district. In
the early part of 1946 reconversion and
labor problems affected Detroit strongly,
so that department store sales lost further ground relative to the district.
The picture shown for Milwaukee was
similiar in some respects to that for Chicago, except that the downward trend
in the prewar period was less strong.
Thereafter, the effects of war facilities
expansion and production were continuously in evidence as a sharp upward
trend of sales in the city relative to the
district ensued. In the first half of 1946
Milwaukee department store sales continued their gains relative to the district
so that as yet there are no signs of a
slackening of the upward movement previously indicated.
For Indianapolis and Fort Wayne a
certain degree of similarity was evident.
In both, the upward trend shown in the
prewar period continued through the war
years to 1945. Although in Peoria a
similar upward trend was shown in the
prewar years, a somewhat erratic movement occurred thereafter. A downward trend developed which was reversed
in 1942 and continued upward to 1945.
In all of these cities the war facilities
expansions were of a very diversified
character. Because of this, conversion
to civilian production should not be a
very severe problem and as a consequence
they are likely to maintain, to some extent, their position in the industrial picture given to them by their war gains.
Use of This Analytical Tool
These examples point to the type of
regional analysis which should be useful to retailers and other distributors
of merchandise. While there are many
factors which account for the regional
differences in sales, it is clear from the
available data that the dominating factor is the purchasing power of individuals.
Whether a retailer is engaged in a
purely local or a statewide or a national
enterprise, the use of income data for
analytical purposes is the same. Since
it is generally easier to secure national
and State income estimates than it is to
secure local data, the businessman or
analyst can use the methods herein described to secure a more accurate appraisal of the probabilities with regard
to the particular market in which he is
interested. The retailer can, for example, make this general over-all analysis, and particularize it on the basis of
his experience and peculiar knowledge of
local and regional situations.
October 194C
SUEVEY OF CURRENT BUSINESS
25
Postwar Role of Business Inventories
By D. Stevens Wilson
H P HREE OF THE more important imA mediate problems which many business firms faced with the ending of the
war were: (1) Settlement for and disposal of "war" goods upon contract terminations; (2) filling the pipe lines for
the production of civilian finished goods,
and (3) accumulating at least a minimum stock of new goods which were unavailable during the war.
The inventory trends since the end of
the war in manufacturing, retailing and
wholesaling have reflected essentially the
filling of the production pipelines and
the stocking up of newly produced goods.
Manufacturers in particular had to fill
large deficits in many types of civilian
inventories and the demand for goods
stemming from this source was a significant factor in the level of and character
of industrial output during the past year.
The inventory accumulation has been
large throughout the transition, and the
recent acceleration of this movement
has been the subject of conjecture and
concern as to its significance with regard
to future economic tendencies. Specifically, several basic questions have been
asked in this connection. What is the
position of the current inventory volume relative to production or sales? Is
the recent rapid rate of inventory accumulation a danger signal? What are
the implications of changes in inventory
policy which must come after the pipelines have been filled and this source of
demand stops?
Business Inventories at Record High
To appraise the current position of
inventories relative to sales it is necessary
to compare the inventory accumulation
of the past year with earlier experience
and to evaluate over-all inventory totals.
Table, 1 shows that the book value of inventories held by manufacturers, wholesalers and retailers was $31 billion at the
end of August of this year, compared with
$27 billion a year ago. The net accumulation of $4 billion in 12 months, repreNOTE.—Mr. Wilson is a member of the Business Structure Division, Office of Business
Economics.
713188—40- -4
Summary
The gross increase in business
inventories in the year following
the end of the war was nearly 7
billion dollars, the highest 12month increase on record. The
rise during July and August was
at an even more rapid rate, carrying total business inventories to
new peak levels. Large inventories, however, are made necessary by a high rate of sales. The
sales-inventories relationship does
not yet reveal any marked excesses.
The internal composition of inventories is unbalanced; distributors' stocks are low and manufacturers' supplies are deficient in
many important respects, though
the over-all amount is high. Until balance is achieved and output
flows smoothly into consumption,
the inventory total can be expected to increase.
The current situation poses two
important questions. Will sales
increases keep pace with the expected inventory rise from now
on? When the present inventory
buying subsidies and all current
output moves to market, will other
demands expand sufficiently to
offset the drop in inventory buying? Any appraisal of the course
of business activity and employment over the next year or two
hinges to an important extent on
the answers to these questions.
senting an increase of 15 percent, was
divided about equally between the manufacturing and distributive trades.
Gross Change in Business Inventories
However, the net accumulation of $4
billion, i. e., the change in book value of
inventories shown by the firms' records,
does not represent all of the accumulation of civilian goods which took place
since the end of the war. As a result of
contract terminations and liquidations a
large volume of war goods was transferred from business inventories. Business firms not only replaced the total
amount of "war" goods liquidated, but
also accumulated additional amounts so
that a net accumulation actually took
place over the liquidation period (see
table 2). The value of civilian goods offsetting the "war" goods liquidated, plus
the net accumulation is the gross accumulation. The latter is the real measure
of the extent to which current production flowed into inventories in the postwar period.
The great bulk of the liquidation of
war inventories in business hands took
place in the year period, July 1945 to
June 1946. During this period the liquidation amounted to $4.5 billion. Therefore, to secure a reported net increase in
book inventories in the 12 months following July 1945, the gross rise of inventories
of goods in all stages of fabrication for
use in the civilian market was about $7
billion. This is the largest accumulation
on record for any 12-month period.
The major portion of this took place
in the second half of 1945 and in the
so-called "war" manufacturing industries. Though the liquidation movement
reached a peak late in 1945 (see chart 1)
and had virtually stopped by June 1946,
it was a continuing significant factor
during the first half of this year. The
net increase of $2.8 billion plus the $1.5
billion required to offset the liquidation
meant that the gross increase in business
inventories for the first half year was
over $4 billion, or an annual rate of $8
billion.
By midyear of 1946 the liquidation of
war inventories had about run its course
so that in the current quarter it is a
negligible factor. The reported-, or net
accumulation, is again a measure of the
actual change. The rise in July was $1.3
billion and in August $1.1 billion, an
average of $1.2 billion per month, or an
unprecedentedly large annual rate of
over $14 billion. There has been a marked
acceleration of trend, even discounting
the effects of the price rise of the summer
months and the resulting, irregularity
of the movement of some goods through
distributive channels.
SUKVEY OF CURRENT BUSINESS
26
Most of the offsetting through liquidation of war inventories by the accumulation of stocks for civilian use was in
manufacturing where the bulk of the
war contracts was held. The bilMondollar rise in manufacturers' stocks from
July 1945 to June 1946, therefore, considerably understates the gross change,
or actual inventory accumulation; which
would be over $5 billion. The book value
of manufacturers' inventories at the end
of August was $18.4 billion, $500 million
above the wartime peak reached in late
1943 when nearly half of the production
total was of war goods.
Viewed in the perspective of the historical relation of inventories to sales,
the position of manufacturers' inventories was approximately in line with aggregate sales at the end of June, while
the distributors' inventories were still
low. In addition, inventories of both
manufacturers and distributors were unbalanced as to composition as will be evident from the discussion which follows.
While manufacturers' shipments have
risen since June, the more rapid advance
in inventories has, in the third quarter,
raised manufacturers' stocks somewhat
above the indicated level derived from
the past sales-inventory relationships.
Wartime Shipments-Inventory Relation
To appraise the significance of this
record level of manufacturers' inventories in relation to shipments, it is of
Table 1.—Business Inventories1
[Billions of dollars]
Manu- WholefacturRetail
sale
ing
End of month
>*
1939—August1940—August
1941—August
1942—August
1943—August
1944—August..
1945—June
July
August
1946—June
July___
August
.-
1
9.8
11.3
13.9
17.4
17.6
17.3
16.2
16.3
16.3
17.2
18.0
18.4
3.4
3.7
4.3
4.3
3.9
4.0
3.8
3.7
3.8
4.5
4.6
4.8
5.0
4.9
5.8
7.7
6.6
6.5
6.5
6.4
6.6
7.1
7.5
8.0
Total
18.2
19.9
24.0
29.4
28.1
27.8
26.6
26.4
26.7
28.8
30.2
31.2
These are estimates derived from many sources.
The manufacturing data are based on reports to the
Department's monthly Industry Survey by a representative group currently comprising over 2,500 firms.
For a detailed description of the method used see this
Survey, September 1940. The data on wholesale inventories are based on a sample of wholesale firms reporting
monthly inventory changes to the Bureau of the Census;
tests for representation and for reliability of estimates
were made by comparison with the Census of Wholesale
Trade for 1935 and 1939; all wholesale establishments
were combined into lour homogeneous groups, the sample
for each of which provided fairly reliable results on the
basis of the Census movement from 1935 to 1939; the
Census value of inventories for 1939 has been carried
forward on the basis of the changes shown by the sample
for each of the groups. Estimates of retail inventories
are perhaps somewhat less reliable than manufacturers
and wholesalers because of the more limited availability
of current data; for details of sources and methods see
his Survey, March 1944, pp. 18-20.
Chart 1.—Manufacturers' Inventories Liquidated Through War
Contract Termination 1
BILLIONS OF DOLLARS
0
8
-
6
-
4
M
J-~--
2
JAPANESE
SURRENDER
\
1
O
J
I
A
1
S
1
O
1945
1
N
!
D
*
J
*
1
F
1
M
i
A
1946
1
M
J
»
1
See footnote, table 2.
Sources: TJ. S. Department of Commerce, based upon
data of the U. S. War and Navy Departments.
interest to examine the pattern of this
relation since 1939. During the 1939-46
period there have been several distinct
inventory movements, a fact which prevents any uniform treatment of the relationships which existed between inventories and manufacturers' shipments.
Obviously, changes in inventories are
associated with changes in shipments,
though not always by any fixed amount
or ratio. Obviously, also, inventory
changes anticipate sales fluctuations to
the extent that it is possible to project
them with reasonable accuracy, though
not always by the same time lag.
A variety of factors such as price and
material controls operated throughout
the war to influence management decisions and the ability to carry them out,
so that no pattern is discernible which
was consistent with the prewar shipments-inventory relationships. However, the shifting importance of the more
pertinent factors is clearly evident from
the actual movement of inventory holdings.
Manufacturers' shipments, reflecting
first the improvement in general business
from the 1938 recession and then the
impetus of the war and war production,
expanded quite regularly from 1939 to
the early months of 1945. (See table 3.)
Total inventories, however, reached a
peak in late 1943, fully 18 months before
the peak month of shipments. The time
lag between the high point in inventories
and in shipments of finished goods was
extreme and not indicative of a normal
or peacetime production period.
An early over-all ceiling was reached
October 1946
on inventories because of actual supply
shortages. Critical materials were placed
on an allocation basis early in 1942. As
a matter of fact, there was comparatively little increase in total manufacturing stocks after late 1942 by which
time the bulk of war supply contracts
had been let and contractors were beating the bushes for materials in preparation for large war production. That inventories were excessively high in relation to shipments in that initial war
production period is evident from the
rapid drop which occurred throughout
1944 and up to June 1945 while shipments were maintained at peak levels.
With improved controls and production
in high gear, inventories were reduced
by mid-1945 to the level of January 1942.
Shipments were then 50 percent larger
than in early 1942.
The significance of this adjustment
should not be lost sight of when viewing
the present accumulation which stems
from the same basic conditions, and
must of necessity be likewise temporary
in character. When the many bottlenecks to present output are overcome
and a smooth flow of goods through productive and distributive channels again
obtains, a somewhat parallel reduction
in inventories can be expected.
Inventories by Degree of Fabrication
The internal composition of inventories also shifted rapidly during the
1939-46 period. (See chart 2.) The
classification by stages of fabrication is
not precise as an absolute measure of
degree of fabrication. Rather, it represents an aggregation of individual company designations. Many companies
Table 2.—Gross Change in Business
Inventories for Civilian Use
[Billions of dollars]
July
July to Jan.to 1945
to
Dec.
June
June
1945
1946
1946
Book value of total inventories:
Beginning of period
End of period...
Net change
War inventories liquidated
through contract termination during period i
Gross change
26.6
26.4
26.4
28.8
26.6
28.8
2
+2.4
+2.2
+3.9
+6.7
4.5
3.0
+2.8
i Excludes inventories retained or repurchased by eontractors . Includes an undetermined amount of inventory
held for use in fixed-fee management type contracts,
some of which did not appear in contractors book-value
figures. The estimated total was derived from reports
issued by the War and Navy Departments on the inventory turned over to them through termination claims
and are not, therefore, strictly comparable with the
figures taken from business accounting records.
SURVEY OF CURRENT BUSINESS
October 1946
consider any purchased supplies as raw
materials irrespective of the amount of
processing which may have been done—
the finished goods of one company are
often the raw material of another.
There is more uniformity within the
goods-in-process category, but no way
of determining how closely they approach the finished stage or whether
the ultimate market is the consumer or
another manufacturer.
Raw material holdings began to increase in mid-1940 with the initiation
of the defense program and reached a
peak at the end of 1942. After a period
of relative stability, they declined until
June 1945, from which point they have
again risen quite steadily. The sharp
rise of the past two months carried the
dollar value of raw material stocks to a
point well above the war peak. (See
table 3.)
Inventories of goods-in-process also
increased as the war production program
advanced. The high point for the rise,
however, was not reached until late in
1943, some time after the peak in raw
materials. The drop which characterized the end of the war production period
began in late 1944 and continued until
the end of 1945, reflecting the liquidation of war inventories. The value of
work-in-process has risen steadily
throughout 1946 as civilian output has
expanded, but the total is still considerably short of the 1943 levels.
Chart 2.—Manufacturers Inventories, by Stages of Fabrication
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
END OF QUARTER
END OF MONTH
1 f I I i II I II 1 I I II 1 II I 1 II
1939 1940 1941 1942 1943 1944
There has been some feeling that the
recent inventory accumulations are to a
certain extent involuntary, representing
work-in-process which manufacturers
were unable to complete as shipping
stocks, because a part or component was
[Millions of dollars]
Average monthly
shipments
1939
1940
1941
1942
1943
1944:
1st quarter.
2d quarter.
3d quarter4th quarter
1945:
1st quarter.
2d quarter.
3d quarter.
4th quarter
1946:
January. _.
February._
March
April
May
June
July. — . . .
August
Average inventories l
NonNonDurDurdurdurable
able
All
All
able
able
manu- goods goods manu- goods goods
manu- manumanu- manufacfacfacturers
facturers
facfacturers turers
turers turers
All manufacturers
Raw Goods Finished
matein
rials process goods
4,741
5,482
7,783
10,110
12,390
1,939
2,463
3,849
5,407
7,189
2,801
3,019
3,934
4,703
5,201
9,969
11,180
13, 414
16,943
17, 574
4,653
5,386
6,934
8,938
9,848
5,316
5,794
0, 480
8,005
7,726
3,980
4, 545
5,721
7,761
8,149
1,679
2,101
3,193
4,336
4,985
4,310
4, 534
4,500
4,846
4,441
11, 641
12, 318
12, 486
13,114
6,641
7,185
7,324
7,604
5,000
5,133
5,162
5,510
17,677
17, 304
17,206
16,937
9,703
9,469
9,299
9,027
7,974
7,835
7,907
7,910
8,141
7,744
7,481
7,445
4,996
4,909
4,932
4,741
4,541
4,651
4,793
4,751
13, 332
13,263
10,519
9,604
7,444
7,292
5,072
3,923
5,888
5,971
5,447
5,681
16,378
16,167
16, 364
16,288
8,760
8,751
8,564
7,908
7,618
7,416
7,800
8,380
7,366
7,353
7,507
7,940
4,495
4,393
4,204
3,550
4,517
4,421
4,653
4,798
8,913
8,163
9,507
9,956
10,058
9,702
10,032
11,221
3,344
2,791
3,619
4,010
4,089
4,041
4,303
4,805
5, 569
5,372
5,888
5,946
5,969
5,661
5, 729
6,416
16, 590
16, 829
16, 837
16,934
17,175
18,026
7,938
8,082
8,377
8,422
8,545
8,777
9,015
9,275
8,431
8,508
8,452
8,415
8,389
8,398
9,011
9,155
7,975
8,043
8,073
8,107
8,003
8,020
8,491
8,770
3,583
3,648
3,852
3,904
4,013
4,131
4,316
4,300
4,811
4,899
4,904
4,826
4,918
5,024
5,219
5,360
i Inventories for 1939-44 are 13-month averages; inventories for 1945 and 1946 are as of the end of each quarter or
month.
! ! I I I !
-1945-
1 i t 1 1S1 I I I i
1946-
46-679
Source of data: U. S. Department of Commerce.
Table 3.—Estimated Value^of Shipments and Inventories for All Manufacturers,
1939-46
Period
27
9
missing. This reasoning continues with
the thought that when supply difficulties
are adjusted, output and shipments of
finished goods would increase sharply,
and while this may bring a temporary
rush of goods to market, it would also cut
down stocks. To some extent this is true,
but only to a limited degree. The rise in
goods-in-process since the year-end low
has been only about a billion dollars, or
less than half the rise in total inventories,
and has not been more than could be
expected in face of the $2 billion increase
in shipments.
Finished goods stocks, in marked contrast to the movement of other types of
inventories, have remained quite constant throughout the entire period.
There was a slight increase early in 1942
reflecting the finishing off of the civilian
goods before production was prohibited
or curtailed, and a rising tendency has
been evident since June 1945. However,
the aggregate is now less than 20 percent
higher than the dollar value in 1939, or
less than the average price rise over this
period. Manufacturers appear to be
handling a dollar volume of shipments
130 percent above 1939 with shipping
stocks which undoubtedly represent a
lower physical quantity of finished goods.
Are Inventories Too High?
The gross rate at which business inventories were being accumulated in the
year following VE-day, July 1945 to June
28
SURVEY OF CURRENT BUSINESS
1946, was extreme in any terms, in the
light of past experience. However, it
cannot be considered excessive; it was
prompted by compulsion for speedy reconversion. In order to achieve an approximate balance between civilian
stocks and output it was necessary to
replace the liquidated war inventories as
fast as possible and to further augment
them to support the higher potential
production.
This rise, however, has been accented
by an even more rapid increase in the
months of July and August, when manufacturers alone added $1.2 billion to the
value of inventories at the end of June.
With total inventory holdings at an alltime peak, the natural reaction is to question the level—are inventories too high,
or has the postwar accumulation merely
succeeded in filling pipelines necessary
to high level peacetime business?
As previously pointed out, only the
manufacturers' holdings are above earlier peaks but it is only recently that
they have moved above the historical line
of relationship. Stocks of retailers are
still below the level of 1942, and while
there was an obvious inventory bulge at
that time, the present levels reflect a
sizable price increase and probably represent a lower physical volume. Meanwhile, dollar sales at retail in 1946 are
running 60 percent above those of 1942.
Much of the same situation applies in
the wholesale fields. That is, in the distributive areas, despite recent additions
to inventories, the current level of sales
would indicate that some further accumulations, over-all, will be needed to
bring stocks into line with normal relationships.
Within the manufacturing field, there
is less uniformity. As pointed out above,
stocks of finished goods have not risen
sufficiently to reflect the higher prices.
Undoubtedly some further rise is to be
expected, although movements in shipping stock figures are never of very great
magnitude.
The level of goods-in-process inventory, when related to shipments, shows
an approximate balance even after the
recent sharp rise. (See chart 3.) The
relationship pictured on the chart, indicates that throughout the entire 193946 period, work-in-process was geared
rather closely to shipments. The normal rate of increase of stocks is much
slower than that of shipments as the
slope of the regression line shows—a
rise of $2 billion in shipments is associated with an increase of less than one
billion in inventories. The July-August
figures are not out of line in light of
past experience.
Inventories of raw materials, on the
other hand, having achieved a new peak
with shipments still below the high,
stand well above the line of relationship
shown on chart 3. Manufacturers appear to be anticipating a level of shipments equal to or in excess of the wartime peak; in terms of present shipments
volume, however, over-all holdings are
high. With respect to certain components and critical materials, this does
not hold true—lack of balance in inventories which prevents smooth production
is a big factor in the present low output
October 1946
and low productivity of labor. Apparently, the lag in production time between
raw materials and finished goods has
been extended to allow for contingencies
such as strikes, material shortages and
price changes.
On an over-all basis, total manufacturers' inventories are not excessive in
view of the volume of business expected
for the first part of next year. However,
should shipments volume fail to materialize, trouble could quickly develop,
Chart 3.—Relationship Between Manufacturers' Inventories, by Selected
Stages of Fabrication, and Shipments *
RAW MATERIALS
6
8
iO
SHIPMENTS, MONTHLY AVERAGE FOR QUARTER
(BILLIONS OF DOLLARS)
1
Lines of regression were fitted to data for prewar years.
Source of data: U. S. Department of Commerce.
12
46-673
October 1940
particularly since the time lag has become unsually long to hedge against production uncertainties.
Durable vs. Nondurable Goods Industries
The sales-inventory situation as between industries and industry groups is
not uniform. The difference in pattern
during the 1939-46 period between the
durable and nondurable groups is pictured in the top parts of charts 4 and 5.
Combined working stocks (raw materials
and goods-in-process) of durable manufacturers (chart 4) are still below the
wartime peak and are considerably in
excess of requirements based on current
shipments. However, shipments are also
relatively low, and are expected to rise
considerably as output reaches more
normal proportions. In light of expected shipments, therefore, working
stocks are not too high, but the extended
time lag is marked.
The durable goods picture is pointed
up in the lower half of chart 4 relating
to the transportation equipment industry, including automobiles. Shipments
have been held down by the difficulties
of automobile production, and a sharp
rise from the levels existing during the
first part of 1946 could develop rapidly,
which would bring working stocks into
balance.
In the nondurable industries, conversely, both inventories and shipments
are high—above previous peak levels.
However, there is as yet no disparity evident in the relationship existing between
sales and working stocks. (See chart 5.)
In the lower half of chart 5 sales of
the textile, apparel and leather products
group are related to working stocks. It
is in this group in the past that weakness
in the output-price situation has first
developed. Despite the recent inventory
accumulations here, the relationships do
not appear far out of line with past experience; however, the present shipments level is very high. It should be
noted that the data for this group are
presented on a 4-quarter average basis
to eliminate seasonal influences.
In general, working stocks held by
manufacturers must be weighed in
terms of the varying sales-inventory relationships. In the durable industries,
inventories obviously anticipate larger
shipments. In the nondurable industries there is an approximate balance,
but at a very high level of both shipments and stocks. If shipments of durable goods can meet expectations without disturbing sales of nondurable
goods, the present inventory position is
not excessive.
Inventories and the Price Rise
During July and August when inven
tories
were rising rapidly, prices also ad
SURVEY OF CURRENT BUSINESS
29
Chart 4.—Relationship Between Manufacturers' Inventories and Shipments, All Durable Goods Industries and Transportation Equipment1
10
1
!
I
1
DURABLE GOODS
INDUSTRIES
8
-
<
> / JV
1942^
o
u.
o
,946^
/
r
o
o
J
UL
/
o
o
z
u
-
I
§3
!
10
°
)oo 3
3
<
isJ
TRANSPORTATION
EQUIPMENT, INCL.
AUTOMOBILES
1946'
z
J_
2
3
4
SHIPMENTS, MONTHLY AVERAGE FOR QUARTER
(BILLIONS OF DOLLARS)
5
46-677
i Lines of regression were fitted to data for prewar years.
Source of data: IT. S. Department of Commerce.
vanced. The most persistent question is:
how much of the inventory increase was
price and how much represented larger
physical stocks? To this, there is no
definite answer. Undoubtedly some of
the rise was purely price, but it is impossible to determine the amount. There
are several methods presently used by
business accounting to value the inventory, each of which might yield a different average price for existing stocks.
Furthermore, a good part of the value
arises from cost of labor and direct overhead applicable to the goods-in-process
and finished goods which may not have
changed materially over the period. A
third unknown is the time interval in
converting purchased materials into finished goods shipments—the inventory
turn-over period. There is no way to ascertain how much of the inventory was
replaced during this period.
Prom the standpoint of the analysis of
the current inventory position as related
30
to shipments, however, the price problem makes little difference. Any increase in prices which affects inventories
will be reflected also in the value of
shipments. The question of inventory
adequacy—are stocks low or high in relation to shipments—can be judged in
current price terms without reference to
price changes.
Implications of the Recent Accumulation
There are two distinct questions raised
by the present inventory situation. One,
are stocks adequate—is the existing level
too high or too low and what will be the
future trend? Two, what is the economic significance of a rapid rate of inventory accumulation, particularly with
respect to any slowing or reversing of this
rate?
The current level of inventories is not
unwarranted when measured objectively
against sales. However, the conditions
are not uniform and would seem to indicate that further inventory increments
will take place merely in the process of
achieving balance.
As pointed out above, distributive inventories are below the level of adequacy
in view of present sales. The same holds
true of finished goods stocks of manufacturers. The lack of balance within
the working stocks of manufacturers also
presages some further increase as parts
deficiencies are overcome. How much
inventory will be added and in what period of time are imponderables; certainly, the gap could be filled rather
quickly at the July-August rate, but this
pace is not expected to continue. The
major problem in this connection concerns the rise in sales which must accompany the increased stocks if the present
overall balance is to be maintained.
In the realm of economic significance,
the danger inherent in a period involving
an increase in inventories is that it leads
almost inevitably to a subsequent lowering of the level of output. Whenever a
part of current production is channeled
into stocks, the amount available for
consumption is reduced. This exerts an
upward pressure on prices because of the
relatively short supply situation created,
and on output in an effort to increase the
supply. When inventories stop rising,
the pressure is removed and unless outside forces act to increase consumption,
output quickly becomes adequate and
prices less firm.
The real damage in the past has been
that in this adjustment process, current
output is usually discovered to be more
than adequate when inventory building
subsides. Hence, prices drop in an attempt to move output into consumption,
and inventories once considered inadequate are now suspect or may prove
SUEVEY OF CUREENT BUSINESS
October 1946
ChartfS.—Relationship Between Manufacturers' Inventories and Shipments, All Nondurable Goods Industries, and Textiles, Apparel, and
Leather *
NONDURABLE GOODS
INDUSTRIES
UJ
8
5&S
I
UJ
z
2
3
4
5
6
SHIPMENTS, MONTHLY AVERAGE FOR QUARTER (BILLIONS OF DOLLARS)
i
2.4
I
7
i
TEXTILES, APPAREL,
AND LEATHERS
CD
CO
a.
2.0
,942
Tk.
1943/
1946
1.6
y
'±1.
l940
1.2
X/z
\
O
Z
UJ
>
'
.8
.6
3
i
I
i
1.0
1.2
SHIPMENTS, 4-QUARTER MOVING AVERAGE
(BILLIONS OF DOLLARS)
\
1.4
1.6
46-676
1 Lines of regression were fitted to data for prewar years.
2 Data plotted are 4-quarter moving averages centered at the third quarter. Basic data for inventories are for the
end of mid-month in each quarter and for shipments are monthly average for quarter.
Source of data: U. S. Department of Commerce.
too high. A recession in output, employment and income normally ensues.
A further danger is that some time
during the process the increase in inven-
tories may shift quickly from a voluntary to an involuntary accumulation
because buying slackens, or increases less
than anticipated. Under these circum-
October 1946
SUEVEY OF CURRENT BUSINESS
31
stances much the same economic reaction described above develops, but perhaps to a more striking degree. Thus,
in any period of rising inventories, particularly one of a rapid increase, the
problem is one of attempting to moderate
the severity of the subsequent decline,
and to determine, insofar as possible, the
timing of the downturn.
In order to bring particular areas into
balance an dto complete filling the pipe
lines, business inventories can rise moderately for another three to six months
without being excessive relative to sales
or shipments. Further sharp increases,
however, of the kind experienced in July
would soon bring over-all inventories
out of balance with sales and would
inevitably be followed by a serious
readjustment.
In any case, however, buying for inventories cannot go on indefinitely. At
some time in the future, a time which is
not now predictable, the Ripe lines will
be filled and inventories will be sufficient
or more than sufficient to support the
current high volume of shipments. At
such time buying for inventories will be
cut at least to a replacement basis. The
problem will then be what will absorb
the added output shifted to consumption
channels when inventory accumulation
stops or is reversed.
While increased buying may come from
any of a number of sources, it may be
well to examine the possibilities of a few
of the more important ones. Government expenditures, for example, have
been a large balancing factor for a number of years. However, the present tendencies are toward curbing these outlays.
Other central forces are business capital
outlays, construction, exports, and consumer expenditures. With these, two
problems arise. The rate of consumption
in these areas is already high and will be
higher when the peak of inventory building is reached. Although further expansion cannot be ruled out as an offsetting
factor, it is pertinent to question the
timing. Will the offset be gauged so as to
neatly counteract any deflationary impact?
These considerations indicate the current tendencies and the factors which
must be taken into account in appraising
the effects of a cessation in inventory
accumulation. Unless the economy is not
to suffer a set-back when inventory building stops, somewhere in the private and
government sectors must be found an
aggregate increase in demand to offset
the loss in inventory demand. This must
be in addition to the increased demand
necessary to absorb the higher output
which is implied in the present level of
inventories when related to shipments.
Retail Sales and
Consumer Income
whether the
eventuates.
nessman and
vital interest
should constantly be on the alert to appraise and evaluate their significance to
his operations and policies.
(Continued from p. 17)
course, have deterrent effects on other
areas of the economy which in turn
would result in secondary and tertiary
effects on retail trade.
That there are factors which may contribute to the maintenance of consumption above the prewar relationship should
not be overlooked. The dispersion between the low-income and high-income
groups was very much narrowed during
the war. While since the end of the
war this trend was reversed, currently
the dispersion of income is probably
much narrower than prewar. Previous
studies on income and expenditure distributions 4 have shown that lifting the
income of the low-income groups relative
to the high has tended to increase total
consumption relative to total income.
Another important factor is the much
higher level of liquid assets which individuals now hold in relation to prewar.
Here, again, the statistical evidence is inconclusive as to the effect on consumption of larger cash holdings of individuals, but in view of the sizable increase
in these holdings as a result of the huge
wartime savings, their effect on the propensity to consume may be significant.
The impact on the economy will
be drastically different depending on
4
"Consumer Expenditures in the United
States," National Resources Committee, 1938.
first or second alternative
In particular, every busiespecially the retailer has a
in these developments and
New or Revised Series
Net Profits of 629 Corporations—Revised Data for Page S-17 l
[Millions of dollars]
Year and quarter
1941:
First quarter.
Second quarter
Third quarter
Fourth quarter
Total
Other NonOil
Indus- Other Misceltrans- ferrous Other Foods,
Iron Ma- Au- portametals durable bevertrial
non- laneous
ages, producand chin- tomo- tion
and
durable services
ing
and
and refining chemsteel ery biles equip- prod- goods
icals
goods
tobacco
ucts
ment
509
547
558
549
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
28
33
44
47
Total. Quarterly average.
1942:
First quarter
Second quarter
Third quarter
Fourth quarter
2,163
541
325
81
193
48
274
69
227
57
153
38
113
28
159
40
174
44
207
52
187
47
152
38
413
358
445
553
52
52
51
72
38
35
36
49
46
25
46
92
»46
3 43
2 43
2 50
36
32
34
36
19
18
22
30
32
32
42
44
35
27
42
49
39
35
41
48
39
27
35
35
31
32
42
46
Total-.
Quarterly average .
1943:
First quarter
Second quarter
Third quarter
Fourth quarter
1,769
443
226
57
159
40
209
52
182
46
138
35
90
23
151
38
152
38
164
41
136
34
161
40
430
433
461
477
52
47
51
53
39
41
41
45
47
50
52
53
M8
2 46
2 46
»41
34
32
31
31
19
22
20
23
39
37
43
43
36
42
49
58
41
41
40
47
36
36
39
38
39
38
50
44
Total-Quarterly average 1944:
First quarter
Second quarter
Third quarter
Fourth quarter
1,800
451
204
51
166
41
201
50
180
51
128
32
83
21
162
41
186
47
170
43
149
38
171
43
444
459
475
518
47
46
47
55
40
40
38
55
52
55
55
59
2 52
347
2 47
2 43
29
30
38
28
20
22
21
25
38
43
45
49
49
52
56
64
42
43
49
53
36
37
37
37
39
43
52
50
Total .Quarterly average -
1,896
474
194
49
174
44
222
56
190
48
115
29
88
22
175
44
220
55
187
47
148
37
184
46
1
Compiled by the Board of Governors of the Federal Ressrve System.
see the 1942 SUPPLEMENT TO THE SURVEY OF CURRENT BUSINESS.
2
Partly estimated.
For a description of the data and earlier figures
1945 data are on p.
S-17.
SURVEY OF CURRENT BUSINESS
32
October 1946
Wages and Salaries, Employment, and Average Annual Earnings per Full-Time Employee in Private Industries, 1942—45 l
Industrial division or industry
All private industries, total
Number of full-time equivalent
employees
(thousands)
Wages and salaries
(millions of dollars)
j 65, 628
Agriculture, forestry, and fisheries
Farms
Agricultural and similar service establishments
Forestry
Fisheries
M ining
Metal mining
-.-.
Anthracite mining
Bituminous and other soft coal mining.
Crude petroleum and natural gas
production
Nonmetallic mining and quarrying...
Contract construction
Manufacturing
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other finished fabric j
products
I
Lumber and timber basic products—I
Furniture and finished lumber prod- J
ucts
j
Paper and allied products
j
Printing, publishing and allied indus- j
trios
|
Chemicals and allied products
j
Products of petroleum and coal
j
Rubber products
j
Leather and leather products
I
Stone, clay, and glass products
1
Iron and steel and their products in- |
eluding ordnance
|
Nonferrous metals and their products, |
Machinery (except electrical)
Electrical machinery
\
Transportation equipment except !
automobiles
Automobiles and automobile equipment
Miscellaneous manufacturing industries
Wholesale and retail trade
Wholesale trade
Retail trade and automobile services..
Finance, insurance, and real estate
B anki n g
Security and commodity brokers, dealers and exchanges
Finance, n. e. c
Insurance carriers
.----.Insurance agents and combination offices
Real estate
Transportation
Railroads
Local railways and bus lines
Highway passenger transportation,
n. e. c*.
Highway freight transportation and
warehousing
Water transportation
Air transportation (common carriers) Pipe-line transportation. _
Services allied to transportation
Communication and public utilities
Telephone, telegraph, and related
services
Radio, broadcasting and television. _.
Utilities, electric and gas
Local utilities and public services, n.
e. c
Services
Hotels and other lodging places
Personal services
Private households
Commercial and trade schools and
employment agencies
Business services, n. e. c
Miscellaneous repair services and
hand trades
Motion pictures
Amusement and recreation, except
motion pictures
Medical and other health services
Legal services
.
Engineering and professional services,
n. e. c
Educational services, n. e. c
Religious organizations
N onprofit membership organizations,
n. e. c
1943
1944
1945
1944
38,782
38,034
36,193
1,737
2,026
2,192
2,507
2,406
2,334
2,227
2,221
2,118
649
616
838
801
984
940
115
32
58
2,137
227
175
55
22
24
918
132
84
63
20
24
879
107
59
20
24
820
1,583
696
1,750
1,795
2, 045
1,753
1,836
1,000
2,083
2,160
2,333
2,119
1,968
1,300
2,167
2,496
2,458
2,520
1,050
1,025
480
434
414
385
1,715
2,115
515
164
2,889
42,879
2,949
158
2,044
553
157
2,887
38,019
3,086
173
2,085
199
183
177
79
101
91
2,126
1, 563 1,113
15, 279 17, 399 17, 040
1,384
1,404
1,441
102
100
96
1,321
1,217
1,388
205
72
1,126
15, 041
1,421
104
1,166
1, 934
1,634
2,194
2,023
1,650
1,240
1,385
2,299
1,890
2,505
2,350
1,879
1,431
1,556
1,711 1,877
846 ! 867
1,954
814
1,079
633
83,370
81,143
2,101
1,928
2,296
2,094
2,415
2,210
95
16
42
1,768
270
156
101
22
50
1,983
308
178
124
26
52
2,194
263
202
823
918
354
165
4, 664
30,917
2,284
119
1,923
407
172
3,916
40, 881
2,638
146
2,055
37,7
Average number of full-time
and part-time employees
(thousands)
1942
1943
2,649
2,542
60
23
24
985
132
89
78, 585
1,719
1, 566
40, 277
39, 554
2,680 I 2,535
2,542 | 2,406
2,242 39,320
1,087
1,043
1943
1,949
1,600
2,417
2,606
2,551
2,552
91
23
24
985
132
89
83
22
24
918
132
84
2,367
2,227
96
20
24
879
107
80
2,536
2,662
480
434
414
2,588
2,076
2,596
2,516
2,046
1,580
1,680
2,698 I
183
2,181 i
101
2, 564 ! 2,126
2,528 15, 279
1,384
2,172
96
1,663
1,388
1,788
1,937
1,612
1,050
552
1,009
505
1,330
1,204
1,595
1,449
1,788
1,571
405
390
395
390
1,514
1,850
1,743
2,076
1,891
2, 254
199
177
79
91
1. 563 1,113
17; 399 17,040
1, 404 1,441
102
100
1,321
1,217
672
703
734
816
766
879
935
444
380
1,073
584
421
393
1, 093
1,662
441
400
583
772
1,185
2,026
522
555
622
836
1,308
2,059
600
645
650
838
1,470
2,067
630
645
700
858
554
780
183
189
402
436
549
849
186
224
375
413
550
791
197
239
355
386
571
775
204
235
356
380
1,973
2,131
2,410
2,116
1,450
1,771
2,158
2,386
2,806
2,478
1, 659
2,024
2,378
2,603
3,046
2,699
1, 831
2,171
2,574 |
2,667 !
3,088
2, 745
1,966
2,258 !
6,488
1,311
4,162
2,367
6,737
1,338
4,172
2,674
5,891
1,221
3,770
2,364
1,959
460
1, 363
2,460
508
1,457
960
2,423
492
1,403
2,096
449
1,288
903
2,284
2,235
2,629
2,287
2,637
2,581
2,857
2,466
2, 780
2,720
2,974
2,579
2,811 |
2,719
2,927
2,618
1,959 I 2,460
4,713
9,753
10, 111
6,550
2,021
2,695
2,982
3,185
3,241
1,749 i 3,271 3,175
1,656
968
1,058
2,978
3,103
2,973
575
1,140
11,848
3,876
7,972
2,721
700
1,149
13, 058
4,244
8,814
2,903
752
1,147
14, 278
4,610
9,668
3,168
827
524
6,569
1,554
5,015
1, 314
328
341
496
6,646
1,593
5,053
1.303
336
2,880
881
10, 917
3,712
7,205
2, 597
660
575
468
6,715
1,647
5,068
1,354
319
296
477
6,879
1,649
5,230
1,315
346
1,882
1,626
2,254
1,422
1,918
2,069
2,176
1,804
2,494
1,590
2,071
2,134
2,317
1,965
2,664
1,744
2,228
2,238
2,405
2,076
2,796
1,849
2,409
2,390
468
7,462
1,699
5,763
1. 444
321
524
7,308
1,604
5,704
1,401
330
496
7,391
1,644
5,747
1,387
338
126
246
768
150
224
793
167
225
821
232
245
875
40
104
352
38
87
337
39
79
328
43
80
334
3,150
2.365
2,182
3, 947
2,575
2,353
4,282
2,848
2,503
5,395
3,063
2,620
49
123
361
47
103
340
49
92
337
274
580
6,546
3,957
421
299
639
7,524
4, 377
464
323
666
7,814
4,400
500
120
419
2,410
1.429
169
117
407
2, 628
1, 534
184
119
402
2,810
1,616
188
122
390
2,866
1,626
190
2,142
1,289
2,181
2, 299
2,018
2.342
1,425
2,491
2,513
1,590
2,678
2,709
2,468
2, 648
1,708
2, 726
2, 706
2,632
144
446
2,512
1, 429
169
141
434
2,738
1, 534
184
336
382
374
124
148
157
151
1,900
2,433
2,477
126
151
160
2,374
3,629
2,743
3,092
2,331
2, 248
2,541
3,631
3,009
3,126
2,299
2,420
474
112
34
25
143
947
472
146
46
25
180
911
468
216
47
26
203
891
2,037
3,291
2,467
2,242
3,566
2,595
474
29
423
490
30
373
486
33
353
1,842
1,520
1,380
1,521
1,080
1,900
1,640
1,499
1,621
1,238
21
5,885
431
818
2,209
18
5,504
439
832
1,774
19
5, 562
452
820
1,795
44
287
100
238
1, 435
762
4,475
1,028
3, 584
1,731
I
540
3,285
341
757
1,749
3,271
325
1,037
3,175
i
243 |
736
292
77
57
226
1, 778
847
471
113
68
333
1,886
926
744
130
79
422
1,996
996
857
184
80
423
2,200
395
107
34
25
127
945
393
139
46
25
159
909
390
205
47
26
181
888
392
236
61
26
184
909
1,863
2,729
2, 265
2, 280
1,780
1,881
813
72
861
920
82
852
990
100
871
1,121
112
929
474
27
423
28
373
486
30
353
500
31
358
1,715
2,667
2,035
32
6,011
424
892
1,342
32
6,703
495
1,043
1,394
35
7,631
581
1,162
1,737
38
8,225
619
1,276
1,916
21
5,315
402
763
1,980
18
4,975
408
777
1,590
19
5,021
421
764
1,608
20
5,016
413
787
1,548
87
503
126
554
96
653
40
234
50
225
36
240
141
410
205
459
235
508
54
728
222
538
64
193
74
204
265
607
150
276
700
152
323
785
162
357
863
177
203
599
115
192
629
111
206
357
267
191
421
302
1
These data are ex_
1929-43," Survey of Curr
prelimi
request, Data
u a t a for
tor 1945
ly^o are preliminary,
v or inausrnes covered oy siate unempio>
ment prepared by the Bureau of Employment Security, Federal Security Agency.
Source: U. S. Department of Commerce
Average annual earnings per
full-time employees
(dollars)
2,580
2,288
2,270
2,155
3,388
2,457
2,720
2,094
2,075
1,878
2,929
2,284
1,079 i 1,073
633 | 584
1,972 ;
421
444
393
2,397 j
380
554
780
183
189
402
436
460
1,363
757
549
849
186
224
375
413
1, 457
960
325 |
1, 524
1,131
1,055
1,169
678
1,778
1,347
1,213
1,342
23
251
2,175
2,150
2, 667
2,721
2,348
2,900
48
59
269
79
215
219
2,203
2,124
2,520
2,462
2,770
2,250
2,975
2,363
2,960
2,457
81
215
94
226
197
641
110
197
606
112
1,305
1,013
1,304
1,438
1,113
1,369
1,640
1,225
1,473
1,812
1,296
1,580
877
1,050
552
405
390
j
550 !
791 I
197 i
239 I
355 |
386 !
2,423
492 !
1,403
1,037
341
143
428
2,924
1,616
188
SURVEY OF CURRENT BUSINESS
October 1946
S-l
Monthly Business Statistics
The data here are a continuation of the statistics published in the 1942 Supplement to the SURVEY OF CURRENT BUSINESS. That
volume contains monthly data for the years 1938 to 1941, and monthly averages for earlier years back to 1913 insofar as available; it
also provides a description of each series and references to sources of monthly figures prior to 1988. Series added or revised since publication of the 1942 Supplement are indicated by an asterisk (*) and a dagger (f), respectively, the accompanying footnote indicating where
historical data and a descriptive note may be found. The terms "unadjusted" and "adjusted" used to designate index numbers refer
to adjustment of monthly figures for seasonal variation.
Data subsequent to August for selected series will be found in the Weekly Supplement to the Survey,
I. rjless otherwise stated* statistics t h r o u g h 1941
and descriptive notes iraay be found in the
1942 S u p p l e m e n t t o t h e Survey
194S
1946
August
August
September
October
1946
Novem-| December j ber
January
February
March | April
May
June
July
BUSINESS INDEXES
j
INCOME PAYMENTS f
Indexes, adjusted:
Total income payments
_ . _ _ „ 1935-39*=1Q(L
Salaries and wages _
,
do.._..
Total nonagricultural Income
do
Total
mil. of dol
Salaries and wages:
Totol
_
_do
Commodity-producing industries
do
Distributive industries
_ _ « _ _ _ - do
Service industries _ __ ..-do...Government
do
2,52. 3
254.1
243.3
13,466
236.0
254. 9
232.7
32, €74
9,021
3, 423
1,862 !
1, 208
2, 438
82
405
j
1
1
229.0
243.4
226.7
13,424
231.4
239. 5
229. 5
13,531
235.7
238.5
232. 2
13,075
234.1
236. I
230.5
14, 272
233. 5
231.1
22P.3
13,047
231.7
227.8
226.1
12,0C8
234.7
235.1
230. 4
13,199
236.4
239.0
232.6
12,960
239.7
240.6
233. 8
12, 768
240.9
244.1
235. 6
14, 478
8,708
3,106
1,890
1,286
2.416
' 83
1,383
8,674
3,048
1,928
1,316
2,382
85
870
8, 543
3,044
1.966
1, 363
2,170
87
535
8, 525
3,046
2,073
1, 391
2, 015
88
2, 056
8,179
2,938
2, 018
1, 396
1,827
90
1,122
8,041
2.917
2,021
1,431
1,672
525
8,360
3, 222
2,075
1,476
1, 587
94
1,386
8,541
3,318
2,168
1,495
1, 560
93
8S2
8, 629
3,425
2, 228
1, 476
1, 500
94
558
8,787
3, 641
2,176
1, 503
1, 467
95
2,238
d o _ . _do
8,988
3,858
2, 256
1, 551
1,323
S7
554
Entrepreneurial income and net rents and royalties
___._
_».mil. of doL_
Other income payments
do
Total Bonastrieultiiral income. - _ _ .
. » do
3,011
816
11, 678
2, 504
572
11,200
2,586
664
11,868
3,042
860
11, 588
2,909
1,001
11,312
2,599
1,004
12,846
2,609
1,047
11, 719
2,415
995
10t 930
2, 402
957
12,059
2, 507
927
11, 698
2,577
910
11, 423
2,500
858
31,178
143
152
136
144
156
135
155
181
135
184
224
154
162
171
155
139
137
140
131
135
129
120
107
130
118
97
134
117
78
146
125
99
145
111
94
125
139
128
146
139
135
142
130
122
135
134
128
139
148
152
146
144
143
144
150
170
135
IPS
162
150
149
164
138
131
119
140
159
189
136
131
150
117
2, 233
2,169
1,870
1,820
1,977
1,961
2,533
2,418
2, 250
2, 210
1,802
1,786
1,648
1,534
1, 455
1,383
1,426
1,370
1, 569
1,419
1, 657
1, 551
1,547
1,493
327
331
335
329
283
371
323
274
274
310
249
228
234
341
295
258
293
231
213
211
330
364
201
299
236
206
228
323
333
282
325
253
201
260
340
268
282
331
250
201
252
345
231
283
351
235
187
235
330
208
305
360
208
194
317
278
206
285
348
243
207
258
281
214
276
302
259
223
284
269
233
299
411
249
223
255
294
225
286
375
226
220
214
281
v 178
v 384
»208
183
M39
v 151
v 134
188
196
240
155
113
124
108
310
165
162
171
165
110
113
227
405
142
159
175
261
368
107
97
114
171
177
195
163
104
115
98
230
139
135
150
166
112
114
247
273
105
161
199
239
386
118
110
123
164
171
187
' 146
94
120
82
232
144
143
148
167
123
122
242
258
120
158
214
232
371
113
108
316
167
173
192
167
95
123
81
231
148
148
148
162
122
123
161
167
184
164
86
131
63
232
147
350
141
159
108
128
227
217
95
154
188
231
378
111
113
109
156
160
164
102
99
135
80
217
151
155
140
163
107
134
242
220
107
157
198
233
384
117
115
118
148
151
136
43
110
139
95
188
139
144
128
174
113
138
247
199
98
162
211
233
379
137
136
138
164
170
182
169
120
142
108
207
141
148
123
184
125
143
251
209
114
161
162
234
382
134
119
144
3C3
174
190
159
129
144
122
225
132
141
109
187
145
144
243
245
161
160
164
237 !
392
131
114
142
159
167
176
109
131
142
126
'230
130
139
109
'180
134
140
228
••240
'164
159
157
'231
383
127
105
'142
171
176
'194
154
141
P u b l i c a s s i s t a n c e a n d o t h e r relief
d i v i d e n d ? a n d interest
„ - _ „ „ „ _
' 250. 6
' 249. 9
240.0
' 13. 979
'
'
'
'
8. 845
3, 701
2, 216
1. 537
' 1, 391
96
1,113
' 3, 099
'826
• 12, 082
FARM MARKETINGS AND INCOME
Farm marketings, volume:*
Indexes, unadjusted:
Total farm marketings
Crops
_ _ .. _ _
X/ivestock and products
Indexes, adjusted:
Total farm marketing's
Crops
1935-38=100
do
do
do
_ _ _ _ . . - „ . . . .
do
Livestock and products..- „
„
do
Cash farm income, total, including Government payments*
- - - _ - --„- mil. of dol
Inconie from marketings*
do
Indexes of cash income from marketings:!
Crops and livestock, combined index:
Unadjusted
.
1935-39»100
Adjusted . _„
.
...
do
C rops
do
Livestock and products ____.. . do
Dairv products.- --.__.
do _
Meat animals
___«,.__...
do
Poultry and eggs._
.
„ do
'154
'150
M58
'155
'142
••164
r 2, 407
' 2, 271
'342
'353
'351
'355
'271
'441
298
PRODUCTION INDEXES
industrial Production—Federal Reserve Index
Unadjusted, combined index!-........1935-39=100._
Manufactures!
do
Durable manufactures!
--- _- do
Iron and steelt
_„ >.
_
no
Lumber and products!
_».do____
Furniture!
- _ _ »_„.«.
do
Lumber* .
do
Machinery!
. . . do
Nonferrous metals and products!.. ________ -do
Fabricating*
do
Smelting and refining* „_. . _ _
do
Btone, clay, and glass products!.. _ „
do___.
Cement
do
Clav products*
__„.
_
do
Glass containers!
,__..
..do _
Transportation equipment!
__„_
do....
Automobiles!
.
,___..,._
do
Nondurable manufacturest-------.------.
do____
Alcoholic beverages! «
- d o
Chemicftlst--—
—
,.._.„..„„„._ do
Industrial chemicals*
Leather and p r o d u c t s !
Leather tanning*
Shoes..___
. . .
.___
_
P251
*146
p 136
P200
v 152
v 245
v 185
*>165
P231
do
» 3S0
do
do
..do.,.,... -—.-..._.*
252
137
158
201
230
370
117
113
120
146
138
••241
135
145
110
••191
166
147
237
'241
'170
••161
174
231
389
127
104
142
r 173
'178
203
179
'137
'144
'133
r 242
143
148
130
' 193
171
'147
244
'244
'179
'157
176
'229
'388
'101
93
v Preliminary. ' Revised.
•New series. For a description of the indexes of the volume of farm marketings and figures for 1929-42, see pp. 23-32 of the April 1943 Survey; indexes since 1042 are from the
Department of Agriculture. Data for 1913-41 for the dollar figures on cash farm income are shown on p . 28 of the May 1943 Survey; revised monthly averages beginning 1940 based on
annual data are as follows (millions of dollars). Cash farm income, total including Government payments-—1940. 759; 1941,979; 1942, 1,335; 1943,1,668; 1944, 1,753; income from marketings—-1940,695; 1941, 930; 1942,1,276; 1943,1,612; 1944,1,686; the monthly figures have not as yet been adjusted to the revised totals. Data beginning 1939 for the new series under industrial production are shown on p. 18 of the December 1943 issue.
tRevised series. Data on income payments revised beginning January 1939; for figures for 1039-41, see p . 16 of the April 1944 Survey and for 1942-44, p . 20 of the May 1945 Survey.
Revised data beginning 3913 for the indexes of cash income from farm marketings are shown on p. 28 of toe May 1943 Survey. For revisions for the indicated series on industrial
production, see table 12 on pp. 18-20 of thePecember 1943 issue.
713188—46
5
SUEVEY OF CUEEENT BUSINESS
S-2
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
October 1946
1946
1945
August
August
September
October
Novem- December
ber
January
February
March j April
June
May
July
BUSINESS INDEXES—Continued
PRODUCTION INDEXES-Continued
Industrial Production—Continued
Unadjusted—Continued.
Manufactures—Continued,
Nondurable manufactures—Continued.
Manufactured food products!
1935-39*100-..
Dairy products!
do
Meat packing
«. „ do
Processed fruits and vegetables*
do_ _
Paper and products* _.
.
do
Paper and pulpt
-_-„__
. do
PetroleurjD and coal products!
do
Coke
.
„
do
Petroleum refining!
do
Printing and publishing!
do
Bobber products!
„
do
Textiles and products!
do
Cotton consumption,
_... . do
Bayon deliveries
do
Wool textile production „
do
Tobacco products
___ do .
Minerals!
__.
_ . do
Fuels!
do
Anthracite!
do
Bituminous coal!
_
do
Crude petroleum
do
Metals
. .
do
Aijusted, combined index!
do
Manufacturesdo
Durable manufactures
do
Lumber and products
_
do
Lumber
_
do
Nonferrous metals.
do
Stone, clay, and glass products
do
Cement
.
do
Clay products*
do
Glass containers
.
do
Nondurable manufactures
do
Alcoholic beverages
do
Chemicals^
do
Leather and'product?. . . . .
.
do
Leather tanning*. _ _
do
Manufactured food products
do
Dairy products
do
Meat packings
do
Processed fruits and vegetables*.
do
Paper and products. _ __
do
Paper and pulp
do
Petroleum and coal products
do
Petroleum refining
do
Printing and publishing..^
do
Textiles and products. „ .
do
Tobacco products
do
Minerals
„
do
Metals
do
Munitions Production
Total munitions*..
_
1943=100
Aircraft*
do
Ships (work done)* _
do
Guns and fire control*
do
Ammunition*
do
Combat and motor vehicles*
„
do
Communication and electronic equipment* do
Other equipment and supplies*
" "do
i
151
» 185
119
165
131
129
*240
153
166
*>155
134
242
144
138
v 184
152
153
»120
133
165
143
139
» 156
116
107
193
134
123
213
127
155
110
172
144
138
215
142
169
117
191
141
128
215
147
173
143
146
102
144
152
124
137
139
114
148
138
123
186
194
239
107
98
165
160
97
110
218
157
173
265
108
98
138
p 146
133
101
131
129
v 210
129
*>159
155
111
134
150
143
140
105
P163
122
v 247
M47
P142
123
v 217
159
149
229
161
P!46
v
v
v
»
150
120
156
151
P176
M82
P206
P131
p 121
» 146
*193
*147
J>162
P235
»146
138
p 159
P147
P142
P
56
53
46
37
59
40
37
97
148
149
v 84
182
108
134
131
p 172
154
143
p 75
155
94
1?3
130
v 166
116
171
92
141
137
v 161
91
'139
v 101
129
S9
148
143
v 171
151
'139
v 134
120
101
146
141
p 166
113
118
192
146
133
226
150
157
114
205
143
125
228
149
104
114
215
151
138
233
153
142
122
216
159
146
?34
171
148
129
221
162
147
241
173
152
129
219
125
126
120
110
133
116
134
143
112
159
141
80
126
137
94
142
139
61
134
14(5
114
159
144
60
1P4
149
121
lfiO
147
48
131
145
125
168
138
46
100
108
121
10
146
48
167
173
194
98
89
139
161
97
110
243
162
168
186
91
76
144
161
106
116
235
168
173
191
96
83
148
158
113
119
235
163
169
185
92
72
147
164
119
124
244
160
163
166
108
95
151
172
131
144
247
152
154
128
119
108
139
185
149
M4
255
168
173
183
125
117
141
192
152
150
251
165
170
1C0
130
123
132
190
156
192
239
119
112
144
»148
141
109
143
138
158
216
228
116
109
150
r 154
155
128
142
138
*>174
156
212
230
111
114
153
v 131
155
138
134
132
v 172
161
231
234
117
115
154
» 116
131
145
133
130
p 166
167
238
232
133
120
160
v 117
178
146
140
136
p 161
166
176
232
134
120
156
v 122
140
163
148
143
v 171
164
•«• 1 8 4
154
201
230
112
107
143
* 145
129
12S
143
139
» 156
109
144
160
115
141
167
114
146
154
112
143
112
118
151
143
123
156
134
106
124
109
138
109
133
108
141
' 107
141
94
151
P100
171
118
142
138
P174
••145
vbb
159
r
Nondurable goods industries..
. do
Shipments, index, totalf
do
Durable goods industries
do
Automobiles and equipment
do
Iron and steel and their products
do
Nonferrous metals and products
"do
MarhiDery, including electrical
do
Transportation equipment (exc. autos)
do
Other durable goods industries
do
210
238
256
307
165
194
223
234
185
208
245
259
48(3
233
133
53
83
(0
63
181
222
262
182
198
191
330
1,233
199
••161
p 197
154
'225
' 136
'131
160
115
'211
r ]^3
1?7
115
124
125
60
149
63
141
149
86
156
153
96
149
153
128
159
154
122
' 159
167
175
129
123
130
'175
127
140
213
170
176
' 193
133
127
135
190
1.'"/
14S
240
'172
' 177
202
' 129
' 121
143
'193
155
' 147
254
p 129
130
165
146
141
p iee
161
155
231
127
104
145
P 120
120
158
142
138
*> 163
162
161
233
128
107
rl38
p 129
85
161
'146
142
p 174
' 156
170
' 233
P 103
99
'149
v 136
165
^173
' 136
'131
*>177
127
162
161
120
161
154
124
164
163
129
165
153
124
' 143
140
137
'91
104
' 78
116
65
' 139
79
!61
144
245
169
147
15*>
148
243
169
235
131
115
153
26
9
37
23
11
8 1
16
59
166
121
119
111
130
194
210
216
118
194
157
272
796
190
'137
p 189
84
124
147
142
Pl7-i !
137 !
126 " " " 1 2 9
215
218
ieA
165
149
152
r 947
240
174
' 174
159
164
142
145
14(98
T
I
Manufacturers* Orders, Shipments, and
Inventories
New orders, index, totalf
avg. month 1939=100_.
Durable goods industries .
do
Iron and steel and their products...
do...
Machinery, including electrical
do
Other durable goods
""do
'137
i» 160
120
103
142
138
v 163
73
180
160
176
158
144
193
204
203
102
182
167
267
592
197
183
171
181
188
146
191
202
200
119
184
192
250
529
178
182
173
174
217
137
188
197
199
94
191
183
263
626
161
188
176
165
215
15G
196
184
169
88
140
172
199
572
176
186
179
163
235
152
189
183
153
81
92
163
198
492
188
193
203
221
240
155
188
197
183
98
174
167
202
504
199
203
219
240
209
157
194
206
203
134
186
185
292
547
211
2Q9
224
' 231
297
159
200
208
207
142
178
186
233
554
223
'214
^ 231
'223
'331
' 161
2(3
-2(9
212
r
126 1
r
1E7
'210
255
r
535
220
r
20
'22<
'251
'29'
' 15.r
' 18
'20
' 21
16
'19
'21
'24
'49
20
'Revised.
v Preliminary.
1 Value of orders cancelled exceeded new orders received.
.New series. Data beginning 1939 for the new series under industrial production are shown on pp. 18 and 19 of the December 1943 Survey. Indexes of munitions production have
been revised to incorporate corrections in the basic data and weights changed to unit prices in 1945 instead of 1943, as formerly; except for this change in weighting, the description
of the indexes published on p. 24 of the February 1945 Survey is applicable to the revised data; revised monthly averages for 1940-45 are shown on p. 32 of the February 1946 Survey,
revisions in monthly data published prior to the January lv46 Survey will be published later.
tRevised series. For revisions for the indicated unadju^ti d indexes and aU seasonally adjusted indexes shown above for the industrial production series, see table 12 on pp. IS-20
of the December 1943 issue. Seasonal adjustment factors for e Dumber of industries included in the industrial production series shewn in the Survey have been fixed et 100 beginning
various months from January 1939 to July 1942: datp for these indiiFtries sre shown only in the unadjusted FPPPS as the "adjusted" indexes are tbe saire as the unadjusud. The
indexes of new orders were revised in the November 1945 Survey and the indexes of shipments were revised in the February and March 1945 issues; data for electrical machinery and
other machinery, which were shown separately in the May 1946 and earlier issues of the Survey have been combined; data for 1939-44 for all series, except the combined indexes
lor machinery, are shown on p. 23 of the July 1946 Survey and combined indexes for machinery are on p. 22 of the August 1946 issue.
SURVEY OF CURRENT BUSINESS
October 1946
L'uieas otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
1946
August
S-3
August
September
October
1946
Novem- December
ber
January
February
March
April
June
May
July
BUSINESS INDEXES—Continued
MANUFACTURERS' ORDERS, SHIPMENTS,
AND IJNVENTORIES-Continued
Shipments!—Continued.
Nondurable goods industries._avg. month J939*=100__
Chemicals and allied products..
.....do
Food end kindred products _ _ _ . _ . . do_ _
Peper and allied products
do
Products o> petroleum and coal
.
do
Rubber products.do
Texti'e-mill products . .
. . . . do
Other nondurable goods industries.
do....
In ventories:
Index, total
do
Durable goods industries _
_ _ ._
- do. .
Automobiles and equipment
do
Iron and steel and their products - do_ _
Nonferrous metals and products*
_do_-_.
Machinery including electrical J
do
Transportation equipment (except automobiles;
ftvg. month 1939«100.
Other durable goods industriesf
do__«.
Nondnrable goods
do
Chemicals and allied product?
- - - - do. _
Food end kindred
products
do
Paprr and al'{ed products
do_ .
Petroleum refining. _.
_
do
Rubber products
do
Textile-mill products
_
„
do. _
Other nondi rab)e poods industries
do
Estimated value of manufacturers' inventories*
mil. of. doL.
175
195
194
201
213
173
183
255
165
184
206
196
241
183
183
200
167
197
205
192
236
178
153
260
167
208
204
201
230
183
165
212
165
207
196
189
218
167
• 178
292
166
189
195
203
218
182
161
229
178
184
204
213
225
185
154
242
187
199
206
221
216
196
167
260
195
203
208
221
213
200
173
282
197
208
209
215
210
206
181
288
207
208
206
208
'209
208
r 185
293
208
199
185. 4
200. 0
251.3
131.2
155. 2
260.0
164.3
184.9
171.4
122.5
145.9
237.3
164.6
184.7
173.2
123.3
145.6
235.1
165.6
181.7
177.9
123.0
136.3
230.3
166.5
177.4
175.3
124.0
134.1
229.9
163. 9
170.5
186.9
119. 6
136.3
218.3
164 7
171. 2
190.8
118 0
135. 2
222.6
166 9
174.3
200.1
120.2
139.0
226.2
169 3
180.6
209.7
122.3
145. 4
235. 8
169.4
181.6
221.9
120.0
145.0
240.5
170.4
184.3
223.0
119.6
148.8
245.4
' 172. 8
' 189. 3
234.2
123. 6
'152.0
r
251. 2
' 181. 3
r 194. 4
r 245. 2
' 128. 0
r 155. 8
255.0
695.4
121.6
172 6
170.3
178.9
175.6
125.4
819.1
102.7
147.1
159.9
158.0
144.9
109.1
177.4
115.5
166.2
792.1
103.1
161.5
161. 2
164. 5
148.3
111.7
167.7
121.1
172.4
686. 7
103.1
157.0
162.2
177.1
150.7
113.6
167.1
127.6
175.8
£94. 0
104. 6
158.0
165.1
177.1
155,0
111.7
169.0
130.2
176.4
578. 5
106. 2
159 0
Iti4. 8
Ifi9. 7
156.6
111.4
173.7
135. 9
183.8
587. 2
106.0
160 5
166.6
1«6. 6
160 6
112.4
179.9
140.7
186.4
615.4
108.4
159.4
166.3
161.3
163.4
114.0
186 4
147.5
180.7
593.3
109.9
158.7
166.9
157.4
161.7
114.1
198.5
152. 9
176.4
614.6
110.3
158.2
165.2
152,9
160.1
115.7
195.5
157.2
177.1
r 026. 3
112.7
' 158 4
' 166. 5
r 149. 8
164. 2
118.0
192 4
156. 2
179.2
r 644.4
T
117.0
' 169. 9
'170 2
' 179. 0
r
171 3
r 120. 3
168.2
189.3
821.6
101.9
145.7
158.8
156.1
144.0
110.8
182.4
115.7
161. 4
' 163 9
' 184. 0
18, 430
16,301
16,364
16,457
16,554
16,288
16, 369
16, 590
16,829
16,837
16, 934
' 17, 175
' 18, 026
74
7
9
36
17
5
3,434
413
162
1,948
835
216
207
255
199
186
r
r
'201
'200
'221
'186
195
'174
'186
BUSINESS POPULATION
OPERATING
BUSINESSES AND BUSINESS
TURN-OVER*
(U. S. Department of Commerce)
Operating businesses, total, end of quarter thousands
Manufacturing
Wholesale trade
. _
Retail trade _
Pervice industries
All other _ . . _ _ _ _
__ . . .
New businesses, quarterly ...
.
Discontinued businesses, quarterly . . Business transfers, quarterly..
INDUSTRIAL AND COMMERCIAL
{Dun and Bradstreet)
Grand to^nl
. . . . . . .
Commercial service
. . ...
Construction
Manufacturing and mining
Retail trade
Wholesale trade
. Liabilities, grand total
Commercial service
.
Construcjion
Manufacturing arid mining
Retail trade
_
. _ .. .
Wholesale trade
_-._
3,134.1
176.4
255,5
137.4
1,450.1
602.6
512.1
106.0
37.4
83.2
do
_ do. .
do
do
do
do
do ..
do
P3, 234.8
v 189.1
* 262.5
v 141.8
»1, 504. 2
*>619.8
p 517.4
v 137.4
»3,346. 7
v 214 1
v 276 7
» 151 8
»lf 536.2
*>639 7
v 528.2
v 151.8
*>39.9
v 137.3
»82.1
FAILURES
. . . number. .
do_...
«.
do. _
do
d'»
_ do
thous. of dol__
_ _ _ _ do
...
do
.
_ do
.
do
do
66
5
8
21
17
5
1,166
217
186
595
133
35
64
16
5
24
17
2
1,658
424
87
780
347
20
1,817
2,072
62
3
13
24
14
8
3,114
344
225
2,194
209
142
60
7
8
21
14
10
1,268
60
225
721
135
127
42
5
2
23
10
2
1,824
372
107
1,141
125
92
13
14
29
27
9
2,983
748
215
874
258
888
86
8
10
41
17
10
4,421
902
436
2,285
269
529
81
5
7
34
25
10
3,785
40
133
2,734
249
629
92
13
8
41
26
4
3, 656
60
191
2,066
1,323
16
69
3
13
25
24
4
3,006
79
80
12
8
35
22
3
4,372
2,279
155
1,677
245
16
3,010
3,507
5,521
4,191
4,774
4,843
4, 634
4,388
262
1,996
661
80
76
BUSINESS INCORPORATIONS
New Incorporations (4 states) -
number..
3,550
2,861
3,946
COMMODITY PRICES
PRICES RECEIVED BY FARMERS!
U. S. Department of Agriculture:
249
199
207
206
204
197
212
218
205
244
209
211
Combined indexf
...—.1909-14=100..
207
196
233
191
202
203
240
206
207
213
215
220
223
Crops
„
...do
215
175
203
167
178
179
185
167
178
185
215
180
Food grain
do
198
200
160
225
158
167
161
244
162
164
166
171
188
Feed grain and hay
„
do
171
195
373
388
367
365
378
375
368
375
368
367
369
370
369
Tobacco
do
180
175
182
249
271
172
184
ISO
186
183
190
194
210
Cotton
.
__•
_do
219
203
214
217
230
225
233
244
217
229
248
249
261
Fruit.
-.do
181
162
169
240
235
163
223
249
275
283
282
177
Truck crops
do
185
210
242
213
213
213
215
213
212
242
208
210
214
Oil»bearing crops
.--._
do
219
202
203
206
247
263
207
204
202
203
205
Livestock and products
_
do
206
207
213
202
207
204
206
203
268
214
219
225
Meat animals
.
do
212
226
230
2r'4
199
197
202
245
204
203
199
257
195
202
201
198
Dairy products
do
207
204
201
218
196
199
222
197
166
Poultry and eggs.
do
207
173
168 '
178
167
'Revised, v Preliminary.
JFor data beginning December 1938 for the index for "machinery, including electrical," see p. 22 of the August 1946 Survey.
•New series. Data for inventories of nonferrous metals and their products were included in the "other durable goods" index as shown in the Survey prior to May 1943 issue,
revised figures for the latter series and the index for nonferrous metals beginning December 1938 are shown on p. 22 of the August 1946 Survey. For the estimated values of manufacturers' 1 inventories for 1938-42, see p. 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. The series on operating businesses and business turn-over have been revised
beginning 1940, see pp. 21-23 of the May 1946 issue for data prior to 1945.
tRevised serins. The indexes of shipments were revised in the February and March 1945 issues; data for 1939-44 are on p. 23 of July 1946 Survey. The indexes of prices received
by farmers are shown on a revised basis beginning in the March 1944 Survey; data back to 1913 will be published later. Data for September 15,1946, are as follows: Total 243; crops, 236;
food grain, 207; feed grain and hay, 221; tobacco, 396; cotton, 285; fruit, 210; truck crops, 154; oil-bearing crops, 236; livestock and products, 250; meat animals, 249; dairy, 271, poultry
and eggs, 221. See note marked "*" in regard to revision of the index of inventories of "other durable goods" industries.
SUEVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through 1941
ami descriptive notes K*»y be found in the
1942 Supplement to the Survey
October 1946
1946
1946
August
August Septein-1 October
ber
Novem- December
ber
January
February
May
Marcb
June
July
COMMODITY PRICES—Continued
COST OF LIVING
National Industrial Conference Board:J
Food
do
"FIIPI and Holif
- -
do
FT on sin sr
- -- (lo_--•^ordrips
do
Consumers' price index (U. 8. Dept. of Labor):§
Combined index
1935-39=100.Clothing
---.
do
Pood
- - . ~...
Fuel electricity, and i^e
Gas and electricity*
Othe r fue^s and ice*
Housefurnishings
Rent
_-»____
•
--do
_._do.
do
do
«. _ _.».«_«__.do__..
__-._
do
„
RETAIL PRICES
U. 8.1 Department of Commerce:
Al commodities, index*
U. S. Department of Labor indexes:
Anthracite
Bituminous coal
_ _ -_,
Food, combined index
Shoes . .
„..__„
106 3
94 9
112 8
97,4
91. 0
115.4
106 7
94.9
113.9
96.9
91.0
115.6
107.1
94.9
114.9
97.1
91.0
115.7
129.3
146.4
140.9
111.4
95.2
127.2
146.0
128.9
148.2
139.4
110.7
95.2
125.7
146.8
» 108.3
124.6
128.9
14*. 8
139. 3
110.5
94.8
125.7
129.3
148. 7
140.1
110.1
94.0
126.8
147.6
0)
124.5
124.7
124,6
129.9
149, 4
141.4
110.3
64,0
126.1
148.3
1
108.3
124.8
0)
(0
108 2
96.4
116.2
07 4
91.0
117.3
106 7
94 8
113 8
97.4
91.0
115. 9
129.9
149.7
141.0
110.8
93.8
127.3
148.8
125.4
125.6
130.2
153.1
140.1
110.5
92.9
127.7
150.2
1
108. 4
125.9
0)
129.6
150. 6
139.6
111.0
93.8
127.8
149.7
0)
131.1
154. 5
141. 7
110.4
92.0
127.8
152.0
0)
126.7
131.7
155. 7
142. 6
110.3
92.2
127.8
153.7
141. C
157.8
165.1
113. 3
92.1
133. 7
156. £
127.2
133. 3
157. 2
145. 6
110.5
92.1
128.4
156.1
1108.5
127.9
0)
0)
127.?
1935-39=100
159. 8
142.2
142.0
141.8
142. 2
143.1
143.1
142.9
143.7
144.8
145.7
147. 7
150.1
117.9
114.4
171.2
135.4
180.1
178.3
186.6
106.1
107. 4
140.9
109.1
133.4
183.5
131.8
106.3
r 107.5
139.4
109.1
133.4
172. 5
131.6
10*. 2
107. 5
139.3
10P. 1
133.3
172. 5
131.0
106. 2
107. 5
M0.1
109.1
135.9
172.3
131.0
107.3
107.6
141.4
109. 2
136. 2
177.3
131.2
108.2
108. 6
141.0
109.4
136.4
180.8
131.4
108.6
108.6
139.6
109.8
136.6
181.1
131.3
108.6
108.6
140.1
110.3
137.0
183.4
131.3
108. 5
108. 6
141.7
113.3
137.4
185.9
132.8
108.7
r 109.0
142.6
115. 2
138. 6
185.7
133. 5
108. 8
111.0
145. 6
122.1
147.8
183. 5
134.0
117. £
114.'
165. *
126. J
179.1
188.^
173.'
116.0
113. 5
113. 5
113.5
113.5
113.6
113.6
113.5
113.6
113.7
114.5
114.7
115.1
109.1
108. 0
116. 6
118. 7
113.5
108.1
105. 4
113.8
115.6
112.0
108.1
105.4
113.9
115.7
112.0
108.1
105. 4
113.9
115.7
112.0
108.1
105.3
113.8
115,7
112.0
108.1
105.3
113.8
115,7
112.0
108.0
105. 3
113.8
115,7
111.8
108.1
105.3
113.7
115.7
111.8
108.2
105.3
113.7
115.9
112.0
108.1
105. 7
113.7
116.2
112.2
108.1
106.2
114.7
117.0
113.1
108.1
106. 2
115.0
117.2
113.3
108.2
106. (
115."
117. <
113.:
»._..dc?
do
do
.
106 2
94.6
112.9
97.4
91.0
115.3
1923-25=100
,..
do
1936-30=100..
Dairy products*
do
Fruits and vegetables*
_. . do „_
Meats*
.
..._„_
do
Fairer*ildfs index:
Combined index
..Dec. 31,1930= 100. _
Apparel:
Infants'
- .
..do
Men's
,
^_. __>_„_..„
do
Women's
- - -~ do _
Home furnishings
.
.
.
do
Piece goods
do
W BOLE S A LE PR ICES
O. 3. Department of Labor indexes:
Combined index (880 series)
1926=100
Economic classes:
Manufactured products _ _ _ „ _
. ._ do
Raw materials
do
Semimanufactured articles
.
__ do
Farm products..
. .
do
Grains
.
do
Livestock and poultry
do
Commodities other than farm products
do
Foods
. ...
do
r
Cereal D oducts
..
do
Dairy products
._„
„_
rio___.
Fruits ard vegetables
«. do
Meats
_„
__..__„..„ do. _.
Commodities other than farm products and foods
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
Drugs ahd pharmacGuticalsf
do
Fertilizer materials
do
Oils and fats
„„
do
^uel and lighting materials
do
Electricity
do
Gas
*
.„ _
do
Hides and leather products...
Hides and skins
Leather
143. 7
159.7
171.2
113.7
91.8
134.9
158.1
108.7
129.0
106 6
94 6
113.9
97.5
91.0
115.4
.--..„_„„ d o . „
r
129.1
105.7
105. 2
105.9
106.8
107.1
107.1
107.7
108.9
110.2
111.0
112.9
124. i
123.9
145. 7
111.9
161.0
169.0
177. 6
121.9
149. 0
124.7
161.8
120. 4
198.1
101.8
116.3
95.5
126.9
126.4
130,7
100.9
106.4
95.1
110.6
124.3
107.9
101.7
114.8
96.5
124.3
126.6
128. 5
100.9
104.9
95. I
101.9
116.6
96.8
127.3
130.2
130.5
101.0
105. 7
95.3
117. 5
107.9
116.3
107.9
102.2
118. 9
96.9
131.1
132.9
131.8
101.3
107. 9
95.5
113.2
123. 8
107.9
102. 5
119,2
97.6
131.5
133.2
129.6
101.6
108.6
95.7
113.8
128.7
107.9
102.9
118.3
97.6
129.9
133.8
131. 5
101.9
107.3
95.8
115.0
125.7
108.1
103.4
118.9
98.8
130.8
133. 9
132. 7
102. 5
107.8
96.1
115.8
127.5
108.1
104.5
120.5
100.4
133.4
136. 7
133.5
103.4
109. 4
96.2
116. 1
133.1
109.6
105.5
122.2
101.1
135. 4
137.0
135. 1
104. 5
110.8
99.4
116.3
138.2
110.3
106.1
123. 6
101. 9
137.5
148.1
134 9
105.1
111.5
100. 3
117,0
140. 6
110.5
107. 3
126.3
105. 7
140. 1
151.8
137 4
106.7
112.9
101.7
127.3
136. 1
1J0.1
118.1
139. (
110.5
157. (
181. "
162. (
117. (
140.'
124. l
156.«
130. l(
169.
111.6
132.7
126.0
105. 8
177. 6
113.9
98.4
98.4
110.1
94.4
102.5
94.4
99.9
117,8
111. 6
99. 4
165. 3
107.3
95.3
961
110.2
81.1
102.0
84.8
61.5
78.0
64.2
! 18. 0
117.8
101.3
126.3
104. 6
107. 5
101.5
104. 7
99.1
85 8
93.4
99 6
107. 4
U9 7
71. 5
30 2
112.7
94.8
73 0
109.3
99.8
118.0
112.4
99 6
155.0
107.6
95.3
96.1
110.2
81.1
102.0
84.1
65. 5
80. 2
62.6
11R 7
US. 1
103. 8
126. 3
104. 6
107, 7
101.5
104.9
99.6
85- 7
95.0
100.1
107, 4
121. 3
71.5
30 2
112. 7
94.8
73.0
109.3
100.1
118. ?,
115.2
99. 9
100.2
118.7
116.7
100.1
155. 5
107.7
100.5
119. 5
110. 7
100. 5
157. 8
107.8
96. 1
97.1
112.3
81.9
102.0
84.8
68.7
77.7
61. 6
118.9
117.6
104.1
126. 9
104! 7
107. 9
101. 6
105. 6
101.0
85 8
95.0
103.4
107. 4
125. 5
73.5
30 2
112.7
94.8
73 0
109.3
100.8
120.0
116.9
101.1
158. 5
107.8
96. 0
97.1
112.1
81.9
101. 7
84.9
69.2
77.4
61.5
110.4
117. e
103 8
127.9
106. 2
109. 7
102. 8
10,5.7
101.2
101. 3
120.9
116.9
101.5
160.1
107.8
95.9
97.0
111.5
81.9
101.8
85.1
71.3
79.1
61.6
119.6
117.6
103 9
128.2
106. 5
110.1
102.9
106.6
103.3
85 7
95.1
102. 2
109.4
125 8
75.3
30 2
112.7
95.6
73 0
113,7
102. 2
124.9
117.4
102. 3
167.6
107.8
96.0
97.0
111.7
81.9
102.1
85.0
68.3
79.6
61.2
119.8
117.6
104.0
128. 8
106.9
110.9
102.9
108.4
107.0
86 1
95.1
104.7
109. 5
132 9
75.5
30 2
112.7
95.6
73 0
113.7
103.3
126.5
119.9
102. 4
171.4
108.0
96.1
97.1
112 4
81.9
102.1
86.1
66 P
79.7
62.8
119.8
117. 6
104 0
128.6
107.5
112.1
102. 9
108.8
107.4
87 1
100.8
107. 9
117.4
137 6
75.5
30 2
112. 7
95.7
73 0
113.9
103.9
127. 8
120.5
102.6
172.5
108.2
96.5
97.9
112.4
81.9
102.1
86.1
67 0
80. 2
63.5
120. 4
120. 7
104 0
128.9
108. 3
113.4
102. 9
109.4
107. 8
89 0
100. 8
108.8
119.6
138 6
75.7
30 2
112.7
97.0
73 0
115.3
105.6
129.9
121.3
102 6
176.0
108.6
96. 4
98.0
109 4
82.7
102.1
87.8
67. 2
79.6
64.0
122.4
121. 5
110 7
129.5
110.4
114.5
106. 1
112.2
110.1
99 2
106. 0
109. 2
120. 3
139 4
75.8
30 2
112.7
98.5
73 0
115. 6
108.5
132.
122.
104. (
177.^
114.
99.<
98.
112.
88.
114.
90.,
72 8
138. 9
155 8
133 3
140.1
112.6
118.5
106. 6
114.0
113.3
101 4
106.3
123. 6
122.8
160.0
84.8
30 2
112.8
102.0
73 0
119. 6
1103
no. 4
107! 6
95.0
96.4
110.3
81.9
102.0
84.2
66. 7
79 S
62.1
118.6
117.6
100 S
126. 3
104. 7
107.9
101.6
105.0
99. 8
85 7
95.0
101.G
107. 4
125 0
71.5
30 2
112. 7
94.8
73 0
109.3
96.7
110.7
81.0
102.0
84 6
fJ.g Q
79' 1
61 7
118.8
117. 6
103. 78
12n
4
80
65.
141.
169.
133.
140.
111.
117.
106.
113.
111.
102
106.
113.
120.
148
76.
30
••112.
101.
73
r
117.
101 7
Eousefurnishing goods
_ „_
do
Furnishings
do
107. 9
101. 6
Furniture
....
do
105. 2
Metals and metal oroducts
do
1C0. 2
Iron and steeL..._____.„
do
80 8
Metuis, nonfen*ous
do
Plumbing and heating equipment
do
95. 0
95.0
Textile product?
do
101.1
101.6
Clothing
do
107. 4
107. 4
Cotton goods
_
. _
do
125. i
125 6
Hosiery and underwear
do
71.5
75.2
Rayon.
do
30 2
30 2
Woolen and worsted goods..
.__do.___
112.7
112.7
Miscellaneous
do .
94.8
QfS ?
Automobile tires and tubes
do
73 0
73* 0
Paper and pulp
._„._ _ do.
109.3
112,0
Wholesale prices, actual. (See respective commodities.)
1
Rents collected semiarmually for most cities in index (in March and September or June and December): indexes are held constant in cities not surveyed during quarter.
JFor revised data for 1943. see p. 20 of the April 1946 Survey. Beginning 1946, indexes are compiled quarterly.
§ Formerly designated "cost of living index"; see note in April 1946 Survey.
*New series. For a description of the Department of Commerce index of retail prices of all commodities, see p. 28 of the August 1943 Survey; minor revisions have been made
in the figures published prior to February 1945 Survey; revisions are shown on p. 31 of February 1946 Survey. Data beginning 1923 for the indexes of retail prices of the food subgroup? are available on request; the combined index for food, which is the same as the index under cost of living above, includes other food groups not shown separately. Data
beginning 1935 for the indexes of retail prices of "gas arid electricity" and "other fuels and ice" will be published later.
t Re vised series. For revised data for 1941-43 for the indicated series on wholesale prices, see p. 23 of the November 1945 Survey.
SURVEY OF CTJEEENT BUSINESS
October 1946
S-5
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
A,^,-,nf ! SeptemAugust
ber
1946
Octo- Novern- December
ber
ber
January
February
July
March
COMMODITY PRICES—Continued
PURCHASING POWER O F THE DOLLAR
As measured by-—
Wholesale prices
„.
Consumers' prices.
Retail food prices
Prices received by farmers!-
_.
. 1935-39 »= 100—
. do—do_ _
- „
_ »__ do__».
62.3
69.6
58.3
42.8
76.1
77.3
70.9
52.1
76.5
77.6
71.6
54.1
75.9
77.6
71.7
63.5
75.3
77.3
71.3
51.9
75.1
77.0
70,6
51.4
75.1
77.0
70.8
61.6
74.7
77.2
71.5
51.4
73.8
76.8
71.3
50.9
73.0
76.3
70.5
50.2
72.5
75.9
70.0
50.4
75.0
68.6
48.9
64.8
70.9
60.3
43.6
71.3
CONSTRUCTION AND REAL ESTATE
CON STRUCTION ACTIVITY *
New construction, total
.mil. of dol__
Private, total
_
do
Residential (nonfarm)
„
_do
Nonresidential building, except farm and public
utility, total.
mil. of dol—
Industrial
.
...do
Farm construction
do
Public utility.
__do
Public construction, total...
do
Residential
.....do..—
Military and naval..
....._.do
Nonresidential building, total
do.___
Industrial
„_
...do..-.
Highway.......
.do._._
All other
do—_
443
348
116
477
389 ,
136 I
512
434
159
604
505
195
'715
'594
244
824
679
288
919
••741
317
" 1,002
'781
r329
191 I
216
112
10
63
129
2
34
31
12
31
31
162
91
5
65
95
2
18
26
10
21
28
237
118
14
59
99
5
13
24
8
28
29
263
125
20
'67
••121
8
15
22
6
42
'34
290
133
30
71
145
12
14
23
6
57
39
r3l2
rl43
40
72
'178
17
14
26
6
73
'48
r 329
' 158
50
73
'221
'25
14
'30
6
»-94
'58
78
35
83
36
83
42
94
44
86
48
108
66
87
50
107
61
117
85
136
95
148
135
147
129
194
201
170
172
203
211
169
179
201
195
174
177
'179
' 162
'165
'161
11,416
263,608
67,452
196,156
13,342
12, 004
278,262 316,571
60, 554
43,346
234,916 256, 017
15,481
370,087
60,819
309,268
14, 298
15. 332
330. 685 357, 501
61,821
46, 715
268, 864 310, 786
16, 772 42, 573
387, 399 697, 593
56, 449 146, 404
330,950 551,189
52, 733
63,188
734,911 952. 418
527,016 196,832
607, 895 755, 586
265
914
534
380
36, 523
717,991
201, 645
516, 346
4,108
33, 080
211, 530
4,113
22,656
143,353
4,731
32, 700
181,033
5,012
35, 330
195,626
5,332
39, 871
207,671
4, 450
37, 656
193, 589
4,648
37,839
220,598
41, 676
236,182
4,878
45, 285
290,963
4,357
41, 370
273, 207
3, 582
42, 457
283, 635
33, 727
45. 145
284, 025
5,895
7,613
42,711
6,140
8,587
42,580
7,325
11,754
59,886
9,297
15.911
88,374
9,190
17,115
86,134
11, 469 34. 066
10, 071
49,198
18, 572 18,423
89, 715 102,079 275, 241
46, 652 56, 263
65, 530 74, 992
370, 590 463,600
31, 574.
51, 533
332, 248
31, 112
45, 327
281, 227
2, 008
153, 456
1,143
44, 379
893
35,875
768
40.908
590
43, 214
478
36,126
366
26, 841
415
37,687
815
120, 230
1,039
95, 964
1,684
156,626
1,950
154,009
1,537
121,149
258
30, 898
265
33,105
240
18, 774
237
20,151
262
30,828
180
14, 836
195
23, 358
240
27,035
276
23,397
273
32,175
362
41,229
384
48, 450
292
31,980
259.7
75.3
84.3
112.4
117. 7
111.0 j
159.2
189.9
319.1
294.0
278.0
252.8
r 283. 7
99.1
84.1
88.7
159.2
109.6
91.5
99.3
176. 6
152.3
137.5
142. a
210.8
149.4
143. 4
141.7
181.9
172.3
149. 5
195, 4
163.8
175.2
187.6
159. 7
187.9
205.9
215.0
190.8
224.9
423. 6
407.7
444.3
406.5
235. 6
352. 7
140. 7
218.5
212.2
331.3
116. 6
189.8
210.4
303.4
136.7
192.4
' 218. 7
r 321. 2
135. 8
' 203.1
21,800
14,655
14. f.19
12, 567
845
207
0
30.100
1<1855
19, 496
16, 582
857
2, 057
334
31,900
20, 867
20. 417
17, 421
1,069
1, 927
450
29,500
20,036
19, 256
15.494
1, 241
2,521
43, 912
30, 72.'
25, 918
21, 786
1,309
2, 823
4,807
48, 459
33, 479
28, 503
24,072
1,792
2,639
4,976
83, 641
56, 002
50,066
41, 785
2,683
5, 598
5,936
81, 035
53, 860
44,996
39, 000
2,571
3, 425
8,864
74, 257
48.216
43. 583
35, 824
3,267
4,492
4,633
1,074
821
345
435
243
65
407
256
71
424 |
270
81 !
338
174
60
78
253
35
18
33
7
105
62
58
31
60
192
7
56
66
49
34
29
98
63
24
63
151
3
42
41
22
36
29
113
70
14
62
154
3
42
41
20
36
32
J-155
65
24
61
24
70
2&
69
26
40,101
679,909
204,817
475, 092
438
309
102
8
54
88
2
18
25
9
18
25
CONTRACT AWARDS, PERMITS, AND
DWELLING UNITS PROVIDED
Value of contracts awarded (F. R. indexes);
Total, unadjusted....
1923-25=100_.
Residential, unadjusted
...do....
Total, adjusted
._do.__.
Residential, adjusted
........do....
Contract awards, 37 States (F. W. Dodge Corp.):
Total projects
_
number..
Total valuation.._
thous. of dol..
Public ownership..—
„__
.......do
Private ownership
._
do-...
Nonresidential buildings:
Projects......
_.
..number..
Floor area...
thocs. of sq. ft..
Valuation..—
_.._..___thou8. of dol_.
Residential buildings:
Projects
number..
Floor area
—
— thous. of sq. ft..
Valuation
„
thous. of dol_.
Public works:
Projects....
.,
„ ___ number..
Valuation..
_—__-...»_„
.thous. of dol..
Utilities:
Projects......
_.
number..
Valuation
thous. of dol—
Indexes of building construction (based on building
permits, U. S. Dept. of Labor):!
Number of new dwelling units provided. 1935-39«=100_.
Permit valuation:
Total building construction.
__...._....do
New residential buildings......
.
do
New nonresidential buildings.... ._____.do
Additions, alterations, and repairs
. . . do
Estimated number of new dwelling units in nonfarm
areas (U. S. Dept. of Labor):
Total nonfarm**
.number-.
Urban, total 1
.
do.
Privately financed, total
do.___
1-family dwellings,..
.-_.___
do
2 family dwellings
..._.._.
.
do
Multifarnily dwellings..
do
Publicly financed, total
_.
..do
Engineering construction:
Contract awards (E. N, R.)§
-____thous. of dol..
»162
J>148
218.0
335.8
119.1
209.5
69. 800
45, 029
37, 386
32,836
1, 807
2,743
7,643
541, 325
20,400
13,059
12,915
11,206
626 I
1,083 !
144 |
213,960 I 235,155
230,438
4,700
36, 335
217,587
315, 709 i 238. 009 j 348, 277248,025
7,416
50,631
278, 725
383,981
536,190
560,244
38,
807.
214,
593,
68, 000 '
43, 833
36, 660
31, 373
2, 144
3, 144
7,173 '
555,469
76, 700
49. 222
36, 830
31, 071
1,902
3,857
12, 392
'536, 594
HIGHWAY CONSTRUCTION
Concrete pavement contract awardstf
% 071
3,731
1,187
2,130
Total
.—
tbous. of sq. yd_.
1,981
1, 563
1.641
3,903
5,152
2,906 |
4,585
1,819
3,345
242
65
Airports
_
...
do
66
25
248
'209
70 j
385
43
99
747
416
1, 829
734
1.087
1,121
Roads
—
.—...-_— -...do.....
2, 055
703
946
1, 687
2.211 I 2, 519
1,475
3, 355
2,735
237
Streets and alleys..
„
do.__.
428
708
1, 274
1, 609
1,030
486
626 |
301
1,698
1,103
'978
' 418
» Preliminary. ' Revised. § Data for August and November 1945 and January, May and August 194G are for 5 weeks; other months, 4 weeks.
X Data published currently and in earlier issues of the Survey cover 4- and 5-week periods except that December figures include awards through Dec. 31 and January figures begin
Jan. 1; beginning 1939 the weekly data are combined on the basis of weeks ended on Saturday within the months unless a week ends on the 1st and 2d of the month when it is
included in figures for the preceding month (exceptions were made in the case of weeks ended Apr. 3, i943, and Feb. 3, 1945, which were included in the preceding month).
^ Revised 1942-43 data for urban dwelling units are available on request. Data for publicly financed units, shown separately beginning in the May 1946 issue of the Survey,
were formerly included in the 1-family classification; they have not been reported by type of dwelling since April 1943 but have been predominantly 1 family since that elate. These
data and the indexes of building construction above, based on permits issued or Federal contracts awarded during the month, prior to 1945. are considered a measure of construction
started during the month; in recent months critical shortages of building materials and limiting orders have caused considerable delays in the start of construction, or, in some eases,
abandonment of the work; the data since the beginning of 1945 should therefore be considered as volume of construction for which permits were issued or contracts awarded rather
than volume started during the month.
•New series. Estimates of total nonfarm dwelling units include data for urban dwelling units given above and data for rural nonfarm dwelling units which are not shown separately: monthly estimates are now available corresponding to the quarterly estimates shown in the November 1942 to October 1945 issues of the Purvey; the monthly figures beginning
January 1.939 and annual totals for 1920-38 will be published later, The data on new construction activity since the beginning of 1944 are joint, estimate? of the U. S. Departments
of Commerce and Labor; several of the component series have been revised recently, the revisions extending in some cases back to 1929; data beginning May 1945 were revised in the
July 1946 Survey; monthly data for January 1939-April 1945 and annual estimates for 1915-38 are available upon request.
tRevised series. The index of purchasing power of the dollar based on prices received by farmers has been shown on a revised basis beginning in the April 1944 Survey. Tho
indexes of building construction have been revised for January 1940 to October 1944; revisions are available on request; see also note marked "y concerning recent data.
S-6
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
October 1946
1945
September
August
October
1946
November
December
January
February
March I April
May
July
June
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES
Aberthaw (industrial building)
American Appraisal Co.:
Average 30 cities
Atlanta
New York
San Francisco
. _
276
285
275
248
275
232.5
278
287
275
248
275
238.0
282
292
280
248
278
239.0
283
293
280
249
278
241.0
286
303
281
261
280
245.0
294
314
298
273
288
247.0
303
325
313
279
296
247.0
310
332
318
283
300
249.0
317
337
324
294
309
252.0
326
346
332
308
316
258.0
123.6
157.1
145 0
147.6
124.8
157.9
145. 0
149.1
124.8
159. 2
145.7
149,6
125.1
159.4
145.9
149.9
127. 4
169.8
146.7
150.8
130.4
169. 8
149.2
150.8
133.6
172.1
151. 8
151.1
131. 3
172.9
153.8
152. 7
133.2
177.4
155.7
154.3
133.5
177.9
156.2
159.9
138.6
178.6
158.7
161.9
141.2
180 0
1G0. 6
164.0
do
do
123.0
158.6
147.2
149.8
124.2
159.4
147.2
150.9
124.2
160.6
147.6
151.3
124.4
160. 7
147.7
151.5
127.3
170.4
148.3
152.6
128.9
170.4
151,1
152. 6
* 129. 3
172.9
151.8
152.8
129.5
173.5
lf-4. 6
155.0
131.0
179.3
156.5
155.8
131.2
179.7
156. 9
163.8
137.0
180.3
158.7
164.8
141.3
181 5
159 3
166 2
_.-do
do _._
do
do
123.8
155.7
147.9
145.7
124,0
156. 7
147.9
148.0
124.0
158.1
148.6
148.4
124.4
158.2
148.7
148.8
127.0
167.0
149.3
149.5
128. 9
167. 0
150.3
149.5
129.3
169.0
152.3
149.9
130.1
169.6
154. 5
152.1
131. 3
174.7
156.2
153.1
131.5
175.1
156.6
159.5
135. 5
175.6
160.1
160.8
137.5
177 3
1G1.5
162 9
____do .__
do
do __
do
132.4
161.1
146.3
153.8
134.1
162, 6
146.3
154.8
134.1
164.5
147.3
155.2
135. 5
165.1
148.0
156.6
137.9
173.1
148.6
157.7
140.8
173.1
150. 6
157.7
141.2
174.9
154.0
158.8
141.2
175.5
155.3
159.5
144.7
180. 3
157.6
162.2
144.9
180.7
158.0
165.8
148.6
181.3
159.0
167.8
152.4
185. 6
163 5
172.5
134.4
162.3
144.4
154.9
135.3
163.0
144.4
155.4
135.3
164.1
144.9
155.8
137.1
165.0
145.8
157.6
138.4
173.7
146.4
158.3
142.6
173.7
147.7
158.3
143.0
175.6
153.0
159.5
143.0
176.2
153.7
159.8
147.2
180.6
156.1
163. 0
147.4
181.0
156.5
165.0
150.2
181.6
157.5
167.7
153. 3
186 0
164.0
172.7
272.0
360.2
240.0
309.3
240.4
309.3
240.6
309.3
240.8
313.5
242.2
316.3
243. 9
319.5
245.4
323.8
254.4
334.6
257.3
339.7
264. 2
347.9
266.1
353.9
272.0
361.4
149.8
146.1
157.2
137.4
133.9
144.5
138.0
134.1
146.0
138.5
134,6
146.3
139.1
135.0
147.3
139.3
135.2
147.5
139.7
135.5
147.9
140.3
136.3
148.6
141.0
137.1
148.9
142.1
138.0
150.6
143.6
139.2
152.5
145.7
141.6
153.8
28, 761
6,372
23,667
6,401
35,102
6,436
32, 710
6,468
32, 598
6,499
38, 722
6,538
34, 543
6, 569
42,377
6,603
45, 513
6,639
46,113
6,679
' 6, 721
6,759
489,389
464,157
555, 893
560,180
527,424
634,117
618, 763
765,973
887, 266
964, 438
917,414
981,187
173,663
162, 433
196, 379
198,159
187,710
216,842
225, 519
300,163
342, 999
361, 298
325,997
326,048
20,730
120, 557
17,146
3,971
11, 259
16, 375
113,103
16,786
3,980
12,1S9
23.985
135, 224
18, 751
4,857
13, 562
24,481
135,685
19,411
4.487
14,095
22,922
129,557
17, 848
3,958
13,425
30,807
145,342
21,372
3,803
15, 518
30,866
154,219
19, 801
4,217
16, 416
45, 391
202,995
24, 244
6,198
21, 335
53, 202
235, 877
24,882
6.796
22, 242
62,189
243,458
24,451
6,954
24, 246
56 297
218,575
'?2 402
6, 025
22, 098
59 708
216, 369
21 388
7,327
21,256
...
---- - --- -._.
„-
Frame:
Atlanta
~_
New York
Ban Francisco
-
do
do
do
-
335
360
341
313
323
263.0
. ....
do
do
do
St Louis
_ _
do
Engineering News Record:
Building cost*
_1913=1GO_.
Construction (all types)
do
Federal Home Loan Bank Administration;
Standard 6-room frame house:f
Combined index
1935-39-100
Materials
-_
do
Labor
270
258
272
279
272
245
270
231.0
San Francisco
St Louis
_
248
271
276
272
245
268
230.0
St Louis
do__ .
Associated General Contractors (all types)
_do
E. H . Boeckh and Associates, Inc.:
Apartments, hotels, and office buildings:
Brick and concrete,
Atlanta .
U. 8. average, 1928-29«100..
N e w York
do
Sfin Francisco
do
St Louis
do
Commercial and factory buildings:
Brick and concrete:
Atlanta
. do
New York
-do
Brick and steel:
Atlanta
New York
San Francisco
St Louis
Residences:
Brick
Atlanta
New York
San Francisco
gt Louis
232
1914=100
1913 = 100
._do
r
r
147. 7
143.7
155.6
RKAL E S T A T E
Fed. Hous. Admn., home mortgage insurance:
Gross mortgages accepted *or insurance-thous. of dol.
Premium-paying mortgagee (cumulative).mil. of dol.
Estimated total nonfarm mortgages recorded ($20,000
and under)*
thous. of dol.
Estimated new mortgage loans by all savings and loan
associations, total
thous. of doL.
C las A fled according to purpose:
Mortgage loans on homes:
Construction
do
Home purchase
_
do
]Rerlo<incing
do
Repairs and reconditioning
do
Loans for all other purposes
do
Loans outstanding of apt ncies under the Federal Home
Loan Bank Administration:
0)
6,789
Federal Savings and Loan Associations, estimated
Federal Home Loan Banks, outstanding advances to
member institutions.mil. of doL«
Home Owners' Loan Corporation, balance of loans
outstanding
mil. of do'
Foreclosures, nonfann, index, adjustedf- 1935-39=l00__
Fire losses
thous. o^ dol_
2,255
46^ 615"
2,382
2,572
0)
(0
2 886
112
100
87
97
195
174
165
153
158
173
203
202
925
fc.9
34,096
908
8.5
32, 447
887
8.2
34,470
869
9.0
37,393
852
7.9
49,478
831
8.8
49,808
813
7.8
51,759
794
8.3
53,252
773
7.5
52,153
753
7.1
46,094
735
6.7
44, 240
40, 998
151.6
15fi. 2
172. 5
124.5
189.8
294.1
166.1
154.2
157.8
179.9
126.6
182.0
297.2
165.1
156.8
167.7
191.3
125. 9
193. 9
313.2
171.9
177.1
184.2
228.7
145.9
199.9
307.0
16, 442 16,821
797
807
192
175
301
316
345
321
4,546 i 4,677
15,833
771
196
323
37G
4,175
' 14,414
660
91
327
351
' 3,707
715
DOMESTIC TRADE
ADVERTISING
Advertising indexes, adjusted:!
Printers' Ink, combined index
„__1936-39«=100..
F a r m papers
_
do
Magazines.,
..
_.__do
Newspapers
____
do
Outdoor
do
Radio
.do....
Tide, combined Index*
do
Radio advertising:
Cost of facilities, total
_______
thous. of d o L .
Automobiles and accessories
„___.
_do
Clothing
„
do
Electrics! household equipment
.___„___ do..„„_
Financial..
.
„-. do
Foods, food beverages, confections—
do_--_
182.8
237.7
13,999
559
. 95
332
350
3,610
151.7
173. 4
214. 0
117.7
158. 7
317.0
179.8
14, 521
516
128
210
261
3.933
144.1
185.3
189. 5
110.7
175.1
321. i
171.8
141.3
180. 4
200. 3
111.5
153.3
268.2
162. 0
149.1
192. 2
193. 2
118.4
202.0
283.3
ifiS. 4
139.4
201.9
207.4
105.3
218.1
273.7
162.5
157.7
177.6
203.8
127 2
222! 6
279.8
183.0
151.9
161.5
176. 2
122.8
216.7
298.5
175.0
152.6
159.6
173.1
127.2
167.2
273.8
164.5
15, 317 16, 989
501
779
211
208
296
314
287
308 i
4,079 | 4, 502
16, 776
788
214
296
327
4,420
17,179
928
257
301
305
4,312
17,449
884
224
351
308
4,473
15, 758
815
209
325
293
4,102
17, 273
922
190
363
343
4, 483
' Revised. {Minor revisions for January 1939-July 1942 are available on request. * Discontinued.
•New series. For a description of the series on nonfarm mortgages
description of the Tide index of advertising see note marked " * " on
index of building cost is computed in the same manner as the constru
for common labor; data beginning 1913 will b« shown later.
tRevised series. The index of nonfarm foreclosures has been revised for 1940 and 1941; revisions are shown on p . S-6 of the M a y 1943 Survey. Indexes of advertising from Printers*
Ink have been published oc a revised basis beginning in the April 1944 Survey; revised data beginning 1914 will be published later. T h e indexes of cost of the standard 6-room frame
house are shown on a revised basis beginning in the April 1946 Survey.
SUEVEY OF CURRENT BUSINESS
October 1946
Unless otherwise stated, statistics through 1941
and descriptive noted may be found in the
1942 Supplement to the Surrey
1946
S-7
1945
August
August
September
October
194t>
Novem- December
ber
January
February
March
April
May
June
July
DOMESTIC TRADE—Continued
ADVERTISING—Continued
Radio advertising—Continued.
Cost of facilities—Continued.
Gasoline and oil.
thous. of dol._
Housefurnishings, etc
_
do
Soap, cleansers, etc.
do
Smoking materials
do
Toilet goods, medical supplies
_
do
All other
_
do
Magazine advertising:
Cost, total
do
Automobiles and accessories
.do
Clothing
_do
Electric household equipment
do
Financial
do
Foods, food beverages, confections
do
Gasoline and oil
__do
Housefurnishings, etc.
..do
Soap, cleansers, etc,
_do
Office furnishings and supplies
.
do
Smoking materials
do
Toilet goods, medical supplies.
do
Allother
.„
do
Linage, total
thous. of lines..
Newspaper advertising:
Lineage, total (52 cities)
„
do
Classified
do
Display, total..
.do
Automotive
do
Financial
__
do
General
._
do .
Retail
do
503
177
1,265
1,267
4,525
1.316
571
148
1,185
1,235
4,495
1,839
584
164
3,192
3,259
4,747
1,976
610
149
1, 34?
1,337
5, 462
1,994
592
166
1,306
1,273
5, 318
2,076
694
171
1,273
1,322
5,513
2,102
650
164
1,472
1,342
5,660
1,921
620
149
1,319
1,211
4,920
1,796
696
170
1,402
1,328
5, 374
2,001
537
153
1,445
1,270
5,145
1, 728
535
173
1,482
1,316
5,314
1,688
505
163
1,394
1, 268
4,907
1,755
4,704
22,028
2,124
1,732
699
408
2,822
471
806
463
347
635
3.645
7,876
4,124
28, 701
2,397
2,970
886
506
3, 605
561
1,630
497
639
829
4.431
9, 750
4,745
31,649
2, 683
3,026
1,135
622
3,962
430
1,969
520
674
1,061
5,315
10, 251
5,094
30, 597
2, 344
2,579
1,187
524
3,944
436
1,761
554
617
1,031
5,197
10, 423
4,804
30, 446
2. 456
2,125
1,136
528
4,008
339
1,690
442
637
1.104
4,930
11,050
4,037
21,472
1,547
1,650
469
488
3,120
233
935
371
326
836
3, 520
7,976
4,139
26,503
1,417
2,387
783
587
3, 983
306
1,229
606
486
805
4.905
9,010
4,604
31,869
1,445
3, 564
797
623
4,472
359
1,966
766
657
929
5, 346
10, 943
4,910
23,767
1,522
3,732
893
646
4,407
533
2,105
703
695
870
5,654
12,007
4,775
32,138
1.771
3,343
855
583
3,895
599
2,423
655
618
755
5,171
11,469
4,271
32,151
2,297
2,448
782
580
3,919
589
1,980
793
790
808
5,879
11,285
3,757
110.042 121,094 136, 950 140. 761 130, 756 115, 746 121,177 146, 539 144,013 143,691
27, 525 27,921
29, 626 28,120 26. 321 28, 648 29, 677 36,097 35, 147 35,143
83,417 93,173 107, 323 112,641 104, 435 87,098 91, 499 110, 442 108, 866 108,548
3,427
2,092
3,479
2,855
5,363
2,784
2, 580
3,947
3,033
3,904
2,388
2,159
2,076
2,741
2,003
2,365
1, 581
2, 272
1,726
1,999
21,
934 22,315
18, 006 21,890 26,032 26, 022 21, 304 18,916 21,057 23, 083
61,251 66, 524 75, 072 79.253 77,228 62, 585 66. 274 82,210 81,117 80,595
508
154
1,244
1,337
'4,714
3,320
_.
I
j
I
i
!
j 3,870
137, 718 131, 280
34, 502 35, 083
103,216 95, 296
3,714
3, 644
2,138
2, 584
21,371
19,973
75,993 I 69, 095
GOODS IN WAREHOUSES
Space occupied in public-merchandise warehouses §
percent of total..
POSTAL BUSINESS
Money orders:
Domestic, issued (50 cities):
Number
_
Value
Doinestic, paid (50 cities):
Number
Value
_
85.1
90.4
90.4
61.1
89.8
4,330
thousands..
5,847
thous. of dol.. 101, 735 196,041
4,383
171,036
5,956
214,157
5,612
180,57-3
6,292
143,954
.thousands.. 13,690
thous. of doL. 192,319
14,925
11, 606 13, 482 13, 562 12,926
195, 669 218,155 223,874 206, 329 224,455
12,161
209,346
88.6
85.9
85.2
4, 729
5,518
120, 882 105,671
4,408
98,557
12,954 15, 473 15, 094 14,154
187, 773 233,141 208, 273 190,934
13,343
175,987
88.4
87.5
5, 571
5,111
5,559
143, 366 123,104 135,593
87.1
4,444
101,857
13,217
181, 229
CONSUMER EXPENDITURES
Estimated expenditures for goods and services:*
Total...
mills, of doL.
Goods
do
Services (includinggifts).
__
do
Indexes:
Unadjusted, total
1935-39=100..
Goods
__
do
Service:- (including gifts)
__do
Adjusted, total
do
Goods
do
Services (including gifts)..
do
26,260
17, 930
8,330
30,056
21, 775
28, 077
19, 515
8,562
178.7
191.5
156.1
180.2
193.4
156.9
204.5
232. 6
155. 2
191.6
212.4
155.2
191.0
208. 5
160. 4
205.3
231.6
159.1
30,165
21, 610
8,555
205.2
230.8
160. 3
203. 2
227.7 I
160.2 !
RETAIL TRADE
All retail stores:f
7,473
6,695
6,430
Estimated sales, total..
mill, of doL.
7,124
7,181
6,320
6,398
8,489
7,926
7,736 r 7,671
7,707
8,540
1,267
Durable goods store
do
1,161
1,108
1,060
946
1,138
1,315
940
1, 554 '1,611
1,608
1,430
1,767
377
Automotive group
do
344
357
321
327
290
286
326
551
577
609
454
690
261
Motor vehicles
do
222
219
246
194
193
236
205
484
452
426
333
560
116
Parts and accessories
doIIII
98
208
111
96
93
108
121
125
125
125
130
121
r
475
Building materials and hardware
do
381
440
401
541
359
363
401
381
516
540
568
525
295
Building materials..
do
244
284
262
'336
222
228
248
312
215
325
360
322
50
Farm implements
do
38
45
40
62
40
38
41
57
36
58
63
58
129
Hardware
do
••142
100
132
99
147
97
98
112
130
152
151
145
334
Homefurnishings group
do
377
284
386
283
273
218
224
306
361
392
418
362
259
248
Furniture and housefurnishings
do
275
210
223
196
165
171
233
265
285
286
268
118
86
Household appliance and radio
do
73
60
77
1.11
53
53
74
96
132
105
95
82
Jewelry stores
do
74
301 r 84
88
77
73
72
110
246
99
91
89
Nondurable goods stores
do
6,206
6,060
5,370
6,381
5,986
5,587
5,
381
5,
452
6,020
7,174
6,773
6,318
6,277
555
Apparel group
do
760
566
784
576
552
656
783
986
720
713
814
131
186
Men's clothing and furnishings
do
164
125
207
129
110
150
208
166
275
173
193
244
312
Women's apparel and accessories
do
382
275
355
274
321
266
308
340
421
326
375
80
101
Family and other apparel
do
98
75
105
113
83
77
92
114
153
95
107
332
Shoes
do
116
100
90
128
108
90
100
106
118
137
119
139
293
296
Drugstores
do
283
262
255
274
300
245
242
256
375
299
2*4
1,024
1,009
Eating and drinking places
do
988
880
989
951
975
943
953
1,073
968
1,018
967
1,927 ' 2, 019
Food group
do._._
1, 915
1,780
1,823
1,713
1,749
1,724
1. 769
1,996
2,280
1,978
1,880
1,452 r 1,512
Grocery and combination
_
do
1,349
1, 375
1, 355
1, 297
1,741
1,298
1,527
1,456
1,319
1,492
1,408
475
433
448
Other food
do
425
414
416
459
538
430
469
486
472
507
310
296
296
Filling stations
do
300
282
276
270
312
340
290
278
297 |
T
v Preliminary. Revised. § See note marked " § " on p. S-6 of the April 1943 Survey in regard to enlargement of the reporting sample in August 1942.
*New series. The series on consumer expenditures, originally published on a monthly basis in the October 1942 Survey (pp. 8-14), are now compiled quarterly only (data are
quarterly totals) and have been adjusted to accord with the annual totals shown as a component of the gross national product series; for dollar figures for 1939-40 see p. 13. table 10,
of the April 3944 Survey and for 1941-44, p. 8, table 6, of February 1946 issue; data in the latter table and those above are on a revised basis, they differ from figures published in the
January 1946 Survey and earlier issues owing to the inclusion of expenditures of military personnel abroad in the total and services (dollar figures for this item are given in the footnote to the table on p. 8 of the February 1946 Survey); indexes beginning 1939, both including and excluding expenditures of military personnel abroad, are available on request.
tRevised series. For revised data (dollar figures and indexes) on sales of retail stores tor January 1943 to June 1944, and earlier revisions for a number of series, see table on pp.
19 and 20 of the September 3945 Survey (corrections for p. 19: March 1944 indexes—building materials and hardware stores, 143.6; jewelry stores, 460.7; June 1944 index for apparel
stores, 201.0; 1940 dollar figures, all retail stores—January, 3,198; February, 3,108); except as given in this table, data for 1929, 1933, and 1835-42 are correct as published on pp. 7 and
11-14 of the November 1943 Survey. Data have been revised beginning January 1945, largely to adjust the estimates to sales tax data for 1945; revisions for January-April 1945 are
shown on p. 24 of the August 1946 Survey (data beginning May 1945 were revised in the July 1946 issue).
SURVEY OF CURRENT BUSINESS
S-8
October 1946
1945
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
August
September
October
1946
Novem- Deceni
ber
ber
January
Febru- ] March
ary
DOMESTIC TRADE—Continued
1
RETAIL TRADE—Continued
All retail storesf—Continued.
Estimated sales—Continued
Nondurable goods stores—Continued
General merchandise group
mil. of doL_
Department, including mail order
do
General, including general merchandise with
food
mil. of do!-Other general mdse. and dry goods—
do
Variety
do—
Other retail stores
do
Feed and farm supply
do
Fuel and ice
do.
Liquors
_,_..do
Other
do-._Indexes of sales:
Unadjusted, combined index- _
- -1935-39= 100 _ _
Durable goods stores
do
|
Nondurable goods stores
do — |
Adjusted, combined index
do
I
Index eliminating price changes
do. .__j
Durable goods stores
do
Automotive
do
Building materials and hardware
do
Homef urnishings
do
Jewelry
do
Nondurable goods stores
do. Apparel
do
Drug
do- - _ .
Eating and drinking places
do
Food
do
Filling stations
-do
General merchandise
____do
Other retail stores
do
Estimated inventories, total*
mil. of doJ
Durable goods stores*
.
do
Nondurable goods stores*
do..
Chain stores and mail-order houses:
Sales, estimated, total*
,
....do
A utomotive parts and accessories* .
do
Building materials*
do
Furniture and housofurnishings*
do
Apparel group*..
do
Men's wear*
do
Women's vzear*
.
do
Shoes*
do
Drug*
do
Eating and drinkiu g*
_do
Grocery and combination*..__
do_._.
General merchandise group*
do__..
Department, dry goods, and general merchandise*
- m i l of doLMail-order (catalog sales) *
.
Variety*
"
_„..
Indexes of sales:
do
do
i
1, 207
787
846
521
919
588
1,105
734
1,196
810
1,577
1,017
874
566
899
588
1,118
1,193
1,154
754
791
762
1,136
748
•"1,02
'64
148
126
146
853
219
134
157
344
116
94
116
724
212
137
142
232
117
100
113
687
191
123
136
237
128
115
129
778
209
144
148
277
130
120
137
790
208
128
159
294
152
173
235
993
198
168
225
402
111
92
104
793
203
195
135
260
110
90
110
779
207
178
137
258
128
110
125
842
238
151
149
302
140
119
144
841
250
118
153
321
141
119
132
844
242
114
153
335
134
120
134
773
207
89
146
331
14
11
'13
203. 7
12.5. 5
229. 2
195. 2
215. 0
137. 2
240. 3
207.8
148.4
132. 2
74.9
182.2
197.5
354. 4
232. 5
260.9
213. 3
376.8
226.1
135. 3
188.0
256. 9
6,788
1,935
4, 853
227.2
149. 8
252. 4
220.1
156. 5
142. 5
80.7
190.2
223. 9
375. 5
245. 4
279. 7
260.1
108.1
290.1
216.8
153. 6
141.1
72.9
199. 8
225. 2
379.1
241.5
251.1
249. 5
376.6
240.8
140. 2
206. 5
137. 6
228.9
237.6
168. 3
166.1
88.5
247.4
248.0
394. 7
260. 9
289. 3
240.6
418.9
252.0
164.9
209. 4
292.2
5.974
1,714
4. 260
215.2
143. 2
238. 7
243. 3
172.6
172. 0
87.7
262.1
260.0
412.3
266. 6
317.7
243.2
415.8
246.4
164. 5
225. 0
303. 2
6, 229
1.864
4, 365
225.9
157. 2
248. 3
241.6
170.1
173. 5
89.6
257.8
265. 7
429.2
263.8
320.8
242. 8
401.0
244.6
155.4
232.6
288.1
6, 542
2,016
4, 526
240.2
179. 0
260.2
236. 2
164.7
180. 2
108.0
246. 3
260.7
445. 4
254.4
284.5
246.3
389.1
245. 3
144.2
222.1
275.4
6, 771
2,039
4,732
242.4
199.7
256. 3
236.9
163. 8
187.0
129.0
233. 0
262. 5
402. 4
253. 2
269.1
247.3
389.5
248.9
139.8
222. 3
271.5
6, 982
2,101
4,881
242. 3
200.1
256.1
238.7
162. 6
189.8
122.4
235.6
296. 9
397.8
254. 7
290.2
251.0
392.3
239. 3
139.0
232. 9
268. 8
7,114
2,186
4,928
' 235.
••200.
' 246.
' 247.
' 158.
••201.
-
190. 5
113.3
215.7
196.2
139. 7
114.7
63.7
165. S
158. 8
334. 5
222. 8
262.1
200.1
347.1
216. 3
124. 4
J80.0
254. 4
6, 653
1,878
4, 775
1,867
47
70
23
206
33
95
61
70
51
610
502
1,267
30
54
13
154
17
82
45
56
45
375
324
1. 510
1, 415
35
55
15
161
25
81
41
62
48
464
339
1,651
1,679
14
175
26
S6
49
55
44
390
345
1,557
33
59
21
211
36
101
56
61
46
447
445
1.375
30
70
20
210
40
102
50
60
48
426
422
32
52
17
162
24
83
43
61
44
442
337
38
58
20
228
34
121
53
65
50
504
439
41
64
21
250
38
123
68
65
48
467
465
1,663
43
68
23
208
34
100
57
68
49
490
449
1,650
44
64
22
224
36
105
65
68
48
479
446
'1,59
4
'6
2
'17
286
180
35
100
196
42
98
234
67
112
252. 2
213.6
264.8
260. 9
363.2
79
126
m 4
121.7
67.5
169. 9
] 79. 5
346. 6
2.19, 2
238. 9
201. 6
353. 8
214.7
130. 8
177.1
243. 4
6,722
1,969
4, 753
1619
179.5
Unadjusted, combined index*
_ 1936-39=100._
233.0
198. 4
178.4
175. 3
Adjusted, combined index*
do
252.9
188.5
145.4
156.8
167. 2
Automotive parts and accessories*
do
227. 2
174.5
174,5
198.8
Building materials*
do
227.3
114.7
132.7
151.0
Furniture and housefurnishings*
do
201. 3
253. 9
223. 6
247.0
Apparel group*.
.
do
331. 2
188.8
200.0
245. 3
Men's wear*
do
362.8
332. 4
311.6
332.8
Women's wear*
.-do
376.3
214.1
148.9
161.3
Shoes*
do
273.9
189.9
187.3
195. 2
Drug*
do
232. 5
193.8
185.1
192.6
Eating and drinking*
do
221.5
175.9
179.8
193. 7
Grocery and combination*
do
264. 3
172.6
166.4
179.7
General merchandise group*.
do
259.4
Department, dry goods, and general merchan199,2
203. 5
dise*
1935-39=100—
300.9
189. 0
110.9
Mail-order*
do
259.3
119.8
128.4
164. 3
Variety*
do
197.0
155.7
169.6
Department stores:
Accounts receivable:
33
32
Instalment accounts §
.
1941 average—-10048
36
Open accounts!
do.127
99
85
76
Ttatio of collections to accounts receivable:
35
33
40
Instalment accounts!
percent-..
35
63
Open accounts §
do
59
63
66
Sales, unadjusted, total U. S.f
1935-39=100-..
242
209
168
230
Atlantaj
do
321
279
244
307
Bostonf
do184
176
125
196
Chicago!
do
236
197
158
213
Cleveland!
do
249
199
165
224
Dallas!
do
332
292
'238
318
239
Kansas City!
do
v 279
201
253
Minneapolis!
do
231
207
100
210
New York!
do
189
171
120
196
Philadelphia!
do
195
178
208
' 137
Richmond!
•
do
254
239
271
' 195
St. Louist
.
„
do
2S4
234
255
194
p
San Francisco
do.-_290
243
254
' 211
' Revised. §Minor revisions in the figures prior to November 1941 are available on request.
•New series. Revised 1940-43 dollar figures and indexes for total chain store sales and furniture
224. 4
397^6
235. 6
134.9
200.0
278.7
6, 826
1,892
4, 934
191. 6
276.0
5, 825
1, 620
4,205
1,911
41
43
25
265
41
133
69
91
49
511
601
r g2
23
12
15
31
134.
' 250.
298.
417.
••262.
'291.
' 240.
387.
' 251.
140.
'237.
'299.
7,47
2,33
5,14
8
5
6
5
'48
'42
r
73
119
324
63
203
178
65
90
175
59
95
237
84
108
254
77
124
259
65
114
259
61
116
24
5
'11
212.4
201.9
191.2
202. 3
165. 3
263. 0
224. 4
339. 0
212.1
206.5
196. 2
206.9
194.6
250.2
198.1
207.0
195.4
166.1
234. 6
187.9
305. 6
ISO. 8
228.1
185.5
214.6
179.8
1S9.6
223. 4
227.0
243. 8
182.3
298. 6
215.0
399.2
245.0
211.5
209. 8
222.9
222.3
198.0
225.8
224.4
270.1
206.0
315. 4
241.1
414.8
258. 6
220.0
2oy. 5
217.9
222.3
213. 3
230.8
240.0
251.1
204.4
328.2
264.6
471.8
219.2
216.1
208. 4
217.4
241.5
226.4
218.0
229.7
239. 5
193.9
272.9
231.2
380.3
186.8
221.1
206.6
213. 2
222.2
220.0
216.9
'212.
' 230.
224.
'225.
225.
'r 278.
250.
173. 3
225. 9
210.3
217.4
222.6
220. 8
218.6
216. 0
225.4
232.4
270.5
240.5
357. 9
199.1
229.6
216. 5
213.3
224.8
224.8
149.4
172.2
207.2
127.9
163.8
251.1
222.8
177.3
254.2
208.0
180.1
272.6
243.4
193.5
251.0
212.9
181.8
261.4
184.4
184.1
262.5
196. 7
183.0
' 189.'
41
113
48
145
45
108
'44
100
43
114
45
126
45
129
46
133
4
11
40
67
273
348
225
254
264
352
286
243
235
255
319
303
••321
36
61
352
466
323
320
338
467
366
305
307
'327
399
365
407
32
61
179
246
147
167
167
248
199
158
155
158
197
192
214
31
60
207
292
156
193
194
299
238
183
174
174
227
236
253
35
64
238
315
197
35
63
255
336
223
242
254
335
273
235
219
228
281
281
287
34
62
248
313
211
234
243
322
272
242
214
222
274
272
284
33
60
253
307
216
245
257
313
265
236221
228
266
274
288
3
5
20
27
15
19
20
29
'23
20
15
'17
21
23
26
245 I
°26
237
316
255
223
206
219
264
264
258
227. 2
224.0
197.8
254.1
253.7
333.6
' 343.
'230.
'226.
' 224.
'226.
'242.
2S3.
922
» Preliminary.
and house furnishings, 1942-43 indexes for_all series in the general merchandise group
; page, data for 1929,
• figures and indexes;
- --. - „ - . . , - . . . - . .
„ .. r
„„„,.,..,
.,.^
.„,,.,,. . _ _ ~ ^
, n .„„„ . „ 3 estimates of retail inventories will be published later; data shown in the Survey beginning with the June 1944 issue are comparable with estimates published currently.
tRevised series. See note marked " t " on p. S-7 for sources of data through Juv^ 3944 for sales of all retail stores: and revised figures for January-April 1945. The indexes of department store sales for the United States and the indicated districts have been revised for all years. The revised Boston index is from the Board of Governors of the Federal Reserve
System. Revised data beginning 1919 or 1923 for the United States, Dallas, and Richmond are published, respectively, on p. 17 of December 1944 Survey, p. 20 of February 1944, and
"
"
" "
' ' ' ~
"
. - . - - .
-. . .
, . _ _ . . _ - '•[ 1946 and April 1940 issues).
The adjusted indexes for
1946, and the current issue.
SURVEY OF CURRENT BUSINESS
October 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
S-9
1946
1945
1946
August
August
Septem-
October
Novem- December
ber
January
February
March
April
May
June
July
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued.
Dapartment stores—Continued
290
200
Sales, adjusted, total U. S.f
1935-39-100365
'277
Atlantaf
do..__
246
166
Bostonf
do
281
189
Chicagof
»
do
286
180
Cleveland!
.—do
381
'273
Dallasf
do
J>300
216
Kansas City!
do
258
' 179
Minneapolis!do
259
M64
New Yorkf
do
250
'176
Philadelphia!
do....
308
'237
Richmondf
—
do
330
225
St. Louisf „
do
J>322
'233
San Francisco
_
—do
Sales by type of credit:*
65
Cashsale3_
percent of total sales...
31
Charge account sales.—
do . . .
Instalment sales
,___do
4
Stocks, total U. 8., end of month:!
*>240
182
Unadjusted
1935-39 ~ 100..Adjusted
—.do
169
Other stores, ratio of collections to accounts receivable,
instalment accounts:*
27
Furniture stores
_
percent23
55
Household appliance stores
.
do.
48
33
Jewelry stores..do....
31
Mail-order and store sales:
Total sales, 2 companies
thous. of doL. 232,811 121,455
91, 864 48, 687
Montgomery Ward & Co
do
140, 946 72,769
Sears, Roebuck* Co
do
Rural sales of general merchandise:
288.0
Total U. 8., unadjusted
1929-31-100..
144.0
268. 0
East
_
do.
115.4
394.0
South..__
do.
194.6
253.2
Middle West..
do.
125.8
325.2
Far West
do.
187.4
352.1
Total U. 8., adjusted
do.
176.0
336.2
East
do.
144.8
546.4
South
_
do.
269.9
306.9
Middle West.do.
152.5
353.1
Far West
.
do.
203. 5
200
'274
167
193
197
278
239
191
161
175
225
232
232
213
'286
177
199
209
289
241
190
172
184
248
238
245
225
'290
183
208
212
288
238
203
182
202
251
240
273
216
••297
188
206
218
287
244
199
179
184
237
239
256
228
308
186
209
' 220
306
249
212
194
205
262
234
269
254
'331
200
241
236
839
261
236
210
221
283
281
300
263
'328
218
243
246
336
275
246
232
244
294
286
297
250
'327
210
237
244
352
273
224
219
224
276
267
291
256
'329
213
234
256
312
289
252
226
232
276
277
305
275
365
232
253
273
368
288
248
240
253
303
305
315
'273
'343
227
254
260
385
'28!
253
'236
'254
307
300
323
'64
'32
4
63
33
4
'63
'33
4
64
32
4
'65
'.31
4
'62
'34
4
'60
'36
4
'60
'36
4
59
37
4
59
37
4
61
35
4
184
166
185
164
179
165
136
158
146
167
158
171
172
177
188
189
200
200
205
210
23
49
30
27
52
31
27
61
35
24
48
46
25
52
32
24
'52
29
27
'54
32
28
56
32
27
55
33
26
55
32
136,930
55,174
81,757
184,704
77,295
107,409
196,052
77,013
119,040
218, 216
83, 232
134,984
158,852
53,007
105, 846
150,292
55,231
95,061
207,055
78,454
128,601
209,843
80,073
129, 770
211,418
85,065
126,353
195.3
168.5
281.3
166.6
230.2
184.7
171.4
254.8
162.5
196.8
246.5
249.6
357. 3
208.7
255.1
189.7
193.9
241.1
164.3
212.4
275.7
279.3
396.3
230.0
317.2
211.9
216.7
288.7
175.4
261.5
267.8
246.0
370.2
226.0
330.1
167.5
147.7
246.5
144.9
202.2
208.7
209.3
300. 4
177.1
220.1
274.2
275. 4
379.8
231. 5
299.5
227.1
218.2
348.1
195.3
222.7
280.7
266.7
381.7
245.7
300.9
303.4
313.2
449.1
261.9
280.3
345.5
348.8
497.4
295.6
340.6
283.7
277.0
374.1
243.6
321.7
308.7
290.6
424.6
260.8
360.2
233.8
217.6
311.2
199.4
283.2
254.7
237.1
366.9
210.5
315.0
243.4
236. 6
322.4
210.0
294.1
267.2
257.7
401.0
222.4
308.6
214. S
189. 5
300.4
188. 3
263.5
294.2
266.1
442.4
255.1
321.4
3,359
813
2,546
3,898
3.933
944
2,989
4,113
3,889
954
2,935
4,196
3.820
919
2,901
4,275
4,058
987
3,071
4,258
3.786
966
2,820
4,254
4,055
1,076
2,979
4,375
4,183
1,180
3,003
4,413
4,351
1,234
3,117
4,458
4, 250
1,239
3,011
4,498
' 4, 744
1,317
r 3,427
4,642
' 222
'222
T
55
32
201, 976 194, 503
75, 428 72, 667
126, 548 121, 836
WHOLESALE TRADE
Service and limited function wholesalers:*
Estimated sales, total
_
mil. o! dol.
Durable goods establishments.
do
Nondurable goods establishments
do._
All wholesalers, estimated inventories*...
do
4,771
1,436
3,335
4,809
3,584
869
2,715
3,759
EMPLOYMENT CONDITIONS AND WAGES
EMPLOYMENT
Armed forces*.
__thous__
Estimated civilian labor force (Bureau of the Census):*
Labor force, total
_.
.thous..
Male
_do._._
Female
,_.do
Employment
do
Male
do
Female
do
Agricultural.
___
do
NonagrtcultaraL—
do
Unemployment
do
Employees In nonagricultural establishments:!
Unadjusted (U. 8. Department of Labor):
Total.
do
Manufacturing
_.
do
Mining
_
do
Construction..
do
Transportation and public utilities
.do
Trad8-..
_.do
Financial, service, and miscellaneous
do
Government
—
do
Adjusted (Federal Reserve):
Total
_-.do.-_.
Manufacturing
__do
Mining
._.
do
Construction
do
Transportation and public utilities
do
Trade.
do
2,380
12,160
11,890
10,640
9,180
7,850
6,170
5,210
4,380
3,840
3,430
3,000
2, 640
60,000
42. 830
17,170
57,960
41. 250
16, 710
9,130
48,830
2,040
54, 350
35,020
19, 330
53,520
34, 590
18,930
9,050
44, 470
830
52,900
34,250
18,650
51,250
33,320
17,930
8,800
42,450
1,650
53,110
34,590
18,520
51,560
33, 660
17,600
8,790
42, 770
1,550
53,440
35,280
18,160
51,730
34,100
17,630
8,420
43,310
1,710
53, 310
36,130
17,180
51,360
34,650
16, 710
7,190
44,170
1,950
53, 710
37,550
16,160
51,420
35, 790
15,630
6,760
44, 660
2,290
54,340
38,340
16,000
51,690
36,200
15,490
6,990
44,700
2,650
55,660
39,370
16, 290
52,950
37,170
15, 780
7,580
45,370
2,710
56, 900
40,310
16, 590
54, 550
38,420
16,130
8,190
46, 360
2,350
57. 630
40,950
16.680
55.320
39,060
16,260
8,880
46,440
2,310
59, 300
42,030
17, 270
56, 740
'40,030
16, 710
9,980
46,760
2,560
60, 400
43,000
17, 400
58,130
41, 240
16,890
9,940
48,190
2,270
39, 828
14, 549
824
2,106
4,009
7,793
5,153
5,394
38,172
15,019
784
927
3,860
6,979
4,666
6,937
36, 398
13,159
784
945
3,831
7,143
4,603
5,933
36,327
13,048
718
1,006
3,826
7,331
4,698
5,701
36,779
13,110
793
1,014
3,871
7,571
4,845
5,575
37,463
13.059
802
1,042
3,896
7,959
4,936
5, 769
37,013
13, 236
810
1,132
3,897
7,481
4,984
5,473
36, 509
12, 536
808
1,260
3,907
7,505
5,031
6,462
37,469
13, 206
801
1,345
3,930
7,617
5,076
5,494
38,121
13, 776
505
1,517
3,919
7,759
5,140
5,502
3S, 633
13, 901
718
1,742
3,873
7,724
5,134
5, 541
r 39,044
r 14, 089
'806
' 1,874
' 3,916
' 7, 748
5,131
5,480
39, 273
14, 221
'813
M,988
' 3, 965
r 7, 742
' 5,152
* 5, 392
39, 647
14,477
820
1,950
3,950
7,952
38,070
14,944
780
858
3,803
7,121
36, 223
13,094
780
883
3,774"
7,215
36,184
13,048
714
940
3,806
7,258
36, 538
13,110
789
984
3,871
7,315
36,813
13, 059
798
1,085
3,916
7,335
37,471
13, 236
814
1,230
3,956
7,673
37,016
13, 536
812
1,385
3,987
7.697
37, 931
13, 272
801
1,462
3,990
7,757
38, 335
13,848
508
1,597
3,939
7,775
' 38, 663
' 13,995
'717
1,708
3,873
7,763
' 38,935
' 14, 089
'810
1,873
' 3 877
' 7, 787
' 39, 107
• 14, ] 50
'813
' 1, 893
' 3, 906
' 7, 900
' Revised.
» Preliminary.
. *New series. For data beginning June 1943 for the series on department store credit, see p. S--9 of August 1944 Survey; data beginning 1941 will be published later. Data beginning February 1941 for the collection ratios for furniture, jewelry, and household appliance stores are on p. S-8 of the April 1942 Survey; data back to January 1940 are available on
request. Annual estimates of wholesale sales beginning 1939 are available on p. 22 of the February 1945 Survey and p. 32 of the February 1946 issue and monthly figures beginning
June 1943 are on p. S-9 of the August 1944 and later issues; for estimates of wholesalers' inventories for 1938-42, see p 7 of the June 1942 Survey and p. S-2 of the May 1943 issue. Estimates of civilian labor force for 1940-1943 are shown on p. 28 of the February 1945 issue (see note 1 on p. S-9 of the April 1946 Survey with reference to revisions in progress). Data
for armed forces through June 1945 are from the U . S . Department of Labor and are as of the first of the month; data beginning July are from the Bureau of the Census, based on first
of the month figures projected to the end of the Census week for the Civilian labor force data; officers on terminal leave are excluded beginning September; all data are based on reports from the War and Navy Departments.
! Revised series. See note marked " ! " on p. S-8 regarding revisions in the indexes of department store sales. The index of department store stocks has been completely revised;
revised data for 1919-45 are shown on p. 24 of August 1946 Survey. The estimates of employees in nonagricultural establishments have been revised back to 1929; data for 1929-43 for
the unadjusted series, except manufacturing and the total, and for 1929-42 for these two series, are available on p . 24 of the July 1945 Survey; the manufacturing series has recently
been revised beginning January 1943 to adjust the estimates to 1943-44 data from the Federal Security Agency and the total corrected accordingly; data for January 1943-June 1945 for
the unadjusted series and for January 1939-June 1945 for the adjusted series for manufacturing and the total will be published later. Data beginning March 1943 for the adjusted
series other than manufacturing and the total are correct as published in the June 1944 Survey and later issues; data beginning January 1939 will be shown later.
S-10
SUKVEY OF CURKENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1946
August
October 1946
1945
August
September
October
1946
Novem- December
ber
Janu*
ary
February
March
April
May
June
July
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYM E3NT—Continued
Estimated production workers in manufacturing industries, total (U. S. Dept. of Labor)*
thousands.. 11,848
5,971
Durable goods industries
._
do-_.
1,423
Iron and steel and their products--do_.
Blast furnaces, steel works, and rolling mills
thousands.
522
Electrical machinery..
-do__.
Machinery, except electrical_
do...
1,049
Machinery and machine-shop products
do
Machine tools§
_
do.
721
Automobiles
_
do_
Transportation equipment, exc. automobiles.do
456
Aircraft and parts (excluding engines) §
do.
Aircraft engines!
_
do
Shipbuilding and boatbuilding}
_
do
384
Nonferrous metals and products
...do
Lumber and timber basic products
do
Sawmills (incl. logging camps)...
_.do
Furniture and finished lumber products——-do
387
Furniture
..do
401
Stone, clay, and glass products
_._do
Nondurable goods industries
do
5,877
Textile-mill products and other fiber manufactures
1,203
thousands..
Cotton manufactures, except small wares. ._do
Silk and rayon goods
__do
Woolen and worsted manufactures (except dyeing
, and
finishing)
__ .thousands. _
1,048
Apparel and other finished textile products..-do
Men's clothing
.do
Women's clothing
do
354
Leather and leather products
.do
Boots and shoes.._
.do
Food and kindred products
do
"If"l56"
Baking
do
Canning and preserving
do
Slaughtering and meat packing
do
Tobacco manufactures
do
Paper and allied products
do
Paper and pulp
do
385
Printing, publishing, and allied industries
do
Newspapers and periodicals.
do
Printing, book and job..
do
474
Chemicals an$ allied products
_
do
Chemicals
_
.do
'"153
Products of petroleum and coal
.do
Petroleum refining
do
"224
Rubber products
do
Rubber tires and inner tubes
..do
Production workers, unadjusted index, all manufactur144.6
ing (U. S. Dept. of Labor) t
*
1939=100.
Durable goods industries
_
do
Iron and steel and their products
...do...
Blast furnaces, steel works, and rolling mills
1939=100
Electrical machinery
do
Machinery, except electrical.
do
Machinery and machine-shop products
do.
Machine tools§
do.
Automobiles
do
Transportation equipment, exc. automobiles.do
Aircraft and parts (excluding engines)!
do.
Aircraft engines§
do._
Shipbuilding and boatbuilding|
do____
Nonferrous metals and products
do
Lumber and timber basic products
do
Sawmills—
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, except small wares. __do
Silk and rayon goods
...do
Woolen and worsted manufactures (except dyeing
and
finishing)
1939=100.
Apparel and other finished textile products..-do
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.
165.4
143.6
201.4
198.5
179.3
287.6
167.6
149.4
118.1
136.5
128.3
105.2
132.8
102.1
"13572"
12,179
6,779
1,490
10, 529
5,234
1,240
10,450
5,151
1,241
10, 503
5,180
1,255
10, 519
5,097
1,294
10, 666
5,205
1,308
4,417
843
10,639
4,999
1,268
457
640
1,076
399
67
556
1,468
430
154
647
378
524
215
330
141
317
5,400
422
445
913
333
60
426
788
157
33
445
301
508
426
467
909
330
58
460
667
127
128
310
5,295
305
476
192
307
131
319
5,299
432
479
911
325
62
525
573
121
27
286
319
484
193
321
136
313
5,323
446
484
914
325
53
388
536
121
22
265
326
499
197
336
143
320
5,422
449
476
956
334
58
416
519
119
21
249
333
514
202
348
150
335
5,461
170
348
833
295
58
401
469
118
21
228
291
521
202
355
152
356
5,566
467
367
880
314
57
447
459
117
22
219
316
534
207
361
154
367
5,640
466
445
948
344
60
623
486
121
26
213
337
558
215
366
157
377
5,656
1,049
407
85
1,051
407
85
1,057
404
85
1,063
399
85
1,113
424
87
1,127
429
88
1,157
437
89
1,176
442
90
1,183
443
90
1,185
443
91
1,199
448
92
134
897
186
190
313
169
1,102
249
180
124
79
311
143
322
110
133
'600
112
135
93
191
136
911
181
202
305
165
1,183
251
237
127
83
312
142
324
113
133
496
112
131
88
165
72
140
928
180
205
313
170
1,116
253
168
127
86
321
146
336
115
139
486
109
131
89
187
143
930
177
203
321
174
1,085
254
125
133
83
326
148
347
120
143
487
111
139
95
194
91
148
938
177
204
330
178
1,078
253
107
148
82
335
153
355
122
146
488
113
140
95
149
956
181
207
338
182
1,051
254
93
153
81
341
157
359
122
149
489
115
142
96
209
154
993
187
214
348
187
1,045
253
90
151
81
348
160
367
125
153
491
115
142
96
214
101
158
1,016
190
219
355
192
1,034
255
85
147
82
353
162
372
127
154
494
115
145
97
220
104
159
1,018
191
218
356
193
1,023
247
92
139
85
357
164
374
128
154
493
118
146
97
2&
104
159
1,013
192
213
356
193
' 1,009
239
95
136
85
359
165
375
129
153
481
117
145
98
221
105
160
1,031
195
213
358
194
'1,017
234
111
128
86
364
168
379
130
156
476
118
'149
99
225
106
i 148.7
. 187.7
150.3
128.5
144.9
125.1
127.6
142.6
125.2
128.2
143.5
126.6
128.4
141.2
130.5
130,2
144.1
131.9
121.9
122.6
85.0
129.9
138.4
127.9
135.9
151.6
134.5
136.9 ' 139. 2
158.0
154.6
' 133.1 ' 135. 4
117.6
246.8
203.7
197.1
181.8
138.3
925.2
1, 084. 4
1, 732.9
934.7
165.1
124.7
74.7
100.5
88.6
. 108.1
117.9
108.8
171.5
172.7
164.6
163.1
105.9
496.5
394.5
372.2
643.3
131.2
120.8
72.1
92.4
80.6
105.7
115.6
109.7
180.1
172.1
163.2
158.1
114.4
420.4
319.9
331.1
531.8
133.0
113.3
66.5
93.7
82.0
108.8
115.7
111.1
184.9
172.4
160.7
142.4
130. 5
361.3
305.6
300.3
413.0
139.3
115.0
67.1
97.7
85.3
106.5
116.2
114.9
186.9
172.9
160.5
145.6
96.4
338.0
304.1
246.2
382.3
142.2
118.6
68.5
102.6
90.1
109.1
118.4
115.5
183.7
180.9
164.9
158.6
103.5
326.9
298.9
239.7
359.6
145.3
122.3
70.0
106.0
94.0
114.3
119.2
43.7
134.2
157.2
145.8
159.5
103.0
294.4
296.2
239.0
328.7
126.8
124.0
70.2
108.1
95.4
121.4
121.4
120.3
141.5
166.5
155.1
156.4
111.2
289.3
294.4
252.2
315.7
137.9
127.0
71.7
109.9
97.0
124.9
123.1
119.9
171.5
179.3
170.0
162.3
154.8
306.4
303.9
293.1
306.9
146.9
132.6
74.7
111.5
98.4
128.4
123.5
114.7
' 187. 3
187.0
'170.6
161.1
'161.8
298.1
311.2
294.0
279.0
' 151.4
137.0
77.0
111.4
98.4
' 128.9
123.0
91.7
102.9
70.9
91.9
102.8
70.9
92.4
102.1
71.1
92.9
100.7
70.5
97.3
107.0
72.7
108.3
73.0
101.2
110.4
74.4
102.8
111.7
75.0
103.4
112.0
75.4
103.6
111.9
75.7
104.8
113.0
76.6
90.0
113.6
85.0
70.1
90.2
77.6
129.0
107.9
133.5
103.2
91.3
115.3
82.5
74.4
88.0
75.5
138.4
108.8
176.3
105.0
93.5
117.5
82.4
75.5
90.3
77.7
130.6
109.6
124.8
105.3
95.8
117.8
81.1
74.8
92.5
79.6
127.0
110.2
192.7
110.0
98.8
118.9
81.1
75.1
95.2
81.6
126.2
109.8
79.8
122.6
121.0
82.6
76.3
97.4
83.5
123.0
110.2
68.8
126.7
103.1
125.8
85.3
78.7
100.4
85.8
122.2
109.7
66.6
125.5
105.9
128.6
86.8
80.4
102.4
87.9
121.0
110.3
63.2
122.0
106.6
128.9
87.4
80.1
102.5
88.5
119.8
107.3
68.4
115.2
106.7
128.3
87.8
78.2
102.6
88.4
'118.1
103.5
70.4
112.9
107.3
130.6
89.4
78.3
103.1
89.1
'119.0
101.5
82.3
106.5
11,130 '11,216 • 11, 403
5,474
5,583 ' 5, 704
1,334 ' 1, 320 ' 1, 342
453
445
'501
••485
1,011
988
'348
345
59
59
'668
651
'462
473
124
126
26
26
193
'183
'347
'365
576
594
222
227
365
374
157
160
'387
'378
' 5, 633 ' 5,699
116.6
' 193. 3
191.3
'171.8
161.9
' 166.1
' 290.8
' 316.3
292.3
' 264.6
' 159.1
141.3
'78.7
114.1
100.6
' 132.0
124.4
«• Revised.
§ For 1941-43 data for shipbuilding see p. 19 of December 1944 Survey; 1939-44 data for aircraft and aircraft engines are on p. 20 of the August Ift45 issue. For data for December
1941-July 1942 for machine tools, see note marked "f" on p. S-10 of the November 1943 Survey.
* New series. Data beginning 1939 for the estimates of production workers for individual manufacturing industries will be shown later; data published in the Survey beginning
with the December 1942 issue, except as indicated in note marked " § " , are comparable with figures published currently. Data for 1929-43 for all manufacturing, total durable goods
and total nondurable goods industries, and the industry groups are shown on p. 22 of the December 1945 Survey, and revised data for January 1944—February 1945 are on p. 24 of
the July 1946 issue.
t Revised series. The indexes of production-worker employment and of production-worker pay rolls (pp. S-12 and S-13) have been completely revised; for 1939-41 data for the
Individual industries (except as indicated in note marked "§") and 1939-40 data for the unadjusted series for all manufacturing, total durable goods and total nondurable goods industries, and the industry groups, see pp. 23-24 of the December 1942 Survey; for 1941 data for the totals and the industry groups see p. 28 of the March 1943 issue, for 1942-43, p.
20 of the October 1945 issue, and for January 1944-February 1945, p. 24 of the July 1946 issue; all revisions through February 1945 for the adjusted totals (p. S-ll) will be shown later.
SURVEY OF CURRENT BUSINESS
October 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
August
S-ll
1946
1945
August September
October
Novem- December
ber
January
February
March
April
May
June
July
EMPLOYMENT CONDITIONS AND WAGES—Continued
EMPLOYMENT -Continued
Production workers, index, unadjusted!—Continued.
Nondurable goods industries—Continued.
Tobacco manufactures__
_
1939-= 100..
Paper and allied products
_
do
Paper and pulp_
.do
Printing, publishing, and allied industries
do
Newspapers and periodicals§
do
Printing, book and job§
-do
Chemicals and allied products
„
do
Chemicals
_
do
Products of petroleum and coal_^._
do
Petroleum refining.__
do
Rubber products
do
Rubber tires and inner tubes...
do
Production workers, adjusted index, all manufacturing
(Federal Reserve)!
—1939«100_.
Durable goods industries!do
Nondurable goods industries!do
Nonmanufacturing, unadjusted (U. 8. Dept. of Labor):
Mining:!
Anthracite
„_._1939«100..
Bituminous coal
„
do.__.
Metalliferous..
_
do
Quarrying and nonmetallic.
do
Crude petroleum and natural gasf
do....
Public utilities:!
Electric light and power
„
do...,.
Street railways and busses
do
Telegraph
do
Telephone
do
Services:!
Dyeing and cleaning
....do....
Power laundries
do.....
Year-round hotels..
do
Trade:
Retail, total!
do....
Food*
do—.
General merchandising!
do
Wholesale!
do....
Water transportation*
„__—do
Miscellaneous employment data:
Federal and State highways, totalt
number..
Construction (Federal and State)
do
Maintenance (State)
„
do
Federal civilian employees:^
United States
thousands..
District of Columbia
do._..
Railway employees (class I steam railways):
Total
thousands..
Indexes: Unadjusted!
1935-39»100..
Adjusted!
do..,.
84.3
117.0
104.1
98.3
92.6
105.4
208.3
161.2
128.0
127.5
158.0
159.3
89.5
117.5
103.3
98.8
94.8
105.4
172.1
160.5
123.3
120.4
136.5
132.7
92.2
120.9
105.8
102.6
97.2
110.0
168.5
157.0
123.6
121.5
154.4
163.0
89.2
122.9
107.8
105.9
101.0
112.9
169.1
159.0
131.3
130.6
160.1
168.9
87.8
126.3
111.4
108.1
102.7
115.5
169.2
162.2
132.3
130.6
168.2
177.8
87.0
128.6
113.9
109.4
103.1
117.6
169.7
164.7
134.0
131.9
172.7
182.4
87.3
131.0
116.3
112.1
105.3
120.9
170.3
165.1
130.8
132.3
177.1
187.3
87.9
132.9
117.9
113.5
107.0
122.1
171.4
165.9
136.7
133.1
181.5
191.6
90.8
134.5
119.3
114.2
108.1
122.2
170.9
169.6
138.2
133.7
182.0
192.8
91.2
135.3
120.0
114.3
109.0
121.3
166.8
167.5
136.9
134.4
182.7
193.4
92.1
137.3
121.9
115.7
109.4
123.8
165.1
169.0
' 140.6
136.1
186.1
195.8
'90.7
' 135.9
120.9
'116.8
109.6
126.3
' 162. 5
165.0
' 142. 7
137.4
' 180.2
183.1
147.6
187.5
116.1
127.8
144.8
114.5
127.2
142.6
115.1
127.8
143.3
115.6
128.1
141.2
117.8
130.7
144.4
119.8
122.4
122.9
122.0
130.3
138.6
123.7
136.6
151.6
124.7
138.0
154.6
' 124. 8
'139. 5
' 157. 9
' 125.0
' 140.3
'160.7
'124.3
77.4
87.1
73.1
81.7
84.2
77.6
87.6
72.2
82.5
84.0
78.1
70.8
72.2
83.9
84.9
78.2
88.2
73.2
85.0
86.7
79.0
89.8
75.2
83.8
88.4
79.3
91.2
76.3
83.3
00.0
81.1
92.0
'67.5
84.3
91.0
81.7
'93.9
'65.5
88.8
90.8
81.4
'20.3
'62.9
93.8
91.8
81.0
'69.6
'67.7
95.7
92.8
79.8
'89.3
'74.4
98.9
93.7
82.2
'89.3
'74.8
101.2
95.1
182.9
84.1
117.3
119.4
133.1
84.5
118.0
121.2
133.5
85.7
119.2
123.2
135.6
88.1
121.7
124.8
139.4
90.7
122.7
126.4
143.0
92.9
123.7
112.4
146.3
94.7
125.7
124,7
153.7
96.4
126.1
123.2
158.6
97.7
127.0
119.8
163.5
127.6
113.5
167.6
r 128.7
112.1
171.7
' 101.2
'128.9
112.4
'177.7
125.3
111.7
118.7
117.3
106.1
109.9
122.3
106.6
112.2
124.7
107.4
115.0
120.6
106.7
116.5
119.0
107.8
117.6
120.3
109.3
117.3
121.5
109.0
118.7
124.3
109.6
119.3
130.3
110.0
118.9
129.6
110.7
119.9
131.6
112.3
119.9
' 130.1
' 113.7
119.0
106.6
93.8
99.9
104.7
95.8
313.4
97.6
102.0
110.4
97.0
320.5
101.2
104.6
115.9
99.4
311.0
106.2
106.5
127.4
101.8
315.1
116.0
108.0
152.5
104.1
315.7
104.1
106.6
116.8
104.7
314.8
104.3
106.8
114.6
105.5
316.9
106.0
106.9
118.6
106.6
297.8
109.0
106.3
125.3
106.7
275.3
107.2
105.0
121.9
106.0
250.6
107.2
103.5
121.0
106.9
229.0
' 106.3
101.3
117.6
' 107.5
228.2
151,474 151,490
30,812 30,684
95, 722 94,992
145,068
24,804
93, 548
139,964
16,674
85,317
139,381
14,908
05,458
142,074
16,277
95,596
150,013
21,000
97,814
165, 762 184,179 205.161
45, 084 59,001
31,871
100,683 104, 445 110, 537
225.184
73, 766
114, 717
2,299
235
2,282
235
' 1, 334 r 1,358
128.1 P 130.3
128.6 p 128. 5
9 1,377
9 132. 2
9 129.4
92.6
137.8
117.5
164.5
185.2
143.4
165.1
126.4
90.1
102.2
130.5
108.8
226.9
153,223
28,419
99,512
2,232
232
2,851
251
2,613
240
2,513
233
2,456
230
2,411
220
2,406
233
2,402
236
2,379
237
2,394
238
v 1,397
v 134.1
v 131.3
1,476
141.9
139.0
1,439
138.3
135.0
1,424
136.9
132.4
1,435
137.9
136.8
1,428
139.1
1,422
136.5
142.0
1,393
133.0
137.3
1,397
134.1
137.5
1,375
131.9
134.0
2,360
236
LABOR CONDITIONS
Average weekly hours per worker in manufacturing:
Natl. Indus. Conf. Bd. (25 industries)
..hours..
42.3
43.4
41.7
40.6
40.4
42.3
41.9
39.2
'39.3
'39.8
40.7
40.0
IT. 8. Dept. of Labor, all manufacturing!
do
*>40.3
41.4
40.7
41.5
41.0
41.6
41.2
40.5
40.5
39.7
40.0
40.7
'39.6
Durable goods industries*.
do
M0.1
41.0
41.1
41.4
40.8
41.6
41.1
40.0
39.3
39.8
40.6
40.4
'39.2
Iron and steel and their products*
do
40.4
41.1
41.7
42.5
42.1
42.1
39.1
'38.4
40.0
39.9
38.4
Blast furnaces, steel works, and rolling
mills*
hours..
41.2
42.2
41.0
40.4
38.5
35.8
40.8
30.4
37.9
37.5
36.4
36.0
Electrical machinery*—
do
41.2
40.8
41.5
41.1
41.3
41.3
40.3
40.3
40.2
'38.9
39.3
'39.8
42.7
Machinery, except electrical*
do
43.0
42.9
43.0
42.0
42.6
41.4
41.7
'40.1
41.5
40.4
'40.9
42.7
42.6
42.8
43.1
42.5
42.9
Machinery and machine-shop products*—do
42.3
41.7
42.2
40.8
'40.4
'41.2
45.6
44.7
44.4
44.1
44.4
43.9
Machine tools*
_
do
43.3
43.6
42.6
41.6
41.3
42.2
33.5
36.5
36.0
38.4
37.6
37.8
Automobiles*
J
do
34.5
37.0
37.4
37.8
'36.3
'36.7
41.7
38.8
39.7
S9.1
40.0
37.4
30.0
40.0
Transportation equipment, except autos*._do
39.9
39.2
39.1
39.5
40.7
38.1
40.8
40.1
41.1
39.7
40.8
41.0
Aircraft and parts (excluding engines)*-._do
41.3
40.0
40.7
40.4
37.2
36.7
40.3
39.0
40.9
37.6
42.1
41.9
Aircraft engines*
_
do
41.8
40.6
41.3
'41.6
43.6
38.7
38.3
38.2
38.8
35.0
37.3
38.8
Shipbuilding and boatbuilding*
do._._
38.5
37,6
38.1
'38.1
43.3
42.5
43.3
43.2
43.3
43.2
43.2
42.2
Nonferrous metals and products*
do
41.1
41.8
40.1
40.9
40.5
40.8
39.0
42.2
38.8
40.5
40.1
41.1
Lumber and timber basic products*
do
40.9
41.3
41.5
38.6
40.6
42.3
42.5
42.7
41.8
42.0
42.3
42.5
Furniture and finished lumber products*.._do
41.3
42.3
41.8
41.0
41.6
41.8
41.9
42.5
40.7
42.0
41.1
41.6
Stone, clay, and glass products*
do
'40.2
40.4
41.3
39.5
40.3
41.8
41.5
41.5
41.2
41.3
40.9
40.9
Nondurable goods Industries*...
_
.do
40.1
'40.2
40.6
'40.1
Textile-mill products and * other fiber manufactures*
hours..
38.4
40.6
40.4
40.3
40.7
40.4
40.4
40.5
40.3
40.0
39.6
Apparel and other finished textile products*
hours..
36.2
33.2
36.7
36.1
36.4
36.7
37.5
36.5
37.2
36.9
'37.1
36.1
Leather and leather products*
do
40.6
39.3
40.9
39.6
40.6
39.9
40.8
40.4
40.5
39.6
39.3
38.3
Food and kindred products*
do....
44.7
43.3
44.1
44.4
45.3
44.9
42.9
44.3
42.8
42.4
'42.2
43.8
Tobacco manufactures*
do._^_
42.3
42.0
39.0
40.4
39.1
39.3
39.7
38.5
39.2
39.5
'40.0
39.1
Paper and allied products*
do
45.9
45.8
44.0
45.7
45.6
44.3
43.9
43.9
43.5
'42.9
43.1
42.8
Printing and publishing and allied industries*
hours. .
40.7
42.2
41.6
41.7
41.5
41.1
41.2
40.4
'40.5
40.8
41.0
40.2
Chemicals and allied products*
do
43.4
43.4
43.3
42.5
42.6
42.0
41.6
40.7
41.7
41.4
40.5
40.6
Products of petroleum and coal*..*
do
46.9
44.9
42.6
44.0
42.9
41.7
40.8
39.3
41.6
40.0
'39.6
40.0
Rubber products*
_
___do
41.8
41.4
43.0
40.2
40.9
41.7
40.8
39.4
40.8
40.3
39.3
39.2
' Revised. > Preliminary. » See note marked *T*.
$ Data beginning August 1942 are available in the November 1943 Survey; earlier data will be published later.
jTotal includes State engineering, supervisory and administrative employees not shown separately.
1 United States totals beginning August 1945 include approximately 53,000 clerks at third-class post offices and substitute rural carriers not reported previously; see also note in
July 1944 Survey regarding changes in the data beginning in 1943. December figures do not include excess temporary post office substitutes employed only at Christmas.
•New series. Indexes beginning 1939 for employment in retail food establishments and beginning 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data
beginning 1939 for all series on average hours will be published later; data beginning March 1944 for the aircraft engines industry and beginning March 1942 for other series are available
In previous issues of the
Survey.
UC OU1
VOJf .
^Revised series. S
See note marked " ! " on p. S-10 regarding revisions in the inedxes of employment in manufacturing industries and sources of revised data. Data for 1937-43 for
j\4. ^
e i U p i O y m ent
e n . »~~.^.
and pay
r*~j ~~»*^
rolls »in
^» the
v."w telephone
i n i v j / u v u u •industry
" " " " » » ; CM.V/
are U
onU p.
t->. w
20 ui
of the
m e x>_i.c*,y
May xaiu
1945 KJU*
Survey
VCJI a
and
u u V4.ai/a
data l\JL
for xs»t»|—to
1937-43 1for
L»1 Ll-lC
the ttelegraph
e J C g i a p i l illUU;
industry
., are on ^
p.. 23 of August 1946 issue:
_^_
data for 1939-41 for the other Department of Labor series on nonmanufacturing employment and pay rolls are on p. 31 of the June 1943 Survey. The index of railway employees has
been shown on a revised basis beginning in the May 1943 Survey; earlier revisions will be published later. Data beginning January 1944 for the series on average weekly hours in all
manufacturing industries are available in the March 1943 and subsequent issues of the Survey; revised data prior to 1942 have not been published in the Survey and will be shown in a
o
S-12
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
August
October 1946
1945
August
September
October
1946
Novem- December
ber
January
February
March
April
May
June
July
EMPLOYMENT CONDITIONS AND WAGES—Continued
LABOR CON DITION9—Con tinned
Average weekly hours per worker In nonmanufacturing industries (TJ. S. Department of Labor):*
Building construction
hours.
Mining:
Anthracite
do
Bituminous coal
do
Metalliferous
__
do
Quarrying and nonmetallic
„
do
Crude petroleum and natural gas
do
Public utilities:
Electric light and power.-—
do.....
Street railways and busses
do
Telegraph.
__do
Telephonei
_
do
Services:
Dyeing and cleaning...
do
Power laundriesdo
Trade:
Retail
—-do
Wholesale
>_do
Industrial disputes (strikes and lockouts): •
Strikes beginning in month:
Strikes..
.....
number..
SCO
Workers involved
_
thousands..
235
3,425
Man-days idle during month
do
U 8. Employment Service placement activities:
522
Nonagricuitural placementst
thousands..
Unemployment compensation (Social Security Board):
541
Initial claims*
.thousands..
Continued claims©—
do
4, 604
Benefit payments:
Beneficiaries, weekly average
do.i.. 1 1 949
Amount of payments. _. - - —
thous. ofdol
78, 021
Veterans' unemployment allowances:*
602
Initial claims
I
thousands..
7,147
Continued claims...
do..
Number receiving allowances, weekly average do__ 3 2 1,650
Amount of payments
thous. of dol... 145,108
Labor turn-over in manufacturing establishments:©"
Accession rate
monthly rate per 100 employees..
Separation rate, total
do
Discharges
do
Lay-offs
.
do
Quits..do
Military and miscellaneous
do
40.3
38.1
38.7
37.2
37.1
37.7
37.3
37.5
38.2
37.5
38.2
38.2
37.1
40.1
42.0
46.6
46.8
37.0
42.3
43.0
46.5
45.4
41.2
32.2
44.3
47.2
44.4
35.8
44.9
4S.0
46.1
43.9
39.6
45.7
42.0
44.2
41.0
36.4
43.3
41.1
43.3
41.1
41.2
45.5
'36.8
44.1
40.7
41.0
45.9
'41.0
45.1
40.8
38.6
'26.4
'42.0
46.3
40.7
41.7
••27.3
'39.2
44.3
40.7
39.4
'41.7
' 40. 8
45.6
39.5
31.3
34.1
40.0
44.9
40.3
44.3
52.3
48.2
44.1
43.0
51.3
45.9
41.5
43.3
£0.9
45.4
41.9
42.7
50.3
45.0
42.1
42.0
50.7
44.5
41.1
42.7
49.2
44.0
40.1
42.4
49.2
44.1
40.7
41.6
49.4
43.7
40.2
41.6
49.0
43.8
39.5
41.3
49.2
44.2
39.4
40.9
'49.3
44.5
39.3
41.5
48.4
45.2
39.7
41.5
42.4
43.1
43.4
43.5
43.2
42.4
42,7
43.0
43.3
43.1
43.6
42.5
43.3
43.4
43.5
44.0
43.5
42.9
43.1
43.8
43.3
43.2
43.4
41.2
42.4
40.7
42.4
40.3
42.6
40.0
42.3
40.1
42.0
40.5
41.8
40.5
41.9
40.5
41.9
40.4
41.8
40.3
41.7
40.9
41.4
42.2
41.4
260
130
480
185
3, 300
447
271
673
526
474
551
358
420
134
50
350
150
8,611
6,935
7,718
21, 600
385
130
14,000
360
560
4,341
1,400
19,200
465
575
1,712
15,500
11,500
3,800
825
614
601
484
380
432
359
421
461
457
479
1.230
1,532
1,086
4,724
818
779
745
046
980
6,502
6,564
7,327
774
7,464
6,649
1,120
6,497
762
6,671
1, 234
8,258
1,319
106,624
1,621
1,624
133, 246 ' 120,727
1,592
127,013
1,402
110,672
1,315
103,889
eo8
801
7,353
1,507
148,958
690
741
7,685
1,626
160,071
7,690
2 1,783
155,175
7.1
6.6
.4
1.8
4.2
.2
6.7
6.3
.4
1.4
4.3
.2
6.1
6.3
.4
1.5
4.2
.2
325
231
612
17,948
50,439
1,272
106,449
1,313
108, 555
74
261
44
112
400
73
260
774
123
426
567
1,415
2,401
1,030
4,594
218
405
5,013
7,457
14,088
25,770
42, 217
83,322
5,853
1,071
112,195
8.6
8.6
.5
2.3
5.6
.2
8.7
7.1
.5
1.7
4.7
.2
6.9
5.9
.4
1.3
4.0
.2
8.5
6.8
.5
1.8
4.3
.2
6.8
6.3
.5
1.7
3.9
.2
5.9
7.4
17.9
12.0
10.7
.6
4.5
6.7
.2
.7
6.2
.3
695
' 5, 395
530
699
5, 505
1,174 ' 1,074
92,982 ' 88,480
602
'657
6,982
7,828
2
1,744 21, 720
'150,063 152,648
' 6. 7
'5.7
.3
' 1.2
'4.0
7.8
5.9
.4
.8
4.5
'.2
PAY ROLLS
Production-workers pay rolls, unajdusted index, all
210.5
267.3
226.2
260.5
222.9
229.2
manufacturing (U. S. Dept. of Labor)t—1939=100..
224.2
232.9
249.2 '247.8 ' 256. 8
222.9
286.2
Durable goods Industries
_„
do_.
236.8
335. 4
246.2
243.7
241.8
240.0
243.0
199. 6
267.3 ' 266.6 ' 280.1
236.0
Iron and steel and their products
do_.
211.7
255.8
206.9
207.3
210.4
220.5
216.1
127.2
231.6
229.1
221.4
Blast furnaces, steel works, and rolling
47.6
199.2
181.2
181.2
191.0
175.8
169.4
173.6
173.2
181.5
175.3
mills. _
_
1939=100-193.3
333.7
224.1
Electrical machinery
.do
399.2
268.5
289.1
301.9
308.5
302.6
211.1
286.1 '311.5 ' 333.9
333. 5
Machinery, except electrical
.do
277.9
338.4
285.7
284.1
283.3
288.7
297.5
255. 3
301.6 ' 310.8
329.5
300.5
Machinery and machine-shop products
do
258.0
323.6
266.4
268.4
263.4
265.4
272.8
239.4
290.1 ' 283. 5 ' 290.4
262. 3
Machine tools!
do
256. 8
303.9
260.5
254.9
233.0
244.5
262.3
258.2
261.4
270.4
259.6
282.2
Automobiles.
_do
166.9
183.5
151.2
171.8
192.2
135.5
153.5
142.4
241.7 ' 232. 7 ' 250.5
T r a n s p o r t a t i o n e q u i p m e n t , except automo559.1
491.6
538.3 ' 537. 5
1.742. 2
577.2
538. 5
558.1
844.1
713.5
507.0
583,5
biles..1939=100—
606. 9
524.0
Aircraft end parts (excluding engines)t_
do
5,53. 2
565.9 ' 585. 5
1,854. 8
624.5
537.4
50R.6
520.4
514.3
520. 7
465. 6
384.4
457.8
409.4
469.2
Aircraft enginest
do
|
2,375.9
469.7
444.3
389.7
346.3
356.6
369.1
467.4
548.5
1,919.9 1,115.9
893.4
637.9
641.2
602. 5
530.4
Shipbuilding and boatbuilding!.
do__ __
555.2
498.5 ' 483. 4
288.7
247.8
292.2
223.3
230.4
243.5
250.4
256.1
228.7
264.9 ' 271.4 ' 288.7
Nonferrous metals and products.
do
267.0
234.5
219.3
215.3
199.0
194.8
199. 4
207.7
219.9
Lumber and timber basic products
do
248.2
261.8 '281.0
148.8
131.9
133.8
130.3
117.4
114.0
114.1
118.2
123.0
139.8
147.2 ' 158.1
Sawmills (incl. logging camps)
_
do
222.1
209.0
171.5
164.0
168.8
173.2
188.1
192.9
200.4
214.6
223. 5
212.3
Furniture and finished lumber products
do
194.2
184.3
189.7
196.2
188.3
150.4
140.8
147.1
151.1
164.3
169.3
176.7
Furniture
..do
235. 7
217.2 ' 226.0 ' 224.1 ' 235.0
179.8
175.7
183.2
175.9
181.7
185. 4
204. 6
Stone, clay, and glass products
...do
235.3
229.2
231.4 ' 229.4
234.0
200.6
202.6
202.6
204.5
212.7
215.7
221.3
Nondurable goods industries
do
214. 7
212.6
162.1
169.7
171.3
174.8
188.0
190.7
203. 7
215.8
218.6
214.8
Textile-mill products and other fiber mfrs
do
246.1
242.3
192.9
201.0
198.6
199.9
216.2
217.0
230.0
246.3
248.2
244.3
Cotton manufactures, exc. small wares
do
166.3
163.6
166.5
166.8
166.9
133.9
138.2
143.0
142.0
148.8
149.4
158.3
Silk and rayon goods.
do
Woolen and worsted manufactures (except dyeing
167.2
206.6
226.9
228.6
237.7
178.3
200.0
234.2
238. 5
175.4
184.0
238.5
and
finishing)
1939=100245.7
263.6
180.6
208.4
213.5
208.0
215.0
228.0
240.2
263.5
263.3
258.8
Appnrel and other finished textile products
do.
167.9
170.0
174.1
181.2
175.6
135.0
141.4
141.0
136.9
140.7
148.0
158.1
Men's clothing
do.
142.4
172.6
108.4
138.4
141.9
136.4
140.9
149.4
153.3
169.6
159.8
163.1
Women's clothing.
do.
197.3
202.1
203.9
203.4
203.1
159.9
160.2
165.0
165.3
179.2
185.2
194.5
Leather and leather products.,
do.
177.6
182.7
141.2
140.3
144.2
145.7
157.1
164.0
174.1
185.3
183.0
184.6
Boots and shoes
_
do.
231. 5
206.6
205.6
226.6
215.9
214.9
220.4
215.0
211.5
205.4 ' 201.9 ' 205. 0
Food and kindred products
do.
178.5
182.8
179.3
168. 8
170.8
170.9
173.6
176.8
181.4
181.2
180.1
181.2
Baking_
_
do.
323.4
132.1
249.4
351.6
251.7
179.4
167.3
144.1
136.6
149.2
180.4
149.8
Canning and preserving
do.
179.9
191.1
158.2
177.6
173.1
185.2
214.9
217.9
199.4
180.9
167.4
181.4
Slaughtering and meat packing
do.
178.3
171.3
174.6
184.1
181.1
149.3
176.0
181.7
172.2
164.1
166.7
165.2
Tobacco manufactures...
.__
..do.
243.8
233.3
189.2
200.7
206.9
211.0
219.0
221.7
226.2
235.9
237. 4 ' 244. 4
Paper and allied products
_.do_
218.4
208.1
209.9
212.7 ' 216.7
171.7
180.5
186.7
190.0
196.6
198.4
203. 6
Paper and pulp
_
do.
186.0
177.2
178.9
184.2
179.5
Printing, publishing, and allied industries
do.
140.0
147.7
150.7
158. 5
163.2
165. 7
171.2
163.7
154.4
128.6
130.3
132.9
138.3
141.9
143.5
148.9
Newspapers and periodicals*
do.
157.8
162.0
160.9
209.1
200.2
199.9
204.6
197.0
Printing, book and job*
do.
151.9
166. 5
168.6
178.1
184.7
188.8
193.9
•• Revised. tSee note marked " § " on p. S-10. 0Small revisions in the date for January 1940 to May 1944 are available on request. iPartly
estimated.
3
»Continued claims filed during week ended the last Saturday of the month; average number receiving payment, has been discontinued;
Excludes data for Indiana.
• 1946 data are preliminary estimates; see note in the August 1946 Survey for revisions for January-April 1945.
^Data beginning April 1945 are not comparable with earlier data. See note for hours and earnings in telephone industry at bottom of p. S-13 of April 1946 Survey,
cf Rates refer to all employes rather than to wage earners and are therefore not strictly comparable with data prior to 1943 published in the Survey.
•New series. Data on average hours for the telephone Industry for 1937-43 are shown on p. 20 of the May 1945 Survey (see also note'T' above) and data for the telegraph Industry
beginning June 1943 (the earliest available) are given in note on p. S-ll of the January 1945 issue; data beginning March 1942 for all other series on average hours are available in the
May 1943 Survey and data back to 1939 will be published later. The new series on veterans' unemployment allowances relate to readjustment allowances payable under the Service-men's Readjustment Act of 1944; data beginning September 1944 will be shown later. Indexes of pay rolls 'or the printing and publishing subgroups beginning August 1942 are on
p. S-12 of the November 1943 Survey; data back to 1939 will be published later. Data beginning 1939 for the series on initial unemployment compensation claims will be shown later
(see note in April 1946 Survey for definition of initial claims).
tRevised series. Data beginning June 1942 for nonagricuitural placements are available in the August 1943 Survey; earlier data will be published later. For information regarding
the revised indexes of production-worker pay rolls in manufacturing industries, see note marked "f" on p. S-10.
SURVEY OF CURRENT BUSINESS
October 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
S-13
1946
August
1946
August
September
October
Novem- December
ber
January
February
March
April
May
June ! July
290.0
276.3
231.0
217.9
302.8
281.1
291.2
282.7
232.7
221.3
324.9
312.9
283.8
277.8
228.2
221.5
327.6
314.2
285.1
283.0
"236.0
223.3
337.2
318.3
284.3
283.7
244.3
228.0
327.2
304.3
178.5
' 230.9
102.1
172.6
144.4
165.1
26.0
' 102. 0
192.5
144.0
' 187.1
' 239.1
r 126. 9
206.8
155.7
190.5
128.0
212.3
143.2
148.4
' 199. 5
174.9
259.9
268.8
EMPLOYMENT CONDITIONS AND WAGES—Continued
PAY ROLLS-Continued
Production-worker pay rolls, mfg., unadj.!— Con.
Nondurable goods industries—Continued.
Chemicals and allied products—
1939«=100~
Chemicals.
-do
Products of petroleum and coal
-do
Petroleum refining
_
.
do
Rubber products-—
do
Rubber tires and inner tubes
do—
Nonmanufacturing, unadjusted (U.S. Dept. of Labor):
Mining:f
Anthracite
1039 «= 100Bituminous coal
do
Metalliferous
do
Quarrying and nonmetallic
do
Crude petroleum and natural gasf
do
Public utilities:!
Electric light and power
.
do
Street railways and busses
do
Telegraph
do
Telephone
„
do
Services:!
Dyeing and cleaning
do
Power laundries
do
Year-round hotels
do
Trade:
Retail, totalf
do....
Food*
do
General merchandising!
do
Wholesale!
do
Water transportation*
.do
WAGES
357.2
288.2
229.8
224.3
265.7
249.7
292.2
273.6
212.1
203.5
231.3
211.4
284.9
261.3
198.0
189.7
254.2
239.8
281.8
260.8
222.9
215.5
257.8
240.2
283.4
267.0
222.2
212.6
275.5
256.7
285.2
276.8
220.9
210.6
290.1
272.6
284.7
272.5
221.3
217.4
292.1
271.9
148.0
188.0
114.2
155.9
139.2
149.8
199.7
116.4
159.2
138.4
170.8
120.5
118.4
164.3
133.6
144.0
212.8
117.2
163.2
140.0
167.1
222.0
117.6
155.0
135.9
149.3
209.9
118.0
150.9
139.0
178.3
222.8
'92.8
157.2
142.0
120.7
178.7
200.4
195.7
120.6
177.1
177.2
181.7
120.9
178.1
177.6
189.0
126.7
179.1
177.9
200.3
129.8
184.0
178.8
203.5
133.7
181.4
155.3
205.2
138.3
187.2
176.9
230.7
140.4
187.2
177.1
237.0
142.5
191.4
179.5
246.1
180.4
100. 2
r 106. 4
189.9
145.4
144.2
195. 2
175.6
254.0
179.9
160.5
172.0
199.2
168.1
177.2
193.5
168.9
190.6
196.9
174.3
196.1
201.7
178.7
196.4
199.1
177.0
199.8
213.4
181.3
201.1
231.0
183.3
201.1
227.0
186.2
204.6
236.6
190.9
205.0
231.4
193.3
204.5
132.0
144.7
141.2
141.3
664.0
138.7
145.7
150.0
145.6
669.6
207.6
169.1
184.6
144.2
149.7
157.7
150.7
666.8
151.9
154.9
172.4
155.2
582.1
167.6
159.5
209.2
159.2
583.1
154.9
159.7
165.8
161.2
675.3
157.1
161.7
165.5
165.0
577.3
160.9
163.9
173.3
167.5
650.6
167.8
165.7
186.2
169.8
509.0
166.2
166.1
180.5
169. 6
486.3
171.2
170.0
188.8
172.6
467.4
172.6
171.5
187.1
174.5
490.1
r
r
146.6
150.2
206.7
Manufacturing industries, average weekly earnings:
45. 50
46.92
47.73
46.16 r 47. 20
45.74
44.62
46.44
47.58
43.56
45.42
45.72
Natl. Ind. Con. Bd. (25 industries;
dollars,.
p 44. 61
TJ. S. Dept. of Labor, all manufacturing!
do
40.97
42.88 ' 42. 51 ' 43.30 M3.35
40.87
40.77
41.21
41.15
41.72
42.15
40.58
46.15
F47.43
Durable goods industries
»
...do
44.23
45.71 r* 45. 10 ' 46.31
43.95
43.71
44.08
43.67
45.72
44.79
42.57
45. 74 r 46. 56
46. 57
Iron and steel and their products!
do
45.40
47.28
45.48
45.51
46.38
44.95
46.31
46.80
42.45
Blast furnaces, steelworks, and rolling
46.16
50.74
46.22
44.93
48.57
47.85
47.51
36.75
46.76
46.81
48.93
mills!
_
_—__.. dollars.
doa
47.33
45.38
t i l machinery!-.
h
Electrical
_
do
42.39
44.03 r 43. 99 ' 45.67
41.37
42.98
43.58
43.52
42.75
41.49
41.81
49.92
Machinery, except electrical!
do
48.12
48.94 r 48. 32 r 50.05
48.12
47.90
48.63
47.84
48.41
47.53
48.82
49.58
Machinery and machine-shop productst.-do
47.60
49.26 ' 47. 86 r 49. 70
47.15
47.58
47.98
47.81
47.81
47.91
48.29
52.44
53.86
52.01
Machine tools
_
do
51.65
61.92
61.23
52.35
53.80
53.07
63.63
52.19
52.92
51.29
49.45
Automobiles!,..
_
do
46.86
48.72 r 48. 05
44.65
45.99
43.89
46.19
41.70
43.01
46.75
53.46
'
53.33
52. 09
Transportation equipment, except autos!__do
48.92
52.50
48.98
46.66
49.18
49.29
64.07
48.09
50. 61
53.03
51.63 r 52. 55
Aircraft and parts (excluding engines)..-do
47.60
51.68
44.81
46.98
48.40
48.84
48.43
49.91
50.53
54.49
*
55.
91
55.26
Aircraft engines*
do
46.37
54.08
43.56
44.91
48.67
51.48
47.31
53.43
52.80
54.36
52.79 r 54.00
Shipbuilding and boatbuilding
_.do
49.50
63.43
51.06
45.56
49.44
49.44
60.46
47.61
51.32
46.
75
'
47.73
' 47.18
Nonferrous metals and products!
do
|
45.30
47.29
44.41
46.71
46.08
46.13
46.15
47.13
46.92
35.09
' 36. 01 ' 37. 62
Lumber and timber basic products!
do
33.08
35.34
33.41
31.98
31.78
32.15
32.91
33.52
34.88
33.99
r
36.
56
Sawmills (inch logging camps)..__.do
31.86
34.02 ' 34. 71
32.38
30.69
30.15
30.58
32.13
31.91
33.47
38.48
Furniture and finished lumber productst-do
35.89
38.21 ' 37. 88 r 38.87
35.21
35.44
36.50
36.07
33.89
36.86
37.78
38.80
Furniture!
do
36.59
39.16 r 38. 87 r 39.4.8
35.39
36.21
37.21
36.56
34.49
37.46
38.46
41.77
Stone, clay, and glass products!
..6o
39.61
41.47 M l . 00 M l . 95
39.12
38.95
39.33
28,33
39.08
39.76
40.68
40.49
39.93 r 40. 29
Nondurable goods industries
do
37.76
v 41. 74
40.13
37.80
37.89
38.52
88.76
36.65
39.01
39.83
Textile-mill products and other fiber
34.80
35.02
34.81
32.44
31.25
34.98
33.76
31.65
29.60
34.69
31.01
32.41
manufactures!
.doilars.Cotton manufacturers, except small wares!
31.58
31.64
31.75
28.21
31.79
30.14
27.13
28.32
31.36
28.72
29.01
29.25
dollars..
34.94
34.64
35.11
Silk and rayon goods!
_„...
_do
31.86
31.05
35.10
30.07
31.92
32.48
82.42
33.74
34.74
Woolen and worsted manufactures
41.67
38.52
41.18
41.04
41.81
35.60
34.69
41.63
35.84
35.71
41.29
37.64
(except dyeing and finishing)!. ..dollars..
Apparel and other finished textile products!
33.97
35.92 r 35. 28 ' 35. 25
33.24
28.06
31.81
36.01
33.70
32.12
31.16
31.88
dollars..
37. G8 '38.18
36.19
Men's clothing!
_
do
32.40
32.38
31.98
37.50
30.10
32.77
33.88
34.94
37.04
43. 24
44. 64
Women's clothing§
do
40.87
41.45
40.11
46.29 T 45.55
33.75
41.07
42.95
42.50
46.83
36. 50
37. 35 r 37.34
Leather and leather products!
do
34.62
34.82
33.93
37.58
33.62
35.74
36.03
36.69
37.37
35. 38
36.14
36.77
Boots and shoes
do
32.95
32.86
32.37
36.97
32.24
34.13
34.71
35.99
36.67
43. 21
39.36
39.50
40.31
40.76 ' 40. 70 M l . 10
38.16
41.49
41.37
40.93
40.47
Food and kindred products!
do
43.81
41.14 M l . 42
Baking
do
39.83
40.21
41.37
41.74
39.66
41.28
40.95
41.15
41.49
38.97
34.64
35.67
32.24
32.71
31. 56
35.48
30.11
33.87
33.86
33.18
33.71
Canning and preserving!
do
48.05
43.99
42.99
45.81
44.54
45.78
42.77
41.67
47.51
46.68
43.23
42.56
Slaughtering and meat packing
do
33. 24
33.52 ' 33.83
33.21
33.35
32.65
32.48
29.85
31.63
32.36
31.98
32.95
Tobacco manufactures!
do
43.10
40.96
41.10
41.23
42.03 r 42. 10 r 42. 76
38.69
41.46
41.17
41.15
41.97
Paper and allied products!
do
46.02
45.34
44.46
44.86
44.81
44.87 ' 45. 20
41.86
44.67
44.08
44.34
• 44.80
Paper and pulp
do
Printing, publishing, and allied industries!
51.10 ' 51. 73
51.77
51.09
49.80
49.36
48.89
48.83
49.28
50.93
48.01
46.60
dollars. .
56. 72
56.07 ' 56.08
62.64
62.19
52.26
65.63
63.13
52.70
52.95
53.67
64.86
Newspapers and periodicals'
..do
49.
75
48.77
49.64
47.39
45.90
47.25
49.18 r
43.44
47.92
48.18
48.30
49.51
Printing, book and job*
do
44.65
43. 31 ' 43.96
43.01
42.95
42.10
43.28
43.53
42.55
42.61
42.53
42.94
Chemicals and allied products!
..do
52.30
'
50.
69
50.29
61.46
60.03
49.25
50.58
53.96
49.56
60.66
49.91
60.25
Chemicals
do
54.19
64.70
51.33
53.54
53.27 ' 52. 80 r 53.34
67.28
63.05
62. G6
63.45
63.30
Products of petroleum and ccal!_
_..do
57.02
67.37
53.03
56.21
56.61 r 56. 49 r 56. 46
59.77
55.42
54.59
56.25
55.86
Petroleum refining
do
50.60
49.82 ' 50.45
47.20
45.57
44.68
49.67
46.76
45.48
46.71
46.05
46.46
Rubber products!
_
...do
56.11
54.
72
54.76
63.69
49.48
47.78
52.81
48.54
50.29
49.21
49. 72 1 64.77
Rubber tires and inner tubes
do
I.
Re vised.
v Preliminary.
t Sample was changed in November 1942; data are not strictly com parable with figures prior to that month.
§ Sample was changed in July 1942; data are not strictly comparable with figures prior to that month.
* New series. Indexes of pay rolls beginning 1939 for retail food establishments and 1940 for water transportation are shown on p. 31 of the June 1943 Survey. Data beginning
1932 for the newspapers and printing, book and job, industries will be published later; see November 1943 Survey for data beginning August 1942. Data for the aircraft engine industry
beginning 1939 will also be published later.
! Revised series. See note marked " ! " on p. S-10 regarding revisions in the indexes of pay rolls in manufacturing industries and sources of revised data and note marked " t " on
p. S-ll for sources of revised data for pay rolls in nonmanufacturing industries. The indicated series on average weekly earnings and average hourly earnings (p. S-14) have been
shown on a revised basis beginning in the March 1943 Survey and data are not comparable with figures shown in earlier issues (see note marked " ! " on p. S-13 of the July 1944 Survey); data prior to 1942 have not been published in the Survey and will be shown in a later issue; there were no revisions in the data for industries that do not carry a reference to
this note.
SUEVEY OF CUREENT BUSINESS
S-14
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1946
October 1946
1945
August August September
October
1946
Novem- December
ber
January
February
March
April
May
June
July
1.189
1.084
' 1.164
' 1. 202
1.297
r
1.148
r 1. 223
' 1. 202
1.277
r
1. 348
1.350
1.302
1.343
' 1. 417
1.167
' .908
'.888
' . 930
<". 953
' 1.039
1.003
1.193
1.093
' 1.177
1.212
1.308
1.154
1.235
1.216
1.269
1.356
1.365
1.324
1.346
1.436
1.166
.909
.891
.939
.960
1.057
1.010
EMPLOYMENT CONDITIONS AND WAGES—Continued
WA G ES—Continued
Manufacturing Industries, average hourly earnings:
Natl. Ind. Con. Bd. (25 industries)
dollars..
U. S. Dept. of Labor, all manufacturing!
do
"~*TIi6"
Durable goods industries!
do
^1.180
Iron and steel and their products! rni R do
Blast furnaces, steel works,androlliiif M "'' do
Electrical machinery!
do
do
Macbinerv, except electrical!
Machinery and machine-shop products!.do...
Machine tools...
. .
do
do
Automobiles!
..... .
Transportation equipment, except autos! do
Aircraft and parts (excluding engines)..do
Aircraft engines*
do
Shipbuilding and boatbuilding
do
Nonferrous metals and products!.
do
Lumber and timber basfc products!
..do....
Sawmills (incl. logging camps)
do
Furniture and finished lumber products!.-do
Furniture
rio
Stone, clay, and glass products!-. .
. do
P I . 030
Nondurable goods industries!
. . . . do
Textile-mill products and other fiber
manufactures!
,
dollars.,
Cotton manufactures, except small
wares!
...
...
Silk and rayon goods! _ . . . . .
. do
Woolen and worsted manufac tures
dollars.,
(except dyeing and finishing)f—
Apparel and other finished textile pro ducts!
dollars..
do
Men's clothing!
Women's clothing!
do
do
Leather and leather products!
Boots and shoes....
.
.....
Food and kindred products! .
do
Baking
do
Canning and preserving!
do
Slaughtering and meat packing...
do....
Tobacco manufactures! ..
. . . . . . . do
Paper and allied products!
do
do
Paper and pulp _
. . . .
Printing, publishing, and allied industries!.do
Newspapers and periodicals*
do
Printing, book and job*
. . . .
do
Chemicals and allied products!
do
Chemicals
do
do
Products of petroleum and coal!
Petroleum refining
do
Rubber products! . .
. . . .
do
do
Rubber tires and Inner tubes
Nonmanufacturing Industries, average hourly earnings
(U. S. Department of Labor):*
Building construction
dollars..
Mining:
Anthracite.. .
do
Bituminous coal
.
. . . . .
. do
Metalliferous
do
Quarrying and nonmetalllc . . . .
. do
Crude petroleum and natural gas...
.......do...
Public utilities:
do
Electric light and power
do
Street railways and busses
..do
Telegraph
..
Telephonet
do
Services:
Dyeing and cleaning • .
. . . do
do
Power laundries •
Trade:
Retail
. . . do
do
Wholesale
Miscellaneous wage data:
Construction wage rates (E. N. R.):1
1.071
Common labor
„
dol. per hr_.
1.82
Skilled labor
do
Farm wages without board (quarterly),
dol ru»r mnnth
Railway wages (average, class I)
dol. per hr._
Road-building wages, common labor:
.86
United States average . . .
. . .
do
1.103
1.024
1.313
1.109
1.204
1.038
1.134
1.118
1.176
1.245
1.297
1.190
1.271
1.386
1.067
.813
.799
.835
.858
.939
.909
1.085
.987
1.072
1.089
1.171
1.014
1.119
1.103
1.162
1.224
1,264
1.176
1.188
1.319
1.044
.819
.804
.833
.850
.937
.903
1.079
.985
1.063
1.078
1.143
1.031
1.118
1.103
1.172
1.219
1.250
1.188
1.188
1.297
1.048
.784
.762
.841
.862
.932
.909
1.088
.990
1.064
1.082
1.146
1.039
1.124
1.109
1.193
1.217
1.244
1.183
1.194
1.301
1.058
.789
.765
.844
.866
.928
.918
1.102
.994
1.066
1.091
1.155
1.050
1.134
1.120
1.210
1.220
1.239
1.187
1.208
1.292
1.063
.814
.790
.859
.8^9
.939
.927
1.107
1.004
1.070
1.095
1.169
1.053
1.139
1.123
1.19C
1.230
1.231
1.188
1.258
1.273
1.066
.830
.804
.864
.882
.942
.941
1.029
1.147
1.129
1.206
1.248
1.234
1.222
1.268
1.278
1.091
.836
.810
.871
.891
.967
.953
1.146
1.035
1.103
1.169
1.290
1.036
1.172
1.154
1. 214
1.264
1.264
1.233
1.259
1.324
1.113
.848
.826
.888
.913
.985
.975
1.165
1.058
1.131
1.186
.294
.096
.179
1.163
.220
.302
.316
1.253
1.293
1.389
1.131
.856
.834
.903
.930
1.0C4
.988
1.180
1.071
' 1.147
' 1.190
1.290
' 1.131
' 1. 204
' 1.180
1.251
' 1. 325
1.333
1.268
1.339
1.403
' 1.149
'.880
.860
.917
'.943
' 1. 019
.996
1.129
1.002
1.064
1.084
(•)
770
.763
.773
.786
.795
.803
.833
.858
.869
.873
.875
.879
.708
.766
.698
.761
.698
.762
.713
.777
.721
.788
.724
.790
.753
.812
.788
.838
.799
.845
.803
.849
.803
.850
.803
.858
.877
.866
.882
.884
.900
.922
.988
.999
1.010
1.014
1.014
1.017
.846
.896
1.052
.857
.832
.882
.874
.823
.940
.765
.880
.911
1.144
1.317
1.063
1.003
1.160
1.222
1.280
1.119
1.269
.878
.897
1.119
.853
.821
.880
.874
.795
.958
.786
.893
.930
1.158
1.309
1.092
.992
1.148
1217
1.281
1.098
1.243
.875
.883
1.130
.852
.817
.895
.881
.837
.954
.793
.897
.931
1.155
1.316
1.079
.991
1.143
1.204
1.285
1.100
1.231
.864
.881
1.113
.857
.821
.908
.901
.834
.964
.807
.902
.935
1.171
1.334
1.098
.991
1.148
1.217
1.287
1.112
1.249
.875
.888
1.126
.881
.848
.915
.904
.849
.951
.806
.910
.945
1.188
1.346
1.118
1.001
1.159
1.236
1.315
1.113
1.247
.906
.912
1.166
.904
.877
.921
.904
.846
.961
,824
.928
.969
1.200
1.364
1.130
1.015
1.180
1.249
1.330
1.121
1.255
.922
.947
1.168
.907
.890
.924
.913
.844
.939
.832
.937
.982
1.221
1.379
1.155
1.021
1.198
1.286
1.369
1.129
1.266
.961
.981
1.222
.917
.896
.943
.920
859
1.051
.830
.957
1.001
1.235
1 400
1.166
1.033
1.211
1.307
1 383
1.138
1.275
.966
.993
1.234
.928
.904
.952
.930
.885
1.072
.830
.966
1.010
1.248
1.423
1.171
1.045
1.220
1.332
1.420
1.232
1.414
.956
.997
1. 211
'.942
.921
'.961
.931
.887
1.087
.848
'.983
' 1.030
1.266
1.443
1.186
1.064
1.234
' 1.342
' 1. 419
1.266
1.446
.951
'.999
1.195
'.950
.923
' . 973
r
.945
.903
1.092
.846
.993
1.038
1.277
1.449
1.201
' 1. 085
'1.243
' 1. 347
'1.431
1.284
1.463
.941
.992
1.18C
.954
.927
.988
.980
.909
1.112
.851
1.006
1.052
1.287
1.461
1.210
1.099
1.258
1. 355
1,437
1.292
1.472
1.383
1.392
1.396
1.397
1.397
1.402
1.422
1.411
1.423
1.431
1.444
1.473
1.327
1.249
1.048
.885
1.187
1.345
1.261
1.055
.900
1.222
1.368
1.242
1.043
.902
1.189
1.333
1.263
1.048
.909
1.231
1.380
1.281
1.051
.908
1. 251
1.339
1.259
1.036
.907
1.257
1.376
1.265
1.059
.913
1.284
1.376
1.274
1.071
.930
1.308
1.352
1.239
1.090
.959
1.293
1.382
' 1. 321
1.133
.967
1.287
1. 523
' 1. 497
'1.181
.993
1.323
1.558
1.475
1.205
1.007
1.313
1.139
.974
.901
.977
1.149
.983
.825
,959
1.127
.982
.822
.972
1.162
.981
.820
1.002
1.186
1.013
.822
1.011
1.177
1.007
.813
1.030
1.195
1.011
.833
1.095
1.222
1.001
.851
1.105
1.219
1.025
.886
1.131
1.236
1.049
.905
1.143
1.275
' 1.053
.908
1.147
1.25S
1.097
91(
1.135
.746
.649
.778
.661
.794
.662
.786
.673
.789
.676
.793
.675
.793
.675
.815
.684
.833
.688
.831
.703
.834
.703
.834
.698
.773
1.013
.783
1.025
.793
1.045
.800
1.056
.796
1.058
.828
1.070
.835
1.095
.841
1 101
.851
1.121
'.859
1.135
.877
1.146
.88S
1.15f
.916
1.67
.917
1.67
.917
1.67
.917
1.68
.938
1.68
.953
1.70
.968
1.73
.988
1.74
1.004
1.76
1.018
1.77
1.034
1.80
1.058
1.81
.943
.963
95.70
.940
.957
.967
95 30
.953
.973
.949
97.40
1.065
1.091
1.139
.79
.82
.81
.80
.75
.69
.75
.75
.76
.78
.81
.8C
106. 0C
PUBLIC ASSISTANCE
Total public assistance
.
. mil. of dol
Old-age assistance, and aid to dependent children and
the blind, total
...mil. of dol..
Old-age assistance
do
General relief
do. . .
82
83
85
87
88
90
92
93
93
94
95
96
,87
75
61
76
61
78
62
79
63
80
63
81
64
7
7
8
8
8
9
83
65
10
84
65
9
85
66
9
85
66
9
se
V 10
82
64
10
67
' Revised. » Preliminary. §Sample was changed in November 1942; data are not strictly comparable with figures prior to that month.
• The average for workers who were employed in February was $1,217; this average is affected by strike conditions, since maintenance workers were left on during the strike
while low-paid production workers were out; the average is therefore omitted from the table above to avoid misinterpretation.
• Not comparable with data prior to July 1945; comparable June 1945 figures: Dyeing and cleaning, $0,757; power laundries, $0,657.
(Data beginning April 1945 are not comparable with earlier data; see note for hours and earnings in telephone industry at the bottom of p. S-13 of the April 1946 Survey.
5 Rates as of September 1,1946: Construction—common labor, $1,072; skilled labor, $1.85.
•New series. Data on hourly earnings for 1937-43 for the telephone industry are shown on p. 20 of the May 1945 Survey (see also note marked " t " above regarding a change in the
data in April 1945) and data for the telegraph industry beginning June 1943 are on p. S-14 of the January 1945 issue. Data on hourly earnings beginning March 1942 for the other
nonmanufacturing industries and beginning August 1942 for the printing and publishing subgroups are available, respectively, in the May 1943 and November 1943 issues, and data
back to 1939 will be published later.
fSee note " ! " on p. S-13.
October 1846
SUKVEY OF CUKKENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
August
1946
S-15
1945
August September
October
1946
Novem- December
ber
January
February
March
April
May
June
1,770
1,236
1,022
214
161
156
3
373
29
208
5
97
33
80,796
38,819
41,977
1,772
1,226
1,022
205
164
148
3
391
28
226
4
100
33
66,708
30,498
36, 210
1,776
1,209
1,015
194
144
138
3
423
29
252
4
105
33
79,119
35,670
43,449
1,770
1,198
1,012
186
125
120
3
448
31
274
4
106
32
79,330
37,208
42,122
1,777
1,188
1,009
179
124
119
3
466
32
291
4
106
32
77,518
35,085
42,433
1,779
1,770
1,182
1,169
1,008
1,001
174
168
124
118
115
118
3
3
479
477
34
33
304
305
4
4
105
104
32
32
78,191 ' 82,374
34,972 37, 357
43, 219 • 45,017
44,093
23,648
347
22,904
18,049
43,487
17,659
15,637
1,014
24,131
43.3
43,889
23,630
626
22,601
IS, 075
43,277
17,659
14,853
627
23,993
43.4
43,652
23,357
279
22,732
18,097
43,030
17,451
15,606
959
23,925
43.7
43,807
23, 518
254
22,932
18,092
43,807
17,365
15,653
807
24,064
43.7
44,828
24, 456
157
23, 783
18,103
44,828
18,206
16,123
1,112
24,191
42.7
38, 941
39, 522
39, 362
39, 295
2,436
8,660
July
FINANCE
BANKING
A gricultural loans outstanding of agencies supervised
by the Farm Credit Administration:
Total
.mil. of dol.
Farm mortgage loans, total
do
Federal land banks
do
Land Bank Commissioner
do
Loans to cooperatives, total
do
Banks for cooperatives, incl. central bank..do
Agr. Marketing Act revolving fund
..do
Fhort term credit, total
do
Federal intermediate credit bankscf
do
Production credit associations..
do
Regional agricultural credit corporations...do
Emergency crop loans
do....
Drought relief loans
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...
do.
Reserve bank credit outstanding, total
do
Bills discounted
do.
United States securities
do.
Gold certificate reserves ®_.
do.
Liabilities, total
do.
Deposits, total
do
Member bank reserve balances
do
Excess reserves (estimated)
do.
Federal Reserve notes in circulation
do
Reserve ratio
_
percent..
Federal Reserve weekly reporting member banks, condition, Wednesday nearest end of month:
Deposits:
Demand, adjusted..
mil. of dol—
Demand, except interbank:
Individuals, partnerships, end corporations.do
States and political subdivisions
do
United States Government
do
Time, except interbank, total
do...
Individuals, partnerships, and corporations.do
States and political subdivisions.do
Interbank, domestic._
do
Investments, total
..do
U. S. Government obligations, direct and guaranteed, total.
.mil. of dol._
Bills
.do
Certificates
do
Bonds (incl. guaranteed obligations)
do
Notes..
„
do
Other securities.
„
do._Loans, total
do
Commercial, industrial, and agricultural§._,QO...To brokers and dealers in securities
do._.
Other loans for purchasing or carrying securities
mil. of doL
Real estate loans
do
Loans to banks
_
...Idol".
Other loans
_
do...
Money and interest rates:!
Bank rates to customers!
New York City
I
„
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 loanst
do_._
Federal intermediate credit bank loans
do
Open market rates, New York City:
Prevailing rate:
Acceptances, prime, bankers', 90 days
do
Commercial paper, prime, 4-<5 months
do...
Time loans, 90 days (N. Y. 8. E.)
do....
Average rate:
Call loans, renewal (N. Y. S. E.)
do....
V. S. Treasury bills, 3-mo
...do...
Average yield, U. S. Treasury notes, 3-5 yrs.:
Taxable*
_
do
Savings deposits, New York State savings banks:
Amount due depositors..
mil. of dol
V. 8. Postal Savings:
Balance to credit of depositors
do
Balance on deposit in banks
do....
CONSUMER SHORT-TERM CREDIT
1,751
1,151
689
162
130
125
2
470
32
302
3
102
31
73, 600
30, 216
43, 684
1,908
1,335
1,044
292
126
124
2
447
28
264
10
109
35
66,155
29,388
36,767
1,876
1,316
1,040
275
130
127
2
430
27
252
10
106
35
64,263
28,645
35,718
1,846
1,294
1,036
259
152
149
2
400
25
230
10
101
34
73,990
34,684
39,006
34
71,501
32,246
39,255
1,782
1,256
1,028
228
162
158
3
363
28
199
6
97
34
92,809
45,035
47,774
45, 045
24, 748
331
23, 946
18,088
45, 045
18, 264
16, 245
1,085
24, 412
42.4
42,896
23,207
362
22,530
17,926
42,896
17,139
15,011
920
23,864
43.7
43,835
24,082
334
23,328
17,898
43,835
17,861
15,520
1,163
24,003
42.8
43,889
23,987
439
23,276
17,879
43,889
17, 525
15,723
904
24,215
42.8
44,611
24,697
775
23,472
17,870
44,611
18,097
16,022
1,024
24,365
42.1
46,063
25,091
249
24, 262
17,863
45,063
18,200
15,915
1,471
24,649
41.7
44,268
23,976
294
23,264
17,983
44,268
17,822
16,682
1,089
24,153
42.8
1,808
1,272
1,030
242
165
161
3
372
25
207
44,625
24,164
245
23,633
18,105
44,625
17,906
15,991
'856
24, 244
43.0
39, 303
38,140
38,690
ZQ, 592 40,247
37,066
38,026
37,610
37,116
38,242
39, 273
2, 245
6, 556
10,280
10, 075
145
9,242
44,605
38,115
1,864
11,739
9,008
8,853
111
9,655
49,705
38,677
1,975
9,406
9,160
9,008
110
9,762
48,444
S9,726
2,137
8,098
9,296
9,148
104
9,977
48.436
40,230
2,181
8,547
9,347
9,194
110
10,463
48,749
37,674
1,949
16,660
9,447
9,304
99
11,092
52,058
37,933
2,123
16,227
9,666
9,416
106
10,162
63,021
37,741
2,160
16,481
9,695
9,526
123
10,056
62,970
36,990
2,243
14,536
9,756
9,582
127
9,381
50,285
38,041
2,456
12,363
9,881
9,704
129
9,533
49,380
2,433
11,377
10,030
9,851
128
9,153
48,983
10,119
9,943
120
9,025
46,831
39, 508
2,274
7,299
10, 214
10,020
139
9,374
45, 750
1,371
46,360
1,463
10,196
25,253
9,448
3,334
12,841
5,982
2,263
45,133
1,310
9,803
24,840
P. 180
8,301
12,586
6,218
2,194
45,133
969
9,863
25,183
6,3:68
3,293
12,610
6,328
2,177
45,489
975
9,832
25,729
8,953
3,248
13,632
6,778
2,481
48,6M
1,761
12,130
26, 737
8,036
3,384
15,890
7,249
2,791
49,648
1,742
12,778
27,184
7,944
3,365
15,190
7,300
2,337
49, 511
1,517
12,860
27,234
7,900
3,452
15,178
7,382
2,345
46,812
785
11,944
27,034
7,049
3,467
15,690
7,464
2,823
45,986
1,052
10,608
27,402
6,924
3,387
15,053
7,473
2,204
45,686
1,014
10,359
27, 471
6,742
3,390
14,904
7,482
2,167
43, 431
758
9,380
26, 744
6,549
3,394
14,917
7,529
2,119
42, 269
773
9,605
26, 936
4,955
3,481
14, 912
8,018
1,604
1, 666
1,367
172
1,976
1,993
1,058
77
1,468
1,650
1,063
76
1,485
1.S06
1,060
120
1.519
1,638
1,073
66
1,596
2,958
1,095
83
1,714
2,687
1,107
56
1,703
2,520
1,129
55
1,747
2,382
1,152
68
1,801
2,224
1,195
91
1,866
2,113
1,228
74
1,840
2,013
1,277
90
1,889
1,837
1,332
189
1,932
1.00
4.00
1.50
1.00
4.00
1.50
2.05
2.53
2.81
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.71
2.23
2.38
1.00
4.00
1.60
1.00
4.00
1.60
1.00
4.00
1.60
1.75
2.34
2.93
1.00
4.00
1.50
1.00
4.00
1.50
1.00
4.00
1.50
1.84
2.51
2.97
1.00
4.00
1.50
1.00
4.00
1.50
.71
.81
1.50
.44
.75
1.25
1.00
.375
.44
.75
1.25
1.00
.375
.44
,75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.44
.75
1.25
.47
.75
1.25
.50
.75
1.25
.59
.77
1.25
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
.44
.75
1.25
1.00
.375
1.00
.375
1.00
.375
1.00
.375
1.00
.375
i 1.14
1.17
* 1.19
U.10
11.03
1.99
U.12
U.18
11.15
11.13
8,875
7,893
8,003
8,078
8,144
8,283
8,357
8,419
8,502
8,560
8,634
8,762
8,825
3,184
5
2,785
8
2,909
8
2,880
6
2,933
6
2,981
5
3,013
5
3,043
5
3,066
5
3,091
5
r 3, 120
5
3,154
5
41, 463
758
8,762
27, 089
4, 854
3,442
15, 078
1.38
.375
11.14
7,315
7,507 ' 7, 762
6,978
6,564
7,839
6,000
6,734
6,506
6,344
5,702
2,652
2,789
2,507
2,408
3,028
2,365
2,908
2,190
2,364
2,010
1,004
957
905
PI, 070
754
879
1,035
805
903
877
717
318
289
264
P365
210
245
219
235
336
227
P394
202
206
200
188
r213
156
184
210
173
198
189
*220
144
295
279
288
*>299
247
274
262
272
299
283
235
14
15
16
11
14
14
12
14
17
11
60
44
59
61
61
74
63
47
66
44
101
105 I
108
100
92
107
101
110
pill
81
r
Revised. *» Preliminary, f Includes open-market paper. 5 For bond yields see p. S-19 .
i For Sept. 15-Dec. 15 includes Treasury notes of Sept. 15, 1948, and Treasury bonds of Dec. 15, 1950: Beginning Dec. 15, Includes only the bonds of Dec, 15,195a
<f Excludes loans to other Farm Credit Administration agencies.
X Rate on all loans; see note on item in April 1946 Survey.
® Effective June 12,1945, only gold certificates are eligible as reserves; for total reserves through May 1945, see April 1946 Survey and earlier Issues.
• A rate of 0.50 was in effect from Oct. 30,1942-April 24,1946, on advances to member banks secured by Government obligations maturing or callable in 1 year or less.
•New series. Data beginning December 1940 for the series on taxable Treasury notes are available on p. S-14 of the April 1942 and later issues of the Survey. For Information
regarding the series on consumer credit see note marked " • " on p. S-16.
tBank debits have been revised beginning May 1942 to Include additional banks ;see note In the April 1946 Survey for source of 1942 data.
Total consumer short-term debt, end of month*..do
Instalment debt, total*
..
do
Sale debt, total*
II..do....
Automobile dealers*
do
Department stores and mail-order houses*._do
Furniture stores*
_
do.
Household appliance stores*
do
Jewelry stores*
do
All other*..
do
v 8,131
v 3,176
v 1,122
5,649
1,988
706
196
142
232
11
45
S-16
SURVEY OF CURRENT BUSINESS
listless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
August
October 194t3
1945
August
September
October
1946
Novem- December
ber
January
February
March
April
May
June
July
v 1,958
*>745
FINANCE—Continued
CONSUMER SHORT-TERM CREDIT— Cont.
Consumer short-term debt, end of month—Continued.
Instalment debt—Continued.
Cash loan debt, total*
-__
.mil. of dol_. v 2,054
792
Commercial banks*
-.do
Credit unions
do
Industrial banks*
do
Industrial loan companies*.
_
do
*>535
Small loan companies
do
J>285
Insured repair and modernization loans*.,-do
P102
Miscellaneous lenders*.
do
*>2,414
Charge account sale debt*
_._
do
v 1, 704
Single payment loans*.._
.
—-do
837
Service credit*
do
Consumer instalment loans made by principal lending
institutions:
Commercial banks*__
.mil. of doL.
Credit unions
-do
Industrial banks*
do
Industrial loan companies*
-do
Small loan companiesdo
1,332
428
121
1,462
471
128
76
70
445
179
93
1,981
1,616
772
1,487
494
127
76
70
446
181
93
J,701
1,659
782
1,529
522
128
78
71
452
184
94
1,692
1,671
1,602
564
132
82
73
462
194
95
1,972
1.695
804
1,695
608
137
85
76
482
210
97
2,138
1,710
816
1,785
656
142
88
78
492
231
98
2,188
1,708
822
1,873
700
149
92
79
506
248
99
r 2,327
1,697
'830
101
23
18
16
13$
104
19
14
14
76
105
19
14
14
80
132
24
18
16
103
138
25
18
16
105
148
28
19
16
97
148
28
19
17
99
193, 761
35,828
5,165
580
4,585
699
1,531
26,733
17,672
16, 328
4,391
2, 597
2,073
893
807
324,437
33,132
17,629
64, 772
208,904
36,257
5,163
577
4,586
678
1,523
27, 556
18, 705
17,368
4,249
2,558
2,044
526
811
440,694
87,495
25,250
88,207
239,742
36,502
5,152
574
4,578
667
1,514
28,043
19,157
17,837
4,255
2,584
2,047
527
599
352,397
49,026
26,978
68,278
208,115
36,882
36,660
5,148
5,138
569
573
4,579
4,565
656
632
1,507
1,500
28,367
28,260
19, 357
19,249
18,035
17,937
4,298
4,290
2,563
2,595
2,149
2,126
383
275
824
852
350,147 390, 879
42,063
43. 661
22.943
24,090
65, 579 71,010
219,562 252,118
37,080
6,163
575
4,588
622
1,494
28,545
19,413
18,090
4,312
2,549
2,271
571
685
328,586
40, 283
21,663
59, 268
207,372
37, 274
5,189
581
4, 608
608
1,488
28,823
19,551
18,239
4,332
2,583
2,357
465
701
368,987
47,047
21,975
66,580
233,385
37, 552
5,213
587
4,626
602
1,484
28,927
19,645
18.323
4,322
2,556
2, 404
651
675
368, 226
38.324
20,413
73,043
237,446
37, 765
5,226
590
4, 636
601
1,479
29,069
19,688
18,368
4,390
2,536
2,455
715
675
361,400
61,363
25.199
63,947
210,891
228,153
109,531
40,350
8,266
15,690
31,934
22,382
212,755
101,319
34, ?73
6, 300
15,950
31, 699
23,114
2S9,748
101,343
30,731
7, 269
14,523
58,906
26,976
261,549
120,377
40,844
8,294
21,074
46,104
25,356
221,902 254.135
104,642 116,356
32, 587 35. 793
7,987
7,179
16,227
15,597
49. 559
38,179
28.213
23,718
236, 574
110,072
34,479
7, 459
16,278
38,680
29,596
235,837
108,866
35,374
7,584
16,904
39, 253
27,856
221,997
98,789
29,860
7,438
17,309
44,063
24.538
225,877
106, 743
32.923
7,496
16.881
36, 694
25,140
1,282
406
121
70
63
non
coy
145
88
1,441
1,466
754
1,293
413
120
70
64
cot
152
87
1,470
1,466
756
73
18
13
11
71
72
16
13
12
74
37,911
5,255
562
4, 663
597
1,475
29,335
19, 701
18,382
4,4C0
2,531
2,703
566
683
343,080
37, 944
25, 233
63,834
216,069
35,231
5,182
587
4,595
734
1,558
26,616
17,287
15,958
4,455
2,588
2,286
437
704
316,843
31.066
21, 691
64,143
199, 943
35,433
5,166
684
4,582
723
1,548
26, 721
17, 372
16,050
4,496
2,632
2,221
514
761
320,128
32,815
18,874
68,395
200,044
35,631
5,153
583
4,570
714
1,539
26,702
17,438
16,123
4,452
2,613
2,199
722
801
313,803
35,790
22,164
216, 264
101,276
28,974
8,120
16,950
35, 604
24,340
210, 706
105,123
31, 428
7,097
15,108
33,997
17,953
194,468
89, 344
30,011
16,813
14,138
34, 309
19,853
71
64
395
165
88
1,666
1,490
758
1,385
448
124
73
67
409
174
90
1,835
1,556
763
P263
PIOO
p 2, 281
p 1,695
*>835
LIFE INSURANCE
Life Insurance Association of America:
Assets, admitted, total* A
mil. of dol.
Mortgage loans, total
do
Farm
.
do
Other
—
do
Real-estate holdings..
do
Policy loans and premium notes.do
Bonds and stocks held (book value), total
do
Govt. (domestic and foreign), total.
do
TJ. S. Government
do.__.
Public utility
do....
Railroad...
_
do
Other
_____
do
Cash
do
Other admitted assets
do.,.
Premium collections, total®
thous. of dol_.
Annuities
do
Group...
do
Industrial
do
Ordinary,-.do
Institute of Life Insurance:*
Payments to policyholders end beneficiaries,
total
thons. of do!_.
Death claim payments
.do
Matured endowments
....
do
Disability payments
do
Annuity payments
do
Dividends
.do
Surrender values, premium cotes, etc
do
Life Insurance Agency Management Association:
Insurance written (new paid-for Insurance): t
Value, total.
_
.tbous. of dol._
Group
do
Industrial
_
do
Ordinary, total
do
New England
.do....
Middle Atlantic
do__..
Fast North Central
.-do....
West North Central
do
South Atlantic
do
Fast South Central
.do
West South Central—..
do....
Mountain
_.
_
do
Pacific
do
1,796,758
200,518
323,504
1,272,736
83,317
301,929
282,453
125, 687
142,193
53,232
108,188
43, 087
132, 650
, 035,767 1,001,268 1,221,831
88,981
95,179
71,016
224, 762 222, C83 268, 5C9
864,
251
739,989 684,006
61, 722
45, 735
49,846
228,896
166,
967
1"8, 761
160,039 149,584 186,316
82,849
74,355
68, 706
95,218
75,824
83, 252
32, 502
29,284
29,125
64,013
60,831
53, 091
26,005
23, 768
22,885
86,732
71,930
80,012
7! 1,803,485 1.952,159
1,179,294 1,449.014 1,350,915 1,516,833 1,816,315 1,971,219 1,956 796
64, 534 244,760
49,780
88, 416 113.803 138,376 145, 517 183,743 284,896
338.999 323, 861
250, 253 263,151 275,647 307,074 355,691 359, 324 359,369
864. 507 941,103 1,025.488 1,121,343 1,346,821 1,473,519 1,451,910 1,340,743 1,343,402
99,114 109, 744 103, 655
60,088
78, 235 83, 573
95, 427
92, 405
63, 267
228, 549 235,875 288,146 311,753 364, 915 395,030 363, Of 5 336,659 327, 627
186, 772 202,162 230, 310 247,889 296, 874 321,302 314,327 290,952 292.432
83,418
96.091 100, 841 123, 992 135,066 130, 475 130,779 127.881
94,645
92,099
95,808 101.263 113,212 142,648 159, 507 158,822 145,156 154,781
52,013
33,191
36; 008 41,642
54,326
55, 645
57,384
59,598
37, 231
99,120 109, 597 121,878 107,384 112,081
66, 552
70,749
86,870
78, 747
38, 662
25, 544
29f 107
32,159
42,803
43,772
40, 797
43,983
31, 561
88,294 101,807
95,579 103,404 129,483 141,907 150,308 137, 944 139,036
MONETARY STATISTICS
Foreign exchange rates:
.298
.298
.268
.298
.298
.298
.298
.298
.298
.298
.298
.298
Argentina
_
do!, per paper peso.,
.054
.052
.052
.052
.052
.052
.052
.052
.052
.052
. 052
.052
.052
Brazil, free c?
_._
dol. per cruzeiro..
.302
.302
.302
.301
,301
.301
.302
.301
.301
.301
.301
.301
.301
British India
dol. per rupee.900
.967
.968
.908
.907
.907
.907
.907
.604
.899
.905
.907
.907
Canada, free rate.
_
dol. per Canadian dol..
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
.570
Colombia..
_
dol. per peso.
.206
.206
.206
. 206
.206
.206
.206
.206
.206
.206
.206
.206
.206
Mexico
do...
4.034
4.034
4.034
4.034
4.034
1.034
4.032
4.034
4.027
4.033
4.025
4.034
4.034
United Kingdom, free rate...
dol". per £ .
Gold:
20, 267
20, 088
20, 251
20, 242
20,270
20,065
20, 073 20,036
20,030
20, 256
20,156
20,232
Monetary stock, U. S
.milofdol..
15,090
15,010
7,996
27,461
34,647 -38,202 - 4 , 257 -12, 529 - 5 , 7 7 0
-62,990 -19,009
19, 729
Net release from earmark©.
_thous. of dol..
748
2,529
28,423
28,707
6,
742
15,
871
20,146
2,357
116
S61
467
261
Gold exports t
-do
37,077 j r 8,877
7,889
1,679
2,425
3,146
3, 531
154,186
31, 757
82,906
13.757
Gold imports V_
--__-do
r
Revised.
P Preliminary.
t 36 companies having 82 percent of the total assets of all United States legal reserve companies.
cf See September 1946 Survey and earlier issues ior official rate; the official market was abolished July 22, 1946. Free rate prior to August 1945 available on request.
A In January 1944 one company was replaced by a larger one and the 1943 data revised accordingly; revisions for January-September 1943 are available on request.
<g> 39 companies having 81 percent of the total life insurance outstanding in all United States legal reserve companies.
• Or increase in earmarked gold (—).
I Data for the United Kingdom through June 1945 shown above and data back to February 1943 shown in earlier issues are the official rate; there was no free rate during this
period. The official rate for Canada has been $0,909 since first quoted in March 1940.
<f Publication of data was suspended during the war period; data for November 1941 to February 1945 will be published later.
• New series. Estimates of consumer short-term credit as originally compiled are published in the November 1942 Survey, pp. 16-20, and the general estimating procedure described
in that issue; data for various components have subsequently been revised from time to time; revisions that have not been published are indicated in the note marked " • " on p. S-15
of the April 1946 Survey. Data for industrial banks and industrial loan companies were formerly shown combined as industrial banking companies. The series on payments to policyholders and beneficiaries represents estimated total payments in the United States, including payments by Canadian companies (see also note marked " • " on p. S-16 of the April
1946 Survey).
t Revised series. AJ1 series for insurance written are estimated industry totals and, with the exception of data for ordinary insurance, are revised series not comparable with data
published in the Survey prior to the March 1946 issue (see note in that issue for the basis of the estimates). The data for ordinary insurance continue the data from the Life Insurance
Sales Research Bureau which have been published regularly in the Survey; revised data for 1940-44 for industrial, group, and the total will be published later.
October 1946
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
August
1946
S-17
1945
A s
^ < | temper
October
1946
Novem- December
ber
January
February
March
April
May
June
July
FINANCE—Continued
MONETARY STATISTICS—Continued
Gold—Continued.
Production, reported monthly, tot all
thous.ofdol—
Africa.—
....do....
Canadai
do
United Statesi
do—
Money supply:
Currency in circulation.
mil. of dol__ 28, 432
Deposits adjusted, all banks, and currency outside
banks, total*
mil. of dol_. P170, 300
Deposits, adjusted, total, including U. 6. deposits*
mil. of dol-J P143,600
Demand deposits, adjusted, excl. TJ. 6.* do
p80,700
Time deposits, including postal savings*_.-do
p 52,700
Silver:
273
Exports Athous. of dol. _
8,283
Imports A
do
.901
Price at New York 0
dol. per fine oz~
Production:
Canada
tbous. of fine oz_.
United States
do
53,363
37,477
7,411
3,331
52,756
38,603
7,404
2,729
65,739
40,083
8,034
54,686
39,000
7,726
3,822
54,896
38,110
8,391
3,635
55, 758
39,086
8,346
3,984
28,515
27,917
50,981
36, 054
8,013
3,283
50,656
34,090
8,677
3,639
53,900
38,047
8,338
3,236
39,959
8,412
3,158
39,101
8,203
3,416
8,384
3,993
27,954
27,879
27,885
28,120
28,245
28,254
27,826
28,049
28,211
163,200
137,300
74,000
46,000
162,900
163,900
167,300
175,401 *>176,3OO
J>177,000 *173,700 *>174, 200 >173,400 '171,300 *170,800
136,800
75,600
46,900
137,600
78,200
47,700
141,000
80,000
47,9C0
148,911 pJ5O,20O
75,851 p 76,600
48,452 *>49,000
»150,900 *147,600 *148,000 "147,000 »144,700 *144,200
v 76, 200 v 75,100 »77,400 »78,500 p 79,600 980,400
v 49, 700 » 50,100 *50,600 P51% 100 951, 700 9 52, 500
3,151
1,059
.448
84
1,569
.529
236
6,768
.707
9,528
2,835
.708
12, 592
3,173
.708
20,937
2,490
4,794
3,679
.708
1,602
.708
119
2,918
.708
930
.708
1,055
2,302
963
2,300
1,036
2,780
1,096
2,654
1,153
2,031
r 1,204
2,153
1,042
1,495
1,166
513
1,056
344
409
27,685
322
1,187
1,175
1,063
106
7,089
.901
1,395
PROFITS AND DIVIDENDS (QUARTERLY)
Industrial corporations (Federal Keserve): cf
Net profits, total (629 cos.)
mil. of dol..
Iron and steel (47 cos.)
do
Machinery (69cos.)-—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. Fes.)*
do_._
Railways, class I, net income (I. C. C.)G-.
do
Telephones, net operating income (Federal Communications Commission)
mil. of dol.
323
22
23
20
50
61
43
37
63
485
49
47
58
136
27
26
68
37
51
40
58
224
246
116
21
143
116
123.0
22
182
145
20
146
196
13.7
439
37
601
66
47
23
i 42
25
63
62
,82
*20.0
21
153
151
72.7
60.6
PUBLIC FINANCE (FEDERAL)
U. S. war and defense program, cash expenditures, cumulative totals from June 1940:*.
mil. of doL. 342, C61
V. S. Savings bonds:*
Amount outstanding
do
49,493
Sales, series E, F, and G
do
590
Redemptions
_
do
478
Debt, gross, end of month®
.do
267, 546
Interest bearing:
Public issues
do
242,916
Special issues}
_
.do
23,443
Noninterest bearing
_
do
1,187
Obligations fully guaranteed by U. S. Gov't:
Total amount outstanding (unmatured).do
370
Expenditures and receipts:
Treasury expenditures, total
do
2,796
War and defense activities^.
do
1,509
Transfers to trust accounts^
do
13
Interest on debt
_
do
122
AllotherJ
do
1,152
Treasury receipts, total
do
2,717
Receipts, net
do
2,434
Customs.
_._
do
40
Internal revenue, total
do
2,494
Income taxes
do
1,513
Social security taxes
do
Net expenditures of Government corporations
wholly owned
mil. of dol_.
136
Government corporations and credit agencies:t
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
332,432
334,995 337,110
304,286
309,754
314,872
319,063
323,416
326,961
329,773
46,715
700
531
263,001
46,741
514
528
262,020
46,786
625
616
261,817
47,473
1,184
633
265,342
48,224
1,254
559
278,115
48,617
960
630
278,887
48,718 48,756
622
626
565
634
279, 214 276,012
48,849
668
621
273,898
240,713
20,033
2,255
239, 111
20,519
2,391
238,862
20,577
«2,378
242,140
20,710
»2,492
255,693
20,000
2,421
256,801
20,655
1,431
257,016
20,897
1,301
251,487 249,960
21, 224 21,481
1,143
1,188
545
539
542
542
467
324
5,445
4,245
0
817
384
4,122
4,118
32
3,948
3,366
4,891
3,417
684
309
482
3,848
3,819
42
3,451
2,755
61
3,510
2,702
148
118
543
3,875
3,678
33
3,684
2,790
310
4,602
2,550
23
646
1,383
5,762
6,747
42
5,583
4,838
100
4,251
2,560
200
174
1,316
2,734
2,677
45
2,310
1,603
65
3,677
2,182
95
106
1,294
5,513
2,442
5
1,395
1,671
4,482
4,479
35
4,080
3,392
76
4, 514
1,190
631
249
2,444
2,600
2,539
44
2,251
1,488
67
—432
—31
—75
—757
—18
187
-161
-870
615
627
641
636
7,354
6,399
162
99
694
3,281
2,997
32
2,849
1,665
6,611
5,367
34
647
563
6,192
6,189
30
4,847
4,208
5,950
5,126
38
172
615
2,681
2,530
36
2,340
1,593
58
4,656
4,226
0
84
346
2,609
2,374
35
2,383
1,524
257
75
—255
—74
—63
• 34, 396
' 5,558
' 3,097
961
232
185
43
132
521
• 34,042
* 5,487
' 3,075
223
232
40
227
•-526
253,613
21,135
1,264
' 33,553
' 5,297
' 2, 935
825
196
200
25
185
'665
48,936
594
552
272,583
2,733
42
2,308
1,407
285
339,264
340,497
49,053 49,336
753
571
537
519
269,422 268,270
245,779
22,332
1,311
243,994
23,045
1,231
29,869
5,381
2,873
760
195
197
23
235
972
845 L
707 IIIII_Z Z-I_II»I
715 - I I 1 685
' Revised, p Preliminary. * Deficit. § Special issues to Government agencies and trust funds. ® Data are on basis cf Daily Treasury Statement (unrevised).
i Partly estimated.
»Includes prepayments on securities sold during loan drive beginning in the month but issued after the close of the month.
O Revised figure for second quarter 1945, 198.3.
• Quotations are ior foreign silver through July 1946 (figure ior that months covers July 11—31); thereafter quotations apply also to domestic and Treasury silver if such silver enters
into New York market transactions. The U. S. Government price for newly mined domestic silver was $0.7111 through June 1946 and $0,905 effe ctive July 1, 1946.
5 The total excludes Mexico included in the total as published through March 1942; January-May 1942 and 1943 revisions for the United States and the total, and 1941 revisions
for Canada and the total are available on request; see notes in the April and July 1946 Surveys regarding revisions in the 1944 and 1945 data for the United States and the total.
A Publication ot data suspended during the war period; data for November 1941 to February 1945 will be published later.
cf The totals for 629 companies, the miscellaneous group, and net profits of 152 companies have been revised beginning 1941, transportation equipment beginning 1942, and other
series for some quarters of 1943; revisions are shown on p. 31 of this issue.
tFor 1941 revisions see p. 17 of the November 1942 Survey; debt retirements which have been comparatively small in recent years are excluded.
•New series. For data fcr 1929-40 for profits and dividends of 152 companies see p. 21, table 10, of the April 1942 Survey (see note marked ' V " above regarding 1940-44 revisions).
See note on p. S-17 of September 1944 Survey regarding the series on net income of electric utilities and data beginning third quarter of 1943, and p. S-16 of the August 1944 Survey
for a brief description of the new series on bank deposits and currency outside bank and figures beginning June 1943; earlier data for these series will be published later. Data beginning July 1940 for the series on the war program are shown on p. 29 of the June 1943 Survey; beginning July 1945 data are from the Treasury Daily Statement; earlier figures were supplied by the War Production Board. See note in April 1946 Survey for a brief description of the series on war savings bonds and p. S-16 of the October 1942 Survey for sales beginning
May 1941; beginning March 1945, amount outstanding includes matured bonds not turned in for redemption. Data for expenditures of Government corporations have been shown on
revised
basis beginning in the September 194G Survey; see note in that issue for an explanation of the revision.
Digitizedafor
FRASER
fKevised
series. See note marked "f" or. p. S-18.
SUKVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated, statistics through 1941
and descriptive notes may he found in the
1942 Supplement to the Surrey
1945
1946
August
October 1946
August
September
October
1946
Novem- Decem.
ber
ber
January
February
March
April
May
June
July
FINANCE—Continued
PUBLIC FINANCE (FEDERAL)-Continued
Government corporations and credit agenciesf—Con.
Assets, etc.—Continued.
Commodities, supplies, and materials mil r»f dnl
U. 8. Government securities
— _. d o . . . .
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
dn
U. 8 Government interests
Reconstruction Finance Corporation, loans outstanding,
end of month, totalf
mil. of dnl
Banks and trust cos., incl. receivers
.
..do—.
Other financial institutions
do
do
Railroads, including receivers..,. . _
Loans to business enterprises, except to aid in national
defense
~_ _ .
mil. of dnl
National defense
„
. do
Other loans and authorizations
do
2,487
1,756
368
20, 816
3,411
' 6,320
2,288
1,683
325
' 21,017
3,241
r
6,078
551
1,135
4,634
465
27,610
655
1,113
4,410
472
27,492
r
r
1,918
1,789
285
20, 784
3,480
' 6, 856
1,550
1,767
439
17, 438
3,295
6,498
536
1,133
5,187
479
26 218
325
1,234
4,939
482
22,889
r
2,036
280
115
203
2 012
277
113
202
1,826
275
111
202
1,847
273
106
201
1,861
268
104
198
1,827
234
100
192
1,807
229
99
171
1 776
223
89
172
1 680
221
87
171
1 689
219
85
171
1,474
214
83
171
35
767
636
40
746
633
40
755
443
144
682
442
145
707
440
145
694
461
146
703
459
175
689
427
140
642
420
143
656
416
171
419
416
1,360
' 1, 355
' 1,465
' 2,136
' 4, 403
' 14,447
1,585
1,180
1,305
1,937
1,786
1,539
1,862
1,178
315
34
148
' 1, 285
'395
'61
'9
' 1, 352
'695
'78
'34
' 1.963
'909
' 109
64
' 4,355
'104
24
'24
' 14,333
' 3r 8 7
43
71
1,406
74
111
68
1,122
239
25
33
1,168
280
74
63
1,680
425
154
103
1,579
637
146
61
1, 254
369
128
156
1,628
439
109
125
497
399
41
3
54
863
778
65
'465
••252
'119
85
'9
890
845
45
'808
' 140
'382
274
'12
657
606
47
' 1,082
'233
572
249
28
1, 054
961
67
' 152
r
63
'64
0
'25
' 4, 251
4,210
'41
r
500
' 189
'216
69
' 27
r
13, 947
' 13, 650
82
253
188
44
7
13
1,333
1,261
71
297
104
33
151
9
883
803
80
417
134
79
194
10
888
805
83
682
424
140
99
19
1 255
967
71
844
299
430
77
38
943
793
150
654
418
176
35
24
885
755
129
674
291
342
8
33
1,189
1,053
135
488
'459
'793
'1,062
'148
'491
245
291
405
666
825
634
656
331
126
206
147
77
50
21
10
'100
'59
'41
'353
'283
'50
19
6
99
50
49
'683
'648
1
35
'11
' 156
'102
'54
'873
•-797
19
56
34
'25
'9
' 16
'94
'68
r
6
19
'29
' 121
'93
'29
'350
'296
12
'42
'20
111
63
49
124
56
5
62
10
37
17
20
240
222
2
16
15
99
55
44
289
257
2
30
17
213
148
65
433
320
57
56
21
153
91
62
658
514
28
116
14
239
169
70
324
279
13
32
72
333
205
128
298
215
44
39
25
392
313
74
41
6
34
3
3
0
'249
'86
'161
'117
'2
'111
84
10
74
'133
87
'42
'378
(a)
'372
270
4
266
'223
'95
'113
'566
'16
533
246
27
220
'61
'21
'37
'63
2
'56
0
0
0
' 184
'70
'107
' 213
'24
'188
68
19
50
181
98
74
43
1
43
7
7
0
100
26
59
32
1
31
150
1
148
126
94
15
78
1
77
192
2
190
412
198
195
138
6
132
98
1
97
289
127
154
424
5
418
76
7
69
402
200
165
173
10
129
35
9
26
279
137
118
338
181
156
8
8
0
878,824 1,338,316
142,242 242, 521
142,242 237,979
104,820 209,087
0
0
37,422
28,892
0
4,543
736,582 1,095,795
732,082 1,069,702
705,441 988,931
17,180
42,440
9,461
38,331
4,500
26,093
246,928
94,438
93,938
59, 776
0
34,162
500
152,491
128, 991
78,049
43,810
7,132
23,500
840,149
243,977
240,744
161,061
75
79,608
3,232
596,172
594,102
337,010
254, 505
2,587
2,070
346,113
200,347
200,347
131,170
745
68,432
0
145,766
145, 766
112,954
29,900
2,912
0
429,614
122, 291
122,291
47,089
18,280
56,922
0
307,323
307, 323
264,262
20,060
23,001
0
562,023 1,096,711 1,044,800
200,449 373, 340 309, 593
199, 549 373, 340 301,752
127,315 289,600 191,930
6,855
15,970
22, 420
56,264
61,321 102,967
7,841
900
0
361, 573 723, 371 735, 207
338,374 698,371 727,605
284, 215 362, 663 663, 502
17,180
22, 980 325, 685
46,923
31,179
10,024
7,602
23,200
25,000
866, 896
424, 631
424, 631
307, 350
9,145
108,136
0
442, 266
422, 766
366, 065
40, 580
16,120
19, 500
931, 287
491,013
491,013
366, 543
0
124,470
0
440, 274
385, 774
345,174
32, 920
7,680
54,500
SECURITIES ISSUED
Securities and Exchange Commission:f
Estimated gross proceeds, total
mil. of dol
By types of security:
Bonds, notes, and debentures, total..do....
Corporate
»
..do
Preferred stock . . —..
_.
do
Common stock
„._ . _ > do
By types of issuers:
Corporate, total—.„_._-..
„ _ do
Industrial
.
. do
Public utility
..do
Rail
_
do
Other (real estate and financial)
. do
Non-corporate, total® „ .
do
XJ. 8. Government
.
. do
State and municipal
. __do
New corporate security issues:
Estimated net proceeds, total
do
Proposed uses of proceeds:
New money, total
do
Plant and equipment-..
do
Working capital
do .
Retirement of debt and stock
.do
Funded debt
do
Other debt
do
Preferred stock
. do
Other purposes.
..do
Proposed uses by major groups :§
Industrial, total net proceeds
..do....
New money
. do
Retirement of debt and stock
..do....
Public utility, total net proceeds
-do....
New money.
. do
Retirement of debt and stock...
_do
Railroad, total net proceeds
do
New money- _ _
___ do
Retirement of debt and stock
do
Commercial and Financial Chronicle:
Securities issued, by type of security, total (new
capital and refunding)%
thous. of dol_.
New capital, totalj
_
_do
Domestic, totaty
......
. do
CorporateJ
„_
.
..do
Federal agencies
._ _ do
Municipal, State, etc
do
Foreign
do
Refunding, totalt-~ . .
do
Domestic, totalj
_
.
..do
Corporate!-----..
- . do
Federal agencies
„_
-do
Municipal, State, etC—»
do
Foreign
. do
Domestic issues for productive uses (Moody's):
Total.._
mil. of dol
Corporate
do
Municipal, State, etc.
. do
Bond Bayer:
State and municipal issues:
Permanent (long term)
thous. ofdoL.
Temporary (short term)
_
-do...
569,921 510,132
419,510 144,446
418, 510 144,446
354, 302 107,244
0
0
64, 208
37,202
1,000
0
150,411 365, 686
125, 661 365,686
92.057 338,268
32, 920
20,060
684
7,359
24, 750
0
63, 723
3,382
122
86
33
96
63
33
145
117
28
56
22
34
151
90
61
146
82
64
78
22
56
117
67
50
199
55
144
45,727
28,700
51,985
45,992
82,422
64.913
40,762
1,970
83,674
50,925
75,934
131,086
76,164
59,710
88,974
23,909
85,176
57,582
188
84
104
236
153
83
143,933 '130,851 '138,678
14,734
56, 461 141,185
a
'Revised.
Less t h a n $500,000.
® Includes for certain months small amounts for nonprofit agencies not shown separately.
§ Small amounts for "other corporate," not shown separately, are included in the total net proceeds, all corporate issues, above.
t See note in the April 1946 Survey regarding revisions in the data for 1944.
t Revised series. D a t a for Government corporations and credit agencies have been shown on a revised basis beginning in t h e M a y 1946 Survey and the figures for certain items
have been further revised in this issue to take account of recent changes in the classifications. T h e classifications are those currently used in the revised form of the Treasury Daily
Statement. All asset items, except the detail under loans receivable, are on a net basis (after reserves for losses); reserves against loans are not completely segregated as to the t y p e
of loans to which they are applicable and the detail of loans b y purpose is, therefore, shown before reserves; most of the reserves are held against agricultural loans. Revised d a t a
beginning with the third quarter of 1944 will be published later; earlier data cannot berevised to a comparable basis. Revisions in this issue of the Survey resulted from the inclusion
of guaranteed loans held b y lending agencies in the figures for agricultural loans, foreign loans, total loans, total assets and the appropriate liability items. Guaranteed foreign loans
are included in the 1945 figures published in the M a y and June 1946 issues of the Survey; $569,000,000 and $262,000,000, respectively, should be added to the March and June 1945 figures
in those issues for agricultural loans, total loans, total assets, total liabilities and other liabilities to obtain figures comparable with later data shown above. June data include M a y
figures for R. F . C. and its affiliates. T h e classification of Reconstruction Finance Corporation loans was revised in the November 1943 Survey (see note in t h a t issue); the figures
include p a y m e n t s unallocated, pending advices, at end of m o n t h . There have been unpublished revisions in the 1941-44 d a t a for security issues compiled b y the Securities and E x change Commission as indicated from time to time in notes in the Survey; and revisions in the 1945 data as shown in the September 1946 and earlier issues; all revisions will be shown
later.
October 1946
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
August
S-19
1946
1945
1946
August
September
October
Novem- December
ber
January
February
March j April
May
June
July
FINANCE—Continued
SECURITY MARKETS
Brokers' Balances (N. Y. S. E. m e m b e r s carrying
m a r g i n accounts)^
Customers' debit balances ( n e t ) - . . . , Cash on hand and in banks
Money borrowed
Customers' free credit balances.—
mil. of doL
do.__
do....
do.._
1,100
1,084
1,063
1,095
1,048
748
632
711
578
762
594
1,138
313
795
654
1,168
377
647
734
727
645
755
622
712
575
697
547
669
370
498
651
442
653
103.10
103. 49
80.15
102.49
1G2.97
79.94
102.60
103.08
80.60
103.16
103. 61
81.88
103.28
103.71
82.50
103.64
104.04
82.65
104.75
105.14
82.32
105.19
105.59
82.11
105.29
105.69
103.89
104. 25
82.88
104.03
104. 40
83.16
104. 21
104. 61
81. 64
103. 52
103. 92
80.97
123.8
121.7
121.6
121.9
122.0
121.9
123.8
124.5
124.5
124.3
123. 7
123.9
124.0
119.1
124.0
115.4
117.7
78.8
140.0
104.1
117.2
121.7
115.5
114.4
75.6
138.8
102.2
117.1
121.4
115.6
114.4
74.5
137.0
102.0
117.7
122.0
115.7
115.8
76.6
137,7
102.4
118.3
122.5
116.0
118.6
78.9
139.0
102.6
119.0
123.1
116.2
117.5
82.1
140.1
102.7
119.7
123.9
116.3
118.9
84.9
141.6
104.6
120.0
124.4
116.1
119.6
85.4
143.4
106.0
120.1
124.5
115.9
119.9
82.7
143.4
106.5
119.9
124. 4
115.8
119.6
83.6
144.1
106.6
119.5
123.9
116.0
118. 6
81.8
142.1
104.8
119.5
123.9
116.0
118.7
83.2
142.0
105.3
119.1
123.4
115.3
118.5
80.1
140.9
104.9
72, 691 101,995 89,387
94,121 143, 293 120, 572
69, 346 94,819 82,146
90,244 134,911 111, 792
122,343
172,496
137,749
192,680
138,499 165,360
185, 652 217,071
119,650
154,582
98,956
121,413
107, 506 89, 462
131, 595 107,064
83,438
97, 833
73, 743
90, 590
112,871
159,869
127,551
177,107
128,617
176,083
155,270
204,041
110,162 91,234
146,310 113,002
100,481
123,634
84,330
100,995
73, 706
91,898
69,459
85,918
109, 778 143,971
1,268
517
109, 261 142,703
104,042 132,563
5,219
10,140
163,452
742
162,710
147,629
15,081
141,431
745
140,686
131,329
9,357
186,923
1,060
185,863
175,742
10,121
129,337
605
128,732
122,533
6,199
105,018
720
104,298
95,912
8,386
122, 337
10, 318
112,019
104,968
7,051
93,952
4,299
89, 653
84, 310
5,343
84,033
256
83, 777
77, 609
6,168
79,886
181
79, 705
72,473
7,232
723
745
856
Bonds
Trices:
Average price of all listed bonds (N. Y. 8. E.)-dollars..
Domestic
....
do_.».
Foreign....
.
—
do
Standard and Poor's Corporation:
Industrial, utilities, and rails:
High grade (15 bonds)
dol. per $10© bond_.
Medium and lower grade:
Composite (50 bonds)..,
......do
Industrials (10 bonds)
.....
do
Public utilities (20 bonds)
do....
Railroads (20 bonds)
do.-...
Defaulted (15 bonds)
do....
Domestic municipals (15 bonds)t
—.__.do....
U. S. Treasury bonds (taxable)t
do
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market value
thous. of dol..
Face value
_
...do
On New York Stock Exchange:
Market value.
.
..do....
Face value
_
do
Exclusive of stopped sales (N. Y. S. E.), face
value, total
-thous. of doL.
U. S. Government
.do
Other than U. S. Government, totsl...do
Domestic
do
Foreign
_
do,...
Value, issues listed on N . Y. 8. B.:
Face value, all issues...
-mil. of dol..
Domestic.
,
_
do
Foreign...
_
do
Market value, all issues
_
do
Domestic
_
_
do
Foreign
do.
Yields:
Domestic municipals:
Bond Buyer (20 cities)
_
percent..
Standard and Poor's Corp. (15 bonds)..
do
Domestic corporate (Moody's)
do
By ratings:
Aaa
,do
Aa
..do
A
do._._
Baa._
_
do
By groups:
Industrials.._
do
Public utilities
..do....
Kailroads
do....
U. S, Treasury bonds, taxable t
do
78,010 118,937
279
1,000
77, 731 117,937
72,441 113,110
5, 290
4,827
126,593
123,956
2,637
129, 748
127,640
2,108
125,252
122,616
2,635
128,511
126,387
2,124
124,802
122,197
2,605
128,741
126, 608
2,133
125,055
122,494
2,561
129,156
127,044
2,113
138,085
135,629
2,556
143, 111
140,998
2,112
138,961
136,550
2,411
145, 556
143, 571
1,984
139,299
136,890
2.409
146,524
144, 546
1,978
138,831
136,423
2,407
146,181
144,190
1,990
138,519
136,143
2,375
143,904
141,936
1,969
138,364
135,968
2,396
143,944
141,951
1,992
136, 648
134, 281
2,367
142,406
140,474
1,932
136, 596
134, 257
2,339
141,407
139, 513
1,894
1.58
1.65
2.73
1.64
1.70
2.86
1.72
1.79
2.85
1.56
1.76
2.84
1.51
1.70
2.82
1.42
1.64
2.80
1.31
1.57
2.73
1.29
1.49
2.68
1.29
1.49
2.66
1.37
1.45
2.67
1.36
1.54
2.71
1.41
1.55
2.71
1.51
1.60
2.71
2.51
2.62
2.74
3.03
2.61
2.70
2.85
3.26
2.62
2.70
2.85
3.24
2.62
2.70
2.84
3.20
2.62
2.68
2.81
3.15
2.61
2.68
2.79
3.10
2.54
2.62
2.73
3.01
2.48
2.66
2.70
2.95
2.47
2.54
2.69
2.94
2.46
2.56
2.69
2.96
2.51
2.58
2.73
3.02
2.49
2.59
2.73
3.03
2.48
2.59
2.72
3.03
2.58
2.70
2.89
2.23
2.68
2.86
3.02
2.36
2.67
2.85
3.05
2.37
2.65
2.84
3.03
2.35
2.64
2.81
2.99
2.33
2.64
2.79
2.96
2.33
2.57
2.71
2.89
2.21
2.54
2.65
2.83
2.12
2.54
2.64
2.80
2.09
2.57
2.65
2.78
2.08
2.60
2.69
2.84
2.19
2.59
2.70
2.85
2.16
2.58
2.69
2.86
2.18
136,714
134, 441
2, 273
140, 958
139,137
1,822
Stocks
Cash dividend payments and rates, Moody'a:
Total annual payments at current rates (600 companies)
mil. of d o l - 1,952,00 872.04 1,871.55 1,870.94
1,880.22 1,886.00 1,900.31 1,908.54 1,919. 71 1,911.77 1,943.39 1,960.85
Number of shares, adjusted
_milllons-_ 941. 47 941.47 941.47 941.47 941.47 941.47 941.47 941.47 941.47 941. 47 941.47 941. 47 941.47
Dividend rate per share (weighted average) (600 com2.02
2.03
panies)
__
...dollars..
1.99
2.03
2.06
2.08
1.99
2.07
1.99
2.04
1.98
2.00
2.00
3.21
3.21
Banks (21 cos.)
do
2.94
3.21
3.21
3.21
3.21
2.95
3.11
2.95
2.97
3.21
3.17
2.02
1.95
1.97
Industrials (492 cos.)
do
1.92
1.94
1.96
2.01
2.04
1.92
1.92
1.92
1.94
1.97
2.58
2.58
Insurance (21 cos.)
do
2.57
2.58
2.58
2.58
2.58
2.58
2.58
2.58
2.58
2.57
2.58
1.81
1.81
1.80
1.79
1.81
Public utilities (30 cos.)
.Ido-.I.
1.80
1.81
1.81
1.82
1.80
1.80
1.80
1.81
2.65
2.77
2.65
2.69
2.64
2.81
Railroads (36 cos.)
do
2.71
2.71
2.71
2.69
2.64
2.69
2.81
Dividend payments, by industry groups:*
133. 6
149.5
Total dividend payments
mil. of doL.
162. 5
135.4
396.3
396.2 * 320.3 136.5
497.6
393.1
768.2
358.4
Manufacturing
.
.do
138.2
C9.0
65.7
237.6
278.1
147.0
74.9
64.7
246.3
418.6
71.9
129.6
128.6
Mining
*.
_.
do
4.0
.6
2.0
50.2
4.5
65.3
22.5
21.2
1.0
1.0
1.2
3.7
2.7
18.4
Trade-I~II—IIIIdo~~r
5.7
33.4
29.7
46.7
9.2
29.9
5.4
26.5
4.0
7.0
19.8
24.0
53.3
Finance
_
_
.do
17.1
36.3
88.6
81.0
29.6
31.1
24.2
28.7
26.3
19.1
50.4
87.5
12.3
Railroads
._
__do
33.8
17.2
63.3
7.6
7.2
4.8
4.6
2.7
22.5
29.3
17.2
19.7
39.3
36.5
46.6
51.7
29.3
35.6
Heat, light, and power
I
IZZZZZIIcIoIIZZ
41.7
29.3
47.6
33.3
32.0
32.0
38.5
48.4
13.4
49.8
16.9
.3
.1
Communications
.
do
.2
.2
51.7
.2
48.3
13.0
15.1
6.4
15.9
9.7
24.7
Miscellaneous
_
.
. "" do
2.9
1.5
7.7
2.6
3.4
8.1
13.3
11.6
2.4
Prices:
Average price of all listed shares (N. Y. S. E.)
98.2
82.6
93.5
96.9
89.2
92.6
103.2
86.0
93.0
99.1
95.8
Dee. 31,1924-100-...
89.6
100.2
74.78
62.33
72.36
68.70
74.74
Dow-Jones & Co. (65 stocks)
...dol. per s h a r e 65.97
71.57
73.01
76. 98
75.02
73. 81
76.63
77. 59
166.16 177.96 185.07 190.22 192. 74 199.00
Industrials (30 stocks),..
.
do
199.46 194.37 205.81
206. 63 207.32 202. 27
199.44
39.94
Public utilities (15 stocks)
.
do
32.39
38.26
35.45
40.01
33.95
38.10
40.96
40. 93
43.03
40.38
42.93
42.51
65.58
Railroads (20 stocks)
_
do
55.16
63.67
59.61
65.12
57.11
63.06
63.22
61.45
64.77
64.30
66.64
62.89
138. 72 136.88 136. 03 141. 86 143. 47 144. 63 140.10
118. 69 126.33
135.05
New York Times (60 stocks)
do
130.72 132.71
136.45
223. 25 222. 79 233. 85 236.11
Industrials (25 stocks)
do. .
237.16 231. 21
225. 97 194. 66 208. 50 215.06 218.74 220.67 226.00
51.45
42.74
49.43
44.39
50.57
Railroads (25 stocks)
do. . .
44.17
48.69
48. 99
49.88
50.84
52.11
46.93
49.27
r
Revised.
1 Since February 1945 data are from the New York Stock Exchange; except for June and December, data are estimates based on reports for a sample group of firms.
* New series. Data for 1941 for dividend payments are on p . 20 cf the February 1944 Survey. Final revisions for 1942 and 1943 will be published later. For revisions for all
months of 1945, see p. S.-19 of the May 1946 Survey.
t Revised series. The price series for domestic municipal bonds was revised in the April 1943 Survey; see p. S-19 of that issue for data beginning February 1942 and an explanation
of the revision; earlier data will be published later. Data through December 1943 for the revised series on prices and yields of U. S. Treasury bonds are shown on p. 20 of the September
1944 Survey; these series include all issuej not due or callable for 15 years. Yields through December 1945 for partially tax-exempt Treasury bonds are shown in the April 1946 and
earlier issues of the Survey; there were no partially tax-exemDt bjnds due or callable in 15 years or over after December 15.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
1946
August
October 1946
September
August
October
Novem- December
ber
January
Fe b
a rT | March
April
May
June
July
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued.
Standard and Poor's Corporation:
146. 4
Combined index (402 stocks)
1935-39«=100..
Industrials (354 stocks)
do
150.4
Capital poods (116 stocks)
do
135.2
Consumer's goods (191 stocks)
do
159.3
Public utilities (28 stocks)
do...
125.3
Railroads (20 stocks)
do
147.1
Other issues*
Banks, N . Y. C. (19 stocks)
do....
118.7
Fire and marine Insurance (18stocks)
.do
133.9
Sales (Securities and Exchange Commission):
Total on all registered exchanges:
Market Value
tbous. of doL 1,163,594
Shares sold
thousands.
45,917
On New York Stock Exchange:
Market value
tbous. of doL. 982,460
Shares sold—thousands.. 32,196
Exclusive of odd lot and stopped sales (N. Y.
Times)
..thousands.
20,807
Shares listed, N . Y. S. E.:
Market value, all listed shares
mil. of dol_. 74,350
Number of shares listed.millions..
1,738
Yields:
3.9
Common stocks (200), Moody's
.percent..
3.8
Banks (15 stocks)—.
do
3.8
Industrials (125 stocks)
...do
3.2
Insurance (10 stocks)
do
Public utilities (25 Btocks)
do...
4.2
5.6
Railroads (25 stocks)
do...
Preferred stocks, high-grade (16 stocks), Standard and
3.44
Poor's Corporation
percent..
117.9
118.9
107.6
128.1
107.2
130.9
126.1
128.2
117.2
139.3
110.6
137.5
132.0
134.5
122.0
145.9
114.4
145.1
136.9
138.7
124.8
150.7
120.8
154.2
139.7
142.2
127.9
154.0
120.2
157.1
144.8
147.5
133.1
161.9
124.0
164.3
143.3
145.8
133.6
159.5
123.7
159.8
141.8
144.5
130.8
159.2
122.8
153.6
151.6
155.9
139.4
170.1
127.5
156.8
154.3
158.8
141.7
172.0
129.3
157.2
153.2
156.9
142.7
166.7
130. 4
161.8
149.6
153.4
138. 9
162.7
127.7
153.6
113.0
122.2
115.0
125.9
124.6
134.2
125.2
136.5
124.3
133.9
126.1
139.2
121.3
143.8
116.6
141.6
120.2
144.2
118.9
141.8
115.9
136. 9
116. 5
134.7
943,404 1,105,307 1,589,145 1,796,416 1,745,468 2,373,016 1,930,314 1,479,956 1,869,130 1,774,725 1,409,683 1,223,124
47, 768
60,203 72,096
39,700
46,334
74,976 106,471 87,068 112.908 90,883
70, 514
56, 794
794,433 922, 584 1,290,513 1,438,500 1,410,635 1,947,730 1,574,139 1,217,019 1,504,771 1,427,037 1,149,180 1,014,338
32,188
71,761
62,604
36,606 4.7,002 46,326
28,846
32, 465
47, 709 54,218 48,656
35,865
21,714
25,135
35,476
40,406
34,151
51,510
34,093
25,664
31,427
30, 410
21,717
20, 595
64,315
1,548
67,065
1,554
69,561
1,573
72,730
1,577
73,765
1,592
78,468
1,614
74,165
1,620
77,932
1,628
80.943
1,645
84,043
1,666
80, 929
1,686
79.132
'1,719
4.1
3.4
3.9
3.4
4.5
5.7
3.9
3.4
3.8
3.3
4.3
5.3
3.8
3.1
3.7
3.1
4.2
5.2
3.7
3.2
3.6
3.2
4.0
4.8
3.7
3.3
3.6
3.1
4.1
4.8
3.5
3.4
3.4
2.9
3.8
4.5
3.8
3.7
3.6
3.0
4.0
5.1
3.6
3.6
3.4
3.0
4.0
5.1
3.5
3.6
3.3
3.0
3.9
5.1
3.4
3.7
3.2
3.0
3.7
4.5
3.5
3.7
3.4
3.1
3.9
4.8
3.7
3.7
3.5
3.2
3.9
5.2
3.72
3.75
3.72
3.65
3.59
3.54
3.49
3.45
3.42
3.47
3.46
3.43
202
217
107
FOREIGN TRADE
INDEXES
Exports of TJ. S. merchandise:
Quantity
Value
Unit value
Imports for consumption:
Quantity
_
Value.._
_
Unit value
Agricultural products, quantity: §
Exports, domestic, total:
Unadjusted
Adjusted
Total, excluding cotton:
Unadjusted
Adjusted
Imports for consumption:
Unadjusted
Adjusted
1923-25-= 100.do
do
173
192
111
135
135
100
119
118
99
166
164
198
192
97
214
210
176
175
211
212
101
194
199
103
213
219
103
220
230
105
do
do....
do
126
111
119
103
87
123
108
87
113
98
87
99
139
125
91
107
96
90
128
117
92
135
123
92
131
122
93
123
116
95
71
104
92
127
123
108
124
118
128
105
128
113
148
118
161
107
153
130
114
173
158
206
204
174
203
185
200
160
186
156
183
173
210
156
187
106
90
106
95
89
94
112
19,026
10,112
15,408
9,882
13,319
10,918
19, 277
23, 544
12,354
1924-29-= 100.do
do
do
85
do.—.
do
92
104
mil. of lb__
...do
15,966
11,094
106
90
104
79
83
103
76
r
138
131
95
SHIPPING WEIGHT*
Exports, including reexports
General imports
VALUE §
17,665
9,031
16,009
10,617
17,820
11,544
15,359
9,093
17,511
10,163
9,099
737,398 514, 351 455,264 638,937 736,139 798,727 670,875 815,047 757,290 850, 759 878,199 825,125
Exports, total, including reexports
thous. of dol__
38,195
Lend-lease*
do
413,747 158,192 r 74,835 115, 250 188,320 130.375 96,300 116,140
66,614
57,164
80,442
By geographic regions:
29,524
34,189 ' 38,653 r 42,349 r 48,276 ' 46,932 50,627
31,832
42,176
46,690
25,183
42,927
Africa
do
77, 563 111,346
104,600
44,077
37,001
81,050 110,505 104,394 •130,875 157,946 130,779
82,907
Asia and Oceania
do
389,904
404.376
370,590
396,128
212,837
188,045
380,045
320,
413
339,632
265,455
' 39,574
383,407
Europe...
do
95,840
87, 794 83, 535 101,556 106,641 108,629 117,804 123,836
95,027
99,42*2 96,427
103,159
Northern North America
_
do
72,612 'T 72,610 '72,017
63,132 65,805
56,778
84,999
88,859
77, 594
77.094
70,287
82,936
Southern North America
do
66,029
52, 589
83,947 71,511
47,310
92, 222 100,823
80,935
80,200 '82,097
82, 593
South America.^
do
Total exports by leading countries:
Europe:
41,438
53,672 r 73,362 67,936 r 89,369
40,656
37,991
78, 324
62, 539 52, 751
79,483
70, 526
France.. _
do
240
531
168
117
7,983
11,098
354
'549 ••1,131
3,515
Germany
_
...do...
1,646 r ' 7,212
17,314
34,887
19,322
26,
563
37,234
40,146
15,868
31,635
Italy...
do....
9,800
30, 803
35,403
42,044
15,166
6,724
99,978 ' 52, 501 29,896
6,165
30, 531 48,061 38,079
Union of Soviet Socialist Republics (Russia).-do
137,441
30,340
32,081
67,872
42,394
72,741 ••81,963 60,013 85,863 ' 63,033 68,094
62,840 73,160
33,537
United Kingdom
do
138,322
North and South America:
92,285
99,101
96,117
91,740
85,676
Canada
_
do
93,797
82,216 ' 98,137 103,680 105,373 114, 925 121,198
95,822 105, 545
96,670 140,907 127,050 r 146, 540 132,008 154,136 150,753 167,342 180,272 151,903
Latin American Republics, total
do
4,519
3,128
2,372
14, 713
Argentina
__„
do
6,809
7,724
9,029
10, 537
9,198
9,295
13,622 14,628
14,610
11,863
28,053
Brazil
do
16,646
23,872
22,442
28,310
31,373
22,441 26,494
27,192 26,124
3,765
3,012
6,047
5,645
Chile
do...,
3,585
5,256
5,763
4,672
5,401
6,280
4,946
7,437
12,138
10,998
Colombia*
do
7,209
12,435
6,970
6,940
11,614
9,602
7,656
'8,801
10, 708
15,106
21,539
Cuba...
_
do....
16, 278
23,491
15,656
16,427
20,031
20,967
18,184
19, 312
20,479
22, 779 17, 231
39, 207
32,423
33,910
25,021
23,965
Mexico
do
37,969
31,681 ' 31,750 ••31,527
28,038
42,481 38,209
17,192
17,770
8,053
Venezuela*
_
do
9,381
15,353
13,904
18,033
12, 583
16,931
20,124 13, 315
13,103
r
Revised.
| See note marked " § " on p. S-21.
* New series. Data on shipping weight of exports and imports are compiled by the U. S. Department of Commerce, Bureau of the Census; they represent gross weight of merchandise exports and imports, including weight of containers, wrappings, crates, etc. Data beginning January 1943 will be published later. See p. 32 of the February 1946 Survey
for annual totals for lend-lease exports for 1941-45; complete monthly data will be published later; all supplies procured through lend-lease procurement facilities are shown as lend-lease
exports although, since the program officially ceased to operate at the end of the wai, the recipient nations had, with few exceptions, arranged to finance them prior to the exportation
of the merchandise. Monthly data prior to February 1945 for Columbia and Venezuela will be shown later.
SURVEY OF CURRENT BUSINESS
October 1040
Unless otherwise stated, statistic* through 1941
isnd descriptive notes may be found in the
1942 Supplement to the Survey
1946
August
S-21
1946
1945
August
September
October
Novem- December
ber
Janu-
ary
Febru
ary
March
April
May
June
July
FOREIGN TRADE—Continued
VALUE §—Continued
Total exports—Continued.
Other regions:
Australia..
-thous. of dol__
British Malaya
do
China
-do
Egypt
_..
do
India and dependencies
do
Japan
do
Netherlands Indies. _
___
do
Philippine Islands
_
.do
Union of South Africa..do
General imports, total..
do
By geographic regions:
Africa
do
Asia and Oceania
do
Europe
-do
Northern North America
.do
Southern North America
do
South America
do
By leading countries*.
Europe:
France.._
_
do
Germany
do
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
_
do
Latin American Republics, total
do
Argentina
do
Brazil
_
-do....
Chile
do....
Colombia*..
do
Cuba..do
Mexico
_
_
do
Venezuela*
do
Other regions:
Australia. _
_
do
British Malaya
do
China
do
Egypt..do
India and dependencies
_
...do
Japan
do
Netherlands Indies
do
Philippine Islands
do
Union of South Africa..
_
do
Exports of U. S. merchandise, total
do
By economic classes:
Crude materials
_
do
Crude foodstuffs
_
do
Manufactured foodstuffs and beveragesdo
Semimanufactures
_
do
Finished manufactures
_do
By principal commodities:
Agricultural products, total
do
Cotton, unmanufactured
do
Fruits, vegetables and preparations
do
Grains and preparations
do
Packing house products,..
do
Nonagricultural products, total
do.
Automobiles, parts and accessories
do
Chemicals and related products
do
Iron and steel and their products
do
Machinery
do
Agricultural
do.
Electrical
...do
Metal working
do
Other industrial
do
Copper and manufactures
do
Petroleum and products
_do
Imports for consumption, total
do
By economic classes:
Crude materials
_
_do
Crude foodstuffs
_
do
Manufactured foodstuffs and beverages
do
Semimanufactures
do
Finished manufactures
do
By principal commodities:
Agricultural, total
.do
Coffee..
do
Hides and skins
do
Rubber, crude including guayule
do...
Silk, unmanufactured
do...
Sugar
.do...
Wool and mohair, unmanufactured
do...
Nonagricultural, total
-do...
Furs and manufactures
do_._
Nonferrous ores and metals, total.__
do...
Copper including ore and manufactures—do...
Tin, including ore
..do...
Paper base stocks
_
do...
Newsprint
do...
Petroleum and products
do...
I
6,366
1,036
' 58, 556
2,684
7,802
8,304
2,620
' 25,150
22, 331
396,707
5,854
7,378
412
2,052
58,153 42, 688
3,494
1,891
19,841
17, 202
16,977
16,946
9,494 10, 512
25, 652 21, 251
22,017
15, 645
384, 991 '432,021
22,358
73, 518
' 65, 647 76,670
70,874 r 73,438
' 63, 543 65,870
' 93,173 84,853
19, 975 26, 954
77,898 101,100
66,859 70, 340
68, 287 79, 902
55, 462 68, 872
96, 510 84, 853
8,953
4,744
9,319
33,260
8,277
8,873
5,193
9,204 11,412
0
0
1,044
2,456
120
1,720
1,363
(*)
(°)
8,212
4,792
1,429
19.102 20,721 ' 33,170 '24,313 r 37, 024 ' 38, 346
6,299
8,431
2,120
3,954
3,405
3,266
4,124 ' 3, 909 2,938
43,204 11,267
6,342 13,842 12,640 12,678
7,172 12,487 13,504
0
0
0
1
1
1
2
2,762
(°)
0
3,291
9,282
8,274
6,135
3,888
7,658
5,580
(•)
1,341
6,460
7,584 12,663 12,053 31,328 24,724 23,390
18,798
8,757
9,985
9,471
16,124 10,119 10,646 14,991
18,391 ' 19,598
359,655 334,673 344,416 322,419 297,187 394,114 318,771 384,503 406, 664
21,105
44,377
34, 978
06,541
64,204
98,451
25,028
63,497
27,915
77,899
53,499
86,835
29,336
45,140
47,544
84,269
46,021
92,106
19,058
56,589
42,343
76,449
48,397
79,684
21,861 25,004
46,419 82,362
47,555 ' 67,431
73,627 67,957
45,323 51, 476
62,412 99,884
2,263
22
527
5,047
6,958
555
80
141
1,259
6,587
1,893
11
489
2,484
5,444
1,762
14
1,505
855
3,434
1,632
1,927
10
3
429
170
1,414 ' 18, 320
11,743 ' 10,338
14,113 ' 38,747 29,016
' 78,866 r 73, 476 ' 84, 508
' 45, 725
57, 804
' 48,846
' 73, 416
' 52, 082
' 67, 875
r 71, 913
' 80, 378
1,478 ' 3, 573 5,007
15
24
29
732
1,246
4,323
8,597
4,107 ' 7, 829
9,299 ' 14,605 11,375
94, 207 75,786 81,717 74,408 70,948 65,517 56,721 ' 65, 506 70,356
155,312 136,176 131,876 117,364 101,902 145,318 117, 065 147, 426 '152,011
19,646 17,055 20,579 18,634 16,784 16,744 ' 9, 103 ' 15,149 ' 18,440
36,034 31,770 29,602 24,270 19,607 41,914 23,136 ' 29, 526 ' 33, 535
9,393
8,155
11,930
7,954
7,785
8,925
8,436 ' 2, 660 6,931
15,243
6,068
8,488 10,591
5,999 12,101 11,548 13,078
12,002
31,249 26,459 16,619 14,562 16,001 18,379 18,247 36,434 ' 23, 521
17,790 16,321 16,831 17,426 18,922 21,462 17,175 ' 19,936 ' 25, 650
7,952
6,633
7,348
7,775
7,402 10,595
8.587
7,921
10,021
9,389 10,503 10,468 12,773
14,195
0
0
0
0
6,723
298
142
206
179
204
465
526
1,512
352
1,200
14,402 21,657 12,526 17,182 10,386
18
12
11
3
20
286
1
243
106
334
9
100
17
161
473
5,220 10,273 11,694 10,038 10,418
716,568 500,137 440,511 612,332 715,176
10,983
5,105
3,575
405
24,481
319
692
98
12, 599
779,190
73,902 84,055 81,257 88,227 70,407 94,743
33,447 54,315 65,773 62,172 66,582 70,263
86,843 67,596 37,632 84,067 140,226 177,521
57,872 48,928 54,466 70,203 67,448 73,397
464,505 245,242 201,382 307,663 370, 512 364,575
164,720 171,429 153.170 205,599
22,569 28,026 22,012 34,082
20,525 16,795 12,100 16,947
32,314 53,898 67,468 70,765
20,494 10,039
4.668 24,130
551,849 328,709 287,342 406,733
65,434 19,270 16,135 24,073
33,434 29,378 27,189 38,028
35,499 28,328 25, 784 37,948
77,277 63,723 50,557 78,715
15,940
9,994
8,031
11,070
19,699 11,025
9,669 13,866
4,861
5,104
4,369
6,531
34,817 25,297 26,168 44,084
2,544
2,262
2,828
3,727
32,548 32,227 24,691 28,536
354,983 329,271 343,714 312,565
90,488
68,848
40,918
82,798
71,931
103,149
56,384
38,640
72,959
58,139
103,098
56,599
31, 725
86,742
65,549
95,791
50,995
26,579
80,127
59,072
4,578
2,303
13,880
11,185
14,276
4,794
24
8,045
7,209
15, 272
6,441
18
6,591
7,823
12, 346
69, 526 66, 470 76,107
144,714 147, 593 146, 758
14,741 17,399
14,087
30,885 40, 337 27,227
8,102 10,089
8,149
9,770 14, 453
7,964
32,168 26, 607 33,151
16,830 16, 015 20,145
8,041
10,090
8,137
7,911
18,436
11,476 ' 13,281 11,211
7,651
9,947
9,112
9,020
115
4,575 11,792
'4,890 ' 6,311 ' 7,493
8,608
9,946 12, 656
1,061
650
2,182
1,384
1,059
651
22,667 21,272 23,936 18, 302 18,047
9,456
479
220 10,697 14, 725 14,689
11,095
40
1,381
1,873
194
664
2,753
945
524
1,552
1,717
2,597
4,402
5,320 '21,631
12,435 10,920
9,717 r 14, 641
660,110 786,831 740,574 815,346 858,053 808, 074
247,577
25,218
26,799
69,691
50,716
467,599
23,634
35,278
34,446
135,405
10,792
27,470
28,696
65, 503
2,753
28,814
279,478
309,614
34,694
' 25,682
83,514
79,950
470,885
23,691
37,919
41,931
106,475
12,761
24,054
13,943
51, 924
4,042
33,972
400,653
90,081 112,969 106,574 116, 248
68,304 62,051 49,166 34, 758
134,964 148, 550 125,243 141,790
59,795 68,611 80,190 80. 914
307,409 396,085 379,989 442,132
260,844 284,915 253,679 273,775
28,954 37,715 38,622 56,623
30,361
28,357 '28,999 24,456
72,652 68,722 '56,424 42.271
41, 595 48,072 30,496 49.376
399,709 503,350 487,483 542,067
' 26,520 29,730 36,277 48,830
35,676 '44,342 46,258 46,351
26, 582 28.917 38,108 41,258
82,220 '109,302 100,155 111,204
10,031
11,172
9,776 11,866
16,532 20,365 17,944 24,232
9,638 16,423 13,344 16,892
42,281 ' 57,269 54,906 52,980
3,655
2,794
2,418
2,173
29,530 36,936 36,082 40,365
307,986 373,785 394,064 388,840
88,890
42,443
24,529
68,171
55,446
157,378
75,251
32,651
76,011
67,751
108,790 133,863 145,426
68,668 64,578 69,204
28,723 46, 710 38,532
53,015 64,946 67,638
67,607 63,266 72,169
139, 333
62,429
45,834
72,153
69,090
122, 544
79,193
134, 442
76, 707
445,166
304, 627
52, 812
27, 760
88,646
48,135
553,426
43,463
46, 424
35, 709
125, 553
11,967
25, 381
17,176
66, 272
2,952
39,040
370, 678
120,803
68, 581
40,106
76,813
64,376
120,122
54, 430
165,170
71, 556
396, 796
292, 295
50, 425
24, 571
66,010
47, 365
515, 779
38,297
40, 378
35, 301
119,224
14,104
24, 985
16, 343
58,046
2,738
35, 797
420,107
161,910
« 53,051
52, 755
84, 399
67, 992
156,232 140,912 139,516 121,007 108,799 192,683 149,201 189.517 194,647 185,768 174,610 189,643
43,065 30,491 30 172 23 291
18 205 41,983 29,988 35 984 37,545 36,489 46, 779
3,829
6,920
4,042
3,152
3,986
3,595
4,220
5,580
4,754
6,035
3,185
4*491
7,795
7,869
8,225
8 484 10.021
14,151 24,116 22 937 20,273
4,222
6,744
399
127
1,214
156
196
261
1,354
862 12,473 24,418 19, 683
18,803 17,655
6,644
9,019
4,595 11,499 12,913 25,414 14,809 20,905 15,144 23,880
22,165 19,165 25,560 21,787 20,070 29,040 21,794 30,076 30,449 23,953 20,043 28, 530
198,751 188,359 204,197 191,558 170,680 206,258 157,493 183,846 198,322 203,072 196,067 230,463
10,757 17,892 12,655 15,365
9,599 35,004 13,992 11.472 17,273 24,514 19, 597
35,941 36,807 44,266 32,681 23,267 22,788 14,224 16,389
19,134 20,444 20,060
14,104 14,595 18,565 11,253 12,464 13,021
4,639
7,256
5,458
2,857
1,997
2,061
2,520
4,158
3,594
5,146
2,421
944
1,179
4,352
3,011
3,889
14, 619 13,975 19,587 16,650 18,098 16,942 11,691
9,854 11,638 13, 967
9,700
13,682 12,539 15,129 14,809 13,152 14,996 14,930 16,795 18,073 20,687 17, 280 21,362
13,629
8,174
13,694 17,006 11,708 13,421 11,200 10,235 11,095 13,380 11,320
r Revised. * Less than $500.
§ The publication of practically all series on foreign trade included in the 1942 Supplement but suspended during the war was resumed in the May Survey. Export statistics
Include lend-lease exports shown separately on p. S-20 (see note, marked"*" on that page), shipments by UNRRA and private relief agencies, and since June 1945 comparatively
small shipments consigned to United States Government agencies abroad; shipments to U. S. armed forces abroad are excluded. Revised 1941 figures for total exports of U. 8.
merchandise and total imports are shown on p . 22 of the June 1944 Survey; revised figures for 1942-43 for the totals and revised figures for 1941 and later data through February 1945 for
other series will be shown later.
•Monthly data prior to February 1945 for Colombia and Venezuela will be shown later.
SURVEY OF CURRENT BUSINESS
S-22
Unlesa otherwise stated, statistics through 1941
and descriptiTe notes may be found in th«
1942 Supplement to the Surrey
1945
1946
August
October 1946
August
September
October
1946
Novem- December
ber
January
February
March
April
May
June
July
TRANSPORTATION AND COMMUNICATIONS
TRANSPORTATION
Commodity and Passenger
Unadjusted indexes:*
Combined Index, all typesf
1935-39-100..
Excluding local transit linesf
do._.
Commodity!
do...
Passenger!
_
do...
Excluding local transit lines
_
do...
By types of transportation:
Air, combined index
do. .
Commodity
„
do...
Passenger.do...
Intercity motor bus end track, combined index
1935-39=100
For-hire truck...„
do...
Motor bus
do...
Local transit linesf
„
do...
Oil and gas pipe lines!
...
do...
Railroads, combined index
_do...
Commodity.
.
„
...do...
Passenger
_
.do
Waterborne (domestic), commodity!..
do
A djusted indexes:*
Combined index, all types!-....
do
Excluding local transit Ilnesf
do
Commodity
do_
PasseDgerf
__
_'.___._do__._
Excluding local transit lines
do
By type of transportation:
Air, combined index
.....
do......
Commodity
_
do....
Passenger
„
do „
Intercity motor bus and truck, combined index
1935-39-100..
For-hire truck
„
do....
Motor bus
.__._....
..._..do..._.
Local transit lines >.„
._
..
do...
Oil and gas pipe lines
.
do...Railroads „..._..
. ..„.„
do
Commodity
„_
do
Passenger
,
.___..
.do...
Waterborne (domestic), commodity
do
Express Operations
Operating revenue
thous.of dol...
Operating in com©.. .«,..._..._...._..._._,
..
do
Local Transit Line©
7.9638
Feres, average, cash rate
_.
cents.- 1,569,230
Passengers carriedf
thousands..
Operating revenues!
.,
..tbous. of dol..
Class I Steana Railways
Freight carloadings (Fed. Reserve indexes):
145
Combined index, unadjusted
1935-39-100152
CoaL......
....jdo.
177
Coke ..
do
165
Forest products
do
142
Grains and grain products
do
113
Livestock
,...do.
77
Merchandise, I. c. 1.
._.._..
do
243
Ore
do
146
Miscellaneous
.
do
141
Combined index, adjusted!
do...
152
Coalf
...do
184
Coket
do....
157
Forest products
do
131
Grains and grain products!—
do__._
118
Livestock!.
do
77
Merchandise, 1. c. 1
do
162
Ore!....
..do-.I.
145
Miscellaneous!
„
do
Freight carloadings (A. A. R.)'.{
4,478
Total cars
thousands..
925
Coal
_
„
do
70
Cokedo
254
Forest products
do
255
Grains and grain products..,
do
80
Livestock
do
611
Merchandise, 1. c. i
do..I.
347
Ore
do
1,936
Miscellaneous
do....
Freight-car surplus and shortage, dally average:
Car surplus!.
thousands..
24
Car shortage*
..do
Financial operations (unadjusted) :
710,
224
Operating revenues, total
thous. of dol~ 546,130
Freight....
d o . . . 112,115
Passenger....
^ d e - 555,
892
Operating expenses
do
72, 638
Taxes, joint facility and equip, rents.
do...
81, 683
Net railway operating income
do...
218
225
197
286
422
209
214
188
272
396
202
205
179
277
395
204
208
183
273
389
194
197
167
283
414
196
199
175
266
370
200
202
181
260
351
201
203
186
252
329
174
172
151
251
324
176
175
158
233
294
204
207
M89
r256
••343
916
1,093
800
1,031
790
893
1,001
822
835
904
789
775
862
718
738
691
770
773
648
855
823
633
949
921
631
1,113
990
676
1,197
1,041
561
1,358
2S9
205
350
173
251
229
202
437
87
227
201
311
170
216
219
194
415
97
236
222
282
180
198
206
178
427
225
215
258
178
202
213
185
432
206
189
264
175
201
202
166
472
91
219
206
260
179
208
200
174
402
225
211
270
184
218
201
180
362
104
230
217
271
188
200
204
189
321
94
244
237
268
190
202
152
133
304
94
247
240
270
182
197
154
142
252
104
248
230
308
183
'200
'198
185
'299
rl32
212
216
194
272
383
201
206
182
266
381
197
199
171
282
406
203
206
178
283
411
196
199
170
279
410
202
205
181
269
380
204
208
186
263
367
206
209
190
257
347
177
176
154
252
335
178
178
160
237
304
'202
'205
188
'250
'328
1,093
740
851
1,031
732
879
1,001
798
860
904
831
823
862
797
796
691
865
812
648
920
841
635
978
908
631
1,091
969
676
1.162
987
561
1,269
230
205
310
181
262
221
198
399
70
2J6
191
295
172
224
211
186
403
226
207
289
179
203
201
170
442
74
221
206
268
178
199
212
180
458
205
189
260
170
194
204
170
462
109
217
280
177
197
204
178
403
124
235
218
292
177
199
206
184
372
128
240
224
291
183
192
209
192
337
115
250
242
279
183
199
158
137
318
95
253
245
278
181
202
158
144
265
98
243
228
294
185
'210
'197
186
'288
'117
22,623
91
22,484
75
23, 595
63
24, 826
80
29,141
83
24, 532
72
23, 919
64
24, 333
92
35,115
82
26, 728
60
25,626
69
7.8115 7.8198 7. 8198 7.8198 7.8198 7.8641
7.8669
7, 8835
7.8641
7. 8641
7.8807
1,539,370 1,458,400 1,595,440 1,533,470 1,563,470 1,615,570 1,486,560 1,669,880 1,631,980 1,630,373 1,577,274
113,100 106,100 116,000 111, 200 117, 300 118,600 106,900 118, 700 118,882 119,800 117,000
132
128
160
140
176
109
65
240
133
128
128
167
133
163
115
64
166
132
r 4, 101
'783
'64
'218
'314
'76
'512
'356
* 1, 776
137
143
154
135
163
150
69
261
136
127
143
155
125
146
114
66
174
126
128
109
111
115
158
189
72
215
136
118
109
113
109
158
123
69
134
126
136
148
167
108
164
183
75
114
139
133
148
167
110
167
145
74
134
133
119
133
172
94
144
135
71
36
123
127
133
164
106
153
140
74
117
130
123
148
133
109
162
120
74
29
123
133
148
127
122
152
126
78
118
134
119
152
114
121
147
126
75
24
113
126
162
107
126
150
158
78
94
121
132
155
166
134
130
111
79
35
136
139
155
165
134
141
140
78
121
143
107
26
93
143
99
127
82
50
141
109
26
95
143
112
143
81
66
143
107
68
61
130
111
103
74
103
125
106
68
62
125
126
114
74
66
123
137
146
138
155
128
96
81
213
139
133
146
140
149
126
'118
81
137
135
4,117
842
59
205
287
99
524
356
1,745
3,151
605
34
142
223
106
456
250
1,436
3,207
688
50
129
223
100
455
148
1,414
3,646
794
66
143
253
96
644
54
1,597
43
128
207
65
448
34
1,273
2,867
740
32
146
209
73
471
25
1,171
3,982
938
66
208
237
79
620
50
1,785
2,605
126
30
177
140
71
516
53
1,491
2,616
327
19
159
154
59
468
108
1,322
4,063
787
49
234
222
67
619
283
1,801
11
11
20
18
98
15
23
16
106
'18
7
10
9
6
1
2
'7
4
7
754,855 679,178 696,991 661,181 613,691 640,872 579,136 646,099 566, 702 532, 553 611, 939
547,271 488,612 492,288 463,682 401,256 453,399 421,243 483, 776 411,819 399,215 458, 484
153,254 140,146 146,504 145,655 161,134 137, 602 114,655 114, 562 106,082
92, 233 106, 604
547,060 621,193 626,652 548,550 963,331 490,059 450,228 627,890 508,097 492,201 516. 856
120,299
51,310
79,
964
13,990
15,900
W
«
,
738
71,104
38,669
48,476
45,132
57, 003
r
87, 492 43,994 54,439 61,321 * 86,902 70,848 57,805 <* 20,469
10,128 * 4,780
38, 080
51,152
8,849 20,224 34,384 * 74,656 33,887 28,589 * 48,826 <* 20,99S * 37,074 14. 620
Net income t
——
—
do
' Revised.
* Deficit.
{Data for August, September and December 1945 and March , June and August 1946 are for 5 weeks; other months, 4 weeks.
•New series. For data beginning 1929 for the transportation indexes, see pp. 26 and 27 of the May 1943 Survey (scattered revisions have been made in the series marked **t" as
published prior to the December 1948 Survey; revisions are available on request). Comparable data beginning January 1943 for freight-car shortages and surpluses and an explanation
of the change in the latter series are available on p. S-21 of the December 1944 Survey..
!See note marked "*" regarding revisions in the transportation indexes and car surpluses. The indicated seasonally adjusted series for freight earloadings, as published prior to the
October 1943 Survey, have been revised beginning 1939 or 1940; all revisions are available on request. Beginning in the April 1944 Survey, revenue data for local transit lines cover aB
local transit lines, including all common carrier bus lines except long-distance interstate motor carriers; similarly, data for passengers carried, beginning in the May 1945 issue, represent estimated total revenue passengers carried by all local transit lines; revised data beginning 1936 will be published later.
JRe vised data for net income July 1945, $65,284,000.
October 1946
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
August
S-23
1945
1946
August
September
October
1946
Novem- December
ber
January
February
March
April
May
June
July
TRANSPORTATION AND COMMUNICATIONS—Continued
TR AN SPORTATION-CoBtinued
Class I S t e a m Railways—Continued
Financial operations, adjusted:!
Operating revenues, total
Freight
Passenger
Railway expenses....
Net railway operating Income
Net income
Operating results:
Freight carried 1 mile
Revenue per ton-mile.. ___
Passengers carried 1 m i l e . . .
_
' 691.1
600.8
140.7
654.7
36,4
3.7
657.0
453.1
149.7
619.6
37.4
3.3
668.6
465.0
152.2
607.8
60.6
29.7
628.3
423.2
158.1
674.0
*$6.0
*66.0
654.6
459.9
143.6
566.7
87.9
50.9
635.2
458.7
127.1
655.3
79.9
61.2
651.2
485.8
115.9
667.4
565.7
405.2
109.8
561.6
4.0
*27.8
515.0
381.4
93.3
524.5
*9.6
638.7
488.6
102.9
586.1
52.6
'19.8
650.8
500.0
103.0
602.5
48.3
15.4
8,201
66,058
.928
7,667
53,156
.989
7,963
53,492
.932
7,956
49,843
.867
8,572
62,076
.940
7,454
48,735
.935
6,079
56,510
.924
5,955
39,841
1.101
5,472
42,406
1.012
4,726
53,524
921
5,387
55,236
.989
5,720
3,630
4,829
7,606
3,123
4,383
7,687
2,776
4,811
7,579
2,359
5,220
6,061
1,791
4,270
6,378
1,722
4,656
5,844
1,655
4,289
6,483
1,735
4,748
6,199
2,029
4,170
5,825
2,126
3,700
7,102
2,169
4,932
7,518
3,033
4,485
mil. of dol.
do...
...-.do...
do...
do.-.
do...
704.9
mil. of tons.
cents.
„
millions.
60, 609
614.0
136.7
648.2
66.7
22.5
.964
Waterway Traffic
Clearances, vessels in foreign trade:J
Total, U. S. ports
Foreign
United States
_.
thous. net tons.
do...
do...
Travel
Operations on scheduled air lines;
19,644
Miles
flown..
_
thous. of miles..
20,244
Express carried
thous. of lb__
4,939
6,710
Passengers carried.._
.
number..
753,147 714,662
Passenger-miles flown
thous. of miles..
343,. 928 329,276
Hotels:
4.45
Average sale per occupied room
dollars,.
4.16
4.28
96
Booms occupied
percent of total...
93
92
254
Restaurant sales index
avg. same mo. 1929«=100_.
211
229
Foreign travel:
14,865
U. 8. citizens, arrivals....
__.„_.. ..number..
18,193
11,648
U. S. citizens, departures...„..__....
..
do
12,881
2,025
Emigrants
„
„._-....,
do
1, 879
4,380
Immigrants
..„
do
4,066
18,
505
9,993
9,056
Passports issued©*
-..do
National parks, visitors.,
number. ,152,584 449, 111 478,258
Pullman Co.:
Revenue passenger-miles
..thousands..
1,361,250 2,289,324
Passenger revenues
.
thous. of dol.
12,120
12,316
COMM UNIC ATION S
Telephone carriers^
Operating revenues
thous. of doL.
179,424 174,487
8 tat ion revenues
...
do
92,141
92,323
Tolls, message.
.do
67,918
72,468
Operating expenses
_
...do
120, 667 114,666
20,618
Net operating income.
-_.do
21,058
24,834
Phones in service, end of month
thousands.
24, 794
Telegraph and cable carriers:!
19,224
Operating revenues, total
,
...thous. of dol..
17,033
17,947
Telegraph carriers, total
-do
16,897
Western Union Telegraph Co., revenues from
741
708
cable operations
_
thous. of dol..
1,277
1,137
C able carriers
do
16,371
17,268
Operating expenses
_.
do
1,879
Net operating revenues
do
863 '6,066
Net income trans, to earned surplus
do....
1,971
1,952
R adiotelegraph carriers, operating revenues
do
20,888 20,103
5,109
6,031
770,190 723,247
353, 627 328,600
4.19
95
204
4.31
94
223
19,640 20,452 19,783
5,746
5,429
6,273
647, 518 727,279 723,187
308,736 331,056 332,315
4.12
88
198
4.17
92
204
4.12
93
205
26,515 27,796
23,164 24,108 26,019
9,911
8,722
7,232
8,204 10, 909
917,945 1,057,641 1,150.846 1,299,480 1,340,733
408, 201 463,294 514, 999 565,087 573,693
4.23
4.20
3.95
3.97
4.38
89
94
93
95
94
232
250
235
210
226
27,009
27, 708
2,166
13,451
21, 802 22,437
621,794 1,075,421
2,422,016 2,626,314 2,419,033 2,563,744 2,082,683 2,196,055 1,899,120 1,628,4^6 1,774,797 1,666,970
10, 951 10,373
9,636
13,214 13, 217 12,865 13,488 11,084 12,094 10,928
35,092 29,941
28,106
25, 912 23, 945 23,064
1,772
1,138
1,716
18,047 19, 390 16, 859
12,986 15,047 22, 091
129, 260 187,377 276, 674
17,304
13,649
1,499
4,608
21,416
327,843
16,079
14,185
1,838
4,421
12,913
132,316
184,380
96,700
73,493
128,495
22,353
24,994
181,325 187,183 187,610 179,327 187, 727 189, 254 193, 981 190,708
96,523 99,127 100,993 98,822 101, 773 103,625 104, 536 104,153
70, 768 73,711
72,357 66,340 71, 762 71,230 74, 922 71,898
125,329 1S8,955 130,473 129,442 141,197 141,053 146, 986 143,153
23, 744 53,074 27,962 23, 548 21,226 23,910 23, 211 23,614
26,184 25, 446 25,747 26,067 26,435 26,782 27,086 27, 340
18,740
17, 556
1,289
4,644
11,972
62,090
18,359
17,099
17,366
16,197
761
1,260
15,166
1,419
654
2,031
750
1,169
1,524
19,187 14, 78J>
* 8,685 2,155
2,509
2,274
1,966
19,191
17,667
21,080
20,865
1, 027
5,604
10,708
78, 221
27,340
26,795
859
9,575
8,667
89,338
15,815
14,496
16.064
14,807
16,836
15, 546
16,677
15, 521
17,915
16,673
507
712
587
1,171
1,319
1,114
14, 514
14,877 13,654
* £, 001 •* 1,60S *658
4
*795
*$,076
1,44*
2,119
1,787
1,908
678
1,257
14,078
70
*886
2,077
649
1,290
14, 495
404
*825
1,927
571
1,156
13, 525
1,242
871
1,661
694
1,242
14, 525
1,155
700
1,618
14,764
13,588
13,891
12,777
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Selected inorganic chemicals, production:'
Ammonia, synthetic anhydrous (100% NHi)®
42,685
short t o n s . . 1 75, 794 46,787
38,292
45,298
41,384 39,738
45,557
44,271 43,358 34, 511 1 60,609 65,048
Calcium arsenate [100% Ca3(AsO4>2]
thous. of lb__
6,438
906
952
8,081
2,227
1,304
1,403
(•)
1,139
4,116
1,610
3,256
3,192
Calcium carbide (100% CaC 8 )
.short tons._ 53,399
48, 716
55,090
45,384
47,353
44,610
41,364
43,124
45,192 40,316
44,460 40,014
36, 761
Carbon dioxide, liquid, gas and solid (100% CO*)©
88,566
79,983
thous. of lb__ 96,571
68,810
57,923
51,427
78,545
56,078 54,169
65, 337
75,334
88,137
75,176
Chlorine..
_
_._
___
.short tons.. 102, 505
98,314
97,659
89,602 89,392
91,461 94,784
89,707 84, 741
96,439
94,865 89,947
96,420
Hydrochloric acid (100% HC1)
do
27,960
29, 519
33,839
30,552
29,691 30,026
28,990
26,822
26, 791
26,805 26,867
26,331
27, 438
Lead arsenate
thous. of lb__
1,848
253
4,723
2,313
2,869
4,225
5,514
6,421
7,567
8, 755
8,665
7,810
4,874
Nitric acid (100% HNO8)<8>
short t o n s . . 59,144
37,088
32,025
34,262
31,352
33,033
34, 769
31,123
30,899
31,311 32, 538 1 55,418 57,066
Oxygen
mil. cu. f t . . 1,008
904
978
893
916
873
891
716
606
951
885
836
869 r
Phosphoric acid (50% H4PO4)
.short t o n s . . 2 74, 269 57,952
61,858
63,941
61,500
70,409
68,231
68,452
69,525
74,600
70,740
62, 573
68, 689
Soda ash, ammonia-soda process (98-100% Na* CO»)
short t o n s . . 364,178 363,802 333,453 381,468 355,039 379,786 387,012 342,625 380,489 342,749 303,174 308,623 361,056
Sodium bichromate._
_
__*..
..do
6,864
7,254
6,637
6,561
7,347
6,999
6,769
7,735
7,134
7,777
7,837
7,096
6, 285
Sodium hydroxide (100% NaOH)
do
163,552 152,318 139,969 146,374 148,194 153,395 154,349 143,248 160,009 151,332 139, 276 148,741 160,347
Sodium silicate, soluble silicate glass (anhydrous)*
34,806
24,864
27,321
short tons. . 36,915
32,182
28.781 29,276
34,524
32,494
29,914
29,198
34,912
39,152
Sodium sulfate, Glauber's salt and crude salt cake
61,464
57,378
63,674
63,928
short tons.. 56,988
50,710
59,262
55,669
57,738
53,818
59, 525 61, 679 58,200
Sulfuricacid (100% Hi SO 4 )0
__do.___ 762,666 782, 594 677,053 726,291 705,953 745,554 743,904 666,177 764,996 804,285 780, 702 733,241 736,242
Alcohol, denatured:}:
19,012
15, 473
Consumption
thous. of wine gal
17,610 ' 32, 632 26,113
12, 753 11,486
10,817
13, 530
15, 717
16,119
14, 647
14, 770
Production
_
_do
14, 831
16,044 r 31, 919 26, 555
19,261
13,060
12,313
13,852
12, 382
11,617
10,017
11,894
13,229
Stocks
do
9,642
8,082 r 20, 589 21.031
21,257
18,844
18,396
18,549
17,802
16, 224
13,306
10,007
8,962
r
2
Revised.
1 See note marked "®".
Includes data for 1 company not reporting previously; revised data for earlier months will be shown later.
®Data for nitric acid and synthetic anhydrous ammonia include operations of 2 plants beginning June 1946 and for the latter, 1 additional plant beginning August 1946, which
did not report previously; production of the plants involved was classified as military prior to the months indicated and was not included.
<* Deficit.
^Includes passports to American seamen.
©For 1944 revisions see August 1945 Survey.
« Not available for publication.
<|Data relate to Continental United States.
§Compiled on a new basis beginning 1943; see April 1944 Survey for 1943 data and sources of 1942 data.
©Data have been shown on a revised basis beginning in the March 1945 Survey.
• Data were revised in the September 1945 Survey; see note in that issue.
tData continue series published in the 1942 Supplement but suspended during the war period; data for December 1941-February 1945 will be shown later.
fData have been shown on a revised basis beginning in the June 1944 Survey; revisions for January 1937-February 1943 are available upon request.
•New series compiled by the Bureau of the Census; see pp. 23 and 24 of the December 1945 Survey for data through December 1943 except for carbon dioxide, sodium silicate,
calcium
arsenate, and lead arsenate; data beginning 1941 for these series will be shown later.
S-24
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
August
1946
October 1946
1945
August
September
October
1946
Novem- December
ber
January
February
March
April
May
June
July
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Alcohol, ethyl, Incl. spirits and unfinished spirits: •
Production, total (net)
_..thous. of proof gal.
Ethyl alcohol
_do_._
Spirits and unfinished spirits J
do...
6tocks, end of month, total
do...
Ethyl alcohol, total
do...
In industrial alcohol bonded warehouses...do...
In denaturing plants
do
Spirits and unfinished spirits
d©__.
Withdrawn for denaturing
do
Withdrawn tax-paid, ethyl alcohol
do
Glycerin, refined (100% basis):*
High gravity and yellow distilled:
Consumption
thous. oflb..
Production...
do
Stocks
do
Chemically pure:
Consumption
do
Production
do....
Stocks
do...
Other selected organic chemicals, production:
Acetic acid (synthetic and natural)*
do
Acetic anhydride*..
do
Acetyl salicylic acid (aspirin)*
do....
Creosote oil*
thous. of gal..
Cresylic acid, refined*
thous. of lb..
Ethyl acetate (85%)*
do....
Methanol: §
Crude (80%)
thous. of gal..
Synthetic (100%)
do....
Pbthalic anhydride*.
thous. of lb..
25, 934 ' 76, 048
26,252 47,275
8,068 '31,428
114,994 166,198
86,474 140,685
31,788 ' 46, 663
54, 686 94,021
28,520 p 25, 513
29, 267 59,233
5,733
3,103
39,925
31,780 28,016 28,464 29,516 30,982
34,360 26,737 22,184 23,782 23,514 23,823
6,586
7.461
6,621
7,462
6,769
8,448
161,357 153,632 148,261 134,780 148,738 152,554
111,
493 122,891 123,951
139, 586 132,015 126,190
47, 556 43,635 40, 569 42,030 40,320 43,131
69.463 82, 571 80,821
92,029 88,380 85,621
23,287 25, 847 28,603
21, 771 21,617 22,071
37,965
21,393
48,653 35, 515 24,070
18,532
3,023
5,118
3,297
4,276
4,080
4,153
32, 396 30, 590 25,273
27,277 26, 235 23,692
6,787
5.946
5,968
151,066 149, 294 143,979
121,654 118, 318 113,169
37,570 39,294 36,369
84,083
79,025 76,799
29,412 30,976 30,810
24,429 25,643
22,081
4,411
4,561
3,809
22,965
23, 285
5,134
140, 750
110, 539
37,014
73, 525
30, 211
22,832
3,579
6,286
5,211
13,234
8,799
7,323
19,876
7,229
6,494
18,109
8,451
7,544
17,562
6,395
5,612
15,901
5,825
5, 234
15,135
6,010
5,010
15,864
6,588
5,323
17, 591
6,431
5,373
19,347
6,489
5,780
18,700
6,440
5,687
18,297
6,865
5,319
16, 591
5,745
6,864
22,017
7,834
5,850
22,282
7,523
7,079
22,271
8,142
7,170
19,067
7,143
7,750
18,346
6,109
6,391
17,596
6,336
7,636
16,941
5,446
7,741
19,028
5,777
8,992
18,634
5,568
8,000
19, 708
5,800
8,024
20,881
5, 379
7,634
21, 894
23,822
42,729
815
12,118
2,539
10,970
20,812
37,789
962
12,198
2,431
6,849
18,478
38, 535
1,011
13, 550
2,133
7,329
22,063
46,241
966
13,747
2,573
24,322
44, 294
910
12,059
2,108
7,110
22,983
45,733
986
11, 755
' 1, 529
6,421
23,143
26,746
44,027
38,330
P34
976
13, 295
8,443
' 1, 292 ' 2,169
6,412
7,751
25,529
44, 790
1,014
12,438
' 2,035
7,610
23,266
40,757
975
9,492
' 1,362
7,180
26, 013
42, 546
676
10,101
' 1, 903
6,542
298
6,169
11,284
243
6,112
9,567
278
4,736
8,066
253
5,680
7,881
295
6,823
8,555
264
7,237
9,061
231
6,616
9,217
260
1,119
8,128
248
5, 878
7,739
245
231
6,259
7,094
248
6,991
9,777
FERTILIZERS
220
Consumption, Southern States© ..thous. of short tons—
Exports, total ®
long tons..
Nitrogenous®...
do...
Phosphate materials ®
do
Prepared fertilizers ®
do
Imports, total <g>
do
Nitrogenous, total <g>_
do
Nitrate of soda ®
do
Phosphates ®
do
Potash <g>
_
do
Price, wholesale, nitrate of soda* crude, f. o. b. cars, port
warehouses O
dol. per 100 !b.. 1.900
Potash deliveries
short tons..
Superphosphate (bulk) :f
697,155
Production.
do
715,811
Stocks, end of month
do
••173
141, 982
7,265
123,099
5,851
' 90, 853
r
83,415
58,160
4,392
0
' 355
'501
'375
'288
86, 647 95, 257 115,015 98,148
25, 709 32,448
5,847
3,581
79,026
55,026
75,291
66,878
2,757
362
4,021
5,705
' 69, 653 ' 79,128 ' 64,096 ' 68, 949
'
55,69£
' 65, 407 ' 68, 056
' 56,174
25,777 14, 556 13,030
22,861
4,444
4,454
732
7,538
0
0
3,000
0
' 1.079*
' 86, 569
•11,317
65,032
716
119,409
100,118
47,862
8,958
' 1, 272
114,932
' 28,866
74,787
348
' 83, 893
' 66,025
22.437
10.438
200
1,309
' 84.171
' 13,214
63, 789
558
126,525
110,854
65,227
971
1,350
1.650
95,769
1.650
73,577
1.650
85,314
656, 425 717,426
904,994 916,458
702,564
847,990
716,775
675,130
35,935
36,268
38,069
33,336
43,584
47,122
2,057
5,413
2,346
3,612
2,439
5,647
2,505
3,919
2,541
6,139
2,763
3,784
2,318
6,126
2,716
3,825
2,271
6,321
2,695
3,173
2,038
6,201
2,652
6.76
6.76
6.76
302,054
388,682
6.76
6.76
416,690
364,179
.84
.84
.84
85,908
100,749
.84
.84
145,477
77,440
1.650
72,079
1.650
62,568
1.650
66,158
1.650
68,408
694,908
884,061
651,140
914,147
732,814
897,532
718,023
898,541
Explosives (Industrial), shipments
thous. of l b . . 47,327 37,876
Gelatin: d"
3,246
'2,828
Production, total*
_do
2,166
'2,186
Edible....
do....
5,384
'4,714
Stocks, total*
do
2,180
'2,131
Edible
do.
Rosin (gum and wood):
Price, gum, wholesale " H " (Sav.), bulk
dol. per 1001b..:
6.52
Production*
drums (520 lb.)._
Stocks*
do....
Turpentine (gum and wood):
.84
.76
Price, gum, wholesale (Savannah)t
dol. per gal..
Production*
bbl. (60 gal.)..
Stocks*
do
Sulfur:*
Production
long tons.. 356, 355 346,349
3,850,958 1,711,311
Stocks
do
38,205
38,795
37,543
34,745
2,595
2,120
6,136
2,343
3,452
2,292
4,561
2,187
3,304
2,257
4,823
2,367
3,350
2,142
5,330
2,459
6.76
397,731
473,146
6.76
6.76
6.76
375, 501
479,890
.77
142,078
165,326
.80
.82
1.650
81,185
404
745
' 97,079 r' 85,191
' 13, 501 15, 261
73,022 64,989
505
2,984
127,231 • 129,963
113,528 ' 109,104
69, 553 79, 379
8,055
714
982
1,000
1.650
79, 778
1.650
60,172
237
' 85, 783
' 13,629
68,202
313
114,554
105,132
83, 556
2,210
0
1.650
765, 314 687, 926 625,008
523,999 515,390 643,662
MISCELLANEOUS
121,099
150,098
.84
341,060 348,365 323,738 331,843 318,722 286,316 281,490 284,473 305,330 304, 472
3,682,511 3,858,728 3,916,334 4,003,917 4,060,461 4,063,286 3,978,735 3,892,982 3,873,962 3,861,525
OILS, FATS AND BYPRODUCTS
Animal, Including fish oil:
Animal fats:*
Consumption, factory
thous. of lb. 95, 743 119,747 106, 522 116,707 111,115 95,487 112,173 117,133 115,984 119, 264 117,782 102, 231
Production
d o . . . 194,810 177,093 155,031 164,949 232,665 258,941 236,879 291,151
194,656 201,757 136,182
179,667 200,043 231,504 255,195 274,512 264,817 251,468 204,982 162,986
Stocks, end of month
d o . . . 171, 286 208,952
Greases: t
35,557 40,558 40,348
46,764
52,016
54,953 49,729 43,590
50,012 49,895 49,933 44,982
Consumption, factory
do...
43,879
41,005
37,569 41,127
44,516
45,673 48,141 53,213
49,360
47,908 47,633 38,078
Production
do.._
92,241 78,392 71,094
66,052
65,397
72,316 81,423 91,807
92,996
96,189 95,171 90,569
Stocks, end of month
do...
f
Revised. ©Excludes data for Mississippi, which has discontinued monthly reports; data prior to March 1046 shown in the September Survey and earlier issues include this State.
1
Includes data for two companies which did not report prior to August 1946.
© For a brief description of this series see note In April 1946 Survey. tSee note marked " i " on p S-25.
^ Includes production for beverage purposes, reported separately through October, as follows (thous. of proof gallons): Aug. 6,042; Sept., 4,414; Oct., 6,954. These amounts and
total production shown above after October are included also in data for production of distilled spirits shown on p. S-26.
§ See note in the April 1946 Survey with regard to differences between these series and similar data published in the 1942 Supplement to the Survey.
• Data for ethyl alcohol, except stocks at denaturing plants, continue data published in the 1942 Supplement to the Survey but suspended during the war period; stocks at denaturing plants were not reported prior to 1942. The data for spirits and unfinished spirits are production at registered distilleries and represent primarily production for Industrial purposes
under the acts of January 24 and Mar. 27,1942, but Include amounts produced for beverage purposes (see note marked 1). Total production of ethyl alcohol and spirits shown above
represents net amount after deducting unfinished spirits used in redistillation. Tax-paid withdrawals of spirits and unfinished spirits are not shown here since they are included in
total tax-paid withdrawals of distilled spirits shown on p. 8-26.
d" Data for gelatin cover all known manufacturers; the series for edible gelatin continue data published in the 1942 Supplement; the totals include technical, pharmaceutical and
photographic in addition to edible gelatin: data prior to March 1945 will be shown later.
® Data continue series published in the 1942 Supplement but suspended during the war period; data for all series for October 1941-February 1945 will be published later. (Corrected data for 1937-July 1945 for total and nitrogenous fertilizer imports will also be shown later (tankage not fertilizer has been excluded).
•New series. For a brief description of the series on glycerin, see note in November 1944 Survey. For data through December 1943 for the other indicated chemical series, see p. 24
of the December 1945 Survey. Data for production and stocks of rosin and turpentine are from the Department of Agriculture and represent total production of gum and wood
products and stocks held by producers, distributors and consumers. These series have been substituted for data formerly shown for three ports,
which have declined in importance;
data beginning in 11)42 will be published later. Data for 1940-43 for sulphur are shown on p. 24 of the May 1946 Survey. See note marked "c?1" regarding the new series for gelatin.
f Revised series. See note In November! 1943 Survey regarding change in the turpentine price series beginning in the April 1943 Survey and superphosphate beginning
September 1942.
SUEVEY OF CURRENT BUSINESS
October 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
1946
August
August
September
October
S-25
1946
Novem- December
ber
January
Juiv
CHEMICALS AND ALLIED PRODUCTS—Continued
OILS, FATS, AND BYPRODUCTS—Continued
Animal, including fish oil—Continued.
Fish oils:*
14,525
25,052
24,444
28,114
22, 577 19, 493 16,072
16. 224
14,931
13,319 ' 13,408
30, 549
Consumption, factory
•
...thous. of lb_. 15,647
903
2,173
29,424
40,146
6,] 05
3,718
24,870
13,876 ' 27,874
37,324
16.955
648
831
Production..
_
do
97, 468 83,822 I 73, 676
55,484 58, 906 ' 79. 276
92,917 115,115 128,806 141,017 132,246 118,149
60,842
Stocks, end of month....
.__._
do
Vegetable oils, total:
365
335
296
369
268
387
345
270
363
330
219
Consumption, crude, factory
mil. of lb_.
6,829
29, 776 31,605
3,490
8,555
5,766
9,175
14,103
9,915
22,902
3,301
17,45;
Exportsd1
thous. of lb._
1
2,906 22,283
11,420
59,289
34,730
23,727
17,392
6,438
5,034
37,
253
13,492
Imports, totald
do
1,102
19,149
6,883
25, 413
20,891
10,076
9,445
1,198
5,077
3, 559
23, 722
Paint oilstf1
do
1,804
3,134
33,876
13,839
13,651
4,537
3,836
13, 532
7,947
8,415
2,879
All other vegetable oilscf
do
258
327
261
255
318
374
407
431
287
235
261
Production
_
.mil. of lb__
295
379
Stocks, end of month:
499
725
724
647
546
695
705
604
740
486
503
Crude
do
502
413
535
548
544
391
359
463
498
475
352
407
Refined
do
321
Copra:
9,393
13, 921
17,488
2,840
18,871
12,711
8,762 15,417
8.943
21,408
20,239
Consumption, factory^
short tons.. 31, 294
0)
1,437
18,129
10,364
9,415
8,428
11,426 15,965
11.724
22, 788
34, 238
Imports<K__
_
do
8,591
2,083
6,122
9,093
9,947
8,925
15,432
48,551
3,483
24,333
12,180
13,889
Stocks, end of montlrf....
do
37, 710
0)
Coconut or copra oil:
Consumption, factory:!
14,243 12, 748 20,334
11,649
10, 859 13,264 12,545
19,695
24,888
11,490 12,919
14. 218
Crude.,.
___„...
thous. of !b__ 30, 709
4,804
4,671
16,055
5,624
4,179
7, 758 7,161
4,357
5,086
5,323
8,148
4,307
Refined
—do
8,571
133
594
229
546
0
5,745
0
0
2,717
0
0
Importscf
do
Production:
39,614
16,364
3, 597
17, 557 23,988 22, 353 27,188
11, 236 20,123
11, 430 12,016
25, 247
Crude*..
_..—_.
do
5,043
5,395
4,635
4,689
3,371
16,603
4,498
3,679
8, 504 12,729
8,737
8,173
4,446
Refined
___„
do
Stocks, end of month :*
100,880 135,258 138, 510 145,896 133,713 125,169 120,694 114,103 120,045 119,090 108,493
85, 537
92. 366
Crude-.
__.
do
1,882
2,199
1,505
1,832
5,475
7,780
1,993
1,983
3,125
10, 258
Refined
>
—.-do
2, 038
9, 257
2,038
Cottonseed:
285
89
246
462
228
103
550
563
443
163
42
Consumption (crush).
thous. of short tons'123
133
468
111
955
789
328
116
9
'114
33
Receipts &t mills...
-.-do
60
152
{
427
482
'209
833
944
140
1,059
370
241
147
Stocks at mills, end of month
do
634
100 j
m,
Cottonseed cake and meal:
i
Production
short tons.. 37,972 rr54, 947 108,887 240,449 251,625 194, 227 203, 319 125,542 100,544 I 68,680
44, 252 23, 303
18. 234
52, 741 52; 827
56,375
55.. 571 j 48,616 45, 738 40, 314
Stocks at mills, end of month
_.
do
40,684 49,561
61,072 56,001
32, 384
27,765
Cottonseed oil, crude:
72, 347 50,834 32,626
16,781
Production
thous. of lb_. 26,021 r 37, 517 76,010 171,060 176,006 137,976 143, 349 88,893
13,518
91. 650
63, 563 43,994
50,036 93,325 109,820 114,477 128,166 105,255
Stocks, end of month
do...
23, 493
27,114 r87,612
24, 542
Cottonseed oil, refined:
82,163
76, 748 73, 760 64, 008
84,004 84, 568 77.416 84,414
88, 277 74,709
84, 768 67, 513
Consumption, factory*~.
—...do...
65.774
17,808 18,650
15,042
18, 794 18,034 18,491
15,542
13, 504
20,123
16,144
In oleomargarine
do...
16,132
16,482
Price, wholesale, summer, yellow, prime (N. Y.)
.143
.143
.143
.143
,143
.143
.143
.143
143
.143
.143
dol. per lb._
.163
()
77, 837 69,571
48, 258 33,457
Production.
thous. of lb.
21,354 ••53.102 55,086 108,363 150,092 119,752 112,067 109,495
14,982
Stocks, end of month
do... 197,152 •233.148 207,918 232,457 305, 238 359,143 386,122 406,486 404, 645 394,368 353, 322 316,186 263, 360
Flaxseed:
432 1
123
286
207
592
179
788
0
796
Importscf
_
thous of bu.
Duluth:
175
|
210
116
40
2,901
2,566
496
70
278
142
114
Receipts...
do...
133
210
545
2,417
1,247
1,336
2H1
17
288
482
74
0
751
Shipments
do...
194
1,279
2,
231
2,082
1,175
1,134
292
428
1,
274
1,315
496
175
Stocks.._
do..,
Minneapolis:
2,725
638
783
323
7,251
6,003
1,670
362
365
1,649
468
Receipts.
_
do__.
225
1,218
481
248
866
165
C8
155
210
197
134
Shipments._
do__.
588
5,020
2,576
1,202
3,355
5,033
4,594
1,691
4,078
020
1,042
Stocks...
do__.
2,489
Oil mills:*
2,789
3, 606
2,317
2,865
2,015
2,091
3, 239
2,777
2,626
2,046
2,470
3,692
Consumption
do__.
1,878
3,309
2,636
2,846
5, 546
5, 751
2.306
5,583
4,260
2,495
2, 789
Stocks, end of month
_..do__.
4,955
2.73P
2,041
3.10
3.95
3.10
3.10
3.10
3.10
3.27
3.
35
Price, wholesale, No. 1 (Minneapolis) dol. per bu_.
3.10
3.10
3.10
3.79
3.10
Production (crop estimate)
thous. of bu 4(22,842
»36,688
Linseed cake and meal:
41,700
Shipments from Minneapolis.
thous. of lb
32,340 29, 220 30,960 34,080
26, 820 24,840
24. 960
14, 400 41,580 54,840 49, 920 35,220
Linseed oil:
46, 652
44, 257 43,054 46,888 51,297 48,938 45, 737
Consumption, factory*
do...
39,934 40,486 49, 687 42, 881 39,069
41,603
.168
.155
.155
.155
.155
.155
.155
.155
.155
.155
Price, wholesale (N. Y.)
.dol. p e r l b .155
.155
.176
71, 872 63,438
50, 522
41,371
Productiont
.
thous. of lb_. 57,290
38,245 52,742 56,769
75,884
56,016 45, 749 40,622 42,129
22,
980
24,600
26,580
28,800
23,880 23,520 20,100
27,360
35,820
26,280
Shipments from Minneapolis
do._
19,380
27,720
20. 400
128,814 151,035 168,695 167,526 171,872 180,056 173,693 152,812 138, 748 132,346 117, 589 115,468 121.810
Stocks at factory, end of month
do..
Soybeans:
11,955
15, 319 15, 241 14,214
14, 040 13,860
9,912
12, 051
16,310
13,984
12, 536 12,083
12,957
Consumption, factory*
thous. of bu
183,393
»191,722
Production (crop estimate)
do..
9,176
39,371 i 37. 249 34,087 27, 799 22, 753
46, 255 "42," 777
3,547 26,778 50,834
12,886
1&, 702
Stocks, end of month
do_.
Soybean oil:
90,060 86,344 99,626 94, 726 81,680 90,770 86,023 i 88, 478 90,566
94,936 86,459
85. 466
Consumption, factory, refined*.
thous. of lb.
Production:*
107,441 111,342 108,684
88,893 124, 251 118.146 343, 436 135,103 j 134, 747 125,990 124,587 107,904 116,508
Crude
_
do..
106,081 111,576
92,048 101,132 88,675 91,396 112,617 121,887 I 119.199 112,155 114,395 105,136
96, 301
Refined
do..
Stocks, end of month:*
150,
589
131,659
149,
410
104,094
116,
912
133,
937
140,
352
153,079
148,
334
86,
564
102,607
137,
539
146,
866
Crude.-.
do__
90,535 112,582 105,165
79, 522 95,906 110.079 114,637 111, 749 116,356 103.110
92, 562 73, 395 71.090
Refined
do..
Oleomargarine:
47, 644 43,636 ! 45,014
43,008
34,567
39,785 34,556 46, 438 41,0G3
41,837 41, 930
37, 232
Consumption (tax-paid withdrawals)§
do__
Price, wholesale, standard, uncolored (Chicago)
.165
.165
.165 ! .165
.165
.165
.165
. 165
.165
.165
.165
(8)
dol. per Re44,443
36,032
50,199 44,632 49,720 46,027
47, 262
productions
thous. of l b . .
48, 099 45,503 | 46,677 43,495 41,969
Shortenings and compounds:
134, 921 128,078 115,535 137, 338 121,930 101,867 118,797 119, 343 108, 434 113,829 123,847 103,861 100,8%
Production
do
42,503
39,793 44,002 46,233
39,551
39,725 33,095
45, 719 43,635
35,265
45,868
45,857
Stocks, end of month
do
44,045
.165
.165
. 165
.165
.165
.165
.165
.165
.165
.165
.165
Vegetable price, wholesale, tierces (Chi.)..dol. per l b . .
(6)
* Revised.
i Not availablei for publication separately.
* Included in total vegetable oils but not available for publication separately.
5
3 December 1 estimate.
September 1 estimate.
No quotation.
* Revisions for 1941-42 for coconut or copra oil production and stocks and linseed oil production and for 1941-43 for other indicated series are available on request; revisions were
generally minor except for fish oils (1941 revisions for fish oils are in note on p. S-22 of the April 1943 Survey).
T Data for January 1942-February 1945 will be shown later; publication of thes** data was temporarily discontinued in 1942.
§-For July 1941-June 1942 revisions see February 1943 Survey, p. S-23; revisions for July 1942-June 1944 are on p. 23 of November 1945 issue; revisions for July 1944-June 1945 are
on p. S-25 of the August 1946 issue.
cf Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be shown later.
S-26
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to t h e Survey
August
1946
October 1946
1945
September
August
1946
Novem-1 December
her
October
January
February
March ; April
May
I June
i July
CHEMICALS AND ALLIED PRODUCTS-Continued
PAINT[SALES
Calcimines, plastic-texture and cold-water paints:!
Calcimines,..
thous. of doL
Plastic-texture paints
do...
Cold-water paints:
In dry form..
do___
In paste form for interior use
do...
Paint, varnish, lacquer, and fillers, total
do...
Classified, total
do...
Industrial
do__.
Trade
do...
Unclassified
do...
101
60
90
48
78
68
250
262
51,101
45,595
22,168
23, 427
5,506
208
243
48,020
42,862
16,851
26,011
5,158
1,432
6,465
3,417
1,313
5,344
1,222
281
160
57,540
51,838
20,820
31,018
5,702
91
68
271
200
50,298
45, G39
18, 996
26,043
5,259
1,533
6,114
1,426
1,660
6,171
1,498
100
87
85
100
113
91
96
111
190
187
43,382
38,072
16,614
21,458
5,311
111
75
199
269
56,556
50,415
19,983
30,432
6,141
262
240
54,573
48,891
17,643
31,248
5,682
305
274
64,697
58,279
20,940
37,339
6,418
'365
271
72,339
65,021
24,256
40,765
7,318
439
'281
72,463
65,134
24,475
40,659
7,329
476
244
66,071
59,422
23, 653
35, 769
6,649
1,165
5,395
1,289
1,564
6,660
1,514
1,549
6,025
1,435
1,762
6,504
1,521
1,861
7,181
1,714
1,643
7,251
1,532
1,826
6,736
1,429
68
CELLULOSE PLASTIC PRODUCTS
Shipments and consumption^
Cellulose acetate and mixed ester plastics:
Sheets, rods and tubes
thous. of lb.
Molding and extrusion materials
do...
Nitrocellulose, sheets, rods, and tubes
do
1,509
7,242
1,539
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production, totaled
mil. of kw.-hr..
By source:
Fuel
- do
Water power
»
do
By type of producer:
Privately and municipally owned utilities
do
Other producers ._ . . _
__
do
Sties to ultimate customers, total (Edison Electric
Institute) 1_____
mil. of kw.-hr..
Residential or domestic
- do
Rural (distinct rural rates)
_. . .
do. . .
Commercial and industrial:
Small light and powers
do
Large light and power ^
do
Street and highway lighting^
do
Other public authorities ^|
do
Railways and railroads^
.
. . . do
Interdepartmental J
do
Revenue from sales to ultimate customers (Edison
Electric Institute)
_ _ - . . . . . . thous.ofdol .
19, 511
M8,610
r
17,012
r
17, 662
r
17, 360
r
18,108
18, 403
16,193
17, 800
17,477
17,675
17, 624
' 18, 62(1
13,383
6,129
r 12, 265
' 6, 345
' 10, 983
6,028
r 11, 1S7
r
6,465
r
11,028
6,332
' 11,522
6, 586
11,292
7,110
9,967
6,226
10. 521
?, 278
10,797
6,680
10, 577
7,099
10, 943
6,681
r 12, 204
' 6, 41t
16, 783
2,728
' 15, 688
r 2, 922
' 14, 507
r
2, 505
r 15, 118
' 2, 544
r 15, 092
r 2, 269
' 15, 705
r
2, 403
15,901
2,501
13, 900
2,294
15, 288
2, 512
15,076
2,402
15,162
2,514
15,212
2,412
16, 045
' 2, 575
16,139
2,612
478
14,895
2,693
383
14, 902
2, 789
390
14, 908
3, 026
2^8
15, 283
3,275
15, 757
3,658
242
14,920
3, 505
243
15,091
3,282
249
15,233
3,094
328
15,064
2,994
379
15, 185
2,954
443
15, 608
2,883
470
2,497
9,147
161
632
562
50
2,477
8,028
175
562
533
45
2. 509
7,826
197
555
588
48
2. 6fi3
7,661
223
540
702
56
2,755
7,596
229
512
708
57
2,708
7,083
198
518
614
51
2,622
7,592
193
486
613
53
2,595
7,916
174
483
591
52
2, 578
7,869
160
463
570
51
2, 617
7, 963
147
459
550
51
2,718
8,309
154
464
558
52
275,022
267,943
271, 413
284,845
297,601
288,746
282, 543
278,337
277,145
278,544
279, 659
63.234
51,291
46,754
41,802
40,159
233, 502
224,179
200, 780
183, 736
170,284
!
2 566 |
7, 657
209
535
608
50
276,718
GASf
Manufactured and mixed gas:
Customers, total
thousands..
Residential
- do
Residential central heating
do
Industrial and commercial
do
Sales to consumers, total - . ._ . .mil. of cu. ft .
Residential
Ido
Residential central heating
do
Industrial and commercial
.
do . .
Revenue from sales to consumers, total.-thous. of dol._
Residential
.
do
Residential central heating
_do_
Industrial and commercial
-do
Natural gas:
Customers, total
.thousands..
Residential (incl. house heating)
-do
Industrial and commercial
do
Bales to consumers total
mil of cu ft
Residential (incl house heating)
do
Indl., coml., and elec. generation
.
do
Revenue from sales to consumers, total thous. of dol
Residential (incl. house heating) . . _
do
Indl , coml., and elec. generation . _ . . . do
i 31, 206
10,742
9,869
395
469
» 31,982 « 36,466
* 63, 421
* 5,191
' 37, 522
a 97,534
1
70, 518
*4,287
»22, 273
10,685
9,777
440
458
i 41,463 i 48,872
* 57, 703
* 26, 952
»40,925
1117,669
* 75,130
» 16,425
a 25,464
9,188
9,482
8,537
8,761
649
718
'148,515 1144,254 '150,641 »174,743 1197,634
* 75,746
5156,228
2 350,580
»312, 220
»121,176
* 171, 588
» 54. 512
» 95,141
» 65,199
* 75, 707
FOODSTUFFS AND TOBACCO
ALCOHOLIC BEVERAGES
Fermented malt liquor :f
8,115
7,758
8,081
6,966
7,508
Production
thous. of bbl.
7,236
5,452
6,798
6,832
6,642
5,836
7,437
8,128
7,381
6,800
6,228
6,856
6,527
Tax-paid withdrawals
.do...
5,581
6,367
5,708
6,958
8,225
8,451
7,855
8,322
8,189
8,449
8,710
Stocks, end of month
do
8,429
8,039
8,135
7,761
Distilled spirits:
Apparent consumption for beverage purposes!
14, 307 18,609 19,030 20,250
18,719 18,916 19, 470 19,393 19,124 18, 535
thous. of wine gal.
1,007
1,366
Imports*
thous. of proof gaL
1,189
1,155
1,159
1,194
1,580
2,078
1,964
1,525
16,072 29,749 25,693 25,678 26,715 24,824 20,918 19,861
Productionf
thous. of tax gal..
15,648 14, 248
10,607 13,643 12,239
Tax-paid withdrawals!
do
9,901
il,356 10,816 11, 272 10,612 10,880
9,632
341, 521 342,686 345,580 357,248 366,406 375,117 380,812 386,443 387, 853 390, 053
Stocks, end of monthf
do.
r
Revised.
^ For revisions for the indicated series, see note at bottom of p. S-23 of the May 1945 Survey.
1
J
Original estimates adjusted to agree with quarterly totals based on more complete reports.
Total for quarter.
t Data for some items are not comparable with data prior to 1945; see note for calcimines, plastics and cold-water paints at bottom of p. S-23 of the December 1945 Survey.
§ Data for sheets, rods and tubes cover all known manufacturers and are comparable with the combined figures for consumption and shipments of these products shown in the 1942
Supplement. See note in September 1946 Survey regarding a change in the coverage of the data for molding and extrusion materials in June 1945.
c? See p. 22 of July 1946 issue for 1943 and 1944 revisions for total electric power production and production by source; 1945 revisions for these series not shown above: T o t a l January, 20,287; February, 18,020; March, 19,557; April, 18,676; May, 19,416; June, 18,823; July, 18,956: fuel—January, 13,831; February, 12,110; March, 12,055; April, 11,613; May, 11,808;
June, 11,849; July, 12,254: water power—January, 6,456, February, 5,910; March, 7,502; April, 7,063; May, 7,609; June, 6,973. Revisions by type of producer are avilable on request.
• Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
t See note marked "f" on p. S-25 of the April 1946 Survey regarding revisions in the data on natural and manufactured gas and the basis of the monthly estimates of gas sales;
beginning with the quarterly survey for January-March 1946, data are reported on a new basis; the new data are not shown here pending revision of the 1945 figures to a comparable
basis. See note marked "f" on p. S-27 regarding revisions in the series on alcoholic beverages. Production includes high proof and unfinished spirits produced for beverage purposes
and, beginning November 1945, some spirits used for industrial purposes; see note marked "J" on p. S-24 for amounts of spirits and unfinished spirits included here and duplicated in
data on that page. Amounts of ethyl alcohol produced for beverage purposes through October 1945 are given in note marked '"[" on p. S-25 of the April 1946 Survey. Stocks of high
proof spirits and unfinished spirits are not included in the stock figures above but are shown on p. S-24; the entire amount of such stocks since September 1945, is held at internal
revenue bonded warehouses; prior to October 1945 part of the stocks were at industrial alcohol bonded warehouses.
October 1946
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
August
S-27
1945
1946
August
September
October
1946
Novem- December
ber
January
February
March
17,12S
6,053
350,063
845
14,974
5,394
358,857
1,032
970
12, 553
8,122
12,856
5,239
5,013
5,557
364, 539 370, 268 371,863
137
7,423
3.934
374,073
April
May
July
June
FOODSTUFFS AND TOBACCO—Continued
ALCOHOLIC BEVERAGES— Continued
Distilled spirits—Continued.
Whisky:
Imports§_
thous. of proof gal
7, 504
Productionf
thous. of tax gal_.
4,870
Tax-paid withdrawals!
._.do.._
Stocks, end of month!
. d o . . . 377,290
Rectified spirits and wines, production, totalf
15,036
thous. of proof gal.
12,150
Whisky..
do...
Still wines:
Imports§
thous. of wine
Production (including distilling materials)!
do.
Tax-paid withdrawals!
do.
Stocks, end of monthf
doSparkling wines:
Imports§
do.
Productionf..
do.
Tax-paid withdrawals!
do.
Stocks. end of month!
do.
566
7, 518
4,704
328,091
674
6,145
5,157
327,356
916
9,582
6,655
328,729
897
10,373
6,345
330,927
803
15,923
4,780
341, 235
10,785
8,696
11,416
9,792
14, 785
12,677
13,909
12,074
11,171
13,425
11,582
12,486
10,432
13, 579
10,874
13,860
10,905
13,378
10,462
11, 949
137
224
167,396
7,785
169,007
303
83,042
9,878
183,357
247
18,361
9,057
174,502
274
5,306
93,003
134
65,885
5,196
109,492
163,965
153
2,924
9,785
152,622
299
3,551
12,809
139,139
321
6,273
11,982
126,622
8,154
11, 246
115,341
414
8,593
11,100
102,014
13
125
124
1,179
7
104
125
1,137
21
145
174
1,107
42
132
211
1,000
43
113
210
877
24
155
126
167
121
15
215
145
1,000
283
144
1,129
66
248
153
1,216
56
194
168
1,225
705
115,145
84, 360
.423
133,160
206,501
.423
100,071
189,888
.423
88, 741
164,646
.473
68,834
108,501
.473
66,640
53,127
.473
69,520
32,135
.473
66,030
19,462
.473
76,815
14,925
.473
91,140
14,052
.473
113,995
26,856
542
859
1,054
569
1,967
1,533
.409
106, 455
81,090
159,318
126,185
.233
107,791
' 87,830
229, 310
208, 558
.233
.233
60,856
44, 774
173, 736
159, 284
.233
58,085
41.697
127,011
112,896
.233
70,964
227, 354
207,438
.233
78,517
59,118
213,054
193, 965
4,414
55,177
7,294
46,873
1,625
23,988
6,313
63,449
5, 525
83, 779
7.03
5.32
6.33
4.15
6.33
4.15
6.33
4.14
6.33
4.14
75,680
10,400
291,400
53,870
13,655
358,609
40,126
11, 824
269,742
33,742
11,224
210, 362
10,826
211,690
14,310
193,154
11,753
172,386
4.22
10,839
4,213
3.25
11,058
4,789
r
4,510
5,382
8,526
4,903
376, 213
14, 450
11,764
DAIRY PRODUCTS
Butter, creamery:
Price, wholesale, 92-score (N. Y.)$
_.dol. per 1b.
Production (factory)!
thous. of lbStocks, cold storage, end of monthcf
do...
Cheese:
Imports§_...
do._.
Price, wholesale, American Cheddars (Wisconsin)
dol. per lb.
Production, total (factory)!
thous. of l b .
American whole milkt
do...
Stocks, cold storage, end of monthcf
do...
American whole milk
_.
do...
Condensed and evaporated milk:
Exports :§
Condensed
_
..do-_.
Evaporated
do...
Prices, wholesale, U. S. average:
Condensed (sweetened)
dol. per case Evaporated (unsweetened)
...do...
Production:
Condensed (sweetened):
Bulk goods*
thous. of lb_
Case goods!_
.do...
Evaporated (unsweetened), case goods!
.do....
Stocks, manufactui?ers\ case goods, end of month:
Condensed (sweetened)
.thous. of lbEvaporated (unsweetened)
do..Fluid milk:
Price, dealers', standard grade
-dol. per 100 lb_
Production
mil. of lbUtilization in manufactured dairy products!-..do...
Dried skim milk:
Exports§
thous. of l b .
Price, wholesale, for human consumption, U. S.
average
dol. per Ib.
Production, total!
thous. of lb.
For human consumption!
do...
Stocks, manufacturers', end of month, total
do-..
For human consumption
_
do...
F R U I T S AND VEGETABLES
A-pples:
Production (crop estimate)-.
._.thous. of bu.
Shipments, carlot
no. of carloads,
Stocks, cold storage, end of month
thous. of b u .
Citrus fruits, carlot shipments
...no. of carloads
Frozen fruits, stocks, cold storage, end of month
thous. of lb.
Frozen vegetables, stocks, cold storage, end of month
thous. of 1b.
Potatoes, white:
Price, wholesale (N. Y.)__
...dol. per 100 l b .
Production (crop estimate)!
..thous. of bu_
Shipments, carlot
no. of carloads.
.145
56, 725
55, 300
67,192
65, 712
116,697
1,286
501
7,707
455,048
281, 349
3.012
• 445,137
20,794
.523
.694
119,325 127, 330
49, 649 ' 69, 510
1,275
1,464
1,461
1,663
44,440
106,623
95, 725
.270
62,765
43,865
91,372
81,913
.270
77,665
53,160
86,998
74,420
.270
98,145
62,185
84,845
73,054
.270
125,095
91,140
102,142
13,626
91,591
7,185
103,114
9,791
112,217
10, 899
82,005
9,786
101,653
5,667
38, 760
6,619
135,652
6.33
4.14
6.33
4.15
6.33
4.15
6.33
4.15
6. 33
4.14
6.33
4.21
6.33
4.54
6.79
5.09
30,348
8, S20
165,627
33, 735
8,857
165,062
32, 240
8,800
181,400
35,875
8,140
182,500
49, 705
10,025
235,200
70, 795
10,190
297,400
102,915
12, 600
381,000
104,170
13,170
385,800
7,842
131,226
7,261
89,844
5, 357
71, 762
4,991
54,098
5,044
46,245
4,415
59, 045
5,551
80, 577
7,748
150, 579
9,617
219,180
10, 536
229,172
3.26
9,622
3,667
3.26
9,079
3,171
3.27
8,264
2,493
3.27
8,382
2,403
3.27
8,615
2,573
3.28
8,292
2,493
3.29
9,796
3,002
3.30
10, 540
3,664
3.32
12, 301
4,638
3.46
12,644
4,803
3.90
11,956
' 4,685
11,335
22, 396
10,247
18,225
26,684
25,285
27,164
15,856
8,358
4,014
5,101
20,992
.143
53,254
51. 747
' 56, 472
* 55,390
.140
41,951
40. 873
39, 985
38,857
.137
32, 724
32, 073
23, 712
22,996
.139
25,680
25. 259
12,825
12,430
.143
32, 755
32, 282
14,042
13, 736
.144
38,690
37, 800
12,786
12,474
.144
40,380
39,450
14,551
14,313
.145
57,380
56,350
21,014
20, 778
.144
71,390
69,750
35,402
34,832
.145
94,150
91,800
72,572
71,448
.143
92, 575
89, 450
85, 212
83. 566
.146
73,400
71, 300
80, 546
78, 930
1,165
764
8,970
3,085
4,585
8,929
11,534
18,994
14,106
7,922
19,940
16, 111
» 68,042
4,507
16,155
21,217
5,175
10,963
20,851
4,376
6,308
19,751
2,671
3,522
19,229
1,530
1,497
21,123
458
634
17,171
243
249
13, 315
'1,046
'112
r
8, 755
288,829
360,230
381,267
377,126
375,773
362,314
344,026
321,765
291,148
278,109
297,629
395,754
163,927
189,033
204,093
198, 545
191,218
172, 512
156,274
147, 394
140,277
144, 573
175, 704
227,541
3.179
2.431
2.445
2.744
3.060
3.000
3.844
4.115
3,894
3.344
3.465
21,350
26,018
29,291
3.000
'425,131
23,840
19,994
26,124
21,873
30,954
24,282
30,203
30,627
25,095
.295
••.371
129, 500 116,625
96, 930 ' 87, 830
136, 759 148,786
110,807 120,136
90,720
10,800
336,600
r
GRAINS AND GRAIN PRODUCTS
Exports, principal grains, including flour and meal§
thous. of bu>
28,899
17,791
35,295
35,682
42,572
34,465
38,544
28,346
33, 417
2L 168
41, 542
28,845
Barley:
Exports, including malt§
...do...
609
578
720
1,464
467
857
475
871
793
814
245
570
Prices, wholsesale (Minneapolis):
1.19
No. 3, straight
dol. per bu._
1.27
1.61
1.30
1.14
1.30
1.30
1.34
1.43
1.34
1.40
1.30
1.61
1.27
No. 2, malting
do..
1.66
1.26
1.31
1.32
1.32
1.36
1.35
1.43
1.45
1.31
1.66
1.31
Production (crop estimate)!
thous. of bu, 256,334
263,961
Receipts, principal markets
do
18, 250
19,931
22,598
15,243
6,879
9,832
7,637
5,062
4,116
5,089
4,668
Stocks, commercial, domestic, end of month
do
11,554
16,575
22,922
22,707
23,618
21,287
17,652
3,983
8,335
5,938
4,464
14,624
11,300
*• Revised, cf See note marked "<?" on page S-29. * Dec. 1, estimate. * September 1 estimate.
tSee note in June 1945 Survey for explanation of this price series. November average excludes sales at old price ceiling in effect through October.
§Data continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.
•Revised 1943 data are shown on p . 13 of the March 1945 Survey; see note on item in February 1945 issue regarding earlier data; January 1944-June 1945 revisions will be shown
later.
Revisions for consumption of distilled spirits for beverage purposes for 1940-44 are available on p. 22 of July 1946 Survey. See note marked " f o n p . S-25 of the April 1946 Survey
for sources of 1941-42 and July 1943-January 1944 revisions for other alcoholic beverage series; revisions for fiscal year 1945 are shown on p. S-27 of the May 1946 issue. Revisions for
1920 to June 1945 for the series on utilization offluid milk in manufactured dairy products are available on request; see note marked " t " on p. S-26 of the April 1946 Survey for sources
of 1941-43 revisions for dried skim milk production and note marked " ! " on p . S-25 of that issue for sources of 1941-43 revisions for the other indicated dairy products series. Final
revisions for all dairy products for 1944 and preliminary revisions for January to June 1945 for condensed, evaporated, and dried skirn milk will be published later. Crop estimates
for barley and potatoes have been revised for 1929-41; for 1941 revisions, see February 1943 Survey, p . 25; 1929-40 data are available on request.
S-28
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
SUEVEY OF CURRENT BUSINESS
1945
1946
August
October 1946
August
September
October
1946
Novem- December
ber
January
February
March
Apri]
May
June
July
FOODSTUFFS AND TOBACCO—Continued
GRAINS AND GRAIN PRODUCTS—Continued
Corn:
292
304
624
2,024
417
152
217
2,508
565
7,036
Exports, including meal<?
thous. of bu_.
891
11,002
7,791
9,322
9,722 10,636 «»8,788
7,609
5,759
11,385
Grindings, wet process
._.
do
6,841
9,446
«9,586
Prices, wholesale:
'
1.17
2.17
1.91
1.45
No. 3, yellow (Chicago)
...dol. per bu._
1.18
1.17
.153
1.18
0)
0)
1.18
(0
0)
0)
0)
(0
2.32
No. 3, white (Chicago)
_.
....do....
1.32
(')
1.31
1.26
0)
0)
(»)
0)
1.17
.97
.92
1.88
1.04
1.30
Weighted average, 5 markets, all grades
do
1.40
2.03
1.11
1.17
1.12
23,018,410
Production (crop estimate)t—
thous. of bu_. > 3,371,707
14,482
16,830
29,383
22,119
31,671
16,
581
23,924
Receipts, principal markets.__
_
do
18, 714
31,962 33,196
16,153
11,103
28,931
Stocks, domestic, end of month:
3,714
29,171
4,723
11,127
11,864
4,674
Commercial
*
. . . d o 11, 768
16, 493 26,886
19,511
15,904
7,780
23, 608
3303,138
515,341
Onfarmsf
— .—do
1,931,180
1,071,990
Oats:
273
3,021
469
5,527
690
1,719
1,055
2,835
337
1,89
Exports, including oatmeald"
do
2,010
653
.62
.80
.82
.81
.63
Price, wholesale, No. 3, white (Chicago).dol. per bu__
.68
.77
0)
0)
(0
0)
•1,647,663
Production (crop estimate)!
thous. of b u . . '1,519,592
42,097
30,832
32,784
16,158
Receipts, principal markets.
.....do
5,915
25, 315
23,028
21, 762 13,104
5,478
18,308
16,473
11,045
Stocks, domestic, end of month:
28,651
15,080
43,555
48,361
46, 695
7,181
Commercial..
.
do
38, 775 28,921
45,043
23,890 14, 234
3,153
6, 578
988, 435
1,290,931
Onfarmsf
do
401, 325
'277,973
Rice:
109, 441 234, 917 449, 436 845, 680 856, 526 941,488 815,915 920,815 698,915 339,350 646,012 305,369
Exportsc?...pockets (100 lb.)._
21,674
8,807
24
7
22,009 r 13, 238
18,580
0
7,817
3,742
ImportscT
do
3,166
.066
.066
.066
.066
.066
.066
.066
.066
Price, wholesale, head, clean (N. O.)...dol. per lb
.066
.066
.066
.066 '""'066
Production (crop estimate)!-thous. of bu.. «> 69, 629
»70,160
California:
Receipts, domestic, rough
_..bags (100 Ib.)_. 219,032 250, 267 89,180 1,028,143 1,023,332 610,109 493, 561 412,082 394,471 363,534 372, 348 406, 543 385,943
361, 417 357,147 224,996 239,981 216,602 283,065 239,753
Shipments from mills, milled rice
-do 299,916 383,717 65, 446 341, 989 593,683
Stocks, rough and cleaned (in terms of cleaned),
end of month
bags (100 lb.) 143,992 65,460 | 55,544 363, 538 428,849 358. 408 330, 078 241,973 272, 359 204,032 275,655 262,072 280, 440
Southern States (La., Tex., Ark., Tenn.):
r
495
' 448 I
81
4,292
'537
Receipts, rough, at mills thous. of bbl. (162 lb.)_
M.311
'316
M,137
'25
-•267
' 108
I
Shipmenis from mills, milled rice
r
r
184
1,295 i r 2, 1G8
' 30u
2, 731
-•462
thous. of pockets (100 lb.)...
1,900 * 1, 731 ' 1, 562 r 1,121
'253
439
Stocks, domestic, rough and cleaned (in terms of
485
'336 | r 1,404 j ' 3, 719
5, 482
cleaned), end of mo.._.thous. of pockets (100 lb.).
""821
' 4, 807 ' 3,777 ' 2, 598 r 1,772 ' 1,190
' 3 71
591
Rye:
1.95
1.44
3.75
Price, wholesale, No. 2 (Minneapolis) dol. per bu...
1.98
2.S4
1.84
2.13
2.36
2.70
2.09
2.So
s 26,354
Production (crop estimate)!
thous. of bu._ 21,410
2,173
1,016
896
Receipts, principal markets
do
480
2,358
1,301
404
476
317
270
1,145
193
72
4,433
908
Stocks, commercial, domestic, end of month do
4, 544
4,732
4,209
4,769
3,3
461
262
3,8
3,113
1,016
322
Wheat:
Disappearance, domestic!
do
374,958
341,017
353,147
235, 341
1
15, 634
32," 585" 32, 699 31,871
Exports, wheat, including
flourd
do
26, 450
38,196
16,268
31, 764 29, 551 '23,154
33, 283 25,754
11,114
26,912
Wheat only cf
do
22,184
23, 637 24, 057
27, 733 18,476
6, 526
17,322
21,485
23,869
' 12,808
Prices, wholesale:
No. 1, Dark Northern Spring (Minneapolis)
2.00
1.71
1.74
dol. per b u . . .
1.69
3.73
1.73
1.73
1.75
1.77
1.90
2.22
1.77
1.81
2.03
1.68
0)
No. 2, Red Winter (St. Louis)..
do_._
1.71
0)
1.78
(0
1 .94
2.11
(0
()
()
0)
1.94
1.60
1.69
1.69
No. 2, Hard Winter(K. C.)-do....
1.62
1.68
1.72
1
.86
1.98
1.69
0)
1.69
1.72
1.99
1.64
1.71
1.72
Weighted av., 6 mkts., all grades
do
1.65
1.72
1.76
1.79
1.70
1.90
2.03
1.70
1.75
Production (crop est.), total!-.,
..thous. of bu_. 1,167,319
1,123,143
287,425
299,966
Spring wheat
_
do
Winter wheat
. . d o 879,894
823,177
88,625
Receipts, principal markets.._..
..do
53.. 853
26,938
54,857
42,048
29,185
21,457
62,138
31,111
16,472
40,268 41,005 | 76,432
Stocks, end of month:
Canada (Canadian wheat)
do
50,903 171,740 181,292 202,718 175,257 152,823 141,796 122,374 102, 441
81,080
63,529 40.791 j 39,487
United States, domestic, totali !
do....
1,030,363
689, 844
336, 738
101,463 !
Commercial
-do
98,963 167,539 170,305 147,301 121," 712 102,130
72," 262
34, 317
50,011
29,917
"I7,~849~ •16^26
90,253
Country mills and elevators!
_
do
181,390
108, 839
35, 570
s 8,504
3
Merchant mills.
do
95, 276
128,261
55,899
12,838
368, 820
" 42,703
528, 218
On farms!
do....
203,991
Wheat flour:
962
908
1,928
2,226
1, 207
1,663
2,827
1,716
2,073
Exports c?
do
2,201
2,003 j
1,794
51,442
54, 460
51,885
52, 974 59, 591
Grindings of wheatj
do
59, 361
44,975
42, 745 36,220 37,556
47,500
57,752 52,403
Prices, wholesale:
6.55
8.76
6.55
6.55
6.55
6.55
Standard patents (Minneapolis)§
dol. perbbl_.
6.55
6.55
6.55
6.55
6.55
6.55
9.53
6.22
8.72
6.31
6.42
(5.44
Winter, straights (Kansas City)§—
do
6.36
6.46
6.46
6.49
6.49
6.49
6.49
9.58
Production (Census) :J
Flour
__._
-..
thous. of bbl_. 12,020 11,839 11,333 12,656 11,473 11, 598 13,064 13,016 10, 680 10,142
8, 617
S, 943
11,259
75.8
74.5
80.0
77.8
Operations, percent of capacity
85.3
79.5
78.5
91.3
69.4
65.8
55.8
60.2
fc-72.8
Offal
thous. of l b . . 712,000 957. 241 906,106 1,003,713 914,928 925,109 1,038,080 1,032,900 622,980 584, 280 492,800 505, 660 641,300
2,634
Stocks held by mills, end of month
thous. of bbl__
3,399
2,385
906
LIVESTOCK
Livestock slaughter (Federally inspected):
r
534
Calves...
thous. of animals..
603
783
666
877
548
440
427
484
445
402
542
294
1,292
Cattle—d o . . . . 1,240
1,408
1,358
1,118
1,584
1,012
1 015
904
676
715
1,239
451
Hogs...
do
2,843
2, 206
1,922
4,350
5,537
4,911
2,330
4,698
4,149
3,636
3,858
3,863
2,316
Sheep and lambs
do
1,578 ' 1.568
1,658
1,772
1,806
1,440
2,196
2,018
1,978
1,374
1,736
1,738
1,678
Cattle and calves:
Receipts, principal markets
do
2,562
2,791
2,585
3,024
2,073
3,816
1,961
1,920
1,960
2,145
1,783
3,121
1,725
Shipments, feeder, to 8 corn belt States!
do.
203
323
404
97
106
97
91
109
141
176
187
Prices, wholesale:
Beef steers (Chicago)
dol. per 1001b.. 21.71
16.62
16.42
16.91
16.59
16.86
16.49
16.14
16.77
17.30
21.36
Steers, stocker and feeder (K. C.)
do
15.51
12.25
13.08
12.62
13.19
13.41
13. 56
14.71
15. 22
15.86
15.82
15.72
15.53
Calves, vealers (Chicago)
do
16.44
14.44
15.34
14.48
14.63
14.63
14.69
14.81
15.63
15.66 I
17.10
15.88
15.75
r
b
Revised.
° For domestic consumption only; excludes grindings for export.
September 1, estimate.
* No quotation.
* Dec. 1, estimate.
• Includes old crop only; new corn not reported in stock figures until crop year begins in October and new oats and wheat until crop year begins in July.
cfData continue series published in the 1942 Supplement which were suspended during the war period; data for October 1941-February 1945 will be published later.
X Data relate to regular flour only; in addition data for granular flour were reported for January 1943 to February 1946 and are given in notes in the May 1946 and previous issues
of the Survey; data were not collected after February 1946.
§ Prices since May 1943 have been quoted for sacks of 100 pounds and have been converted to price per barrel to have figures comparable with earlier data.
1 The total includes wheat owned by the Commodity Credit Corporation stored off farms in its own steel and wooden bins not included in the breakdown of stocks.
August 1943 Survey to include data for Illinois; see p. S-26 of that issue for revised data for 1941-42.
SURVEY OF CURRENT BUSINESS
October 1940
August
1946
1945
1946
Unless otherwise staled, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
S-29
August September
October
Novem- December
ber
January
February
March
April
May
June
July
FOODSTUFFS AND TOBACCO—Continued
LIVESTOCK—Continued
Hogs:
Receipts, principal markets
thous. of animals..
Wholesale, average, all grades (Chicago)
dol. per 1001b._
Hog-corn ratiof.-bu. of corn per 100 lb. of live hogs..
1,832
1,292
1,191
1,469
2,935
3,459
3,344
2,952
2,211
2,472
2.431
1, 352
3,070
20. 84
11.6
14.51
12.4
14.54
12.6
14.75
12.5
14.67
12.8
14.66
13.0
14.72
12.8
14.77
12.8
14.80
12.5
14.81
12.2
14.81
10.6
14.77
10.1
17.94
8.6
Receipts, principal markets
thous. of animals..
Shipments, feeder, to 8 corn belt States!
_..-do
2,176
338
2,270
354
2,811
932
3,640
1,072
2,270
315
2,100
129
1,663
102
2,481
154
1,753
90
1,984
67
1,610
56
2;517
76
2,286
98
Lambs, average (Chicago)..
do?, per 100 lb_.
Lambs. feeder, good and choice (Omaha) - do -_
20.50
16.53
13.81
14. 53
13.26
14.51
14.02
14.66
14.00
14.76
13.89
14.33
14.30
14.46
14.70
15.50
15.23
15.38
15.51
15.30
16.00
16.75
20.38
(b)
1,320
62
1,281
696
27
54
1,356
40
1,252
559
24
47
1,509
19
1,442
491
27
44
1,498
125
1,688
556
31
37
1,426
202
1,739
687
41
39
1,368
325
1,581
772
47
38
1,478
173
1,595
791
49
44
(h)
191
1,296
750
49
46
(»)
136
1,226
691
44
44
<»)
200
1,224
619
38
36
(b)
727,399
1,173
810,409
1,561
901,389
1,903
746,489
15, 221
521,900
69,602
466,896
90, 526
543,843
50, 214
(b)
94, 545
(b)
30,945
.382
664,848
91,157
.200
707,488
250,886
.200
754,398
208,926
.200
869,459
187,807
.200
750, 723
177,033
.200
599,635
186,365
.200
557, 516
187,392
.200
569, 746
164,871
.202
526,166
162, 098
71, 547
66,684
9,918
71,896
71,179
9,177
82,413
86,423
13,066
74, 598
76,951
15,394
74,060
80,491
17,406
62,124
66,010
19,189
102,496
100,934
16, 533
521,062
506,858
473,889
426,044
525, 288
485,849
676,895 829,991
859,844 1,058,969
839,051
957,453
3,353
1,312
1,585
11,190
12,721
.503
.514
425, 735
187, 796
.258
,259
387,806
285, 216
.258
.259
332,064
211,004
.258
.259
390, 754
168, 028
.258
.259
679, 582
235,894
.258
.259
810,106
320, 571
(6)
71,837
24,965
.146
86, 506
68,989
45,612
32,647
.146
68,268
58,998
66,397
10,662
.146
68,975
50,914
95, 465
27,350
.146
131, 250
59,349
.251
38,041
114,192
.239
56, 772
157,077
.228
' 91, 061
238,936
7, 858
.378
3,940
2,674
.346
3,397
4,771
218,010
29, 722
18,448
(a)
MEATS
Total meats (including lard):
Consumption, apparent
mil. oi lb
Exports§
.
. . do . .
Production (inspected slaughter)
.do
Stocks, cold storage, end of month©d"
do . .
Edible offal©
do
Miscellaneous meats and meat products©
do
Consumption, apparent...
_
.thous. of lb_.
Exports§.
_
do _
Price, wholesale, beef, fresh, native steers (Chicago)
dol. per lb__
Production (inspected slaughter)
.thous. of lb_.
Stocks, cold storage, end of month©^ 1 . _
do
Lamb and mutton:
Consumption, apparent . ._
_ . do
Production (inspected slaughter)
do
Stocks, cold storage, end of month©d*
do
Pork (including lard):
Consumption, apparent
do .
Production (inspected slaughter), . .
...do . .
Pork:
Export?§ . ._
do
Prices, wholesale:
Hams, smoked (Chicago)
_dol. per lb_.
Fresh loins, 8-10 lb. average (New York) . . . d o ._
Production (inspected slaughter)
thous. of l b . .
Stocks, cold storage, end of month© c?
do
Lard:
Consumption, apparent
.
do
Exports^
do._.
Price, wholesale, refined (Chicago)
dol. pcrlb_.
Production (inspected slaughter)
thous. of lb__
Stocks, cold storage, end of monthcf ._
.. d o . . .
1,286
400
38
28
(b)
65 053
12,423
(b)
555, 686
.350
94, 780
43, 220
189
797
496
31
30
(b)
220
1,581
'484
'38
28
(b)
44, 577
(b)
39, 738
(b)
29,912
.203
431, 517
140,157
.203
409,953
105,905
.203
275, 752
67, 850
.319
674.964
' 68, 444
(b)
89,629
15, 513
(b)
75,865
12,171
(b)
57,167
10,863
(b)
65,149
10, 378
(b)
68, 444
' 9,108
831,492
924,170
(b)
680,480
(b)
718,345
(b)
757, 222
(h)
456, 591
(b)
837, 553
16,559
8,222
20,718
27, 321
47,991
46,919
49, 412
.258
.259
747, 282
396,740
.258
. 259
708, 566
425, 545
.264
.264
533,909
396, 753
.268
.266
573,027
379, 373
.265
.266
606, 017
382, 742
134,462
22,862
.146
180,801
82,826
127,002
25,063
.146
152,728
83,489
102, 417
47,975
.146
157,087
90,184
(b)
42,323
.147
106, 538
80,438
(b)
55, 435
.148
105,369
71,153
(b)
64,861
.148
109, 563
45, 539
.232
99, 208
320,745
.243
89,018
355,914
.255
47,157
363,954
.253
31,034
356,730
.268
31,348
320,027
.272
37, 278
256,822
.274
34, 765
209, 944
544
.401
3,118
159
.437
2,936
183
.429
3,400
264
356
4,214
7,449
.331
4,954
18, 335
.332
6,696
20,924
.333
6,721
17, 556
.336
6,216
3,724
203, 209
1,666
182,322
314
155, 934
113
129, 424
272
111, 721
1,578
117,903
3,771
149, 710
6,245
200,176
8,683
245, 287
35, 369
22, 873
43, 504
22,699
40, 459
11,133
36,818
14, 249
42, 709
16,898
38,865
30,162
39, 254
37, 361
38, 469
42,68S
34, 622
29,397
30, 467
14, 048
24, 678
1,644
1,380
1,868
.134
2,352
1,181
715
1,803
.134
2,396
866
567
1,353
.134
2,251
1,618
1,233
998
.134
2,558
1,286
973
2,093
.134
2,276
1,030
718
1,478
.134
2,143
1,145
748
1,844
.134
2,044
1, 577
1,189
1,824
134
1,964
1,829
1,510
1,786
.134
2,105
1,312
837
2,298
.134
2,319
1,635
1,163
(b)
.410
.265
.419
.266
360, 342 667, 522
322, 433 '297,355
(b)
57, 689
.148
69,837
34, 910
(")
52, 555
(*)
123, 348
' 43. 349
POULTRY AND EGGS
Price, wholesale, live fowls (Chicago)
dol. per l b . .
.265
Receipts, 5 markets
thous. oflb.. 43,162
Stocks, cold storage, end of monthd" _
. do . 204,202
Eggs:
Dried, production*...
_.
do
9 757
Price, wholesale, fresh firsts (Chicago)t-dol. per doz_.
.346
Production _
millions
3,636
Stocks, cold storage, end of monthrtf1
Shell
thous. of cases
7,965
Frozen .
.. .
thous. of lb. 237, 746
.283
.269
38,138
32,865
173, 905 '178,784
15, 761
.332
5,012
12, 756
.340
4,221
' 9, 537
9,871
265, 050 '260,101
MISCELLANEOUS FOOD PRODUCTS
Candy, sales by manufacturers..
thous. of dol..
Cocoa, imports§
_.
long tons
Coffee:
Clearances from Brazil, total
thous. of bags...
To United States.
..do...
Imports§
do
Price, wholesale, Santos, No. 4 (N. Y.)—dol. per lb._
Visible supply, United States
.thous. of bags._
34,056
1,573
970
.221
2,182
1,643
1,174
2,53(L
.13?
' 2,076
54, 254
108,999
.206
2,122
47,005 '68,023
25,245
10,821
21, 640
12,455
24,151
38,493
33, 247
43,356
Landings, fresh fish, 4 ports
.thous. of lb .
75, 318
90,051
127,055 138,434 148,286 140,208 115,398
97, 806 126,837
84, 725
Stocks, cold storage, end of month _.
do
84,265
152,403
Sugar:
Cuban stocks, raw, end of months
2,702
299
2,902
205
1,111
2,036
2,059
296
795
2,551
thous. of Span. tons..
388
••993
1,700
United States, deliveries and supply (raw value):*
Deliveries, total
_
short tons
621,178 '539. 371 490, 761 471, 266 420, 708 354,447 516, 244 285, 341 476,316 556, 466 524, 662 598, 604 ' 590, 347
For domestic consumption.
do
571, 607 •"512,936 471,466 468,755 411,491 347,402 514,724 276, 715 425, 742 500,608 541, 994 526, 605 ••557, 235
55,858
1,520
7,045
8,626
72,668
19,295
9,217
50,574
2,511
71, 999 ' 33,112
For export
do
49 571 ' 26, 435
Production, domestic, and receipts:
263,345 465, 834 433,190 501, 777 478, 311 '460,172
Entries from off-shore areas
_
.do
402 299 464,037 412,128 270,089 210,392 196,476 182,937
98, 526
24, 771
19.305
18, 254
8,345
9,613 ' 13,173
56,654 420,480 644,161 414, 465
16,161
Production, domestic cane and beet_do
542, 231 513, 294 728,489 1,167,026 1,418,532 1,794,764 '1,174,614 1,184,341 1,080,908 1,065,186 955, 031 '824,641
Stocks, raw and refined
do
' Revised. J For data for December 1941-July 1942, see note in November 1943 Survey.
X Compiled by the U. S. Department of Labor; see note in April 1944 Survey.
° No quotation.
* Temporarily discontinued; data under revision,
d* Cold storage stocks of dairy products, meats, poultry and eggs include stocks owned by U. S. Department of Agriculture and other Government agencies, stocks held for the
Armed Forces stored in warehouse space not owned or operated by them, and commercial stocks; stocks held in space owned or leased by the Armed Forces are not included.
aneous
meats and meat products" shown above include sausage and sausage room products and canned meats and meat products which were not reported prior to June 1944. Stocks shown
under beef and veal are combined figures for beef and veal; the latter also has been reported only beginning June 1944. Data for June 1944 to February 1946 for veal and for the items
now shown as miscellaneous meats and meat products are given in notes in the August 1944 to April 1946 issues of the Survey. Stocks for the several meats include trimmings which
were included as "miscellaneous meats" prior to June 1944.
• New series. Data for 1927-43 for dried eggs are shown on p. 20 of the March 1945 Survey. The new sugar series include raw and refined in terms of raw (see also note in the
April 1945 Survey).
t Revised series. The hog-corn ratio has been shown on a revised basis beginning in the March 1943 Survey; revisions beginning 1913 will be shown later. The series for feeder
shipments of sheep and lambs has been revised beginning 1941 to include data for Illinois; revisions are shown on p. S-27, of the August 1943 Survey.
SUKVEY OF CURRENT BUSINESS
S-30
1945
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
August
October 1946
August
September
October
1946
Novem- December
ber
January
Febru
ary
March
April
May
June
1 July
FOODSTUFFS AND TOBACCO—Continued
MISCELLANEOUS FOOD PRODUCTS—Con.
Sugar, United States—Continued.
Exports, refined sugar §
short tons
Imports: §
Raw sugar, total
do
From Cuba
do
Refined sugar, total
do
From Cuba _. . .
.
do _
Receipts from Hawaii and Puerto Rico:
Raw
._
.
do..
Refined
do
Price, refined, granulated, New York:
Retail
dol per lb
Wholesale
do
Tea, imports §
_
. ..thous. oflb
1.075
.060
16,991
9,690
5,406
3,484
18,972
4,304
7,003
33,945
221,391
217, 706
61,858
61,858
266,947
256, 230
5,093
5,093
98,396
77,882
34,920
28, 372
76, 871
76,871
10, 979
10, 856
68,374
68, 374
4,387
4,243
172,125
172,125
10, 324
10,324
191, 214
191, 214
195
0
310, 519
310, 519
33,816
33, 656
171,321
12,629
166, 705
8,198
144,804
265
115,226
0
91, 076
0
20, 687
0
38,774
0
.065
.054
6,834
.064
.054
8,987
.064
.054
9,015
.064
.054
9,881
.064
.054
3,686
» .067
.054
14,975
.068
.056
12, 569
33, 832
4,996
39,788
6,112
26, 504
4,892
27, 226
3,119
* 1,998
47,335
22, 371
43,902
4,043
TOBACCO
Leaf:
37,203
Exports, incl. scrap and stems§
thous. of l b . .
5,849
Imports, incl. scrap and stems §
do .
3 2, 221
Production (crop estimate)
mil. of lb
Stocks, dealers and manufacturers, total,
end of quarter
_
.mil. oflb..
Domestic:
Cigar leaf
do
Fire-cured and dark air-cured
do
Flue-cured and light air-cured __ . .
do
Miscellaneous domestic
do
Foreign grown:
Ciear leaf
do
Cigarette tobacco
do
Manufactured products:
Consumption (tax-paid withdrawals) :1
28, 478
Small cigarettes._
.millions... 28, 953
500, 572 420.922
Large cigars
thousands
28,905
Manufactured tobacco and snuff
thous. oflb-. 22, 733
405, 535
Exports, cigarettes §
thousands..
Price, wholesale (list price, composite):
6.006
6.255
Cigarettes, f. o. b., destination
dol. per 1,000.
30,049
Production, manufactured tobacco, total thous. of lb
360
Fine-cut chewing
. . __
do
5,720
Plug
do
4,271
Scrap, chewing
. do . . .
15, 401
Smoking
do
3,674
SnufT
..
do
623
Twist__.
1
r
58,321
155,
155,
38,
38,
409
408
785
735
59, 716
61, 897
240,190
230, 471
38,061
38,061
189, 418
179, 666
15,001
15,001
112, 933 ' 197, 733 &104,147 160, 827
23,657 *> 17, 681 30,150
10,417
1
073
.059
6. 139
52, 230
5,129
i. 074
.059
6,580
'.073
.059
3, 077
1.074
.059
1,540
1.074
.06G
60, 401
4,727
62,293
5,633
60, 740
4,861
36,97C
5,381
2,928
3,275
3, 342
2,850
338
192
2,294
2
324
175
2,668
3
377
223
2,626
2
364
196
2, 167
3
27
75
31
75
28
85
26
94
26,360
420,623
27, 553
582, 295
6.006
27,730
338
5,198
3,516
14,670
3,462
547
47. 191
25, 406
31, 340
16, 061
25, 452
26, 360
25, 226
23, 637
29, 972
25, 44C
26, 401
512,727 468,404 364,671 468, 592 455 024 480 479 484,318 497 297 452,180 439 39e
31,150
27,090
15,453
21,084
20,806
17,77620, 023
18.519
21, 223
20, 94?
879,853 1,106,903 1,002,748 2,660,699 1,048,525 1,448,618 1,996,922 4,443,744 2,427,461 1,831,885
6.006
31, 096
374
5,607
3,625
16, 849
4,009
634
6.006
26,608
392
4,703
2,957
14,616
3,427
513
6.006
16,655
279
3,066
3,069
6,954
2,953
335
6.006
20. 521
331
4,106
3,976
7,979
3,706
423
6,006
18.065
262
4,317
3.948
5.944
3,128
466
6.006
19,067
282
4,373
4,099
6,386
3,419
508
6.056
19,750
290
4 172
3,647
7,808
3,333
498
6.255
21, 472
334
4 481
2,738
10, 051
3, 339
529
6. 255
21,092
302
4 280
3, 635
9, 395
3,022
458
10, 870
(•)
20
2,297
1, 968
. 155
218
15, 331
3
68
2.332
2.818
17, 340
0
50
1,571
4,684
15, 785
1
80
1,168
3,609
13,187
11
41
1,271
3,090
.155
.218
.155
.218
.155
.218
LEATHER AND PRODUCTS
HIDES AND SKINS
Livestock slaughter (see p. S-28).
Imports, total hides and skins §_.
thous. of lb-_
Calf and kip skins
thous. of pieces,.
Cattle hides
..-do,...
Goatskins
.do
Sheep and lamb skins
do
Prices, wholesale (Chicago):
Hides, packers', heavy, native steers
dol. per lb_Calfskins, packers', 8 to 15 lb
do
.155
.218
15, 522
26
25
1,010
3,677
14, 516
15
12
1,973
3, 333
14,073
24
21
1, 574
3,349
15, 736
49
49
2,201
2,774
11,301
164
29
1,656
1,912
16,084
39
52
3,137
2,883
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
.155
.218
. 155
.218
LEATHER
Exports: §
Sole leather:
336
3
157
154
Bends, backs and sides
thous. oflb
3, 062
1,818
79
3,113
721
2, 335
655
176
91
163
275
Offal, including belting offal._'
do
296
1,322
573
92
593
488
1,194
2,036
2,741
2,864
Upper teather
do
6,705
4,072
2,853
4,430
3,280
1,324
3,324
3,206
Production:
942
950
Calf and kip
thous. of skins..
1,070
94<f
937
1.031
1,032
801
831
907
2,132
1,985
2,337
2,237
Cattle hide
.thous. of hides_.
2. 320
2,502
2,089
2,479
2,500
2, 329
2,544
1,780
1,676
1,742
1,659
Goat and kid
thous. of skins.
1,997
1,780
2,027
2,190
2,143
1,773
1,537
4,507
4,784
3,949
Sheep and lamb
do
4,132
4,418
4,639
3,986
4,256
4,288
3,944
3, 584
Prices, wholesale:
.440
.440
Sole, oak, bends (Boston)f
dol. per lb.
.440
.440
.440
.440
.470
.440
.440
.462
.440
.440
.529
.529
.529
Chrome, calf, B grade, black, composite., dol. per sq. ft..
.529
.533
.533
.533
.533
.533
.536
.558
Stoeks of cattle hides and leather, end of month:
12, 245 12, 577 13, 047 13, 037 13,177
Total
thous. of equiv. hides- .
13, 622 13, 593 13, 094 12,084
9,498
10,998
7,072
7,223
7, 346
7,473
Leather, in process and
finished
do
7,849
8,202
8,433
7,673
8.076
6, 965
6,299
5,173
5.354
Hides, raw
do
5,564
5,391
5,701
5,328
5,189
4,411
5, 018
4,033
3,199
LEATHER MANUFACTURES
Gloves and mittens, production, total*, thous. doz. pairs.
2,187
2,071
2,476
2,266
1,893
2,251
2,228
2,218
2,432 ' 2,331
2,274
2,418
Dress and semi-dress, total.
do
648
650
775
734
804
632
688
656
794
774
798
765
Leather
.do
155
152
175
173
171
144
151
154
185
185
166
169
Leather and fabric combination
do
40
29
33
26
25
20
20
18
23
23
24
28
Fabric
.do
453
469
605
568
537
468
488
513
590
571
586
581
Work, total
do
1,538
1,422
1,701
1,531
1, 447
1,261
1,530
1, 572
1,638
1,620
1,509
1, 557
Leather
__ do
206
175
125
198
175
155
156
177
169
176
167
182
Leather and fabric combination.
...do
227
186
208
242
212
186
192 I
220
225
212
231
214
Fabric
..do
1,136
1,105
1,039
1,261
921
1,144
1,237
1,241
1,164
1,141
1,160
1,161 !
' Revised, * LeSS than 500 pieces. * Data for Puerto Rico; data for Hawaii not yet available.
'Data reflect a change in the sample of reporting stores and in the method of summarizing reports; January 1946 figure comparable with earlier data is $0,064.
1
8
Final estimate.
September 1 estimate.
^Tax-paid withdrawals include requirements for consumption in the United States for both civilians and military services; withdrawals for export and for consumption outside
the United States are tax-free.
§Data continue series published in the 1942 Supplement but suspended during the war period (it should be noted that data for sugar are shown in long tons in that volume);
data for October 1941-February 1945 will be published later.
fRevised series. The price for sole oak leather is shown on a revised basis beginning in the October 1942 Survey; revisions beginning July 1933 are available on request.
*New series. Data on gloves and mittens are from the Bureau of the Census and cover all known manufacturers; data for January 1943-March 1945 for leather and combination
leather and fabric, and for May 1944-March 1945 for fabric gloves and mittens will be published later. The series for leather gloves are not comparable with similar data shown in
the 1942 Supplement which cover only around 85 percent of the total.
October 1940
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes m a y be found in the
1942 Supplement to the Survey
August
1946
S-31
1945
August
September
October
1946
Novem- December
ber
January
Febru-
Miwch I Apri!
May
June
Julv
LEATHER AND PRODUCTS—Continued
LEATHER MANUFACTURES—Continued
Boots and shoes:
Exports §
...thous. of pairs,.
Production, total tdo
Government shoes
_
do
Civilian shoes, total
.
do
Athletic,
do....
Dress and work shoes, incl. sandals and playshoes:
Leather uppers, total
thous. of pairs..
Boys' and youths'
do
Infants'
_do
Misses' and children's
_
do
Men's
do
Women's...
do
Part leather and nonleather uppers.
do
Slippers and moccasins for housewear
do
All other footwear
_.
do
1,149
41,838
4,440
37,398
309
273
37, 257
1,423
35,843
355
527
42, 237
1,047
41,190
466
995
40,049
805
39,243
452
4,192
1,326
34,649 i 41,246
632
471
34,017 40,479
410
537
744
43, 701
464
43,237
635
1,095
47,955
427
47,528
676
49,437
273
49,164
1,663
1,701
49,469 44, 957
227
315
' 49,242 44,642
627
••690
776
36,887
139
36,748
534
19,828
1,071
2.326
3,454
4,662
8,315
10, 672
6,373
216
21,429
1,206
2,234
3,274
5,767
8,948
7,745
6,130
176
28,891
1,579
2,733
3,909
7,709
12,961
3,613
8,056
165
28,593
1,593
2,735
3,760
7,547
12,958
2,608
7,433
157
26,371
1,421
2,346
3,352
6,945
12,308
2,632
4,497
106
31,012
1,492
2,855
3,913
7,815
14,937
4,007
4,782
140
33,091
1,777
3,068
4,421
8,508
15,317
4,622
4,757
133
35,483
1,807
3,248
4,904
8,954
16.571
5,671
5,487
211
36,669
1,872
3,363
5,066
9,383
16,985
5,876
5,731
222
• 36,689 32,815
'1,879
1,752
r 3, 238 2,960
'5,060
4,379
' 9,592 8,703
' 16, 920 15,021
' 5, 646 5,304
'5,879
5,708
188
••338
26,518
1,501
2,456
3,362
7,672
11,527
4,575
4,971
150
LUMBER AND MANUFACTURES
LUMBER—ALL TYPES
44,280
Exports, total saw mill products §
M bd. ft
Sawed timber §
do
6,795
34,765
Boards, planks, scantlings, etc.§
do
Imports, total sawmill products §
do
100,707
National Lumber Manufacturers Association:!
' 2,880
2,574
Production, total —
mil. bd. ft
634
Hardwoods
_ __ _ _ _ do. _. r 793
1,940
Softwoods .
do
2,087
2 2, 616
2,494
Shipments, total
. _
do _
660
579
Hardwoods
do
2 1,956
1,915
Softwoods .
do
3,705
Stocks, gross, end of month, total
do. _ 2 3,862
1,071
885
Hardwoods _.
do
2 2, 791
2,820
Softwoods
_
do
41, 446
7, £07
31,095
91,293
43,590
2,772
38,922
109,730
39,429
2,874
33,803
98,964
49,257
3,312
44,012
95,432
64,795
6,405
56,089
80,528
52, 574
11,708
S9, 194
79, 434
71,094
21,006
48,091
95,354
63,060
21, 278
39,878
97,136
r 53, 584
21,099
' 30, 867
90,263
56,852
9,669
45, 570
76,930
43,784
13,876
27,825
2,191
612
1,579
2,148
516
1,632
3,741
958
2,783
2,089
673
1,416
1,991
595
1,386
3,792
1,018
2,774
1,891
615
1,276
1,819
581
1,238
3,845
1,040
2,805
1,638
443
1.195
1,688
472
1,216
3,816
1,022
2,794
1,840
516
1,324
2,081
604
1,477
3,555
906
2,649
1,887
498
1,389
1,911
479
1,432
3,482
877
2, 605
2,279
640
1,639
2,307
582
1,725
3,397
886
2,511
2,538
681
1,857
2,517
674
1,843
3,421
873
2,548
2,668
699
1,969
2,621
691
1,930
3,481
875
2,606
2,689
659
2,030
2,542
622
1,919
3, 614
904
2,711
2, 656
731
1,925
2,505
632
1,873
3,735
974
2,761
FLOORING
Maple, beech, and birch:
Orders, new_ .
...
Orders, unfilled, end of month
Production
Shipments
__.
Stocks, end of month
_
Oak:
Orders, new..
_
Orders, unfilled, end of month
Production
Shipments
Stocks, end of month
.
. _
M bd ft
do
do
do
do
_.
_
.
_
do
do
do
do
do
3,560
6,150
3,100
3,125
2,475
2,975
6,525
2,925
3,575
2,375
2,900
6,500
2,875
2,950
2,375
3,600
7,150
3,325
2,975
2,600
2, 275
7.300
2,525
1,950
3,125
1,150
7,050
2,425
1,200
4,350
2,875
6,700
3,050
3,075
4,250
2,625
6, 725
2,850
2. 675
4,300
3,025
6,875
3,100
2.725
4,650
4,325
6,550
3,100
4,350
3, 200
3,700
6,175
2,950
3,875
2,475
2,750
6, 250
2, 550
2,700
2,425
2,300
5,750
2,375
2,375
2,375
18,931
30,055
22,860
24, 734
4,209
12,595
30,868
15,500
15,231
2,463
14,608
33,992
15,049
15,130
2,804
23y 506
38, 797
19,197
18, 494
3,507
18, 343
39,097
18, 970
17,364
5,113
12,201
37,962
16,004
13,336
7,781
15,632
42,120
18, 523
11,474
14,830
17,329
37, 694
17,453
22. 892
9,391
15.971
35, 529
18,958
18,136
9,661
16, 817
34, 280
18, 757
20,996
7,425
19, 434
33, 371
20,119
20,982
7,270
15,426
31,158
17, 239
17, 639
5,162
20,247
31, 657
20,838
19, 747
6,081
SOFTWOODS
Douglas fir:
22, 271
31,375
39, 682 ' 29,889
30, 020
42,207
18,807
21, 545
11,313
26,038
41,528
Exports, total sawmill products §
M bd. ft..
14,278
6,032
8,242
13,225
16, 733 ' 15, 231
1,127
5,829
1,254
Sawed timber §___
do
9,256
3,820
554
5,775
23,133
28,982
22, 949 r 14, 658
23,988
13,015
24,911
12,978
20,291
10,759
37, 708
8,503
Boards, planks, scantlings, etc.§
^
do
Prices, wholesale:
Dimension, No. 1, common, 2 x 4—16
38. 220
42. 630
34.790
37.362
38. 220
41. 528
34.790
34.790
34. 790
34.790
dol. per M bd. ft.. 42. 630
34.790
34.790
53. 900
59. 780
53.900
58. 310
44.100
Flooring, B and better, F. G.. 1 x 4, R. L
do
41100
44.100
44.100
44.100
59. 780
44.100
44.100
51. 450
Southern pine:
9,565
9,093
13,816
11,973
11,178
10,861
Exports, total sawmill products §
M bd. ft
7,684
7,202
5, 798
9,076
6,35/5
6,950
4,534
2,035
2,703
Sawed timber §_
do
5,743
3, 228
3, 506
1,904
1,241
1,391
1,853
745
2,268
8.073
6,644
8,826
6,862
5, 8o5
8,467
3,894
5,349
6,293
5,114
6,808
6, 205
Boards, planks, scantlings, etc §
do
672
565
623
655
555
664
472
602
577
550
626
607
532
Orders, new t
mil. bd. ft..
679
646
698
731
746
676
Orders, unfilled, end of month f
do
653
650
696
701
633
695
738
Prices, wholesale, composite:
Boards, No. 2 common, 1" x 6" or 8" x 12'f
46. 083
46.029
46.029
46.029
46. 029
43. 4C5
42. 782
42.837
42.018
42. 018
42. 018
dol. per M bd. ft.
46.083
42. 018
Flooring, B and better, F . G., 1" x 4" x 12—14' f
65.091
65. 091
65.091
65.091
65.091
56. 494
61.131
56. 371
56. 494
59.811
60. 056
dol. per M bd. ft.. 65. 091
56. 371
646
629
673
635
554
631
600
472
512
Production!.
mil. bd. ft..
555
629
651
660
624
645
553
657
662
610
476
Shipments! .
do
553
576
596
630
648
645
1,129
1.066
1,071
1,082
1,060
1,081
1,082
1,086
1,065
1,085
1,087
1,133
1,128
Stocks, end of monthf
do
Western pine:
445
515
568
299
480
543
276
307
240
293
Orders, newf
do
422
617
412
280
276
299
417
293
298
294
298
305
302
258
360
Orders, unfilled, end of monthf
do
351
Price, wholesale, Ponderosa, boards, No. 3 common,
40.65
40.93
35.77
36.07
39.15
40.07
36.46
35.99
36.16
35.30
35.78
40.19
34.88
1" x 8".
dol per M bd ft
656
584
651
206
234
457
279
296
341
206
418
Production!
mil. bd. ft
720
548
529
590
461
581
248
373
297
634
332
310
290
412
517
Shipments!do
901
765
761
684
835
949
824
710
908
Stocks, end of month!
_
do
971
980
987
965
West coast woods:
426
527
518
377
423
543
476
455
414
288
Orders new!
__
_.do
261
552
557
632
559
545
683
601
694
723
738
636
672
703
685
554
Orders, unfilled, end of month
do
403
532
527
233
449
632
517
Production! .
..
__
do
368
261
406
541
509
450
415
441
532
511
357
526
413
556
Shipments!
do
253
217
460
531
503
379
362
379
385
400
398
375
368
378
370
392
Stocks, end of month
do, _
375
403
" Revised.
* Only the total has been revised; revisions are not yet available for the detail.
2 Excludes data for Redwood region.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
JSee note for boots and shoes at the bottom of p. S-23 of the July 1945 Survey regarding changes in several classifications and note marked "X" on p. 28 of that issue regarding
other revisions; data beginning January 1945, except the detail for January 1946, have been revised to include late reports; 1945 revisions not shown above and also revisions for January-May 1943 and 1945 and January-April 1944, which have not been published and will be shown later.
! Revised series. The following lumber series have been recently revised to adjust the monthly figures to 1944 totals for production compiled by the Bureau of the Census:
Data beginning January 1944 for production, shipments, and stocks for total lumber, total hardwoods, and total softwoods and production shipments, and new orders for
Southern pine and western pine and 1944 data for production, shipments, and stocks of West Coast woods (1945 data for West Coast woods are subject to further revisions).
Earlier lumber data were previously adjusted to 1941-43 Census data and revisions have been published only in part (see note in April 1946 Survey). All unpublished revisions through
February 1945 will be shown later. The Southern pine price series are shown on a revised basis beginning in the February 1946 Survey; each represents a composite of 9 individual
series; the specifications given above apply to data collected beginning February 1945; earlier data were computed by linking slightly different series to the current data.
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
1946
August
October 1046
August
September
October
Novem- December
ber
January
February
March
April
May
1 June
3,930
98, 911
2,890
2,698
73,543
4,160
97, 769
3,912
4.275
73,520
3,701
99, 706
4,033
3,765
73,735
120,152 128,489
120,176 129,926
29, 753 28,016
121,412
125,068
24,391
July
LUMBER AND MANUFACTURES—Continued
SOFTWOODS—Continued
Redwood, California: X
Orders, new
_
Orders, unfilled, end of month
Production.
_
Shipments
Stocks, end of month
M bd. ft..
-do
-do....
..-do
do
30,966
79,025
34,645
35,864
55.495
30,599
80,235
32,773
29, 581
56, 569
30,892
81,407
34,012
32, 508
55, 459
31, 709
85, 572
33,442
28,019
60, 335
20, 572
81,947
26,724
21,495
76,006
20, 248
91,979
9,858
11,207
75,231
8,179
4, 370
98, 314 100, 288
1,286
795
2,267
1,854
73,298
74,165
113,633
112,050
29,612
89,398
91,547
27,684
67,014
66,342
28,529
58, 237
57,862
28,586
75,100
75, 904
26,739
106,883
104,144
29,105
97,828 109,005
98, 619 105,999
28,096
52
55
56
56
62
7
30
64
60
18
2
17
68
61
15
1
36
108
SOFTWOOD PLYWOOD
Softwood plywood:*
Production
.--thous. of sq. ft., $i" equivalent.
Shipments
.do...
Stocks, end of month...
.do...
124,908
122,483
33,783
FURNITURE
Ail districts, plant operations
.percent of normal.
Grand Rapids district:
Orders:
Canceled.
percent of new orders.
New
. . . n o . of days'production.
Unfilled, end of month.
do.__
Plant operations
percent of normal.
Shipments
no. of days' production.
68
3
47
141
71
39
64
63
63
62
52
128
71
1
53
146
70
41
2
40
147
69
37
327, 590 349, 317 476,221 488,300
9,322 10, 662 ' 16, 752 18,160
85, 795 212,138 157,753 111,694
3,459
3,032
9,584
4,389
394,382
18, 568
64, 737
3,409
115
70
37
METALS AND MANUFACTURES
IRON AND STEEL
Foreign trade: $
Iron and steel products:
Exports (domestic), total
Scrap
.Imports, total
Scrap
-
short tons.
...do.-.
..do--.
do...
487, 240 451,046
8,568
6,397
104,116 92,638
1,607
4,770
407,225
8,448
139,915
2,717
344, 697
9,397
102,163
2,531
327,805
5,480
123,435
8,065
3, 989
2,169
1,820
4,225
1,354
2,871
3,995
2,228
1,767
4,144
1,319
2,825
4,331
2,283
2,048
3,950
1,204
2,746
4,378
2,346
2,032
3,943
1,239
2,704
4,129
2,233
1,896
3,742
1,215
2,527
5,658
10,732
34,781
31, 533
3,248
187
51
5,837
10, 543
39,549
35,684
3,865
118
56
4,491
9,827
45,090
40,537
4,553
199
51
5,612
4,145
44,706
39, 891
4, 815
116
46
6,099
71
39,059
34, 660
4, 399
109
51
557,360
4,768
78,584
1,208
Iron and Steel Scrap
Consumption, total*
thous. of short tons..
Home scrap*
do
Purchased scrap*
_.do
Stocks, consumers', end of month, total*
_.__do
Home scrap*
...do
Purchased scrap* __
do
Ore
Iron ore:
Lake Superior district:
Consumption by furnaces.....
thous. ol long tons..
Shipments from upper lake ports
_._do--.~
Stocks, end of month, total.._
do
At furnaces,...
do—
On Lake Erie docks
.do
Imports §
do
Manganese ore* imports (manganese content)§...do
6,738
9,774
34,067
30,450
3,617
(•)
(•)
(•)
3,719
0
35,342
31,215
4.127
78
33
2 4, 538
2 2,326
a 2,212
4,491
1,376
3,115
4,415
2,415
2,000
4,514
1,346
3,168
4,504
2,331
2,173
4,405
1,296
3,109
3,662
1,746
1,916
4,380
1,281
3,099
4,214
2,074
2,140
4,110
1,269
2,841
1,748
0
33, 647
29,606
4,041
75
24
6,021
0
27,601
24,100
3,501
81
60
4,769
730
23, 079
20,060
3,019
112
56
2,990
3,616
23,905
21,075
2,830
237
45
4,995
8,654
26, 265
23, 247
3,018
Pig Iron and Iron Manufactures
Castings, gray iron:*
Shipments, total-.
short tons_. 944, 516
558,957
For sale
do
2,785,609
Unfilled orders for sale
....„
-do
Castings, malleable.•cf
41,804
Orders, new, for sale.do
272,440
Orders, unfilled for sale
..-do
68,603
Shipments, total
do
41,345
For sale
do
Pig iron:
Consumption*
.thous. of short tons..
Prices, wholesale:
28.00
Basic (valley furnace)
dol. per long ton...
28.73
Composite
do
28.50
Foundry, No. 2, f. o. b. Neville Island*
do
4,898
Production*
thous. of short tons..
Stocks (consumers' and suppliers'), end of month*
thous. of short tons.
Steel. Crude and
750,050 717, 768 767, 209 751,092 678,091 706, 319 541,177 796, 068 856, 678 757,041 735,060
462, 364 434,416 461,720 445,952 397,529 446, 567 368. 384 505, 431 529,323 454,194 435,866
1,817,801 1,754,515 1,741,981 1,847,468 1,877,095 2,076,994 2,152,766 2,265,336 2,378,348 2,491,811 2,633,118
33, 698 44, 507
227,309 236,648
57, 315 51,963
36, 007 35,168
1—18,642
232,136
52,647
33, 239
16,275
219,905
46,960
28,506
47,020
229,618
59,096
37,307
3,969
4,062
3,525
4,080
4,090
2 3,664
4,374
3,739
2,395
3,623
24.50
25.17
25.00
4,249
24.50
25.17
25.00
4,227
24.80
25.40
25.19
3,388
25. 25
25.92
25.75
4,026
25.25
25.92
25.75
4,323
25.25
25.92
25.75
2,645
25.25
25. 92
25.75
1,148
25.63
26.32
26.20
4,424
26.00
26.67
26.50
3,614
26.00
26.82
26.50
2,275
r 28.00
28.67
' 28. 50
3,682
1,527
1,527
1,247
1,124
1,192
(•)
1,257
1,239
1,046
862
821
47, 411
245,878
54,191
38,181
31,104 49, 561
247, 644 263,227
40,156
50, 235
29, 338 33,978
267,822
65,010
39,078 39, 388
271,925 275,845
62, 598 61,650
34,975 35,468
Semimanufactured
Steel castings:t
99,058
57,423 101,396 146,327 129,211 123, 551
Shipments total.
_
short tons.. 130,450 131,411 114, 613 130,344 123,048 115,239
83,751
99,495
91,409 85, 391
77,071
94, 653 98,080
45,151
For sale, total
do
80,843 108,586 94,630 91,715
29,391
28,160 25, 939 22, 645
24, 746 27, 652 26, 071
8,879
Railway specialties
_
do
21,905 33, 598 28.547 25,604
r
s
a
Revised.
i Cancellations exceeded new orders by the amount shown above.
Total for January and February.
Data not available.
tAll but 2 of the reporting mills have been closed by strikes from the middle of January until July; complete reports were not received for July.
§Data continue series shown in the 1942 Supplement but suspended during the war period (it should be noted that data for iron and steel are shown in long tons in that volume);
data for October 1941-February 1945 will be published later.
tf Since June 1944 the coverage of the malleable iron castings industry has been virtually complete (see note in April 1946 Survey regarding earlier data); total shipments include
shipments for sale and for use by own company, an affiliate, subsidiary or parent company. New orders for sale has been substituted for total new orders which has been discontinued;
data beginning November 1944 for unfilled orders and beginning 1936 for new orders and shipments for sale will be published later.
*New series. Data beginning September 1941 for softwood plywood are shown on p. 16 of the September 1944 Survey. For a description of the series on scrap iron and steel
and pig iron consumption and stocks and 1939-40 data, see note marked "*" on p. S-29 of the November 1942 Survey; later data are available on p. S-30 of the .April 1942 and subsequent
issues. The series on pig iron production is approximately comparable with data in the 1942 Supplement (data in the Supplement are in short tons instead of long tons as indicated);
see p. S-30 of the May 1943 Survey for further information on this series and data for 1941-42. The pig iron price series replaces the Pittsburgh price, delivered, shown in the Survey
prior to the April 1943 issue. Data for gray iron castings represent industry totals beginning in the June 1946 Survey; see note in that issue.
t Revised series. Data for steel castings are estimated industry totals; see note marked "f" on p. S-32 of the July 1946 Survey for a further description of the data and comparable figures for January-April 1945.
SUEVEY OF CURRENT BUSINESS
October 1946
Unless otherwise Stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
1946
August
S-33
August
September
October
Novem- December
ber
January
February
March
April
May
June
July
METALS AND MANUFACTURES—Continued
IRON AND STEEL-Contimied
Steel, Crude and Semimanufactured—Continued
Steel ingots and steel for castings:
Production
thous. of short tons..
Percent of capacity!
_
_—
Prices, wholesale:
Composite, finished steel
_
_dol. per lb__
Steel billets, rerolling (Pittsburgh). _.dol. per long ton_
Structural steel (Pittsburgh)
dol. per lb__
Steel scrap (Chicago)
dol. per long ton__
Steel, Manufactured Products
Barrels and drums, steel, heavy types:®
Orders, unfilled, end of month
thousands..
Production
-_.__
do
Shipments.
._._
_
.do
Stocks, end of month
do
Boilers, steel, new orders:X
Area
....thous. of sq.ft..
Quantity
._..
__
number..
Porcelain enameled products, shipments^ thous. of dol_.
Spring washers, shipments.
do
Steel products, net shipments:©
Total
thous. of short tons..
Merchant bars.
do
Pipe and tube__
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
4,072
52
.0301
39.00
.0235
18.75
5,625
74
' 6, 610
85
.0303
39.00
.0235
18.75
.0305
39.00
. 0235
18.75
7,886
2,000
1,988
8,632
1,861
1,875
24
9,763
1,786
1,782
28
9,900
2,031
2.019
40
1,948
1, 531
4,788
355
1,993
2,049
6,151
407
1,725
1, 920
5,779
384
4,214
454
418
371
177
924
106
117
327
249
327
4,336
439
457
361
166
973
118
100
340
265
351
3,667
348
385
263
109
906
121
100
201
241
323
1,797 r' 1,49ft
1,895
1, 480
5,731 r 5, 679
399
3,6 • I :. 259
372
455
334
427
284
399
133
180
877
960
108
92
105
274 I
313
247 !
262
318 S
297
1,895
5,735
71
5,982
76
5,597
69
6,200
79
6,058
75
3,872
50
1,393
20
6,507
83
78
.305
39.00
.0235
18.75
. 0275
36.00
.0210
18.75
.0275
36.00
.0210
18.75
.0275
36.00
.0210
18.75
.0275
36.00
.0210
18,75
.0275
36.00
.0210
18.75
.0275
30.00
.0210
18.75
.0288
37.50
.0223
18.75
.0301
39.00
. 0235
18.75
.0301
39.00
.0235
18.75
10,318
2,393
2,405
28
4,132
1,903
1,902
44
3,756
1,551
1,557
38
4,012
1,694
1,693
40
4,645
1,823
1,825
38
5,353
1,810
1,821
27
5,465
1,695
1,7C5
19
839
20
6,733
1,428
1,424
24
1,448
2,586
7,215
1,432
1,193
3,381
375
1,579
1,371
3, 303
316
1,356
1,298
4,049
386
1,295
1>222
4.013
374
1,597
1, 259
3,355
325
1,605
1,381
5,070
382
1,645
1,154
4,496
317
4,124
398
436
437
186
841
94
100
287
245
314
3,955
434
429
389
220
838
84
92
272
213
303
4,267
447
426
375
203
979
104
114
333
211
343
4,367
450
454
367
204
993
108
120
324
2€9
350
4,298
435
417
387
204
931
104
111
331
210
338
14,379
1453
i 401
1341
U49
i 1,044
U37
U38
1278
1267
1356
NONFERROUS METALS AND PRODUCTS
I
Aluminum:
Imports, bauxite 1
long tons..
38,322 52, 329 55, 598 75,844 65, 356 I
40,967
38,213
106,260
42,444
54,947
66,794
.0475
.0475
.0525
.
0523
Price, wholesale, scrap castings (N. Y.)--dol. per lb..
.0375
. 0375
.0375
.0375
.0375
.0550
.0375
.0375
. 0385
109.3
Aluminum fabricated products, shipments*.mil. of lb._
63.8
110.7
133. £
118.6
65.2
106.5
60.9
80.8
66.5
57.9
99.4
Bearing metal (wbite-base antifriction), consumption
6,251
5,544
and shipments, total
thous. of lb_.
5,445
4,541
4,435
4,975
3,968
4,760
1,333
1,493
Consumed in own plants*
_
do
1, 293
1,170
1,046
1,335
1,101
1,073
3, 265
4,051
Shipments*..
_
do...
4,152
3,640
3,495
3,687
2,868
4.918
()
.195
.208
.195
.195
.195
Brass sheets, wholesale price, mill
doi. per lb.
.195
.195
.221
.237
.237
.195
.237
:i95
Copper:
7,336
4, 225
7,341
6,267
7, 489
Exports, refined and manufactures %
short tons..
12,427
6,219
10,908
7,301
10,966
6,338
9,511
8,194 25,164 31,193 20,510
Tmports, total f
do
60,026
70,423
50,860
56,469
13,560
64, 710
82,366
3,481
1,104
762
5,058
For smelting, refining, and export 1
do
35,657
4,588
2.407
2, 2*2
1,760
4,309
5,392
4,712 24,060 30, 431 15,452
44,369
65,835
48, 452
54, 217
11,800
For domestic consumption, total 1
_._.do
60,401
76,974
814
1,276
20,368
3,701
819
27,909
11,869
12,480
5,782
Unrefined, including scrap 1
*__ _ . do
31,118
22, 982
3,898 20,358 29,155
24,001
37,925
36,584
41, 737
6,020
14,633
Refined T
>.
do
29, 283
53,993
.1178
.1178
.1178
.1178
.1178
. 1178
.1178
.1406
Price, wholesale, electrolytic, (N. Y.)
dol. per lb..
.1178
.1178
.1178
. 1415
.1415
Production:^
62, 641
58,178
65,586
41,667 41,832 29, 280 31,897 32, 785 ' 56,906
68,253
64,091
Mine or smelter (incL custom intake)_.short tons.. 64,209
69,322
23,870 43,606
66,062
69, C08
70,218
49,923 20,139
18, 989 20, 551
59,591
69,127
45,145
Refinery
do
70,363
58, 590 75, 756 93, 647 95, 267 96,826
83,478 104,104 119,973 103,464 115, 601
Deliveries, refined, domesticd"
d o . _ 118,814 86,840
72,799
70, 249 65, 448 75, 754 79,145 101.183
74,425
94,669
80,316
68,675
76,512
Stocks, refined, end of monthc?
do
73,913
74,3
Lead:
7. 506 ! 6,526
4,981
17,669
12,291
5,217
Imports, total, ex-mfrs. (lead content) 1
do
22,942
25,199
28,644
40,754
27,164
31, 550
Ore, domestic, receipts (lead content) d 1 ---.
do
31,668
26,945
32, 812
31, 580
32,978
28, 525 27,081 | 24, 655 22, 049 21,801 32,977
Refined:
. 0925
.0650
. 0650 .0818
.0650
.0650
'.0650
. 0650
.0650
Price, wholesale,pig,desilverized(N. Y.)..dol. per lb..
.0825
.0650
.0650
.0650
51,054
19, 530 18, 584 34,029
45, 399
23,766
25,336
Production, totaled
...short tons.. 35,690
32,691
35,923
47,824
41,643
47,462
49,795
38, 298
33,994 27,552
34,699
40,070 24,179 22, 726 18, 393 17, 450 32,622
From domestic orecf
do
39,991
42,005
44,806
44, 304
21, 720 25,173 35,591
32,811
39, 701
48,257 28, 702 23,941
Shipmentscf
do
33,517
44, 766
44,347
51,929
43, 746
34, 275 40,310
36,514
45,312 41,939 j 41,758 39, 583 32,969 31,396
Stocks, end of monthd"
do
39, 629
42,671
Tin:
Imports: ?
1,067
3, 242
5,074
4,483
1,151
3,917
3,763
811
7,540
673
5,277
Ore (tin content).
long tons „
1,977
2,073
22
213
94
0
0
0
1,000
0
0
Bars, blocks, pigs, etc
„
do
.5200
.5200
.5200
.5200
.5200
.5200
.6200
.5200
.5200
.5200
.5200
.5200
Price, wholesale, Straits (N. Y.).__
dol. per lb.
Zinc:
15, 729
31,826
27, 662 44,766 33,878 32,419
21,052
39, 481
31, 522
42,000
46,908
Imports, total (zinc content) J
.short tons.735
2,993
3,102
779
621
312
883
1,881
560
1,111
For smelting, refining, and export f
do
For domestic consumption: J
13,069
7,616
14, 300 29,031
18,291 21, 943
28,365
20,450
26,757
38,055
12,005
Ore (zinc content).
do
10,337
12,742 12,485
9,697
7,235
8,232
8,164
9,235
13,050
14,683
17,646
Blocks, pigs, etc.
do
Price, wholesale, prime, Western (St.
. 0825
.0023
.0825
.0825
.0825
.0825
.0825
.0825
.0825
.0825
.0825
.0825
Louis)....
.dol. per lb.. .0825
66,162
65,901
61,274 71, 612 60,903 62,416 58,812 59,014
64, 753
64, 337
61,600
65, 614
Productiond*.
.short tons..
62, 324
58,635
69,489 60,492 69, 221
54,856 83, 693 73,191
48,255
54,449
41,881
53,224
Shipmentsc?
do
47,169
56,180
41,349 66,159 60,809 60,380 51,101 58,822
48,084
51,326
41,410
52,052
Domestico"
do
213,556 233,275 245,665 255, 553 259,391 266,657 273,075 260,994 248, 706 241, 633 239,953 229,746
Stocks, end of monthd*
do
r
Revised, i Total for January and February. * Discontinued by reporting source. ® Beginning 1943 data have covered the entire industry.
§ For 1946 percent of capacity is calculated on annual capacity as of Jan. 1,1946, of 91,890,540 tons of open-hearth, Bessemer, and electric steel ingots and steel for castings; 1945 data
are based on capacity as of Jan. 1,1945 (95,501,580 tons).
t Based on information recently available it is estimated that data beginning 1945 represent substantially the entire industry; in prewar years the coverage was about 90 percent.
• See March 1944 Survey for comparable data for 1942; the series now covers 57 manufacturers (two formerly reporting discontinued production of bearing metal).
0 Total shipments less shipments to members of the industry for further conversion; data prior to 1944 were net production for sale.
1 Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later,
d" For data for January 1942-ApriI 1944 for the indicated copper, lead and zinc series, see p. 24 of the June 1944 Survey.
•New series. Data for aluminum fabricated products cover total shipments of castings, forgings, sheet, strip, plate, rods, bars, and other wrought products, exclusive of products
shipped to other manufacturers for further fabrication into other wrought products; data were compiled by the War Production Board through September 1945 and by the Bureau of the
Census thereafter. Data have been revised beginning January 1945 to include estimated industry totals for castings based on monthly reports from the larger founderies and annual
reports for 1945 from the smaller ones. Data for castings included in the totals prior to 1945 are estimated to cover about 98 percent of the industry but the small amount omitted
affected the combined total for castings and wrought products only slightlysince the former represented only about one-fifth of the total. The coverage of wrought products is virtually
complete; weights for some wrought products were gathered at a different stage of manufacture beginning October 1945, but it is believed that the comparability of the totals is not
seriously affected. For revised figures for early months of 1945, see p. S-33 of the June 1946 issue.
SUKVEY OF CUKKENT BUSINESS
S-34
Unless Otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
1946
1945
1946
August
October 1946
August
September
October
Novem- December
ber
January
February
March
April
May
June
July
METALS AND MANUFACTURES—Continued
MACHINERY AND APPARATUS
Electric overhead eranes:§
Orders, new
_
__ ... .,
. thous. of dolOrders. unfilled, end of month
do
Shipments
.
.
.
do
Foundry equipment:
New orders, net total
1937-39=100
New equipment
._ _
__ do
Repairs
do
Heating and ventilating equipment:
Blowers and fans, new orders
-thous. of doLOil burners:©
Orders, new, npt „
_.
number
Orders, unfilled, end of month
do
Shipments
.
do .
Stocks, end of month
do
Mechanical stokers, sales:5
Classes 1, 2, and 3
do
Classes 4 and 5:
Number
Horsepower
__ _
Unit heater group, new orders*
thous. of dol
Warm-air furnaces (forced air and gravity flow),
shipments*
number
Machine tools, shipments*
. thous. of dol
Pumps and water systems, domestic, shipments:©*
Pitcher, other hand, and windmill pumps
units
Water systems, including pump?
...do
Pumps, steam, power, centrifugal, and rotarv:
Orders, new
- - th&us. of do]
F.LECTRICA L EQUIPM ENT
Battery shipments (automotive replacement only),
number*
.
_
.
thousands
Electrical products :t
Tnso^arinff materials sales billed
1936=100
Motors and generators, new orders
do
Furnaces, electric, industrial, sales:
Unit
....
kilowatts
Value
th'^'is of dol
Laminated fiber products, shipments
do..
Motors (t-200 hp):
Polyphase induction, billings -do
Polyphase induction new orders
do
Direct current, billines
__
.
do
TMrect current now orders
do
Rteid steel conduit and fittings, shipments! short, tons
Vulcanised fiber:
Consumption of fiber paper
thous. of lb
Shipments
__
thous. of dol
1,898
7,016
411
1.795
8, 274
461
2,033
9,597
709
1,799
10,690
675
1, 366
11,365
640
1,607
12, 185
757
1.386
12,772
786
1,422
13,396
781
1,049
13,548
850
1,792
14, 677
1,029
1,456
15,132
994
532.2
539.1
508.4
577.2
617.2
436.9
457.8
456.8
461.6
416.6
419.4
406.8
547.6
600,8
360.8
392.8
391.1
391.7
432.8
458.7
342.6
536.6
576.7
351.8
701.2
779.8
427.7
577.3
621.7
426.2
491.7
492.8
488 2
81, 766
151,822
14,519
6,670
80,100
211, 799
20,123
6.422
50, 895
235,073
27, 621
5,435
58,075
266,976
26,172
5,279
32,150
277,211
21,915
6,166
82,489
330,206
29,494
6,531
138, 828
442,220
26,814
6,256
78, 941
498,600
30,681
4,691
127,285
590,942
34,943
5,785
159, 375
717, 642
32,675
6,130
92,927
777, 381
33,188
5,835
87, 531
824 335
40, 577
6,626
21,517
10, 575
14, 352
19,493
21,434
13,746
14,007
14,328
16,038
14,399
14, 688
13, 389
16,281
424
68, 256
416
83,491
428
90,088
5,581
465
94,777
400
76, 520
331
63,380
8,526
246
59,382
248
69,070
275
73,717
8,417
345
88,485
303
80, 586
309
75, 274
7,975
329
82, 70C
62,070
26, 850
33,410
32, 500
34,871
27, 300
40,165
31,200
41,465
26,084
33,253
23, 276
37,789
30,263
39,664
26,949
47,100
27, 326
43,186
28,108
47, 321
26, 580
49, 337
28, 580
r
48 915
22 36C
25. 003
59,874
25,088
32, 259
22,995
32,400
25, 470
38, 927
24,050
36,529
23, 600
33,718
27. 563
46,094
24,093
37, 528
27, 231
44, 870
28,157
44,887
23, 587
45,150
27, 741
45, 349
r
22,663
54, 434
3,789
2, 258
2,171
2.975
2,482
1,925
2,836
2. 728
2,489
2,803
2,856
2,648
4,014
1,471
1, 252
567
214
164
1,675
256
206
1,926
323
202
1,834
254
227
1,685
345
217
1,768
213
187
1,706
222
224
1,686
429
225
1,672
385
242
1, 645
404
227
1,377
r
465
25^
1,161
432
3, 507
4,192
386
3, 336
7,092
701
2, 005
8,104
690
2,659
5.856
624
2, 556
7, f>26
613
3.144
6,343
570
2,694
6,589
614
2, 216
5,786
604
2,759
6,105
527
2,738
5, 357
351
3,060
9, 099
606
2,878
9, 37S
771
3,268
21,471
5,224
6, 012
3, 621
1,315
8,G24
4,462
6,624
1, 695
2, 663
8,826
5,417
10, 601
1,678
\, 335
11,383
5,633
7, 260
1,720
1, 352
12,732
6,143
10,813
1,358
2,067
12,900
3,365
5,818
565
779
14,109
3, 243
6,530
456
894
10, 887
5,924
12, 767
868
1 840
6,590
4, 726
10, 222
600
1 414
12,940
5, 281
10, 809
847
1 844
16,103
5,873
13,095
973
1 735
16,129
6,154
13 377
987
1 ^Sci
15, 70£
3, 790
1, 288
3,372
1,067
3,017
746
2. 490
825
3,152
875
4,093
92!
4, 3S9
1, 265
4,222
1,104
4,474
1,211
3,389
1,138
3, 214
1,038
3,247
824
3 182
1.05€
1,294
1,354
2,687
1,286
1,511
2,913
1, 511
1,716
3,117
1, 512
1, 433
3,038
1, 516
1, 331
2,853
1,514
1,604
2,942
538.7
555.5
484.1
10,338
12,262
13,423
453 4
444.?
481 1
16, 591
PAPER AND PRINTING
PULPWOOD AND WASTE PAPER
Pulpwood:*
1, 339
1,390
1, 553
Consumption
thous. of cords (128 cu. ft.)..
1,502
1, 685
1,890
Receipts, total
do
2,887
3,578
Stocks, end of month
do
Waste paper:*
Consumption
short tons.- 636, 615 552, 888 540,190
702,355 543,008 533, 384
Receipts
._
do
524,417 323, 799 314, 644
Stocks
do
1, 465
1,535
3,017
1,401
1,225
2,877
1,314
1,070
2,627
602.143
620,472
330, 579
568,048
566, 858
330,919
500,546
496, 036
326,689
590,097 555, 229 616, 542 606,662 620,830 578,075
589, 511 545, 602 637,199 653,188 639, 991 606, 548
326,238 316,488 337, 518 382,992 401, 667 426, 750
WOOD PULP
1,095
1,399
3,711
3, 461
6,379
2,906
5,092
3,198
1,359
1,058
6,057
Exports, all grades, total!
short tons_177,360 166,839 257, 561 230,024 271,856 232,963 142,069 109, 769 118, 276 123, 985 150, 216
Imports, all grades, total t
do
4,117
5,780
4,783
8,112
18,
455
6,846
7,817
10,
584
5,213
3,996
5,322
Bleached sulphate t
.—do
39,117 45, 352
62, 600
55,922 100, 745
88,447 31,741
10, 505 20, 352 26, 482
11,435
Unbleached sulphate J
do
38,
745
42,
638
37,
299
37,
757
38,672
27,980
56,880
38,609
36,
779
39,
406
36,194
Bleached sulphite %
do
73,754 66, 685 92, 659
99, 529
99,480
78, 483 45, 242 37,715 36,085 37,158 49,818
Unbleached sulphite t
do
1,928
1,707
1,943
1,699
1,717
1,719
2,012
2,170
1,740
1,879
1,990
Soda t
do
25,295
24,955
26,948
19,920 16,991
21,011
19,502 17,113 22, 548 21,194 23,647
Groundwood t
-do
r Revised.
§ Revisions in unfilled orders for April-July 1942 are available on request; data cover 9 companies since September 1944; earlier data back to March 1943 covered 8 companies.
© Data are based on reports of 124 manufacturers accounting for practically the entire production of oil burners; in prewar years the reporting concerns accounted for around 90
percent of the industry.
1 Data cover almost the entire industry; in prewar years the reporting concerns represented over 95 percent of the total.
• Includes unit heaters, unit ventilators, and heat transfer coils; the designation has, therefore, been corrected from "unit heaters" to "unit heater group" to avoid misinterpretation.
& It is believed that data shown currently and also earlier data for these products are substantially complete.
t Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
•New series. The series on automotive replacement battery shipments are estimated industry totals compiled by Dun and Bradstreet; data beginning P937 are available on
request. For 1940-41 and early 1942 data on machine tool shipments, see p. S-30 of the November 1942 Survey; data beginning August 1945 are estimated industry totals compiled by
the National Machine Tool Builders Association; earlier data were compiled by the War Production Board. The new series on shipments of warm-air furnaces is compiled by the
Bureau of the Census from reports by manufacturers accounting for almost the entire production; data beginning January 1944 will be published later. Data through August 1945
for the pulpwood series and for receipts and stocks of waste paper were compiled by the War Production Board; data beginning October 1945 for all series and earlier data for waste
paper consumption are compiled by the Bureau of the Census (waste paper consumption through September 1945 were compiled from reports to the War Production Board); September data for all series were estimated by that agency from partial reports to the War Production Board. Data cover all known producers of pulp, paper, and paper board; a small
proportion of the data is estimated.
fRevised series. The index for motors and generators includes adjustments for cancellations reported through December 1945; data published for this index prior to the July
1946 Survey and for the index for insulating materials prior to the April 1945 Survey, have been revised (revised April 1945 figure for the index of sales of insulating materials, 378);
all revisions are available on request. Data for rigid steel conduit and fittings have been revised to cover domestic sales only (some manufacturers formerly included export sales);
revisions through April 1945 will be published later.
SURVEY OF CURRENT BUSINESS
October 1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
August
October
Au
& u s t ! temper
S-35
1946
Novem- December
ber
January
February
March
720,239
63,011
250,454
127,991
855,139 849,772 849,126 841,674 •787,672
71. 931
78,144 76,411
78,670
77,336
320,300 316,854 307,975 323,722 •309,614
140,669 141,876 150,015 138,986 132, 575
56,675
64,546 62,347 65,563 65,455
41,320 41,612 38,631 38,386 37, 583
163,110 164,589 161,044 149,840 133,614
April
May-
June
July
PAPER AND PRINTING—Continued
WOOD PULP—Continued
Production:!
Total, all grades,.
short tons..
Bleached sulphate
do
Unbleached sulphate
...
do
Bleached sulphite
do
Unbleached sulphite
do
Soda
do
Groundwood
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
858,784
80,070
331,810
143,184
69,422
42,655
140,027
780, 971
68,694
312,169
124,205
65,355
35,538
132,678
78,965
6,018
6,674
17,185
14,723
2,726
28, 230
72,202
4,534
10,309
13,410
7,660
2,104
31,460
738,619 828,316
66,563 77,440
285,789 315,380
117,855 136,793
64,130 67,011
35,147 39,218
127,578 146,124
799,579
71,683
299,256
132,878
66,105
38,408
147,473
706, 722 727,224
64,504 59,004
246,570 230,809
119,761 136,813
64,513
35,925 39,553
143,283 155,756
35,886
143,333
74,295
6,970
6,556
18,561
10,105
2,181
26, 253
74,906
5,203
7,119
17,362
8,786
2,645
29, 870
77,173
6,265
7,624
14,834
8,451
2,711
34,089
,454,218 1,409,470 1,570,975 1,503.923 1.369,516 1,508.961 1,428,745
711,451 690,643 783,339 760/310 709,444 782,844 720, 336
742, 767 718,827 787,636 743, 613 660,072 726,117 708,409
96,874 94,495
101,763 91,716 98,648 89, 293 87,831
1,638,097
819, 320
818,777
106,443
1,628,857
813,674
815,183
108,287
67,422
4,010
8,829
14,045
8,343
2,279
26,569
65,367
6,009
7,542
13,605
9,066
2,218
23,349
68,665
5,471
8,984
14,400
9,405
1,959
24,361
71,195
3,999
8,894
17,105
9,461
1,933
26,481
67,026
3.855
7,340
15, 397
9,374
2,041
25,638
88,429 85,313 r 83,178
6,684
7,358 6,291
8,055 8,013 ' 6,773
17,515 14,363 r 17,933
11,179 11,800
11,043
2,918 2,329
2,448
37,983 39, 252 34,940
PAPER AND PAPER PRODUCTS
All paper and paperboard mills:*
Paper and paperboard production, total..short tons__ 1,686,938
866, 508
Paper.
__
do
820,430
Paperboard
do
90,412
Building board
do
Paper, excl. building paper, newsprint, and paperboard
(American Paper and Pulp Association):!
Orders, new
short tons__ 642, 715
697,860
Production
do
694,423
Shipments
do
Fine paper:
93,375
Orders, new
do
160, 590
Orders, unfilled, end of month
do
107, 500
Production..
__
____do
104,950
Shipments
.
do
57.100
Stocks, end of month.,.
do
Printing paper:
197, 374
Orders, new
„
do
Orders, unfilled, end of m o n t h . .
do
i 211,330
Production
.
do
j 226,167
226,012
Shipments
do
Stocks, end of month
do
i 52,105
Wrapping paper:
i
Orders, new
„
._do
! 2G3,966
195, 293
Orders, unfilled, end of month
do
269.193
Production
.
__do
269,
461
Shipments
do
65, 950
Stocks, end of month
.
do
Book paper, coated:
Orders, new
percent of stand, capacity..Production
.
.
,___do
Shipments
do
Book paper, uucoated:
Orders, new
do
Price, wholesale, " B " grade, English finish, white,
f. o. b. mill
dol. per 1001b—
Production
percent of stand, capacity-.
Shipments
do
Newsprint:
Canada:
Production
.short tons 370, 676
Shipments from mills
d o . . . 356, 572
Stocks, at mills, end of month
d o . . . 129, 701
United States:
Consumption by publishers
do._. 260,059
Imports^
_
do
Price, rolls (N. Y.)dol. per short ton.
65,129
Production
short tons _
67, 206
Shipments from mills
...do
Stocks, end of month:
6,832
At mills..
do
243,331
At publishers
do
64,331
In transit to publishers
do
Paperboard (National Paperboard Association) :t
729,066
Orders, new
do
564,299
Orders, unfilled, end of month
_
_.do
754,177
Production
...
_
..do
Percent of capacity
Waste paper, consumption and stocks*.§
Consumption.
short tons.. 433,800
266, 555
Stocks at mills, end of month
do
Paper products:
Shipping containers, corrugated and solid fiber, ship5,327
ments*
. . . m i l . sq. ft. surface area__
Folding paper boxes, value:*
381.0
New orders....
1938=100..
368.3
Shipments
_
_..do.
558, 309 552, 798 659, 293 587,104 553, 553 682,014
580,980 559, 251 639,950 619,717 580, 487 644,266
580,713 559,923 628,677 616, 249 5G3, 008 653,559
1,621,346 1,596,773 '1,474,261
823,646 820,090 T'766,906
797, 700 776,683 r707,355
106,571
99,002 72,051
593, 256 700, 693 682,491 657,053 '669,564
591,121 681, 001 666,108 672,370 '•671,335
592, 627 682, 398 665,605 670,144 '677,096
657,537
612,124
614,646
71.972 71,047 92,405 83, 498 79, 761 101,382 83, 681 104,902 107,677 89,017 '108,191 ' 99, 295
158, 803 145,125 135, 498 140,438 129, 598 135,896 136,513 149, 408 161,287 155,066 '175,437 r177,361
83. 471 81,464 91,916 93, 479 85, 743 92, 351 84,450 92,218
94, 770 97, 896 ' 97, 790 88,000
96,129
82, 418 79, 946 86, 111 93, 017 79,314 94,431 85,596
91, 840 97, 207 ' 99, 684' 85,128
53, 721 56, 349
44, 745 47,064 49, 509 55,904 62, 335 55,963 57,412
57, 543 ' 59, 500' 56, 622
203,257
250, 553
198,199
198.897
56', 942
179, 339
176,948
179. 770
178,478
60, 239
185,158 223,472
193,236 212, 356
172,037 205, 359
174,664 202, 857
58,676 61, 288
184,014
196,654
200, 557
198, 476
62, 627
171,937
179,989
191, 434
187, 420
64, 962
247, 377
247, 788
219. 785
221, 406
57,996
217,128
227,045
227. 472
228, 503
67, 955
56.1
55.6
56.2
207,059
219, 338
217,861
216, 830
67, 395
242,857
209, 772
242, 786
240,026
66,090
228,184
213, 983
233, 507
232,984
69,869
216,125
207,920
214,719
209,993
72, 490
231,270
192,175
232,704
238,186
67,047
i 215,089
190,398
I 217,692
217,859
! 68,273
58.1
58.1
57.1
69.2
68.1
66.9
60.5
67.7
66.7
62.6
64.7
67.0
100.0
89.2
7.30
93.8
92.0
7.30
97.2
96.1
7.58
8.00
77.0
7.30
80.4
80.3
7.30
83.5
84.3
287,028 269,963
304,114 277,018
69, 211 62,156
310, 975 299,158
308,090 298,005
65, 041 66,194
227,871 225,245 ''214,214 '224, 769
255,855 | 259,124 ;'252,603 '257,613
226, 978 228,291 jr 226,110 r2Q5, 697
228, 219 229.400 ; '288,049 '206,241
56, 934 55, 350 ' 53, 512 ' 53,074
262, 247
205,926
262, 799
264,054
75,122
247,243
199,825
247,098
247. 587
71, 082
247,803
186.017
252,282
250,157
67,512
254, 258
-194,966
254,348
-256,630
r 65,970
' 247,948
'198,320
'237,910
'237,582
r
65,980
8.00
8.00
8.00
276,931 328, 414 308, 382 334,12", 337,862 359, 943
262, 765 316. 320 285, 304 320, 351 348,103 367, 251
80,360 92,454 115, 532 129,308 119,067 111, 759
334, 207
322,805
123,161
357,027
364, 591
115,597
7.30
96.4
93.5
202,911 213. 294 236,939 236,090 225,378 221,054 223,244
236.378 218, 399 263,457 206,659 232, 618 244. 469 238,888
67.00
67.00
61.00
61.00
61.00
61.00
61.00
66,518 56, 722 62, 267 62, 602 61, 563 67,819 60,564
58, 201 59,802 60,101 62,186 62, 551 66,102 59,015
7,826
6,912
4,746
275, 338 258, 752 254,834
47, 399 55, 215 46,882
234,395
261,171
227,104
223,972
58, 298
8.00
8.00
267, 711 258,984
269. 795 285,017
67.00
67.00
65, 304 67,064
67,658 67,698
261,484
313, 270
67.00
65,927
65, 699
259, 284
275,470
67. 00
61, 241
61, 671
243,072
7,252
9,606
8,057
7,328
6,340
246, 227 222, 266 221,957 216, 241 198,122 201,776
47,556 4.4,078 55,206 60,277 55,341
56,332
6,846
210, 276
59,257
6,416
209,784
52,155
8,909
226, 577
61,735
601, 526 685,788 641,342 754,872 747,907 771,331
462, 446 516, 776 533, 794 549, 929 553, 274 567,068
583, 569 624,862 614,867 710,987 716,274 703,422
94
97
90
100
99
85
669,747
558,129
675,118
97
715,696
620,354
663, 229
89
412,718 413,131 408,173
211, 335 238, 597 259, 832
374, 295
283,996
369,803
315, 236
665,380
494.699
659,672
90
629,899 704,867 653.196
492, 880 511,022 472,568
619,388 704, 564 664,076
97
91
95
383,116
190.810
366, 642 412, 472 385, 249 347,495
187,185 203,657 204,675 199,353
397,534
204,736
372,489
193,885
62,742
60,249
4,141
4,147
4,774
4,421
4,047
4,800
4,345
4,923
5,078
4,975
r 4, 730
4,763
240.4
262.5
243.6
254.5
273.4
303.7
302.7
274.5
260.7
347.7
301.3
324.8
283.1
397.0
322.1
389.5
338.0
379.6
338.4
362.7
331.3
361.0
300.5
401
312
682
483
534
443
91
536
477
59
731
609
122
348
281
67
465
368
97
638
518
120
664
539
125
682
553
129
679
556
123
536
422
114
PRINTING
Book publication, total
New books.
New editions...
no. of editions..
. ._do.
do.
510
401
109
' Revised.
§See note in April 1946 Survey for basis of data.
JFor revisions for January 1942-March 1943, see note for paperboard at bottom of p. S-36 of July 1944 Survey.
IData continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
tRe vised series. Revised woodpulp production for 1940-43 and sulphite stocks for all months of 1943 are shown on p. 20 of the December 1944 Survey and revised 1942 stock figures
for all series arc on pp. 30 and 31 of the June 1943 issue; there have been further revisions in the 1943 data for groundwood and total production shown in the December 1944 Survey
and unpublished revisions in the 1944 production data for these two series; all revisions will be shown later. The data exclude deflbrated, exploded and asplund fiber; stock data are
stocks of own production at mills. The paper series from the American Paper and Pulp Association beginning in the August 1944 Survey are estimated industry totals and are not
comparable with data shown in earlier issues; there have been further small revisions in the 1943-44 data as published prior to the June 1945 issue; these revisions and earlier data
will be published later.
*New series. The new paper series are from the Bureau of the Census and cover production of all mills including producers of building paper and building boards; for 1942 monthly
averages and data for the early months of 1943, see p . S-32 of the August 1944 issue. For data beginning 1934 for shipping containers, see p. 20 of the September 1944 Survey. For
data beginning June 1943 for folding paper boxes, see p. S-32 of the August 1944 Survey; earlier data will be published later. Minor revisions in the January-May 1944figuresfor
Digitized folding
for FRASER
paper boxes and January 1943-May 1944 data for shipping containers are available on request.
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1945
1946
August
October 1946
August
September
October
1946
Novem- December
ber
January
February
March
April
May
July
June
PETROLEUM AND COAL PRODUCTS
COAL
Anthracite:
Exports §
thous. of short tons.
Prices, composite, chestnut:
Retail
dol. per short ton.
Wholesale
do-..
Production
thous. of short tons.
Stocks, producers' storage yards, end of mo
do__.
Bituminons:
Exports §
do___
Industrial consumption and retail deliveries, total
thous. of short tons.
Industrial consumption, total
_
do...
Beehive coke ovens
do
Byproduct coke ovens.
do...
Cement mills
.do__.
Electric power utilities
_
do...
Railways (class I)_
_
do...
Steel and rolling mills
do
Other industrial
do._.
Retail deliveries
_
do.._
Other consumption:
Vessels* (bunker) §
.do
Coal mine fuel
do...
Prices, composite:
Retail (34 cities)?
..dol. per short tonWholesale:
Mine run
_.do._.
Prepared sizes
do...
Productionf
thous. of short tons.
Stocks, industrial and retail dealers, end of month,
total
_
thous. of short tons.
Industrial, total
do
Byproduct coke ovens
,.
do
Cement mills
do__.
Electrie power utilities
1
...do...
Railways (class I)
do___
Steel and rolling mills
.
do__.
Other industrial
do...
Retail dealers, total
_
do...
311
336
365
404
359
317
314
382
387
546
366
657
16.56
13. 588
5,444
94
14.91
12. 233
4,656
14.93
12. 281
4,640
203
14.92
12. 281
5,304
140
14.93
12. 281
4,559
132
15.08
12. 389
3,998
130
15.20
12.454
4,982
157
15. 26
12. 469
4,788
192
15.26
12.469
5,492
214
15.25
12.469
5,094
176
15.27
12.484
5,469
79
15.28
12. 710
3,636
63
16. 55
13. 614
r
5, 263
2,838
3,681
2,898
3, 471
2,208
2,813
3,130
3,633
1,744
732
3,245
5,418
41, 554
33,947
785
7,783
675
6,314
9,086
756
8,548
7,607
41,444
33, 553
707
7,181
379
6,016
9,727
693
8,850
7,891
39,485
31, 547
464
7,130
401
5,315
9,254
673
8,310
7,038
41,054
32,124
311
5,617
434
5,566
9,692
798
9,706
8,930
44,089
34,596
571
6,798
477
5,480
9,870
811
10, 589
9,493
51,679
38, 446
612
7,333
467
5,804
11,005
921
12,304
13, 233
51,826
36, 542
631
5,299
471
5,706
10,976
552
12, 907
15, 284
46.244
31, 281
570
3,744
441
4,929
9,827
683
11,087
14,963
43, 627
35, 382
719
7,101
503
5,110
10, 391
815
10, 743
8,245
32.043
28,118
38
5,502
518
5,190
8,246
749
7,875
3,925
28,496
25,030
35
3,654
432
4, 585
7,902
546
7,876
3,466
34, 012
29,548
571
6.309
575
5,024
8,257
582
8,230
4,464
39 235
32^r 744
716
r
7, 551
632
r
5, 714
' 8, 720
671
8,740
6,491
175
218
168
212
145
129
222
103
202
98
237
88
219
111
122
14
93
240
10. 70
10.73
5.454
5.709
3, 356
5.454
5.715
19,790
5.787
5. 928
6. 028
6.167
50,350 • 51,205
38, 741
36,398
4,117
W 414
12.044
7,554
607
11, 662
2,343
31, 643
29,937
2,565
289
9,949
6,202
460
10,472
1,706
37, 777
35, 213
3, 630
482
11,430
7,297
624
11,750
2, 564
11. 23
10.57
r 10.58
10.58
10.59
10.59
10.69
10.69
5. 962
6.178
54,830
5.430
5.696
47,658
5.433
5.708
46,938
5.433
5.708
39,192
5.433
5.708
50, 772
5.436
5. 708
46,798
5.443
5.709
54,075
5.447
5. 709
49,975
47,972
44,549
5, 215
768
13,907
8,118
839
15,702
3,423
51,141
45, 966
4, 503
528
14,690
10,387
680
15,178
5,175
53,350
48,025
4,624
608
15,534
10, 880
746
15,633
5,325
48,015
43, 734
3,666
569
15,138
10,072
548
13,741
4,281
48,919
44,689
4, G07
670
15,137
10, 056
602
13, 617
4,230
45, 665
42, 450
4,804
641
14,668
8,985
593
12,759
3,215
46, 528
44,049
5,661
594
14, 378
9, 393
626
13.397
2,479
51.158
48,047
6,393
608
14,802
11,070
705
14, 469
3, 111
10.69
5. 454
5.709
56, 540
58, 531
55. 386
8.269
677
15, 705
13, 235
1,005
16, 495
3,145
138
223
10.93
11.23
43,611
40,450
3,871
591
12.594
7,641
642
15,111
3,161
i
COKE
Exports §
thous. of short tons
Price, beehive, Connellsvllle (furnace)
dol. per short t o n . .
Production:
Beehive
...-thous. of short tons..
Byproduct
...
„
. . »do.
Petroleum coke
.......
„__„_
__.do_
Stocks, end of month:
Byproduct plants, total--.
_
do.
At furnace plants
do..
At merchant plants
.
do
Petroleum coke
_..do-
222
249
137
142
118
156
168
100
219
162
70
29
82
113
8.000
7.500
7.500
7.500
7.500
7.500
7.500
7.500
7. 500
7. 500
7.500
7. 500
.750
504
5,462
456
5, 111
180
298
5,037
148
405
3,800
161
24
3, 852
181
22
2,574
164
366
4,418
159
r
460
5, 322-
1,177
658
518
162
927
498
429
158
970
666
305
146
366
2,632
149
1,161
934
227
147
462
5,000
167
1,102
674
428
160
4,828
152
1,002
490
512
159
394
5,208
163
398
409
198
3,974
144
963
481
482
159
1, 016
814
203
142
G20
442
178
144
465
292
172
120
616
360
256
r
361
348
78
PETROLEUM AND PRODUCTS
Crude petroleum:
128, 236 131,567 138, 705 141,779 140,130 130, 232 144, 488 139, 884 148, 621 145,0o9 150,541
Consumption (runs to stills)f
....thous. of bbl._
3,455
2,536
4,291
3,380
1,495
3,839
3,401
3, 398
3. 936
Exports §
do
4, 272
2.610
2, 418
7,577
t', 789
7,784
6, 268
7, 547
8. 302
7,387
Im ports §
do
5,673
7,102
6,578
7 867
1.210
1.210
1.110
1.110
1.110
1.110
1. 260
1.
190
Price (Kansas-Okla.) Bt wells
_____dol. per bbl_.
1.110
1.110
110
1.110
I!
1.460
Production!
„_
thous. of bbl._
150, 965 132,386 132,597 135, 252 138, 495 143, 368 132,129 136, 835 140 196 148,334 146,890 152, 586
96
85
91
95
92
84
92
95
95
Refinery operations
pet. of capacity.
94
96
Stocks, end of month:
215,135 220,319 221, 246 218, 916 218,763 223,442 227, 220 221, 400 222, 4S0 221, 592 223,140 224,351
Refinablein U. S.f_._
thous. of bbl.
52,988 55,119 53,532
52, 967 54,469
51, 773 52, 756 50, 276 51,819
55,430
53, 128
54 529
At refineries
do...
147,807 150,984 154,988 151, 753 153,957 156,790 157,315 153 419 153 186 153,765 152, 78G 155, 656
At tank farms and in pipelines
.do--.
15,235
15,163
14,839
14,361
14,866
14, 485 14, 407 14, 530 14,833
14 765
14 853
14,475
On leasesf
-do--.
4,921
4,968
4,913
4,821
4,437
4,606
4,496
4, 610
4, 554
4 528
4 533
4,607
Heavy in California.-do...
1.39G
1,241
1,158
1,302
1,089
1, 389
1 236
1,156
1 333
1,330
1,291
1,112
Wells completed!
number
Refined petroleum products:
Gas and fuel oils:
Domestic demand:5
14, 207 16, 546 19,102
14,850 15,098
18,297
28, 626 29,473
14,998
19 804
18 063
25,341
Gas oil and distillate fuel oil
thous. of bbl__.
39,346 39, 283 36,734
40, 350 35, 469 40, 627 42, 713 45, 726 44, 966
42, 229
37 911
39,332
Residual fuel oil
.do.
Consumption by type of consumer:
r
2. 507
3,511
2,851
2,043
2,570
2,959 r 1, 391
2,261
2 157
2,141
1, 543 ' 1,858
1,968
Electric power plantsf
do.
0,903
6.500
6, 859
7,804
7,625
7,799
6,953
7,420
6,584
6,461
6,935
7, 274
Railways (class I)
do.
4,621
5, 547
6,694
5, 694
5,346
5, 967
6,049
4,874
5 436
6 999
6,131
5, 775
Vessels (bunker oil) §
do.
Exports:§
3,684
2, 540
1,995
1, 566
3,978
2,421
2,017
2,456
2,464
3 407
1 723
1,797
Gas oil and distillate fuel oil..
do.
351
578
416
240
324
267
239
374
569
507
363
317
Residual fuel oil
do
.058
.058
.066
.061
.058
.058
.058
058
058
.062
.058
Price, fuel oil (Pennsylvania)
dol. per gal..
.058
.058
Production:
23,348 23, 320 24,589
19, 964 21,176
24, 390
21, 740 19. 204 19,009
23 181
25, 298
23,047
Gas oil and distillate fuel oil
thous. of bbl_.
37,816 36, 569 36,060
34,183
36, 452 37, 937 38, 609 37, 940
41,200
37 407
37 598
34.791
Residual fuel oil
do._.
Stocks, end of month:
33,885 38,824 46,439
32,064
29, 922
41, 245 45, 059 45, 479 44, 562 35, 778 28,990
25,511
Gas oil and distillate fuel oil..
do-_
38, 932 41,492 45, 446
34, 573
35 206
32 995
Residual fuel oil
do..
34,008
42, 227 42, 822 42, 068 41, 322 37,158
Motor fuel:
66,774 63, 221 69,044
70, 027 64, 550 55, 743 53, 581 50,129
62,045
51,186
56 801
47.889
Domestic demand§
thous. of bbl__
2,321
2, 555
2,826
2,779
4,181
2,300
2,794
3 248
5 258
4,949
Exports§
do
4,452
4,524
Prices, gasoline:
.054
.058
.060
050
.068
.059
.059
.056
050
.060
.060
.055
Wholesale, refinery (Okla.)
dol. per gal_.
.053
.149 !
.149
.151
145
.161
145
.158
.149
.149
.149
.149
Wholesale, tank wagon (N. Y.)
do
.155
.146
.142
.142
.151
.146
141
.142
.155
.142
.142
141
Retail, service stations, 60 cities
do.
.142
.142
.142
r
Revised.
§ Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
1 Average for 35 cities through April 1945; the comparability of the average was not affected by the omission of data for the city dropped.
f Revised series. For source of 1939-41 revisions for bituminous coal production, see note marked "f" on p. S-32 of the April 1943 Survey; revisions for 1942-43 are shown on p.
S-33 of the April 1945 issue. For 1941 revisions for the indicated series on petroleum products on this page and p. S-37, see notes marked "f" on P- s ~ 3 3 o f t n e March and April 1943
issues (correction for crude petroleum production January 1941, 110,446), and for revised 1942 monthly averages, see note marked " t " on p. S-33 of the July 1944 issue; 1942 monthly
revisions and revisions for 1943 are available on request.
SURVEY OF CURRENT BUSINESS
October 1946
1946
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
August
S-37
1945
August
September
October
1946
Novem- December
ber
January
February
March
April
May
June
I July
PETROLEUM AND COAL PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—Continued.
Motor fuel—Continued.
Production, totalt.
thous. of bbl_.
Straight run gasoline
..do
Cracked gasoline
do
Natural gasoline and allied productstt
do
Hales of 1. p. g. for fuel and chemicals
do
Transfer of cycle products.
_
.do
Used at refineriest
do
Retail distribution d"_
mil. of gal-.
Stocks, gasoline, end of month:
Finished gasoline, total...thous. of bbL.
At refineries
--.
.
do
Unfinished gasoline
„.
..do
Natural gasoline..
-....
-do
Kerosene:
Domestic demand§
.
do
Exports^
do
Price, wholesale, water white, 47°, refinery (Pennsylvania)-..
-dol. per galProduction
,._thous. of bbl-_
Stocks, refinery, end of month..
do
Lubricants:
Domestic demand§__
_
do
Exports$_-_
do
Price, wholesale, cylinder, refinery (Pennsylvania)
dol. per gal..
Production
thous. of bbl._
Stocks, refinery, end of month
do
Asphalt:
Imports!
short tons_.
Production
_
_
do
Stocks, refinery, end of month
_.do.-_Wax:
Production
_.
thous. of lb__
Stocks, refinery, end of month
do
Asphalt prepared roofing, shipments:t
Total..
.thous. of squares..
Smooth-surfaced roll roofing and cap sheet—-do
Mineral-surfaced roll roofing and <jap sheet_..do
Shingles, all types
_
._
do.
.074
.200
72,318
29,263
34,829
9,651
1,369
56
6,236
2,599
60,077
23,600
29,307
8,569
1,359
40
5,081
2,416
60,604
23,141
29,918
9,267
1,671
51
6,483
2,290
66,873
24, 761
34, 496
9,474
1,782
76
5,425
2,118
66,058
23,885
34,504
9,871
2,115
87
5,317
2,006
62,126
23,234
31,067
10,122
2,217
80
5,037
2,047
55,492
20,915
27,388
9,251
1,973
89
4,448
1,937
61,899
24,385
29,910
9,563
1,866
93
4,619
2,309
61,160
23, 216
30,573
9,223
1,765
87
4.487
' 2, 561
65,191
24, 668
32,945
9,529
1,872
79
4,869
2,649
64, 345
25, 260
31, 445
9, 501
1,752
109
4,940
67,445
26,000
33, 921
9,558
1,928
106
5,229
74,270
46,346
9,733
4,048
65,489
38,146
9,085
3,985
68,039
41,613
8,766
3,959
78,091
47,585
8,449
4,325
89,360
56, 784
8,316
4,322
94,115
63,203
8,279
5,034
96, 293
63,999
8.543
5,843
95,186
63,532
8,975
6,658
90, 444
58,605
8,300
6,982
85,801
53,893
8.159
7,004
83. 720
50,911
8,245
7,343
79. 384
48. 077
8,394
7,334
3,789
540
5,254
815
6,775
605
7, 613
505
9,830
423
11,176
586
9,608
370
8,006
393
5,995
655
6,338
782
5,185
1, 566
5,339
976
.074
7,089
7,571
.068
5,858
8,082
.066
6,447
7,564
.066
7,564
7,355
.066
8,543
6,212
.066
9,688
4,666
.070
9,506
4,304
.070
9,852
4,981
.070
8,396
6,097
.070
8,887
7,912
.070
8,376
9,063
.071
8,435
10, 490
3,120
2,327
453
2,577
297
2,532
571
2, 606
517
2,689
775
2,275
603
2,562
1,225
3,061
721
2,866
1,131
2,715
1, 054
3,049
910
.160
3,712
6,505
.160
3,128
6,840
.160
3,265
7,221
.160
3,485
7,595
.160
3,312
7,773
.160
3,395
7,694
.160
3,159
7,966
.160
3,786
7,951
.160
3,693
7,852
.160
3,722
7,565
.160
3,839
7,635
.160
3,620
7,293
9,206
772,600
592,200
23, 612
662,900
524,200
7,864
650,000
503,100
30, 040
564,400
558,400
376
491,100
692, 700
9,065
459, 500
786, 500
665
479,300
889,600
9,925
540,500
948,400
8,985
447
592,700 711,800
986, 200 1,023,100
8,588
738, 200
907,600
851,800
819,600
73,360
82,600
54,040
84,280
58,240
84,280
66,640
83,160
63,840
82,040
65, 520
80,640
64,960
81.480
77,280
85,400
68,040
80,920
67,760
77,280
65, 520
81, 760
60,480
73,920
4,170
1,194
1,145
1,831
4,076
1,112
1,186
1,778
4,665
1,269
1,350
2,045
4,347
1,147
1,299
1,901
3,314
892
937
1,484
4,563
1,350
1,226
1,987
4,060
1,229
1,073
1,759
4,680
1,526
1,102
2,052
5,151
1,696
1,224
2,231
5,168
1,746
1,076
2,346
5,045
1,575
1,099
2.371
5,191
1,624
1,098
2,469
16,914
28,109
152,831
17,867
6,262
170,763
16,466
9,545
176, 768
70,914
70, 703
12,931 r 13,144
66,014
66,044
101,510
93,447
62, 899
5,367
63, 388
94, 095
r 54, 562
3,166
63,176
101,007
RUBBER AND RUBBER PRODUCTS
I
RUBBER
Natural rubber:
Consumption^.
_
Imports, including latex and Guayule§
Stocks, end of nionth^__
Synthetic rubber:*
Consumption
Exports
Production
Stocks, end of month
Reclaimed rubber:^
Consumption
Production
Stocks, end of month
„
long tons..
..do
do
"1857647"
28, 338
7,392
11,206
105, 594
5,799
11,164
111, 385
7,206
11,606
118,085
7,575
12,213
117, 543
8,185
14,045
118,715
10,355
19, 595
133,294
10,131
33,008
157,977
12,792
31,757
180,088
r
21 993
22^ 957
169,490
do
do
do
do
64, 300
104, 777
10, 914
69, 703
224,117
45,479
3,839
63, 754
239, 683
58,667
1,621
47, 317
226, 550
56,227
8,024
48, 634
214,289
56,112
5,403
46, 563
203,454
5, 675
56,089
177,051
63,770
6,430
51,848
144,427
74,214
17, 726
60,363
115,310
......do
do
do
24, 246
25, 768
36, 062
IS, 663
18, 804
33, 881
17,365
17,246
32,439
22,185
22, 044
31,103
20, 263
20,560
30, 541
19,590
20, 632
28,105
22,031
24,458
29,099
20,702
23,187
30,216
22,075
25,136
31,436
22,396
23,930
31,732
22,162
25,322
33, 554
21, 725
24,882
35, 295
r 21, 350
r 22,619
-• 35,603
124
3.645
3,325
94
3,421
?,438
347
2,C42
64
4,740
4,373
4tO
2, 312
90
4,680
4,471
636
2.515
93
4,825
4,286
378
3,077
96
5,973
5,547
576
3,338
111
5,801
5,468
476
3,487
206
396
6,883
6,621
730
3,392
1,105
3,304
245
7,061
7,032
1,259
3,377
235
6,036
6,134
925
3,309
248
5,985
6,247
1, 529
2,890
60
4, 220
3,885
* 3,022
83
r 4, 222
»• 4, 003
r 3, 252
69
- 3, 955
r 3,639
r 3, 627
88
5,296
4,286
4,048
108
4,874
4,386
4,418
155
5,840
5,649
4,519
6,114
6,079
4,190
6,463
6,278
4,373
219
5,710
5,700
4,377
203
5,702
5,959
3,954
129,204
143,919
161,776
151,292
147,807
140, 813
_
59, 784
TIRES AND TUBES
Pneumatic casings:§
Exports
Production
Shipments
Original equipment
Stocks, end of month
Inner tubes:§
Exports
Production
Shipments.
Stocks, end of month
__
_
thousands.
..do...
_.do
do
do...
_
2,072
do...
do...
...do...
do—
92
103
•• 3, 293 '3,152
r
3, 104 ' 3,155
r 2, 742 «• 2, 732
r
r
STONE, CLAY, AND GLASS PRODUCTS
ABRASIVE PRODUCTS
Coated abrasive paper and cloth, shipments
reams_. 161,631
116,468
99,700
98,121
100,311
97,395
115,440
PORTLAND CEMENT
9,921
9,826
11,104
10,705
14, 489
Production
thous. of bbl__ 16,213
9,772
9,635
9,250
12,650
12,091
11,305
15,420
79
49
50
64
Percent of capacity
._
54
59
48
47
50
73
55
55
75
11,211
11,467
Shipments..
_
thous. of bbL_ 17,955
13,303
10,342
6,112
15,369 ••16,066 r 14, 564
7,391
7,853
12,718
16, 250
9,322
14,595
15,966
Stocks, finished, end of month
do
12,385
12,763
15,972 ' 11,957
11, 895
16,423
18,653
20,034
18,651
11,064
r
4,534
4,572
4,556
Stocks, clinker, end of month
do
4,109
4,022
6,013
5,304
5,824
5,111
4,463
4,983
6,330
4, 788
r Revised, cf See note in April 1946 Survey.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1946 for exports and January 1942-February 1945
for other series will be published later; revisions for production, shipments and stocks of pneumatic casings for March-June 1945 and inner tubes for March-July 1945 will also be
shown later.
^Includes natural gasoline, cycle products, and liquefied petroleum gases at natural gasoline plants, and benzol. Sales of liquefied petroleum gases for fuel and for chemicals
and transfers of cycle products, shown separately above, are deducted before combining the data with straight run and cracked gasoline to obtain total motor fuel production.
5Data are from the Civilian Production Administration and continue similar series from the Rubber Manufacturers Association published in the 1942 Supplement; the coverage
is complete. Data for November 1941-February 1945 will be published later.
•New series. Exports are from the Bureau of the Census; other series are compiled by the Civilian Production Administration and the coverage is complete. Data prior to
March 1945 will be shown later.
fSee note marked "f" on p. S-36 regarding revisions in the indicated series for petroleum products. Data for asphalt roofing have been published on a revised basis beginning In
Digitizedthe
forApril
FRASER
1945 Survey; see note in that issue.
S-38
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Surrey
August August
1946
October 1946
1945
1946
SepDecemOctober November
ber
temDer
January
February
March
April
May
June
July
STONE, CLAY, AND GLASS PRODUCTS—Continued
CLAY PRODUCTS
Brick, unglazed:
Price, wholesale, common, composite, f. o. b. plant
dol. per thous.
Production*
...thous. of standard brick.
Shipments*
do. .
Stocks, end of mouth*
do...
Unglazea structural tile:*
Production
_
...short tons.
Shipments
do...
Stocks...
do...
Vitrified clay sewer pipe:*
Production.._
do...
Shipments
do...
Stocks
do...
18. 218
r
15.568
211,331
228,832
174,462
16.036
210,210
211,088
172,832
16.881
250,467
267,775
158,800
17.051
263,441
258, 591
160,563
17.081
238, 668
216,658
181,158
17.196
271, vm
271, 601
179. 875
17.213
270, 265
271, 763
188,343
17.328
336,647
335,804
188,346
61, 591
72, 569
71, 351
62, 406
69, 488
64, 423
67,835
73, 779
59,469
71, 471
74, 974
53, 844
62, 046
61, 549
54,429
70,114
75, 298
49, 399
67.059
70,102
46, 434
84,506
82,932
46,074
88,610
94,031
40,484
58, 504 60,105
71,927
72,190
71, 070 80. 222
138,712 127,858 121,270
73, 801
72, 585
119,196
71,055
62, 329
128,470
84,021
78,084
137, 583
64,904
50,174
142,248
56,113
54. 267
145,937
64,400
67,941
142,146
17. 399 17.646 17. 932
368,587 356,343 ,360,998
361,128 340,033 r338,154
196,460 211,290 ,229,119
93,758
92,923
41,345
95, 203
, 91, 343
r 47,497
r
90,385 r 91, 486
97, 692
95,641
135,291 r 129, 706
GLASS PRODUCTS
Glass containers.t
Production thous. of gross..
Shipments, domestic, total
do
General use food:
Narrow neck, food
do
Wide mouth, food (incl. packers tumblers) do
Beverage
do—
Beer bottles
do —
Liquor and wine
do
Medicinal arsd toilet
do
General purpose (chem., household, indus.)..do
Dairy products
do
Fruit jars and jelly glasses
do
Stocks, end of month
..__
do
Other glassware, machine-made:
Turn biers; t
Production
thous. of doz__
Shipments
.
do
Stocks
-do
Table, kitchen, and householdware, shipments f
thous. of doz_.
Plate glass, polished, production
thous. of sq. ft..
10, 659
10, 406
9,270
9,253
8. 995
8,743
8,978
8,668
8, 603
7,968
9,890
9,644
8,985
8, 847
9,872
9,614
9,555
9,425
8,982
9,235
8,991
9,693
1,287
3 3,108
1,073
417
1,252
2,221
717
332
3 456
3,925
2,568
548
757
891
1,945
740
329
402
3,806
1,170
2,420
4.50
744
865
1,963
687
305
139
3,835
871
2,998
607
719
1,123
2,109
838
337
90
3,815
592
2,707
505
624
1,126
2,006
742
312
52
3,857
561
2,533
467
564
1,087
1,773
648
302
34
4,331
679
3,041
415
801
1,161
2,355
752
353
615
2,775
399
801
1 152
2,052
667
89
317
67
4,392
4,294
725
2,904
524
791
1,156
2,229
772
342
171
4,287
773
2,905
566
546
1,159
2,143
717
347
268
4,140
824
2,844
558
389
1,008
2,223
729
315
345
3,643
865
2,502
653
415
1,059
1,899
663
280
346
3, 729
7,891
7, 940
10, 399
5, 884
4,461
5,826
5,786
4,551
6.653
6,458
4,876
6,153
5,377
5,640
5, 682
5, 925
5,281
5,753
5,516
4,882
6, 465
6,138
4,879
7,770
7,672
5,007
6,935
7,416
4,410
5,978
6, 706
3,937
7,389
6, 347
4,920
4,335
16, 803
3,474
8, 966
2,867
10,354
3,103
7,335
2,968
543
3,203
429
4,402
4, 355
3,681
13,849
4,153
19, 292
4,100
18,515
4,513
18,863
3,847
16, 316
615
GYPSUM AND PRODUCTS
Crude gypsum:
ImportscF---—-—-——
Production
Calcined, production
Gypsum products sold or used:
Unealcined
Calcined:
For building uses:
Base-coat plasters
Keene's cement
All other building plasters...
Tile
Wallboard©
Industrial plasters
-
TA1 *7fiT !
42, 721
,143,238
828,731
300. 815
,306,845
946, S51
276,969
340,697
358,643
408, 263
174,497
3, 591
54,580
145, 356
4,717
374, 430
52,485
204, 791
4, 590
69, 614
206,823
S, 047
365,183
35,660
265, 675
6, 589
85,952
242, 917
5,164
408,149
48,56S
331,237
8, 655
91, 524
281, 750
4,055
443, 327
52, 320
180,257
959,097
...short tons..
do
do
233,059
1,087,495
1,871
do
..._— do
do
do
thous. of sq. ft_.
do
do_short tons
TEXTILE PRODUCTS
CLOTHING
Hosiery:
Production
thous. of dozen pairs.
Shipments
do
Stocks, end of month
do...
13, 438
12,086
18, 284
11,251
11,290
12, 506
11,042
10,803
12, 609
12, 450
12,008
12,886
11,443
10,704
13. 551
9,137
14, 355
13.131
12,751
14,678
12. 235
11,938
14,919
12,976
12, 613
15,225
13, 067
12,643
15, 592
13,985
13. 344
16,178
12, 968
13,118
15, 971
COTTON
Cotton (exclusive of linters):
Consumption
—......—
....bales.. 855, 511 739,811 701,000 759, 806 743.450 651, 784 811,368 746, 594 803, 937 813, 732 871, 559 792, 661
187, 851 244, 318 194,616 297, 023 214, 928 293,166 250,482 318,948 295,921 456,671 409,926
Exports cf
do
21, 792
14, 5*7
9,823
25, 845
39,609
42,852
57, 595
35,899
18,642
19,199
30, 767
Importsd*
do
.336
.241
.225
.230
.227
.224
.236
Prices received by farmerst1
_dol. per lb_.
.223
.213
.217
.228
Prices, wholesale, middling, M«"» average, 10 markets
.274
.355
.258
,247
.292
.277
dol. per lb.
.231
.224
.225
.245
Production:
1
532
' 7.383
8,027
8, 813
Ginnings§
thous. of running bales
' 5,152
••462
' 2,178
' 7,728
Crop estimate, equivalent 600-lb. bales
s 9,171
19,016
thous. of bales
Stocks, domestic cotton in the United States, end of
month:i
3,785
8,250
9,145
10,556
9,900
9,348
7,778
10.447
8,559
7.534
6, 345
Warehouses
thous. of bales.
5. 318
1,852
1,983
1,690
2,137
2,295
2, 305
1,778
2,311
2,179
2,319
2,311
Mills
do.....
2,239
Cotton linters:
77
85
84
91
87
84
96
95
83
85
89
Consumption.
do
74
166
171
26
88
134 |
36
140
71
Production
do
49
31
16
333
408
274
285
451 i
482
Stocks, end of month
.
do
480
443
457
278
475
I
3
'Revised.
Total ginning? of 1945 crop.
2 September 1 estimate of 1946 crop.
Packers tumblers included with fruit jars and jelly glasses.
§ Total ginnings to end of month indicated.
<f Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
© Includes laminated board reported as component board; this is a new product not produced prior to September 1942.
X For revised figures for cotton stocks for August 1941-March 1942, see p. S-24 of the May 1943 Survey. The total stocks of American cotton in the United States on July 31,1946,
including stocks on farms and in transit, were 7,522,000 bales, and stocks of foreign cotton in the United States, 153,000 bales.
t Revised series. See note marked " t " on p. S-34 of the July 1944 Survey regarding changes in the data on glass containers and comparable figures for 1940-42; data for JanuaryOctober 1945 were compiled by the War Production Board; subsequent data are from the Bureau of the Census. Data for tumblers have been revised to include data for 8 companies
and for table, kitchen, and household ware to include 6 companies; comparable data beginning January 1944 will be shown later. The farm price of cotton has been revised for August
1937-July 1942; for revisions see note marked " t " on p. S-35 of the June 1944 Survey.
* New series. Data are compiled by the Bureau of the Census and cover all known manufacturers; data beginning September 1942 for brick are shown on p. 24 of the February
1945 issue; data beginning that month for other series will be published later.
October 194G
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1941
and descriptive notes may be found in the
1942 Supplement to the Survey
1946
1945
August
DecemAugust SeptemOctober November
ber
ber
S-39
1946
January
February
March
April
May
June
July
TEXTILE PRODUCTS—Continued
COTTON MANUFACTURERS
Cotton cloth:
Cotton broad woven goods over 12 inches in width,
2,296
2,062
2,267
production, quarterly*
mil. of linear yards. _
2,008
Cotton goods finished, quarterly:*
1,734
1,785
1,655
1,428
Production, total
do
877
840
723
778
Bleached
do
478
465
459
Plain dyed
do
457
416
442
246
320
Printed..
do
56, 999
49,031
73,107
68,306
57,951
52,756
65,154
68,789
59,618
Exports§
thous. of sq. y d s . .
57,503
4,840
2,632
11,169
7,610
4,205
3,551
9,452
Imports!
_.
do
2,920
7,100
6,934
3,131
Prices, wholesale:
20. 28
25.93
22.57
23.73
22.01
« 24.97
23.09
21.85
19.49
22.41
20.61
21.16
20.68
Mill margins _
cents per lb
.248
.312
.209
.256
.256
.256
.280
.223
.223
.216
.223
.223
.223
Denims, 28-inch
dol. per yd
.114
.110
.126
.134
.114
.114
.090
.099
.099
».O99
.099
Print cloth. 64 x 56c?
do
.099
.092
.114
.165
.133
.138
.138
.138
.117
.120
.138
.120
.120
Sheeting, unbleached, 36-inch, 56x66©
do
.120
.120
Spindle activity:
21,957
22,170
21,943
22,019
21,958
21,985
21,912
21,722
21,973
21,605
21, 552
21,629
Active spindles
thousands
21,630
9,449
8, 793
7,733
9,103
9,558
8.787
8,002
9,133
8,371
9,143
8,672
9,489
8,497
Active spindle hours, total
mil. ofhr^.382
370
368
401
335
352
325
383
383
357
364
399
Average per spindle in place., .
hours
396
101.7
115.1
100.5
112.4
105.0
101.5
110.5
95.3
113.1
109.7
J04.6
110.7
111.8
Operations
percent of capacity
Cotton yarn, wholesale prices:
Southern, 22/1, cones, carded, white, forknitting(mill)t
. 451
.504
.476
.470
.525
.543
.543
.599
dol. per lb_.
.643
.470
.470
.470
.470
.627
Southern, 40s, single, carded (mill)
_
do
.592
.672
.672
.756
.593
.592
.646
.592
.568
.672
.592
.592
RAYON AND MANUFACTURES
Yarn and staple fibers:
Consumption:
50.5
58.3
51.8
53.4
47.9
53.2
50.2
66.6
50.7
Yarn.
_..___
_ .
mil. oflb
'56.8
'51.9
62.8
65.7
12.7
16.8
14.1
11.9
15.1
15.9
15.6
16.0
14.5
13.3
14.8
Staple
fiber
do
14.8
14.0
3,428
0
1,426
2,943
2,141
1,887
3
1,000
1,441
Imports^
thous oflb
1,492
o
Prices, wholesale:
Yarn, viscose, 150 denier, first quality, minimum
. 550
. 550
.550
.550
.550
.550
. 550
.550
. 550
.550
filament
dol. per lb_.
.550
.550
. 550
.250
. 250
.250
.250
Staple fiber viscose 1M denier
do
.250
.250
.250
.250
.250
.250
.250
250
250
Stocks, producers', end of month:
9.2
7.3
8.5
5.6
7.3
Yarn
.
.
_
.
..mil.
of
]b_.
6.0
7.3
10.0
9.3
7.7
8.7
'
8.7
8.3
Q
tfiplp fiber
_
do
4.4
1.9
1.8
2.0
4.6
4.0
2.1
3.9
2.3
4.1
3.1
4.8
2.2
Rayon goods, production, quarterly:*
437,388
442,057
354, 498
397,368
Broad woven goods
thous. of linear yards
454,160
350,609
380,194
441,627
Finished total
do
52.129
55,148
43,541
48,699
White
finished
do
292,862
300,148
232,870
259, 718
Plain dyed
do
101,884
93,617
76,936
69, 040
Printed
do
WOOL
Consumption (scoured basis) %
50,424
37,788
38, 388
Apparel class
.
thous. oflb..
39,004
51,540
47,708
50,935
61,635 '48,252 ' 49, 604
40, 322
53,995
r
10,352
Carpet class
„
do
4,332
9,916
9, 576 ' 10, 268
9,160
8,600
7,436
11,465
6,368
10,100
5,828
74,086
45, 708
78,514 113,543 126, 519
91,793
45, 9S8 106 619
Im ports §
do
39, 303
58, 399
50 365
Prices, wholesale:
. 995
.995
1.025
.995
.995
.995
1.190
1.190
1.190
.995
Paw, territory, 64s, 70s, 80s, fine, scoured*..dol. per lb_
1. 035
1.035
1.190
.465
Raw, bright fleece, 5fis. greasy* .
. .
do.
.465
.465
.465
.545
.480
.465
.545
. 465
.485
.545
.545
.485
Australian, 64-70s, good top making, scoured, in bond
.755
.755
.745
.745
.755
.758
.755
.755
.747
.745
.745
.755
(Boston)tdol. per lb__
.755
491,512
483, 019
443, 434
Stocks, sroured basis, end of mo., totalt- - thous. of lb
564,438
359,935
377,658
420, 537
360, 224
Wool finer than 40s, total
do
211,826
208, 24^
221,188
253.214
Domestic. .__
_.
do
151, 689
148,398
156, 470
167,323
Foreign
do
122, 795
83,499
143, 901
Wooi 40s and below and carpet
do
WOOL MANUFACTURES
Machinery activity (weekly average):1
Looms:
Woolen and worsted:
2,045
2,182
2,175
2, 582
Broad
thous. of active hours
' 2, 640
2,050
2,586
2,486
2,183
2,480
2,087
2,276
r
Narrow
.
do
69
86
81
75
79
88
68
75
78
72
85
78
Carpet and rug: #
101
Broad
do
49
82
78
'107
71
79
95
103
98
78
83
Narrow
do
34
64
67
60
79
74
86
84
70
68
94
69
Spinning spindles:
Woolen
do.
101,419 105,340 107,360 108,656 105,388 109,462 120,378 122,334 119,955 119,134 '123,986
98,325
Worsted
do
84,616
95,919 103, 739 100,415
97, 801 102, 327 112,677 115, 501 114,045 108,463 ••114,293
89,318
Worsted combs
.
do
193
170
195
186
214
226
197
224
200
220
178
188
Woolen and worsted woven goods (except woven felts):*
107, 963
145,635
124, 601
Production, quarterly, total thous. of linear yards
153,361
125,628
Apparel fabrics
do
87, 818
107,163
133 169
Men's wear
_
do
44,063
44,566
53,791
57,427
32, 097
49,587
56,144
Women's and children's wear
do..
60,362
11,658
General use and other fabrics
do
13,010
15,693
15,380
17,977
Blankets
._
. _. _ _
do
12,005
11,387
12,336
Other nonapparel fabrics
do
2,168
6,951
7,671
8,187
Wool yarn:
Production, total*
thous. of l b . .
63, 660
62, 240
63, 504
81,600
77, 300
94,390
74,716 ' 77,948
64,508
82,775
74,204
76,460
r
Knitting*
do
12, 756
14,780
12,000
14, 052
13,764 14,008
14, 775
13,460
17,110
13,975
11,700
10, 864
46, 286
67,321
Weaving*
do
46,052
43,581
50,656
51,064 ••52,832
52, 740
45,416
57,272
64, 650
52,400
Carpet and other*
do
4,618
6,452
7,795
10, 508
9,499
7,392
12,630
10,088
9,888 ' 11,108
10,728
10,085
Price, wholesale, worsted yarn, 2/32s (Boston)
1.900
1.900
1.900
1.900
1.900
1.900
dol. per lb.1.900
1.900
1.900
1.900
1.900
1.900
1.900
• r Revised. » See note marked "d*". *?Data for October 1945, January, April and July 1946 are for 5 weeks; other months, 4 weeks.
• Based on cloth prices for July 24,1946, from "The Textile Apparel Analysis" for first 3 weeks of the month and OPA ceilings for last week.
§Data continue series published in the 1942 Supplement but suspended during the war period; data for October 1941-February 1945 will be published later.
d*Data beginning October are for 64 x 60 cloth and continue the series for which prices through June 1943 were shown in the October 1943 Survey (this construction was discontinued during the war period); the price of 64 x 56 cloth was $0,096 for October 1945-February 1946 and $0,107 for March 1946.
©This series was substituted in the November 1943 Survey for the price of 56 x 60 sheeting, production of which was discontinued during the war period.
•Data through August 1945 exclude activity of carpet and rug looms operating on blankets and cotton fabrics.
fRevised series. For 1941 data for the yarn price series, see p. S-35 of the November 1942 issue. Wool stocks have been published on a revised basis beginning 1942 (see p. S-35
of the May 1943 Survey); data include wool held by the Commodity Credit Corporation but exclude foreign wool held by the Defense Supplies Corporation.
•New series. For data beginning 1943 for production of cotton cloth and a brief description of the data, see p. S-35 of the August 1944 Survey; earlier data will be shown later.
For earlier data for cotton and rayon goods finishing, see p. 23 of the August 1946 issue. Rayon broad woven goods production, and wool yarn production are from the Bureau of the
Census and represent virtually complete coverage; data beginning in 1943 will be shown later. Data beginning 1939 for the price of raw territory wool are shown on p. 24 of the February 1945 Survey. Data beginning 1936 for the price series for Australian wool, which is from the Department of Agriculture, will be shown later; prices are before payment of duty.
For available data for 1937-43 for woolen and worsted goods production, see p. 19 of the May 1945 Survey.
SURVEY OF CURRENT BUSINESS
S-40
1945
1946
and descriptive notes may be found in the
1942 Supplement to the Survey
August
October 1946
August
September
October
1946
Novem- December
ber
January
February
March
April
May
June
July
TEXTILE PRODUCTS—Continued
MISCELLANEOUS PRODUCTS
Fur, sales by dealers
Pyroxylin-coated fabrics):\
Orders, unfilled, end of month
Pyroxylin spread
—
Shipments, billed.--
thous. of dol_
thous. lin. ydthous. of lb_
thous. linear y d .
13, 5?9
6,872
8,507
3,787
3,210
7,699
5,778
* 6,2G8
10,604
4, £05
6,673
12,670
5,505
6,119
11,908
6,398
7,973
12,038
6,686
8,485
11,909
6,036
6,864
12, 786
6, 754
8,210
' 7, 274 ' 5,299
' 7,312 ' 7,293
13,137
6,129
7,401
13,035
6,301
7,506
13,606
6,811
8,448
13,182
6,814
9,071
13,468
5,748
7,653
18,999
6,312
12,687
27. 017
8, 321
18, 696
23,644
7,013
16, 631
TRANSPORTATION EQUIPMENT
MOTOR VEHICLES
Exports, assembled, totals
Passenger cars ^
Trucks V—
Production:*
Passenger cars
___
Trucks and truck tractors, total
Civilian, total..
Heavy
Medium
Light
Military
15,688
174
15,514
5,370
196
5,174
4,331
238
4,093
7,956
430
7,526
8,604
824
7,780
10. 266
2,962
7.304
12,289
2, 350
9.939
13,285
4,001
9,284
241,302
105, 506
105, 506
3,317
57,052
43,614
0
1,381
44, 779
27,532
5,398
16,851
5,283
17,247
580
31,572
30,106
6,036
17,830
6,240
1,466
16,839
42,225
40,900
5,654
25.982
9,264
1,325
34,612
53,634
53,103
5,437
30, 754
16,912
531
30,022
29,542
28, 792
5,054
11,132
12,606
750
58,575
54,864
54, 791
6,278
23,956
24, 557
73
47,965
28,692
90,045 150,206 152,948 142,313
39, 359 81,282 74, 650 58, 739
39, 348 81, 280 74, 650 58,739
4,823
5,802
4,066
2,433
16,990 44,047 37, 427 18,608
32, 400 36,065
19,925 31,431
0
0
2
11
4, 625
4,234
4,348
2,414
24
24
2,263
2,046
2,605
2,361
60
60
2,019
1, 689
186
186
2,155
1,674
491
491
3,474
2,202
494
494
2,411
1,664
2,460
2,325
21
21
4,038
3,181
240
240
3,340
2,816
181
181
2,662
2,094
56
56
1,748
74
4.4
42,714
35,367
7,347
1,771
70
4.1
37,398
31,674
6,724
1,769
75
4.4
37,468
31,687
5,781
1,767
70
4.1
37,136
31, 587
5,549
1, 765
69
4.1
35,172
29, 334
5,838
1,760
72
4.3
36,426
30, 911
5,515
1,757
71
4.2
36, 471
29,002
7,469
1,757
74
4.4
37, 572
30,345
7,227
1,755
75
4.4
38, 650
29, 947
8,703
1,753
76
4.5
38,151
29,687
8,464
1,749
83
4.9
35,954
28,184
7,770
1,749
78
4.7
36,058
3,217
8.5
2,514
6.4
2,562
6.5
2,662
6.8
2,662
6.8
2, 555
6.6
2,834
7.3
2,944
7.6
3,075
8.0
3,145
8.2
3,260
8.5
3,179
8.3
107
80
27
405
388
17
85
63
22
129
84
45
406
389
17
40
15
25
117
75
42
403
389
14
46
29
17
104"
67
37
380
367
13
144
122
22
92
64
28
379
369
10
270
160
110
81
57
24
373
363
10
222
156
85
57
28
378
368
10
163
125
82
57
25
412
402
10
216
172
44
74
52
22
416
406
10
262
172
90
63
43
20
522
512
10
258
99
159
70
16
529
515
14
286
208
78
322
313
246
239
7
325
319
195
191
4
159
156
146
142
4
148
148
0
154
148
219
211
266
262
4
273
260
13
...number.
_do___
..do...
...do...
do.._
do...
_do__.
do__.
do._.
do...
4,4*0
9,880
14,244
RAILWAY EQUIPMENT
American Railway Oar Institute:
Shipments:
Freight cars, total
number.
Domestic
..do...
Passenger cars, totalj
do....
Domestic!
._._
do
Association of American Railroads:
Freight cars, end of month:
Number owned
thousandsUndergoing or awaiting classified repairs...do . .
Percent of total on line
..
Orders, unfilled
...
cars.
Equipment manufacturers
do
Railroad shops
_
do.-..
Locomotives, end of month:
Steam, undergoing or awaiting classified repairs
number..
Percent 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 1
do
Steam 1
do
Other 5
do
55
14
487
473
14
INDUSTRIAL ELECTRIC TRUCKS AND
TRACTORS
Shipments, total...
Domestic
Exports,..
_
number.
do...
do...
7,375
CANADIAN STATISTICS
Physical volume of business, adjusted:
Combined indexf
1935-39=100..
Industrial production, combined indexf. _...do-_
Constructionf
. . .
- do
Electric power
do
Manufacturingf —
- -do
Forestryt
do
Miningf-.
do
Distribution, combined indext - do
Agricultural marketings, adjusted:t
Combined index
-.
..
do_ ._
Grain
- - - - do
Livestock _ _. . .
do _.
Commodity prices:
Cost of living
_.
. . . . . .
do
Wholesale prices
1926•= 100..
R ail ways:
Carloadings thous. of cars
Revenue freight carried 1 mile
mil. of tons..
Passengers carried 1 mile
mil. of passengers..
125.6
109.2
212.7
226. 5
145.5
154.6
247.6
125.2
156.2
184.0
205.3
223.9
167.9
146.3
244.1
123.8
150.4
166.8
194.5
210.8
137.2
144.8
231.9
133.2
132.9
160.7
189.9
197.7
201.9
139.7
211.0
135.1
130. 6
173.7
193.0
194.5
230.2
141.8
206.3
134.5
114.0
189.8
195.4
193.9
252.5
151.8
202.8
138.4
119.7
198.7
181.2
188.2
254.2
152. 9
197.9
150.7
98.1
166.7
191.4
199.0
441.1
155.6
190.7
146.9
143,5
175.9
192.8
197.9
426.3
164.1
189.9
144.0
142.0
182.3
184.3
189.6
302.6
166.5
186.9
143.2
155.8
173.4
178.9
179 4
204.0
164 5
181 4
128.0
158 7
178.0
180.5
181 1
237.(
168 :
181 1
143.2
155 2
178 X
84.2
74.0
128.6
51.3
35.7
119.0
70.6
59.4
136.6
117.1
105.6
166.9
100.0
82.5
176.1
163.7
168.9
140.9
68.8
52.5
139.2
66.0
54.3
117.0
124.6
129.9
101 4
160.5
177.7
86 0
97 1
92.9
115 4
146 (
148.4
138 "
120.5
104.0
119.9
103.3
119.7
103.6
119.9
103.9
120.1
103.9
119.9
104.6
119.9
105.2
120.1
105.6
120 8
108.2
122 0
108.6
123 6
109.1
125 1
109 .t
314
5,251
706
300
5,159
569
341
5,495
498
322
5,298
425
272
4,803
465
283
4,644
424
263
4,215
392
302
4,981
412
282
4,156
367
296
3,983
335
291
4,055
420
304
(
' Revised.
X Data for October 1945-January 1946, and April 1946, include converted troop kitchens and troop sleepers.
§ Data for several additional companies are included beginning July or August 1945: see note in the April 1946 Survey for July and August 1945 figures excluding these eompanies and Information regarding an earlier revision in the series; data relate to cotton fabrics prior to August 1945.
5 The export series, except data for total locomotives and other locomotives, continue data formerly published in the Survey but suspended during the war period; "other locomotives" has been revised to include internal combustion, carburetor type, Diesel-electric and Diesel in addition to electric locomotives and the total revised accordingly. The series
Include railway, mining and industrial locomotives. Data through February 1945 for the revised series and for October 1941-February 1945 for other series will be published later.
•New series. See note in September 1945 Survey for a description of the series on production of trucks and tractors; data beginning 1936 will be published later. Data on passenger
car production are from the Civilian Production Administration and cover the entire industry; there was no production April 1942-June 1945, Data for unfilled orders of "other
locomotives" are for class I railroads and include electric, Diesel-electric, and Diesel; data beginning 1939 will be shown later.
t Revised series. The Canadian index of construction has been shown on a revised basis beginning in the August 1945 Survey, the mining index beginning in the April 1944 issue,
and the other indicated indexes beginning in the December 1942 issue; see note in April 1946 Survey for the periods affected.
INDEX TO MONTHLY BUSINESS STATISTICS, Pages S1-S40
CLASSIFICATION OF SECTIONS
Monthly business statistics:
Page
S-l
Business
S-3
Business indexes
population
S-3
Commodity prices
S-5
Construction and real estate
S-6
Domestic trade .
Employment conditions and wages- S-9
S-l 5
Finance _ __
Foreign trade
S-20
Transportation and communications
S-22
Commodity sections:
Chemicals and allied products
S-23
Electric power and gas
S-26
Foodstuffs and tobacco
S-26
Leather and products
__ S-30
Lumber and manufactures
S-31
Metals and manufactures:
Iron and steel__
S-32
Nonferrous metals and products S-33
Machinery and apparatus
S-34
Paper and printing
S-34
Petroleum and coal products
S-36
Rubber and rubber products
S-37
Stone, clay, and glass products
S-3 7
Textile products
S-38
Transportation equipment
S-40
Canadian statistics
•
S-40
CLASSIFICATION BY INDIVIDUAL SERIES
Pages marked S
Abrasive paper and cloth (coated)
37
Acids
23
Advertising
6, 7
Agricultural income, marketings
1
Agricultural wages, loans
14,15
Air mail and air-line operations
7,23
Aircraft...
_
2, 10,11,12,13,14
Alcohol, denatured, ethyl, and methyl
23, 24
Alcoholic beverages—
1, 2, 26, 27
Aluminum
33
Animal fats, greases
24,25
Anthracite
2,4,11,12,13,14, 36
Apparel, wearing... 4, 6, 7, 8,10,11,12, 13,14,38, 39
Asphalt..
37
Automobiles
1, 2,3, 6, 7,10,11,12,13,14,17
Banking
_
15
Barley
27
Bearing metal
..
33
Beef and veal
29
Beverages, alcoholic
1, 2, 26, 27
Bituminous coal
2,4,11,12,13,14,36
Boilers
33
Bonds, issues, prices, sales, yields
._ 18,19
Book publication
35
Brass..
33
Brick
_
4,38
Brokers' loans
«... 15,19
Building contracts awarded
5
Building costs
5, 6
Building construction (see Construction).
Building materials, prices, retail trade
4, 7,8, 9
Businesses operating and business turn-over
3
Butter
27
Canadian statistics
16,17, 40
Candy
._
29
Capital
flotations
_
.
__
18
For productive uses
18
Carloadings
22
Cattle and calves
28
Cellulose plastic products
26
Cement
1,2,4,37
Cereal and bakery products
4
Chain-store sales
8
Cheese
_
27
Chemicals
1, 2,3,4,10,11.13,14,17, 23, 24
Cigars and cigarettes
30
Civil-service employees
11
Clay products (see also Stone, clay, etc.)
1, 2,38
Clothing
4, 6, 7, 8,10,11,12,13,14,38
Coal.
2,4,11,12,13,14,36
Coffee
29
Coke
_
2.36
Commercial and industrial failures
3
Construction:
New construction, dollar value
5
Contracts awarded
5
Costs..
6
Highway
5,11
Wage rates, earnings, hours
12,14
Consumer credit
15,16
Consumer expenditures
7
Copper
33
Copra and coconut oil
25
Corn
28
Cost-of-living index
4
Cotton, raw, and manufactures
2,
4,10,12,13,38,39
Cottonseed, cake and meal, oil
:. .
25
Crops
1, 25, 27, 28
Currency in circulation
17
Dairy products
1,2,3,4,27
Debits, bank
15
Debt, 8hort-term, consumer
15, 16
Debt,
States Government
.
17
Digitized
forUnited
FRASER
Pages marked S
Department stores, sales, stocks, collections.. 8, 9
Deposits, bank
15, 17
Disputes, industrial
12
Distilled spirits
24. 26, 27
Dividend payments and rates
1, 19
Earnings, weekly and hourly
14
Eggs and chickens
1, 3, 4, 29
Electrical equipment
2, 3, 7, 34
Electric power production, sales, revenues
26
Employment estimated
10
Employment indexes:
Factory, by industries
10, 11
Nonmanufacturing industries
11
Employment, security operations
12
Emigration and immigration
23
Engineering construction.
5
Exchange rates, foreign
16
Expenditures, United States Government
17
Explosives
24
Exports
20, 21
Factory, employment, pay rolls, hours, wages.
9,
10, 11, 12, 13, 14
Failures, industrial and commercial
3
Fairchild's retail price index
4
Farm wages..
14
Farm prices, index
3, 4
Fats and oils
4, 24, 25
Federal Government, finance
17, 18
Federal Reserve banks, condition of
15
Federal Reserve reporting member banks
15
Fertilizers
4, 24
Fire losses
6
Fish oils and
fish
25, 29
Flaxseed
25
Flooring
31
Flour, wheat
28
Food products
2,
3,4, 7,10,11, 12,13,14,17, 27, 28, 29
Footwear
2,4, 7,8,10,12,13,14,31
Foreclosures, real estate
6
Foreign trade, indexes, shipping weight, value
by regions, countries, economic classes and
commodity groups
20;21
Foundry equipment
34
Freight cars (equipment)
40
Freight carloadings, cars, indexes
22
Freight-car surplus
22
Fruits and vegetables
2,3,4, 27
Fuel equipment and heating apparatus
34
Fuels
2,4,36,37
Furniture
1,4,10,11,12,13,32
Gas, customers, sales, revenues
26
Gas and fuel oils
36
Gasoline
37
Glass and glassware (see also Stone, clay, etc.).
Gelatin
24
Gloves and mittens
...
30
Glycerine
24
Gold
16,17
Goods in warehouses
7
Grains..
_
_
3, 27, 28
Gypsum
38
Hides and skins...
—
4, 30
Highways
_
5, 11
Hogs
29
Home-loan banks, loans outstanding
6
Home mortgages
6
Hosiery
.
4, 38
Hotels
11,13, 23
Hours per week
11,12
Housefurnishings
4, 6, 7, 8
Housing
4, 5
Immigration and emigration
23
Imports
20, 21
Income payments
1
Income-tax receipts
17
Incorporations, business, new
3
Industrial production indexes
1,2
Instalment loans
16
Instalment sales, department stores
8,9
Insurance, life
16
Interest and money rates
15
Inventories, manufacturers' and trade
3,8
Iron and steel, crude, manufactures
2,
3,4,10,11,12,13.17.32,33
Kerosene
37
Labor force
9
Labor disputes, turn-over
_
12
Lamb and mutton
29
Lard
29
Lead
33
Leather
1, 2. 4,10.11,12,13,30,31
Linseed oil, cake, and meal
25
Livestock
1,3,28,29
Loans, real-estate, agricultural, bank, brokers'
(see also Consumer credit)
6,15,17
Locomotives
40
Looms, woolen, activity
39
Lubricants
-.-37
Lumber
1, 2,4,10,11,12,13,31,32
Machine activity, cotton, wool
39
Machine tools
10, 11, 12, 13,34
Machinery
1, 2, 3,10,11,12,13,17, 34
Magazine advertising
.
—
7
Manufacturers' orders, shipments, inventories. 2, 3
Manufacturing production indexes
- 1, 2
Meats and meat packing. 1,2,3,4,10,12,13,14,29
Metals..
1, 2,3,4,10,11,12,13,17,32, 33
Methanol
24
Milk
27
Minerals
2,10,11,12,14
Money supply
17
Motor fuel
36,37
Motor vehicles
7,40
Pages marked 8
Motors, electrical
34
2
Munitions
Newspaper productionadvertising
.
6,7
Newsprint
35
New York Stock Exchange
19, 20
Oats..
28
Oils and fats__
4,24, 2$
Oleomargarine
25
Operating businesses and business turn-over-3
Orders, new, manufacturers'
....
2
Paint and paint materials
. . . . 4,26
Paper and pulp.
_. 2, 3,4,10,11,12,13,14,35
Paper products
...
35
Passports issued
23
Pay rolls, manufacturing and nonmanufacturing industries
. . 12,13
Petroleum and products
. * 2,
3,4,10,11,12,13,14,17,36,37
Pig iron
32
Plywood
,„_.
..
31
Porcelain enameled products
.33
Pork
_
29
Postal business
...........
7
Postal savings
..
.
15
Poultry and eggs
1,3,29
Prices (see also Individual commodities):
Retail indexes
...
.
4
Wholesale indexes
.
4
Printing
2,10,11,12,13,14,35
Profits, corporation
17
Public assistance
.
14
Public utilities
4, 5,11,12,13,14,17,18,19, 20
Pullman Company
.
.
23
Pumps...
34
Purchasing power of the dollar
,
....•
5
Radio advertising
.
.
6,7
Railways, operations, equipment,financialsta*
tistics, employment, wages
—.
11,
12,13,14,17,18,19, 20, 22,23,40
Railways, street (see Street railways, etc.).
Rayon, and rayon manufactures 2,4,10,12,13,14, 39
Receipts, United States Government
-—
17
Reconstruction Finance Corporation, loans-..
18
Rents (housing), index
...
•
4
Retail trade, all retail stores, chain stores,
department stores, mail order, rural sales,
general merchandise
- . . . . . . . 7,8,9
Rice
28
Roofing, asphalt
—
37
Rubber, natural, synthetic and reclaimed,
tires and tubes
.
—..--37
Rubber industry, production index, employment, payrolls, hours, earnings
2,
3,4,10,11,13,14
Savings deposits
15
Sewer pipe and clay
....
38
Sheep and lambs
.
-—
29
Shipbuilding
2,10,11,12,13,14
Shipments, manufacturers'
...
2
Shoes
1,4, 7, 8,10,12,13,14,31
Shortenings
...
25
Silver
.17
Skins
30
Slaughtering and meat packing.. 2,10,12,13,14, 29
Soybeans and soybean oil
..--25
Spindle activity, cotton, wool
....—
39
Steel and iron (see Iron and steel).
Steel, scrap
—
32
Stocks, department stores (see also Maaufac*
turers' inventories)
..
-....9
Stocks, issues, prices, sales, yields.
. . . 19,20
Stone, clay, and glass products
.--..1,
2,10,11,12,13,14,37,38
Street railways and busses
. - 11,12,14
Sugar
29,30
Sulphur
.......
24
Sulfuric acid—
23
Superphosphate
.
24
Telephone, telegraph, cable, and radio-tele*
graph carriers
11,12,14,17,23
Textiles
2,3,4,10,11.12,13,14,38,39
Tile
38
Tin
33
Tobacco
2,11,12,13,14,30
Tools, machine
10,11,12,13,14,34
Trade, retail and wholesale....
7, 8,9,11,13,14
Transit lines, local
—22
Transportation, commodity and passenger
22,23
Transportation equipment
....._..-..—
1,
2,3,9,10,11,12.13,14,17,40
Travel
22,23
Trucks and tractors
40
Unemployment
......—....
9
United States Government bonds
17,18,19
United States Government, finance.. . . . . 17,18
United States Steel Corporation
33
Utilities.
4, 5,9,12,13,14,17,18,19,20
Variety stores
—-.
8
Vegetable oils
—
25
Vegetables and fruits
2,3,4,27
Veterans' unemployment allowances
—12
Wages, factory and miscellaneous ...
—. 13,14
War program, production and expenditures—. 2,17
War Savings Bonds
——
17
Warehouses, space occupied
.
7
Water transportation, employment, pay rolls. 11,13
Wheat and wheat
flour
-..-28
Wholesale price indexes
.-..-.—•
4
Wholesale trade
9
Wood pulp
4,34,35
Wool and wool manufactures.. 2,4,10,12,13,14,39
Zinc...
33
/ lew Service
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